Here at HotStocked we've been closely following up spammers. So today, we have another company that has become a victim of the spammers' attack. And that is KELYNIAM GLOBAL (KLYG.OB). Let's take a closer look inside the company.The company is doing some mysterious business. On its website, the company bewilderingly states its "long-term business strategy is to maximize the company's annual rate of gain in intrinsic value on a per-share basis greater than could be achieved by conventional methods of investments. Our commitment is to our shareholders, which we view as partners and co-owners of the company." Sounds like motherhood and apple pie with a little mystification thrown in, right?
Well, I think news that the company was awarded a deal to provide wind tunnel models to a Major Helicopter Manufacturer in Connecticut can tell us a bit more. Though, mysteriously, Kelyniam said that the manufacturer wants to stay anonymous.
Unfortunately, Kelyniam's financials don't tell us too much either: as of March 31, 2008, the company reported $63,000 in total assets and $145,000 in total liabilities; and for the quarter then ended, they reported revenues of $5,000 and a net loss of $59,000. From inception (December 30, 2005) through March 31, 2008, Kelyniam reported cumulative revenues of $121,000 and a cumulative net loss of $287,000, for 27 months of operations. Cash flow from operations for the 27 months totaled $15,000. With numbers like this, and a going concern opinion from their independent accountants, I wonder what "Major Helicopoter Manufacturer in Connecticut" (Let's see...could it be...Sikorsky?) would award a substantial deal to a company with that financial profile?
It seems the company's CEO, James Ketner , has lots of optimism though, to take the company to another level. Of course, I hope the company will reach its target and has a long future ahead.
It is worthwhile to note that Mr. Ketner recently made a public announcement regarding the stock performance. He said that neither the company nor its affiliates are selling any shares . "Out of the 607,200 shares in Cede & Co, the affiliates as a group hold 430,000 shares; an accredited investor in California holds 130,000 shares; which leaves approximately 47,000 shares. Two close personal friends of mine as a group own over 60,000 shares. "
Obviously, someone is trying to benefit from this spam campaign. The company's CEO believes that whoever is selling stock over the last days does not own it. He thinks they are "shorting stock in order to drive down the price hoping to strike fear into our shareholders to get them to sell their stock."
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