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You Must Be Kidding !
So your saying that the Marshalls (Ed and Jill) never conti9nued to promise that the MZEI AcepticSure was developed by Dr Shannon and had the product tested and raised money from investors again and again all the while that Ed and Jill took big excessive salaries year after year then deferred their salaries when the company ran out of cash then took "note payables" from the company and jumped ship. After the remaining BOD hired new management (Dodd and his associates who added their own investment funds and had arranged for external independent testing (never had been done by the Marshalls or Shannon. The Dodd group had also arranged for private investors to invest in the company when the Marshalls filed for the involuntary bankruptcy and in effect blew the company away
This is how SCAMMERS ARE DESCRIBED.
Raise Money From Investors------Try to develop a Product------
Never make sales or get revenue from customers------Take Big Salaries and Expense Reimbursements-----Drain Company Cash to near zero---Then Leave Resign from Company----
This SCAM sounds just like the Theranos Scam Where Elizabeth Holmes CEO raised money for new way to do blood testing and who now is under criminal indictment for fraud
BenK: You obviously have not done your homework and research. Dodd was one of the founders of GeoVax back in 2011 and has been on the Board of Directors since then. He was named the CEO after the tragic moves by the scammers "the Marshalls". Check out the report below about the progress of the research done by GeoVax. MZEI and the Marshalls never even got to this point. The only thing they accomplished is scamming all the investors (including you) out of big bucks over many years,
ATLANTA, GA, May 15, 2019 – GeoVax Labs, Inc. (OTCQB: GOVXD), a biotechnology company developing human vaccines, announced that it will deliver a presentation showcasing the Company’s unique technology during the Innovative Vaccines Against Resistant Infectious Diseases and Emerging Threats Conference, presented by the Microbiology and Infectious Diseases Discussion Group of The New York Academy of Sciences. The conference is being held May 20, 2019 in New York, New York. GeoVax’s presentation is entitled “Development of Single-Dose Vaccines for Emerging Infectious Diseases Using a Novel Plug and Play Live Viral Vector Platform, Preclinical Data for Zika, Ebola and Lassa Fever Vaccines as Examples.”
The poster presentation will be delivered by Michael Hellerstein, GeoVax’s Director of Regulatory Affairs and Quality Systems, and will feature GeoVax’s “Plug and Play” vaccine platform which utilizes its recombinant Modified Vaccinia Ankara (MVA) vector to express foreign antigens on virus-like particles (VLPs) in the person being vaccinated. The MVA-VLP platform has several advantages including the ability to use single inoculations to achieve full protection. Single-dose protection is a favorable characteristic of a vaccine for emerging infectious disease outbreak response, given the speed of spread of pathogens and the impracticality of multi-dose regimens in the under-resourced settings where outbreaks often occurs. In studies for Ebola, Lassa and Zika, representing important human pathogens from 3 different virus families, a single dose of GeoVax’s vaccine fully protected animals against a lethal challenge. These serve as examples of the broad utility of the MVA-VLP platform for many more indications. GeoVax’s MVA platform has previously been shown to elicit both durable antibody and T cell responses against HIV in several clinical trials.
About GeoVax
GeoVax Labs, Inc. is a clinical-stage biotechnology company developing human vaccines against infectious diseases and cancer using a novel patented Modified Vaccinia Ankara-Virus Like Particle (MVA-VLP) based vaccine platform. On this platform, MVA, a large virus capable of carrying several vaccine antigens, expresses proteins that assemble into VLP immunogens within (in vivo) the person receiving the vaccine. The production of VLPs in the person being vaccinated mimics virus production in a natural infection, stimulating both the humoral and cellular arms of the immune system to recognize, prevent, and control the target infection. The MVA-VLP derived vaccines elicit durable immune responses in the host similar to a live-attenuated virus, while providing the safety characteristics of a replication-defective vector.
GeoVax’s current development programs are focused on preventive vaccines against HIV, Zika Virus, hemorrhagic fever viruses (Ebola, Sudan, Marburg, and Lassa), and malaria, as well as therapeutic vaccines against chronic Hepatitis B infections and multiple cancers. The Company has designed the leading preventative HIV vaccine candidate to fight against the subtype of HIV prevalent in the larger commercial markets of the Americas, Western Europe, Japan, and Australia; this program is currently undergoing human clinical trials managed by the HIV Vaccine Trials Network (HVTN) with the support of the National Institutes of Health (NIH). GeoVax’s HIV vaccine is also part of collaborative efforts to develop an immunotherapy as a functional cure for HIV. For more information, visit www.geovax.com.
Actually there is a company that has a process for removing pathogens from the blood supply approved by the FDA and regulators in many other countries around the world . Company is Cerus Corp. and trades as CERS
Cerus Corporation is a biomedical products company focused in the field of blood transfusion safety. The INTERCEPT Blood System is designed to reduce the risk of transfusion-transmitted infections by inactivating a broad range of pathogens such as viruses, bacteria and parasites that may be present in donated blood. The nucleic acid targeting mechanism of action of the INTERCEPT treatment is designed to inactivate established transfusion threats, such as hepatitis B and C, HIV, West Nile virus and bacteria, as well as emerging pathogens such as Chikungunya, malaria and dengue. Cerus currently markets and sells the INTERCEPT Blood System for both platelets and plasma in the United States, Europe, the Commonwealth of Independent States, the Middle East and selected countries in other regions around the world. The INTERCEPT red blood cell system is in clinical development.
I agree with your analysis:
When I read the new documents my thought that the Marshalls still owed their law firm fees for handling the bankruptcy case.
The Trustee and his law firm got paid out of the bankruptcy estate with the money the Marshalls put in ($500,000) . The law firm representing the Marshalls (MEYERS Firm) would have been paid by their clients (the Marshalls) Reading through the new court documents it appears that the Meyers law firm is still owed fees from the Marshall's and are not able to pay them. Thus the Marshalls claim that the new management of Medizone was responsible for the demise of the company. Poppy Cock! The new management was just about to raise $1 million (from 2 VC investors) to complete the testing and review by the FDA and had a signed agreement and a good faith $100,000. The Management had a contract to proceed until the Chapter 11 filing by the Marshalls. The Marshalls are claiming fraud by the management in an attempt to get their attorneys paid after they conned the firm MEYERS) to represent them. THE MARSHALLS HAVE "UNCLEAN HANDS"
The unclean hands doctrine is an EQUITABLE defense and is sometimes referred to as the "dirty hands" doctrine. Under this defense, the person being accused of breach argues that the Plaintiff is not able to obtain relief because of their unethical acts or has acted in bad faith with respect to the subject of the complaint.
It appears that the Marshalls conned their attornys to represent them, and didn't have the funds to pay them. The latest postings from the Trustee discloses an agreement that assigns the company claims to the Marshalls who then entered into a contract with the Meyers firm to represent the Medizone bankrupt estate to sue the former management team for filing for the Chapter 7.
Wow do the Marshall's have BIG Bal** considering they totally scammed the investors over many years and paid themselves handsomely despite never producing a finished product or even made any sales. The millions they paid themselves were never produced from any sales but rather they kept going to the shareholder well, and using investors money sucked the funds out of the company. The have nobody but themselves for the company bankruptcy. They were like "bloodsuckers" and then walked away when they ran out of blood.
The remaining management had arranged for a financing and had filed a S1 to issue stock in return for funding the FDA process, but then the Marshall's "pulled the plug" on the company. And now they are up to their old tricks and scamming the Meyers law firm. I would have thought that the Meyers law firm was smarter that that.
Bottom Line Shannon was Neither !
Don't know if he was in cahoots with the Scammers or just a failure.
History and data indicate that Ed (former firefighter) and Jill
(faux doctor) had engineered prior scam products as well.
It should have relevance to investors even now! But for the actions of the SCAMMER FAMILY (the Marshall's)who had ripped off all the long suffering shareholders over many years by stuffing their own pockets with funds that investors put into the company to pay for research and development etc. even while the company had little or no revenue and went to the investor "well" time and time again with nothing but promises and BS. Real innovators and creators of new technology scrimp and save and sacrifice to bring their product to market. NOT THESE PEOPLE ! They had no clue and continued to raise money from investors and pay themselves very well. Finally when experienced and successful business people were brought in to move toward completing the AsepticSure development and bringing in Private Equity investors to complete the process the SCAMMERS pulled the "rug" out from under them.
I have participated is several "start up" companies who raised funds from private investors ,then from VC's and then 1 went public and 2 others were bought out by much larger companies for their technology, and all had a very nice return to the original investors. What troubles me is not the loss of money as it has happened before, BUT I detest SCAMMERS who have ripped off their investors.
