Wednesday, April 07, 2004 12:23:55 AM
Skyway Communications Holdings, Inc Part II
OTC- BULLETIN BOARD SYMBOL SWYC
Corporate Headquarters:
6021 — 142nd Avenue North
Clearwater, FL 33760
727.535.8211
bkovar@SkyWaynet.us
It doesn't take a rocket scientist to see that this logo has been added to this picture to give the false impression this is a Skyway Aircraft facility. This is both outrageous and insulting and we believe this is the kind of dishonest practice that deserves swift and harsh SEC action.
NAME THAT ROOM -
Now you too can be a Junior Detective and help Our-Street.com find out exactly what kind of room this is. We notice to the right of the logo is a map of Florida and some weather data so it looks like a Doppler radar screen but we just don't know. Can you find this room somewhere else on the net? Do you recognize exactly what this room is actually used for? If so, please let us know. Write us at info@our-street.com and help us "name that room". Help us solve this and, if we had a secret decoder ring we would send one to you.. but we don't. You will have to settle for our gratitude and that of others who want to know as well and you will know you helped us take back our street, plus, if you want, we will post your name right here as a champion internet detective.
TO STC OR NOT TO STC. THAT IS THE QUESTION!
The March 2004 issue of Avionics Magazine it is reported that
"The aircraft itself will serve as a technology demonstrator and test bed. The systems on the DC-9-15, as of early February, were in the supplemental type certificate (STC) approval process."
We have been further informed by the company's IR person that the DC9 is in Chicago at DuPage Airport and that the system is being installed by Scott Aviation. So we checked with the Aircraft Certification Office at the Chicago office of the FAA since that is the normal place where an STC for the plane would be handled. As of March 29, 2004, the FAA representative called us back after checking all the records and informed Our-Street.com that
"there is not any current Sky Way Aircraft STC projects in this office"
In fact the man we talked to at the FAA hadn't even heard of Sky Way Aircraft or Skyway Communications. We figured that if anyone in the FAA knew about Sky Way Aircraft or Skyway Communications or the Kovars, it would be the Tampa FSDO office of the FAA so we called them as well. They informed us that they had never heard of Sky Way either and further, that neither Sky Way Aircraft nor Skyway Communications had applied for or been granted any FAA licenses either.
We also asked about an STC under the other Registered owner of the plane Royal Sons Motor Yacht Sales, Inc.
Now maybe there is an STC application somewhere in some other name but frankly, we doubt it very much. We invite the Kovar's to provide the proof of an ongoing application and we will gladly publish it here.
For those of you who aren't familiar with the STC process, the first step is to file a Certification Plan. This informs the FAA of what you intend to do. You can't even start work without that plan being filed and approved.
We also spoke with the FSDO office of the FAA in Tampa, Skyway's nearest office and the gentleman there, who handles the certification of companies hadn't even heard of Skyway or the Kovars either.
BUGGY WHIPS ANYONE?
In 2002 Claircom Communications, a division of AT&T shut down their InFlight phone service. It wasn't profitable, it wasn't going to be profitable and previous attempts to sell the system had failed. This left Verizon as the only other Air to Ground company providing in flight phone service the old fashioned way, with land based towers instead of satellites.
In steps a white knight, Skyway Communications and they get the deal of the century, or so it might seem. They bought the entire 10+ year old system, including the broadcasting hardware for a cool million. Was this because no one else knew about it? Hardly, the fact Claircom was trying to dump this property was common knowledge in the airline and communications industry.
We are being led to believe that the reason the system didn't make sense to anyone else in the industry is that Brent Kovar and Skyway Communications Holdings has been sitting on a technology so advanced that it will allow the Clarion tower/communication system to transmit data in both directions ten times faster than land based broadband internet systems and what's more, he has been sitting on this unique software technology since 2000 without finding a single profitable commercial outlet for it to date.
Further, Brent is asking us to accept his claim that this technology will not only support high speed internet access on commercial aircraft, he also is asking us to accept his claim that their web cams and other aircraft monitoring technology will prove valuable to both airlines and governments in the quest for homeland security.
