Alliqua Inc fka ALQA

[petermic]

Old Stocklemon Report
http://www.citronresearch.com/index.php/2003/10/10/

Hepalife (HPLF)
Shares Outstanding- 53,613,332
Market Capitalization- $140,000,000
Cash in Bank- $63,000

Hepalife is a company that is supposed to discover the artificial liver. with $63k in the bank. Scott Fraser was given a budget of over $300k to promote Hepalife in his newsletter.

Hepalife is the latest deal by Vancouver Stock Promoter Harmel Rayat. Mr. Rayat is the majority shareholder of Hepalife. Who is Mr. Rayat? Ask the Securites and Exchange Commission. http://www.sec.gov/litigation/litreleases/lr16662.htm.

HE IS A STOCK PROMOTER

As a matter of fact, the offices of Hepalife are the same offices as were those for EquityAlert.com, Mr. Rayat’s promotion company.

For that matter, the offices of Hepalife are shared with four other companies that Harmel Rayat controls. Let’s see how these companies are doing so we can guess the fate of HPLF. All of the below companies share the same small office with Hepalife at 1628 West 1st Avenue, Suite 216 Vancouver, CA.

ETHO- .25
ETPT- .24
EDAN- .25
IPTH- .0001

Rayat and family print more paper (to themselves) than the New York Times.or in his case the Vancouver Sun. Mr. Rayat has issued himself and his family TENS of MILLION of S-8 shares of HPLF, options and warrants at an average of $0.07

Who is the new President/CEO?
On September 23, 2003 Hepalife announced that Mr. Arian Soheili is the new President/CEO of Hepalife. Is he a researcher? Is he a Doctor? Is he a liver specialist? No, he is a front man for Harmel Rayat.

Mr. Soheili used to be the treasurer, secretary, and director of Biommune (BIMM).now trading at .0001. The Rayat family were major shareholders in Biommune. And in order to keep the streak going, Biommune had a dubious history with the SEC for putting out false news to the public.
http://www.sec.gov/litigation/admin/34-43246.htm

Company Fundamentals
Hepalife has committed $292,727, over the course of 2 years, to the Dept of Agriculture for a 2 year collaborative research agreement. They only had to put up $97k upon signing of the agreement. Hepalife does not own any technology. This $297k is the total amount that they must provide for the next two years. How much research can really be done for that amount of money? They have not even tested this on animals yet.

More importantly, artificial liver research is currently being performed by well funded organizations and universities throughout the world. No stock promotion, no newsletters, no SEC violations, just real research. Here is a sample list of some research that is years and millions of dollars ahead of Hepalife.

University of Michigan
http://www.umich.edu/~urecord/0102/Sep23_02/liver.html

University of Pittsburgh
http://newsbureau.upmc.com/TX/ArtificialLiverTesting.htm

University of Chicago
http://www.sciencedaily.com/releases/1999/04/990406044124.htm

Glasgow’s Strathclyde University
http://www.pbcfoundation.com/research.htm

Nagasaki University School of Medicine
http://www.japantoday.com/gidx/news166708.html

Stocklemon believes that Hepalife is a classic pump and dump that is being orchestrated by a team that is more than familiar with SEC violations. Buyer Beware.