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I’ve seen the actual certification. And yes, while all your questions seem to defy logic, it doesn’t mean that there aren’t any reasons why such questions come about that seem to defy logic. The current method of improving the viscosity of heavy crude is a very expensive thermal process. The fact does lie in that the cold cracking method is nothing new and there have been numerous unsuccessful attempts using different cold cracking methods. However, the method used by the Austrian company Pristec AG uses electricity to create frequencies that break down molecular bonds to improve viscosity at a fraction of the cost of current thermal processes. The reliable sources I’ve received information from were heavily invested in Pristec America, a New Jersey company involved with Pristec AG in the demonstration of the technology at an oil terminal in Estonia where they obtained a 90% improvement in the viscosity of heavy fuel oil and the elimination of certain toxic metals and impurities, certified by one of the world’s leading testing, inspection, and certification companies. Unfortunately, the question of where the toxic metals went became an issue. Refineries and oil terminals were concerned these metals eliminated from the crude would reappear adhered to the inside of the piping system in a different form resulting in the possible corrosion of their facilities’ entire piping system causing huge losses in repairs. Without the answer to that question, a rollout of the technology was impeded and investor funds for further research were eventually undermined by the SEC investigation resulting from Pristec America’s mismanagement and misappropriation of investor funds that also bankrupt the Austrian company. It seems the same owners of Pristec America are now trying a different version of the technology under NVT, but I haven’t any idea what they expect to accomplish. Last I heard, a reputable asphalt-producing company in New Jersey purchased the original Austrian patents and sued NVT for patent infringement. In summary, there must be some value in this technology when millions must have been spent on the purchase of the patents and all the litigation involved that anyone can read online. At the end of the day, the initial attempts to roll out a possible extremely lucrative technology were thwarted and maybe undermined forever, by greed, mismanagement, and gross professional incompetence.
Concerning the deal with NVT and its technology, I heard from some reliable sources that Pristec did produce certified positive results about 10 years ago so I don't think the technology is a scam. I heard the company failed to accomplish anything due to the incompetence of its CEO and his misuse of investor funds. No one in the company had any petro industry experience other than an engineer from Austria who supposedly invented the technology and the one who accomplished the positive results. Since then, the same CEO has been trying to get the same results using a different version of the technology through NVT but has not accomplished anything to date. Albeit, I don't see CMG getting paid back any time soon in the foreseeable future if ever getting paid at all.
This is true.
I'm still waiting for your antithesis.
As I understand it, the case text in the link you sent is for summary judgment the court granted the SEC on a few counts. Summary judgment was not granted on other counts that will more than likely go to trial if the SEC and the defendant don't agree to a settlement.
Very slim if not recouping anything at all. I would have to agree. I just don't understand how these guys haven't been criminally indicted yet. The Pristec CEO has been getting away with this for over a decade.
I'm still waiting and quite curious about the antithesis you were to present of the argument you claim I cherry-picked my way to. There's no longer any more talk about the oil technology that was to revolutionize the oil industry. Have you any information?
I have family and friends who invested in the Pristec venture with the same individual who owns NVT but they can't seem to get in touch with him for an update. There hasn't been anything online lately and I thought you might have some inside information. Do you have any communication with these people?
I wouldn't count on anything from that oil venture. If you ask me, the owners of Pristec and NVT are nothing but deadbeats pumping up a technology they haven't accomplished anything with for over 13 years. The owners have been mentioned in a 2018 complaint by the SEC alleging the misappropriation of investor funds, making numerous misrepresentations about the technology, and allegedly making misrepresentations that they own the patents with global rights. According to the CMG quarterly report, a claim is made that Pristec has 108 worldwide patents for cold cracking of crude oil and other products. After reading much about this company online, I've come to understand that they own nothing but a shell of a company that not only milked investors for millions they somehow managed to persuade CMG to loan them $75,000 one year after the SEC complaint was made public online. NVT, also run by the same people, persuaded CMG to loan them $1,000,000 and is being sued by a refining company for the infringement of the patents to the technology it is purported NVT "successfully installed and tested its MVU technology at a prototype plant in Southern New Jersey." Although the allegations made are yet to be proven, it's a parade of red flags and much for those invested to be concerned over. A trial must be coming up soon. It will be interesting to know what a jury will decide.
