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Read the news...it is pretty unfortunate times.
Yes...Budgets are getting slashed, downsizing across the DOD..programs are getting dissolved...not a good time for anyone that does business with the federal government
I haven't seen an ounce of financials to substantiate anything your claiming. If the company was doing so well...they would publish some sort of financials.
Sitting on Cash isn't always a good thing, unless there is a plan to use it to grow...we haven't seen any indication of how he planned to use this "cash".
Maybe I confused but didn't the CEO pass away? Typically, when this happens without a successor things rapidly go south within a company.
I wouldn't hold your breath on the SBIR. More than likely, they haven't updated the website because they haven't gotten around to it. This could be sitting on a shelf and the engineering team is too busy to finalize it because of Furloughs, Sequestration, and general mayhem within the DOD.
Trust me....SBIRs aren't all they are cracked up to be. Most are just free money to small businesses and never result in any viable products for the government.
Separately, I am still failing to understand, how this company is going to survive without its CEO...especially considering when it had a CEO (the engineering engine of the company) it was struggling to stay alive...
Michigan Incorporation Procedures & Requirements:
http://www.citmedialaw.org/legal-guide/michigan/forming-corporation-michigan
Has AFT issued stock certificates? Btw, we have the right to demand that AFT issue certificates. If they don't want to issue certificates because the stock is uncertified the Board of Directors is required to send each shareholder a letter or some other form of notice that contains the same information that would normally appear on the face of stock certificates.
This is a nice remainder to the company of the real owners of AFT.
Bubble Tea,
I agree with the premise of your discussion. Due diligence, pro-active shareholders, and verfying that facts.
Btw, this statment is defamation of goverment officials "Government program managers are notorious for expecting incentives and other perks and don't take kindly to novice companies that don't know how to navigate the process."
-- Do you have first hand experience with government program managers of this type? If you do you should call the Federal Fraud, Waste and Abuse Hotline.
Btw, I am not sure how familiar this forum is with government budgeting...but if the program manager working with this system has not already began budgeting for procurement of this system then the earilest AFT could see any type of government procurement funds is FY15 or October 1st 2015.
Btw, shareholder meetings MUST by law occur at least annually. The fact that AFT has avoided this LEGAL requirement for so long shocks me.
Also, I have seen no mention of a Board of Directors to protect the interests of the shareholders. We as shareholders elect and remove the members of the Board of Directors!
In spite of AFT's recent publishing of information, I am still very concerned with the overall management of this company. There is still a substantial amount of corrective actions that needs to take place to make this company even minimally compliant.
AFT must not forget that as shareholders we have the legal ability to initiate an action of dissolution within the Michigan courts if we feel this company is being mismanaged. I would like to see this company survive, but only if AFT is vigilant in remaining compliant.
Also, I would very much like to get my hands on the articles of incorporation for this company along with its by laws. I will post them as soon as I get copies from Michigan.
Most likely his loan will be at 9-12% given the level of risk.
3-4% is the risk free rate of treasuries.
I think a Shareholder conference call would be great. Doesn't need to be video!
However, I would want to see financials and operational details prior to any shareholder meeting.
Conference calls are free. All it takes is time!
Zloud9,
Your email from Jim clears up nothing. He is just repeating himself again. Until he publishes this information on a public forum nothing is confirmed.
No Financials, No Operational updates.
If he can publish this info in an email to a random shareholder....why not publish it on the website? For the rest of the shareholders to read??? He could post unaudited financials on his website for free. Yet he refuses to do so. I have recommended this in my email. Why?
We cannot confirm anything about these orders. The supposed $1M on the books is Jim's word, and he refuses to confirm anything.
I had to dig for SBIR information. He refuses to reply to follow-up emails. His emails back are always the same...and are nothing but endless empty promises. Back in July he told me the financials would follow shortly. I confronted him in my recent email (the one I posted today). NO RESPONSE. Something is not right about this situation.
Open you eyes....if he can say something to you in an email...then he is legally allowed to put it on the website!!! This is a HUGE RED FLAG!!! Why is he hiding this information? Otherwise, it is considered insider trading, which I will not participate in.
Vote from this Board:
How many think I should send this?
