SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Microcap & Penny Stocks : ABFG - AMERICAN BENEFITS GROUP, INC.
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: TideGlider who wrote (2799)4/26/1999 1:39:00 PM
From: Jeffrey S. Mitchell   of 4128
 
** List of ABFG (Written) Transgressions (so far)

1. 6/23/98 - Issues a press release saying they paid 3,000,000 (pre split) shares for Saowani Development. The Malagasy government has since cancelled these concessions. ABFG has not informed shareholders of this material event.

2. 7/10/98 - Issues a press release saying they paid 1,000,000 shares to World Gems for more mining concessions. The Malagasy government has since cancelled these as well. ABFG has not informed shareholders of this material event.

3. 9/10/98 - ABFG establishes wholly owned subsidiary in Calgary, Alberta "due to its worldwide reputation as a center of natural resource expertise in the Oil and Gas and High Tech industries." ABFG neglects to inform shareholders it has moved to the longstanding offices of one of its directors, Gerald Sklar.

4. 1/12/99 - ABFG says "Valentine's Day Special of 50,000 jewelry sets priced from $119.95 per set which is anticipated to provide ABFG with immediate cash flow of approximately $5.8 million or $.22 per share."

5. 1/15/99 - ABFG reiterates .22 a share forward looking statement.

6. 2/16/99 - Issues another forward looking statement: "A limited edition of one thousand (1,000) sets of each piece will be offered to consumers, which the company expects to generate revenues of over $5.4 million with a gross margin of 50% or $2.7 million ($.09 per share). "

7. 3/15/99 - Issues another forward looking statement: "It is expected that mall annual revenues will grow to $776 million by the year beginning 2005 when the mall tops the 100th store."

8. 3/19/99 - Announces they will "fly 132 people to Madagascar on the Labor Day weekend to walk the sites and hold an on-line broadcast from Madagascar". Neglects to inform shareholders both their announced mining property concessions have been cancelled by the Malagasy government. Also makes bold statement: "I believe ABFG is now ready to aggressively pursue a segment of the Internet retail business market which we can dominate."

9. 3/24/99 - More forward looking statements about an on-line art auction in June.

10. 3/26/99 - ABFG apologizes its state-of- the art website had its "door blown off": "the capacity of the host was taxed to the maximum limit and that many subscribers were either unable to log onto the Broadcast site or they were 'locked up'. " Presumably this is the same web site that eventually plans to host the 3D mall and "dominate" the industry.

11. 4/9/99 - Announces "unaudited Gross Sales in excess of $1.2 million... Gross Margin is estimated at $480,000 before any write downs of Research and Development costs... While Internet sales were favorable, the Wholesale Gem Division dominated the Sales segment." No expenses given. Numbers fall far short of anticipated .22 a share in "immediate" sales. Never issued a warning to the street the .22 figure was not reasonably obtainable.

- Jeff
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News