greg_s: Good to hear from you again. I haven't seen you post on the AMD board in quite a while, though I admit that because of ther sheer volume of posts there, I can hardly keep up. I hardly ever post there either, though I do read it often.
Do these idiots (not the posters, the management) think success is coming just because they call themselves a semiconductor company?
Mostly, these "idiots" think they can keep just enough interest in this stock to continue to bilk shareholders while padding their pockets. At least that's my opinion.
It is, in my opinion, one of the most remarkable examples of an OTC scam that I have ever seen. Here is a quick nutshell. You better be sitting down, some of this is hard to believe.
About 5 years ago, a failing 3-D camera company that was penniless, productless and about to go under, just *happened* to be presented with a "dusruptive" technology that promised to revolutionize the broadband industry. What is truly remarkable is that the inventors of this "disruptive" technology were self-taught, having no scientific or technical background.
So, the failing 3-D camera company switches gears and becomes a broadband equipment company with their new technology dubbed Cu@OCx. The announcement of this reinventing of the wheel (called New Wheel Technology) and its promise to deliver 52Mbps at 12,000 feet caused the share price to spike, and CEO Ray Willenberg to become quite wealthy. They even somehow managed to get Lu to perform some kind of verification on the technology, though no evidence of that verification can be found anywhere by anyone.
But this technology was still conceptual. The company made great promises of "rolling thunder" and even hired Fleischmann-Hilliard to do their PR. PR after PR was released promising great things to come....but nothing came.
Shareholders were starting to get antsy, and when a filing came out that the self-taught inventors of Cu@OCx had been dismissed, shareholders were really wondering what was going on.
Then a miracle happened. The self-taught inventors were dismissed because it was found that their "disruptive" tehcnology actually did not work. *BUT*, lo and behold, along comes *another* disruptive technology - Adaptive Network's PowerStream. Apparently Ray abandoned the Cu@OCx boys and their ersatz technology and went in search of something that would be a suitable replacement to keep investors interested, or more importantly, to keep the paychecks coming. So, Ray's buddy Ivan Berkowitz introduces him the Michael Propp from Adaptive Networks. You see, Propp had developed a technology for networking (LAN) over powerlines, but that development stalled apparently for lack of funds. So, a deal is struck with ANI to license the still undeveloped PowerStream from ANI so Ray could tout it as yet another "disruptive" broadband solution. In exchange, ANI gets NVEI (Rim's old ticker) to fund the completion of PowerStream.
Now, this PowerStream-based technology is once again heralded as the fastest broadband technology in existence. NVEI promises an FPGA prototype (developed by ANI) for delivery to clients for evaluation at the end of 2002, with revenues to come from volume production in 2003. Well, 2002 came and went with no FPGA. They did claim to release a "software-based" prototype to two selected customers, and they did release some so-called performance data. Nothing was ever heard from the two "selected customers".
The same year-end FPGA delivery promise was made for 2003. No FPGA ever materialized.
In 2004, after two straight years fo failing to even produce an FPGA prototype of their so-called product, NVEI abandons ANI, and contracts an Indian bodyshop (HelloSoft) to endorse their technology and produce (finally) the FPGA.
When will the FPGA be done, you might ask? You guessed it. It is promised by the end of the year.
In the meantime, the performance figures released in 2002 have been far eclipsed by the industry's real products. Additionally, the company accpeted a death-spiral financing deal this year that consists of floorless debentures that will likely double or even triple the number of shares outstanding before all of the selling is done.
This company would have you believe that not once, but twice, they have independently, and without any proven industry expertise, developed broadband products that are better than anything else out there. They offer no proof - only their word. When the competition releases products that are clearly superior than any claims made by this company, this company would have you believe that the competition is lying, but they are being completely truthful.
Now, the company changes names. None of the old PRs have been carried over to the new web site. The company's share price history is more difficult to find. The past has been wiped clean. This is setting the stage, in my opinion, for another pump-and-dump campaign. Ray has given away a lot of shares over the years, and he, in my opinion, helps people sell them into the strength of pump campaign. The company has done many of these in the past, with diminishing success. The market just knows too much about these yahoos. Now, with a new name, and no history, they may be more successful in temporarily driving the share price up.
Anyway... you asked.
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