Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Nitwit--I cautioned people on this board to take profits on the Thursday before the day that SPNG gapped up to .27 and hit .09 the same day.
Just saying....
Putting lipstick on a pig is not uncommon.
Not too many companies so undervalued....amazing revenue growth in the first six months of this year versus last year.
This is just getting started, IMO, Carter
Face it, guys. This is FRAUD. I have seen this before. No one will believe management's future PR's. Because you cannot believe their past financials, they had an attorney accuse them TO THE SEC! that they are being fraudulent.
SPNG is done--you make get some occasional spikes--but this just smells.
I am not bashing. Just warning people that have profits from the cheapie day s to take some of their chips off the table.
GL
SPNG in NY Post article
Spongetech is all wet
Ex-attorney claims forgery
By KAJA WHITEHOUSE
Last Updated: 2:12 AM, September 22, 2009
Posted: 2:12 AM, September 22, 2009
A former attorney for SpongeTech, a New York company known for making soap-filled sponges it sells through infomercials, says the company forged dozens of legal documents tied to its issuance of stock.<p> </p><br>SpongeTech, which boasts that sales skyrocketed 900 percent this year, received international attention earlier this month when tennis star Serena Williams screamed at a US Open tennis championship line judge in front of one of its ads.<p> </p><br>But on Friday the company's stock was tagged with the financial equivalent of a scarlet letter: The letter "e" was appended to its ticker for failing to file financial results with the SEC. The company says it had to restate its last two years of financial results because of a problem with its auditor, and as a result is late with its annual filing.<p> </p><br>The accusations of forgery and "identity theft" come from Norfolk, Conn. attorney Joel Pensley, who said in a letter to the Securities and Exchange Commission that he was "dumbfounded" to learn that his name was being used in "as many as one hundred opinion letters for various shareholders."<p> </p><br>Pensley told the SEC that he would not have written such letters. "I question the legality of the transactions," he wrote.<p> </p><br>A copy of the letter obtained by The Post shows it was addressed to Robert Khuzami, head of the SEC's enforcement division.<p> </p><br>Neither Pensley nor the SEC responded to repeated requests for comment, but Pensley's business partner, Maureen Abato, confirmed the letter's authenticity.<p> </p><br>"Why would they want to run that risk? I don't get it," said Abato, who is based in Brooklyn and whose name and address is on the letterhead with Pensley's. "It raises questions about their whole operation."<p> </p><br>Abato said that after learning about the documents, their firm, Pensley & Abato, sent a cease-and-desist letter to SpongeTech. She said SpongeTech CFO Steve Moskowitz claimed the company had authority to use the law firm's name in the legal documents, but agreed to stop.<p> </p><br>In June SpongeTech projected a whopping $50 million in revenue for the fiscal year ended in May, up from $5.6 million for 2008. But those numbers have raised questions within the industry.<p> </p><br>Michael Popovsky, CEO of LA-based sponge maker Spongeables, a SpongeTech rival, scoffs at the idea that a company that sells sponges with soap in them can generate $50 million in annual revenue.<p> </p><br>"Impossible," he said. "Categorically not."<p> </p><br>Popovsky said industry sales tend to be in the $5 million to $10 million range.<p> </p><br>Among Popovsky's biggest customers are national retailers such as Wal-Mart, CVS/Caremark and Rite-Aid.<p> </p><br>SpongeTech, by contrast, lists among its biggest customers several lesser-known companies, like New Century Media, which a SpongeTech spokesman said is "based in Europe," declining to provide further specifics. Another company, SA Trading, is based in Caracas, Venezuela, he said. The only US record of an SA Trading shows a now-defunct company incorporated in Illinois.<p> </p><br>It's also unclear how many shares SpongeTech currently has outstanding. Prior to its last quarterly filing, the company had 1.2 billion shares outstanding, putting it on par with eBay and overshadowing shares outstanding at both Apple and Pfizer combined.<p> </p><br>"I am shocked and aggrieved that my name and reputation could be sullied in this manner," Pensley said in the letter to Khuzami. Pensley said in the letter that he learned of the forgery from New Jersey stock services company Olde Monmouth Stock Transfer Co.<p> </p><br>A letter from Olde Monmouth's attorney, Richard Fox, also addressed to Khuzami, said the forged documents relate to stock issued to RM Enterprises, SpongeTech's largest shareholder. RM Enterprises is controlled by the company's executives, including Moskowitz and CEO Michael Metter, according to SEC filings. Metter recently denied to The Post that he's a director or officer of the company.<p> </p><br>Fox, when reached by The Post, said he couldn't comment before abruptly hanging up the phone.
A former attorney for SpongeTech, a New York company known for making soap-filled sponges it sells through infomercials, says the company forged dozens of legal documents tied to its issuance of stock.
SpongeTech, which boasts that sales skyrocketed 900 percent this year, received international attention earlier this month when tennis star Serena Williams screamed at a US Open tennis championship line judge in front of one of its ads.
But on Friday the company's stock was tagged with the financial equivalent of a scarlet letter: The letter "e" was appended to its ticker for failing to file financial results with the SEC. The company says it had to restate its last two years of financial results because of a problem with its auditor, and as a result is late with its annual filing.
