Saga of mismanagement and missed opportunties!
From fraudulent claims, continued listing of long-departed officers, and purely fraudulent filings there's a real need to clean up the mess that is UAMA.
If you can get past the fact that Mr. Benoit Laliberte has been labeled a convicted criminal by the The Canadian Press, and the fact he has been personally an undischarged bankrupt for over ten (10) years, then maybe focus on facts about the business:
• A Quebec Court ordered shut-down of Blockdomes due to land-use violations. Company appealed and lost. On August 6, 2020 Mr. Lawry Trevor-Deutsch stated in article that mining facilities now only rented to other third-party miners. Maybe a way to skirt Court Order? Doesn't matter though as Blockdomes not even on list of crypto-currency miners in Quebec. UAMA's operations are just that small and inconsequential, even on the Canadian scene. Far cry from the BS press release back in 3Q-2019 that envisioned large-scale mining campus. Never happened as major Canadian players in Quebec and Canada left UAMA et al in the dust.
• TNW Wireless Inc. has totally failed. No evidence cellular network is still operational and no roaming agreements with any other carrier are registered. While Sandeep Panesar the named CEO of TNW Wireless Inc. still listed in the Introduction to this site, he left sometime in late 2018. Continuing to list him is a falsehood. Same with a couple of other non-officer employees.
• TNW Wireless Inc. had all the pieces to make that business a success back in early 2017. Record will show RuralCom Corp CEO had brought business to market ready status with key roaming agreements in place with AT&T, Verizon, T-Mobile and Sprint and negotiations underway with Bell. RuralCom CEO had committed investors who also believed that business could be quickly grown to $40-60M revenue with 40-60% EBITDA operating as a wholesale wireless cellular carrier in rural Canada. Benoit Laliberte had other ideas, fired the RuralCom CEO, and made an end-run to at least one of the documented investors. Apparently, they met and he was quickly shown to the door! RuralCom, later TNW Wireless is the biggest missed opportunity and leadership screwup of recent years. It would have been a great value builder for UAMA and the company and stock value would be far greater today if that acquisition by Investel had been properly managed by something other than the ego of Benoit Laliberte. Apparently he doesn't accept that he knows nothing about the wireless industry!
• Bankruptcy ($47M) of Teliphone-Navigata-Westel is still open in Supreme Court of BC though that Court had approved sale of assets back in 2018 which literally "gutted" UAMA, Investel, et al. Asset base sold and employees all followed the assets to Distributel. Benoit Laliberte, UAMA CEO threatened an Officer of the Court (in writing) and it remains to be seen if this will bring criminal charges. CRA claims employee withholding payments were not remitted to the CRA in the amount of over $1M and that could also bring charges against management.
• Much effort was placed on patent litigation focused on some notable players in the social media space. That effort went nowhere after four (4) years.
• Latest legal foray was anti-trust suit filed against Bitmain et al. That appears to have failed as counsel for UAMA et al withdrew from the case in late December 2020.
• iPCS technology appears to have been the subject of much puffery yet has never achieved any traction at all. Normally, if technology worthwhile it is quickly part of an operational trial somewhere in the world. That never happened with iPCS as it was never clear it offered anything at all of value to the carrier community and there were legitimate concerns it violated accepted regulatory requirements. Was it ever patented? No evidence can be found USPO or any other body approved the patent. After five (5) years it is likely safe to say it has been a complete failure.
Any arms-length review of Mr. Benoit Laliberte's track record will show that he has never built a business of lasting value. That fact alone should provide the best prediction of his ability to create real value for investors.
Think about it! What other company do you know that has someone who was convicted on 44 counts of stock fraud, market manipulation and deceiving investors acting as President, CEO and CFO?
.......CAVEAT EMPTOR!
