| To: Due Diligence who wrote (3421) | 1/20/2000 6:44:00 PM | | From: KZAP | | | |
Just got back from a initial visit with MDMI. Met with Dana Verrill and found him to be very upfront and cordial. Toured the Plant, enjoyed the smell, tasted a couple of pastries combined with a "Bawls" drink. Even saw a 1/2 million dollar custom bakery machine. Here's some of things discussed,saw, and my impressions. If it seems like I'm rambling, please excuse. First off,this is NOT a retail bakery so forget about dropping by for just a few pastries. The manufacturing plant is about 20,000 square feet, 1/5 refrigerated. Saw the many specialty items. The pastries looked pleasing and tasted favorfull, therefore probably command a higher price. Institutional users usually do pay a higher price, in my experience years ago, when I was involved with institutional food products in a regional capacity. Concerning time-labor capibility for growth, about 30%- 40% being utilized. Capable of adding additional labor shifts as the need dictates. Asked about the growth and was told no salesmen needed at this time due to the company's excellent reputation for many years. They pick up accounts "word of mouth" frequently. That is a good cost containment, in my view. Have been shipping an entire tractor trailer load of one bread product(total product line is 300 items)every week or so to a west coast distributor with the distributor paying the freight costs. Asked if there is potential there for more products to be sold to them and was told, yes. Mr. Verrill said the West coast distributor is very pleased with MDMI. That's why they prefer MDMI over using west coast institutional bakeries. Saw the 20 foot blue Bawls mobile Promo unit. This unit was at SMU university earlier this week and will be placed in front of some of the current accounts in the days to come for more brand exposure. Asked about any competition and was told the wholesale pricing is extremely competitive. Really impressed with the packaging of the "BAWLS" drink. Very eye appealing with the blue color. MDMI is preparing to deliver an initial order of 13 pallets to a Lousiana distributor this week (13pallets x60 cases x24 bottles= 18,720 bottles. Lotsa "BAWLS" going to the cajun country. Asked about the financials and was told CPA and Attorney are in place and the form 10 is currently being prepared (this usually takes 45-90 total to get through the SEC approval). Took some pictures while I was there. Will try to post them soon for all to see. I remain long and still think MDMI is just starting to rumble,especially with the "BAWLS" addition to the product line for the current 4 states.
Kind regards,
DD
It's been over 100 days since this post DD. Will you be
recommending a buy at this level? What price is MDMI now
trading at?
MDMI is just not getting it together. I agree they have
good products. For a while MDMI was smoking! Looked like
they were finally getting things done. But, they haven't.
I think it's a good idea to watch the pink sheets for the
ones that will actually get things done and become reporting.
But they will be very risky.
Happy investing!
KZAP |
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| To: KZAP who wrote (3550) | 1/20/2000 7:24:00 PM | | From: Due Diligence | | | |
>>>Asked about the financials and was told CPA and Attorney are in place and the form 10 is currently being prepared (this usually takes 45-90 total to get through the SEC approval).<<<
Exactly right. 45-90 days to clear any comments and be approved, after MDMI physically files the paperwork. Waiting for the submission.
Enuff Said,
DD
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| To: ChrisJP who wrote (3548) | 1/21/2000 8:54:00 AM | | From: DuGen | | | |
Buy at a penny! I don't think so. In pinkyland, you sell at a penny, you buy anywhere from $1.50 to $9.95 and maybe higher. I sure wouldn't do a market order. A penny today, half a penny tomorrow. Maybe someday they'll pay us to take the shares and dirty up the drawer we try to hide them in.
DuGen |
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| To: David Smith who wrote () | 1/27/2000 7:23:00 PM | | From: Richard Nisbet | | | |
I know I should have posted some of these things yesterday..but things are getting more intriguing with the MDMI and La Guardia situation....all this cloak and dagger stuff is hysterical....meanwhile our shares turn to wallpaper.
Here's a story about Mr. "Ranch" La Guardia and MDMI ...
From La Guardia GFS:
La Guardia GFS, a Mexican corporation, was introduced to MDMI by Jimmy Carter ("Mr. Ranch", we question why names are being hidden?) of Ft. Worth, Texas. Chip Parrish, who is a senior consultant with La Guardia GFS has know Jimmy Carter for a number of years, and the two of them have collaborated on a number of projects. Mr. Parrish lived on Mr. Carter's ranch for approximately 3 months during the summer of 1993, while the two of them were working on a number of public and private equity deals. Mr. Parrish moved to California during the fall of 1993, where he managed a multi-million dollar portfolio for a wealthy individual in the San Francisco area. In 1994, Mr. Parrish was licensed by the NASD, and became a broker for private equity deals concerning capital equipment leasing, environmental remediation, video conferencing, offshore portfolio management and geothermal power generation. Mr. Parrish launched his own consulting company, Kilgore Mayfair, in 1997. Kilgore Mayfair contracts with a number of companies, both in the US and abroad, with primary interest in industrial construction and leasing, offshore portfolio management and promotion/investor relations. The later of which is his relationship to La Guardia GFS.
