Monday, June 26, 2006

GTXC GTX Global... How much more due diligence do you need?

From the Feb 2 Press release announcing the Yadio "Merger Termination"... this of course was after they were going to license the technology, sign a marketing agreement, announced the intention to merge, announced the board, filed SEC papers with board memebers and stock swap info, announced a shareholders meeting, had the shareholders meeting (although no one really knows cause there's never been any announcement) then canceled the merger, rescinded the board.. restructured the deal for a licensing deal (again) and then finally.. woooo (try saying all this on one breath?) landed on a marketing agreement. BUT.. way back on Feb 2, in the PR for this "merger termination" was...

"GTX Global also announces today that the due diligence period under the licensing agreements with Govalin Corp for Europe and EU countries and Heel Strike Corporation for Canada has been extended by mutual agreement until February 22, 2006. " <-- full press release here

Way back in NOVEMBER of 05, they (GTXC, GTX Global) announced that 2 companies "heelstrike" in canada, and "govalin" in the EU... were licensing the technologies.. FOR $2M DOLLARS.

After a series of "extentions" to the due diligence to complete this deal.. NOTHING. Maybe after the Yadio debacle (license it, market it, merge, complete merge, terminate merge, license it, market it) ... maybe they learned something and if a deal is fishy and hinky.. and not ever going anywhere, the best thing to do is just keep your mouth shut.... and hope no one, especially someone from the inside, notices and tells the truth.


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