> Right now I'm more suspicious of the dirt throwers than I am of LUMM and it's technology.
Dirt throwers? After posting links that demonstrate that MR.
Najafi does have some credibility in his field? It's called
due dilligence, Bob, and I'll post the good, bad, and ugly
if/when I find it.
>Who is this Saviuk? Why isn't he named as a member of the BOD on Lumenon's web site. How are MNTX and PICA involved? Why is that cause for suspicion?
Ask Lumenon. It's right here in the press release of March 1:
"Manitex will take an active role in Lumenon's
financial management and Manitex President, Steve Saviuk, will join
Lumenon's board of directors."
>How are MNTX and PICA involved?
From the same press release:
"Each unit is comprised of one common share and one share purchase
warrant entitling the holder to acquire one additional common share at
a price of US$ 0.90 for a period of 30 months. The units were
subscribed for by two Canadian investment companies, Manitex Capital
Inc. and Pinetree Capital Inc., which specialize in funding emerging
technology companies."
Manitex Capital Inc
MNTX
Shares issued 11,777,276
1999-04-13 close $0.25
Wednesday Apr 14 1999
Mr. Steve Saviuk reports
Manitex Capital has completed a subscription for 500,000 units issued by
Lumenon Innovative Lightwave Technology Inc., for a total consideration of
$250,000 (U.S.). Each unit is comprised of one common share and one warrant
to acquire one additional common share at 90 U.S. cents for 30 months.
Lumenon designs, develops and builds integrated optics devices in the form of
compact hybrid brass circuits on silicon chips. Its platform technology is currently
focused on the rapidly growing DWDM market.
With this subscription and several private purchases, Manitex holds 750,000
common shares in Lumenon or approximately 4.5 per cent.
Pinetree Capital Corp
PICA
Shares issued 8,450,069
1999-04-27 close $2.2
Tuesday Apr 27 1999
Mr. Sheldon Inwentash
Pinetree Capital Corp. has completed a subscription for 500,000 units of
Lumenon Innovative Lightwave Technology Inc., for a total consideration of
$250,000 (U.S.). Each unit is comprised of one common share and one warrant
entitling Pinetree to acquire one additional common share at a price of 90 U.S.
cents until Aug. 23, 2001. With this subscription and other private purchases,
Pinetree currently holds a 4.4 per cent equity interest, with options and warrants
to purchase an additional 4 per cent interest.
>Why is that cause for suspicion?
Manitex was being heavily promoted by a number of people back in
late '97 and early '98 for its interests in UTCC, and a spinoff
in Arlington Software. Below is an excerpt from an email I rec'd
back then. The interest in UTCC was sold shortly thereafter, and
the Arlington spinoff never did happen. Manitex went from the
$1 range to $.15.
So, yes, Bob, I am suspicious, but open-minded. LUMM may bave
something, but having been burned by Manitex in the past, my
caution is well-founded. As for Mikulic, he owned the shell
that became LUMM, and held a sizeable position (he may or may
not still be a shareholder) Spend a few minutes researching
these other Mikulic involvements, and you will find more cause
for concern. The current principles of LUMM may be tops'
but that doesn't mean that they may not get raped
one day by stock operators. I was told by Groome Capital that
they have a working prototype, end of story, and in a rare
expression of truth, even Groome suggested that the stock may
be ahead of itself, and that they have a limited time window
to make good on their products, as they are only "partially"
patented.
All roles for Mikulic Ljubo (Louis)
Anthian Resource Corp
* became a director of Co 9610
* was disclosed as a shareholder of Co 9705
Arnica Resources Ltd
* was a vendor to Co
* is or has been a shareholder of Co
* bought a private placement in Co 9002
Bakra Resources Ltd
* is or has been a shareholder of Co
* was a vendor to Co
Banff Resources Ltd
* became a director of Co 9501
* was disclosed as holding an option on shares of Co 9504
* was disclosed as a shareholder of Co 9506
Barkhor Resources Inc
* bought a private placement in Co 9301
* was disclosed as a shareholder of Co 9301
Bren-Mar Resources Ltd
* bought a private placement in Co 9512
BUNAR HOLD
* was disclosed as a shareholder of Co 9408
Castello Business Systems Ltd
* is or has been a shareholder of Co
* was a vendor to Co
Castello Casino Corp
* is or has been a shareholder of Co
* was a vendor to Co
Castello Resources Ltd
* is or has been a shareholder of Co
* was a vendor to Co
Consolidated Newgate Resources Ltd
* bought a private placement in Co 9209
Echo Mountain Resources Ltd
* is or has been an employee of Co
* was disclosed as a shareholder of Co 8612
International Loumic Resources Ltd
* was disclosed as a shareholder of Co 9804
* became a director of Co 9804
* was disclosed as a vendor to Co 9807
* was disclosed as holding an option on shares of Co 9807
Kosa Resources Ltd
* was disclosed as a vendor to Co 8711
* was disclosed as a shareholder of Co 8711
Loumic Resources Ltd
* became a director of Co 8711
* was disclosed as a shareholder of Co 9104
* bought a private placement in Co 9207
* bought a private placement in Co 9302
* was disclosed as holding an option on shares of Co 9508
* bought a private placement in Co 9604
* bought a private placement in Co 9611
* was disclosed as holding an option on shares of Co 9704
Mandusa Resources Ltd
* became a director of Co 8401
* was disclosed as a shareholder of Co 8410
* became a former director of Co 8812
Mango Resources Ltd
* was a vendor to Co
* is or has been a shareholder of Co
Montello Resources Ltd
* is or has been a shareholder of Co
