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EDVP becomes the first suspended ticker to return from the grey sheets in over 2 1/2 years

19 Aug EDVP becomes the first suspended ticker to return from the grey sheets in over 2 1/2 years

 

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For the first time in over 2 1/2 years, a ticker has managed to return from the grey sheets after getting suspended.

We had previously done research on Endeavor Power Corp (EDVP) back on November 13, 2012 pointing out its ugly history and the way the ticker was being set up for an insider enrichment scheme.  See that report here.

As expected, EDVP did end up being the subject of a paid promotion on March 6, 2013 with PennyStocks VIP receiving $55,000 to promoted EDVP. 

The very next day on March 7, 2013, Endeavor Power Corp (EDVP) got suspended by the SEC for what the SEC called:

"questions that have been raised regarding the accuracy of assertions in Endeavor Power’s public filings and press releases relating to, among other things, patents"

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Another PennyStocks VIP promoted ticker, Face up Entertainment Group Inc (FUEG), would also end up getting suspended by the SEC on April 4, 2013.  PennyStocks VIP promoted FUEG on September 3, 2012.

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In May of 2013, EDVP started putting out information that they had filed a 15c-211 to get off the greys with market maker MBAY sponsoring them.

In June of 2013, EDVP published a press release correcting the false information in their press releases that helped lead to the suspension.

"CAMBRIDGE, Mass., June 11, 2013 /PRNewswire/ -- Endeavor Power Corporation ("Endeavor Power" or the "Company") (OTCQB: EDVP) provides corrections to two separate press releases issued by the Company on January 9, 2013, with the headline "Endeavor Power Corporation Outlines Its New Target market, Its Size and Projected Growth," and March 8, 2013, with the headline "Endeavor Power Corporation Introduces Its Proprietary FDA Cleared Target System Platform Technology".

The January 9, 2013, Press Release referenced that the "point-of-care testing ("POCT") market has been predicted to reach a total market value of $34.6 billion by 2021, according to a recent report published by Kalorama Information".  The correct source for the information was the not Kalorama Information but the "Point of Care Diagnostics: World Market Outlook, 2011-2021", published in December 2011 by Visiongain, a UK based business information provider.  The market data in the January 9, 2013, Press Release following paragraph, "With the ability to help reduce healthcare costs while simultaneously improving patient care, POCT represent a significant and growing share of the global in vitro diagnostics ("IVD") market, according to the marketing research firm Kalorama. In 2010 the value of the POCT market was $13.4 billion and grew to $13.8 billion in 2011. Over the five-year period to 2016 the market is expected to experience a compound annual growth rate (CAGR) of 3.7%, to further increase its value to $16.5 billion." was sourced from August 31, 2010, The Worldwide Market for In Vitro Diagnostics 7th Edition published by Kalorama Information.   

The March 8, 2013, Press Release contained multiple conflicting statements regarding the Company's technology and intellectual property.  The Release stated under the paragraph header "controlled Flow-Through Rapid Immunoassay Test" that "Endeavor's US Patent Pending Target System Diagnostic Platform…" and that the that the vacuum pump component of the system was "patented," and then later referred to the vacuum pump as "the unique vacuum pump" and then later referred to the Platform as "Patented Platform" instead of "US Patent Pending Platform". 

The Company's intellectual property and diagnostic testing platform was patented, but all issued patents have since expired or been abandoned.  The Company has filed 3 USPTO Application's, which are currently published and patent pending, and one US and International Patent Application currently pending.

The Company would like to formally correct the March 8, 2013 Press Release and eliminate the word "patented" and instead use the word "unique".  Additional information on the Company's Patents and FDA 510(k) Cleared tests can be found in its public filings at EDGAR.com"

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Before the suspension, EDVP was a fully reporting SEC company.  While working on the 15c-211, EDVP continued to keep up with their SEC filings doing both required 10Q filings while trading on the grey sheets.

Apparently it has become just that easy.  Today after the close, FINRA announced that Endeavor Power Inc (EDVP) would be returning to the OTCBB starting tomorrow, August 20, 2013.

