Well, it’s a few weeks into August 2015 and I couldn’t let more time go by without some kind of update since we don’t get them from our company. The SG has relied on webinars to be their source of quarterly updates even though many shareholders cannot participate. They will not send the shareholders quarterly udates, or any updates, which is unacceptable in my opinion. I have personally asked Ruth to send quarterly updates but as she has told me, “I will say to you again that we do not have quarterly updates, nor are we obliged to do so, as we are not a public company.”
Which brings me to another interesting point, why aren’t we public yet or even in the process of IPO? Sal has stated many times during the webinars that the company will be public by late spring of 2015. Mr. Constantine, Director of Business Development at the Scuderi Group, even put it in a memo he sent out on February 2nd of this year:
Dear Club Members,
As many of you may know we are moving towards the Public markets or an IPO with the Scuderi Group. According to Sal Scuderi on recent Webinars he has stated that the company will be public on the Nasdaq by late spring of 2015.
Sometime in the very near future the company will hire a firm who will handle the transfer of stock to each individual investor in the different clubs such as Bayport Technology and Last Chance Technology that I personally manage. It is imperative that you have a broker and brokerage firm at that time. The reason you must have brokerage account is that there will not be a paper certificate for your holdings. All the transfers will be done electronically into your individual accounts. I suggest that you open an account in the next 30 to 45 days if you do not have one at this time. Some companies may require you to make a small investment initially to open an account. You can check your local bank and see if they have a brokerage division, there are many firms out there to choose from.
I can recommend my personal broker that I have used for twenty years. My firm is Xxxxxxxxxx and my broker is xxxxxxxxxx. Xxxxxx knows the Scuderi story from 2007 when I got involved with the company. She is extremely knowledgeable about the market and has handled my personal account very successfully for twenty years. Her contact info is follows: (I removed the personal information on this broker – if you are interested in her information please contact Mr. Constantine)
Any questions, please free to contact me.
Kindest regards to all,
William M. Constantine
It’s the last day of July and there is no word from the SG, that’s the problem, there is NO WORD from the SG. My guess is they will be starting the webinars soon because my calculations say they will need more money to meet payroll and travel expenses and the webinars are an opportunity for new investors.
Here is a quick replay of the last 4 years from my notes. What happened to these?
• Retrofitting concept: As stated in the SG’s October 10, 2013 invitation for interested parties to come to a presentation at the Marriott Islandia Hotel to listen to particulars. In summary the memo says “Due to research and development progress with our technology over the past couple of months, we now have the ability to retrofitting an existing engine and converting it to utilize our split-cycle configuration and features. As a result, we believe we now have a timeframe for developments which will take the Scuderi Group and our investors to the next steps to accessing the public markets, and we are anxious to share this with you in much greater detail.” ………………according to sources retrofitting never began.
• GM was the first company that was going to supply an engine and the retro fitting was to be completed within 9 months……………. obviously this never happened or the shareholders were never informed.
• The SG told us they were setting up multiple consortiums with world renown universities, OEM’s, suppliers, etc…………no consortiums, only a lawsuit from one company that thought there was actually going to be one.
• Puerto Rican nursing homes…………none
• 2G license, attorneys were dotting i’s and crossing t’s on the deal when it was leaked to the shareholders…………….no deal
• AVL is building the engines, first one should be ready in 1 year……….…no engine yet
• Whatever happened to Wartsila? We were told if the SG could show them 4% savings in energy they were ready to go – SG reports a 20% savings……………..no deal
• Over zealous S.E.C. investigators are just trying to make a name for themselves at our expense…………….Sal Scuderi issued fines
• During the April 7, 2015 webinar it was stated that many lenders were interested in the new direction of the SG. Sal said the first group should be signed by the end of the month that should bring in about $70M in financing……………..no financing to date.
Not to be left out here are a few more things:
• Biggest IPO since Google
• It’s all Dennis Rader’s fault, his licenses are too complicated
• Licenses with “upfront” fees of $200M plus annual revenues
• The PPA deals will be monetized shortly
• We will bury the Otto engine
• We will bury the electric engine
• We will have a Board of Directors in place shortly
• We will have audited financials in February – silly me thought they meant this year. We’ve only been asking for them for the last 5 years
• Financing in early May, not April
• We are waiting for Bloom Energy to go public before us, then we will follow. Bloom will help increase our value. We should know within 2 months what Bloom Energy intends to do……………where do we stand?
• SG will go public this year no matter what – per Sal Scuderi
Folks, it’s the end of July and we continue to sit here with no communication from our company. We have been told on several occasions these last 12 months we would have financing within 30-45 days yet we have heard nothing. We are beyond 365 days of him saying 30-45, I know sometimes we get it wrong but this wrong, really? I don’t believe it’s asking too much of our company to put out quarterly updates that include a financial report at the very least.
I’m at a total loss, I have no idea where we stand. Do we have a product/technology that is viable in today’s arena? We keep hearing how well the technology is received yet we never quite get to the financing stage, why?
Can anyone out there help me understand where we are in the process of going public? I wouldn’t be asking if the SG kept their shareholders more informed or if Sal hadn’t said WE WOULD BE PUBLIC by April, 2015….no, late spring 2015……no, 3rd quarter 2015.
? This is one instance where silence is not golden.
Tick Tock
All of the foregoing is my opinion. I don't give anyone permission to cut/paste and disseminate my comments to a broader audience. This is a private communication intended for the above captioned recipients only. I do not wish to forward or commence any misstatements about or towards the Scuderi Group or Scuderi family members. Everything I have ever written in any blog is my opinion only based on the facts as I knew them to be at that time.
