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I believe most CETX shareholders are aware by now that the SmartDesk is dead in the water. I just read a post on Stocktwits, and I'm sorry to inform them that Vicon's thermal camera product is DOA, also. The poster said that he had a gotomeeting with a sales rep from Vicon "in regards to the thermal camera". He was quoted $24,000 for a one camera system. Of course, his reaction was "too expensive for us". Saagar tried to sell the SmartDesk for $5,000, cut the price to $2,500, and still couldn't generate interest in it. That's why I call it "Saagar's Folly". After reading the Stocktwits post, I'm confident in naming Vicon's thermal imaging system "Saagar's Folly II".
Btw, the sales rep admitted that Vicon has yet to gain FDA and UL approval.
As we will see, Saagar Govil’s share holdings increased by 100,000 during 2016. But during the year he also awarded himself 400,000 new shares via option grants, such that his position should have increased by 400,000. So clearly his net position actually declined by 300,000 shares.
For Saagar Govil, the 300,000 decline amounts to up to $2.1 million in 2016 assuming the sale of stock at share prices up to $7.00.
In September 2016 (with the stock having just hit new highs for the year), Saagar Govil also purchased an upscale condo in New York valued at precisely $2.25 million.
https://moxreports.com/cetx/
In November of 2015 (exactly when the paid promotion from SCS began), Ducon Technologies disclosed a purchase of 65,732 shares at a price of $2.55 for a total amount of $167,617. As disclosed, this took Ducon’s holding of Cemtrex common stock to a total of 433,219 shares. Ducon Technologies is controlled by Aron Govil, who is behind the entity paying for the undisclosed stock promotion.
But according to the most recent Proxy filed in January of 2017, Aron Govil’s Ducon Technology now only has 102,951 shares. It therefore got rid of 330,268 shares during 2016. Because there were no Form 4’s filed, we don’t know the dates or the amounts of any sales. But we can see that the share price ranged from below $2 to above $7 in 2016. Therefore, depending on when its shares were sold, Ducon Technology could have sold up to $2.3 million.
https://moxreports.com/cetx/
In reading the posts on stocktwits, it's evident almost all of the traders there are doing no due diligence. Even sadder is the voodoo they follow which leaves them thinking they've done proper technical analyses. I see a lot of them boasting when they guess right, then dreaming up conspiracy theories to explain their misses when they're inevitably wrong.
I'm not sure Saagar can get it over $3 again without spending more than he did on this last pump. Dumb traders who lose money tend to go elsewhere, and smart traders know it takes the easily duped to move the stock. They don't play Saagar's game; they use it against him, and they know he has to recruit new suckers for the game to work.
Saagar needs to tell a lie if he expects CETX to continue going up, and it had better be a big one.
Novelli joined Cemtrex in August 2017. Of course, we know he joined Brotherhood in July 2019, but we don't know that he left Cemtrex to take the job. He may have put the Govil crime clan in his rear view mirror long before Brotherhood came calling. If he was still employed by Cemtrex, it must have been an excruciating journey for him. After all, the CETX stock price was approximately a split adjusted $24 in August 2017, but it was hovering around today's split adjusted price of $1.60 in July 2019. Considering the fact that he came on board with the Govils just as Saagar was getting laughingly dismissed by Key Tronic for the ludicrous "offer", Novelli must have become suspicious of the illegitimacy of the company early on. Coupled with all the shenanigans that were exposed during that two year period, I wouldn't be surprised to find that he bolted from Cemtrex long before July 2019.
