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Interesting read: Is Saleen lying in order to sell its version of the Tesla Model S?
Source: http://zalkon.com/2014/08/24/is-saleen-lying-in-order-to-sell-its-version-of-the-tesla-model-s/
Last week at the Pebble Beach Concours d’Elegance, Saleen unveiled its “Foursixteen”, a tuned version of Tesla’s Model S. They displayed a production model that sported a body kit and a revisited interior. On top of the aesthetic changes, Steve Saleen, CEO of Saleen Automotive, and a company representative, Max, made quite a few claims about performance upgrades made to Tesla’s award wining sedan:
The Range
In this video Max claims that Saleen managed to increase the range of the Model S, but when asked what the range of the car actually is, he could only answer “250 miles or 350 miles… I’m not sure”. How can someone claim to have increased the range of a car that he doesn’t even know the range of? After contacting Saleen’s PR department about this issue, they made the following comment:
“We (including our representatives) have not yet released any statistics on our FOURSIXTEEN.”
The Acceleration
Steve Saleen said to USA TODAY that he “regeared [the car] for quicker acceleration” which should result in a “up to three-tenths of a second faster” zero to 60mph time. Later at the same event, he claimed that the zero to 60mph should be in the “mid to low 4 seconds“. Tesla advertised a zero to 60mph of 4.2 seconds for its P85 (the version of the Model S Saleen “tuned”) and according to a recent presentation by Javier Verdura, Director of Product Design at Tesla, the car has now a 3.7 seconds zero to 60mph time. I don’t understand how Saleen’s mid to low 4 seconds can be three-tenths of a second faster than Tesla’s already advertised 3.7 to 4.2 seconds.
The Car Displayed at Pebble Beach
Regardless of what they claim their performance upgrades can do to the car’s statistics, did they actually made these “performance” modifications to the car? In this video Max informed the interviewer that the display car’s MSRP is $194,000. Saleen uploaded its price sheet for the FOURSIXTEEN on their website which raised some questions about the display model:
All the following prices are according to Saleen’s published price sheet.
The only work done to the display car that we could visually confirmed were the body kit ($152,000 including stock P85 from Tesla), the Saleen interior ($13,300), the new brakes ($14,500) and the Colorlab paint job ($25,000) for a total of $204,800. This already doesn’t match the $194,000 figure given by Saleen’s representative and it doesn’t include all the performance options such as the new spur-gear ($6,200), new locking differential ($6,200), Saleen’s stability control system ($2,500) and new suspension ($6,000) which would bring the grand total to $225,700 or $31,700 more than the MSRP confirmed by Saleen’s representative.
After contacting Saleen’s PR department about this issue, they had the following comment:
“The FOURSIXTEEN on display at Pebble Beach did not have an MSRP or price sheet associated with the vehicle (as is required to display at the Concours d’Elegance).”
When asked, Saleen couldn’t confirm that the display model had the performance upgrades.
The Warranty
Saleen had this to say in a press statement about its warranty for the “FOURSIXTEEN”:
“Warranties are also included on all new Saleen vehicles, components, and labor. Each newly purchased Saleen FOURSIXTEEN will include a 4-year / 50,000 mile warranty to match the manufacturer backed limited warranty.”
Note that they only cover Saleen parts and labor. The rest of the vehicle, arguably the most important part; the power-train and battery pack, would be left for Tesla to cover.
In Tesla’s warranty for the Model S, they claim they will void the warranty if “any repair, alteration or modification of the vehicle, or the installation or use of fluids, parts or accessories, made by a person or facility not authorized or certified to do so.”
Is Saleen authorized or certified to do so? I asked the question to Derek Hall, Saleen’s Sales Operations Manager, and he assured me in an email that Saleen is “fully in partnership with Tesla, they [Tesla] know what we [Saleen] are doing to the car and fully back up and will not void the warranty.” This would have been reassuring if only it was true.
A spokesperson at Tesla, Alexis, confirmed that they have no involvement with Saleen.
