Silicon Investor (SI) -- The First Internet Community

STOCKTALK

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 : Universal Medical Sytems (UMSI) -- Ignore unavailable to you. Want to Upgrade?

To: Laurens who wrote (508)	12/12/1997 11:22:00 AM
From: GeneM	Read Replies (2) \| Respond to of 1672

Goodmorning gentlemen: I have to say that I found my morning quite interesting. As most of you don't know me, let me begin by telling you all that I am the ultimate skeptic. Now, to my report. I arrived at the company around 9:45, it is there; and, I must add, some very impressive digs. When I entered there was no secretary at the front desk, so I just shouted "is anyone home?" A gentleman came out and greeted me. I asked for a Mr. Baker. He went in the back and came out with a gentleman who introduced himself as Mike Baker. I told him that I represented a group of people who had a substantial investment in the company; and, due to the recent stk. price slide, they were concerned about what was going on. He acknowledged those concerns and took me into his office. I have to say at this point that Baker did impress me. He was quite forthright and not evasive at all. I posed all of laurens remarks to him, and lo and behold, he showed me a printout of laurens post! Tells you that he is watching this board. He attributed most of the misinformation to a disgruntled ex-employee. I did not press the matter. He did, however, further explain that there was some element of truth to the info. They were having some problems with the Taiwanese deal; but, assured me that they were being amicably resolved. Without my even asking, he told me to follow him. Whereupon he walked me through the entire operation. He introduced me to an Asian gentleman that was dilligently working at a computer. This man was the programmer who was working on the Taiwanese software, and had just returned from there. From there he took me to the company's exhibition room. Again, very impressive. All in all, I would say there were about 25 to 30 people in the building. Whether they were all working there or not I cannot say (although they appeared to be), as I was told there was a meeting about to start. He then showed me the area where the machines were assembled. They do not manufacure anything, just assemble the parts into working machines. There were people working there assembling a machine. My next questions were about the slide in the stk.. As I had anticipated, he told me that the company's arrangement with Select Financial had been a rather disasterous experience. He admitted that they stk. had reached what, in his mind was, an unattainable price of 3.00. Anyway, he explained that, for its assistance Select had received some stk. and debentures, all form 144, at significant discounts. He felt certain that Select then shorted against its positions, thereby causing the slide. I think I mentioned that someone should check out Select, as I recall that they had been involved in some similar machinations in the past. Again, anyway, he felt that the stk. price now was ludicrous. When I asked him about the 10k he said it was being submitted as we spoke. He then gave me an article about the company that came from Stockbroker Magazine [Nov. 97 issue]. As I am unfamiliar with the procedure used to print the article to this board I will summarize that it is impressive and appears to be quite factual. In conclusion: the company is there, people are working; and, I for one was impressed. GeneM