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$0.21 per share - fair value
On April 26, 2007, Terax Energy, Inc. (the “Company”) entered into a Purchase and Sale Agreement with Westar Oil, Inc. (“Westar”) pursuant to which the Company agreed to sell 55% of the issued and outstanding shares of common stock of the Company. The Agreement contemplates the holding of two closings as follows: (i) an initial closing pursuant to which the Company sold to Westar 9% of its issued and outstanding common stock at a price of $0.21 per share; and (ii) provided that as of July 15, 2007, there shall not be any bankruptcy or insolvency proceeding against the Company, a second closing pursuant to which the Company will sell to Westar 46% of its issued and outstanding common stock at a price of $0.21 per share.
Cast evens:
This is not a promising company. Trade knowing that it has no underlying value.
Peter
As of March 31, 2007 total assets were $463,000. Revenues for the quarter - $960!!
Shares outstanding - 70 million.
Market Capitalization at $4 - $280,000,000.
http://www.pinksheets.com/pdfservlet?id=10476
TUBR a comedy.
As of March 31, 2007 total assets were $463,000. Revenues for the quarter - $960!!
Shares outstanding - 70 million.
Market Capitalization at $4 - $280,000,000.
http://www.pinksheets.com/pdfservlet?id=10476
Agree. I would say that's pretty much true of all boards. Reading them is an art.
Hey, thanks very much.
The Yahoo board for this stock is incredibly negative - saying it is a total scam.
Where do you see that?
Could this be why 26 year old Linda Contreras is CEO and CFO of several companies sharing the same address in Beverly Hills?
Brighton, Summitt, Westar, Crossroads, Terax
http://ftp.sec.gov/litigation/admin/34-49672.htm
Anderson, age 47, is a resident of Los Angeles, California. From in or about the summer of 2001 until approximately September 2001, Anderson offered and sold the securities of North American Medical Products, Inc. (NAMP). The securities were not registered with the Commission and Anderson was not registered with the Commission as a broker or dealer.
On March 11, 2003, the Commission filed a complaint in the United States District Court for the Central District of California against Anderson and others, captioned SEC v. North American Medical Products, Inc., No. SACV 03-250 AHS (ANx). The Commission's complaint alleged that Anderson and others had engaged in the offer and sale of unregistered securities while not registered as brokers or dealers with the Commission. The complaint further alleged that Anderson and others made false and misleading statements and material omissions to prospective investors about, among other things, the amount of the commissions being paid on the sale of NAMP stock and NAMP's business prospects.
On October 6, 2003, in SEC v. North American Medical Products, Inc., the district court entered a judgment by default, permanently enjoining Anderson from violating Sections 5 and 17(a) of the Securities Act of 1933, Sections 10(b) and 15(a) of the Exchange Act, and Exchange Act Rule 10b-5, based on the conduct described above.
In view of the foregoing, I find that it is in the public interest to bar Anderson from associating with any broker or dealer.
Pursuant to Section 15(b) of the Securities Exchange Act of 1934:
IT IS ORDERED THAT Laurence Mark Anderson (a/k/a Ron Laurence) is barred from association with any broker or dealer.
Mark Anderson aka Ron Laurence - is this the same guy?
http://www.sec.gov/litigation/litreleases/lr18028.htm
Today the Commission filed a civil injunctive action in the United States District Court for the Central District of California against North American Medical Products, Inc. ("NAMP"), a corporation operating in Albany, New York that sells needle stick protection devices and other medical products, its President and individuals who sold NAMP stock to the public. The complaint alleges that, from 1997 through the Fall of 2001, NAMP engaged in the fraudulent sale of its unregistered stock through unregistered brokers in boiler-rooms operated in Orange County, California. NAMP President Arthur Gianakos of Albany, New York, former NAMP director Niko G. Efstathiou, and boiler-room operators Paul Mason (a/k/a Louis Ronnie Sarpy), Laurence Mark Anderson (a/k/a Ron Laurence), and Kristin Luck Emery, all of Southern California , were also named as defendants. Defendants NAMP, Gianakos and Efstathiou have agreed to settle the Commission's action.