Saagar Govil was eager to make a big deal out of his hire of former Sony exec Joseph Novelli.
https://www.cemtrex.com/news/cemtrex-appoints-former-sony-product-development-executive-vp-advanced-technologies-subsidiary/
Novelli has been with Brotherhood International Corporation since last July. Saagar didn’t breathe a word about his departure from Cemtrex.
https://www.linkedin.com/in/joenovelli?trk=people-guest_people_search-card
Brooklyn, NY, June 17, 2020 (GLOBE NEWSWIRE) -- Brooklyn, NY, June 17, 2020 (GLOBE NEWSWIRE) – Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a leading multi-industry technology company that is driving innovation in a wide range of commercial sectors such as Internet of Things (IoT), Augmented and Virtual Reality (AR & VR), and Artificial Intelligence and Computer Vision (AI & CV), today announced that it has received a written notice from NASDAQ stating that the Company has regained compliance with NASDAQ listing requirements.
https://www.globenewswire.com/news-release/2020/06/17/2049550/0/en/Cemtrex-Inc-Regains-Nasdaq-Listing-Compliance.html#:~:text=Cemtrex,Regains%20Nasdaq%20Listing%20Compliance&text=June%2017%2C%202020%2009%3A00,ET%20%7C%20Source%3A%20Cemtrex%20Inc.&text=On%20April%2021%2C%202020%2C%20Nasdaq,of%20The%20Nasdaq%20Stock%20Market.
I wonder how long it will be before CETX is delisted this time.
Long Island City, NY, June 28, 2019 (GLOBE NEWSWIRE) -- – Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a world leading technology and manufacturing company, announced today announced that on June 28, 2019 the Company received notification from the Qualifications Department of The Nasdaq Stock Market ("Nasdaq") that it has regained compliance with Nasdaq Listing Rule 5550(a)(2), which concerns minimum bid price listing requirements. The Company's shares will continue to be traded on The Nasdaq Stock Market under the Symbol CETX.
https://www.globenewswire.com/news-release/2019/06/28/1876161/0/en/Cemtrex-Regains-Nasdaq-Listing-Compliance.html
Yes, Pearson addressed that in the article, also.
In my past articles I have exposed clearly how paid stock promoters will also infiltrate online message boards, social media (Twitter) and online financial blogs. They then pose as independent individuals who rally the enthusiasm behind their promoted stocks. Once you know what to look for, these paid promoters often become obvious online. They suddenly appear out of nowhere and begin aggressively cheering on a certain stock. At some point (when the promotion is ending) they disappear just as quickly and this is when we see the stock start falling apart.
https://moxreports.com/cetx/
In our IoT segment our next generation SmartDesk, with laptop docking as a primary feature, will be releasing this upcoming fall for which we have already received tremendous interest from customers.
It’s abundantly clear to anyone willing to take the time to read the company’s SEC filings and press releases that the SmartDesk has been a colossal failure. So, someone is going to spend $3000 to hook a laptop up to “Saagar’s Folly”? I think not.
We will be launching our first VR experiential game, Star Force, based on the hit BV Larson novels, in 2021.
But Cemtrex said on March 5, 2019, that it would be launching Star Force the following fall.
Star Force’s VR adaptation is scheduled for release in Fall 2019…..
https://www.globenewswire.com/news-release/2019/03/05/1748056/0/en/Cemtrex-Provides-an-Update-of-Their-VR-Adaptation-of-Popular-Science-Fiction-Series-Star-Force.html
Additionally, the Company is building its own proprietary artificial intelligence technology platform for the video surveillance industry through Vicon, which is also slated for release in 2021.
Wow! That really puts Cemtrex behind the curve with the Sunell/Vicon camera since larger companies with established distribution channels in the video surveillance industry are already shipping their platforms with the rebranded Sunell camera, and many are even providing far superior video surveillance platforms.
https://finance.yahoo.com/news/cemtrex-inc-cetx-provides-business-130010494.html
As my regular readers know, I often express significant concerns about problems I find with publicly traded companies. But these readers know that I will seldom come out and actually use the word “fraud”.
But I feel comfortable that the extensive use of the word “fraud” is entirely appropriate in this article for the reasons below. The points I will make below are supported by on the ground photographs as well as official government documents from various agencies.
https://moxreports.com/cetx/
I'm not saying it won't make a run back above the price of the last offering; that wouldn't surprise me, but only the Govils know when they are going to pump it. Good luck to you however you play it.
