In Florida overlooking the Intercoastal Waterway..
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ERLIF.. $0.085 Table Pounder.. New Insider Buying... This is not a small company,, I think the selling has come from Canadian Margin Calls because of Energy and Mining stocks market driving all Canadian Stocks down.. .. hank
http://www.baystreet.ca/articles/research_reports/eresearch/EIL_120814-B.pdf
ERLIF.. $0.085 Table Pounder.. New Insider Buying... This is not a small company,, I think the selling has come from Canadian Margin Calls because of Energy and Mining stocks market driving all Canadian Stocks down.. .. hank
http://www.baystreet.ca/articles/research_reports/eresearch/EIL_120814-B.pdf
Sorry I thought my math was good.. As for the 12 Million in Revs. ,, Could you provide a link..??
But the 200 Million in dilution is not even close as reading the last years annual PR will show.. Since 12 Million and 200Million seem to have appeared several times it might just be a mistake... Possibly because ACGX numbers got confused with another company..
Anyway,, have a nice day.. hank
Could you provide a link to the $12 Mil. (I've looked thru past Pr's and can't find those numbers.. ) and with the debt converted at this level it would produce over 1 billion more shares.. BTW dilution in the past year has produced 68.5% more shares outstanding.. (The total outstanding common shares as of December 31, 2013 were 485,524,521 with 385,295,546 of those shares in the float.)
Excuse me.. But the topic was Audited Financal Statements..
Just another $10K to $15K to promote more dilution..?? Who will pay for it..???
Paul Sorkin, COO and MONEYTV 12/11/2014......would bring more followers
Audited Finanicals would create more followers....
FDVF.. The other side of the story..
Something's rotten at Fortune Industries...
Markets are built on trust, when trust disappears markets begin to fall apart. The default behavior of markets is to trust unless evidence says otherwise. At times even when there is an overwhelming amount of evidence to the contrary investors still trust, such as with Enron, or Worldcom. Shareholders at Fortune Industries trusted management to do the right thing for them, unfortunately their trust was misplaced.
I'm going to cut straight to the chase and fill in the details later: Fortune Industries management negotiated the going dark/private deal in bad faith, took advantage of shareholders, and took actions that were highly unethical if not blatantly illegal.
I have written about Fortune previously (and here), I'd recommend reading the past posts, but I want to provide a quick summary. Fortune, an HR outsourcing company, when faced with the sickness of their founder created a financial transaction that would eliminate small shareholders (under 500 shares), while restructuring the balance sheet. The company would be redeem the founder's perpetual preferred shares and replacing them with debt. Unaffiliated shareholders would own 8.9% of the company after the transaction down from 39% before the transaction. In the transaction ownership interest transferred from Carter Fortune and minority shareholders to CEO Tena Mayberry and CFO Randy Butler. Two members of management who held an insignificant interest in the company suddenly came to own 91% of the company through financial engineering.
I initially posted about Fortune over a year ago, but the deal only closed recently. Shortly after the deal closed I received some fascinating comments on the original post. I've since been in touch with that commenter and the story I heard about Fortune appalled me. As a side note, if you leave an anonymous comment I cannot see your email, if you want to get in touch with me you need to reach out as this person did.
I will refer to my source as Person A in this post, I've decided to keep their name anonymous out of respect for their privacy. If you are interested in talking to them email me and I'll get you in touch. They are very willing to talk and share the information they have, which is a lot.
To understand where Person A is coming from a little background is in order. They approached Fortune after the deal was initially announced with a letter of intent to purchase the company outright. They offered $1.5m more than what the company's management was offering. Additionally the money from their offer was guaranteed.
Person A initiated contact with the attorney for the Board of Directors, the attorney refused to pass the offer onto the Board, and Person A ended up contacting the Board members individually with the proposal.
After contacting the Board Person A setup a meeting with the company to discuss the proposal. Management and members of the Board were to be present at the meeting, when the meeting happened no one from the Board was present, just Jeff Bailey, and the inside attorney Carrie Hill. This is a very important point, the board of directors are to represent shareholders, they run the company and employ management for day to day operations. A Board can fire all management, management cannot fire the board unless they become shareholders. shareholders can fire board members. So at this meeting, when a superior deal was presented the shareholder representatives were absent, the very people who are supposed to evaluate the deal and decide whether to present it to shareholders.
During the meeting Person A asked for a 30 day quiet period where due diligence could be conducted. This is a typical request, Fortune denied it saying there wasn't enough time and they had to get the deal done now. The irony of this statement is that it took Fortune over a year to complete the deal, an extra 30 days shouldn't be an issue, especially if the deal is superior. Clearly management didn't even want to entertain the offer and threw out a limited time excuse.
