It never ceases to amaze me how many people who really don't have a clue about a company, will make statements that they didn't even try to personally verify.
I just blew $60 buck to join SI because I have to set a few things straight about Corsaire (Net Command Tech).
I am an Intenet Consultant and shareholder and was very instrumental as a consultant in putting this Company together beginning last November. The only shares that I have that are not restricted under Rule 144 for at least a year, are shares that I have purchased in the open market. Which is the exact same situation that All the founding shareholders are in. No shareholder, to include Hamouth and Dunavant have received any free trade shares so it does no insider any good to have the stock run up now, just to have it out of business a year or two (managing insiders holding requirement) from now when insider shares start becoming available for sale.
If anyone would spend a few minutes investigating, they would realize that this is a reporting company that was in fact delinquent in filing its 10k's and 10q's. A company in this situation has no way of creating free trade shares. Since it is a reporting company, Rule 504 is not available to give cheap free trade shares. Since it is a delinquent reporting company there is no registration available to create free trade shares. For this reason the ONLY free trade shares that are trading are those that were created several years ago when the company first came public. The actual number of shares that are not restricted is slightly over 1.5 million. And a good number of these are held in lots under 50 shares who are held by people who held these shares through past reverse splits and probably don't even know they own the shares.
Byron's article is way off base. I don't know what his agenda is but under any circumstance I believe it is more than a coincidence that the stock started getting wacked four or five days before his article came out and this "wacking" by new market makers who have a track record of representing Canadian Sellers. Not shortsellers, because it is illegal to short a BB stock, but sellers who use a loophole available in the rules that allow foreigners to sell shares that they don't own and are never pressed to deliver (Naked short).
I say his article is off base for the following reasons:
Rene Hamouth-- Yes he was the President and Director along with Bua as secretary of the original shell company. A fact that remained until early this year when Roger Dunavant took over and the Company's first acquisition of a State of the Art foreign owned Streaming Media company was made. This Company had had over $18 million invested in it in developing all the software and hardware products that you can find on the Company's website. After the closing, Rene became just a control shareholder along with Bua., who also doubled as the shell's securities attorney was also replaced.
Regarding Hamouth's background, I have know him of a dozen years and can tell you that as far as Vancouver Stock Promoters go, he is as straight as they come. He has never been accused and convicted of any irregularity. Those who know how the Vancouver Exchange works, know that it is controlled by the large Canadian Brokerage firms. Each of which have their own "promoters" to bag investors. Rene was a renegade and would not play by their rules. If he didn't have enough confidence to buy the stock himself, then he wouldn't put others in either.
Regarding Dunavant, He was given the opportunity to own half of Straight Arrow a PRIVATELY held company of which only had one other share holder. That company had gone nowhere until he joined. At which time he personally made it into a $60 million company in less then two years. The other shareholder was the long haired artist son of the founder who was given the opportunity to work in the Company but was given a montly dividend instead. Since Dunavant made the Company, it is understandable that he should reap the majority of the benefits.
Regarding Glen Kovar, He is the 68 year old FATHER of the inventor son Brent Kovar who developed the Satellite technology along with the staff that he brought in. While I have not personally seen the Satellite application in action, I have spoken to several outsiders who have. If it only can do one third of what the press release says, then that technology alone is worth billions. This might just answer the above question as to who might be buying stock at these "high" levels.
Amazing what lengths people will go to to put out dis-information, isn't it.
It is also interesting that he didn't mention the Companys' Exec VP, Robert Chalnick. A former 30 year partner of Touche Ross's Investment Banking Consulting Division and an expert in Securities Law. I guess the fact that a man of his credentials might not give the right "negative" spin the writer was looking for. Or for that matter, Chistophe Borg VP Internet Operations or Mohamad Dagher, CIO, two very respected Technical Professionals and their staffs.
Now for those of you who really want to find out what this Company does, then I suggest you go to the Company's website and at least download the free trial software that is getting rave reviews by those who have tried the Company's cutting edge MPEG4 streaming technology. There is nothing out there that even comes close in delivering a media stream of such quality for such low bandwidth requirements. IMO, much better then what Real Networks currently has.
I don't know if the stock is overvalued or not, but if it is, then Real Network (RNWK) is many, many times more overvalued with its almost $10 billion market cap and large losses.
Not that it matters, but I have not spoken with Hamouth, Dunavant, Chalnick or Kovar in several weeks. They don't have any idea that I have posted this. They have never asked me to post anything. I just want to set the record straight. |