The suckers who believe the price has to shoot up because institutions bought in don't seem to realize that shorts have to get their shares from someone, and institutions could well be that "someone" because they would make a lot of money lending out their shares. Price appreciation isn't the only way they can make money on CETX.
Nope. Never bought a single share of CETX. I got burned by a scam decades ago when I first started investing. I exposed it and enjoyed it tremendously. I've enjoyed exposing scams ever since.
Well, since I've NEVER shorted a stock, that really doesn't register on my worry index; but come ahead. I'll throw some steaks on the grille.
Down .16 to 1.84. But.....but.....but....
Btw, I did some back of the envelope calculations and found that Cemtrex wouldn't have averaged more than 50 (probably closer to 33) SmartDesk sales a month for fiscal 2018 and the first three quarters of fiscal 2019. My sources are the company's SEC filings and its press releases. Of course, by the end of the third quarter 2019, the desks were no longer being sold on NewEgg and were being shown as perpetually unavailable on the Cemtrex web site. They have only recently become available again, and the asking price is still heavily discounted (by up to 50%) from the original price of $4,999. I'd be happy to provide the gruesome details of the failed Cemtrex SmartDesk.
If the SmartDesk was going to succeed, it would have done it by now. It hasn't. It is a complete failure. Anyone can buy Sunell's security camera and slap their name on it. Much larger companies with established distribution channels have already done so. Vicon doesn't stand a chance against them. Cemtrex is not a growth company; it's a scam which exists to enrich the Govils who are con men because they aren't smart enough to make it as legitimate businessmen. Anyone who thinks otherwise hasn't done even the most basic of due diligence.
Its value is as a printing press for the Govil crime family.
Smart traders will always make money shorting scams such as CETX.
Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2) and this matter is now closed.
https://finance.yahoo.com/news/cemtrex-inc-regains-nasdaq-listing-130010469.html
And, thus, with the SEC’s blessing, these scams are allowed to operate for decades.
Not a scam they make 49 m a year.
Enron claimed it made over 100 B a year........before its collapse.
CVI Investments’s state of incorporation is the Cayman Islands. The business address is P.O. Box 309, Ugland House, Grand Cayman E9 KY1-1104.
https://sec.report/CIK/0001649553
When Barack Obama criticised tax havens, he singled out one building on Cayman, Ugland House, which he claimed housed “12,000 corporations. Now, that’s either the biggest building or the biggest tax scam on record.” But Obama got it wrong – there are closer to 20,000 companies registered there, and 100,000 companies in Cayman as a whole. They include ones linked – or that have been linked in the past – to a bewildering array of British household names: Tesco, Sainsbury’s, BP, Manchester United – even the National Grid. In total, Cayman is home to nearly twice as many companies as people. Which is odd, because when I went to find them, there wasn’t much physical evidence of their presence. But they’re here all right, on paper.
https://www.theguardian.com/us-news/2016/jan/18/the-cayman-islands-home-to-100000-companies-and-the-850-packet-of-fish-fingers
As I’ve always said, investigate any association that Cemtrex makes and you will find something shady. Here is some info on one of the institutions buying CETX shares.
In our fifth Investor Warning focusing on third-parties, we will be taking a closer look at CVI Investments. This is a name many penny stock traders are likely well acquainted with as it often pops-up in the ownership filings of companies that tend to enjoy remarkable and often times short-lived parabolic runs.
During 2018 and 2019, CVI Investments filed Schedule 13G ownership forms for 41 companies. The vast majority have since experienced significant decreases in their share prices, in some cases greater than 99%. The average annualised rate of return for 39 of these 41 companies is a horrific -%42.
https://utopiacap.com/2020/04/21/cvi-investments/
Yeah, it's a shame the SEC doesn't do a deep dig into this scam. I'm sure it could find enough manipulation in the trading this month alone to hand the DOJ a case that would put the Govils behind bars for several years. Of course, it will never happen. Even if the SEC took action, it wouldn't go beyond the typical civil trial and standard slap on the wrist. Arun and Saagar wouldn't break stride in defrauding the dupes. So much for the SEC's stated mission of protecting investors!
