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There are a few things that I have done over the years to reassure myself that the company is real.
1. Depending on the size of your investment, drop a few hundred dollars and order the Pinnertest (regardless if you believe the science). I did - results come back via email with a nice letter signed by Dr. Mark Schena.
2. Order something cheap off the company store at arrayit.com. I did. I display my $30 dollar blood card in its protective foil wrapper pinned prominently on my bullet board in my office.
Now that doesn't answer your question directly but you can get a little creative. I reached out to the Patient Data Solutions folks to obtain the names of clinics in my area that are offering the test. You can do something similar and ask the doctors or clinic staff directly.
No disagreement from me on that post.
Look I get it but Arrayit is probably like every other company of Twitter. The company can't necessarily be held responsible for the actions of every person who decides to comment, like, or re-tweet. Are you suggesting otherwise? Why not block all comments then (not sure if that's possible or not).
I just looked at Coca Cola on Twitter - lots of legit comments, questions but also a lot of negative, political stuff about their supposed anti-abortion stance or something. My point is that every company on Twitter, Facebook or whatever social media is susceptible to comments and postings that others may or may not agree with.
Don't indict the company because of the actions of others.
take 2....
By company, are you referring to Arrayit or Penny Traders Club? I've tried to stay from the fray in recent months and I'm trying to catch up on the drama a bit.
Are you suggesting that Arrayit is behind this group? My personal belief is that they have no connection (other than being shareholders) whatsoever.
I'm not condoning their actions (and certainly not any personal attacks of which I have been the target of in the past) but who really cares if 5 or 6 people "like" an Arrayit tweet in unison or repeatedly post that Arrayit is going to $1, $4, or whatever pie in the sky price tag they put on the stock?
I was waiting for some big reveal and I just don't see it. Happy to be corrected if I'm missing some big piece of "evidence".
ARYC Fun Fact
10.6% of the pictures on Arrayit's Instagram account are pics with cakes.
Can you imagine the cake pics if they ever get current with financials or up-list to NASDAQ. Watch out! ha ha
Thank you for sharing. Very well stated and conveys the concerns of many of us here. I have to believe that Mark truly understands this. If not... then we're all in trouble :)
Believe or Don't Believe - no one can prove one way or another until the company releases financials so it's just a waste of time arguing about it.
The Burden of Proof Fallacy
If a person claims that X is true, it is their responsibility to provide evidence in support of that assertion. It is invalid to claim that X is true until someone else can prove that X is not true. Similarly, it is also invalid to claim that X is true because it's impossible to prove that X is false.
In other words, just because there is no evidence presented against something, that doesn't automatically make that thing true.
Hi GL81 - thanks for posting about your visit - truly appreciate it. I sent you and Pat a PM before your visit. Did you happen to get a chance to ask Mark about that? Thanks in advance.
Thank you for taking the time to visit the company and share your notes. Really valuable to us all.
By chance, did you inquire about what I PM'd you about? Thanks in advance.
and it's not old - it's a current case.
I don't think it is.
You're welcome - it is definitely the meat and potatoes of the case. All the longer documents all contain addendums which contain the original agreements with Iconic, TCA and the like. I have purchased other docs in the past that contain those same documents so they're a little redundant to me.
The UniCourt website has a crowd sourced library - i think what that means is the documents I bought are accessible by other users. So if you wanted to access the the website you should be able to see them at no additional cost.
I don't have any special access to any court related documents. I am just monitoring PacerMonitor and other court websites for updates like others. I have purchased several Taub related docs over the years. From my understanding, the case is in the hands of the judge so I assume the next update we see will be his decision. Some have speculated that due to the backlog in the courts that summer is probably the realistic time frame to hear something.
Was reading through some of the court docs further and thought I'd share a couple more interesting passages. I highlighted for emphasis.
And just to re-post from last night, the judge ruled in favor of Arrayit and issued the Temporary Restraining Order preventing Iconic from gaining common shares and selling them.
Final Post
Post #5
Post #4
Post #3
Post #2
As a follow up to the Arrayit vs. Iconic post yesterday, I will copy and paste the 32 points from the "Declaration of Rene Schena in Support of Plaintiff Arrayit Corporation's Ex Parte Application for Temporary Restraining Order and Order to Show Cause re: Preliminary Injunction" As an FYI, I'm not posting points 1-6 since that is her just stating she's over the age of 18, what her role is, and other standard declaration. I'll split this up between 3 or 4 posts.
Antbird - can’t pm. It’s $40 just to get access. Each document after you get in is a minimum of $9.97 or something like that. One of the docs I bought cost $20. I only bought 4 of the docs that had the most pages.
Excellent question Mike. That falls into my “there’s a lot in between “ comment. I’ll provide details on that tomorrow. It was a little hard for me to grasp.
Cliff’s Notes version of the Arrayit vs. Iconic lawsuit. I spent way more on court docs than I should have!
• When Iconic dismissed their lawsuit against Arrayit in January 2018 without prejudice, Arrayit thought all was good. You may recall Arrayit transferred the 6.6mm shares of Avant Diagnostics to Iconic to fulfill their balance on the outstanding note due in Dec 2016. In my opinion, Iconic seems to be a predatory “bill collector” who purchased the receivable that Morrison & Foerster LLP was awarded in an older lawsuit against Arrayit at a fraction of the amount. They probably do this knowingly to screw over small, vulnerable companies.
