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To: Ga Bard who wrote (5796)7/31/1999 11:21:00 AM
From: scouser  Read Replies (1) | Respond to of 150070
 
GB, When a company puts out a PR, they have a fiduciary duty to existing and soon-to-be shareholders to have it checked by a competent lawyer. The mistakes in the first PR were so blatant that the Company, or the Lawyer who vetted it, should be be sued. Whether it was intentional or not ,IMO, is the second question, The first is , did you lose money because of the former's incompetance? PR's cost big$, I wager the second one was a CYA after complaints. I have never owned DGRI.



To: Ga Bard who wrote (5796)7/31/1999 12:01:00 PM
From: scouser  Read Replies (1) | Respond to of 150070
 
GB, from their web site..........
1998 1997 1998

REVENUES
Sales, net $ 17,273 $ 1,662,290 $ -
Cost of sales 11,554 1,618,609 -
------------------------------
Gross Margin 5,719 43,681 -

EXPENSES
General and administrative 685,411 935,005 -
Depreciation and amortization 28,945 534,643 -
------------------------------
Total Expenses 714,356 1,469,648 -

LOSS FROM OPERATIONS (708,637 ) (1,425,967 ) -

", the Company's recurring losses from
operations and net accumulated deficit raise
substantial doubt about its ability to continue as a going concern.
"

Gee Ga, didn't see that on the PR or the CYA one.



To: Ga Bard who wrote (5796)7/31/1999 12:06:00 PM
From: Bob B.  Read Replies (1) | Respond to of 150070
 
DRGI:

From the July 28 PR:

"The company uses the McGladrey network, the world's 6th largest accounting firm."

After putting out that the company has a EPS at 17cents without disclosing: the extraordinary gain properly, the companies actual revenue has fallen from 1.67 million (97) to 17k (98), the company is now using an accrual method of accounting, and to top it of claims of using the auditing services of a top 6 firm which it never used (it actually used Jones, Jensen & Company), how does this not affect the companies credibility? I am not saying that the company is trying to make strides to regain themselves with recent acquisitions, but to mislead shareholders who are buying the stock based on the 17 cent EPS and then let them know what the EPS was actually based on (a one shot deal) two days later close to the bell on Friday IMO is a real shot to shareholders who have bought based on the EPS from their July 28 PR. They even reinforced this by stating that they used the world's sixth largest accounting firm. How about the guy who bought the stock at 38 cents based on a valuation of what the stock price should be? At 17 cents EPS and 30 million outstanding the stock should be worth over $2. Even at 100 million shares outstanding the stock should have been worth over 60 cents.

Oh, and guess what - two days later - "sorry we goofed, let us clarify, we should have let you know the 17 cent EPS is only a one time shot - and also, we didn't use one of the top six auditing firms, we used Jones, Jensen & Company - a firm which you probably never heard of - sorry for the mess up!"

Give me a break, this company has lost all credibility with me. I don't care what it does in the future.

And if you think that I am just pissed off about loosing money on this, you are wrong. I had it for three weeks before the 28th PR came out, sold it on the news, and never looked back. I said to myself, how could a company produce that type of money, have filed for Chapt 11, and have nobody have any clue about it.