**ECNC VISIT FROM RB THREAD**
ragingbull.com
ECNC VISIT - I SOLD AFTER THE VISIT
Reasons why:
1) Offices are bare with the exception of a couple of desks and personal computers. A receptionist in the hallway and another girl at a desk in an office. No file cabinets. (not what one would expect to see at a $250,000,000 company).
2) Business plan is some scribbles on a dry erase board.
(was it a plan or just something to show visitors?)
3) This office could be set up or moved out of in an hour or so.
4) No e-cash pads to show. If your good enough with adobe photo shop you can draw one yourself just like the one on the website.
5) Answers to questions were vague. The only thing that was made clear is that the stock is going to go high. Validated only by their entry into this trillion dollar market. I wasn't sold.
Conclusion:
There was nothing about the office visit that was convincing except claims about this exciting product that was not backed up by anything tangible.
Other observations:
1) The web site contains virtually nothing. (once again -
$250,000,000 company) shareholders deserve more.
2) What are the earnings for this company? How can investors verify earnings if any?
3) E-cash pad manufacturer is at best a middle man, or maybe just someone answering e-mails and phone calls. Can a $250,000,000 company afford that? I think so.
4) The partnerships if any that ECNC has appear to be only with other unrecognized companies.
5) Fraud charges have been filed by the SEC.
6) Law suits are being filed.
7) If you look closely at the press releases that caused this stock to move, you can see that whether intentional or not the stated relationship with Palm was fraudulent.
8) For the last two days try selling 100 shares at $2...You can't. Try buying 100 shares at $2...You can. Try buying 100 shares at $1 1/2...You can't. Try selling 100 shares at $1 1/2...You can. Is the stock being manipulated? I think so.
9) If they aquirred power click then with have they been removed from power clicks site?
10)The only patent that I can find for Tom Hughes or e-connect was filed in 1997. The product sounds great. But can e-connect execute their business plan for this product or even get one built. Has any one seen an actual device or picture of a device. There should be prototypes out there since they are being shipped soon. All I have seen is a computer rendition of one on their web site.
Conclusion:
Everyone has to make their own investment decisions, but I have researched this company and found nothing to convince me that this is a sound investment.
These are only my observations. Everyone should explore all facts surrounding this stock and make their own decisions, but don't be lured into holding onto your shares or buying into this strictly based on the fact that this stock was at $20 two weeks ago. It may never go there again.
Wish I could paint a rosier picture, but I can't. If anyone on this board can come up with real facts that are verifiable, I would love to be proved wrong.
I no longer own a position on this stock, but I did sell at a loss..For those of you who wish the loss was great. Sorry, It was just enough to motivate me to spend a little time sharing information with other investors.
That's it..Good Luck...ylimafman |
