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Duh
Net Cash Used in Operating Activities: Net cash used in operating activities for the nine months ended January 31, 2011 was approximately $270,000. We have to date funded our operations predominantly through loans from shareholders, officers and investors and additionally through the issuance of our common stock as payment for outstanding obligations.
Form 10-Q for DRINKS AMERICAS HOLDINGS, LTD
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22-Mar-2011
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Unless otherwise indicated or the context otherwise requires, all references in this Report on Form 10-Q to "we", "us", "our" and the "Company" are to Drinks Americas Holdings, Ltd., a Delaware corporation and formerly Gourmet Group, Inc., a Nevada corporation, and its majority owned subsidiaries Drinks Americas, Inc., Drinks Global Imports, LLC, D.T. Drinks, LLC, Olifant USA, Inc. (as of January 15, 2009), and Maxmillian Mixers, LLC and Maxmillian Partners, LLC.
Cautionary Notice Regarding Forward Looking Statements
The disclosure and analysis in this Report contains some forward-looking statements. Certain of the matters discussed concerning our operations, cash flows, financial position, economic performance and financial condition, in particular, future sales, product demand, competition and the effect of economic conditions include forward-looking statements within the meaning of section 27A of the Securities Act of 1933, referred to herein as the Securities Act, and
Section 21E of the Securities Exchange Act of 1934, referred to herein as the Exchange Act.
Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates" and similar expressions, are forward-looking statements. Although we believe that these statements are based upon reasonable assumptions, including projections of orders, sales, operating margins, earnings, cash flow, research and development costs, working capital, capital expenditures, distribution channels, profitability, new products, adequacy of funds from operations and other projections, and statements expressing general optimism about future operating results, and non-historical information, they are subject to several risks and uncertainties, and therefore, we can give no assurance that these statements will be achieved.
Readers are cautioned that our forward-looking statements are not guarantees of future performance and the actual results or developments may differ materially from the expectations expressed in the forward-looking statements.
As for the forward-looking statements that relate to future financial results and other projections, actual results will be different due to the inherent uncertainty of estimates, forecasts and projections and may be better or worse than projected. Given these uncertainties, you should not place any reliance on these forward-looking statements. These forward-looking statements also represent our estimates and assumptions only as of the date that they were made. We expressly disclaim a duty to provide updates to these forward-looking statements, and the estimates and assumptions associated with them, after the date of this filing to reflect events or changes in circumstances or changes in expectations or the occurrence of anticipated events.
We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in Part II, "Item 1A. Risk Factors" and elsewhere in this report and in our Annual Report on Form 10-K for the year ended April 30, 2010, and those described from time to time in our future reports filed with the Securities and Exchange Commission. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995.
Introduction
The following discussion and analysis summarizes the significant factors affecting: (1) our consolidated results of operations for the nine and three months ended January 31, 2011, compared to the nine and three months ended January 31, 2010, and (2) our liquidity and capital resources. This discussion and analysis should be read in conjunction with the consolidated financial statements and notes included in Item 1 of this Quarterly Report on Form 10-Q, and the audited consolidated financial statements and notes included in our Annual Report Form 10-K, filed on August 13, 2010.
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Results of Operations
Comparison of the Three and Nine Months Ended January 31, 2011 and 2010
Net Sales: For the nine months ended January 31, 2011, net sales were approximately $388,000 under our revised royalty revenue business model compared to net sales of approximately $846,000 for the nine months ended January 31, 2010 which level of volume was driven by the Company's wholesale business model. The decrease of 54% reflects the transition of our business model in February 2010 from a wholesale operation to a royalty based operation under our distribution and importation agreement with Mexcor, Inc. as well as the delay in the second quarter of 2009 in replacing our working capital financing following the termination of our financing facility with Sovereign Bank. Our business continues to be impacted by a shortage of working capital and the continuing weak economy.
Net sales for the three months ended January 31, 2011 were approximately $142,000 compared to approximately, $397,000 for the three months ended January 31, 2010 reflecting a 64% decrease resulting from the managements decision transition the operating business model to a predominately royalty based operation from a wholesale distribution operation.
During the second quarter of 2010, we launched the sale of Rheingold beer, which sales accounted for approximately 48% of our total nine month sales and 55% of our total three month sales as of January 31, 2011.
Trump Super Premium Vodka sales aggregated 2,134 cases and accounted for approximately 34% of total dollar sales for the nine months ended January 31, 2011. For the comparable nine month period of the prior year, Trump Super Premium Vodka net sales aggregated 1,417 cases which accounted for 30% of the total dollar sales. For the three months ended January 31, 2011, sales of Trump Super Premium Vodka amounted to 805 cases or 33% of total dollar sales. For the same period of the prior year, the Company recorded sales of 1,417 cases of Trump Super Premium Vodka or 31% of the third quarter sales as of January 31, 2010. Sales of Trump Super Premium Vodka for the nine and three months ended January 31, 2011 continued to be negatively impacted by the weak economy and consumer preference for lower cost alternative vodka brand offerings.
For the nine months ended January 31, 2011, Old Whiskey River Bourbon totaled 1,180 cases sold which accounted for approximately 8% of total dollar sales. For the three months ended January 31, 2011, Old Whiskey River Bourbon totaled 277 cases or 5% of total dollar sales. For the nine and three months ended January 31, 2010, sales of Old Whiskey Bourbon totaled 1,278 and 979 cases, respectively or approximately, 18% and 30% of sales, respectively.
For the nine and three months ended January 31, 2011, sales of Aquila Tequila were not material. Due to the previously mentioned limited availability of sufficient working capital, we decided to allocate our limited resources to the acquisition of inventory that we could sell at higher margins. There were no sales of Aquila Tequila during the nine and three month periods of the prior year.
For the nine months ended January 31, 2011, Damiana Liqueur aggregated 1,346 cases sold or approximately 3% of total dollar sales. For the same period of the prior year, Damiana Liqueur totaled 214 cases sold or approximately 3% of total dollar sales. For the three months ended January 31, 2011, Damiana Liqueur totaled 216 cases sold or approximately 2% of total dollar sales. There were no sales of Damiana Liqueur for the three months ended January 31, 2010.
