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As always, well said, GCRC!
One can never underestimate the power of DD.
Take this from one who has learned the lesson at great expense!
What say you, Mr. CEO?
Would love for you to weigh in on the subject as you have been so vocal before, please continue...
Great post, as usual GCRC, very insightful!
Just hope people take heed.
Wish I had known you a few years ago when I fell for this same kind of (xxxx)* "stuff"
(I especially like the part about exercising stock options)---sound like anybody we know?
BTW, haven't heard from our "CEO" lately....hmmm........
__
Quote:
"Pump & dumps are stock hypes, often illegal, but always ruthless and usually within the penny or microcap market. The schemes are performed to artificially raise the trading volume and often the price of a stock ("pumping") through a campaign of hype which may include misinformation and/or misrepresentation. This enables insiders or other large shareholders to sell their stock ("dumping"). Dupes purchase the stock and unwittingly create a façade of legitimacy. This can entice even more people to believe the hype and buy even more shares. Once the schemers have sold their shares, the pumping ends, and the share price plummets.
There is only one reason that penny stock insiders spend money to promote their stock. It is so that they can sell their own stock. Often, dupes will buy into the story that, "We're just trying to increase shareholder value". Well we challenge anybody to find a penny stock that has been the subject of a promotion and has been able to maintain its increased share price for more than just a few days. The share price of a promoted stock will obey the law of gravity 100% of the time. There is only one way to permanently increase shareholder value and that is through hard work and legitimate results.
There is this perception that the purpose of a stock promotion is to increase the share price. On the contrary, the purpose of a stock promotion is to increase trading volume. An increase in share price is purely a bonus to the insiders selling. In order for the pump and dump to be successful, bids must come into the market. While bidding up the stock is preferable, the insiders are more concerned about getting buyers to take their stock at any price. As they will never relinquish control, the insiders are always free to issue themselves new stock whether in lieu of payment for services rendered, by exercising stock options or warrants, or employee bonus programs. Therefore, the price that the insiders get for their stock is of secondary importance."
Hey Jared,
Have you run a scam background check on the illustrious Chene Gardner or John Thomas?
Pretty interesting stuff
(just wondering if our CEO found this???)
.
Very Well Said
My thoughts exactly!!!
I don't think I would even want to sit at this poker table
HMITWATCH and GCRC you are doing a wonderful job of selflessly giving up your time to shed the light on who and what ALTO is.
I only hope it will inspire people to be cautious and "connect the dots"
As for myself, I am cautious about anyone who would choose to be associated with ALTO and any of it's "players".
well fortunately for all those associated with ALTO "there is a sucker born every minute"
thanks eward
Please check this out for yourself if you have any real interest in ALTO.
You might want to start by doing a thorough google search on the "new" players, Uh, I mean management.
You also might want to ask yourself how the Excelsior mine was "acquired" and why. One wonders why a potentially profitable mine would be "sold" to ALTO, hmmmm....
Certainly, research into this mine's history is highly recommended.
Though I can not find it yet, I remember a previous poster who lives near the mine who is knowledgeable shared information about it.
I second that. Very Happy Holidays to you, your tireless efforts have greatly benefited us all and I am sure I am not the only one who is very thankful to you for opening my eyes to read between the lines. Cheers!
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Hopefully the information posted here will be beneficial in two ways.
First to dissuade anyone from even considering ALTO as an investment and second, for those culpable to be held accountable.
If either of those occur, (and hopefully they will), then it has all been worth it.
Welcome back! GCRC
Your presence on this board was truly missed.
Your insight and months of painstaking research has provided so much valuable information to so many. Hopefully it has opened eyes and educated neophytes like myself who really wanted to believe the ALTO "story".
Let's hope all this information presented by all those concerned will assist to bring a fair and just conclusion.
Sorry, but I do not understand the point to your post.
