Alternative Energy Partners Inc (OTCBB:AEGY) Jumps Up For No Apparent Reason
A lot has been going on around Alternative Energy Partners Inc (OTCBB:AEGY) recently. The former company CEO, Mr. Michael Gelmon resigned as the sole officer back in May, shortly after AEGY failed to complete an acquisition of StarPoint USA, a company dealing with the distribution of cars all over the US.
As a result, the controlling interest in AEGY was transferred from Novation Holdings Inc (OTCMKTS:NOHO), another company headed by Mr. Gelmon, to an entity called iEquity Corp. The very same privately held venture also has a controlling interest in SK3 Group Inc (OTCMKTS:SKTO), AEGY‘s partner in the medical marijuana field.
iEquity have apparently developed a special easy-to-use internet platform called PharmaJanes that is supposed to provide users of medical marijuana with a convenient way to purchase their medicines with only a few clicks of the computer mouse. On May 14 AEGY announced that they and iEquity have signed a definitive agreement according to which PharmaJanes will soon be under AEGY‘s wing and while it’s not specified anywhere, SKTO‘s products will probably also appear in the rather good looking Internet platform. That’s all well and good, but we do have some concerns.
First of all, PharmaJanes doesn’t appear to be ready yet. Yesterday the person taking care of the internet website issued a letter to AEGY‘s shareholders explaining the future plans which is probably why the ticker jumped up by a massive 146% on a trading volume amounting to more than 200 million shares, but the simple fact of the matter is this: there’s no deadline for the launch of the new e-commerce platform.
And here’s another thing to consider. AEGY is an OTCBB company which means that they should be reporting things like the definitive agreement for the merger of PharmaJanes in an 8-K form. Try as we might we could find no such thing.
As for SKTO, we’re not sure why people are so excited by the partnership proclaimed around the press releases since, although the financial statements look good, SKTO‘s stock performance is absolutely catastrophic. The ticker exploded onto the scene when they announced that they’re entering the medical cannabis market, but right now, less than four months after they reached their 52-week high, they’re around 80% below their hype-induced value. That, you would agree, is not the kind of solid performance that everyone was expecting.
Speaking of which, AEGY‘s behavior is not what you’d call “consistent” either. The ticker showed an impressive jump back in May when they also announced that they’re going to be dealing with medical pot, but by July 22, just sixty-one days after the press release, they were already 90% down. Now they’re giving it another go, but quite frankly, we reckon that the chances of the whole thing going up in flames once again are way too high.
SKTO turned out to be a rather disappointing performer in the long run and so far, we’ve yet to see some evidence of AEGY being anything different. In addition to this, there seems to be some rather obscure transactions going on around the company. They announced acquisitions that subsequently failed a couple of times. The changes of controls are, we reckon, far too frequent and even when you check out the office, things look somewhat shady.
After iEquity took control over AEGY, the company changed the location of their headquarters from 1365 N. Courtenay Parkway, Suite A, Merritt Island, FL 32953 to 301 Yamato Road, Boca Raton, FL 33431. Check it out on Google and you’ll see that the same exact address is offered as a virtual office. Not surprisingly, two other penny stocks, Medefile International Inc (OTCMKTS:MDFI) and True 2 Beauty Inc (OTCMKTS:TRTB) use it as well. Even the promoters like the location. If you check out the emails sent by Massive Stock Profits and Monster Stock Profits, you’ll see that their mailing address coincides with the headquarters of AEGY, MDFI and TRTB. Make sure you have all these facts in mind while you’re doing your own research on AEGY.