There were no sales of our premium-imported wines for the nine and three months ended January 31, 2011 as the Company exited the wine import business in the second quarter of fiscal 2010. Sales of our premium-imported wines totaled 796 cases or approximately 2% of our sales for the nine months ended January 31, 2010.
For the nine months ended January 31, 2011, Olifant Vodka amounted to 6,279 cases sold or approximately 6% of total net sales which compared to 8,604 cases sold or approximately 46% of total net sales for the same nine month period of the prior year. We believe, and continuing customer demand and sales indicate, that sales of our economy priced Olifant Vodka products continue to be very successful in the current economic environment.
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Net sales of Olifant Vodka for the three months ended January 31, 2011, totaled approximately 2151 cases sold or approximately 4% of total net sales. Net sales of Olifant Vodka for the three months ended January 31, 2010, totaled approximately 3,174 cases sold or approximately 40% of total net sales.
Gross Margin: Gross margin for the nine months ended January 31, 2011, was approximately $42,000 or 11% of net sales under the royalty business model compared to gross margin of approximately $237,000, or 28% of net sales for the nine months ended January 31, 2010 under the wholesale business model. This decrease in gross margin is attributable to the transition of our business model to a royalty-based revenue operation from a wholesale revenue model and the associated start-up production costs involved in launching of Rheingold beer in the second quarter of 2010 as well as the $40,000 charge to write-off non-saleable Olifant vodka products.
Gross margin for the three months ended January 31, 2011, was approximately $8,000 or 6% of net sales compared to gross margin of approximately $109,000 or 28% of net sales for the three months ended January 31, 2010. The decrease of approximately $101,000 reflects the impact of transitioning the business to a royalty based operation, the one-time production start-up costs of launching Rheingold beer and a one-time $40,000 write-off of non-saleable Olifant vodka product in the third quarter.
Selling, General and Administrative Expenses: Selling, general and administrative expenses for the nine months ended January 31, 2011 amounted to approximately $1,988,000 compared to approximately $3,841,000 for the same period of the prior year, a decrease of approximately $1,853,000, or 48%, attributable to our decision to reduce our operating and marketing expenses and thereby sustain our limited working capital. The overhead reductions resulted in lower payroll and payroll related travel and marketing expenses. Additionally, our distribution and importation agreement with Mexcor, Inc. ("Mexcor") resulted in our ability to transfer our field sales force and the associated sales commission costs and travel expenses to Mexcor, as we restructured our business-operating model in fiscal 2010. The cost reductions we obtained from restructuring our business plus additional working capital enabled us to launch successfully Rheingold beer in our second quarter. Additionally, for the nine months ended January 31, 2010, selling, general and administrative expenses included $567,500 of marketing fees associated with the 2009 Olifant Summer Concert Series.
For the three months ended January 31, 201, selling, general and administrative expenses amounted to approximately $662,000 compared to approximately $631,000 for the same period of the prior year, which reflects a marginal 5% increase of approximately $31,000, attributable to liquor licensing costs associated with the launch of Rheingold beer in several states.
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Other income (expense): For the nine and three months ended January 31, 2011, other income of $413,000 is predominately comprised of certain liabilities which have been forgiven offset by a loss from revaluation of conversion option liability. Other expense is comprised of interest expense totaling approximately $734,000 for the nine months ended January 31, 2011 compared to interest expense of approximately $907,000 for the nine months ended January 31, 2010. This decrease is predominantly due to a reduction in the cost of financing our outstanding liabilities which we have systematically reduced by approximately $2,056,000 to $5,413,000 at January 31, 2011 from approximately $7,469,000 at January 31, 2010. This decrease in our outstanding debt is mostly attributable to our repayment of $275,000 or nearly 98% of the outstanding loan payable to our CEO; the reduction of our outstanding accrued expenses and accounts payable of approximately $2,367,000; offset by the addition of $450,000 from the return of collateral by an investor previously treated as a reduction in our loan balance; and the restructuring by amendment and deferral and of our $200,000 Olifant debt re-payment.
Income Taxes: From our inception, we have incurred substantial net losses and as a result, have not incurred any income tax liabilities. Our federal net operating loss carry-forward is approximately $36,600,000, which we can use to reduce future taxable earnings. No income tax benefits were recognized for the nine and three months ended January 31, 2011 and 2010 as we have provided valuation reserves against the full amount of the future carry forward tax loss benefit. We will evaluate the reserve every reporting period and recognize the benefits when realization is reasonably assured.
Financial Liquidity and Capital Resources
Our accompanying consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern. As of January 31, 2011, the Company has a shareholders' deficiency of approximately $2,746,000 applicable to controlling interests compared with $2,886,000 applicable to controlling interests at April 30, 2010, and working capital deficiency of $4,810,000 as of January 31, 2011 and has incurred significant operating losses and negative cash flows since inception. For the nine and three months ended January 31, 2011, the Company sustained a net loss of approximately $2,281,000 and $532,000, respectively compared to a net loss of $4,415,000 and $898,000, respectively for the nine and three months ended January 31, 2010 and used cash of approximately $270,000 in operating activities for the nine months ended January 31, 2010 compared with approximately $274,000 for the nine months ended January 31, 2010. We will need additional financing which may take the form of equity or debt and we have converted certain liabilities into equity. We anticipate that increased sales revenues from our newly launched Rheingold Beer product line and our Mexcor Agreement will contribute to improving our cash flow and provide additional liquidity from operations. In the event we are not able to increase our working capital, we will not be able to implement or may be required to delay all or part of our business plan, and our ability to attain profitable operations, generate positive cash flows from operating and investing activities and materially expand the business will be materially adversely affected. The accompanying consolidated financial statements do not include any adjustments relating to the classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the company be unable to continue in existence.
While our working capital position has benefited from our June 2009 sales of our debentures, our August 2009 agreement relating to our Series B Preferred Stock and our February 2010 Agreement with Mexcor, our business still continued to be effected by insufficient working capital. We will need to continue to manage carefully our working capital and our business decisions will continue to be influenced by our working capital requirements. Lack of liquidity continued to negatively affect our business and curtail the execution of our business plan.
