Regine, AGCR went down 38% on 27,000 shares. At a generous average of .35, it took a mere $10,000 to do the damage!
The natural reaction on SI would be "those @#@% MMs!", but, unlike what many are led to believe, MMs don't do such things for sport. They must sense someone is trying to unload a bunch of shares or that something is happening behind the scenes that when made public will severely devalue the stock, IMO, of course.
Everything AGCR has touched has turned to stone. Originally they were going to set up "factories" in Canada and use CSGI's toolset to remediate code. Then they signed an alliance with CCD Online and later Veronex (VXTK), and, although they claim they are still working with CSGI, I've not heard of any factories opening up yet.
As for contracts, I see one with Statistics Canada for "analysis of the FoxPro and ECAPLE applications as well as verification of the PowerBuilder Libraries and an assessment/inspection of the Keyfile layered functions." This is PC based stuff and it's a quantum leap to assume this will lead to any lucrative mainframe contracts. I see another to "supply Year 2000 compliant computer systems" with a value of "approximately US $5.3 million." If this is considered a Y2K related contract, then this would make Dell, Compaq, and Gateway Y2K giants (g).
It seems they have a number of other press releases that have big dollar values in them, but as AGCR's role is via an "alliance", I don't pay them much heed. Anyone who has read some of my stuff here knows I always snicker at alliances.
I see that on the AGCR thread very little was made of AGCR's President Scott Feagan leaving a few months ago. Perhaps he was fired. Nevertheless, he took with him several of whom he considered AGCR's best programmers to found AXYN. Read into that what you may.
Lastly, keep in mind that "substantial" amounts of AGCR stock was sold through private placements, i.e. in the millions. However, the wildcard here is that much of that stock was sold in the $1 range from what I can find out, and I'm not even sure if the restriction period has expired.
- Jeff
P.S. IMO, if I had a Y2K stock that dropped from $1 to .25 I'd probably just hold it as it would already be worthless in my mind and thus there would be no downside. (gg) |
