I have been out of town and have not had time to digest their last filings. But here is the real story and what they are hiding from their investors.
1. Nova sold products to Microbe Guard in 04' that were not registered in the State of Minnesota, nor registered for the use that was contractual spelled out in a letter of intent signed by Nova and Microbe Guard. The State of Minnesota issued Nova a Cease and Desist order to stop the sale and marketing of non-registered products in the State of Minnesota. Microbe Guard gave repeated notice to Nova of the violation, along with the State of Minnesota to fix the problem. Brent Steele, VP of Nova agreed to register products and to amend the EPA label for use. Microbe Guard, not Nova ended up making registration in the State of Minnesota due to lack of performance by Nova.
2. Microbe Guard starts due diligence on Nova to determine the ownership of Nova's claimed EPA registration and Patents. MGI meets IBCL, formerly Bioshield, bankruptcy trustee and learns that Nova does not own the Patents nor the EPA registrations and that ownership is under investigation for bankruptcy fraud.
3. Microbe Guard, through viewing 55 boxes of documents left over from IBCL ($58 million to 55 boxes in two years) learns that there was an arbitration ruling against BioShield and in favor of Emory.
4. Microbe Guard meets with Emory and enters into negotiations to purchase rightful Patents to said technology.
5. May 31,2005 Microbe Guard Purchases exclusive patent rights to Emory Technology.
6. Microbe Guard sends Nova a Cease and Desist order in July of 05' to stop infringing Microbe Guard's Patent Rights.
7. Nova responds by sending out false and misleading documents to Microbe Guard customers.
8. Nova, ever the coward, initiates lawsuit against Microbe Guard, registers it with Atlanta courts but does not serve documents to Microbe Guard.
9. Nova puts in bid to purchase the remaining rights of patents and legal issues out of bankruptcy. He is denied and now knows that the truth is going to come out. If he really believed that he owned them, then why would he be trying to buy the rest of the patents?
10. TM gets charged and found guilty on Fraud and Perjury charges. His lies are now known as fact and he is scared.
11. Nova announces that TM is stepping down for personal reasons. This is a violation of their fiduciary responsibilities since they now know for fact that their founder and officer is a felon on multiple counts and is going to jail. They do not fire him and they allow him to stay on as an employee in the same office.
12. Nova, now fully aware of their legal issues that they are facing, serves MGI but does not include any summons, nor file summons in Atlanta court.
13. MGI files suit against Nova and Tim Moses for deceptive trade practices and fraud. Nova's Attorney calls and states that TIM Moses is no longer with the company therefore he could not accept service for Tim Moses. Process server hunts Tim down for weeks and finally serve him at his home.
14. United States Bankruptcy files suit against Nova for Fraudulent transfer of assets. The bankruptcy fraud is a criminal act and breaks corporate shield, DR. Smith.
15. Emory and MGI file patent infringement suit against Nova and Tim Moses in January 06'.
16. TIM asks court to reconsider his sentencing because he really did not hurt people as bad as the court found him guilty of and that there is a substance abuse issue to consider.
17. Nova attempts to file judgment against MGI without notification, but instead is issued a countersuit in the State of Atlanta.
18. Nova asks for extension on Patent Infringement three weeks after they were served because it took them that long to find an attorney to take their case.
19. The prosecuting attorney responds to Tim's pleas for special favor to the court with a big HA! HA! you must be crazy you felon! DENIED!!
20. Sentencing tomorrow! About Time!
This is just the icing on the cake. There are multiple other issues that Nova has not disclosed to its' stock holders. What happened with big deal in Europe? What is going on with Palmer Holland? Funny, they called us and asked us to negotiate with nova. Not going to happen. When do you think that they are going to announce that the deal is dead?
You ask about Sishield? Same players, same game, same conclusion. These things take time unfortunately to work through the legal system. At the end of the day, both are violating our Patent rights and both are going to lose.
What is a 10b5? What fiduciary responsibilities does Nova, their Board and their officers have to the stock holders? Nova's founder was found guilty of Fraud and Perjury and is going to prison. The company was established based of the lie that they actually owned their own patented technology and that is a lie. They make illegal claims about their products that directly violate FIFRA regulations. They make false and misleading press release to cloud the facts. They announced today that they have a new alliance with a company to sell directly to the remediation industry. Is that possible CornerStone BioSystems? I bet it is and we already know that company is another front for Nova to hide. Hell, the attorney that registered their company is Nova's attorney Ed Schwartz.
How long can they get away with this?
It is time to be held accountable to your shareholders! It is time to answer the questions that they have been lying about.
It is time that the share holders demand an immediate meeting with the board of Directors and answer the questions! There are a couple of attorney's reading this, what can we do?
