HAS ANYONE SEEN THE BLOOMBERG ARTICLE FROM OCTOBER?
The Bloomberg stuff is not on the Net, so its hard to find. I referenced earlier an article by Susan Antila of Bloomberg about the PR firm for LOCK and its prior woes with other stocks that is touted in its "Stockup" Newsletter.
Well, this just discovered. David Evans of Bloomberg filed a story about LOCK in October 1997 when the stock went from 13/32 to 4 9/16 the day of the Clinton press conference about legislation. I have no authority to reprint so heres the gist. You can find it on your Bloomberg terminal, if you have one:
First the article describes the meteroric rise of the stock price of LOCK following the White House ceremony where 8 manufacturers agreed to sell a child safety lock with every handgun. Then it says that investors in LOCK must not realize that the manufacturers state that they plan to spend $5-10 per lock (versus the $50 wholesale price of the Saf-T-Lok). Heres a quote:
"None of the manufacturers are going to buy this lock. Its too expensive," said Robin Sharpless, vp of sales and marketing for closely held gunmaker H&R 1871...."This is another example of how silly the stock market is".
Then the article states that 6 of the 8 manufacturers at the ceremony said they will not buy Saf-T-Loks, because its cheaper to design their own or buy trigger locks from the competition, including Masterlock. Reps from the other two manufacturers were not available for comment.
After then detailing the lack of sales that Saf-T-Lok has had over its entire existence, there was a quote from the CEO, John Gardner: "Its certainly cheaper for gun manufacturers to use trigger locks than a lock from Saf-T-Lok....we don't have reason at this time to think they will". Boy tell this to the LOCK shills over Yahoo who are telling everyone that LOCK will land a major gun manufacturer in the next two months!
Wait, theres more. Apparently the Saf-T-Lok was submitted to Smith and Wesson for evaluation. The VP of Product Engineering at S&W is quoted as saying that the Saf-T-Lok "...cannot be relied upon to prevent unauthorized use of a firearm" though he said it could serve as a deterrent!!! "If someone is trying to fiddle with it, it unlocks rather easily" said gun expert Foley (S&W's VP).
What a shock that is, huh? Who'd have thought it, huh Terry? Sorry, dude, but this is one gnarly wave to ride. |