I am NOT LIVING IN THE PAST NOR PRETENDING THAT THERE IS HOPE !!
I moved along many months ago and have many "living things"
What I OBJECT TO is the recent petitions to the Bankruptcy Court by the SWINDLERS and FRAUDSTERS the Marshalls to demand that the individuals hired by the Medizone Board (Esposito (Board Chair); Dodd, Theodore, and Zirzow/Attorney for MZEI) appear for Examination/Deposition in Regard to the Bankruptcy after the Marshall's filed the Original Petition for Involuntary Bankruptcy setting off the entire liquidation, right before the new Management Team had entered into a financing agreement which would have funded going forward to the FDA testing and hopefully the approval of the device. The new management had filed for a stock issue leading to the private equity funding to fund the approval and marketing of AsepticSure
Thinking back, under the Marshalls MZEI had never had any earnings during their leadership of many years, BUT they raised lots of money from investors to fund the company, and then paid themselves big salaries and took the money when the company raised it from investors and took note payables when no money available. They then left the company only to file for the Involuntary Bankruptcy using the notes for the reason just as the company was moving forward. Rumor has it that the "New" angels (or suckers) that the Marshall's found have flown the coop and now it appears that the Marshall's have had to assign any settlements they might or might not get to their attorney's to pay their fees so they might be getting screwed too. OH Well ! Can't wait for THE REST OF THE STORY :)
WOW I was preparing the data for my tax filing including the documentation for my loss on my MZEI investment so took a look at the message board to see if anything doing. In looking at the messages I saw the Court Filings for interviews/depositions in March for Esposito, Dodd, Theodore, and Zirzow and can't figure out why?
Upon further reading of the message board I see that the SCAMMERS Ed Marshall and Jill Marshall have assigned their claims against Medizone to their bankruptcy attorney's they hired to file their Bankruptcy Petition against Medizone just before the new management were about to close on a financing to finally proceed to the FDA approval. My best guess is that the Marshall's and Shannon scammed their lawyers as well as they do not have the funds to pay they for their services. My QUESTIONS-- What happened to the $200,000 that was supposed to have Shannon proceed to get the FDA approvals that was to happen in the next 90 days after the court approved and accepted the bankruptcy petition? WHERE did this $200,000 go. Did Shannor and the Marshalls use the funds for salaries like they did in the past every time they got money from the investors? What happened to the additional $300,000 that was paid after the SCAMMERS won the final bid the buy the MZEI assets. Where did this money go? Were the claims filed with the Bankruptcy court including "priority claims" for current and recent deferred salaries to current employees get paid from the total of $500,000 deposited with the Trustee? Did the Trustee get paid from the $500,000 ? Lots of questions BUT no answers. It appears that THE SCAMMERS HAVE STRUCK AGAIN even against their own attorney's this is what is called.... extreme chutzpah !!
PERHAPS EDDIE IS A LOSER AND NOT A WINNER. AFTER SCREWING ALL THE STOCKHOLDERS OVER AND OVER AGAIN HE IS PAYING $500,000 FOR NOTHING.
SERVES HIM RIGHT FOR HIS ONGOING CRIMES AND CONS AND FRAUDS.
DOING RESEARCH ON LINE I CAME ACROSS THIS INFORMATION.
1. Peracetic acid has been used for decades as a bleaching agent in the pulp industry. It is well known in that industry as well as the health care industry as a cleaning agent for stethoscopes, blood pressure cuffs etc.;
------------------------
2. It has the same oxidizing potential as H2O2 of 1.8 and at high concentrations can achieve a 4 log kill for most bacteria;
Quote: “…after which the room was exposed for ~8 minutes to the dilute peracetic acid-hydrogen peroxide aerosol. After scavenging the aerosol and the surface had dried (<1 hour), we sampled each exposed duplicate inoculated site and again found total sterilization, most impressively, even with 10,000 spores of C.difficile.”
http://www.altapurecarolinas.com/DrMakiLetter.pdf
Dennis G. Maki, M.D.
Dr. Maki is the Ovid O. Meyer Professor of Medicine, Head of the Section of Infectious Diseases at the University of Wisconsin Medical School in Madison, Wisconsin, and Attending Physician in the University of Wisconsin Center for Trauma and Life Support. In his activities as an infectious disease consultant, intensivist and hospital epidemiologist, Dr. Maki has devoted his research career to the study of pathogenesis, diagnosis and prevention of nosocomial infections, particularly bloodstream infections caused by intravascular devices and the management of septic shock and other life-threatening infections. A past consultant to the CDC, NIH, FDA and HHS, he is a former President of the Society for Healthcare Epidemiology of America and Councillor of the Infectious Diseases Society of America. From 1987 to 1994, he was a member of the ICAAC-ASM Program Committee and from 1989 to 1995, served on the ABIM Board of Critical Care Medicine. Dr. Maki has won numerous awards for teaching at the University of Wisconsin and nationally. In 1994, he received the CIPI Award of the International Congress on Infection Control, Societe de Pathologie Infectioense de Langue Francise, the World Health Organization and the CDC, for his contributions to the prevention of infection. In 2000, he was made a Master of the American College of Physicians and received a Society Citation from the Infectious Diseases Society of America for lifetime contributions in the field of infectious diseases. In 2001, he received the Hilldale and the Belzer awards from the University of Wisconsin for achievements in teaching, research and service. Following the events of September 11, 2001, Dr. Maki was appointed to the Wisconsin Medical Society Taskforce on Bioterrorism, the Governor’s Bioterrorism Preparedness Task Force and as a consultant for the National Response to Bioterrorism of the Centers for Disease Control; in 2002, he named to the U.S. HHS Secretary’s Council on Public Health Preparedness.
http://multimedia.3m.com/mws/mediawebserver?6666660Zjcf6lVs6EVs66S89tCOrrrr..
-------------------------
3. Ozone has an oxidizing potential of 2.1 and at high concentrations can achieve a 4.5 log kill for most bacteria;
Quote: “At 50-180 ppm ozone, bacterial kill was negligible; however, at 500 ppm ozone, there was a >6 log reduction in bacteria compared with the unexposed control discs (Table 1).” (emphasis mine)
Effectiveness of a novel ozone-based system for the rapid high-level disinfection of health care spaces and surfaces
Dick Zoutman, MD, FRCPC,a Michael Shannon, MD, MSc,b,c and Arkady Mandel, MD, PhD, DScc
Kingston, and Ottawa, Ontario, Canada
------------------------
4. Trioxidane, which is derived by mixing ozone and peroxide, has an oxidation potential of 2.8 and is only exceeded by fluorine, which has an oxidizing potential of 3 (very dangerous). With this extremely high oxidative potential, trioxidane can readily achieve 6-7 logs of kill for all bacteria including both aerobic and anaerobic spore formers such as Clostridium difficile and Bacillus subtitles (surrogate for anthrax) in biofilms; and (emphasis mine)
Quote: "More studies are needed to examine the applicability and compatibility of this system in actual hospital facilities, such as operating rooms, patient rooms, laboratories, and morgues, and with the materials and equipment that might be exposed to this ozone-based disinfection process." (emphasis mine)
Effectiveness of a novel ozone-based system for the rapid high-level disinfection of health care spaces and surfaces
Dick Zoutman, MD, FRCPC,a Michael Shannon, MD, MSc,b,c and Arkady Mandel, MD, PhD, DScc
Kingston, and Ottawa, Ontario, Canada
------------------------
5. Although peracetic acid (the basis for Altapure) may be marginally effective in an empty room or on non-electronic equipment such as stethoscopes, its effects on sensitive electronic devices is unknown and our engineers advise that it cannot be used to sterilize circuit boards during manufacturing.
Attack Agent Independent: The Altapure ultrasonic system can aerosolize various agents including PPA, H2O2, Enzymes, etc.; it is not limited to a single agent as are vaporized hydrogen peroxide (VHP) systems. This feature will provide flexibility to aerosolize future chemical agents.
Agent Versatility: The dispersal system can be configured to output PAA and an enzyme from the same piece of equipment in sequence and at differing droplet sizes. The PAA will be effective on bio- agents and the enzymes effective on chemical agents including pesticides.
Corrosiveness: A 1% PAA solution has been shown not to effect materials found in the typical hospital setting including electronic equipment such as computers, printers, scanners etc. PAA is used to disinfect endoscopes and is currently used in hospitals to clean various surfaces by the “dip-wipe and drop” method. PAA has been widely used for over twenty years.
http://www.altapure.com/advantage.php
http://altapurehealthwest.com/uploads/Altacare_Safety.pdf
------------------------
The key difference here between peracetic acid and trioxidane is the 33% increase in oxidizing potential of Trioxidane, which is supported by its unmatched efficacy across all pathogens in a manner virtually to that of the human body. It is also noteworthy that there has been no published data on bacterial kill with peracteic acid either in the laboratory or complex settings of a hospital . We could not find any peer review or published research to support the Altapure claims of 100% kill (>6 log) and the well established differences in oxidizing potential (1.8 vs 2.8) would draw into question the validity of their claim.
