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The $100m Question About SPNG And Corporate Ethics
This twitpic should be known and fully understood by all $SPNG
shareholders- http://twitpic.com/76vga
The $100m Question About SPNG And Corporate Ethics
http://bit.ly/qJBPt
The $100m Question About SPNG And Corporate Ethics
ORIGINAL SOURCE:
http://collegestock.com/blog/penny-stock-failures-bad-management-on-wall-street-spng/
Greed is good in corporate America, or at least so said Gordon Gecko. But whose greed are we really talking about?
I can say without a doubt that there are hundreds of Wall Street firms violating basic SEC code of conduct every day by placing the desires of their own greed over the needs of the corporation. The result? Hundreds, if not thousands of stocks will crash and burn as officers and directors run their companies into the ground for the sake of their own personal interests (even at profitable companies!).
I use Spongetech Delivery Systems, Inc. (SPNG) as example of a company that is profitable, yet doomed to failure because their officers and directors are not looking out for the interests of the common shareholders.
Spongetech (SPNG) produces sponges with soap and wax built right into the sponge using patented technology. The company has advertised with the New York Mets, New York Yankees, the Price is Right and QVC and consumers are reacting very favorably, as SPNG recorded a $4.9 million net income for the nine months ending February 28, 2009– an increase of 4,900% over the comparable period in 2008.
SPNG’s profits appear to be growing faster-than-a-speeding-bullet, has a P/E less than 2 and even produces branded SpongeBob SquarePants bath sponges (red hot)… so what gives with the stock price? Although SPNG has experienced tremendous growth over the past 2 years the stock is down from $0.25 all the way to under $0.02.
I believe the answer begins with the intentions of the officers and directors at SPNG, which, in my opinion, are not in line with maximizing shareholder value. According to the company’s latest annual report SPNG officers and directors consist of Michael Metter (promoter), Steven Moskowitz (promoter) and Frank Lazauskas. All three of these individuals are directors of RM Enterprises International according to the company’s SB-2 filed on 4/11/06.
Why does this matter?
RM Enterprises International has been financing SPNG for years and at very unfair terms including this toxicity as disclosed in the 2007 10K:
From January of 2008 through June 2008, the Company issued an aggregate of 267,154,132 shares of common stock to RM Enterprises International, Inc., a company that is our majority stockholder and which is controlled by our officers and directors, in consideration of the advance to the Company of an aggregate of $4,918,432.46 by RM Enterprises International, Inc. Such shares were issued in tranches at the time of each of the advances of funds to the Company at a 40% discount from the market price on the date of each such advance. The average per share issuance price for the shares was $0.0184.
SPNG was generating a profit during this entire period (01/08-06/08) yet they were unable to finance the company by issuing shares (basically to themselves) at a 40% discount to market? I find that very hard to believe.
In fact, hundreds of millions of shares in SPNG have been ‘granted’ to RM Enterprises International since 2006, resulting in an increase of the total shares outstanding from 33,733,626 to 714,440,927 between February 2006 and February 2009.
The value of SPNG thus diverges into two paths — the value of:
Spongetech Delivery Systems, Inc. the company; and
the value of shares of SPNG common stock
While the actual company has exploded in the last year, the management team chose to raise capital laregly from themselves (in the form of RM Enterprises) at unbelievable discounts to market prices and as a result, Spongetech officers, directors and affiliates are able to profit substantially more because they were able to get stock in multiple ways:
-Directly through their position as an officer for the company; and
-Indirectly through their RM Enterprises, Inc.
So here is a reality check for all investors: There are hundreds (if not thousands) of similar management teams on Wall Street doing the exact same thing— utilizing public entities to line their own pockets through affiliated transactions and stock dilution.
Stock Wiki Explaining CTHP
http://www.wikinvest.com/wiki/CTHP
ALL YOU NEED TO KNOW ABOUT **CADD**
I just wrote a blog entry about CADD and it contains all the truth that management doesn't want you to hear. It includes false dividend announcements, family history of securities fraud and plenty o' lawsuits:
http://bit.ly/12Whki
Hopefully I can save at least one person from investing in this phony company.
A good resource for WWAG information
The Dean produced a "Class Trip" for WWAG. It's a 12 min long documentary all about the company.
Available for view at http://www.classtrip.org
WWAG breakout just hit $0.47 the volume is picking up nicely
SPNG @ 0.0134 is a steal
This is a great entry point in my opinion. I'll be buying shares tomorrow as long as it doesn't gap up. Even if it moves back up to just $0.02 its about a 50% gain.