Of course to accomplish this task we have to suspend our concern for the fact that this technology, (assuming it even works at all in the first place), will be limited to the US and some limited parts of the Caribbean and Canada so it would have no practical value to any airlines that have need for technology which is international in scope. Without the use of the latest ground-to-air satellite based technologies, Skyway's system will be useless as soon as the plane leaves US airspace and the range of the coastal towers. This automatically eliminates all the international carriers.
Of course, this also calls into question the logic behind ramping up the towers in Alaska and Hawaii since the system would go dark en-route. We could also get into discussions about compatible systems and how Skyway intends to integrate their airlines and systems with the major airlines who will all be forced to use competing systems that feature the latest in leading-edge, state-of-the-art equipment and global satellite communications technology instead of surplus towers and equipment purchased from a now defunct company.
In case you didn't know it, Transdigital Communications Corporation, the company SWYC just announced buying some equipment from, is out of business. Phones at their listed phone number are disconnected and their website is down and has been for some time. We aren't quite yet sure what happened but if you look at their former website you will see that they never really got beyond the "we're putting our website together" stage.
Also, since international flights are the ones that are the primary focus of terrorist watches, having facial recognition software installed only on airlines and planes that will be limited to domestic flights would seem a little irrelevant.
We are doing our best here not to get really sarcastic but come on now. Are you getting a clue here?
Competition Anyone?
Just so no one thinks that the Kovar's have a lock on the high speed air to ground communication/internet business out there, there are a few other players on the scene. Granted, none make the claim of 15Mbps of two way data transmission like Skyway does and none of the serious players have the advantage of a once mothballed network of ground based antennae that Skyway does either. Lacking the distinct qualities of a "US and limited areas of Canada and the Caribbean only" ground based antenna system these companies are forced to resort to other methods of air to ground data transmission like leading-edge, state-of-the-art, global satellite systems.
Of course, being well funded companies, they have managed to get a jump on Skyway. One example is the Boeing Connexion who, although they don't have the Southeast Airlines letter of intent contingent on just about everything including the apparent "if it works and we decide we like it and haven't found something better in the interim" clause, they do have Boeing behind them.
It is our understanding that Boeing does have some involvement in the manufacture and sales of commercial airplanes and, even though they don't operate their own airline, we suspect they can perhaps influence the kind of systems which are installed in some fleets anyway. Perhaps that is why the Boeing Connexion has already concluded in flight trans atlantic testing and is launching their system using Lufthansa Airlines as their initial launch airline.
NOTE: The chart displayed by Skyway showing their connection speeds is misrepresented. The initial trans-Atlantic test run, according to articles had a downloaded speed of 3 Mbps and an upload speed of 128kps. This initial test download speed surpasses what Skyway indicates on their comparison chart and according to Boeing Connexion, their download speed now is at 20 Mbps, surpassing Skyway's claimed download speed by 33%. Boeing Connexion's upload speed is currently at about 1 Mbps.
IF YOU ARE GOING TO MAKE COMPARISON CHARTS, AT LEAST GET THE INFORMATION RIGHT. DON'T MISREPRESENT THE COMPETITION TO MAKE YOURSELF LOOK BETTER THAN YOU REALLY ARE!
Another player in the field is a Bothell, Washington company called Matsushita Avionics Systems. Matsushita is a bit of a newcomer to the Avionics business having only entered this field in 1979. Fortunately they did have some previous experience in electronics having originated in Japan about a century ago and establishing a name for themselves in electronics. Among other ventures they established and still control the Panasonic product line. They already supply systems to airlines and are offering upgrades to their latest systems that include internet access in addition to other features. Of course, Matsushita is also stuck with that leading-edge state-of-the-art, global satellite based communication system instead of Skyway's 10+ year old revived, ground based, geographically limited system so there is no telling how they are going to compete against Skyway once (and if) Skyway ever gets their system installed, working as represented, and certified by the FAA.
