zekel
15 years ago
GAEC suspended by the SEC:
Jul 31, 2009
Pink OTC Markets News Service
Washington, D.C.— SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 60410 / July 31, 2009
SEC SUSPENDS TRADING IN THE SECURITIES OF GULF ALTERNATIVE ENERGY CORPORATION
The U.S. Securities and Exchange Commission today announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading in the securities of Gulf Alternative Energy Corporation, at 9:30 a.m. EDT, July 31, 2009, through 11:59 p.m. EDT, on August 13, 2009.
The Commission temporarily suspended trading in these securities because of questions regarding the accuracy of statements made by Gulf Alternative Energy Corporation in press releases to investors and on its website concerning the quality of the company’s technology and the company’s business prospects and agreements.
The Commission cautions brokers, dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not it has complied with the rule, it should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance, at (202) 5515760. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, it should refrain from entering quotations relating to the securities of Gulf Alternative Energy Corporation until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider prompt enforcement action.
If any broker, dealer, or other person has any information which may relate to this matter, they should contact Christopher Ehrman, Branch Chief, at (202) 551-4590, or by email at ehrmanc@sec.gov.
zekel
15 years ago
This whole business about sending off to an independent lab, however belated the news release is, is simply bogus.
The measure of how effective their process is cannot be measured by standard scientific material composition tests. They have to subject the material to a comparative test of what the material composition was prior to it being subjected to their "alledged" pre-treatment and what characteristics were retained by the material after the testing. This is true for the free occuring sugars first and then for all of the rest of the compositional molecular strucutres of the materials.
After all of this then the material has to be subjected to a fermentation vs time vs mass basis which will then give you the ability to make a definitive determination of the continuous flow fermentation volume that can be done. The CFFV can only be calculated from another set of variables that are strictly related to the strain of microbe being used as the fermentation medium and the enzyme loading that is required for conversion of the higher order cellulose and hemicellulose to be broken down.
Of course Mr. Shearer nor Ms. Delany do not have any knowledge or technical experience for establishing controlled procedures, let alone know how the process even works, nor how to design and build a continuous flow fermenter. Assuming even on the surface that they are trying to actually develop a legitimate operation, there is also a problem with one very critical issue - they still haven't beat the molecular bulk density equation to the degree that they are not going to have some serious economic problems based on transportation and handling of the material. So even if they have magically stumbled upon a pre-treatment process that does what they claim to do, they do not have a practical application until that issue is solved!
Furthermore, if they have managed to replicate ATNE's technology, then it would appear that they have a big problem as violating the signed NDAs they previously have with them: http://findarticles.com/p/articles/mi_m0EIN/is_2008_May_12/ai_n25406262/
The question can be simply answered by asking Microlab this question:
"Does the samples contain esterified lignin?". If the answer is "no", then the samples provided to them are stolen directly from ATNE as their process separates out the lignin from the process. If the answer is "yes", then GAEC is not doing anything new and simply taking existing process technology (i.e. Vortex Ventures equipment) - either way, the answer will implicate GAEC as a complete hoax.
zekel
16 years ago
repost/updated from yahoo: 2008 financials out -
Most notably (and laughably!) is this statement about the Beneficial owners:
Firemark Capital, LLC
Joe Schmoe, Manager & Resident Agent 4,557,260 shares (9.0%)
Address: 1947 Sparrow Ridge Road (according to Harris County Tax Records, this is Jack and Rowanne Uselton's home address)
IBIS Energy, LLC
Joe Schmoe, Manager & Resident Agent 4,755,420 shares (9.4%)
Address: 615 Flaghoist Lane (according to Harris County Tax Records, this is Darrel and Lorena Uselton's home address)**
**According to Fort Bend County, TX Tax Records, Darrel just purchased a new home for $825,000 on March 14, 2008 at 10111 W HIDDEN LAKE LN, RICHMOND, TX. 77469. The property has an assessed value of $1,036,380 and was bought with "cash".