Net Cash Used in Operating Activities: Net cash used in operating activities for the nine months ended January 31, 2011 was approximately $270,000. We have to date funded our operations predominantly through loans from shareholders, officers and investors and additionally through the issuance of our common stock as payment for outstanding obligations.
Net Cash provided by Financing Activities: Net cash provided by in financing activities for the nine months ended January 31, 2011 was approximately $165,000.
On March 15, 2011, the parties reached an agreement to the December 2009 matter of Niche Media, Inc., an advertising vendor, that filed suit against the Company in the Connecticut Superior Court for the Judicial District of Stamford/Norwalk (Docket Number FST-CV09-6002627-S) claiming unpaid invoices of approximately $150,000. The case has been withdrawn and the Company has agreed to pay $3,200 per month for 28 months ($90,000 total) to resolve this claim. Final definitive settlement documents are being drafted. (See Note 18-Litigation)
On March 7, 2011, the Company received notice of an award from the arbitrator in the Matter of Arbitration 33 154 00283 09 between Liquor Group Holding , LLC ("LG") and the Company. In the Award the arbitrator found that the Company did not breach its contract with LG and that there was no tortuous interference by the Company with LG's business and thus did not award LG any damages. The arbitrator found that the liquidation and failure to pay for products sold by LG constituted a breach of contract. The arbitrator found that the Company was damaged by LG's breach in the amount of $180,058.62 and that pursuant to the contract between the Company and LG such damages were to be tripled such that the damages became $540,175.86. The arbitrator also found that pursuant to the contract between the Company and LG, LG was to pay any and all costs and expenses incurred by the Company in enforcing or establishing its rights under the agreement including reasonable attorney's fees. The arbitrator awarded the Company $120,605.15 in reasonable attorney's fees along with an additional $3,878.04 in costs, for a total of $124,483.19.
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In summary, the arbitrator found that the total owed by LG to the Company for damages, fees, expenses and costs to be paid to the Company is $664,659.05.
The administrative fees and expenses of the American Arbitration Association, totaling $7,000 was to be borne equally between the Company and LG. The other administrative fees of the American Arbitration Association totaling $5,775 and the compensation and expense of the arbitrator totaling $19,085 were to be borne equally. Therefore, the Company was to reimburse LG the sum of $1,762 representing that portion of said fees and expenses in excess of the apportioned costs previously incurred by LG. (See Note 18-Litigation)
On July 29, 2010, we entered into a settlement agreement with Socius CG II, Ltd. ("Socius") pursuant to which we agreed to issue 2,586,667 shares of our common stock in exchange for satisfaction of the claim by Socius for $364,006. This settlement agreement required court approval before the issuance of such stock because it involved the payment of the settlement in the form of the Company's common stock in reliance upon the Section 3(a) (10) exemption from the registration requirements of Section 5 of the Securities Act of 1933, as amended. On September 9, 2010, the court approved the settlement agreement and the issuance of the 2,586,667 shares to Socius as exempt from registration pursuant to the Section 3(a) (10) registration exemption. On November 17, 2010, since we could only deliver partial payment in shares, as we had attained the limit of our authorized shares, we delivered 3,300,00 shares with a fair value of $122,100 to Socius in partial settlement of the outstanding obligation. On November 17, 2010, since we could only deliver partial payment in shares, as we had attained the limit of our authorized shares, we delivered 3,300,00 shares with a fair value of $122,100 to Socius in partial settlement of the outstanding obligation. On December 9, 2010, we delivered 4,300,000 shares with a fair value of $81,700 to Socius in partial settlement of the outstanding obligation. On January 6, 2011, we delivered 6,300,000 shares with a fair value of $63,000 to Socius in partial settlement of the outstanding obligation. On February 10, 2011, we delivered 8,925,000 shares with a fair value of $48,195 to Socius in partial settlement of the outstanding obligation. (See Subsequent Event, Note - 19.)
On August 30 2010, the Company entered into a series of securities exchange agreements with four directors of the Company, pursuant to which the directors each agreed to return for cancellation, warrants to purchase an aggregate of $655,920 shares of the Company's common stock, and on October 14, 2010, the Company issued, upon receipt of the warrants, an aggregate of 59,743 shares of the Company's Series C Preferred Stock to its four directors.
Additionally, on August 30 2010, the Company entered into an agreement with its Chairman and Chief Executive Officer, pursuant to which, the Company agreed to issue 576,091 shares of its Series C Preferred Stock as payment of $576,091 or 90% of the aggregate salary of $640,101 owed and accrued by the Company to its Chairman and CEO as of that date. On October 14, 2010, the Company issued 576,091 shares of its Series C Preferred Stock to its Chairman and CEO.
On September 15, 2010, the Company authorized the issuance of 650,000 shares of preferred stock designated Series C Preferred Stock (the "Series C Preferred Stock"). Each share of the Series C Preferred Stock will be convertible into the number of shares of the Common Stock equal to the Stated Value of $1.00 divided by the Conversion Price of $0.10 subject to adjustment for stock splits, stock dividends and similar transactions. The Series C Preferred Stock will vote as a single class with the common stock and the holders of the Series C Preferred Stock will have the number of votes equal to 165 times the number of shares of Series C Preferred Stock. Upon liquidation, the holders of the Series C Preferred Stock will have the right to receive, prior to any distribution with respect to the common stock, but subject to the rights of the holders of the Series A Preferred Stock and Series B Preferred Stock, the stated value (plus any other fees or liquidated damages payable thereon).
Based on our current operating activities and revenue growth plans noted above regarding the expansion of our Rheingold beer distribution and the revenue growth under our Mexcor Agreement, we believe our existing financings will enable us to meet our anticipated cash requirements for at least the next twelve months.
Impact of Inflation
Although management expects that our operations will be influenced by general economic conditions, we do not think that inflation has had a material effect on our results of operations.
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Seasonality
Generally, the second and third quarters of our fiscal year (August-January) are the periods that we realize our greatest sales as a result of sales of alcoholic beverages during the holiday season. During the fourth quarter of our fiscal year (February-April), we generally realize our lowest sales volume. Given our decreased working capital, the effects of seasonality on our sales have been lessened.
