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Tony Elumelu: Widely acknowledged as one of Africa's most influential business leader and philanthropist. Chairman Heirs Holdings, Founder The Tony Elumelu Foundation
www.heirsholdings.com/tonyelumelu
https://www.facebook.com/tonyelumelu/?fref=nf
another resource Dominovas Energy might not have used was Tony Elmuelu. I would imagine DNRG MGMT should have been able to at the very least to speak with Tony Elmuelu to present a investing or financing of opportunity with DNRG or possible lead them or other investors since they are both committed and involved to the Power Africa Project
All very interesting questions and by the way it does seem like Dominovas Energy is giving us the silent treatment, it may not be the case but comes off as such.
Chairman Ed Royce who spoke on the House floor in support of the Electrify Africa Act mentioned in a article he met with a San Francisco-startup on the ground in Tanzania that was helping to meet the goals of the Electrify Act. I think I figured out who the startup is and that’s Off Grid Electric who was able to obtain a contract with the government and was able to raise $30 million in Venture capital from Vulcan Capital, Omidyar Ventures, Zouk Capital, and SolarCity, the largest U.S. solar installer. Off Grid Electric also received additional support from the Overseas Private Investment Corporation, USAID Development Innovation Ventures Program, SNV Netherlands Development Organization and SunFunder.
The reason for mentioning Off Grid Electric startup is it raises the question to me why is it that Dominovas Energy who is also a startup and has multiple contracts not seek capital through its network with Power Africa or influences like Andrew Herscowitz Or Ed Royce (Power Africa Coordinator: Facilitating private investment & the Chairman of the Committee on Foreign Affairs ) to help fund there day-to-day operations but rather did a deal with GHS Capital & Investment LLC AKA Mark Grober who as we now know has a very turbulent past with penny stocks and scams (working for both N.I.B Group & Fairhill Capital). What could be the reasoning for subjecting your own startup company like Dominovas Energy and your personal reputation with the likes of a GHS Capital/Investments when you have a pipeline of resources like Andrew Herscowitz (who now lives in South Africa for this Power Africa project) and Ed Royce who just spoke on the House floor on the Electrify Act other Power Africa leaders and hungry investors who would no doubt invest in a “game changer” product at your fingertips, that doesn’t make sense to me so there has to be much more to the deal with GHS funding
If you have look at offgrid-electric.com the startup company that Chairman Ed Royce had mentioned they have a very well put together website and an awesome Facebook page (https://www.facebook.com/offgridelectric/) with updates & progress with Power Africa (off grid electric has people ASKING if they could do an internship on it's FB don't know if the same could be for DNRG) that if you had to compared to Dominovas Energy’s site and Facebook page makes it look like amateur hour with DNRG (hence the poorly prepared CC in August that lasted as long a Taylor Swift song). I also noticed that an iHub member “dunkindonuts” posted this video link (https://vimeo.com/142699372) in which at minute 1:44 you can see off grid electric logo on the white truck in Africa. If you use the PATT App and in “Dashboard” tap on Tanzania, swipe 3 times and tap on below “Transactions” on 29 and go down the list there it is the full info on Off Grid Electric Solar. And If you tap on “USG & Power Africa Partners” it then shows you OPIC and USAID as helping/funding Off Grid Solar but do the same for Dominovas Energy and nothing is listed under their name and I highly doubt we will end up seeing GHS Capitial or Investments LLC listed in the PATT info app. Why is it that Dominovas Energy couldn’t receive the $7.5 million from OPIC or from multiple capitalists if needed. Exactly why use GHS Capital/Investments that has what iHub members call a “death-sprial” effect with any company it helps finance??
It would be an interesting experiment to tweet Andrew Herscowitz and Ed Royce about Democratic Republic of the Congo and it’s power supply of 3MW’s and see how that area project is coming along because an honest deadline 18 months is now 11 months just have to wonder what they would say or at least start to think cause its an honest question and from what the PATT app displays of other companies progress Dominovas has no progress on their chart. Lastly I wonder if Dominovas Energy will post the news of the House passing into law the Electrify Africa Bill on their Facebook, Twitter, or Website, I would imagine that’s a big deal for the company.
https://twitter.com/repedroyce
http://royce.house.gov
U.S. Representative Ed Royce (R) became the Chairman of the Committee on Foreign Affairs in January 2013. He is serving his 12th term in Congress, representing Southern California's 39th district. Royce and his wife Marie are longtime residents of Fullerton, CA.
https://twitter.com/aherscowitz?lang=en
Andrew Herscowitz US #PowerAfrica Coordinator: Facilitating private investment to bring cleaner #energy & #electricity to millions across #Africa.
Video of Chairman Ed Royce speaking on the House floor in support of the Electrify Africa Act, which was passed by the House today and now heads to President Obama’s desk to become law.
https://www.facebook.com/HouseForeign/?fref=nf
http://foreignaffairs.house.gov/press-release/chairman-royce-praises-electrify-africa-passage-mediumcom
Electrify Africa
Bipartisan legislation moves to President Obama’s desk.
Today the U.S. House passed bipartisan legislation to help improve access to reliable electricity in Africa. This is a big deal for Africa, and U.S. job creators.
Nearly 600 million people in sub-Saharan Africa – 70 percent of the population – are in the dark tonight, without clean water, refrigeration, and basic medical services.
As a result, many families (especially women and girls) spend huge portions of each day walking to collect water and crude sources of energy. Cold storage of vaccines is virtually impossible. And too many families resort to using charcoal or other toxic fuel sources, whose fumes cause more deaths than HIV/AIDS and malaria, combined.
Increasing access to electricity will dramatically improve lives, create jobs and expand opportunities in both Africa and America.
And that’s why our market-based Electrify Africa Act is so important. It will help begin to address the continent’s massive energy shortages by:
Promoting partnerships to break down barriers to private-sector investment and development of affordable, reliable energy in Africa;
Embracing an “all of the above” energy strategy that allows African countries to develop energy sources that will work best for them, and; Ensuring clear metrics to measure effectiveness – all WITHOUT adding to the U.S. deficit.
As a former Chairman of the House Foreign Affairs Committee’s Subcommittee on Africa, I’ve long been focused on driving solutions that make a real difference for the people of Africa, while helping U.S. businesses compete and grow.
Just a few weeks ago, I met with a San Francisco-startup on the ground in Tanzania that would help meet the goals of our Electrify Africa Act.
In an area where just 10 percent of the population has access to electricity, this power provider is outfitting families with an off-grid, pay-as-you-go solar panel capable of charging basic lights, a TV, and a cell phone.
It’s a game-changer for small businesses that have to close at dark, and school children who are often forced to study by dangerous, inefficient kerosene lamps. And it’s just one example of the type of project that can continue to grow through our Electrify Africa Act.
EasyJet to trial plane with fuel cells to help cut costs
(DNRG & Greacrest MGNT this month will hopefully start going after DRC deployment cause the world has already started to dip their money into fuel cells)
http://uk.reuters.com/article/uk-easyjet-costs-idUKKCN0VB00D
British low-cost airline easyJet said it would trial a new fuel cell system on planes that could cut its fuel bill by up to $35 million a year, as part of its battle to keep fares low and compete against Ryanair.
easyJet said on Tuesday that, if trials of an Airbus fitted with a hydrogen cell in its hold were successful, its planes would be able to taxi to runways without using jet engines, saving an estimated $25 million-$35 million a year on fuel.
The airline is already benefiting from a plunge in the oil price over the last 18 months, but it could cut its bill further with this new technology, Head of Engineering Ian Davies said at an event in Venice.
About 4 percent of the airline's total annual fuel consumption is used in taxi-ing at airports, Davies said.
easyJet has a fleet of more than 200 Airbus A319s and A320s.
easyJet and Ryanair have been locked in a battle for supremacy in the low-cost market for years, with the Irish airline recently upping the stakes by moving to more primary airports and improving its customer service.
The new technology, which involves a fuel cell capturing energy from the aircraft's brakes when it lands, would also help reduce the airline's carbon dioxide emissions.
That could help easyJet if new guidelines emerge later this year when the wider aviation industry will probably agree on a deal to limit its carbon dioxide emissions.
easyJet said on Tuesday it would begin ground-based trials of the so-called hybrid plane later this year.
The airline has a long-term strategy to ensure its ticket prices are competitive and to increase its profitability.
Its past cost-saving plans have included flying drones around lightning-hit aircraft to make it quicker to check them for damage, and sourcing cheaper de-icing supplies from Alaska.
easyJet said in January that for the full-year ended Sept. 30, 2016, it expected cost per seat excluding fuel on a constant currency basis to be between flat and 1 percent higher than last year. Ryanair sees unit costs excluding fuel down 2 percent in the 12 months ended Mar. 31.
Senator Bob Corker, I’m pleased to hear that our #ElectrifyAfrica legislation passed the House this evening and will head to the president’s desk to be signed into law. Thanks to this transformative legislation, millions of Africans will access electricity for the first time. Creating a favorable environment for private investment to bring reliable, affordable electricity to millions of people in Africa for the first time can be a real game changer in development throughout the region. By establishing an-all-of-the-above approach for expanding power generation in Africa through private capital, we can help reduce poverty and fuel economic growth.
https://www.facebook.com/bobcorker/photos/a.112749448773063.6289.109251415789533/983649935016339/?type=3&theater
House of Representives Passes the bill into law now on to The Presidents deck to be signed.
foreignaffairs.house.gov/electrifyafrica
DNRG MGMT at this time it is imperative that you do what you say as a company are going to do and do on time, especial in the beginning here.
Folks on this board is familiarize yourself with the name Andrew M. Herscowitz, Power Africa Coordinator.
WATCH THE HOUSE OF REPRESENTATIVES VOTE ON ELECTRIFY AFRICA LIVE NOW
LINK http://houselive.gov
This bill passed in the Senate on December 18, 2015 and goes to the House next for consideration. The text of the bill below is as of Dec 18, 2015 (Passed the Senate (Engrossed)).
ELECTRIFY AFRICA BILL IN ITS ENTIRETY BELOW
114th CONGRESS
1st Session
S. 2152
AN ACT
To establish a comprehensive United States Government policy to encourage the efforts of countries in sub-Saharan Africa to develop an appropriate mix of power solutions, including renewable energy, for more broadly distributed electricity access in order to support poverty reduction, promote development outcomes, and drive economic growth, and for other purposes.
Section 1. Short title
This Act may be cited as the Electrify Africa Act of 2015.
Section 2 .Purpose
The purpose of this Act is to encourage the efforts of countries in sub-Saharan Africa to improve access to affordable and reliable electricity in Africa in order to unlock the potential for inclusive economic growth, job creation, food security, improved health, education, and environmental outcomes, and poverty reduction.
Section 3.Statement of policy
It is the policy of the United States to partner, consult, and coordinate with the governments of sub-Saharan African countries, international financial institutions, and African regional economic communities, cooperatives, and the private sector, in a concerted effort to—
(1)promote first-time access to power and power services for at least 50,000,000 people in sub-Saharan Africa by 2020 in both urban and rural areas;
(2)encourage the installation of at least 20,000 additional megawatts of electrical power in sub-Saharan Africa by 2020 using a broad mix of energy options to help reduce poverty, promote sustainable development, and drive inclusive economic growth;
(3)promote non-discriminatory reliable, affordable, and sustainable power in urban areas (including small urban areas) to promote economic growth and job creation;
(4)promote policies to facilitate public-private partnerships to provide non-discriminatory reliable, sustainable, and affordable electrical service to rural and underserved populations;
(5)encourage the necessary in-country reforms, including facilitating public-private partnerships specifically to support electricity access projects to make such expansion of power access possible;
(6)promote reforms of power production, delivery, and pricing, as well as regulatory reforms and transparency, to support long-term, market-based power generation and distribution;
(7)promote policies to displace kerosene lighting with other technologies;
(8)promote an all-of-the-above energy development strategy for sub-Saharan Africa that includes the use of oil, natural gas, coal, hydroelectric, wind, solar, and geothermal power, and other sources of energy; and
(9)promote and increase the use of private financing and seek ways to remove barriers to private financing and assistance for projects, including through charitable organizations.