Of course Skyway will have the edge, they claim, because they will be offering the systems for free to the airline and the internet free to the customer and making their money on forced advertising. Despite the fact this model has yet to be successful over the long haul, as far as we know except in the area of mass media, Skyway has offered to prove the critics wrong and backs it up with presales of high value advertising contracts to the likes of Dew Cadillac, Dimmitt Bentley and others commercial establishments in Florida.... or do those contracts really exist after all and are they for cash in the amounts represented??? Looks like a bunch of smoke and mirrors to us based upon what we have been told.
DID YOU KNOW THAT BRENT FAILED AT AN IPO ATTEMPT BEFORE SWITCHING TO A SHELL MERGER?
We find it interesting too that the Kovar's initially attempted to take Sky Way Aircraft, Inc public before finally giving up and taking the easy way to the market with the reverse merger into a shell. Now, in our opinion, there is nothing wrong with a shell merger but we get concerned when a company, or more appropriately, the people involved with a company, can't get an IPO through the SEC then quit trying and resort to merging into a shell where the SEC has less to say and less opportunity to ask questions. Remember, the key to getting an IPO through the SEC is thorough and accurate disclosure. They don't conduct a merit review to determine if they like the business. They simply want you to explain the business and the corporate structure completely and accurately.
If you can't get your IPO cleared, there is definitely something wrong. Aside from not answering the SEC's questions fully and accurately, there aren't too many reasons why you might not get cleared. We have heard that another source of difficulty can sometimes come (unofficially) from being someone the SEC would prefer wasn't running a public company. In the past the SEC has been accused of "bed-bugging" registrations (not responding in a timely fashion) or of simply issuing comment letter after comment letter no matter how well you responded to the previous ones. Given that registrations are reviewed in a subjective fashion by people with more files on their desk than they should have, both are certainly possible and we don't even fault them for employing such tactics if it protects the market. In the case of Sky Way Aircraft, we have no idea whatsoever why they quit trying but what we do know for certain is that they filed their initial SB-2 in July 2002 and subsequently filed 4 amended registration statements over the next 8 months then quit trying and filed a formal notice to abandon the registration in May 2003 just before sliding into the shell and starting trading.
*Preferred shares
The Series A and Series B Preferred, which represent 300,000,000 common shares currently are convertible into common. Although both Series initially had milestones that had to be reached prior to conversion, the most recent 10Q has eliminated any discussion of their conversion into common which suggests they can be converted at any time with no additional payment. The Series B is still convertible upon certain events that may never occur. Those events are 1. The completion of a successful IPO in the amount of $25 Million. 2. A minimum closing price of $4 per share for 30 days (adjusted for splits, acquisitions etc) or 3. the successful launch of their product (definitive agreements with three (3) nationally recognized airlines to provide its Products and Services; (ii) to have an operational network capable of providing its Products and Services throughout the United States; and (iii) an operational ground base data center.
Based upon available information, we do not consider the agreement with Southeast Airlines a "definitive agreement" however, management may disagree. Further, it is important to keep in mind that conversion terms of convertible preferred shares can be changed and since the Kovars have voting power equal to the converted shares, they control this company with absolute power.
We believe, their disclosure in SEC filings is woefully inadequate considering the level of potential dilution and the voting control they hold. We also find no evidence that the Kovars, with their overwhelming control of the voting power of the corporation, are prohibited from modifying the conversion terms to suit themselves.
Although the Kovars do disclose the terms of the convertible preferred in their SEC filings, we feel they do not disclose this adequately and that this failure also represents a violations of Section 13 of the Exchange Act as a material omission.
ALMOST TOO STUPID TO EVEN MENTION.
We sometimes marvel at the hubris and gall of people sometimes and this time is no exception. Brent published this amazing sounding announcement in August of last year.
