Seems to be a Scam??? AIMT...Gee..doesnt' come to no one's surprise that this China Deal appears to a be scam....LOL...
Hey, Bob....i guess you knew...nudge nudge...guessing by your reluctance to answer emails on this topic....
======================================================================
Aimsi stock-trading stopped
SEC expresses concerns about China deal; firm stands by announcement
By LARISA BRASS, brass@knews.com
December 16, 2004
The Securities and Exchange Commission halted trading Wednesday of Oak Ridge-based Aimsi Technologies Inc.'s stock, questioning the veracity of a company press release.
Aimsi, formerly called Advanced Integrated Management Services Inc., is an environmental, information technology, engineering and nuclear detection firm whose stock is publicly traded over the counter under the ticker symbol AIMT.ob.
Advertisement
In a press release issued Wednesday, the SEC stated that because "it appears that there is a lack of current and accurate information concerning the securities of Aimsi Technologies Inc.," it had suspended trading of its shares from 9:30 a.m. Wednesday through Dec. 29.
The SEC said the issues arose from "among other things," Aimsi's contract with China Global Distribution Corp. for the distribution of Aimsi's Automatic Large Area Remote Mapper.
The company press release in question announced in July that Aimsi had signed a $225 million deal with China Global Distribution to sell 15,000 of Aimsi's hand-held radiation detection devices. The deal, according to the release, would generate $100 million in profits for the Oak Ridge company.
The company reported a $688,169 net loss on $3.3 million in revenues for the quarter ended Sept. 30.
In a statement issued Wednesday, Aimsi said, "The company is cooperating fully with the commission and is committed to protecting the interests of our investors."
Aimsi President and CEO Reggie Hall said Wednesday in a phone interview that he stood by the company's announcement of the China deal, noting that the company was preparing to fulfill its $225 million commitment to China Global Distribution Corp.
"We're trying to assist (the SEC) in every way we can," he said. "We're compliant with the SEC.
"There's nothing more I can say," he said. "We're just having to fill the order."
Aimsi Technologies became a public company earlier this year when it was acquired by Carmina Technologies, a Canadian company in the food processing and public health and safety business.
According to a June report to stockholders, the merger provided Aimsi with 8.6 million shares of restricted Carmina stock and required Carmina to divest its previous business. The name of the company was then changed to Aimsi Technologies.
Since the acquisition, Aimsi has completed a five-for-one stock split and increased the number of authorized shares of capital stock from 100 million to 300 million, with 280 million shares designated as common stock and 20 million shares as preferred stock. The company also announced last month it had received $5 million in outside financing.
Aimsi's stock closed Tuesday at $2.20 per share.
Business writer Larisa Brass may be reached at 865-342-6318.
Copyright 2004, Knoxville News Sentinel Co.
Click for permission to reprint