Remember Subaye (SBAY fka MYST)? It is one of the reverse-merger China “companies” that feature superstar CFO James T. Crane, as discussed here. SBAY is the one with asleep at the wheel septugenarian Director Lawrence Shafran explored here. It is the company that tried and failed to spin out a subsidiary 8 times before giving up and just changing their name, dissected here.
Time for a brief weekend update on SBAY‘s recent developments:
- SBAY‘s 10Q Filing due Feb 15th? They missed that deadline and filed an NT-10Q instead that bought them a few extra days.
- SBAY‘s extended 10Q filing deadline of Feb 22nd? They missed that one too. Jimmy‘s excuses in the Feb 22nd 8k filing included three sure to be classics that your author has never seen before: The timing and completion of certain meetings with third party vendors. The timing and completion of certain meetings with significant shareholders. The timing and completion of certain meetings with sales agents.
- Massive Short Squeeze promised by the idiots on Yahoo? Still waiting for that one too.
But, there have been some great successes over the past few weeks at Subaye. One should not ignore the positives.
- New IR hire? Subaye did find the time and money to hire another shill for their shares. Lately a new name has shown up on SBAY’s press releases, none other than Gary Liu. Gary is certainly familiar to fans of bottom of the barrel Chinese reverse-merger dreck. Given his impressive resume perhaps one day we’ll explore his great works in detail.
- Brand new IR website? Now that his firm has been expelled by the PCAOB, Jimmy also managed to find some time to get that done! In a March 2nd press release Jimmy positively beamed, stating:
“We are pleased to launch our newly designed website catered to our existing and future shareholders. It is our strong intention to strengthen transparency and communication at a level that is above and beyond our peers. We have made a new addition to our investor relations team and look forward to providing timely and relevant updates as our cloud computing business continues to grow across China.”
Jimmy T., if you actually wanted to do something positive for your shareholders, and strengthen transparency, how about filing your 10Q on time? How about hiring more bookkeepers and spending less on fancy IR sites and IR drones like Mike Feldman and Gary Liu to shill your shares?
Of course a cynic might ask “Perhaps the real business at SBAY is not selling buzzword drenched BTC Cloud Computing nonsense but rather just selling shares to suckers?”
And please don’t forget to vote in our first weekend poll, right here.
Chinese media and entertainment services provider Subaye plunged in late trades on Monday after the company announced the resignation of its chief financial officer.
In a Form 8-K filing with the Securities and Exchange Commission, Subaye said James Crane, who has served as its CFO since October 2007, disclosed his plans to resign to pursue other professional interests on March 10. The company named Alan Lun, its president and a director, is assuming the CFO post.
The stock was down almost 36% to $3.80 on volume of a little less than 30,000 in extended trades.
[@mpg – Thanks for posting that. Jimmy might have to fall back on one of his other gigs, although I hear CCME is looking for a CFO! – Editor]