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The problem is I read a press release January 12th and believed it. Since I got smarter and I learned to be skeptical. I reviewed a years of failures to deliver, month after month of dissembling never completed announcements, and saw that some posters never blink, never question, never pause, and have zero credibility. Now - just show me the money, tell me who's it from, tell me what they get, tell me how it is being spent. Stop dissembling, stop the twisted incomplete announcements. Just accomplished completed and funded facts. Announce you will uplist the day after you've filed Form 10.
When was the $25 mm received? You read so much more into the press release than it really says. There is no money, there is no information on who its going to be from (ESoft - who are they?), no explanation on dilution (stock, debt, subsidiary, etc.) or which project BGMO would fund.
All the press release says is they formed two new entities in India. Nothing more. There is nothing new on the ESoft deal in months. You can count me as a really pissed investor, who is sick of the bs dished out, the predictable choir of self-interested chimpanzees who see nothing odd about how this company treats investors.
What I can say positive is that compared to most pink sheet companies, this one ain't as bad. It used to have sales and even made money. There isn't hyper-inflation issuance of shares, just a steady dribble. It doesn't have huge debt. While it is milking investors to support CEO's lifestyle, that's true about every company except Berkshire Hathaway. HH's schemes show imagination. Ansari knows about solar, even if his company doesn't have a product that works.
Nothing is going to change with this company - but the dribble out is working fine even at 10¢.
In other words, BGMO is OK because its not as abusive a pink sheet pump/dump as you are used to. The CEO only needs to dilute 10,000,000 shares a year to fund his travels/entertainment and keep the insider coalition happy. But what's the chance any real investor will fund money into a $5 mm market cap pink sheet stock, other than as part of a reverse merger. BGMO has nothing.
The MOUs are worthless. No one is funding a real power plant through BGMO -- there is no reason to.
Nice try - BGMO is long running pink scam. This is 10th time in last year company has announced "money almost here" as if it actually happened. So far record is 0-9. Stock dropped 15% today.
Posted by: duedilly Date: Tuesday, August 04, 2009 1:54:21 PM
REAL MONEY$$$$$$$$$
Bergamo Acquisition Corp. Obtains $100 Million Financing Commitment for Shared Credit Facility Secured by Standby Letter of Credit for Acquisitions
LAS VEGAS -- (Business Wire) --
Bergamo Acquisition Corp. (Pink Sheets: BGMO) announced today the Company has received a financing commitment for a $100 Million shared credit facility with an international corporation based in India. The credit facility will be secured by a standby letter of credit. This financing will provide the Company initial funding required for its 2009 business plans. This commitment is separate and in addition to the previous announcements which are specifically designated for Pakistan. These financing funds will be used in several acquisitions to be announced at a later date. In consideration for the shared credit facility, Bergamo Acquisition Corp. has granted a three year option for the India based corporation and/or its designees to purchase 100 million shares of common stock with registration rights. The options granted will begin on the date funds are received from the credit facility. The exercise price is set at $1 a share. Bergamo Acquisition Corp. will be provided with additional capital toward retiring outstanding debt balances and maintaining sufficient reserves upon the exercise of the options.
I had no idea how long this party's been going on -- as typical I came too late -- so many press releases on announced "deals" have been lost - finding them combing through duedilly's nice archives is a treat. Here's another gem -- I kid you not:
Posted by: duedilly Date: Thursday, June 11, 2009 2:25:19 PM
WOW DONE DEAL!!!!!!!
Bergamo Acquisition Corp Announces a Formal Memorandum of Understanding is now Signed for the Pakistani Energy Projects
Funds for $1.5 Billion USD are Now Confirmed to be On Deposit with Citibank
(EMAILWIRE.COM, June 11, 2009 ) LAS VEGAS - Bergamo Acquisition Corp. (Pink Sheets: BGMO) today announced that the company has signed a formal a formal Memorandum of Understanding with the lender for the Pakistani Energy Projects totaling $1.5 Billion USD. As part of the agreement funds are now on deposit and have been confirmed bank to bank by Citibank. Bergamo Acquisition Corp's wholly owned subsidiary Bergamo E & A will receive the funds and will coordinate the commencement of the projects.
