Not sure exactly what ABFG said in the webcast, but from the PR they issued today I fail to see anything of any monetary value whatsoever, least of all $6 billion.
It starts off:
RMAT GAN, Israel, May 20 /PRNewswire/ -- The Menavi Group of companies has formed a joint venture with the American Benefits Group, Inc. (ABFG) (OTC Bulletin Board: ABFG), of the United States. The joint venture, which will be known as Total Gem Management Ltd. (TGM), will have high gem quality sapphires supplied by ABFG from its mining operations in Madagascar that will be sorted, cut, polished, and marketed internationally.
go2net.newsalert.com
First of all, did ABFG ever say exactly where they actually do have any mining operations? Wasn't this the day they were going to finally supply the GPS coordinates? Did they provide as much as an address? How about even a compass direction?
Second, the Menavi deal is not an acquisition, it's a joint venture. ABFG doesn't seem to own or even have rights to any of Menavi's gem business. As a matter of fact, the only agreement here is that Menavi just agrees to sort, cut, polish, and market ABFG's sapphires. That is, of course, assuming ABFG is able to a) legally obtain land, b) afford to mine that land, and c) able to afford washing and processing any resulting gems. Based on this, how long before Menavi even comes into the picture, if ever?
I also see that ABFG plans to sell Menavi diamonds and other gems on rodeoisland.com. Perhaps I should defer to the woman on this thread: how many of you would buy an expensive gem without a) inserting it into a variety of settings, and b) trying it on to see how it looks on you? Speaking personally, if I'm going to spend thousands on a diamond, I want to see it through a loop. Not that I'll understand exactly what I'm seeing, but it's psychologically settling, IMO.
Lastly, where is all that bold stuff about "reserves" in print? Maybe all those post Bre-X requirements about what constitute "reserves"? For example, using terms relating to the degree of certainty like "inferred, indicated, measured" come to mind, as well as "closeness of holes", etc. And from what I read, they haven't even completed a mining survey!
Does anyone see anything more here than smoke and mirrors?
- Jeff |
