03 Sep Winecom Inc (WNCM) – soon to be Green Innovations Ltd – added to watch list
A recent 14C filing for Winecom Inc (WNCM) announcing a 20:1 forward split and a name change to Green Innovations Ltd caught our attention on Thursday. Yesterday after finally getting around to glancing through the filings I decided to add WNCM to our watch list for a future paid promotion. Today you get the research report which explains why.
Breakdown of the history of Winecom Inc
Winecom Inc looks like it was set up for a future pump&dump from day one.
Winecom Inc was registered in Nevada on July 1, 2008.
On June 1, 2010 Winecom Inc decided to file an S-1 to go public.
The legal counsel used to help was MacDonald Tuskey more specifically, Konrad Malik. MacDonald Tuskey can be linked to LEXG, PRTN, BGBR, JAMN, HHWW, PEPR, AENY, LTUM, and dozens of other penny stock pump&dumps. Konrad Malik specifically can be linked to PRTN. Recently I found out that William MacDonald had worked with Clark Wilson LLP from 1998 - 2008 before joining with Gerald Tuskey to form MacDonald Tuskey in 2008.
Both officers for Winecom Inc were from Israel and Winecom Inc used an Israeli address.
Mordechay David, the President and Director, allegedly brought with him more than 15 years of experience in the wine industry working at Binyamina Winery, Israel’s fourth largest wine producer.
Shamir Benita, the Treasurer, Secretary, and Director, worked in the public education sector.
David and Benita received 2,000,000 share each for $10,000 (total proceeds $20,000) amounting to the entire outstanding share count at the time Winecom Inc went public.
The business plan for Winecom Inc was actually a little silly. David and Benita used ning.com to set up a social website called winecom where wine enthusiasts could go to share wine experiences and information. Setting up a ning.com social site costs as little as $24.95/month. For people that want to join the winecom social site the cost is free. The plan allegedly was to create enough interest in the winecom social site that the traffic would eventually prove profitable using google ads placed on the site. They also hoped to eventually gain enough interest in the free social networking page to be able to sell 3rd party goods through the site.
According to correspondence letter to the SEC, that amazing free social networking site required 10 - 20 hours a week from both officers to maintain and build and almost 2 years of planning before being built. It probably surprises nobody that that business plan eventually failed. In reality, in my opinion, it looks like it was meant to fail and the shell was only created as a vehicle for a future pump&dump.
After being granted public trading status on 12/03/10, 1,000,000 shares were sold to 35 unnamed private investors (seed shareholders) for proceeds of $40,000 ($.04/share) during the first 3 months of 2011.
By August of 2012, all the cash raised had been used up, the "website" still had not turned into anything but a skeleton site as you can see here despite all those hours and all the money put into development, and the meant to fail business that impressed the SEC enough to allow WNCM to publicly trade was terminated.
Change of Control
Control of the shell was passed to Bruce Harmon on August 13, 2012. Mordechay David and Shamir Benita were done with their roles as nominee officers and resigned from their officer positions. Both remained as Directors of the company. Bruce Harmon took over as the sole officer and became the 3rd director of the shell.
Background on Bruce Harmon
Bruce Harmon has a lot of experience in penny stocks specifically penny stocks focused on Alternative Energy.
Starting in 2005 he was an officer for Alternative Construction Company Inc (ACCY) which later had its name changed to Alternative Construction Technologies Inc (ACCY). ACCY was revoked by the SEC on January 11, 2011 which followed some pretty messy litigation proceedings in which ACCY lost a bunch of "assets".
Starting in 2007, Bruce Harmon was an officer for Accelerated Building Concepts Corp (ABCC).
In 2008, Bruce Harmon became a Director for Organa Technologies Group Inc (OGNT) which now trades on the grey sheets.
All 3 of those entities - ACCY, ABCC, and OGNT - show up in SEC litigation against Michael R Drogin seen here which was released the same day that the SEC revoked ACCY on January 11, 2011. Full details of Drogin's involvement in ACCY, ABCC, and OGNT can be found in The SEC Complaint in the matter.
From 2009 - 2011, Harmon served as an officer of Winwheel Bullion Inc (nka VRDT Corp - VRDT).
Harmon has been the CFO and Chairman of eLayaway Inc (ELAY) since 2009. In the spring of 2010, eLayaway Inc merged into Tedom Capital Inc (TDOM) and did a 4:1 forward split. The name of the shell was changed to eLayaway Inc (ELAY). ELAY has fallen from $1.00/share to $.01/share since that time.
On November, 26, 2011, Harmon became the CFO of Omni Ventures Inc (OMVE). OMVE had been pumped&dumped a few times including 2 times so far during Harmon's time with the company. The most famous pump&dump happened recently. Here is some past research on OMVE.
Forward Split and Name Change
Later that same week that Bruce Harmon became the new CEO of WNCM, Harmon filed to change the name of the entity to Green Innovations Ltd. To coincide with the name change, the company will do a 20:1 forward split.
The new share count will now look like this (following the 20:1 forward split):
Authorized common shares - 150,000,000
Outstanding common shares - 100,000,000
Free Trading shares - 20,000,000 (owned by 35 different seed shareholders at a cost of $.002/share)
Restricted shares - 80,000,000 (Mordechay David and Shamir Benita own 40,000,000 each at a cost of $.00025/share)
The name change should show up at the Nevada SOS any day now. The D should be added very soon also for the forward split. After the forward split and name change a symbol change should be soon to follow. After the symbol change a paid promotion is possible at any time. It could be days away at that point or it could be months away. There is just no telling, but this is one that should be on people's watch lists.