One aspect of the deal that never sat well with me was that it appeared to be a sweetheart deal for management, and it as negotiated with Carter Fortune on his deathbed. In talking to Person A I came to find out that Carter Fortune had a reputation around Indianapolis for being an honest businessman who cut favors for no one. He believed in engaging in arms-length transactions even with family members. It strikes me as odd that suddenly a man would go against his life's character and sign a blatantly favoritist deal in his last days. Further bolstering this view is the fact that a very prominent family member, who was very familiar with Carter Fortune did not like the deal.
Why would management refuse to look at a materially higher offer? They stood to gain 92% of the company if their deal went through, whereas if the company were sold they would gain almost nothing outside of a side pocket fee buried deep in the proxy. The company's lawyer stood to gain $500k from the deal, and their CPA $300k from the deal as well. The company's management and its advisors stood to gain so much financially it's no surprise they were incentivized to do everything possible to shoot down other offers.
This inherent conflict of interest is why companies have boards of directors. The board is supposed to be independent and objectively evaluate deals for shareholders. Except in the case of Fortune the Board of Directors was kept out of the loop, and possibly mislead about the nature and terms of the deal.
What's in this post is the tip of the iceberg with regards to the malfeasance related to the transaction. The information above directly relates to how shareholders were taken advantage of, but some of the other things I heard could potentially be securities fraud or criminal in nature.
Now that the transaction is done it seems like all hope is lost, but that's not the case. Shareholders have a VERY strong case against management, and the company's advisors.
Action items:
1. If you are a current Fortune shareholder, or were one and are interested in joining a class action lawsuit against the company please contact me at the link below. There's a possibility this transaction could be reversed and shareholders receive a far more fair compensation for the deal. You would not be paying legal fees out of pocket.
2. If someone has a contact at the SEC, a real contact, someone who can actually move something forward please contact me as well. The SEC's mission is to supposedly protect shareholders, but unless a story gets in the news, or the company is large shareholders are neglected. Some of the stories I heard strongly lead me to believe that the SEC needs to open an investigation into Fortune's management. I filed an initial SEC complaint months ago, it disappeared into the void, I want my next complaint to land somewhere important.
3. Spread this story!
Lastly you might wonder why I even care about this. I didn't hold a significant position in Fortune, but it bothers me to see management take advantage of shareholders. The shareholders are the owners of the company, and the fact that they were denied the ability to vote on a superior deal is frustrating, as well as other aspects related to this deal. I feel that often management at smaller public companies thinks that they can get away with more because the SEC doesn't care about small companies. If the government won't do their job then individuals need to step in and fill the gap. If small companies knew their shareholders cared and were watching them, then some might be less inclined to behave unethically.
Nate
As I have posted before ,, rarely does a Leopard have the ability to change their spots.. Investors that have heard this same story over and over again are mostly gone by now but my main bitch remains with Gene.. He had a great reputation when he came aboard but look what he has now..
I've been out of DPDW for some time now and looking back at the position I had and sold it just was a lucky trade.. There (looking back) was really no basis to own or trade DPDW because it now appears it could of never been an Investment..
Gene was the reason I was there and sizable profits along with a loan payoff looming was the reason I left..
Why do I think I made a lucky trade,, DD that was based on hype and continued share issuance to keep the ball rolling when it ran it's course left nothing but a company run by a couple of rednecks always thinking small and wasting the shareholders capitol thru self dealing and not understanding what would be the final results of their actions..
When Ron sold his building to the company it was the final straw for me but then came in the Institutional Investors and gave us all what was a free ride.. But Like all rides at an Amusement Park this one also stopped and that's when I got off.. It was lucky,, not skill that made me a profit and the timing was from a loan coming due and not any trading expertise..
I have monitored DPDW since that departure most well above $2.20 as to an entry point,, but a short even from this level would be a better Investment.. But using the term Investment and DPDW in the same sentence is a S.E.C term used when looking at scams and not mine so I'll do nothing and watch DPDW continue to falter as Ron fiddles away the remaining assets before his departure.. Where is he going,, I don't know and could care less..
As To GENE,, sorry to see what's happened to him and I guess he knows that much more than I will ever because,, at our age,, just like a fall it causes a pain that the hurt lasts much longer than thought possible and never really heals.. I think GENE coming to DPDW was almost by chance but he should of known what the final chapter would look like in the first 6 Mo's of being there .. Because after that he just became another redneck.. hank..
FDVD Complete Blog..
Something's rotten at Fortune Industries
Markets are built on trust, when trust disappears markets begin to fall apart. The default behavior of markets is to trust unless evidence says otherwise. At times even when there is an overwhelming amount of evidence to the contrary investors still trust, such as with Enron, or Worldcom. Shareholders at Fortune Industries trusted management to do the right thing for them, unfortunately their trust was misplaced.
I'm going to cut straight to the chase and fill in the details later: Fortune Industries management negotiated the going dark/private deal in bad faith, took advantage of shareholders, and took actions that were highly unethical if not blatantly illegal.
