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Well, the grand total of what was taken, including transferring to NLI is around $8-12M depending on how you slice it. A group of us attempted to bring this to court about 2-3 years ago shortly after the money was moved, but we did not have enough cash to see it through, as there were no law firms at the time interested in a percentage-only case. We each fronted $300 to take this to court. A few "key shareholders", including some of the most prominent on this board, refused to participate. I'm sure they've taken quite a hit, unless JS has managed a separate agreement with them. I'd be interested in how to pursue this further, but unfortunately unless all of the shareholders provided resourcing, we are not going to be successful in following up on this theft. I'd be particularly interested in Brad's response, or perhaps Sir Lance or DofG. Maybe Brad cannot comment as he was an employee? Don't know why Sir Lance isn't commenting, but I can be easily convinced DofG is either JS or one of his cronies, as he's attempted to verbally punish anyone who had attempted to make the shady dealings a public awareness issue.
DtheG, I don't follow your comments regarding Enwise nor the WTE plans you are referring to in your post. Is there recent information out regarding these two that there's no link to? Or maybe I missed a previously referenced post?
I'd appreciate your help with your comment. Thanks.
Zabone, if you add up all of the WLSA money that changed hands from WLSA to NLI over the past few years, and what that money was actually used for, I would have to say a significant portion is still unaccounted for. Some posters will criticize my numbers below as being not purely factual, but here's my point without taking excessive time to get all the numbers perfect:
WLSA purchased 14M shares of NLI at $0.60/share = $8.4M
WLSA "loaned" $8M to NLI = $8.0M
WLSA received what in return? Plasma technology that's not being pursued? A return of NLI stock at 10% of the rate we bought it at?
I'd have to say the management team is still way ahead in regards to what they've taken out versus what's been put back in to the order of many millions of dollars. So I'm not buying the "management invested millions in the company" position. From a certain perspective, management is taking control of the company with our money, and even if things don't work out, they've reaped a fortune over the past 4 years.
DUMARv2.0........... thanks for the note.
Hopefully the financials and other activities will finally be upon us soon.
Keep me in mind if you could going forward.
Thanks again.
asdfghj/Hul, what conference call were you referring to, and how did you hear of this? DC was supposed to issue a note to us (signed up) if there was information that was out. Didn't see any note............
Thanks.
Oklahoma, I understand its been a while, but the theme is consistent with today's scenario of delays and lack of contact with the small shareholders. Since the first conference call post-Sasktel where JS felt attacked, there's been ZERO direct communication with us. I believe he's still thinking along the lines of trying to get full control of the company and eliminate the shareholder. That's been the goal all along, and is consistent with what I believe to be his dream. We are the necessary evil. That was one of the reasons he attempted to buy out the common shareholder at $0.35 per share, which at the time was a fair price.
What he makes of the company is my hope. Whether I benefit from his vision is questionable. So, in my mind, his dream is my current reality......... we are a thorn in his side. That's why I believe it is current.
In the early days post-Brad Poulos, JS indicated that all of the small shareholders were a burden to the company. He was pushing to buy out the small shareholders at $0.05 - $0.10 a share at that time. Also had made claims that WLSA would be better off as a Canadian exchange, which was one of the reasons given for investing in NLI stock at $0.40 a share, even though there was $0 revenue.
Hub, until the financials are out and we are on an OTCBB, I would warn all my contacts to stay away from this stock. There are basic fundamental actions that need to be completed to give this one a strong buy recommendation. Its a positive to be adding the advisor team that's being assembled, but without the waste-to-energy projects kicking in, we're talking small potatoes especially with the inflating pool of stock owners.
You're right, Hub. Do you remember why they were in bankruptcy if they were on the profitability side?
I think that's the kicker here........ earnings. It is not clear to me why Enwise would agree to a takeover for shares of WLSA if they were generating healthy revenues.
Now, from the press releases, from what I remember, one reason was so they could have access to WLSA's resources and contacts. I was not clear on what we had to offer regarding resources other than cash at the time.
I was hoping, however, that the waste projects would be able to start earnings generation before years end.
A couple of side comments on future share price:
1. Revenues are good, but earnings are key. I don't remember Enwise actually having positive revenues (neutral is what I remember).
