Did Some Digging on DataMetrex...DataMetrex --- This article was originally out in January of 2017 but I wanted to re-post it since there are some interesting facts new investors may have missed. The stock is trading higher under it's new symbol but checking facts and the background of those involved should be a part of any investors due diligence.
Stockwatch Daily 11 Jan 2017
By Stockwatch Business Reporter
Everfront Ventures Corp. (EVC), plans to acquire DataMetrex Ltd. for the shell’s QT. Everfront, which has 5,738,050 shares issued, will issue 47,552,840 shares to its target’s shareholders.
DataMetrex is based in Toronto. It has a device called Data Tap, which collects and analyzes retail data at the point of sale. The data include unit price, quantity, product description and weight. The device is installed at a till and connected to the Internet. A user, such as a store owner, can view the collected data and their analysis in real time. The workings of the Data Tap seem simple compared with the maze of people involved (see below).
DataMetrex is controlled by Jonathan Hobbs and Andrew Ryu. Mr. Hobbs, the inventor of Data Tap, is the chief technology officer of DataMetrex. On closing of the QT, he will be the CTO and a director of the resulting issuer. In March, 2011, Mr. Hobbs applied for a U.S. patent for a retail data collection method. He had a co-inventor, Gary Chaikin. In August, 2015, Mr. Hobbs and Mr. Chaikin planned to list their Toronto-based retail data collection company called Cozumo Inc. They arranged for Cozumo to go public through George Lunick’s capital pool shell, Carrington Acquisition Corp. Unfortunately, the deal fell through. Carrington had four failed QT attempts over eight years, then in November, 2015, Mr. Lunick gave up and simply delisted the shell. As for Cozumo, it is still a private com pany, with whi ch Mr. Hobbs no longer seems to be involved. Cozumo has a device called Connect, which is similar to Data Tap. Connect also enables store owners to send coupons to the cellphones of targeted customers. It then gathers data on coupon use. Mr. Chaikin remains the head of Cozumo. If Cozumo had closed its deal with Carrington, then the resulting issuer’s co-chief executive officers would have been Mr. Chaikin and Mr. Ryu.
Mr. Ryu is the chairman and CEO of DataMetrex. On closing of Everfront’s QT, he will be the CEO and a director of the resulting issuer. Mr. Ryu, a teacher, owned and managed a company called McKinsey International College — The Language School Inc., which offered English language courses, high school credit courses and vocational courses. In June, 2010, he attempted to take McKinsey public through Carrington Acquisition. This was one of Carrington’s four failed QT attempts. In October, 2010, one of Carrington’s directors, Donald Coons, resigned. At the time, Mr. Coons, a long-time middleman between insurance providers and insurance brokers, was the CEO of an NEX listing called Loyalist Group Inc. In December, 2010, Loyalist acquired McKinsey International, and Mr. Coons handed over the CEO role to Mr. Ryu. Under Mr. Ryu’s watch, Loyalist climbed to 79 cents from eight cents over 2.5 years, then it traded between 40 and 76 cents until Mr. Ryu’s final month with the company.
In June, 2015, Loyalist released its tardy audited financials for 2014. It recorded a loss for the full year 2014, which required explanation, because the company made money in the first three quarters. Loyalist explained that this was only a timing issue, something to do with receiving tuition fees in advance and then accounting for them as realized revenue later. Shareholders were not satisfied with the explanation. The stock plummeted to nine cents, and Mr. Ryu resigned. Loyalist has since changed its name to KGIC Inc. (LRN: $0.01), but its stock has not recovered. Currently, Mr. Ryu is the CEO of Yourtime Financial Services Inc., an advisory firm in Toronto. Yourtime has two companies in its portfolio: DataMetrex and a company called Dreamfield Education Ltd., which is in the same business as McKinsey International was.
DataMetrex also has a president and chief operating officer, Jeff Stevens. He will be the president and COO of the resulting issuer, but he will not join the board. Mr. Stevens, a former M Partners broker (2008 to 2010), is the chairman of Dreamfield Education. He is also a director of British Columbia mineral explorer Greatbanks Resources Ltd. (GTB: $0.085). Mr. Stevens is a director and former CEO of halted NEX shell Dawson Gold Corp. (DYU). He resigned as CEO in October, 2016, after the shell’s acquisition of an e-cigarette manufacturer went up in smoke.
Everfront Ventures listed in December, 2011, with a $467,110 initial public offering of 2,335,550 shares at 20 cents. It is the first shell founded by Mr. Gerstein, a lawyer and a former M Partners broker (2008 to 2010). The deal with DataMetrex is Everfront’s third QT attempt. The shell and its target plan to upgrade their letter of intent into a definitive deal by March 31.
https://www.pressreader.com/canada/stockwatch-daily/20170111/282179355772440