Tony Crimmins (BE ME MBA) – DIRECTOR AND EXECUTIVE CHAIRMAN of ECOMAG
Tony has driven numerous start-up companies currently listed on the ASX, including BluGlass Limited, Jatenergy Limited and Abundant Produce Limited. He identifies breakthrough projects offering potential value to shareholders, develops their businesses, and guides them through listing and business expansion...." END
The above information is written on the Ecomag company website. You would think from the description of Crimmins that shareholders would be in good hands. The reality however is to the contrary. The majority of JAT shareholders would now be considerably in the red.
If you were to have chosen the other company that Crimmins has been running for the last 2 years you would also most likely be in the red. Abundant Produce (ABT ASX) is roughly half its listing price and reported March quarter income of $123k. Their staff, admin and corporate costs were approx $440k for the same period. It actually cost more to produce what they sold than what they sold it for!! They raised another $3.3million late last year @ 40c per share and it is now 25c. They received $684k in R&D tax incentives, $110k government grant and $50k Export market development grant. Like JAT they have distribution agreements coming out their backside but no significant sales to speak of. Remind you of JAT?
Now Ecomag is in for a $12 million grant to start what appears to be a common theme, living high off government grants but not producing anything that serves its shareholders well. Ecomag is not listed on the ASX 'YET' All three businesses incidentally, operate out of the same Chatswood Office.
JAT has played the infant formula and milk powder card to stimulate its failing distribution business (hasnt made a profit in two years) and if you look at the share purchase and sales history of Crimmins and his fellow directors prior to and after the asx announcements that caused the SP price spike you will see how the average shareholder appears to have been played.
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