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HOW can Revenge become a public trading company???? in order to file documents with SEC you have to be selling something to make a profit, Revenge hasnt sold cars to make a profit!! where is the evidence??? where are the PRS by the company??? Petey hasnt released any statements for this company in more than a year!! LMAO!!
http://blog.al.com/live/2010/11/mobile_county_commissioners_de_3.html
Home > Breaking News from the Press-Register > Business
Mobile County won't back loan for car firm; Mike Dow will try to rework deal
Published: Thursday, November 04, 2010, 6:30 AM Updated: Thursday, November 04, 2010, 8:49 AM
By Jeff Amy, Press-Register
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View full size(Courtesy Revenge Supercars)Revenge Supercars shows its Blade sportscar at the North American International Auto Show in January 2010 in Detroit. The firm is proposing to spend at least $75 million to build an assembly plant and test track on 200 acres at the Alabama Motorsports Park in Prichard.
Mobile County commissioners declined Wednesday to backstop $50 million in borrowing by Revenge Supercars LLC.
The firm wants to build a $75.5 million plant and test track in Prichard, where it would hire 600 employees to assemble sports cars priced at $195,000 apiece.
All three commissioners said they were unwilling to approve the deal as Revenge had proposed it, saying they couldn’t risk county money on a venture that Commission President Merceria Ludgood described as “highly speculative.”
Revenge would build on 200 acres within the proposed Alabama Motorsports Park. Former Mobile Mayor Mike Dow, who has been the public face of the planned motorsports complex, led advocacy for Revenge on Wednesday. Commissioners did not take a formal vote Wednesday, and Dow told them that he would seek alternatives and present them to the county by Monday.
Dow said a bad economy and the aftermath of the financial crisis mean lenders won’t allow Revenge to borrow without help.
“We’re relegated to having to be creative to try to get some of these things done,” Dow said.
State authorities have given Revenge, led by Australian auto designer Peter Collorafi, approval to sell tax-exempt bonds.
Revenge would be responsible for repaying the bonds, but had asked the County Commission to agree to a “moral obligation” to repay $50 million if Revenge were to default.
Lawyers say the county would not be legally obligated to repay. But commissioners indicated that they thought the county would have to cover the debt or suffer an unacceptable hit to the county’s credit rating.
Revenge has said an unnamed investor will guarantee $25 million of the money.
“If it’s the deal of the century, why aren’t other investors lining up?” Ludgood asked. “Typically we’re not asked to carry the whole load.”
Dow said the unnamed international investor was in place and said others would come “after they know it’s real.”
Also voicing support for Revenge were Prichard Mayor Ron Davis, other Prichard elected officials and a representative of city retirees who are seeking payment from Prichard’s insolvent pension fund.
"When issues come up that pertain to Prichard, people move away from the table,” Davis said. “But you have a real opportunity to help us. We are crying out to you to help us, so we can help these folks.”
County Commissioner Mike Dean asked why the Mobile Area Chamber of Commerce and state officials aren’t also lobbying for Revenge.
“I’m concerned why you’re standing here alone without these other state agencies,” he said.
A bond adviser to the county prepared a memo analyzing the deal, but County Attorney Jay Ross declined to release it, saying the commission signed a confidentiality agreement with Revenge several weeks ago.
Collorafi could not be reached Wednesday for comment.
Revenge hasnt made a public statement for 2yrs since this article was published, so I dont see any improvement thus far!
http://news.yahoo.com/changing-cities-ending-hawaiis-oil-addiction-103101000--abc-news-tech.html
Changing Cities: Ending Hawaii's Oil Addiction
By Carrie Halperin | ABC News – 9 hrs ago...
When you think of the most innovative places around the world for clean-tech, Denmark, where 50 percent of the energy comes from wind, might come to mind. Or maybe you'd think of Iceland, which is almost nearly 100 percent powered off geothermal, or perhaps Germany, which recently set a new world record in power generated from solar, but Hawaii?
U.S. Pacific Command is working closely with Hawaii, the most oil addicted state in the nation, to ensure that the Hawaii Clean Energy Initiative, a plan launched in 2008 to reduce the state's consumption of fossil fuels by 70 percent by 2030 is a success.
"Pacific Command accounts for 20 percent of the island's energy demand, so Hawaii needed Pacific Command to sign on to make the Clean Energy Initiative work," Joelle Simonpietri senior analyst to U.S. Pacific Command Energy Office joint innovation and experimentation division told ABC News.
The military is using the Hawaiian islands as a test bed for new green tech innovation - everything from algae-based jet fuels and hydrogen fuel cell technology to smart-grids that can resist cyber terror.
Some of these efforts will be showcased on July 18, when the Navy tests a carrier strike force using alternative fuels during the six-week, 22-nation Rim of the Pacific exercises, the largest annual global naval maneuvers.
The ships and aircraft will be powered by alternative fuel, either nuclear or advanced biofuel blends. The biofuel blends are 50-50 mixtures of biofuel (made from used cooking oil and algae) and petroleum-based marine diesel or aviation fuel.
The new "Green Fleet" is not without its critics.
Conservative lawmakers came out this month in opposition to the U.S. military's use of advanced biofuels, claiming that they are concerned about the cost of these new, nonoil fuels. Sen. John McCain, R-Ariz., the ranking Republican on the Senate Armed Services Committee, said, "I don't believe we can afford it."
The Navy purchased 450,000 gallons of biofuels for $12 million in 2011 for the maneuver - $26 per gallon.
Pacific Command contends that the need to invest in biofuels is evident.
"The Department of Defense's military expenditures on fuel is about $15 billion, 3 billion of that was unbudgeted simply because of the change in the price of fuel," Simonpietri said. "The reasons for using biofuels, from a military utility point of view, is for national economic security, it's part of the interest of the nation, and really having different options that can address price volatility."
Connecting the Islands
Beyond the military's efforts, the state - which currently imports 90 percent of its energy in the form of oil - is proposing a mega-construction project to build an underwater cable connecting renewable energy projects on the islands.
"Hawaii is taking on renewable energy and using that as a solution to really reduce our vulnerability to imported oil," Mark Glick, Hawaii's energy administrator, told ABC News.
"Our (current) power generation comes from low sulfur fuel oil powered plants," Glick said. "We're trying to replace power generation which accounts for 30 percent of our energy with renewable energy sources."
Hawaii Gov. Neil Abercrombie signed the undersea cable bill into law on June 27. The measure puts in place a regulatory framework that would pave the way for the islands to share power through an undersea high voltage network connecting the islands' renewable energy sources including wind, solar, geothermal and tidal power.
According to a Department of Energy study, the high-voltage undersea cable interconnection project will cost $16 billion to complete, most of which is projected to come from the private sector. To put it into perspective, Hawaii currently spends $5 billion a year importing oil.
Critics of the underwater sea cables between the islands argue it would turn neighbor islands into industrial areas serving Honolulu's population and that Oahu should look at energy conservation as a first step.
Becoming the Model for Energy Innovation
Since Hawaii's goals of a 70 percent reduction of fossil fuels was announced, dozens of renewable energy projects have been proposed and employment and jobs in the clean-tech sector have sharply increased.
"Twenty percent of construction jobs in Hawaii are now in the installation of solar photovoltaics," Glick said.
Several factors have allowed the state to forge ahead. A law that requires all new homes install solar hot water heating, and great tax rebates are helping Hawaii move toward a cleaner energy grid.
Hawaii has the second most solar photovoltaic systems, as well as the most EV's and charging spots per capita in the country, and it's also forging ahead on its efforts to increase the percentage of its electrical production with renewable power.
"Looking at all the options her in Hawaii, we have the sun, we have geothermal, wind, possibly wave, all the resources for us available in Hawaii," Kekoa Kuluhiwa, director of external affairs for First Wind, a wind power company based in Hawaii told ABC News. "I sincerely hope there will be a day when we are completely free from importing fuel for our energy needs."
How does that help Revenge, didnt petey discontinue contract with HP2G???
The stock hasnt moved in well over a yr! how does that help shareholders???
http://autos.yahoo.com/blogs/motoramic/mclaren-mp4-12c-vs-factory-five-gtm-motoramic-153949165.html
wow doesnt this car look similar to revenge supercar wow petey the copy cat lmao!!
McLaren MP4-12C vs. Factory Five GTM: Motoramic TV
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.By Ezra Dyer | Motoramic – Mon, Jun 4, 2012 11:39 AM EDT.. .
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Ah, the McLaren MP4-12C. It's McLaren's first in-house road car since the legendary F1. And while the 12C is far less expensive than the F1, its base price is still $229,400. The car we drove tallied $270,690 and options can push the sticker beyond $300,000. For that, you get an undeniably exquisite machine constructed by the pedigreed craftsman of some of the world's best race cars.
You get dihedral doors that open by sliding your hand along the bodywork. You get a twin-turbo, flat-plane-crank 3.8-liter V8 that howls out 592 horsepower and hurtles the car to 60 mph in about 3 seconds. And you get an ingenious suspension design that uses cross-linked hydraulic chambers in place of conventional shock absorbers, delivering both a shockingly supple ride and race-car roll control. In short, the MP4-12C is a lot of car for the money. But it's still a lot of money.
So what do you do if you want top-tier supercar performance and dramatic mid-engine styling, but you only have $50,000 to spend? Enter the Factory Five GTM. With a 420 horsepower GM LS3 V8 propelling only 2,400 pounds, this is one of the few cars that would hound an MP4-12C on the track. (A 505-horsepower LS7 is also available, but frankly the LS3 seems pretty adequate.) You do have to be handy with a wrench, since the GTM is a component car.
