A question for those who have been following this company:
Didn't Nick orchestrate a buyout of Biometrics investors last August?
Sequiam Corporation Founder and CEO acquires Sequiam.s lender, Biometrics Investors LLC and announces accelerated corporate growth plan.
16 August 2007
ORLANDO, FL -- Sequiam Corporation (OTCBB: SQUM), a leading provider of innovative consumer lifestyle biometric technologies and services, announced today that its Founder, Chief Executive Officer and Chairman of the Board, Nick VandenBrekel, purchased 100% of Biometrics Investors LLC in accordance with the June 20, 2007 agreement between himself and Biometrics Investors LLC. The transaction closed on August 15, 2007. Subsequent to the purchase by Mr. VandenBrekel, he sold the interest to an unrelated third party.
As a result of this transaction the previously announced default called by Biometrics Investors LLC has been cured. After Mr. VandenBrekel's purchase of Biometrics Investors LLC, the loan agreement has been modified to make the loan interest free. The Term Loan ‘A' has been fully funded.
Why then is this issue now happening?
Also... with all of the hype around the B&D contract, does anyone know what the per unit royalty to SQUM is? It must be very little, based upon the revenue I see reported!
I used to be familiar with this company, 3 or 4 of Nick's brainstorms ago when the company was a printing company... then a printing software company... then a web development company and ISP... then a sports marketing company! Not necessarily in that order... but you get the idea!