SEC. 4.Development of comprehensive, multiyear strategy
(a)Strategy required
(1) In general
The President shall establish a comprehensive, integrated, multiyear strategy to encourage the efforts of countries in sub-Saharan Africa to implement national power strategies and develop an appropriate mix of power solutions to provide access to sufficient reliable, affordable, and sustainable power in order to reduce poverty and drive economic growth and job creation consistent with the policy stated in section 3.
(2)Flexibility and responsiveness
The President shall ensure that the strategy required under paragraph (1) maintains sufficient flexibility for and remains responsive to concerns and interests of affected local communities and technological innovation in the power sector.
(b)Report required
Not later than 180 days after the date of the enactment of this Act, the President shall transmit to the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives a report that contains the strategy required under subsection (a) and includes a discussion of the following elements:
(1)The objectives of the strategy and the criteria for determining the success of the strategy.
(2)A general description of efforts in sub-Saharan Africa to—
(A)increase power production;
(B)strengthen electrical transmission and distribution infrastructure;
(C)provide for regulatory reform and transparent and accountable governance and oversight;
(D)improve the reliability of power;
(E)maintain the affordability of power;
(F)maximize the financial sustainability of the power sector; and
(G)improve non-discriminatory access to power that is done in consultation with affected communities.
(3)A description of plans to support efforts of countries in sub-Saharan Africa to increase access to power in urban and rural areas, including a description of plans designed to address commercial, industrial, and residential needs.
(
4)A description of plans to support efforts to reduce waste and corruption, ensure local community consultation, and improve existing power generation through the use of a broad power mix, including fossil fuel and renewable energy, distributed generation models, energy efficiency, and other technological innovations, as appropriate.
(5)An analysis of existing mechanisms for ensuring, and recommendations to promote—
(A)commercial cost recovery;
(B)commercialization of electric service through distribution service providers, including cooperatives, to consumers;
(C)improvements in revenue cycle management, power pricing, and fees assessed for service contracts and connections;
(D)reductions in technical losses and commercial losses; and
(E)non-discriminatory access to power, including recommendations on the creation of new service provider models that mobilize community participation in the provision of power services.
(6)A description of the reforms being undertaken or planned by countries in sub-Saharan Africa to ensure the long-term economic viability of power projects and to increase access to power, including—
(A)reforms designed to allow third parties to connect power generation to the grid;
(B)policies to ensure there is a viable and independent utility regulator;
(C)strategies to ensure utilities become or remain creditworthy;
(D)regulations that permit the participation of independent power producers and private-public partnerships;
(E)policies that encourage private sector and cooperative investment in power generation;
(F)policies that ensure compensation for power provided to the electrical grid by on-site producers;
(G)policies to unbundle power services;
(H)regulations to eliminate conflicts of interest in the utility sector;
(I)efforts to develop standardized power purchase agreements and other contracts to streamline project development;
(J)efforts to negotiate and monitor compliance with power purchase agreements and other contracts entered into with the private sector; and
(K)policies that promote local community consultation with respect to the development of power generation and transmission projects.
(7)A description of plans to ensure meaningful local consultation, as appropriate, in the planning, long-term maintenance, and management of investments designed to increase access to power in sub-Saharan Africa.
(8)A description of the mechanisms to be established for—
(A)selection of partner countries for focused engagement on the power sector;
(B)monitoring and evaluating increased access to, and reliability and affordability of, power in sub-Saharan Africa;
(C)maximizing the financial sustainability of power generation, transmission, and distribution in sub-Saharan Africa;
(D)establishing metrics to demonstrate progress on meeting goals relating to access to power, power generation, and distribution in sub-Saharan Africa; and
(E)terminating unsuccessful programs.
(9) A description of how the President intends to promote trade in electrical equipment with countries in sub-Saharan Africa, including a description of how the government of each country receiving assistance pursuant to the strategy—
(A)plans to lower or eliminate import tariffs or other taxes for energy and other power production and distribution technologies destined for sub-Saharan Africa, including equipment used to provide energy access, including solar lanterns, solar home systems, and micro and mini grids; and
(B)plans to protect the intellectual property of companies designing and manufacturing products that can be used to provide energy access in sub-Saharan Africa.
(10) A description of how the President intends to encourage the growth of distributed renewable energy markets in sub-Saharan Africa, including off-grid lighting and power, that includes—
(A)an analysis of the state of distributed renewable energy in sub-Saharan Africa;
(B)a description of market barriers to the deployment of distributed renewable energy technologies both on- and off-grid in sub-Saharan Africa;
(C)an analysis of the efficacy of efforts by the Overseas Private Investment Corporation and the United States Agency for International Development to facilitate the financing of the importation, distribution, sale, leasing, or marketing of distributed renewable energy technologies; and
(D)a description of how bolstering distributed renewable energy can enhance the overall effort to increase power access in sub-Saharan Africa.
(11) A description of plans to ensure that small and medium enterprises based in sub-Saharan Africa can fairly compete for energy development and energy access opportunities associated with this Act.
(12) A description of how United States investments to increase access to energy in sub-Saharan Africa may reduce the need for foreign aid and development assistance in the future.
(13)A description of policies or regulations, both domestically and internationally, that create barriers to private financing of the projects undertaken in this Act.
(14)A description of the specific national security benefits to the United States that will be derived from increased energy access in sub-Saharan Africa.
(c)Interagency working group
(1)In general
The President may, as appropriate, establish an Interagency Working Group to coordinate the activities of relevant United States Government departments and agencies involved in carrying out the strategy required under this section.
(2)Functions
The Interagency Working Group may, among other things—
(A)seek to coordinate the activities of the United States Government departments and agencies involved in implementing the strategy required under this section;
(B)ensure efficient and effective coordination between participating departments and agencies; and
(C)facilitate information sharing, and coordinate partnerships between the United States Government, the private sector, and other development partners to achieve the goals of the strategy.
5.Prioritization of efforts and assistance for power projects in sub-Saharan Africa by key United States institutions
(a )In general
In pursuing the policy goals described in section 3, the Administrator of the United States Agency for International Development, the Director of the Trade and Development Agency, the Overseas Private Investment Corporation, and the Chief Executive Officer and Board of Directors of the Millennium Challenge Corporation should, as appropriate, prioritize and expedite institutional efforts and assistance to facilitate the involvement of such institutions in power projects and markets, both on- and off-grid, in sub-Saharan Africa and partner with other investors and local institutions in sub-Saharan Africa, including private sector actors, to specifically increase access to reliable, affordable, and sustainable power in sub-Saharan Africa, including through—
(1)maximizing the number of people with new access to power and power services;
(2)improving and expanding the generation, transmission and distribution of power;
(3)providing reliable power to people and businesses in urban and rural communities;
(4)addressing the energy needs of marginalized people living in areas where there is little or no access to a power grid and developing plans to systematically increase coverage in rural areas;
(5)reducing transmission and distribution losses and improving end-use efficiency and demand-side management;
(6)reducing energy-related impediments to business productivity and investment; and
(7)building the capacity of countries in sub-Saharan Africa to monitor and appropriately and transparently regulate the power sector and encourage private investment in power production and distribution.
(b)Effectiveness measurement
In prioritizing and expediting institutional efforts and assistance pursuant to this section, as appropriate, such institutions shall use clear, accountable, and metric-based targets to measure the effectiveness of such guarantees and assistance in achieving the goals described in section 3.
(c)Promotion of use of private financing and assistance
In carrying out policies under this section, such institutions shall promote the use of private financing and assistance and seek ways to remove barriers to private financing for projects and programs under this Act, including through charitable organizations.
(d)Rule of construction
Nothing in this section may be construed to authorize modifying or limiting the portfolio of the institutions covered by subsection (a) in other developing regions.
6.Leveraging international support
In implementing the strategy described in section 4, the President should direct the United States representatives to appropriate international bodies to use the influence of the United States, consistent with the broad development goals of the United States, to advocate that each such body—
(1)commit to significantly increase efforts to promote investment in well-designed power sector and electrification projects in sub-Saharan Africa that increase energy access, in partnership with the private sector and consistent with the host countries’ absorptive capacity;
(2)address energy needs of individuals and communities where access to an electricity grid is impractical or cost-prohibitive;
(3)enhance coordination with the private sector in sub-Saharan Africa to increase access to electricity;
(4)provide technical assistance to the regulatory authorities of sub-Saharan African governments to remove unnecessary barriers to investment in otherwise commercially viable projects; and
(5)utilize clear, accountable, and metric-based targets to measure the effectiveness of such projects.
7.Progress report
(a) In general
Not later than three years after the date of the enactment of this Act, the President shall transmit to the Committee on Foreign Affairs of the House of Representatives and the Committee on Foreign Relations of the Senate a report on progress made toward achieving the strategy described in section 4 that includes the following:
(1) A report on United States programs supporting implementation of policy and legislative changes leading to increased power generation and access in sub-Saharan Africa, including a description of the number, type, and status of policy, regulatory, and legislative changes initiated or implemented as a result of programs funded or supported by the United States in countries in sub-Saharan Africa to support increased power generation and access after the date of the enactment of this Act.
(2)A description of power projects receiving United States Government support and how such projects, including off-grid efforts, are intended to achieve the strategy described in section 4.
(3)For each project described in paragraph (2)—
(A)a description of how the project fits into, or encourages modifications of, the national energy plan of the country in which the project will be carried out, including encouraging regulatory reform in that county;
(B)an estimate of the total cost of the project to the consumer, the country in which the project will be carried out, and other investors;
(C)the amount of financing provided or guaranteed by the United States Government for the project;
(D)an estimate of United States Government resources for the project, itemized by funding source, including from the Overseas Private Investment Corporation, the United States Agency for International Development, the Department of the Treasury, and other appropriate United States Government departments and agencies;
(E)an estimate of the number and regional locations of individuals, communities, businesses, schools, and health facilities that have gained power connections as a result of the project, with a description of how the reliability, affordability, and sustainability of power has been improved as of the date of the report;
(F)an assessment of the increase in the number of people and businesses with access to power, and in the operating electrical power capacity in megawatts as a result of the project between the date of the enactment of this Act and the date of the report;
(G)a description of efforts to gain meaningful local consultation for projects associated with this Act and any significant estimated noneconomic effects of the efforts carried out pursuant to this Act; and
(H)a description of the participation by small and medium enterprises based in sub-Saharan Africa on projects associated with this Act.
Passed the Senate December 18, 2015.
Secretary
Delivering the Keynote speech at the 2016 Power Africa Summit in DC. “When you leave this place, call your Representatives and the leadership of the House and ask them to pass the Electrify Africa bill.”
https://www.facebook.com/tonyelumelu/photos/pb.17335426948.-2207520000.1454351195./10153220197746949/?type=3&theater
https://www.facebook.com/tonyelumelu/?fref=nf
https://www.facebook.com/search/top/?q=electrify%20africa%20bill
ONE applauds historic House passage of the Electrify Africa Act,(NOT THE BILL) urges Senate action. (THIS IS PASSED NEWS WITH HOUSE VOTES HISTORY)
WASHINGTON – The ONE Campaign applauds today’s passage of the Electrify Africa Act in the US House of Representatives. The bill passed by a margin of 297-117, garnering the support of members of both parties.
http://www.one.org/us/2014/05/08/one-applauds-historic-house-passage-of-the-electrify-africa-act-urges-senate-action/
http://www.one.org/us/shareworthy/we-did-it-the-electrify-africa-act-passed/
Tom Hart, US Executive Director of ONE, said:
“Today, both parties came together and passed a bill that not only promises to save and improve millions of lives, but offers a new way forward for assisting Africa – government working with private sector investment – at no cost to US taxpayers.
