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Its a bad sign that flcr was off the ask and yet there was no demand. A pr would change that. IMO!!
The 20 m/a is the moving average that is in play.
If we can break that which is a big if we could run all the way to 50 day at around .015.
Some good news is all we need.
I can sure pick them
When i bought this i was looking at several stocks for turnaround plays. I was looking at Mrmn Ewmd Zwll and mdgn.
I thought this one offered the most opportunity based on pr's and pps and everything else that could be found about this co.
So much for that. Now i am just hoping .002 support will hold. We are still just 3 pr's away from .20.
1. Mrmn anounces 2nd q 10Q did not include marmion air income and next q's 10q will look substantially different.
2. Financing has been accomplished and the threat of further dillution no longer exists.
3. MRMN projects eps of .04 for fiscal year 2005. Based on the rate of revenue increases and projected income from our Commercial construction co combined with anticipated revenues from homeland security contracts.
Am I dreaming?
Not much interest
It would have run before the 10Q if not for the lid placed on it by flcr.
After the release of the 10Q and the rather confusing information therein and the inability for investors to get any answer to their questions either from ceo or I/r it appears that even with the low float there is little interest. (or at least low float based on public knowledge)
That would change with a pr.
Those tags must be filled out by now.
Or the dump starts now.
Failed breakout today. Went to resistance and now nite is dumping.
Hopefully Support will hold.
A PR right now would take us through resistance.
Ceo also owns almost 3 mil preferred shares tht are convertable into 40 shares each. That would be almost an additional 120 mil shares tht could be dumped. The 50 mil from the options on the last s-8 could be in the process of being dumped. More dillution may have happened and another s-8 could be around the corner. They are allowed to dump first file s-8 later.
None of these scenerios are good for shareholders but at current pps i dont see it going any lower. There is a lot of support here at this. It would take a lot of shares to take us through .002.
Still no response to my questions by i/r.
The 61 million issued in july and august includes the 50 mil from the last 8-k.
Based on what is known to us the tradeable float is 93 million. THere is an additional 50 mil of stock options from the 8-K about a month ago. We have no way of knowing if those are n the float or not.
This could mark a short term trend reversal with an upday tommorrow. Or maybe flcr dumps more shares tommorrow and takes us through support. Stay tuned.
I dont know if there was fake support or not. But the ax mm flcr made it appear it was bouncing off of support. Flcr kept raising the ask and then when bids came slammed the door. There does appear to be a lot of support here but who knows how many shares flcr has.
A well orchestrated mm trap. That was interesting to watch.
JT Trader
That is all iteresting and part of the reason i started buying this. But compare the info on the website to the info on the 10Q.
Anyone know if t/s is gagged
Here comes the flcr dump
What a surprise.
JT TRADER AND EXCEL
I have sent emails to jerry and talked to him personally. First he told me he would contact the company and write back with answers. THen he informed me he would forward my questions to "Legal cousel". Havent received a response yet.
Marmion Air was contributed to Itfi in may according to the 8-k filed previously.
Merger was on july 12th.
Prior to the release of the 10Q i wrote ir and asked if marmion Air info would be included and was told no the merger was after the end of the 2nd q.
But then the 10Q stated "starting in the second quarter we entered the explosive proof heating an air business" or something along those lines.
My question had to do with wheter or not they did actually start in the secod quarter and if so where are the revenues. My other question had to do with assets. The only assets listed was cash in the amount of $5,500 or something close to that. THey have a fascility according to their website. There should be equipment etc that would count as assets.
I simply do not know what to believe at this point. If my questions would get answered i would know wheter or not i want to buy more or get out.
If the Marmion Air info wasnt included int his 10Q but will be in the next one this could be a huge buying opportunity.
If it was included and previous pr's about revenue were "Foreword looking stements" that never materialized and there is no building and they dont own equip etc then this stock is basically worhtless other thatn the p and d aspect.
Current pps suggests the latter.
Could be a golden buying opportunity or could be worthless.
The fact that we are left in the dark doesnt bode well.
Maybe a pr will explain it. Maybe i will get answers to my questions. Only time will tell.
PPs is down 40% since i asked the questions.