Royalties/Licensing Agreements
In November 2005, the Company entered into an eight-year license agreement for sales of Trump Super Premium Vodka. Under the agreement, the Company is required to pay royalties on sales of the licensed product. The agreement provides for certain minimum royalty payments through November 2012 which if not satisfied could result in termination of the license.
Under our license agreement for Old Whiskey River, we are obligated to pay royalties of between $10 and $33 per case, depending on the size of the bottle.
Under our license agreement with Aguila Tequila, we are obligated to pay $3 per case.
Under our joint venture agreements with Dr. Dre and Interscope Records, which includes our Leyrat Cognac, we are obligated to pay a percentage of gross profits, less certain direct selling expenses.
The license agreement with respect to the Kid Rock related trademarks requires the payment of a per case royalty (or equivalent liquid volume), with certain minimum royalties for years 2 through 5 of the agreement payable on the first day of the applicable year.
2 Minutes with Bill Clough.
http://www.moneychannel.tv/archive.php
On the left, look down to Radio Programs, click on Archives, to the right choose Wednesday, and then grab the slider and pull it to 104:30 for a 2 minute segment with William Clough.
As far back as January the projected financial release date was March 21st. Did the NT 10-Q buy them 5 days or 15 days?
In December it was 12-20-2010.
After reading the last report, I expect the newest one to be as comprehensive. As for the delay, DKAM probably wants to include the latest development, the arbitration settlement.
I remain interested in reading it.
I saved $240 this week ... I didn't buy .002's and I did buy two cases of Rheingold. I am tempted to do it again next week.
Heck of a day of trading. I wonder whose accumulating?
To be clear ... read my words and don't spin them ... I am angry with the company's management because, they are frauds and maybe criminals. I believed all of their PR's for over a year and continued to buy stock believing I was holding this as a "long investment". I am angry with all of the pumpers who claim inside information and early on I believed them too.
After uncovering all of the information that proves the PR's and pumpers were communicating falsehoods about the company and people, have turned out to be blatant, self serving liars.
I sold all of my shares after the long awaited web site was put up on the Internet to placate this board, and my own eyes saw the most amateurish web site I ever saw.
This company's management will be gone after by the SEC. Repeat offenders are the worst.
I finally feel like I made money in SFIO. I sold this POS at .0065
I feel sorry for all of you longs, and not one bit for the pumpers. Early on I believed things you guys posted.
Now I'm just rubber-necking to see the blood-bath.
As much as I occassionaly wrote over the last 3 months about the need for DKAM to do some gorrilla marketing, I was a bit put off by the self serving sponsorship of the Montauk, New York Friends of Erin, St. Patrick's Day Parade.
Why isn't DKAM in Manhattan at one of the biggest parties in the world? Even CBS radio had a commentary this morning on the number of people flying in from Ireland for a vacation in NYC centered on the Saint Patrick's Day festivities.
I hope DKAM at least has all kinds of banners and a booth selling Rheingold out in Montaulk, and that more sponsorships and booths selling Rheingold are planned at big outdoor gatherings as the spring festival season kicks off.
I hope some of the dilution is paying for it.
If that is the case, a straight story from a "straight shooter", from the begining of his time with Vkng to the present, rather than speaking like a "yodaesque" imitator would be appreciated, otherwise there will be little if any reason to read his posts. They really don't make any sense, and do not relate to what the company is doing now.
If they do relate to present circumstances, explain it, otherwise he lost a reader of his posts.
Do you deny VKNG has a cutting edge technology product, that is being demonstrated by company representatives and distributors in Europe, Asia, America, and Central America?
The more presentations they make, the greater the opportunities. I wonder what the magic "mousetrap" is that's going to start getting these things ordered in quantity?
Financials on March 21st.
I think I'll average down after the ensuing R/S ... that's the one AFTER the next R/S first coming this spring.
The ensuing R/S might come as soon as this summer at this rate.
It's going to be in the .001's before earnings.
I wonder how many of last week's .003+ buyers are dumping everything now, or if this is all still vendors dumping new shares?
griff100 Share Monday, March 14, 2011 10:56:22 AM
Re: kezzek post# 57803 Post # of 57815
How long before it goes to triple zeroes?. If not before, when the earnings come out because I'm looking for another r/s announcement that will send it straight down.
Everything I posted throughout the summer and fall of 2010 has come to be the way it is. I was lambasted, threatened and cursed at on this board for writing about dilution, that the PR's for over a year were evidently false, that contracts were in fact not revenue generators, that products could not be found at retail locations as we were led to believe, that the REAL e-cig could not be found anywhere, that employees turned out to have fraud charges brought against them, that one of them subsequently disappeared from the company's web site within two weeks because he was "outed", that the corporate relocation took place without notice until it was discovered, and on and on and on. Nothing it turns out in my posts were untrue and my privilege to post on this board was limited to once a day because I was raising all of these concerns. It was wrong to do that to me then and to keep the limitation in place is still wrong. Those are my thoughts.
Huge'r than this?
Orenthal Share Thursday, March 10, 2011 7:57:18 PM
Re: FUNMAN818 post# 57697 Post # of 57749
In my history here, mostly pre R/S the run up was before a Q or CC, then a huge down move in the days after.
"Showing my face" around here is a bit embarrassing. At this rate they'll push it into the .001's before the next 10Q. I can't imagine how many MORE shares can be dumped leading up to it. Whose buying them in the face of this?
I can only hope they're buying advertising; bet no one thinks so!
Possible reason for CUGI trading 300% of the 13 week average volume:
CEO William Clough reinforced some known data on Steve Crowley’s American Scene radio program Wednesday morning.
Year end results will be out at the end of the month.
3rd quarter YTD revenues were up 44% to $29,000,000, and profit went from a negative in 2009 to $4,500,000 in 2010.
SG&A went down from 39% in 2009 to 29% in 2010, "so we're moving our SG&A in the right direction too."
He also announced some new sales initiatives with Chevron, El Paso, and GE.
I'll be buying more Rheingold tomorrow, and popping it open after the close which I expect to be in the .002's.
If it drops far and fast enough, I will buy more right before the financial's are released.
Listen to this ... it's easy to find with these directions:
To hear CEO William Clough on Steve Crowley’s American Scene radio program click on:
http://www.moneychannel.tv/archive.php
Look on the column to the left. Under Radio Programs click on Archives. Click on Wednesday.
