Nucon-RF in cahoots with notorious stock fraudster. Citron Exposes the Truth.
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We noticed a website called http://www.icecoldstocks.net that has been extremely critical of our stories on Nucon-RF. What we found most interesting is the disclosure on Icecoldstocks:
“The Iceman owns 1 million shares of restricted stock.”
1 million shares is 10 times more stock than the chairman of the company owns!
Citron Updates Nucon
What’s New About Nucon – RF ? (NNRF.pk)
(Hey, they named it, we just report it.)
Nucon-RF has licensed NuCap™ – it’s their “Secret Sauce” that puts the sizzle in their story about sales to the nuclear industry in Russia. It is described repeatedly in their copious PR’s and their only SEC filing. However, we note this line with no further details:
“Nucon has licensed NuCap™ from Global Matrechs”
What They Don’t Tell You
Global Matrechs is a public company (OTCBB: GBMRE) They trade at .0015 cents – once in a while. The company’s trailing 9 months revenues are $36 K and they have a market cap of a paltry $361 K. If NuCap was so great, they could have bought the entire company for spare change from the promotional campaign budget.
http://finance.yahoo.com/q?s=GBMRE.OB
Does anyone remember Eurotech? (AMEX:EUO, now OTCBB:EUOT)
Global Matrechs has licensed this product before – to another company called Eurotech. For those of you who remember, this former high flyer was also supposed to revolutionize the nuclear business in Russia with licensed technology from Global Matrechs.
http://www.ewire.com/display.cfm/Wire_ID/96
http://www.brama.com/news/press/000915eurotech.html
Eurotech currently trades at .0035 cents on the pink sheets.
http://finance.yahoo.com/q?s=EUOT.PK
Here is some other fun reading on Eurotech.
http://www.usdoj.gov/opa/pr/2002/November/02_ag_670.htm
Conclusion
Reminiscent of the cliché’ “Old Wine in New Bottles”, NNRF has concocted a ridiculous story of old nuclear waste in new containers. In reality, it’s just an empty promise with a new ticker.
Cautious investing to all.
Citron Reports on Red Flags at Nucon-RF (Pink Sheet:NNRF)
Nucon-RF is a pink sheet company that, as of their last filing, had just $100,000 in the bank. Yet investors have been snapping up shares, giving this mysterious company a market cap close to $400 million. With no operating history and a series of mysterious acquisitions that are unaudited and nearly impossible to verify independently, Citron attempts to break down what we know about Nucon.
All of the information in this report can be verified at:
http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001144204%252D07%252D009485%252Etxt%26filepath%3D%255C2007%255C02%255C22%255C&symbol=NNRF
This brief prelude to a longer report highlights Citron’s findings about Nucon. so far:
1. Their headquarters is a P.O. box. They list 1574 Gulf Rd. #242, Point Roberts Washington as their US headquarters. That address is directly linked to a PO Box just right over the border only a short drive to Vancouver. The company uses a Vancouver phone number that goes directly to Todd Sinclair.
2. Only two months ago the company raised money through a convertible note at .75 cents a share. (how much can have changed in the last two months?)
3. In September of 2006, the company issued 400,000 shares to a consultant for public relation services. Who got that stock bonanza?
But here is the main meal: In today’s press release, Nucon informs the investing public that its newly owned subsidiary ATOLL has revenue projections of $180 million for 2007. They state that ATOLL is set to turn a profit of over $20 million for 2007.
Everything I need to know I learned in kindergarten….If something seems to good to be true, it probably is.
Lets us look what we know about ATOLL. ATOLL whose real name is Zao Electro Machinery plant has no web presence whatsoever. Besides the press releases from NNRF, it appears that this company does not have any public presence. We are yet to see an 8-K with audited financials of ATOLL, yet the press releases boldly offer future guidance.
We are expected to believe that ATOLL is selling 50% of this great profitable business for $2.26 million in cash and 4 million shares of a pink sheet shell which at the time was trading under a dollar. Can anyone say Brooklyn Bridge?
Citron commends the folks at Mercer Capital who have been working the phones to keep the rise in the stock, yet we recommend to readers, that if anyone ever calls you to buy a pink sheet company that has not filed up-to-date and accurate financials, you run as fast as you can.
