"Junum has also entered into another stock promotion through Emerging Company Report. This is just another attempt to raise the share price without regard for which the company is doing business with. Donald Baillargeon, of Emerging Company, has been sanctioned by the SEC in the past and has been given a cease and desist. So now, maybe his payment is different, but the result is the same; promoting stocks with no value to unwary investors who believe anything they see on CNBC must be true. "
STOCKLEMON WAS SO RIGHT SINCE JUNUM IS NOW KAPUT!! JUNUM WAS ANOTHER COMPANY WHICH WAS PROMOTED BY SOME OF THE SAME DEN OF THIEVES AS THAON.
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October 1, 2001 Stocklemon.com Updated Report on Junum, Inc. (OTB: JUNM)
This report is written after further research and market developments wince the initial coverage of JUNM by Stocklemon on August 21, 2001.
Corporate Defections
Junum has had some recent news that should greatly affect shareholders. There has been a recent defection of top executives at the company. These include the: President, Chief Financial Officer, Controller, Vice President of Operations, and Human Resources. When we called the company for comment, David Coulter CEO told me, “We are a fully reporting company and we will disclose all information in an appropriate manner.”
Furthermore, allegations have been made that there be numerous claims filed against the company with the California Labor Board for unpaid wages. When called, the company would not confirm or deny these allegations.
Investment Banking
National Securities has been retained by Junum to raise money. This is the second investment banking relationship that the company has announced in the past three months. We spoke to Brian Friedman over at National Securities and he told us that Junum has retained National and currently their analysts do not have a recommendation on the stock.
Announcement of Next Card Services
On September 26, 2001 Junum announced the formation of its NextTech card services. As far as we could deduce from this announcement, Junum is going in the business in issuing credit cards. Only one question, “Where are you going to get the money to market the product?” Customer acquisition cost in the credit card market is enormous and it takes years to build a solid portfolio. With competition form every major bank, we believe that Junum is well undercapitalized for this industry.
Stock Promotion
Junum has also entered into another stock promotion through Emerging Company Report. This is just another attempt to raise the share price without regard for which the company is doing business with. Donald Baillargeon, of Emerging Company, has been sanctioned by the SEC in the past and has been given a cease and desist. So now, maybe his payment is different, but the result is the same; promoting stocks with no value to unwary investors who believe anything they see on CNBC must be true.
David Coulter CEO of Junum
The CEO of Junum has been very difficult with Stocklemon and actually threatened us. As if we are doing anything else except trying to get to the bottom of the story. We called David’s old company Esat Corp. (OTC BB: ASAT) to see what they had to say about him. A representative of the company told me. “If you have nothing good to say then don’t say anything.” Coulter was CEO of Esat as they ran the stock price and put out misleading press releases. Currently the stock is at .02 cents and the current management has distanced them far from Mr. Coulter. At the time he was involved with Esat, Mr. Coulter was doing business with a stock promoter/ banker named Regis Possino. Mr. Possino is a disbarred lawyer who is also has been convicted of fraud and drug charges. We do not have any evidence of Mr. Possino involvement with Junum but there has been much speculation about his continued involvement with David Coulter.
Recommendation
With over 20 million shares outstanding, Junum still has a market cap of close to $33 million. Look for this stock to go under $1 a share and just drift downward over the next few months. Junum will have to raise money and that only means dilution to the stock. Furthermore, it is only time before investors dump their shares in Junum and use the money to get long some of the many great stocks that have actual earnings and coverage.
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