Each of the defendants is alleged to have made material misrepresentations and omissions to potential investors in sales materials or telephone solicitations, including:
failing to disclose that the company was paying a 50% commission to unregistered brokers from investor subscriptions to NAMP offerings;
misrepresenting that the offering costs associated with the stock offerings would not exceed 20% of the amount raised;
failing to provide financial statements to investors, which would have disclosed that the company had never been profitable;
misrepresenting that commissions would only be paid to registered broker-dealers; and
misrepresenting that commissions would not be paid to company officers, directors, or employees.
Paul Mason is further alleged to have fraudulently claimed in telephone solicitations:
that NAMP's profit margin was 30%;
that the company "should write $50-100 million dollars in sales" in 2001, while not disclosing that its highest annual gross revenue at that time was less than $200,000;
that an "angel" investor had invested $15 million in the company; and
that NAMP had applied with NASDAQ for pre-approval of the listing of its stock on the NASDAQ stock exchange.
Laurence is also alleged to have falsely represented that the company received a $1 million order from New York officials the day after the September 11, 2001 terrorist attacks. The complaint further alleges that the NAMP stock was not registered with the Commission, nor were Efstathioiu, Mason, Laurence, or Emery registered as brokers.
The Complaint alleges that through these actions NAMP, Gianakos, Efstathiou, Mason, Laurence, and Emery violated Sections 5 and 17(a) of the Securities Act of 1933 ("Securities Act"), Section 10(b), of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 promulgated thereunder. Further, defendants Efstathiou, Mason, Laurence and Emery are alleged to have violated Section 15(a) of the Exchange Act, and Gianakos is alleged to have aided and abetted their violations of that provision.
The Commission seeks: disgorgement of ill-gotten gains and prejudg-ment interest from NAMP, Efstathiou, Mason, Laurence, and Emery; civil money penalties from all defendants; injunctions as to all defendants against future violations of the securities laws they are alleged to have violated; officer and director bars as to Gianakos and Efstathiou; penny stock bars as to Gianakos, Mason, Laurence, and Emery; and a broker-dealer bar as to Efstathiou.
NAMP, Gianakos, and Efstathiou have agreed to settle the Commis-sion's action against them, without admitting or denying the allegations in the complaint, by consenting to the entry of an order of the U.S. District Court enjoining them from violating each of the provisions they are alleged to have violated. Gianakos also agreed, as a condition of settlement, to forgive a loan he made to NAMP in the amount of $354,637 including accrued interest, and consented to an officer and director bar and a penny stock bar. Efstathiou further consented to an officer and director bar, a broker-dealer bar based on the entry of the injunction, and to return 1,050,000 shares of stock to NAMP he received in connection with the stock offering in which he participated. NAMP further agreed to disgorge $120,000, representing all of the proceeds of its stock sales remaining in its possession, and to cancel the shares returned by Efstathiou. No further monetary relief was required of Gianakos or Efstathiou based on their sworn financial statements.
http://www.sec.gov/litigation/litreleases/lr18028.htm
http://www.cbc.ca/canadavotes/riding/272/
I do believe it is our very own Mr. Drazonovic who ran for MP in Vancouver.
George Drazenovic
Party: Conservative Party of Canada
Birth date: 1970
Birthplace: Vancouver
Education: He holds a degree in economics from the University of British Columbia, completed the financial management program at the British Columbia Institute of Technology and holds an MBA in finance from the University of Notre Dame
Profession: Accountant
Marital status: Married
Name of spouse: Marina
Career background: He worked in real estate and as a financial analyst in property development. Currently, he works as a financial manager with BC Hydro. He is a part-time instructor at various post-secondary institutions, where he teaches financial statement analysis, economics and debt securities. He is a member of the Vancouver Society of Financial Analysts and a certified general accountant.
