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Lucky to have him at the helm? Perhaps Costa Cruises line could use him as one of their Captains, seems the main characteristic they look for in a Captain is denial.
I am also a bit surprised at the picture that was left on the Fanofacts web-site. Instead of the waste removal truck a picture of a bucket of money being thrown down a toilet. This speaks volumes in my mind. JS was given the fiscal responsibility to manage the money provide by shareholders to make light of this by suggesting the money was flushed down the toilet is shameful. It speaks to arrogance without any concern for the money that was lost because of his hubris and lack of due diligence.
The record shows there were two rounds of funding put into NLI and WLSA. This money seems mostly to have been invested by insiders and those close to JS. The question I believe being asked is how much of that working capital is left to create shareholder's value or will we have to suffer more dilution down here to pay for lawyers and to fund ongoing operations.
The other question is of course JS's leadership. Through the information on the Fanofact site it is apparent this organization has no proper procedures in place but rather a fly by the seat of your pants approach.If procedures had have been in place due diligence would have been done before any large scale orders were accepted.
One also has to wonder if senior management who participated in the financing are less than enamored by their loss and how that will impact their relationship with JS.
D the G regarding post 6881
How is it you know material information about this Company that has not been released to the General Public? This is a public Company and you are predicting stock prices in your previous posts and always suggesting you and JS talk and you know what is going on. Be careful as the regulators do not take lightly these matters. If you are being told information that other are not privy to you would be well advised to keep it to yourself.
So the Newlook letter says John was in a relationship with the daughter and then offered his services for free.They find out the deal was not what they had expected but they were still willing to buy it at the same price. When it blows up JS says if we had known the history we never would have tried to help them. We are not a charity we are a public company with rules. Where was the due diligence?
http://media3.marketwire.com/docs/NLIFriendsFamily.pdf
I agree with you and I am happy to review both positions in order to gain clairity. The problem I have is now what? This information creates more questions than it answers and you know this will just be the start of the mud-slinging. What assets or resources are left to yet again rebuild this Company. The amount of business failures far outstrips any successes. You only get so many kicks at the can before people move on.
And all of this increases shareholder value how? Maybe WLSA and NLI should become law firms. Seems like that is the only stakeholder who will benefit from this mess.
Where was the due diligence a little upfront work saves a lot of this kind of experience and money loss.
I am far more concerned with the CFO's we turnover. The IR firms can only comment when given direction by JS. The CFO can vote with his feet.A lot of turnover in that department is extremely disruptive. The question that begs to be answered is why the turnover. I have a hard time with the wifey story. It would be interesting to track down Mr.Donovan for a comment. He is probably under a non-disclosure agreement.I noticed in his Linked-in page he does not mention his time with New Look, Vertility or any other associated company.
He accepted the job with JS, quit his well paying job at Collective Brands, moved here then his wife said sorry honey I am not moving we should have discussed this before hand. I am sure that is how it went down.
That is true the pinks require minimum reporting which is unfortunate. If we are taken off the pinks we will need to improve our accuracy and reporting. If we were under normal regulatory authority I am sure we would be under review.
I am trying to understand the Mark Donovan deal. He was a senior guy at Collective Brands in Kansas. He is a six sigma certified teacher.He uproots to come to Ontario to sign on as CFO. He has to reconcile all the books and review the deals and sign off on them. The first set of statements he signs off. Then he goes quite and on the latest filings buried in the footnote we find out he is no longer with us.
I asked the question if he was still with us on in one of my earlier posts and Brad Herin answered on post6545 that the last CFO that left the company reported. Well that does not seem to be the case this time.I would have thought that was a material fact given how vulnerable the companies financials were. Why would a CFO uproot his family move to Ontario then without explanation be gone. It certainly isn't because he wasn't qualified to do the work. It is this lack of clarity that causes suspicion, it may have a simple answer I guess we will find out on January 09
I just reviewed the New Look Annual Statement and in it it was disclosed that Mr. Donovan was appointed Chief Financial Officer of the Company effective May 1, 2011 and as of this date is no longer with the Company. So they have lost another CFO. I am sure on January 09,2012 all will be clear at the annual meeting.
I think the Tomassoni letter needs addressing from JS and the Management team. Was JS acting as Fiscal Agent for both sides. Does that put him in a conflict of interest position? It sounds like he took over the books and was responsible for deciding what suppliers got paid. Why would anyone allow that before a deal was closed? The web site is down but why do we never have any updates about the status of agreements we have entered into? We enter into agreements to buy companies, raise money, dilute shareholders and then the deals all blow up and we are left with major dilution and no assets by which we can recover shareholder's money. Where is Mark Donovan the CFO? There must be financial guidelines that the CFO oversees about the capacity to fund a deal. Where is the Board that is suppose to approve these deals? There are some pretty high profile people around this deal what are they doing?As usual lots of questions no answers.
