Oh .. the lies ... the lies.... LOL
Posted by: Stock H.O.G.
In reply to: None Date:12/13/2006 10:18:24 PM
Post #of 289942
This is what I heard today and took notes on. None of this is my opinion, it's what I heard from Steve Sulja and Petar Vucicevich. As always, don't buy or sell based on what I write. Do your own DD and make your own decisions. Personally, I plan to hold my shares and I look forward to meeting other shareholders in Windsor in January, even though it will be cold as hell. This is everything that I have, so please don't ask me about any questions that are not on here. I couldn't ask every single question on the list, but think we did pretty good.
1) Why were the AFs delayed and why did you make date-certain deadlines? Who did the financials before? Were the previously posted 06 financials and 07 proforma correct?
Econometrics were hired to do the financials. Someone named Greg Garrett. They advised that they would have PWC do the audit of the fins (Sulja would pay for both and agreed). They (Econometrics) basically did a very poor job and after many screw-ups, had to be let go. Inventory and leases seemed to be one of the problems. Sulja trusted them to deliver and made a mistake with giving exact dates. It was not their intention to miss any deadlines. Some mistakes have been made in the past, but none with legal implications. The prior financials and proforma include revs from the M.E. which should not have all been in there, as only the commission on the brokered deals should have.
2) Speigel & Associates near toronto is in the process of being hired as the auditors. I told them that I talked to Bernard Speigel already. He said he's very professional and is asking for various financials, including data from previous years, which the company is gathering and delivering. Bernand will work with a firm in Chicago to handle the SEC/PCAOB portion of this. AFs will be done, without question.
3) Do you plan to get off the pinksheets? Yes, we realize we must get off the pinks. We have a couple of options. Option 1: purchase a current OTCBB company. We are looking at 3 right now. Two of the three that were looked at we will not go with. Option 2: After the audit is done, file Form 10, etc and uplist.
4) Please give us an update on the RCMP investigation. There was one interview with the RCMP a couple months ago. We cooperated and have not been contacted by the OEC, SEC, RCMP or any other agency since.
5) What are you doing to ensure no mistakes are made in the future with the company? We have hired lawyers, very good accountants, and a new CFO is coming onboard. to assist us.
6) Who are the lawyers? Frazier, Miller, and (someone else - HOG can't read his writing on the 3rd) & Richard W. Markle in Texas.
7) Do you plan to add to the A/S in the future? No time soon, but possible if when we move to the OTCBB, an additional 200M would be necessary, in order to grow the business locally and in the Middle East.
8) What is the current A/S, O/S, etc.? A/S is 800M, O/S is 600M plus 200M in treasury, which are not restricted.
9) When will you ungag the T/A and why were they gagged before? We will ungag the TA as soon as the trustees agree to it. They were gagged to protect them. They did not want tons of calls to them, etc. This will happen very, very soon.
10) Who are the trustees? We can't tell you that yet, but you will find out as soon as the TA is ungaged. Are they from the M.E.? No, they are from N. America and are lawyers. Is it Godbetter? No, it's not.
11) Do you still work with Godbetter in any way? No, we do not.
12) Do you understand why the shareholders are not pleased with the company right now? Yes, we know that people have invested and lost hard earned money. We do not like to see this. We help a lot of people via charity and do care about the shareholders. We are focused on growing the company and shareholder value.
13) Is Sam Sulja a stock trader? No, he is a trader in the sense of trading/brokering materials.
14) How do you plan to be transparent to the shareholders? We will produce AFs, we will ungag the transfer agent, we will communicate more detailed PRs in the future, we will have a shareholder meeting in Windsor in mid-January, 2007.
15) Who is the new CFO? His name is Siddiq (not sure if first or last). A PR with his profile will be communicated. His job will be to drive the completion of the AFs, ensure all of the books are in order, etc. Typical CFO work. He is very experienced.
