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Invested Stakeholders Want-To-Know
and Nano Magic has the fiduciary responsibility to keep us informed
Let's all email Nano Magic are frustration with management
solutions@nanomagic.com
Your assumption is correct. At some point they will see the error of their ways and respond to ALL shareholders.
I believe there will be a management coup d'etat that will rid Applied Nano Technology of the glib-tongued, razzle-dazzle, empty suits along with their magic, and get back to simple fundamental business principles.
NMGX increased accountability to shareholders.
Management should ideally conduct business in a transparent manner and keep shareholders informed of material developments to the company
Directors of publicly held companies in the United States should be subject to a new state law duty requiring them to explain to shareholders how the board is exercising business judgment and acting in the best interests of the corporation. - Duke Law School’s Journal of Law and Contemporary Problems
“In discharging board or committee duties a director shall disclose, or cause to be disclosed, to the shareholders information not already known by them but known by the director to be material to the discharge of their decision-making or oversight functions.” - Model Business Corporation Act (MBCA)
Nano Technology vs Math
I sent an Email to NMGX asking, as a concerned Shareholder, for an update.
The reply I got, and I paraphrase, we will get back to you at “the speed of light”.
The speed of light is 186,000 miles per second.
Sun distance from Earth is approximately 92.96 million miles. At the speed of light it takes the Sun’s light approximately 8+ minutes to reach the Earth. I live on the East Coast. SOooooo I think an Email at the speed of light should take only (–) seconds to get to me. WELL! It has been
way, way, WAY longer than 8 minutes and no answer.
Hope their nano technology research does not involve a lot of Math.
I think the promised savior of Applied Nanotechnology and Pen Inc., did not do so well.
Anniversary Coming Up!
Nano Magic Inc. Responds to Securities Trading Suspension -- originally dated May 6, 2020
May 6, 2020 – September 6, 2020 = 4 MONTHS of absolute SILENCE on the part of NMGX
Tom Berman, Tom Lumsford and two other REALLY big executives have been struck dumb.
Unable to pen a simple note to the stockholders of record.
Let me assist: Dear Significant Shareholders, we feel your pain. But, we were set-up (worked for Nancy!) Yes, the SEC opened the barn door and laid carrots all the way to the Corona Carousel and we just could not resist. We have lots of money and know some REALLY important people. Scott and Jeanne needed help and stumbled on us. Did you know our suits costs five thousand dollars each. We are (Tom and Tom) trying to figure out how to extricate ourselves from this mess, while recouping our investment money. As soon as we do that we will leave you. Scott and Jeanne, and you can get on with Building, Back, Better. Thanks for letting us play with your Company…It’s been real fun.
Signed, 4 Suits bursting with REALLY big egos.
The Hoopla (hype) has stopped. All is Silent.
Exactly. The folks running this company are not your typical fly-by-night penny stock operators. They have a proven track record of success.
Todd Lunsford is no joke . Very powerful and connected .
Ya I see that. Awesome management team in place !
They have gotten their act together since October 2018 when Tom Berman took over the ship. They have paid off all loans, and are now turning profitable.
Call Tom Berman if you want to hear how serious they are. He has used Millions of his own money to clean the old business affairs up and start a new.
And he has brought on two huge Executives, who are without a doubt, not empty suites. Look at their resumes. Your lack of research and vague attacks on the company are repetitive and show your lack of knowledge.
Calling Tom Berman:
HEY! TOM BERMAN HOW SERIOUS ARE YOU GUYS?
I can feel it coming in the air tonight...hold on.
First, there was Applied Nano (boring.) But then came the Bermans and Nano Magic! Next came Magic Growth. Since the major bloggers on this board constantly praise the business and financial acuity of the Bermans, logic dictates that soon we will be showered with “Magic Dividends.”
Stock Primer for Dummies.
Applied Nanotechnology means: Technology that is actually implemented (put into use) to produce an actual product.
Nano Magic Technology means: Something, that many naïve people believe, that is false. The microscopic moving or changing things as if by magic.
I just love magic. But, when it comes to money I like the “applied” sciences. I financially entered the “applied” door, and once in, they changed it to the “magic” door.
Item 3.02 Unregistered Sales of Equity Securities
On August 12, 2020, Nano Magic Inc. sold to Magic Growth, LLC 461,539 shares of common stock for proceeds of $576,924 and warrants to purchase up to 461,525 shares of common stock for proceeds of $23,076. The warrants are exercisable at any time during the four years after date of issue at a warrant exercise price of $2.00 per share. The stock and warrants were sold in a private placement exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.