Grasp the slider and pull it to 36:45 to hear a 5 minute interview with William Clough. It ends at 41:25
Highlights: Mr. Clough says as a result of recent meetings CUGI is going to be installing PT2 Gas devices in Europe where Beta testing will be going on, installing devises for Chevron and El Paso (which I have been accumulating for 18 months), and GE where he mentions they are excited about controling their gas turbines at a 2 second rate.
Rheingold in Midtown Manhattan, NY?
Does anyone know of any bars in midtown Manhattan where Rheingold can be found?
Thank heavens the share price is so low. My shares' value is so small now, that another "all time low" doesn't hurt anymore.
I think they are going to set an "all time speed" record reaching the next reverse split date.
If PK could only sell as many 12-packs as he can sell shares.
I can hope.
CUGI investors are not looking for meaningless spikes and dips in volume off of a single event.
We're looking for steadily rising revenues that grow the bottom line, followed by steadily rising share prices. Investors will will be attracted by those results.
If you are looking for "trader action" and "volitility", you have hundreds upon hundreds of opportunities elsewhere. You should go trade them to your hearts content. You will have more FUN watching them.
CUGI is not a "traders" stock; it's for investors with a patient understanding of what it takes to meaningfully grow companies.
CUGI is writing a good growth story here.
I am very pleased.
A while ago, someone here brought up the long lead time to make these sales.
I think they were right, and we are witnessing it as company presentations are being made in various parts of the world. We can only hope the distributors are putting their own investment in demo systems to good use at the same time.
My thought is that the financials released in May will be upbeat but not with great news from 3D sales.
The "sales funnel" needs to be filled with demonstrations to prospects first. Then we can expect a consistent and steady level of sales. The results are more likely to be very noticable in the August financials. The wait is fine with me. The company is building demand.
As we keep reading about all the progress they keep making, I will be acquiring more shares before VKNG hits the "screening radar" for other traders.
kimble1 Share Wednesday, March 09, 2011 11:40:42 AM
Re: FUNMAN818 post# 3565 Post # of 3566
agreed this is NOT a blockbuster agreement...but it is a sold partnership.....it guarantee's more units will be in the field and with every unit place in the field we get more exposure, more awareness more acceptance etc etc
VKNG has made very few if any missteps...this is a well thought out introduction
I cant wait for this quarter to end and we get a peek at demand...
$1+ very soon
Kimble
Terrific News. You know what they say about "the company you keep". Viking is certainly traveling in the right circles.
A few break through sales are going to open the flood gates. For the 3D product and the stock.
Be certain that the doctors and other representatives meeting with Jed Kennedy at these events has the potential impact of attracting deep pocket investors who see first hand the potential of the equipment, buy it, use it, and believe in its benefits.
It all may take months for the good things to unfold and start trickling down to the share price, but I have no doubt it's on the foreseeable horizon.
Viking Systems, Inc.
Robert Mathews, EVP & CFO
508-366-3668 Ext. 8392
Porter, LeVay & Rose, Inc.
Linda Decker, VP – Investor Relations
212-564-4700
VIKING’S 3DHD SYSTEM TO BE A KEY COMPONENT OF ALTERNATIVE SURGICAL ROBOTIC SYSTEM DEMONSTRATION AT EUROPEAN ASSOCIATION OF UROLOGY ANNUAL MEETING MARCH 18-22, 2011
WESTBOROUGH, MA, March 9, 2011 (GLOBE NEWSWIRE) -- Viking Systems, Inc. (OTC BB: VKNG), a
leading worldwide developer, manufacturer and marketer of 3D and 2D visualization solutions for complex minimally invasive surgery, announces that its 3DHD system has been selected as the vision component of an alternative, cost-effective surgical robotic system demonstration that will be featured at the European Association of Urology (EAU) Annual Meeting which will be held in Vienna, March 18-22.
Terumo Corporation’s Kymerax Articulating Surgical instruments and the ergonomic ETHOS Surgical Platform will also be featured in the alternative, cost-effective surgical robotic system demonstration.
Jed Kennedy, President & CEO of Viking Systems, said, “We are honored to have been invited by the EAU to participate in this important and timely demonstration. Since part of our strategy is to explore opportunities to integrate our 3D systems with technologies that are being developed as alternatives to current surgical robotic systems in an effort to broaden the market for our 3DHD visualization system, this collaboration with Terumo Corporation and ETHOS Surgical at the EAU meeting not only furthers our strategy but also validates our belief that surgeons are seeking an alternative solution to the expensive surgical robotic systems on the market today.”
Craig Turner, MD, CEO and Founder of ETHOS Surgical said, “Collaborating with the most advanced technologies available today and combining them with traditional laparoscopic operative practices will enable surgeons to perform complex operations in comfort with 3D visualization, precision, dexterity, accuracy and ergonomic support. This is a new and exciting paradigm shift in the definition of robotic or biomechanical surgery.”
This combination of three independent systems provides the surgeon with three of the primary advantages of current robotic surgery. These advantages are: (1) a three dimensional view of the laparoscopic surgical field, (2) the precision and dexterity of articulating instruments, and (3) the comfort of operating from a seated position in the midline.
Masao Hitotsuyanagi, General Manager of Terumo Europe N.V.’s TRAM Business Unit added, “I believe the combination of Terumo’s Kymerax Articulating Instruments, the Viking 3DHD system, and the ETHOS Platform will demonstrate the potential of a next-generation surgical robot system.”
Viking launched its 3DHD Visualization System in October 2010 and began shipping product in December. Immediate focus was on building a distributor network, and a majority of the systems shipped to date have been demonstration systems for these distributors. These free-standing systems for 3D vision in the operating room are a core focus of the Company. At the same time, Viking has been exploring opportunities to supply 3D systems to companies developing surgical robotics and/or device companies interested in visualization for use with robotic systems and/or for use with advanced hand-held articulating surgical instruments. The Company has had discussions with several such companies and is evaluating opportunities to broaden the
market for its 3DHD visualization system.
About Viking Systems, Inc.