I have written about Fortune previously (and here), I'd recommend reading the past posts, but I want to provide a quick summary. Fortune, an HR outsourcing company, when faced with the sickness of their founder created a financial transaction that would eliminate small shareholders (under 500 shares), while restructuring the balance sheet. The company would be redeem the founder's perpetual preferred shares and replacing them with debt. Unaffiliated shareholders would own 8.9% of the company after the transaction down from 39% before the transaction. In the transaction ownership interest transferred from Carter Fortune and minority shareholders to CEO Tena Mayberry and CFO Randy Butler. Two members of management who held an insignificant interest in the company suddenly came to own 91% of the company through financial engineering.
I initially posted about Fortune over a year ago, but the deal only closed recently. Shortly after the deal closed I received some fascinating comments on the original post. I've since been in touch with that commenter and the story I heard about Fortune appalled me. As a side note, if you leave an anonymous comment I cannot see your email, if you want to get in touch with me you need to reach out as this person did.
I will refer to my source as Person A in this post, I've decided to keep their name anonymous out of respect for their privacy. If you are interested in talking to them email me and I'll get you in touch. They are very willing to talk and share the information they have, which is a lot.
To understand where Person A is coming from a little background is in order. They approached Fortune after the deal was initially announced with a letter of intent to purchase the company outright. They offered $1.5m more than what the company's management was offering. Additionally the money from their offer was guaranteed.
Person A initiated contact with the attorney for the Board of Directors, the attorney refused to pass the offer onto the Board, and Person A ended up contacting the Board members individually with the proposal.
After contacting the Board Person A setup a meeting with the company to discuss the proposal. Management and members of the Board were to be present at the meeting, when the meeting happened no one from the Board was present, just Jeff Bailey, and the inside attorney Carrie Hill. This is a very important point, the board of directors are to represent shareholders, they run the company and employ management for day to day operations. A Board can fire all management, management cannot fire the board unless they become shareholders. shareholders can fire board members. So at this meeting, when a superior deal was presented the shareholder representatives were absent, the very people who are supposed to evaluate the deal and decide whether to present it to shareholders.
During the meeting Person A asked for a 30 day quiet period where due diligence could be conducted. This is a typical request, Fortune denied it saying there wasn't enough time and they had to get the deal done now. The irony of this statement is that it took Fortune over a year to complete the deal, an extra 30 days shouldn't be an issue, especially if the deal is superior. Clearly management didn't even want to entertain the offer and threw out a limited time excuse.
One aspect of the deal that never sat well with me was that it appeared to be a sweetheart deal for management, and it as negotiated with Carter Fortune on his deathbed. In talking to Person A I came to find out that Carter Fortune had a reputation around Indianapolis for being an honest businessman who cut favors for no one. He believed in engaging in arms-length transactions even with family members. It strikes me as odd that suddenly a man would go against his life's character and sign a blatantly favoritist deal in his last days. Further bolstering this view is the fact that a very prominent family member, who was very familiar with Carter Fortune did not like the deal.
Why would management refuse to look at a materially higher offer? They stood to gain 92% of the company if their deal went through, whereas if the company were sold they would gain almost nothing outside of a side pocket fee buried deep in the proxy. The company's lawyer stood to gain $500k from the deal, and their CPA $300k from the deal as well. The company's management and its advisors stood to gain so much financially it's no surprise they were incentivized to do everything possible to shoot down other offers.
This inherent conflict of interest is why companies have boards of directors. The board is supposed to be independent and objectively evaluate deals for shareholders. Except in the case of Fortune the Board of Directors was kept out of the loop, and possibly mislead about the nature and terms of the deal.
What's in this post is the tip of the iceberg with regards to the malfeasance related to the transaction. The information above directly relates to how shareholders were taken advantage of, but some of the other things I heard could potentially be securities fraud or criminal in nature.
Now that the transaction is done it seems like all hope is lost, but that's not the case. Shareholders have a VERY strong case against management, and the company's advisors.
Action items:
1. If you are a current Fortune shareholder, or were one and are interested in joining a class action lawsuit against the company please contact me at the link below. There's a possibility this transaction could be reversed and shareholders receive a far more fair compensation for the deal. You would not be paying legal fees out of pocket.
2. If someone has a contact at the SEC, a real contact, someone who can actually move something forward please contact me as well. The SEC's mission is to supposedly protect shareholders, but unless a story gets in the news, or the company is large shareholders are neglected. Some of the stories I heard strongly lead me to believe that the SEC needs to open an investigation into Fortune's management. I filed an initial SEC complaint months ago, it disappeared into the void, I want my next complaint to land somewhere important.
3. Spread this story!
Lastly you might wonder why I even care about this. I didn't hold a significant position in Fortune, but it bothers me to see management take advantage of shareholders. The shareholders are the owners of the company, and the fact that they were denied the ability to vote on a superior deal is frustrating, as well as other aspects related to this deal. I feel that often management at smaller public companies thinks that they can get away with more because the SEC doesn't care about small companies. If the government won't do their job then individuals need to step in and fill the gap. If small companies knew their shareholders cared and were watching them, then some might be less inclined to behave unethically.
