Why do you assume SonicMountain is any better than SunnComm? Read the history of SiVault Systems. The president of Sonic Mountain (Richard Arturo) was the VP of Sales at SiVault. Sonic Mountain and SiVault appear to share the same New York City office space (500 Fifth Ave, suite 1650). SiVault seems to have spent much of its history buying up other companies and making press releases (much like SunnComm). The purpose (it seems to many) is simply to drive up the price of the their shares.
For the full story on SunnComm, you should read http://www.theregister.co.uk/2004/09/27/sunncomm_death_or_glorry/
The best info I’ve found on SiVault is http://www.sec.gov/Archives/edgar/data/1101046/000114420406016612/0001144204-06-016612.txt
One of my favorite lines in the Sivault SEC filing:
We incurred a net loss of $23,900,354 during the fiscal year ended June 30, 2005 and $3,406,660 during the prior fiscal year. At June 30, 2005, we had an accumulated deficit of $42,112,412. Our auditors have issued a qualification in their report on our financial statements for the year ended June 30, 2005, reflecting their concern about our ability to continue as a going concern for the current fiscal year. We expect to make significant expenditures in connection with the implementation of our new business strategy, including expenditures relating to sales and marketing activities, technology development and integration, potential acquisitions and administrative resources. As a result, we expect our losses to continue for the foreseeable future and we may never achieve profitability.
Now, I don’t know that SonicMountain and SiVault share anything but one executive and an office. But I don’t know why everyone assumes that Sonic Mountain is a hero.
Hats off to Guy from Wantaugh for this data!
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