If you knew me well and were standing before me, I can guarantee you wouldn't have the valor to confront me as you have behind your ORCA character like you're some big shot or someone of substance. You would be as quiet as a church mouse trust me. Rather than exhibiting a response like a disrespectful adolescent wearing your insecurities on your sleeve before everyone on this board, you would have been better off not responding at all. It's not my issue if like a snowflake you've taken offense with my understanding of the reality or opinion, so don't waste your time responding and making more of a fool of yourself. Besides, I don't think too many of the "men" on this board want to entertain any infantility because I sure don't.
Please help me understand, are you suggesting that the $ 1,459,209 NVT owes CMG is a positive with a lot of hope for a turn-around simply because a $60,000 payment was received and the loan accrued interest? Have you any idea who is behind NVT? I can almost assure you that CMG will never see that money again. The most CMG will gain out of NVT is a piece of paper promising to pay the principal with interest and a request to extend the loan year after year until CMG is forced to write it off.
I couldn't agree more. What really baffles me are some of the characters on this message board that are either delusional, in total denial, or characters created to pump everyone up. There is so much information online for anyone to have read the writing on the wall long ago or at the very least recognize the obvious.
As long as NVT is run by the same group that ran Pristec, nothing of what they claim will manifest. The bag of goods NVT sold to CMGO is the same bag of goods they sold to hundreds of investors in the Pristec company 13 years ago!! Here we are in 2023 and they're still waiting to establish the first unit. Whoever that salesman is he sure has many people bamboozled.
Thanks for the link. I guess the rest is up to a jury.
I don't know anything about CMGO CEO and I am sure you're right about him. However, you are right on point about the oil guy. There is no doubt that he conned CMGO out of $500K.
Maybe so. However, I was told the CEO of the technology company was also a nice guy and he supposedly bilked many people of their life savings. That's not something nice guys do.
I can't argue that!
So I heard. They're tarred with the same brush. I've been told that the oil company CEO was a licensed attorney. He supposedly hung up his license to dedicate himself to commercializing the technology but instead had been living off investor funds from 2009 - 2016 using up over 50% of what investors put into the company for personal gain. Who knows how the funds received from CMGO were spent? Apparently, that money didn't produce any results like the investors were made to believe.
I don't know anything about CMGO and the CEO but I get it. However, IMHO there was very little due diligence if any, and clearly a roll of the dice that risked divesting investors.
Maybe CMGO should have better exercised due diligence. There's quite a bit of information online about the technology and the person involved that would raise red flags dating back years before CMGO made that investment. Not to mention that rolling the dice and "borrowing" $500k to invest in a technology that has yet to be proven is nothing but lunacy in my opinion.
While I don't think the oil technology is a scam I don't think it is going anywhere. I understand they have been at this since 2005 with no success. If you read the SEC case against the Pristec technology CEO, it seems he is the one who ran the company into the ground spending millions of investor funds on himself and not on commercializing the technology. I would have to bet it will be the same with NVT since it sounds like the same old song and dance where everyone is still waiting for production. It's much like the many posts I've read about CMG where only the insiders have benefitted.
Couldn't get into the document. However, looks like the SEC got a partial summary judgment against Pristec CEO Joseph Laura (owner of Vacuum Tech).
https://news.bloomberglaw.com/litigation/sec-gets-partial-victory-in-oil-technology-securities-fraud-suit
Please provide the link to where you found the information you provided. It will be appreciated.
PlayMoney, now let's play fair, Fergus did post "when" they start running tests on the oil tech and it proves, we will see a ton of interest. That "when" hasn't come yet! Maybe after CMG extends the payment on the loan another year to December 2024, everyone will see the "when" LMAO. I've been waiting to get the antithesis offered of what I posted back in April (#139124) hoping for some redeeming information since it sounded like Fergus had an inside source. All larks aside, it's a hard pill to swallow especially for the many investors that invested their life savings in the Pristec Company trusting the CEO's spiel about the technology who just may have bamboozled CMG with the same spiel only this time under the guise of a new company NVT. It seems you're spot on in saying once they're fat with the blood of their prey, they move on to the next victim.