This letter appears to have been coached by a lawyer. It makes some very strong declarative statements that run contrary to information provided by the Public Companies under JS control. I would say that this does not sound like it is over by a long shot and I am sure there will be more to follow. It sounds far more thought out than a simple Christmas Greeting. Most Christmas Greeting do not make you cringe.
This letter was sent out to the suppliers,customers and friends.
It was sent from Fanotech Waste Management.
There are always two sides to every story so I would suggest this be taken within context. Given that it went out to a lot of people I suspect there will be a strong backlash.
Dear Friends, December 15, 2011
As the New Year approaches we would like to take this opportunity to thank all of our loyal suppliers, customers and
friends who have stood with us through this trying year. Though we hit a few rough patches in the road due primarily
to meddlesome interference from third parties, we are now back on course and ready for new and exciting
opportunities in 2012. Before we ring in the New Year however, we understand that there are many rumours and
untruths floating around about Fanotech which we felt we should address so we can all move profitably forward
together into the new year and beyond.
1. Firstly and perhaps most importantly, despite what some of you may have heard or been told:
Fanotech is not bankrupt. By way of background in early 2010 the shareholders of Fanotech agreed to sell their
businesses to a public company. As part of the sale transaction, an officer of the purchaser agreed to act as a
financial consultant to Fanotech to, among other things, facilitate the transition. In August of this year, we finally
came to the realization that the purchaser did not intend to close the purchase on the negotiated terms and
accordingly negotiations were terminated. We also discovered at that time, troubling information regarding certain
transactions undertaken by the “financial consultant”, including missing funds and that as a result, a number of our
suppliers and creditors including many of you were not paid. Once negotiations were terminated the purchaser
attempted to force the sale despite our refusal using various methods including attempting to damage our business by
making disparaging comments about us to some of our key customers and suppliers, as well as attempting to
convince some of our suppliers that we were bankrupt. In fact one of our suppliers was persuaded to attempt to
bankrupt Fanotech Waste and commenced a bankruptcy application against it in October. We are pleased to report
that we have reached a settlement with that supplier and the bankruptcy application will shortly be dismissed or
withdrawn after paperwork is completed.
Unfortunately much of management’s time then became devoted to addressing the damage caused by the purchaser’s
attempt to harm us so in order to protect the companies and its stakeholders including its employees, creditors and
customers, Fanotech Enviro filed a notice of intention to make a proposal to its creditors under the Bankruptcy and
Insolvency Act. This does not mean that Fanotech Enviro was bankrupt but it did give Fanotech Enviro an
opportunity, free from harassment, to put together a plan to deal with the mess it found itself in back in August. We
anticipate filing our proposal in January and we expect that it will win the support of our creditors. Though we are
wary that there may be further attempts to harm us during the proposal process we are confident that our friends will
continue to stand by us.
2. Despite what you may have heard the Tomassonis’ are the sole shareholders of Fanotech. No other entity
has ever acquired any shares of any of the Fanotech companies notwithstanding press releases to the contrary.
3. Finally despite what you may have heard Fanotech has not licensed its American marketing and sales rights
to anyone. We had discussions along those lines with our purchaser but ultimately the license was not granted as the
purchaser would not or could not close the purchase.
Once again thank you all for your support and understanding. You do not know how much it means to us. We will
not soon forget it.
If you have any questions do not hesitate to call myself, Lisa or Dino. Our cell phones are always on…
Merry Christmas, Happy Holidays and Best Wishes for a prosperous 2012
Gabe Tomassoni
There is a letter that has been sent to the Friends of Fanotech from Gabe and the Family that states their position surrounding the transaction with JS's Companies. The hi-lites are disturbing. It suggests JS acted as fiscal agent on the transaction and therefore he was in conflict. As well there are monies missing according to the letter. There has been no deal signed with any Fanotech or related company that has closed and they are reviewing their legal recourse regarding this deal.
Gabe is open to talk about his take on this.
Merry Christmas
In the old World investors would head off and lick their wounds. I think that is not the case anymore. I believe the investors and the investee companies will hold him to task. I think if he is allowed to regroup and find a new group to pilfer he will. He and the people moving funds around his company on his command need to be held accountable. Unfortunately sites like this only act as Dr. Phil therapy, what is needed is the lawyers and regulators to move in. I am sure they are lining up.
