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Greenway Technology (GWYT) – a ticker with insiders like this should not be ignored or forgotten

03 Sep Greenway Technology (GWYT) – a ticker with insiders like this should not be ignored or forgotten

 

 

I happened upon Greenway Technology (GWYT) this weekend while doing research on another ticker.   GWYT has barely traded over the past 4 years since becoming Greenway Technology in September of 2008.   Since the name change 4 years ago only 9,156 share have traded, but it should be noted that more than half of that volume (4,900) occurred over the past 6 trading days.

Those 4,900 shares traded knocked the price down from $9.50/share to $2.00 share.  Volume this low wouldn't catch the attention of too many people, but the way the price is being hacked down could be construed by some as somebody preparing the ticker for a future paid promotion.

 

 

Some basic information about Greenway Technology (GWYT)

The CEO of GWYT is Kevin Holbert

The legal counsel for GWYT is Jehu Hand

A major shareholder of GWYT is Benjamin Hoskins (former CEO)

GWYT is a Nevada business entity - see here.

Authorized shares 240,000,000 (just increased on August 6, 2012 from 100,000,000)

Outstanding share count - 177,265,802 as of August 16, 2012 (increased by 150,000,000 from 20,265,802 since 6/30/12)

Float - 27,726,802 as of August 16, 2012 (increased by 27,635,100 from  91,702 since 6/30/12)

 

 

Some background on GWYT

On May 1, 2008, Benjamin Hoskins incorporated an entity in Nevada called Greenway Technology.  He then merged Greenway Energy (which was a publicly traded under the name Targetviewz Inc (TGVZ)) into Greenway Technology.  The name of the publicly traded shell was changed to Greenway Technology and it was given a new trading symbol - GWYT.  

Prior to the name/symbol change, GWYT had effected a 1:200 reverse split wiping out the previous shareholder base and knocking the outstanding share count down to 91,702 outstanding shares.

Following the reverse split, 20,000,000 common shares were issued.  10,000,000 of those shares were listed as having been issued in exchange for a $25,000 debt Note that came with the shell.  The other 10,000,000 shares were issued in exchange for expenses accrued from the reorganization of the shell.  9,928,367 shares ended up in possession of Benjamin Hoskins held under the name of Oxford Capital LLC.   We aren't told who got the other 10,071,633 shares, but since only 9,156 shares have traded since that time the original owners still have them waiting to sell them.  Benjamin Hoskins was also granted 5,000,000 preferred shares which could be converted into 50,000,000 common shares.

On June 20, 2008, GWYT borrowed $230,000 from JK Advisers.  The Note was due on March 31, 2009 and collected interest at 25%.  As of June 30, 2012, that Note had not been paid back yet and had accumulated over $231,000 in interest.

Between June 30, 2008 and December 30, 2009, 174,100 shares were issued in private placement offerings.

In February of 2009, GWYT signed an agreement with Refine Systems LLC (an entity owned by Benjamin Hoskins) which was allegedly the licensor of some oil refinery technology.  Refine Systems LLC was a brand new entity at that time just created in the state of Nevada that has since been revoked.

 

The dead years

Following the Refine Systems LLC agreement, GWYT booked its Technology License as a $250,000 asset and its plan to use the Technology as a $100,000 asset, but never managed to book any revenues.  The Technology was apparently worthless or GWYT lacked the resources or initiative to use it.

GWYT did no filings between July 2009 and July 2012.  Just the fact that in July of 2012, somebody decided to make GWYT active again tells us that something is in the works and people need to pay attention.

In July of 2012, GWYT came back to life by filing an annual report with the unregulated OTC.  The report still showed Jehu Hand as the company's legal counsel and the share count had remained unchanged, but some changes had been made with the officer positions.

Kevin Holbert had taken over as the new CEO of the shell in June of 2012.  Prior to his new role as CEO, Kevin had been the food&beverage manager at a local golf club called the Trump National Golf Club in Colts Neck, New Jersey.  Perhaps that is where Jehu Hand and Benjamin Hoskins met Mr. Holbert.

The 5,000,000 preferred shares convertible into 50,000,000 common shares were passed from Benjamin Hoskins to Kevin Holbert, but Benjamin Hoskins maintained possession of his 9,928,367 common shares.

During the month of August, the authorized share count was raised to 240,000,000.  150,000,000 new shares were issued, and the float grew by 27,635,100 shares.

 

Some background on the insiders

GWYT will not be Jehu Hand and Benjamin Hoskins first time teaming up.  Benjamin Hoskins was a seed shareholder in a company run by Jehu Hand and Learned Jeremiah Hand called New Millennium Products.