2. What were the earnings estimates for the waste projects? Without earnings from Inn Solns and Enwise over the next couple years, the share price will be driven by these projects.
Anyone care to comment on the Earnings side? Growth x Earnings determines the PPS..........
Hullabaloo, aren't you the primary moderator for this board? If so, it might be wise to refrain from the urge to tell people to SELL "if they don't like it". As you know, the board is here to debate issues and provide knowledge to the community.
Your job is to encourage these debates and allow the board members an opportunity to "spin".
The suggestion that those who invested in WLSA for 7 years is a poor investor is meaningless. Revenues and earnings were growing with promises from management regarding future operations abounded. Those who have a positive spin on today's WLSA investment have been on the WLSA boards for a number of years (as well as myself). Are you suggesting Brad Herin, Lambone, and DofG are also poor investors? They've been active in WLSA for many years......... just on another board.
I am hoping you are correct, and a while back (a month or so) added to my position anticipating the project announcements.
I do remember when JS was offering $0.35 a share for WLSA just prior to Sask's case against us. That was an opportunity for us to exit cleanly. That was also a time when revenues and earnings appeared to be looking great, so few took advantage of it.
By the way, and I know its been listed a while ago, but do you have the PR firm's number and contact? I'd like to touch base with them next week..
Thank you asdfghj. Well said. We hopefully are here to debate the news and get information from each other, maybe offering up a spin (either from historical perspective or from information via JS or other sources).
As far as people "making a lot of money" through buying in at $0.05 and below, good for them. However, there were alot of people who lost a ton of money and sold because they saw what was transpiring. I can't quite accept the "making alot of money" yet, because no-one could really sell their shares - at least any volume - without the price plummeting. Perhaps when the volume sustains in the 10K - 100K range, one could reasonably exit with a profit.
I think most of us are "stuck" here, and I have also averaged down, with the hope that the hints of projects will provide the profit we are hoping for. Without the projects, this stock is one we cannot get out of. So when someone says, "SELL", its not that easy.
I AM LOOKING FORWARD TO THAT ANNOUNCEMENT THAT WILL DESCRIBE THE REAL PROGRESS ON THE PROJECTS!! Until that time, I, as with most of us, are stuck, even though our ownership base continues to decline.
Gentlemen, I am not disputing the need to raise capital, nor, certainly, that it is good to have management invest in the company. However, its really the price of the placements (both NLI and WLSA) that seems unreasonable based on where the stock price is - or in NLI's case, what we as a company bought it for, which NLI then used to acquire 20% of Sunbay with. The price is what determines how many shares are acquired.
We will undoubtedly need to raise a significant amount of money to design and build the "projects". It will be interesting to see how this is handled........ by dilution or by debt. That's the biggest outstanding issue.
I do agree, bottom line, that additional funding is certainly a requirement.
And also, if it were me, and I could get away with it, yes..... I would purchase all the shares I could at {$0.01/share} especially if the current price were $0.10. But a caution to Hullabalo for saying, "if you could get away with it, wouldn't you do it too?". That's the wrong question. The question should be, "How do we get funding at a rate that's fair to all parties?". Seems today that 40% of current share price is not within that rhelm of fair and reasonable.
Bottom line is really how we get funding for what I would think is the real opportunity......... the "projects". These little acquisitions (on the surface) appear to be "nice" but are not why I'm still hanging on after 5 year.
Watch when this all pans out just what % ownership the original WLSA shareholders will have once these "deals" are made. Lets see........ JS and company receive 20M (?) shares of NLI for almost nothing, so WLSA's position is wiped out. We give management a ton of shares on the cheap so our own position is wiped out. Once the "conglomerate" merges, we'll end up with what....... 25% of what we originally had? The good news just keeps rolling in......... NOT
Without the projects news to have some hope in, this all sounds like the same old shell game.
This is BS. The price of WLSA shares is currently at $0.125 and has been above $0.10 for over a month, and the management team buys shares in private placement for $0.05? What kind of crap is that? So what used to be 60M shares got increased to 75M shares by JS's private placement last year. Now it goes to 95M shares. JS and company pay $1.75M for about 33% ownership of the company. How is that good for all of us? This is exactly the issue I have. The management team takes control of the company from the minority shareholders by issuing shares on the cheap, and our % of the company interest get diluted significantly. This is exactly what happened before with Barrons and then NLI wiping out our position. Not cool.............
