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Auxillium Energy Inc (AXLM) – updated research report

31 Mar Auxillium Energy Inc (AXLM) – updated research report

 

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We did our research report on Auxillium Energy Inc (AXLM) back no January 1, 2013 found here after following the ticker for months before that.  AXLM which started out as Selga Inc (SLGA) had all the makings of a future paid promotion ticker right from the get go.

In our January 1, 2013 report we mapped out the background of the shell and identified the insiders.  We also did a good job of figuring out the next steps for AXLM which have all now happened.  Now that AXLM is now complete pump ready, I wanted to do an updated research report to include our original research plus a run down of all the events that have happened since January 1, 2013.

The following is a re-post of our original research followed by an update on everything that has happened since the January 1, 2013 report.

 

I've had my eye on Selga Inc (SLGA) for several months because of two main names, Thomas E Puzzo and Frank J Hariton.  I made an IHUB forum for the ticker way back in May.

On December 28, 2012, SLGA filed an 8k announcing a 10:1 forward split and authorized share increase bringing SLGA back to my attention as a possible future paid promotion stock.

SLGA doesn't have a lot of history yet, but since it is obviously still on track for a future pump&dump it is worth taking the time to organize the history of the SLGA shell to date.

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Set-up / Going public

Selga Inc was incorporated in Nevada on November 9, 2009 with Olegs Petusko as its sole officer and director.

Olegs Petusko was a student at Riga Technical College in Latvia, Russia in 1987 and 1988 but did not graduate.

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Sometime after that he allegedly moved to the United States and on December 13, 2004 he started an LLC called Selga Auto LLC in the state of Georgia with somebody named Agata Magelis as his fellow officer.

A visit to the facebook page of Olegs Petushko shows that he has 38 facebook friends.  One of them is not surprisingly, Agata Magelis.  Another one is a bit of a surprise, David E Price.

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David E Price is an attorney with a long history of being involved in publicly traded shells including many that were hijacked.  He has been in house legal counsel for Charms Investments Ltd. (Clinton Greyling and Leslie Greyling) and has strong ties with Joseph Bartel, Joseph Meuse, Guy Jean-Pierre, and Christopher Davies.

The S-1 for Selga Inc was filed on February 26, 2010 (ahead of RAYS and NSRS).  At the time the S-1 was filed, Olegs Petushko owned all 10,000,000 outstanding shares which he got for $10,000 ($.001/share).

Selga Inc was attempting to go public with a forward looking business plan to sell new and used cars.  As part of the forward looking business plan, Olegs Petushko signed an agreement with his other company, Selga Auto LLC to pay Selga Auto LLC $300 for each car that Selga Auto LLC was able to find for Selga Inc to purchase for resale.

Helping with the S-1 filing for Selga Inc was Thomas E Puzzo.

Thomas E Puzzo shells often become future paid promotions, but Thomas E Puzzo shells that start out with Russian nominee officers like RAYS and NSRS have become two of his most prolific.

The S-1 filing was approved by the SEC on May 13, 2010.

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Early Actions

After going public, SLGA sold a total of 2,430,000 shares to some private seed shareholders for a total of $24,300 ($.01/share).

SLGA would end up using the money raised to buy a total of 6 cars from Petushko's other business (Selga Auto LLC) then ended up selling 4 of those cars for a profit of $1,535 above the purchase cost.

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Change of Control

On March 31, 2011, Olegs Petushko sold his 10,000,000 shares (and controlling interest in the SLGA shell) to Warmond Fang for $400,700.

As part of the stock purchase agreement, Olegs Petushko got to keep all assets and liabilities associated with the former business operations.

Warmond Fang became the new CEO, president, and director and elected Frank J Hariton as the new secretary and Jatinder S. Bhogal as a new director.

Warmond Fang has links to Canada and Hong Kong

Frank Hariton who is an attorney out of New York, can be linked to several publicly traded shells including recent pump&dump shells including LBGO, HDSI, HVPA, and MSSD.

Jatinder S. Bhogal also has a history with other publicly traded shells including ALQA, NENE, AOIL, and ONLI with Frank Hariton.

The company was moved to a mail box rental in Ontario at 6021 Yonge St.  What is interesting is that the phone number, 647-456-4002, was used once by another publicly traded shell called Earn-A-Car Inc (EACR) on an 8K filing in October of 2011.  I could find no immediate link between the EACR shell and the SLGA shell.  EACR has a pump&dump type of set-up, but hasn't seen any big promotions yet.