But what puts Jehu Hand and Benjamin Hoskins on the map is when they worked together along with Chad Smanjak, Norman Meier, Jordan Shapiro, Marc Levy, and Len Demelt on a pump&dump mailer campaign with Wave Uranium (WAVE) - now known as FBC Holding Inc (FBCD).  

Read the documents available at this post I once wrote on the IHUB for more details.  It explains how Jehu Hand and Norman Meier allegedly funneled borrow money to purchase the Wave Uranium shell then masterminded a pump&dump campaign that involved recently arrest, Chad Smanjak.

Court Document

The following is a copy of an email sent from Chad Smanjak to Benjamin Hoskins with a cc to Jehu Hand discussing strategy for the paid promotion.

 

 

 

That post also discusses some of the previous connections between Jehu Hand and the players involved in the Wave Uranium pump&dump.

This post goes even deeper into the past of Jehu Hand and links him to several entities involved in lending money to the Wave Uranium shell.  One of those entities, JK Advisers, also shows up in the GWYT filings.

JK Advisers Hedge Fund LLC and JK Advisers LLC are a Nevada business entities controlled by Jehu Hand 

http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=1Fwl%252b%252bxrdaaG2Bxuf%252bOQQw%253d%253d&nt7=0

http://nvsos.gov/SOSEntitySearch/CorpDetails.aspx?lx8nvq=M6Urmu2RZTllmK6ZPWgZrg%253d%253d&nt7=0

JK Advisors loaned Greenway Technology (GWYT) $230,000 on June 20, 2008.  That loan collects interest at 25%.  As of June 30, 2012, that loan had accrued $231,575 in interest.  So GWYT owes Jehu Hand $461,575.  Maybe some of that loan finally got converted into free trading shares explaining why the float has grown by 27,635,100 since June 30, 2012.  Since the Note is secured by the 5,000,000 preferred shares that means that GWYT is actually controlled by its legal counsel, Jehu Hand.  Maybe Hand collected on those 5,000,000 preferred shares and has started converting them?

 

 

To make matters worse, could the Benjamin Hoskins who is a major shareholder in GWYT through his entity Oxford Capital LLC be the same Benjamin Hoskins named in this FTC litigation as the control person of Oxford Debt Holdings LLC, Dream Financial, Oxford Financial LLC, Sell IT Visions LLC, and Global Finance Group LLC?  Read more here.

 

 

Conclusion

GWYT is a shell controlled by Benjamin Hoskins and Jehu Hand who have teamed up together in the past to help run a penny stock pump&dump.  Both have very colorful histories in the penny stock world. Recently after nearly 4 years of laying dormant, GWYT has come back to life positioning itself for what looks to be a future paid promotion which could be just around the corner.  27,635,100 new free trading shares have recently shown up in the float.  150,000,000 new shares have been issued all together since June 30, 2012. Today I am adding GWYT to our list of penny stocks to watch for a future paid promotion.  I think before any promotion kicks off on this one the price will have to come down well under $1.00/share which means there will probably be a little bit more bid whacking on Tuesday.

 

 

 

10 Comments
  • nodummy
    nodummy
    Posted at 01:53h, 07 September Reply

    2 more days of bid whacking on small volume has taken the stock price down to $.60/share and a little closer to paid promotion range.  I expect a little bit more bid whacking down into the $.25/share range.  

  • alive
    ALiVE
    Posted at 13:13h, 18 September Reply

    *you would think they could do better than part of a filing for their website…seems not much of a budget there currently… http://greenway-technology.com/  ..monitoring the site for changes

    9/18/2012 .10 x .14 last print .10

  • nodummy
    nodummy
    Posted at 21:30h, 18 September Reply

    Highest day of volume so far today.  Price has been intentionally pushed down to $.10/share now.  Next we watch for some big blocks to drop then the promo could be following shortly behind.

  • nodummy
    nodummy
    Posted at 18:39h, 23 October Reply

    GWYT took a major step today towards that future paid promotion. The company put out a PR today announcing that their CEO, Kevin Holbert, resigned and that Bernard Fried has taken over as the new CEO and head of the Board of Directors.

    http://ih.advfn.com/p.php?pid=nmona&article=54660493&symbol=GWYT

    According to the PR, Bernard Fried has experience working with international companies and was the former CEO of Flint Telecom Group Inc (FLTT)

    FLTT was pump&dumped reverse split and pump&dumped again. FLTT was also littered with toxic debt which means that Bernard Fried is probably a good choice for Jehu Hand to run the GWYT shell since Jehu Hand owns over $500,000 in debt in the GWYT shell and will probably be wanting to convert that debt and dump those shares during a paid promotion.