Viking Systems, Inc. is a leading worldwide developer, manufacturer and marketer of 3D and 2D visualization solutions for complex minimally invasive surgery. It actively markets and sells the only stand alone, costeffective 3D system for use in minimally invasive laparoscopic surgery. Viking partners with medical device companies and healthcare facilities to provide surgeons with proprietary visualization systems enabling minimally invasive surgical procedures, which reduce patient trauma and recovery time. Viking, through its OEM products business, also designs and manufactures surgical vision systems and components for several
leading medical instrument companies worldwide. For more information, please visit our website at www.vikingsystems.com.
About Terumo Corporation
Terumo Corporation is a global health care company that manufactures and markets medical products and equipment, including pharmaceuticals, nutritional food supplement, blood bags, disposable medical devices, cardiovascular systems, vascular grafts, peritoneal dialysis, blood glucose monitoring system, medical electronic, and digital thermometers. The company, with approximately $4 billion in annual sales, is headquartered in Tokyo, Japan, with a primary listing on the Tokyo Stock Exchange. www.terumo.com
About Ethos Surgical
Ethos Surgical is a private company located in Beaverton, OR that was founded to bridge the growing technology gap between the surgeon’s basic skill set and the newer surgical systems on the market. The first step in this process was to develop the ETHOS Ergonomic Surgical Platform™. This innovative surgeon positioning system allows the surgeon to operate directly over the patient while working in the pelvis greatly improving operative ergonomics and surgical anatomic orientation. www.ethos-surgical.com
This press release contains forward-looking statements. These forward-looking statements are estimates reflecting the best judgment of our management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forwardlooking statements. These forward-looking statements should, therefore, be considered in light of various important factors as described in our annual report on Form 10-K under the heading "Risk Factors" as updated from time to time by our quarterly reports on Form 10-Q and our other filings with the Securities and Exchange Commission. Statements concerning forecasts, revenue growth, profitability, production and shipment of units, future financial results, and statements using words such as "estimate", "project", "plan", "intend", "expect", "anticipate", "believe" and similar expressions are intended to identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
I am happy with the Arbitration result.
One good thing at a time.
Rheingold revenues hopefully come in with a little surprise to the upside.
Rheingold promotions hopefully get started and look good.
Hopefully it's one good stepping stone at a time.
Adeona Pharmaceuticals of Ann Arbor is a publicly-traded biotech company that focuses on serious central nervous diseases. The company has a pivotal trial taking place right at three locations in Florida on a treatment for Alzheimer’s disease, the devastating neurological condition where patients have very few treatment options. The experimental therapy, called reaZin, is a combination of zinc and cysteine, an amino acid with potent anti-oxidant properties, that comes in a pill form but is classified as a prescription medical food.
Adeona is also developing drugs for treating multiple sclerosis, fibromyalgia, rheumatoid arthritis and age-related macular degeneration. A 16-center, double-blind, placebo-controlled, phase two/three clinical trial of Adeona’s Trimesta (estriol oral) is under way for the treatment of relapsing-remitting multiple sclerosis.
“If you look at Alzheimer’s, it impacts about six 6 million Americans,” said Dr. James S. Kuo, chairman, president and CEO. “It’s a devastating condition where you lose all cognitive functions and require constant care. You lose contact with family members, who can’t work or be productive to society, and ability to communicate. It is a huge drain on economy and devastating to the families and killed one of the most popular presidents in recent years, Ronald Reagan.”
Alzheimer’s is a disease that is not well-understood and previous treatments, such as removing plaques from blood vessels – one of the symptoms of the disease – have failed in recent years. The disease, which appeared in recent times with little mention of anything like it before 1900, seems to be a disease of First World nations, Kuo noted.
Research has shown that there is a genetic component to Alzheimer’s that increases a person’s risk four-fold to contract the disease, Kuo continued. A high-fat diet also is seen as a factor, but Adeona researchers theorize that there are two other causes – copper toxicity, possibly due to the large amount of copper waterworks and household plumbing, plus a zinc deficiency.
“We don’t have a crystal clear image of what causes Alzheimer’s’ but we have a theory and think we are on the right track, but there isn’t one simple clear answer,” Kuo said.
An Adeona scientist theorizes that Alzheimer’s is similar to Wilson’s Disease, which is characterized by toxic amounts of copper in someone’s blood. Kuo said Adeona comes to that conclusion by looking at Alzheimer’s epidemiology – including the demographics of the disease to see where it’s prevalent and when it first appeared.
“In the United States Alzheimer’s is at epidemic proportions, but other countries such as Japan it doesn’t exist anywhere near our proportions,” he said. “Copper plumbing is used widely in the U.S. in most houses, but Japan never adopted copper plumbing for a variety of reasons, not the least of which because they thought it was toxic.”
Differences in diet, culture and genetics can also explain the differences between the Japanese and Americans, but the South Koreans, who have a similar diet and genealogy as the Japanese have nearly a similar Alzheimer’s rate as the U.S. Indoor copper plumbing is prevalent in South Korea, Kuo said. Plus when you look at the Japanese who moved from Japan to Hawaii, their rates of Alzheimer’s mirror those of native-born Americans.
The theory that zinc deficiency may be a factor in Alzheimer’s is due to the research of George Brewer, M.D., emeritus professor of medicine and human genetics at the University of Michigan, who developed a zinc therapy to treat chronic Wilson's disease, a disease characterized by copper toxicity.
“In addition, Dr. David Newsome developed a zinc treatment for age-related macular degeneration (AMD) while head of the Retinal Division at the National Eye Institute,” Kuo said. “We think that there are a lot of similarities between (AMD and Alzheimer’s) because the retina is part of the brain. (AMD) is a degenerative brain disease.”
There is a strong disagreement here about how revenues and good news will spur trading, without fixing all the other ills.
Today was a good example of what can happen. Every little bit helps.
But in the face of the selling pressure, it's going to be very tough for "longs" like me to see enough support to hold the share price up. Nearly 20,000,000 shares traded, but only .0001 was gained at the end of the trading day.
A revenue surprise to the upside in the next two weeks will push the stock again. It's FUN to watch the action.
Collecting the cash settlement to show on the balance sheet, and further pumped up revenues after more distributors are added, plus more market penetration that reaches a growing customer base is going to do it again.