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Change in Business Operations

With the change of control came a change in business operations.  On July 11, 2011, SLGA purchased the rights to a small oil & gas field in Poland for a whopping $953.  To complete the transaction, SLGA started a wholly owned subsidiary in Poland called Auxillium Poland.  SLGA could now say that they were in the oil & gas business.

On August 17, 2011, Warmond Fang also started a wholly owned business entity in Alaska called Auxillium Alaska, Inc to use for the purchase of oil & gas claims in the Alaskan region.

On August 29, 2011, Auxillium Alaska, Inc was used to acquire 100% interest in some oil & gas leases located in Alaska from Union Energy (Alaska), LLC which is controlled by James Fitzsimons of White Plains, NY (same location as Frank J. Hariton).  The leases cost Auxillium Alaska Inc $95,295 due within 90 days of the signing of the agreement and $24,000 due to the State of Alaska Department of Natural Resources to make the leases active.

James Fitzsimons had previously done several agreements with Frank J Hariton including agreements with the following publicly traded shells: TAMO, CHSH, and PTCP.

To help meet those financial obligations, SLGA sold 1,000,000 shares for $.15/share in a private placement during the 4th quarter of 2011 raising $150,000.

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Forward Split and Current Business State

On December 28, 2012, SLGA filed an 8K announcing a 10:1 forward split and an authorized share increase from 75,000,000 to 750,000,000.

The new share count will look as follows:

Authorized - 750,000,000 shares
Outstanding - 134,300,000 shares
Float - 34,300,000 shares
Warmond Fang - 100,000,000 shares (restricted)
Seed Shareholders - 24,300,000 shares (free trading) - costing $.001/share
Private Placement Investor - 10,000,000 shares (free trading) - costing $.015/share

Despite owning the rights to some cheap oil & gas leases, SLGA is now completely cash poor with no resources available to do anything with the oil & gas properties. I suspect that the properties were only purchased for PR purposes for some future pump&dump activity and no progress will ever be made with them.

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Conclusion

As just stated,  I suspect that the properties were only purchased for PR purposes for some future pump&dump activity and no progress will ever be made with them.  No website exists yet for Selga Inc.  I would expect a website to pop up before any kind of full blown promotion starts.  I am not sure if they will change the name of the shell or if they will keep it Selga Inc.  It might also be worth watching to see if they register the Selga Inc shell to trade on the German exchange.

Because of the players involved in this one and the share set up, I am going to add SLGA to our list of tickers to watch for a future paid promotion.

 

What has happened since January 1, 2013

 

Forward split is completed

On January 7, 2013, the 10:1 forward split became effective.  Subsequent filings revealed that Jatinder S. Bhogal, a director for AXLM, received 5,000,000 shares either through the private placement offering or through some kind of arrangement with some of the seed shareholders.  New new and most current share count now looks as follows:

Authorized - 750,000,000 shares
Outstanding - 134,300,000 shares
Float - 29,300,000 shares
Warmond Fang - 100,000,000 shares (restricted)
Jatinder S. Bhogal - 5,000,000 shares (restricted)
Seed Shareholders - 24,300,000 shares (free trading) - costing $.001/share
Private Placement Investor - 5,000,000 shares (free trading) - costing $.015/share

 

Name and Symbol Change

In February of 2013, Selga (SLGA) received a name and symbol change.  The ticker is now known as Auxillium Energy Inc (AXLM).  Since AXLM was already conducting business operations through a wholly owned subsidiary known as Auxillium Alaska, Inc, the name change makes perfect sense.

 

Website Has Gone Live

Shortly after the January 1, 2013 research report, we found a domain that was registered on December 17, 2012 and parked for later use at auxilliumenergy.com.

Last week auxilliumenergy.com went live.  Visit the website here.

The website shares the same ip with one other domain - warmondfang.com found here which is obviously linked the the CEO of AXLM, Warmond Fang.  On that blog, Warmond Fang describes himself as a second generation Canadian born Chinese that is involved in teaching Taiji classes on the weekends.

More information about their Alaska project can be found here.  More information about their Poland project can be found here.

 

Conclusion

With the forward split, the name/symbol change, and website all now complete.  AXLM is ready to be promoted at any time.  The only thing left to learn is which promoter will get the task of helping the AXLM insiders dump their 29,300,000 shares for huge profits. 

 

 

 

 

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