If the ACT passing by a margin of 297-117 then the BILL into LAW might be a landslide with the progress the initiative has made thus far.
"The statement noted that Elumelu had also on Thursday testified before the US International Trade Commission on‘The Future of the US-Africa Trade and Investment Relationship.’
"Chaired by Ambassador Michael Froman, a US Trade Representative, the hearing is part of efforts by the US government to put building blocks in place for the next phase in its economic relationship with Africa".
Greacrest might be waiting on the sidelines to insure that the Power Africa Initiative does not get halted or buried or downgraded in priority before they initiate funding to DNRG hence in theory why DNRG have been so quiet. The telltale sign that the Power Africa Initiative will continue with momentum will be The House of Representatives PASSING the Electrify Africa bill this week and becoming a LAW.
The Chairman, Heirs Holdings, a propriety investment company, Mr. Tony Elumelu, has called on the United States Congress to pass the Electrify Africa Bill, saying its passage into law will make a world of difference in Africa.
Heirs Holdings has committed $2.5bn to deliver 2,000 megawatts of electricity under the Power Africa Initiative through Transcorp Power Limited. ****Transcorp Power is online suppling 220.00MW info via PATT App****
------------------House of Representatives voting this week on Electrify Africa Bill-------------------
http://www.punchng.com/elumelu-urges-us-congress-to-pass-electrify-africa-bill/
“When you leave this place, call your Representatives and the leadership of the House and ask them to pass the bill,” Elumelu told the US lawmakers attending the Power Africa Summit in Washington DC on Thursday.
The Act is expected to preserve and expand President Barack Obama’s Power Africa Initiative by codifying access to electricity as a US foreign policy priority for Africa.
The bill has been passed by the US Senate and is also expected to be voted on by the US House of Representatives this week.
A statement by Heirs Holdings quoted Elumelu as commending President Barack Obama for working through the Power Africa Initiative to mobilise the private sector to invest $43bn in the African power sector.
According to him, Africa needs to win the energy challenge if it seeks to become an industrial power in the 21st century, noting that “power outages on the continent must spark power outrages; the kind of outrage that ignites the activist in us”
Heirs Holdings has committed $2.5bn to deliver 2,000 megawatts of electricity under the Power Africa Initiative through Transcorp Power Limited.
Transcorp Power, which is currently generating about 19 per cent of electricity in Nigeria, plans to increase its capacity to 25 per cent in the near future.
“Power cuts across and has impact on healthcare delivery, job creation, education, food security, communications and all other sectors of the economy. It is unacceptable that 600 million Africans lack access to energy in the 21st century,” the statement further quoted Elumelu to have said.
Elumelu’s remarks in Washington DC follows a letter he and the President of Dangote Group, Mr. Aliko Dangote, had jointly written to the US Congress.
The letter was written under the auspices of the African Energy Leaders Group, a body the duo co-founded with other African leaders in January 2015.
The letter had similarly urged members of the US House of Representatives to pass the Electrify Africa Bill to scale up US efforts to help provide Africans with access to electricity.
The statement noted that Elumelu had also on Thursday testified before the US International Trade Commission on ‘The Future of the US-Africa Trade and Investment Relationship.’
Chaired by Ambassador Michael Froman, a US Trade Representative, the hearing is part of efforts by the US government to put building blocks in place for the next phase in its economic relationship with Africa.
Don't know about necessarily being screwed but there might be a REVERSE SPLIT somewhere in the picture here for DNRG. That if DNRG gets to a $1 and can HOLD its value there then if they decide to try to uplist then may be thats where we see a REVERSE SPLIT but if we hit $1 and there is a reverse split somewhere over $1 I would WELCOME THAT "PROBLEM"
ERIC M FRESH has updated his linkedin page
Senior Vice President, Finance and Investments
Dominovas Energy Corporation
June 2015 – Present (8 months)
Manage the capital investment program for financing ~US$6.7 billion in solid oxide fuel cell (SOFC) power generation systems, which are supported by signed/executed Power Purchase Agreements (PPAs) with off-takers throughout sub-Saharan Africa
Establish and manage relationships with Development Finance Institutions (DFIs), infrastructure investment funds and other U.S.-based institutions and agencies to create viable project financing solutions for the Company’s power generation projects.
Coordinate with sales team to ensure that any proposed/new system deployments are bankable, with local governmental support and creditworthy project guarantors and/or off-takers.
Responsible for securing the overall financing for the day-to-day internal operations of the Company to support both short-term and long-term objectives.
Emilio DeJesus still has not updated his linkedin page...
In the PATT app if you notice in Dashboard every other Pin Drop has significant progress on there chart accept DNRG's which has no progress in either "Stage" or" Megawatts" development of course we know this but now we also know the exact point of progress of all others in Africa with this initiative and DNRG looks to be way behind.
Next PR has to mention the Rubicon manufacturing, deployment, or timeline at the very least or we are gonna get be left behind here soon "The PATT provides previously unavailable data that will increase transparency and drive the competitiveness of African markets". The Mining and Smelting Operations of course is good news but DNRG has likely known about this for some time now or what could be the exact same amount of time as the City of David, SOMICO Mine and Sout KIVU/RDC deals, It's unlikely that the Mining and Smelting deal came to them at the very last minute here meaning in the last few weeks before the end of 2015.
Bojangles Inc (NASDAQ:BOJA) Receives $25.68 Consensus Target Price from Analysts
Bojangles Inc (NASDAQ:BOJA) has earned an average recommendation of “Hold” from the thirteen research firms that are presently covering the company, AnalystRatingsNetwork.com reports. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $25.68.
Shares of Bojangles (NASDAQ:BOJA) opened at 14.52 on Wednesday. Bojangles has a 1-year low of $14.08 and a 1-year high of $28.45. The firm’s 50-day moving average is $15.42 and its 200-day moving average is $18.34. The stock has a market capitalization of $521.99 million and a price-to-earnings ratio of 20.45.
Bojangles (NASDAQ:BOJA) last posted its earnings results on Wednesday, November 4th. The company reported $0.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.05. The firm earned $124.25 million during the quarter, compared to the consensus estimate of $122.22 million. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. On average, analysts predict that Bojangles will post $0.81 earnings per share for the current fiscal year.
In related news, COO Kenneth E. Avery sold 10,000 shares of the stock in a transaction that occurred on Wednesday, November 18th. The shares were sold at an average price of $17.23, for a total value of $172,300.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Several hedge funds have recently made changes to their positions in the stock. Copper Rock Capital Partners purchased a new stake in shares of Bojangles during the fourth quarter worth $20,416,000. Eagle Asset Management purchased a new stake in shares of Bojangles during the third quarter worth $5,332,000. Skylands Capital purchased a new stake in shares of Bojangles during the fourth quarter worth $2,378,000. BB&T Securities increased its stake in shares of Bojangles by 99.9% in the fourth quarter. BB&T Securities now owns 34,640 shares of the company’s stock worth $549,000 after buying an additional 17,315 shares in the last quarter. Finally, Quantitative Systematic Strategies purchased a new stake in shares of Bojangles during the fourth quarter worth $304,000.
A number of brokerages have commented on BOJA. Zacks Investment Research lowered shares of Bojangles from a “buy” rating to a “hold” rating in a report on Wednesday, October 7th. Bank of America raised shares of Bojangles from a “neutral” rating to a “buy” rating and set a $25.00 price objective on the stock in a report on Tuesday, December 22nd. Piper Jaffray reissued a “neutral” rating and set a $20.00 price objective (down previously from $29.00) on shares of Bojangles in a report on Friday, November 6th. Finally, RBC Capital decreased their price objective on shares of Bojangles from $30.00 to $23.00 and set a “sector perform” rating on the stock in a report on Thursday, November 5th.
Bojangles’, Inc. (NASDAQ:BOJA) is a restaurant operator and franchisor. The Company is engaged in serving customers with food made from its Southern recipes. The Company’s restaurants offer biscuits, bone-in fried chicken, fixin’s and Legendary Iced Tea. It offers Southern-inspired items to a customer demographic across five day parts: breakfast, lunch, snack, dinner and after dinner. It offers hand-breaded, bone-in chicken, Chicken Supremes, Homestyle Chicken Tenders, sandwiches and wraps, as well as fixin’s, including its Seasoned Fries, Bo-Tato Rounds, Cajun Pintos and Dirty Rice. The Company’s Bo-Smart menu features items, such as salads, grilled chicken sandwiches, roasted chicken bites and fat-free green beans. In addition to its individual menu items, the Company offers combos and family meals for parties, as well as its Big Bo Box, for tailgating events. Bojangles’ offers biscuit sandwiches, including its smoked sausage biscuit, grilled pork chop biscuit and Cheddar-Bo.
Mark Grober AKA GHS CAPITAL LLC & INVESTMENT LLC past job association with THE N.I.R. Group hedge fund founder & Fairhills Capital LLC court cases
Portfolio Manager
Fairhills Capital LLC
Feburary 2009 - April 2011 ( 2 years 3 months )
Analyst
The NIR Group, LLC
February 2007 - February 2011 ( 2 years 1 month)
(iHub Board dedicated to The NIR GROUP) investorshub.advfn.com/NIR-Group-11792/
(http://investorshub.advfn.com/Clients-of-Fairhills-Capital-25493)
According to the SEC complaint, Edward Bronson and E-Lionheart Associates. LLC (also doing business as Fairhills Capital) bought billions of shares of substantially discounted unregistered non-exempt stock from approximately 100 OTC Link (PK) companies and illegally dumped them onto the public market allegedly reaping over $10 million in illegal profits.
Fairhills has also been raided by the FBI: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=81920121
www.sec.gov/News/PressRelease/Detail/PressRelease/1365171484054
PRESS RELEASE
SEC Charges New York-Based Firm and Owner in Penny Stock Scheme
Mark Grober is asking the Court to believe that he took a $180K/year position with FairHills (Ed Bronson) and was "innocently beguiled" into investing his compensation into Fairhills' schemes.
The Court has so far refused to compensate him, saying that to do so would be to engage the Court in the distribution of "ill-gotten gains", at least until the SEC charges are settled.
At least he's apparently learned his lesson about the registration of shares!
Although to be clear (and please correct me if I'm wrong here) NO SHARES HAVE YET BEEN REGISTERED OR CHANGED HANDS.
The S1 appears to be provisional and is replete with errors. If and when shares DO change hands however, it appears that Grober is entitled to $150,000 worth of FREEBIES as a Commitment Fee!
(Grober vs Bronson) Court Paperwork)
pdfserver.amlaw.com/cli/affidavit/oca_affidavit_651184_2012_23.pdf
FOR IMMEDIATE RELEASE
2012-165
Washington, D.C., Aug. 22, 2012 — The Securities and Exchange Commission today charged a New York-based firm and its owner with conducting a penny stock scheme in which they bought billions of stock shares from small companies and illegally resold those shares in the public market.
The SEC alleges that Edward Bronson and E-Lionheart Associates LLC reaped more than $10 million in unlawful profits from selling shares they bought at deep discounts from approximately 100 penny stock companies. On average, Bronson and E-Lionheart were able to generate sales proceeds that were approximately double the price at which they had acquired the shares. No registration statement was filed or in effect for any of the securities that Bronson and E-Lionheart resold to the investing public, and no valid exemption from the registration requirements of the federal securities laws was available.
“By violating the registration provisions of the securities laws and dumping billions of unregistered shares into the over-the-counter market, Bronson deprived investors of important information about the companies in which they were investing,” said Andrew M. Calamari, Acting Director of the SEC’s New York Regional Office.