SkyWay Communications Holding Corp Announces Congressman and Republican Majority Leader Tom Delay's Appointment of Brent C. Kovar, President of SkyWay, to the National Republican Congressional Committee Business Advisory Council
HONESTLY, HOW STUPID DOES THIS GUY THINK YOU ARE? First he doctors the picture to make you think that is his monitoring room or something then this!! This is nothing more than a simply fund raising tactic on behalf of the Republican party. They cold call people and get them to contribute a few hundred dollars then name you to this Business Advisory Council. Nothing wrong with doing it but any company that uses is to promote their stock is, in our opinion, up to no good!
A little more on the subject
Even a little more
ENOUGH SAID!
SUMMARY
Give us a break here!! We have here a family with proven lack of credibility running this company and paying themselves generous salaries ($175,000 annually to Brent). We have here a family that either currently is or almost certainly was under SEC examination with the Net Command Tech/SAS matter and yet, in our opinion, continues to act so as to deceive the investing public to get where they want to go.
We have here a software technology that has not been proven or confirmed by any reputable independent source that we can find.
We have a company that is issuing shares at a rate even Our-Street.com finds hard to comprehend. In the past 3 quarters, we have seen the issued and outstanding go from 57,200,000 on July 7, 2003 to 70,200,000 on October 31, 2003 and 124,701,669 on March 9, 2004 and all this dilution was without benefit of an acquisition. That means that the Kovar's are issuing stock at an average rate of 204,893 per day. Of course, all this stock has nothing to do with the 351,998,000 shares represented by existing convertible preferred shares.
Finally, we have here a company that has mislead the markets about the value and nature of existing contracts of clients on both sides of this business equation.
In our opinion, if the Kovars aren't stopped here, they will continue to use the public markets and trusting investors as their personal ATM machine without consideration or concern for shareholder value, honesty, disclosure, or ethics.
As always, we will gladly provide a forum for any documented and verifiable comments by the company and will promptly and sincerely apologize for any errors in our facts. Our commitment is to bring forth the truth and the facts in the matter and we encourage Skyway Communications Holdings to produce whatever documents they can to clear up our concerns and the concerns of what we assume are many SWYC shareholders.
http://our-street.com/featured.htm
OTC- BULLETIN BOARD SYMBOL SWYC
Corporate Headquarters:
6021 — 142nd Avenue North
Clearwater, FL 33760
727.535.8211
bkovar@SkyWaynet.us
It doesn't take a rocket scientist to see that this logo has been added to this picture to give the false impression this is a Skyway Aircraft facility. This is both outrageous and insulting and we believe this is the kind of dishonest practice that deserves swift and harsh SEC action.
NAME THAT ROOM -
Now you too can be a Junior Detective and help Our-Street.com find out exactly what kind of room this is. We notice to the right of the logo is a map of Florida and some weather data so it looks like a Doppler radar screen but we just don't know. Can you find this room somewhere else on the net? Do you recognize exactly what this room is actually used for? If so, please let us know. Write us at info@our-street.com and help us "name that room". Help us solve this and, if we had a secret decoder ring we would send one to you.. but we don't. You will have to settle for our gratitude and that of others who want to know as well and you will know you helped us take back our street, plus, if you want, we will post your name right here as a champion internet detective.
TO STC OR NOT TO STC. THAT IS THE QUESTION!
The March 2004 issue of Avionics Magazine it is reported that
"The aircraft itself will serve as a technology demonstrator and test bed. The systems on the DC-9-15, as of early February, were in the supplemental type certificate (STC) approval process."
We have been further informed by the company's IR person that the DC9 is in Chicago at DuPage Airport and that the system is being installed by Scott Aviation. So we checked with the Aircraft Certification Office at the Chicago office of the FAA since that is the normal place where an STC for the plane would be handled. As of March 29, 2004, the FAA representative called us back after checking all the records and informed Our-Street.com that
"there is not any current Sky Way Aircraft STC projects in this office"
In fact the man we talked to at the FAA hadn't even heard of Sky Way Aircraft or Skyway Communications. We figured that if anyone in the FAA knew about Sky Way Aircraft or Skyway Communications or the Kovars, it would be the Tampa FSDO office of the FAA so we called them as well. They informed us that they had never heard of Sky Way either and further, that neither Sky Way Aircraft nor Skyway Communications had applied for or been granted any FAA licenses either.