Like everyone here on this board, I have been learning about Klok, as the story unfolds. While the information coming out does not look good for his motives, I however, find it hard to believe he did this without the knowledge or cooperation of his management team. It seems so convenient for so many to place the blame solely on Klok, thus relieving themselves of any culpability or attention in the minds of regulators or investors who may have been defrauded; should it hit the fan.
Also, you seem to know a lot about Klok: would love to hear more about this knowledge you have. Please fill me in so I won't be "missing" it. Thank you.
I would like to state how grateful I am to the moderators ;) who have selflessly worked VERY HARD to educate us as to the importance of learning how to do our own DD; so to hopefully prevent the pain of those who have already suffered from the apparently greedy selfish machinations of all of the perpetrators of this abomination called ALTO.
Please do not let all of the hours of work they have done be in vain.
Please investigate the facts for yourself!
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Mr. Klok's minions seemed to have changed their "tune", when things started heating up. (and the money was "misppropriated")
The recent CEO, VP and Director of Geology have all "left the building".
That would be so convenient for them if all the blame is placed on Mr. Klok, then the Investors and Regulators would be satisfied right??? (then no need to look at anyone else)
"Its not me, or me or me, It's Klok"!
I'm new to all this information, but thanks to a crash course on DD, what I believe I have learned is:
someone had to originate the idea,
and someone (preferably with similar previous experience) had to execute it!
When it gets too hot let's all just blame the orginator because we already left as the ship was sinking.
(What I'm wondering...there was NO CLUE of misappropriation anytime during this past year???)
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Reading these recent posts reminds me of a quote by Steve Jobs:
'You can't connect the dots looking forward; you can only connect them looking backwards".
Attorney John D. Thomas has become the new CEO of Fuelstream.
__________________________________________________________________
Re:
Form 8-K for FUELSTREAM INC
http://biz.yahoo.com/e/111116/flst.ob8-k.html
16-Nov-2011
On November 14, 2011, Fuelstream, Inc. (the "Company") received the resignation of Mr. Mark Klok from the Company's board of directors and as its Chief Executive Officer. Mr. Klok was appointed to the board of directors and as the Company's Chief Executive Officer on May 10, 2010.
On November 14, 2010, John Thomas was appointed as Chief Executive Officer of the Company. A summary of Mr. Thomas' background and experience is as follows:
John Thomas. Mr. John D. Thomas, J.D., is Director of Fuelstream Inc. Mr. Thomas has served as corporate counsel for SportsNuts, Inc., since January, 2005. Mr. Thomas practices law specializing in general corporate law and mergers and acquisitions for his law firm, John D. Thomas P.C. Since December, 2008, Mr. Thomas has served as a member of the board of directors and chairman of the audit committee of Bayhill Capital, Inc. (BYHL.OB). Since July, 2009, Mr. Thomas has served as a member of the board of directors of Vican Resources, Inc. (VCAN.OB). He has also been general legal counsel for Nano Technologies, Inc., since May, 2004. Prior to his association with Nano Technologies, Mr. Thomas practiced general corporate law for various clients from May, 2003 until the present and from November 1999 until August 2002. Mr. Thomas holds a Juris Doctor degree from Texas Tech University School of Law and is licensed to practice law in Texas and Utah. ____________________________________________________________________________________________________________________________________
It appears Attorney John D. Thomas forgot to update his CV:
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Identifier: gov.uscourts.utd.76073
Assigned-to: Judge Ted Stewart
Case-cause: 28:1332 Diversity-Fraud
Case-name: Babini v. Thomas et al
Court: utd
Date-case-filed: 2010-07-13
Docket-num: 2:10-cv-00642
Jurisdiction: Diversity
Jury-demand: None
Mediatype: texts
Nature-of-suit: 370 Fraud or Truth-In-Lending
Pacer-case-num: 76073
[Found on google: other FRAUD cases filed: Justia Dockets and filings]
Babini v. Thomas et al
Share|
Plaintiff: Marco Babini
Defendants: John D. Thomas, Cancer Therapeutics and Chene Gardner
Case Number: 2:2010cv00642
Filed: July 13, 2010
Court: Utah District Court
Office: Central Office
County: Salt Lake
Presiding Judge: David Nuffer
Nature of Suit: Torts - Property - Other Fraud
Cause: 28:1332
Jurisdiction: Diversity
Jury Demanded By: None
nice press release, needs a little updating!
