BTW: I cannot find anything bad about Ash Mascarenhas or running games or anything, but this is a strange turn of events. It looks like he used to head up a company called Cybertel Communications (CYTP) back in 2002, which is now a wholly owned subsidiary of Cybertel Capital (CYBT) - http://www.cybertelcapital.com/ . Still haven't found if it was reverse merged or what type of stock transfer took place for this, but am working on it....
Also, it appears Mr. Mascarenhas owns Loyola Financial Services Inc. which was involved in financing for AACS for a partnership with American Fiber Green Products (http://americanfibergreenproducts.com/) in June 2005.
AACS pps went up for a very short period of time with the announcement of their debt elimination, then back to the norm after the financials were released.
Anyhow, I don't think this announcement is bad except for the fact of how the change of CEO took place: Default on loan from Loyola Financial basically gives the company to Mr. Mascarenhas by default.
It looks like Mr. Mascarenhas has a seemingly good business sense about him and should be able to make the company increase it's revenues.
Anyone have any comments or further dd for this PR or Mr. Mascarenhas?
-------------------- "Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'" - Charlie Brown (Charles Shultz) Posts: 719 | From: Leesburg, VA | Registered: Jul 2005
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Non Reliance on Prev Financials, Audits or Interim Review, Change i
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. Section 5 - Corporate Governance and Management
Item 5.01 Changes in Control of Registrant. On July 25, 2005, Ash Mascarenhas accepted 10,000,000 shares of our Class B, Series 1 Preferred Stock issued (currently Series B Preferred Stock after giving effect to our reincorporation in February 2005) in the name of Randy Betts (the Preferred Stock) in consideration of the obligations of Mr. Betts secured under that certain $600,000 Secured Promissory Note dated January 5, 2005 made by Mr. Betts in favor of Mr. Mascarenhas (the Note). Mr. Betts originally issued the Note as payment for his purchase of the Preferred Stock from Mr. Mascarenhas and the Note was secured by a Pledge Agreement whereby Mr. Betts pledged and granted a security interest in and to the Preferred Stock until such time as the Note was paid in full. Mr. Betts has failed to make any and all payments to Mr. Mascarenhas had failed to make any of the payments under the Note resulting in an Event of Default under the Pledge Agreement and giving Mr. Mascarenhas rise to all rights and remedies as a secured party with respect to the Preferred Stock.
The acceptance of the Preferred Stock by Mr. Mascarenhas effectively transferred control of the company to Mr. Mascarenhas.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. On July 25, 2005, Mr. Betts resigned from all of his positions as an officer of our company including his positions as President, Chief Executive Officer, Chief Financial Officer (Treasurer) and Secretary. Mr. Betts resignation was not based upon any disagreement with us on any matter relating to our operations policies or practices.
Concurrently with Mr. Betts resignation, Ash Mascarenhas was appointed by our Board of Directors to the offices vacated by Mr. Betts including the offices of President, Chief Executive Officer, Chief Financial Officer (Treasurer) and Secretary.
On July 25, 2005, pursuant to a resolution our Board of Directors increased the number of authorized Directors from one (1) to two (2) members. Concurrently with this increase in the size of the Board of Directors, our Board of Directors elected Ash Mascarenhas as a Director to fill the vacancy thereunder.
Item 5.05 Amendments to the Registrants Code of Ethics, or Waiver of a Provision of the Code of Ethics. Section 6 - [Reserved]
Section 7 - Regulation FD
Item 9.01 Financial Statements and Exhibits. (a) Financial Statements of Businesses Acquired.
(b) Pro Forma Financial Information.
(c) Exhibits.
Exhibit Number Description
10.1 Agreement dated as of July 25, 2005 between Randy W. Betts and Ash Mascarenhas.
-------------------- "Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'" - Charlie Brown (Charles Shultz) Posts: 719 | From: Leesburg, VA | Registered: Jul 2005
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posted
I guess everyone has moved on to bigger a better stocks
-------------------- "Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'" - Charlie Brown (Charles Shultz) Posts: 719 | From: Leesburg, VA | Registered: Jul 2005
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posted
IMO, the piece of bad news in there will probably outweigh the good: Remember that the company defaulted on a loan, which is what transferred ownership to Mr. Ash Mascarenhas.
While this is bad short term (e.g. right now), if Mr. Ash Mascarenhas is the businessman I think he is, this turns into a hold to see what he can do to turn this company around.
-------------------- "Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'" - Charlie Brown (Charles Shultz) Posts: 719 | From: Leesburg, VA | Registered: Jul 2005
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posted
dunno, but I'll wait and see for awhile. I'm liking ICMH again, too
-------------------- "Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'" - Charlie Brown (Charles Shultz) Posts: 719 | From: Leesburg, VA | Registered: Jul 2005
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posted
icmh , i love that stock cuz its very easy to read and very constant in performance. it has a great potntial i just hope i'll be on the train when it runs
Posts: 214 | From: PHILADELPHIA | Registered: Aug 2005
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posted
Looks to be starting it's takeoff today? Some great dd from Nile over there!
-------------------- "Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'" - Charlie Brown (Charles Shultz) Posts: 719 | From: Leesburg, VA | Registered: Jul 2005
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-------------------- "Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'" - Charlie Brown (Charles Shultz) Posts: 719 | From: Leesburg, VA | Registered: Jul 2005
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posted
Dumped my shares at loss today. L2s not looking good and we're close to where FOT called this to begin with. It's a huge drop and I think it may continue through Friday or even Monday (charts look that way to me).
Maybe a good play again for me if it touches lows at .0011 or .0008.
Not bashing, just showing my exit and why.
-------------------- "Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'" - Charlie Brown (Charles Shultz) Posts: 719 | From: Leesburg, VA | Registered: Jul 2005
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posted
Wow! I guess "way wrong" would qualify for my last post!
*kicks self repeatedly*
-------------------- "Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'" - Charlie Brown (Charles Shultz) Posts: 719 | From: Leesburg, VA | Registered: Jul 2005
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posted
yeah....nice that I gout out at the loss yesterday!
*still kicking self*
I'll have to hop the next train instead....
-------------------- "Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'" - Charlie Brown (Charles Shultz) Posts: 719 | From: Leesburg, VA | Registered: Jul 2005
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posted
i thought u were holding with me my friend, what happened ?? by the way lyii id doing it
Posts: 214 | From: PHILADELPHIA | Registered: Aug 2005
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i thought u were holding with me my friend, what happened ?? whats moving thsi thing , no news the volume is low , what is it
Posts: 214 | From: PHILADELPHIA | Registered: Aug 2005
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posted
Yeah, got out for some of that ICMH instead.
I really don't know what's moving it, either. Everything I looked at said it may continue to consolidate lower, not higher. Maybe I need to brush up on my tea leaves reading?
-------------------- "Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'" - Charlie Brown (Charles Shultz) Posts: 719 | From: Leesburg, VA | Registered: Jul 2005
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