We also asked about an STC under the other Registered owner of the plane Royal Sons Motor Yacht Sales, Inc.
Now maybe there is an STC application somewhere in some other name but frankly, we doubt it very much. We invite the Kovar's to provide the proof of an ongoing application and we will gladly publish it here.
For those of you who aren't familiar with the STC process, the first step is to file a Certification Plan. This informs the FAA of what you intend to do. You can't even start work without that plan being filed and approved.
We also spoke with the FSDO office of the FAA in Tampa, Skyway's nearest office and the gentleman there, who handles the certification of companies hadn't even heard of Skyway or the Kovars either.
BUGGY WHIPS ANYONE?
In 2002 Claircom Communications, a division of AT&T shut down their InFlight phone service. It wasn't profitable, it wasn't going to be profitable and previous attempts to sell the system had failed. This left Verizon as the only other Air to Ground company providing in flight phone service the old fashioned way, with land based towers instead of satellites.
In steps a white knight, Skyway Communications and they get the deal of the century, or so it might seem. They bought the entire 10+ year old system, including the broadcasting hardware for a cool million. Was this because no one else knew about it? Hardly, the fact Claircom was trying to dump this property was common knowledge in the airline and communications industry.
We are being led to believe that the reason the system didn't make sense to anyone else in the industry is that Brent Kovar and Skyway Communications Holdings has been sitting on a technology so advanced that it will allow the Clarion tower/communication system to transmit data in both directions ten times faster than land based broadband internet systems and what's more, he has been sitting on this unique software technology since 2000 without finding a single profitable commercial outlet for it to date.
Further, Brent is asking us to accept his claim that this technology will not only support high speed internet access on commercial aircraft, he also is asking us to accept his claim that their web cams and other aircraft monitoring technology will prove valuable to both airlines and governments in the quest for homeland security.
Of course to accomplish this task we have to suspend our concern for the fact that this technology, (assuming it even works at all in the first place), will be limited to the US and some limited parts of the Caribbean and Canada so it would have no practical value to any airlines that have need for technology which is international in scope. Without the use of the latest ground-to-air satellite based technologies, Skyway's system will be useless as soon as the plane leaves US airspace and the range of the coastal towers. This automatically eliminates all the international carriers.
Of course, this also calls into question the logic behind ramping up the towers in Alaska and Hawaii since the system would go dark en-route. We could also get into discussions about compatible systems and how Skyway intends to integrate their airlines and systems with the major airlines who will all be forced to use competing systems that feature the latest in leading-edge, state-of-the-art equipment and global satellite communications technology instead of surplus towers and equipment purchased from a now defunct company.
In case you didn't know it, Transdigital Communications Corporation, the company SWYC just announced buying some equipment from, is out of business. Phones at their listed phone number are disconnected and their website is down and has been for some time. We aren't quite yet sure what happened but if you look at their former website you will see that they never really got beyond the "we're putting our website together" stage.
Also, since international flights are the ones that are the primary focus of terrorist watches, having facial recognition software installed only on airlines and planes that will be limited to domestic flights would seem a little irrelevant.
We are doing our best here not to get really sarcastic but come on now. Are you getting a clue here?
Competition Anyone?
Just so no one thinks that the Kovar's have a lock on the high speed air to ground communication/internet business out there, there are a few other players on the scene. Granted, none make the claim of 15Mbps of two way data transmission like Skyway does and none of the serious players have the advantage of a once mothballed network of ground based antennae that Skyway does either. Lacking the distinct qualities of a "US and limited areas of Canada and the Caribbean only" ground based antenna system these companies are forced to resort to other methods of air to ground data transmission like leading-edge, state-of-the-art, global satellite systems.