@@@@@ Raven Labs Validation Report @@@@@
http://altapurehealthwest.com/uploads/Raven_Labs_Validation_Report.pdf
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As a leading infectious disease specialist, researcher and author of hundreds of articles in this area, Dr Zoutman is familiar with almost all imaginable systems for hospital disinfection (see slide presentation attached). This system as a means of decontaminating hospital spaces and content is unfamiliar to members of the Ontario Infectious Disease Control Committee (chaired by Dr Zoutman).
Interesting?
On TUESDAY, JUNE 1, 2010 Dick Zoutman gave an oral presentation at the Community and Hospital Infection Control Association (CHICA) NATIONAL EDUCATION CONFERENCE on the “EVALUATION OF THE EFFICACY OF STEAM DISINFECTION Of IN-VIVO HOSPITAL SURFACES”
The exhibitor at BOOTH/TABLE 213 that same year was:
Altapure Canada Inc.
3035 Larkdowne Road
Victoria, BC V8R 5N3
800-365-3812
www.altapurecanada.com
“dry fog” technology for large-scale cold disinfection.
100% kill without exposure limits, toxic residue, or
residual moisture. fast, cost-effective, safe, and simple to use.
------------------------
It is always suspicious when a company in this field does not have any medical professional voice on staff. They have clearly not taken the normal road toward obtaining recognition with the scientific and medical community which has clear established pathways to validation; i.e. documented and published scientific studies, peer review journal research, presentations at medical conventions.
-------------------------
Without published data that has been verified by outside sources it is hard to imagine them every gaining traction. With an oxidation potential only 60% of that for Trioxidane, it is difficult to imagine how they could become competitive. Both approaches are "green" and both (as best we can tell) may be comparable in terms of time, but both systems are not comparable in terms of efficacy."
Raven Labs Validation Report
http://altapurehealthwest.com/uploads/Raven_Labs_Validation_Report.pdf
-----
VAN NUYS, Calif., June 5, 2012 - ITT Exelis (NYSE: XLS) and Altapure, LLC are launching a new model of their state-of-the-art disinfection system at the Association for Professionals in Infection Control and Epidemiology annual conference this week in San Antonio, Texas.
The two companies have worked jointly for the past seven years to develop a portable nebulizer that eradicates viruses, bacteria, spores and fungi in less than 10 minutes. The Exelis technology enables the ultrasonic subsystem of Altapure’s nebulizer to deliver a robust, dense cloud of sub-micron droplets, providing high-level disinfection or decontamination of large areas. The first application of the technology has been in medical centers where cleanliness and patient safety are paramount.
The initial Altapure system has been successfully piloted in targeted hospitals during the past year, and the new model, the HJ-30i, delivers major breakthroughs in size, weight, performance flexibility and scalability.
http://www.exelisinc.com/News/PressReleases/Pages/ITT-Exelis-and-Altapure-introduce-breakthrough-in-ultrasonic-disinfection.aspx
-----
“In all the testing that I have done over the years at Raven, I have never seen any method kill both G. stearothermophilus and B. atrophaeus in less than fifteen minutes and yours was showing all killed in less than a minute. I was floored.”
Deb Dwyer
Director of Operations, Raven Labs
http://altapure.com/about/why-altapure/
http://altapure.com/news/company-news/
WE ARE ALL SCREWED !!
You seem to be operating in FANTASY LAND !
Where were you when all the stockholders were getting screwed by the Marshalls and by Shannon ?
To get AsepticSure to the point of commercialization and distribution it will require several millions of investment dollars, and that is why the Dodd group filed the S-1 and was working with 2 experienced private investment groups with experience in the medical device industry, ONLY to be deep sixed by the scammers, Jill and Ed Marshall and Shannon as well.
Sorry for your losses, and mine also. GET REAL - SUCK IT UP !!
The TIME really does not matter to the Bankruptcy as in 2017 there were 6961 individual bankruptcy cases filed in the Las Vegas Bankruptcy Court . There are only 7 Bankruptcy Trustees authorized in Nevada and note there are only 3 of them located in Las Vegas. While they can all work in Nevada there is a separate Bankruptcy Court in Reno with more debtors to represent
There is of course enough business for all of them so they like to turn over the cases really quickly and get their fees especially in Chap 7 cases, thus they could not care to stretch them out. GET THE MONEY AND RUN TO THE NEXT CASE. They could care less to wait for the FDA process. From what I have read here Shannon has little to present to the FDA he just sucked out another $60,000 for himself (@ $20K a month) as a co-conspirator along with the (scamming) Marshall's.
NEVADA
Note: The individuals listed are private parties, not government employees.
Jeri A. Coppa-Knudson
PMB 62
3495 Lakeside Drive
Reno, NV 89509
E-mail: renobktrustee@gmail.com
Phone: (702)329-1528
Marianne Eardley
P.O. Box 460
Elko, NV 89803
E-mail: meardley@frontiernet.net
Phone: (775) 738-2043
W. Donald Gieseke
18124 Wedge Pkwy, #518
Reno, NV 89511
E-mail: wdg@renotrustee.com
Phone: (775) 742-9107
Shelley D. Krohn
510 S. 8th Street
Las Vegas, NV 89101
E-mail: shelley@trusteekrohn.com
Phone: (702) 421-2210
Fax: (702) 366-1939
Christina W. Lovato
P.O. Box 18417
Reno, NV 89511
E-mail: trusteelovato@att.net
Phone: (775) 851-1424
Lenard E. Schwartzer
2850 South Jones Blvd, Suite 1
Las Vegas, NV 89146 -5308
Phone: (702) 307-2022
Brian D. Shapiro
510 S. 8TH Street
Las Vegas, NV 89101
E-mail: trustee@trusteeshapiro.com
Phone: (702) 386-8600
Fax: (702) 383-0994
No doubt, even if the Trustee had the FDA approval, the price to shareholders would be nowhere near where it might have been had Marshall not been so stupid.
THIS IS THE BOTTOM LINE FOR SURE !
YOU ARE ALL PRACTICING "MENTAL MASTURBATION"
The job of the Trustee under the bankruptcy statutes is to take control of the bankrupt entity, identify all the assets and liabilities and notify all owners and creditors etc. then arrange for a liquidation. The 7 is for quick liquidation at a public sale open all bidders lead by the "stalking horse" bidder to set a reasonable minimum bid.
The main interest of the trustee is to arrange all the details in accordance with the statute and collect all his Expenses and Fees due to him/her and get on to the next assignment---not attempt to enhance value to the stockholders.(note how many court hearings and documents prepared by the Trustee's law firm partners creating lots of fees over many months)
Before the bizarre actions of the Marshalls and Shannon, Dodd and Esposito had lined up financing, locations to do actual onsite testing of AsepticSure devices in a hospital environment and a scheduled meeting with the FDA to set the testing protocols.
The Scammers then appeared "out of the Blue" to screw all you investors again. All he did for 20 years is raise money from all of you time and time again, and then he and Jill (co-scammer from what is on this board) and live on your money. I feel really sorry for you for having trusted this group.
Yes I sure do agree with the history of Medizone as outlined by Marakis in his resent post!
Ed and Jill Marshall as well as Dr Shannon as their co-conspirator should also be shamed for as was mentioned in the post " In a revolving door fashion Ed and Jill paid themselves with monies borrowed from others and put that into their salary pocket".
You are also correct in assuming that the Marshall's have attached themselves to another "pigeon" ( who according to the dictionary --not only a bird with grey and white plumage but ALSO DEFINED AS "a gullible person, especially someone swindled in gambling or the victim of a confidence scammer or trickster" PT Barnum said that "There is a sucker born every minute.
Marshall et.al has likely found another sucker to front the $500,000 ( $200,000 loaned to the Company for a 90 day period to move toward their meeting date with the FDA plus an additional $300,000 or so, to total to the amount they are bidding for MZEI at the upcoming asset auction. Based on their motions to the Bankruptcy Court relative to Innovasource it appears that they possess the only AsepticSure devices to allow testing, so for the past 90 days there was really nothing they could do for testing.
In order to actually get FDA approvals for the marketing of this product, it would require many months of real on-site testing in a real medical or hospital environment. Several experts in this area have indicated that this "real" testing would require between $2 to $3 million and a year or so to complete, and to set up marketing arrangements.
