Saleen Automotive, Inc. (fka SLNN)

[wj2005]

I haven't been in front of my computer all day to be able to post this until now as trying to do so from my cell phone would have taken all day.

In response to several posts last night and today, I want to clear a few things up.

Firstly, you don't know who I am or what I know about Saleen and how they operate. Now, the only way anyone on here could know any specific details about how they currently operate other then what is available to read would be IF you currently work for Saleen which I don't think is the case at all, your just "thinking" this is the way they operate in your "opinion" and nothing more.

Now that I have said that, I will move on and back to something I brought up about when Steve left Saleen Inc. It was in the summer of 2007 when he decided to leave them, he did NOT get fired like someone else posted. The partners that he had at the time had control of the company since 2003. Reason why is because Saleen Inc needed the financial backing because of not only the Saleen S7 but also the Ford GT project for Ford and only reason for Saleen Inc to put a plant in Michigan was for the Ford GT project. Because of this, Steve did not have control of his company from 2003-2007 and the vision that the Execs had for the company Steve didn't agree with and felt that it would not be a stable decision for the company. Instead of going for the ride he decided to resign from the company (Saleen Inc).

Once this happened, the investors/Execs decided to sell off some assets of the company (Saleen Inc) to MJ Acquisitions which at the time that this happened many many things where happening that were illegal when it comes to the transfer of the assets etc. The problem is that the company (Saleen Inc) sold the assets to "Saleen Performance Vehicle AKA "MJ Acquisitions" and then continued to use the name "Saleen" calling there cars Saleen Mustangs but produced by Saleen Performance Vehicles.

The investment group (MJ Acquisitions) that was led by Michael Shields... He also worked for Saleen Inc at one time right before all this happened but then ended up having this "investment group" purchase certain assets to start the new company "Saleen Performance Vehicles". When all this started to fall into place, they ended up moving everything from the Troy,MI plant to another location in Michigan not to far from where it was at and also closed down the plant in Irvine, CA. Once that was all complete, the original "Saleen Inc" (The one Steve resigned from in 2007) ceased operations in early 2009.

Because of this Steve filed a lawsuit on July 17th 2009 against the owners of the "Saleen Brand" AKA "Saleen Performance Vehicles" AKA "MJ Acquisitions". Another thing that Saleen Performace Vehicles decided to do was to NOT honor the warranty that people still had left on vehicle manufactured by Saleen Inc before all this asset selling happened. At that point, Steve and SMS Supercars stepped in and stated that they would honor and back the warranty that people had on there vehicles. Now did he need to do that.. not at all. But he wanted to do that because he valued his customers and wanted them to be treated correctly.

Fast forward a few years and Steve ends up winning the court battle with them and now he is reunited with his name, his brand Saleen!

Now, with all this talk about 10-k this and that I ended up spending some time today reading the most recent one dated 6-30-14 for period ending 3-31-14.

One thing that I found that has NOT been mentioned at all... Well it has but not what is actually in the 10-K which is about the CEO pay (Steve Saleen)

Several people keep bringing up that he takes $300k+ a year from a company that isn't making any money and just burning through money... His company is a scam and trying to scam investors etc... etc. Well I will post a link to the PDF of the 10-K and I want everyone to read the following which is located on page 76-77 of the 10-K www.otcmarkets.com/edgar/GetFilingPdf?FilingID=10075367

And It Says...

(1) During the years ended March 31, 2013, we incurred $340,000 in officers’ salary expense with our Director, Chairman and CEO, Mr. Steve Saleen. As of March 31, 2013 $300,000 was payable to Mr. Saleen for his officers’ salary. Effective March 31, 2013, Mr. Saleen agreed to defer the $300,000 of unpaid salary for payment on April 1, 2014. In March 2014, Mr. Saleen agreed to forgive this amount owed.

So yes, the CEO is suppose to be getting paid $340k a year but did NOT and forgave the $300k that HIS company owes him.

So yes, they have losses and yes the price has gone down over the last several months to a low of $0.05 per share BUT if Mr Saleen was just trying to take every ones money then he would also be getting paid the money that is due and not worrying about what happens to the business. Instead he forgave the money due to him and still works his butt off every day he is in the office. Many times he is the first and the last to be at the office.

Here is also another quote from the 10-K but in this one he also loaned the company money... ya, it must all be a scam right? This is on page 64:

During the year ended March 31, 2014 and 2013, the Company incurred $131,787 and $340,000, respectively, in officers’ salary expense due its Director, Chairman and CEO, Mr. Steve Saleen. As of March 31, 2013 $300,000 was due Mr. Saleen. In addition,during the year ended March 31, 2014, Mr. Saleen loaned the Company $20,500 payable on demand. In March 2014, Mr. Saleen agreed to forgive $353,787 of amounts owed, which the Company recognized as a gain and offset to settlement expenses in the Statement of Operations. As of March 31,2014 the remaining balance of $100,000 payable to Mr. Saleen for his unpaid officers’ salary is included in amounts due related parties.

Well I know this is a long post with a lot to read, but I hope this will clear a few things up for anyone that is on here reading this board. Most of what I have posted can be backed up by doing a bit of searching online, or reading the 10-K which I have included the link above. Anything can happen with ANY company regardless of profit or loss but I can be sure that this is one stock that IF most everything falls into place will be a good one to have. But everyone has to make there own opinion as to what the best option for them to invest in ANY company... And I can say one things for sure, there are A LOT of opinions on this board and most are just that, opinions.