Andy- I can go back and easily find at least a dozen "PR's" or "blog" statements- that later, were never spoken about or heard about again- especially ever being mentioned again in a subsequent 10-Q or similar, let alone ever amounting to any revenue being generated. I can do it easily.
The crown jewel PR being when ole Northstar said they were going to raise $20 MILLION dollars in a "private placement" for a 1/3 interest in the company. What was nearly comedic about that one- was the company market cap at the time (I'd need to go back and check to be 100% factual) but I believe it was about $4 million or something. So they casually "toss out" this PR, that a guy who runs/ran a "masonry company" in MN, is now a "venture capitalist" and is gonna go out and sell to "sophisticated investors" (definition of a private placement requirements) - he's gonna sell them 1/3 of a company for $20 MILLION that as of that time was being valued by the market at $4 million or so?
Never heard another word about that "PR" and no cash has ever been raised in a "private placement" that I'm aware of. Share dunping "on the street" - heck yes. Private placement putting $29 mil on the books- um, that's a big no as far as I'm aware and was never mentioned again. And Northstar "headquarters" was a home, his home out in po-dunk MN. You could see it, photos and all as it went up for sale for a while on Zillow and other sites (think Century 21 was listing agent) - nice looking place he had/has- I viewed all the interior photos and overhead shots and all.
See how these guys "work" sometimes? Just toss out a "PR" and then you never hear about it again- but it sure sounds good at the time. I've seen this over and over and over again with BHRT. I've combed the 10-Q's looking for what happened to all the previous announced "deals" and what not, never to find them again.
But hey, maybe you know something different? Fill us all in as we'd like to know. Thanks.
