In a recent series of articles, we described the business of Uranium Energy Corp (URME.OB), detailing how a seasoned group of Vancouver stock promoters has pushed the envelope in their stock promotion to possible environmental damage in a small town in south Texas.
This Story Demands to be Investigated
The story has taken now a turn for the worse. A recent article in the San Antonio Express News shows exactly what URME is doing in its business operations.
“We can’t hardly use it. We’ve quit drinking our water,” said concerned neighbor LuAnn Duderstadt
“The more they drill, the cloudier our water gets,” said Craig Duderstadt
This couple had the water tested after their cattle stopped drinking from the trough.
We believe that the people of Goliad Texas will successfully be able to defend their land against URME and therefore render their “advanced” in-situ uranium site worthless.
It is our opinion that the corporate credibility of Uranium Energy is already in serious doubt. We have proven that its largest shareholders are unknown offshore entities that have received a stack of cheap stock. In a previous report, we have tied one of the offshore entities to the sister of Chairman Alan Lindsay. Well, it gets even better.
An Episode of “All in the Family”
The CEO of URME is one Amir Adnani, a stock promoter out of Vancouver who owns promotion firm Blender Media. It has come to the attention of Citron that Mr. Adnani also happens to be the son-in-law of chairman Alan Lindsay. Note this relationship is undisclosed in URME’s filings. This is a serious securities violation, which needs to be disclosed immediately. In order to protect the privacy of Mr. Lindsay’s daughter, we are not going to include the link to our documentation.
However, this is just another link in the chain of wholly inadequate controls and disclosure at Uranium Energy. We remind readers that one of the blind offshore trusts that is a controlling stockholder of URME is registered to Mr. Lindsay’s sister.
So who is making the money? While the people of Goliad see their water table contaminated, stock registrations from noted stock promoters are hitting the tape.
EuroXChange Consulting registered 360,108 shares on April 11. EuroXchange is none other than banned stock promoter Brent Pierce. So what did Euro do to deserve to register $2 million in stock? According to the filings:
Webpage, business plan and new releases into German, establishment of communication during European business hours, chat line coordination, web portal presence through Wallstreet Online, production and distribution of a MIDAS research report and a penny stock report, presentation of roadshows, production of certain mailers, and establishment of a Stock Hotline telephone line
This is not the only time that Pierce has registered stock; on February 22, Newport Capital - another Brent Pierce entity - registered 353,310 shares of stock. Here is the background of Gordon Brent Pierce.
As URME will file its quarterly financials in the next few weeks, we again expect to see a company that has zero proven reserves and produces no revenue. Whereas there are many good uranium companies out there with proven reserves and strong management, we cannot say that about URME. Instead, we are witnessing a vehicle for stock promotion that is benefiting none others than the promoters at hand.
Disclosure: Author has a short position in URME.OB
URME 1-yr chart