Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
The sad part is the company could have been successful, look at Tommy Copper, or what ever it's called, it's everywhere. Personally I like the products, knee sleeves, leg sleeves, even the socks. The greedy bastard thought since he created the products he deserved it all. He had some real smart people interested in helping him out, but no, he knew it all and the company has been stagnant.
Or hunter51 a chance would be that it could be a SPAC, I am afraid that is the only hope. What a shame, or maybe I should say sham. Liked the product, to bad Corley is such a dick, everybody could have made some good money.
Yes it has been settled, shareholders are screwed and the stock/company are going nowhere. It's to bad, product was pretty good.
My shares had the reverse split, 1 for 10,000 this morning. Also I am not getting any quote info, maybe a new symbol? I tried to get him to do one that was close to the name of Incrediwear. This should be interesting. I will have to cancel my GTC orders.
Pantherj I wish, I hope STAU gets a pop but I am afraid it is more like a poop since it has been a pile of.. for a long time. Corley, IMHO, is in over his head and has let a great opportunity pass him by. As I said months ago they have not added products and the only thing that has changed on the website is his Mtn Bike accident went from a crash to a near fatal accident. I am afraid he hit his head to hard. A blown opportunity.
Yes there is a good bid there on the stock but I think it is from people who bid at .0001 and try to sell at .0002 (dangerous IMHO). With the run up I have sold 2/3 of my position to off set some of my gains. I will hold onto the remaining amount even though I think Corley lies and will never get anything straightened out. As I also said previously Corley should be the .0001 bid and bring the company private.
What really got me to the point of having no hope was the filing that somebody posted from the California Franchise Tax Board. In that filing was the amount of California taxes owed/paid which was $25,801.65. In the paper work I have from Corley for calendar year 2015 Franchise Tax paid was $41,250.00. That tells me he is selling quite a bit less now than he was in 2015. A real shame because as I have said I like the product and thought he could do something with it, but that was 9 years ago.
Never disregard something you heard in a bar just because it was a bar. My father made friends at a bar in San Francisco in the 1970's and heard a story. He started buying the penny stock and it turned out to be one of the best stocks ever. Research was very important to him so he spent quite a bit of time there. When the phone would ring at 7:30 at night my mother angrily answer the phone and say "where are you around the corner". Always thought that would be a great name for a bar.
Believe what you want. There is a lot of going back and forth on the same thing, do you believe that a person can split a company and take the profitable part for himself and call it a private company. I think no, there is no legal way to do it and be successful. Corley has shown himself to less than honarable so who knows what he might try. What is fact is that there are over 100 million shares on the bid side. Although $10k isn't a lot somebody is trying to buy it.
I don't know Hardlesson, maybe something is going on. Like I said he knows there is value in keeping the stock alive. I am not sure how old Corley is, 60?, he has got to be thinking about an exit strategy.
Just because the California Corp name does not list Star Nutrition. does not mean they are not the same. I have many documents that say DBA, I bought shares because of that and because he said he would get it cleaned up and do a reverse split. Maybe he is planning on that now. As I said in the past why wouldn't he, it makes no sense not to. He could raise money for expansion, entice new employees and investors if he spent a little time.
Legally he can not say Incrediwear is not associated with Star Nutrition, not with all the documents that are around. How about all the people in the Chico area that bought STAU believing in him? Morally is a different story. I liked him and then I found that he did not follow through with me on what he said he would do, was that a lie?
I just got done reading Bad Blood, the Theranos story UFB. Watch the HBO documentary on it also. Unbelievable what people will do and say.
It is not a different company. Corley uses the term "DBA" as in Does Business As. I have many documents where he uses the term. In previous conversations he told me how valuable the listing is and that is why he kept on paying for it while not filing updated financials.
It is still a public company and if Corley had any brains he would be the one buying it up to .001. The products are good, although selection is limited.
Hopefully an image with the "DBA" is attached, if not will someone please tell me how to post a picture.
Yes I have kept all relevant emails and any other correspondences.
In my mind it is such a waste. I got involved because I liked the product and Jackson told a good story. I found out that he was full of total BS, well maybe not total, I still like the product.
I have email after email of him promising to get things straightened out, all BS. I think I met him 7 or 8 years ago, I must say I was excited about investing in the company. I look at what happened over those years and I think about what could have happened. The question in my mind is why. I really think that he could have really done well if he took advantage of opportunities. I knew of one well known person in the industry that offered to help, I guess Jackson's ego was just to big and he did not want to share the success ($s) with anybody.
I looked at the website today and it does not look much different than it did 5 or 6 years ago, not many new products and very few locations to buy the product. About the only change is years ago he said Incrediwear was started because he had a Mtn Biking crash ( who hasn't that Mtn Bikes), now Incrediwear got started because of a "near fatal cycling accident". The BS continues, so sad.