I have a suggestion for the next company name, “Secret Nano Magic Technology”
Mr. Farmer is now clerking at the local 7 Eleven. Lessons learned.
Philip M Verges - Partial Curriculum Vitae
In 2010, Philip Founded the Small Equity Initiative, A Global Advocacy And Services Group To Service And Assist Small And Medium Enterprises Coming Out Of Emerging And Frontier Markets.
In Conjunction With Philip’s Work With The Small Equity Initiative, He Was Named To A United Nations Advisory Board And Served As A Board Member Of Honduras Hope, An Organization Fostering Economic Development Investment In Honduras. In Recognition For His contracting Work With The U.S. Government, Philip Is A Recipient Of The “Earl Warren Award” for Outstanding Public Service To The United States Government.
Some say he is a genius entrepreneur.
Did you hear the story about the farmer promoting Mr.Fox to Head of Security over the chicken coop. Yep!
Aesop's Business Fable
I believe Scott and Jeanne, at first, let the camel (Berman) stick his nose under the tent to keep it warm. Then the camel (Berman) asked if he could just have his head inside the tent. Now, sone time later Berman is fully inside the tent. Scott and Jeanne are outside the tent shivering.
Keep corporate raiders bearing alms away from the tent.
I have been calling for more shareholder information for some time now.
They are very secretive. Some bloggers attempt to continually excuse this
lack of fiduciary responsibility. I believe the Bermans look at NMGX as their company and to heck with the shareholders.
New person hired!
Yesterday I heard a credible rumor they hired Philip M Verges at a
salary of $250,000. He is supposed to be a turnaround guru with a lot
of government connections.
Is Hudon Fulton still in business?
Fiduciary Duties 101
The management of the corporation owes fiduciary duties to the corporation--that is, to the shareholders collectively.
That’s pretty amusing that you think NMGX has a right to ignore shareholders if their comments are not positive. However, Tom and Ron Berman are probably cheering you on.
Staying in the Know
I certainly would not want Nano Magic wasting their money keeping investors informed. I guess I am just old fashion. I look to E*Trade and Morgan Stanley for stock news. I have never sought financial Information on Facebook. Besides, NMGX has not offered any information since they got themselves in this mess and are spending 10’s of thousands to deal with it.
Nano could go to petty cash and issue a news release or the “best” move would be a letter to the shareholders. Yes! Letter to the shareholders, that should NOT break the bank AND will go a long way to improving shareholder/NMGX relations.
GREAT idea...NMGX dispatches a letter to the shareholders of record.
A press release under NMGX would have been nice. I've been waiting
for a Company communication on E*Trade.
Trust but Verify…When you see the storm it’s too late.
“I” think the Bermans have been playing fools mate chess with the Rickerts. The fox is in the henhouse and just got promoted to CEO of Security.
I agree, and agree to disagree when relevant and appropriate.
Enough SEC. What about NMGX and shareholder communications?
Promotion 1. Of, relating to, or serving as publicity
Publicity 1. A MESSAGE issued in behalf of some product
2. The quality of being OPEN TO PUBLIC VIEW
Your message was open to public view. That’s it, nothing sinister with SEC’s analysis of what took place.
I urge you to read “Administrative Proceeding File No. 3-19787.”
Do you believe that IHub posters were part of an organized promotion campaign, as the sec claims?
Unequivocally, NO.
I believe some posters get caught up in groupthink. Their desire for harmony and conformity trumps looking at the facts at hand
“On February 24, 2020, InvestorsHub user luke424 posted, among several other similar posts in the following days, “PENC [the prior ticker symbol for NMGX] has a patent that kills Coronavirus 99.99% of the time.” • On February 28, 2020, InvestorsHub user BJ_Cooper posted, “I truly believe that the Corona Virus patent is just the tip of the iceberg. It’ll be interesting to see what else is in the works.” InvestorsHub user BJ_Cooper posted at least nine promotional posts regarding NMGX between February and April 2020.”
https://www.sec.gov/litigation/apdocuments/3-19787-event-2020-05-15-information-before-the-commission-at-the-time-of-the-trading-suspension.pdf
The facts ARE THE FACTS
Administrative Proceeding File No. 3-19787
If you read these proceedings without a preconceived opinion questions naturally surface as to the Internal direction of NMGX. NMGX management holds a fiduciary responsibility to investors. The fact they ignored the grossly exaggerated claims that were being circulated about their disinfectant was a classic act of nonfeasance, not to mention their blatant lack of virus testing protocol and efficacy of their product.
The balance of my “facts” are listed in Post 3917.
