mAjOr dAmAgE and all who are concerned in regards to the merger between Three Sixty and Rockford-Montgomery Labs, please read and excercise all due diligence with any future investments in this new company, and research FULLY all the information that I will post below as this deal is the culmination of two companies whose officers are well-versed in the art of publicly-traded fraud companies. I have no vested fiscal interest in either of these companies- I am a race fan of driver Jeremy Mayfield, whose team is presently sponsored by Rockford Montgomery's 360OTC prescription drug line.
360 OTC came into this sport with a splash late last year, announcing its sponsorship with Bill Davis Racing, and driver Jeremy Mayfield. They moved into a historic and exclusive skyscraper in the center of Athens, Georgia. They announced title sponsorships of other BDR teams, WWE Wrestlemania, and the World of Outlaws Late Model Series. They awarded $65 million to an unknown advertising agency called Air, Sea, and Ground, Inc, or ASG. The CEO of ASG is a man named Mark De Mattei, the significant other of Rockford-Montgomery CEO Michelle Shearer, and a man that through our research has proven to have a long and checkered history in NASCAR sponsorships and other deals.
The most immediate and alarming aspects concerning Mr. De Mattei’s past in NASCAR come from a company that he had formed in the late 1990s, called Pharb (also known as Pharbco and Pharb University Brand, Inc.). Pharb, interestingly enough, also developed and marketed a “hangover relief” pill, and also entered into at least four racing sponsorships in the late 1990s- one in the NASCAR Winston Cup Series, one in the Busch series, one in the Featherlite Southwest Series, and one in the Winston Racing series at Altamont Speedway in CA. No information is available on the details of these sponsorships except for the Winston Cup Series effort, signed prior to the 1999 season with the #78 Triad Motorsports Team driver Gary Bradberry, and co-sponsor Pilot Travel Centers. The team never ran the 1999 season and eventually disbanded because Pharb never paid their share of the sponsorship. This ended Gary Bradberry’s full-time career in NASCAR.
In June of 2005, De Mattei merged his Pharbco company with another start-up company, Who’s Your Daddy Inc. (referred to as WYD for short, henceforth). At this time, WYD was a company that was still in its’ developmental stages, and had no source of revenue other than loans that it procured from outside lenders. As part of the merger agreement, Mr. De Mattei was appointed VP of WYD, and eventually became a director in November of 2005. The Pharb Hangover Relief pill was rebranded as “Who’s Your Daddy – The Ultimate Hangover Relief and Pain Relief Medicine, by PHARB.” Not long after this merger deal occurred, WYD, under their “King of Energy Drink” label (whish was still in development at the time), signed sponsorship deals to run in the NASCAR Busch Series and the NASCAR Craftsman Truck series late in the 2005 season. In addition, a deal was struck with Nextel Cup series driver Greg Sacks to run the 2006 season starting at the March race in Atlanta under the WYD label. The Sacks team attempted the Atlanta race, but failed to make the field, and did not race for the remainder of the season. In July of 2006, Greg Sacks filed a $5 million demand for Arbitration against WYD, and was awarded $1.79 million in February 2007. Meanwhile, WYD was a sinking ship, showing a $4.25 million dollar loss for the 2005 fiscal year (compared with a $369 thousand loss in 2004). Finally, in January 2006, Mr. De Mattei submitted his written resignation to WYD, and was formally released from the company a month later.
Midway through the 2006 season, Rockford-Montgomery Labs, under it’s Race-Face Sunscreen product, signed a 3-year associate sponsorship deal with Morgan-McClure racing. However, the current lineup of sponsors on the #4 car does not include the Race-Face product, which by all indications available no longer exists. In May 2007, Morgan-McClure sued Rockford-Montgomery Labs for $10.1 million, which MMM alleges is payment due on the contract between MMM and RML, which RML allegedly never paid.
