At this point in time i believe this is where we stand as shareholders...but i have to clearify several things first...
First off Holt Smith and Todd was not aware of Richard Walls past dealing when Richard set up this company,many of the news releases where directly written by RW and management had no need to question them at the time as RW is the founder and had his own money in it...it wasn t untill some of the news items didn t jive and the 144s stated coming out of the wood work they realise they had a huge problem..by then it was too late..
Larry Mc Quade was a director of eurotech but wasn t aware of RWs dealings since then ,when i spoke with him in NY he had a hard time understanding why RW had done some of the things he did...they now understand why RW wanted to fly under the radar and not be a director,managemnet or signifagant shareholder...
As for Peter Goerke...Peter is a on the ground operations guy...he had nothing to do with setting up financing with navigator as Batscam insinuated,he had nothing to do with setting up the sharestructure of ATI-Brillant or NNRF...and trust me he as well as the russians feel BURNT AGIAN by RW...this is not the first time .
The company obviously has not performed there fuducery responsibility to shareholders,they had no controlls in place to prevent RW from issuing false news items and widly distributing sub penny stock to unscupulous promoters...stock that should never have been alloud to trade..
Goin forward they need to bring in management that understands the public markets and knows how to run a publicly traded company,i like Todd Sinclar but they need a Russian speaking CFO...the Russians are not taking Todd seriously one bit..Todd has had 1.5 years to get the equity accounting issue right and it still isnt,the NASD will not uplist the company unless they are fully reporting and can demonstrate they can do so going forward...
They need to raise 6 million for the rest of the Velcont-electroprovid aquistion...something mentions over a year ago,and the need to raise 6-8 million for the container deal ...the stocks at 11 cents so an equity financing gives the company away...with the way this company is being operated and not compliant with filing who is going to give them money???if they can t raise these funds by year end i feel these deals will all fall apart.
This CC is a good oppertunity for them to clear the air and move forward no matter how painfull it is....as for legal action...any legal action against the company has merit,however any legal action against the compnay should include RW and every member of his family...his MOM and his new bride...they should be front and center...its unlikly shareholders will recover anything from NNRF but they have a change agianst the family...and Barry Davis and Danny colon should be included...its well documented they disiminated false and misleading info and traded based on inside information...
Holt Smith is a great person...anyone of you who meet him will agree,he is discusted at what has taken place,and he has vowed to not only clean up the mess but turn the situation around and make shareholders thier losses back...his reply is don t start a lawsuit just yet..you can do that at anytime...give me a couple months and let me bring the right people in,if we do that then the financing will follow and shareholder confidence restored....and yes he knows he has to sit down with the SEC and explian all thats happened...so i say lets here what they have to say on the CC then make up your mind...
AI