Based on the history of these 3 individuals it is most unlikely that the Marshall's and Shannon can scam another funder (sucker) to get it done based on their unsuccessful history so far.
BUT as I said, there is a sucker born every minute so they might find another sucker to scam.
As far as I understand, the 200K is a separate sum dedicated to keeping the lab running
That is correct about the $200K
But if you read that contract in detail EM has a priority claim on the assets of MZEI . I do not know if he has actually invested these funds so that the testing leading up to the FDA meeting is in progress. What makes me feel that it is not begun, is that the most recent filing to the Court asks for depositions for Innovasource who have the 2 AsepticSure machines for testing purposes.
I do not believe that the testing has begun and thus it is most likely that the funds have not yet been invested. In any case if it has been invested EM is entitled to the First $200 as a priority debt and he can if it goes to auction by the trustee EM has the $200K due to him and by adding an additional $300K becomes the "Stalking Horse" bidder no matter what color it might be :)
I am well aware that 500 and 200 equals 700 as well :)
What I said is that at the end of the 90 day period EM gets credited with $200.00 according to the note and his agreement with the Trustee.
That credit of $200K plus another $300K out of pocket equals $500K which is what he is bidding for the company "based on EM "stalking horse" bid for the unencumbered assets of MZEI. Others will also be able to bid for the company which will have to be greater than EM's bid.
That totals $500K where I sit :)
Either way the long suffering shareholders GET SCREWED AGAIN by EM,& his co-conspirators including MS. !
From what I have read on the various filings I do not know how you get to $700 thousand?
The initial proposal was for EM to finance $200 thousand for a 90 day period under the Chapter 11 reorganization filing to run the company for 90 days hoping to get FDA approvals.
Subsequently MZEI filed a Chapter 7 bankruptcy petition (liquidation) wherein the Trustee would accept bids to buy the assets of the company so Medizone would no longer exist.
EM then proposed to end the Chapter 11 and accept the Chapter 7 and made a proposal to buy at auction all the assets of the company "free of all liabilities and shareholders" for a "stalking horse" bid of $500 thousand.
NOT an investment of $700 thousand. It is $500 thousand total.
More than likely NOT EM's money so big question who is financing his bid? Could it be one or two of his big investors that stood out looking at back SEC filings for MZEI? A few individuals seemed responsible for raising big money from friends and family (possibly up to $5 million) so could they be hoping to get bailed out for around $500 thousand and scwewing the rest of the investors? One wonders why MS for a number of months was not so cooperative for months and then shows up on EM 90 day proposal filed with the bankruptcy court....strange?
"With all of his prior successes, it's interesting that he apparently felt ill-equipped to seek funding from the many people he'd presumably benefited from his prior successful pursuits. "
He did arrange for financing from 2 private equity investment companies. These 2 companies together provided current financing ($250,000 each) and had signed an agreement to provide additional funding to be secured by Medizone putting shares of stock to them for cash according to the S-1 filing to enable the company to move forward toward approvals and commercialization. Then Ed filed the Chapter 11 and screwed it all up and pushed the company off the proverbial cliff.
Marshall according to some correspondence that I read on this Board was worried that his significant amount of shares would be too diluted so he filed the chapter 11. If Marshall now has the $500,000.00 to now buy the company at auction from the bankruptcy estate and wipe out all of you long suffering shareholders who he lived off for decades, why did he not invest it in Medizone to help you out? It is apparent to me that he has some financial backer behind him out to screw you again and keep the company all for themselves. You can thank Ed for your losses!
I totally disagree that Dodd fell at the "last hurdle".
Ed and Jill Marshall pushed Medizone off a cliff by filing the Chapter 11 Bankruptcy Petition .
With that PUSH the Institutional Investors who had committed to funding Medizone fled the scene as there is no way they would deal with the Marshalls as they knew the history of this Con Man
and knew of his past and incompetence. Therefore all parties after consulting with their attorneys determined that the Marshalls would screw up again.
You obviously have ignored looking at David Dodd's LINKEDIN.COM bio.
His "Job" is being a consultant and Officer/Director for a number of companies . Some of these companies he has been a founder and involved in their original funding and financing. These are obviously the result of his long time success in the Pharmaceutical and Bio-Tech industry. To me that's a job. (and it has over the years paid very well).
My research tells me that Ed Marshall has been a fireman and his wife Jill is not a medical doctor but is a doctor of Naturopathic Medicine guided by imagery and intuitive energy techniques .(what)
Here is what I know about ARMUNE:----
David Esposito, president and CEO of Armune BioScience, says a recent transaction in which Wisconsin-based Exact Sciences acquired Armune's underlying technology is the final chapter of "a good Michigan story."
The transaction was announced at the JP Morgan Healthcare conference in San Francisco in December, but details of the transaction were not released.
Esposito says that Armune, headquartered in Kalamazoo with lab operations in Ann Arbor, has been a Michigan success story from its founding in 2008, when it launched at the University of Michigan (U-M). It was supported by angel groups based in the state, received financial help and mentorship through U-M's Biomedical Research Council, and expanded its Ann Arbor lab operations after landing $700,000 in seed capital in 2015. Additionally, a Michigan consulting firm, EMA Partners, helped broker the deal with Exact Sciences.
"The only blood-based non-PSA cancer testing in the world was supported by the Michigan life science community," Esposito says.
Armune was the maker of Apifiny, a blood test that helps doctors diagnose prostate cancer without relying on prostate-specific antigen (PSA) tests.
Esposito notes that PSA tests give a lot of false positives, because high PSA levels can be related to normal changes from aging or other changes in the prostate that aren't cancer. In contrast, Apifiny uses biomarkers that indicate the immune system is responding to cancer.
The match with Exact Sciences was a good one, since both companies had a goal to tackle the most commonly-diagnosed cancers. Exact Sciences is on a mission to address the 10 deadliest cancers, including breast, prostate, lung, and colon cancers, and one of Exact Sciences' earliest products was Cologuard, a screening test for colon cancer.
Cologuard, however, is a fecal test, and Esposito says Armune's complementary technology will help Exact Sciences develop more blood-based tests for cancers.
With Exact Sciences having purchased the underlying technology, Armune BioScience still exists as a company name, but has ceased lab operations. Esposito says the Armune team is looking for the next great technology to build another company on.
"Most of our team is looking for another innovation to scale up and see how it goes," he says.
"the promise of medical ozone therapies to the aid of humankind, has been a crashing FAILURE! "
futurist7 I couldn't agree more.
Unfortunately the company was on a "real" path to commercialization before it was interrupted by the untimely filing of the Chapter 11 by the Marshall's, the inept group that had screwed up time and time again as they continued to piss off many potential partners that they tried to work with to facilitate testing and manufacturing alliances by their hubris and incompetence.
After a detailed search, the Board had located an experienced and successful Pharma executive to move the AsepticSure product to commercialization with the necessary funding by Institutional Investors to "Bring Medical Ozone Therapies To The Aid of Mankind.
HOW SAD !
Why would you expect to hear anything from Dodd?
He was hired by the Board to work for Medizone as the CEO and now he has no position.
The Trustee is now the one who is the executive and has all the power of the company. The Trustee under appointment by the Court is the only decisionmaker and the Trustee has all the Company records etc.
If you have something to add or an opinion to express contact the Trustee.
Trustee Information
Posted on May 16, 2018
The Company is now under the direction of a Chapter 7 trustee, and the Trustee now has absolute and full control over the remains of the business and its assets. The Trustee is Lenard E. Schwartzer, Esq., Schwartzer & McPherson Law Firm, 2850 South Jones Boulevard, Suite 1, Las Vegas, Nevada 89146, Phone: 702-307-2022. Email: trustee@s-mlaw.com
While we continue to believe strongly in the technology and its potential, The Company is no longer operational. At this time, all questions related to The Company should be directed to the Chapter 7 Trustee.
TO Jackcross18, ferrot & Teq0904
"What was Shannon's motive?"
Shannon obviously has been with Marshall for some time. Shannon prepared the pro forma financials outlining the cost for the 90 day period to proceed to the FDA meeting. Shannon inserted $60,000 for himself (at the monthly rate of $20,000).
He thinks he is going to “salvage something for the shareholders” This is just another fact that Shannon does not know how the FDA works in the approval process, as this meeting is just to discuss the protocols that are necessary to do the testing for the FDA to review at subsequent meetings. This will not happen in the 90 day period and the end result will be that the assets of the company will be sold at auction.
Marshall hopes to prevail at the auction screwing the long suffering shareholders again.