Talk to Nate
Posted by Nate Tobik Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest3 comments:
AnonymousAugust 9, 2013 at 10:12 AM
Nate, have you had a chance to talk to any members of the BoD or get any kind of independent verification of the revised offer? It's not that I doubt Person A's account, it's just always smart to hear both sides of the story.
I found it odd that FFI used a valuation firm based in Nashville (same city as Tena & Randy) and not a firm based in Indianapolis (corporate headquarters). I haven't read Kraft's report (I'm sure it's fine), but I always wondered if Tena and/or Randy had some kind of prior connection to that firm.
ReplyDelete
RepliesNate TobikAugust 9, 2013 at 10:31 AM
I agree with you, I haven't reached out to the Board yet, but given details not included in the post I'm fairly confident I have the Board's side of the story as well. The other side would be management, and I've tried to reach out to them repeatedly, it's been met with silence or terse answers explaining why they can't answer simple shareholder questions.
I think you're on the right path in thinking about the firm in Tennessee. My guess is all of the firms used as part of this deal are because Tena and Randy have personal connections and the firm might give a favorable opinion verses an objective one.
Delete
Reply
AnonymousAugust 24, 2013 at 4:06 PM
Nate...I have not been following this but have reviewed the previous post.
Shareholders did have the right of appraisal under Indiana law...correct?
I know this is an onerous/risky/probably stupid route to take for the small investor....but it may be the only thing the law affords us in these situations.
Really highlights the point that when evaluating a closely held company, you have to evaluate managements current actions and extrapolate the chances management will take advantage of minority shareholders.
If a person had a significant stake in the company (and deep pockets) (and a stomach to work with lawyers), demanding an appraisal may be a viable options. A risk/reward thing.
Anyway, thanks for the info.
I agree and any statements made about a buyout or stock price of $0.05 w/o supporting information are attempts to distort stock prices.. Since it is known that the company monitors messages it puts them in an bad position when they do not reply to these statements..
The company has possibly responded thru a relayed possible e-mail that there is a possibility 3 Billion shares could be outstanding after all dilution and has indicated that this statement is not a lie..
If one takes the time to read all DD most facts will come together.. As to never having a reverse it could also be true that if the share count ever went to 3 billion it may never occur because no mater how many shares are outstanding insiders control thru the preferred..
What is not true is the statement made about the number of shares that were diluted this year..
"we may need to look into possible legal action against him for trying to spread knowingly false statements in an attempt to manipulate the market. "
Attempts to monitor and stop the actions of individuals making true statements with supporting facts and not rumor have usually the same affect as pissing up a rope w/o getting oneself wet.. hank
You need to give the new PR guy a call,, Ne is on the bottom of the last release,,
Patience,, I've been along side of you for over 2 years and expect this to be the year of great results.. If not why hire the PR Guy again.. ?? They don't seem to need money and haven't diluted the stock in the time I've owned it.. hank
ERLIF.. $0.085 Table Pounder.. This is not a small company,, I think the selling has come from Canadian Margin Calls because of Energy and Mining stocks market driving all Canadian Stocks down.. .. hank
http://www.baystreet.ca/articles/research_reports/eresearch/EIL_120814-B.pdf
ERLIF.. $0.085 Table Pounder.. This is not a small company,, I think the selling has come from Canadian Margin Calls thru out the can. market.. hank
http://www.baystreet.ca/articles/research_reports/eresearch/EIL_120814-B.pdf
They just hireed the IR guy back and he is on the bottom of the last PR release.. BTW he was the same guy they had when it had no revenues and the stock was selling above $1.00.. Give him a call,, I did and that's the reason I bought more down here.. hank
Any news yet..?? $20 Mil.. Who are the acquiring..??
But what about the SEC..?? Halt in trading..??
ACGX.. $0.0014.. I agree,, Proper DD when done is enough reason to never own one share of ACGX.. They have even lied about the shares converted this year.. Look at Shares Outstanding at year end and now..
Quote:
They have never hidden this fact, it is just some have chosen to ignore what the company has been telling them.
I agree..
