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Who is IC?
Trying to catch up on this board. Delayed reply. That was a great analysis. Very logical. Perhaps we will know the truth at some point.
I agree with you about those who are negative should sell and move on. Interesting how there are so many people who claim to have sold their entire position (I am dubious to their claims of selling at a profit) , yet they keep commenting at this board. If someone sold at a profit the normal investor psychology is to be relieved and move on. I feel their pain of their losses.
Those who lost money, closed their position, and keep posting angry comments not based on a logical line of reasoning should examine if it is healthy to live int he past. If that is what you are doing, how do you ever expect to move forward in life?
Yes, decided to walk over there. Nice weather.
You continue to post such an opinion of no cash. You state it is obvious. Please provide the evidence.
You keep stating how you got out whole. Why do you need to keep justifying your statements? I can't help but think you lost a ton of money in this and keep looking at the news flow and this board to make yourself feel better about selling.
Given the years experience and quality of companies these guys have worked for, I am confident the electronic game cards will work. However, my worry is these guys will arrange such an amazing stock deal for themselves that we all get steamrolled. Fortunately, none of these guys have Goldman Sachs in their background, thus a certain set of higher values hopefully exists that is not all focused on "me, me, me".
They seem like a legit firm. In a previous post, I stated that I walked to their office building and asked the guard if they are in there and he verified yes. They are located in the prime 11 block corridor of Park Avenue that is among the most prestigious addresses int he world. I highly doubt that at this stage in their lives they are going to chase after chump change deals. Thus, they could probably use pocket change from their own bank accounts to invest in EGMI and score the big returns they are likely used to in order to afford such an office rent.
I think the upside opportunity for GC Anderson is to have warrants in EGMI. We will all get screwed thru dilution, but maybe in a couple years we will be able to break even. GC will make a killing. It seems like a small investment of $5-10 mil may be all that is needed for EGMI and the fee on such a deal would be very small. I do not believe GC is in it just for a fee. Not worth their time
That actually makes a lot of sense. Like you said, the CFO he hired bailed within two months. He and KD have a history and are nearly neighbors. He tells KD the place is a cesspool and CFO quits. KD knows in the US it is not wise to perpetuate a fraud, but I have no idea what the tolerance is in the UK.
Phew!!! It is not a PO Box. I just walked past GC Anderson's address, spoke with the front desk guy, and he verified GC Anderson is in the address stated on their website. KD will have some good on the job training on how to be a real executive.
You are absolutely correct that GC Andersen would not get involved if there was not money to be made. There is no pro-bono work done on Wall St. GC does not do this if EGMI does not have 1) cash on balance sheet to pay them, 2) real products generating real revenue thereby enabling GC to find a capital infusion partner, 3) free cash flow to pay the monthly bills and keep the lights on and a UPS box open, 4) and a meaningful market opportunity for the EGC's since that means they are repping a legit company since GC Andersen is not going to risk its reputation for such a small company.
I believe this sell off is a buying opportunity. I am not buying. In too deep already.
My interpretation: EGMI recognizes it is in a mess. GC Andersen acknowledges the same. Yet, GC does not view this as a lost cause or else they would not engage themselves since they'd never get paid. GC is going to put the infrastructure/procedures in place to set the company on the right path or sell the company. Additional capital likely means share dilution for us. However, at this price I am happy to be diluted for sake of financial stability and the higher caliber executives that will be brought on board. Based on valuation (if EPS is to be believed) the share price is absurd. So, dilute away. I don't care as long as we gain stability to enable a long tough ride back to a higher share price. Dilution comes if we get an investor and if not, then maybe we get an acquisition.
IRVINE, Calif. and LONDON, March 19, 2010 /PRNewswire via COMTEX/ -- Electronic Game Card, Inc. ("EGC") (EGMI.PK) announced today that it has engaged G.C. Andersen Partners, LLC ("Andersen Partners") to serve as its strategic and financial advisor. Andersen Partners is a merchant banking and financial advisory firm.
Due to EGC's current state of affairs, one of Andersen Partners' first initiatives will be to raise working capital funds to enable the Company to engage legal, accounting and other service providers to review the historical operating and financial performance of EGC and its subsidiaries.
Commenting on the appointment of Andersen Partners, Kevin Donovan, CEO and Interim Joint Chairman of Electronic Game Card, Inc., said, "Having the support of an experienced advisor such as G.C. Andersen Partners will allow us to review our operations and identify the most advantageous options for the Company and its shareholders going forward."
It is highly unlikely that egmi is a scam. Possible for egmi to have been scammed, though.
Come on!!! Don't sell us short. We will be at $200 to $350 per share. You were off by a factor of 100!! ;)
What is Plus Exchange? When is the last date it traded and were there more than 1000 shares traded?
