Biostax Corp (BTAX)

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TNIB’s Nigerian scam

Another week, another TNIB PR. On November 15th, TNIB signs a deal to distribute their drugs in Nigeria. http://ih.advfn.com/p.php?pid=nmona&article=55043913 G-Ex Technologies/St. Maris Pharma and GB Pharma Holdings LLC will have exclusive marketing and distribution rights to distribute assorted products in Nigeria. Not only do the distributors agree to purchase a minimum of 750k doses at $1 each per month they are even so generous to give TNIB a letter of credit. And to maintain this fabulous deal, the distributors must reach up to 15 million doses per month within 24 months. And even better, once they reach 1 mil doses per day, they have agreed to a joint venture for a factory in Nigeria. Now I get attractive business proposals from Nigeria emailed to me every day, so I am aware of all the easy money available there. But just because I am a twisted skeptic, I decided to look into it a little more before sending them my bank account info.

The first thing I want to check is their new distributor: G-Ex Technologies/St. Maris Pharma and GB Pharma Holdings LLC. So I decide to run a Google search on each of these fine companies. And what do I find? Nothing but the PR with TNIB. No indication they have ever done business before. Maybe we can find more in the official filings of the deal. http://www.otcmarkets.com/financialReportViewer?symbol=TNIB&id=94820 In the PR Franklin Aribeana, managing member of G-Ex Technologies/St. Maris Pharma is quoted with how delighted he is with the deal, while GB Pharma has no comments. So let’s start with G-Ex Technologies/St. Maris Pharma. The filings provide us with an address: No. 6, Akinsanmi Street Obanikoro, Lagos, Nigeria. So I search for that address. And do I find a big medical products distributor? Nope. http://opcyempire.gnbo.com.ng/contact+us A networking and database solutions company. And they even provide a link to Google maps so you can take a look around the area. No company in the area named G-Ex Technologies or St. Maris Pharma. Fortunately, they also list a phone number in the contract: 954-973-0271. But strangely, that phone number is for Florida, not Nigeria. Searching for that phone number doesn’t lead to G-Ex Technologies/St. Maris Pharma, but instead to Global Exchange Inc. which is located less than an hour’s drive from TNIB. http://www.globalexchangeinc.com/contactus.html The name “Global Exchange” seems pretty similar to the “G-Ex Technologies” listed in the PR. But according to their website, they are in the health insurance business not pharmaceutical distribution. A search of their business records show the registered agent is none other than Franklin O. Aribeana who was so delighted with the deal. http://www.sunbiz.org/COR/2012/0428/32067508.tif

Now what about the very quiet GB Pharma that is also listed in the deal? Why no quote from this major organization. Again, we look to the official filings for more information. Guess who runs GB Pharma Holdings!!!! None other than our old friend Dr. Gloria B Herndon the insurance broker. The same Dr. who doesn’t have a degree in medicine yet claims to run an oncology and imaging business. The same person who is also a director of TNIB. The same person who runs the company claiming to be opening a clinic with TNIB in Malawi. The same person who runs the company claiming to be opening clinics with TNIB in Guinea. The same Gloria Herndon who claims to be in the “extracting industries” as well as solar, wind and LED lighting. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=81612555 With all these other activities going on, how does Gloria have time to be selling drugs in Nigeria? Well, maybe not too much selling, as GB Pharma Holdings, LLC was only formed in August of this year. http://www.sos.state.co.us/biz/BusinessEntityDetail.do?quitButtonDestination=BusinessEntityResults&fileId=20121468504&masterFileId=20121468504&srchTyp=ENTITY&entityId2=20121468504&nameTyp=ENT Just in time for the TNIB promotion to begin. What an amazing coincidence.

So now we have our third major PR from TNIB announcing deals with companies formed by their own director. And this time she ropes in another insurance broker who works within an hour of TNIB, but tries to give the impression he is in Nigeria.

The deal says all these amazing revenues will start in March, 2013. I am predicting a lot of fresh stock to hit the market long before that deadline