True, and with 70% ownership of Sunbay, as long as the power projects come through, we should do fine.
You're right about the payoff of the settlement....... that's more important than the dilution of WLSA.
Just a bit frustrated that somehow again management is acquiring a significant share of both companies (NLI and WLSA) for very low share prices through private placement of stock rather than in the open market. I do not want to end up with the minority shareholders having a very small % of ownership, which through dilution ends up reducing share price in the long run.
However, we (WLSA) invested a significant amount of cash for NLI stock and had owned a sizeable percentage (14%) of NLI..... upwards of $2M for that. Now our ownership is likely in the 5% range. Remember when our shares were supposed to be bought for $0.60 per share? We bought them at $0.40/share.
I don't feel great about this dilution......... sorry.
Didn't WLSA buy NLI shares at $0.40 per share? At the time, we were supposed to have close to 14% ownership in NLI. Looks like that "investment" of $1.5M won't be worth much after the 21M shares are bought at $0.075/share.
What happened to the Albert Pope announcement that was supposed to be issued in January? The news on the projects?
Nice....... now that's funny!
Question and Math Calculations for the group:
Originally NLI owned approximately 25-30M shares of WLSA, or a 50+% ownership.
Now NLI owns 20% of WLSA shares or approximately 12.5M shares (63M shares outstanding).
I believe some shares were to be used as partial debt settlement, along with the "70%" Sunbay ownership and Fanotech USA rights transferred to WLSA?
Can someone help with the math on where the various shares have moved to and why (in a very brief summary)?
Newlook announcement out today......... intent to acquire Fanotech for $1M plus $1.8M over 3yrs.....
Its HUGE!!!! ANNOUNCEMENT IS OUT!!
Press Release Source: Newlook Industries Corp. On Friday May 28, 2010, 3:03 pm
TORONTO, ONTARIO--(Marketwire - May 28, 2010) - Newlook Industries Corp. ("Newlook" or the "Company") (TSX VENTURE:NLI - News) provides its initial bi-weekly Default Status Report in accordance with National Policy 12-203 ("NP 12-203"). In a press release dated April 28, 2010, the Company announced that it would not be able to file its audited financial statements and management discussion and analysis ("MD&A") for the year ended December 31, 2009 on or before the prescribed deadline of April 30, 2010.
As requested by Newlook in an application submitted under NP 12-203, the Ontario Securities Commission ("OSC") issued a temporary management cease trade order ("MCTO") rather than a general cease trade order in respect of the late filings, as announced on May 6, 2010. On May 18, 2010, the OSC replaced the temporary MCTO by issuance of a permanent MCTO to the Company's Chief Executive Officer and Chief Financial Officer, thereby prohibiting them from trading in the securities of the Company until two business days following the submission of the late filings.
Pursuant to NP 12-203, Newlook confirms that except as described herein and in its initial default announcement: (i) there are no additional material changes to the information contained in the original default announcement; (ii) there has been no failure by the Company in fulfilling its stated intention with respect to satisfying the provisions of the alternative information guidelines; (iii) there is no actual or anticipated specified default subsequent to the default which is the subject of the default announcement; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
As contemplated by NP 12-203, Newlook shall continue to issue bi-weekly default status reports in order to keep the market continuously informed of any developments during the period of default.
Newlook Industries Corp., headquartered in King City, Ontario is a publicly traded company listed on the TSX Venture Exchange. For more information please call (905) 833-3072 or refer to www.sedar.com.
The management of the company, who take full responsibility for its content, prepared this press release. This press release contains forward-looking statements relating to future events and results that are based on Newlook's current expectations. These statements involve risks and uncertainties including, without limitation, Newlook's ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Mr. Bone, I know you stated that you'd get back to the board if you heard anything from JS. However, its been 9 days since the 15th and I was wondering if you've heard anything yet. If not, any thoughts on why?
Thanks for keeping us up to speed on your conversations.