(who approves this) very professional.
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ALTO GROUP HOLDINGS INCORPORATED (OTCBB: ALTO)
"Up 66.67% on Monday"
Detailed Quote: http://www.otcpicks.com/quotes/ALTO.php
Alto Group Holdings Inc. engages in the acquisition and exploration of mineral properties in Africa and Latin America. The company primarily focuses on the exploration of gold and silver concessions. It owns interests in the Los Tres Machos concession that covers 1,000 hectares of staked and sampled mineral lands; and Zuna concession, which covers 750 hectares of staked and sampled mineral lands located in the state of Guadalajara, Mexico. The company also holds 70% of the rights to a mining concession in the Ashanti Belt of Ghana, West Africa. Alto Group Holdings Inc. was founded in 2007 and is based in South Jordan, Utah.
ALTO News:
September 30 - Alto Group Holdings Announces Change of Control
New CEO Given Controlling Voting Interest for 12-Month Period
Alto Group Holdings, Inc. (OTCBB: ALTO) (“Alto” or the “Company”) announced that Randall Appel, the newly-appointed Chief Executive Officer of the Company, has entered into a Shareholder Voting Agreement (“Agreement”) with Opiuchus Holdings, Inc. (“OHI”) whereby Mr. Appel has received a controlling interest in the Company’s voting shares. Opiuchus Holdings, Inc., a company owned by Mark Klok, the former CEO of the Company, is a holder of 100,000 Series B Preferred Shares which collectively hold an aggregate of 2,000,000,000 votes. Pursuant to the Agreement, OHI has transferred all voting rights of the Preferred Shares to Mr. Appel for a one-year period, which has enabled Mr. Appel, subject to certain exceptions contained in the Agreement, to unilaterally control the election of the Alto Board of Directors and the direction of the Company. The Preferred Shares carry no dividend, distribution, or other economic rights and are not convertible into Common Stock of the Company.
Commenting on the Agreement, Mr. Appel stated: “This Agreement represents an important part of the transition of the Company’s management and control that began a few weeks ago when I was appointed Chief Executive Officer. We expect that the effect of this Agreement will be increased investor confidence in the stability of the Company and its management, as well as increased confidence in the Company’s strategic direction. I look forward to moving ahead with a clearer demarcation of my ability to affect the Company in a positive manner and more effectively respond to the needs of our shareholders.”
How to find the "con men"
Quote:
"I was told that he never held a formal board meeting...just some phone calls and mostly did what ever he wanted. I understand that Randall Appel was successfully sued for stock fraud in Federal District Court. He may know a thing or two about running a stock scam. I've never met Howie or anyone else but Lee Rice. I believe Lee is honest. So I can't comment on the experts part. Where do you find an on-line listing for con men?"
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Like I did:
go to google and type in:
Randall Appel ....... + scam or fraud
David Zimmerman
Lee Rice
Robert Barry Howie
Whit (William) Tehan
Chene Gardner
Mark Klok
and that's just the illustrious Management listed on the altomines.com roster
(I found 'em all)...... (Appel and Zimmerman are from Florida where the office is, the rest are from Mark's past)
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GREAT PIC OF THE RATS JUMPING SHIP!
But how are they going to keep pointing their little fingers after they have jumped off the sinking ship???
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He can't be Klok, he was pointing the finger at him,
Lotsa finger pointing going on............
great pic! GCRC
Quote:
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"Greed! If you are too greedy you are an easy mark for a good conman. Mark should have done his due diligence in Mexico and Africa, and when things didn't look right he should have pulled the plug instead of pug instead of pumping more money into the "black hole(s)".