To say the least, I am distressed at what is happening with NMGX. I am excited about what the future holds for nanotechnology. I’ve had an enthusiastic interest in the field for years. When I came across Applied Nanotechnology Inc. and read about their body of work I was sold and became a shareholder.
I am an individual thinker and investor. I don’t go along with group think especially when they choose to logically discuss the facts at hand. Casting unsubstantiated aspersions ad nauseam is foolish and falls on deaf ears. You can shout ludicrous and absurd regarding SEC’s ruling all you want. Until you substantiate “with facts,” you are simply dissenters that offer “nothing.”
If NMGX (Board members, Executives) continue this course and remain silent I will reconsider the hope and trust I once held for Applied Nanotechnology Inc.
All I know is what I read, no conjecture on my part.
To wit:
• “Berman, during the period of concern to the Commission, received several e-mails from persons unknown to him inquiring about Nano Magic’s products and their efficacy with respect to current virus concerns. “
• NMGX did not disavow the promotions after receiving direct inquiries from potential investors on the subject of NMGX products’ effectiveness with regard to COVID-19.
• “NMGX does not dispute that the information circulating in the marketplace was misleading. Rather, the company simply relies on its assertions that it was not the source of the misleading information.
• NMGX exacerbated the misinformation by issuing a misleading press release regarding NMGX was “eager to join” the COVID-19 fight.”
• Tom Berman, and General Counsel, Jeanne Rickert, both of whom stated that they were not 9 aware of any promotional activity involving NMGX in the past two months, including any claims related to COVID-19. (meanwhile it was all the buzz on Twitter & Investorshub)
• NMGX response to FINRA’s fraud detection office: the company has “a formula suited to COVID-19 relief and we have accelerated its development in light of the pandemic.”
• NMGX’s Patent disinfectant was never tested with respect to SARS-CoV-2, the virus that causes COVID-19.
• Berman acknowledged that additional testing was needed to determine whether NMGX’s disinfectant can be used against SARS-CoV-2.
• Berman also stated that he used the phrase “eager to join the Covid-19 fight” in the April 7, 2020 press release because NMGX is “trying to sell cleaning products to ultimately provide cleaner surfaces to hopefully rid dirt and grime and nastiness from people’s lives.” (dirt…grime…nastiness?)
• EPA’s Office of Pesticide who Berman had previously communicated with regarding re-registration of NMGX’s disinfectant product with the additional ingredient of PVPI, said the review is complex and takes an average of approximately two years.
A Factual rebuttal (fact based not speculation or I think..) will be well received.
Anti-SEC posters remind me of an anecdote I once heard. A large percentage of people stopped for speeding respond with the phrase, “Everybody speeds, why are you picking on me?”
Managing mistakes is a distinguishing characteristic of leadership.
Executives and Board Members of Nano Magic need to follow sage advice from businesses that get it right.
As any great leader will tell you, they have made many mistakes along the way. Successful leaders are transparent enough with themselves and others to admit their wrong doings so that those around them can also benefit from their learnings. They call this wisdom and many leaders lack it – because they are too proud to recognize mistakes as valuable learning moments for themselves and others.
https://www.forbes.com/sites/glennllopis/2015/07/23/4-reasons-great-leaders-admit-their-mistakes/#6c24f1e84628
Buffett and Mary Jo White they are NOT
Jeanne M Rickert, Chief Legal Officer and Board Member since 2014, sat next to Tom Berman as he was interviewed by SEC. Tom bobbed and weaved through pointed SEC questions while Ms. Rickert tried to call up lawyering notes 101 from Case Western. Neither walked away from the conference call unscathed. Tom demonstrated little knowledge of virus science and laboratory protocol and Jeanne sorely needs remedial work on “how to effectively prepare your client for desposition.”
Street Corner Advisors
The Bermans don’t need cheerleaders they are savvy Activist Investors. What is needed is oversight and not bootlickers.
Berman stated that NMGX is attempting to re-register the product with the additional ingredient of povidone-iodine. However, he acknowledged that additional testing is needed to determine whether the product can be used against SARS-CoV-2, although HE APPEARED UNFAMILIAR with the EPA’s testing processes and DID NIT KNOW WHAT TESTING WOULD BE REQUIRED to establish the approved uses for the re-registered product. Berman stated that he did not believe that povidone-iodine was currently approved to treat the human coronavirus. In fact, PODIDONE-IODIN IS NOT not currently an ingredient APPROVED BY the EPA for any use, LET ALONE USE AGAINST HUMAN CORONAVIRUS or SARS-CoV-2.
https://www.sec.gov/litigation/apdocuments/3-19787-event-2020-05-15-information-before-the-commission-at-the-time-of-the-trading-suspension.pdf
Hey Tom and Ron, why not ask you World class scientists in the lab what EPA’s requirements are. That is their area of expertise…yours are “takeovers.”