Contributing to the board? Really? I think the people posting on this site have been more than kind. They have asked reasonable questions concerning clarity of their investment.JS has stated the new Vertility web-site has been posted to provide clarity and transparency to the investors. I cannot imagine how your Board signs off on your actions without recourse.
We find out about the demise of the deals JS has announced in cottage magazines,obscure web-sites, and small font footnotes in the financials.
Is Mark Donovan still the CFO or has he departed? That would be a significant fact I would think. Why did he not sign off on the financials. JS Please explain what value you add for the money you receive. JS this is a different World and you are accountable.
The regulators will no longer allow this type of behavior. You are truly yesterday's news. It is time to get some answers. Your web-site is the place to tell us what your plans are, we await your response.
John has been doing this on a shoe string budget??? Really?? he has raised over 1.5 million dollars from his internal management and other close friends (private brokered deal) he has announced promising deal after promising deal to either have them canceled , gone bankrupt, or tied up in litigation. Imagine if you were an inside manager and your leader took your money and drove most of the deals you were working on into the ground. He has kept the shareholders in the dark (otherwise he would have announced when deals did not work) not force us to find out about it in cottage news and the like. Pure arrogance and contempt. Sorry but this is not a person one can feel any empathy for as none has been awarded this way.
Innovative Solutions deal is gone. That was released in earlier financials. I noticed JS signed the financials does that mean Mr. Donovan is no longer with us. When a Company keeps going through CFO's that is never good news.The Fanotech deal was suppose to be the key to exploiting the Gasification technology. Where does that leave us now that that deal is gone. It looks like all that is left is the Call Center and the Home energy business and a tonne of clean up work.
Don't you mean Edgar as Sedar is Canadian filings? I cannot find it.
I do not think that is the point. There are numerous deals announced with much promise that are then dismantled, dropped, or changed without clarification. Thus it has been removed in reality according to the reporting documents but left on the web-site.
I would challenge you to explain Wireless's position in Fanotech position or Vertility as well as our position in the Europlasma deal. Good Luck
THIS IS A RE-POST from the August M D and A statement where the Innovation Solutions transaction was reversed.
The High Light reel from the MD&A This is a nightmare.
Innovation Solutions
As well, Innovative Solutions Inc. has the opportunity to earn an additional 2.5 million warrants in Wireless Age if a $10 million revenue performance target is met.Subsequent to June 30, 2011 the
agreement with Innovative Solutions Inc. has been reversed.
Fanotech Manufacturing
As part of the conditions for the CNSX listing, the Company must complete the acquisition of Fanotech Manufacturing Group.The closing was to take place before May 31, 2011. As of the date of
this report, the transaction has not closed.
Enwise
On February 11, 2011, the deposit
made by the Wireless Age in 2010 to SPTA in support of the proposed EnWise Power
Solution Inc. acquisition was returned with interest.
Capital Structure
On March 7, 2011, the Company closed a non-brokered private placement of common shares for total proceeds of $1,572,500. As of the date of filing this report, the shares have not been issued.
The Company had a working capital deficit of $13,366,182 at June 30, 2011 compared to $11,762,510 at December 31, 2010
The commencement of bankruptcy proceedings and the potential exposures to Wireless
Age and Newlook raise substantial doubt as to whether the Company will be able to
continue as a going concern.
Well I think there at least has to be retractions if deals do not close.To make announcements of a deal in a press release and then only announce its failure to close in the financial footnotes is deeply deceptive given the early statement JS made about transparency.Web sites also need to be updated.
"In our ongoing effort to increase shareholder value and transparency, we are pleased to announce our new corporate website," said John Simmonds, Chief Executive Officer of Wireless Age. "Our corporate website design will provide investors with easy access to key information including current news and events, corporate governance and regulatory documents, stock and financial data, and other shareholder resources."
This is from JS August 09 press release. Clear as mud. According to the financials Innovative Solutions deal is gone, Fanotech is under Bankruptcy protection. Lots of clarity around that with the new web-site.
Right, all my posts are from "public records" as apposed to private conversations with management and stock hype. Just looking for clarity
Fliier
If you want to try and understand the transaction, here is a good starting point.
http://www.sedar.com/GetFile.do?lang=EN&docClass=7&issuerNo=00013610&fileName=/csfsprod/data120/filings/01774408/00000001/C%3A%5CSEDAR%5CNewlook%5CMDA3010F.pdf
It is the MD and A from the SEDAR site. In it NewLooks dealings with Fanotech are disclosed. You will have to try and follow the bouncing ball from here.
If I am reading this correctly Fanotech's Enviro division is applying for bankruptcy protection.According to the New Look press release August 31,2010 the senior team purchased share of Wireless Age for .08c from New Look Industries.This transaction took place during at time when the main asset Fanotech Enviro was going downhill.I cannot believe the regulators would allow thistransaction. The shareholders of New Look should be pissed.
thanks, that is good news.