As CEO, he has the ultimate responsibility for what Alto told the investors".
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Greed--Excellent observation, do you think any of the Management might have ever thought of that?
As far as CEO being solely responsible, it does not appear that he could ever have pulled something of this magnitude off on his own, he needed experts!
You don't think Samuel Clemens might have been right do you?
(quote by Samuel Clemens "A mine is a hole in the ground owned by a liar and surrounded by scoundrels and thieves")
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Quote:
"NOT just KLOK....Lotsa people responsible for those press releases. Plenty of blame to go ALL AROUND"
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I believe 100% you and Trapper Jim are correct! Klok had to depend on his Management Team.
So I decided to check if I could find anything to support your conviction.
Interesting, when I google each of the Management Team, individually and added the word scam or I fraud
I found ALL have a (GASP!!!) fraudulent past! (i.e. David Zimmerman + fraud or scam)
Found the names on ALTO website: altomines.com
Appel (Boca Raton)
Zimmerman (Boca Raton)
and the band of Klok's merrymen from the past:
Howie
Gardner
Rice
Tehan
and yes, I even found Thomas!
Re: Mark and cronies
Quote:
"HEY MARK AND CRONIES HERES A GOOD SONG
AMEN AMEN AND AMEN
Yes, it's Klok's company and his idea, but he needed his henchmen and "cronies" to pull it off!!!
It is soooooo interesting, when the coffers run dry ( and the fear of a possible investigation by Investors and Feds)
the "RATS" jump ship, pointing fingers all the way!!! (See how they run.........)
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Did anybody see this:
Form 8-K for ALTO GROUP HOLDINGS INC.
10-Nov-2011
Change in Directors or Principal Officers, Submission of Matters to a Vo
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 5, 2011, Randall Appel and Lee R. Rice were dismissed from the Board of Directors of Alto Group Holdings, Inc. (the "Company") by the affirmative vote of holders of a majority of the Company's outstanding voting shares. Messrs. Appel and Rice were appointed to the Company's Board of Directors in September 2011 and November 2009, respectively.
Also on November 5, 2011, Randall Appel was dismissed as the Company's Chief Executive Officer, having been appointed in such role in September 2011. Mr. Appel submitted a letter in connection with his termination which is attached to this Current Report as Exhibit 99.1.
The Company disputes and denies any and all allegations made by Mr. Appel in his letter and believes they are without merit. Mr. Appel deliberately breached an agreement with Opiuchus Holdings, Inc. ("OHI"), a holder of a controlling voting interest in the Company's shares, whereby such voting interest reverted to OHI. In addition, Mr. Appel refused to take any action to protect the interests of shareholders including, in particular, the maintenance of mining interests held by the Company. In addition, Mr. Appel has refused to provide information relating to a Company bank account controlled exclusively by Mr. Appel, as well as expenses related thereto, in violation of the Company's controls and procedures and rules governing public companies. These actions formed the basis by which Mr. Appel was removed and replaced as the Chief Executive Officer of the Company.
On November 7, 2011, David Zimmerman resigned as an executive officer of the Company, having been appointed in such role in June 2011.
