I am not doing a lot. I am retired. Doing a bit of share trading and own a bit of real estate.
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The disclaimer says it all. No obligation to update. Don't blame JB... why compound an obvious lie by updating???
Here is an answer.. SORTA. The last sentence is the most revealing, though.. and also the last post from this gent.
hjc64 Wednesday, November 30, 2011 12:01:07 PM
Re: Crow3 post# 36504 Post # of 43780
Crow why don't you just give it up. It is obvious that that particular G4 was shipped for the purpose of further testing ,almost as stated:
The company intends using the ValiMed G4 as a lab instrument for a research and development project to determine the shelf life of parenteral admixtures with regards to potency over time.
It wasn't even stated that it was sold.(It was shipped????)
IMO, there is nothing like testing (by a creditable source)to find answers to potentially future uses.
It wasn't even stated that they would be using it as a safety net in the pharmacy,as it was originally intended.
YOU KNOW: Research and development!=
Testing!=
Not ready for prime time!=
Keep our fingers crossed,And wallets closed!
Wonder whatever to the IG4 shipped out (a JB lie??)
Back in 2011
Crow3 Member Level Wednesday, 11/30/11 08:18:41 AM
Re: None
Post # of 43780
Here is the PR regarding the shipment. Sure enough, signed by JB, with a quote from JB.. I don't know about you...but it seems to me to be nothing at all but a LIE..from start to finish.
CDEX Inc. (OTCBB: CEXI), a leading developer of chemical detection products, using patented technologies for use in healthcare, safety and security markets, announced today the company has shipped the first ValiMed™ G4 drug validation system to a prominent US based global medical technology company. The company intends using the ValiMed G4 as a lab instrument for a research and development project to determine the shelf life of parenteral admixtures with regards to potency over time.
The medical technology company is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. The company serves healthcare institutions, life science researchers, clinical laboratories and pharmaceutical companies worldwide.
"We are honored the ValiMed G4 was chosen to play a critical role in this research project which we believe further validates the breadth of use for our technology. We are excited to ship the first unit of our enhanced ValiMed G4 device to an industry leading medical technology and diagnostic company; this relationship should provide an optimum platform to build our ValiMed G4 market penetration and reputation in the industry. We expect to deliver additional ValiMed G4 units as the market interest continues to spread," stated Jeff Brumfield, chairman and chief executive officer of CDEX.
The ValiMed G4 drug validation system helps healthcare providers ensure patient safety and control costs by reducing medication errors. The patented detection process identifies drug strengths and volume-by-weight in real-time, validating proper dose, diluents and concentration of high-risk compounded medications and treatment solutions. The VG4 device will help healthcare facilities comply with Joint Commission compliance requirements and USP 797 guidelines for compounding sterile preparations (CSPs), and will integrate with electronic medical record (EMR) platforms.
About CDEX
CDEX develops, manufactures and globally distributes products to the healthcare, safety and security markets. The ValiMed™ product line provides life-saving validation of high-risk medications and pharmacy returned narcotics. The ID2™ product line detects trace amounts of illegal drugs, such as methamphetamine. CDEX expects to advance its patented technologies to serve additional markets in the future where its proprietary products can be launched. To learn more about CDEX please visit: www.cdex-inc.com.
Safe Harbor Statement
Non-historical statements are forward-looking, as defined in federal securities laws, and generally can be identified by words such as "expects," "plans," "may," "believes," "should," "intends," and similar words. These statements pose risks that cannot be accurately predicted. Consequently, results may differ materially from those expressed or implied. Such risks and uncertainties include, without limitation, the effectiveness, profitability and marketability of products, the protection of intellectual property and proprietary information, and other risks detailed periodically in filings with the SEC. There is no obligation to update any forward-looking statements.
Company contact:
Jeff Brumfield
(520) 745-5172
The three dissenters with knowledge of the TRUE state of affairs re the ability of CDEX to market anything at all did not agree.
With whatever individual motive they might have had, they refused to agree. Which was their right. The question itself, vote yes or no they chose no.
If the creditors had no legal right to being paid, WHY DO A BK??
"INVESTORS" such as just shareholders do not have the right to demand payment say in the form of elevated SP.
BUT note holders are due payment as the terms of the note. All of the note holders. And they all must have done so, including the 14 or no need for BK REORG.
Shareholder demands can be ignored, and often are. They cannot force BK.
That the 14 agreed to sign just means that had already accepted the loss and were just grasping at the straw of PERHAPS a future payoff.
I still smell MP in there as the BRAIN TRUST behind all of this.
But be that as it may, he has escaped off to NAWTH CAROLINE with its Golf Course and sailing waters and such, and his customary seat in the AMEN corner.
Did not object to being blamed for the BK. After all, as a HOTSHOT lawyer, he understands what CHAP 11 is for.
AND he can count on ANGEL protests and denials that he may be involved..
Some of that was like walking on a Razors edge. The BK court for example could have refused the REORG and a premature CHAP 7 result.
