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Hypersecur Corp (OTCBB:HYURA) is a non-reporting BB with a soaring stock price but no operations to speak of. It has changed its business description several times. Whether an energy company or a tech stock or whatever, in every reincarnation the guy running it has remained the same: Charles E. Campbell. And what a guy he is: In 1995, he paid a fine to the SEC "as a result of allegations made by the SEC that a disclosure statement of Meridian Energy In. (N/K/A) IER), failed to disclose a material fact relating to a pending transaction. At the time, Campbell was a majority shareholder and president of Meridan Energy Inc." That's an excerpt from a news release that he issued July 7, 1995, when Hypersecur was known as International Equity Resources. The news release can be found, for example, on a Bloomberg terminal. That July 1995 release also reported that as part of the settlement he agreed to stop violating the securities laws. Well, guess what happened. In 1998, the SEC sued a Charles E. Campbell "for fraudulently offering and selling securities in connection with their efforts to take several companies public." sec.gov Among the companies listed is International Equity Resources, which was one of the previous names for HYURA. See post #1 on this thread, for the full litigation release from the SEC. The latest reincarnation of Campbell's company is that he claims to have bought rights to a chip that will allow smart ID cards (the kind you might use to gain entry into a building, for example) to work without making electrical contacts, via radio-frequency signals. I've looked at the product description, and I don't doubt that it is possible to make such a product. Maybe customers would like it, maybe not. One problem I can foresee is that the product is essentially a radio that transmits the security code required to enter the building, or whatever, when it is waved near a receiver. It isn't hard to imagine that one could eavesdrop and pick up the security code by merely using a more sensitive receiver than the one provided by the company. But problems with the product aren't the main issue I see with the stock. The main thing here is the corporation itself, the background of the guy running it, and the market cap. HYURA has soared in recent weeks, and recently had a market cap of at least $250 M. That's based on news releases that said that there were 4.7 M class A shares out before a recent acquisition, and 11 M shares issued to acquire the Hypersecur business. That's 15.7 M shares of class A, and a recent stock price of 16, gives a $250 M market cap, based on class A alone. I don't know what other classes of stock exist. The 10 M shares were issued at a time that the stock was trading at about $2. The co. is located in Canada, and has a web site at hypersecur.com The site appears to exist primarily to promote the stock; there's no significant sales or tech support functions to be found there. | ||||||||||||
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