On November 5, 2011, the Board of Directors of the Company appointed Mark Klok as the Company's Chairman and Chief Executive Officer. A summary of Mr. Klok's background and business experience is as follows:
Mark Klok (35). Mr. Klok has served as a member of the Company's Board of Directors since November 2009. From November 2009 until September 2011, he was the Chief Executive Officer of the Company, and from November 2009 until October 2011 he was the Chairman of the Board. He has over a decade of experience in a variety of mining exploration projects in both base metals and precious metals. He is versed in all aspects of exploration and mining having had a successful career in the exploration and development of gold and other minerals in Africa, Mexico, Columbia, Peru, and projects in North and South America. Mr. Klok is also the Chief Executive Officer of Fuelstream, Inc., a fuel transportation and logistics company and a filer of reports with the Securities and Exchange Commission ("Commission") under the Securities Exchange Act of 1934 ("Exchange Act"). Since November 2009, Mr. Klok has also served as the Chief Executive Officer of Tidal Wave Holdings, Inc., a development-stage company that is seeking to acquire other companies or assets. From March 2009 to October 2010, he was the Chief Executive Officer of Nymet Holdings, Inc., an international commodity trading and recycling company based in New York. In June 2006, Mr. Klok became the President of Consolidated Mining and Minerals, Inc., certain assets of which were subsequently acquired in August 2007 by Hidalgo Mining, Inc. ("Hidalgo"), a mining exploration and development company with various mining interests in West Africa. Mr. Klok subsequently became the President of Hidalgo in September 2007, serving in this capacity until January, 2010.
Item 5.07 Submission of Matters to a Vote of Security Holders.
On November 5, 2011, holders of a majority of the voting securities of the Company dismissed Randall Appel and Lee R. Rice from the Company's Board of Directors as described in Item 5.02 above.
Item 9.01 Exhibits
99.1 Letter of Resignation for Randall Appel
Nice attempt at damage control, "Mr. Runyon"
Quote "Mr. Runyon" (red response is mine)
He was just as amazed as anyone as to whre all the money went. {Yeah, I guess there were NO RED FLAGS in the past year he was selling shares to investors, I guess he was too busy selling shares to notice all the failed purported "attempts" to find and produce gold!!!}
it wasnt untill he took over that he was able to realize just how messed up things really were. {Yeah, it's messed up when Klok buys flashy motorcylces and takes care of girlfriends and family and runs out of money to take care of the one who is supposed to be his new CEO}
If he knew these things before hab then why audit and investigate from him and why not just keep it all quiet and say nothing . Becuasw he wanted it fixed and didnt want to be involved with any wrong doing and any perception of wrong doing. {Yes, we wouldn't want all those investors he sold those shares to, to get upset with him and would not want the authorities to have any perception of wrong his doing}. It is the logical conclusion.
Now, please "Mr. Runyon" let's stop worrying about Mr. Appel and let's focus on the real and important concern:
Investors have lost millions!!!
There is no production!!! There is no gold!!!
Mr. Appel's reputation
"Mr. Runyon" I fully expect you to protect Mr. Appel, since you have so much inside privliged information. Naturally you are concerned for Mr. Appel's reputation, you wouldn't want him to face any problems from investors or authorities would you?
And of course, he wouldn't want any more blemishes on his already tarnished record when he moves on to his next venture.
If Appel was truly concerned about the investors as CEO he would have focused his time and attention on finding and producing gold!!!,
not raising more money to stuff ALTO'S pockets. If he knew about the hundreds of thousands of dollars spent on motorcycles, fiances, girlfriends and family as you say, he would notify the authorities to put an immediate stop to it.
(I can just imagine how much that would have upset him especially since he didn't receive his $75K which I am sure he feels he deserved so much more than those girlfriends and family members)
Please understand, my concern is for all the shareholders and investors that are losing their hard earned dollars due to Klok and more recently Mr. Appel.
Who was minding the store???
Did your forget this is the same man who, as documented on this very board, filed for bankruptcy to avoid paying compensation to the elderly couple whose portfolio he was judged as "mismanaging" for his own excessive profit.
This is to me appears just a repeat performance, jeopardizing investors hard earned dollars for GREED.
Since you seem to have a vested interest in protecting Mr. Appel's reputation, you can take some relief that this MIGHT appear favorable to any authorities that Mr. Appel was "going to take steps to protect investors". But then I am sure that never crossed his mind.................
Do you think he might have had any idea that ALTO might be investigated, and he was in control and therefore, responsible???, nah!
Surely this will take the focus off of him right?
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ALTO'S PURPOSE
The real question is why wasn't the money which was raised used to find and produce gold?????
