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When was that confirmed?
The CEO Smith said in the July 25 PR that PGPM "will continue to bring inactive wells into production." Present tense.
This is, in part, what an audit is for.
It's in a new management's best interest to complete a comprehensive audit.
* If, that is, they personally had no involvement in any wrong-doing (unless they did commit some of the wrong-doing, in which case it might not get finished, LOL!).
This way, new management can say they are "saddened and shocked!," when the fraud, embezzlement, theft, et al, of the prior management, is formally identified. IOWs, it was "them rascals, not us."
I won't be surprised if the audit is completed. I will be amazed, however, if that audit isn't full of disclosed problems, resulting from actions of the prior management team, as well as accounting failures of the so-called CPA firm, throughout its long and worthless association with PGPM.
Thanks penn. I think PGPM should give a call to Sears, Roebuck & Co...
Interesting penn, so what is/was Ralph's relationship to those two?
It might not be a current affiliate.
The PR dated 7/25 stated it would be "a another public company." The parent company, London General Mgmt Ltd, formerly Pilgrim Petroleum PLC, is privately held, according to the PR dated 6/29. That other Corp, AlphaPetroleum, or whatever, is also not a public company according to PGPM.
Re-checking this, however, it could be a Pinedo based company, but I'm not aware of any being other than private companies.
Per IR email -
"...I did speak with Dr. Jon 2 days ago in regards to the Morgan matter, KlickZie development, and funding which we will have developments on all of these fronts soon. I am pleased with what he had to say..."
I remember that Beatles' song, Bobby...
(Chorus)
Oh I get by with a little help from my affiliates,
Mm gonna try with a little help from my affiliates,
Oh I get high with a little help from my affiliates,
Yes I get by with a little help from my affiliates,
With a little help from my affiliates.
Wow, down memory lane...
Kashkat - FYI.
I sent an email to David LaMountain, Investor Relations, asking to the effect at what point does TTCM move to another Fortune 500 company (there are supposed to be four pre-selected), if there is no satisfactory response from their first F50-1? I indicated I would communicate their response back to Ihub members.
Mr. LaMountain responded by thanking me for the info request, and writing he "has forwarded this to Dr. Jon." I will post as soon as received.
ENCC as long-term hold - Mr. Sharp is building the business, and successful at bringing in new relationships (Alere is only one of several this year). ENCC is unique in its services offered, so it stands at the top of the heap in its service-industry. But, it is still deep in a "building" stage with all the problems you would expect. The next set of financials as of 6/30 should tell more where this is going. Accumulation for the long-term could be very good, but short-term it exhibits wide price fluctuations, as we are seeing.
ENCC doesn't have the cash to pay for an outside pump. IMO somebody else did. My opinion is that ENCC, at its best, is a long term hold. Nothing more at this point.
There are other available assets: a CPA firm, board members, management, and other related interests, some of whom you don't know about yet. And, remember, when squeezed hard enough, all pigs squeal.
Let's see if the independent "audit" gets completed. That should give much clarity, good AND bad. (There will be bad stuff found). If not completed, then that says everything.
Hi penn-e: When you read the 7/25 update, PGPM is saying they have them.
Look here - CEO Smith: "We'll continue to bring inactive wells into production..."
Guys, they are formally stating they currently HAVE producing oil and/or gas properties. I don't know any other way to read Mr. Smith's statement.
Especially in light of the bullet point deliberately included in the SEC's Order of Suspension. Wow! Like "in your face..."
I repeat, PGPM is either bodacious or audacious. Why? Because they either have some assets of some value; or, they just made it even easier for a Stockholders' suit to ammo up.
Curiouser and curiouser.
PGPM is either bodacious or audacious.
The SEC's Order of Suspension of Trading, dated 6/29/17 contained this "concern":
"(iii) statements on the company’s website concerning oil and gas producing operations at the company’s properties."
In their "Progress Update..." to shareholders, dated 7/25/17, PGPM went ahead with the language they have used in their other Legal Notices:
"The company is acquiring oil and gas leases, PRODUCING PROPERTIES, mineral rights, and surface interests."