But GTM owner Gary Cheney has built 13 Factory Five cars, including three GTMs, and not only does he still have all his fingers, he insists that the building process is part of the fun. This particular GTM is set up for track duty, but it was surprisingly usable on the street, with deliciously communicative speed-sensitive power steering and Corvette Z06 brakes that are hugely overqualified for a 2,400 car. Plus, look at the thing. It just looks like it belongs in the supercar club.
However, $50,000 is still a considerable sum. Wouldn't it be great if you could have a screaming-fast, reliable, exotic-looking mid-engine sports car for something more like $15,000? Without spoiling the ending, we have a solution for that, too.
updv is delisted,the whole corporation under investigation by FBI,company went out of business so how is that turn around?
meet-the-jobs-act-s-jobs-free-companies
interesting article petey should read
Meet the JOBS Act's Jobs-Free Companies
By Emily Chasan | The Wall Street Journal – 2 hours 21 minutes ago.. .
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The JOBS Act was supposed to be about clearing away regulation to help young companies create jobs.
Just eight weeks after its passage, however, more than a dozen of the companies seeking to use its looser rules for going public aren't the type of high-tech growth companies lawmakers had in mind.
"Special-purpose acquisition companies" and "blank check" companies, basically empty shells with almost no employees that are used in mergers or as a backdoor route to U.S. stock listings, have been quick to identify themselves in regulatory filings as "emerging growth companies."
[More from WSJ.com: Exhausting the Earth's Resources? Not So Fast]
The new law uses that phrase to describe which companies—once they have applied to go public—should be exempt from some financial-reporting and corporate-governance requirements.
The Securities and Exchange Commission also has been fielding questions about whether trusts that collect music and movie-royalty payments, or structures used to create tax-free corporate spinoffs, could qualify as emerging-growth companies, according to Meredith Cross, director of the SEC's Division of Corporation Finance.
"These are not companies that are job creators," Ms. Cross said. But she declined to lump blank-check companies into that group.
One way companies can get their stock listed on a U.S. exchange without doing their own initial public offerings is to merge with a publicly traded blank-check company in a deal called a reverse merger. So, a blank-check company "could become a job creator," Ms. Cross said.
The JOBS Act, whose initials stand for Jump-Start Our Business Start-Ups, went into effect immediately after it was passed on April 5, leaving the SEC to decide on the fly what companies it covered. The law's clearest eligibility requirement is that a company have annual revenue of less than $1 billion. It also sets certain caps on a company's outstanding debt and market capitalization.
"If they fall within the definition of an emerging-growth company, the SEC is going to have a hard time saying no," said Lynn Turner, former chief accountant at the agency who now works as a consultant.
Companies that qualify as emerging-growth companies under the act don't have to comply with the Sarbanes-Oxley Act's requirements that auditors review their internal controls. It also allows them to make fewer financial disclosures, use a new, confidential SEC review process for IPOs and lets their bankers communicate more freely with potential investors. The confidential reviews are designed to let companies sort out any differences with the SEC behind closed doors.
Many of the hundreds of companies that have claimed to be emerging-growth companies under the new law are small biotech, technology, retail and energy companies, but 17 explicitly described themselves as blank-check companies or trusts.
[More from WSJ.com: Citi Bets That Proofs Lead to Profits]
About 30 companies have submitted IPO filings to the SEC confidentially under the law, according to the agency's staff. And at least two of those submissions are for blank-check companies, an adviser to those companies said.
Last month, Accelerated Venture Partners, a Foster City, Calif., firm, designated four of its blank-check companies as emerging-growth companies in documents filed with the SEC. The firm's website says it helps companies "considering going public through a reverse merger with a clean SEC reporting public shell."
Timothy Neher, the firm's founder, said it wanted to take advantage of the looser restrictions on bankers marketing deals to investors, but it won't relax its disclosure or compliance with Sarbanes-Oxley because it is "still too early to tell" how investors would react.
Shell companies incorporated in the British Virgin Islands, including Infinity Cross Border Acquisition Corp., which focuses on China-related deals, and CIS Acquisition Ltd., which aims to do a deal in Russia or Eastern Europe, also have declared themselves to be emerging-growth companies.
Infinity did so to take advantage of the new law's "scaled-back disclosures, certain exemptions to executive-compensation disclosures and attestation requirements for the auditors," said Stuart Neuhauser, an attorney at Ellenoff Grossman & Schole LLP who represents the firm. "When we become an operating company the savings could be enormous." He said he expects most SPACs will bill themselves as emerging-growth companies.
"It's really a win-win," said Mitchell Nussbaum, an attorney at Loeb & Loeb LLP who represents CIS Acquisition. "It's good for smaller companies because there are less costs and a little bit more flexibility. To the extent that you allow this flexibility for international filers, you are still creating more opportunity."
[More from WSJ.com: Filmmakers Chase States' Tax Breaks]
The use of shell companies for reverse mergers has been a serious concern at the SEC over the past year, amid accounting and governance scandals at some Chinese companies that have used that route to go public in the U.S.
Former Nasdaq Vice Chairman David Weild, who lobbied for the passage of the JOBS Act and testified before a House subcommittee on IPO reform last year, said, "Congress was interested in making it easier for entrepreneurs that were going to raise capital and build companies and employ people. I don't think anybody was thinking this was going to be applied to reverse mergers and the like."
The SEC says it is trying to be consistent in judging what types of companies should qualify. Last month, its staff said asset-backed securities companies and registered investment companies, which are already exempt from some disclosure and Sarbanes-Oxley requirements, shouldn't be eligible since the SEC had special reporting requirements for them.
But the agency's staff said business-development companies—essentially publicly traded private-equity firms that invest in start-ups and small businesses—could qualify for "emerging growth company" status.
what does cypress energy have to do with UPDV??
There toast alright, the site hasnt been updated for well over a year!! plus now we have tesla with a new car on horizon, how does Petey plan to compete???
Tesla Model S may come early with more range than promised: 320 miles!
http://green.autoblog.com/2012/05/10/tesla-model-s-may-come-early-with-more-range-than-promised/
By Danny KingRSS feed
Posted May 10th 2012 7:55AM
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Mission accomplished?
That's what Tesla executives Elon Musk and J.B. Straubel might be asking themselves after running single-charge mileage tests of the company's Model S sedan, which could be making the near first customer deliveries in about a month. That's roughly 30 days ahead of schedule, as Tesla is reportedly wrapping up crash testing fast enough to start making the hotly-anticipated EV.
Tesla's Model S battery-electric sedan has about a 31 percent longer single-charge range than the Roadster convertible that Tesla debuted in 2008, Musk and Straubel wrote on the company's blog Wednesday. More importantly, the Model S exceeded the company's goal of a 300-mile single-charge range under a mix of city and highway driving. Read their gloatations here and check out our first-ride impressions here.
In fact, under the so-called 2-cycle EPA testing method involving 55 percent city driving and 45 percent highway, the Model S drove 320 miles on a single charge. Back when the Roadster was tested, it got 244 miles. The biggest battery you can get in the Model S is 85 kWh, while the Roadster has 56 kWh. Oh, and Tesla thinks the potential is there for more miles to be hiding in a Model S pack, and is going to give some sort of prize to whoever can drive a Model S over 400 miles on a single charge first. The glove has been tossed.
The Model S couldn't come at a much better time for Tesla, as the automaker just announced a first quarter loss of $89.9 million. The prospects aren't any better for Q2, but the second half of the year should be an entirely different story. Q1 revenue was only $30 million, and the first half year revenue is expected to come in around $60 million. With the Model S around for the second half of the year, sales are expected to skyrocket into the $600 million range. Tesla forecast earlier this year that 2012 sales would triple from last year's revenue of $204.2 million because of the Model S, which the company estimated would move 5,000 units this year, even though the automaker currently has 10,000 orders in-hand.
Autoblog writer Chris Shunk contributed to this post.
I guess Petey forgot about Iran!!!
http://news.yahoo.com/wealthy-iranians-spur-luxury-car-boom-142436257.html
Wealthy Iranians spur luxury car boom
AFP Relax News – Mon, Apr 23, 2012EmailtweetShare0PrintRelated ContentWealthy Iranians spur luxury car …
Wealthy Iranians are fuelling an unprecedented luxury car boom despite sanctions hurting their economy, paying up to $360,000 for high-end autos, according to showroom employees and reports on Sunday.
"Buyers are paying upfront for these cars, which generally cost two to three times more than abroad," one car salesman in Tehran told AFP on condition of anonymity.
A newspaper citing official customs data, Hafte-Sobh, reported that "some 563 different Porsche models were sold in the last Iranian year (to March 2012)," worth a total $50 million before a hefty 100-percent import tax.
Porsche's goal is to sell 800 of its cars in the Islamic republic this current Iranian year, media said, underlining the inroads the flashy German automaker is making into a niche market previously dominated by the more discreet offerings from rivals BMW and Mercedes-Benz.
Maserati, the growling musclebrand owned by Italy's Fiat, is also looking to get a slice of the action by opening its own Tehran showroom within weeks, reports say.
The ostentatious splurge by Iran's elite starkly contrasts with the straits experienced by ordinary Iranians.
They are confronted with inflation of over 20 percent, an estimated unemployment rate of 12-25 percent, a currency severely weakened in the past four months, and Western economic sanctions imposed to curb Tehran's disputed nuclear programme.