After bringing the issue to Saleen’s PR department, they had this to say:
“Tesla is the manufacturer of the Model S sedan, which we use as a component in our FOURSIXTEEN vehicle. Our relationship is simply a seller/buyer (transactional). As with all of our current (and past) production vehicles, Saleen warranties all of our components, assemblies, calibrations, and labor. We cannot speak for other OEM’s as to how they structure their warranties.”
Within two days, Saleen went from being “fully in partnership with Tesla” to having a simple “seller/buyer” relationship. They also went from being quite sure that Tesla will not void the warranty to not being able to confirm it.
Why is this Important?
All of this could be attributed to mistakes due to simple incompetency, but here is why Saleen’s relationship with Tesla and their modifications of the Model S is Important:
In 2013, Saleen Automotive (OTC:SLNN) went public by merging with a publicly traded shell company. Since then, their stock price went from more than $1.00 per share to now less than $0.10. Earlier this year, after announcing their work on the Model S, they tried to attract more investors to their ticker by publishing ads on an investor website with landing url’s on pages promoting their work on the Tesla Model S that we now know as the Saleen FOURSIXTEEN.
On the same website, users started sharing rumours that Saleen was in partnership with Tesla. The company also announced work on an electric vehicle in partnership with AC Propulsion , which happen to be a former partner of Tesla. More and more parallels were drawn between the two companies, but rarely anything tangible.
Saleen’s financial situation is disastrous with now only $27,000 in the bank and millions in debt including several hundred thousands of loans in default. According to their last 10Q, they need to raise more money by September 30th or they might have to cease their operation.
The confusion around the FOURSIXTEEN and the “partnership with Tesla” could have been a few simple mistakes from Saleen’s staff or it might have been a desperate attempt to sell their new car at all cost in order to save the company. It’s difficult to tell. Either way, it doesn’t look pretty.
Frédéric Lambert
sources:
Derek Hall email: http://imgur.com/2abYwzG
Saleen’s PR response: https://imgur.com/GdL4TZn
Saleen FOURSIXTEEN press statement: http://media.saleen.com/2014/08/FOURSIXTEEN/
Saleen AC propulsion press statement: http://www.prnewswire.com/news-releases/saleen-automotive-adds-ac-propulsion-to-design-team-for-new-saleen-electric-vehicle-245958871.html
USA TODAY article about the FOURhttp://www.usatoday.com/story/money/cars/2014/08/17/steve-saleen-tesla-model-s/14196127/
Saleen FOURSIXTEEN video:
and the next R/S comin...
as filed with the NVSOS:
Previous Stock Value:
Par Value Shares: 100,000,000 Value: $ 0.001
Par Value Shares: 10,000,000 Value: $ 0.001
No Par Value Shares: 0
Total Authorized Capital: $ 110,000.00
New Stock Value:
Par Value Shares: 40,000,000 Value: $ 0.001
Par Value Shares: 4,000,000 Value: $ 0.001
No Par Value Shares: 0
Total Authorized Capital: $ 44,000.00
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=LFwK8nU1jOEx4%252bUBNrySAA%253d%253d&CorpName=PETROTERRA+CORP.
Seems like the CO changed Ownership
There was an update yesterday on the NVSOS that caught my attention, just a new Director: Jeremy P. Feakins
Jeremy has over 30 years experience in highly successful entrepreneurial ventures. A British born (naturalized US Citizen), Jeremy has led start up and early stage companies from concept through Public Listing in both the US and Europe. From 1990 - 2006, Jeremy was the Founder, Chairman and CEO of Medical Technology & Innovations, Inc. (MTI). Under his leadership, MTI developed and built a microprocessor based vision-screening device designed to detect early signs of vision disorders in young, preverbal and difficult to screen children. Jeremy directed the development, manufacturing, marketing, sales and global distribution for the device. In 1996, he managed the US public listing for MTI and subsequently structured the sale of the rights to the vision-screening device to a major international eyewear company. From 1998 – 2006 Jeremy was the Founder and Managing Member of Growth Capital Resources, LLC, where he managed the public listing and business strategies for several companies including IP Voice Communications, Care Recruitment Solutions and China YCT International. In 2008, he founded JPF Venture Fund 1, LP an early stage investment fund focused on Clean/Renewable Energy, Biofuels/Waste Management, Water Management, Resource Efficiency, Sustainable Living, Environmental Services, Internet/Media and Green Transportation. JPF Venture Fund 1, LP was closed after raising the anticipated maximum capital. Since 2009, Jeremy has served as the Executive Chairman of the Board for Ocean Thermal Energy Corporation, where he directs the Executive Team. Under Jeremy's leadership, the Company has secured contracts and agreements to design, build, own and operate several large-scale utility-grade renewable energy projects in the Caribbean, Pacific Rim and Africa. He directed the Company's efforts to attract over $20 million in private equity, negotiate more than $100 million in senior debt project financing and a listing on a European Stock Exchange. Jeremy graduated from the Royal Naval Secretarial and Accounting College in Great Britain (Now: Defence College of Logistics and Personnel Administration) and is a seven-year Veteran of the British Royal Navy.
