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At this point I don't even care that I'm a bagholder. I just hope all Gene's lies are being documented and that he winds up in jail. I've written off the money at this point.
Why don't one of the Americans on the board go down to their local court house and start the process in obtaining a court order to ungag the TA?
A public company by law can't hide the share structure from it's shareholders. If the TA is gagged or the TA has a policy of not giving that information out, they usually just refer people to IR at that particular company. Since companies like RCCH will not release information about it's share structure when contacted directly or by contacting the transfer agent, they could be forced to by anyone who gets a court order.
It's something I've been looking into over the last week. Does anyone know if I would be able to do this from Canada?
With SCOTIAITRADE, you are not able to place orders online for a lot of pink sheet stocks and have to call them in. I've made the mistake of investing in these kind of stocks twice before and found out the hard way that both were scams. The TDA letter makes me think that this is what they are referring to and not MM's. (Wasn't GH's inquiry about why he couldnt order RCCH stock via the website?)
I'm sure there are legal reasons why my broker and others do this...anyways, I've since learned that it's a major red flag to have to call orders in.
Why are you defending Gene Newton? Were you not the person who he told that all the PR's from the spring were written by the TSX? While I have not bothered the TSX for more info about a potential or not r/m, I have asked them about that issue and they said that under no circumstance do they write PR's for companies. He lied to you. He lied to me and everyone elese. Get real.
From my initial email to the TSX to follow up based off various technicalities. (I admit, some of the questions I have asked the TSX have been purely third party info supplied from people like op9171787) There has been no contact with the TSX imo.
This is also why there has been no follow up to this "congrats' phone call that Gene apparently shared with Wyatt etc. three months later.
Constant lies.
When I contacted the TSX I contacted their department that deals with fraud and from an email I shared on the board here and a two follow up emails that I've not posted on the board, I highly think that RCCH never applied. Just IMO.
Wasn't Wyatt pumping some congratulatory phone call Gene received from the TSX in September? Almost 3 months from this phone call and still nothing. Shock.
Not only is it difficult to believe the TSX has gagged RCCH, I'm not even entirely sure why or anyone else would even think that in the first place.
Of course there isn't going to be a PR. There might be another "management release" On a website but everyone here seems to think the terms are inter-changeable.
I think it would be a poor decision for anyone who already has a substantial position in this to be buying any more shares until more information is known about the company or an official update on the reverse merger happens.
I don't want anyone to think there are "buy" signals here. This is a lotto play only. For new investors, I would only invest knowing that the chances of losing ALL your investment is likely quite high.
I have communicated with the TSX and some of the companies that have joint ventures with RCCH (at least those kind enough to respond) and have shared some of those emails on this board. I've also poured over filings and did my google-search hunts, etc. Probably a lot more research than you ever did.
I really think pumpers need to chill out a bit and take an attitude of "reserved optimism" at best. It seems on stock forums people have this general idea that it's ok to try and manipulate people's points of view (be it Wyatt, GH or Ernie and Froggy) and that's morally ok. I strongly disagree with these kind of tactics and wish moderators would take a stronger hand with these constant unsubstantiated claims of paid pumping and bashing. (Though we do know that this has been a problem at I-Hub, even resulting in arrests by the feds. Meh)
If you wish to attack Gene Newton, fine. At least we know something about his character : Endless stream of law suits, evictions, skipping on rent payments, writing bad checks. Well, at least he's upgrading the system at a children's home at cost, so he's not a complete loser.
I am interested in hearing any response to my post about the water industry and GE. I really do think GE is in trouble and if these smaller companies play their hand right, a lot of people invested in them will be very rich in the near future. (1 1/2 to 2 years is my guess)
Does anyone here have any insights or personal opinions about how the water industry will change in the United States?
My personal opinion is that the titans of the industry, GE will go bankrupt. Lots of short term debt, they owe more money to creditors than they are making...I think GE will be the next Ford or Fanny Mae. Since GE is such a big player in the water industry and tied to american infrastructure, the government will have to bail them out.
I think this will alter the landscape for the water industry greatly and with the feds being the main player, I could see them outsourcing a lot of the projects to smaller firms. Definitely there will be a good opportunity for IWS to take a slice of pie and make $$ money, if Gene is prepared for such a scenario. (Doubt it)
If there is a PR next week, I think it will be unsubstantiated forward looking fluff that will never materialize.
