THIS SOUNDS LIKE AN INCREDIBLE SHORT GUYS.....JUST MY OPINION..
Message 9310869
Woah, read this. NCDR OTC:BB
Excitement over Corsaire puzzling
The Vancouver Sun
David Baines, Sun Business Reporter Vancouver Sun
A former Vancouver promoter who was kicked off the Vancouver Stock
Exchange and a U.S. promoter whom Forbes magazine described as a
"persuasive scoundrel" are key figures in a Florida company whose stock
price has soared in recent months.
Rene Hamouth, who has had extensive dealings on Howe Street and has
been blackballed by the VSE, was president of Corsaire Inc. until November,
but remains one of the firm's largest shareholders with about 1.4 million
shares.
Hamouth was replaced as president by William R. Dunavant, who swindled
shareholders in a company that was promoting a horse shampoo for human
use in 1993 and 1994.
Corsaire shares, which are quoted on the unregulated OTC bulletin board in
the United States, have roared from pennies in November to a high of nearly
$29.50 US last week.
By Tuesday's close, the stock had slipped to $23.63 US, but with 14 million
shares outstanding, the company's total market capitalization is still more
than $300 million US.
Corsaire -- which is changing its name to Net Command Tech Inc. --
describes itself as a "developer and marketer of advanced Internet video/audio
broadcast and security products."
Why investors are excited about this company is not clear. It has not yet
released any financial statements, and both Hamouth and Dunavant have bad
track records.
In 1990, the RCMP commercial crime section in Toronto charged Hamouth
and two others with manipulating the stock price of Penway Explorers Ltd., an
Alberta Stock Exchange-listed company. All were acquitted.
In 1991 and 1992, VSE officials implicated Hamouth in a series of suspicious
transactions in which he received hundreds of thousands of shares in several
VSE-listed companies in return for assets of dubious value.
He was subsequently blackballed by the exchange.
Dunavant was president of Straight Arrow Products Ltd. in January 1994 when
Forbes published a glowing article that it later regretted.
The magazine reported that the company had been selling millions of dollars
worth of horse products for human use, including Mane 'n Tail, a horse
shampoo that was said to make human hair softer and more full-bodied, and a
hoof-strengthener that purportedly made human nails grow stronger.
"Ladies, do you want nails as strong as horses' hooves? Hair as luxuriant as
a thoroughbred's mane? Roger Dunavant is your man," the magazine
enthused.
In a follow-up article September 1996, Forbes conceded it had been conned.
The magazine said Dunavant had "crossed the line between acceptable hype
and lies," telling naive reporters that Mane 'n Tail made his hair grow so fast
he had to cut it every three weeks, and that doctors were recommending it to
chemotherapy patients.
It also reported that a Pennsylvania court had found Dunavant guilty of
awarding himself millions in excessive compensation, siphoning off company
funds to cover personal expenses and diverting company assets.
"Forbes prides itself on smelling a con man a long way off. How did we fail to
spot the whiff of fakery on this one? No excuse. We guess our editorial
nostrils were stuffed that day."
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