ETOLF.. $0.33 USD.. Seems to be on a fire sale today.. I've always liked the company and at this price I like it more.. Bought some today around the $0.33 level.. hank
Otcbargains Undervalued Penny Plays ETOLF.. $0.33 USD.. Seems to be on 10 bagger 12/09/2014 02:11:11 PM
Value Microcaps Motherboard ETOLF.. $0.33 USD.. Seems to be on 10 bagger 12/09/2014 01:50:37 PM
Value Microcaps Junior Energy ETOLF.. $0.33 USD.. Seems to be on 10 bagger 12/09/2014 01:49:23 PM
Value Microcaps Junior Energy E.to/Etolf -.08 to C$.57 Ugh! Bobwins 11/13/2014 10:17:53 AM
Value Microcaps Motherboard E.to/ETOLF...I wasn't too excited about the quarter either. 2morrowsGains 11/13/2014 10:06:37 AM
Value Microcaps Motherboard ETOLF Puked out my shares of ETOLF. Quarter was SSKILLZ1 11/13/2014 09:47:13 AM
Value Microcaps Junior Energy E.to/ETOLF...Picked up more Enterprise last week on the 2morrowsGains 11/09/2014 11:32:57 PM
Value Microcaps Junior Energy PPY.to/PDPYF, E.to/ETOLF...Both Painted Pony & Enterprise will benefit 2morrowsGains 10/22/2014 09:38:01 AM
Value Microcaps Junior Energy E.to/ETOLF...Nice company w/ strong growth potential!! The more 2morrowsGains 10/07/2014 09:19:39 AM
Value Microcaps Junior Energy E.to/ETOLF -.01 to C$.70 Bobwins 10/02/2014 12:21:21 PM
Value Microcaps Junior Energy Bought some more E.to/etolf at C$.72 Bobwins 09/26/2014 11:56:01 AM
Value Microcaps Junior Energy E.to/ETOLF the weak markets this summer combined with their Bobwins 09/22/2014 05:34:20 PM
Value Microcaps Junior Energy e.to/etolf -.04 to C$.71 Bobwins 09/22/2014 05:12:21 PM
Otcbargains Undervalued Penny Plays E.TO (ETOLF) SSKILLZ1 09/09/2014 12:43:52 PM
SwingTrade Member Forum E.TO (ETOLF) SSKILLZ1 09/02/2014 10:18:51 AM
Value Microcaps Motherboard E.TO (ETOLF) SSKILLZ1 08/29/2014 03:21:41 PM
Value Microcaps Motherboard E.TO (ETOLF) that $235k bid certainly doesn't hurt CPTMatt 08/29/2014 03:17:11 PM
Value Microcaps Junior Energy E.TO (ETOLF) SSKILLZ1 08/29/2014 03:14:43 PM
Value Microcaps Motherboard E.TO (ETOLF) SSKILLZ1 08/29/2014 03:13:13 PM
ETOLF.. $0.33 USD.. Seems to be on a fire sale today.. I've always liked the company and at this price I like it more.. Bought some today around the $0.33 level.. hank
ETOLF.. $0.33 USD.. Seems to be on a fire sale today.. I've always liked the company and at this price I like it more.. Bought some today around the $0.33 level.. hank
ACGX.. $0.0014.. I agree,, Proper DD when done is enough reason to never own one share of ACGX..
$0.0007's coming..
GPIW.. $0.20..??? Any thoughts..???
KLYG.. $0.0851.. I made some real nice purchases including 90,000 at $0.07 yesterday.. hank
KLYG.. $0.0851.. I made some real nice purchases including 90,000 at $0.07 yesterday.. hank
DPDW.. $0.85.. Come on,, What have I been missing.. Did they really buy a Petting Zoo.. And do they now own a BBQ Rest.. There is no limit's to the stupidity and waste this management will go.. Thought for sure after the Inst. Buyers came in they would shape up.. Oh well I was thinking of coming back as I sold all at higher prices last year.... "feed bills for BBQs and the petting zoo"
Table Pounder..RNWEY $0.10 BID..http://www.recsilicon.com/about-us/
Fornebu, November 4, 2014: REC Silicon ASA reported third quarter 2014 revenues of USD 126.5 million and EBITDA excluding special items from continuing operations of USD 44.9 million. In addition, the Company recognized special items of USD 101 million related to the sale of its silane based FBR-B technology to the joint venture in China. REC Silicon ASA reported total EBITDA of USD 145.9 million.
Debt has been reduced by USD 55 million to USD 228 million, primarily due to the repayment of an NOK 196 million bond (REC01).
REC Silicon Segment reported third quarter revenues of USD 126.5 million, compared to USD 126.8 million in the previous quarter. Lower polysilicon sales volumes were offset by record silicon gas sales volumes and resulted in revenues broadly in line with the previous quarter. The corresponding EBITDA excluding special items during the third quarter was USD 45.5 million compared to USD 33.1 million in the previous quarter. The increased EBITDA can be attributed primarily to lower costs driven by stable operations and high production levels.
The Segment also reported record silicon gas sales volumes. Sales volumes were driven by a combination of improved end use demand and by competitive capacity being offline.
The Company is announcing a 3,000 MT granular polysilicon expansion at its Moses Lake facility and an agreement to investigate the development of a 20,000 MT granular polysilicon plant in Saudi Arabia.
Additionally, the Company reported the receipt of the final technology transfer payment of USD 99 million from the Joint Venture in China. Front End Engineering Design (FEED) has been delivered and the project has relocated to China to begin detailed engineering.