It's pretty hard to meet benchmarks when your not actually registered to offer debt consolidation services in the state of California.
There is a upgrade to the existing system for a children's center that they are doing at cost and they got approval for a subdivision in Montanna that's been in the works for a few years. So not quite true.
I think Anvil is look for one of two things. Third party verification of sales and financial statements by an accredited accountant (ie. audited finacials)or other links showing active projects.
We do know of the Children's centre, in which IWS is upgrading their system at cost and the approval for the new subdivision in Montana. So there are indeed some sales but I don't think there is much more than that. I've talked to Bozeman of Idaho, Evolutech and Baida and while they all have promising projections for the future, none of them seem to have sold any IWS systems so far as a result of their joint ventures. I sent a few requests for information from Lakeside but have never received a response. So who knows what they have to say? They don't seem to be interested in talking to me or anyone else.
So what were/are those great things that Gene's been doing behind the scenes in his golden silence again? Please remind me?
Gene has already said to two people including myself that it's probably not going to be this year.(I don't think he ever approached the tsx) Wyatt is giving you the same spiel he's been doing to for over a year about how Gene's a saint and how impressed we would all be if we knew what Gene was doing behind the scenes on behalf of his shareholders.
Well, why don't you tell us what these wonderful things are that you seem to know about? Somehow I don't think you'll be sharing anything (because you don't have anything.)
The only wonderful things that we seem to be finding out taking place behind the scenes involve activities like disconnecting the phone number for EZ Debt and being forced out of their California office by the Sheriff dept and then sued for nonpayment of rent. A legal judgement that according to a poster who talked to the landlord who sued the company has went unpaid so far, much like the judgement against RCCH in the Raymond Chin case.
I've seen a few responses from Gene people have posted regarding a reverse split. What Gene actually says is "no reverse split in the near future." (At least the last few times I've seen that question put to him) Which is a far different reply than "No we are not going to do a reverse split."
EPA verifications etc. don't mean a whole lot when this whole game the pumpers keep playing is about the company's share structure. The company may indeed be a small, struggling REAL company but joint ventures and environmental verifications don't have anything to do with it's share structure. One of the questions that I've asked some of the reps from companies IWS has partnered with is what do they think of RCCH's share structure. When I was talking to Ricardo(? I think that was his name) at Baida, he basically said that he wasn't aware of the company's share structure and it wasn't of concern to him.
There are many "real" pink sheet companies that still run dillution scams with their share structure. I wrote a post earlier about a company that I invested in early this year that was "real" but pulled a dillution/reverse split, then more dillution scam on investors *and not for the first time either. Unlike RCCH, this company probably was worth a billio ndollars and somehow I still ended up losing 70% of my investment.
After the reverse split. You'll probably have lost 80-90% of your money at that point.
FYI, I asked Gene about 3 weeks back if the reverse merger was happening this year and his response was "unlikely but let's keep our fingers crossed."
The email from the TSX I received makes me think that Gene never even approached the TSX and the whole uplist scheme was just a lie.
I also talked to someone at Baida, who said that there has no been no sales as of yet through their joint venture. (Though he did mention that IWS was pursuing manufacturing in the US, which Claude from Evolu-Tech also mentioned. He also mentioned to me that they are marketing themselves to federal agencies in the hopes of landing some government contracts. Which is all nice, but forward looking. as of now NO SALES. NO REVENUE.
I had the same experience in June. On days in which we had decent volume, I was able to sell even though there was no bid. I think the first few times for me were just partial fills but after that it was pretty easy to sell and the bid came soon after. Still took me about 5-6 transactions to drop my position by about 18 million shares.
I wanted to drop another five million to invest elsewhere and am a little tired of this game. No luck so far.
There's no bid.
I put in a sell order for 5 million once or twice over the last two weeks via Scotia I trade. No luck.
So if we edit all the bad stuff out, we can see that it's really good news in disguise? Are you for real? They've pretty much stated that Gene's various methods of stalling news related to the R/M over the last few months were lies and recommended I seek a lawyer.
Yeah, great news! I'm sure you thought RCC Holdings skipping out on their rent and getting sued was also a harbinger of great things to come!
