Replies to post #59338 on Revolutionary Concepts Inc (fka REVO)

[Krysti]

REVO misrepresentations have generated many red flags, tdbowieknife

There is a long list of 'news' PR announcements on the REVO website. http://www.revolutionaryconceptsinc.com/news.html

Some of these 'forward looking statements' never came to pass, and all were misrepresentations to investors.

The SEC will have had no problem in showing that there is no realistic basis on which any reasonably competent director could genuinely have believed the truth of any of statements in PRs issued by REVO.

Here are a few to illustrate the point:

The sale of cameras in February 2011. Never happened.
That' sale' was to another company linked to Solomon Ali, and that company never had the slightest prospect of concluding a deal.

Development of health care products in 2011. Never happened.
The Health Care system, they were supposedly partnering with, pulled out because they couldn't do clinical tests when REVO failed to come up with a product for testing.

Commitment of $1m development capital by Rainco Industries. Never happened.
Rainco (a company controlled by Solomon Ali) generated cash by selling REVO promissory notes. The cash was used to pay operating expenses, and nothing was developed.

Design phase of a product. Never happened.
REVO has never had a product. And has never come close to having a product.

Acquisition of Greenwood in 2013. A misrepresentation.
Greenwood has never provided the assets or income it was supposed to have.
It later turned out that the company was formed, by Solomon Ali, 3 months before the acquisition, as a spin-off from Rainco industries. The accounts showed it had no assets, had never traded and had no actual income.

Purchase of sole licensing rights by a subsidiary of an established company. A misrepresentation.
The identity of the licensee was masked behind an NDA for months. Then it turned out that the company was formed by an associate of Solomon Ali. It has no evidence of any assets or income.

Payment of $900k in "consideration" by Eyetalk365 LLC.
The "consideration" turned out to be $900k in loan notes that Eyetalk supposedly paid on behalf of REVO. Those loan notes had been created by, and issued to, Solomon Ali and Ron Carter. No cash ever passed hands as part of this "consideration"

Line of credit agreement entered into by, REVO subsidiary, Greenwood.
It turns out that Greenwood, which was a Rainco spin-off in 2013, received a line of credit, from Rainco, in 2015. There is no third-party involved, and there is no evidence that Rainco could actually provide the credit.

Those are just a few red flags that will have attracted the SEC. It will be easy to show that REVO issued deliberately misleading PRs to investors. And it shouldn't be difficult to prove fraudulent intent.