Arrested? I thought the SEC cases were restricted to civil suits not warranting an arrest. Does the CEO have a criminal case as well?
I guess there's only one person that can provide the answers to those questions. BTW: Would you happen to know or has any investor in CMG met the principal(s) of NVT? Does anyone know where the terminal housing the technology is located?
I'll second that. The SEC case against the Pristec CEO (also the owner of NVT) has been dragging on for almost 8 years now. There's no way of telling when such cases will come to an end.
Sounds like CMGO management took some lessons from the Pristec/NVT management or vice versa.
From what I've read, the company Pristec had successful runs in Latvia or one of those countries and Venezuela, but there was so much mismanagement and misappropriation of funds by the CEO that commercialization was made impossible once the SEC got involved. I don't know anything about 16+ units with NVT nor do I think they've had one successful unit up and running. According to the litigation brought by the Jersey asphalt company, each unit costs over $1M so I doubt CMG funded 16 units, and I doubt NVT has that kind of money if they're borrowing from CMG. I'm surprised CMG loaned NVT funds and has not made investors privy to any or all that information.
What's there to really figure out? If you read all the litigious case history involving the many parties interested in the technology it becomes obvious that they polluted every opportunity to commercialize the technology. Apparently, the technology must have some serious potential for profit when you have various entities litigating over it. It's really a shame if not a sham.
Don't anyone worry, there is still light at the end of the tunnel. The new disruptive green technology will save CMG and eliminate the pollutants (pun intended) bringing it back on track, just extend payments on the loan one more year. What a joke! - that was some sell of a bill of goods.
No one in particular. I'm only stating that it is very common to find narcissistic tendencies in positions of power and control. One look into the politicians in Washington should provide enough evidence of that.
They are all common traits of narcissism in the insanity of most people in control. They always think they're the best at everything, knowing it all and believing their way is the only way. Sounds like most of our politicians. Albert Einstein said it best when defining insanity as doing the same thing over and over again, and expecting different results.
Your birdies seem to be chirping the same tweets I'm getting only that the technology is real and not a scam. I've been made to understand that the problem with CMG's oil JV is having the same management the Pristec company had with nearly 17 years of attaining no success with the technology. The issue I'm told is greed, control, poor management, and the refusal to step down to allow others with the funds and ability to commercialize the technology. One would think the investors would have pressed a change but according to the online SEC complaint against them, it seems they were able to manage raising millions in funds, without any concerns for objections or any retribution because they targeted family and friends. If you ask me, it seems they have possibly taken advantage of CMG CEO's trust and gambled with the funds loaned knowing they had already been unsuccessful and reckless in their management of the Pristec company. Albeit, it all sounds believable with what seems to be evidence of some sort of pattern, but then again, this is all hearsay and will continue to be until considered not in a court of law.
And what's the name of the parent company? Is it the company Pristec America mentioned in the link below?
https://www.fa-mag.com/news/three-n-j--men-targeted-friends--family-in--3-7-million-fraud-40858.html?section=3
I guess the judge found no grounds for dismissal.
That's a good point. Can't argue that.
It sure is... I give up.
On November 30, 2021, CMG announced the terms of the oil tech JV to include a CMG investment in the form of a one-million-dollar loan for 10% of the joint venture in the North Jersey Petroleum Partners LLC (NJPP) oil treatment facility. In another announcement, it states CMG Holdings has signed a $500,000 financing agreement with an institutional investor, with the use of proceeds targeted to fund the NJPP venture, in addition to the previous loan. So is this a total of $1.5 Million loan to the oil tech JV? This has been going on since 2021, has the interest been paid? And what if they fail to produce and the $1.5 is lost?
On Feb. 16, 2023, CMG announced the terms of its agreement with "New Vacuum Technologies, LLC (NVT)" as part of the joint venture in southern New Jersey. So who is the JV with, NJPP or NVT, or are they two different ventures? Also, does anyone even know if either of these treatment facilities exist?
Isn't that always the case?
I was wondering if anyone actually saw the technology, and/or knows where it is located. Does anyone have any evidence that it even exists? You would think investors would have more information available to them. Seems only the insiders know what is going on.