I already posted the response I received from the TSX. IF they send me any more messages I'll share. For a moment, I had actually considered not sharing the TSX email, hoping that GH and Wyatt would pump the stock up to a bid and I could cash out and vanish into the cyber void but then I realized that I'm not that big of a douche bag and posted the email so that people could make their own interpretations and make the choice to not sink more of their hard earned money into this stock or to buy more shares. Myself, I just pray that we can all get out of this unscathed.
This is the email I sent. I'm going to subsitute xxx's for my name and location:
Hi,
My name is XXX XXXXX. I live in XXXXX, XXXXX, Canada and about a year ago I invested some money into a pink sheet company called RCC Holdings. The company had issued several PR's about uplisting to an international exchange. It was later clarified by CEO Gene Newton that he intended to reverse merger one of the companies under the RCCH umbrella, RCC International Wastewater Systems into a TSX shell. http://www.rcciws.com/
This was in the spring of this year. The company made several statements in private messages to shareholders saying that they have completed their end regarding the reverse merger and that the TSX was just "taking their time". They to this date have not issued a joint press release with a CPC shell announcing the intention to reverse merge IWS or have filed documents on Sedar.
Gene Newton has additionally told people in private messages that the last few press releases that were issued over the business wires back in the spring of 2009 were written by the TSX as part of the merger proccess. He also has told investors that he received a congratulatory phone call in mid September of this year saying the reverse merger was "completed".
I bring this up because I have serious concerns about this company. Firstly:
It is a pink sheet stock with a share price of 0.0001
It has a gagged transfer agent
The A/S has been increased to 10 billion shares over the last year.
The Company doesn't seem to have a real coporate office, choosing to use virtual offices as their corporate headquarters. (Currently in downtown Montreal)
The CEO has indicated that there is a large naked short position in the companies stock, pointing his finger at NITE as a Market Maker that has been naked short selling RCCH shares. He also emailed me and other investors a youtube video which indicated that NITE was connected to the Gambino crime family)
Is there any information you could provide me to indicate if this company RCC Holdings or RCC International Wastewater Systems is in the proccess of actually reverse merging RCC IWS to either the TSX or the TSX Venture. If they have never contacted the TSX and you have no listing of this pink sheet company in your database it would also be helpful information for me. I think this company is likely a scam company that is using the reputation of the TSX to dupe investors and I in particular will not tolerate that. I have gathered emails messages from the company's CEO and those connected through apparent joint ventures in case I need to provide them to the authorities in the case they wish to investigate the claims made by this company.
If they are a legit operation and my feelings are simply reactionary, I will apologize to both the TSX and Gene Newton for creating a ruckus but there are too many red flags here and I hate to see people being exploited. There have been several Ponzi scams busted over the last year and probably countless other ones still in operation and it sickens me. The fact that as a Canadian investor, dragging the name of the TSX into such a potential scam disheartens me in particular as there are several wonder companies both on the TSX and the Venture in which I hold positions.
Please help me....
XXXX XXXXXX
Nope. Not a fake email. The thing that I was a little confused on was one of the points that you brought up about the comment about "never being listed".
I had wondered if maybe a company that was in the proccess of being listed would be excluded from a tsx "breach" or whatever. I had originally sent my email to the info@tsx email address, where a rep named Michel Dorion answered my reply saying he would forward my query to compliance. I had to send them 3 emails since my original asking for a reply which they sent today.
While the email does not definitely state that Gene has never approached the TSX with regarding a reverse merger, I strongly believe that to be the case. (No press release, No shell, etc.)
ALSO, FYI I am a RCCH shareholder. I hold about 10 million shares currently, down from a high of 28 million. I sold off most of my shares back in June. I'm pretty much thinking my $1000 bucks was scammed from me. IMO.
Email I received from the TSX for what it's worth.
We confirm receipt of your e-mail dated October 25, 2009 that was forwarded the Compliance & Disclosure Department of TSX Venture Exchange (the "Exchange") on October 29, 2009 regarding your concerns with respect to RCC Holdings ( the "Company").
We advise that the Compliance & Disclosure Department of the Exchange has reviewed and considered the issues you have brought forward to determine if there has been a breach of Exchange Requirements. We advise that the Company or RCC International Wastewater Systems have never been listed on the Exchange nor have they been listed on the TSX. We have concluded that the issues brought forward is are civil matters that fall outside of the jurisdiction of the Exchange. You may wish to retain legal counsel to advise you on possible actions and remedies that may be available to you.