BUT then i saw the Form 3 http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10605218
and started to look into the NEW OWNER since they bought almost the entire OS (if the numbers are still valid...)
New Owner: JPF Venture Group, Inc.
http://www.jpfeakins.com/team.html
They have listed some interesting Projects on their site like the EcoVillage http://www.jpf.ventures/our-services.html or the Ocean Thermal Energy Project http://otecorporation.com/about/ .
Digging a little into those shows that they are both still active. The Ocean one is listed in Sweden on the GXG Exchange.
Some detailed Info about the Project here: http://www.need.org/files/curriculum/newsletters/12ccoctnovfinal.pdf
Here an early article from 2013 http://www.marketwatch.com/story/ocean-thermal-energy-corporation-announces-7650000-equity-offering-under-the-new-jobs-act-2013-09-24
But this Article really caught my attention: http://www.cpbj.com/article/20141120/CPBJ01/311209996/Ocean-Thermal-Energy-Corp%27s-expansion-continues-with-contracts-underway
It'll be interesting to see what their plans are for this one.
A/S is wrong ... its 500M not 100M
As said before, it will depend on the stockprice, since the conversion is based on it.
The amount could be as high as 15M for the first 50k note. per the daily vol they may have converted already a small portion of the 50K imo. we'll see if they will use the usual channels like Promotions etc in order to dump more shares.
Those lenders only care about their $$ and they will get it.
First note is due, and they can and will convert from time to time in small trances by the look of it. in june the next note will hit already for another 50k. So yes expect downward pressure to ramp up over the next weeks...
again, jmho
HVEL (NTEK Sub) 10:1 FS, Cusip and name change
per Daily list
With the acquisition complete, NanoTech shareholders of record as of February 6, 2015 will be allocated shares in HVEL equivalent to their percentage of ownership in NTEK
http://www.otcmarkets.com/stock/HVEL/news/NanoTech-Completes-Acquisition-of-High-Velocity-Enterprises--Inc-?id=96318&b=y
For A/S check OTC or the Filings directly.
500M is the current A/S I think and likely it's ok for this year... depending how low the price will go after each conversion
To stay actual check frequently the NVSOS here:
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=C4DpKFWHK%252bi60MzUtnuv0g%253d%253d&CorpName=SALEEN+AUTOMOTIVE%2c+INC.
You assume they converted the 50k Note in full.
Usually they don't do that, they convert in Tranches in order to maximize their gains.
Per the given stock price and the Terms of the Note they will convert at a 42 Discount of the lowest 20 day trading price
How many of those Notes did they pay off in advance so far?
LOL does it really surprise you?
Ouch that means this is really just the beginning
VNDM is the Dumper here
imo very likely that he is selling KBM (Kramer Brothers fka Asher)shares from the latest conversions. Read the Terms, they are still making $$ here.
KBM is almost the KISS OF DEATH for every Co they are involved...
they usually get shares at a discount of 40-60% of the lowes 5 closes or aherages during a certain period of time.
They always make $$ based on those terms.
GL to all players here
Those numbers aren't correct anymore
Wouldn't it be nice if either the Company's or the TA's have to update those Data within a Day after a change?
