Does anyone else remember IAUS, a "high-speed modem" scam from a few years ago....they too had set a "date" for testing, etc. Sound familiar?
Intl Automated Shares Plunge; Company Fails to Show Technology
American Fork, Utah, June 28 (Bloomberg) -- International Automated Systems Inc. shares plunged as much as 75 percent after the company failed to deliver a long-promised demonstration of its new telecommunications technology.
International Automated's shares fell 20, or 50 percent, to 20 in midafternoon trading of 98,500 shares. The tiny company's market value registered a one-day decline of $489 million earlier, when its shares plunged to 10.
The stock, which traded at 3 1/4 last July, touched a record high of 57 on May 24. At that price, the market valued the company, which has 16.3 million shares outstanding, at $929.1 million.
International Automated has run newspaper advertisements for months promising to introduce its new ``digital wave modulation'' technology on June 27. The company said its DWM technology ``will spearhead a revolution'' in ommunications, claiming it is nearly 200 times faster than today's modems in transmitting information. In its ads, the company said the technology ``redefines the boundaries of science.''
Buyer Beware! |
