To all: Good morning. Ahh, Archie P., do you bring back some memories: TIRE, a company called Eco2; I'm sorry to say that I share some small responsibility for the company's demise. It was on a board such as this that I first discovered it; and, many of the investors were singing the company's praises, but had never actually seen the operation. The company was in Fla., and allegedly had some process for the recycling of old car tires and turning out profitable by-products. They claimed to have contracts in Russia. Being an altruistic soul I agreed to go take a look at the facilities (sound familiar). At that time, the stk. was trading at somewhere around 3.00. However, unlike our situation, when I arrived there, there were no facilities; just an office with a desk and telephone. There was a young man anwering the phone. At the outset he was very evasive; but, eventually he became very informative (a little intimidation sometimes does wonders). They had a patented technology, and a bunch of non-verifiable news releases, but nothing else. At my insistence he did disclose to me that the owner and his wife were quite well paid [300,000 and 150,000 per year respectively]; and, that no plants had been built as of that date. When I went back and posted my findings I wound up answering e-mail for the next 2 months. Sometime later I was contacted by an attorney [I believe his name was Davis, but I could be mistaken] and asked to submit some interrogatories relating my experience when I visited the company, which I did. I believe the owner, and his family wound up with some serious judgments against them; but, I am not sure anyone ever collected anything. Anyway, the company is still up and running with a new symbol [TIRE2], but still languishing. It appears a new group of scammers picked up the ball, but keep fumbling it. Also, I believe that criminal charges are still pending against the original group.
Here, however, the situation is quite different. A facility does exist; and, it is loaded with what appears to be very expensive equipment: i.e., a few Cat scan machines, an MRI set-up, 30 or 40 computers and a warehouse full of components. Although the furnishings are rather austere, they are complete. As to the alleged Chinese connection, I have to believe that it is in place; and, as Lauren has pointed out [in one of his posts about some trouble with the equipment in Taiwan], they have sold some equipment abroad. So, all in all, this situation is not analagous with the TIRE situation. I do believe that the company is legitimate, and has probably run into some serious financial problems. When that happened, they appear to have jumped from the frying pan into the fire [deal with Select], and, instead of a life preserver they grabbed an anchor. Nevertheless, we shall soon see.
GeneM
p.s. I'm a North Carolina nut myself. I recently bought 300 acres in Harmony and plan to build a very plush RV park there soon. |
