EGVI and MODC - These 2 companies controlled by ANTHONY WELCH and VICTOR DEMARCO. This post from IHub explains this scheme.
Posted by: Stocktrader20
In reply to: None Date:5/13/2006 10:11:49 AM
Post #of 13
Be careful with this one, Modern Technology corp owns $1.5 million convertible debenture in EGVI. Anthony Welech just did a 20-1 reverse split on his other company MOTG yesterday.(new ticker symbol MODC starting Monday) Welch pumped MOTG all year with press releases stating $65 million revenue for 2006 through acquisistions and claims building shareholder value is a top priority. They did initiate a tender offer for HRVE, a $40 million revenue per year company last month. HRVE publically claimed the tender offer from MOTG was "deficient". MOTG's tender offer was withdrawn 10 days ago and Welch did a reverse split yesterday. Im not saying this will happen in EGVI but, just be cautious of anything assoicated with Welch. Hes really something, Welch did a Wall Street Network interview on April 10th to promote MOTG and does a 20-1 reverse split 30 days later on May 12th. Dont be surprised if he pulls the same bullshit here. I just wanted to make you aware of what happened in MOTG. GLTA
From MOTG's 10-K report-
DeMarco Energy Systems of America, Inc.
We are the holder of an outstanding convertible debenture in the amount of $1,500,000 issued by DeMarco Energy Systems of America. The debenture is convertible into shares of common stock of DeMarco. The convertible debentures bear interest at 10%, matured on March 25, 2003, and are convertible into shares of Demarco common stock, at the selling stockholders' option, at the lower of (i) $0.15 or (ii) 60% of the average of the three lowest intraday trading prices for the common stock on a principal market for the 10 trading days before but not including the conversion date. As of May 2, 2005, the $1,500,000 convertible debenture was convertible into 250,000,000 shares of DeMarco common stock.
We have no formal agreements with this portfolio company outside our being a holder of the convertible debenture, although our chairman, Anthony K. Welch, is also the chairman of DeMarco. We have an informal agreement to assist them where practicable to further their plans and efforts, although there are no written agreements to this effect and we are not obligated to perform any services for them.
DeMarco Energy's primary mission is to provide energy efficient technologies to commercial and institutional markets through the application of the DeMarco 'Systems' patent. The company owns a systems patent that was granted on September 3, 1985, known as the Energy Miser System. The company is primarily focusing on providing heating and air conditioning powered by the thermal properties of managed water systems, which include gray-water, re-use water and potable water systems. DeMarco has exclusive rights to the patented technology.
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