So much for Staying the Course
Applied Nanotech was founded in 1989, and waylaid by the Bermans in 2019.
In the world of courts, administrative courts, and administrative hearings, you don’t get to get to dabble in verbal masturbation and semantics. In other words, try to twist the facts. The outcome is how a reasonable person views the totality of the evidence.
Patience and virtuousness are AWOL at NMGX
The Berman’s were attempting to move Nano Technology Inc., from Point A to Point X, bypassing B,C,D,E, etc. Now we (shareholders) are once again, literally, back at the starting gate. Sure, the Berman’s invested millions, but they were left on their own to do whatever it took to promote their agenda. Apparently, there was no oversight (or backbone) by Company Counsel, Management, or the Board. Nobody in the Company is making an effort to get out in front of this.
NMGX attempts to deflect blame are witnessed by calling SEC actions unfair.
Reminds me of the cowhand that left the barn door open and then tried to convince the ranch owner the horses were to blame for leaving the barn.
“In Search of Excellence,” Thomas J Peters, take responsibility, get it out in the open and get it over with.
Attempting fraud is just as punishable as fraud.
Tacit approval is a benign form of approval that is not expressed clearly, in words. It is silent approval. It is approval that is implied by other statements, actions or by a failure to clearly express disapproval with the idea or situation.
Administrative Proceeding File No. 3-19787 (Page 2)
“NMGX does not dispute that the information circulating in the marketplace was misleading. Rather, the company simply relies on its assertions that it was not the source of the misleading information, despite the fact that it issued a misleading press release on April 7, 2020, stating that the company was “eager to join” the COVID-19 fight.”
There are lots of well-educated people in Nano Magic: lawyers, Ph.D’s, and many with a college education. They are just as guilty for remaining silent while Berman did his treacherous dance with SEC investigators.
The Case makes it crystal clear the SEC monitors the internet. Management knew that false information was being disseminated and gave tacit approval.
Will the SEC suspension be overturned?
Doubtful.
Rom and Tom Berman have millions invested in NMGX
The SEC presented the following evidence:
“Additionally, in the NMGX Petition, the company states that “Berman, during the period of concern to the Commission, received several e-mails from persons unknown to him inquiring about Nano Magic’s products and their efficacy with respect to current virus concerns. Mr. Berman did not disclose corporate proprietary information to persons not associated with the company.” (NMGX Petition, pg. 16). It is especially concerning that NMGX did not disavow the promotions after receiving direct inquiries from potential investors on the subject of NMGX products’ effectiveness with regard to COVID-19. Instead, NMGX exacerbated the misinformation by issuing a misleading press release regarding COVID-19.”
I believe the Berman’s were more concerned with their millions invested.
The Shareholder Silence is deafening
Without reservation the shareholder is on the sidelines without a program. I feel like I bought a ticket to the game, but I’m in the parking lot listening to the game on the radio.
Cutting off the Nose to Spite the Face
Additional equity financing increases the number of outstanding shares for a company. The result can dilute the value of the stock for existing shareholders.
Increase of Common Shares
Does anyone have a prognostication on how the market will react
to increasing common shares from 7.2 to 30 million.
When you look at the totality of Mr. Nielsen's statements and actions his culpability dramatically exceeded normal posting puffery.
Thanks, Lucky. I enjoyed the read.
The SEC does not have legal jurisdiction over "posters." The jails
would be overflowing and they could payoff the national debt.
The BIG question…WHY?
I read they are being picked on. I read the SEC has indiscriminately selected Nano Magic as a whipping child…for what purpose?
Now, I could justify the comments if it were a Mom & Pop operation that financially could not defend their interests. But, Nano Magic has savvy business people, seasoned entrepreneurs, and academically accomplished scientist; this is no rag-tag outfit. They know a lot of powerful people that know a whole bunch of powerful people
The only clamor I am aware of is on Investorshup. The Company remains silent. I cannot imagine the SEC arbitrarily choosing Nano Magic for annihilation.
This Board is down on the SEC but, asks nothing of the people running Nano Magic. The people that should be reporting to the shareholders.
Interesting Stock Ownership – Insider Owned Shares
Robert Ronstadt Director - [D]
5,325,804
Bruce Vereecken CFO, Treasurer - [O]
2,825,882
Must be pre-split information I happened on.