I have not been able to get a response if Mark Donovan is still the CFO. For those posters who JS is kind enough to talk to can you post an answer if Mark Donovan is still the full time CFO?
I noticed that their Nevada Company Charter has been revoked and maybe that is why they cannot get their listing. How can you get a listing if your status as a Corporation is not current. Sloppy work.
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=fnstSf9an8OYPjoX7CwfRQ%253d%253d&nt7=0
That is what I thought but I believe Mr. Donovan signed the last statements so I was curious why his name was absent. I hope he is still with us as he was obviously the person who has been getting all the financials up to date.
I noticed in the Edgar filing that the Financial Information was signed off by Mr. Simmonds not the CFO Mr.Donovan, Does anyone know if Mr.Donovan is still working there?
D the G
My point is clear you seem to lack the ability to comprehend.To review ad nauseum I spoke to Vendors of Vertility Corp. who were not paid for services provided. At the time there were no financial statements so I posed a question, If they were not paying there Vendors were they in financial trouble? You have tried to make this some sort of discrediting comment. I am sorry you find my reasoning suspect but I would suggest it is far more sound than your get aboard the train is leaving the station mindset.At least my comments merit thought.
D the G
I do not know how to enhance your comprehension skills, so lets review shall we; I answered the question concerning Vendors and said that this was current rather than from before. I also will say that I mentioned this before there were financials released. The financials were not just a little late after all and my question was derived to see if anyone had knowledge of the companies financial position, not at all unreasonable. Then come the financials and from what little one can tell many of the previously announced contracts have been wound down,changed considerably or still in a state of closure. Well typical of a promote, announce top line revenue potential then when the deal does not close it it not retracted in the press but released as a footnote. Then I question the odd wording in the press release concerning Fanotech (restricted to the manufacturing and deployment) as well as the proper disclosure of the Plasma Torch technology. These are not unreasonable requests in a public forum so to try and find some deep sinister motivation is rather silly,we should all be looking to answer these questions not based on emotion or we feel the stock will be at a certain price at a certain time but on the knowledge that Management has a clear path and is executing on the actions that will allow it to achieve its stated goals. The stock will take care of itself. If there was clarity around this we would not all be wasting our time searching for answers to rather simple questions.
asdfghj
You are right I should not discuss Vendor's without naming them. I was asking them questions concerning JS and they provided me with this information. I mentioned it as a behaviour around financial soundness. I consequently do not have to do that as the statements are out and I am sorry they are disastrous. I stand by all the other material questions as they are questions derived from fact or at least fact as reported by the two Companies.
I even sent an email question to EuroPlasma asking for clarification regarding their representation in North America, as of to date I have received nothing. I will start to dig much deeper to present any discrepancies I see that are not being addressed. I will only present facts and allow the investors to decide what to do with their investment. I will say I am impressed with the topline revenue however we still seem to be without any bottom line and given our balance sheet this is not sustainable.
asdfghj
I would hate facts to get in your way.I have flipped out? I have posted concerns that I have, as should all investors, based on public releases from the Company.There is huge incongruity in the financial statements. The press releases provide little clarity and I am sorry but I am doing my homework and I will continue to post factual information on this site.
You have chosen to simply bypass this information and start in with revisionalist history.That does not make you right simply annoying. Please review some of my earlier posts and I think you will find my questions are reasonable. The balance sheet is impaired, there have been arms length transactions that appear improper, as for clarity surrounding the Plasma technology still no real answers concerning that or Fanotech closing or why the transaction with Innovative Solutions went away?
The question is are all the shares paid for in full or on a term plan. If paid for in full that is great but if you are New Look and they is some sort of term then JS has successfully remove your asset for no money left you with all the debt. I am sure this will be hard for New Look shareholders to take.
In terms of your other question there are a host of Vendors who have not been paid.
I agree with you that it is nice to see a growing top line however the reason one wants to know the terms of the deals is to know how much of the top line is left after. If one is generating all top line and very small bottom line that drastically impacts the multiplier. That is why knowing the terms helps the analysis, but a few quarters out and the normalized earnings will show up.
Taken from the WLSA site
D the G
I am saying that there are rules governing the disposition of major assets of a Company especially to non arms length parties. I am saying that by removing the major asset of New Look it leaves New Look with only the uncompleted transaction Fanotech.If the deal is a cash deal that is one thing but as usual there is no clarity. With the amount of debt outstanding the creditors/receiver would simply grab the liquid asset. All non arms length transactions would require an independent valuation. I suspect there is more to come.