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I believe investors should be aware of the track record of the Management team. Mr. Simmonds last endeavor was a company called Wireless Age WLSA. This company as well as New Look Industries failed due to the complete incompetence of Mr. Simmonds. His claims of success around Clublink are highly overstated. Investors should do their homework before investing. My last post of this nature was of course removed by the usual posters that work for Mr. Simmonds. Look at the name of the posters and then do a history search on WLSA and you will see a familiar pattern. Those who fail to learn from history are doomed to repeat it.
If you speak to Azaz they will be more likely to disclose that this deal had conditions that have not been met. If Azaz wants to maintain their integrity they should put out a press release to clarify their position. It is the street's understanding that non of the conditions of the audit have been met. This is probably nothing but year end tax planning.
What BS you have to sign an NDA to attend a shareholders meeting to see what happened to your money. By signing the NDA this will mean if you do not like what you hear you cannot tell other or use it in a court as it will be deemed confidential. I love it now JS is a regulator. May as well let William Gacy open up a daycare.
This meeting is only open to people who find out about it through social media. Imagine if you were a shareholder who only had a mailbox.
If the CEO keeps his word? Have you looked at WLSA or New Look Industries both of these companies have been awaiting JS to file for years and they were active companies with financing.
Imagine this nonsense, if you are a shareholder of record you can call the CEO and hear the deal he has for you. In other words he will take your temperature to see if he can extract more $$$ from you or mitigate your want to sue him. So if you are not on this site you are out of the room and thus out of the deal. More distraction JS is just watching the postings to see if everyone will go away in my opinion. Notice Brad hasn't had an intelligent comment back, I wonder where he shoved off too?
Well there you have it a poster with deep information. It turns out it was all a misunderstanding New Look who promised to file in June is about to file, if you are a shareholder of record you can call JS privately to hear where your $$$ went and to hear how you are going to make it back. Well I think the shareholders of record should all give him a call and record his answer.
I agree people are starting to connect the dots concerning this Company. Before the internet it would have been impossible to track this behaviour.People need to know how they were duped.
I would bet JS is trying to mitigate his damages,remember his management team and insiders bought a large piece of JS's private placement. They had knowledge of how JS operated and therefore make them dangerous in a courtroom. Making them an offer to get their $$$ back through Lumonall would make sense. If they accepted an offer they would reduce their ability to sue him and recover their $$$ through proper channels. I am sure a lot of this will come out in court documents or a regulatory review.
I am interested in the sworn statement Gabe made that there were replicated accounts set up at the TD Bank that drained money from Fanotech.At first I thought this cannot be true but the deeper I dig the more suspicious I become.I do not understand why anyone would hand over the financial reigns of a Company before the purchase agreement was signed.The only way to make sure the truth does not get exposed is bankrupt the company and never do the filings. Why do you think the CFO's left and Auditors? I suspect JS liquidated during that promote period when he said he had no shares if not him who?
http://www.mnpdebt.ca/media/documents/Wireless/Written%20Decision%20of%20Justice%20Herauf%20-%20January%2027,%202009.pdf
This is the Judge's ruling and the interesting part is about intent.This is what I was commenting about.
Did you say anything inflammatory that would lead to your ban or were you just too close to the situation?
I read the Judge's decision and he stated that JS and team had no intention of paying their debt and moved the money to New Look, boy does this sound familiar. That is why the Judge understood Sastel's position of protecting it assets.
This was one of the announcements where JS transferred assets of WLSA into his son's company(hardly arm length)
This needs a full forensic audit.If the SEC took 10 years to respond to Bernie Madoff you have a snowballs chance in hell having them look at this. Fleecing the small shareholder seems to be acceptable to the regulators.
http://www.vertilitytechnology.com/index.php?option=com_content&view=article&id=154:wireless-age-spins-off-bpo-business-and-license-for-its-home-energy-services-business&catid=1:news&Itemid=123
Well I guess it is over Have to wait to JS pops up somewhere else to warn others of his nature
Not a chance. The financials would have to be brought up to date, replacing the CEO would accomplish nothing. JS would still have all his stock to blast at the market, the huge potential liability from law suits would prevent any serious CEO candidate from applying. The stock's registration has been revoked. It is a dormant company in the eyes of the exchange.There is nothing left to salvage closing the barn door after the horse has bolted is a useless exercise.
Flier,
So you heard about the private deal JS offered some of the key shareholders? Can you confirm that? If so that would be interesting for a few reasons it shows that JS does not act in the interest of all shareholders, that he is trying to stop the pack from turning on him, and that the key old management shareholder know too much. If they agreed to a deal they have accepted the thirty pieces of silver which means they would be as culpable as well.
Do not forget the other companies tied into WLSA New Look Industries which has been halted and the assets that he transferred to his son through GameCorp,in an arms length transaction.
Brad,
You have been particularly quiet. Do you have any comments as to what is going on? It seems as if your last posting was categorically wrong or you were purposely misled.
I think the Fanotech Lawsuit will show where a lot of the funding went. If your recall there was public disclosure that there were duplicate accounts set up at the TD Bank that Gabe was unaware of and that JS was writing cheques without Gabes knowledge. This is of course only an allegation however if proven true then we have a start to the money trail.This of course will take years and one hopes Gabe has the strength and money to see it through.I am sure in time the truth will surface.
My posts keep getting removed because of their content.
I am obviously striking a nerve.
If the shareholders write to the SEC asking for an investigation relating to the money that was raised without proper financial filings then this would reduce the costs of a law suit. If the SEC finds that everything is in order then this is simply a case of bad management,if however the SEC finds wrongdoing then the shareholders know their individual case has more merit. The fact that WLSA went through a host of CFO's as well as audit partners leads me to believe there is an issue here.