Sponsored Links
The accusations of forgery and "identity theft" come from Norfolk, Conn. attorney Joel Pensley, who said in a letter to the Securities and Exchange Commission that he was "dumbfounded" to learn that his name was being used in "as many as one hundred opinion letters for various shareholders."
Pensley told the SEC that he would not have written such letters. "I question the legality of the transactions," he wrote.
A copy of the letter obtained by The Post shows it was addressed to Robert Khuzami, head of the SEC's enforcement division.
Neither Pensley nor the SEC responded to repeated requests for comment, but Pensley's business partner, Maureen Abato, confirmed the letter's authenticity.
"Why would they want to run that risk? I don't get it," said Abato, who is based in Brooklyn and whose name and address is on the letterhead with Pensley's. "It raises questions about their whole operation."
Abato said that after learning about the documents, their firm, Pensley & Abato, sent a cease-and-desist letter to SpongeTech. She said SpongeTech CFO Steve Moskowitz claimed the company had authority to use the law firm's name in the legal documents, but agreed to stop.
In June SpongeTech projected a whopping $50 million in revenue for the fiscal year ended in May, up from $5.6 million for 2008. But those numbers have raised questions within the industry.
Michael Popovsky, CEO of LA-based sponge maker Spongeables, a SpongeTech rival, scoffs at the idea that a company that sells sponges with soap in them can generate $50 million in annual revenue.
"Impossible," he said. "Categorically not."
Popovsky said industry sales tend to be in the $5 million to $10 million range.
Among Popovsky's biggest customers are national retailers such as Wal-Mart, CVS/Caremark and Rite-Aid.
SpongeTech, by contrast, lists among its biggest customers several lesser-known companies, like New Century Media, which a SpongeTech spokesman said is "based in Europe," declining to provide further specifics. Another company, SA Trading, is based in Caracas, Venezuela, he said. The only US record of an SA Trading shows a now-defunct company incorporated in Illinois.
It's also unclear how many shares SpongeTech currently has outstanding. Prior to its last quarterly filing, the company had 1.2 billion shares outstanding, putting it on par with eBay and overshadowing shares outstanding at both Apple and Pfizer combined.
"I am shocked and aggrieved that my name and reputation could be sullied in this manner," Pensley said in the letter to Khuzami. Pensley said in the letter that he learned of the forgery from New Jersey stock services company Olde Monmouth Stock Transfer Co.
A letter from Olde Monmouth's attorney, Richard Fox, also addressed to Khuzami, said the forged documents relate to stock issued to RM Enterprises, SpongeTech's largest shareholder. RM Enterprises is controlled by the company's executives, including Moskowitz and CEO Michael Metter, according to SEC filings. Metter recently denied to The Post that he's a director or officer of the company.
Fox, when reached by The Post, said he couldn't comment before abruptly hanging up the phone. kaja.whitehouse@nypost.com
Keeping an eye on IWEB; Great volume and understandable pull back for reload, imo
Big push going on with BONZ
Watch AXTG today on news this morning. It could be ripe for a rip, john
Natural Gas Price Chart
Checked on OPTZ's SEC filings and actually was surprised to see that they are profitable and have great revenue growth.
Check this out:
"Revenue was $5,277,992 for the six months ended June 30, 2009, an increase of 1751% over revenue of $285,167 for the six months ended June 30, 2008."
Not bad---Revenue up 1751%
I agree, Silence is NOT Golden right now. Too much confusion and it is panicking the masses. The price tells the tale.
SPNG is going to be a difficult place to make money. E on Friday. Reverse Split. But it definitely trades and that volatility can make you money. There just will not be the nice positive trend we have seen a like a few months ago
Yes. UTRM has revenue according to their last filing on pinksheets.com. But, skip it. There are alot out there. Just playing UTRM for overdue news and a run to .20 or so.
Annotated chart on PTSC her from sandlover is encouraging, PC
I hear ya. Sub pennies have been hot recently.
Did well on HTDS.
But I like early stories--before they get on anyone's radar. And I love low floaters.
From their 8-k filed on Sep 8
"At this time, the Registrant intends to carry on the business of FL & OTSI as its sole line of business. FL is engaged in the business of global supply chain management. The Company currently operates a domestic logistics business. The Company is a non-asset based logistics company providing domestic logistics management services through a network of agent offices across North America. FL has a diversified account base, including manufacturers, distributors and retailers using a network of independent carriers throughout North America
OTSI has been the leading provider of Transportation Management System software for the last 30 years. The Company has developed the industry's leading software, Optivity Suite, in use by hundreds of companies across North America. The technology is sound, proven, feature rich and solid.
The Optivity Suite is now an application accessed over the internet, eliminating the need to buy expensive hardware and software to run the Transportation Management Software applications in house, also reducing the need for extra IT personnel. All access to the application is via the internet, accessing our servers hosted in world class data centers located around the globe providing 24x7x365 availability. All data is backed up nightly in a hardened archive for easy access in case of emergency.