I did a quick look and could not get a share price quote
Given the conf call is not an official PR or SEC filing, I suspect Lee Cole misstated the year as 2011 and it is really May 2, 2010 if certain conditions are not met that allow SciGames to extend the contract. Maybe those conditions are being examined as we all grasp at interesting straws.
Apologies if this is rehashing what others may have posted.
See John Bentley listed below. Owned 2+ mil shares of EGMI as of preliminary proxy for EGMI dated May 27, 2005. He exited in 2008 to start Prize Mobile. Same year LS buys 5% stake and becomes a director. A near certainty Bentley & LS had a close working relationship and asks LS to run the show while Bentley works on Prize Mobile. Near certainty Bentley still owns shares, but not a 5% holder, thus not reporting his holdings. LS dies. As someone posted previously Prize & EGMI have exact same London address. Would Bentley try to steal the company or would he allow it to be acquired by a SciGames or Bally? At his age and seeing what happened with LS, I suspect he’d prefer to cash out and let someone else run the business.
http://www.secinfo.com/d12TC3.zGUx.htm
------------------------------------------- --------------------- --------------------------
NAME AND ADDRESS
OF BENEFICIAL OWNER BENEFICIAL CURRENT PERCENTAGE OF
OWNERSHIP OF STOCK OWNERSHIP (1)
------------------------------------------- --------------------- --------------------------
Scientific Games International, Inc. 2,171,594 8.53%
1500 Bluegrass Lakes Parkway
Alpharetta, GA 30004
------------------------------------------- --------------------- --------------------------
John Bentley (2)
Savannah House, 11-12 Charles II Street
London, SW1Y 4QU 2,050,001 8.05%
UK
------------------------------------------- --------------------- --------------------------
Henrietta McNally
Fountain House, Park Street
Mayfair W1K 7HG London 1,937,791 7.60%
UK
------------------------------------------- --------------------- --------------------------
Yana Consultants Ltd
P.O. Box 3175 Road Town 1,537,500 5.73%
Tortola, BVI
------------------------------------------- --------------------- --------------------------
Linden Boyne (3)
Savannah House, 11-12 Charles II Street
London, SW1Y 4QU 300,000* .01%
UK
------------------------------------------- --------------------- --------------------------
Lee Cole (4)
712 Fifth Avenue, 19th Floor 0 0
New York, NY 10019
------------------------------------------- --------------------- --------------------------
All Officers and Directors as a group 2,350,001 9.23%
------------------------------------------- --------------------- --------------------------
I thought the SciGames agreement was to end on or about March 31, 2010.
That is a majorly important observation as long as others is not a disgruntled former employee/consultant. Interesting how all of us on this board probably read that same release a number of times, yet you are the first to zero in on that phrase. You get the imaginary prize of the day.
If EGMI is to be acquired, I wonder why it is taking so long. This is a small company with no office space, small revenue, a convertible debt of just $2.8 mil, etc. Not much here to audit. Maybe there is more than one company looking to acquire EGMI: SciGames and Bally would both makes sense, as would the UK company someone else had proposed as a takeover candidate. Let’s hope so.
Some random ramblings that I am mulling…..
Considering all the different acquisition theories being floated on this board: Bally Technologies, one about some UK based poker sites (or something like that), and Pontiac’s posting 12432, and maybe some others I am forgetting. All of these seem plausible.
I see all those links that have been posted to game card sellers, the signed agreements with Bally, China Lot, Korean dude with lots of $$$….I can’t keep all of them straight in my head. Then you look at all of the names posters have uncovered, like Pontiac did in 12432 and previous posts of his. It seems like there are so many moving parts and intricacies.
Myself and others can’t fathom how EGMI mgmt and Yvonne could be such bumblers to miss so many company deadlines, go radio silent, etc.
The assets sound in tact. The business is likely legit as validated by the presence of LS. The recent expiration (or soon to be) of the SciGames contract (is that March 31?)
Anyone care to call Perello & Company and ask them the status of CirQ? See below from 3Q transcript. They apparently coordinated the development of the www.shoppoken.com website, as noted at the very bottom of the webpage.
We are also pleased to announce that we have hired a top design and branding marketing and media relations firm based here in New York City, Perello and Company, which will be helping us to increase our company profile and launch our new CirQ brand, website iPhone applications, and overall new business development marketing initiatives. Joe Perello, cofounder of Perello and Company, experience is vast in public and private enterprises, including his previous tenure as the first every Chief Marketing Officer for the City of New York appointed by Mayor Bloomberg. He is also the Vice President of Marketing for the New York Yankees and has held several key global brand accounts including the History Channel. I have been privileged to work with Perello and Company in the past achieving fantastic results and expect to do the same with the launch of our new brand, CirQ.
