The SEC Filings reveal misrepresentations by Signet.
Last year Signet sends out this press release about the In Charge Battery
April 03, 2019, 11:52 AM Eastern Daylight Time
PALM BEACH, Fla.–(BUSINESS WIRE)–“We acquired all rights to this invention,” says Ernest W. Letiziano, CEO SIGN. “It provides a compact magnetic-based battery device that offers: a large number of cycles a long storage time and an instant charging time. We call it: ‘InCharge’ This is truly a complete and independent unit… In and of Itself.”
Yet when you read the SEC filings, this is how the company describes their "rights" to the technology.
2.1 FIU hereby grants to Company an option to exclusively license the Patent Rights in the Field of Use, on a royalty-bearing, limited term basis, including the right to sublicense, (“Option Rights”). Execution of a license agreement under the Option Rights by FIU is subject to Company.
The Press Release says "we acquired all rights to this invention" but the SEC filings say "FIU hereby grants to Company an option to..."
Granting an option is NOT "acquired all rights to this invention".
Someone explain to me how the language used in the Press Release doesn't misrepresent the company's position?
But even better, the option on the Battery EXPIRED in March so Signet has no rights to this battery technology today.
To Quote Signet's SEC filing:
WE CURRENTLY DO NOT OWN ANY PATENTS OR HAVE ANY LICENSES FOR USE OF PATENTS. WE HAVE SECURED OPTIONS TO ACQUIRE LICENSES.
The company says in Press Releases that the company "acquired all rights to this invention" when the SEC filings say the company only has an option to acquire a license.
When you look at each option, the deal signed by Signet has expired or will in a couple months. By 10/31, EVERY SIGNET OPTION WILL HAVE EXPIRED.
If that's not a red flag, what about the 10 million shares of unregistered stock sales made by the company in the last 18 months?
People here talk about a thin float. What about 10 million new unregistered shares?
The SEC filings tell all.
And the company is using Covid as an excuse for the lack of any tangible progress.
Real multinational companies will not negotiate with Signet because Signet brings zero value to the deal.