This one from Tornado Gold filings:
Mr. George Drazenovic was appointed as our Chief Financial Officer on March 28, 2006. From April 2005 until the present, Mr. Drazenovic has been the Chief Financial Officer of EPOD International, Inc., a U.S. reporting company; and from 2001 to 2005, he was a Corporate Finance Manager with BC Hydro. Mr. Drazenovic earned his Bachelor of Arts in Economics from the University of British Columbia in 1991, a Diploma in Financial Management from the British Columbia Institute of Technology in 1993, and a Masters of Business Administration in Finance from the University of Notre Dame in 2001. He also obtained licensing as a Certified General Accountant in 1997 and is a CFA Charter holder (Chartered Financial Analyst) since 2001. Mr. Drazenovic is a member of the Certified General Accountants of British Columbia and the Vancouver Society of Financial Analysts. Mr. Drazenovic is a citizen of, and resides in, Canada. Except as otherwise stated, Mr. Drazenovic is not an officer or director of any other reporting company.
Mr. Drazenovic is a certified general accountant and certified financial analyst. He also holds a Master of Business Administration from the University of Notre Dame. Currently, Mr. Drazenovic is also the CEO and CFO of Sun Cal Energy Inc. From August 2001 to January 2005, Mr. Drazenovic was the Financial Manager, Engineering Services for BC Hydro. From January 1995 to May 2000, Mr. Drazenovic was the Manager – Accounting for Queensboro Investments.
this from ORMP 10K, where Mr. Drazenovic is CFO.
The Equity Alert case
The SEC instituted proceedings against Equity Alert.com, a Vancouver, British Columbia-based Internet stock promoter; its parent, Innotech Corporation; two principals of those entities (Harmel S. Rayat and Bhupinder ("Bill") S. Mann); and two public companies (T&G2, Inc. ("T&G") and Virilitec Industries, Inc. ("Virilitec").
According to the SEC, Equity Alert was initially retained to promote an over the counter company called International Mercantile Corporation (IMC), T&G2's predecessor. The person who retained Equity Alert was president of a private company that was negotiating to merge with IMC in order to form the company that would become T&G2. That individual arranged for a private company that he controlled to provide Equity Alert with a promissory note that could be converted into IMC stock.
Equity Alert accepted the assignment and disseminated an e-mail characterizing IMC as the newest of the "red hot" biometric companies that had begun to thrive after the terrorist attacks of September 11, 2001. That promotional campaign proved successful. In the two days that followed the e-mail, IMC's stock price rose 31 percent, from $1.13 to $1.48, and volume soared.
That proved profitable for Equity Alert. One day after the e-mail was distributed, Equity Alert sold its IMC shares for $132,500.
A similar pattern occurred with Equity Alert's promotion of Virilitec, a Brooklyn, New York company which develops nutritional supplements that purportedly enhance sperm count and sexual virility. In that case, the husband of Virilitec's president arranged for one of the Company's long-time shareholders to transfer 40,000 Virilitec shares to Equity Alert as consideration for promoting the Company.
After Equity Alert began to pump up interest in the Company - using promotional e-mails - Virilitec shares experienced a spike in trading volume, and Equity Alert sold its shares for almost $39,000.
The SEC maintains that the IMC and Virilitec shares delivered to Equity Alert were restricted because they were obtained from persons who were directly or indirectly in control positions with those companies. Therefore, the shares should not have been resold by Equity Alert for at least one year.
Each of the respondents named in the Equity Alert case agreed to settle the proceedings without admitting or denying these findings.
http://72.14.253.104/search?q=cache:nMJnDHRAsvcJ:www.axcessnews.com/microcap_02_1103.shtml+rayat+sto...
Old Stocklemon Report
http://www.citronresearch.com/index.php/2003/10/10/
Hepalife (HPLF)
Shares Outstanding- 53,613,332
Market Capitalization- $140,000,000
Cash in Bank- $63,000
Hepalife is a company that is supposed to discover the artificial liver. with $63k in the bank. Scott Fraser was given a budget of over $300k to promote Hepalife in his newsletter.
Hepalife is the latest deal by Vancouver Stock Promoter Harmel Rayat. Mr. Rayat is the majority shareholder of Hepalife. Who is Mr. Rayat? Ask the Securites and Exchange Commission. http://www.sec.gov/litigation/litreleases/lr16662.htm.
HE IS A STOCK PROMOTER
As a matter of fact, the offices of Hepalife are the same offices as were those for EquityAlert.com, Mr. Rayat’s promotion company.