A particularly alarming aspect concerning Rockford-Montgomery labs is this: According to the Rockford-Montgomery Website, all four of the 360 OTC products are FDA approved. Pharb also claimed that their product was FDA approved as well. However, a search of the FDA database shows no approved products coming from Pharb or Rockford-Montgomery Labs. Therefore, Pharb and 360 OTC products are not FDA approved.
Regarding ASG, they advertise on their website as having multiple forms of transportation decked out in full 360 OTC garb, including a Learjet, blimp, helicopter, merchandise hauler, motorcoach, yacht, pleasure boat, and jetski. The merchandise hauler is non-existent, as we have seen no official 360 OTC-related merchandise from 360 OTC to this date (but there is one hat and license plate available on NASCAR.com). We have not heard, nor was any information published, about any whereabouts of the motorcoach, yacht, pleasure boat, jetski, Learjet, and helicopter at any time during the course of this season. Finally, the blimp has been given majority control to the Ginn Racing team, re-coloring the blimp to Ginn Blue, renaming the blimp as Ginn TV, and appearing at mostly Ginn-sponsored events. Again, nothing was published in the media or disclosed to us, the fans, about this change.
When this information was published on the Jeremy Mayfield 360 OTC boards a couple of months ago, the board administrators not only shut down the Jeremy Mayfield 360 OTC forums, but shut down the entire 360 OTC forum community. The board admin is quoted as stating that he or she meant to shut down the Jeremy Mayfield board, but instead mistakenly deleted the entire community website. Though the 360 OTC forum community website has been restored, the Jeremy Mayfield driver forum has yet to be reinstated.
In a recent twist, the World of Outlaws series abruptly ended their three-year contract relationship with 360OTC, because Rockford-Montgomery Labs had not come through with their end of the agreement. This announcement is particularly intriguing, not just because a major racing sanctioning body ostracized them in public, but in a recent episode of the Rockford-Montgomery-produced show “What’s Under the Hood”, CEO Michelle Shearer had talked about how good their relationship with the World of Outlaws Series was the week before.
In summation, it would be the advice of this fan to avoid any future public dealings with this new company formed as a result of this merger. The end result is nothing better than what you all apparently have been dealing with for months now, if not years.
BIBLIOGRAPHY (in order of appearance):
-PAST ISSUES http://biz.yahoo.com/iw/061031/0178971.html http://www.wwe.com/shows/wrestlemania/exclusives/360otc http://www.worldofoutlaws.com/LateModel/News/2007/April/042207_LM_SERIES.aspx http://www.worldofoutlaws.com/latemodel/News/2006/December/360otcToSponsorWOOLMS.aspx http://www.marketwire.com/mw/release_html_b1?release_id=144435 http://www.barproducts.com/media/pharb.html http://www.jayski.com/past/1999/990222.htm http://www.racingwest.com/news/1999/04-03pharb_germone.shtml http://en.wikipedia.org/wiki/Gary_Bradberry http://findarticles.com/p/articles/mi_m0EIN/is_2005_June_7/ai_n13800294 http://biz.yahoo.com/e/060417/wydy.ob10ksb.html http://www.jayski.com/busch/2005busch-chart.htm http://www.jayski.com/cts/2005cts.htm http://www.jayski.com/past/060313.htm
'WYDY', 'SNOCONE SYSTEMS INC: 10QSB') http://biz.yahoo.com/e/070227/wydy.ob8-k.html http://www.jayski.com/teams/past/4past.htm http://www.jayski.com/teams/4.htm
-CURRENT ISSUES http://www.rock-mont.com/index2.html
[CLICK ON PRODUCTS TAB] http://www.accessdata.fda.gov/scripts/cder/drugsatfda/index.cfm
[TYPE IN ‘PHARB’, ‘360OTC’, or ‘ROCKFORD-MONTGOMERY’] http://www.asgagency.com/
[CLICK ON ASSETS TAB] http://support.proboards.com/index.cgi?action=display&board=support&thread=1174577625&pa...
. http://www.worldofoutlaws.com/LateModel/News/2007/April/042207_LM_SERIES.aspx http://www.whatsunderthehoodshow.com/