JTTrader
No response yet to my inquiry. At this point i doubt i will receive one. Are you still holding? What is your take on the 10Q?
Today could be a buying opportunity. PPs is already at scam level which this now appears to be. There was strong support at .002 on the last downturn. Hopefully it will hold. Drifting down since 10Q(i dont know why?LOL!!) volume has been low so far but if volume picks up it could go through support and into the 1/thousanths of a cent territory with its brother AFRT.
YOur thoughts.
If anyone is still interested in this stock i am awaiting information from the legal department of MRMN or I/R im not sure which. I have been told i can share that information when it becomes available. It has to do with assets belonging to MRMN and an explanation for the paragraph in 10Q that says "during the second quarter we entered the explosion proof heating and a/c field. Our expenses are $400,000 and our revs were $0.00" and how this doesnt jive with previous pr's. In my previous post i did not mean to imply that the i/r department or anyone in it doesnt know how to do their job. I simply was stating that i was surprised that noone else had called about the same questions.
Holding strong despite my concerns. It's obvious mm flcr still has more shares. I am hoping there hasnt been additional dillution in addition to that which was previously announced.
Any opinions?
I just got off the phone with Jerry in i/r.
Was surprised to find that he's not familliar with the questions arising. He remembered the pr discussing 2nd quarter revs. He said Marmion Air info should have been included in the 10Q. I asked where are the assets. Building equipment etc. He said he wasnt sure what was going on. He said he would call the company and get back to me. I said i was worried this could be a dillution scam. He said it wasnt.
I would have thought a lot of people have called about this issue and he would know off the top of his head.
Was hoping to hear Marmion AIr info wasnt included. That is not what he said. Waiting for his call back. This is really starting to stink. Hoping his call back clears up this mess.
I will keep you all posted. If any of you have talked to i/r please let me know what you were told.
TIA
This is what i hope to see.
8-K's released showing Marmion Air Financials as a private co and assets etc.
Followed by a pr explaining what the quarter would have looked like if Marmion Air would have been included in the 10Q.
An explanation about the expenses listed on 10Q wouldnt hurt either. Hopefully these expenses were related to ITFI and wil not be reoccuring for MRMN.
When i first started looking at this i considered the possibility of a Dillution scam but figured since this had been a private co that had been around for years that lessened the chances but i guess we will see how it unfolds over time.
I do hope we do not see another s-8 anytime soon.
No response to my email yet to i/r
Trader 670 have you received a response?
I wish that at least the wholly owned subsidiary Marmion AIr would have been listed as an asset so we would have some idea what thsi is worth.
This statement could include selling more shares.
"By adjusting our operations and development to the level of capitalization,
I hope not. No answers in this 10q just more questions. I will write ir also and ask for a pr explaining what the 10Q would look like if Marmion AIr was included but I bet we wont see it.
This appears to conflict with the other statement
While we have raised capital to meet our working capital and financing
needs in the past, additional financing is required in order to meet our current
and projected cash flow deficits from operations and development
That is a lot of expenses considering none of the operational expenses for Marmion Air are even included. Hopefully a lot of those are 1 -time or related to itfi that will no longer exist. This 10q does little to help understand this co as i feared it would. We need some pr's and some filings from Marmion Air. They should be coming.
We need a pr showing what it would have looked like if Marmion AIr info would have been included. There are a couple of things i dont understand.
Why are the assets so low when they own A huge manufacturing complex and equipment etc. Everything must have been left off from Marmion Air.
This confuses the hell out of me. If beginning in 2nd q then why no revs.
Beginning in the second quarter of 2004, we have entered the business of
manufacturing and marketing of the explosion proof air conditioners,
refrigeration systems, chemical filtration systems and building pressurizers.
The explosion-proof market encompasses industries including oil and gas
exploration and production, chemical plants, graineries and fule storage depots.
There is significant demand for these systems anywhere sensitive computer
systems and analysis equipment is located. We provide residential and commercial
HVAC service in Texas, as well as specialty service to Fortune 500 clients
This is significant
At June 30, 2004, our current assets exceeded current liabilities in the
amount of $46,665.
10Q is filed
no info on Marmion Air.