Big Day For WWAG Up 50% on over 700k shares traded
Somebody knows something because today's volume was unprecedented for the stock. The 30-day average volume was just 1,300 shares traded an unbelievable fact is that today WWAG traded 538x the average volume.
My first inclination is that somebody picked up today's blockbuster news release about WWAG moving into the USA to host auctions for used construction equipment in Tempe, AZ.
I shorted DDRX today its the first down day after a HUGE run up in price, 1,600% gain in a month to be exact. This just isn't sustainable in my opinion.
WWA Group to Hold Its First Auction in the United States
Yesterday WWAG announced news that they will host their first auction ever in Tempe, AZ on June 9-10th.
The auctioneer business is one of the last true monopolies on Earth and it’s held by Ritchie Bros. (RBA). They conduct well over 90% of the world’s physical auctions for used construction equipment and dominate every single market in the world… except for one.
Ritchie Bros. (RBA) is being outperformed by World Wide Auctioneers in the city of Dubai, UAE. It’s an important hub for global trade, and RBA is being beaten by little ol’ $5 million market cap WWAG. In fact, WWAG has been outperforming RBA year after year and currently holds 65% of the market share in Dubai.
WWAG is able to outperform RBA in Dubai because they undercut Ritchie Bros. (RBA) in consignor fees. While RBA charges an average 15-20% commission to consignors for selling their equipment…. WWAG charges consignors an 8-12% commission on average. It's the same low-cost model used by Walmart.
Until now, WWAG has only conducted auctions in Dubai and they’ve been the market leader in that city for years. But this summer WWAG will start hosting auctions in the United States and by using the same low-cost business model they could take away a lot of business from RBA.
'Stock Wiki' on WWAG available at Wikinvest
Either search wikinvest website for WWAG or visit the direct link below:
http://www.wikinvest.com/wiki/WWAG
Huge volume surge this afternoon if the stock can peak its head above the resistance at $0.25.... look out.
WWAG huge vol surge this afternoon
NICE! Think we'll break a dime this week?
-Palmwalk
'Stock Wiki' for GTXO @ wikinvest.com/wiki/gtxo
I'm creating a stock wiki for GTXO and I'm asking some fellow longs to contribute....
http://www.wikinvest.com/wiki/gtxo
Thoughts on BLTA anyone?
BLTA getting slammed! Picking up cheap shares DOT approval due out any day.
why is this stock valued so highly?
I WILL BUY EVERYONES SHARES @ $0.10!!!
I hope BLTA drops to $0.10 tomorrow. I'll be the high bid all day long and would love to add at least another 200,000 shares at a dime.
I'll tell you one thing: it'l be mighty tough for BLTA to drop below $0.10 w/ me on the box tomorrow!
I love taking cheap shares away from weak hands =]
-Palmwalk
Matt,
I promise not to violate TOS ever again. If I do than please ban me.
How long am I in jail for?
-Palmwalk
**ERMX** watch very closely possible short squeeze
ERMX @ $0.14
EntreMetrix Announces New Product Launch
Monday February 12, 12:49 pm ET
IRVINE, Calif.--(BUSINESS WIRE)--EntreMetrix, Inc. (OTCBB:ERMX - News) today announced the formal launch of a new bridge financing tool for small business called Payroll Bridge.
Scott W. Absher, EntreMetrix's CEO, stated, "Payroll Bridge offers a unique interim or short term financing option for small businesses. In our experience working with small business clients we have seen that often their greatest cash flow crisis comes just before payday. Payroll Bridge will allow our clients to avert a payday cash crunch by EntreMetrix carrying or floating their payroll burden to the other side of their cash flow challenge."
Payroll Bridge is also designed to meet the specialized need of small public companies where the expense burdens for being a public company and pursuing growth opportunities often lead to using toxic financing options to keep the business running. Payroll Bridge is a superior, non toxic alternative to small public company bridge financing.
About EntreMetrix: Based in Irvine, California, EntreMetrix is a Business Development Company, regulated under the Investment Company Act of 1940, providing essential structural and financial support to develop eligible portfolio investments in small businesses throughout the United States. The Company's plan includes equity distribution of each portfolio company to EntreMetrix shareholders of record at the time of a public market entry of the Company's portfolio investments. For more information on EntreMetrix, Inc., visit the company's Web site at www.entremetrix.com or contact Scott W. Absher (888) 798-9100. The Company's corporate offices are located in Southern California at 18101 Von Karman Avenue, 3rd Floor, Irvine, California 92612.