While the wealthy are forking out for supercars costing between $110,000 (for an entry-level Porsche Boxster) to $360,000 (for a Porsche Panamera Turbo or a Maserati GranTurismo), working Iranians are getting by on an average monthly salary of $700.
Iran's automobile market is highly protected against imports, allowing in only 40,000 vehicles last year, despite steadily growing demand mostly met through domestic production of some 1.6 million cars per year.
There are now an estimated 14 million vehicles on Iran's roads, more than double the six million registered in 2005.
sgh/rmb/dv
wow highschoolers have defeated peter lmao!!! woww!!!
http://news.yahoo.com/car-made-missouri-gets-358-miles-per-gallon-203400907.html
Car Made in Missouri Gets 358 Miles Per Gallon
By William Browning
PostsWebsiteBy William Browning | Yahoo! Contributor Network – 8 hrs agoThis story comes from the Yahoo! Contributor Network, where individuals publish their unique perspectives on some of the world’s most popular websites. Do you have a story to tell? Become a Yahoo! contributorEmailtweetShare16PrintKYTV in Springfield, Mo., reports a car designed by students at Aurora Junior High School gets 358 miles per gallon. The red roadster seats one, has three small bicycle wheels and starts with a pull cord. The steering column is similar to a bicycle's to turn the two front wheels. The car was designed as part of the Missouri SuperMileage Challenge.
* The car was not allowed to go over 30 mph per contest rules. The vehicle must also be able to make a turn within 35 feet of turning radius.
* The engine must be a 4-cycle engine made from the factory of a brand name such as Honda or Briggs & Stratton. Basically, the engines are from lawnmowers or even gas-powered trimmers.
* Unleaded fuel must power the lightweight vehicles. The engine can max out at six horsepower.
* For the 2012 contest, there were two divisions. The first was the stock division with unaltered factory engines. The second was the experimental division in which engines burn ethanol or blended fuels.
* The Aurora Junior High School team achieved the 358 miles per gallon rating over a 10-lap run. One run was calculated to have 437 miles per gallon.
* The Aurora team took first place. The junior high team's accomplishment was set apart due to the fact the annual contest is for high school teams.
* The entry fee for the Missouri SuperMileage Challenge was $5 to cover the costs of trophies and fuel. This year was the seventh annual contest to demonstrate how cars can get extreme gas mileage.
* This was the fourth year in a row a team from Aurora won the event. In 2011, the Aurora Advertiser reported the SuperMileage students from Aurora High School won the experimental division using B20 biodiesel to get 275 miles per gallon. The junior high team placed second out of 14 cars in 2011 in the stock division with 158 miles per gallon.
* The Missouri SuperMileage Challenge is held every spring in Warrensburg. The event is sponsored and sanctioned by the International Technology Education Association. There are similar competitions held in Minnesota, Indiana, Wisconsin and Michigan.
* SAE International sponsors a college-level event for nearly two dozen teams from the U.S. and Canada. The contest is similar in scope to the high school level. Teams must design a vehicle that gets the best gas mileage from factory engines donated by Briggs & Stratton.
William Browning, a lifelong Missouri resident, writes about local and state issues for the Yahoo! Contributor Network. Born in St. Louis, Browning earned his bachelor's degree in English from the University of Missouri. He currently resides in Branson.
something peter can consider if he is honest entrepeneur not lmao!!!
http://smallbusiness.yahoo.com/advisor/jobs-act-everyones-winner-172027501.html
In JOBS Act, Everyone's a Winner
By Sherwood Neiss and Jason Best | Inc – Wed, Mar 28, 2012 1:20 PM EDTtweetShare0EmailPrintThe crowdfunding provisions have more than enough protections for investors, and they'll give entrepreneurs the capital they need
CrowdFund investing (aka equity-based Crowdfunding) is about to become the law of the land. Opponents have spent months screaming about how it would be an open invitation for investment fraud and a menace to small investors if it passed. Now that it has passed, it's time to set those fears to rest. Crowdfunding will become a great source of funding for entrepreneurs and fully transparent way for investors to get in on the ground floor of what will be the greatest businesses of the future.
Every entrepreneur, at one time or another, has felt the pinch of the capital markets. Inspired by the success of donation-based crowdfunding, social media as marketing tool, and the principles of seed financing, the three of us—Jason Best, Sherwood Neiss and Zak Cassady-Dorion—decided to create a solution. The result is a framework that allows an entrepreneur to raise a limited amount of capital from his friends, family and customers on SEC-registered websites with prudent investor protections.
Why is CrowdFund Investing so necessary? With the collapse of the markets in 2008, the traditional means of financing startups and small businesses—credit cards, home equity lines, bank loans and venture capital—disappeared.Banks stopped lending and venture capital shifted away from seed stage investments to larger, more secure deals. What was left was a funding void for businesses looking to raise $250,000 or less in seed or early-stage funding. According to the SBA, this round is the most critical capital a young company can get. Lack of it is the #1 reason why startups fail in the first 5 years.
CrowdFund Investing, as incorporated into the JOBS Act fills that need without encouraging fraud for these three key reasons:
Only entrepreneurs with clean records need apply
We carefully crafted our framework to protect investors, drawing on similar programs exempt from SEC rules. It is a rule under which entrepreneurs (who pass fraud/background checks) and small businesses with revenues of less than $5M (that aren't foreign corps, public or investment companies) could raise up to $1M by either selling Common Stock or using revenue based financing on SEC-registered websites.
The law manages investors' expectations
Investors would have to pass a quiz proving that they understand there is no guarantee of return, that they could lose their entire investment and that their liquidity/return is limited to any dividends, sale, public offering or a merger of the company. Once they understood that, they would be limited as to how much they could invest (aka risk) to $10,000 or 10% of their income, whichever is lower. As an example, a person with a household income of $46,000 (the current US National Average Income) would be limited to $4,600 for their CFI investments.
Standardized forms (generic term sheets & subscription agreements) based on industry best practices would be used to maintain transparency and reduce time and expense for all parties. Post-funding, standardized and automated reporting for use of proceeds would be required on a quarterly basis by entrepreneurs so people would know what is going on. All of this would be overseen by a Self Regulatory Organization (SRO) that reports to the SEC on what is taking place on CrowdFund Intermediaries with the goal to protect investors.
Platforms would provide the SEC real-time offering reports that include information on: deals funded, entrepreneurs' names, social security numbers, addresses, date of births, amount of capital raised, list of investors and individual dollar amount contributed. This way regulators would know who is crowdfunding, who is backing them and how much they've raised.
Social media would enforce integrity
And most importantly social media would control the process. Entrepreneurs would only be allowed to solicit people in their social network using Facebook, Twitter, Linkedin, etc. Platforms would use social media tools to create a deal room for each idea where interested investors can publicly pick apart the entrepreneur, the idea, the business model and the investment opportunity. And most important, no money would be exchanged until the entire crowd decided to fund the entrepreneur and the entrepreneur's funding target was 100% met. So if you say you need $50,000 to expand your business, you only receive the money when you have secured commitments for the entire $50,000.
Not so easy, right?
If implemented as designed, these protections would allay everyone's concerns. Entrepreneurs would get the capital they need. Investors would get the disclosues they need to make informed decisions. Regulators would stay informed on what is happening in the capital markets.
Think it can be gamed? Well consider this. You know those eBay ratings that guide your decision to send $1,000 across the country in exchange for a product? You are going to see similar ratings for both entrepreneurs and investors on CrowdFund Investing sites. Know those comment fields with the like buttons on Facebook? You are going to see those on the communication panel where interested investors will require answers of an entrepreneur and those answers will be rated and further discussed (just because that's how we like to do things in an open dialog on the internet today).
Now take any fraud example you can think of and run it through this scenario. How many con artists want to register with the SEC? How many want to target those closest to them? (That's how crowdfunding through social media works: You are limited by soliciting your social media connections.) Yes, once the law is implemented a bad guy could cold-call an investor and claim to be crowdfunding the next Facebook. But that would be fraud, just as it is today, and the perpetrator could go to jail. The CrowdFund Investing framework restricts all communication to crowdunding intermediary sites, and in doing so provides the tools to protect investors. In 5 years, chances are the SEC will be using these tools to crack down on larger scale fraud.
Now that the JOBS Act has passed, we are moving to the next phase of development on a two-track strategy. First we'll help build a self-regulating organization, like Nasdaq, to be the voice of the Crowdfunding industry and work with the SEC to regulate funding platforms and keep investors educated.
Second, we'll work with the SEC on their rule-making progress. It is vitally important that entrepreneurs and small business people stay tuned in. The SEC will begin with 90 days of rulemaking, and then open their draft rules for 90 days of comments. These comments are very important to the process. Entrepeneurs have the most to gain (and lose) so we must continue to fight for rules that provide fair balance between the needs of investors and entrepreneurs.
More from Inc.com:
What the JOBS Act Really Does for You
Interesting article!http://news.yahoo.com/congress-sends-startup-investment-bill-obama-182253095.html
peter should pay attention!!
Congress sends startup investment bill to Obama
By JIM ABRAMS
Despite warnings that less government oversight might mean more investment scams, Congress on Tuesday sent President Barack Obama legislation he endorsed making it easier for startups to raise capital without running afoul of federal regulations.
The legislation, backed by Silicon Valley and the high-tech industry, is on course to be one of the few achievements this year for a Congress mired in partisan divisions and primed for the fall elections.
