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I’ve done my debit and I’d encourage anyone else here do do the same…
Dear Ben
Thank you again for the information below, which was also passed to the Market Supervision team to consider any potential market abuse angle.
Also reported to Market Conduct Enquiries, Secondary Market Oversight via email: market.abuse@fca.org.uk
Muggins, if we were talking about an employee who’s only gone about their own business in the wider world, I MIGHT agree, no moral obligation. But an employee who’s viewing a shareholders’ forum and borne witness to their being shafted DOES have a moral obligation. If that employee has taken a decision on here to anonymously post claims of flat-out lies in an RNS, they’ve already been helpful and taken a step towards helping to hold fraudsters to account. My point is that an anonymous post on a forum without evidence will ultimately help not a jot. But the same message to the FCA and AIM Regulation would be a massive help to shareholders.
Of not or
He may not have an obligation to do so, but he would be doing us all a big favour if he did. I really would like to see an investigation or wrongdoing here.
Shave - it is reasonably obvious that whitecells is an employee, and is one of several employees who have very helpfully set out what is actually going on with the company. As an employee I very much doubt that whitecells has a moral or legal obligation to report inaccurate RNS's.
Whitecells, if you know for a fact that claims in RNS’s were lies, I hope you’re reporting these urgently to both the FCA and to AIM Regulation?
Check1 yes everyone has lost their jobs at this point and working hard to start in more rewarding companies thankfully. Still holiday pay due and still loads of stress because of the way it has been handled, just so that executive management can take private control of the entities for themselves. Greed and lack of knowledge of the science.
A few points; Deepverge executive management made the ridiculous decision to higher a top tier marketing agency Media Monks, like most things at the wrong time, maybe a year or more before they were required: https://www.proactiveinvestors.co.uk/companies/news/962357/deepverge-to-team-up-with-mediamonks-for-digital-roll-out-of-skin-trust-club-962357.html for circa 1.3-1.4 million pounds and that was for them to sell 20,000 kits which cost around 30 pounds per kit to process which is rough £600,000 pounds of processing plus the 1.4 million of marketing, plus some adhoc videos and other things, so £2 million give or take. Thankfully alot of this was not spent because if it had all of this would have come to a head significantly sooner and more harshly.
That was crazy and everyone knew it, so this is why staff tried to avoid using the marketing agency at this time, and ran free promotions. Please remember that without an initial volume of test kits, the AI does not work, and without the AI working, it is not as efficient, and when its not efficient the reporting is much more time consuming. So you must have an initial few thousand kits processed regardless of marketing for STC to work and for us to test everything. Deepverge executive management were selling this as a finished product long before it was.
To answer your question Deepverge or STC did not make 1 million and never did, it was a startup, you are quoting an RNS and as many of us have said all the RNS's are BS unfortunately. Every single one of them. We only really required 2 sequencers and the plan was to open a US lab, and that failed miserably due again to dumb timing and lack of funds. Nothing wrong with the science and tech just execution was sadly laughable.
However STC spend is a fraction of Modern Water, most of the Modern Water deals were loss making, the cost of manufacturing the equipment and what things were being sold for were a loss everytime. RNS after RNS, lies and more lies, deals that did not exist in the future. The list is endless.
Rinocloud, an AI firm based in Cork, has closed down after its parent company, Deepverge, decided to withdraw its financial support. This decision by Deepverge comes as the company is looking to divest itself of non-core businesses due to severe financial difficulties.
The closure of Rinocloud has resulted in all 10 staff members losing their jobs. It is unfortunate news for the employees, as Rinocloud had once shown great promise in the field of artificial intelligence.
Deepverge, facing financial challenges, has been struggling to support its subsidiaries, leading to the need to dispose of non-core businesses. Rinocloud fell victim to this decision, leading to its closure.
Although the article lacks further details on the reasons behind the closure and the impact it may have on the local AI industry, it is clear that the decision to pull funding from Rinocloud has had significant consequences for the company and its employees.
