Ladies and Gents, ALL INTERESTED IN ICVI MUST READ.
(Jas, here it is, its time to ignite this thread !!!!!!!!)
We have gathered the INFO on ICVI from THOSE THAT HAVE DONE REAL DD ON THIS COMPANY, UNLIKE STUCK DEFECTIVE.
HERE ARE OUR RESPONSES TO STUCK's comments.
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Stuck DEFECTIVE: Mountain Energy (OTCBB: ICVI), formerly International Casinos Cruises Inc., recently shed its guise as a gaming organization (it only had an interest in one gaming boat) and decided to become an energy company.
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Response: ME BOUGHT THE SHELL TO BECOME PUBLIC - A Common thing to do. ICVI was basically a OTC BB shell going nowhere with a little cash and few if any assets. Mountain Energy executed a
REVERSE-MERGER WITH ICVI IN ORDER TO BECOME A PUBLIC COMPANYASAP - a common thing to do. Why? As a public company, ME could leverage their financial resources immediately while oil,
gas, and coal prices were low rather than having to wait through
the process of finding and approving enough public funding for
their plans. And we can see ME's immediate plans by reading
their first two press releases.
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Stuck DEFECTIVE: Mountain Energy claims ownership of coal and gas reserves conservatively valued - according to them - at more than $200 million, tucked away in previously inaccessible sites in the West Virginia hills.
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Response: If they read the release..."Mountain currently owns 30 separate properties in West Virginia with approximately 1,300 acres owned in fee and an additional 1,300 acres of mineral rights." Furthermore the
properties "contain approximately 1.98 billion cubic feet of gas
and 10,000,000 tons of coal, as well as other properties that all
combined, have an estimated fair market value in excess of
$200,000,000" ME has NEVER stated the sites were previously inaccessible. NEXT.
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Stuck DEFECTIVE: This stock has all the classic signs of a pump 'n dump: changing to an industry unrelated to prior focus, a vicious run-up in share price (from $0.04 to almost $2 in two weeks) and weak fundamentals that don't support what the company plans to do.
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Response: The management changed hands, COMPLETELY, to include members with many years of experience in the mining field. The newly formed Mountain Energy's CEO Jack Uselton approached ICVI, not vice-versa, The management changed hands COMPLETELY meaning ICVI's prior management is out including Joe Gort. ME's management team includes members that total 200+ years of experience in the mining field.
ME is a completely new company and ICVI's prior performance and
industry should NOT be considered at all in calculating the
fair market value of the stock.
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Stuck DEFECTIVE: There are 70 million shares of ICVI outstanding, 50 million of which were issued as restricted shares for the purchase of Mountain Energy. Who controls the other 20 million shares depends on whom you talk to. The company lists two contacts on its press release for investor relations. According to Joe Gort, shareholders in the original shell control about 5 million shares. According to George Guttman, the shell owners control all 20 million remaining shares. Confusing? You bet it is, but it makes investing in the company an even easier call. Oh, and did we mention it's non-reporting with the SEC?
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Response:
1. The 50 million restricted shares are owned by the company and cannot be traded for 3 years from May 1998. The other roughly 20 million shares is the float. Actually 13.8 million.
2. The shares that were transacted between MTEI and ICVI have
yet to be officially documented 100% and made available to
the public. The PR firm is NOT the company.. they are NOT
the final word.. and it is easy when a company first begins
to make mistakes. The shares that were given to ICVI for the
deal was small compared to the cost and time of doing an IPO.
This STOCK DETECTIVE newsletter posted misleading info and
took things out of context... We have personally met with
the company and believe them to be fully legit. They just
need time to work things out internally and to be able to
build a working relationship with investors. This will take
some time.
3. George Guttman is correct. Whoever owned the outstanding
shares of ICVI before the merger still own the same number of ME
shares after the merger. The reverse merger was a one for one
share exchange. Since ME is a new company, it makes sense that it is currently a non-reporting company. ME plans to be a reporting company soon, in fact, REAL SOON.
It would certainly help anyone to contact George Guttman to get
the real facts. Personally, I can't believe they don't recommend
everyone to contact the company to get the scoop. Their bias is
incredibly irresponsible.
4. We spoke with Joe Gort again to confirm--The 5 million shares alluded to DO NOT EXIST --other than they are part of the 13 mil float. Plain and Simple. The 50 million are on a 3 year hold. It is all very simple--he says he doesn't know where people get their info!
Contributors to this response: Macker, Jim B. , Techxprt, Robert Ulrich, Sandstuff, Tod C., DG Cruise, Shaun and Rocketman.
NOW, STUCK DEFECTIVE, DO YOU HAVE ANYTHING ELSE TO SAY??? DOES ANYONE STILL DOUBT???
Intelligent comments welcomed.
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