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SEC investigation - blast from the past from Riverbank message board....after all the bogus stuff Pino pulled on investors and others, why wouldn't someone sue PYCT. It is the same company...just a name and ticker symbol change does not make it immune from actions the company undertook.
.............
Posted by: MFridge Date: Friday, June 30, 2006 12:18:54 PM
In reply to: vetteman98 who wrote msg# 9 Post # of 20
PYCT used to be MLON. Check out the history to see what a gem Crasta is "rewarding" you with... Their history is long. PYCT's PRs over the last 6 months have been hilarious. Enjoy.
(BSNS WIRE) Mellon Research, Inc. Corrects Previous Press Releases
Mellon Research, Inc. Corrects Previous Press Releases
Business Editors
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Feb. 4, 2005--
Mellon Research, Inc. (OTCBB: MLON.PK) is issuing this
press release in order to provide corrections of information contained
in previously issued press releases. The information contained in
previously issued press releases should not be relied upon.
Business Model and Services
Mellon Research's business model is to provide consulting and
venture capital advisory services to microcap public and private
companies. In this connection, it seeks to provide advice regarding
corporate structure, financial and marketing to help its client
companies position themselves to raise capital, go public or otherwise
carry on their business plans. Mellon is not an investment banking
firm or a registered broker-dealer and it does not provide securities
brokerage services.
Securities and Exchange Commission (SEC) Investigation
The SEC is conducting a formal investigation of the Company. The
Company and Mario Pino, its sole officer, director and a principal
shareholder, intend to cooperate fully in such investigation. The
SEC's investigation has recently commenced and the Company can offer
no assurances or predictions regarding the outcome of such
investigation.
Earnings Forecasts and Valuations
The Company has retained an independent public accountant, who is
conducting an audit of its results for 2004. As a result, it will not
know its operating results for fiscal 2004 until the audit is
completed. Further, the Company will not issue any forecasts regarding
its financial results for 2004 or 2005. It disclaims and withdraws any
prior forecasts of operating results.
The foregoing policy of the Company not to forecast also pertains
to any past announcement of levels of fees or the value of securities
in companies received for consulting services or otherwise or received
in exchange for stock of Mellon. The Company disclaims and withdraws
any prior forecasts of the amount of fees received or to be received
or the value of the stock positions that it holds in other companies,
including, but not limited to, Intellective Communications, Inc.,
Pearl Asian Mining Industries, Inc., Wall Street Securities, Inc.,
Equity Retirement Distributors Canada, Ltd., Western Pacific Minerals,
Ltd., and Riverbank Investment Corp.
Value of Mellon Research and Offers to Sell the Company
The Company is not engaged in a tender offer with any third party
and it has never solicited a tender offer for the Company at any price
per share from third parties. There have been no bona fide or written
offers from any third party to make a tender offer for the Company at
any price per share, including but not limited to $.05 or $.10 per
share.
Dividends
Mellon Research is required to comply with both federal and state
securities laws. These laws impose certain requirements relating to
distributions or dividends to shareholders. These regulatory
requirements apply to the shares of Wall Street Securities distributed
to the Company's shareholders as a dividend. The shares of Wall Street
Securities may not be traded in the public market until the Company
satisfies such regulatory requirements. The Company is analyzing
whether or not its business model of distributing shares of
subsidiaries, such as Wall Street Securities, or other securities in
its portfolio to its shareholders is feasible under present
circumstances.
Transactions/Projects
The Company has terminated its relationships with the following
companies without the rendering of any services or receiving of any
compensation: SurfNet Media Group, Inc.; a client in Cabo San Lucas,
Mexico relating to a real estate development; and Deal Flow Advisors,
LLC. Further, it is not pursuing any acquisition, license or similar
arrangement to obtain the Kidder, Peabody name. Neither the Company
nor Club XTReme plans to open clubs or have online gambling or sports
betting.
Financings for Mellon
The Company is not raising any significant investment capital from
third parties nor has it done so. It is also not offering to sell
positions in the Company to any third party, including major money
center banks or other institutional investors. Specifically, the
Company never received a bona fide or written offer from a third party
to invest $10 million in the Company.
Maybe the company did biz with MLON, which is the same company is Paychest (name/ticker just changed).