That is the only thing which would help the shareholders, nothing else!
WHO WAS IN CHARGE OF THAT?
Were there no checks and balances???
Who was in charge of protecting the shareholders monies???
The only thing that seems to have been produced by ALL PARTIES CONCERNED IS COPIOUS AMOUNTS OF GREED!!!
I am disgusted!!!
I am done here.
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Appel's missing $75K
Thank you "Mr. Runyon", it is exactly as I suspected, Mr. Appel never received his $75K, that would be enough to make him turn his back on Klok wouldn't it?
Of course, it would also appear to be good protection for him if the authorities should investigate him.......AGAIN!
All I can remember is what my Daddy told me, "if you lie down with dogs son, you get fleas" (Of course, if you already have fleas you wouldn't mind would you)
(translation: if you did your DD when you hired on with Klok, you ALREADY KNEW THIS DIDN'T YOU? and yet you joined him)
So why bring it up now? Oh yeah, it was the INVESTORS you all of a sudden were so concerned about, uh huh!~
(So I'm guessing you notified them and also the authorities, right?)
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Quote from Alto's msg board: (on yahoo finance)
Subject: Randall Appel 23-Sep-11 01:38 am
Unless you are sleazy and shady as Kock and his minions, your past will be uncovered. If you are not shady run for the hills after you do your due diligence. You accept all of managements past actions as an officer and director. The truth is in the share issuances. Was it for legal and valid consideration. Most likely not. Did they get proper approval (from disinterested shareholders) to go and dilute the company's shareholder base by 100 percent, 200 percent, 500 percent, one thousand percent. And for what - to pay consultants and Marky-Mark. Disgusting and criminal. NY AG should be looking into this as it is in their back yard.
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And yet, Mr. Appel even after your questionable past was uncovered and questioned, you chose to stay and collect the $75,000 sign on bonus and huge reported paycheck.
Where did this money come from?, oh yeah, from the corporate raise which you continued............even after you were aware it was going to reported motorcycles, Klok's fiance and family and ummmm... large paychecks!
(nice letter though)
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Yes, it was a very well executed letter, professionally done!
Makes me wonder since Mr. Appel was aware of this nefarious misappropriation of shareholder's funds why the fund raising was allowed to continue, since he was in charge, and that might have been the time to notify the investors and authorities!
I dunno, to me it seems a little too much a little too late, now that the shareholders are left holding the (empty) bag.
The good news for Appel, he gets to appear like he was "going to do something" if the investigators get involved.
Who is there to protect the shareholders best interest?
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Randy was KIND.....REALLY???, "Mr Runyon"? TO WHOM?
Quote "Mr. Runyon":
I think Randy was kind in his letter and didnt disclose the motorcycles purchased by MR Klok for himself and the hundreds of thousands of dollars paid aggregatly to his fiance, ex girlfriend, Brother, other public companies Klok was trying to finance and all the payments approved without question from the CFO who truly violated all of his fiduciary resposibility.
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Mr. Appel was aware of this egregious activity and his concern was:
TO AVOID AN INVESTIGATION!!!!!!, NOT THE INVESTORS WHO TRUSTED HIM
(all the while remaining CEO!!! with a ridiculous reported HUGE SALARY!!!)
Interesting priorities!!! What does that say about Mr. Appel???
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Mr. "Runyon", you sure do KNOW alot about Mr. Appel and privliged and highly confidential internal information about ALTO!!!
Interesting that you would have this knowledge!
Hmmmmmmmmmmmmmmmmmm.........
It sure appears that "somebody" is protecting "somebody"! IMO
And your concern is to protect Mr. Appel's reputation????
If you knew all this information, it didn't cross your mind that the people who needed this protection is the INVESTORS!!!!!!
(It appears to me to be a matter of CONSCIENCE !!!)
I know you read this blog, since you are responding, so I truly hope you think about that!!!
If (you and) Appel knew of this highly suspect activity and continued to raise money from innocent investors..............
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