According to the SEC’s complaint filed in U.S. District Court for the Southern District of New York, Bronson lives in Ossining, N.Y. E-Lionheart, which also does business under the name Fairhills Capital, is located in White Plains. Acting at Bronson’s direction, E-Lionheart personnel systematically “cold called” penny stock companies quoted on the OTC Link to ask if they were interested in obtaining capital. If the company was interested, E-Lionheart personnel would offer to buy stock in the company at a rate that was deeply discounted from the trading price of the company’s stock at that time. Typically, Bronson and E-Lionheart immediately began reselling the shares to the investing public through a broker within days of receiving the shares from the company.
Bronson and E-Lionheart purported to rely on an exemption from registration under Rule 504(b)(1)(iii) of Regulation D, which exempts transactions that are in compliance with certain types of state law exemptions. However, no such state law exemptions were applicable to these transactions. Bronson and E-Lionheart claimed to rely on a Delaware state law registration exemption, but the transactions in fact had little or no connection to the state of Delaware. The particular Delaware state law exemption claimed by Bronson and E-Lionheart is not an exemption that meets the specific requirements of Rule 504(b)(1)(iii). As a result, investors purchasing these shares did not have access to all of the information that a registration statement would have provided, including in many instances important information concerning the issuance of millions of new shares by the company to Bronson and E-Lionheart.
The SEC’s complaint charges E-Lionheart and Bronson with violations of the registration provisions of the federal securities laws, and seeks disgorgement of more than $10 million in ill-gotten gains, penalties. The SEC also seeks penny stock bars against E-Lionheart and Bronson. The complaint also names another entity owned and controlled by Bronson – Fairhills Capital Inc. – as a relief defendant for the purpose of recovering the illegal proceeds it received.
The SEC’s investigation was conducted in the SEC’s New York Regional Office by Senior Attorney William Edwards and Assistant Regional Director Wendy B. Tepperman. The SEC’s litigation will be led by Senior Trial Counsel Kevin McGrath.
www.teribuhl.com/2015/02/13/sec-knew-collecting-14-5-mn-hedgie-ribotsky-fine-would-fail/
SEC knew Collecting $14.5 mn Hedgie Ribotsky fine Would Fail
N.I.R. Group hedge fund founder, Corey Ribotsky, filed for personal bankruptcy leaving a whopping $36 million of debt unpaid a year after he settled with the SEC for investor fraud. Today I am reporting for Growth Capitalist that court records allude to the notion that the government knew Ribotsky wouldn’t be able to pay his multi-million dollar fine when they backed down from taking him to trial and agreed to a settlement in 2013.
Long Island-native Corey Ribotsky ran a hedge fund that mainly invested in PIPE’s for over a decade. These are private interest bearing loans made to small cap companies that turn into discounted stock warrants if the borrow can’t payback the loan in a certain amount of time. To simplify what usually happened in N.I.R. Group PIPE transactions the borrow usually doesn’t pay back the loan and the hedge fund gets cheap stock they can sell for cash on the open market which can drag down the price of a small cap stock to unsuspecting penny stock investors. Ribotsky raised hundreds of millions of dollars from upper middle class investors that he met via his charity work, a north shore country club or through introducing brokers.
I began investigating Ribotsky for investor fraud in 2008 while reporting for the New York Post. It took the SEC until September 2011 to finally sue the hedge fund manager for securities violations & investor fraud. By the time the SEC sued, investors in N.I.R.’s once $800 million hedge fund had lost their money, and Ribotsky continued to earn millions in fees managing and unwinding a fund whose valuations were allegedly inflated.
Between investigative reporters documenting Ribotsky threatening & lying to investors, along with internal whistleblowers, the government’s case against Ribotsky was built for them before they sued. Yet at the end of the day we only saw the Securities and Exchange Commission bar Ribotsky from the industry for only four years and collect zilch from him to return to investors.
It wasn’t till three years after the securities regulator sued Ribotsky for stealing millions from his investors that we learn the government is having an impossible time collecting any money to return to N.I.R. Group investors.
On November 13 2014, SEC attorney Kenneth Byrne wrote Judge Bianco the Commission had started “collection proceedings against Ribotsky that included discovery of his income and asset”. The government never got Ribotsky to admit guilt and his lawyer Doug Hirsch told the court the SEC knew before they settled the case in November 2013 that Ribotsky didn’t have anywhere near the assets or earning potential to pay the amount the SEC wanted in a fine (See Attorney Hirsch letter below). Bankruptcy records show Ribotsky stopped making mortgage payments on his $6.8 million loan to Signature Bank in September 2012, which was secured by his family home at 11 Bostwick Lane, Old Westbury, NY. The property is in a llc called ZFL and listed as an asset owned 100% by Ribotsky. Additionally, court records show $549,321.48 in town property and school taxes have not been paid on the home dating back to 2011. On July 19th 2013, months before the SEC settlement, Signature Bank started foreclosure proceedings in Nassau County court against the home. Total debt owed by ZFL to Signature bank is now $7,203,277.78. Any SEC collection efforts would be behind Signature Bank who has a secured claim on one of Ribotsky’s largest assets. A recent order by Ribotsky’s bankruptcy judge shows Signature Bank, who claims they were close to finishing the foreclosure right before Ribotsky filed bankruptcy, will be allowed to move forward with their case and collect funds from a foreclosure auction.
Ribotsky also had ownership interest in another home, 317 Bedford Ave Bellmore NY, which is also held in a LLC. Court filings show Ribotsky testified in a bankruptcy hearing he transferred 50% of his interest in 317 Bedford to Howard Tanney at no consideration. A 2004 bankruptcy exam has been ordered against Howard Tanney to prove Ribotsky did not commit fraudulent conveyance via the home interest transfer.
The government watched reporters like myself, Matt Goldstein, and Nathan Vardi for four years detail Ribotsky’s fraud via on record sources and documents, but only managed to make one criminal arrest of Ribotsky’s right hand guy Daryl Dworkin. In 2010 Dworkin quickly turned DOJ government whistleblower and plead guilty to taking bribes while working at N.I.R. group. The fund was eventually forced into an outside receiver (PwC) taking over in the Cayman Islands who was given some decent access to a document trail of fraud allegedly committed by Ribotsky.
The SEC could have at least deposed Daryl Dworkin in their case, as court filings in SEC v. Ribotsky show the DOJ’s deal with him was he had to testify for the SEC. But the government settled right before the deposition was going to happen. Dworkin’s testimony would have at least helped investors learn what he was telling the DOJ about Ribotsky’s role in the fraud, which could have aided any investor civil suits against the hedge fund manager.
At a sentencing hearing I attended for N.I.R. Group executive Daryl Dworkin on November 5 2014 the DOJ had to admit to federal Judge Dearie they didn’t charge Ribotsky with criminal fraud because they didn’t think they had enough evidence to convict him. For four years the DOJ delayed Dworkin’s sentencing while they worked him for information against Ribotsky.
A month after the Dworkin sentencing Ribotsky finally tells his version of what he did with some of the millions he took from his investors via his chapter seven federal bankruptcy filing. The December 17 2014 bankruptcy shows he’s been sued numerous times but never paid up on judgments rendered by the court. Interest and stock in financial companies Ribotsky owned were primarily transferred to another top N.I.R. Group executive Robert ‘Bobby’ Cohen. The bankruptcy court has ordered Cohen to go through a 2004 examination of some of the transferred stock. Additionally, Christopher Machton of Great Neck NY, who got a $300,000 loan from Ribotsky has been given a 2004 exam subpoena from the bankruptcy court to prove he got the funds and how they were used.
“The government is suing him and he simply moved money around so he didn’t have to pay fines”, is what one Boston-based N.I.R. Group Investor told me after he read Ribotsky’s bankruptcy documents. In fact, in 2012 Ribotsky says in court filings he still made $1.2 million. That was the year he was getting kicked out of his fund, fighting a SEC lawsuit, and investors learned via the receiver the hedge fund assets were super hard to sell and illiquid. Meaning there wasn’t a ton of hope of getting their hard earned dollars back from the hedge fund.
The case was a complete failure by Loretta Lynch’s office (the black woman Obama has put up to be the next head of the DOJ) and an abysmal victory by the SEC – who at least got Ribotsky to agree to stop committing fraud for a few years.
At Dworkin’s sentencing hearing in Brooklyn, NY I got to see how the DOJ and SEC lawyers acted in this case. I was surprised by their egos given how little they accomplished. Government lawyers told Judge Dearie they were working hard to recover money for investors but they simply haven’t been able to do it. After the hearing I cornered SEC attorney Kenneth Byrne and a little man with horn rimmed glasses who was running the DOJ case to ask them face to face how they felt about their inability to get justice for investors and collect any money. DOJ attorney Daniel A. Spector scowled at my question and instead of answering it demanded to know my name and who I report for. I said my name was Teri Buhl and you should clearly know who I report for now. (Spector’s predecessor who started the NIR Group case had interviewed me in 2009 to get help finding NIR investors Ribotsky had lied to so I know the DOJ had been reading my reporting.) Attorney Spector’s ego kicked in and gave me a smug look saying they can’t comment on the case except what I heard them say in court. Now after a case is over the DOJ can comment and usually issues a press release. But in this case the PR girl for the DOJ admitted since there was no jail time for Dworkin there wouldn’t be a public comment. Meaning they didn’t want to promote a case that got so little for investors.
As I watched the SEC attorney and the DOJ boys leave the court room and slink into the elevator I did something I rarely do when asking subjects of a story questions. I asserted my opinion. I looked them both in the eye and said, “You should be ashamed of yourself for not doing more for the defrauded investors. You had this case handed to you an a platter.”
Attorney Spector’s rebuttal was silence and later in the day he refused to get his press person to answer how much Dworkin was ordered by the judge to pay in a forfeiture bond. The bond was ordered in court but the amount was not mentioned. This was public record and they had to answer my reporter question. Instead they stonewalled me and we had to wait a few days to print the news of Dworkin’s sentencing at Growth Capitalist until all the court documents from the hearing were filed online. Dworkin received NO jail time, no penalty fine for his three felony convictions, and only a forfeiture bond to give back the $400,000 he had taken in bribes to bring PIPE deals to N.I.R. Group. And to this day we don’t know if the government will even collect that from him given he can’t earn big money working on Wall Street any more and he told the court his home is in foreclosure.
For those of you familiar with Ribotsky I have uploaded a copy of his unsecured creditors. Tom Sporkin, securities attorney at Buckley Sandler who was a former SEC enforcement lawyer, told me it is very hard to get a bankruptcy court to forgive a government fine so Ribotsky will technically still be liable for the $14.5 million the SEC is supposed to extract from him. But chances of that happening are zero to none in my view. I’d expect Ribotsky to end up moving to the Cayman Islands. A place one of his former best friends told me he often took a private jet to and visited an off-shore bank; after he’s done telling an American bankruptcy court he has no money to pay $36 million back.
coralcapital.com/sec-charges-firm-with-illegal-fund-raising-for-penny-stock-companies/
SEC Charges Firm with Illegal Fund Raising for Penny Stock Companies
We recently came across a litigation release where the SEC charged a firm with illegal fund raising for penny stock companies. This turns out to be one of those rare situations where you have to ask yourself, what took the SEC so long? I very quickly recognized the name Edward Bronson, and his firm E-Lionheart Associates, LLC., which was also doing business under the name Fairhills Capital, Inc.
I meet Edward Bronson in the summer of 2006 when Coral Capital Partners was consulting for a biodiesel company that was looking for an investment banking firm to represent it. We were in New York meeting with several investment banking firms. One of the firms that the CEO of the biodiesel company wanted to meet with was Edward Bronson’s firm. I had heard of Mr. Bronson before and it was pretty easy to figure out at the time that he was engaging in toxic fundings. A quick look at the charts of the companies that Edward Bronson had been involved with showed that they all basically had some form of an inverted parabolic curve where their share prices very quickly headed towards zero. At some point in time prior to our meeting in 2006, another client had asked Coral Capital Partners to review an agreement for a proposed funding by Ed Bronson’s firm. It was not hard to see that the funding agreement was for a toxic funding, as any convertible instrument that converts at a discount to the market price with no minimum price level of conversion is toxic to the client company.