Figured they wouldn't catch it? Didn't Paychest get served? Isn't that how you "catch it"? LOL
There is no assurance anything will be dismissed, especially if there is association with MLON/PYCT and the filing indicated there is cause for action.
Almost EVERY IR will claim the case has no merit, but a judge decides that, not TOM.
dcjr - they do have to defend against the HUGE lawsuit
if they don't the court may enter a default judgment against the company.
Why would anyone believe IR? Didn't IR claim there would be a dividend? Did they find out they may have to actually REGISTER shares to do this? Is this why the delay appears to be permanent?
Excerpt from 2008 press release from the company....
PayChest, Inc. Corporate Update
Thu Sep 18, 2008 6:47pm EDT
VANCOUVER, BC, Sep 18 (MARKET WIRE) --
PayChest, Inc. (Arizona) (PINKSHEETS: PYCT). Due to the recent changes in
securities legislation, the company has had a small delay in issuing its
most recent dividend to shareholders. The dividend is intended to be free
trading stock rather than the usual restricted dividend (cannot be sold
for at least a year or more), and that is reason for the delay. We feel
that the small delay is in the shareholders' best interest. We do
anticipate announcing an ex-dividend date within the next few weeks.
Pretty hard to argue with Carl's opinion. One only has to do a little DD, read past fluff PR's, and then look at what really was done with HOP-ON (not much).
Why did HRNF claim to be debt-free when we know they owe a lot of money due to judgment liens and unpaid prize money?
Isn't that kind of claim a bit misleading?
If HRNF fails to disclose the money they owe in financials, regulators need to know. The judgment liens are right there, public info at sunbiz.org
gapper- yes, $0.0001 price target for HRNF
by me.
The real hint was that the company may need to resume massive dilution and need to try to get 3 million cash.
$3 million, at $0.0002 stock price? (I'm giving it that high of a price, but it may drop lower once massive dilution plans are anounced formally).
$3,000,000 / $0.0002 = 15 billion MORE SHARES needed.
Yes, sometimes hints allow investors to get out before the inevitable tanking of the stock price. I'm not sure you will figure it out, though.
dcjr - maybre Paychest will haved to file for Bankruptcy if it can't defend the lawsuit.
Pino seemed to have done did a lot of things with this company and to others that may be actionable in court. Paychest is the exact same company that Pino ran into the ground, they just changed the name and ticker and resumed the little-or-no-disclosure that Pino was infamous for. Pino seems to be in a world of trouble now, too.
H2 - yep, NO bid to start the week
No bid to end the week.
PYCT trying to hype "flushaway" product?
I see another company has a product by the same name. Won't there be trademark issues between the two companies?
here is the website data sheet for the other companies product with the same name.
http://www.simonizproducts.com/Business/images/customer-files/msds/Flush%20Away.pdf
Every last preferred share has now been issued
100 million preferred shares, per Lawson Pillay.
Pillay also named himself the statutory agent for PYCT, yet gives his address as British Columbia, Canada.
Wow, $0.0004 trades now printing
Looks like it may be on its way to no bid, $0.001 ask, especially after the last PR about trying to get more money.
$3 million at $0.0002 share price, less typical 30% discount to the financeer,means.... almost 21.5 billion more shares could be needed soon, IMO.
Do the math.
PIZZA This is not related to FUZE (www.drinkfuze.com) drink, which is the popular one.
There is no evidence that EXFUZE (the one that HRNF is among the multitude of little MLM-type distributors of) is either popular or nutritional.
One would think that, if EXFUZE were popular, FUZE would already have gone after them for dilution of trademark and stopped them from calling their product EXFUZE.
Dino - PYCT has no bid primarily because the share pool is a bloated mess. There could be close to 25 billion shares out or spoken for (from financing, company unwilling to disclose details) by now.
They may need another 25 or 50 billion more shares to pay for testing, marketing, and possibly to begin real production if it ever happens.
They have little or no cash in their coffers, at last report.
With HRNF dumping shares at almost record pace, it looks like there will be huge selling for the forseable future.
A reverse split will likely be needed, once the stock price hits no bid, 0.0001 ask like it did before the 2009 reverse split. HRNF has been diluting at ever-increasing pace since then.
No sympathy to RA's victims anymore. They had plenty of evidence that his business model was one big scam....for years.
