Something got updated on their website: 1. Adding a lot more details on how M-Fuel works. 2. Claiming CNT battery can be recharged in just 5 minutes only (used to claim "in 10 minutes"). 3. Removed preliminary test data on CNT battery from their website. Why? Maybe it is because there was a typo on the data: "kg" (kilogram) was confused with "lb" (pound). So the actual engergy density for their CNT battery should be more than doubled instead (more than 200 wh/kg) - a good news anyway.
EcoloCap's website put out the preliminary test data for CNT-battery again. This time, the "lb" vs "kg" confusion was corrected: the energy density for CNT battery is 94.12wh/lb instead of 94.12wh/kg now.
What do you make out of the change of Seigle's background? The change is more accurate. This whole thing cannot be a scam. But, I wonder how a guy like Siegle got involved. I guess he had the money and some previous contacts with people from Microbubble. Maybe he has the business skills to put this all together. I have had difficulty finding any info about the operations in Korea. Has anyone else found any information? As you can tell I'm still a bit skeptical about the management of this company. Does anyone have any thoughts???
The change is not more accurate. It is more deceptive. I'd go by the SEC filing. They can get away with half truths on the web site, but not in the SEC filing.
Here's Egger's background from the SEC filing:
"Robert Egger, Jr. was appointed to our board of directors and principal operating officer. Since July 2008, Mr. Egger has been chief executive officer of Micro Bubble Technologies Inc., our subsidiary corporation, located in Barrington, Illinois. Micro Bubble Technologies Inc. is engaged in the business of manufacturing, marketing, distributing, setting up sub-distributors, and selling products based on nano technologies. From January 2007 to March 2009, Mr. Egger was partner and general manager of the Liquor Outlet located in Davenport, Iowa. The Liquor Outlet is a wholesale liquor distributor in the State of Iowa. From March 1995 to January 2007, Mr. Egger held various positions with Qwest Communications International located in Denver, Colorado. His responsibilities included lineman, switchman and central office technician before being promoted to management in 2000 when he became a manager for network operations in Iowa overseeing occupational union employees. Mr. Egger holds a Bachelor of Science degree in Business Administration, Magna Cum Laude, from St. Ambrose University, Davenport, Iowa."
If you compare it to the web site, his BS in Business Admin became a BA in Network Engineering. They also left out that he was a lineman at Qwest before getting a management job (probably got too old to climb poles anymore). They also left out the Liquor Outlet job before Micro Bubble.
There was also a major change to the descriptions of management's recent employment history.
Siegel had been a nightclub manager and president of Leisure Time Industries (some kind of liquor provider). In the latest update he is now some kind of technology entrepreneur. They are trying to imply that he has a BA in EE, but actually only say that he studied for a BA in EE.
From the Ecolocap Solutions prospectus:
" On September 10, 2009, Michael Seigel was appointed president and principal executive officer. Mr. Seigel is currently a member of the board of directors. Since May 2008, Mr. Seigel has been president of Micro Bubble Technologies Inc., a Nevada corporation located in Barrington, Illinois. Micro Bubble Technologies Inc. is engaged in the business of manufacturing, marketing, distributing, setting up sub-distributors, and selling products based on nano technologies. From June 1975 to May 2008, Mr. Seigel was president of Siegel Research and Development, Inc., which created gaming, video and other technologies. Between 2006 and 2008 Mr. Seigel was president of C Line, Inc., a night club. Since 2008, Mr. Seigel was president of Leisure Time Industries Inc., a liquor, beer, and wine service."