The meeting with Edward Bronson was notable for a variety of reasons. We meet Mr. Bronson at a fairly sizable office in Midtown Manhattan that was fully furnished, dark, and had no one in it but us. For someone who claimed to be a major provider of funding to small cap companies, he was remarkably poorly dressed. Despite being a late morning or early afternoon meeting he looked like he had just rolled out of bed. His clothing was rather disheveled; I remember he had on a warn leather coat and it was early summer. Worse yet his socks were not even close to matching. He had on one bright red sock, and one bright green sock. His firm was not a NASD (the predecessor to FINRA) member. Basically there were red flags all over the place. What I remember about the conversation is that it quickly became very clear that what Mr. Bronson was proposing was a toxic funding. When the CEO of the biodiesel company asked about dilution and loss of control, Edward Bronson suggested a preferred stock issuance with super-voting rights. Needless to say, this structure would have destroyed the investment of all the prior investors in the company. This was not something I ever wanted to be any part of, or ever associated with.
Over the course of the next six (6) years clients would occasionally ask Coral Capital to review agreements for proposed fundings from Fairhills Capital. It did not take much to figure out what the results would be for companies that participated in funding with Fairhills Capital. A search of the EDGAR filings would easily turn up a list of companies that had worked with Fairhills Capital, and the results in the public markets were always disastrous.
The Securities Exchange Commission (SEC) has charged Mr. Bronson and his firm e-Lionheart Associates, LLC. with Violations of Sections 5( a) and 5(c) of the Securities Act, as well as the common law claim of Unjust Enrichment. What I find interesting about the complaint is its brevity, or shortness. While Section 5 of the Securities Act is a very broad section, I am surprised at the absence of claims for violations of other sections of either the Securities Act of 1933 or the Exchange Act of 1934. The complaint by the SEC alleges that Mr. Bronson’s firm fraudulently used an exemption under Rule 504 of Regulation D to obtain free trading shares with the help of various attorneys who supplied inaccurate legal opinion letters. Why haven’t these attorneys been charged? Are they not supposed to be the gate keepers who keep people from committing wrong doings by virtue of there review of legal statutes and the opinions they issue? The SEC must be pretty sure that it has an iron-clad case against Ed Bronson and his firms.
We wish the SEC a lot of luck in pursuing this litigation. However we are skeptical about the SEC’s ability to shut down this activity until it takes aggressive action against the attorneys who are writing these fraudulent legal opinion letters that allow the restrictions to be removed on the shares issued in violation of Rule 144.
www.coralcapital.com
If you have any questions about the above blog post, please feel free to visit our web site, www.coralcapital.com and check out we have to offer. Feel free to contact us if you have any questions. We can be reached at 404-816-9220 and are always willing to speak with you.
About Coral Capital Partners
Coral Capital Partners is an independent consulting and advisory firm focused on companies and participants in the lower and middle markets. We partner with our clients to provide cost effective solutions to real world issues and situations. Our experienced team brings a diverse set of skills that allows us to service a wide variety of needs. Our area of services and expertise focuses on bringing services and solutions to our clients that are normally only available to much larger firms. Coral Capital Partners, Inc. provides services to Investment Banks, Private Equity Funds, investors, and both privately held and publicly traded companies, as well as various stakeholders in those organizations. This has included international public companies with operations on three (3) continents to smaller privately held domestic companies. Our experience in the areas of corporate advisory, due diligence reviews, and regulatory compliance allows for a cost effective and efficient solution to the issues at hand. Please feel free to contact our offices to see how we may be of assistance.
A copy of the SEC’s Litigation Release can be found at: http://www.sec.gov/news/press/2012/2012-165.htm
A copy of the SEC’s complaint in this action can be viewed at: http://www.sec.gov/litigation/complaints/2012/comp-pr2012-165.pdf
We do applaud the SEC’s efforts to police this type of activity.
Tags: Capital Raise Due diligence Edward Bronson SEC Litigation Securities Act of 1933 Securities Fraud toxic funding
https://www.sec.gov/litigation/litreleases/2013/lr22873.htm
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22873 / November 21, 2013
Securities and Exchange Commission v. The NIR Group, LLC, et al., Civil Action No. 11 Civ. 4723 (JFB) (E.D.N.Y.)
Court Enters Final Judgment by Consent Against SEC Defendant Corey Ribotsky
The Securities and Exchange Commission announced that, on November 14, 2013 the Honorable Joseph F. Bianco, United States District Court Judge for the Eastern District of New York, entered a final judgment by consent against Defendant Corey Ribotsky. In addition, Judge Bianco also dismissed all claims against Defendant The NIR Group, LLC at the SEC's request because that entity is defunct and has no assets.
The SEC filed this enforcement action on September 28, 2011, alleging, among other things, that during the financial crisis Ribotsky and NIR made false statements to investors regarding the poor performance and trading strategy of the various AJW Funds he managed through NIR. The SEC also alleged that Ribotsky misappropriated client assets and mislead investors about the decision to form the AJW Master Fund.
Ribotsky consented to the final judgments without admitting or denying the allegations in the Commission's complaint. The final judgment against Ribotsky imposed permanent injunctions prohibiting Ribotsky from violating Section 17(a)(1), (2) and (3) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1), 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder. Ribotsky has also agreed to pay $12,500,000 in disgorgement, $1,000,000 in prejudgment interest, and a $1,000,000 civil penalty.
To settle the Commission's related administrative proceedings that the Commission will separately institute, Ribotsky has consented to be barred from any future association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization, with the right to reapply after four years.
For further information, please see Litigation Release Number 22106 (Sept. 28, 2011).
www.law360.com/articles/593695/ex-nir-analyst-avoids-prison-as-judge-presses-for-recovery
Ex-NIR Analyst Avoids Prison As Judge Presses For Recovery
Law360, New York (November 5, 2014, 2:06 PM ET) -- A former NIR Group LLC analyst who admitted to fraud and taking kickbacks while at the defunct investment firm, but who has cooperated with investigators, avoided prison Wednesday in Brooklyn federal court, though the sentencing judge expressed frustration that millions of dollars connected to the crimes remain "in the ether."
Daryl Dworkin, who said he has been working as a bartender, cab driver and salesman since his career in financial services went down in flames and whose house is in foreclosure, received three years' probation from...
libn.com/2012/02/02/ribotsky-out-as-head-of-nir-group-hedge-funds/
Ribotsky out as head of NIR Group hedge funds
Corey Ribotsky is officially out as investment manager of hedge funds at Roslyn-based NIR Group. And now investors in the group of funds once valued at $876 million have renewed hope of recovering some of their massive losses.
Or at least finding out where the money went.
Ribotsky was forced out of NIR by Pricewaterhouse-Coopers, the court-appointed liquidator, following allegations of fraud by the Securities and Exchange Commission. In September, the SEC sued Ribotsky and NIR for taking more than $1 million of investors’ money to buy cars and watches. The SEC also alleges that Ribotsky and others at the firm repeatedly lied to investors about the true value of the fund to hide the fact the fund’s investment strategy was failing during the financial crisis.
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Ribotsky out as head of NIR Group hedge funds
SEC charges LI hedge fund adviser with fraud
Ribotsky has not been charged with any criminal wrongdoing and still runs NIR Group, according to a company spokesman, although he couldn’t say what investment vehicles are left for Ribotsky to run.
The Ribotsky ouster is a victory for hundreds of mom-and-pop investors who put retirement savings or pension funds in NIR and have been left in the dark about the value of their assets since the company’s last performance report a year ago.
Jim Nail, an NIR investor who stands to lose about $350,000 in one of the group’s hedge funds, called Ribotsky’s resignation “the best news we’ve heard since he froze our money in the fall of 2008.”
Ribotsky halted redemptions from the fund after the collapse of AIG and Lehman Brothers led a flurry of investors to seek to liquidate their positions.
“Now, hopefully, we’ll get some real transparency about the value of the assets in the fund,” Nail said, “but I’m not optimistic there is much money left to recover.”
PwC’s initial cash flow reports show Ribotsky’s firm charged at least $52 million in fees and expenses for running the funds since the fall of 2008, although the investments did not provide a meaningful return during that time. PwC wrote that since the cash-out freeze, NIR charged $24.5 million in management fees and another $1.5 million in general administrative expenses. Most hedge funds take expenses, like rent and staff salaries, out of the 2 percent management fees charged to investors, but it appears Ribotsky billed extra for that.
Ribotsky also owns a collateral management firm called First Street that billed investors another $25.83 million in management fees and listed those fees as a creditor’s claim. There is also a creditor’s claim on the funds of $1.77 million listed as an “introducing fee” to Crawford Ventures Inc., a Manhattan-based investment partnership.
NIR spokesman Brad Gerstman said he couldn’t verify the liquidator’s numbers.
“We do not confirm nor deny them as we have not independently verified same,” he said. PwC’s letter states the liquidators got the numbers from NIR’s books after NIR provided access to them. Some of the numbers, such as the $14 million of investor funds spent on legal fees, were self-reported by NIR to the liquidators.
In a December letter to investors, PwC warned that NIR had only about $130,000 of cash for liquidation expenses, and that the accounting firm may need to sell off assets at discounted prices to raise cash to cover liquidating costs. At the time of the letter, NIR Group was seeking $320,000 a month as acting manager of the funds, although those charges have been avoided by the PwC takeover.
Rick Felsen, another Long Island investor, expressed frustration over NIR’s fees, especially in light of its investment performance and alleged fraud.
“I know I signed an operating agreement that put Ribotsky in favor of making decisions about my investments, but it didn’t give him the license to break his fiduciary duties or a reason to commit fraud,” Felsen said. “I paid exorbitant fees on my paper profits, and now I have nothing to show for my money. I hope justice is served on him because I can’t afford now to sue him and likely lost all of my investment.”
Reports of a Department of Justice investigation of Ribotsky began in 2009 after investor Sequoia Sun told the online publication Dealbreaker that NIR had tried to bribe him in 2008 when he wanted to share his story about problems in the fund with the New York Post. Redemption records show Sun had requested his money before the freeze but was told it was too late. Sun eventually sold his $345,000 investment to another investor at a discount, which was arranged by NIR.
The Department of Justice has repeatedly delayed the sentencing of Ribotsky’s former right-hand man, Daryl Dworkin, who pled guilty to securities fraud and taking bribes for NIR’s investments in July 2010. The new sentencing date is July 2012.
Buhl has written for the New York Post, the Atlantic, Forbes and New York magazine.
PATT APP IS A GREAT FIND BUT ON THE APP DASHBOARD FOR THE DRC PROJECT THE CHART SHOW NO ACTIVITY JUST YET BUT DOES LIST DNRG BY NAME IN 4 DIFFERENT AREA'S (CITY OF DAVID, MINING AND SMELTING OPERATIONS, SOMICO MINE, AND SOUTH KIVU/RDC.
RUBICON NOT ACTIVE YET BUT DOWNLOAD THE APP
From the PATT APP it states that the Rubicon is Active (don't hold me to that still going through the PATT APP)
Another area that the Rubicon may be active in is the MINING AND SMELTING OPERATION. WITH A 10 MW SOFC TRANSACTION IN DRC
DIRECT CONNECTIONS 12,500
ACCESS 32,225
$M
60
LOCATION
MWETO (KAMBOVE TERRITORY)
STATUS
ACTIVE
Promising News Folks w/ THE RUBICON (don't get to excited)
I downloaded the NEW (PATT) APP and looked up THE CITY OF DAVID AND DNRG'S RUBICON IS LISTED WITH IT'S 3MW OF FUEL CELL TRANSACTION IN DRC.
