In this day and age, a development company, a small business investment company, or someone making 200K a year is not exactly what I would call a 'whale'. Plus it looks like a way to get around some registration requirements....
Under the Securities Act of 1933, a company that offers or sells its securities must register the securities with the SEC or find an exemption from the registration requirements. The Act provides companies with a number of exemptions. For some of the exemptions, such as rules 505 and 506 of Regulation D, a company may sell its securities to what are known as "accredited investors."
The federal securities laws define the term accredited investor in Rule 501 of Regulation D as:
a bank, insurance company, registered investment company, business development company, or small business investment company;
an employee benefit plan, within the meaning of the Employee Retirement Income Security Act, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5 million;
a charitable organization, corporation, or partnership with assets exceeding $5 million;
a director, executive officer, or general partner of the company selling the securities; a business in which all the equity owners are accredited investors;
a natural person who has individual net worth, or joint net worth with the person’s spouse, that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person;
a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year; or
a trust with assets in excess of $5 million, not formed to acquire the securities offered, whose purchases a sophisticated person makes. For more information about the SEC’s registration requirements and common exemptions, read our brochure, Q&A: Small Business & the SEC.
ALL HEAVEN IS BREAKING LOOSE!!! FRAUD!!!SEC LITIGATION!!!DEATH-SPIRAL FINANCING!!!!CLASS ACTION LAWSUITS!!!DEMOTION ON THE OTC!!!
Now, compare this situation to JBI's competitor, Agilyx. Unlike JBI, Agilyx plays by the rules, and is building a *real* company.
Just look at all the credible entities that have invested in TENS OF MILLION OF DOLLARS in Agilyx:
1) Keating Capital, Inc. is a Business Development Company (or BDC) that specializes in making pre-IPO investments in innovative, high growth companies that are committed to and capable of becoming public. We are non-controlling investors and do not require board seats and observation rights. Keating Capital is managed by Keating Investments, LLC, an SEC-registered investment adviser founded in 1997. http://www.http://keatingcapital.com/
2). Chrysalix Energy Venture Capital is one of the world's largest and most active venture investors in early-stage clean energy companies.
3). Reference Capital invests in early-stage Northwest US and Western Canadian companies that promise to become globally competitive. They are also the General Partner for the Sustainability Investment Funds (SIF) committed to a sustainable, market economy.
4). Saffron Hills Ventures is a London-based global venture capital firm focused on early-stage cleantech, technology, and media investments.
5). Since its founding in 1972, Kleiner Perkins Caufield & Byers has backed entrepreneurs in over 600 ventures, including AOL, Amazon.com, Citrix, Compaq Computer, Electronic Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape, Lotus, Sun Microsystems, Symantec, Verisign and Xilinx. KPCB portfolio companies employ more than 250,000 people. More than 150 of the firm's portfolio companies have gone public. Many other ventures have achieved success through mergers and acquisitions. The firm has offices in Menlo Park, California; Beijing, China; and Shanghai, China. For additional information visit, http://www.kpcb.com
6). Waste Management, Inc., based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Through its subsidiaries, the company provides collection, transfer, recycling and resource recovery, and disposal services. It is the largest recycler in North America and a leading developer, operator and owner of waste-to-energy and landfill gas-to-energy facilities in the United States. The company's customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management visit www.wm.com or http://www.thinkgreen.com
7). Total Energy Ventures is the corporate venture arm of French oil & gas major Total. Its investments support the development of companies with innovative technologies and business models in areas such as alternative and renewable energies, efficient use of energy and natural resources, waste management, greenhouse gas reduction, etc. that will help meet the challenges of the energy diversification. The investments primarily consist of acquiring minority interests in selected companies during capital increases to help finance their development.
Total is one of the largest major integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 93,000 employees put their expertise to work in every part of the industry - exploration and production of oil and natural gas, refining and marketing, gas and new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. http://www.total.com.
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