Asensio & Company: ParkerVision Possesses No Valuable Technology
NEW YORK, Sept. 28 /PRNewswire/ -- The following is being issued by Asensio & Company, a member of the National Association of Securities Dealers, CRD number 31742:
Investors may be buying shares of ParkerVision, Inc. (Nasdaq: PRKR) believing the company's claims that it invented a unique direct conversion radio frequency ("RF") integrated circuit ("IC"), and then created a new and universal "standard" for the front-end of transceivers it calls Direct2Data ("D2D"). These claims are completely false. Direct conversion is not new, unique or a standard suitable for all applications. On the contrary, direct conversion has been commonly used in consumer microelectronics since the early 1980s and is constantly being upgraded by its many existing suppliers. Furthermore, ParkerVision is neither an IC nor a RF supplier of any kind of application-specific or universal RF IC. In fact, ParkerVision has no legitimate industry presence and has never provided any verifiable evidence that D2D even exists, much less that it works as claimed. However, as part of our analysis, we assumed that the D2D performs as claimed and can be economically manufactured. Even using these baseless assumptions, we found that ParkerVision's D2D claimed attributes are all either commonly available, or if desired, can be readily created by existing suppliers. ParkerVision announced this "technology" years ago, but has resoundingly failed to generate a single sale or licensing agreement. Yet ParkerVision and its stock promoters have managed to increase its fully diluted market value from approximately $32.7 million to its current $403.9 million valuation, based almost exclusively on its wireless technology claims. ParkerVision possesses no asset or business with the remote potential to support its current stock price. Therefore we believe both that ParkerVision has purposefully disseminated false product claims in order to defraud investors, and that its shares are grossly overvalued. As a result, we believe ParkerVision's shares will soon trade well below $5 per share.
ParkerVision began promoting its alleged "major breakthrough in wireless technology" over 3 1/2 years ago. During the last two years, ParkerVision has been making ever more elaborate claims. It has used its wireless promotion to almost double its public float from 3.7 million shares to over 7.1 million shares without ever selling any of these additional shares through a legitimate public underwriting. ParkerVision's "pump and dump" stock operation has used a combination of false product claims, private offshore stock sales and the granting of options at no cost, to allow the sale of over 3.4 million shares of its grossly overvalued stock to the public. ParkerVision first sold all of these shares to its insiders, who were then able to "dump" their shares on the public. These insider sales occur without the public knowing they are buying "dumped" stock. During this period ParkerVision's stock promotion switched from its failed plans to develop a consumer version of the CameraMan system to the failed StudioMan product to conducting research in "wireless technologies." We believe ParkerVision needed to create its wireless stock promotion to hide its failure to deliver on earlier claims, its dismal financial performance, and to support a baseless 600% increase in its stock price that occurred simultaneously with a 90% increase in its public float.
Asensio & Company, Inc. is a New York-based institutional investment bank specializing in corporate valuations and equity research. Asensio & Company also specializes in investigating fraudulent stock promotions and publishing research on companies it identifies as grossly overvalued, as defined. A complete documented history of Asensio's published work with fraudulent securities transactions, and the firm's definition of gross overvaluation, is available on the Internet at www.asensio.com . Asensio & Company is actively engaged in short selling, including companies that are the subject of the firm's research reports, and advises its clients on securities it believes are overvalued.
Asensio & Company, Inc.'s report on ParkerVision's statement concerning an alleged Boeing test and a summary of the findings contained in our institutional research report are available on the Internet at www.asensio.com . |