The strong 380-41 vote in the House overshadowed misgivings among some Democrats and Democratic allies — including unions and consumer groups — that the bill backpedals on investment protections put in place after the dot.com excesses and Wall Street meltdown and could lead to fraud and abuse.
The Senate passed the bill last week on a 73-26 vote after attaching an amendment that tightened rules for seeking out investors on the Internet. All 'no' votes in both the House and Senate came from the Democratic side.
The legislation combines a half-dozen smaller, bipartisan bills that exempt young companies from Securities and Exchange Commission reporting rules in order to reduce the costs and red tape of raising capital.
The centerpiece provision would phase in SEC regulations over a five-year period to allow smaller companies to go public sooner. Firms that have annual gross revenues of less than $1 billion would enjoy this "emerging growth company" status.
Another provision facilitates the practice of "crowdfunding" in which the Internet is used to solicit a large number of smaller investors.
House Republicans hailed the legislation as a jobs bill that by spurring capital formation would lead to small businesses hiring more people. "The jobs act is a victory for unemployed Americans who are literally crying out for jobs. It is a victory for small companies and for entrepreneurs who want Washington to reduce the red tape that stifles innovation, economic growth, and job creation," House Financial Services Chairman Spencer Bachus said.
Democrats, who have criticized Republican opposition to their efforts to stimulate the economy and create jobs, referred to the measure as an IPO or initial public offering bill, and said its effect on job markets would be modest at best.
Obama came out in support of the bill when it first emerged in the House three weeks ago, saying it paralleled many of the initiatives he had put forth to encourage small-business growth. The White House tempered that support somewhat after SEC chairman Mary Schapiro and consumer advocacy groups, in the wake of the original House vote, came out with concerns that it went too far in removing SEC oversight, opening the door to repeats of the Enron scandal or the mortgage industry deceptions.
After the Senate vote last week, White House press secretary Jay Carney said the White House was heartened by investor protections on crowdfunding added by the Senate and would "remain vigilant in monitoring this and other elements to ensure the overall bill achieves its goal of helping entrepreneurs while maintaining protections for investors."
Reviews were mixed among those affected by the legislation. TechAmerica senior vice president Kevin Richards, whose group advocates for the technology industry, said after the Senate vote that the bill was "a major step for technology innovation that will lead to job creation and greater U.S. economic prosperity."
But Ann Yerger, executive director of the Council of Institutional Investors, an association of pension funds and other employee benefit funds, said it "will create greater risks for investors and ultimately could erode confidence in our capital markets." AARP senior vice president Joyce Rogers, noting that older people are disproportionately the victims of investment fraud, said the bill "lacks vital investor protections and undermines regulations that guard against fraud and abuse."
In addition to the emerging growth company and crowdfunding provisions, the legislation removes SEC regulations preventing small businesses from using advertisements to attract investors and raises from 500 to 2,000 the number of shareholders a company or community bank can have before it must register with the SEC. It also raises, from the current $5 million to $50 million, the aggregate share offering amount a company can make before it must register the offering with the SEC.
Senate Democrats were unable to rewrite the bill to add across-the-board investor protections, but succeeded in attaching one amendment that requires websites involved in crowdfunding to register with the SEC and demands that companies seeking to raise money this way provide information on its financial status, business plans and shareholder risks.
@yahoonews on Twitter, become a fan on Facebook Editors' PicksslideshowTitanic orphans: A tale of survivalslideshowCo. wildfire forces evacuationsstoryJetBlue captain subdued
something peter should watch
doesnt updv own this stock out right or they operate separately on their own???
absolutely correct
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=DCQ1iV7gTN3y5O8Yiob4Pw%253d%253d&nt7=0
how can you be listed as treasurer,secretary,director, and president of your company that really fishy!!! from nevada secretary of state website, things that make you say mmmmmmmmmmm lol
REVENGE DESIGNS, INC.
Business Entity Information
Status:
Active
File Date:
6/8/2005
Type:
Domestic Corporation
Entity Number:
E0355382005-1
Qualifying State:
NV
List of Officers Due:
6/30/2012
Managed By:
Expiration Date:
NV Business ID:
NV20051361445
Business License Exp:
6/30/2012
Additional Information
Central Index Key:
NA
Registered Agent Information
Name:
REGISTERED AGENT INC.
Address 1:
769 BASQUE WAY SUITE 300
Address 2:
City:
CARSON CITY
State:
NV
Zip Code:
89706
Phone:
Fax:
Mailing Address 1:
Mailing Address 2:
Mailing City:
Mailing State:
NV
Mailing Zip Code:
Agent Type:
Commercial Registered Agent - Corporation
Jurisdiction:
NEVADA
Status:
Active
View all business entities under this registered agent
Financial Information
No Par Share Count:
0
Capital Amount:
$ 2,500,000.00
Par Share Count:
2,500,000,000.00
Par Share Value:
$ 0.001
Officers
Include Inactive Officers
Treasurer - PETER COLLORAFI
Address 1:
C/O RA PO BOX 20380
Address 2:
City:
CARSON CITY
State:
NV
Zip Code:
89721
Country:
Status:
Active
Email:
Secretary - PETER COLLORAFI
Address 1:
C/O RA PO BOX 20380
Address 2:
City:
CARSON CITY
State:
NV
Zip Code:
89721
Country:
Status:
Active
Email:
Director - PETER COLLORAFI
Address 1:
C/O RA PO BOX 20380
Address 2:
City:
CARSON CITY
State:
NV
Zip Code:
89721
Country:
Status:
Active
Email:
President - PETER COLLORAFI
Address 1:
C/O RA PO BOX 20380
Address 2:
City:
CARSON CITY
State:
NV
Zip Code:
89721
Country:
Status:
Active
Email:
Actions\Amendments
Click here to view 21 actions\amendments associated with this company
lol any body can make a website and put pictures on there lol
building the blade where is the evidence???? lmao!!! no pr released by peter or on the website????
exactly cant file IPO if nothing is being sold, RVGD hasnt generated any revenue,no pr released by the the company himself, peter hasnt spoken publicly at all, nothing filed with SEC
plus ita been well over a yr since revenge has posted a pr how pathetic is that lmao, you can't release no dividends to shareholders when nothing is being sold lmao!! wow
exactly!!!
exactly lol!!!
I dont see no movement with this stock not unless petey comes out with new magic motor machine or gets some money from some billionare what are the odds??? All cars that were on display at NAISAS are cars that have CEO's with cash on their balance sheets and part of Nasdaq, RVGD hasnt sold anything to give anything back to shareholders!!! the site hasnt even been updated with no new information, plus no pr from petey since febuary of last year, he owes money to henry county?? this stock is dead in water!!!
the stock is worthless!!! no one will receive no money from updv, not unless there is class action lawsuit!!!
No need to ask doug his company is toast!!! how can you compete with a major car company like ford??? revenge and pelmear are toast!
http://news.yahoo.com/ford-previews-100-mpg-fusion-energi-boston-auto-004000330.html
Ford Previews 100 MPG Fusion Energi at Boston Auto Show
Ford: Fusion Represents the Power of Choice
.
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.
.By Brad Sylvester | Yahoo! Contributor Network – Thu, Jan 12, 2012...
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..
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.
There's just something about 100 miles per gallon that makes people sit up and take notice. It's only fitting, therefore, that a car that is expected to have an EPA rating of 100 mpg equivalent should also have styling that makes people sit up and take notice. The Ford Fusion has that.
I had a chance to chat with Julie D'Annunzio, Ford Motor Company's Global Electrified Fleets Manager, about the car on the eve of opening the Boston Auto Show.
You've just introduced the new Ford Fusion, a car that Autoweek just named Best of Show in Detroit. The line includes the plug-in hybrid Fusion Energi to be released for 2013. Did I hear correctly that you expect to get an EPA mileage rating of 100 miles per gallon for this car?
D'Annunzio: Yes, that's 100 miles per gallon equivalent. The mile per gallon equivalent is a new EPA standard to deal with vehicles that are basically hybrids, plug-in hybrids that are powered by gasoline and electricity as well. It takes the total miles traveled divided by the total energy used as a combination of gasoline and electricity. We are expecting that it will get 100 miles plus per gallon.
What range do you expect for all-electric operation of the Fusion Energi?
D'Annunzio: I don't know the all-electric range, sorry about that. The fact that we are expecting to beat the competition in miles per gallon equivalent tells me that it will be competitive. Overall, the vehicle will have a 500-mile range using a combination of the gasoline and electricity together. If you start off with a full charge and a full tank of gasoline, you should be able to go 500 miles. That will beat the Chevy Volt.
What separates the Fusion from other hybrid vehicles?
D'Annunzio: We've come up with what we call "the power of choice." Basically, that's giving the customers the ability to choose a level of electrification based on their wants and needs. Drivers have a diversity of needs so Ford is offering a product line-up that gives them a chance to match those needs with varying levels of electrification technology.
The all new Fusion is the only mid-size sedan that really offers consumers a choice. It's going to have a 2.5 liter gasoline engine. It's going to have two Eco-Boost engines, a 1.6 liter and a 2.0 liter. That 1.6 liter Eco-Boost engine is going to get 37 miles per gallon on the highway. The hybrid will get about 47 miles per gallon in the city. The plug-in will get 100 miles plus per gallon equivalent. The alternatives and choices within the Fusion line, I think are a big new story.
You expect that these down-sized Eco-Boost engines will provide the power to which people are accustomed from much larger engines?
D'Annunzio: Yes, exactly. Eco-Boost technology is turbo-charging and direct injection combined. That allows us to improve fuel economy by 20 percent. Basically, we have a V6 engine acting like a V8, an I4 acting like a V6.
