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Are you smoking crack.ECTE has 0 money, no officers, no office, no telephone number, no CGM. Good luck trading among yourselves.
Wishing everyone a Happy and Prosperous 2018.
For the crypto people Ripple will be the darling for 2018.
No, shorts are covering from very large selling @ the $1.10- $1.20 area. Being Echo has not filed bankruptcy and still trading shorts are covering their positions prior to year end on a steady bases. That's smart money.
@hemopure36, your forensic study means squat. The only one that can bring heat on echos past and present executives and board members is the SEC. If they find cause that they violated SEC rules they can sanction the officers not being able to be an officer of any public company, fine them and/or with sufficient evidence have the U.S. District attorney bring criminal charges against them.
Ramad is convinced that the SEC has received info from large shareholders to look into how Echo had been conducting business.
As to a forensic study it's fruitless, you do not have access to their physical books emails, or phone calls to individuals that Echo stated any priveledged info that Echo was not acting accordingly to the SEC regulations.
Ramads sees Echo defense as very poor management decisions and lack of funding to their failure. Unless any shareholder can prove that they received inside info from either an officer or director the SEC will not waste their time.
The one important fact that can hang Echo and their management is that they held back material info to the shareholders if fully investigated by the SEC.
@hemopure36, upon Ramad doing some research you had all the information in front of you but was so blindsided you did not see it.
Refer to your posts on ECTE REVIVALIST BOARD. You should review your following posts
#881, 874, 866, 856, 831, 826, 822, 810, *776
*773 . The host of the board was DDBUYER who you relied on informing the board on Ecte and your interaction with him.The above posts go back to May 2016. Look at # 770.
Some of your postings stated that Echo was not addressing your questioms and you did not do anything to be proactive to have Ecte to address your concerns. It appears you relied on DDBUYERs responses to satisfy your concerns. You posted some crazy valuations on Echo without any confirmed bases. You were pleased that Echo was partnering with MTIA not evening knowing anything about MTIA accept what Echo had stated about them. You were pleased that Scott Hollender was fired.
Everything you thought was good for Echo was just the opposite. Concluding the failure of Echo was right in front of you and you were in denial. You even posted how Echos communications were terrible. Why hold an investment if you gave no idea what's going on with their company. It's to late to preach sour grapes.
@hemopure36, Following up from previous post due to free time and make your forensic analysis easy.
The strongest factor was Echo had a history of poor management including the board of directors which bled the company for their own benefit. Add up all the shares and options they rewared themselves. They even had the audacity to try to have the shares immediately vested until a shareholder larged a complaint and they had to change the time period to be vested. Even Alan joined in the game by having the board award him 5% of the float before they left the board plus awarding themselves shares.
Firing The CEO and have to pay a years salary without having lined up a new CEO or have the liquidity to operate was another bad decision. Alan is just a glorified bookkeeper (accountant) who in the past had a company that went bust. Great choice!!!. Was the payment arrangement to the CEO to silence him. That is Ramads opinion.
Echo had been advised by a shareholder and pleaded that they should seek and make an agreement with a reliable medical devise company to help them develop the CGM instead of doing it in house. That was dismissed and another major bad decision by management. They did not have the means or the funds to do it themselves.
The company relied solely on Platinum and later by MTIA for funding Who is MTIA? Upon Ramads due diligence MTIA was not convinced they had the capabilities to help Echo formulate a workable CGM.
If you read the agreement between MTIA and Echo it stated that MTIA had to report on monthly bases their progress in their role in developing the CGM. Upon trying to get confirmation with the CEO if they indeed received monthly reports Echo refused to confirm they received such reports.
Another bad corporate decision was that they refused an offer of funds so as they would not get delisted.Their excuse was that it would have diluted the shares to much and they would rather be delisted. Made no sense when the CEO was asked Echo would still need additional capital and the shares would also be diluted.
Ramads conclusion was that Echo wanted to keep any outsider away of having a board seat not dictated by Platinum to possibly oversee the companies activity. Ramad believed that the CEO and Board was not performing their fiduciary responsibility to the shareholders by refusing the offer.
Echo relied on Platinum and MTIA for funding and Ramad believed that was by design so no outsider possibly could change the direction of Echo's busines plan.
