CORRECTION: ADSV is GROSSLY UNDERVALUED
Here is WHERE ERIK THE DEFENDANT SEALED HIS FATE!!!! He wrote a letter to ADSV CLIENTS , CUSTOMERS , VENDORS AND CREDITORS!! saying very LIBELOUS and slanderous THINGS in regards to ADSV's FUTURE!!! As you notice he ( ERIK ) said that he'll take over ADSV on 3/1/11! Well that never happened and the JUDGE HALTED all PAYMENTS TO ERIK and ruled in favor of ADSV !!!!!! ERIK IS RUNNING SCARED !! CALL HIM and find out for yourself.. He's blocked my # because I keep BIRD DOGGING HIM.. HE's TOAST, Put a fork in the DUDE !!!!
TO ALL CGM-AST CLIENTS AND DISTRIBUTORS
In March of 2005, the physical assets including the factory in NY, IP, Patents, know-how and customer base of CGM Security Solutions Inc. was sold by Erik Hoffer, its owner and creator, to DDSI (Digital Descriptor Systems Incorporated) a Delaware Corporation and public entity. The newly created subsidiary of DDSI was called CGM-AST as was to operate in the same facility, selling the same products and with the same factory personnel. It was to provide the same product line and distribution products as did CGM Security Solutions, Inc. for the prior 30 years. CGM-AST was to operate as an independent entity and was not permitted to co-mingle its physical assets with those of the Acquisition subsidiary, CGM Security Solutions. All facets of this arrangement are posted on the CGM-AST pink sheets on the internet under their stock symbol. It was to operate the assets only of CGM Security Solutions with the goal of purchasing these assets outright in 2008 by satisfying its’ note to Erik Hoffer. In order not to have the assets revert to Hoffer the debt was to have been satisfied in February 2008. Details of the transaction and conditions of sale are posted on the internet, as DDSI now known as Applied Security Innovations is a public company and files tax returns and posts 10Q data on its operation in accordance with SEC requirements. In March 2008 DDSI, ASI defaulted on their payment for CGM to Erik Hoffer, it’s owner and founder. At that time and in good faith, Mr. Hoffer agreed to allow DDSI-ASI operate the business assets for another 3 years for some financial consideration, an increased purchase price and interest on their unpaid loan. At that time Mr. Hoffer filed a suit in the State of New York and in New Jersey to recover the business assets should DDSI-ASI fail to repay their revised loan on 3/1/2011. During the last few years DDSI changed its name to Applied Security Innovations and posted this change on the net. At this time, Applied Security Innovations Corporation is still running CGM Security Solutions under the name CGM-AST, Inc. Mr. Hoffer holds UCC (ownership rights) on all equipment, intellectual property, client lists and any and all assets now under the care and control of ASI and, by contract, will be required to return these assets to Mr. Hoffer when they default again on 3/1/2011. As posted by ASI on the internet, they are operating at a net loss and have no available cash reserves nor available financing to repay their loan to Mr. Hoffer on the due date. With only 2 months left it is obvious that Mr. Hoffer will regain control of his property. Mr. Hoffer has decided to terminate any working arrangement with ASI at the time of their second default and recover the business assets in accordance with his legal rights.
What this means if you are a current CGM-AST client is that the personnel at CGM-AST will no longer have the right to manufacture, market or sell any and all products currently made by CGM, currently known as CGM-AST after 3/1/2011. All contracts will immediately terminate and will have to be re-negotiated with the new entity, CGM Security Solutions, Inc., a Florida Corporation.
No current end user clients will be affected by the takeover, however prior distribution relationships will have to be re-visited and reviewed before further sales and current prices can be agreed upon and sales terms renewed going forward.
No negotiations can take place before the ASI default date of 3/1/2011.
The new entity CGM Security Solutions, Inc., will offer both the lines of the current CGM-AST and CGM Security Solutions, Inc.; Navatech-USA and Rig Secure Inc. These products include all items shown on this web site. For further information feel free to reach us at 941 575 0243.
Sincerely,
Erik Hoffer
President CGM/Rig Secure
941 575 0243
Last Updated: Tuesday, December 21 2010 @ 04:35 PM EST|Hits: 641
The stupid letter that ERIK WROTE is INSANE and got him in a PICKLE !!!!!!!
GO ADSV !!!!!!!!!!!!!!
scar