ACCESS LISTED AS 9,668
$M
18
LOCATION
KATANGA PROVINCE
BTG (<10MWs)
STATUS
ACTIVE
launched today, the Power Africa Tracking Tool (PATT) allows for easy, real-time tracking of transactions across the continent. The PATT provides previously unavailable data that will increase transparency and drive the competitiveness of African markets. The iPhone app and web portal allow for easily accessible information on 45,000 MW in power transactions from stakeholders on the ground. A release of the Android app is planned for February 2016.
Link to download PATT APP from iTunes
https://itunes.apple.com/app/patt/id1039913424?mt=8
The PATT APP tracks the status of energy projects Power Africa is tracking across sub-Saharan Africa, as they advance through the different stages of development. It also contains links to energy sector news and country-level statistics.
While we make every effort to ensure that the contents of the PATT are up-to-date and accurate, we do not claim that it is comprehensive in its data or coverage.
DNRG it's slowly becoming tougher you to hide...
Today at the Powering Africa Summit, Power Africa partners launched a roadmap to meet President Obama’s goals of adding 30,000 megawatts and 60 million connections across sub-Saharan Africa by 2030.
http://nairobi.usembassy.gov/pr12816.html
WASHINGTON, D.C., Thursday, January 28, 2016
Today at the Powering Africa Summit, Power Africa partners launched a roadmap to meet President Obama’s goals of adding 30,000 megawatts and 60 million connections across sub-Saharan Africa by 2030.
The U.S. Government committed an initial $7 billion that has leveraged nearly $43 billion in commitments from over 120 public and private sector partners. The Power Africa Roadmap outlines how it will add 30,000 MW by maximizing value from existing transactions, advancing new opportunities for deal flow, and increasing the efficiency of existing generation. It also highlights how Power Africa will add 60 million connections by scaling up grid roll-out programs and intensifying its Beyond the Grid efforts.
“With a robust financial foundation in place and an expanding group of partners committed to producing results, Power Africa is breaking the logjam on energy infrastructure and keeping eager capital flowing to worthy projects,” said U.S. Agency for International Development Administrator Gayle Smith. “Building on our progress so far, this Roadmap lays out a clear path to achieving President Obama’s ambitious vision of bringing electricity to 60 million African homes and businesses. And the Power Africa Tracking Tool offers unprecedented insight into the actual deals that will facilitate that success.”
“Sub-Saharan Africa is rich in renewable energy sources—solar, hydropower, geothermal—yet only one in three people has access to power. For those who have electricity, the supply is often unreliable; sub-Saharan Africa loses 2.1 percent of gross domestic product from blackouts alone,” said World Bank President Jim Yong Kim. “We must find solutions—in our partnerships with African governments and the Power Africa initiative—that will give millions of African people the opportunity for a better life with something most of us take for granted: access to electricity.”
“Africa is tired of being in the dark. Lack of electricity puts a break on Africa’s economic growth and development. I applaud President Obama’s leadership and bold Power Africa Initiative,” said African Development Bank President, Dr. Akinwumi Adesina, who recently launched the Bank’s New Deal on Energy for Africa, which aligns with the Power Africa Roadmap, last week at the World Economic Forum. “To accelerate universal access to electricity in Africa by 2025, the African Development Bank developed the New Deal on Energy for Africa and launched the Transformative Partnership on Energy for Africa. Working together with Power Africa, private sector, development partners and African governments, we will light up and power Africa.”
Also launched today, the Power Africa Tracking Tool (PATT) allows for easy, real-time tracking of transactions across the continent. The PATT provides previously unavailable data that will increase transparency and drive the competitiveness of African markets. The iPhone app and web portal allow for easily accessible information on 45,000 MW in power transactions from stakeholders on the ground. A release of the Android app is planned for February 2016.
President Obama launched Power Africa in 2013—a partnership to help double access to electricity in sub-Saharan Africa, working with African governments, the private sector, and bilateral and multilateral development partners. Since its launch in 2013, Power Africa has helped projects expected to generate over 4,300 MW of new, cleaner electricity reach financial close and is actively supporting an additional 25,000 MW of projects. Over three-quarters of these projects involve clean, renewable technology. From wind parks in Kenya, to solar arrays in Rwanda, and geothermal generation in Ethiopia, Power Africa is putting the continent’s vast renewable resources to work. Power Africa’s aim is to help African governments build cleaner, more climate-resilient power sectors that serve all people.
Power Africa partners will discuss the Roadmap and Tracking Tool in greater detail at EnergyNet’s Powering Africa Summit in Washington, D.C. today and tomorrow. The Summit is convening energy sector leaders from around the world to identify new opportunities for partnership on projects across Africa.
Please contact powerafrica@usaid.gov for all media inquiries. Learn more about Power Africa at usaid.gov/powerafrica.
Post on GHS Financing (scenario reads very simliar to DNRG now just don't look at the companies stock price) Link to original post; http://investorshub.advfn.com/boards/read_msg.aspx?message_id=117284315
"GHS Investments, LLC doesnt care if EVTI ever makes money. They are getting stock at a 20% discount to be converted. All they care about is EVTI ability to sucker people into buying EVTI stock. GBS gets paid by shareholders not EVTI capital".
"Anyone thinking EVTI will make $25 million needs to do some DD. A penny stock doesnt go from 0 revenue and 0 assets, to earning 25 million dollars. Thats just not going to happen. This is a scam and always will be a share selling scam".
Quote:
"On September 22, 2015, we entered into an Investment Agreement and Registration Rights Agreement (collectively “Agreement”) with GHS Investments, LLC (GHS) in order to establish a source of funding. Pursuant to this Agreement, GHS will provide us with an equity line of financing, up to $7,750,000, and upon effectiveness of a Form S-1 Registration Statement. The minimum amount that we must request from GHS is $5,000 at any one time. GHS will purchase common stock from us based on the amount specified in each request for funding from GHS. Pursuant to the Equity Purchase Agreement, GHS and its affiliates will not be required to purchase shares of our common stock that would result in GHS’s beneficial ownership equaling more than 9.99% of our outstanding common stock".
Mark Grober AKA GHS CAPITAL LLC & GHS INVESTMENT LLC (essentially a one man financing "firm" along with Sarfraz Hajee. Only two names I could find tied to this "Death-Spiraled" financing company as they are referred to on iHub message boards. Link to that iHub member investorshub.advfn.com/boards/read_msg.aspx?message_id=117394948
Mark Grober
Portfolio Manager
Fairhills Capital LLC (Grober had a court case with Fairhills in NY, Court papers in link below, good read of what Mark Grober has been involved with in the past)
"Fairhills Capital was a MAJOR toxic financier (a "toxican"... love that name!) that even had its own board on IHub devoted to the companies they "death-spiraled.": Here is a link from iHub of Fairhills Capital's Clients that have "DEATH-SPIRALED", EVERY COMPANY IS TRADING AT $0.0001 OR DEAD; investorshub.advfn.com/Clients-of-Fairhills-Capital-25493/
Feburary 2009 - April 2011 ( 2 years 3 months )
Analyst
The NIR Group, LLC
February 2007 - February 2011 ( 2 years 1 month)
Mark Grober linkedin page is blank with his name only and no history or mention of GHS CAPITAL OR INVESTMENT OR PANACHE CAPITAL.
https://www.linkedin.com/in/mark-grober-b190b719
http://investorshub.advfn.com/Clients-of-Fairhills-Capital-25493/
http://www.courts.state.ny.us/Reporter/pdfs/2013/2013_30370.pdf
Sarfraz Hajee
Private Equity
(only other name associated to GHS Capital LLC & GHS Investment LLC & Mark Grober) But doesn't list GHS Investment LLC on his linkedin page only lists "Panache Capital" WHICH Mark Grober was a Managing Member for. Sarfraz Hajee name is on GHS signature paperwork AS FOUND BY iHub member. Link to that is below as well.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=117394948
https://www.linkedin.com/in/sarfraz-hajee-61693a8?authType=name&authToken=hfH7&trk=prof-sb-browse_map-name
During the year ended August 31, 2015, the Company had the following share transactions:
large sums of money going in the wrong direction??
a)
Issued 18,100,000 shares to Neal Allen, Chairman and CEO for management fees, valued at $1,629,000;
b)
Issued 8,500,000 shares to Michael Watkins, COO for management fees, valued at $765,000;
c)
Issued 4,500,000 shares to Spero Plavoukos, a director of the Company for management fees, valued at $405,000;
d)
Issued 500,000 shares for corporate finance consulting fees, valued at $30,000;
e)
Issued 100,000 shares for legal fees, valued at $6,000.
f)
Issued 126,000 shares at $0.25 per share for gross proceeds of $31,500;
g)
Issued 80,000 shares at $0.15 per share for gross proceeds of $12,000;
h)
Issued 6,667 shares at $0.30 per share for gross proceeds of $2,000;
i)
Issued 8,572 shares at $0.35 per share for gross proceeds of $3,000.
j)
Issued 2,343,750 shares for gross proceeds of $26,157, valued at $0.01 per share.
k)
Issued 5,000,000 shares with a fair value of $373,200 to extinguish convertible debt of $16,750;
l)
Issued 611,177 shares with a fair value of $51,950 to extinguish convertible debt of $12,224; and
m)
Issued 38,703,302 shares with a fair value of $2,719,785 to extinguish convertible debt of $77,776.
FROM DNRG S-1 Very Good Read for SHAREHOLDERS
www.sec.gov/Archives/edgar/data/1343254/000116552715000617/g8122.htm
1) Based on 174,764,271 shares outstanding as of December 16, 2015.
GHS Investments, LLC will pay less than the then-prevailing market price of our common stock which could cause the price of our common stock to decline.
Our common stock to be issued under the GHS Investment Agreement will be purchased at a twenty (20%) discount or 80% of the lowest daily closing bid price during the five trading days immediately following our notice to GHS of our election to exercise our "Put" right.
GHS has a financial incentive to sell our shares immediately upon receiving them to realize the profit between the discounted price and the market price. If GHS sells our shares, the price of our common stock may decrease. If our stock price decreases, GHS may have further incentive to sell such shares. Accordingly, the discounted sales price in the Investment Agreement may cause the price of our common stock to decline.
GHS Investments, LLC has entered into similar agreements with other public companies and may not have sufficient capital to meet our Put Notices.
13
GHS has entered into similar investment agreements with other public companies, and some of those companies have filed registration statements with the intent of registering shares to be sold to GHS pursuant to investment agreements. We do not know if management at any of the companies who have or will have effective registration statements intend to raise funds now or in the future, what the size or frequency of each Put request would be, if floors will be used to restrict the amount of shares sold, or if the Investment Agreement will ultimately be cancelled or expire before the entire amount of shares are Put to GHS. Since we do not have any control over the requests of these other companies, if GHS receives significant requests, it may not have the financial ability to meet our requests. If so, the amount of available funds may be significantly less than we anticipate.
We are registering an aggregate of 35,000,000 shares of common stock to be issued under the GHS Investment Agreement. The sale of such shares could depress the market price of our common stock.
We are registering an aggregate of 35,000,000 shares of common stock under the registration statement of which this prospectus forms a part for issuance pursuant to the GHS Investment Agreement. The sale of these shares into the public market by GHS could depress the market price of our common stock.
We May Not Have Access to the Full Amount under the Investment Agreement.
On December 16, 2015, the closing sale price of $0.05. At that price we would be able to sell shares to GHS under the Investment Agreement at the discounted price of $0.04. At that discounted price, the 35,000,000 shares registered for issuance to GHS under the Investment Agreement would, if sold by us to GHS, result in aggregate proceeds of $1,400,000. There is no assurance the closing price of our common stock will remain the same as the market price. We will not have access to the full commitment under the Investment Agreement if the closing bid price is below $0.2143.