"Increased EBITDA in the third quarter is primarily the result of stable operations and continued focus on production efficiency. The results demonstrate the value of REC Silicon's superior FBR technology," commented Tore Torvund, CEO of REC Silicon. "I am pleased that our FBR technology is being recognized as the leading polysilicon manufacturing technology which has resulted in the announcement to expand our Moses Lake facility, the Yulin JV in China, and a potential expansion in Saudi Arabia."
Net financial items resulted in income of USD 45.7 million, mainly reflecting net currency gains, and fair value adjustment of convertible bonds offset by interest expense.
Profit from continuing operations was USD 119.5 million in the third quarter, compared to USD 24.6 million in the previous quarter. The improved result mainly reflects higher EBITDA, special items, and positive net financial items.
Basic and diluted EPS from total operations was USD 0.05 in the third quarter 2014, compared to USD 0.01 in the previous quarter.
For more information, please see the attached third quarter 2014 report.
MAUXF.. $0.64..Bobwins.. Is it time to get back in..?? hank
Mart Resources, Inc.: UMU-13 Well Drilling Update
Marketwire - Dec 04 08:30 EDT
Alert hits:*Ca /mm
Company Symbols: Toronto:MMT
- The UMU-13 well discovers hydrocarbons in a separate seismically defined structure that is located east of the existing producing area of the Umusadege field. The well was drilled to a total depth of 9,300 feet.
- Preliminary evaluations based on open-hole well logging, pressures and drilling data indicate that the UMU-13 well encountered approximately 220 feet of gross pay in 11 sands.
CALGARY, ALBERTA -- (Marketwired) -- 12/04/14 -- Mart Resources, Inc. (TSX: MMT) ("Mart" or the "Company") and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited are pleased to provide the following update on the UMU-13 well at the Umusadege field in Nigeria.
The UMU-13 well has reached a final total drilling depth of 9,300 feet. UMU-13 is a vertical appraisal well with exploration prospects drilled on a seismically defined structure located east of the existing and producing Umusadege field. Preliminary evaluations based on well logging, pressures, and drilling data indicate that the UMU-13 well encountered approximately 220 feet of gross pay in 11 sands. The sands encountered by the UMU-13 well are consistent with the findings of UMU-9 well, which was previously drilled west of the UMU-13 well on the main structure of the Umusadege field. The preliminary evaluations indicate nine light oil sands and two gas/condensate sands with total gross pay of 162 feet and 58 feet respectively. Down-hole fluid samples have been taken and laboratory results are pending. The down-hole fluid samples will be used to confirm hydrocarbon type and will provide critical information for reservoir management and future field development planning.
The primary testing and completion targets for the UMU-13 well will be finalized upon receiving the down-hole fluid sample results. The completion program and production testing operations on the UMU-13 well will continue through December 2014.
Wade Cherwayko, Chairman & CEO of Mart, commented: "We are very pleased that the preliminary results of UMU-13 indicate that the well has discovered significant pay in 11 sands of a separate seismically defined structure located east of the existing Umusadege field. We look forward to the completion of the fluid sampling and testing of UMU-13 well, and anticipate results in the near term."
Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
Except where expressly stated otherwise, all production figures set out in this press release, including bopd, reflect gross Umusadege field production rather than production attributable to Mart. Mart's share of total gross production before taxes and royalties from the Umusadege field fluctuates between 82.5% (before capital cost recovery) and 50% (after capital cost recovery).
Forward Looking Statements and Risks
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
In particular, there is no assurance that the Company will be able to complete, test or commercially produce, transport or sell oil from the UMU-13 well (or any one or more of the sands identified by the UMU-13 well). Statements (express or implied) regarding the ability of the Company to successfully complete, test and commercially produce, transport and sell oil from the UMU-13 well (or any one or more of the hydrocarbon sands identified by the UMU-13 well) should all be viewed as forward-looking statements. The gross pay and logging results referenced herein should be considered initial results and are not indicative of future test results, production levels or ultimate recovery from the UMU-13 well.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should no place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
Contacts:
Mart Resources, Inc. - London, England
Wade Cherwayko
+44 207 351 7937
Wade@martresources.com
Mart Resources, Inc. - London, England
Dmitri Tsvetkov
+44 207 351 7937
dmitri.tsvetkov@martresources.com
Mart Resources, Inc. - Canada
Sam Grier
403-270-1841
sam.grier@martresources.com
www.martresources.com
Source: Mart Resources, Inc.
Are you posting this so that every one should/could sell before the suspension.. What happens if it never occurs.. Have you spoken to the SEC..?? Why are you so positive they will be suspended..??
KLYG.. $0.07..
