Insidetruth.com Initiates American Access Technologies Coverage!
SAN DIEGO, CA, Oct 10, 2001 (INTERNET WIRE via COMTEX) -- Insidetruth.com
initiates American Access Technologies (NASDAQ: AATK) with a Sell Reccomendation
and awards it a price target of 56 cents(equal to the closing price on Sept 21
,2001).
This Company announced a Contract for 7,000 Biological and Chemical alarms , as
if they were the ones who produced these alarms. AATK does not, they do however
do a little welding as a subcontractor, in the production of these alarms and
last year handled a 6,000 unit contract. This contract was renewed this year for
7,000 units by the company that actually does make these alarms, AATK charges
$26.50 each, according to the figures released to Dow Jones News Wire,It should
be noted that AATK has lost money on every single unit,it worked on last year.
The total value of this contrcat is approximately $ 185,000.00. AATK has no
other connection with Biological and or Chemical alarms and or detection.
For the most part Acces Tech (AATK) is a pure welding compnay, they make metal
things, for dift applications, however sometimes they powdercoat these metal
fabricated products. In the cases of the termination cabinets ,which are in
reality metal boxs, they do have the incredible capacity to actually fold these
metal cabinets into shape.
Here is a photo of their operation and the facilities used by its 50
employees,most of them being professional welders and packaging specialists.
callaatk.com/gifs/Factry2.jpg Access Technologies currently has $ 217,000 in
cash and equivalents according to their most recent SEC filing. We value the
company at 1/2 of their cash level based on an SEC reported burn rate of 164,000
every 6 months. Which leaves them with approximately two quarters of cash
left,if that.
The company, has no R & D department ,they dont have any scientists on staff,and
they certainly have no expertise in Chemical and or Biological Warfare, They are
simply a Welding Company. Finally the Compnay spent a total of "nothing" On
reserach and developement,according to their most recent filed SEC filings.
And Finally on 9-12-2001 (the day after the WTC tragedy) the insiders ,NOT the
company filed to sell 1.66 million shares, with all of the proceeds to go to
selling insiders and no cash to the Compnay itself.
www.sec.gov/Archives/edgar/data/1043186/000111650201501103/ameraccess-sb2a.txt
more detailed report will follow.
INSIDETRUTH.COM is a free Investors portal that provides unavailable and
exclusive information to the public and to regulators. The purpose of Inside
truth is to weed out misinformation and help in maintaining a critical eye on
our financial markets embroiled in a sea of conflicted interests.
InsideTruth.com , is wholly owned by Pacific Equity Investigations, an equity
valuation research center. It may and often does have positions that are
consistent with its reports. For more details and disclosures please visit us at
www.insidetruth.com
CONTACT: Moe Fuelondefia
Security Specialist
760-635-5900
Copyright 2001 Internet Wire, All rights reserved.
-0-
INDUSTRY KEYWORD:
*** end of story *** |