If you go the website www.ford.com and build a Focus, basically, everything is standard, except, I think, leather seats and there are two colors that aren't standard that you have to pick. It gives you a great view of everything that's in the Focus.
of course anyone can check out the naisas and see on the virtulization floor for exhibitors revenge is not listed anywhere wow petey sure knows how to start off the new year!!!
wow NAISAS will be this monday I cant wait to see the PR excuse for not showing up in biggest auto show of the year!!!! where is Waldo oppps i mean Petey lmao!!!!!
Petey wants money, he needs to talk to this indian billionare!!
http://finance.yahoo.com/news/india-tycoons-got-tons-cash-064653323.html
..India tycoon's got tons of cash, nowhere to invest
Indian billionaire with $3.8 billion pile of cash can't find worthy domestic investment
By Erika Kinetz, AP Business Writer | AP – 6 hours ago
....
Share9EmailPrint.....Companies:...Abbott Laboratories . ...RELATED QUOTES.
.Symbol Price Change
ABT 56.23 +0.21
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...In this Monday, Dec. 19, 2011 photo, billionaire Indian tycoon Ajay Piramal speaks during an interview with the Associated Press at his office in Mumbai, India. In May last year, Piramal's healthcare business sold its generic drug operations to U.S. pharmaceutical giant Abbott Laboratories for $3.8 billion. Piramal was eager to set that cash pile to work and wanted to expand one of his chemical plants, but was told it would take five years. With the country mired in corruption, bureaucratic red tape and unclear and changing government policies, many of the men who made their billions here are saying maybe it's time to quit India. It's got to be easier to do business elsewhere. (AP Photo/Rafiq Maqbool)
....
MUMBAI, India (AP) -- Ajay Piramal is sitting on a mountain of cash. Yet the billionaire Indian tycoon, working in one of the world's fastest growing economies, is struggling to figure out what to do with the money.
The problem isn't opportunity, he said. It's India.
"Every large investment, there was no transparency," Piramal said.
His dilemma is a worrying sign for India. With the country mired in corruption, bureaucratic red tape and unclear and changing government policies, many of the men who made their billions here are saying maybe it's time to quit India. It's got to be easier to do business elsewhere.
In May last year, Piramal's healthcare business sold its generic drug operations to U.S. pharmaceutical giant Abbott Laboratories for $3.8 billion. Piramal, a tall big man in a country that still measures prosperity by girth, was eager to set that cash pile to work. He wanted to expand one of his chemical plants, but was told it would take five years.
"The same plant could be set up in China in two years," he said. "I love India, but my customer is not going to wait."
India, still a beacon of relatively fast growth despite a troubled world economy, should be a magnet for capital. Instead, since the beginning of 2010, the amount that Indians have invested in businesses overseas has exceeded the amount foreigners are investing in India, according to central bank figures.
In part this reflects the confidence and aptitude of India's maturing companies and the current malaise in the global economy and financial markets. But it also reflects deep problems at home. India's big coporations may be cash rich but the failure to invest that money domestically is bad news for a developing country that needs capital to build the roads, power plants and food warehouses that could help lift hundreds of millions out of dire poverty.
The frustration of India's business elite with corruption, political paralysis, log-jammed approvals, regulatory flip-flops, lack of access to natural resources and land acquisition battles — to pick a few of the top complaints — has reached a pitch perhaps not heard since India began liberalizing its economy in the early 1990s.
"If you are an honest businessman in India, it's very difficult to start up anything," said Jamshyd Godrej, chairman of manufacturing giant Godrej & Boyce. "Companies are going to operate where they see the best opportunities and efficiency for their capital."
Increasingly, that's outside India.
In 2008, foreigners poured roughly twice as much direct investment into India — $33 billion — as Indians plowed into businesses overseas. By 2010, that had reversed: Indians invested $40 billion abroad — twice as much as foreigners invested in India — a trend that's continued this year.
There is another, unspoken element to all the complaints. To the extent that business in India ran on corruption, some of the old, dirty ways of doing things are being disrupted, freezing India's already glacial bureaucracy, business leaders say.
Scandals in the staging of the Commonwealth Games, the pilfering of homes meant for war widows and the irregular auction of cellphone spectrum that cost the country billions has sent parliamentarians and even a Cabinet minister to prison.
With Indians tiring of the incessant graft, tens of thousands of middle-class protesters poured into the streets and pushed an anti-corruption bill onto the floor of Parliament.
Steelmakers can't get enough iron ore because a massive mining scandal in the southern state of Karnataka prompted a court to order the closure of illicit mines that account for a fifth of iron ore production in the country.
The bureaucrats — even the honest ones — are reportedly so scared of being punished they are refusing to make the decisions needed to make the country run.
Piramal is not unpatriotic. Each room in his executive suite is named after an Indian epic hero: Arjuna, the most pure; Dhananjay, acquirer and master of wealth. There's a quote from the Upanishads scriptures on the wall.
His office sits in a one million square foot office park in Mumbai his family built. The buildings around him — white with blue glass that flashes back the unforgiving sun — bear his own name in large black letters: Piramal Towers.
Piramal had the will and the means to build power plants and roads.
Instead, his Piramal Group's largest investment to date has been in one of the office park's tenants: the Indian subsidiary of the British telecom giant Vodafone Plc.
Last September, when he got the first payout, of $2.2 billion, from Abbott, the phone started ringing.
"Because people knew we had money, we had so many people approaching us for projects in the infrastructure sector," he said. "These people had no experience and no knowledge and no track record of having built a business in any area. And yet they were coming to us saying we have licenses and approvals. That just didn't sound right or smell right."
Each day, they paraded through his office: The investment banker who decided to build a 500 megawatt power plant, the coal trader assured of a government coal allocation, small-time miners with pretty presentations promising land, licenses and financing.
"They'd name politicians from the center and the state who had it all tied up for them," he said. "It didn't sound right. Obviously there were things going on in the system."
Road and port projects weren't much better, he said.
Piramal also looked at investing in engineering and infrastructure services companies, but couldn't make sense of their books.
"We couldn't find anything," he said. "People get greedy. In their desire to get good valuations they resort to, if I can say, creative accounting."
Today, India's infrastructure companies are known as great wealth destroyers.
"Infrastructure investment has become untouchable, a sure way of losing money," said Jagannadham Thunuguntla, head of research at SMC Global Securities. He calculates that four of India's top infrastructure companies — GMR Infrastructure, GVK Power and Infrastructure, Lanco Infratech and Punj Lloyd — have lost over 80 percent of their value since 2007. A fifth, Larson & Toubro is down 50 percent.
Piramal may have dodged a bullet, but shareholders in Piramal Healthcare aren't happy. Despite a $600 million special dividend and share buyback, the share price has sagged since the Abbott deal was announced on May 21 last year. They'd like to see the Abbott cash productively deployed. Instead, much of it is sitting in fixed deposit accounts.
Piramal said he really does want to run a pharmaceutical company and be the first Indian company to discover a world-class drug — despite his dabbling in telecom, financial services and real estate financing. It's just that pharma can't absorb all his cash. He plans to sell the 5.5 percent stake he picked up in Vodafone Essar for $640 million in a few years, when Vodafone Essar issues shares in an initial public offering, he said.
He has also launched Piramal Capital, to make real estate and infrastructure loans, and spent about $50 million to acquire IndiaReit, a real estate investment company.
Meanwhile, his thoughts have turned to Boston, where he set up IndUS Growth Partners with a professor from Harvard Business School to look for buying opportunities in the U.S., in security, financial services and biotechnology. And he said he's still planning to spend over a billion dollars on biotechnology acquisitions in North America and Europe.
"India was going more towards capitalism than socialism," Piramal said. "I think we're going back. Capitalism went to too much excess. Corruption levels went to the extreme."
He said he'll announce his first overseas acquisition by March.
..
word of advice petey needs to call saudi prince alwaleed if he wants some real money that alabama deal is toast lmao!!
http://finance.yahoo.com/news/saudis-prince-alwaleed-buys-stake-071140529.html
Saudi Prince Alwaleed buys Twitter stake
Reuters – 1 hour 0 minutes ago
....
Share19EmailPrint.....Companies:...Zynga, Inc. . ...RELATED QUOTES.
.Symbol Price Change
ZNGA 9.00 -0.50
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...Saudi billionaire Prince Alwaleed bin Talal speaks at a news conference in Riyadh August 2, 2011. REUTERS/Fahad Shadeed
....By Sitaraman Shankar
DUBAI (Reuters) - Prince Alwaleed bin Talal, the Saudi billionaire and an investor in some of the world's top companies, has bought a stake in microblogging site Twitter for $300 million, gaining another foothold in the global media industry.
Alwaleed, a nephew of Saudi Arabia's king who was estimated by Forbes magazine this year to have a fortune of over $19 billion, already owns a 7 percent stake in News Corp and plans to start a cable news channel.
Twitter was a key means of communication for protesters in the Arab Spring revolts this year, violence that threatened Saudi Arabia until the kingdom unveiled a populist $130 billion social spending package.
The Twitter stake, bought jointly by Alwaleed and his Kingdom Holding Co investment firm, resulted from "months of negotiations," Kingdom said.
Twitter chief executive Dick Costolo valued the company at $8 billion in October, according to media reports, which would peg the size of Alwaleed's investment at just under 4 percent.