Of course, being well funded companies, they have managed to get a jump on Skyway. One example is the Boeing Connexion who, although they don't have the Southeast Airlines letter of intent contingent on just about everything including the apparent "if it works and we decide we like it and haven't found something better in the interim" clause, they do have Boeing behind them.
It is our understanding that Boeing does have some involvement in the manufacture and sales of commercial airplanes and, even though they don't operate their own airline, we suspect they can perhaps influence the kind of systems which are installed in some fleets anyway. Perhaps that is why the Boeing Connexion has already concluded in flight trans atlantic testing and is launching their system using Lufthansa Airlines as their initial launch airline.
NOTE: The chart displayed by Skyway showing their connection speeds is misrepresented. The initial trans-Atlantic test run, according to articles had a downloaded speed of 3 Mbps and an upload speed of 128kps. This initial test download speed surpasses what Skyway indicates on their comparison chart and according to Boeing Connexion, their download speed now is at 20 Mbps, surpassing Skyway's claimed download speed by 33%. Boeing Connexion's upload speed is currently at about 1 Mbps.
IF YOU ARE GOING TO MAKE COMPARISON CHARTS, AT LEAST GET THE INFORMATION RIGHT. DON'T MISREPRESENT THE COMPETITION TO MAKE YOURSELF LOOK BETTER THAN YOU REALLY ARE!
Another player in the field is a Bothell, Washington company called Matsushita Avionics Systems. Matsushita is a bit of a newcomer to the Avionics business having only entered this field in 1979. Fortunately they did have some previous experience in electronics having originated in Japan about a century ago and establishing a name for themselves in electronics. Among other ventures they established and still control the Panasonic product line. They already supply systems to airlines and are offering upgrades to their latest systems that include internet access in addition to other features. Of course, Matsushita is also stuck with that leading-edge state-of-the-art, global satellite based communication system instead of Skyway's 10+ year old revived, ground based, geographically limited system so there is no telling how they are going to compete against Skyway once (and if) Skyway ever gets their system installed, working as represented, and certified by the FAA.
Of course Skyway will have the edge, they claim, because they will be offering the systems for free to the airline and the internet free to the customer and making their money on forced advertising. Despite the fact this model has yet to be successful over the long haul, as far as we know except in the area of mass media, Skyway has offered to prove the critics wrong and backs it up with presales of high value advertising contracts to the likes of Dew Cadillac, Dimmitt Bentley and others commercial establishments in Florida.... or do those contracts really exist after all and are they for cash in the amounts represented??? Looks like a bunch of smoke and mirrors to us based upon what we have been told.
DID YOU KNOW THAT BRENT FAILED AT AN IPO ATTEMPT BEFORE SWITCHING TO A SHELL MERGER?
We find it interesting too that the Kovar's initially attempted to take Sky Way Aircraft, Inc public before finally giving up and taking the easy way to the market with the reverse merger into a shell. Now, in our opinion, there is nothing wrong with a shell merger but we get concerned when a company, or more appropriately, the people involved with a company, can't get an IPO through the SEC then quit trying and resort to merging into a shell where the SEC has less to say and less opportunity to ask questions. Remember, the key to getting an IPO through the SEC is thorough and accurate disclosure. They don't conduct a merit review to determine if they like the business. They simply want you to explain the business and the corporate structure completely and accurately.
If you can't get your IPO cleared, there is definitely something wrong. Aside from not answering the SEC's questions fully and accurately, there aren't too many reasons why you might not get cleared. We have heard that another source of difficulty can sometimes come (unofficially) from being someone the SEC would prefer wasn't running a public company. In the past the SEC has been accused of "bed-bugging" registrations (not responding in a timely fashion) or of simply issuing comment letter after comment letter no matter how well you responded to the previous ones. Given that registrations are reviewed in a subjective fashion by people with more files on their desk than they should have, both are certainly possible and we don't even fault them for employing such tactics if it protects the market. In the case of Sky Way Aircraft, we have no idea whatsoever why they quit trying but what we do know for certain is that they filed their initial SB-2 in July 2002 and subsequently filed 4 amended registration statements over the next 8 months then quit trying and filed a formal notice to abandon the registration in May 2003 just before sliding into the shell and starting trading.