The Advisory Board will also be a source of information.
yes and that e-mail was from a poster who spoke to JS. JS's track record is useless when it comes to filing. He has not filed for his previous 2 companies since 2008 and both companies have 1 been halted and 2 had the securities registration revoked. Who would give a time table "summers end" these are words with no declaration or intent.
If you remember the only revenue producing asset was transferred to his son's company. I suspect there is nothing left. You will never know as the financial have not been done since 2008 and I suspect no one would sign off on them which is why so many CFO's departed.On a class action law suit will work once it can be established through a forensic audit that the $$$ was taken inappropriately. I suspect most people will move on D the G and asdfgh are already supporting the son's company
What is left to say?
The promoters of JS were either in the know or duped. The stock has been de-registered and has no chance of ever trading again. The only thing left to do is await a regulatory investigation which finds wrong doing which will allow for civil suits to follow or to launch a civil suit, which would be expensive with no guarantees of recovering money.
Note 2 says;
"Management is focused on completing the audit and the financial statements and hopes to do so by the end of July."
Notice the pattern Management hopes to do the financials by July. Why is it that JS can NEVER do financials? WLSA, Lumonall,NLI are most recent examples? Why do the CFO's always quit as well as the Auditors it is obvious just a matter of time.
http://www.sec.gov/Archives/edgar/data/1130131/999999999712011302/filename1.pdf
This is why I based my thoughts
I believe that JS and the SEC came to terms and JS did a voluntary revoking of his registration. That means the SEC wipes its hands and the only way to get your money back is to personally sue JS et al. I don't that will happen too much good money after bad. JS starts over with Lumonal and the game remains buyer beware.
JS has just had his registration revoked by the SEC for his last deal WLSA.
http://www.otcbb.com/asp/dailylist_detail.asp?d=07/05/2012&mkt_ctg=AL
Buyer Beware
So the story ends. To Brad, D the G and a host of others who defended JS to the bitter end I am sorry that you and your followers were misled about this Company.
Re-reading the press release JS has to bring the financial statements and filings up to-date. The question is who is the CFO who will prepare the financial statements, who will audit them and who will provide the information to the Securities regulators? Does Lumonall have any 444 to pay for these services?
The track record of JS is horrific. His brothers were the driving force behind his major claims. His last two deals WLSA and New Look Industries have both been halted and have numerous law suits pending as well as highly questionable business practices. If you are counting on the business acumen of JS to drive these shares you had better tighten your seat belt you are in for a bumpy ride. You would serve yourself well to do a little due diligence on this one before jumping in with both feet.
JS has moved on to LUNL the old Lumonall deal. Here is a shocker the filings are not up to date how ever he has responded to a poster saying they will be completed by the end of the summer.
BUYER BEWARE Lumonall is a shell owned by John Simmonds. John has also owned two shells lately WLSA Wireless Age and New Look Industries.Both companies have been halted trading for failure to file, as well there is a host of litigation outstanding concerning these two companies. Due Diligence is essential regarding this investment .
http://www.cnsx.ca/Storage/1445/132260_nlipr423.pdf
This was an earlier press release that said that WLSA is also Vertility and they share the same management. It is interesting to note that Peter J Murphy is now acting President in charge of financing. Does anyone know how to get in touch with him for some answers? With his background he will certainly not misrepresent the company and as President it would be refreshing to hear his take on why both companies are halted.
I spoke to one of the Auditors and he said the dog ate his homework. This is likely to be the next valid statement some posters will accept. JS was according to Chiro suppose to make an announcement to explain the SEC's position so that all shareholders would have an opportunity to gain an understanding why JS failed to file. This of course never happened. Now we are to understand that the Auditors did not realize that WLSA was a US listed company and did not comply with the rules. But have faith this is all a big misunderstanding.
He is guilty... of failing to file, failing to execute on any business deal he has done,failing to inform shareholders, the only thing he has not failed is he did not fail to draw a large salary.
Imagine,the stock in both Companies has been halted do to failure to file, yet many think a CEO who has been taking a salary from both entities and moving assets between them as well as moving assets into an entity owned by his son is defensible. It is a bit of a mute point. JS knew his Corporate responsibility, he was either grossly negligent or inept either position is not going to give the marketplace any confidence going forward.
Actions always speak louder than words.
Lets review the actions set up two companies Wlsa and NLI on poorly regulated exchanges do not keep filings and updates current, charge a large salary and expense your lifestyle to these companies, have a lot of press releases that give no clarity but sound great,hire a PR team and promoters to boost stock price, hire your family members, transfer assets to related company (Gamecorp) and your point was best have someone or something to blame for your demise, bad accountant, regulations, Fanotech, lost the ball in the lights...whatever... drain remaining funds..take a stress related vacation...reappear with an idea better than cellular home waste to energy vaporizers
Brad,
I am afraid this will be much deeper than just financials. I suspect you now have the SEC's attention and they will look at money's raised and representations etc. I said in an earlier post this will be a big hole to dig out of I suspect it is just easier to walk away and start over.
I believe the press release is out the SEC released it. It says there has not been an update since June 2008. If JS raised money into WLSA and the information was not current this could present a problem for him. I am interested in JS's comment however the SEC will not reopen the stock for trading until JS is current with his filings to the satisfaction of the SEC.
You are surprised to receive a strident response after calling someone a liar?
The postings will slow down now as the fact of the matter is JS has not done the required filings since June 2008.
I think if you review a lot of the postings here shareholders were asking for clarity regarding their investment and it now seems the SEC is going to force this point.