The charge is "OVERLY PROMOTIONAL" and that is a very legitimate charge.
<<<What if all that Huff has stated in PR's turns out to true and accurate with company information to back it up.>>>
---A publicly traded company is not allowed to sign a multimillion dollar contract with someone that has absolutely no chance of fulfilling their end of the deal just so they can hype the contract to "overly promote" to investors.
---To me this charge is a "given" at this point. Just think, GTE told us this-
Jan. 31, 2005 "GlobeTel Communications announced Thursday that it has entered into an agreement to build and launch Stratellites throughout South America."
Look where the company is today. We're still waiting for them to even tether an early "demonstrator" for the project. It's already been a year and a half. At this rate would there be stratellites througout South America in 5 years, 10, who knows. The point is who in their right mind would have signed such an agreement with GTE? How could they have had any idea how much it was going to cost? From GTEs standpoint it didn't matter they just wanted the press release(which by the way has been removed from the companies web site).
---So when the AMEX says "Failure to provide information to the exchange;", there's a good chance they want to see a copy of this agreement and they want information on the person or company that signed. That would be very difficult to provide if it wasn't a legitimate agreement to begin with.
---Now as we all know, this was just the tip of the iceberg. Nothing has happened on the Columbian deal, we know what happened in Russia, and even the things we were told about NASA never came true.
<<<Everybody should know that all plans and business does not turn out the way a company always expects it to.>>>
---Of course. If 5% of GTEs statements about their "deals and projected test dates" had never materialized it would be no problem. 10%, here again its a new business. 20% well even here I think the market would have understood, but is it not well over 50% of their deals and projected test dates(that were in PRs) have never materialized. No company should be able to abuse the public markets in that manner. It establishes a pattern of behavior that is not acceptable.
PS It use to be easy to look through GTEs old press releases to see for yourself all the statements that never came true. Unfortunately the company removed the majority of these from their web site.