For PYCt, there is no naked short concern
This was confirmed by the company's stock audit.
dcjr - nonesense market cap is already stratospherically-high at $0.0001, currently seeing No BID
dcjr - stock price manipulators can make no bid penny stock look like they are trading at higher prices, temporarily, as part of pump/dump scams.
Just look at HPNN's trading earlier in 2009. There were $10, $12, and other tiny trades at ridiculously-high prices just to make it look like the price was higher.
The SEC warns about organized crime, other criminal, and other stock price manipulation that can occur in thinly-traded penny stocks wilth questionable disclosure practices.
There are also scammers that try to make people think that there are naked shorting issues with similar pinkies and even co's like Overstock....LOL
neptune - because I can be here. I sometimes like to follow companies that do things to their shareholders like Pagnano seems to do.
You can call it a form of entertainment, if you like.
What is your excuse? If you bought before or just after the 2009 reverse split, how does it feel to have your share of the company's equity fall so sharply in such a short period of time? If you bought prior to that, more sympathy is in order....LOL
To anyone concerned. See IBOX share structure update. MASSIVE DILUTION appears to be ongoing and growing exponentially. It is hard to believe there were around 35 million shares out as of the reverse split earlier this year. I guess past history of what this company did in 2007 & 2008, after those reverse splits, is now repeating itself.
Is there any wonder the latest fluff PR did not include any of those highly-dilutive details?
Selective disclosure evident might make one wonder if much of anything the company spews is reliable, IMO.
Some investors will never learn or do their DD.
If they did, they would probably not want anything to do with this, IMO......unless they are a stock promoter or stuck shareholder just trying to get someone to buy their overvalued shares.
MFridge - at least until PYCT provides enough info to the markets to get the big red stop sign and insider trading warning removed from that site. I think it would be a good idea...kinda balances things out a little better.
Maybe it would even provide an incentive for PYCt to provide more disclosure, given the track record and admitted SEC investigation of the company while Pino and Cerda were involved.
USXP shares now revoked
ORDER INSTITUTING PROCEEDINGS PURSUANT TO SECTION 12(j) OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS, AND REVOKING REGISTRATION OF SECURITIES
http://www.sec.gov/litigation/admin/2009/34-60616.pdf
h2ever - this insider trading warning basically means anyone getting material non-public info from the company (Tom Hands, Pillay, paid stock promoters paid for by the company) and disseminating or trading based on it, are at risk of being charged for same.
They just increase auth to 5 or 10 billion shares
just like they have always done in the past....this allows them to keep dumping billions more shares on unsuspecting investors.
Their last PR, discussing need for more money, seems to provide to guidance needed to infer they will need to dump billions more at $0.0001 or so price (steeply discounted, of course), so the so-called financeers can dump them at whatever they can get immediately.
PYCT - Insider Trader Warning
This is the warning at pinksheets website, when viewing the quote for PYCT. I suggest the moderator add this as a sticky note or to the IBOX.
WARNING
This company may not be making material information publicly available.
If you are an affiliate, employee, insider, or any person in possession of nonpublic material information about this company, please be advised that buying or selling this security may constitute trading "on the basis of" material nonpublic information prohibited under Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5 and 10b5-1 thereunder. Violators of these laws are subject to civil and criminal penalties.
What is insider trading?
Illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security.
Rule 10b5-1 provides that a person trades on the basis of material nonpublic information if that person is "aware" of the material nonpublic information at the time of the purchase or sale.
Affiliates, insiders, relatives, or other persons in possession of material information should use extreme caution when buying or selling securities on the basis of material information, particularly in securities where the company is not making adequate current information publicly available as a matter of practice.
Why is Pink OTC displaying this warning?
Companies that are identified on pinksheets.com as having “No Information” may be placing their shareholders at risk of violating 10b5-1 insider trading rules. Pink OTC Markets recommends that investors wishing to place a trade in such securities contact the company to verify it is making adequate current information publicly available.
Wow, that was fast. See updated share structure in IBOX.
Thanks
too bad they aren't PYCT patents dcjr?
down-side potetial with the reverse split that will be needed is tremendous. Well over 20 billion shares out, plus NO details on how many tens of billions of shares will need to be issued to keep them afloat through so-called testing. No details whatsoever on how they will finance anything dealing with marketing or trying to get the product on any store shelves. Another 20 or 30 billion or more shares to be issued for that?