• In July 2018, Arrayit learned from Standard Registrar that Iconic’s attorney’s requested issuance of 25mm share of Arrayit common stock. A little later on…..
This may be it. Will look into this more tomorrow
https://unicourt.com/case/ca-sd-arrayit-corporation-vs-iconic-holdings-llc-869099
Looks like they’re both suing each other- hard to tell. I see the transfer agent is some involved as well
May be buying some more court docs tomorrow!!!
I may have added wrong but I’m not concerned about even a 3mm share sale
i assume "enjoined" means that they were put in escrow pending the court's decision. Your guess is as good as mine in terms how they selected that amount - is it a fraction of what Taub is seeking for example or does it represent the full amount should Taub win in court? No idea but I sure will be happy when this suit is finally behind us.
Agree with all your other comments :) From my recollection, the original $252mm amount was chosen because of the value Arrayit put on the potential test in their Tweets. That alone should give them pause before Tweeting anything! Investors of all sizes pay attention to this stuff and can come back to bite them in the a$$.
Thanks - was checking EDGAR earlier this morning. I would have thought that it would have reflected much higher selling based on the trading volume a couple of days last week. The total here was only 890,000 shares sold out of 142mm+ owned and sold pretty much near the lows of the week.
Thank you GL81 - appreciate that very much. Have a good visit.
Are you flying out on JetBlue with the superstar pilot? Make sure to get his autograph! ha ha.
In all seriousness, appreciate any feedback that you would be willing to share post-visit. Thanks in advance.
and that's exactly why I have mixed feelings on the financials being tied to the Taub case. I do believe that they are in some way connected but the question I can't answer is why. Wouldn't it be in the company's best interest to have the share price as high as possible before possibly having to issue shares?
Let's say they don't have the cash or rather not use the cash to pay out a potential settlement. Isn't it better to award 5 million shares of a 1.00 pps stock than 70 million of an .08 stock?
So I was playing around on the https://www.patientdatasolutions.com/ website last week and thought about registering myself as a "clinic" but it was asking for too much specific information (i.e clinic ID #'s and other type info). I opted to send a message through the online help chat functionality in an attempt to get more information. A rep from the company ultimately came back to me asking if I was with a particular clinic. I played dumb and simply said that I was a prospective customer and wanted obtain a listing of the clinics in my region since I was interested in the finger stick allergy test I heard about.
Unfortunately, they asked me for my city and state so I just gave them Philadelphia, PA. They came back with the name of a clinic:
Primary Care of Roxborough
5815 Ridge Ave
Philadelphia, PA
http://primarycareofroxborough.com/
I haven't had a chance to call them yet but I will at some point to see what they will divulge about the test :)
Mark has been consistent with the May 2018 start for the 8-12 week per year "clock" to start ticking (at the conclusion of auditor's background work) so nothing new there.
What was of most interest to me was the reason for the increase in restricted shares. Perhaps this is just standard practice in cases such as this but I'm no lawyer. I assume if the case is ruled in Arrayit's favor then those newly issued shares would be "retired" or whatever the proper terminology is.
Since I'm in a sharing mood I received this response from Mark last week. For background, I sent an initial email voicing my concerns after financials weren't filed and he sent back a fairly standard response. The questions below are what I went back to him with (Mark's response is in red). Please note question #4 regarding the increase in Restricted shares. The only ongoing legal matter that I am aware of is the Taub case.
1. “We will file the financials as soon as we have all of the required documentation” – Who are you waiting on documentation from?
Agreed - Arrayit can be accused of a lot of things but fake shouldn't be one of them. I posted a couple of these pics in the past but thought I'd post again for some of the newer folks here.
I took the PinnerTest - ordered it directly from the PinnerTest website and had some follow up conversations with the company - see whose signature is on the letter?
I also purchased a product (a single blood card) from the arrayit.com store. As much as I hate their website, the transaction was smooth and I received my product quickly.
Agreed WebSlinger
For those wanting to follow the case can find info here:
https://www.pacermonitor.com/public/case/7087204/Taub_v_Arrayit_Corporation_et_al
I have purchased numerous docs pertaining to the case over the last year or two. Kind of interesting stuff. Seems to be a classic case of each side accusing the other of not living up to their side of the agreement. Will be interesting to see how the judge decides this.
Stockman - here are 2 links not sourced from Arrayit. These have been posted here numerous times over the years but should relieve any doubt that Arrayit is working with the FDA and the USDA in various capacities
General Contract Info with US Govt including most recent sale
https://www.fpds.gov/ezsearch/search.do?&q=arrayit&s=FPDSNG.COM&templateName=1.4.4&indexName=awardfull&start=0
Link to USDA Research Project
https://www.ars.usda.gov/research/project/?accnNo=430420
If you don't feel like reading it, here is a quote:
Was poking around the Patient Data Solutions site today. Nothing earth shattering but i came across this in the FAQ section. Thought it was a little interesting.