There's no doubt about one thing though, DKAM is on a lot more traders' radar tonight then it was yesterday. They are going to be watching more closely for opportunities.
cargo_hauler Share Tuesday, March 08, 2011 4:34:07 PM
Re: FUNMAN818 post# 57512 Post # of 57546
So many were so totally wrong about the LIQR arbitration, kinda makes one wonder what else they are wrong about, no?
I am glad some traders made a bag of dough today.
Maybe if DKAM collects from LIQR, some of the bartering can slow long enough for the share price to hold up when new buyers come pooring in on good news.
Then again, maybe it wasn't all dilution today. People who were buying some of those millions of shares we saw in the .003's just a day ago were probably some of the big sellers too.
$664,659.05 will buy a lot of beer. Wow.
In summary, the arbitrator found that the total owed by Liquor Group or Liquor Group Holdings for damages, fees and costs to be paid to Drinks Americas, is $664,659.05.
I don't have the time to research it today, but "no", I thought all reverences to it were that DKAM counter claimed.
Some on the board said DKAM doing so for such a lesser amount than the claim against them would lead to a bad result. Some also referred to it as resulting from DKAM being unable to supply LIQR with sufficient inventory.
Someone said LIQR delayed so the "interest" on their claim would vastly increase. I think the same person laid out a hypothesis that LIQR would win and end up with so much stock in the settlement that they would own the company.
Guessing doesn't do any of us any good.
Orenthal Share Tuesday, March 08, 2011 12:37:54 PM
Re: FUNMAN818 post# 57448 Post # of 57456
Wasn't it DKAM that initiated the lawsuit? I suppose not losing the counter suit is great and all, but wasn't this one great waste of time for a company with no money?
Not only that, but it seems as if LIQR was able to keep the the revenue/product held in inventory.
What CUGI needs to do is consistently raise the top and bottom line numbers quarter over quarter. They appear to be making very good progress towards that goal.
I found CUGI on my own, but I was looking for opportunities like this in my "screener".
Other peoples' "screeners" will find CUGI as the numbers improve and it becomes obvious.
If the top and bottom line revenues continue to trend up, like a pretty girl on a bar stool, they'll get noticed. Other peoples' "Radar/screeners" will pick up the signals.
First of all, it was too bad board time was taken up guessing at the results and the meaning of them. We had no information ... garbage in garbage out.
Secondly, as for "supporters" thinking there was going to be a big ruling in DKAM's favor ... geeezzz.
With the ruling put behind us, everyone's eyes can turn to look forward again.
The sliding share price trend is too bad. But I am watching rising revenues and having fun doing it.
griff100 Share Tuesday, March 08, 2011 11:50:11 AM
Re: FUNMAN818 post# 57448 Post # of 57450
Sounds like LIQR just gets to keep the product they held, and nothing further on either side.
Of course, there were DKAM "supporters" that were expecting a big ruling in their favor too, so I think the ruling is not going to affect the DKAM pps either way.
Not that it needs help moving down............
DKAM WINS BIG with that ruling.
Begrudgingly, some of you even have to admit it is a victory, and gives the company one small notch of credibility. They defended themselves from a potentially devastating verdict, and squashed it.
The negative overhang is removed. The arbitrator probably rolled his eyes as he heard the dispute. In the end basically ruling it a "no play" like on a football field when there are off-setting penalties.
"In the end, all claims by both parties were denied and only the remaining value of inventory was considered in damages."
There are no reasons for us to guess what that statement means. It sounds deliberately written to be ambiguous.
Unless DKAM releases an explanation, we won't know definitively what the resolution cost to them will be until the June financials.
But to me it doesn't sound like it is going to effect their cash, or that they have to make any restitution.
CorpKid Share Tuesday, March 08, 2011 11:04:58 AM
Re: None Post # of 57445
In the end claims on both sides were denied.
http://finance.yahoo.com/news/Liquor-Group-Holding-LLC-bw-1127683434.html?x=0
Plenty of insiders in highly profitable companies sell stock and bank the money. They earn plenty of new shares.
The rest of the insiders buying is hands down terrific.
Insider Trades:
You never know the reasons why an insider sells; personal stuff, paying for a kid's college education, building a retirement account, whatever.
But you can pretty much bank on the motives for insiders "buying" ... they have confidence and want to make more money.
CEO/President of (CUGI) William J Clough sells 80,000 shares of CUGI on 02/28/2011 at an average price of $0.25 a share.
CFO Recent Trades:
•Buy: CFO Daniel Ned Ford bought 20,408 shares of CUGI stock on 12/27/2010 at the average price of 0.2. Daniel Ned Ford owns at least 40,610 shares after this.
Directors and Officers Recent Trades:
•Buy: Director Sean P Rooney bought 23,325 shares of CUGI stock on 12/30/2010 at the average price of 0.24. Sean P Rooney owns at least 173,202 shares after this.
•Buy: Director Thomas A Price bought 1,000,000 shares of CUGI stock on 11/18/2010 at the average price of 0.2. Thomas A Price owns at least 9,137,879 shares after this.
•Buy: COO Matthew Murdock Mckenzie bought 10,204 shares of CUGI stock on 10/27/2010 at the average price of 0.2. Matthew Murdock Mckenzie owns at least 20,305 shares after this.
I too sent an e-mail off to the company today. The answer I received was a little more extensive than what you posted. I copied the entire reply below.
I am very excited about the prospects of this company going forward. They seem to be doing the right things.
Although the "issues relating to being a fully reporting OTC company" or a PINK wasn't elaborated on in the reply from Fred, I feel confident that CUGI is addressing the issue in an appropriate manner. He said they were aware of it and that the "confusion is being addressed as I write this."
Slashing debt is terrific, and having lined up Wells Fargo as thier banker implies they have the backing they need to grow.
With 76 employees, a very solid Board Of Directors, and capable management team, this company is poised to do good things.
I welcome any and all negative information anyone wants to post on this board or send me a private post. I believe I can research the question, and find the answer.
To date, I have found very satisfactory information making this company what I believe may be a "real find".
The more research I do, the more confident I become. I will be buying more CUGI.
Good to hear from you again. In response to your concern regarding CUI Global, I want to assure you that CUGI is a fully reporting OTC company and in full compliance with SEC regulations. CUGI has never stopped actively trading and the issues that have caused any confusion are being addressed as I write this.