Mr. Carter and Dana Verrill are business associates from Verrill's Spectrum Technologies days. Mr. Parrish proposed that La Guardia work with MDMI based on this relationship. This personal relationship allowed La Guardia to work with MDMI on a very relaxed basis, with the understanding that if the DTC sheets were a little late or it would take an extra 60 days to get a stock certificate, that was ok, Carter would vouch for Verrill. Unfortunately, the DTC NEVER arrived nor the stock certificate and ultimately the information ceased completely. La Guardia was made aware of MDMI's supposed displeasure with La Guardia when Mr. Parrish began to pressure Mr. Carter for the share certificates that MDMI had LEGALLY CONTRACTED to pay to La Guardia. MDMI never contacted La Guardia directly to discuss any problems or displeasure in our work, nor made financial information, DTC sheets, accountants nor clients available to La Guardia, despite constant request. Mr. Parrish has spoken with MDMI's legal counsel on several occasions, with the outcome being, the Form 10 is in process...Obviously La Guardia is not an "insider" in MDMI, and therefor cannot obtain any information that would not be made available to the public. We are still unaware of any financial information that has EVER been released by MDMI, other than the bankruptcy proceedings 3 years ago. I might also note that MDMI contractually agreed to provide such information to La Guardia (yet another point of contractual breach by MDMI). At one point in time, MDMI would not even allow their Transfer Agent to release any information to La Guardia, and they have NEVER provided any DTC sheets, nor shareholder list, the later of which they are required to provide by law. Futhermore, MDMI insider?s registered over 400k shares of stock, previously restricted under Rule 144, without informing La Guardia. We obviously were made aware of this via Edgar, and when we questioned Mr. Carter and Mr. Verrill, we were told that the stock was sold to somehow help MDMI financially, thought the terms of this arrangement remain undisclosed.
In so far as incorrect press releases are concerned, La Guardia did assist MDMI in the drafting of many press releases. All of these press releases were issued by MDMI via, Business Wire. La Guardia has never, and will never, directly release any press releases for any of our clients. It is the client's responsibility to police the information being released. If the information in any of MDMI's press releases was incorrect, it is solely the responsibility of the MDMI. They have the final word, and should review EVERYTHING that is released. If MDMI does not care enough about the information that they release to the public to review it prior to sending it to the wire service, there is absolutely nothing that the PR firm can do, other than apologize to the share holders, and work with the company to resolve the discrepancies. When the company is unwilling to do this, nor take responsibility for the information THEY released, the PR company can do nothing else. MDMI runs MDMI, the PR company does not. Once again, "Don't shoot the messenger"!
MDMI hides from responsibility consistently. They cannot even answer a simple question as to whether or not they are profitable. They have been promising financials for over 2 years now, and the public has seen NOTHING. Once again, this means that the company's financial records are so messed up (poor management) that the financials are unauditable, or someone is not telling the truth. Regardless, promises were not kept and contracts have been broken.
Insofar as La Guardia's visits to MDMI are concerned, Mr. Parrish DID travel to Dallas and meet with Crawford and Dana, prior to executing the Investor Relations contract. It was understood that due to the close relationship between Mr. Carter and Mr. Verrill, it would not be necessary to make these trips on a regular basis. Additionally, La Guardia was not willing to shell out additional money for travel expenses, when the client was unwilling to make contractual payments.
Rustycar, I do not wish to entangle myself, Mr. Parrish, nor La Guardia into a long winded online debate. If you wish to identify yourself and provide us with an e-mail address and phone number (as we do), we would be more than happy to continue this conversation off-line. If you wish to continue to slander us online, we will protect our integrity, and use every means legally available to us to achieve this goal.
La GUARDIA GFS, Mr. Parrish nor myself have any contractual agreements with Mr. Carter. Mr. Carter has not responded to any e-mails or phone messages from anyone at La Guardia GFS in over 45 days. No one has been contacted regarding any legal suits or proceedings regarding either MDMI or Mr. Carter. La Guardia GFS has retained legal counsel to consult with them on the breach of contract by MDMI, however no formal legal action has been made to date.
Please feel free to contact us with any questions regarding this situation (investor_relations@twotrades.com or 888-577-6898). Mr. Parrish has agreed to answer any questions directly as well (cparrish@TwoTrades.com or 956-551-0898).
Sincerely,
Phil Hernandez
Public Relations
La Guardia GFS
twotrades.com |
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| To: Richard Nisbet who wrote (3554) | 1/27/2000 9:10:00 PM | | From: DuGen | | | |
I'm hanging onto my MDMI shares only because I'm a cookie addict, and this is the only reason. Coffee, breads, fancy stuff forget it. Cookies!!! that's it, the bottom line. Financials... phooey, distributions bogus, bottled caffeine, gimme a break. And now they've got this "Mr. Ranch"!!! For the first time in this stock I feel insulted.
This is total BS. Problem is are they giving it to us, or was MDMI actually that gullible? If MDMI bought this parade then they are at fault, that gullible, and without any common sense at all. Then everything else we've read makes us just as gullible.
That leaves the only winner being the little kid sitting on the curb eating Famous Amos cookies 'cuz he's the only one smart enough to know the difference.
DuGen |
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