For that matter, the offices of Hepalife are shared with four other companies that Harmel Rayat controls. Let’s see how these companies are doing so we can guess the fate of HPLF. All of the below companies share the same small office with Hepalife at 1628 West 1st Avenue, Suite 216 Vancouver, CA.
ETHO- .25
ETPT- .24
EDAN- .25
IPTH- .0001
Rayat and family print more paper (to themselves) than the New York Times.or in his case the Vancouver Sun. Mr. Rayat has issued himself and his family TENS of MILLION of S-8 shares of HPLF, options and warrants at an average of $0.07
Who is the new President/CEO?
On September 23, 2003 Hepalife announced that Mr. Arian Soheili is the new President/CEO of Hepalife. Is he a researcher? Is he a Doctor? Is he a liver specialist? No, he is a front man for Harmel Rayat.
Mr. Soheili used to be the treasurer, secretary, and director of Biommune (BIMM).now trading at .0001. The Rayat family were major shareholders in Biommune. And in order to keep the streak going, Biommune had a dubious history with the SEC for putting out false news to the public.
http://www.sec.gov/litigation/admin/34-43246.htm
Company Fundamentals
Hepalife has committed $292,727, over the course of 2 years, to the Dept of Agriculture for a 2 year collaborative research agreement. They only had to put up $97k upon signing of the agreement. Hepalife does not own any technology. This $297k is the total amount that they must provide for the next two years. How much research can really be done for that amount of money? They have not even tested this on animals yet.
More importantly, artificial liver research is currently being performed by well funded organizations and universities throughout the world. No stock promotion, no newsletters, no SEC violations, just real research. Here is a sample list of some research that is years and millions of dollars ahead of Hepalife.
University of Michigan
http://www.umich.edu/~urecord/0102/Sep23_02/liver.html
University of Pittsburgh
http://newsbureau.upmc.com/TX/ArtificialLiverTesting.htm
University of Chicago
http://www.sciencedaily.com/releases/1999/04/990406044124.htm
Glasgow’s Strathclyde University
http://www.pbcfoundation.com/research.htm
Nagasaki University School of Medicine
http://www.japantoday.com/gidx/news166708.html
Stocklemon believes that Hepalife is a classic pump and dump that is being orchestrated by a team that is more than familiar with SEC violations. Buyer Beware.
Any idea what is causing the collapse today?
come on guys, surely SWRI has more in it than this
$1.49, down 20.55%
On February 29, 1996, Mr. Sens pleaded guilty in the federal court for the Eastern District of Virginia to one count of failing to disclose the existence of an asset worth approximately $7,000 on a statement of assets filed in a personal bankruptcy case that had been subsequently dismissed by Mr. Sens.
Mr. Sens received one year probation and a fine of $1,000.
FORM 10-KSB
For the fiscal year ended December 31, 1998
Next Generation Media Corp.
The complaint alleges ITEX and defendants Terry Neal, Michael Baer, Donovan Snyder, Joel Sens and David Lawson committed fraud, breach of contract, breach of fiduciary duty and other wrongdoing.
http://www.bizjournals.com/portland/stories/1997/02/24/story7.html
ADMINISTRATIVE PROCEEDING BEFORE THE SECURITIES COMMISSIONER OF MARYLAND
19. During this same time period, and despite NGMC’s earlier concerns that Corbin was not an NASD broker-dealer, Corbin renewed negotiations directly with NGMC to sell shares
of its NGMC common stock. Corbin also initiated separate negotiations to sell NGMC shares owned by Joel Sens, an NGMC insider and a substantial owner of NGMC stock.
http://www.oag.state.md.us/Securities/Actions/2004/CorbinOSC.pdf
Joel Sens, President, Chief Executive Officer, Treasurer and Secretary /Director
Mr. Joel Sens, age 42, is the current president, chief executive officer, treasurer and secretary and has served in those positions since 2004. Mr. Sens has also been a director of the Company since our inception. Mr. Sens is an entrepreneur who was a founder of Next Generation Media Corp., a publicly held media holding company, in March 1997. From January 1994 through March 1997, Mr. Sens acted as a consultant specializing in barter transactions and engaged in financial transactions involving the purchase and sale of newspaper companies, radio stations, and barter companies.