    See this post to learn a little more about FLTT’s debt issues and p&d past

    http://investorshub.advfn.com/boards/read_msg.aspx?message_id=65892772

    FLTT lost its DTCC eligibility on December 22, 2011 probably due to all the illegal toxic debt conversions

    http://dtcc.com/downloads/legal/imp_notices/2011/nscc/a7342.pdf

    Which included a toxic debt agreement with E-Lionheart/Edward Bronson who later showed up in SEC litigation for their illegal 504 debt conversions

    http://www.secinfo.com/dPcrt.r18.b.htm#1stPage

    http://www.sec.gov/news/press/2012/2012-165.htm

    http://sec.gov/litigation/complaints/2012/comp-pr2012-165.pdf

    Bernard Fried is currently involved with a start up company called Andalusian Resorts, LLC which intends to engage in the operation of an exclusive chain of resorts and spas. The plan is for the Greenway Technology shell to take over the operations of Andalusian Resorts, LLC which may mean a name/symbol change in the future for the GWYT shell.

    The PR disclosed who owned the mysterious 150,000,000 shares issued in August of 2012 – Robert Semingway Trust.

    Robert Semingway Trust is an entity controlled by Kevin Holbert. As part of the changing of the guard, Kevin Holbert sold his 150,000,000 shares to the new CEO, Bernard Fried.

    There is no indication that Kevin Holbert gave up his 5,000,000 preferred shares which can convert to 50,000,000 common shares.

    Benjamin Hoskins who has a dirty past with Jehu Hand as mentioned in this report still owns 9,928,367 shares

    Jehu Hand also still owns around $500,000 or more of convertible debt.

    Keep a very close eye on this one moving forward.

  • nodummy
    nodummy
    Posted at 18:31h, 16 November Reply

    The quarterly report filed yesterday disclosed revealed that there are 27,256,802 free trading shares.

    http://www.otcmarkets.com/financialReportViewer?symbol=GWYT&id=94819

    10,000,000 free trading shares were issued towards $25,000 in debt ($.0025/share) to a source who is unclear (probably Jehu Hand).

    7,000,000 free trading shares were issued to pay for $20,000 of a $230,000 debt Note owned by Jehu Hand ($.00285/share).

    With $210,000 of that debt Note still unpaid, at the same conversion ratio of $.00285/share that would give Jehu Hand another 73,684,210 free trading shares.

    That’s a lot of future free trading stock to get dumped into the market.

    Today GWYT put out a press release possibly prepping the ticker for some up coming action.

    http://ih.advfn.com/p.php?pid=nmona&article=55071662&symbol=GWYT

    As we’ve seen before these type of tickers that end up with lots of build up and speculation that eventually do get promoted often peak before the promotion gets into full swing. Take caution with GWYT. If a good promotion is run on the stock, enough shares are insider owned to have the potential for a nice run if insiders control the dumping, but that is a big if.

  • lexie
    Posted at 15:45h, 23 February Reply

    Have you had a chance to look at history of these companies? Jehu Hand and Benjamin Hoskins may have done several “pump and dump” businesses in the past. If you search the names of the new CEO or owners which have been “transfered” or “sold” you will find their name on linkedin. Then if you google image the picture on the linkedin profile you will find the guy has several different names. They seem to be creating fraud investors etc to increase the volume of their company in order to sucker someone into purchasing its stock. GWYT is using the CIK number 0001373516 on the NV Secretary of state that belongs to a different company (saftey-kleen). Last year based on the information on pink sheets and if you look at the stock charts GWYT stock went from nearly nothing to 17 dollars a share overnight! BOGUS!

  • Cynthia
    Posted at 11:49h, 19 March Reply

    Interesting info I found. If you look up Questus Global Capital Markets (QGCM) traded on the GXG OTC martket, you’ll find the US phone number of 702-605-4301is the same number found on the Andalusian (Pickles) website. Look into this fund and it’s members. You’ll have a field day.

    • due diligence tactics
      Posted at 11:12h, 09 September Reply

      Good catch on the Greenway / Questus connection.
      Hadn’t found that one yet. Will be interesting to keep connecting the dots and see if any of the execs are the same or have any relationship.
      Thank you.

  • Questus Global Capital Market
    Posted at 10:13h, 13 February Reply

    There’s a lot of really dirty stuff on Questus Global Capital Markets – specifically on Alireza Assemi – he’s run afoul of regulators in the US and who knows where else. There is a site LCD Complaint that is doing a pretty good job of tracking them down – http://lcdcomplaint.wordpress.com

  • nodummy
    nodummy
    Posted at 19:43h, 11 December Reply

    Jehu Hand busted today by the SEC for the GWYT scam

    https://www.scribd.com/doc/293046360/SEC-v-Jehu-Hand-Et-Al-Doc-1-Filed-10-Dec-15

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