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Wednesday, March 6, 2013
Chicken Manure Penny Stock Looks to Abercrombie for ‘Strategic Relationship’
By Andrew Walden @ 11:28 PM :: 8228 Views :: Environment, Ethics, Agriculture, Hawaii State Government

Chicken Manure Penny Stock Looks to Abercrombie for ‘Strategic Relationship’

by Andrew Walden

Lets play ‘Connect the dots.’

A news release from Global Ecology March 6, 2013 trumpets:

Global Ecology Corporation Explores Second Production Facility & Governmental Support from the State of Hawaii

Global Ecology Corporation, (OTC QB: GLEC), through its subsidiary GEC Organics Corp.(“GECO”), has concluded its first visit to the State of Hawaii to discuss the development of a second soil amendment production facility. GECO has completed the infrastructure in Castleberry, Alabama for its first location and is now in the process of implementing the marketing plan for the production phase of its natural soil amendment products.

We have presented our technology to and proposed a strategic relationship with various state agencies in the State of Hawaii, which closely aligns itself with Governor Neil Abercrombie’s “New Day in Hawaii” initiative. Our team which consists of GECO management, investors, advisors and local representatives in Hawaii was well received in the initial meetings with Hawaiian governmental officials. Our group had meetings with state, county and local officials to understand their needs and present solutions through the use of our USDA certified, organic, high-grade soil amendment.

“One of the most important means for creating and retaining more investment in Hawaii, is the productive use of the land for agricultural purposes. We plan to provide the expertise to enrich existing farmland and develop acreage which has not been suitable for farming,” stated Peter Ubaldi, President & CEO. “Our goal is to expand in Hawaii and use the Alabama location as a template for the development of future sites throughout the United States,” added Ubaldi. 

A look at the ‘Global Ecology’ website shows that their actual business is a chicken manure composting yard in Castleberry, Alabama.  This makes for an odd contrast with the Business Week profile for Mr Ubaldi:

“Mr. Peter D. Ubaldi has been the Chief Executive Officer of Global Ecology Corp. (formerly, Homeland Security Network Inc.) since January 10, 2007 and serves as President, Principal Accounting Officer and Chief Financial Officer. Mr. Ubaldi served as Chief Financial Officer and Treasurer of Homeland Security Network Inc. and served as its Executive Vice President since March 2004.”

“Global Ecology” used to be known as “Homeland Security Network Inc”?  That fascinating revelation naturally leads us to “WATERVILLE INVESTMENT, INC. v. HOMELAND SECURITY NETWORK, INC. (NV CORP.)” in which the Court’s Findings of Fact make for an interesting read:

Plaintiff Waterville is a New York corporation with its principal place of business in New York.  Waterville is a financial industry provider and provides "sell-side" research.  Defendant Homeland Security Network, Inc. (hereinafter "HSYN") is Nevada Corporation with its principal place of business in New Jersey.  Defendant Peter Ubaldi is the president of HSYN.

In 2007, HSYN was seeking independent research on HSYN to determine how to attract investors and build the value of the company.  Waterville represented that it provided Wall Street data and research on small cap companies.

Waterville and HSYN entered into a contract on March 1, 2007 (hereinafter "the Agreement").  The Agreement provided that Waterville would perform various services for HSYN including:

  1. posting certain information concerning HSYN on its website; and
  2. producing an eight to ten page summary research report providing data and research on HSYN.

In return, HSYN agreed to compensate Waterville as follows:

  1. $500 cash payment to Waterville;
  2. in exchange for $25 from Waterville, HSYN would issue 3,000,000 shares of Rule 144 Restricted Common Stock in a specific manner;
  3. Waterville would be entitled to an additional 30,000 shares of HSYN's Rule 144 Common Stock upon renewal of the Agreement.

HSYN and Waterville both assert that the other party breached the Agreement. Specifically, Waterville asserts that it performed the required services and that it is owed the compensation under the Agreement; HSYN asserts that Waterville did not provide the agreed-upon services.

On August 21, 2008, plaintiff filed the complaint in this action, asserting claims for: (1) breach of contract; (2) quantum meruit; (3) misappropriation of trade secrets; (4) fraud; (5) negligence per se; and (6) attorneys' fees. On March 30, 2010, defendants moved for partial summary judgment with respect to plaintiff's trade secrets, fraud, negligence per se, and attorneys' fees claims. Defendants also moved for summary judgment with respect to all of plaintiff's claims against the individual defendant, Peter D. Ubaldi. Plaintiff filed its opposition on May 7, 2010.3 Defendants replied on May 25, 2010. Oral argument was held on June 29, 2010.

Translation: A corporation with a thinly traded penny stock ‘Over the Counter’ or ‘Pink Sheet’ listing gives shares to ‘analysts’ who then go on to write ‘independent analyst’ reports touting the company.  The touts cause ‘investors’ to start buying the stock, driving the price up temporarily.  The touts and the owners then sell the stock to the ‘investors’ and stop touting the stock.  Lacking buyers, the price then crashes back down to nearly nothing. 

The suit was filed August 21, 2008. Here is a chart of the HYSN (now known as GLEC) stock showing the unmistakable pump and dump pattern in 2008. 

 

The $0.60 per share peak in early 2008 doesn’t look like much but 3,000,000 shares at $0.60 each yields $1.8 million.  Not bad for an initial $25 purchase price.

Flash forward to 2013:  The ‘Global Ecology’ site reveals that  “Investor Relations” are now handled by “Hawk Associates” with offices in Key Largo, Florida and New York, NY.  Hawk touts its database of “50,000 contacts” and asks penny stock companies, “Is your story really reaching the right investors?” 

Apparently they have been reaching somebody.  As an earlier Hawk Associates penny stock imploded, one rueful penny stock ‘investor’ says, “Another Hawk Associates pump and dump.”  A second investor suggests: “I’m inclined to believe fraud.”

Thus logically ‘Global Ecology’ has now come to Hawaii looking for ‘Governmental Support.’  It all makes sense. 

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