JB risked a perjury charge by saying that he had G4s ready to sell, minus some minor tweaking, among other misrepresentations.
The Court smelled a "LEND TO OWN" type of deal, but narrowly went along with the REORG.
Anyhow, the DOC spent 40K for new shares and the CFO spent 4 K.
all in the filing except the arithmetic.
If the SP trading volume becomes great enough to "hide" large transactions and avoid decrease in SP, it is possible that they can make some money.
With low volume as is now going a large sale would drive it way down.. into the subs.
Nope the filings indicate that they bought them. 2 cents per share. Whether on the open market or an individual deal it does not say. It is in the files of sec reports. Ownership reports.
The DOCs in July.
Whether it is trading on inside info or not, they are insiders and have to put out paper if and when they sell. SEC paper.
But they are not otherwise restricted shares.
Were they aware of the intention of the meeting with lenders prior to adding those shares?? Could be. Probably were.
Each also own derivative shares. So the DOC has accumulated
quite a pile. The COO less but significant.
Whether any of this means much should be apparent after the meeting with lenders.
LOL!! whenever I post on this subject, my watchdog program blocks a malignant website from my computer.
The CFO bought more shares also. I did not inquire as to motive.
BTW, the DOC can out vote the CEO. If he gets the CFO proxy vote also, he can fire the CEO. Better sooner than later.
The BIG PHARM on the BOD has no reason to stick up for the CEO. His "DADDY" is more likely to be MP.
Can one predict trouble in the CDEX camp... I do believe that it is brewing. The outcome?? Whatever MP decrees.
We shall see.
I followed the chap11 and have a copy of the court documents. Not that I refer to them much, but I do have the copies...which I also sent copies of to all that asked for them.
Also the CHAP 7 thing in Cal.
I have absolutely no objection to CDEX becoming successful. I hope that they eventually will. I have had many "computer"
virtual friends on both sides that lost big money on CDEX and LOCH CEXI, ETC.
BTW I recommend the following website to you.
http://investorshub.advfn.com/boards/legal_ref.aspx?p=mmg2
Well why not?? It has been often predicted that "NEXT YEAR IS OUR YEAR TO SHINE"...
Or the ANGELS could have added the money to pay off the dissenters to the amount already conditionally pledged to CDEX.
If they discerned the BK as so undesirable that it would be worth the money.
NAW. it is as plain as chocolate pudding that all parties, not just the dissenters wanted the CHAP 11 BK.
JB wanted it, the BOD voted for it, the court approved it. END OF STORY.
What the ordinary/PP shareholders wanted was not relevant and was immaterial. They did not organize a group to file an objection.
So why didn't CDEX ask for enough money from the 14 creditors/lenders to pay off the dissenters? The dissenters had a legal right to their money. It is not as if they were asking for anything beyond their legal due.
Or maybe STEWART, the named negotiator, could have talked the "infamous" 3 into giving a discount say 10 or 20 percent. Maybe even higher. Maybe even settled for half.
If as you say, the 14 were badly against Bk, surely they could have come up with half!!
I smell a bit of doubt creeping into your post!! Not that I blame you for any doubts.
There is CERTAINLY a whole pigpen of reasons for doubt.
LOL!! I wonder what ANY of the creditors would say if asked to extend CDEX any more credit. Or the Lenders??
Actually I do not wonder. The HECK NOs would be loud enough to maybe cause an earthquake in TUCSON, AZ. Or at least a slight trembler.
And I suspect that the ANGELS have reached the same point. Or nearly so. But they would not admit it.
3.6 million to build 100 G4s?? What for?? They would be lucky to sell EVEN ONE.
If the famous 14 liked CDEX so much as some here claims, and desperately wanted to avoid BK, why did they not pony up enough to pay off the 3 dissenters??
After all GEMINI was asked to write off their debt. Would not have taken much more brass to ask the 14 to just pay off and get rid of the dissenters.
Truth is all 14 wanted BK REORG so long as the ANGELS were gonna pay the operating money.
Reorg under chap 11 can be a good thing, depending on the success
of the reorg. Trouble is the CDEX reorg has resulted in nothing good for any shareholders. Or lenders.
A reorg under chap 11 does end any legal squabbles which WILL occur without the sanctions of the court.
Court approval settles it all.
Which is why JB was chosen as CEO. He is well experienced on BK and does not mind stretching the truth in his representations.
Count 45 days from the end of JULY. Which is the end of the CDEX third quarter. 31 through Aug, leaving 14 to go into Sept. But SEPT 14 is a Sunday so the next Q will be due Sept 15.
Perhaps. I will await the meeting in New York which is a quest for funding. Then predictions will be easier.
In the unlikely event that CDEX does get more funding then two things will most likely happen. ONE...the ANGELS will lose their proud possession of the only secured creditor. TWO.. JB/CDEX will spend that money on salaries, bonuses, "consultations" and such and soon be broke again.
