I didn't fall for anything. I bought at $24.25/share. The rumor came out after I bought the stock. I asked if INTC or AMD might be the buyer. It could be Broadcom or another company, but two engineers who work in Israel told me that they thought EZCH might be a takeover target because they have great earnings; but the stock isn't responding. So the rumor was management was seeking a sale. As to your "rant," all I can say is it must suck for you to be short. Hopefully, you will lose every penny you have and become destitute. It couldn't happen to a more irritable guy!
Have you noticed that MYEC releases PR's late in the day when the markets are closed?
gsb214 and jakehoward298:
It's looks like that you both were blowing smoke out your #$%$ when I ask about a potential buyout of EZCH. Rumors were floating around the Street for weeks and in Israel. We'll see if there is any there there. But your posts seem totally off the mark.
A buy back doesn't help share price. It only increases cheap company owed shares, and MYEC will own just more of them. I agree that a RS isn't necessary immediately. But within the year, if the company is still a penny stock, it will be traded as such. I own 5 million shares. I'd just as soon have a real company trading at 2.50 and own 50,000 shares.
Ed and his board must either drastically reduce the number of outstanding shares and the float, or substantially reverse split the stock by at least 100:1. With 4 billion shares outstanding, the company would have to do $1 billion in sales to justify a $1/share price to get listed on the NASDAQ. This is not likely. But with only 40 million shares outstanding, and a listing at say $2.50/share, and being on the NASDAQ, the company would only have to do about $40 million in sales (very possible with growth) to justify it PPS. As a penny stock with so many shares, it will never be more than a day traded company.
I tried to link to it on this message board, but Yahoo doesn't allow it. Search for MYEC and Sacramento Business Journal and you can see the story. This type of news story could help this stock really pop!
I know several engineers who are concerned about losing their jobs if the company is sold.
Really? I bought my KO shares in 1995 with a cost basis of 10.52. And I've enjoyed the dividends for years which have paid for many very nice vacations. Do you really think that $1 million is a lot of money? If you do, YOU don't belong on this board, because you're either a moron or a troll.
...who will pay $10 billion for the company. GOOG? AAPL? HP? Someone with cash to burn for the patent portfolio. I think that is a lofty price; but you never know. People at BBRY tell me that Chen is there to turn things around, then sell. That's what he does.
Very disappointed in the executives running the company. If I don't see any improvement in PPS by next earnings report, I'm moving my money to other blue chips with better potential.
The rumor I heard was around $30/share. But then again, it might just be wishful thinking.
either INTC or AMD?
I've emailed, tried to call, and went by their offices. Either all these employees and managers are ghosts, or they are very busy out in the field. I'm hoping the latter. As to a lawsuit, I'll go it alone, IF I decide to go that route. We're talking my return of the original investment, attorney fees, and some extra for fraud if it turns out to be the case. At one time, Ed lived in the most expensive house in El Dorado Hills. I almost bought that house (all 10,000 sq feet with a garage for 20+ cars) myself when it dropped almost half in value during the housing bust.. I'm sure Ed's got some money squirreled away somewhere that can be tapped. And if necessary, we'll find it. I got into this penny stock because someone who knows Ed said that he's a stand-up guy who is trying to make a go of it again, and that he needed investors. I'll give him the benefit of the doubt until the end of he year. Then, we'll see...
So I went again to the offices of MYEC today, and guess what? AGAIN THERE WAS NO ONE THERE! Sign on the glass side panel that said MyECheck, but the door was locked!!! And it certainly didn't look like 12 employees, as there press release on 8/13 said, were busily working away. Could this be a true pump and dump scheme? I am seriously beginning to think so. If this down draft continues, I think I'll have my attorney give Mr. Starr a phone call!