I hope your right
Itfi financials have been already reported for past q's. According to the 8-k that was released when Marmion assets became property of itfi it was stated that financials for Marmion Previous periods would be filed as soon as possible and i thought that is what the auditors were working on in addition to the current q. Past marmion financials should be filed now that they are a public co. If you are right and they are referring to the shells financials that makes all the difference in the world. Please be right. LOL!!!
Trader 670 your thoughts on this.
except that the report indicated that Marmion Industries Corp. has suffered recurring losses and its need to raise additional capital that raise substantial doubt about its ability to continue as a going concern.
Doesnt seem to jive with my d/d. It's sometimes difficult to make an informed opinion when companies dont tell the truth.
REvs are still increasing and at current pps appears to be undervalued. Not the extreme bargain i originally thought it was. If we ever get to see some financials it will be easier to make an informed opinion here.
Interesting development. Anyone still think we will see a 10Q today. Looks like the website statements of profits every year except 2002 may be false also. Starting to stink.
Looking good so far. Lets rock today. Eom.
Trader 670
I dont dispute anything you said. I also believe the worst case scenerio is factored into the pps and if an investor waits for all answres he will miss a huge run. IMO!
I do have to wonder why FLCR the ax mm is willing to sell at such low prices.
Another poster has posted a concern on raging bull concerning a call to i/r he just made.
Long and hoping for answers on the 10Q.
Trader 670
In addition to those prs you listed i found a couple of others a while back when i did a google search.
one was talking about a 2 year contract with a Saudi Chemical plant.
The other mentioned their fortune 500 clients and listed a few. I remember Nextel is one of them. Some day when i have more time i will find them again and post them.
I posted on raging bull a couple of concerns about this co. One is the affiliation with American Fire Retardent another is they have been calling themselves a wholly owned subsidiary of then (ifti) for a long time yet revs and results have not appeared on their 10Q's.
This second concern i believe is a non factor because according to filings with sec this officially appears to be an effective merger as of July 12th of this year.
There was an 8k in may that said that Marmion assets were transferred to itfi in may. So i dont know if 10Q will reflect any marmion info or not. Should be interesting. Ir said it wont but they way i phrased the question to him may have led to the answer.
As long as we dont see any more s-8's or dumping of the 50 mil optiions i will feel very good about this investment.
Thanks for sharing
Received email from ir
140 mil outstanding. 2nd q 10q will not include revs from Marmion Air. At least we will be able to figure out what expenses look like. Hopefully a pr showing what the results would have been had Marmion Air been included.
Thanks trader 670
I thought you may have the a/s and o/s confused. I emailed jerry and i will call him after the market is closed. Thanks. I hope Marmion Air results are reflected in 10Q.
Thanks trader 670
I have emailed ir twice and received a generic response without answers to my questions. I have also requested an investors kit twice.
The o/s scares me. If it has been dilluted to 290 mil that means 250 mil came very recently. Take a look at the last 10Q. The acquisition was acoompanied by a 1 for 1 stock swap with marmion private shares being cancelled. I hope this is not a dillution scam.
If the revs are included in this 10q i will be very happy. According to their website they have been profitable every year except 2002. With revs growing i would think they should be profitable.
Trader670
When you spoke to the ir guy at mrmn did he specifically say revs and results from Marmion Air would be included in the 10Q? THe acquisition was not finalized until jul12th. The quarter ended jun 30th. I think its possible that the upcoming 10Q will not reflect the recent acquisition. TIA.
Trader670
When you spoke to the ir guy at mrmn did he specifically say revs and results from Marmion Air would be included in the 10Q? THe acquisition was not finalized until jul12th. The quarter ended jun 30th. I think its possible that the upcoming 10Q will not reflect the recent acquisition. TIA.
Trader 670
According to that post the o/s is larger than i thought. Reading through the last 10Q and s-8 i thought the o/s was closer to 143 mil with 93 mil in the float. Where did the other shares come from?
JTTRADER
According to their website
Marmionair.com
They have been profitable every year except 2002. Revs are much higher now. That was as a private co. I do not know what addistional costs are involved with being a public co but we will find out when the 10q is filed in a few days. At this price if they are even close to profitable this should go up substantially.