I found this on valuewiki.com
Sulja Bros. Building Supplies, Ltd. is a retail distributor of building materials and wood products. Sulja Bros. focusses on purchasing, distributing, and transporting building materials throughout the US, Canada, Middle East, Germany, and the Gulf Region.[1] The Ontario Securities Commission alleges that Sulja Bros. engaged in stock fraud throughout 2006, issuing false press releases, claiming the existence of audited financials, and illegally profiting from the sale of $7.8 million in unregistered securities.[2]
Snapshot
Sulja has several potentially lucrative projects in the pipeline. On April 21, the company announced its involvement in a $645 million hotel construction project on Al Reem island, Abu Dhabi. On May 1, Sulja announced revenues on the Al Reem construction could reach upwards of $130 Million.
Sulja is also under contract to provide construction supplies for two tire recycling plants in the Middle East, with construction revenues totalling $30 Million.
Sam Building Materials
On November 24, Sulja Bros announced the acquisition of Sam Building Materials, which Sulja claims will add $6 Million in annual revenues to Sulja's bottom line.
Recent Events
More News...Future Events
Audited financials are expected in the near future
Leadership
John Sulja, President
Steve Sulja, CEO
Mian Siddiq, CFO
Leslie Budway, Investor Relations
Risks
Delay of Audited Financials
Audited financials, which can legitimize the progress reported by the company, have been repeatedly delayed. For instance, on September 13, the new CEO, Peter Vucicevich announced that audited financials would be "stamped this week" and available on the Company Website the following week. Further delays include a September 18 press release stating that previously expected announcements would be delayed due to unforeseen circumstances. A September 25 press release reiterated that there would be a slight delay in filing audited financials, but did not offer a expected release date. On October 16, CEO Petar Vucicevich announced that audited financials would be received by the company by the end of the week (Oct 20). Quoting CEO Vucicevich, "I have been assured by our auditors that we will be in possession of all documents by week's end. With any luck we will have time to review the documents and submit them for our shareholders to review." Most recently, Sulja Bros repeatedly assured investors audited financials would be released by Nov 15, 2006, and these were not delivered.
Bad Press
This scathing article in the November 16th Windsor Star presents Sulja as a pump and dump scam, and presents then CEO Petar Vucicevich as shady stock promoter. Vucicevich personally responded to the author of the article in this lengthy November 16th press release.
CEO Resignation
Following accusations of shady behavior, CEO Petar Vucucevich resigned November 21 and was replaced by former CEO, Steve Sulja.
OSC Fraud Investigation
The Canadian Ontario Securities Commission alleges that former CEO Peter Vucicevich and associates engaged in illegal penny stock fraud with SLJB in 2006, profiting to the tune of $7.8 million USD.[2] A full record of the OSC's investigation and prosecution of SLJB is available on the OSC website.
Following the issue of false press releases, SLJB stock increased ten-fold.