Good points, and assts are anemic, at the last filing, at best. That is what tough, but respectful, questions directed to Mr.Sharp and Co are for. I don't bash or pump, but analyze, LOL, Mr. Sharp has been gracious to us, has indicated intent to answer our questions from his side of things.
Greetings All - I will sticky the info given in the post below, as soon as I reorganize it (and figure out how to do that!, Im totally new to this mod stuff).
We should begin assembling new questions for next week. Appreciate having everyone's input who is interested.
KgS, you are the pro-ENCC leader here, so let me know what you want asked first. I thought for the next week we should stay on questions involving org structure, revenue prospects, etc. After the 6/30 financials are released, around mid-August, we can concentrate on those numbers.
Greetings - been away for a day and unable to get back to you baldfatugly (like the moniker!) till now. No, don't have those types of answers yet, and really wasn't shooting for that at first. But will add to our requests for additional info. Just starting on this project of getting stock-related answers from ENCC. I will look for your questions, and questions from others going forward, that will be subsequently submitted.
Please remember, there are securities laws that prohibit Mr. Sharp from providing material information to one group like us exclusively,, versus the general investing public (i.e., no preferential treatment permitted).
Below are slightly edited answers to my questions from Mr. Sharp:
Mr. Sharp intro: "The key thing to remember is we have created something the drug testing industry has never had. It takes time to change the way they engage with customers and get them comfortable with technology in general. That being said, much has changed over the last few years and we are really headed in a great direction...I focus on growing our business and taking this company to the next level. We continue to put all our earnings back into people and technology resources. That is the only way to get where we all want to go. Here are answers to your questions:"
*Are there significant numbers of new accounts/clients, as a result of arrangement with Alere?
"We do continue to add customers as Alere sends them to us. This is still a new initiative with them, they are a huge company and in the middle of being acquired. I anticipate more growth in The Third and Fourth quarter from our relationship with them."
*What does Alere get out of the arrangement?
"It is just a referral arrangement where customers are sent to us to solve their compliance needs. This provides Alere customers an industry solution that Alere doesn’t offer as part of their product set. Alere receives no compensation whatsoever.
*Outside of Alere, what are ENCC's new business development results?
"There are other labs, TPA’s (Third Party Administrators) and large franchise deals we have either closed, are integrating or working through the sales process. I can’t name them, but they are large opportunities that can add thousands or 10’s of thousands of users to us. All of these want direct integration onto their ordering platforms. This takes a long time since we are at the mercy of their development schedules in order to complete the integration."
*Any anticipated positives for results for period ending 6/30/17?
"I can’t say anything other than what has been reported through press releases. Each quarter we hope to steadily grow our revenue. The report will be posted sometime in the next few weeks.
*Will the company's share structure be disclosed with your quarterly results?
"I always add that to the quarterly report and update the OTC site as well, so, yes it will be. We report, authorized, outstanding and the float balances. These come directly from the transfer agent. If people are looking for who owns what position, I am not allowed to disclose those numbers. I have shareholder reports, but they are not for public “consumption.”
*Anything else you would like to have me pass on to our board members?
"I can tell you this and I know there are those that say Bill Judge and I sell our shares, but we have never sold a single share since we have taken control of this entity. We both own more than we started with (restricted stock has been issued to us since we haven’t taken much compensation for a few years) and this is always disclosed on the quarterly report. We spend a lot of time and our own money building this company and changing the marketplace we service."
Received lengthy and gracious reply from Mr. Sharp. Cannot post tonight (celebrating anniversary,!). What little I was able to digest looked very fine indeed. Mr. Sharp wants to communicate...
Will post tomorrow late.
No, not what she wrote. Janice, of all people, doesn't need someone else to help explain her statements.
This was written by Janice earlier: "Usually the stock will uptick later in the session, or sometime in the next few days."
Nope. A contradiction of statements. Totally.
And, your advice to hold so that a stock "may trade higher" at any point following an SEC suspension amazes me. It has as much chance to be going even lower. IOWs, it's more SPECULATIVE at that point, as to which direction the stock price is heading; than buying a speculative stock from the start. After suspension, the investor is at the mercy of the investment actions of the horde's of other bag holders.