Due to our strict confidentiality guidelines we are not at liberty to disclose any information regarding any review or investigation that we undertake. As a result, you will likely hear nothing further from us on this matter. We will correspond directly with the Company should we decide to proceed with a formal review of this matter.
Thank you for bringing this to our attention.
rccholdings@rccholdings.com
Gene usually replies in 24 hours or less. Fair warning though, he does read these boards on a daily basis...
They used to have his phone number posted on the site but now they just have the phone number to the virtual office in Montreal. I would look at JFiber's old posts, I think he included Gene's number before, though I do not know if it's operational anymore!
Good luck in your pursuits!
What do you think about this congrats! phone call Gene supposedly got back in September regarding the reverse merger?
I don't think the company generates any revenue. I've been emailing various companies IWS has partnered with trying to gauge how much business the joint ventures generate. With Evolu-Tech is all forward looking fluff, 20 million sales in the next year, buyouts, etc. Far as I can tell there are no CURRENT sales.
I actually just got an email from Bozeman last night. Don't have time at the moment to look up that PR but I think that joint venture has been "on" for about a year now. Bozeman implied that there has been no sales but that they are working with IWS to market themselves to federal agencies.
The RCC/IWS is pretty much on life support and Gene Newton dilluted his stock to triple 000's to keep the company from failing (for a second time, IMO)
You forgot that he got the congrats phone call from the exchange a month ago. Where's the reverse merger? lol.
Where's the CPC shell they're merging with? The PR announcing the terms? The ungagging of the TA.
How does one complete a reverse merger without announcing that they've struck a deal with a CPC shell? You say that his post is misleading but it seems spot on from the research I've done on the TSX. What am I missing? Could you explain to me how one gets around standard procedures?
I'm not being snarky but I would like someone to explain this, as I've read several messages on the forum saying that RCCH doesn't have to do that and I'm curious as to where that info is coming from? It would be really helpful. You can private me if you are not comfortable posting publically.
thanks
Ian
If RCCH is uploading or hosting the US website for Evolu-Tech Claude was talking about that would indeed be great news.
Joomla has nothing to do with anything. It's a shareware program for building websites. Even says not for profit on their homepage. No ties to RCCH.
Yeah, RCCH used a shareware program to build their ugly website which is currently down. Great news!
You would also see heavy insider buying by Gene and the board of directors. There is no insider buying at all.
Don't mislead people. If you looked at the raw data for fails to deliver you would have seen that all those shares settled and as of the last update for the first two weeks of Sept the FTD was less than $50 worth of stock.
Still wondering where they are going to get the money to buy Evolu-Tech.
Too bad your opinion is never based on facts because then it would be a lot more exciting. IMO
Haha. That was hilarious!!
Since I respect your opinion and the research you have done, do you have any insight to this evolu-tech email beyond the fact that 10 million is a bit on the high end for sales projections? (Which I agree with)
Thanks!
I think it could be done, depending on the capacity of their manufacturing plant in Canada and the kind of contracts they can sign. If they can get a few hotel chains, they could ask for the money up front and roll out the installations over 1-2 years.
Just an idea...the figure does seem a bit high and for IWS is a joke. I'm curious now about Evolu-Tech and if they are capable of doing that kind of business.
Since you asked, here's another email from Evolu-Tech :
Hi Ian,
Your guessed right, the joint venture is more complex than just distribution relationship. First Claude Smith is a man with a wide angle vision. After only two visits of installations in Canada he saw the hi potential of the catalytic water treatment market in the US. The feeling of the market at this time suggest sales above $10,000,000 for the first year. Once this target is achieved, IWS intends to manufacture in the US and buying out Evolu-Tech Ltd with all its registered patents. This is the basic accord between IWS and Evolu-Tech Ltd.
Hope this will dissipate all confusions, and please forward all future questions to IWS management at www.rcciws.com."
Best Regards
Claude Hebert
Email from Evol-Tech:
IWS is our US representative and they provide the business for us. I have known Claude Smith for years and we have a positive working relationship. This is a major joint effort with expectations of substantial growth and success. Atlanta is our starting point and we feel is a very sound choice. We are creating a new US website that should answer your questions in the future. Since Evolu-Tech is not privy to internal shareholder workings, it is best to forward future questions to IWS management at www.rcciws.com."
Best Regards
Claude Hebert