Grifco Inc (GFCI)

[jtomm]

CEO Swapping

Haven't looked at this board in a couple of months because it seemed like it was nothing but conjecture and ranting. Decided to stop by to see what was new, and thankfully BBB was actually the one who posted something substantive: the name of the alleged CPA, Lynn Copelenz (no street address and a hotmail email address).

Do a search for him and we find that he (she?) was the alleged CPA for another pinkie company, Summit Entertainment Group. And who was the CEO of Summit? None other than Jim Dial. On October 10, 2004, the company claimed, "Summit Entertainment Group.net Services, Inc. (Summit Entertainment Group) is an
Internet Access Provider (IAP) based in Tomball, Texas":

https://www.otcstockinfo.com/repository/656608/656608_FR4.pdf

In this next link, we find that the company was formed in Nevada on October 1, 2004 (meaning Dial almost certainly formed the company, since he was CEO on Oct 10th, 2004). But on November 1, 2004, Dial resigned and turned over the reins to, believe it or not, John Jarvis, who was then CEO of a company call Litfiber, which of course later became Grifco:

https://www.otcstockinfo.com/repository/656608/656608_FR11.pdf

And it was a scant 18 days later that Jarvis resigned from Litfiber, and Jim Dial took over that company:

http://www.marketwire.com/mw/release_html_b1?release_id=76419

I resign to you, you resign to me. A little CEO swappin'. (Now we know why Jim Dial was so vague in his bio.)

A few months later, both companies do registrations with the SEC and both are still using the same address:

6990 GENTLE BREEZE DR
WILLIS TX 77318

http://www.sec.gov/cgi-bin/browse-edgar?company=summit+entertainment&CIK=&filenum=&State...

http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001322894&owner=include

Summit had its own pink sheet symbol SETG.PK, and it was a new company, so it would've been a clean shell.

Also, you can search both databases and Lynn Copelenz is not registered as a CPA in either Texas or Nevada:

http://www.tsbpa.state.tx.us/macros/OD007.ndm/MAIN

http://www.nvaccountancy.com/

The m.o. of Summit seems vaguely familiar. Look at all the press releases announcing deals, acquisitions, etc:

http://investor.news.com/Engine?Account=cnet&PageName=NEWS&Ticker=SETG&Limit=30&Mode...

Even the trusty share buyback with the familiar wording. Here's one of Grifco's buyback announcements followed by one from Summit. They are exactly the same except for a few name changes:

http://biz.yahoo.com/iw/050309/082381.html

http://www.prnewsnow.com/PR%20News%20Releases/Business/Stocks/Summit%20Entertainment%20Approves%20Sh...

And yet after all the great business deals and buyback and acquisitions, etc., Summit finally merged with a company called Karma Media and the resulting company is called Pitboss:

http://biz.yahoo.com/pz/050718/82262.html

And after all of that rigamarole and supposed business, and after screwing around with the share structure, what does Pitboss's latest 10-Q show? That they have absolutely no assets:

http://www.sec.gov/Archives/edgar/data/1171326/000113902005000346/f10qsb93005pitboss.htm

This is about the fifth or six public company Jarvis has been through and all of them have made ridiculous claims in press releases but in reality have done absolutely nothing.

In the document that shows Jarvis taking over Summit, they list Summit's website. In the title in your browser it will show up as (I'm not making this up) Billionaire Boys Club (which of course was a huge scam story many years ago in which the scammers simply pretended to be doing business to con people out of money -- it was a pretty good TV miniseries). One of the site's featured stocks on the left is Grifco (Grift Co.?). The real crack-up is when you scroll down to The BBC Network section which talks about not investing in stocks that are just a bunch of crap from a promoter. In that section they sure seem to know a lot about how scams are run:

http://www.the-bbc.net/