News out !!!!!
(Micro Cap News) Reno - Seattle Times Deputy Business Editor cautioned investors Saturday over Cascadia Investments (OTC: CDIV) web business saying it appeared that more cash was being spent hyping the stock than actually developing its websites, yet despite the newspaper story, CDIV's shares continued to trade heavily.
Calling it an "unspectacular company", the Times' Rami Grunbaum said Cascadia Investments was being heavily promoted on Twitter and that the former real estate company turned Internet developer soared in a matter of six months from 2/10ths of a cent to more than 27.5 cents by the end of February.
"Those anonymous enthusiasts, be they actual stockholders or paid shills, surely haven't visited its corporate headquarters - a frumpy one-room office with no company sign, just a yellow placard on the window sill that advertises 'The cheapest rentals' ", wrote Grunbaum.
The Seattle Times story noted how CDIV only spent $4,620 on its Internet business in the last quarter, according to filings found on the Pinksheet.com website.
"But on the bottom rung of the over-the-counter market known as the Pink Sheets none of that seems to matter," Grunbaum stated.
The Seattle Times story pointed out that "Cascade Investments has issued a blizzard of news releases since last summer about buying or licensing online games and Web sites."
But Grunbaum was thorough in attempting to interview CDIV CEO Nazir Maherali who sidestepped questions about the extreme heavy interest in his Company's stock. When he caught up with Maherali at his office - that 'dingy one-room' place - and asked Cascadia Investments' CEO about his revenue from all those web developments he was told: "We're building up a user base, we're not focused on revenue."
Micro Cap News did a little investigative journalism on its own, running 'who is' queries on websites CDIV says it acquired, noting that all of the domains where listed as being registered to Jon Kosowski of Bellingham Massachusetts - not Cascadia Investments.
Mr. Kosowski is listed as the owner of MyFlashgames.com, which Cascadia Investments said in a January 7, 2010 announcement that it had acquired - giving ample time to transfer the domain. Yet Who Is shows Kosowski first registered the domain April, 2009 and as of March 5, 2010 still owns the domain. Another search of MyPersonalRingtone.com also shows Kosowski as the registrant, which was first created in December, 2008. Cascadia Investments says it acquired a 50% stake in that Site on December 8, 2009.
While it appears that Mr. Kosowski has landed a windfall in the sale of numerous domains to CDIV, the Company appears to be moving at a snail's pace in taking ownership. No terms where ever disclosed in any of Cascadia Investments announcements, yet the Seattle Times says the company has 207 million shares issued and outstanding.
Micro Cap News has not attempted to contact Kosowski to see what his relationship is with Cascadia Investments - the Who Is records speak for themselves.
Shares of Cascadia Investments closed up Friday 2 cents, or 4.55%, at $0.45 on 1.064 million shares - placing the market cap of CDIV at $93.15 million.
Note: Micro Cap News is a newly-formed partnership of online news publishers through the World City Press Syndicate. Micro cap news articles are appearing on US news network AXcess News in advance of the launch of the beta news website. Dave Porter is an AXcess news staff reporter.