The increase in outstanding shares is due to our debt restructuring efforts, with holders of notes converting to equity. We have reduced debt from $40 million to $15 million over the past 2 years, which is quite an achievement and I think shows the confidence that the note holders have in CUI Global. I have attached a press release that I think you will find very informative.
I hope this helps.
Sincerely,
Fred
Waytronx, Inc. Retires an Additional $4,000,000 in Debt and Extends
Maturity Date of Acquisition Note to May 2018
Press Release Source: Waytronx, Inc. On Thursday September 9, 2010, 5:30 am EDT
TUALATIN, Ore.--(BUSINESS WIRE)--Waytronx, Inc. (OTCBB: WYNX - News), a platform company dedicated to the acquisition, development, and commercialization of new, innovative
technologies, today announced that it has implemented the final portion of its strategic financial re-structuring by reaching an agreement with the prior owners of its wholly owned subsidiary, CUI, Inc., to reduce the balance remaining on the $14,000,000 term note used to acquire CUI to $10,309,000 with an annual interest rate of 6%. In addition, those prior owners, IED, Inc., agreed to extend the maturity date of the note by seven (7) years, from May 2011 to May 2018.
The terms of the note revision call for Waytronx to make principal payments to IED of $1,500,000 due on or before December 1, 2010 and $188,000 during the first quarter of 2011.
In exchange, IED has agreed to immediately forgo $1,588,000 in principal and $725,000 in accrued interest. Even more significantly, the agreement extends what had been a short-term
debt, due and payable in May 2011, to long-term debt, due and payable in May 2018.
In the meantime, IED has agreed to accept interest only payments reducing Waytronx’s monthly interest/principal expenses from a high of approximately $400,000 per month immediately following the acquisition of CUI to approximately $145,000 per month now ($88,000 in cash and $57,000 in non-cash expense)(included in both figures are interest expense and non-cash interest expense – intrinsic value of convertible debt, amortization of debt offering costs, and amortization of debt discount).
Immediately following the acquisition of CUI in May 2008, Waytronx was burdened with approximately $40,000,000 in debt and interest/principal expense amounting to approximately $400,000 per month. In the approximate two (2) years since that acquisition, the company has been able reduce its total debt, excluding its recently announced Wells Fargo working line-ofcredit and Japanese subsidiary debts, to less than $15,000,000 – a total reduction of more than $25,000,000.
Significantly, this dramatic reduction in debt was accomplished with less than a twenty-six percent (26%) dilution to the company and its current shareholders.
William Clough, chief executive officer and president of Waytronx, stated, “The retirement and extension of this debt under these circumstances demonstrates the confidence that these
investors have in our performance to-date and our plans moving forward. The company is grateful to these individuals for putting us in a position where we can now service all of our debt from cash flow, while continuing to focus on our core business and bringing exciting new technologies to the market.”
“We intend to continue our efforts to expand our product lines; form strategic alliances with companies like Power One, California Power Research, and GL Industrial Services; increase
our market share; and organically grow our business,” Clough concluded. “In short, we intend to continue to earn the confidence and trust our investors and IED have placed in us.”
About Waytronx, Inc.
Waytronx, Inc. has pioneered and is developing innovative thermal management solutions capable of revolutionizing the semiconductor, solar and electronic packaging industries, among
others, utilizing its patented WayCool™/WayFast™ hybrid mesh architecture. In addition, through its acquisition of CUI in May 2008, Waytronx has developed the infrastructure,
expertise, and platform necessary to acquire, develop, and commercialize new technologies.
For its part, CUI is a solutions provider of electromechanical components and industrial controls for OEM manufacturing. Since its inception in 1989, CUI has been delivering quality products, extensive application solutions, and superior personal service. CUI’s solid customer commitment and honest corporate message are a hallmark in the industry.
Waytronx also holds CUI-Japan as a wholly owned subsidiary and Comex Electronics as a partially owned subsidiary (49%). CUI-Japan and Comex are Japanese solutions provider of
electromechanical components and industrial controls for OEM manufacturing. For more information, please visit www.waytronx.com and www.cui.com.
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company
may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission.
WayCool, WayFast, Waytronx and OnScreen are trademarks of Waytronx, Inc. Other names and brands are the property of their respective owners.
logytwo Share Monday, March 07, 2011 2:53:14 PM
Re: None Post # of 2179
This from Investor Relations.............
Good Morning,
In response to your concern regarding CUI Global, I want to assure you that CUGI is a fully reporting OTC company and in full compliance with SEC regulations. CUGI has never stopped actively trading and the issues that have caused any confusion are being addressed as I write this.
Sincerely,
Fred Schultz
CUI Global, Inc. (CUGI)
Investor Relations Consultant
760-429-7775 Direct
760-855-8880 Cell
fschultz@cuiglobal.com
www.cuiglobal.com
Oh, I am definately NOT saying what they want.
There is a STOP SIGN on the stock at http://www.otcmarkets.com/stock/SFIO/quote
Board "pumpers" brazenly keep promoting the company despite nearly two years of proven PR lies. Some of their management was sued for similar acts at a prior company in the same industry, under another company name. Another was were brought up on Real Estate fraud charges and when it was disclosed on the board, that guy's name disappeared from the company web site. It's disgusting.
griff100 Share Monday, March 07, 2011 1:25:58 PM
Re: FUNMAN818 post# 57420 Post # of 57421
If you don't say exactly what they want to hear,,,be it true or not...you are a BASHER! LOL
Do you want a good laugh? I am being accused on another board of trying to knock this stock down.
WallStreetHunter, how can you be a fair moderator and allow posts that are personally abusive and threatening to me while limiting me to only one post a day, and not allow me to challenge the accuracy of some posts when mis-information is deliberately being disseminated? It has happened numerous times.
Since I first raised problems with the company and challenged their accurate portrayal of then-present circumstances matched up against past PR's, others have joined in the chorus pointing out similar and even more critical problems with the company.
It's just too bad to see the dumping happening before my eyes. Forget the end of the week; we may be in the ".002's" before the end of the day at this rate.
I even see a bid and ask at .0035 and the trade went through at .0034.