I have had contact with two different lawyers that specialize in Securities law. One of them gave me the following in regards to Pacha78 comment: "California Corporations Code Section 1601 states:
(a) The accounting books and records and minutes of proceedings of the shareholders and the board and committees of the board of any domestic corporation, and of any foreign corporation keeping any such records in this state or having its principal executive office in this state, shall be open to inspection upon the written demand on the corporation of any shareholder or holder of a voting trust certificate at any reasonable time during usual business hours, for a purpose reasonably related to such holder's interests as a shareholder or as the holder of such voting trust certificate. The right of inspection created by this subdivision shall extend to the records of each subsidiary of a corporation subject to this subdivision.
(b) Such inspection by a shareholder or holder of a voting trust certificate may be made in person or by agent or attorney, and the right of inspection includes the right to copy and make extracts. The right of the shareholders to inspect the corporate records may not be limited by the articles or bylaws."
How about this, we come up with a date where some of us could demand to see the books of the company. We all send Corry separate letters that states the same day and time. We show up and have our own "Shareholder Meeting".
Check out this video on the Facebook page for Incrediwear: https://www.facebook.com/incrediwear/
If that does not take you to it directly it is the one where Corley is at Enloe Hospital.
"200 arm sleaves to the (Golden State) Warriors" this year Lindesy Vaughn wearing products, Kobe Bryant, Carson Palmer, etc, etc...then he says I developed this product by accident "I did it for myself"!!! No kidding, and he is still that way, "for himself".
WOW!!! Volume today. 10,000 shares, took out the .0001 offering and that is now the bid. I told Corley that I am starting my efforts to go after him and company. I will first do things that do not have permanent ramifications to shareholders. If that fails then it will be onto the "nuclear", as somebody else said, options.
I agree a reverse split is the right thing to do and is inevitable.
In regards to your question FD2you I can think of many reasons.
The company is growing, as far as I can tell they were doing around $1mill in sales 4 years ago and my guess is that they are doing around 3.5 to $4 million now. Not a bad growth rate but if they had the proper people, and dollars for building inventory and advertising the growth rate could be much higher.
How about using the stock as a way to attract good motivated employees with stock options. How about hiring somebody with good experience to run the company, give them lots of options, and turn them loose. Corley does not seem to have the experience/knowledge to take Incrediwear to the next level. He flies all over the world getting the product in many countries that amount to him having free vacations. 350 million people roughly in the US, that is one hell of a potential market if he could get things moving. All the Baby Boomers (me included) that have aches and pains.
I am not sure how old Corley is well into his 50's I would guess, what is his exit strategy? I still can not figure out why he would not do the RS and get things straightened out. It makes no sense. His net worth would be worth many millions and he would have a company to sell when he wanted to retire.
As a final note, he has given me documents that state "Star Nutrition dba as Incrediwear", if he tries to separate the two, or sell Incrediwear separately I will go after him with everything I have because I am tired of his BS and other companies/people who have lied to me in the past.
As somebody else said keep up the heat on him, call him, email him. Let him know we are tired of this. I told him I would give him a little more time because once somethings get started they are hard to stop. Please let him know that I am not alone.
That has been one of the things that I can not figure out, why does he not get it straightened out? It makes no sense to me. I have worked out what conservative valuations are on a sales and net income basis and he would be worth millions.
It would also be great for employees and growth. I get no straight answer, "we are trying to stay under the radar of Nike and Under Armour and other competitors". Give me a break, that might make sense over a short period of time but I have been hearing it for four years. As I tell him, it looks like he is hiding something ( to put it nicely).
Today he told me the lawyers told him not to communicate with me anymore. I told him to make a public announcement. If he is engaging the lawyers to get things straightened out that is a material event and should be publicized.
Hardlesson I have been in contact with him and I have let him know that if he does not get this straightened out soon I will go after him and STAU/Incrediwear with everything I have legally. This has been rather contentious and frequent since December. As I have stated to him, I am hesitant to start some of what I have planned due to the fact once it is started it is hard to stop (which would not be good for the company/shareholders). I have told him though I will give him a little more time to show me that he is finally doing it as opposed to just lip service.
My latest contact was yesterday and in that email he stated that he just had a meeting with lawyers ( California and Delaware lawyers).
In regards to one of your other questions, on his documents he uses the phrase "Star Nutrition dba Incrediwear". dba stands for "doing business as", therefore he can not later say Incrediwear is separate.
I apologize for not getting back to you sooner, I do not check this board daily.
I am with you pantherj. The disregard that Corley is showing people, that took him for his word and believed in him, is appalling to me. I can remember over the summer how he was bragging about Incrediwear having to pay taxes on the net income of just under $500,000.