Ferrot says “why did Dodd choose to abandon them (shareholders) without putting up a fight?”
The Dodd group with the Board went through weeks looking for a solution and then only at the last day before the Bankruptcy court hearing filed their response to the court determining they had no other option, as the Institutional Investors pulled the financing based on the financing contract that had been signed weeks before, so they had no choice as the money disappeared.
I guess management did not hear from any stockholders saying they would be willing to put up millions of dollars $$$$ to fund the remaining steps needed to move to commercializing AsepticSure to put Medizone in position to be a successful business just like Dodd and his group had done many times before.
Its hard to believe so many on this Board do not realize that the ineptness and failures of the Marshall's and his buddies from the creation of the business with the failure of the blood cleansing product to the movement to the disinfecting product all the while that Ed and Jill Marshall lived off the funds they raised from investors.
Having known the Dodd group for over 20 years and knowing their many successes in the Pharma and Biotech industry I invested in Medizone when I saw the public announcement that Dodd had joined the company as CEO. I purchased shares on the open market with the expectation that they would succeed over the next few years.
The filing of the Chapter 11 by Marshall was a total shock and his statement in a letter from him to BenK and other shareholders saying he was concerned about potential dilution is hard evidence to me that Marshall does not care about all the long suffering shareholders as he should have known that it would be the end of the company, and that it would be liquidated and he would be the beneficiary. If he did not think it through, he is more stupid and devious than I thought.
Really? Your reply tells me that you have little or no understanding of what happened, or you believe the BS that Ed Marshall is spewing out about a reorganization.
First of all, Marshall's filing of the Chapter 11 was an unexpected shot at the Company after his failure of getting AsepticSure off the ground.
Marshall over the years enriched himself at the shareholders expense.
Dodd was chosen by the Board to help the company move to commercialization, and he was putting all the pieces together.
After Marshall filed the Chapter 11 with the Court, Medizone had only a set number of days to file their answer to this action or default.
Dodd and the Board consulted with the Company attorneys, the institutional investors who were participating in the funding to achieve the company goals, and with many other advisers.
Only then , the day before the reply to the court had to be filed, that the Board followed the advice of the Advisors and Attorneys and filed the Chapter 7.
"Welcome to Biotech Investing" Really ?
David Dodd's Executive Experience in Biotech-----
Medizone's Board did an exhaustive search to locate a seasoned Pharmaceutical and Biotech Executive and look what happened when Ed Marshall and others screwed you again !!
Chairman Board of Directors
March 2010 to Present
GeoVax (OTC: "GOVX") is developing human vaccines for diseases caused by the Zika virus, hemorraghic viruses (Ebola, Marburg and Lassa), HIV/AIDS and other infectious agents. Company goals include developing novel vaccines for global markets, manufacturing and testing these vaccines under GMP/BLP conditions, conducting human trials for vaccine safety and effectiveness and, obtaining regulatory approvals to proceed toward successful product commercialization. Mr. Dodd is an active investor in GeoVax.
RiversEdge BioVentures LLC
CEO-Founder 2009 - Present
Seeking assets as the basis for establishing operating life science companies. Also, provide advisory, consulting, transactional and board services for the life sciences industry. Previous clients include Roche, Ichan Enterprises, Ray Biotech, Aruna Biomedical, GeoVax Labs, PNP Therapeutics and VaxyGen Holdings.
PNP Therapeutics
Feb 2011 - Apr 2013
PNP Therapeutics is a clinical stage company, developing gene therapy treatment for solid tumor mass cancers. Mr. Dodd is an active investor in PNP Therapeutics.
ArunA Biomedical
Feb 2010 to Apr 2013
ArunA is a privately-held life science company focused on the development and commercialization of stem cell research products and services to support basic research and drug discovery/development. The Company's patented cellular technology and proprietary media provide ArunA a unique offering to academic and industrial customers.
CEO & Co- Founder
VaxyGen
May 2011 to Mar 2013
VaxyGen consisted of three companies: VaxyGen Assay Services, VaxyGen Manufacturing Services & VaxyGen Vaccines. Mr. Dodd led provided the majority investment and staffing in support of each. For VaxyGen Vaccines, Mr. Dodd successfully negotiated and executed an exclusive agreement with the Serum Institute of India ("SII") providing VaxyGen Vaccines the exclusive rights to SII's existing vaccine portfolio for North America and Europe.
BioReliance Corporation
President, CEO & Chairman
Dec 207 to June 209
PreClinical CRO providing testing services within biologics and vaccines, as well as, specialty toxicology testing services to the pharmaceutical and biopharmaceutical industry. The Company was acquired from Invitrogen Corporation in April 2007 for $210 million. Mr. Dodd was a co-investor in the Company, responsible for re-establishing BioReliance as an independent operating company with annual revenues of $115 million. In January 2012, BioReliance was acquired by Sigma-Aldrich for an all-cash transaction of $350 million.
Whatisvalue asks:
Without FDA approval, anyone forcing BK liquidation really won't get much. With FDA approval, the Trustee would be grossly remiss to allow liquidation for the debt owned. So how does the company get to the point of FDA action?
This meeting with the FDA is just to set the protocol for the testing that the Company must do . What the Company and the FDA agree on is how Medizone should do the testing in a real environment ( a hospital etc) the company will go forward and do the testing under many varied conditions and environments. This will take many months to do, and then the company will take the test results and have further discussions with the FDA panel that is supervising the testing before the approval. This will take much more time and money than available for 90 days . If Ed Marshall and Dr. Shannon think otherwise, they are pulling the wool over your eyes and for sure over the Trustees eyes as well. Apparently the Trustee is more interested in his $15K fee + more time billing for his law firm than doing the right thing. Amazing to me!
HAVING READ THE LAST 10 POSTS reminds me of the story of THERANOS whose CEO Elizabeth Holmes and others were charged with defrauding investors with their startup medical company as they continued to raise money from investors but delivered nothing.
Criminal Charges Filed Against Theranos' Elizabeth Holmes, Sunny Balwani
Elizabeth Holmes in 2015. She and former Theranos COO Ramesh "Sunny" Balwani have been indicted on fraud charges.
The other shoe dropped for Elizabeth Holmes today -- the criminal one.
A federal grand jury has indicted Holmes on criminal charges of allegedly defrauding investors, doctors and patients as the head of the once-heralded Bay Area blood-testing startup Theranos.
The U.S. Attorney's Office for the Northern District of California said late Friday that Holmes and her former chief operating officer, Ramesh "Sunny" Balwani, have been charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. Each count is punishable by up to 20 years in prison, the U.S. Attorney's Office said.
Both Holmes and Balwani surrendered to the FBI and were arraigned in U.S. District Court in San Jose, CNBC reports. They were released on $500,000 bond each and ordered to surrender their passports at the arraignment, which was attended by Holmes' parents, the network reported.
The action comes three months after the Securities and Exchange Commission entered into a settlement with Holmes and Theranos over charges that the company perpetrated a "massive" and "years-long" fraud by exaggerating or making false statements to investors about the company's technology and financial performance. Balwani, 53, did not settle in that case.
Holmes, 34, is a Stanford University dropout who was once billed as the next Steve Jobs.
Each criminal account against Holmes and Balwani is punishable by up to 20 years in prison.
She claimed that Theranos could perform dozens of blood tests from a few finger-sticks of blood, an advance that would have disrupted the diagnostics industry now dominated by a handful of giant companies. But an investigation by Wall Street Journal reporter John Carreyrou exposed Theranos' claims as untrue, and its testing results as inaccurate. The company was forced to invalidate hundreds of thousands of blood tests performed on patients, and it eventually exited the consumer blood-testing business after the Centers for Medicare & Medicaid Services found deficiencies at the company's laboratory that the agency deemed life-threatening.
Acting U.S. Attorney Alex G. Tse portrayed the indictments against Holmes and Balwani as a warning against Silicon Valley companies who use deceit in their business dealings.
“Investors large and small from around the world are attracted to Silicon Valley by its track record, its talent, and its promise," Tse said. "They are also attracted by the fact that behind the innovation and entrepreneurship are rules of law that require honesty, fair play, and transparency. This office, along with our other law enforcement partners in the Bay Area, will vigorously investigate and prosecute those who do not play by the rules that make Silicon Valley work."
It's unclear how many people still work at Theranos, which has had to lay off the vast majority of its workers in the face of mounting scandals. But the company remained feisty as recently as three weeks ago, when it issued a rebuttal to a "60 Minutes" story timed to coincide with the release of Carreyrou's book, which depicted rampant unethical behavior by Holmes and Balwani. (Read the prologue here. It's a doozy.)