So, hold and hope for a slight reprieve in price and then sell, as you seem to advise; versus sell immediately and salvage something. Good luck with that advice.
Anyway, got to go, nice of you to take the time to chat with us mere mortals...
You understand, of course, these are contradictory statements?
"Usually the stock will uptick later in the session, or sometime in the next few days."
"What also happens is that liquidity begins to dry up."
Very, very few have done that.
Many, many more sold in panic, at the notice of suspension. So, is that your total strategy? Just Don't buy.
Then what, precisely, would you have them do?
"It never fails to amaze me how many people ignore it."
"Fraud can't be fixed once committed..."
Darn, there goes Bank of America, BP, Volkswagon, Wells Fargo,...
LOL!
"a widened SEC investigation"...if they have toxic financiers still trying to dump dilutive shares they converted"
So, insiders are going to be dumping shares,,,at the same time the SEC is expanding its Investigation into PGPM's filings, records and transactions?
I'm with your points regarding the difference between the SEC "knowing" fraud has been committed, versus the investigating process which determines and declares such, but...
PGPM stated in their PRs and the legal notices therein, that they were "acquiring" producing assets (note: plural). I wrote on here back in May that if they haven't acquired any producing assets, then the PGPM board and management could find themselves in big trouble.
I noticed the SEC suspension issuance included one point addressing their concern with that very subject, i.e., statements by PGPM regarding its "producing assets."
If PGPM doesn't have these assets, then SEC legal will make a judgement call as to whether or not this was "fraudulent" (or something else). Could be protected as a "forward looking" statement made by PGPM, but I doubt it because the SEC already made the decision to include the point in their suspension issuance (which means this was jointly agreed upon by all SEC legal and investigative staff).
PGPM is also on shaky ground with the other two points of the SEC issuance.
Another good reference source for you:
See the updated SEC Division of Enforcement Manual (Oct. 2016).
It explains (some of) the chain of command for various entities in the Enforcement Division, including the Director, Associate Directors, Unit Chiefs, specialists involved with things like the BSA (Bank Secrecy Act), and other staff members. The Division is an organization, and as such, everyone does not have a uniform role like you have been inferring.
It also defines the differences in procedures involving the lesser MUI (Matters Under Inquiry) and greater formal Investigations. We are all assuming this process involving PGPM is a formal Investigation. Never assume.
No, of course not.
A company's stock can be suspended for those "questions" as defined by the SEC (see their Bulletin Board). Subsequently, after investigation(s) for violations of securities laws, etc., or suspected fraud, or whatever, it can be determined sometimes that no violations/fraud/whatever actually took place. Yes, this does happen...sometimes!
And now you say this:
"They have already investigated PGPM enough to determine that fraud is present, which is why they suspended the stock - to protect investors from that fraud."
NO way. When they issued the suspension, they had serious "questions" that needed to be answered, believing conditions were such that it posed a risk to investors. They had not then determined that "fraud" had, in fact, taken place.
Please see How Investigations Work brief I just posted before.
"And the determination that Fraud is present...has already been made."
Nope, what is clear is that there are serious "questions" (that need to be addressed, as defined by the SEC). "Fraud" is a formal determination by legal.
Maybe this helps:
How Investigations Work
The Enforcement Division assists the Commission in executing its law enforcement function by recommending the commencement of investigations of securities law violations, by recommending that the Commission bring civil actions in federal court or before an administrative law judge, and by prosecuting these cases on behalf of the Commission. As an adjunct to the SEC's civil enforcement authority, the Division works closely with law enforcement agencies in the U.S. and around the world to bring criminal cases when appropriate.
The Division obtains evidence of possible violations of the securities laws from many sources, including market surveillance activities, investor tips and complaints, other Divisions and Offices of the SEC, the self-regulatory organizations and other securities industry sources, and media reports.