In a follow up report, Citron will discuss the people behind Nucon and the trail of cheap stock. Furthermore, we will do more digging to see if there really is a business there. Until then, Cautious Investing To All — and require that any company you invest in submit current and accurate reports in their SEC filings.
Citron Research Reports on MDI, Inc. (NASDAQCM: MDII)
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Stocklemon Updates Medis Technologies (MDTL)
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Last Friday afternoon Citron Research was the first to warn that something was wrong with the press release from Medis Technology (NASDAQ:MDTL) that claimed a new deal with Microsoft as their first “commercial sale”. On that day, Medis stock added as much $200 million in market cap.
Whereas the company wanted the investing public to believe that after years of nonsense press releases, (which we will discuss in further reports) the company finally has gained commercial acceptance of a product which was developed 5 years ago and appears to be a dinosaur in today’s marketplace.
Is Rocket City Engaging in Stock Fraud? (RCAU.pk)
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Citron Research Questions Medis Technology (MDTL) Press Release
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Citron Research calls into serious question the press release distributed today by Medis Technologies (NASDAQ:MDTL) regarding the sale of product to Microsoft. We are not fully ready to declare this a fraud yet, but here are the clues that tell us that something is very wrong with todays press release:
Citron Issues Part 2 on Uranium Energy Corp. (URME)
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Where is Erin Brockovich When You Need Her?
Citron blows the cover off of Uranium Energy (OTCBB:URME) and asks the question, “Can a stock promotion game turn downright dangerous?”
Mining for uranium is not the same as mining for gold or oil. With the latter, a few Vancouver promoters spin a couple lies, “salt” some samples or drill a few dry holes, and make off with a few million in unsuspecting investors’ money – hey, it happens every day.
But in this case, the company in question is not playing with gold or oil — but something much hotter. We’re talking uranium – where contamination can kill people, or deprive an entire a community of its land or its drinking water. Uranium Energy has whipped up a storm of controversy in a small Texas community – while failing to offer proper disclosures either to the investing public or the community which is at risk of being victimized by the consequences. And the locals are rightly expressing alarm at their blatant irresponsibility and lack of accountability.
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Citron Warns on Rocket City Automotive (RCAU)
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Is Rocket City Taking Investors for a Ride ? (RCAU.pk)
Citron Research warns about blatant promotion
Let us start off by saying we feel stupid even discussing the financials of this company, as it is nothing more than a vigorously orchestrated stock promotion. For anyone who remembers, this one is, in its own way, as ludicrous as Conversion Solutions (CSHD.pk) was before the SEC halted it.Nevertheless, we feel obligated to our readers to at least describe this melodrama, at least until regulators come a’calling.
Without ever filing any financials publicly or even a 15c211, the company has now announced that they are looking to jump exchanges. Currently on a breathless 3-a-day PR pace, it has of course filed not a single document with the SEC so far. You have to sympathize, its pretty tough getting a 10-K together when you’re spending $1,400 a month on accounting. Even the share count, which we believe to be in excess of 211 million, is listed as “TBD”.
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Citron Research Reports on Uranium Energy Corp (URME)
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Violations and Recidivism Uncovered at Uranium Energy Corp (OTCBB:URME)
Citron Research uncovers serious compliance issues with Vancouver resource company
Vancouver stock promoters have decades of experience spinning stories of riches in mineral resources that never seem to materialize. As uranium prices increase, promoters have a fresh opportunity to sell the blue sky and dreams of easy money those unwary enough to buy unknown stocks without doing their homework.
Uranium Energy Corp (OTCBB:URME) is just that stock. With a shareholders list that looks like a who’s who of the Vancouver penny stock market, URME has spent almost as much money of stock promotion as they have on exploration property acquisitions. Uranium Energy has zero revenues and zero proven mineral reserves. This report focuses on management, stock ownership, and an evaluation of the assets of the company.
There are penny stocks associated with numerous officers and directors of URME; it would take pages to list them all. For focus, lets begin with the founders and organizers of the company as stated in their filings.