------
Mr. Mccandless,
Following your last email, I contacted Detroit's Consumer Affairs Office regarding your company. They assured me they will promptly begin looking into my concerns and will also pass them along to the Attorney General. They have expressed concerns about your total disregard for providing shareholders the appropriate level of financial and operational information in a timely and acceptable manner. They are also concerned about your lack of full public disclosure surrounding your federally funded contracts.
------
Btw, none of this is a threat. I have actually contacted consumer affairs as I indicated above.
My reply to him....still waiting on his response...
Jim,
Thanks for the prompt response.
What is the SBIR # for the recently awarded contract? If you are able to tell me this over email then it must be publicly available information.
What press release are you referring too?
Why not put "unaudited" financials on the website? This does not require any pink sheet involvement. I am still very concerned with the promise that financials would be posted shortly and nothing was delivered. This type of interaction leads to doubt, which leads to questioning. I understand shareholders are sometimes a burden for small companies, but that is the risk of becoming a publicly traded company.
I understand that you have dilemmas associated with your stock price. If your company is financially solid as you say then the stock price will eventually self correct and a correct valuation will follow. Speculation is best managed by factual non disputable news. No company is able to thwart speculation or shorting. These are facts of life, however an entire year of no news does not sit well with shareholders.
Over the past year I have seen emails promising the following soon and yet no news.
1) Increased hiring to manage the increase in work
2) Expansion into adjacent building
3) Numerous pending approvals to realease information on government contracts and or private party contracts.
Thanks,
Adam Kelinsky
Latest Email from Jim - Means Nothing! Same old story!
Jim Mccandless to me
show details Oct 10 (4 days ago)
There was a press release made on this contract. We have another, much larger contract that was awarded last month, but we need Army approval to release it. However, if you search the Internet you can find a mention of it giving the first year payments ( on a 2 year program). We haven’t released financials because our PinkSheets fee ($16,000) is not paid and they will not accept the data. I need the money for cash flow reasons. Our financials (cash flow) is good because I have only been taking 1/3 of my salary for the last two years. Before that, I took no salary for about 20 months. We can easily pay the PinkSheet Fee, the Transfer Agent Fee, The PR Firm Fee’s by selling stock at a 60% discount, but I don’t think that is fair to you or my friends that have invested in the business. We can’t seem to accomplish anything with PinkSheets except to pay a lot of fees and watch our stock drop when we release good news. We are searching for an answer. As soon as the Army grants permission, you will see a lot of news on our website. We have new R/D business with the Koreans and are quoting production volumes. Also, we have an active passenger car project in Europe.
Jim McCandless
President Alternative Fuel Technology,
LLCTel: 313 720 8680Visit or Website www.altfueltechnology.com
Doesn't change my statement. I want the company to succeed. I have my doubts about the CEO's willingness to properly engage shareholders and act responsibly.
Again....I am talking a PHASE II AWARD! Not PHASE I.
Call the SBIR Office. You must realize being selected for a Phase II and actually getting a contract award are two different things.
>>>>>> Btw, I want this company to succeed. Do not confuse my desire for a PUBLICLY TRADED company to act responsibly with any desire for this company to fail.
There is no way you can tie his inability to manage a company and provide timely feedback to shareholders on the Recession. That is just plain silly.
Sent email to AFT
Jim / Amelia:
In your reply dated July 12, 2011 you indicated that the financials would be posted shortly. To date no financials have been posted to the website or OTC markets. This is not shortly.
I recently contacted the SBIR office and was informed that a contract was awarded to AFT in FY11. Why hasn't this information been posted to the website? This is public information.
Alternative Fuel Technology, LLC A09-199 Ultra High Pressure Jet Propellant-8 (JP-8) Fuel Injection
Phone: 703.399.2049
E-mail: army.sbir@us.army.mil
Mailing Address:
Army SBIR
1010 North Glebe Road, Suite 420
Arlington, VA 22201
AFT has a fiduciary responsibility to report financials and important company information in a timely manner to shareholders. If you don't want to deal with shareholders anymore then might I recommend a stock buy-back offer.
Please provide in your reply the name and contract information of the legal council and the financial auditor currently being retained by AFT.
Don't disagree, however we will never know about "official" orders because Jim won't tell anyone or release a PR.