ERMX breakout @ $0.14
EntreMetrix Announces New Product Launch
Monday February 12, 12:49 pm ET
IRVINE, Calif.--(BUSINESS WIRE)--EntreMetrix, Inc. (OTCBB:ERMX - News) today announced the formal launch of a new bridge financing tool for small business called Payroll Bridge.
Scott W. Absher, EntreMetrix's CEO, stated, "Payroll Bridge offers a unique interim or short term financing option for small businesses. In our experience working with small business clients we have seen that often their greatest cash flow crisis comes just before payday. Payroll Bridge will allow our clients to avert a payday cash crunch by EntreMetrix carrying or floating their payroll burden to the other side of their cash flow challenge."
Payroll Bridge is also designed to meet the specialized need of small public companies where the expense burdens for being a public company and pursuing growth opportunities often lead to using toxic financing options to keep the business running. Payroll Bridge is a superior, non toxic alternative to small public company bridge financing.
About EntreMetrix: Based in Irvine, California, EntreMetrix is a Business Development Company, regulated under the Investment Company Act of 1940, providing essential structural and financial support to develop eligible portfolio investments in small businesses throughout the United States. The Company's plan includes equity distribution of each portfolio company to EntreMetrix shareholders of record at the time of a public market entry of the Company's portfolio investments. For more information on EntreMetrix, Inc., visit the company's Web site at www.entremetrix.com or contact Scott W. Absher (888) 798-9100. The Company's corporate offices are located in Southern California at 18101 Von Karman Avenue, 3rd Floor, Irvine, California 92612.
ERMX up 25% on good news
Any thoughts of the new ERMX Product Launch?
thoughts on ERMX's news?
ERMX up 20% on huge news
ERMX Announces New Product Launch!
IRVINE, Calif.--(BUSINESS WIRE)--EntreMetrix, Inc. (OTCBB:ERMX - News) today announced the formal launch of a new bridge financing tool for small business called Payroll Bridge.
Scott W. Absher, EntreMetrix's CEO, stated, "Payroll Bridge offers a unique interim or short term financing option for small businesses. In our experience working with small business clients we have seen that often their greatest cash flow crisis comes just before payday. Payroll Bridge will allow our clients to avert a payday cash crunch by EntreMetrix carrying or floating their payroll burden to the other side of their cash flow challenge."
Payroll Bridge is also designed to meet the specialized need of small public companies where the expense burdens for being a public company and pursuing growth opportunities often lead to using toxic financing options to keep the business running. Payroll Bridge is a superior, non toxic alternative to small public company bridge financing.
About EntreMetrix: Based in Irvine, California, EntreMetrix is a Business Development Company, regulated under the Investment Company Act of 1940, providing essential structural and financial support to develop eligible portfolio investments in small businesses throughout the United States. The Company's plan includes equity distribution of each portfolio company to EntreMetrix shareholders of record at the time of a public market entry of the Company's portfolio investments. For more information on EntreMetrix, Inc., visit the company's Web site at www.entremetrix.com or contact Scott W. Absher (888) 798-9100. The Company's corporate offices are located in Southern California at 18101 Von Karman Avenue, 3rd Floor, Irvine, California 92612.
ERMX Announces New Product Launch!
IRVINE, Calif.--(BUSINESS WIRE)--EntreMetrix, Inc. (OTCBB:ERMX - News) today announced the formal launch of a new bridge financing tool for small business called Payroll Bridge.
Scott W. Absher, EntreMetrix's CEO, stated, "Payroll Bridge offers a unique interim or short term financing option for small businesses. In our experience working with small business clients we have seen that often their greatest cash flow crisis comes just before payday. Payroll Bridge will allow our clients to avert a payday cash crunch by EntreMetrix carrying or floating their payroll burden to the other side of their cash flow challenge."
Payroll Bridge is also designed to meet the specialized need of small public companies where the expense burdens for being a public company and pursuing growth opportunities often lead to using toxic financing options to keep the business running. Payroll Bridge is a superior, non toxic alternative to small public company bridge financing.
About EntreMetrix: Based in Irvine, California, EntreMetrix is a Business Development Company, regulated under the Investment Company Act of 1940, providing essential structural and financial support to develop eligible portfolio investments in small businesses throughout the United States. The Company's plan includes equity distribution of each portfolio company to EntreMetrix shareholders of record at the time of a public market entry of the Company's portfolio investments. For more information on EntreMetrix, Inc., visit the company's Web site at www.entremetrix.com or contact Scott W. Absher (888) 798-9100. The Company's corporate offices are located in Southern California at 18101 Von Karman Avenue, 3rd Floor, Irvine, California 92612.
ERMX Announces New Product Launch!
