Dave,
I have absolutely no desire to be a spokesperson of any kind for this or any other company, excluding my own.
You have asked me two questions here, so I will attempt to answer them separately.
You first asked what was so wrong about EUTO that they deserved this. Some months ago, I posted a dozen or so things that a person considering the purchase of this stock has a right to know. It consisted mainly of the following:
1) The company IR person has been less than truthful with the shareholders. He verbally told more than one shareholder that a block of 50 million shares (half of the issued shares) was tightly held in certificate form. With that knowledge, shareholders were comfortable with calling for certificates, trying to remove their own shares from the free trading float. The only problem was, somebody was selling into the float at the same time. (I wonder who)
2) The company represented the conversion offer to the shareholders as an attempt to reduce the float, when in fact they re-sold the shares out from under the people that sent in their certificates, (at a nice little price too) and used the money to pay off their own debt.
3) There was a Cease & Desist order issued against the CEO by the SEC in 1995, for failure to file the proper forms disclosing exactly how much of this stock he does own. This is a company that is in the business of taking other companies public.
4) There was a large expenditure made by the company that is indicated as "Consulting Fees" however, there has been no indication as to what type of consulting and to whom.
5) The portion of the financials that was released indicates no revenue, and no significant source of income, other than the sale of the stock. The majority of the assets were in the form of receivables, again from stock, and not from goods or services provided by the
company. What exactly is thier product anyway? Consulting about taking your company public? From somebody who didn't even realize his own requirements?
6) The stock trades at a very low price, and for months it has been suspect of some type of manipulation, whether it be from market makers or whoever, no one seems to know why.
7) Admitted major shareholders make glorified posts about the stock while selling off large portions.
8) A more than overdue report on the share issue.
9) Still a non-reporting company.
10) Still no audited assets.
11)Neither spin off stock is tradeable.
12)$2600 in the bank.
13) Increased the number of authorized shares by 500% and made no effort to even tell shareholders that they did it. It was put on their web site AFTER it was common knowledge on this thread.
Now, what makes this company different from other OTC companies? That is like asking what makes a Yugo different from other cheap cars. They are all unique, and I obviously cannot answer that question without extreme detail. Bottom line, they are all cheap for a reason.
One thing Euto does have that most other OTC stocks don't? MY MONEY.
Merry Christmas to you.
Binder |
