US BioTec Inc (USBC)

[veritas-twj]

I sold the last of my position - 40,000 shr - this morning at 0.055.

I started selling my 400,000 shr position several months ago at 0.13.

The management team has been a complete disaster. I thought (and still think) that management is honest, but also naive and susceptible to smooth talking scam investment bankers who convince management to undertake ill advised financial strategies for their own greedy gain and profit. No conscience or sense of wrongdoing. However, I had to recognize that management is ultimately responsible for their decisions including accepting poor financial advice. The Company appears to have diluted the stock into the early stages of oblivion. In addition, management succumbed to the temptation to run up the stock price with a rapid fire series of P&D press releases. Followed by - Nothing! A black hole of information. Complete lack of transparency and accountability to shareholders. Finally, and the last straw for me, management announced that they are going way outside their area of expertise - environmentally green fertilizers - and into the newest hot areas of alternative energy and energy commodities trading where they have absolutely no experience or expertise!

Truly a huge disappointment for me. USBO was one of my earliest PS investments, one of my largest positions, one of my greatest hopes - and now one of my greatest disappointments. Nevertheless, I have learned the hard way not to become emotionally attatched to an idea or an investment position, nor to become locked in by being unwilling to take a tax loss on the position.

Hence my profile motto: "Hope is not an investment strategy." I have lost hope and confidence in this Company. Time to exit and move on to greener pastures, and that is exactly what I have done.

Best of luck to all who remain invested. I sincerely hope management wakes up and corrects these past mistakes before the Company is beyond repair.