SLMU - I've spent a lot of time researching that company.
First let me say that many of their publications about various projects and partnerships in my opinion based on my research so far are either grossly exaggerated or completely misrepresented and in some cases false. They have included some projects that they once had engaged in negotiations but have long since passed with no deal being reached.
I'm working on contacted various companies and verifying details, but I already have a good amount of evidence against Sunlogics participation in some of these projects and virtually no evidence supporting their participation.
Even the projects that can be verified like the GM partnership seem to be exaggerated by some sources. For the most part we are given no details about the partnership like how much money the actual partnership may bring to Sunlogics or cost Sunlogics.
I know Matvieshen has a history of including projects and assets that he didn't own or wasn't involved with in press releases and filings for some of his past companies like EPOD Solar, Allora Minerals, Daystar, and ICP Solar Technologies. The biggest fraud of all that I found was the way he used a company that didn't even belong to him, OptiSolar Technologies, and large assets and projects that didn't even belong to OptiSolar Technologies for several of those deals/companies.
Based on Matvieshen's history my trust level for Matvieshen is at zero. It was because of all of that plus the fact that Matvieshen failed to close other mergers with himself in the past that I have been very certain since day one that this merger for SLMU would not ever close either.
The latest Form 4 filing by John Salamon confirms that this merger may be headed for a similar result as Matvieshen's past failed mergers.
Matvieshen made the initial $75,000 payment necessary to get John Salamon to sign the agreement allowing Matvieshen to take over Salamon Group and giving 8.9 million shares to Matvieshen.
The agreement required Matieshen to also pay $20,000 on December 15, 2010, $20,000 on January 15, 2011, $20,000 on February 15, 2011, $85,000 on March 15, 2011, and $80,000 in debts owed by Salamon Group to John Salamon.
So far Matvieshen has made none of those payments. He is now late on the December 15, January 15, and February 15 payments.
So what does Matvieshen stand to gain by not closing the deal? That's a good question. What did he stand to gain by not closing his mergers in the past?
In one case I heard a rumor that while he was in control of Daystar he tried to illegally transfer $2,000,000 to himself. I don't know if that is true or not, but I know he didn't last long there as the CEO.
I know after Matvishen left Allora Minerals (or they gave him the boot maybe) they went out of their way to cancel a bunch of shares that were in the name of Matvieshen's right hand man, Satpal Sidhu who was very much in on the whole OptiSolar Technologies fiasco signing the contract between Allora Minerals and OptiSolar Technologies as the representative for OptiSolar Technologies. I contacted the Delaware SOS and they told me that neither Sidhu or Matvieshen were listed as officers of that company. So the contract was apparently a fraud.
But back to what Matvieshen might gain by not closing the deal. I'm not sure. This has been my concern though about the 8.9 million shares never showing up in any filings. It would have been required for the owner of those shares to do a filing giving disclosure of their ownership. My fear has always been that Matvieshen might try to sell those shares. Per the numbers given to us in the agreement Matvieshen is only paying $.0086/share for those 8.9 million shares. The stock is currently trading at about $.10/share. That makes those shares pretty profitable to him whether there is a merger or not. By there being no merger he can take all those partnership/projects (false or other wise) and go on to yet another publicly trading company and do yet another failed merger with himself.
But that's the thing I'm not sure about. Does he have control of those shares yet or are they being held in escrow waiting for him to finish making the payments that are due to Salamon? Maybe Matvieshen just doesn't have the money - though $60,000 doesn't really seem like much for somebody like Matvieshen. Surely money wasn't in issue in the past when he failed to close mergers with himself before.
A lot of this doesn't make sense. On one hand he seems to have a real business. The Sunlogics company based in the UK is trading on the German exchange. On the other hand there is so many questions and doubt created by some of his project and partnership claims and lack of transparency and disclosure about things.
Needless to say I'm still guessing and trying to figure this one out. I've got piles of research on this company already and I have some good contacts in the background that are pretty close to Matvieshen and know people that are even closer so I'm going to try to monitor all this as well as I can. We'll see what happens. At this point I don't expect us to know one way or the other about the merger for quite a while yet.
AI