The kicker and most agrevios is that Echo held back to the shareholders which was that they knew that the prototype CGM was not getting concistent readings and would not be able to start clinical trials yet pass any clinical trial testing.Ramad believed that falls in the SEC rules that the company withheld material information to the shareholder that if released would effect the stock price negatively. Echo received in writing on behalf of a shareholder the SEC ruling and interpretation by previous court decisions but just ignored it or they knew they were wrong to withhold that info and would have major problems with the SEC and possible law suits.
That should be enough info for your forensic study. Ramads advise to Hemopure36 you should devote your time and efforts to seek the laws afforded to shareholders if you believe a company did not comply with the SEC rules or management was irresponsible as to their fiduciary responsibilities and report it to the proper authorities.Research Echo's filings, past presentations, press releases and you will find the answers.
Good luck.
@HEMOPURE36, Ramads postings were all public knowledge. Your lack of due dilligence and reviewing Echo's press releases as well as the CEO presentations clearly indicated that Echo had real problems. Some examples below that indicated the above.
Firstly, Echo not making any formal release that the target date was changed from July to oct for the clinical trials to start or why 5he delay. It was only posted on the milestone sheet that was shown and told on the CEO presentation. If you did not go back and review the milestone sheet you would not know that it was changed very shortly after he made the presentation First clue that Echo had a problem with the CGM
SECONDLY, Echo did not make any statement after the new deadline had passed to start the clinical trials. As a matter of fact the CEO did not want to confront the issue even though shareholders asked him as to why the delay. Big red flag thst Echo had problems.
THIRDLY, The firing of the CEO. That always triggers that the company had internal problems.
FOURTHLY,MTIA not giving Echo the funds after Echo won the suit against them. Everyone knew without he funds Echo had limited time to keep operating.
FIFTHLY, when Echo made knowledge with the charts of the data of the CGM on their last presentation they did not disclose that the data was based on one person using the CGM to derive the data. That is not a reliable sample for the data and could be somewhat deceiving. If you did your due dilligence you would ask the CEO or email the CEO as how many people were involved to gather that data which was made public comparing it to Dexcom.
SIXTHLY, upon doing your due diligence their was never a firm committment from MTIA or a penalty clause if MTIA did not make the payment accepted by the agreement between Echo and MTIA. Being they had a counter offer by another party that they turned down to accept MTIA offer. Once again the lack of Echo management to act in a prudent matter to protect themselves in the event MTIA reneged
Just a few examples and their are many more Ramad could sight that gave strong indications that Echo was on a path to failure.
Ramad hopes that the above will help you in your forensic analysis. You can only blame yourself for not doing your due dilligence. It was all infront of you but you just did not see it or did not want to believe it. If you spent as much time regarding Echo as you are with Ramad you would see all the red flags to the demise of Echo.
@iamanonymouse, what hole did you crawl out off. You should be a fictional writer being what you posted is total nonsense or as they say fake news.Wishful thinking.
@usob, your numbers are wrong. There are over 25M shares outstanding and about 12m shares float. His position is a little more than 2%.
My best guess he is hoping that by miracle a white Knight will appear. If he wanted to sell he woukd avg. No more than one and half penny plus he woukd have to pay taxes
@usob, another company for your bucket list named Corneat Vision. Another Private israeli company, starting clinical trials in the U.S.next year. Keep an eye on this one, no pun intended. Large private investors have funded both companies mentioned to you.
On a sour note if echo had acted on advise to share echo's technology with an Israeli company Echo would be a named brand. Lots of greed among the directors and management. Mostly likely due to platinum and MTIA not wanting to give up their % of the company and management being lap dogs to Platinum.What they failed to realize that MTIA was primarily to mfg the CGM and not to develop it. MTIA would still have their territory to sell the CGM.What a colossal blunder on all parties involved.
@usob It's currently a private company, The previous post stated remember the company name.
@usob, Your bid at 4 cents is total greed and will bite you once again.
Being you admit Echo will not survive. Based on your decision making its no wonder you loose money.
Friendly advise for the future, a
company named Retispec.
@usob, your right echo will not survive. Any potential investor or entity has to negotiate directly with the noteholders being they own all the technology, patents etc. Of Echo. If anything ever develops it would be in a private company and then possibly go public. Echo is toxic. How hard is that to understand. Volume due to taking losses to off set capital gains prior to year end.
@usob, is that a fact or one of your idiotic opinions.it would be welcomed to the board if you had something constructive to state instead of Fake News.
@usob, Their is no Alan at Ramad for the record. You should direct your displeasure to Alan at Echo. Ramad is not a messenger to Alan at Echo. M.