IRVINE, Calif.--(BUSINESS WIRE)--EntreMetrix, Inc. (OTCBB:ERMX - News) today announced the formal launch of a new bridge financing tool for small business called Payroll Bridge.
Scott W. Absher, EntreMetrix's CEO, stated, "Payroll Bridge offers a unique interim or short term financing option for small businesses. In our experience working with small business clients we have seen that often their greatest cash flow crisis comes just before payday. Payroll Bridge will allow our clients to avert a payday cash crunch by EntreMetrix carrying or floating their payroll burden to the other side of their cash flow challenge."
Payroll Bridge is also designed to meet the specialized need of small public companies where the expense burdens for being a public company and pursuing growth opportunities often lead to using toxic financing options to keep the business running. Payroll Bridge is a superior, non toxic alternative to small public company bridge financing.
About EntreMetrix: Based in Irvine, California, EntreMetrix is a Business Development Company, regulated under the Investment Company Act of 1940, providing essential structural and financial support to develop eligible portfolio investments in small businesses throughout the United States. The Company's plan includes equity distribution of each portfolio company to EntreMetrix shareholders of record at the time of a public market entry of the Company's portfolio investments. For more information on EntreMetrix, Inc., visit the company's Web site at www.entremetrix.com or contact Scott W. Absher (888) 798-9100. The Company's corporate offices are located in Southern California at 18101 Von Karman Avenue, 3rd Floor, Irvine, California 92612.
How many shares are these guys short?
ERMX low-floater short squeeeeeeeze
Someone is def short between 1-2 million shares and they need to cover their asses soon. I'd be sweating in bed tonight if I were him..
ERMX low-floater short squeeeeze
Someone is definately short between 1-2 million shares and they need to cover their asses soon. I'd be sweating in bed tonight if I were him..
ERMX short squeeeeeeeeeeeeze!!
This low floater is moving up nicely.
GO BABY GO!
ERMX short squeeeeeeeeeeeeeeeze!
ERMX about to break out to $0.20+
CHECK OUT THE CHART ON THIS LOW FLOATER
ERMX up 37% on PS3 news
EntreMetrix (ERMX) Celebrates the Launch of Playstation 3
Press Release
IRVINE, CA--(MARKET WIRE)--Nov 17, 2006 -- EntreMetrix, Inc. (OTC BB:ERMX.OB - News) today discussed the launch of Playstation 3 and the market opportunity for Advanced Nitride Devices, an EntreMetrix portfolio company.
Scott W. Absher, EntreMetrix's CEO, stated, "Today is an important day for EntreMetrix and Advanced Nitride Devices. People have been lining up for days at electronics stores around the nation for PS3 with Blu Ray technology. The enabling technology for all Blu Ray devices is Gallium Nitride or GaN, which is central to our Advanced Nitride Devices manufacturing agenda."
About EntreMetrix: Based in Irvine, California, EntreMetrix is a Business Development Company, regulated under the Investment Company Act of 1940, and a provider of essential structural and financial support services to small business clients throughout the United States. The Company's structural support services create value for clients by providing expertise in the areas of employee and financial management -- eliminating the need for clients to manage non-core functions. For many clients, the EntreMetrix relationship results in access to structural and financial resources needed to sharpen business focus and accelerate growth. For more information on EntreMetrix, Inc., visit the company's Web site at www.entremetrix.com or contact Scott W. Absher (888) 798-9100. The Company's corporate offices are located in Southern California at 18101 Von Karman Avenue, Suite 330, Irvine, California 92612.
ERMX up 37% on PS3 news
EntreMetrix (ERMX) Celebrates the Launch of Playstation 3
Press Release
IRVINE, CA--(MARKET WIRE)--Nov 17, 2006 -- EntreMetrix, Inc. (OTC BB:ERMX.OB - News) today discussed the launch of Playstation 3 and the market opportunity for Advanced Nitride Devices, an EntreMetrix portfolio company.
Scott W. Absher, EntreMetrix's CEO, stated, "Today is an important day for EntreMetrix and Advanced Nitride Devices. People have been lining up for days at electronics stores around the nation for PS3 with Blu Ray technology. The enabling technology for all Blu Ray devices is Gallium Nitride or GaN, which is central to our Advanced Nitride Devices manufacturing agenda."
About EntreMetrix: Based in Irvine, California, EntreMetrix is a Business Development Company, regulated under the Investment Company Act of 1940, and a provider of essential structural and financial support services to small business clients throughout the United States. The Company's structural support services create value for clients by providing expertise in the areas of employee and financial management -- eliminating the need for clients to manage non-core functions. For many clients, the EntreMetrix relationship results in access to structural and financial resources needed to sharpen business focus and accelerate growth. For more information on EntreMetrix, Inc., visit the company's Web site at www.entremetrix.com or contact Scott W. Absher (888) 798-9100. The Company's corporate offices are located in Southern California at 18101 Von Karman Avenue, Suite 330, Irvine, California 92612.
