Revolutionary Concepts Inc (fka REVO)

[Krysti]

Ron Carter and Solomon Ali betrayed REVO shareholders.

SEC evidence shows that Ron Carter and Solomon Ali struck a deal to suck REVO dry of income and profits.

The evidence includes details of their actions between 2013 and 2016.

It shows that in 2013 they transferred 60% of patent income from REVO to Eyetalk365. Eyetalk365 was their private company.

Then, in 2016, they transferred the remaining 40% of patent income from REVO to RI Holdings. RI Holdings was Solomon Ali’s private company.

These fraudulent actions were taken while Ron Carter was CEO of REVO.

Here is the SEC evidence:

The Eyetalk365 LLC License Agreement

56. In late 2013, Ali...and others decided to license REVO’s patents to Eyetalk365, LLC (“Eyetalk”)
57. Eyetalk was going to be owned: 40% by REVO; (and) .. 15.2% by REVO founder Carter...Carter’s 15.2% interest in Eyetalk was held by a trust created by Carter for the benefit of himself and his family (the “Carter Trust”).
58. The Ali Trust received its interest in Eyetalk through a series of circular transactions initiated by Ali...The Carter Trust acquired its (15.2%) interest in Eyetalk through a similar arrangement

77. The Form 8-K and first press release issued on February 12, 2014...(were) misleading because the $900,000 fee (said to have been paid by Eyetalk to REVO) was actually just transfers of Ali’s and Carter’s REVO notes, which REVO cancelled and then recorded as income.

114. In addition, effective March 31, 2016, REVO assigned its 40% interest in Eyetalk to R. I. Holdings, Inc., in exchange for preferred stock paying a 10.5% dividend.

115. REVO did not publicly disclose the effective change in control of REVO or the transfer of REVO’s 40% interest in Eyetalk until February 2017, almost one year after the events occurred.

Removal of Carter

116. On December 12, 2016, through DeLong, the three Ali Trusts that collectively acquired voting majority shareholder control of REVO acted to remove Carter as a REVO director.

Source: SEC evidence to the United States District Court (Georgia)

The SEC evidence shows that Carter and Ali worked together, against the interests of REVO shareholders. And Carter went along with this until he was dumped by Ali.

'Regretful' Ron Carter would be more credible if his regrets had been formed before Ali dumped him.