Friday, December 23, 2005 2:13:21 PM
Interesting huh?
* Aegis Assessments (OTC BB: AGSI): AGSI has one of the most compelling homeland security devices I have ever seen, and I even attended a meeting of SPAWAR on a San Diego military base to watch a demonstration. Homeland Security experts loved the radio bridge, but for some reason the company cannot sell them. The management of AGSI presented me a pro forma on January 14th, 2004, stating they would achieve $35 million in sales in '04 and generate $22 million in gross profits. Net result- zero sales in '04 and minimal sales in '05. I figured if they achieved 25% of their projections they would make a profit. I don't know where they went wrong, but this management team is a complete disaster.
* American Water Star (AMEX: AMW): Roger Mohlman has to be one of the most delusional CEO's I have ever encountered. I visited the company in May of 2004 just prior to Wal Mart picking up their beverages. Management across the board told me they would do $100 million with Wal Mart. After about $1.5 million in orders, WalMart dropped them. Since he didn't have any orders, Mohlman did the logical thing and went out and acquired three bottling facilities. In late November of '04 in a publicly aired conference call, Mohlman predicted AMW would achieve $80 million in revs in 2005. Through the first 3 quarters of '05 the company has delivered about $2 million- only $78 million to go in the 4th quarter. Today, AMW is in default on about $6.5 million in debt, and has been notified by the AMEX of pending delisting status due to their inability to file their financial statements in a timely manner. If Mohlman is a cat with 9 lives, he has definitely used up 8.9 of them. Perhaps he can negotiate a settlement on the debt, but there is no excuse for not filing the financials on time.
* ZAP (ARCA: ZP): Looking back on the ZAP situation, I can't help but wonder if it really wasn't some sort of scam. The company bought the technology developed to convert the MB Smart Car to US standards. They went out and marketed the cars without knowing if they would be able to get them, and according to their press releases generated over $1 billion in orders. The stock went crazy for a while despite the company's poor corporate performance in electronic vehicles. Alas- MB was not willing to sell them cars, and actually bitch slapped them when they publicly disclosed they had presented MB with a billion dollar order. Complete failure. One for the record books. I wonder if they didn't know it all along.
* Family Room Entertainment (OTC BB: FMLY): FMLY is a major source of frustration. The company really delivered this year in movie productions, but it was too little too late thanks to the third toxic financing in three years. If the stock had traded millions of shares everyday, there would have been enough demand to absorb the supply. When they have a hit movie and generate a windfall profit, CEO George Furla can right the ship if he so chooses. Until that time, the excess supply of stock originating with the $2 million note they signed a year ago will continue to create an imbalance in the market. They issued 6.4 million shares in October alone to pay the debt. As of the end of September, the company was still carrying $1.3 million in convertible debt. This debt would convert into about 100 million shares, all needing to be sold into the market. That's only if the price stays the same. If it falls, the company will have to issue more shares. Some day someone is going to make a lot of money on this stock. Unfortunately, it won't be this generation of shareholders. When the convertible debt is gone and the company does the inevitable reverse split, I might look at it again.
These are my personal comments, observations, opinions and should not be relied upon for any investment decisions, and as always read the SEC filings for the facts of the company
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