Boardroom007
Unfortunately that's a part of the issue. The convoluted possible and maybe scenarios that have been floating around. The intertwining of maybe announcements that might be pertinent to WLSA. Have you asked yourself how many other companies you've invested in required you to stay current on other companies' news that may or may not be pertinent?
Why hasn't there been any shareholder communications from the CEO? Any "maybe" paths forward are shared with only single individuals. Why not publicly share the strategy? Because then it would actually go on record??? Isn't that what the Board and CEO's responsibility is? Its been well over a year since the Sasktel decision. Its been a year or more since Newlook defaulted on their promises. Where's the communications on those? Some "maybe" intentions were posted months ago. How in good faith to the shareholders can this board be OK with the lack of updates on the debt situation? That's all the assets this company has left, so it is vital to all of us that this information is disclosed.
SUN, keeping this site "honest" about the current and past events is a good thing. Its important no-one forgets what's happened especially when/if we're given the opportunity to have our "minority shareholder approval".
Perhaps you could summarize your thoughts once a week or so to keep the issues alive. Any more than that and you'll lose the audience. Less frequent reduces the severity of what's transpired in the past.
At some point in time, I would expect that more of the posters here would realize this trend of promises without action needs to be acknowledged. What happens when/if this lack of action continues for another month? Another quarter? At what point do we as minority shareholders become unified?
400K shares traded as of 2:30. Not bad for the first day of news!
We have many years of experience and knowledge in planning, constructing and financing renewable energy projects in North America and we believe that we are well equipped and fully capable of successful implementation of similar projects in Europe." John Simmonds, Chairman, Queuemed International N.V.
Curious about where the "numerous" projects are that John's been directly involved with in "North America". I can understand a comment such as "considering construction of", but where are the numerous actual completed projects he's referring to????
Bone is actually correct. As they are the majority shareholder, they are legally allowed to claim the revenue and earnings (as has been done almost every quarter when the companies were reporting). Newlook doesn't have any revenue to speak of.
The troubling issue with the loan forgiveness is that even if WLSA becomes the majority shareholder of Newlook, there is no revenue stream. One cannot just make statements such as "other companies with 20million shares outstanding are trading for much more than 6cents". Obviously the key is the earnings. Not the revenues, not the assets, not the shares outstanding. At this point, neither company has revenues nor earnings. Until this visibly is changed through progress towards that end, the stock will remain in its current (or lower state).
Bottom line........ until the plant is in the construction phase, we're sitting here in a HOLD mode.
The other troubling issue is when one currently values the stocks Newlook owns, even if the entire stock is transferred, it still will fall far short of the funds transferred from WLSA to NLI:
1. 30m WLSA @ $0.07 = $2.1M
2. 20m NLI @ $0.15 = $3.0M
3. WLSA currently has $1.4M invested in NLI stock already from an earlier purchase @ $0.40/share.
4. $5M loan plus 18% interest = $6M
5. Item 1 + Item 2 + $0.75 loan payment = $5.9M
6. Item 3 + Item 4 = $7.4M
7. Comparing Item 5 vs Item 6, there's still quite a disparity. There will have to be some other significant assets that will have to be transferred to be a "Fair Deal" for the minority shareholders.
SUN, remember, "its complicated" (the Newlook - WLSA interaction), "but in time it will be clear".
I guess its pretty clear now......
PS Don't forget the "certain assets"
Interesting you think that there's only one person who has similar views to SUN. That's what's funny. My guess is that at least half of the current shareholders are quite concerned, but still hold hope that there may be value in the company if JS and company are truly held accountable for the lost funds, shares given, NLI "dealings", etc.
Actually I know you know there are many more than just SUN, but your hope is that by bashing him, you'll be the only voices left, and that any or all concerned investors quietly slink away, leaving just the cheerleading squad left on this board, rather than being open to real issues.
SUN, I've been in this stock for over 3 years now and have seen similar issues that have been poo-poo'd before, and have never been addressed. Keep up the posts. There are a number of investors who feel similar to you, and do not want future earnings / invested $$ to be withdrawn from the company without return.
As you said, without these shady dealings, the investor should have been rewarded with a PPS MUCH MUCH greater than $0.075 and a promise........
Show me the money......... talk is cheap.