Post by
walker77 on Mar 12, 2016 4:18pm
LEGACY
Its been a long time since the self proclaimed visionary has actually done anything with this company. Leung hasn't even claimed he intends on doing anything or explained his latest business plan for many months.
Leung's last announcement was 6 months ago on september 30,2015 when he attempted to grant officers and directors or empower 8 million shares. Nothing ever came of that as far as I can see. Was it part of Leung's charade to give investors the impression the company was active?
Its now been 9 months since Leung claimed he he was going to shut down AIC's store fronts and move to eCommerce.
"AIC website will be rebuilt into an ecommerce site where consumers and business customers can purchase any of the AIC home and business products...........Currently AIC is seeking proposals from web developers to redesign and to redevelop its current website into a full fledge cutting edge ecommerce site"- Paul Leung, June 29,2015.
At the 2015 AGM held on Nov 27, Leung claimed once again he was moving the company towards eCommerce and that he was excited about it. The shareholders appeared to believe him. Leung even went so far as to to report he had not been sure what direction he was going to take EPT until he decided on eCommerce. It was a very convincing act.
The fact is by the time of the AGM, 5 months had already passed and Leung still hadn't even hired anyone to rebuild the Empower website into an eCommerce site. How long would it take to find a web developer to do the work? Maybe a few weeks at most? Leung claimed in his June 29,2015 announcement he was already seeking proposals from web developers.
This is yet another example of Leung's integrity. Leung has deliberately mislead investors again. What about CFO Amy Chan? She is Leung's wife and was also present at the AGM. It is implausible for her not to have known what was going on.
What about board member Edward Bagg? He has been a board member since 2003. Was he kept in the dark by Leung about what he was actually going on? Was Bagg unaware that Leung had not taken any action regarding the eCommerce site? How likely is that? You be the judge.
What has been going on for the past year? Leung shut down the AIC national headquarters on Granville st in Vancouver. This required an announcement but Leung never bothered to inform the investors. Leung also shut down 3 of 4 AIC store fronts and claimed he was moving AIC towards eCommerce.
IMO Leung made the decision over 1 year ago to give up on EPT but keep the investors thinking the company was moving forward.
Leung has been a total finacial disaster for the people who trusted him with 30 million dollars but he is smart enough to realize he may be exposed to civil lawsuits. By creating the illusion the company is moving forward time passes and it becomes less likely he will be sued and also runs out the 2 year clock for lawsuits.
How does Leung sleep at night? He has financially ruined people who trusted him. He asked for and received massive financial support and somehow $30 million dollars of other peoples money has evaportated under his control. The stock Leung sold to investors 11 years ago for $2.25 is now completely worthless. Not even a buyer at 1/2 cent.
If Leung ever manages to sell off any assets this company may have he will no doubt pay himself first. Shareholders will likely never receive anything. If we do it will be pennies on the dollar.
Paul Leung and the criminal stockbroker created this disaster. The people who were sucked into supporting this company will pay the price financially for the remainder of their lives. There are people who are ruined, others had to remortagage homes. The list of financial damage is very long.
This is the legacy Paul Leung and Amy Chan have created for themselves.