16) If Petar leaves, who is in a position to broker the deals in the M.E.? Sam Sulja has been quite involved. Steve is also building relationships in the M.E.
17) Does Sulja have any debt? No, everything is paid free and clear, other than our leased trucks. We used part of the 12M that we capitalized to pay for everything. The rest will be used to continue to grow the business locally and in the M.E.
18) Where do we have offices in the M.E.? Cairo, Lebanon, and the Dubai office should be opened by early this coming week.
19) Why did Wessal sell their shares? They wanted to control the company and we didn't want to give them the control they wanted. They were not happy with this fact. They were the one's who requested the 50M certs. What about the $25M loan they provided? The loan never went through.
20) Will the deals in the M.E. hit the Sulja books/bottom line? Yes.
21) Do the shares we own have all of the Sulja assets, etc in them? Yes, that is correct. You do not own an empty shell.
22) What's the latest with the Windsor Star? They wouldn't be surprised to see more articles. Do you plan to sue them? It's not worth spending the money. They do have deep pockets and we could spend our money more wisely. Why did you not give Gary R the documents he requested? We don't owe him anything and we're not wasting our time gathering all of our documents for him. When Sulja's bought SAMs, it was the talk of the town. Gary knows this is all true. He's looking to sell papers and he's doing it.
23) What are the approximate revs of Sulja and SAMs per month? About 1M to 1.2M/month this year. It was probably about 2M/month the prior year. What your profit margin? About 15%.
24) What's the deal with the website? We stopped all work on this for now, since it got so bad. HOG said you need to finish it and put all of the company items on there. There should be no Q&A or blog, unless the blog is only for Steve Sulja. They agree and Steve was going to call them to finish the site.
25) Is the lumber mill deal off? Yes, they wanted too much money after they determined they would quickly get the tariff money.
26) Do you still believe we can get to the NASDAQ? Yes, we do believe we can get to the NASDAQ over time.
27) So what's your plan for the shareholder meeting? We will rent an auditorium and have it in mid-January. We may even rent buses to take shareholders to the locations and meet the people. Only shareholders on record will be admitted. We will be opened to questions and suggestions to make the company better.
28) Again, was SAMs and all-cash deal? Yes. Cash for the business plus the inventory.
29) What's happening with plans for IR? We have been talking to 3 firms and all of them say they want shares as part of payment. We do not want to give shares out, have them pump the stock, then unload them. We will continue to work on this.
30) What's in it for the Sulja's to keep running the company? The will continue to run and grow the company. There are about 40 people there who depend on the company for employment. This will not change. We hope to see the company around 100 years from now.
31) Does Steve Sulja have a clear understanding of the public trading portion of Sulja's? Steve is learning about this on a daily basis. He has managed all of the operations for years and is now expanding his role.
32) How are Kore and Sulja and Consultech related? They are related in that Sulja will be the materials supplier for all of the Kore/Consultech projects around the world.
33) Did it take a long time to build relationships in the M.E.? Yes, it took a lot of time, travelling, and money to start building the relationships we have today.
34) Who's supplying the cement to you in the form of an allocation? There are two big suppliers. Is one of them Lefarge? Yes, they are one of them. 100M tonnes of allocation seems to be a lot, correct? Yes, we could never sell that much. Sulja's are also working to get their own allocations, which usually come in blocks of 10M tonnes. Do you need an export/import license in the various countries in the M.E.? Yes, we work through the suppliers and utilize their licenses.
35) Is there still going to be a Design Depot in Dubai? Yes, this is still on our plate and we plan to move forward with this.
36) Why is the CCM merger off? I would like to keep my company private. Running a public company can be very challenging, as we have seen with Sulja's.
37) Can you give us an update on the building of the tire recycling plant(s)? Sulja will be supplying materials only. They have nothing to do with actually building the plant.
38) So we can expect PRs in the very near future on the share structure, ungagging of the TA, information on the shareholder meeting, and details on the recent cement deal that can be verified? Yes, you will begin to see them this week.
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