@usob, your frustration of loosing your money and blaming everyone but yourself is not new.
PP did not bring down ECTE. Echo had every opportunity to perform prior to PP no longer being able to fund Echo.Echo's management chose a path to develop a CGM based on their in house technicians and failed. Echo ignored advise to share their technology with a reputable medical device company to develop the CGM being they were very much undercapitalized to do their own rigorous testing to have a workable prototype.MTIA was not the solution. It was Echo's managements greed that hindered the development of the CGM and their reliance on PP to continue to fund them.
Any shareholder had to know that Echo had problems by not informing shareholders of any updates for many months and milestones being missed without any information to the shareholders. Their was plenty of reasons to sell while the shares were trading over $1.50. Perhaps it also was your greed not to sell.
To blame PP for Echo's demise is rediculous or Ramad being they have no affiliation with Echo.
Bottom line is that you can only blame yourself for not taking a more pro active role in questioning Echo on their development of their CGM when management decided not to update the shareholders.
Ramad is not trying to rub salt into the wound but to give you insight as to who is really to blame for your losses.
@USOB,So the money you offered was BS as many of your postings. Ramad took your offer and now you are backing away. It just confirms that what ever you post on the board should be dismissed as BS.
You should be careful. You could be ousted from the board promoting hackers to the sight, fined plus criminal charges.
You should update yourself with the current new laws regarding hackers, hacking and individuals inducing hackers to get privileged information that is not public information.
Yes, Ramad made hard copies of your post of rewarding someone $10,000 for Ramads identity and today's post.
One thing is clear that you do not have the $10 grand.
The question you have to be concerned about is what and will Ramad do to protect their identity due to your public offer to hackers to reveal Ramads identity.
If I were you I would be worried.
@usob, Ramad will make it easy for you.You put the money in an escrow count with your attorney. Upon Ramad confirming that the funds are being held in escrow and would be released upon Ramads identity as per instructions.
You can talk the talk can you walk the walk
@usob, Ramad will make it easy for you.You put the money in an escrow count with your attorney. Upon Ramad confirming that the funds are being held in escrow and would be released upon Ramads identity as per instructions.
You can talk the talk can you walk the walk
@usob, Ramad will make it easy for you.You put the money in an escrow count with your attorney. Upon Ramad confirming that the funds are being held in escrow and would be released upon Ramads identity as per instructions.
You can talk the talk can you walk the walk
@usob, there is no future for Ecte mainly due to Alan not taking any iniative trying to get funding to continue operations. The patents will most likely elapse.
Alan upon receiving hundreds of thousands of dollars in salaries and awarded more than 500,000 shares for doing nothing to bring life back to Ecte while he was appointed CEO.
At the very least he could have given the technology/prototype, lab tests and documentations to an independant lab to get a 3rd party opinion with a in depth report if Ectes technology would be feasable to have a working Non invasive CGM.
Alan has no business sense or was not willing to spend his own money which would possibly cost him anywhere from $25,000 to $50,000 being he had a bug stake in Ecte nor did he reach out to any shareholder for a loan to the company to get such a report. Secondly, when Alan was elected as Acting CEO Ecte had sufficient money to get such a report.
If the findings of Ecte technology from the independent lab was positive he would be able to easily get funding to continue operations on a limited scale to their completion of a workable prototype.
Bottom line Alan was just very happy collecting his fat salary as a glorified bookkeeper and when it came down to as being CEO he was way over his head and could not think out of the box of a plan as stated above to try to continue operations. All he wanted was to get his 500,000 shares and was hoping someone would bailout Ecte. Missed opportunity for the shareholders.
@usob, I would not make much of the link. Alan knew of Ms Wei at China arts
either from his previous accounting firm and she helped Alan at Echo. Nothing to get all worked up.
Hoping members of the board were holding AEZS.
Somewhat similar price action as echo. From over $5 down to 78 cents. However real management got over the hump after disappointment from the FDA and turned it around to get positive news from FDA.
Platinum resigned as collaterized agent for the secured note.
Platinum will not be making any additional investments or purchases to buy any shares in Echo. So you can throw out your theory.
@usob, good luck going into the next stage of your hiring process.
@usob, you must be off your meds today. Six figures is pocket change in Ramads business. That does not change the fact that if you were so intelligent you could not even for see the very clear foot prints of Echo's demise. In my world any one that claims publicly they are intelligent and does not care to loose more than 90% of an investment is a fool and not very intelligent no matter how much you earn.
