Do see the light now NaGauno? I saw the light, I saw the light, no more darkness, no more fer-i-i-ite now that you've seen it doesn't it bite, praise the Lord, No Gauno saw the light;
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News and Updates of the Stock Detective Kind.
Stock Detective Light - March 8, 1999...
Heads up for investors who recently sunk their money into Comgen, or World Star Asia or Newman Technology or, or, or………Oh, what's the difference once you reach the bottom line, which reads a big fat zero. Probably less, if the company had any financial statements for investors to review.
Last month the company announced yet another change both in name and mission to Planet411.com (OTC BB: PFOO) , "whose mandate is the creation of a network of virtual cities of the world that are replicas of existing real cities."
Go figure.
A year ago, Comgen Corp. was known as Noble Financial Group, before changing its name to Newman Energy Technologies. Shortly after that switch, Newman announced that it wanted to acquire an American direct marketing company whose goal is "to become the largest supplier of Internet access and related products, services and information in the world."
Barely a month later, Newman changed its name again, to World Star Asia, canceled the acquisition plans (as well as a 1.5 million share private placement) and announced that it was going into the car manufacturing business.
Direct marketing, building cars…..same thing.
World Star Asia, once again through proposed acquisitions, would have controlled the licenses for building factories that produce World Star Utility Vehicles, supposedly lightweight alternatives to the behemoths hatched earlier this decade in Detroit.
It was at this point that World Star Asia first came to the Stock Detective's attention due to its planned affiliation with B.A.T. International., and we added it to our Red Light collection.
World Star Asia quickly abandoned that venture, became Comgen and briefly floated around as a development-stage company in search of something to develop. Then in mid-November, Comgen began trying to convince investors that it would get them in on the ground floor of the greatest product since gasoline itself: a process that turns waste oil into diesel fuel. Comgen said it was in negotiations with two European inventors who needed capital to market their product and set up processing sites.
Around this time Comgen had a market cap of more than $58 million, even though it had no product, no revenues nor even clear evidence of a valid contract. Stranger still, the company announced a 3-for-1 stock split, which sent its share price down to $2.50. At that price, it made brokers handling the stock subject to penny stock rules, which, among other things, can hamper liquidity.
It was a strange move, indeed. A company with shares trading below $10 would seem a more likely candidate for a reverse split, which would beef up the price. But, according to Comgen's investor relations contact, the European investors were looking for more stock - forget the fact that they would still have the same percentage of shares outstanding.
The last word on Comgen was the imminent closing of the waste oil-to diesel fuel deal. But that apparently fell through and now plans for a network of virtual cities is the deal du jour. Planet411.com, according to its information-only website, will allow "citizens" to shop, transact business and have deliveries from the city of their choice all via the Internet. Pretty much all of this already available online, although not segregated city-by-city.
Information available on Planet411.com doesn't tell investors whether any merchants have signed up, although the company says the virtual cities of Toronto, Montreal and Vancouver will be up and running by May.
But, instead of calling your broker, maybe hit the speed dial on 911.
Stay tuned and, as always, tread lightly………………………
The Stock Detective
Please keep in mind that the information on this page is not a complete analysis of any company or security and that no investor should make a decision on the information in this feature alone. Also, it's important to note that no person(s), company(ies) or institution(s) are guilty of any wrongdoing until proven otherwise, hopefully in a court of law, and - thanks to Stock Detective - before you've been burned.
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Previous Stock Detective Light updates
Stock Detective Light - February 16, 1999 - The further adventures of Steve Samblis, a stock promoter determined to deliver his hype.
Stock Detective Light - February 1, 1999 - A word of caution to investors who use the Internet from the SEC's top dog.
Stock Detective Light - January 18, 1999 - Some stock promoters, even the most reputable ones, tend to hide their payment disclosures.
Stock Detective Light - January 4, 1999 - Our newcomers are a mixed bag, including one site with a full accounting of compensation from someone who learned the hard way what can happen when you don't disclose.
Stock Detective Light - December 14, 1998 - The scam that never ends, but keeps changing addresses, has popped up again, plus additions to The List.
Stock Detective Light - November 30, 1998 - A slew of new hype sites turned out to be no more than false leads or ambiguous lures.Stock Detective clues readers in on these shifty sites, while adding one paid promoter to The List.
Stock Detective Light - November 16, 1998 - Virtual reality takes on a new twist when investors are invited to trade in a virtual market, whose hosts claim to have given away millions.
Stock Detective Light - November 02, 1998 - Last week's giant bust by the SEC of more than 40 stock promoters and their companies was quite an education for many investors.
Stock Detective Light - October 19, 1998 - For those of you who might have missed it, the SEC has a site listing all of its trading suspensions in the last three years.
Stock Detective Light - October 5, 1998 - But first let's review the highlights from a recent federal court decision that should help investors, while sending a chill through the ranks of paid promoters operating on the fringes of SEC regulations.
Stock Detective Light - September 21, 1998 - Plenty of new entries for The List this week. Here's a rundown: Damex Research has a hybrid of full and blanket disclosure. Plus many more.
Stock Detective Light - September 8, 1998 - It's baaaaack! A scam uncovered by Stock Detective seven months ago has turned up again in new offshore antics.
Stock Detective Light - August 24, 1998 - Among its weekly press releases, B.A.T. International forgot to mention a former executive's run-in with the law. Also, Stock Detective Light adds 12 new paid promoters to The List.
Stock Detective Light - August 10, 1998 - Stock Detective tracked down Travelzoo to get the lowdown on what lies ahead for the company that gave away stock to promote its web site.
Stock Detective Light - July 13, 1998 - A ray of hope from the trenches of penny stock promotion.
Stock Detective Light - June 29, 1998 - The Stock Detective tracks down a slew of new paid online stock promotion sites.
Stock Detective Light - May 29, 1998 - A special update on Saf-T-Lok that looks at the company's attempts to capitalize on national tragedies.
Stock Detective Light - May 6, 1998 - An update to the Stock Detective's list of paid promoters and pseudo research sites. They keeping popping up and we do our best to keep readers informed.
Stock Detective Light - April 13th, 1998 - Future SuperStock adds to its trail of rotten picks, and alert readers add to the fray.
Stock Detective Light - March 28th, 1998 - NASD broker records go on-line and another update to the goofy BAAT saga.
Stock Detective Light - March 3rd, 1998 - B.A.T.s in the Belfry, part Deux? - In response t o our February 9th article B.A.T. Out of Hell, BAAT fans from all over Gotham descend upon Stock Detective.
Stock Detective Light - February 18th, 1998 - B.A.T.s in the Belfry, part one: Stock Detective responds.
Stock Detective Light - February 2nd, 1998 - E-mail warnings and scuzzy stock promotions from Hong Kong.
Stock Detective Light - January 19th, 1998 - Three new Sleazy Stock Sites uncovered.
Stock Detective Light - January 8th, 1998 - SA Advisory newsletter responds to Stock Detective. SEC clamps down on paid-promoter who didn't disclose compensation.
Stock Detective Light - December 15th, 1997 - S.D. reports on General Store International, Inc. (OTCBB: GSIC) the December pump-N-dump feature from Future SuperStock.
Stock Detective Light - December 1st, 1997 - Response from Keystone Energy spokesperson to Stock Detectives "Stinky Stock" feature. One addition to the phony research list
Stock Detective Light - October 30th, 1997 - Stinky Stock updates to Galaxy Foods and Say Yes Foods. Stinky Stock Alerts for Pyrocap International, U.S. Data and Wireless and Rock Mountain Ginseng. Plus, a pair of additions to the phony research list.
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