EntreMetrix (ERMX) Celebrates the Launch of Playstation 3
Press Release
IRVINE, CA--(MARKET WIRE)--Nov 17, 2006 -- EntreMetrix, Inc. (OTC BB:ERMX.OB - News) today discussed the launch of Playstation 3 and the market opportunity for Advanced Nitride Devices, an EntreMetrix portfolio company.
Scott W. Absher, EntreMetrix's CEO, stated, "Today is an important day for EntreMetrix and Advanced Nitride Devices. People have been lining up for days at electronics stores around the nation for PS3 with Blu Ray technology. The enabling technology for all Blu Ray devices is Gallium Nitride or GaN, which is central to our Advanced Nitride Devices manufacturing agenda."
About EntreMetrix: Based in Irvine, California, EntreMetrix is a Business Development Company, regulated under the Investment Company Act of 1940, and a provider of essential structural and financial support services to small business clients throughout the United States. The Company's structural support services create value for clients by providing expertise in the areas of employee and financial management -- eliminating the need for clients to manage non-core functions. For many clients, the EntreMetrix relationship results in access to structural and financial resources needed to sharpen business focus and accelerate growth. For more information on EntreMetrix, Inc., visit the company's Web site at www.entremetrix.com or contact Scott W. Absher (888) 798-9100. The Company's corporate offices are located in Southern California at 18101 Von Karman Avenue, Suite 330, Irvine, California 92612.
EntreMetrix (ERMX) Celebrates the Launch of Playstation 3
Press Release
IRVINE, CA--(MARKET WIRE)--Nov 17, 2006 -- EntreMetrix, Inc. (OTC BB:ERMX.OB - News) today discussed the launch of Playstation 3 and the market opportunity for Advanced Nitride Devices, an EntreMetrix portfolio company.
Scott W. Absher, EntreMetrix's CEO, stated, "Today is an important day for EntreMetrix and Advanced Nitride Devices. People have been lining up for days at electronics stores around the nation for PS3 with Blu Ray technology. The enabling technology for all Blu Ray devices is Gallium Nitride or GaN, which is central to our Advanced Nitride Devices manufacturing agenda."
About EntreMetrix: Based in Irvine, California, EntreMetrix is a Business Development Company, regulated under the Investment Company Act of 1940, and a provider of essential structural and financial support services to small business clients throughout the United States. The Company's structural support services create value for clients by providing expertise in the areas of employee and financial management -- eliminating the need for clients to manage non-core functions. For many clients, the EntreMetrix relationship results in access to structural and financial resources needed to sharpen business focus and accelerate growth. For more information on EntreMetrix, Inc., visit the company's Web site at www.entremetrix.com or contact Scott W. Absher (888) 798-9100. The Company's corporate offices are located in Southern California at 18101 Von Karman Avenue, Suite 330, Irvine, California 92612.
EntreMetrix (ERMX) Celebrates the Launch of Playstation 3
Press Release
IRVINE, CA--(MARKET WIRE)--Nov 17, 2006 -- EntreMetrix, Inc. (OTC BB:ERMX.OB - News) today discussed the launch of Playstation 3 and the market opportunity for Advanced Nitride Devices, an EntreMetrix portfolio company.
Scott W. Absher, EntreMetrix's CEO, stated, "Today is an important day for EntreMetrix and Advanced Nitride Devices. People have been lining up for days at electronics stores around the nation for PS3 with Blu Ray technology. The enabling technology for all Blu Ray devices is Gallium Nitride or GaN, which is central to our Advanced Nitride Devices manufacturing agenda."
About EntreMetrix: Based in Irvine, California, EntreMetrix is a Business Development Company, regulated under the Investment Company Act of 1940, and a provider of essential structural and financial support services to small business clients throughout the United States. The Company's structural support services create value for clients by providing expertise in the areas of employee and financial management -- eliminating the need for clients to manage non-core functions. For many clients, the EntreMetrix relationship results in access to structural and financial resources needed to sharpen business focus and accelerate growth. For more information on EntreMetrix, Inc., visit the company's Web site at www.entremetrix.com or contact Scott W. Absher (888) 798-9100. The Company's corporate offices are located in Southern California at 18101 Von Karman Avenue, Suite 330, Irvine, California 92612.