* was a vendor to Co
MSA Petroleum Ltd
* is a director of Co
* is or has been a shareholder of Co
ORION RES
* was disclosed as a shareholder of Co 9308
Orko Gold Corp
* became a director of Co 9702
* became a former director of Co 9801
Serena Resources Ltd
* became a director of Co 9604
* was disclosed as a shareholder of Co 9703
* bought a private placement in Co 9703
* was disclosed as holding an option on shares of Co 9708
* became a former director of Co 9809
Shimoda International Systems Inc
* was disclosed as a vendor to Co 8706
* was disclosed as a shareholder of Co 8808
Siemont Resources Ltd
* is or has been a shareholder of Co
* is a director of Co
Skyline Gold Corp
* was a dissident nominee of Co
Tarron Industries Ltd
* became a director of Co 9702
Toby Creek Resources Ltd
* is or has been an officer of Co
email tout rec'd December '97:
Investors are shifting capital out of the markets over the next few weeks,
anticipating bargains across the board in the New Year. I have found an
equity to park my cash into over that time period and beyond; for one simple
reason: I have looked far and wide for opportunities which present miniscule,
if any, risk and a solid upside for investors seeking continuous capital
appreciation during a quiet market period. Exhaustive research and analysis
has led me to the following equity of choice:
Manitex Capital (MNTX, Canadian Dealer Network OTC) could very well be the
next big hit in the PCS/Wireless industry. Through their subsidiary, UTTC
United Tri-Tech Corporation, they provide highly specialized contract
manufaturing
services to OEMs in the electronics industry; with the focus shifting in a
big way to PCS/wireless.
$60 BILLION INDUSTRY:
UTTC markets its electronics manufaturing services to potential customers
through senior management and a direct sales team headed by one of the
company's
principals. Prospective customers are identified through networking in the
industry, expanding existing relationships, attendance at trade shows and
seminars. It is also not uncommon for new customers to directly approach the
company via referral from an existing customer. Among some of UTTC's most
notable customers are: Canadian Marconi, Nortel, Celestica, Memotec, Cal Corp.
A number of substantial contracts are under negotiation. (The contract
electronics manufacturing industry was recently valued at $60 billion by
a leading trade magazine).
FREE SHARES (SPIN-OFF):
It is also important to note that MNTX announced it will be spinning off
their exciting software division, Arlington Software, and MNTX shareholders
will receive one share of Arlington for every MNTX share held. Arlington
Software is in the burgeoning Business Intelligence software field, offering
data warehousing/analysis software and services to clients such as Bell,
Intel, Boeing, Johnson & Johnson, to name a very small list of their blue
chip client base. They have recently launched the commercial version of
their software, Ergo, and have brought on board key executives to bring
this product to market. We anticipate a hugely successful and well
received launch.
CONCLUSION:
Manitex has been under very quiet accumulation over the past few weeks,
and I don't see this lasting much longer. They are well positioned for rapid
growth on both fronts (technology and software). The Arlington spin-off holds
great promise as it can very well pay for your MNTX shares. This, in my
opinion, is a no lose situation at current levels (0.90); with 11.6 million
shares outstanding fully diluted, there is plenty of room for upward
movement.
PORTION OF LAST NEWS RELEASE:
Manitex President Steve Saviuk commented, "We are very pleased with the
acquisition of UTTC as it is a profitable company with dynamic growth
prospects that provides Manitex with a solid platform from which we can
expand our interests in the telecommunications equipment and commercial
electronics industries."
Mr. Saviuk went on to further comment, "We believe that the spin-off of
Arlington to our shareholders will have a number of positive benefits.
Arlington's software product, ERGO, has the features and technology that we
believe will make it the category leader in a developing niche of the
Decision Support/Business Intelligence marketplace. The spin-off will allow
Manitex's shareholders to have a direct interest in this sector while
providing Arlington with the opportunity to raise the additional capital
needed to fund its transition from development to commercialization. The
losses that Arlington has sustained to date, and which Manitex has
reported, are quite normal for a company in the development phase of its
life cycle. We expect that as Arlington accelerates its commercialization
efforts, it will become profitable during the second half of calendar
1998."
Manitex has also released its financial results for the first quarter
ended July 31, 1997 where it reported consolidated revenues of $1,775,728
versus $20,862 for the prior year. Net income from continuing operations
rose to $148,780 or $0.015 per share compared to a loss of $16,409 or
$0.002 per share for the same period in 1996. Manitex's share in loss from
discontinued operations for its first quarter was $177,837 versus $229,903
reported for 1996. This resulted in Manitex reporting a net loss of $29,057
or $0.003 per share to a net loss of $246,312 or $0.035 per share reported
in 1996.
Commenting on the first quarter results, Mr. Saviuk said "We are both
pleased and encouraged by the results of our continuing operations for the
first quarter. We continue to see excellent growth prospects for our
existing businesses which will reflect positively on our future
performance."
TEL: (514) 874-0878 Steve Saviuk |