Peter Henning, a former senior attorney in the enforcement division of the SEC, said Theranos' statement came close to breaking a stipulation in its agreement with the SEC that prohibits it from denying the agency's allegations.
Vindication for Carreyrou
One aspect of the Theranos story is how one reporter, aided by whistleblowers, took on a Silicon Valley darling whose founder was well on her way to becoming a tech icon.
'It’s vindicating. I put three-and a-half years of my life into covering this story.'John Carreyrou, Wall Street Journal reporter who exposed Theranos as a fraud, on today's events
After Carreyrou's first stories exposing Theranos, he became Public Enemy No. 1 at the company, as it fought back by depicting his reporting as riddled with inaccuracies. (That particular press release, remarkably, is still available on the Theranos website.) Notoriously, at one point, employees who had gathered for a companywide meeting chanted "F*** you, Carreyrou" to voice their displeasure with him.
Carreyrou recently appeared on KQED's Forum radio program, and I asked him today how he felt about the indictments of Holmes and Balwani.
"It’s vindicating," he wrote in an email. "I put three-and-a-half years of my life into covering this story."
I am fully aware of the Aeterna information having accessed the details on Pager.gov.
I am also totally aware of Dodd's business history which is outstanding as he has had many business successes with both private smaller and startup companies as well as larger public companies and yes also as an executive with major companies like Pfizer, Mead Johnson, Abbott Labs.
I worked with David when he was a Director and Board Chairman of a large National Non Profit Health Organization and I was also a Director and National Treasurer. We both were volunteer workers and the organization had chapters across the U.S.
His ethics are beyond reproach!
Gelati the answer is quite simple.
David Dodd had invested his own money and purchased 1 million shares at the time he joined the company so there could be some funds to operate with. He was granted an option for 1 million shares by the Board to join the company, which he gave back to the company as part of the financing agreement to minimize dilution.
Dodd and his people were not taking any pay as they were trying to save the company.
He then convinced several of his former business associates to join him to work for Medizone to get the company going as he saw that there was a lot of potential for AsepticSure and together they arranged for financing and the S 1 offering to generate funding for them to move forward. THEN the Marshalls and their co-conspirators pulled the rug out from under them as the institutional investors backed out so they had no choice to file the Chapter 7.
The Marshalls had been bilking the company for years as they never created any revenues but continued to pay themselves with yours and the other investors money. you kept buying shares and they kept taking your money for themselves and to pay Shannon.
I am guessing you never read my prior post with the documentation that the Marshalls were using the company for their own piggy bank.
Sorry GELATI that I couldn't reply to your question sooner but I have been in business meetings for most of the day.
The reason for the Chapter 7 filing is that the funding that the Dodd group had arranged for was destroyed by the Chapter 11 filing by the Marshalls which was so unfortunate because the Dodd group had made significant progress toward commercialization and generating revenue toward the company survival until Marshall screwed it up.
I did some interesting research tonight by reading some of the older posts. The one that really caught my attention was one by BenK #48383 which contained the following:
The following is from post #48383 Wherein BenK is answering a post from ElisStaying which quotes a copy of an email that Marshall had sent to a long time stockholder to explain the reasons for his filing the Petition for Chapter 11
The only other perspective on his behavior comes from Marshall himself. He sent me a copy of an email that he sent to a long-time shareholder who had posted here today, which contains the following explanation for his actions:
And Marshall writes-------
“As time went on I became more concerned and started "calling around." What I found was appalling. The financial situation, certainly to my judgment, showed an imminent collapse on the horizon. Without paying the auditors from the 10K report, I did not see how they could even make the first quarter's 10Q filing. Medizone's patent attorneys had frozen them out of further work due to unpaid invoices. One of the engineers had not been paid in a year. Legal teams working on FDA work had not been paid, it went on and on.”
“Looking at the financial situation Medizone management had gotten into, deep in debt and with only death spiral funding with L-2 Capital and SBI Investments available, a chapter 11 reorganization - in my judgment - was the only possible way out of collapse. A Ch. 11 freezes current debt, and, with significant investment, possibly can allow a re-stabilization of the company.”
This sounds absurd given the progress made by the Dodd management including obtaining around $500,000 in current financing from L2 Capital and SBI Investments LLC pending the effectiveness of the S-1 Private placement for $1 million to get the company on the best financial footing that it ever had. There is no doubt that the very experienced executive team that Dodd put together would have made the company grow as AsepticSure became the market standard for the removal for pathogens from hospitals and other locations.
HOW DO I KNOW THIS? I went back and found the required Annual 10K filings for Medicare International for years beginning in 2009 which were filed by the Marshalls who controlled the company. they are as follows for 2009 - 2013 - 2019
Medizone 10K Filing with the SEC March 2009
Liquidity and Capital Resources
At December 31, 2008, the Company’s working capital deficiency was $3,394,071, compared to a working capital deficiency of $3,640,452 at December 31, 2007. The stockholders’ deficit at December 31, 2008 was $3,615,326 compared to $3,865,304 at December 31, 2007.
As a development stage company, the Company has had no revenues. The Company continues to require additional financing to fund its operations. The Company will also require financing to fund the research necessary to undertake its new business plans which contemplates testing and then marketing a system for hospital and medical sterilization. The Company’s only source of financing to date has been the periodic sale of its common stock. During 2008, the Company generated cash of $295,582 through financing activities, primarily through common stock purchases of $279,000. An additional $200,000 was raised by the Company through the sale of its common stock subsequent to December 31, 2008.
Given current negative cash flows, it will be difficult for the Company to continue as a going concern without an influx of significant capital. While the Company has continued to aggressively pursue potential financing opportunities, those efforts have to date produced only minimal results. In addition, previously anticipated and announced financing commitments have failed to be fulfilled in a significant manner.
The Company’s audited financial statements included in this annual report on Form 10-K have been prepared on the assumption that the Company will continue as a going concern. Through the date of this report, it has been necessary to rely upon financing from the sale of the Company’s equity securities to sustain operations as indicated above. Additional financing will be required if the Company is to continue as a going concern. If additional financing is not obtained in the near future, the Company will be required to curtail or discontinue operations, or seek protection under the bankruptcy laws. Even if additional financing becomes available, there can be no assurance that it will be on terms favorable to the Company. In any event, this additional financing will likely result in immediate and possibly substantial dilution to existing shareholders.
Medizone International SEC 10K Filing March 2013
Risks Related to Our Business
We have a history of losses and have a substantial accumulated deficit, which raise substantial doubt about our ability to continue as a going concern. We have incurred significant losses since inception, which resulted in an accumulated deficit of $30,084,992 as of December 31, 2012. These losses and this significant deficit raise substantial doubt about our ability to continue as a going concern. The accompanying audited consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.
As a development stage company we incurred significant accumulated deficits, and we can expect losses to continue for the foreseeable future. We have only recently begun to generate revenues from operations. No assurance can be given that our business activities will ever generate substantial revenues. Even with funding to continue our research and development activities, as well as revenues from our initial sales, we expect to continue to incur substantial losses for the foreseeable future.
We currently have limited financing to meet our operating expenses. We will require additional financing in the future to cover our operating costs. If we are unable to obtain additional financing, we may be required to take out bankruptcy or liquidate the Company. We have financed our operations since inception by the sale of common stock in small private placements to accredited investors and drawdowns under a private equity line of credit. There is no assurance we will successfully accomplish our objectives or that necessary additional financing will be obtained in a timely manner or on terms that are favorable to the Company.
Our net operating losses and our lack of revenues will require that we finance our operations through the sale of our securities for the foreseeable future. Our strategy for financing operations includes the sale of our common stock. The sale of equity securities or of securities that are convertible to our common stock will result in possibly significant dilution to our stockholders and may adversely affect the trading prices of our common stock. We will require substantial additional capital to meet our obligations and to commercialize our technology. The lack of assets and borrowing capacity make it most likely that such funding, if obtained, will be through sales of common stock or other securities. No assurances can be given that we will be able to obtain sufficient additional capital to continue our intended research program, or that any additional financing will be sufficient to satisfy our ongoing administrative and operating expenses for any significant period of time.
Medizone International SEC 10K Filing March 2017
We currently have limited financing to meet our operating expenses. We will require additional financing in the future to cover our operating costs. If we are unable to obtain additional financing or generate significant revenues from sales of our disinfection systems, we may be required to file for bankruptcy or liquidate. We have financed our operations since inception primarily by the sale of common stock in small private placements to accredited investors and drawdowns under a private equity line of credit. There is no assurance we will successfully accomplish our objectives or that necessary additional financing will be obtained in a timely manner or on terms that are acceptable to us.