Kelyniam Global Announces Q2 and Q3 Earnings
Canton, CT, December 06, 2014 --(PR.com)-- Kelyniam Global, Inc. (OTC Pink: KLYG), an innovative medical device design and manufacturing company, posted its 2nd & 3rd quarter sales at $436,865 and $455,401 respectively. The reduction in quarterly revenue can be directly attributed to company resources allocated to its recent acquisition of MED-ALLY, LLC and the development and implementation of enhanced efficiency processes now being used in the manufacturing of PEEK Optima cranial and cranial-facial implants. These manufacturing efficiencies substantially reduce materials usage and associated costs, which increases profit margins and company bottom line.
"This year has been a building and development year for Kelyniam. We have had to allocate some of our human resources to our goal of product diversification and expansion, but strongly believe these efforts are in the best interest of the company long term and will have significant effects on the overall value of Kelyniam Global, Inc.,” said Tennyson Anthony, president and CEO of Kelyniam Global. “With the acquisition of MED-ALLY, we have opened the door to being a leader in the neurostimulation field which is the most promising and exciting field in medicine today. There is incredible potential here and we are working to capitalize on that potential and realize a position at the top.” For more information go to www.kelyniam.com
About Kelyniam Global, Incorporated
Kelyniam Global (OTC: KLYG) is an innovative Medical Device Manufacturing Company specializing in the production of custom PEEK cranial and facial prosthetics and proprietary, implantable neuromodulation medical device systems. Its Engineering Division works diligently with medical professionals - allowing them to operate more effectively, improve patient care and surgical outcomes while reducing health care cost. Kelyniam is continually researching and developing new products, materials and processes to help patients live more active and productive lives.
Forward-Looking Statements
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipate," "believes," "estimate," "expect," "should," "intend," "projects," "objective" and "appears" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; the impact of reimbursement rates and coverage; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.
Contact:
Christian Scarborough, www.inventivepr.net
christian@inventivepr.net
325-388-6263
Contact Information
Kelyniam Global, LLC
Christian Scarborough
325-388-6263
Contact
www.kelyniam.com
KLYG.. $0.07..
Kelyniam Global Announces Q2 and Q3 Earnings
Canton, CT, December 06, 2014 --(PR.com)-- Kelyniam Global, Inc. (OTC Pink: KLYG), an innovative medical device design and manufacturing company, posted its 2nd & 3rd quarter sales at $436,865 and $455,401 respectively. The reduction in quarterly revenue can be directly attributed to company resources allocated to its recent acquisition of MED-ALLY, LLC and the development and implementation of enhanced efficiency processes now being used in the manufacturing of PEEK Optima cranial and cranial-facial implants. These manufacturing efficiencies substantially reduce materials usage and associated costs, which increases profit margins and company bottom line.
"This year has been a building and development year for Kelyniam. We have had to allocate some of our human resources to our goal of product diversification and expansion, but strongly believe these efforts are in the best interest of the company long term and will have significant effects on the overall value of Kelyniam Global, Inc.,” said Tennyson Anthony, president and CEO of Kelyniam Global. “With the acquisition of MED-ALLY, we have opened the door to being a leader in the neurostimulation field which is the most promising and exciting field in medicine today. There is incredible potential here and we are working to capitalize on that potential and realize a position at the top.” For more information go to www.kelyniam.com
About Kelyniam Global, Incorporated
Kelyniam Global (OTC: KLYG) is an innovative Medical Device Manufacturing Company specializing in the production of custom PEEK cranial and facial prosthetics and proprietary, implantable neuromodulation medical device systems. Its Engineering Division works diligently with medical professionals - allowing them to operate more effectively, improve patient care and surgical outcomes while reducing health care cost. Kelyniam is continually researching and developing new products, materials and processes to help patients live more active and productive lives.
Forward-Looking Statements
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipate," "believes," "estimate," "expect," "should," "intend," "projects," "objective" and "appears" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; the impact of reimbursement rates and coverage; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.
Contact:
Christian Scarborough, www.inventivepr.net
christian@inventivepr.net
325-388-6263
Contact Information
Kelyniam Global, LLC
Christian Scarborough
325-388-6263
Contact
www.kelyniam.com
PWEB.. $0.018,, Is this one dead or should it be bought for the next pump.. Does anyone see it $0.00 territory..?? hank
In connection with the issuance of the Settlement Shares, the Company may rely on the exemption from registration provided by Section 3(a)(10) under the Securities Act. To date, the Company has issued 40,975,000 Settlement Shares to ASC. All of these shares were issued after the balance sheet date. As such, the full Claim Amount remains outstanding and payable to ASC at September 30, 2014. Based upon the reported closing trading price of the Company's common stock on November 10, 2014 of $.0007 per share, if all $2,145,000 worth of liabilities were satisfied pursuant to the Stipulation through the issuance of common stock, the Company would issue an aggregate of 3,040,000,000 shares, excluding the 40,975,000 shares already issued.
From that blog mentioned.. Not Nice.. If it's true that they lie to clients,, then why would they be not the same with shareholders..??
