Monday, May 25, 2020 10:43:50 AM
Once upon a time...Salmons&Ginzburg working out of the academic world of Austria came up with the idea of the CIAB. With patent filed, they then started up Austrianova (AN). That apparently occurred mid-late 1990s. Unable to raise capital. Skipping past their bankruptcy in 2005, what was Salmons&Gunzburg to do? How to make money off of their idea? With AN's credit not so good. On 25-Jun-2013 they grant a license to Nuvilex Inc (predecessor to PMCB in name only). In return, AN received $2M for the licensing, and another $650K "a one-time Manufacturing Setup". Then there were the Addendums...
Basically PMCB has been AN's ATM machine. They used the funds to setup their Thai 2 room production facility. With PMCB essentially locked in to using AN to manufacture CIABs. Initially Gunzburg was appointed chief science officer, and later gave way (the SEC did question the conflict of interest), where PMCB hired Salmons&Gunzburg's consulting firm. So those two make money on the side as consultants. In any case, as the founders of AN, they have made money.
You'll hear a lot of cheers about the 14% ownership of AN. As you can see above it wasn't for free. So what is AN worth? A company which has relied on PMCB for funding. A company whose only known sales are selling do it yourself CIAB kits thru Sigma. They did go on to invent Bac-in-a-box which is a bit different than CIAB. It also has no known market.
Per the license PMCB paid $Ms for is sitting on top of an expired CIAB patent -expired 2017. Kenny tried to file a new patent for the same use, and rightly got rejected by the USPO. In the meantime, AN picked up a few more coins when running 6 different manufacturing runs in 2018-2019. With only the last 2 successfully completed.
So there's the history and relationship between the 2 companies. PMCB is an ATM machine for AN. And yes, all the transactions were legal, PMCB SHs paying for it.
The Jewel of the Mind is Colored with the Hue of what it Imagines
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