10 Jun IBZZ – soon to be Cynk Technology Corp updated research report – now CYNK
On the same day that IBZZ officially announced a forward split and name change to Cynk Technology Corp, the ticker experienced some very unusual trading activity. IBZZ traded for the first time ever today. Three tiny block trades totally 200 shares manipulated the price up to $10 then back down to $5.
We originally did an initial research report on IBZZ back on May 8, 2013 because of the IBZZ insiders and because we spotted an amendment at the Nevada SOS that suggested a large forward split was on the way. The following is a review of that original research with some corrections (we now know it will be a 75:1 forward split) and some additional information added.
On May 8th, 2013 an amendment cleared with the Nevada SOS to effect a forward stock split for Introbuzz. See the Nevada SOS page here. I have been following Introbuzz for months because it has a unique, often special combination of Harold Gewerter (attorney) and Peter Messineo (accountant). The last ticker to use this combination of Gewerter and Messineo that ended up publicly trading was SVEN (an AwesomePennyStock ticker). To see why I think this is a special combination review this report.
As if the set-up wasn't suspicious enough already, Introbuzz never even spent the money or effort to publish their website proving that this shell company did not go public to start a real business as it told the SEC. It went public to be used for a future pump&dump. The looming forward split is even more evidence of this fact.
Introbuzz was registered as a Nevada business entity on April 30, 2008 by John Kueber.
At this time John Kueber held all the officer/director positions for Introbuzz and owned all 6,000,000 outstanding shares of Introbuzz stock.
When I see the name Kueber first thing I think of is Phil Kueber. Phil Kueber has been involved in several ugly penny stock pump&dumps including RICP, PEPR, WRIT, AMWI, CRWV, and ABOT. All of those but RICP got promoted by Awesome Penny Stock (APS) linked websites. Turns out that Phil Kueber has one brother. His brother's name is John Kueber. The very same John Kueber that incorporated Introbuzz. That is no coincidence. If you refer back to this post again you'll see that another Phil Kueber associate (Wendy Haviland) that worked with Phil Kueber in RICP, WRIT, AMWI, and PEPR incorporated another shell that uses the unique and special combination of Harold Gewerter and Peter Messineo called Personality Software Systems Inc. As you can see from the Personality Software Systems Inc filings, that shell hit a bump in the road trying to get approval for a ticker symbol. That makes Introbuzz Phil Kueber's best chance for his next future pump&dump shell.
On October 17, 2011, John Kueber sold his 6,000,000 shares (representing full control of Introbuzz) and a $47,000 debt Note (money he lent the company out of his own pocket) to Kenneth Carter for $600 cash. Yes that was an amazing deal for Kenneth Carter.
On January 20, 2012, Introbuzz filed an S-1 to go public.
At the time, Introbuzz had $15 cash, no revenues, a $47,000 debt Note owed to Kenny Blaque, and a forward looking business plan to become a web based social networking service.
The attorney helping with the S-1 filing was Harold Gewerter (number 11 on our list of attorneys to follow for a future paid promotion).
The accountant helping with the S-1 filing was Peter Messineo who in my opinion should now be considered the #1 accountant to follow for future pump&dump activity.
Despite what are obvious red flags to me, the SEC found the Introbuzz shell to be credible and approved the S-1 filing on June 1, 2012.
Seed Shareholders / Lack of Business Progress
Just prior to getting the S-1 approved, Kenneth Carther (aka Kenny Blaque) agreed to forgive the $47,000 debt note along with the accrued interest and some other expenses owned to him. All total the amount forgiven was $61,839.
On September 6, 2012, Introbuzz sold 1,086,000 shares to a group of anonymous seed shareholders for $.05/share raising $54,300.
To date, Introbuzz has not even managed to build a website. Pretty sad since the most crucial part of an online business is having a functioning website.
Change of Control
On April 18, 2013, Kenneth Carter was replaced by Marlon Luis Sanchez making Marlon Luis Sanchez the sole officer/director of Introbuzz.
According to his bio, Marlon Luis Sanchez is from San Diego where he has been working as a Partner in Sanchez Medical Services since 2002. A large part of his focus was on the Medical Tourism Industry.
The forward split
On May 6, 2013, as his first act, Marlon Luis Sanchez filed an amendment with the Nevada SOS to do a forward stock split.
Since the authorized share count increased from 10,000,000 to 50,000,000, that is a pretty good indication that it was going to be a 50:1 forward split, but today, June 10, 2013, IBZZ filed a PRE14c announcing the the forward split will be a 75:1 forward split. To go along with the 75:1 forward split, Introbuzz (IBZZ) will be changing its name to Cynk Technology Corp.
The Pre14C also discloses that Kenneth Carter has sold his 6,000,000 shares to Marlon L Sanchez for an undisclosed amount of cash. 3,200,000 of those shares were either cancelled before the transaction or immediately after leaving Marlon L. Sanchez with 2,800,000 shares of stock.
New Share Count
Assuming it is a 75:1 forward split, the new share count will look as follows:
Authorized - 500,000,000 shares
Outstanding - 291,450,000 shares
Marlon Sanchez - 210,000,000 shares
Seed Shareholders - 81,450,000 shares (free trading) - costing $.001/share
What to expect next
On May 8th I wrote that I had the feeling that Marlon Sanchez was just a place holder and that eventually we'll see another change of control. And that the change of control would come with new business operations through some kind of merger/acquisition and possibly a name/symbol change.
Now we know there will definitely be new name coming for the ticker, Cynk Technology Corp, and that means a future change business operations. On May 30, 2013, Phil Kueber reserved the name Cynk Technology Corp at the Nevada SOS. The same Phil Kueber mentioned in this report as being involved in setting up Introbuzz and being linked to past p&d tickers like RICP, PEPR, WRIT, AMWI, CRWV, and ABOT.
It will take a few weeks to get the name change and forward split approved by FINRA and cleared. There is still a chance that IBZZ will not gain FINRA approval. Judging by today's price action, the IBZZ insiders feel confident that the split and name change will clear. Once everything is approved, we'll see IBZZ file an 8K announced an acquisition/merger making the shell ready for a future paid promotion.
The size of the free trading share count (81,450,000 shares) makes IBZZ only good for a future email spam campaign. Phil Kueber's involvement in setting up the shell makes IBZZ a possible candidate for the APS family.
IBZZ is still a few weeks (if not months) away from any kind of paid promotion, but we'll continue to keep the ticker on our list of tickers to watch for a future paid promotion.