Kingdom's executive director Ahmed Halawani told Reuters that "substantial capital gain" was the motivation behind the investment, adding that there were no moves to ask for a board seat or influence strategy at Twitter.
Twitter, which allows people to send 140-character messages, or Tweets, to groups of followers, is one of the Internet's most popular social networking services, along with Facebook and Zynga.
Bernhard Warner, co-founder of analysis and advisory firm Social Media Influence, said: "The Arab world, of course, knows full well the value of Twitter. In the past year, it has been a force in politics, in regime change, so there is not a single person in that region in a position of influence who is not following the increasing power of Twitter.
"(Alwaleed) must see Twitter as something that is going to be a really powerful broadcast channel," he said, adding the Saudi had got into the internet boom belatedly, with mixed results, and appeared to be "kind of late" to the game again.
Investors in Saudi Arabia were more bullish, sending shares in Kingdom up 5.7 percent to 8.30 riyals at the close.
"One of the few sectors to record significant revenue gains in the last three years has been technology, which is why Kingdom would see Twitter as a good addition to its diversified portfolio," said Hesham Tuffaha, head of asset management at Bakheet Investment Group in Riyadh.
Saudis are increasingly turning to satellite television, online news providers and social networking to stay abreast of world events. The world's biggest oil exporter announced a series of stricter regulations for journalists earlier this year.
Alwaleed, 26th on the Forbes list of billionaires with a sizeable stake in Citigroup, has spoken in favor of broader political participation, fair elections and effective job creation across the Arab world.
He has also been publicly supportive of management including the Murdochs at News Corp and Citigroup chief executive Vikram Pandit.
Several Arabs tweeted that they were worried Alwaleed's purchase would influence strategy negatively at Twitter.
But Abdel-Khaleq Abdullah, an Emirati political scientist, said the investment was unlikely to raise eyebrows in official circles.
"He just saw an opportunity, a money-making opportunity, nothing more, nothing less," he said. "(Internally), it's going to be viewed as a shrewd investment and I don't think we should read too much into it."
The prince's wife, Princess Ameerah al-Taweel, is a regular Tweeter and has nearly 83,000 followers on the site.
INVESTOR BACKS IPO
Halawani gave his backing to a potential initial public share offering from Twitter, saying the investor would be interested in participating.
Markets are eagerly anticipating a Twitter float but the company said in September it was in no hurry to go public. It raised $400 million in venture capital financing this summer.
It now counts more than 100 million active users who log onto the service at least once a month. Facebook, the world's largest social network has more than 750 million active users.
Internet search giant Google recently launched a social networking service dubbed Google+ which some observers say could attract users away from Twitter.
Shares in online games developer Zynga ended at a 5 percent discount to their issue price on their trading debut on Friday, and analysts said any valuation for Twitter could be misleading.
"You could put any number of zeroes behind a valuation of a private company. Before it goes public it is almost meaningless," said Warner.
"This is a very small group of investors which has put money into this thing. That will be diluted and diluted and diluted again until it goes public. And that is when we will see what the value is. These are kind of magic numbers at the moment."
Kingdom owns a near-30 percent stake in Saudi Research and Marketing Group, which runs a range of media titles.
"Our investment in Twitter reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact," Alwaleed said.
Alwaleed paid $500 million for shares in last year's General Motors IPO. In August this year he unveiled plans to build the world's tallest tower in Jeddah.
(Additional reporting by Georgina Prodhan in London and Matt Smith and Amran Abocar in Dubai; Editing by Erica Billingham and Greg Mahlich)
wow where did petey go???? maybe he is chasing waldo!!!!
http://news.yahoo.com/supercar-makers-chase-chinas-superrich-motorheads-070808442.html
..Supercar makers chase China's superrich motorheads
By KELVIN CHAN | AP – 1 hr 2 mins ago....
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..In this photo taken Thursday, Nov. 24, 2011, a Pagani Huayra is displayed during …
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11 photos - 18 hrs ago...See latest photos »....MACAU (AP) — China's superrich want supercars.
That's what the makers of world's most exotic and expensive sports cars are hoping as they gather in Macau this week for the first Asian edition of Monaco's annual Top Marques show that began eight years ago.
The supercar companies are chasing growth in China, which is churning out scores of new millionaires each year and is home to the world's biggest auto market.
Ferraris and Lamborghinis sat alongside rare and beautiful automotive works of art from lesser known marques like Italy's Pagani, West Richland, Wash.-based SSC and Sweden's Koenigsegg. They drew admiring looks from wealthy auto enthusiasts from China and other Asian countries.
Sales staff were hoping to sign deals with some of the 20,000 expected visitors. One of them was Steve Chen, who built his fortune in China with a motivational speaking business. He was admiring the Pagani Huayra, an euro849,000 ($1.1 million) street rocket sheathed in carbon fiber and titanium with gull wing doors and a V-12 engine churning out 700 horsepower.
Chen was thinking of buying a Pagani or a Bugatti Veyron Grand Sport to add to his collection of 15 to 16 high-end cars, which he divides between his bases in Taiwan and Shanghai.
"I go to a lot of auto shows in China. I've loved cars since I was a kid and I have been collecting many different car brands," said Chen, who opened his leather satchel to reveal keys for a Ferrari, a Lamborghini and a Rolls-Royce, careful not to display them too ostentatiously.
Chen, who visited the Bugatti factory in France for a test drive, said he admired the Veyron's top speed of more than 400 km/h (250 mph) though he did wonder aloud to the sales staff why the car, which has a list price of 39 million yuan ($6.1 million) in China, was so expensive.
China's billionaire ranks, boosted by the country's fast-growing economy, swelled to 271 in 2011, 82 more than last year, according to the Hurun Report, China's version of the Forbes rich list. The number of millionaires grew by 85,000 in 2011 to 960,000. Rising wealth levels are reflected across Asia, which had 3.3 million millionaires last year, surpassing Europe for the first time and closing in on North America's top spot, according to a study by Merrill Lynch and Capgemini.
With so much wealth being created, "there's a fair bit of competition and these companies will now have to establish their brands and see if their brands will get a following," said Amar Gill, who authored a recent CLSA Asia-Pacific Markets report on Asia's wealthy.
China's vast expanses, linked by an extensive network of newly built of freeways, could help business for supercar makers.
"Given that you've got these long stretches you can drive on, having a nice car is a bigger attraction than being in a city-state where it's just a status symbol," said Gill, who is based in Singapore.
Organizers of the four-day show, which ends Sunday, expected about 60 percent of visitors to be from mainland China, with another 20 percent from Hong Kong and the same amount from Japan, South Korea, Taiwan and Southeast Asia.
"The growth in China has been exponential and the various manufacturers who are represented here today have all noticed that their biggest market is China," said show organizer John Hardyment.
China's supercar "market is growing rapidly, growing a lot faster than the entire car market," said Wilson Lee, Lamborghini SpA's Beijing-based head of China operations.
To be sure, the supercar market is a small portion of China's overall auto sales, which rose 32 percent last year to 18 million vehicles. Sales have slowed this year and analysts forecast growth of less than 10 percent.
Lamborghini, owned by Volkswagen AG, expects to sell about 350 cars in China this year, 70 percent more than last year, Lee said.
China overtook the U.S. this year to become Lamborghini's biggest market and Lee predicted similar sales growth for "another two years before it levels down a little bit." The company opened five dealerships in China this year, adding to 14 existing ones. When the 20th opens next year, China will have a sixth of the company's 120 dealerships worldwide.
Most Chinese Lamborghini buyers are worth at least 100 million renminbi ($16 million) and nine in 10 pay in cash, Lee said. About two-thirds are younger people aged 20 to 32 from wealthy families while 10-20 percent are older auto enthusiasts who drive their supercars mainly at the track on weekends. The remaining 10 percent don't drive them at all.
"We call them collectors. They just put it at home like a fine painting or piece of art or sculpture. They have huge houses and they will have their whole collection of luxury cars on display," Lee said. "Some of these cars don't have a single kilometer on them. They basically forklift it and put it down at home because they don't want to put any miles on the car."
CHINA IS LOOKING FOR SUPERCAR MAKERS WOW AND WHERE IS REVENGE?????????? MMMMMMMMM NO WHERE TO BE FOUND FTD AS US
LMAO yahoo Liberal or not petey will continue to have FTD for rvgd shareholders!!
http://news.yahoo.com/does-car-54-5-miles-gallon-thats-epa-224004564.html
Interesting article mmmmmmmmmmmm but petey plans to get 100 plus yeah right lmao!!
..Does your car get 54.5 miles a gallon? That's what EPA wants for 2025
The Obama administration on Wednesday formally unveiled a plan that would chop greenhouse-gas emissions, heavy reliance on oil, and fuel costs.
By Mark Clayton | Christian Science Monitor – Wed, Nov 16, 2011....
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.....The Obama administration on Wednesday formally unveiled a "historic" plan that would, if implemented, sharply improve US auto and light-truck mileage standards by 2025 – chopping America's greenhouse-gas emissions, and heavy reliance on oil, as well as fuel costs for drivers.
The new proposal pushes auto-mileage standards to 54.5 miles per gallon in the next decade. It comes on the heels of a finalized first step in the same direction, announced in April. That earlier step requires automakers to build an auto fleet averaging 35.5 miles per gallon by 2015.
"By setting a course for steady improvements in fuel economy over the long term, the Obama administration is ensuring that American car buyers have their choice of the most efficient vehicles ever produced in our country," said EPA Administrator Lisa Jackson in a statement. "That will save them money, reduce our nation's oil consumption and cut harmful emissions in the air we breathe."