Jan 13, 2014
3 people found this helpful
“Jagged Peak constantly changes their focus because they are a struggling company. ”
Current Employee - Project Managerin Tampa, FL
I have been working at Jagged Peak full-time (more than an year)
Pros
If you are a new in your field, you may gain a few months of experience in your area, other areas and realize what kind of corporation you do not want to work for.
Cons
Jagged Peak has a very high turnover rate, is unstable and burdens its workers with unrealistic workloads.
Organizational culture is always a function of the CEO and his executives, but it is absent here. Whatever they do, however they behave, sends messages down through the organization. Executive affairs, talk of a coup, partner mistrust over corporate spending, and self motivated decision making by the CEO may make you feel insecure about your position.
“Lower level employees are faceless numbers to executives and are treated like pawns in a chess game against each other and to clients”.
“Basically you’ll be fighting real hard to impress a new client and lose an existing client. Jagged Peak is very disorganized, has no respect of rules or regulations and confidentiality. The rules change as they go and decide who is excluded from them and who is not.
Getting caught up in the hypocrisy of Jagged Peak may damage your career more then build it.
Advice to Management
"Make up your mind what you want to do, where you want to compete." Jagged Peaks focus on "activity metrics" and "growth expectations" over "team morale" creates a "hostile work environment." Stop asking employees to lie to clients ignoring strong convictions to do the right thing and give the clients what they are actually paying for.
ACGX $0.0014 NEWS Out Mmmmmm :)!!!......"Alliance Creative Group's Print4aCause.com (ACGX) Has Been Awarded the Exclusive Print Sponsorship for the Wall St. Conference
Print4aCause Released New Video to Better Explain Its Mission
CHICAGO, IL, Dec 17, 2013 (Marketwired via COMTEX) -- Alliance Creative Group, Inc., (http://www.AllianceCreativeGroup.com) (PINKSHEETS: ACGX) is pleased to announce www.Print4aCause.com has been awarded the exclusive print sponsorship for the Wall St. Conference and will help raise money and awareness for its featured causes.
The Wall St. Conference will be held at the Marriot Town Center in Boca Raton Florida on Thursday, December 19, 2013. The event will feature 25 presenting companies and is expecting over 1000 elite Wall Street professionals. For more information go to www.WallStConference.com
Print4aCause also released a new video to better explain its mission. Print4aCause will donate 10% of every website order to the charity of the customer's choice. The video can be seen at www.Print4aCause.com
"We are very pleased and excited that Print4aCause and Alliance Creative Group will be the exclusive print sponsor for the Wall Street Conference," said Jason Lyons, Founder and CEO of the Wall Street Conference.
COO & General Counsel of Alliance Creative Group, Paul Sorkin, said, "Print4aCause offers the highest quality products with world-class service while focusing on giving back to meaningful causes. We are very excited to introduce our newest project to some very relevant and influential members of the financial community. We believe when people are given a choice between 2 similar services for all their printing needs they will pick Print4aCause to help support worthy causes without having to do anything extra. Our goal is to get others involved in helping to spread the word by posting, tweeting and forwarding the video to introduce people to the compassionate side of printing. People can also like our Facebook page www.facebook.com/print4acause and follow us on Twitter www.twitter.com/print4acause.
About Wall St. Conference
The Wall Street Conference is the premiere conference in the micro-cap and mid-cap arena. The most senior and elite Wall Street professionals attend this conference. Industry leaders from the hedge fund, investment banking, and private equity worlds, as well as sophisticated investors, all attend the Wall Street Conference every year to discuss significant trends in the industry. www.WallStConference.com
About Alliance Creative Group, Inc.
ALLIANCE CREATIVE GROUP, Inc. (PINKSHEETS: ACGX) is a printing, packaging, procurement and supply chain management company. The Alliance Creative Group utilizes shared resources to create efficiencies between their projects and internal divisions to create quality results and long-term partnerships. The core business areas include packaging, printing, POP/POS displays, creative and design services, direct mail, supply chain management & logistics, brand development, fulfillment, assembly, kitting & strategic marketing. www.AllianceCreativeGroup.com
About Print4aCause
Print4aCause was founded on the principles of integrity, creativity, compassion and, most importantly, giving back. Every business owner has to create multiple items from business cards, letterhead, postcards, flyers, banners, direct mailings and marketing materials. Print4aCause offers the highest quality products with world-class service while focusing on giving back 10% of all website orders to meaningful causes. www.Print4aCause.com
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
One year later same price,, just a different story..
Investor Relations and Media Contact
1-847-885-1800 x 6
info@ACGemail.com"
THE MARKET VALUE IS ALSO 1/6 OF THE LIA.. WHAT'S YOUR POINT..??
PLEASE SAY IT ISN'T TRUE WHAT YOU POST..
It seems that this board was really active over the weekend.. As I'm on a phone could someone please let me know what all the posts were about .. ?????????? hank