@kinny, to enlighten you.
@hemopure36, you should be more concerned about echo than Ramad. If you would have put as much effort on Echo as on Ramad you would have been much better off.
@usob, your over analyzing.
@usob, Ramad can not facilitate your request being you are not a client. You should submit an email to Alan your terms and purpose in opening a dialogue with him that possibly would be of help to Echo.
@usob, alans email address for any other poster that might be of help to echo.
Aschoenbart@echotx.com
@usob, You should email alan and attach your experience informing him you would be more than willing to be of assistance. I am sure he will ask you to sign a NDA.
If he does not respond let post a message and Ramad will push his buttons and I am sure you will get a response.
You should have informed the board along time ago of your experience.
@lintin. I agree.Sources made Ramad aware that Alan is not the right person to do a road show for the company. Best you could hope for he is learning on the job. He is not aggressive enough nor has the contacts to open doors for him to inform echo's technology.
@littin, in response to your question what is the next best step for the common shareholder.
The ideal situation is that a shareholder finds a company to fund Echo which is a pipe dream.
Secondly, it would probably be best that a shareholder sit tight and do nothing including not going forward with a class action suit against Echo.
As long as Echo is still a viable entity Alan will pursue all avenues to cash in on his outrageous compensation of shares by trying to get funding or some type of partnership with another company that the noteholders would agree to withhold taking any action to call in the note.
It is in Ramads opinion the noteholders will give alan some time to exhaust every possible means to find a new partner or funding. It would not be a surprise if PP the collateral agent is communicating with Alan in his pursuit to that endeavor. Upon any class acton suit against Echo game over for shareholders and no one will get involve with Echo and the noteholders will prevail in court receiving echo's technology. The ball is in alans court and he has every incentive to get echo back on its feet.
@littin, MTIA does not have the means to develop a CGM.They would have to hire an outside vender to achieve a workable CGM. That would be a big gamble by MTIA giving the technology to another China company with their history of honoring patents. Highly Un likely.
MTIA is in a dilemma how to go forward. Ramad believes that MTIA'S investors either do not want to put good money into a bad situation or currently do not have the funds that 6 months ago were allocated to Echo.
@littin, I do not doubt your expertise or high regard of Bishop. Bishop took a calculated risk by back stabbing Echo and colluting with the Bessers.Besser convinced him that with his info against echo the Besser group could take control of management. The result as everyone knows is the Bessers lost and Bishop was fired.
Based on your knowledge of Bishops expertise as the key person to resolve any hick ups of the CGM was gone and no one to replace him.
MTIA was well aware that Bishop was the key factor of developing the CGM and echo had no choice to fire him. That being said, one major factor why MTIA withdrew their offer to fund Echo the $5M.
Bishop is a key factor as to why echo is basically bankrupt. He bit the hand that fed him. I am sure he did not get outside council to guide him that the info against Echo would would be sufficient to be in favor of the Besser group. Besser group had their own agenda and Bishop was duped believing that echo would not prevail in court.
Everyone is blaming the management of Echo for the demise of Echo but the real culprit as to the fall of echo is Tom Bishop their top technology guy. Plenty of blame goes to management as well.
Bishop was the whistle blower which provided information on Echo that convinced the Bessers to go forward with the law suit against Echo, Platinum Partners and MTIA. The Bessers believed what he stated was true which was a big mistake on their part.
Echo got wind that Bishop was going to Florida to have a meeting and was told by echo not to go. He lied to Echo and as soon as Echo found out via the law suit by Besser Bishop was fired.
The fallout was that MTIA backed out of the $5 million capital raise which led to echoes demise.
It's strange no one ever stated anything about Bishop on the message board. He was a rat that sank the boat, a disgruntled employee that possibly could have made millions of diabetics have a more comfortable life but chose the path of greed.
@USOB, why would any shareholder throw out more money. The legal cost would be well over $50,000 if ecte wanted to contest the noteholders right to echoes assets.Just filing alone would cost thousands of dollars.
What does the shareholder get back in return for putting up the money to fight the noteholders? Absolutely nothing. It's obsurd what you are asking. What idiot would do what you are asking.
@usob, echo is bankrupt they just did not file to the bankruptcy court because they have no liquid funds and alan Will not pay out of pocket to file. Any motions from the noteholders to the court will be granted without any legal defence from Echo as to why it should not be granted.