New Stock Promotion: Go Solar USA
cross posts from Hidden Gems board. I think people need to watch out for this one.
A Hidden Gems reader was wondering about a company, Go Solar, which is putting out a ton of PR touting some kind of technology that will allegedly combine power drawn from solar chargers (yawn, these exist, and they're not very good) as well as wireless LAN signal, in order to power cell phones.
Now, I would love to see the math on just how much power can be gathered by converting LAN radio signals into electricity and shoving it into a battery. My guess is it's about as much as I could generate by attaching a cricket to a treadmill and a dyno, or rigging up a coconut in the professor's hut, but we don't even need to go there.
This is a company which, according to its filings, has less cash than a paperboy's checking account. Best of all, it looks to me like it's being run by a failed Texas furniture salesman. Correction, a failed Texas furniture salesman who's paying himself $120,000 a year to run a company with no revenues -- at least if the filings are correct.
I could be wrong, of course, and I welcome any corrections. But this sure looks like the same Thomas G. Massey.
The conclusion I reach based on the evidence I can find is that Go Solar and Thomas G. Massey are entities to be avoided at all costs.
HG posts below:
I won't go too far into the obvious here, which is that there's no such thing as free energy, so it's pretty tough to imagine one can generate a positive inflow of electricity by harnessing cell phone radio waves that are being created by the expenditure of energy by the same cell phone.
Actually, I see that this is supposedly about harnessing LAN wireless wave energy. Does anyone really think there's enough juice potential there to do much? I'm sure we have radio-wave experts in here who can weigh in on this more intelligently than I can.
I think this sounds like a complete scam, but on the off chance it's not, why would anyone believe this company could carry out a business plan of any kind? Where's the capital to carry it out?
Check out the last 10Q
Check out the balance sheet. There's less there than in the average paper boy's checking account.
Income statement? There is zero revenue. Hmmm.
Also no management, no board, no nothing in the public filings.
I would recommend no one get anywhere near this.
I've been trying to figure out who is behind this stock promotion, and that's what I believe it is, given the fact that this company has no operations, no board, no execs, and only one name, a Thomas, G. Massey.
The only Thomas G. Massey I've been able to find in the geographic area indicated for gosolar (New Orleans area) is a Thomas Galen Massey of Thomas Galen Massey inc, a bankrupt, Beaumont, Texas furniture hawker.
This is from capital IQ:
Thomas Galen Massey, Inc filed a voluntary petition to liquidate under Chapter 7 in the US Bankruptcy Court for the Eastern District of Texas in the Beaumont division on August 3, 2006. The company listed with no assets and debts of $0.71 million. The unsecured creditors include Ashley Furniture, Higdon Furniture, La-Z-Boy Greensboro Inc, Developers Diversified, Amini Innovation Corp, Bauhaus USA Inc, Keller Manufacturing, Berkline, Sam's Wholesale Club and Texas State Bank. It retained Frank J Maida as its debtor counsel for a fee of $2,000.
The US Bankruptcy Court for the Eastern District of Texas closed the Chapter 7 case of Thomas Galen Massey, Inc on December 27, 2006.
Here is what "Thomas G. Massey" says about himself (who else is writing if the company has no staff?) in the gosolar PR of june 19. I believe these are the same guy.
CSIQCanadian Solar Inc. NASDAQ-GMNEW ORLEANS--(BUSINESS WIRE)-- GoSolarUSA (Pink Sheets: GSLO) announced today that the company has installed Thomas G. Massey as its President and CEO. Mr. Massey is a proven corporate marketing leader and business development expert encompassing numerous successes in the east Texas business arena. Mr. Massey began his business development career by arranging an SBA organizational loan and founding a large multi-location retail operation in Beaumont and Webster, Texas. Mr. Massey built on this accomplishment by raising venture capital for a design firm and taking on the responsibilities as President to achieve numerous revenue goals for the Company. Mr. Massey then assumed the title of President and CEO of a prosperous retail venture that operated 5 retail stores and 2 distribution facilities in the Houston, Texas area.During his business tenure, Mr. Massey has accumulated unique qualifications in acquisitions & mergers, market identification, operations management, business development, sales leadership, loss prevention and contract negotiations. Mr. Massey brings with him a crisp vision to elevate the company to a cutting-edge leader in solar energy and technology.GoSolarUSA aggressively acquires, develops and markets the most promising and potentially profitable American technology possible. The GoSolarUSA mission is to manifest cutting-edge American solar technology and manufacturing advances to successfully compete in a global marketplace, which includes Trina Solar (NYSE: TSL), LDK Solar Ltd (NYSE: LDK), JA Solar (NASDAQ: JASO) and Canadian Solar Inc. (NASDAQ: CSIQ).About GoSolarUSA:GoSolarUSA identifies and develops new solar energy technologies in the United States. Our motto is “Invent it here, Build it here and Sell it to the World!” While green technology companies like wind and solar manufacture their products in China and Europe and import them to the U.S., we are focused on developing and manufacturing our products in the United States. We believe this not only creates high-quality jobs in America, but it insures the quality and availability of our products. GoSolarUSA is a US registered and reporting OTCQB premium market tier company.For more information, visit www.gosolarusa.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.
Bottom line for me:
This looks like a typical penny stock scam, being run by a failed furniture dealer.