Unless an active trading market develops for our securities, investors may not be able to sell their shares.
We are a reporting company and our common shares are quoted on the OTC Link (OTC.QB Tier) under the symbol “DNRG”. However, there is a limited trading market for our common stock; and an active trading market may never develop or, if it does develop, may not be maintained. Failure to develop or maintain an active trading market will have a generally negative effect on the price of our common stock, and you may be unable to sell your common stock or any attempted sale of such common stock may have the effect of lowering the market price; and therefore, your investment may be partially or completely lost.
Since our common stock is thinly traded it is more susceptible to extreme rises or declines in price, and you may not be able to sell your shares at or above the price paid.
Since our common stock is thinly traded its trading price is likely to be highly volatile and could be subject to extreme fluctuations in response to various factors, many of which are beyond our control, including (but not necessarily limited to):
·
the trading volume of our shares;
·
the number of securities analysts, market-makers and brokers following our common stock;
·
new products or services introduced or announced by us or our competitors;
·
actual or anticipated variations in quarterly operating results;
·
conditions or trends in our business industries;
·
announcements by us of significant contracts, acquisitions, strategic partnerships, joint ventures or capital commitments;
·
additions or departures of key personnel;
·
sales of our common stock; and
·
general stock market price and volume fluctuations of publicly-traded, and particularly microcap, companies.
Investors may have difficulty reselling shares of our common stock, either at or above the price they paid for our stock, or even at fair market value. The stock markets often experience significant price and volume changes that are not related to the operating performance of individual companies, and because our common stock is thinly traded it is particularly susceptible to such changes. These broad market changes may cause the market price of our common stock to decline regardless of how well we perform as a company. In addition, there is a history of securities class action litigation following periods of volatility in the market price of a company’s securities. Although there is no such litigation currently pending or threatened against us, such a suit against us could result in the incursion of substantial legal fees, potential liabilities and the diversion of management’s attention and resources from our business. Moreover, and as noted below, our shares are currently traded on the OTC Link (OTC.QB tier) and, further, are subject to the penny stock regulations. Price fluctuations in such shares are particularly volatile and subject to potential manipulation by market-makers, short-sellers and option traders.
Dominovas Energy Signs Financing Agreement With GHS Capital
Market Wired PR Dominovas Energy Corporation
November 17, 2015 9:00 AM
http://finance.yahoo.com/news/dominovas-energy-signs-financing-agreement-140000666.html
From The Market Wired PR
ATLANTA, GA--(Marketwired - Nov 17, 2015) - Dominovas Energy Corporation (OTCQB: DNRG) announces that it has signed a commitment from GHS Capital to invest up to $7.5 million in the Company over the next 36 months to support ongoing day-to-day operations and other general corporate purposes. This commitment by GHS Capital follows closely behind Dominovas Energy's recent announcement of the $1.2 billion in project finance capital to fund the initial phase to manufacture, produce, and deploy its proprietary RUBICON™ SOFC systems.
About GHS Capital
Based in Nevada, GHS Capital is a private fund focused on emerging technologies in the small-cap public markets.
Conclusion is GHS CAPITAL LLC & GHS INVESTMENT LLC are the same company. It seems that DNRG uses GHS Investment LLC for filing & GHS Capital for PR. Something is off about this financing between DNRG & GHS Capital and Investment deal.
M2G I'm under the impression that GHS Capita LLC & GHS Investment LLC are the same company. From the S-1
www.sec.gov/Archives/edgar/data/1343254/000116552715000617/g8122.htm
Taken from the S-1 below
(1)
Consists of (i) up to 35,000,000 of common stock to be sold by GHS Investments, LLC (“GHS”) pursuant to an Investment Agreement dated November 12, 2015. In accordance with Rule 416(a), this registration statement shall also cover an indeterminate number of shares that may be issued and resold resulting from stock splits, stock dividends or similar transactions.
(2)
Based on the average of the high and low transactions prices on December 15, 2015. The shares offered, hereunder, may be sold by the selling stockholder from time to time in the open market, through privately negotiated transactions, or a combination of these methods at market prices prevailing at the time of sale or at negotiated prices.
(3)
Calculated under Section 6(b) of the Securities Act of 1933 as $.0001162 of the aggregate offering price.
We hereby, amend this registration statement on such date or dates as may be necessary to delay our effective date until the registrant shall file a further amendment which specifically states that this registration statement shall, thereafter, become effective in accordance with Section 8(a) of the Securities Act of 1933, or until the registration statement shall become effective on such date as the Commission, acting pursuant to Section 8(a) may determine.
FORM 8-K
www.sec.gov/Archives/edgar/data/1343254/000116552715000547/g8080.htm
On November 12, 2015, Dominovas Energy Corporation (“we” or the “Company”) entered into an Investment Agreement (the “Investment Agreement”) and a Registration Rights Agreement (the “Registration Rights Agreement”) with GHS Investments, LLC (“GHS”). Under the terms of the Investment Agreement, GHS has agreed to provide the Company with up to $7,500,000 of funding upon effectiveness of a registration statement on Form S-. Following effectiveness of the registration statement, the Company shall have the right to deliver puts to GHS and GHS will be obligated to purchase shares of our common stock based on the investment amount specified in each put notice. The maximum amount that the Company shall be entitled to put to GHS in each put notice shall be equal to twice the average of the daily trading volume of the Company’s common stock during the five (5) trading days preceding the put, so long as such amount does not exceed 9.99% of the outstanding shares of the Company. Pursuant to the Investment Agreement, GHS and its affiliates will not be permitted to purchase and the Company may not put shares of the Company’s common stock to GHS that would result in GHS’s beneficial ownership equaling more than 9.99% of the Company’s outstanding common stock. The price of each put share shall be equal to eighty percent (80%) of the lowest volume weighted price of the Company’s common stock for the Five (5) consecutive trading days preceding the date on which the applicable put is delivered to GHS. No put will be made in an amount lower than $50,000 or greater than $1,500,000, unless otherwise agreed to by GHS in writing. Puts may be delivered by the Company to GHS until the earlier of thirty-six (36) months after the effectiveness of the registration statement on Form S-1 or the date on which GHS has purchased an aggregate of $7,500,000 worth of put shares.
Most of us on this board have known this, Graecrest PR came out in Late October & GHS PR came out on November 17th.
What I'm looking for from other DNRG iHub board members is a CEO or COO name for GHS Capital or a GHS Capital website. I haven't been able to find much on GHS Capital or names associated with the company.
I understand that GHS Capital LLC and GHS Investment LLC could be different companies.
Are you able to view GHS Capital LLC website? If so can you post a link their site or if you know who the CEO/COO is please post the names and or links.
M2G posted this linkedin link; https://www.linkedin.com/company/ghs-capital-management-llc
I googled the address associated with the link M2G sent but doesn't look correct. The address can't be correct, GHS Capital LLC 14 Banbury Rd, Lumberton, NJ 08048 leads to this on google
https://www.google.com/maps/place/14+Banbury+Rd,+Lumberton,+NJ+08048/@39.9620568,-74.7938426,3a,75y,180h,90t/data=!3m7!1e1!3m5!1sKYecWJiUN__ljJwGS6shUA!2e0!6s%2F%2Fgeo2.ggpht.com%2Fcbk%3Fpanoid%3DKYecWJiUN__ljJwGS6shUA%26output%3Dthumbnail%26cb_client%3Dmaps_sv.tactile.gps%26thumb%3D2%26w%3D203%26h%3D100%26yaw%3D356.65109%26pitch%3D0!7i13312!8i6656!4m2!3m1!1s0x89c14810703163a9:0x4df6d3936b1acdbd
Not liking what I've been reading on iHub about GHS Investments. Here is the link to the original ihub post BELOW; DNRG may of just been looking for an ATM MACHINE THAT BEING SHAREHOLDERS.
FOLLOW THE IHUB LINK AND CONVERASTION ABOUT GHS INVESTMENT.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=117394948
GHS Investments "homework" reveals an owner of questionable character...
Sooprise, sooprise...
Kezzek and My2Mustangs have already done all the heavy lifting on this scam (kudos, guys!), so I'll just add a few points around the edges-
GHS Investments, LLC was created in Nevada in March of this year, and is run by one Mark Grober:
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=Q33oFm6uMg7BHWtPe77Shw%253d%253d
Mark Grober on Linkedin shows that he currently is Managing Member for Panache Capital. Significantly, one Sarfraz Hajee also works for Panache Capital. Why is that significant?
Well, Sarfraz Hajee signed the Registration Rights Agreement between IHSI and GHS FOR GHS:
https://www.lawinsider.com/contracts/3Ynz1cGmpwNnrWy2m5wTEz/intelligent-highway-solutions-inc/registration-rights-agreement/2015-09-18
So why is this significant? Well, Mark Grober (of GHS investments remember), also lists on his LinkedIn page that he was employed by Fairhills Capital and NIR Group (although he omits GHS):
So now why is THIS significant? (Phew... getting tough to follow the string? wink )
Well, Fairhills Capital was a MAJOR toxic financier (a "toxican"... love that name!) that even had its own board on IHub devoted to the companies they "death-spiraled.":
SEE:
"Clients of FairHills Capital"
http://investorshub.advfn.com/Clients-of-Fairhills-Capital-25493/
AND, they are were charged by the SEC " in a scheme to purchase billions of shares of stock from small companies and illegally resell those shares to the investing public...".
The case is still slogging through the courts:
http://www.sec.gov/litigation/complaints/2012/comp-pr2012-165.pdf
So although the Mark Grober on LinkedIn doesn't acknowledge GHS Investments, he acknowledges being Managing Member of a company (Panache Capital) that Sarfraz Hajee, the GHS signer of the Reg Rts Agmt with IHSI, also works for.
Not much doubt that this Mark Grober is the GHS Mark Grober, IMO.
In his defense, Mark Grober claims to have HIMSELF been defrauded by Fairhills, et al, and sued for compensation "promised to him" when he invested in Fairhills' illegal financings and sales.
Here is an affidavit that clarifies HIS position:
http://pdfserver.amlaw.com/cli/affidavit/oca_affidavit_651184_2012_23.pdf
Reading that you'll see that Grober is asking the Court to believe that he took a $180K/year position with FairHills (Ed Bronson) and was "innocently beguiled" into investing his compensation into Fairhills' schemes.
If y'wanna believe that, y'probably believe in the tooth fairy.
The Court has so far refused to compensate him, saying that to do so would be to engage the Court in the distribution of "ill-gotten gains", at least until the SEC charges are settled.
So there you go... great bedfellow for IHSI. At least he's apparently learned his lesson about the registration of shares!
Although to be clear (and please correct me if I'm wrong here) NO SHARES HAVE YET BEEN REGISTERED OR CHANGED HANDS.
The S1 appears to be provisional and is replete with errors, as my2Mustangs has previously pointed out.
If and when shares DO change hands however, it appears that Grober is entitled to $150,000 worth of FREEBIES as a Commitment Fee!
Wotta sweetheart deal!
Fun research though! IHSI is a poster child for death-spirals!
All IMHO, of course. wink
Best to all!
GHS Capital, who heads up this company? Is there a website to look at?
It's a stock image nothing more. Here's the link to the site DNRG purchased the photo from
www.shutterstock.com/s/hydrogen+fuel+cell/search.html
African leaders urge passage of Electrify Africa Act (In the next week, the U.S. House of Representatives is expected to vote on the Electrify Africa Act, passed by the Senate under unanimous consent late last year)
thehill.com/blogs/congress-blog/foreign-policy/267089-african-leaders-urge-passage-of-electrify-africa-act
In the next week, the U.S. House of Representatives is expected to vote on the Electrify Africa Act, passed by the Senate under unanimous consent late last year. This bill directs the President to establish a multiyear strategy to assist countries in sub-Saharan Africa implement national power strategies and develop an appropriate mix of power solutions, including renewable energy, to provide access to reliable, affordable, and sustainable power in order to reduce poverty and drive economic growth.