OTSI is driving to become the complete Supply Chain Management provider as well as the leader in Supply Chain Execution in the industry for the small to medium sized manufacturers, retailers, and distributors."
Whoops, there it is---- Following closing of the Share Exchange, the Registrant now has a total of 8,000,000 shares of common stock issued and outstanding, of which 5,500,000 or approximately 69% are owned by the World Logistics. In addition, Kevin Brennan was issued 700,000 shares of Series A Preferred Stock and 500,000 shares of Series B Preferred Stock.
I was right--very low public float. With any positive news and some demand, OPTZ could fly, IMO.
Bu first, let's see some news on their business. Obviously they have some technology and it is all but a start up. But start ups can be lucrative for the early investor. Waiting for news, learner.
What are your thoughts?
Keep an eye on this one, Mike. Near a bottom on low volume...and it trades.
UTRM
EXPH, PTSC, UTRM, CYCA chartss
MBND chart
cHA cHING! ptsc ON A ROLL
CYCA, PTSC, ESRG, IWEB charts
PTSC
ESRG
IWEB
PTSC breaking out, Mike
Thanks for the website info. I am interested in how many free trading shares are out there. Lots of times, low volume comes from low float.
Nice turn on IPWG
IPWG has been great this past month. I am locked and loaded again.
CYCA looks like a Bottom buster to me, John Wayne
OPTZ has low volume because they have no news beyond SEC filings. If the company, IMO, could get some communications to investors going out, there would probably be more attention. Anyone know if the volume is low because it is a very low float?
TIA
The trend is your friend with BIEL. obo
BIEL Chart
Nice move on EXPH
GLGT's operating subsidiary Collagenna Skin Care Products just announced an exclusive 5 year distribution and licensing agreement for its products in Brazil and Mercosul.
GLGT also indicated that it will shortly be posting adequate disclosure documents in order to obtain the highest rank with Pink Sheets, "Current Issuer Info".
Management believes GLGT's market cap is off by a couple hundred percent and a $0.05 to $0.07 per share price is not an unreasonable target.
GLGT * encouraging development
GLGT currently operates through two recently acquired subsidiaries, ITI Bio Tech and Collagenna Skin Care Products. ITI develops and markets clean air and odor elimination products; and Collogenna develops and markets natural skin care products primarily using ingredients from the sea. GLGT plans to be making merger proposals to several China based operations in the biotech sector in mid October. Some of the candidates are staggering in size, assets and profits.
STSI * may get a correction
Star Scientific is a technology-oriented tobacco company with a toxin reduction mission. It is engaged in the development of dissolvable smokeless tobacco products that deliver fewer carcinogenic toxins (principally tobacco specific nitrosamines, or TSNAs), through the utilization of the innovative StarCured® tobacco curing technology, and in sublicensing that technology to others.
DSTI * staging a turnaround
DayStar Technologies, Inc., a development stage company, develops, manufactures, and markets products for the solar photovoltaic industry to convert sunlight into electricity. It offers thin-film copper indium gallium selenide solar products for grid-tied centralized utility markets; and grid-tied decentralized commercial and residential markets.
StockStars.net
VSMR was up 50% from being featured as my big pick Tuesday night.
GLGT's operating subsidiary Collagenna Skin Care Products just announced an exclusive 5 year distribution and licensing agreement for its products in Brazil and Mercosul.
GLGT also indicated that it will shortly be posting adequate disclosure documents in order to obtain the highest rank with Pink Sheets, "Current Issuer Info".
Management believes GLGT's market cap is off by a couple hundred percent and a $0.05 to $0.07 per share price is not an unreasonable target.
GLGT * encouraging development
GLGT currently operates through two recently acquired subsidiaries, ITI Bio Tech and Collagenna Skin Care Products. ITI develops and markets clean air and odor elimination products; and Collogenna develops and markets natural skin care products primarily using ingredients from the sea. GLGT plans to be making merger proposals to several China based operations in the biotech sector in mid October. Some of the candidates are staggering in size, assets and profits.
STSI * may get a correction
Star Scientific is a technology-oriented tobacco company with a toxin reduction mission. It is engaged in the development of dissolvable smokeless tobacco products that deliver fewer carcinogenic toxins (principally tobacco specific nitrosamines, or TSNAs), through the utilization of the innovative StarCured® tobacco curing technology, and in sublicensing that technology to others.
DSTI * staging a turnaround
DayStar Technologies, Inc., a development stage company, develops, manufactures, and markets products for the solar photovoltaic industry to convert sunlight into electricity. It offers thin-film copper indium gallium selenide solar products for grid-tied centralized utility markets; and grid-tied decentralized commercial and residential markets.
The biotechs are really doing great now
MDRG up
GRDO chart
The minimum price to get on the NASDAQ is $5.00--the minimum to STAY on NASDAQ is $1.00.
SPNG must have plans to get this to $5.00 post reverse split to get on NASDAQ.
SPNG down 40%--- Gentlemen, make your bets!
SPNG could be a great trade today on the selloff from the reverse split announcement.
BLVT looks like it is a trading stock. In and out