But in the meanwhile it will be easier to convince new people to buy shares and run up the SP. So a P&D will be the result.
EVEN MORE UNLIKELY is that JB/CDEX will actually market the G4
after all this time.
As the only secured lenders, THE ANGELS have standing to force CHAP 7 now that CDEX is broke again. Unless others have lent money
since the BK, the ANGELS have sole standing to do that.
BUT the CEO can do it whenever he likes, assuming he as chairman has a majority of the BOD vote.
Does he have the majority?? WHO KNOWS!!
I do believe that there is ONE person who will decide and that is a fellow striding the Golf courses and going to the chapels of NAWTH CAROLINA.
The key words are VOLUNTARY CHAP 11 bankruptcy. Initiated by JB.
As CEO and Chairman of the BOD.
Made necessary by CDEX lack of operating funds and demands of all creditors.
The BANKRUPTCY was necessary to get court approval of the REORGANIZATION plan, which was also necessary because the ANGEL INVESTORS made it a condition precedent that THEY BECOME THE ONLY SECURED LENDERS TO CDEX before they would provide operating funds to CDEX.
Court approval assures that no debtor can make further demands on the assets of the company while it continues business as usual.
Assets on hand including any parts, etc, purchased and not yet paid for become nevertheless immune from creditor demands.
UNFORTUNATELY business as usual is just more SCAM activity. CDEX has taken the money and used it for salaries etc and have sold nothing of significance but VALMED 3s out of a junk room to KUWAIT.
An excellent and useful post to archive re historical and current status of CDEX.
I will save it verbatim in my own archives.
NOW the question is, if all 17 had agreed would the REORG under CHAP 11 been necessary?? The answer of course, is yes.
Either that or CHAP 7.
So the no votes had no bearing one way or another.
Will the G4 ever sell?? Evidence as of today is that it will NOT.
Based of, if nothing else, the history of lack of profitability that that the company historically has suffered. And as they, CDEX, have declared in most if not all of the SEC reports that they must have funds from lenders or PP holders or go under.
The reorganization plan has failed.
TAKE a stab at why the 14 who said yes said yes and why the three who said no said no??
We can all take a stab at it, but there is no way of really knowing short of a statement by each of the entire 17 separately. The vote was yes or no.
The bankruptcy proceedings got input from some, but not all of the note holders. Most did not provide input as to why they agreed.
Evidence is that the BK was pre-planned...a 50K contribution from an officer of the company and a member of the BOD made it possible to engage the Lawyers to file for Chap 11. CDEX lacked funds. All 17 knew that. Certain representations were made re RESTRUCTURE of CDEX that money would be available from an ANGEL
group that would allow the company to stay in business.. with the provision that the said group be recognized as the sole secured investors. THUS if and when CHAP 7 became the last resort, said angel group would be entitled as the only secured lenders to all of whatever assets were then available.
The 14 that agreed it can be said, absent direct statements from them collectively or individually, that knowing that CDEX had no money and therefore were unable to pay up, had nothing to lose by agreeing. It cost them nothing that was not already lost. No doubt that they would have rather the money owed to them, but having some hope that CDEX could eventually be profitable was the most likely reason that they said yes.
THE CEO made certain representations that there was a product in development that could become the vehicle for making CDEX profitable. In fact, he told the court, falsely, that CDEX had three copies of that Valimed G4 nearly ready to sell. As it turned out, they were NOT ready.
But nevertheless the court agreed to allow the CHAP 11 to proceed and discharged the BK proceedings. The court did approve the REORGANIZATION plan. But the G4 is not sold any as of yet.
I had somehow gotten the impression that the ANGELS had a limitless supply of dinero to give to the CEO to spend. Could it possibly be that I did not get the right impression? Perhaps the source is somewhat unreliable?
GOODNESS ME!!
Or could it be that the new promoters do not altogether trust that the said source is reliably generous and mayhap apt to turn stingy??
Such a great day. Volume 6 shares.
Only the MMs helping you today, HS.
Ah weel...Manana FUTBAL. Monday?? Then what??
SO anybody looking for a SURE thing best look elsewhere. There is no such thing.. and especially not here.
Coulda >woulda >If >but.
The sad story of many an "investor" here. Especially one with LONG TERM expectations and who dumps thousands into a stock with no real long term possibilities.
Which is the exact, historical description of what has happened with LOCH >MORPH >CDEX >CEXI >BK >CDEX.
Especially with PP Buyers.
Having a known Hot Air Artist and BK Specialist as CEO who has led CDEX into Chap 11 now headed for Chap 7 is a sad recommendation for CDEX, indeed.
So HIGHSTAKES has almost single-handedly succeeded in running the SP up to where it is now by "JUST TRADE IT" is far from a Long Term proposition.
YEP, to get more money. There can be no other reason for attending such a meeting at such a venue. They need MP
who did the trick with GEMINI and got a loan.