That happens every day of the week and there is never any enforcement. They let the microcaps get a free pass.
We will have to agree to disagree.
I'm sorry, but I just don't think that makes sense.
There's no such thing as free money, or if it exists, it's not left out for anyone to grab for more than a few minutes.
For example, for every trade today, someone is selling. Who is selling something worth $7 for only $1.20 today? Why?
But i do wish you good luck.
cancel this question, i found it
Question 2 - I see references to the yahoo message board, but can't seem to access it now that WITM is a bb stock.
Can anyone provide a link or a tactic for finding it please?
thanks
I don't understand this situation. How can a stock that should be worth $7.31 be trading at only $1.20.
And why would the Hong Kong company give up so many shares if you could buy the WITM stock so much cheaper.
Something weird here.
Yes sir, I have read your explanation. Unfortunately, that's just one side of the story and the other side is silenced, so I have no way to evaluate the situation for myself.
Perhaps you would simply post the name of this poster, and I could ask his opinion via PM.
Thanks
I sure wish all these posts were not deleted... would be interesting to see what is so terrible that deletions are needed.
Andrew Left is the guy behind stocklemon, now to be found at http://www.citronresearch.com/.
The DD looks pretty solid to me. I saw a Harold Baines Vancouver Sun article on these guys also.
Stocklemon report on URME -
http://www.citronresearch.com/index.php/category/citron_reports/
I sold the last of my EGEX long position. At this point it has run up an awful lot.
Appears to have nearly $500 million market cap on clinical stage technologies.
That's a bit rich imo.
Forbes.com
http://members.forbes.com/forbes/2007/0409/028.html
Now That's a Fast Metabolism
Since a January merger, Celsius Holdings (otcbb: CSUH - news - people ) shares have zoomed from 15 cents to a recent $1.68, creating a $164 million market cap. The profitless Delray Beach, Fla. firm, which just changed auditors, touts "the world's first calorie-burning soda which has been scientifically validated." The hint that one can lose weight simply by consuming a mix of green tea, ginger and caffeine, which speeds human metabolism, is based on a single one-paragraph study examining 20 drinkers that a company unit itself funded two years ago. Previously Celsius called itself Vector Ventures, sported an address in Greece and unsuccessfully searched for natural resources. Boss Stephen Haley says sales are rising and another study is under way. He disclaims involvement with a $1.65 million investor relations campaign paid by a mysterious outfit called Watermark Capital Ltd. --Matthew Rand and W.P.B.
Contest - $100 prize!
When will this BS stock fall apart and return to sub $1.00?
Everyone put in their guesses and I will send $100 to the winner. Contest based on closing price for the day.
I guess May 15.
P.S. In China they jail swindlers for 20 years to life - even execution sometimes.
"And other regions have reportedly executed people for fraud, forging currency and "disrupting the stock market" in an effort to curb economic crime before China joins the World Trade Organisation."
http://news.bbc.co.uk/1/hi/world/asia-pacific/1425570.stm
Oh sorry, I should have mentioned that I did cover TWRT at about 3.40, luckily before the price rise on Friday. Your comments and some other tidbits of info reduced the odds that it is scammy, so I covered.
thanks for the feedback.....
Peter
On February 13, 2007 we issued 5,333,333 shares of common stock pursuant to a Stock Purchase Agreement. We received $600,000 in consideration for the sale, and issued warrants in connection with the agreement
Great growth? Give me a break. They have nothing except an inflated market cap.
TWRT's big move the last few days attracted my attention. I see a big private placement at $1.50 and very little in the way of assets or income.
Therefore, I shorted some at $3.50. Not a major investment - haven't looked to see if they have some very special technology or contracts that might justify this market cap.
Are you an economic terrorist? Why do you want to hurt this nation?
Is this what you guys received?
http://awne.info/
Call lots of different brokers and ask them if they allow it. You will find them if you try. They're not that uncommon.
If you want a full discussion about it, check the CSHD thread from the early days... I'm not interested enough to go thru it all again and it is not in my self-interest to share the particulars.