No, I don't short because of the margin requirements; but I'd sure be happy if I was short today.
Traders who are into shorting p&d scams could do well by playing DGLY.
CETX and DGLY scams are eerily similar. Smart traders will make money playing them.
It all depends on how much Saagar Govil is going to spend to promote it and how effective the pump is; and he pretty much has to rely on traders to move the stock now. I mean, the price has plunged approximately 97% since the start of 2018. That sort of action will send the dumbest of dumb investors running for the exits.
Obviously, since Cemtrex CEO Saagar Govil paid Ong. Sripetch $150,000 to pump the company, he would like to get the stock price as high as possible; however, the people who believe the direct offering to institutional investors means CETX has to soar to $3, $5, or higher need to do some math. Anyone who buys the 3M+ shares for $1.80/share would make over $30,000 profit if they could only sell for $1.81/share. With a pump driving the volume up, they could probably dump the shares in a day. And we already know the notorious reputations of some of the institutional investors who invested in Cemtrex in the past. We already know that Cemtrex settled the class action lawsuits charging it with stock manipulation rather than take the matter to the courts even though Govil had declared the company would "vigorously defend" itself. It isn't by any means a stretch of the imagination to think that the Govils or crooks with whom they have been known to associate could be the people to whom the institutions will funnel the shares. Of course, Saagar wants to make as much money as he can; after all, his business is selling shares of CETX to dupes, but he doesn't have to make a huge profit per share to make a nice profit overall. Unfortunately, the folks who buy during a pump and hold waiting for the "inevitable" to-the-moon price rise don't understand this.
Yeah, I probably should have just stated some facts to show where the Sunell/Vicon camera is headed. Remember the Key Tronic deal where Saagar offered to give CETX shares straight up for KTCC shares even though the KTCC shares were trading for twice as much? Of course, he never actually picked up the phone and talked to Key Tronic, but that company got a big laugh out of the offer anyway. And the Periscope acquisition was a dilly. ROB Cemtrex only had the company for about a month before it had to close the Paderborn facility and put those 120 or so poor folks out of work. I don’t know. Maybe Saagar just couldn’t concentrate because he had the “strategic partnership” with Lucyd on his mind. Whatever happened to that? Oh, yeah, that’s about the time he started having wet dreams about the SmartDesk. Oh, and Lucyd got outed as a scam, too. Say, have you heard anything about the VR game Ultra85 lately?. It was scheduled for release way back in June 2018. It seems like there was something else going on that might have been hindering Govil’s ability to concentrate though. Hmmmmmm. What was it? Oh, yeah, I remember. Cemtrex got itself mired in some class action lawsuits. Saagar claimed Cemtrex would “vigorously defend” itself……………..but he wimped out and settled. That didn’t keep him from bragging about getting the company listed on the Russell microcap index though. Boy, that sure didn’t last long, did it? Remember when Cemtrex said it would release the first game based on the Star Force series in 2019? It sure is hard to believe 2020 is nearly half over. My how time flies! Hey, remember Quazar? I still get a kick out of watching the video demonstrating that game.
Sunell is far less well known than its gargantuan domestic competitors Dahua and Hikvision but the company's 'Panda Cam' is going head to head against them worldwide in the booming coronavirus fever camera market.
However, the name Sunell is generally not used, as the company's sales strategy is to let seemingly anyone relabel it, including companies like InVid, Watchnet, CohuHD, CBC Ganz, Bolide (cleverly disguised), etc.
https://ipvm.com/reports/sunell-panda-test
Hmmmm, so it appears that Cemtrex is just a “seemingly anyone” who happens to have arrived late to the party and has no established distribution network. I’ll give a simple analogy to demonstrate the abysmal odds Cemtrex faces in selling its version of the Sunell camera. It’s as if Saagar Govil has entered the candy market by buying a certain product in bulk from Mars, inc., and rebranded it for sale. Now, which product do you think will sell better, the Mars candy or the rebranded Cemtrex M&M&M’s?