Secondarily, branding of our company, as you all know my roots are based in branding and marketing from the Salt Lake 2002 Winter Olympic Games to the NASCAR SpeedParks. As we have discussed in the past, our name is too limiting to properly carry this company forward and our vision into the future. Therefore, over the next couple of months we will rebrand the company to CirQ, and with that launching our new brand and website before year-end at www.cirq.com. The new CirQ brand, inspiring technology, will provide the company with a broader scope of recognition for our expanded suite of technology platforms and easier adaptability to the new business applications, market opportunities, and B2B partnerships.
Perello and Company have been working behind the scenes over the past couple of months. We are very excited to unveil a highly impressive next gen look, an image within the next 60 days. With these final organizational milestones in place, here is what I see as the opportunities in each of our three business segments.
That report is pointless. Complete data dump of old news and financials. Hard to believe that company would have any paying clients.
Indeed, this is their time slot. However, if they were going to make an announcement it would have come out by 8AM ET. Given the share count on EGMI, this would be a material acquisition for BYI.
Procrastination is good, esp on things you dislike doing. More efficient to wait until the last minute.
I knew BYI would not speculate. I only hoped for a definitive announcement.
I guess not....did not listen....so much for my theory...sounded good at the time...gave me that branch to grab on to as I was falling off the cliff.
Whenever a word is in brackets from a conf call transcript that means the software program could not recognize the spoken word. Therefore, it puts in its best guess. So, you can be nearly 100% certain it said SciGame.
I keep seeing all these great links to gamecards. I am not sure if all of these are from EGMI or if any are from other companies. I noticed the website you linked says patent pending. Assuming there are other competitors, it would behoove EGMI or an acquiror to exploit first mover advantage. The first mover almost always maintains a permanent and dominant market share.
Oftentimes the big companies like Bally will require that their presentation be webcast for all shareholders to access for free. Look for a press release at Bally website with such an announcement. I know you know this, but for other readers that may not, just look under the investor relations section of website and a link should be there.
The fact we had a 50 cent order at 100 shares a day or two ago and a few today, tells me someone is playing games (in the longs favor). They are trying to "paint the tape" by breaking the technical resistance levels. That is always done with a small amount of shares that has very little cost. This is good and I would expect that person/trader to do so again when resistance move to the next higher plateau.
Hopefully, that decision is made for all of us on Monday via BYI acquisition at a nice healthy price. Would remove any possibility of sellers remorse.
A marketing professor told our class that it is impossible to achieve maximum satisfaction in the stock market because you never buy at the low and never sell at the high.
I think you said that would happen. Don't be too hard on yourself. Everyone has done that and 95% of us on this board wish we bought at 20 cents.
I've been out all day....Wow up 14 cents.,....Fun to talk about.....Can you imagine the exhileration of everyone on the board if it happens.
Welcome back!!! We were going to miss you.
I really like those replies. They are accurate, but leave lots of wiggle room for an acquisition announcement on March 15. Here's how.
He is definitive on the auditors being done in next 2-3 days. Given the past 4-5 months of missed deadlines this is a very definitive statement. An auditors report is a moot point if an acquisition since no way does EGMI get acquired without perfectly audited statements. Thus, no need to release audited numbers, if being acquired.
BOD changes with auditors report. Get acquired, BOD disappears. There's the changes.
The way you wrote the Roth conf being canceled implies Roth canceled EGMI because Roth did not like the idea of a lack of an auditors report. This contradicts a previous poster who said they asked Roth about the EGMI cancellation and was told by Roth that EGMI canceled. Please clarify if you meant to say Roth or EGMI canceled. If EGMI canceled and EGMI seems 100% assured to have audited numbers ready by Monday, then why would EGMI/Joseph say Roth canceled them?
Smells like an acquisition.
Someone posted earlier this week that the company stated it would release earnings on 15th. Apparently confirmed by Yvonne. Also, shown on another website which someone had attached a link via a posting.
Interesting price action today. Saw a 3 cent spike at 10:30 soon after the posts re: innovatepro at 10:17 and 10:25 & then a 4 cent drop following the very negative post at 11:27.
This board really seems to have some power.
No question if the March 15 press release is not to our liking we should have enough shares to force necessary mgmt change. Hopefully a moot point if mine and other predictions of an acquisition announcement are accurate.
Curious why you are noting the address for us?
What is the relationship of Innovate Pro and EGMI? I really liked the product page and saw EGC noted.
I've wondered about all of those peripheral businesses like the pen shaped scanner, the promotions business, Thomas the Tank, etc. Maybe LS hired KD to come up with new ideas to show how much potential EGMI's technology had, thus driving up the share price. All the while, knowing they would seek to sell the company as the SciGames contract expires. Have a high share price while in discussions and that becomes the starting point for an acquisition price. Pure speculation on my part.
He was probably bumbling since he knew he was going to pull the plug on the deal. In that case, it would be tough to sound convincing.