Did coib ever collect damages? Williams is still out there under a newer company called TBECK Capital(Florida) promoting and advising pink sheets - Pet Ecology Brands(PECB) and MeDirect Latino(MLTO) to name just a few.
SELECT CAPITAL ADVISORS, INC. DEBENTURES. On December 9, 1997, the
Company [Computerized Thermal Imaging] filed suit against Select Capital Advisors, Inc. ("Select"), Ronald G.
Williams ("Williams"), and various other parties in the United States District
Court for the Southern District of Florida for damages and recission with
respect to the fraudulent sale of certain 12% Series A Senior Subordinated
Convertible Debentures issued by the Company. In March 1997, the Company was
introduced to Select and Williams who represented that they had the experience,
reputation and resources to raise the needed capital and to provide needed
equipment and operating financing of approximately $6,000,000. The Company
entered into an agreement with Select to raise the funds and perform certain
financial advisory services. In April 1997, Select negotiated the offering and
issuance of the convertible debentures for approximately $530,000 in proceeds.
Following the attempted conversion of the debentures by the investors, the
Company discovered evidence to indicate that numerous false and misleading
statements were made by unauthorized persons in connection with the sale of the
debentures; various documents were changed without the knowledge of the Company;
unlicensed broker-dealers sold the debentures; and Williams and Select made
material omissions to the Company and to the purchasers. The Company filed suit
but has since reached settlements with all of the investors. The Company plans
to continue with the prosecution of its claims against Select and Williams.
Management believes that it will prevail in the litigation against Select and
Williams. See "Business - Litigation."