I will see you at $12
Really? When is the reverse split?
It will drop as soon as Saagar stops paying to have it pumped.
Hmmmmmmm. The Sunell/Vicon body temperature measurement camera appears to have some glaring weaknesses.
We commonly see thermal imaging system setups that simply point a thermal camera into a crowd. This sort of setup is significantly flawed, when considering all factors that contribute to the accuracy of measuring human elevated body temperature.
https://movitherm.com/knowledgebase/coronavirus-screening-for-elevated-body-temperature/
Here is Chinese company Sunell’s body temperature measurement camera.
https://www.sunellsecurity.com/pro_detail.php?id=395
Here it is rebranded by Vicon.
https://www.vicon-security.com/lp/thermal-body-cam/
Yep, that’s right folks. Any company can sign a deal with Sunell to slap its name on the camera and sell it. Cemtrex hopes the dupes will read today’s press release and believe it’s a big deal, but it really isn’t.
Cemtrex paid slimeball promoter Ong. Sripetch $150,000 to pump the stock for six months. A common tactic used to get the ball rolling on these promotions is planting message board touts.
Well played!
You will never find better entertainment than by following the shenanigans of a penny stock scam. The con men running these scams are true idiots which, unfortunately, tells a sad truth about the serial victims who are continually defrauded by them. Here is yesterday’s Cemtrex press release in which the braggadocious Saagar Govil pretends absolute giddiness over the issuance of a patent by the U.S. Patent and Trademark Office for the company’s take-it-or-leave-it SmartDesk.
https://finance.yahoo.com/news/cemtrex-granted-first-patent-revolutionary-131010158.html
Of course, customers for the desk have been harder to find than snowflakes in Saudi Arabia, even after its price was reduced by nearly 50%. I could paraphrase the following paragraph from the pr, but it’s funnier seeing Saagar huffing and puffing about the “upcoming new model of SmartDesk”.
“This patent represents a key milestone in the Company’s history as we look to create a competitive moat for ourselves around our own patented technology. With more people working in their home office than ever before due to COVID19 we have seen huge interest in the SmartDesk as the ideal solution. We anticipate meeting this demand with our upcoming new model of SmartDesk, that enables Mac and Windows Laptop docking as a primary feature, sometime this Fall." continued Mr. Govil.
Hmmmm……..”enables MAC and Windows Laptop docking as a primary feature, sometime this Fall”. Now, where have we heard this before? Oh, yeah, he said the same thing last year in an April press release.
Long Island City, NY, April 03, 2019 (GLOBE NEWSWIRE) -- - Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a leading global technology company, today announced that the Company is developing a new SmartDesk, that will have similar features of the current SmartDesk except it will allow users to dock their existing laptop or desktop computer. Development for this version is currently underway and the Company expects to have it available in the market to purchase by Fall 2019
But let’s get back to the entertaining part. It turns out that the real laughs lie in the patent itself which is nothing more than a description of the desk that I rightly labeled “Saagar’s Folly” because I knew it would be a total, abject failure.
https://pdfpiw.uspto.gov/.piw?Docid=D0883277&homeurl=http%3A%2F%2Fpatft.uspto.gov%2Fnetacgi%2Fnph-Parser%3FSect1%3DPTO1%2526Sect2%3DHITOFF%2526d%3DPALL%2526p%3D1%2526u%3D%25252Fnetahtml%25252FPTO%25252Fsrchnum.htm%2526r%3D1%2526f%3DG%2526l%3D50%2526s1%3DD883277.PN.%2526OS%3DPN%2FD883277%2526RS%3DPN%2FD883277&PageNum=&Rtype=&SectionNum=&idkey=NONE&Input=View+first+page
The claim is for "an ornamental design for a smart desk". Since practically no one has shown interest in Saagar's Folly, shouldn't the claim read "for a dumb desk"?