RECOMMENDED: The five cheapest hybrids
The rough outlines of the new mileage proposal were first announced in July at a Rose Garden event, where President Obama and the heads of the US automakers came together.
Under the new proposal, the Environmental Protection Agency and the US Department of Transportation would work closely with automakers on a plan for mileage improvement, as they did with the earlier step. Gains this time around, agency officials say, would include:
• Lopping a total of 4 billion barrels off the nation's oil consumption and 2 billion tons of greenhouse-gas emissions over the lifetimes of vehicles purchased during the 2016-2025 time frame.
• Saving Americans more than $1.7 trillion in fuel costs at the pump – about $8,000 per vehicle by 2025. These figures take into account both the earlier decision to boost mileage and the new proposal.
• Reducing America’s oil consumption by 2.2 million barrels per day – enough to offset nearly a quarter of today's foreign-oil imports. This figure was also arrived at by factoring in both the first and second steps. Also, overall, 6 billion tons of greenhouse-gas emissions would be cut over the life of the programs.
Environmentalists were quick to embrace what several hailed as possibly the most significant achievement of the Obama administration.
"It is not every decade that a president does something to simultaneously help the environment, consumers and the auto industry. President Obama has done just that," said Dan Becker, director of the Safe Climate Campaign in Washington, in a statement. "These standards are the biggest single step any nation has taken to fight global warming."
The steps, he noted, would "slash our oil addiction" and save drivers thousands of dollars at the pump – even after paying for the technology that delivers better mileage. They would also help “automakers compete by making efficient vehicles that consumers ... want to buy."
One poll of 1,200 small-business owners found that 87 percent of them overwhelmingly support adopting strong mileage standards. Moreover, a July study by Ceres, a nonprofit coalition of investors and public-interest groups, found that a shift to a fuel economy of 54.5 m.p.g. would create about 43,000 direct jobs and 484,000 economywide.
But while automakers – the co-authors of the pact – embraced the deal, they also seemed eager to leave themselves wiggle room to negotiate with future administrations over the pace of change. Indeed, the deal has some "loopholes" in it that environmentalists have warned could allow actual mileage standards to slip a bit.
“This proposal continues the approach of establishing a single national program for fuel economy and greenhouse gas emissions, which is the right overall direction," said Mitch Bainwol, president of the Alliance of Automobile Manufacturers, an industry group, in a statement.
"The proposed regulations present aggressive targets, and the Administration must consider that technology break-throughs will be required and consumers will need to buy our most energy-efficient technologies in very large numbers to meet the goals," Mr. Bainwol also said.
The proposal now begins a formal 60-day comment period and could be finalized by next summer.
RECOMMENDED: The five cheapest hybrids
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..
Again RVGD is no show at LA autoshow this week lmao what a surprised lets stay tuned for january here come the excuses lmao!!
The broke state Petey was suppose to build a super race track in Alabama (birmingham)just declared bankruptcy LMAO!! Only matter of time before the rest of the state declares bankruptcy,wow petey sure knows how to pick them lol.
http://news.yahoo.com/ala-county-votes-largest-municipal-bankruptcy-224320185.html
....Ala. county votes for largest municipal bankruptcy
BIRMINGHAM, Ala. (AP) — Leaders of Alabama's most populous county on Wednesday voted to declare an estimated $4.1 billion bankruptcy, the largest for a municipality in U.S. history.
Two months after it seemed Jefferson County had struck a deal to settle the debt, the commissioners took the action. It came after spending about six hours over two days meeting with its lawyers to discuss legal options. Those options included a Chapter 9 bankruptcy filing and a settlement with creditors on the county's $3.14 billion sewer debt.
Jefferson County has been trying since 2008 to avoid filing bankruptcy over the debt, which resulted from a mix of outdated sewer pipes, the lagging economy, court rulings and public corruption. At the same time, it faces a separate shortfall of as much as $50 million in its operating budget because courts struck down a major local tax as unconstitutional.
Commissioner Jimmie Stephens made the motion to file for bankruptcy. He said the commission and creditors never could complete the tentative agreement they reached in September and remained about $140 million apart.
"Despite our best efforts the negotiations had not produced any decision that fairly treats the county and our citizens. And it did not appear that further negotiations would produce that," he said.
The September agreement called for $1 billion in concessions from creditors and sewer rate increases of up to 8.2 percent a year. He said that without more concessions, the rates would have had to be above 8.2 percent.
He said filing the largest municipal bankruptcy ever will create an initial shock, but it will be good to start resolving a financial problem that has hindered the county for too long.
"Jefferson County has, in effect, been in bankruptcy for three years," he said.
The vote comes just two months after a preliminary deal was struck with Wall Street bankers that would have allowed the county to avoid the embarrassment of filing the largest municipal bankruptcy in the U.S. However, despite the deal providing a hopeful sign, there was still a possibility that bankruptcy would be necessary.
The deal was to have required state lawmakers to approve a mix of local tax hikes, budget changes and other legislation to resolve the billions in debt.
Jefferson County has about 658,000 residents and is home to both Alabama's largest city, Birmingham, and its medical and financial centers.
The settlement proposal with Wall Street investors led by JPMorgan Chase & Co included the lenders agreeing to forgive about $1 billion in debt, the county refinancing about $2 billion, and the a series of sewer rate increases.
If Jefferson County follows through in filing for bankruptcy, it would overshadow the one filed by record-holder Orange County, Calif., in 1994 over debts totaling $1.7 billion.
Pennsylvania's capital city of Harrisburg recently sought bankruptcy protection under similar circumstances as it struggled with about $300 million in debt from a trash incinerator that began operating in 1972.
A federal court forced Jefferson County to begin a huge upgrade of its outdated and overwhelmed sewer system to meet federal clean-water standards in the 1990s, and officials used bonds to finance the improvements. Outside advisers suggested a series of complex deals with variable-rate interest that were later shown to be laced with bribes and influence-peddling.
Loan payments rose quickly because of increasing interest rates as global credit markets struggled, and the county could no longer afford its payments. Meanwhile, a string of elected officials, public employees and business people were convicted of rigging the transactions that helped put the county in so much trouble.
Those convicted in the graft investigation include then-Birmingham Mayor Larry Langford, a former president of the Jefferson County Commission; and ex-Commissioner Chris McNair, whose daughter was one of the four black girls killed in an infamous Ku Klux Klan church bombing in Birmingham in 1963. Langford and McNair both are in federal prison.
..
Wow a REAL CEO who finishes his car fully ,shows up to the autoshow in paris with full furnished hybrid card!and delivers the product to the client this past october mmmmmmmmmmm when will Peter become a real CEO LMAO,my fault petey FTD LMAO!!!
5 Questions With Henrik Fisker
By Mike Meredith
By Exhaust Notes Nov 4, 2011 10:26AM
Share 394
Fisker Automotive was founded just four years ago, in California, with the goal of creating no-compromise luxury vehicles that are also environmentally responsible. The company was co-founded by its namesake, Henrik Fisker, a highly regarded automotive designer -- the Aston Martin DB9 and BMW Z8 came from his pen -- who set out to produce the world's first truly premium hybrid-electric vehicle.
Thanks to early and intense media interest at every stage throughout the vehicle's development, you likely already know that Fisker’s first production car is the Karma. The dramatically styled 4-door luxury saloon is a series plug-in hybrid electric vehicle (PHEV) powered by a lithium-ion battery and a 2.0-liter range-extending gas engine. The first Fisker Karma, after receiving official EPA certification, was delivered to a customer in October.
Henrik Fisker was in Seattle for the Seattle Auto Show, and we had a chance to sit down with him to talk luxury cars, EPA ratings and the advantage of having a world-renowned designer as the CEO of a car company. Here's what the man had to say:
Exhaust Notes: For a luxury electric vehicle at this price point, what does a buyer get for the money? How does the Karma compete with other luxury cars?
Fisker: Basically you get everything that you would get with another car that is $96,000. So if you take the Porsche Panamera or a Mercedes CLS or any of these other sporty 4-door cars, you get 400 horsepower; you get a lot more torque than any of the other cars have; you have a luxury interior with a full haptic touch-screen, the largest in the world right now; you get a well-appointed interior either in leather or animal-free. You get standard features that are optional on other cars, such as 22-inch wheels -- which you can’t even get on any of the other cars -- and the large solar roof. And then of course you get this amazing new powertrain, which none of the other cars have, which is the electric vehicle with range extender.
I describe the Karma as "no-compromise luxury" because, when you normally think of an environmentally friendly car, you always think about you have to make a compromise ... such as the car is really small, maybe it doesn’t look good, it doesn’t have any luxury, it doesn’t have the power you want and most of all it’s a compromise if you know you can’t take the car whenever you feel like it, and go as far as you want. Because that's the essence of the car: freedom. So with Karma you have the freedom, and we expect most people over 90 percent of the time will drive electric, but the few times they take a long trip there is the range extender.
EN: The EPA ratings recently came out and the consensus was that they were lower than expected. How important is that and how does it affect what the car was designed to do?
Fisker: I think this is not something we think is that important because it probably doesn’t reflect, really, how people will use the car. No one has real knowledge about how these cars will truly be used. If anybody has that, it’s probably Fisker Automotive because we have developed the vehicle, and tested the vehicle, and we’ve had a lot of people drive the vehicle and what we find is that most often you will get closer to a 50-mile range than what the EPA is saying. We just got the rating from Europe’s regulatory body, TUV, which has an office in Michigan. They independently tested the Karma and got a range of 51.6 miles. I think, depending on how you drive the car, you should be able to get close to the 50 miles we always said.
