Stocklemon Reports on Storage Alliance.(Part 2)
Largest Customer Claims Civil Conspiracy Against Storage Alliance. Sues for close to $4 million.
On March 24, 2003, Stocklemon released a report on Storage Alliance. Since the issuance of the report, Storage Alliance has filed their 10Q, which has confirmed many of the allegations made by Stocklemon in the initial report. Here are the some of the salient numbers released in the quarterly filing.
Shares Outstanding- 10,623,810
Cash in Bank- $7,685
3 Month Revenue- $78,969
Net Quarterly Loss- ($294, 244)
Stocklemon Reports on Storage Alliance (OTCBB:SGAL)
Everything About This Company is Sour.
Storage Alliance is a data storage and content management company that focuses on the petroleum industry..at least that is what they claim to do. As you will see in this report, the company is riddled with conflict on interests and what they do not disclose to the public is much more interesting then the lack of revenues that they do report.
Shares Outstanding- 10 million
Market Cap- $18 million
Revenues for 2001- 0
Revenues for 2002- $53,713 (year ended Oct 31, 2002)
Storage Alliance’s only customer will not pay them..currently in lawsuit. Never disclosed to shareholders in an 8K
Stocklemon Reports on Epixtar.
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EPIXTAR (OTCBB:EPXR) INVESTIGATED FOR CONSUMER FRAUD..ATTORNEY GENERAL HAS OBTAINED A COURT ORDER
COMPANY HAS NOT DISCLOSED THIS TO THEIR SHAREHOLDRES
THE SCAM
Telemarketers from the Philippines and Pakistan call unsuspecting businesses (mainly in middle America) and offer a free listing in the Yellow Pages. Once this people confirm their name and the free listing…KABOOM….$30.00 a month is added to their phone bill. This is called CRAMMING. This is illegal. Do not listen to the lemon, listen to the people who have been ripped off. Liberty Online is the subsidiary of Epixtar that is responsible for the majority of their revenues.
THE RIP OFF REPORT
In the past month, there have been more complaints against Liberty Online, a division of Epixtar, then there have been against AT&T, MCI, and Sprint…COMBINED. Read the following link to understand the magnitude of the scam.
BETTER BUSINESS BEAREU
Read the following reports to see how Epixtar has served their customers.
http://www.bbbsoutheastflorida.org/nis/newsearch2.asp?ID=1&strBCode=06330000&ComID=0633000019000517
MISSOURI ATTORNEY GENERAL
The state of Missouri has already taken action. The Attorney General has received as court order against Epixtar. Please read the link below.
IOWA ATTORNEY GENERAL
Similarly the State of Iowa’s Attorney General’s office has filed a complaint against Epixtar. The lead plaintiff is a church that Epixtar allegedly scammed. Read below for a copy of the complaint.
WHERE IS THE 8K?
The Company gets sanctioned by the Attorney General’s office of two states and no 8k? They are hiding this information from their investors and not therefore are guilty of fraud on the marketplace. The company found it necessary to inform its investors about a restructuring of a loan in an 8k filed on January 29, 2003, yet they have yet to disclose the ongoing investigations in either a press release or an 8k. In our opinion, this selective disclosure is fraudulent.
THE PLAYERS (and their former companies)
Martin Miller- Chairman
SMTV- current stock price $.001
KMGG- current stock price $.0001
TLTG- current stock price $.007
Irving Greenman- Chief Financial Officer
KMGG- $.0001
Williiam Rhodes- President
One of his former companies is Valu-Line Communications. Valu-Line was received a major fine for slamming its clients. They had to reach a settlement with the Attorney General in Texas.
http://www.oag.state.tx.us/newspubs/releases/2000/20000814.valuline.htm
William Rhodes other company was Equalnet Communications (ENET), currently trading at $.0001. Equalnet also had suits against it for slamming.
http://216.239.53.100/search?q=cache:RW3jV19vYSYC:www2.state.id.us/ag/consumer/annual_reports/consumerannual1996.pdf%2Bequalnet%2Bslamming&hl=en&ie=UTF-8
Conclusion
Epixtar is committing fraud everyday on consumers around the country. We believe that they will be shut down by the FCC and forced to repay those unsuspecting victims. There are too many customer complaints to let this go unnoticed. The Attorney General of Missouri and Iowa will put an end to this and hopefully so will the securities regulators. We believe that this stock is worthless, any revenue received today will be paid in judgments tomorrow. Part 2 will go into further detail about the principal shareholders and the billing practices of Epxitar.