My impression: Jim regrets having shareholders...wants the equity back...wants to succeed...wants us to go away...hence the lack of any correspondance...maybe if he ignores us...the company will end up being all his! We have served our purpose...cash transfer from our pockets to his...We are no longer of any value!
If I were him...I would file for bankruptcy...wipe out the shareholders...and then move forward with my orders.
I am just happy to see that the information being conveyed is accurate!
Some More Info:
https://www.bpn.gov/CCRSearch/Detail.aspx
Some Info on SBIR Programs --> Increasing Funding Thresholds
http://www.genengnews.com/keywordsandtools/print/3/24572/
All:
I just called the ARMY SBIR Office.
Phone: 703.399.2049
E-mail: army.sbir@us.army.mil
Mailing Address:
Army SBIR
1010 North Glebe Road, Suite 420
Arlington, VA 22201
They confirmed that AFT was in fact award in FY11 (Oct 1 2010 - Sept 30 S011) a Phase II SBIR. I confirmed that Jim is legally allowed to release this information since it is publicly available information...otherwise they would not have told me.
Alternative Fuel Technology, LLC A09-199 Ultra High Pressure Jet Propellant-8 (JP-8) Fuel Injection
Feel free to call and confirm. The more bodies we have chasing information the better we can keep "our" company honest!
I trusted this company. Time has worn away at that trust...statements from the CEO that are constantly disproved by easily verifiable data points...
I am an ethically sound person, and expect the same from those that I put my faith (& funds) into.
I believed in the mission of this company, however I don't see the CEO living that same mission.
These are unilateral legal requirements for all CEOs within U.S. publicly traded companies, no matter the exchange.
More Interesting News:
As I mentioned in my earlier posts...there is no paperwork...no clerical issues...no pending SBIR award...
The websites for ARMY SBIRs has been updated as of Sept 1st / Sept 7th. Assuming those emails posted on this board are in fact from the CEO...It seems the shareholders are being grossly mislead....
PHASE I SBIR
https://www.armysbir.army.mil/awards/sbir_phase_I_recent.aspx
Phase II SBIR
https://www.armysbir.army.mil/awards/sbir_phase_II_recent.aspx
This management principle, also known under value based management, states that management should first and foremost consider the interests of shareholders in its business decisions. Although this is built into the legal premise of a publicly traded company, this concept is usually highlighted in opposition to alleged examples of CEO's and other management actions which enrich themselves at the expense of shareholders.
CEO's get sued all the time over this...best of all it is their own personal net worth at stake! Pain is a wonderful motivator!
And for GREEDY CEO's that take advantage of unsuspecting shareholders...it is poetic justice!
Forget the News....Where are the financials?????
This is a publicly traded company. Legal mandate for any CEO in the United States ---Maximize shareholder value above all else! -- Part of that is providing quarterly financial statements.
I am already in contract with a lawyer that is drafting the appropriate correspondence to AFT...I have had enough of this company fooling around and taking shareholders for granted.
At this point...I don't care if this company gets buried in a pile of expensive paperwork and filing requirements. If they collapse from the burden...too bad.
IF THEY DON'T HAVE THE CAPTIAL TO ACT AS A PUBLICLY TRADED COMPANY THEY NEVER SHOULD HAVE GONE PUBLIC!
All:
According to the office that handles the SBIRs for the Army there are no companies or annoucments that are experiencing "4 Month" delays. As always they cannot discuss specific companies but they can speak about the status of each award period.
Anyone care to explain????
*********************My Original Email**********************
From: Adam Kelinsky [mailto:akelinsky@gmail.com]
Sent: Friday, July 08, 2011 3:36 PM
To: sales@altfueltechnology.com; jim.mccandless@altfueltechnology.com
Subject: Equity Holder Concerns
Dear Sir,
When will you be posting the Q1 Financials? Your current status on OTC markets is quite troubling.
Do you believe the current status of your company might negatively affect your ability to qualify for future SBIRs and/or maintain favorable status necessary to ensure award of follow-on phases for existing contracts?
I understand that you are a small company with limited resources, however it seems imperative that maintaining good investor relations is critical to present and future growth. As well given the amount of speculation surrounding the company any correspondence through official channels would greatly help ease investor concerns and greatly reduce the propagation of falsified information.