EDVP becomes the first suspended ticker to return from the grey sheets in over 2 1/2 years. The last ticker to return from the grey sheets after a suspension was Emergent Health Corp (EMGE) which got suspended on September 30, 2009. EMGE was moved from the grey sheets to the pink sheets on February 28, 2011 after receiving a "No Enforcement Recommendation" letter from the SEC.  Learn more here.  Since EMGE, over 1411 tickers have been suspended and none have returned from the grey sheets.  See this post for more details of the fate of the last 1411 suspended tickers.

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EDVP should release an 8-K explaining how they re-qualified for quotations.  The scariest part of this situation is that investors will expect other suspended tickers to be relisted in the future.

Bag holders stuck in suspended scam tickers will be calling their ticker the next EDVP.  CEOs of suspended tickers will now have a much easier time continuing to scam investors after their tickers are suspended.

 

 

 

7 Comments
  • RealThing
    Posted at 08:13h, 10 January Reply

    Company canceled 36.5M shares per Form4 on 1/07/2014
    http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9698445

  • RealThing
    Posted at 05:49h, 13 January Reply

    Company filed 8K and announces Name change. Ticker change to follow.
    http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9704725

    Here the Response from the Company on an Email i submitted to them:
    Quote:
    “XXX, please see the response below to your questions. Thank you for your interest and support as a shareholder.

    How about the tradable Float?

    All of the 36 mil shares were in the float

    Has it changed too?

    Yes

    Is it planned to update the OTC Webpage so it’ll reflect the new numbers?

    We will work to update all public information

    Secondly the Name change to PARALLAX HEALTH SCIENCES, INC.

    Does that mean we as Shareholders should expect a change of the Ticker Symbol too?

    Yes it means that there will be a new Ticker Symbol.

    But maybe a Letter to the Shareholders with some Updates/Explanations or a brief Outlook for the Future of the Company?

    The Company is not putting out any information relating to the future at this time and will only do so on a Public Forum and only after a minimum amount of time to provide Notice of the update has been given to the investors..

    Thanks in advance and have a great Weekend.

    Respectfully,
    XXX”
    End of Quote!

    Discl. I do own shares that were purchased while the CO was trading on the Greys 😉

  • RealThing
    Posted at 16:12h, 04 February Reply

    OTCMarket got updated:

    Parallax Health Sciences Inc.. (“Parallax”) is a bio-medical company which owns a line of Point of Care diagnostic tests on a single platform. Parallax is developing a novel handheld diagnostic testing system that is simple, rapid and elegant, offering the potential to transform the diagnostic landscape by transitioning critical tests from the centralized lab directly to the hands of the physician or clinicians. Paraallax has an exclusive license for a number of previously FDA approved tests. Parallax also has pending patents in an effort to protect its underlying technology as well as a pending patent for methods for future test development. Parallax has rights to previously FDA 510k Cleared tests for certain Infectious Diseases and a FDA 510k Cleared Desk Top Analyzer. A mobile hand held device is being developed based on the technology utilized in the desktop analyzer.

    PRLX Security Details
    Share Structure
    Market Value1 $20,256,190 a/o Feb 03, 2014
    Shares Outstanding 126,601,186 a/o Jan 29, 2014
    Float 4,227,329 a/o Jan 29, 2014
    Authorized Shares 250,000,000 a/o Mar 08, 2011
    Par Value 0.0001

  • RealThing
    Posted at 06:25h, 24 April Reply

    Per the latest 8K filed Apr 21, 2014 the Company:
    On April 17, 2014, pursuant to a resolution of the board of directors, the Company executed an Agreement to Purchase One Hundred Percent of the Issued and Outstanding Shares of a California-based pharmacy Corporation (the “Pharmacy”) and its Assets and Inventory (the “Purchase Agreement”) between the Company, the Pharmacy and its sole shareholder (the “Seller”). The fully executed Purchase Agreement is dated March 27, 2014 and was received from the Seller on April 17, 2014.

    Pursuant to the Purchase Agreement, in exchange for 100% of the Pharmacy’s common stock and 100% of the Pharmacy’s Assets and Inventory, among other things, the Company shall deliver to the Seller by, or prior to, the Closing Date, which shall be no later than July 15, 2014:

    Cash in the amount of $15 million;
    A subordinate Promissory Note in the amount of $5 million, bearing interest at a rate of 6% per annum commencing three (3) years from the date of the Promissory Note, to be repaid after the senior credit facility has been paid in full, over a period of twelve (12) months; and
    An ownership of Common Stock in the Company, representing approximately 9.9% of the issued and outstanding stock in the Company on a fully diluted basis

    Certain terms and conditions of the Purchase Agreement remain confidential pursuant to a written non-disclosure agreement with the Seller until the Closing.

