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Gold/Mining/Energy : Alternative Fuel Systems ATF:VSE
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To: Jim Bishop who wrote (4581)4/24/2001 9:30:06 AM
From: parker_meridian   of 4605
 
Alternative Fuel Systems Inc - In the News
Van Sun says Alternative Fuel has phantom contracts
Alternative Fuel Systems Inc ATF
Shares issued 48,100,000 2001-04-23 close $0.86
Tuesday Apr 24 2001 In the News
The Vancouver Sun reports in a lead business story in its Tuesday edition that phantom contracts are driving Alternative Fuel Systems. Reporter David Baines says the company's disclosure record has been riddled with exaggerations and misrepresentations. Last month, Alternative Fuel ended its long but not-so-illustrious career as a Canadian Venture Exchange listing, becoming one of 56 CDNX-listed companies to "graduate" to the Toronto Stock Exchange since the CDNX's inception in November, 1999. While CDNX president Bill Hess has frequently used this statistic as evidence of the exchange's ability to develop fledgling companies, the jury is still out on Alternative Fuel. The company, which has developed a system to convert gasoline-powered vehicles to compressed natural gas, has produced nothing but losses since its inception. The company has announced numerous multimillion-dollar contracts which have not materialized. The two main figures behind the company, Dale Simmons and Gerhard Klopp, have taken advantage of investor excitement induced by these announcements to dump hundreds of thousands of dollars worth of stock. Acumen analyst Dean Kim recently boosted the stock.

(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com
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