hi wang .. it was the last paragraph in this article that made me think "well that was stupid".
I have however come around to liking the setup here .. new CEO .. nice bottom reversal, and huge potential gains to be made.
Friday , November 04, 2005 20:11 ET
By Joe Goldeen
Nov 04, 2005 (The Record - Knight Ridder/Tribune Business News via COMTEX) -- LODI -- Pacific Financial Solutions Inc. -- closely affiliated with the troubled PayStar Corp. -- Wednesday pulled the client page off its Web site that included questionable testimonials from fast-food giants such as McDonald's, Burger King and Taco Bell.
None of the companies contacted by The Record were able to verify if they did business with Lodi-based Pacific Financial Solutions, which markets cashless ATM machines to investors and then says it places them in retail locations.
"They don't do any business with McDonald's at the corporate level, or particularly in the Stockton area," McDonald's Sacramento regional spokeswoman Shelly King said earlier this week.
Attention was drawn to the Web site at www.pfuo.com after the publicly traded company issued a press release last week touting its purchase of 500 "independent payphone locations" in four northwest states for $2 million, about four times the going rate, according to a Seattle-based payphone industry expert who was unaware of the large sale.
State regulators in Washington and Oregon, likewise, were unaware of the transfer, nor did Pacific Financial Solutions appear in their files.
A woman who answered the phone Thursday morning at Pacific Financial Solutions' Lodi headquarters at 1330 S. Ham Lane could not answer inquiries about the status of the Web site.
"I have no idea," she said when questioned about why the company pulled its client list off the site. She took a message for Barbara Thomas, named as the company's secretary-treasurer, who was unavailable. Neither Thomas nor company officials William Yotty or Clifford Goehring have responded to messages left since Tuesday seeking comment.
In addition to claiming globally recognized corporations among its clients, Pacific Financial Solutions states on its Web site that it is 10 years old. Its penny stock began trading on the Pink Sheets in October of last year and the state of Nevada -- where the Lodi company is incorporated -- has no record of the company prior to June 30, 2004.
The recent press release may have helped the company's stock price jump 125 percent from 20 cents -- where it had been for several days -- back up to 45 cents, where it had languished for most of October. It traded as high as $1.15 on June 17 before beginning a severe drop-off to 10 cents on Oct. 26.
Pacific Financial Solutions shares company officials and headquarters locations with PayStar, which for several years has been beset by private fraud lawsuits and run afoul of various state and federal regulators, including the Internal Revenue Service and the California Department of Corporations.
AI