    The Closing is subject to the Company obtaining the necessary financing and the required regulatory approval for the acquisition of the Pharmacy prior to the Closing. In the event that the Company does not obtain the requisite financing and regulatory approval by the Closing Date, the transaction will not occur without a modification mutually acceptable to both parties.

    In conjunction with the Closing, the Company will file an additional 8K.

    About The Pharmacy

    The Pharmacy, established over 60 years ago, is a compound pharmacy, headquartered in California US, specializing in infertility treatments, pain management, and individualized treatments to its clientele. The Pharmacy provides specialty compounding and full-service pharmaceutical services to healthcare professionals in 40 states in the US.

    The Pharmacy’s unaudited financials for the year ending December 31, 2013 showed the Pharmacy generating approximately $55,000,000 in gross revenue with approximately $16,000,000 in Earnings Before Interest and Taxes (“EBIT”).

    Per the last 10K:
    The Company’s website under construction will be at http://www.parallaxhealthsciences.com
    The Company’s subsidiary website is at http://www.endeavorsciences.com .

  • RealThing
    Posted at 14:11h, 06 May Reply

    Had some time yesterday and did a google search via the given facts in the 8K on the Aquisition Company.
    Googled: “60 year compound pharmacy located in CA specializing in infertility”

    First hit was right on imo: https://www.roxsan.com/
    Rox San Pharmacy specializes in Compounding and Infertility is located at 465 N. Roxbury Dr. Beverly Hills, CA, 90210. This pharmacy has been established for over 60 years. Rox San Pharmacy is specialized in infertility medication as well as compounding medication.

  • RealThing
    Posted at 07:44h, 25 August Reply

    Finally the Acquisition is done:

    Parallax Health Sciences, Inc. Completes Acquisition of Beverly Hills, CA Pharmacy
    Posted: Aug 15, 2015 1:56 AM
    Updated: Aug 17, 2015 4:58 PM
    This article was originally distributed via SproutNews. SproutNews, WorldNow and this Site make no warranties or representations in connection therewith.

    SANTA MONICA, CA / ACCESSWIRE / August 14, 2015 / Parallax Health Sciences, Inc. (“Parallax” or the “Company”) (OTCQB: PRLX), is pleased to announce the completion of the acquisition of RoxSan Pharmacy, Inc., a privately held California corporation (“RoxSan”) located in Beverly Hills, CA. The Agreement to Purchase and Sell One Hundred Percent of the Issued and Outstanding Shares, Its Assets and Inventory (the “Purchase Agreement”) was executed on August 13, 2015. The transaction is immediately accretive to Parallax.

    The terms of the Purchase Agreement include a secured promissory note (the “Note”) issued to the Seller, in the amount of $20.5 million. The Note bears interest at a rate of 6% per annum and matures in three (3) years. In 2014, RoxSan had unaudited gross revenues in excess of $40M, and EBITDA of approximately $10M.

    Parallax’s CEO, Michael Redmond, said, “Parallax is fortunate to team with such an outstanding organization as RoxSan. RoxSan is a leading compounding pharmacy specializing in pain management therapies. In addition to the compounding business, RoxSan is one of the largest providers of fertility medicines. The fertility business is growing and provides a differentiated service. The addition of RoxSan to the Parallax family provides synergies with our efforts to offer patients personalized medicine for both the diagnosis and treatment of medical conditions.”

    Will become interesting to see how this moves forward. Can it switch from a suspended promotional Ticker to a real Business?

  • nodummy
    nodummy
    Posted at 12:06h, 16 September Reply

    Edward Withrow III busted in an undercover FBI sting earlier this week for the EDVP scam (same people that did the AMOG bust and earlier than that got Richard Weed/Coleman Flaherty)

    http://www.sec.gov/litigation/complaints/2015/comp-pr2015-192.pdf

    http://www.justice.gov/usao-ma/pr/chairman-boston-based-biomedical-company-arrested-stock-fraud-scheme

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