Our net operating losses and our lack of revenues will require that we finance our operations through the sale of our securities for the foreseeable future. We will require substantial additional capital to meet our obligations and to commercialize our technology. The lack of assets and borrowing capacity makes it most likely that funding, if obtained, will be through sales of common stock or other securities. The sale of equity securities or of securities that are convertible to our common stock will result in possible significant dilution to our stockholders and may adversely affect the trading prices of our common stock. No assurances can be given that we will be able to obtain sufficient additional capital to continue our intended research program, or that any additional financing will be sufficient to satisfy our ongoing administrative and operating expenses for any significant period of time.
General economic conditions may affect our revenue and harm our business. Unfavorable changes in economic conditions, including declining consumer confidence, inflation, recession or other changes, may lead customers to delay or reduce purchases of our products and services, adversely affecting our results of operations and financial condition. Challenging economic conditions also may impair the ability of our customers or distributors to pay for products or services they have purchased. As a result, reserves for doubtful accounts and write-offs of accounts receivable could become necessary. Our cash flows may be adversely affected by delayed payments or underpayments by our customers.
We currently have a limited sales, marketing and distribution organization. If we are unable to develop our sales, marketing and distribution capability on our own or through collaborations with marketing partners, we will not be successful in commercializing our products. We intend to establish our sales and marketing organization with technical expertise and supporting distribution capabilities to commercialize our products and product candidates, which will be expensive and time-consuming. Any failure or delay in the development of our internal sales, marketing and distribution capabilities would adversely impact the commercialization of our products. We may also distribute our products through independent contractor and distribution agreements with companies possessing established sales and marketing operations in the medical device industry, but there can be no assurance that we will be able to build a successful sales and marketing infrastructure or enter into independent contractor and distribution agreements on terms acceptable to us or at all. To the extent that we enter into co-promotion or other licensing arrangements, our product revenue is likely to be lower than if we directly marketed or sold our products. In addition, any revenue we receive would depend in whole or in part upon the efforts of such third parties, which may not be successful and are generally not within our control. If we are unable to enter into such arrangements on acceptable terms or at all, we may not be able to successfully commercialize our disinfection system. If we are not successful in commercializing our existing and future products, either on our own or through collaborations with one or more third parties, our future product revenue will suffer and we may incur significant additional losses.
THIS SHOWS that the Marshalls never had any revenue and the company was always in debt with a growing deficit year after year. Marshall and his people had to sell shares every year to pay himself and his wife and Shannon. I understand one of the investors had over the years raised over $5 million dollars from friends and family and the Marshalls screwed him as well
To my mind the reason for the Marshalls to file the Chap 11 bankruptcy was that he expected the current management to have the funding and they Marshall with his $200K could be a preferred creditor and scoop the company for himself and screw all the long suffering shareholders and the new management group and have it all for himself and for Shannon as well. I hope they go down in flames which will be the ultimate result.
I find the last few posts by BenK, Ferrot, and Jackcross interesting but missing many very important details.
First of all, at the time the Dodd group entered the picture I would expect that they did their due diligence about the financial condition as well as the potential for the AsepticSure device . There is an obvious need for effective disinfection for hospitals, and other sites as current methods are supposedly not as effective as this method with its related chemicals.
The Marshalls along with Shannon had for several years attempted to complete development of the product and have it operational in a number of sites including hospital sites as well as in other environments. However they screwed up their relationships with these prospects many-many times and could not get the results that they promoted, like effectiveness and the time it took to disinfect in a real world environment. The product is still not ready for commercialization as I understand, and the upcoming FDA meeting is to determine the protocols that would be necessary for final approval as a medical device and not a final approval.
The Dodd group had accomplished a great deal of progress to move toward commercialization including establishing relationships with "partners" to work with for testing in real environments, and for "partners" for manufacturing the device and "partners" who were going to be distributors experienced in marketing to huge hospital and medical associations and buying groups. Just refer to the reports Dodd directed publically to existing shareholders that reported what they were doing. None of this had been accomplished by Marshall and Shannon over the years successfully on an ongoing basis. All of this was accomplished on a "shoestring" as Medizone was basically short on funds. Dodd then went forward and raised some immediate funds from institutional investors to move forward to a point where they had a commitment to proceed with a (S-1) private offering to these investors. Dodd was careful to have inserted into the agreement a provision preventing a "pump and dump" provision to prevent the investors from shorting the stock in the open market then covering their short with the option stock to protect the existing shareholders. They also had to disclose the financial risk to the investors as required by the lawyers and accountants otherwise they would have committed a fraud on the investors. Full disclosure of "risk factors" must be in a prospectus. Then the Marshall's "pulled the plug" by filing the Chapter 11 hoping to recapture the company for themselves to the detriment of all the stockholders. If anyone thinks that they can in 90 days obtain FDA approvals which would require on site testing for likely 9 months or more for this sum that must believe in "fairy dust".
My opinion is that their scheme is to invest the $200,000 which would have done nothing but make them preferred creditors and then get Medizone all for themselves. Screw the investors once again. It is hard to imaging how all these long suffering investors for years can believe anything that Marshall says at this point. It is hard to believe that they have conned the Trustee about there scheme and that he is not doing his due diligence about the state of the product and how the Marshalls could be using this scheme to take back the company using the $200 K with Shannon who is getting $20 K a month for the 3 months $60 K for the period . Sounds like a good "gig" or is he a co-conspirator?
I had recommended that you look at the LINKEDIN.COM website for Dodd and the people that he hired and you will see success after success in senior management positions with many public and private companies as you will see how you were screwed again by the Marshalls.
SEROLOGICALS CORPORATION-DAVID DODD
President, CEO & Director
June 2000 - July 2006 6 Yrs 2 Mo
Atlanta GA and multiple operating locations worldwide
NASDAQ "SERO" Dodd transformed the Company valued at $80 million in June 2000 to an all-cash acquisition value of $1.5 billion by Millipore Corporation in July 2006
SOLVAY PHARMACEUTICALS (Subsidiary of Unimed Pharma)
David Dodd CEO, President & Director
August 1995 - June 2000
Atlanta GA. During Mr Dodds service Net Sales grew from $100 million in 1994 to $550 million in 2000. Enterprise Value increased from $100 million to $2.5 billion
BioReliance Corporation
David Dodd President, CEO, & Chairman
December 2007 - June 2009
Rockville, Md.
Company was acquired from Invitrogen Corp in April 2007 for $210 million. Mr Dodd was co-investor responsible for re-establishing BioReliance as an independent operating company with revenues of $115 million. Company was acquired by Sigma-Aldrich in all cash transaction for $350 million
There are many more successful engagements for Mr.Dodd listed on LINKEDIN.COM check it out for yourselves and see again how you got screwed by Ed and Jill Marshall.
WHY DON'T ALL THE SHAREHOLDERS ESPECIALLY THOSE WHO POST ON THIS BOARD WRITE TO THE TRUSTEE AND EXPLAIN THE HISTORY OF ED MARSHALL AND JILL MARSHALL AND MAKE HIM AWARE OF THE LIES AND HISTORY OF THESE PEOPLE AND HOW THEY FOR YEARS OPERATED INCOMPETENTLY AND STRUNG EVERYONE ALONG AND CONTINUED TO SELL SHARES AND NOTES TO INVESTORS WHILE THAY PAID THEMSELVES SALARIES AND EXPENSE REIMBURSEMENTS AFTER ACCOMPLISHING VERY LITTLE AND THEN A YEAR OR SO AGO DECIDED TO RESIGN (WALK AWAY) BUT NOT BEFORE THEY HAD THE THEN BOARD AGREE TO AN AGREEMENT TO PAY THEM ACCRUED SALARIES ETC. EVEN THOUGH THEY KNEW THERE WAS NO "CASH IN THE TILL" TO PAY THEM, AND HOPED THAT SOME ONE ELSE COULD COME IN (JOIN THE COMPANY) AND STRAIGHTEN OUT THINGS AND MOVE TOWARD APPROVALS, COMMERCIALIZATION AND ARRANGE FOR POTENTIAL FUNDING (AS THE DODD GROUP ACTUALLY ACCOMPLISHED). THIS WAS THEN INTERRUPTED BY THE FILING OF CHAPTER 11 (BY THE MARSHALLS) HOPING TO PICK UP THE PIECES UNTIL CURRENT MANAGEMENT AND THE BOARD FIGURED OUT WHAT MARSHALL WAS ATTEMPTING TO DO, AND THEN FORCING THE BOARD TO FILE CHAPTER 7 PUTTING AN END TO THE MARSHALLY DECEPTIVE AND LIKELY FRAUDULENT ACTIONS. ONE WOULD ONLY HOPE THAT THE EXPERIENCED TRUSTEE COULD SEE THROUGH ALL OF MARSHALLS AND DR SHANNONS CONSPIRATORIAL ACTIONS AND CALL A HALT TO THEIR CURRENT FANTASY OF TRYING TO "STEAL" THE COMPANY FOR THEIR BENEFIT. THE UPCOMING FDA MEETING IS JUST TO DISCUSS TESTING PROTOCALS AND NOT EVEN NEAR TO ANY APPROVALS WHICH ARE PERHAPS 6 TO 9 MONTHS IN THE FUTURE AFTER MONTHS OF FIELD TESTS. WRITE TO THE TRUSTEE AT--- trustee@s-mlaw.com[color=red][/color]
YES....I have friends in Las Vegas
I guess you could say "a fly on the wall"
You are correct. The hearing took place in a conference room, not a court room, and there were lots of questions about the capabilities of both Shannon and Marshall. Also in attendance representing the Company was David Dodd who the Board of Directors nominated to be the contact with the Court Trustee.
