Agree 100%
This is nothing more than a dilutive scam run by a crooked CEO.
Previous fraud chargers say it all.
(See end of post for details)
Better to salvage what you can when you can.
Currently dilution is at a rate of 200 million shares per month.
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Past allegations of FRAUD against Kurt Neubauer CEO of MMEG...
Quote:
7. On or about April 1, 2010, Planet issued a Letter of Intent to Weisenberg and Inspar
wherein Planet proposed to purchase 100% of the interest of the Inspar companies (including the
Intellectual Property) in return for 15,000,000 shares of Planet Common Restricted Stock. In
connection with this transaction Planet was to sell to Weisenberg 15,000,000 of the Planet
Common Restricted Stock, and Weisenberg Was to execute a new three (3) year Employment
Agreement becoming the President/CEO of a newly formed subsidiary (Inspar Robotic
Technologies, Inc. ("IRT")). A copy of the Letter of Intent is attached hereto as Exhibit "B"
8. On or about April 15, 2010 an Asset Purchase Agreement was entered into by Inspar,
Weisenberg and Planet, a copy of which is attached hereto as Exhibit "C". Additionally,
Weisenberg and Planet entered into the Employment Agreement contemplated by the Letter of
Intent making Weisenberg the President and Chief Executive Officer of IRT.
9. In entering into this purchase and sales agreement, the Plaintiffs relied upon a number of
representations made by the defendants (through press releases and direct statements of
Neubauer) regarding the value of the stock, the transferability of the stock, the performance of
the company, the plans for future growth of the company and its subsidiaries, and the company's
relationship with other subsidiaries.
10. Contrary to the continual representations made by Planet to Weisenberg regarding the
strength and viability of Planet, shortly afler the closing of these transactions, the Plaintiffs began
to learn of facts and circumstances wherein Planet and its management (including Neubauer)
engaged in a series of wrongful acts. These acts included a fraudulent scheme of misstatements
and omissions to the investing public and the Plaintiffs regarding the viability of Planet, non
disclosure that Planet was uninsured, along with unregistered non-exempt offerings of security,
mail and wire fraud, and potentially illegal payments to investor relations persons. This
fraudulent scheme was uncovered after a review of documentation including Pink Sheet reports
and filings, corporate filings, asset and property records, investor relations material and third
party websites. These misrepresentations, and/or omissions of material fact, were relied upon by
the Plaintiffs and induced them into this transaction for the purchase and sale of securities.
11. Specifically, the Plaintiffs learned that the Defendants issued false press releases
regarding contracts in order to escalate the value of the stock. For example, the press releases
spoke of the strength of Planet's relationship with a subsidiary called Rada Technologies Inc. It
was later discovered, as it was not disclosed in Planet's SEC filings, that the former owners of
Rada initiated multiple lawsuits against Planet and Neubauer in Federal Court. The parallels
between the complaints filed by the former Rada owners are incontrovertibly similar to some of
those as posed in this complaint.
12. The press releases also specifically spoke of the value of the PetroLuxus technology and
the proprietary nature of this product. There were a number of press releases, particular those
issued on July 19, 2007, August 2, 2007, January 18, 2008, February 14, 2008, May 31, 2008,
June 17, 2008, July 8, 2008, and March 3, 2009, that spoke of the value and functionality of this
technology. However, it turned out that these press releases were filled with false and misleading
information. These press releases contained false information regarding the past functionality of
the technology, the formulation and its uniqueness, the development of the product and the
marketing of the product, sales in Nigeria and Canada, and the revenues generated from the
technology. All of this was done to artificially inflate the value of Planet and its stock. The press
releases contain numerous examples of the fraud perpetrated by the Defendants.
13. It was later learned by the Plaintiffs that Petroluxus has identical chemical formulation
and functionality resemblances to a product developed and marketed as Diamond Fl0™ by a
corporation named Sequoia Interests Inc. In March of 2007 an article disseminated by Neubauer
stated that he as well as other current Planet officers previously worked for Sequoia Interests Inc.
Remarkably Planet's Petroluxus registered trademark and the registered trademark of Sequoia
contain the exact same artwork. This subsequently realized information would lead a prudent
person to seriously question the 'proprietary' nature of Petroluxus's functionality, chemical
formulation and patentability as Neubauer and his management team touted for the past four
years. Incidentally, Sequoia Interests Inc. was named in a complaint filed by the SEC on
February 6, 2006 which involved stock manipulation and for "issuing press releases that
contained materially false information in order to mislead people into buying stock." The
Catalyst Group Inc. was the media relations firm for Sequoia. The Catalyst Group was/is owned
by Enrique Salinas the current CCO of Planet. Sequoia Interests is a wholly owned subsidiary of
Baby Bee Bright Inc. In. 2005 Baby Bee Bright Inc entered into a contract with Amerivestors Inc,
a corporation who's director wass Kurt Neubauer, "to elevate Baby Bee Bright Corporation into
the public domain." Amerivestors was compensated with cash and stock in Baby Bee Bright
pursuant to a an Amerivestor's press release dated July 15, 2005. The aforementioned abstract of
the undeniable intertwining of these corporations and their products is only a ripple in the pool of
players in this series of fraudulent schemes, non disclosures and misrepresentations.
14. As yet another example, on August 11, 2010 and a September 1, 2010 press releases
wherein the company boasts about PetroLuxus PE, and describes a patent application
concerning, "Remediation of Metal Contaminated Water with Hydrogen Sulfide" and "Treatment
of High Paraffin Content in Well Bores" respectively. In the August 11th release Neubauer is
quoted as stating, "The filing of this patent is a milestone for our company. This is the first of
many pending technologies we intend on filing for patent protection." What the company failed
to disclose is that the specific patent applications related to a basically non-patentable processes
and as such, the company had knowledge that their application would never result in the issuance
of any patents pursuant to the regulations of the United States Patent and Trademark Office. In
other words, the company simply filed out the "provisional" applications (a very simple process,
usually done online and without any of the formal requisites of a on-provisional patent
application) as a basis to defraud the investing public by creating a false appearance with regard
to the future value of a patent, when, in reality, the patent application had no real value as there is
no such thing as a provisional patent. In fact, Planet never intended to conduct any legitimate
business as a result of these patent applications. This September release serves as further
evidence of the ongoing fraudulent scheme to boost Planet's stock value and defraud investors
like the Plaintiffs.
Just like Neubauer and Momentous Entertainment (MMEG) never intended to purchase the garbage VZ Network Holdings/Poolworks...in my vastly-studied opinion.