In terms of the miles per gallon, that’s always very difficult to estimate what it really means. What we believe is that most people should easily be able to drive during an entire week without using one drop of gasoline. And I think that’s what is important to the consumer. It’s not what it says on a sticker from the EPA; it’s what’s actual, because there are lots of people who have other cars that also do not actually give them what it says on that sticker when they actually drive the vehicle. I think in our case, what’s important to the consumer is that they have the choice to drive zero-emission, and that the car looks so great and it’s an exciting car that they feel good about the fact it’s actually extremely environmentally friendly if you use it right.
EN: How will the technology in the Karma be used for other models that are attainable for other buyers?
Fisker: We are already planning a vehicle that is lower-cost than the Karma, more in the segment of an Audi A5 or Mercedes C-Class/E-Class. We have already developed this vehicle; we have signed off the design and we purchased a factory in Delaware where we will start producing that vehicle. We are going to start making prototypes of that vehicle next year in that factory, and then full production in 2013. This will be a vehicle that will be exported worldwide. We see a lot of possibility to bring this technology to more consumers by consistently taking cost out of the technology, and by being able to offer lower-cost vehicles. But we had to go through the path of the Karma first because the technology is expensive, so it has to start out in the high-end market. But you should not underestimate the high-end market: Worldwide, there are more than 1 million luxury cars sold per year -- of course depending on how you slice that market -- but it’s definitely a market that we think an American car company should take part in.
EN: Looking back four years after starting a new company, what has that been like and what does it feel like to have the first cars out on the road?
Fisker: It’s been extremely hectic, as you can imagine, because most car companies take five years to develop a car and we’ve done it in four, and started a company, and raised money and put together a team and put together processes, etc. So it’s been extremely hectic and a lot of work, but it feels amazing when you see that vehicle on the road, because it’s a very dramatic car, proportionwise, and I don’t think a lot of people expected us to actually make it. But we did. And we’re out there with the cars now; it’s very exciting. I think we have silenced a lot of the skeptics and I think when you drive the car a lot of people will really feel it’s an amazing new car. I’m very proud that it was developed right here in the U.S., and it shows how much talent there is here in the U.S. and I think we should all be proud that we can actually develop and engineer cars like that here in the U.S., to compete with the best of Europe and Japan.
EN: You are first and foremost a designer who has designed some of the most beautiful cars in the world. How does that continue and how do the designer and CEO roles interact?
Fisker: I think that is our edge. It is probably our strong point. There is no other car company in the world who has a CEO who also has a design background, and I think there is probably no other product in the world that is so driven by design and desirability as cars. That is why we have an edge, because I am able to create the desirability and make the right decisions to make sure we continue to have the most beautiful and desirable cars in the world. I think that is a huge marketing advantage for our company, because you wrap that new technology, that amazing quality into a beautiful design and you’ve got a winner.
http://editorial.autos.msn.com/blogs/autosblogpost.aspx?post=09fd3966-029a-4a56-a871-67c679600594
Wow a REAL CEO who finishes his car fully ,shows up to the autoshow in paris with full furnished hybrid card!and delivers the product to the client this past october mmmmmmmmmmm when will Peter become a real CEO LMAO!!!
5 Questions With Henrik Fisker
By Mike Meredith
By Exhaust Notes Nov 4, 2011 10:26AM
Share 394
Fisker Automotive was founded just four years ago, in California, with the goal of creating no-compromise luxury vehicles that are also environmentally responsible. The company was co-founded by its namesake, Henrik Fisker, a highly regarded automotive designer -- the Aston Martin DB9 and BMW Z8 came from his pen -- who set out to produce the world's first truly premium hybrid-electric vehicle.
Thanks to early and intense media interest at every stage throughout the vehicle's development, you likely already know that Fisker’s first production car is the Karma. The dramatically styled 4-door luxury saloon is a series plug-in hybrid electric vehicle (PHEV) powered by a lithium-ion battery and a 2.0-liter range-extending gas engine. The first Fisker Karma, after receiving official EPA certification, was delivered to a customer in October.
Henrik Fisker was in Seattle for the Seattle Auto Show, and we had a chance to sit down with him to talk luxury cars, EPA ratings and the advantage of having a world-renowned designer as the CEO of a car company. Here's what the man had to say:
Exhaust Notes: For a luxury electric vehicle at this price point, what does a buyer get for the money? How does the Karma compete with other luxury cars?
Fisker: Basically you get everything that you would get with another car that is $96,000. So if you take the Porsche Panamera or a Mercedes CLS or any of these other sporty 4-door cars, you get 400 horsepower; you get a lot more torque than any of the other cars have; you have a luxury interior with a full haptic touch-screen, the largest in the world right now; you get a well-appointed interior either in leather or animal-free. You get standard features that are optional on other cars, such as 22-inch wheels -- which you can’t even get on any of the other cars -- and the large solar roof. And then of course you get this amazing new powertrain, which none of the other cars have, which is the electric vehicle with range extender.
I describe the Karma as "no-compromise luxury" because, when you normally think of an environmentally friendly car, you always think about you have to make a compromise ... such as the car is really small, maybe it doesn’t look good, it doesn’t have any luxury, it doesn’t have the power you want and most of all it’s a compromise if you know you can’t take the car whenever you feel like it, and go as far as you want. Because that's the essence of the car: freedom. So with Karma you have the freedom, and we expect most people over 90 percent of the time will drive electric, but the few times they take a long trip there is the range extender.
EN: The EPA ratings recently came out and the consensus was that they were lower than expected. How important is that and how does it affect what the car was designed to do?
Fisker: I think this is not something we think is that important because it probably doesn’t reflect, really, how people will use the car. No one has real knowledge about how these cars will truly be used. If anybody has that, it’s probably Fisker Automotive because we have developed the vehicle, and tested the vehicle, and we’ve had a lot of people drive the vehicle and what we find is that most often you will get closer to a 50-mile range than what the EPA is saying. We just got the rating from Europe’s regulatory body, TUV, which has an office in Michigan. They independently tested the Karma and got a range of 51.6 miles. I think, depending on how you drive the car, you should be able to get close to the 50 miles we always said.
In terms of the miles per gallon, that’s always very difficult to estimate what it really means. What we believe is that most people should easily be able to drive during an entire week without using one drop of gasoline. And I think that’s what is important to the consumer. It’s not what it says on a sticker from the EPA; it’s what’s actual, because there are lots of people who have other cars that also do not actually give them what it says on that sticker when they actually drive the vehicle. I think in our case, what’s important to the consumer is that they have the choice to drive zero-emission, and that the car looks so great and it’s an exciting car that they feel good about the fact it’s actually extremely environmentally friendly if you use it right.
EN: How will the technology in the Karma be used for other models that are attainable for other buyers?
Fisker: We are already planning a vehicle that is lower-cost than the Karma, more in the segment of an Audi A5 or Mercedes C-Class/E-Class. We have already developed this vehicle; we have signed off the design and we purchased a factory in Delaware where we will start producing that vehicle. We are going to start making prototypes of that vehicle next year in that factory, and then full production in 2013. This will be a vehicle that will be exported worldwide. We see a lot of possibility to bring this technology to more consumers by consistently taking cost out of the technology, and by being able to offer lower-cost vehicles. But we had to go through the path of the Karma first because the technology is expensive, so it has to start out in the high-end market. But you should not underestimate the high-end market: Worldwide, there are more than 1 million luxury cars sold per year -- of course depending on how you slice that market -- but it’s definitely a market that we think an American car company should take part in.
EN: Looking back four years after starting a new company, what has that been like and what does it feel like to have the first cars out on the road?
Fisker: It’s been extremely hectic, as you can imagine, because most car companies take five years to develop a car and we’ve done it in four, and started a company, and raised money and put together a team and put together processes, etc. So it’s been extremely hectic and a lot of work, but it feels amazing when you see that vehicle on the road, because it’s a very dramatic car, proportionwise, and I don’t think a lot of people expected us to actually make it. But we did. And we’re out there with the cars now; it’s very exciting. I think we have silenced a lot of the skeptics and I think when you drive the car a lot of people will really feel it’s an amazing new car. I’m very proud that it was developed right here in the U.S., and it shows how much talent there is here in the U.S. and I think we should all be proud that we can actually develop and engineer cars like that here in the U.S., to compete with the best of Europe and Japan.
EN: You are first and foremost a designer who has designed some of the most beautiful cars in the world. How does that continue and how do the designer and CEO roles interact?
Fisker: I think that is our edge. It is probably our strong point. There is no other car company in the world who has a CEO who also has a design background, and I think there is probably no other product in the world that is so driven by design and desirability as cars. That is why we have an edge, because I am able to create the desirability and make the right decisions to make sure we continue to have the most beautiful and desirable cars in the world. I think that is a huge marketing advantage for our company, because you wrap that new technology, that amazing quality into a beautiful design and you’ve got a winner.
http://editorial.autos.msn.com/blogs/autosblogpost.aspx?post=09fd3966-029a-4a56-a871-67c679600594
Yeah i agree 100% percent how can he recieve financing when the major banks are not lending and more than half of them are closing down lmao wow I cant wait to see the December PR LMAO!!!
nothing but smoke and mirrors from here lmao wow the new clay model must be doing some finishing touches to it, will be magnificent sight to see once completed, come on petey less than two months till countdown lmao!!!