In response to recent article on Seeking Alpha; What a JOKESTER! In the first place, this whole thing started in Canada! In a recent article on Seeking Alpha the CEO Stephen Conboy cites "Competitors in Canada" that's funny? ECOB stood for ECO Blue and the Canadians who originally sold the coating to the CEO Stephen (Steven alias) Conboy (OTCPK:ECOB) was Joel Gardner of Megola in Canada, Bluewood!! 'The competitor?' see old news: http://money.cnn.com/news/newsfeeds/articles/marketwire/0655785.htm
So the "competition" according to a recent article on Seeking Alpha; who sold/sell the Exact same thing are competing but do not have what Conboy has? ?? That's a crock!!
Conboy indicates inside of it there's not a current plan for reverse split. However there is one pending, Proxy vote Sept. 24 2013 has been authorized. And at last estimated count there might be 200 million of the 2 billion authorized on Sept. 18 2013 left until it's effected.. :"might" In a few months a convertible is due for $5 million dollars. Convertible into 50% discount off of the WVAP at current price .0018 that equals 2,777,777,777 (2.7 Billion share) There is no stock left for this conversion due to several convertibles through the past 6 months the whole authorized is 2 billion, and on Nov. 19 2013 there were 997 million issued. .. I.E. Conboy will require this for the conversion.. So,,,...
Plus, the board of directors which consists of one person, Conboy, awarded himself and Tech officer 75 million on Nov. 13 2013,, which was the same day a paid promotional campaign began.. Coincidence? Also, There was a value of approximately 1.7 million dollars in stock diluted during it. Conboy has executed amendments via sole board of director status. Coincidence?
All through September, October, November, December, January 2014, and forward, Toxic Convertible loans have been paid in share. the Convertible history in this company's files go from minimum 50to 80%
Next, let's talk about fire. FTWP. Newstar who manufactures the Hartindo Anti-Fire™ product, AF21, is offering a coating that is not much different than a Christmas tree fire retardant. Their web site does not make any claims for lumber but, a coating for the interior walls of the home.. Inside of Newstar's web site, time is not cited there is no mention of any time period of resistance to fire or heat. , Simply, an anti-fire preventive for applying on finished walls, rugs, couches, chairs etc.. There's little difference between it an Christmas tree fire retardant Here: http://www.hartindo.net/af21.html
One would think that, if they believed useful on framing lumber, they would say so?? The Idea is to sell their products for whatever application possible isn't it? Ask your self: "Why in the world Newstar is not touting it for lumber?" Maybe Newstar is sitting around kicking themselves? "Oh shucks! why didn't we think of adding in a little borate ?"
Lets see if we can answer that question, How this whole Snake Oil scheme began.. Joel Gardner of Megola added some Borate to the Hartindo AF-21, and wa-la product for treating lumber!!? Seriously? mix AF-21 with borate and now you've got a international product nobody ever thought of?? Tint it any color you desire.
Regardless, here is when Joel Gardner really gets hot or CAUGHT! http://www.getfilings.com/sec-filings/110620/MEGOLA-INC_8-K_FORM2/v226426_ex99.htm A SCAM!! FORM 8-K - EX-99 - June 20, 2011 "Megola Inc. Announces Signing of Technology Purchase Agreement with 1771601 Ontario Inc. for Intellectual Properties to AF21 Anti-Fire Inhibitor"
Newstar, never sold the intellectual rights of formula to Gardner, nor Megola!! In fact they took Joel Gardner to task, and all but shut down the whole operation directly after Joel made the claim!! Megola MGON stock still exists but now Joel Gardner is hiding in the back ground.
Cited from text: "Megola's conduct is a bald-faced violation of Plaintiffs' trademark rights. The Lanham Act prohibits Megola's unauthorized use of Plaintiffs' marks and Megola's false claims that it is authorized to manufacture and market AF21." Megola; MGON stock still exists but now Joel Gardner is hiding in the back ground.
And how about Joel Gardner's Borate mixture? The same EOCB is claiming as their own? Borate has been marketed over 100 years now.. and without pressure treating it into the depths of the lumber it's just a temporary bug resistor. Off course companies who are diluting semi contaminant chemicals never thought of just mixing a coating it with AF-21's polymer did they? SERIOUSLY!!??
Nor have pressure treating companies ever thought; how easy it would have been, 40-60 years ago, if they had just used Borate? What Conboy is doing,, simple: Marketing the same scheme and Snake Oil which Joel Gardner created!! There is a difference: Conboy tinted his orange!!
In Summery, Considering the history of this scandalous operation, criminal fraud originated by Joel Gardner,, the facts is,, Conboy is selling an original scam created by Joel.. Newstar took Joel to task,, which means; it's just a matter of time until somebody takes Conboy to task, who is selling the same thing, except orange verses blue. .. Or How long Is it going to be before people die?
See the last sentence of ECOB warranty: "ECOB WOOD is not warranted in any way against destruction from fire."
Even if this snake Oil has a fire rating,, unlike Newstar's intention; coating interior walls carpets, couches etc. to help prevent a flash inside of their home. today's oil based products flashover homes within 3 1/2 minutes. by the time fire burns through gypsum, drywall it's so hot nothing will prevent it from burning the lumber,, nothing.
See UL. report:
Termites actually take a long time before completely destroying the lumber in a home. A little borate coating 'should' slow them down. However, Conboy's coating is not water proof and is very, very thin, they will get in. but.
Fundamentally, the files inside of the SEC are just a mess.. Massive dilution, reverse split pending, and accountability? It would take a whole new article to cite all of the problems inside of this.. Of the worst I've even seen; amendments citing over 2 million dollars over claimed. Acquisition without proxy, BOD authorizations ignoring voters, virtual spendthrift frenzy, hype and statements later proved incompetent or not true, and actual tom foolery robbing an angel investor of 6.7 million dollars. Toxic loans up to 80% discounts and toxic discounts not based on VWAP per original note. Privet loans solicited by Investor's relations which is also a boiler room. And that's just a summery.
There is an industry expert watchdog stalking this operation and claims to have performed a Steiner E-84 tunnel test. Claims it failed within 10 minutes. He wont cite his name but has brought photographs on-line.
In conclusion; It is just a matter of time now. 'Promoting an false sense of fire security' fire retardant treaded lumber designed by Joel Gardner- Snake oil salesman? ? People will die?
You be the Judge.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.