Moderator(s) - See post #23590 Did you notice the last-reported outstanding share count? Can you update the IBOX share data based on that, or do you have to call the Transfer Agent yourself?
Posted by: neptune-klm Date: Tuesday, September 08, 2009 11:24:23 AM
In reply to: PRmaniac who wrote msg# 23589 Post # of 23590
called ta this morning, OS=2,407,057,448
red- Pags purportedly leaked some token buyback numbers, but they were dumping much faster. I'm not sure I believe info from those here that are trying to claim they get material nonpublic info on buyback numbers from the company with a simple email or phone call.
I think it may be more purposeful and from closer to the company than most think....a sort of stock promotion game played by those paid by third parties or.....to help the shares get absorbed by the unlucky ones that bite.
PIZZA and now we find almost every share sold was a dilutive one just issued by the company.
There is a sucker born every minute. HRNF is apparently counting on people to never learn from their mistakes; or that by not disclosing what they are doing, they can get new bagholders to buy some of the shares they keep dumping before they find out what HRNF is doing to them.
Reverse splits in 2007, 2008, 2009, with new business models and new failures each and every time. The CEO is probably laughing hard at all the newbies that are now stuck with overvalued shares once again.
He's likely already planning the huge share auth increase and even the next reverse split so he can do it to you all over again.
Pizza - unaudited, of course.
Their financials are simply horrible.
Plus there were 35 million shares outstanding after the reverse split in March. Now there are almost 2.5 billion shares out.
Dilution nightmare continues, and HRNF is doing it once again to their shareholders. Should see no bid, 0.0001 ask.....as soon as HRNF discloses that they have been diluting as fast as they possibly can.....just like they do all the time.
Simply a shame that CEO's like Mike can continue doing this to investors. The SEC and FINRA are obviously asleep at the wheel, when it comes to protecting investors from companies that do this for a living, IMO.
Dilution rising at exponential pace....once again
With HRNF announcing it needs even more money, dilution will need to ramp up even faster....ouch.
Looks like they will need to raise the share authorization to 5 or 10 billion shares.....
Unbelievable how Pagnano uses selective disclosure or almost no disclosure and, IMO, misleads his shareholders by implying that dilution would not be necessary.....per past fluff PR.
Duck, almost 2 billion shares have been issued since the last time Pagnano tried to get people to believe that BS.
Remember, if you are being compensated for stock promotion, you have to disclose that and the details, per IHUB rules.
Duck - he is right
a little DD would confirm this. Try it.
dcjr - that's not what I heard, but you go right ahead and keep posting bogus naked short allegations.
Still no bid. Could be already almost 25 billion shares out. Watch out below.
Could this be a false PR?
Can they really claim to be debt-free? I don't think so. HRNF is already known to not pay its obligations, IMO.
I see they still owe multiple judgment liens against the company, owe $1 million to the winning team from the MDSO, per HRNF CEO's own admission (due 30 days after airing of the final episode - happened long ago).
Here are the judgment liens, can be found at http://www.sunbiz.org
J04000018226 THE WORLD GOLF LEAGUE, INC. 258 E. ALTAMONTE DRIVE
J04000040774 WORLD GOLF LEAGUE, INC. 285 E. ALTAMONTE DRIVE
J05000101409 THE WORLD GOLF LEAGUE, INC. 2139 WEST STATE ROAD 434
J07900007260 THE WORLD GOLF LEAGUE, INC. 2139 WEST SR 434, SUITE 101
J08900000257 THE WORLD GOLF LEAGUE, INC. C/O NRAI SERVICES, INC., ITS RA
J08900012458 THE WORLD GOLF LEAGUE, INC. 963 HELMSLEY COURT, SUITE 107
More MASSIVE DILUTION COMING? OUCH
stock price may be at $0.0001 within weeks!
When's the next 1:300 reverse split, so the stock price can tank even further
"arranging for up to three million in private capital"
Correct - almost no buying interest in HRNF
and many aren't even aware of the massive dilution HRNF has been doing. Scary stuff, and contrary to HRNF's puiblic disclosure on what they planned.