All SEC investigations are conducted privately. Facts are developed to the fullest extent possible through informal inquiry, interviewing witnesses, examining brokerage records, reviewing trading data, and other methods. With a formal order of investigation, the Division's staff may compel witnesses by subpoena to testify and produce books, records, and other relevant documents. Following an investigation, SEC staff present their findings to the Commission for its review. The Commission can authorize the staff to file a case in federal court or bring an administrative action. In many cases, the Commission and the party charged decide to settle a matter without trial.
Nope. It the case you mention, enough evidence was available that a "determination" that fraud is present. Legal would have had to make that "determination." Subsequent investigation could reveal additional legal issues, including additional fraud, but a legal determination was already made for some instance of fraud.
And I carefully stated "though completion of the investigation."
Huh?
"The SEC does not suspend a stock because they have questions."
Of course they do, and have. The SEC has a bulletin board defining their actions for suspensions.
"They suspend a stock for fraud when their questions about fraud are not adequately answered or got no answers at all during their initial investigation."
No, "fraud" status is determined through completion of the investigation, not prior to. The legal department makes this determination, subsequently, based, in part, on findings and recommendations by the investigating staff members.
No response yet. I will resubmit questions to Mr. S. There was an indicated problem with "the data base" from their website, when I sent the questions, so they may be the problem. Will try again this weekend.
Was looking at Alere's toxicology section of their website. They have had for some time a "state by state" listing of drug laws, prepared by a Current (Compliance) Group. It was updated to May, 2017, when I emailed Alere that the state laws showing were updated only through 2015. They thanked me, LOL! Of course, I did not mention anything about ENCC, although I was tempted...
One of my submitted questions to ENCC is just what does Alere get out of the arrangement with ENCC, especially since they have the Current Group's listing above?
Also, noticed ENCC usually takes the full up-to-45 days before submitting their financials. That puts that 6/30/2017 fin data into middle of August.
"Email from the Tautachrome website" (as in "contact us")
David LaMountain listed his office number in his signature, as 520-318-5578.
Nickie63, this is what the new moderator Chartmaster was able to salvage for us (written Wednesday):
OK, One thing the CEO of PGPM said yesterday about "The Stock" and "The Company" was quote:
"An update will be published by the end of the week as we're in the final steps to execute contracts and changes to our general strategy."
Well, I got the response below last night from Mr. David LaMountain, Investor Relations, in regards to several questions I had concerning relationship/future with the Fortune 500 company:
"Good Evening,
They would be a major client. We presented them with a custom tailored proposal showing how KlickZie would not only save them money but bring in additional revenue. Funds would be used to further develop KlickZie."
His address given was Oro Valley, AZ.
Didn't answer my questions, but, to be fair, my questions were poorly worded.
I have questions sent in. Will let all know if there is any reply.
Grand comments, Grand.
I also took the PR to suggest that if a trustable-image industry has actually emerged ("emerging" is probably a more accurate depiction), then TTCM is saying there should be growing broad-based demand for this technology. And they added TTCM is atop the heep right now.
Could be an intended booster shot for increasingly restless stockholders. The shares are dangerously stuck under the required penny.
Kgs - I've kept my shares. I will try to see if Sir Richard can tell me if there is any bump up yet in client accounts due to Alere.
Are you lonely on this board being pretty much by yourself?
Well, to answer you, I haven't had time to look into much here, but I will make the effort to see if Sir Richard will provide something, and get back to this board on behalf of other stockholders.
BTW, do you still own stock in ENCC?
No, we don't have to "count on it." Chill, everyone. Actually, the continuation or not of having audited financials prepared will tell the story. If they do proceed with the outside/independent CPA (which costs a fair amount BTW), it would be a good indication that some effort is being made to restore this company. OTOH, if Pinedo is somehow still involved (as we long-timers from 2008-2011 warned many here), which would be contrary to PGPM's recent PRs that he is out, then no amount of effort, even in good faith, will get any traction.
Keep fighting alabama96...
Thanks, but in my subsequent reply to Kashkat, I may have overstated the roll of F50 in the process and may not fully understand their use of this technology. I thought they are needed for ongoing product development, and sales. I will redo my DD, and am ready to hear from him and others as to clarify my misunderstanding of F50s purpose. Gracias.