On behalf of the African Energy Leaders Group (AELG), a high-level public-private partnership launched last year, we welcome the leadership of the U.S. Congress on this issue. It is our view that the Electrify Africa Act will provide a durable strategic framework to address the challenges of energy poverty on the continent by leveraging a private sector-led, market-based approach which is essential to the sustainability of this effort over time. If passed, Electrify Africa will be the most significant legislation to advance U.S. commercial relations with the continent of Africa since the initial passage of AGOA, 15 years ago.
A wide range of energy sources exist on the continent. Yet, more than 600 million Africans lack access to affordable, reliable and modern energy services. Hundreds of millions are also denied access to basic nutrition, quality education, medical services and sanitation due to lack of adequate energy supply. Recent surveys of African businesses reveal that energy costs account for 40-60 percent of operating expenditure (more than 10 times what it is in the United States), dramatically increasing the cost of doing business in Africa. The effect of the power deficit on our economies is damaging and tangibly constrains development.
Africa has the largest rates of extreme poverty and the fastest population growth of any region. The rapid industrialization and sustained economic development necessary to provide jobs for this growing population simply cannot be achieved on a weak power base
We have been encouraged by the increasing awareness among both African and U.S. political leaders on these issues, and by the willingness of the private sector to invest alongside governments in meeting the growing demand for power on the continent. Through the much-lauded Power Africa Initiative, the United States is helping to provide assistance for policy reforms and transactions which expand infrastructure and strengthen regulations in the power sector. This is not only good for Africa, as these initiatives benefit U.S. companies seeking access to new and rapidly expanding markets for their equipment, expertise and products.
The Overseas Private Investment Corporation (OPIC) is another critical development instrument which supports U.S. investments in Africa’s energy sector. However, it is hampered by well-intentioned yet counterproductive restrictions on carbon emissions for projects financed even in the lowest emitting countries of the world. In order to better leverage U.S. resources towards implementing the objectives of the Electrify Africa Act, we encourage Congress to follow this legislation with a strong reauthorization of OPIC that includes the flexibility to align with the national realities and priorities of the countries you wish to help and considers the full range of energy options available to them. In this regard, we must work together to identify an appropriate balance between poverty alleviation and environmental protection.
We applaud the efforts of all those who have championed the Electrify Africa Act, and urge the House of Representatives to pass this legislation without delay. From our perspective, this bill would codify access to electricity in Africa as a long-term U.S. foreign policy priority, for the benefit of millions of Africans and for U.S. companies doing business on the continent.
Dangote is president of the Dangote Group. Elumelu is chairman of Heirs Holdings and founder of the Tony Elumelu Foundation. Both are co-founders of the African Energy Leaders Group.
The African Energy Leaders Group, launched at the World Economic Forum in January 2015, is a working group of high-level African business leaders and heads of state. In line with the targets of UN Secretary-General Ban Ki-moon’s Sustainable Energy for All initiative (SE4All), one of the group’s primary goals is guaranteeing access to reliable, affordable energy services for all Africans by 2030, through regional power pools and innovative public-private partnerships.
US Encourages Businesses to Explore Africa's Opportunities (IF DNRG ACTUALLY PULL THIS PROJECT OFF IN A OVER THE TOP SUCCESSFUL MANNER KINDA WAY THIS WOULD HAVE TO BE OF THE BETTER PENNY STOCK STORIES GOING, SEEMS LIKE THIS YEAR IS THE PEFECT STORM KINDA YEAR CAUSE IT WILL BE ROCKY FOR SURE ON BOTH SIDES OF THIS STOCK COIN)
http://abcnews.go.com/International/wireStory/us-encourages-businesses-explore-africas-opportunities-36521552
U.S. Commerce Secretary Penny Pritzker and a slew of American business executives are meeting in Nigeria to encourage trade they say will create jobs on both continents.
The visit to Nigeria, expected to be among the top 10 economies in the world by 2050, and one of Africa's smallest but most innovative nations, Rwanda, is designed to transform the perception of Africa from an aid-dependent continent to a region brimming with business opportunities, Pritzker told The Associated Press in an interview.
She said Africa has seven of the fastest 10 growing economies in the world; a burgeoning young population and a rising middle class (50 million in Nigeria alone).
"So the message to Americans is now is the time to come and explore the opportunity in Africa," Pritzker said.
She announced Tuesday that the second US-Africa Business Forum will take place on the margins of the U.N. General Assembly in September because many African leaders will be present. It will gather "hundreds of both American and African business figures who want to get together because they see the potential of doing more business in Africa," Pritzker said of the event co-hosted by her department and Bloomberg Philanthropies. President Barack Obama announced an expanded Power Africa initiative at the first forum in Washington D.C. in 2014.
The figures for Nigeria tell the story: In 2014, U.S. exports to Nigeria topped $5.9 billion and imports from Nigeria totaled $3.8 billion, compared to U.S. aid of $694 million last year.
The latest U.S push comes as Nigeria is hurting from the downturn in the economy of China, which last year overtook the U.S. to become Nigeria's biggest trading partner. China accounted for 22.5 percent of Nigeria's imports in the third quarter of 2015, compared to 9.6 percent from the U.S., according to Nigeria's National Bureau of Statistics.
Nigeria's current economic woes, including lower prices for oil that produces 80 percent of government revenue and a related slump in the naira currency, are positives for investors, said General Electric's Jay Ireland, who runs the U.S. multinational's Africa operations.
"This is the time to come in," he said, adding American companies should be looking at long-term investments that ride out the cycles of oil prices and currency exchanges. "We're going to be here for a long time and feel very comfortable investing in Nigeria. ... (It) provides a tremendous platform for growth."
GE is investing $200 million in Nigeria to build two facilities to assemble oil and gas and power generation equipment that the company hopes to export to other West African nations. The company employs nearly 500 people in Nigeria.
U.S. businesswoman Rahama Wright's firm partners with some 1,200 women from two cooperatives in Ghana to produce shea butter beauty products sold in the United States.
"We're adding value by helping these women process the shea into a product, we then connect that product to the U.S. marketplace in a way that allows women to generate sustainable living wages and gives them a chance to be financially independent, simply by connecting the dots," Wright, a former Peace Corps worker, told AP.
Shea butter used in beauty products is among items given liberal trade access to the U.S. market under the African Growth and Opportunity Act that Obama recently extended to 2025 to encourage Africans to build free markets and open their economies.
Wright said the biggest challenge she's encountered is the power blackouts that bedevil many African enterprises. Last year, she got a local utility company to extend a power line to their factory in northern Ghana, bringing both electricity and water to villagers. She said it brought home to her the importance of Obama's Power Africa initiative.
She emphasized the importance of including the massive African diaspora among stakeholders, people like herself, who grew up outside Syracuse but whose mother is from northern Ghana. "I really do believe that that is the secret sauce, one of the things that really will be part of that turning point" building Africa out of poverty and into prosperity.
Now that is a AWESOME find M2G! Let's see when we get deployment schedule/news.
when you say "exciting" could you explain what you potential see happening out if this summit or this week and trust me I won't hold you to it.
What I take issue with is how non-communicative the company has been & continues to be throughout this process. A simple PR to the effect "DNRG is on course with are timeline for deployment" then the usually redundant info at the end would be great cause the "quiet period" is over right?
Or perhaps a PR adding insight into the specifics of the how $1.2 billion "commitment" is working or when they plan to initiate the lending from it, but staying this quiet, how is this helping any of us other then the shorting gang & MM?
Let's see after the Powering Africa Summit this week if we receive a health PR or a continuation of a company that seems to be hiding out from any attention while the clock still ticks...
http://www.insiderfinancial.com/exciting-times-ahead-for-anavex-life-sciences-corp-nasdaqavxl/114298/
Exciting Times Ahead For Anavex Life Sciences Corp
JANUARY 22, 2016 BY ALEX CARLSON LEAVE A COMMENT
The last few week have been rough for shareholders of Anavex Life Sciences Corp (NASDAQ:AVXL). The market has been more focused on the drama over on Seeking Alpha and the recent raft of lawsuits filed by ambulance chasing lawyers. These events have overshadowed the recent positive dose-response data for ANAVEX 2-73 in Alzheimer’s patients and the company’s outlook for 2016. There’s a lot going to be happening this year and it’s time to focus on where things are heading with ANVX.
First up is the positive dose-response data that has been observed in a pre-planned interim analysis of data from the ongoing Phase 2a trial of ANAVEX 2-73 for treatment of mild to moderate Alzheimer’s disease. The change in Mini Mental State Examination score (MMSE-?) (MMSE difference recorded for every single study subject at the beginning and the end of the five week period) from baseline to 5 weeks as a function of ANAVEX 2-73 dose was examined using linear regression analysis. Among 32 patients treated with doses of ANAVEX 2-73 ranging from 3mg to 50mg/day, the MMSE-? data showed a positive slope with confidence intervals not including the zero-value, consistent with a dose dependent improvement in MMSE scores over 5 weeks. The effect was unidirectional and also positive on another pharmacodynamic readout, the ERP-? P300 amplitude.
The dose-response results were robust to statistical resampling (bootstrap analysis x 10,000 resamples). Analysis of variance and post hoc tests as well as Bayesian hierarchal analysis further confirmed that the higher doses achieved a statistical significant improvement in the MMSE-? score over 5 weeks compared to the lower doses. Based on these findings, it was estimated that an oral dose of 30 mg ANAVEX 2-73 had approximately 80% probability of achieving a +2 points or higher improvement in MMSE score over 5 weeks of treatment. Doses in this range have thus far been well tolerated by the study’s subjects, with no adverse events reported above grade one.
As I have said before, the way to defeat the shorts and the ANVX bashers is for the company to deliver positive results and focus on the science. That is what CEO Dr. Christopher Missling is doing. On February 8th and 9th, he will be presenting at 18th Annual BIO CEO & Investor Conference at the Waldorf-Astoria Hotel in New York. This will give him the opportunity to present the latest on ANAVEX 2-73 to leading pharma executives and investors. Big things are not only possible, but highly likely to come out of this event for ANVX.
We are also seeing a political push for more money towards finding a cure for Alzheimer’s. In early December, an increase of nearly 60 percent for Alzheimer’s research was passed by the U.S. Congress in the federal spending bill, expanding funding from $586 million in 2015 to $936 million in 2016. In the UK, the Dementia Discovery Fund was just created. The fund is a new $100 million global fund to assist small biotechs and entrepreneurial ventures in finding a treatment or cure for Alzheimer’s. The fund is sponsored by the British government, the charity Alzheimer’s Research UK, Johnson and Johnson, Eli Lilly & Co., Pfizer, Biogen Idec and GSK.
This type of funding is desperately needed. For every $27,000 Medicare and Medicaid spends on caring for individuals with Alzheimer’s, the NIH spends only $100 on Alzheimer’s research. Furthermore, Medicare’s annual expenditures are projected to triple from $300 billion currently to $1.5 trillion by 2050 if no cure for Alzheimer’s is found. The reality is that Alzheimer’s has the potential to bankrupt Medicare if a cure is not found.
The reality with early stage biotechs like AVXL is that investors need to be patient. Wait for positive news and watch the shorts cover. Anavex is doing what it’s supposed to do. In the past year, the company has strengthened its balance sheet, maintained its NASDAQ listing, and invested in R&D. Management is doing what a good management team is supposed to do.
2nd DNRG Facebook Photo Update 15mins ago
Wonder if the new photo is mockup of the Rubicon??
https://www.facebook.com/dominovasdnrg/