*Preferred shares
The Series A and Series B Preferred, which represent 300,000,000 common shares currently are convertible into common. Although both Series initially had milestones that had to be reached prior to conversion, the most recent 10Q has eliminated any discussion of their conversion into common which suggests they can be converted at any time with no additional payment. The Series B is still convertible upon certain events that may never occur. Those events are 1. The completion of a successful IPO in the amount of $25 Million. 2. A minimum closing price of $4 per share for 30 days (adjusted for splits, acquisitions etc) or 3. the successful launch of their product (definitive agreements with three (3) nationally recognized airlines to provide its Products and Services; (ii) to have an operational network capable of providing its Products and Services throughout the United States; and (iii) an operational ground base data center.
Based upon available information, we do not consider the agreement with Southeast Airlines a "definitive agreement" however, management may disagree. Further, it is important to keep in mind that conversion terms of convertible preferred shares can be changed and since the Kovars have voting power equal to the converted shares, they control this company with absolute power.
We believe, their disclosure in SEC filings is woefully inadequate considering the level of potential dilution and the voting control they hold. We also find no evidence that the Kovars, with their overwhelming control of the voting power of the corporation, are prohibited from modifying the conversion terms to suit themselves.
Although the Kovars do disclose the terms of the convertible preferred in their SEC filings, we feel they do not disclose this adequately and that this failure also represents a violations of Section 13 of the Exchange Act as a material omission.
ALMOST TOO STUPID TO EVEN MENTION.
We sometimes marvel at the hubris and gall of people sometimes and this time is no exception. Brent published this amazing sounding announcement in August of last year.
SkyWay Communications Holding Corp Announces Congressman and Republican Majority Leader Tom Delay's Appointment of Brent C. Kovar, President of SkyWay, to the National Republican Congressional Committee Business Advisory Council
HONESTLY, HOW STUPID DOES THIS GUY THINK YOU ARE? First he doctors the picture to make you think that is his monitoring room or something then this!! This is nothing more than a simply fund raising tactic on behalf of the Republican party. They cold call people and get them to contribute a few hundred dollars then name you to this Business Advisory Council. Nothing wrong with doing it but any company that uses is to promote their stock is, in our opinion, up to no good!
A little more on the subject
Even a little more
ENOUGH SAID!
SUMMARY
Give us a break here!! We have here a family with proven lack of credibility running this company and paying themselves generous salaries ($175,000 annually to Brent). We have here a family that either currently is or almost certainly was under SEC examination with the Net Command Tech/SAS matter and yet, in our opinion, continues to act so as to deceive the investing public to get where they want to go.
We have here a software technology that has not been proven or confirmed by any reputable independent source that we can find.
We have a company that is issuing shares at a rate even Our-Street.com finds hard to comprehend. In the past 3 quarters, we have seen the issued and outstanding go from 57,200,000 on July 7, 2003 to 70,200,000 on October 31, 2003 and 124,701,669 on March 9, 2004 and all this dilution was without benefit of an acquisition. That means that the Kovar's are issuing stock at an average rate of 204,893 per day. Of course, all this stock has nothing to do with the 351,998,000 shares represented by existing convertible preferred shares.
Finally, we have here a company that has mislead the markets about the value and nature of existing contracts of clients on both sides of this business equation.
In our opinion, if the Kovars aren't stopped here, they will continue to use the public markets and trusting investors as their personal ATM machine without consideration or concern for shareholder value, honesty, disclosure, or ethics.
As always, we will gladly provide a forum for any documented and verifiable comments by the company and will promptly and sincerely apologize for any errors in our facts. Our commitment is to bring forth the truth and the facts in the matter and we encourage Skyway Communications Holdings to produce whatever documents they can to clear up our concerns and the concerns of what we assume are many SWYC shareholders.
http://our-street.com/featured.htm
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