Meet Rand Cam's New Helicopter, Courtesy of the WT

by Gerard 15 Replies latest watchtower scandals

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  Gerard

  As at April 30, 2003, we had a cash amount of $87 and other current liabilities of $239,177. We receive interim support from our ultimate parent company and plan to raise additional funds from equity financing which is yet to be negotiated. We also plan to raise funds through loans from a controlling shareholder (REGI). REGI owns 5,063,200 shares and plans to sell shares as needed to meet our ongoing funding requirements if traditional equity sources of financing prove to be insufficient.

  http://www.sec.gov/Archives/edgar/data/922330/000106299303000821/form10ksba.htm

  For the Fiscal Year Ended April 30, 2003. REGI U.S., INC.
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  bebu

  Thanks, Gerard!!!

  OK, if I'm getting this right, they announced that they'd start selling off the shares from REGI in order to keep them afloat. I noticed in the document it listed Ms Roberts as the one who now owns all the shares that were originally attributed to the WT in earlier SEC documents. There is not a faint whisper of the WT in this new document, but the comment (which I don't recall reading in the earlier SECs) that all shares are controlled by James McCann. (The voting rights of the WT were still held by McCann.) Anything else...?

  Anyway, it is interesting how they are trying to wipe away evidence after being caught.

  bebu
• 

  Pistoff

  the WT letter states:

  none of the legal corporations used by the Governing Body in caring for the Kingdom interests own stock in Rand Cam Corporation

  They do not say, the WT has never owned any stock, or we have had NOTHING to do with them. Instead, they use the very careful language noted above, that none of the legal corporations used by the GB IN CARING FOR KINGDOM INTERESTS own stock; we know now that they have many corporations, for different purposes. They do not state categorically that they never owned any stock.
• 

  Gerard

  REGI agrees to grant an exclusive worldwide license to Rotary Power Generation International for the manufacture and sale of Power Generation equipment utilizing the Rand CamTM technology. [...] RPGI has been able to identify and quantify the deployable and portable power generation needs of the U.S. Department of Defence (DOD). This extension of the study period will allow potential sublicenses to validate the value of the Rand Cam TM technology and further increase the value to REGI in the form of higher and larger sublicense fees and royalties. http://stockhouse.com/news/news.asp?newsid=1941994&tick=RRE

  ---

  But this piece really got my attention:

  The Company's cash deficit as at July 31 and April 30, 2003 was $6,000 and the working capital deficit decreased by $375,000 to $368,000 as at July 31, 2003 compared to $743,000 as at April 30, 2003.

  On June 4, 2003, the Company issued 3,956,820 common shares to settle related party debt in the amount of $395,682. http://stockhouse.com/news/news.asp?newsid=1941994&tick=RRE

  I'm not into accounting but I wonder if this "related party debt" payment was to the WT for their shares.
• 

  Gerard

  Found this entertaining nugget:

  From: "C.D.Sage" <[email protected]>
  Subject: The Rand Cam Scam? Or, in the words of his High Holiness, Chairman Greenspan: Irrational Exuberance?
  Date: 1996/12/23
  Message-ID: <[email protected]>#1/1
  content-type: text/plain; charset=us-ascii
  organization: Sage & Co.
  mime-version: 1.0
  newsgroups: misc.invest.stocks
  content-disposition: inline; filename="RANDCAM.HTM"
  x-mailer: Mozilla 2.01 (Win16; U)
  
  
  
  
  misc.invest.stocks,misc.invest.canada,misc.invest.technical Subject: THE
  RAND CAM SCAM ? Or, in the words of his High Holiness, Chairman Greenspan:
  Irrational exuberance? Date: Sun, 22 Dec 1996 11:56:53 -0800 Organization:
  Sage & Co. Lines: 42 Message-ID: <[email protected]>
  NNTP-Posting-Host: mtholly1-5.slip.netaxs.com Mime-Version: 1.0
  Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit
  X-Mailer: Mozilla 2.01 (Win16; U) Xref: netaxs.com misc.invest.stocks:189488
  misc.invest.canada:47134 misc.invest.technical:39177 The tone amongst many REG Technologies Inc./REGI US Inc./Rand Cam Engine investors has gone from
  excited optimism to something approaching downright ugly of late. The word
  scam keeps finding its way into the conversations and I find this quite
  alarming because never in my 4 or 5 years of following this project has the
  word scam ever emerged in any of my communications with other investors.Certainly I can sympathize to a certain degree with their negative feelings
  of late. Considering the promises that were dangled in front of them via
  some of REG Technologies breathless news releases over the past couple of
  years, even I, REGs most ardent supporter am a bit disillusioned. On the
  other hand, perhaps investor expectations were much too high at this stage
  of the development process,i.e., they were IRRATIONALLY EXUBERANT.
  Generally, these days, the consensus is that after talking to the people in
  the REG Technologies investor relations department, an investor
  instinctively reaches for his wallet to make sure that it's still there.
  That kind of talk is getting a little worrisome. Messrs. Robertson, Badgely,
  and their staff have done a magnificent job in bringing this project as far
  along as they have considering the enormous difficulties involved in any
  such undertaking. Anybody who has ever attempted a project of this nature
  will attest to this fact. Nonetheless, the fact does remain that investors
  perceptions are turning quite negative and my feeling is that there is much
  more to it than the usual despondency over a declining stock price. REG
  Technologies Inc., would be well advised to re-evaluate their philosophy and
  relationship with their once very loyal shareholders. Or remain aloof at
  their own peril. Some investors and industry experts, who must remain
  un-named, have suggested that the best of all possible worlds for REG
  Technologies Inc., would be to have Mr. Robertson step aside and allow Mr.
  Badgely to assume control. In their opinions, Mr. Robertson dosen't know any
  more about an internal combustion engine than a hog does about riding side
  saddle. Well, I can say this, if he dosen't know any more than the folks he
  has working up there in the investor relations department do, we're all in a
  heap of trouble as investors. Conversely, it's plainly obvious, to me at
  least, that Mr. Robertson is a genius when it comes to raising money and
  nurturing a corporation in it's very tenuous, delicate, early stages of
  existence. Mr. Robertson, if I may say so, sir, you are in your area of
  expertise a Charlie Whittingham; a D.Wayne Lucas; a Woody Stephans. But the
  Old Bald Eagle, D.Wayne, and Woodford Cefis don't ride their own horses, Mr
  Robertson. They leave that up to the professionals that can do that best:
  The Jockeys! It's almost Post Time, Mr. Robertson, and you still haven't
  named a rider. Very sincerely yours, C.D.Sage
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  ball.

  Just thought I would say that this thread comes up on the front page of a google search for just "rand cam".