"Joe Schmoe" - LOL!!! Why not just call them Beavis and Butthead? Everyone knows that Darrel and Jack Uselton, are the owners of each of these companies!! GEEEZZZ - call a spade a spade will ya?
If you may recall, the Company made this 2007 statement:
"On July 17, 2007 the Board of Directors, after becoming aware of an investigation of Darrel and Jack Uselton for securities related matters, resolved that the Company and all officers and directors should sever all business relationships with Darrell Uselton, Jack Uselton and any entities controlled by the Uselton’s. In order to separate the company from the Useltons all of the shares held by the Uselton’s or their entities were subsequently purchased by Galleria Asset Management, Inc. The President of Galleria Asset Management, Inc. is John Thomas Cloud and is located at 160 Wimberly Ranch Drive, Wimberly, TX 78676. The registered agent is William A. Carmichael"
Yet, quite disturbing, the opposite appears to be true. Notwithstanding Darrel and Jack's other 8.457 million share holdings (pre-split) through Tejas Capital, Accelerator Partners, Brazos Capital and Valores Fund which may or may not have been absorbed through Galleria Asset Management, the net portolio appears to actually INCREASE for Ibis and Firemark!!
In 2007, Ibis Energy (Darrel Uselton) was issued 112,770 shares of GFET (2.255 million pre-split), yet his current holdings are now 4.755 million. Similarly, in 2007, Firemark (Jack Uselton) was issued 7500 shares (150k pre-split) while his holdings now have dramatically increased to 4.557 million shares!! Say it ain't so Kathleen!! WTF!
Other items of note:
Typo carry over from 3rd qtr financials - corporate phone number should be 713-461-9229, not 713-463-9229.
New website noted in financials as: http://www.gulfalternativeenergy.com/ . Typos on website still erroneously show the stock ticker as GEAC instead of GAEC.
Outstanding shares ballooned from 47,086,265 to 50,586,265 in the last quarter alone (7.4% increase for the quarter, 29% increase for the year). Personal ATM Shares issued for cash include 1.0 million shares at an average price of $0.025/share, and 2.5 million shares issued for debt conversion generaing $225k in proceeds.
"We do not have enough cash to satisfy our capital requirements for the next twelve months"
"We currently have few assets ($15k) and no income."
"Our general and administrative expenses decreased from $4,154,833 for the year ended December 31, 2007 to $606,071 for the same period ended December 31, 2008." - congratulations - guess William Carmichael and JT Cloud are officially retired! However, with Kathleen's salary now at $21k per year, what is the other $585k for??!?
GAEC has an accumulated deficit during the development stage of $6,619,931 as of December 31, 2008 and a working capital deficit of $319,215 at December 31, 2008.
Gulf Alternative Energy is still a development stage company
Left over business from the "old" management: On February 13, 2007 we granted options to two shareholders who were included in the original offering, to purchase up to an additional six million shares. These options had an exercise price equal to the par value of the common shares ($0.0001) and must be exercised within one year. As of December 31, 2007, all of the six million options had been exercised, resulting in a cash receipt of $600 (YUP! - that's right, $600 bucks for 6 million shares - now THERE is fiscal responsibility for ya!).
"We have one full-time employee and no part-time employees" - Kathleen still a one-woman show!
di4
16 years ago
Gulf Alternative Energy Announces Changes
May 4, 2009 7:55:00 AM
Copyright Business Wire 2009
Email Story Discuss on ZenoBank
View Additional ProfilesHOUSTON--(BUSINESS WIRE)-- Gulf Alternative Energy Corporation (PinkSheets:GAEC) announced today that it has appointed Kathleen Delaney to serve as its new Chairman and CEO. Ms. Delaney brings experience in management and in the practice of law to the leadership of the Company.
In addition, the company has updated its web-site and invites those interested in the Company to visit www.GulfAlternativeEnergy.com for an update on the Company. Gulf is focused on commercializing its cellulose pre-processing technology and on expanding its green technology portfolio.
Transforming cellulose to ethanol efficiently is a technical challenge that will transform the biofuels industry. Gulf Alternative Energy believes it has moved the industry much closer to economic viability with its preprocessing technology that turns non-food plant material (called biomass) into extremely small particles that can more quickly and more cheaply be turned into ethanol.