Hillard Herzog, President and CEO of Bergamo Acquisition Corp., will leave for Pakistan on July 6, 2009, He will be meeting with appropriate Government of Pakistan ministers for formal contracts signing for each of the projects. From Pakistan Mr. Herzog will travel immediately to Singapore to deliver the contracts signed with the Pakistani Government. A formal signing ceremony will take place in Hong Kong immediately thereafter.
There have been numerous previous funding agreements with many other groups. ESoft is just the most recent. They are a small software company without any visible means to fund a commitment. The ESoft commitment -- that's the one that was signed on Jan 12th with funding in 7 days. Never heard what happened with that - just it didn't happen, just like today's deal isn't going to happen. Is it equity, debt, maybe some of us would like to know.
Read the companies press releases since 2008 and you will understand. Most aren't shown on company website, so review OTC Markets. There is growing posse of disgruntled investors here.
And why wouldn't the company say that in the press release?
Wow - just more crap with mixed with recycled news - why would a never-going-to-happen Indian project where BGMO (actually Suntrough) is merely a technical advisor be good news. Let us know when there is a real project. Forgot to mention who is funding the money and on what terms - what a JOKE. Try filing a Form 10 if you want people to believe your uplisting fable -- you don't even have audited financials¡
HH's modus operandi is to show people "documents" for a signed deal to convince them something is real -- but from what counterparty and with what conditions -- never stated. He's fooled a lot of people with his briefcase of "documents." Look, there are plenty of scammers trying to pry advance fees from companies like BGMO.
I can't wait to see what unfathomable deal will be rolled out next.
There aren't many people left who will take Hillard Herzog at his word. HH's lack of delivery on EVERY prior funding announcements is only exceeded by his conceited failure make any attempt to explain or accept any responsibility.
IMO, its possible to get people initial a preliminary idea, but BGMO and its projects/investments can't withstand any real due diligence or meet conditions for funding, so HH's premature announcements (like the Lebanon meeting) inevitably fail to materialize in real deal.
Forget any real analysis -- this company does not provide any basic information on its assets, equity, revenues, earnings, debts, shares, etc. probably because its clothing business collapsed. Nor does it make creditable statements of the dilution that will certainly result from an investment of any size -- lofting idiotic idea that there are investors out there who will just give vast sums of money to BGMO.
You ought to email Vivek Sinha, the President of Esoft Informatics Private Ltd. to find out what is happening. www.esoftinformatics.com
There's a good chance new money would come in as debt or preferred stock, effectively subordinating (squashing) common. Any jump in the common would be a great time to sell -- as I am guessing many insiders will do. There is a reason its called Pump and Dump.
To answer your question - tell me much money raised, the terms of the investment and how the money will be deployed, please. Also, is the press release credible, complete and independently verified? - since its costly to believe statements from HH alone, given his well known and unbroken record of announcing things that don't happen.
BGMO has a market cap of what, $6 million. You do the math on the dilution of even a small raise of $25 mm.
Now if that money were round-tripped, say its used for an Indian solar project -- so no cash available for other deals -- i'd guess the stock would jump and then begin long drift backwards to below $0.10 since economics on a 5 mW solar plant aren't good and company could flounder just trying to get first one built.
I don't see any evidence that ESoft is wealthy - certainly not $100s millions. ESoft must have its own reason for dealing with BGMO -- maybe a reverse merger.
I am looking forward to seeing BGMO financial statements posted next week to OTC Market, otherwise this company stops trading. These statements, audited as they are, should reveal what's really happening at the company.