I look forward to your reply.
Respectfully,
Adam Kelinsky
P.S. I find your company's technology very interesting and would very much like to see your company succeed to help advance the technology area.
****************Lastest Email Response*******************
From: Jim Mccandless
[mailto:jim.mccandless@altfueltechnology.com]
Sent: Tuesday, July 12, 2011 6:28 AM
To: 'Amelia Pillarelli'
Subject: RE: Equity Holder Concerns
We will be posting our financials shortly. They will be relatively good.
The status of our company is good, and we will have no problem securing additional SBIR contracts. We just submitted a bid on another.
We are a small but growing company. We have substantial intellectual property, a fully equipped R/D center including CAE/CAD engineering, a CNC prototype machining and grinding shop and a modern fuel injection test lab. We are not a typical “scam” Pinksheets company.
We can’t help the trash put out on the internet…it is garbage from people who have no knowledge and few brains.
We only publish news when we have “real news”, like a new contract. Pinksheet companies that publish news on a weekly or monthly basis are usually only pump and dump scam operations.
I hope that this answers your questions.
Jim McCandless-President
Alternative Fuel Technology, LLC
Tel: 313 720 8680
Visit or Website www.altfueltechnology.com
There is just no excuse for not putting out financials on time… To be honest; I don't believe anything unless it comes through official channels such as OTCmarkets or the Website. Till then all other information is highly suspect….
***********My most recent email to Jim****************
Dear Sir,
When will you be posting the Q1 Financials? Your current status on OTC markets is quite troubling.
Do you believe the current status of your company might negatively affect your ability to qualify for future SBIRs and/or maintain favorable status necessary to ensure award of follow-on phases for existing contracts?
I understand that you are a small company with limited resources, however it seems imperative that maintaining good investor relations is critical to present and future growth. As well given the amount of speculation surrounding the company any correspondence through official channels would greatly help ease investor concerns and greatly reduce the propagation of falsified information.
I look forward to your reply.
*************STILL NO RESPONSE!!!!*****************
What is the best email to reach AFTC?
Is this you being hopeful or "actual correspondence" from AFTC?
I have emailed AFTC several times and haven't received a single reply. Interestingly my questions are simple and non-confrontational compared to many of the "supposed" emails and the "supposed" replies.
Btw, I do acknowledged this is a real company but only because of the SBIRs...Without those AFTC's behavior would be a direct replication of every other stock SCAM out there.
I am sorry but you are wrong. The website has been updated (June 6th, 2011)
https://www.armysbir.army.mil/awards/awards_main.aspx?subPage=sbir_phase_II_recent
They are required by law to post the results of SBIR once the company has been informed of the results. It is considered a contract award.
Furthermore, Jim should not legally know about the results until he officially recieves the award information. This whole "paper worked delayed" doesn't fly.
I am seriously beginning to believe that Jim is both withholding information and that the information we are being provided is misleading.
Don't get me wrong...I want this stock to succeed just as much as the next person, but something isn't right.
He should not have been able to disclose that he was waiting on paperwork.
Plus the ARMY SBIR website has been updated with SBIR Phase II awards.....He was not listed!
This stock takes the word "Shortly" to all new levels...
Hopefully, we get the financials before Caveat Emptor sets in again...
I should change my screen name from AoKLong to AokShortly to remain in accordance with this stocks definition...
Lets hope AFTC ends up on this website....
https://www.armysbir.army.mil/sbir/CPPCompanies.aspx
Thats cool.
Not that anyone needs it but more info for the DD records:
Municipality Parcel ID Property Type
79 - REDFORD TWP 79036010134000 REAL
Property Address
12237 WOODBINE, REDFORD MI 48239
Taxpayer(s)
MC CANDLESS, JAMES C
ADDITIONAL TAXES OR ADJUSTMENTS MAY BE DUE FOR THE CURRENT YEAR.
PROPERTY TAX INFORMATION IS VALID AS OF BUSINESS DAY 4/20/2011.
PER OUR RECORDS THERE ARE NO OUTSTANDING DELINQUENT TAXES FOR THIS
PARCEL.