About Gulf Alternative Energy Corporation
Gulf Alternative Energy is an alternative energy company focused on the development of the alternative energy industry with a particular emphasis on Texas and the Gulf Coast.
For more information, visit www.gulfalternativeenergy.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Source: Gulf Alternative Energy Corporation
----------------------------------------------
Gulf Alternative Energy Corp.
Kathleen Delaney
713-461-9229
Stock
16 years ago
Intentions of Gulf Ethanol Corporation (GFET.PK)
As Gulf Ethanol Corporation (GFET.PK) states, they do not have any significant operations at this time. However, the company intends to become a developer and constructor of ethanol and ethanol feed stock manufacturing facilities. Unfortunately, sometimes intentions remain only intentions. The share price has been dropping gradually from the middle of 2007. Besides, one more new stroke my eye: Ahead Of The Bulls has been compensated 75,000 free trading shares to promote GFET.PK.
This entry was posted on Thursday, May 22nd, 2008 at 12:59 pm and is filed under Penny Stock Promoters.
2 Responses to “Intentions of Gulf Ethanol Corporation (GFET.PK)”
cruela Says:
December 8th, 2008 at 11:03 am
Yeah, the stock has been going down for some time….nothing nice, I would say…
Adam Says:
December 5th, 2008 at 4:28 am
if you check out my blog, you will see why GFET has done so poorly.
Go to main page click blog and search GFET in searchbar
http://www.pinkinvesting.com/2008-05-22/intentions-of-gulf-ethanol-corporation-gfetpk/
zekel
16 years ago
Thanks - for the record, I sincerely want people to make money with their investments, and as such, people should take my comments with the grain of salt and NOT a direct endorsement to buy, sell, trade, go long or short in this or any other stock.
Off topic - penny stocks, with proper discipline, can be a profitable way to make money as sometimes you do find a diamond in the rough. A few years back, during the irrational market of the late 90's, I found one in a company called DCH Technology (DCHT). The stock ended up on the AMEX for a short period before collapsing under the weight of the overall market crash. The reason I bring it up is that the same individuals that ran that company, have a new venture: EIPC http://www.enableipc.com/ . Seasoned management, who are technically at the top of their game, might be worth a crap shoot on that stock. I am not an investment advisor, so suggest doing your own DD, but for what it is worth, I have personally met management and have personal faith in them and know that they have a real product with real promise. From a stock play, they need some exposure as the chart is not so impressive.
zekel
16 years ago
New information to share:
For those of you that recall the press release back in April where GFET announced a Letter of Intent to purchase an Ethanol Plant from SMS Environmental and move it to an undisclosed location in Central America, there is some additional history on this.
SMS changed their name to Sunrise Solar (OTC:SSLR) a few months ago, and has stated in their financials that the plant in question has been sold off to Cargill, Inc. as part of a settlement for previously delinquent debt owed to Cargill. This debt was to have been paid to them beginning in September 2007. By SSLR's own admission in their financials, they only satisfied enough payments to carry them through about December 2007. What is disturbing is that the LOI with GFET was after this fact, when SSLR is believed to have known definitively that the plant had a lien on it and was the likely subject of an impending settlement with Cargill.
One might ask, "so what - how does that affect me here at GFET?". The answer is not so complicated - it has been reported that SSLR's CEO, Eddie Austin, is related to GFET's JT Cloud (cousins?). You should also know that one of SSLR's officers is Thomas Cloud (JT's son). So with the explicit knowledge and non-arms length transaction that was allegedly supposed to go through betweeen SSLR and GFET, both companies management knew it would never go through, but it sure might look good on the books (re: stock price) to have a sale (SSLR revenue stream) and a new, 1st, operating plant (GFET).