Thanks. Do any of the local papers ever mention Bergamo's fanciful tale and lack of ability to fund, therefore no factory was actually going to be built (at least anything that depends on BGMO money - GreenSafe may have other investors). That would make a more interesting story than the silly tug-o-war over grandfathering the mayor's pet industrial pork, I mean park.
Any bankers taking in BGMO's check would be sorry.
As if this was the only available plot of land one could build a plant in and around Caraquet. Have you google mapped Caraquet NB - its all farm land and open spaces. There are hundreds of places to put a building this size. What's the problem with Peter Swire - first he takes a $50 mm rubber check from HH and hasn't blinked since then. Now he issues a snarky press release on his failure to get proper zoning - an issue that was known for years since it relied on grandfathering this land under the old rules.
It will take more than a press release this time - HH's word is meaningless. It will take financial disclosure, deal term disclosure, verifiable counter parties, real closings where real money changes hands. The economics of a business to the company and the dilution of fundings to shareholders must be presented - and they have to be plausible.
The tape painters are getting cheap...a whole $9.00 to get an up day.
2:13 PM 0.09 150,300
1:55 PM 0.085 150,200
1:45 PM 0.09 140,200
1:44 PM 0.09 135,200
Disappointed that "big news coming - soon" chant from the chorus of usual suspects didn't produce much action today. Maybe tomorrow. I have no allusion that HH actually will accomplish a real financing (he won't) but its exciting to see what "almost there" announcement will be offered up next. HH has earned the right for people to doubt anything he says, as his word is worthless.
Duedilly says "I don't think Bergamo will bring out news
until EVERYTHING is complete,including money in the bank and signed goverment contracts."
Well - that could be a very long wait - leaving shareholders in the dark, as usual.
DueDilly, how do you know - aren't you privy to a lot of the inside info? Is this something HH asked you to post? Is the company going to file its OTC required financial statement next week or face trading halt? What facts/information can you share about ESoft?
This is a "sardine" stock -- its available for trading, but has no real value. We depend on HH to keep the charade going. No one honestly believes he will actually deliver funding - its just a chance to play the next press release.
I am looking forward for the financial statement filing at OTC Markets which is now due. One day someone at OTC will decide stock hasn't met the requirement for quotes and that will be the end of it.
Just my opinion, but I think the only short sales are against the box - i.e., insiders with restricted shares selling against the box. The risk/reward below $0.50 isn't worth it. Limited gain/unlimited loss. The 1.5 mm looked like a placement by the company. Nice way to raise $150,000. Maybe this the ESoft shares dribbling into the market - isn't this the way these off-shore reg D deals work? Again - no one is naked shorting a penny stock IMHO.
"Remember you don't loose (sic) until you sell. I will be deep in the hole if I sell now and if I got out after being in so long and this stock took off I couldn't live with myself. I stayed so long mainly because I believed this stock had alot of potential. A good stock to hold."
Got to love this small retail investor's mindset. Never give up hope. America is built on a can-do attitude. No set-back too large.
Stock shares are sold by the company and service providers who were paid in shares, plus some investors. Stock bought by traders, sometimes a market maker and occassional true investor. That 1.5 mm share trade a few weeks ago looked like a placement by the company to an investor. Total dollars really tiny, except enough to cover HH's hotel bills.
I noticed the company posts a bare minimum financial statement each year in early April to the OTB exchange site (www.otcmarkets.com). Does anyone know if this is a listing requirement? How is it that an unaudited statements qualify? Looking forward to next week's info on the financial statements, which will shed light on what BGMO actually is.
