I'm out of this stock because I dont like how they do business, and really don't trust their press releases.
Frankly, he sounds amateur to me, uses "we" to many times, and makes the company look like it's his personal creation; when in fact he is supposed top have hundreds of employees and several offices , supposed to answer to shareholders , etc...
Where is the initial 35 million contracted to do this work back when he announced in May? This would have given approx 8 million in quarterly revenue for the next 12 months.
The way RedChip works is so bias, it's not even funny. How can an investor get a truthful unbiased review when they are getting paid to give out Buy ratings?
I understand the companies are protected by "forward" looking statements, but saying that something is contracted and receiving payment is not a forward looking statement, it's misleading investors, which qualifies for a class action lawsuit.
Thankfully I did not invest much, but was still disappointed at my loss.
RAM is not an amateur. He is a very well prepared, very innocent looking scam artists. He is best at what he does because he makes something out of nothing and sells it with a lot cheap little presentations.
If something comes from the nothing, that's great. But at least for a while he makes a nice salary, drives a company car, get's entertainment and travel paid for by the 'company'
A lot of guys do this. Make something from nothing. The thing is really, though. Remember that there is realy money involved, and before the IGC IPO a group of investors, prob. the Michael Steven whoever guy invested in the leg-work for the IPO which usually runs well over $100k for a small 'company' like this one.
But everyone gets paid, eventually. The Michael Steven guy got paid with shares which he often dumps. He has already gotten back his little part. The institutional investors bought discounted shares and warrants for interest free doe, and they have already made back their cash.
Nobody loses on this kind of thing but the common share holders. And they cant do anything if they get screwed. Everybody else has already benefited. They don't care.
As I said before, with these small companies, watch the action. The Friday volume and percentage loss tells all, that RAM told his buddies it was going down.
Honestly, even I at this point wouildnt recommend a sell. It just hit the lowest mark of the year. With the expected, anticipated, said to be shipped shippments in a few weeks, this small float wonder could spike again. And it loves to spike.
But remember. The spikes never last. They always get sold off. So if you want out, just wait on the next spike. They are often quite large and one is coming soon. The last one I believe was in late May.
Thanks for the link. Ram M. exceeded my expectations in terms of public speaking capabilities. Speaks with an accent, yes. Babbling incoherently, definitely not. Their game plan seems sound, am willing to give it a couple of quarters to see if execution follows.