I can guess, a little bit, although I'm not eager to, considering this may yet be a scam. That's why I'd like to know if anybody out there has some direct feedback on the Novacrete product.
1. Their original auditor resigned about a month ago. The new auditor they hired in early October ALSO resigned, according to their SEC filing released three days ago. But they forgot to mention this in some conversations with investors I've spoken to.
2. The company was one of those which was on a list of about 30 which were allegedly manipulated by various people.
3. They need to raise money sometime soon, and unfortunately, they don't happen to have audited financials handy.
4. On the positive side ( you probably were beginning to wonder if there was one), they've hired some new people; I've spoken to the gentleman named MacMillan and he sounds like a guy who can help turn things around.
5. Bottom line, in my view: if the product is for real, some investor will figure it out, as the money currently needed to stay afloat is really peanuts; the financial issues may be the result of previous mgmt. What would be a shame is if Novacrete is the real thing and Stratford winds up giving a lot of it up just to keep going.
SO, does that make you feel better?
Doug |