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Advanced Battery Technologies, Inc. Message Board

  • kc79acres kc79acres Mar 7, 2013 11:04 AM Flag

    VVR's Report was False

    In 2011, investigative reports by Variant View Research (VVR) and Prescience Investment Group (Prescience) were released containing allegations of fraudulent activities by Advanced Battery Technologies (ABAT / ABAT.PK). Specifically, both reports indicated that distributors listed by the Company in its financial filings were non-existent or that business relationships were exaggerated. Previous analyses on the VVR/Prescience allegations have shed some light on their accuracy.

    Eleven distributors were specified by name in the 12-31-2010 10-K filing. Of these, 10 were found using the methods described above. ONLY one distributor could not be located (“Autoplaza Holdings,” Philippines). NINE of the 10 operations had direct evidence linking them to the distribution of Wuxi models. Listings and dealerships indicate local and international primary and secondary market penetration.

    The results provide evidence that SUPPORTS ABAT’s list of distributors in the SEC 10-K filing. Basic Google searches confirmed the location of 10 of 11 distributors, and confirmed that 9 of them sell Wuxi brand scooters. Some of the distributors appear to be major vendors in their respective markets.

    Furthermore, the level of research required to produce these results was minimal, indicating poor quality research on the part of VVR and Prescience.

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    • Prescience Allegation against ABAT: "Tinterparts Trading GmbH We were unable to locate any information about this company. Tinterparts Trading is not listed in the German telephone book (Das Telefonbuch) and an internet search yielded no relevant results other than ABAT filings and media reports discussing ABAT."

      Refutation: Tinterparts Trading GmbH in Germany is actually "Interparts-Trading GmbH". They are selling ABAT scooters under the brand "AIRPRO":

      Conclusion re Prescience Allegation: At worst ABAT is guilty of a typing error on an SEC report. At worst Prescience however is guilty of a smear campaign, including shoddy research. A willfully incorrect allegation by Prescience against ABAT cannot be ruled out at this point. Please also note that ABAT was NOT given any benefit of ANY doubt by Prescience in Prescience's published report. Note the shortness of Prescience's published information re the German business above. Note also how Prescience uses Das Telefonbuch in an attempt to support its allegation.

 
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