Attorney's representing the Marshalls as well as the Corporation were there Discussions were about the best course of action to deal with the FDA and also who best could complete the necessary work leading to FDA approvals etc.
The Trustee dealt with the horrible financial condition and also determined who should be notified by the court of the bankruptcy proceedings and noted that there was a very long list of potential claimants which they determined to likely be shareholders. Due to the lack of available funds it was decided to eliminate notices to most of the shareholders as the company lacked the money to send the notices.
When I heard that, I thought that was unusual BUT I thought to my self that would not disturb the Marshalls, the less notoriety the better .
Then the Trustee asked Dodd if he knew other professional scientists that could possible be available to work with Medizone to bring the AsepticSure device to approval and then commercialization. Dodd responded that several weeks ago he had sent a list of qualified individuals who he could reach out to. He said he sent names, resumes, contact information and a biography on each individual describing their extertise. Apparently the Trustee never did his homework to review this information thus was unprepared to discuss this as there were questions about Shannon.
That got me to wonder whether the Trustee was more interested in his $15,000 fee to manage the company for 90 days per the Marshall contract. If this is the way the this process is taking for sure the long suffering shareholders will be screwed.
As I have said in prior messages, if the Dodd group was allowed to proceed along the past they had done for the last 8 or 9 months, the shareholders would have been saved especially as they had the adequate financial banking to move forward. Yes there would have been dilution but it would not be a total loss which is the current path forward.
a TIGER DOES NOT CHANGE HIS STRIPES AND LEOPARD DOES NOT CHANGE HIS SPOTS AND A CROOK IN 2000 IS ALSO A CROOK IN 2018.
BOTTOM LINE IS THAT HE RIPPED OF THE INVESTORS THEN FOR HIS BENEFIT AND HE CONTINUES TO DO SO NOW AS WELL.
THE INVESTORS CONTINUED TO PUT MONEY IN AND HE SOLD YOU STOCK AND NOTES AND NEVER MADE A PROFIT OR ANY REASONABLE CASH FLOW BUT HE CONTINUES TO TAKE MONEY FOR HIMSELF AND FOR HIS WIFE JILL AND HE CONTINUED TO LIVE ON YOUR MONEY. NOW HE WANTS IT FOR HIMSELF DESPITE THE FACT THAT THE NEW MANAGEMENT HAD MADE PROGRESS TOWARD APPROVALS AND COMMERCIALIZATION AND HAD ARRANGED FOR NEW FINANCING TO BRING ASEPTICSURE TO MARKET BUT MARSHALL WANTS IT FOR HIMSELF SO HE FILED FOR THE CHAP 11 INVOLUNTARY BANKTRUPTCY TO SCREW EVERYONE AGAIN !!
You are soooo correct!!!
Hard for me to understand how many long suffering investors have not figured this out.
The need to roll back and read this message board from the beginning to put the pieces of the puzzle together.
It is like a bad story of incompetence.
These individuals appear to have lived off this company for many years on OPM ............ OTHER PEOPLES MONEY !!
SO TO BOIL THIS PARAGRAPH DOWN TO BASICS------
1) The Marshalls and Shannon formed company to produce purified blood products which failed then turned to develop AsepticSure
2) Marshall sold shares and cv. notes to investors to fund the company developments
3) Marshalls and Shannon worked to manufacture AsepticSure using a new chemical process hoping for great results and seemed to prove process worked in the laboratory.
4) Products were never brought to point of creating revenues of any significance
5) Marshall continued to sell shares to finance development since little or no sales or revenue created.
6) All the while Marshalls and Shannon continued to sell shares and cv. notes until money ran out. Meanwhile salaries and expense reimbursements continue to accrue to Marshalls and Shannon despite having no funds to pay themselves.
7)Marshall's decide to leave company by resigning but at time create and negotiate notes for unpaid salaries and expenses knowing that there was no funds to pay them.
8) New management with successful track record joins company and makes good progress toward making product salable and moves toward revenue creation as well as major financing of remaining development and sales and marketing but rather than allowing new management to produce sales and revenues Marshall's et.al. decides to take back company by filing a Chapter 11 and hoping for a reorg and attempt to buy the company in the reorg thus screwing the sharholders all over again END OF STORY
This is what is considered in legal jargon as making a claim with DIRTY HANDS
ZEPPO took your suggestion and sent the following email to the TRUSTEE:
This message board is a worthwhile read reflecting the input of the longtime suffering shareholders:
Below is an recent example of the messages. There are many more like these.
IHUB Message Board
Thursday, 06/14/18 10:23:24 AM
Re: Manti post# 48623
YES, YOU ARE CORRECT. currently there are currently outstanding 414 million shares on a fully diluted basis. These shares were issued under the Marshall administration and what do you have? NOTHING ! For near 20 years Marshall and his coherts have delivered or commercialized nothing! All he did is sell shares and borrow money while enriching himself.
The very experienced new management needed to commercialize AsepticSure and it needed funds to do it. YES after the process that was started and the product was being sold there no doubt have been a reverse split of the shares so that the market price was more normal however while shareholders would have fewer shares they would have more value.
The new management had done this with prior public companies that they had worked with. Dodd was the CEO of Serologicals which had a market value when he was hired of $80 million and 6 years later sold the company to Millipore Filter for $1.5 billion cash. Check it out on LinkedIn.com.
With the Marshall group you will certainly end up with zero. He has screwed shareholders for years and the only one he is looking out for is himself. The leopard doesn't change it spots or tiger it's stripes.
https://investorshub.advfn.com/Medizone-Intl-MZEI-103/
YES, YOU ARE CORRECT. currently there are currently outstanding 414 million shares on a fully diluted basis. These shares were issued under the Marshall administration and what do you have? NOTHING ! For near 20 years Marshall and and his coherts have delivered or commercialized nothing! All he dis is sell shares and borrow money while enriching himself.
The very experienced new management needed to commercialize AsepticSure and it needed funds to do it. YES after the process that was started and the product was being sold there no doubt have been a reverse split of the shares so that the market price was more normal however while shareholders would have fewer shares they would have more value.
The new management had done this with prior public companies that they had worked with. Dodd was the CEO of Serologicals which had a market value when he was hired of $80 million and 6 years later sold the company to Millipore Filter for $1.5 billion cash. Check it out on LinkedIn.com.
With the Marshall group you will certainly end up with zero. He has screwed shareholders for years and the only one he is looking out for is himself. The leopard doesn't change it spots or tiger it's stripes.
My guess is that many of you are falling for the B.S from both Marshall and Shannon. The AsepticSure device is not ready for Prime Time. Yes, the machine and the chemicals have been tested in the laboratory but that is a far cry from doing what is said about the machine's capabilities working in the hospital environment.
This is the reason that the Board hired the consulting company to locate experienced business executives to join the company who have long time experience in bringing these type products to market and to commercial success.
The Dodd group had made significant progress in relationships to complete development, arrange for testing and manufacturing, as well as entered into a contract to raise $1 million in financing in conjunction with a SEC S-1 filing to support the investment from the institutional investors.
Once this was done and the S-1 was about to become effective to proceed with the financing, then out of the blue the Marshall's filed the Chapter 11 filing thus forcing a complete STOP to the progress made by the Dodd group. They had no option other than filing for the Chapter 7 to stop the hemorrhaging and to protect the institutional investors that had already fronted funds to the company. Too bad you have the facts wrong. The group that pulled the plug with the involuntary Chapter 11 filing which came as a total surprise to the companies Board and management, were the Marshall's (and possibly Shannon as well since he is the one who prepared the schedule for DIP financing )