The company is MAKING MONEY! Pure and simple and what he is doing is not right.
Several years ago I knew of another situation where public shareholders were getting screwed by a large company. I gave that info to a Securities lawyer and he did a class action suit and won some big bucks. The last thing he would want to do is get involved in this, but he owes me. That lawyer will be getting a call soon if Corley does not come around. In the mean time I plan on putting the pressure on him in other ways. I have lost money over the years in investments, that is part of the game, but when I know that I along with other people are being screwed the Irish comes out in me. He has the means to do a tender offer for the outstanding stock. He should do it immediately.
To start with he knows who I am especially after the emails we had going back and forth a week or two ago. I did a 3 year convertible note with Start Nutrition/Incrediwear that matured a few months ago. 2 weeks before I signed the deal was the last time he did any filings (2013) in regard to the common stock (as I said to him, "how do you think that made me feel"...sucker). Shortly after that he stopped press releases.I did not sign a confidentially letter.
Over the years I would visit the Chico Ca office and buy the product, I really like the product. I believe in the product and I believed in Corley. I watched the company grow over the years and saw all the new employees he would hire. He would send me pictures of Steph Curry wearing Incrediwear while warming up for the NBA finals. Incrediwear has contracts with the Warriors and many NBA teams along with many pro football and baseball teams. Look closely at the Facebook pictures and you see a wide variety of athletes. The product and the company are doing really well. As I said to Corley, why not get the stock straightened out. He could use the stock as a currency to compensate athletes, employees and investors. After 3 1/2 to 4 years I have been hearing the same story in regards to the stock "I am working on it"! In the mean time people that had faith in him are being ignored and screwed (me included since I also bought the common). In my book that is not right, I have been screwed to many times. As one of his emails from a week ago said "do what you have to do".
Posting here which is the easiest (and cheapest) thing to do and is step one. Over the next few months if I do not see any progress I will take further steps.
Hunter, specifically to your question, I do not know why he does not post the financials. He gave them to me, I suppose, so that I would renew my convertible which I did not. I have been hounding him about this for years to no avail.
As I previously stated I believe it is BS that Corley is not taking care of the shareholders as he should morally, ethically and legally.
The company is doing very well, why not live up to your obligations. Somebody sold some a few days ago at an absolute give away price, that is not right. I believe there is reason to hold the stock. The following are some financial numbers that I received from him for the year ending 2015:
Total Income and Sales: $3,035,618.75
Total Cost of Goods sold: $1,294,426.94
Gross Profit: $1,741,191.80
Total Expenses: $1,207,298.89
Total Ordinary Income: $533,892.91
Other, incl Franchise Tax of $41k and other Income: -36,037.89
Net Income $497,855.02
The market cap based on the last sale of shares was only $5,752.50. Compare that to Net Income. Even before that last sale when the price was .0001 x shares gives you a market cap of only $575,250.12. Therefore mkt cap at the higher price is only 1.15 x NET INCOME. Or .19 x Sales.
These numbers have been given to me by Corley. He has also been telling me for the last 3 to 4 years that he is going to get the stock straightened out and do a reverse split. The last time I was informed of this was less than a week ago when he said it was 80% done and had two lawyers working on it. He would not give me a time frame and I mentioned to him he should make an announcement to prevent people who have been loyal from dumping the stock. He declined, therefore my post.
I have owned STAU for several years now and I am tired of waiting, Corley get your act in gear. You are making money, your sales are up. You chose to be a public company now act like it.
What do you mean it is a private company? He stopped doing filings a few years ago but there is still a public float. Just because he stops doing filings does not mean that the company is now private. If he sells the company he owes 15% of the proceeds to the holders of that stock. I can not understand why he does not do a 1 for 1,000 reverse split and start filings. He has millions of $s in sales, is making a profit but it he is acting like he does not have a public company. Any lawyers out there?
Does anybody know how pictures can be posted on this page?
Today is Wednesday Sept 7th, tell your friend to put the 4 million shares out before 11 am Pacific time and I will buy them. I will be away from my computer after late this morning for the rest of the week. Have her put them in next week and I will try to buy the 4 million then.
FD2you I buy when the offer gets down to .0001 as I did today and many times in the past. Having a market cap of just over $1 mill is BS. Corley needs to come clean on this company, he was the one who choose to have a private company, time to be responsible.
The company is doing great ( sales and products), what is he waiting for?
New to board, not the stock. I have owned and followed this stock for several years. More importantly I have followed the company for quite a few years and that is why I have the BS at the end of my alias. Incrediwear is doing very well as a company and it is BS that the information flow has stopped. If you want to get rid of your shares hit the bid this morning, it is me.