Per the SC13G from Pure Energy 714, LLC dated 2nd April! 839,230 shares = 8.75%
So at April 2nd the OS was ~10M shares already
Wouldn't surprise me if it has at least doubled since then...
GL for whatever Promo will take place here in the Future.
It only means they converted way below these levels and trying to make as much as possible... JMHO
GL to all Players.
VFIN and VNDM killing it
converted shares are hitting imo for days already.
Add the no interest to it and this is the result.
Call it a Blog Pump or Twitter Pump...
http://thehonestpenny.blogspot.com/
by TheHonestPenny @pennycheck
Reorganisation Filing with the NVSOS
Looks like a huge R/S (whipe-out) will take place
Reorganization
Document Number: 20150170936-34 # of Pages: 340
File Date: 4/15/2015
Previous Stock Value:
Par Value Shares: 100,000,000 Value: $ 0.001
Par Value Shares: 5,000,000 Value: $ 0.001
No Par Value Shares: 0
Total Authorized Capital: $ 105,000.00
New Stock Value:
Par Value Shares: 1,000 Value: $ 0.001
No Par Value Shares: 0
Total Authorized Capital: $ 1.00
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=sNjwcMtGI6d0yOvra9eTew%253d%253d&CorpName=ASSURED+PHARMACY%2c+INC.
OS must be growing daily...
Growing volume but lower pps
Dilution? Nah can't be, must be the shorts... LOL
Enjoy the show. People will learn it the hard way
Name change filed with NVSOS
PRVG is now IMPERIAL PLANTATION CORPORATION per NVSOS Merge-In Filing
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=YSKUa0QrIZUW5miFZh%252bwsA%253d%253d&CorpName=IMPERIAL+PLANTATION+CORPORATION
and the A/S got increased to 5Billion shares on April 8th too
Lots of Suspensions again today...
http://www.otcmarkets.com/market-activity/suspended-symbols
Didn't Ketcher dropped the Case?
If you talk about CRHO yeah it got reinstated too by Ketcher
same day as OSKA
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=5%252b72NPldHmLKQeKzTtTlcQ%253d%253d&nt7=0
And the A/S got increased right away back to 300M
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=ZMKRvl1acE5GJhOOFcHJIA%253d%253d&CorpName=U.S.+RARE+EARTH+MINERALS%2c+INC.
Yeah, looks like this is the Reason:
Merge-In Filing and Name change just hit NVSOS:
New Name: CYBER APPS WORLD INC.
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=WZAu%252f7z47xwfpp1oUS%252brwA%253d%253d&nt7=0
Too bad they filed the R/S before that...
Doesn't look like...
but also possible they used a wrong Form.
People will have to wait for Filings/PR...
Another Split filed with the NVSOS?
No Notes...
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=VgIBm7eLgpMpFRyZMDZPnA%253d%253d&CorpName=RADIAL+ENERGY+INC.
That must be the reason for
VFIN, BKRT and VNDM on the ask continously dumping worthless paper over and over again... nothing to do with the massive convertible debt.
GL
A/S increased to 5B shares per NVSOS
Previous Stock Value:
Par Value Shares: 500,000,000 Value: $ 0.001
Par Value Shares: 50,000,000 Value: $ 0.001
No Par Value Shares: 0
Total Authorized Capital: $ 550,000.00
New Stock Value:
Par Value Shares: 5,000,000,000 Value: $ 0.001
Par Value Shares: 50,000,000 Value: $ 0.001
No Par Value Shares: 0
Total Authorized Capital: $ 5,050,000.00
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=5rBW7hG5Wt%252bUxHRJFn8mLA%253d%253d&CorpName=SOUTHERN+HOME+MEDICAL%2c+INC.
Next R/S comin...
Per NVSOS:
Means nothing...
lol SURE THING Dude!
GL
Increase of A/S a good thing?
LMFAO massive dilution on its way, IMO!
GL
APS is dead
and so are there former Lists.
Many of their former Domains got obviously new owners.
BTW the site you mentioned was never part of the old APS Lists:
Only Means -> MORE SHARES TO DUMP !!
GL
shows -56.96% to me...
right at the top of the Board...
Up after hours... LMFAO
Bring it on lil...
wanna be shocked now