PPS isn't reliable indicator what is happening with the company -- just that investors/traders right now are avoiding this play given the abject lack of cooperation/information re previous announced press release items. I believe HH actually enjoys dicking around shareholders and given the implausibility of the prior announced deals and fund raising, I expect his unbroken string of failure-to-complete anything to continue for some time. The joke is this can go on forever or at least until HH keels over. Unlike the fellow with the unpaid debt, shareholders really have no forum to force HH to do anything -- time is on his side -- and he loves those international trips. Investors have a short memory and the choir of insider supporters will chime in as soon as HH announces another pie-in-the-sky deal -- how about solar panels on the moon. Shortly, I can purchase the stock at 5¢ with a high likelihood of a bounce to 10¢ within a month. Isn't this the pk game? Of course we know BGMO is dripping shares into the market, so eventually even 5¢ is too high. Its Liars Poker.
Who is your source -- tell me its not a wolf, please.
The "financial statements" posted at OTC Markets www.otcmarkets.com - search for BGMO and look under filings - indicate there were sales in 2008 (or was it 2007 - same statement posted each year) of $13.6 mm and a small profit.
The laughable Sept 2009 interim statement shows $1 billion "Account Receivable" - for sure the preparer isn't an accountant. The footnote - "The accompanying financial statements have been prepared in accordance and recognition of the company's projected and signed agreements" shows creativity.
I focus on the $2.9 mm Long Term Debt to Shareholders that was $800k on the 1/31/09 balance sheet. The Inventory (sometimes a rag pile of take-backs) went from $6.1 mm to zero. I surmise BGMO's garment business collapsed in late 2008 or early 2009, and this whole snipe hunt is about raising money to pay back loans and amounts owing to factors (Platinum Funding?).
The statement shows 61 mm shares at 9/09 up from 49.3 at Jan 2009. What's the number now - over 70 mm? The company appears quite successful in dumping shares. These days the dumping is constrained as there are fewer gullible investors taking the bait.
Don't expect the con man to tell you when you've been conned. He just moves on, leaving victims trying to rationalize the situation. I wouldn't put it past the schemers to be trading shares back/forth in hopes of ginning up more action.
Obviously no one believes the press releases any more, and there are many like me ready to pounce all over pumpery about future fantastic deals.
My prediction is that ESoft does a reverse merger into BGMO shares but no real money comes into the company. The Suntrough and Greensafe deals never get funded through this venture.
Most of us heard HH make these claims in the radio interview last month.
I can't believe anyone would naked short a thinly traded pk penny prone to big upticks when there's no reason to think this company is about to file bankruptcy or some other termination event. Either the tabulation is not accurate or an insider is shorting against the box, IMO.
Anyone still owning the stock this late in the game isn't sitting pretty. There is plenty of time for another dead cat bounce - but for the most part no one believes HH's press releases any more and this stock is destine for the trash heap.
HH isn't going to improve the contemptible way he treats shareholders. It took a court seizure of bank accounts to get him to pay up on an old debt.
Each of you can and should demand financial statements for 2009.
Check Nevada law to see requirements for annual shareholder meeting -- you can gain a forum to address concerns to management.
You can contact all Directors (would that be HH and Sohail?).
Check a D&B to see what creditors the Company has - maybe some leverage with them. <what ever happened to the financial service acquisition HH announced was imminent - I guess that was another senior moment>
So he is not an impartial person - he has fees coming to him if BGMO delivers funds to GreenSafe. You can bet he is rooting for HH to get the money, and nothing else matters.
Did he say anything about the site permitting problem at GreenSafe? Maybe you can ask him why GreenSafe issued press releases trumpeting the large profits obtainable from appliance demanufacturing - that's a great tip off to competitors and customers, when GreenSafe isn't ready to take in the products.
Do you have contact info - I can't find web site for the company. Is he working for Bergamo or GreenSafe?
Tell us about Hal Wolfe -- who is he?
Sovereign Guarantee on the Power Purchase Agreement (PPA) with the state power utility is no big deal, as it was offered to all the developers who considered (and passed) on this coal plant. It backs the power utility obligations under the PPA with the State credit. Equity owners of an independent power plant need to know the terms of the PPA (price, dispatch priority, escalators, damages, etc.) to determine whether a project has value.