But wait, the story gets thicker over the last couple of weeks! Thomas Cloud's other company, Telemedicus (OTC: TMDI - the "virtual ambulance" company), suddenly, and inexplicably decided to change their company focus via an unannounced 1:20 R/S and name change to National Wind Solutions (OTC: NWND). The only company information we have to date (received posthomulously a week later) is that they "announced new management" (names withheld for some strange reason), moving to a new corporate office (which by the way, I drove by and found it to be unoccupied), and a new investor contact: Kathleen Delany. No surprise to me, but perhaps to others, Ms. Delany is also the CEO of My Healthy Access (OTC: MYHA), a company that was supposed to have an equity stake bought out by Cloud's TMDI company, but mysteriously fell through. Also of no surprise to me, Kathleen is a partner in Eddie Austin's Lake Charles Law firm. Can things get any more incestious than this?
The whole thing just smells fishy to me...anyone else share my feelings or is this all "coincidence" that the trail from Jack and Darrell Uselton has found its way here?
zekel
16 years ago
"given the right promotion and exposure Gulf Ethanol has a chance to be in the lime light IMO"
That of course, is ridiculous to make such a statement. The Company is a self described "developmental" company, with management having little to no experience in the industry, a penchant for spewing out dozens of press releases promising "letters of intents", "engagements" with other companies, "intentions" of buying ethanol plants, opening up offices, and touting on their website that they have seasoned business history of buying, trading, and producing ethanol, when it is clear from their own financials, that they have never done any of the above.
Even if they actually get to the point of jointly developing a preprocessing unit, the company has no financial wherewithall, no employees, and no experience in marketing such a product. Notwithstanding these small obstacles, the stated agreement with Vortex Ventures is to simply be a distributor/servicer of the product - the financial arrangements for profit on such venture are non-disclosed, but certainly GFET has no such servicing staff to actually support such an operation.
The whole fascade of such a venture is just laughable on its face.
In the alternative, if your comments are to suggest this would be a good stock play due to the illusion of having a real company, I believe they already tried that game back in July 2007 when they hired Chet Gutowski as an independent analyst to pump this dog. What they failed to mention in their disclosure was that Chet is part owner of (GFET major shareholder, Jonathan Gilchrist's companies: ), Goldbridge Capital and Southfield Energy, both located in the same office suite as GFET.
This whole company reeks of deceit in my opinion.
zekel
16 years ago
Wash trading - i.e. the illegal practice of trading shares between accounts to give the appearance of liquidity.
The allegations, as outlined in the Federal (SEC) and State (Texas OAG) indictments of former GFET CEO, Darrel Uselton, and his uncle, Jack Uselton, they allege that there were numerous wash trades performed as a common practice by these individuals on the 35 companies referenced ("Operation Spamalot"). The trial procedures for these two individuals are ongoing with recent motions considered last month, and expected to move towards a docket sometime early next year, so at this point they deserve to be "presummed innocent", until proven otherwise.
However, disturbing to me are the numerous entities at GFET that were issued millions of shares:
Ibis Energy LLC Darrel Uselton 2,255,403
David Mordekhay David Mordekhay 1,585,000
Carly Long Carly Long 1,585,000
Oren Mizrahi Oren Mizrahi 1,585,000
Mark Schiller Mark Schiller 500,000
Firemark Capital, LLC Jack Uselton 150,000
Cloud Management JT Cloud 4,000,000
Oxford Funding JT Cloud 2,000,000
National Health Alliance, Inc. JT Cloud 2,000,000
Galleria Securities Corp. JT Cloud 2,000,000
The Internet Business Factory Jonathan Gilchrist 6,000,000
Hepplewhite Corporation Jonathan Gilchrist 2,000,000
Tejas Capital, Inc. Steven Lease* 2,000,000
Accelerator Partners, Inc. Darrel Uselton 2,000,000
Brazos Capital, Inc Jim Mobitty* 2,457,000
Valores Fund, L.P. Unknown* 2,000,000
Total 34,117,403
*Note: These three companies are previously known to be Darrel Uselton controlled entities.
It is my belief/speculation, although unconfirmed, that these entities continually churn shares between themselves to give the appearance of liquidity that we witness on a daily basis on this stock. There are many days that the company has no news items, and we see an irrational amount of activity on the stock.
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