This news serves as a reminder of the realities that startups and smaller companies in the tech industry can face. Despite initial promise and potential, factors such as financial difficulties can quickly lead to the closure of businesses. In this case, Rinocloud was not able to continue its operations due to the absence of financial support from its parent company, Deepverge.
It is unfortunate to see yet another AI firm close its doors, but it highlights the challenges faced by companies in this rapidly evolving and competitive industry.
https://***enwasanni.com/news/rinocloud-an-ai-firm-in-cork-closes-down-as-parent-company-pulls-funding/186535/
they paid millions for it in 2019 i believe.
Thanks AC, I appreciate people have worked hard and lost there jobs here and it's not all about the shareholders.
With regards to STC, you mention there was little demand for STC, but in July 2022 RNS Number : 1166R states Skin Trust Club, generated £1m plus in sales. Now this was presumably partner product sales via the app, which dvrg would have received a revenue share (and we dont know what that share is). Given 20,000 members 1m in sales doesn't sound implausible with an AOV of £50. Indeed this 'phenomenal business', was generating demand of 1000 something per hour (noting the lack of key details, which is very subtle).
13th June 2022
https://youtu.be/fACPDKoNbUg?list=PLnk_WM-WosgXFfiUKMFeywYyEvyb_S8QT&t=3m50s
Oh dear the imbecile drdoolittle45 posting again to remind the world what a moron they are.
Perhaps you can find somebody a touch less thick than yourself that can walk you through the thread, paying particular attention to the post by mugginsthedog (8 Aug 2023 18:28), and you'll discover my link is very much relevant.
But even that's probably asking too much...
And for the record that page is returned by the most obvious two term search. It seems incredibly unlikely that is beyond the capability of other posters. Yet that is what we are being asked to believe. Incredible...
Check1, in reference to the REI TEX RNS. I have no inside knowledge of the contract details or actual value. But, The RNS stated the company role was to produce a swab test and that's hard to do when less than three months after the announcement you are closing the RnD dept and downsizing the other teams, what they did do was supply plates of labskin for other members of the consortium to use, most of it in the last month so the staff worked there backsides off and didn't get paid for it.
Also, you previously asked "what went wrong?" The answer to that is simple. The BoD, with no science or engineering background, ignored the highly qualified and experienced staff that they hired and who told them, STC won't work as you invisage it, BT/PD shouldn't be based on optofluidics, MW needs to modernise, labskin can't be scaled in the manner you want.
Millions of pounds wasted on sequencers for STC that were never used because there was no demand, free test giveaways to promote STC, trying to make BT/PD work and money wasted on free labwork for labskin customers who didn't like the results of the studys they had paid for, Nothing wrong with the science but rather than say 'those are the facts' Management dropped there trousers and bent over.
As another forum member pointed out, all social media posts come from Louise Doyle which is Gerard Brandon daughter so large pinch of salt needed. Currently nobody remains in Labskin to service any clients and also nobody remains in Skin Trust Club and nobody remains in Modern Water. All staff have been left go and Gerard Brandon and his gaggle want Microsaic to get it for nothing.
Every day Modern Water post on LinkedIn as if it was business as usual. Very odd, and quite annoying really.
T Rat (wee little Gerry from Tom & Gerry) , again dredging up the chaff for folks from a year ago. Since a year ago I am afraid a lot has changed and Labskin does not exist today. Another fact you may have trouble swallowing.
MSYS to buy DVRG for a euro?
what will you guys do if this happens?
It sounds to me, like they are going out of their way to screw up the company. So they can just pass it to msys, as they conveniently owe them money, (and will give it all away for nothing).
They are not getting away with this now since that last Rns. I’ve lost a huge amount of money in Dvrg and it’s going to cost me 5 years of my life to get back on track. I took the loss, but I’m not now, with all this rubbish. The technology is awesome and it should have succeeded, but greed and mates rates have got in the way.
Indeed - thanks to AC.
Interestingly when you Google - Intelligence Advanced Research Projects Activity REI TEX (which is the name of the project, together with DeepVerge you get no hits other than DVRG publicity. It seems incredibly unlikely that none of the other participants in a project would not mention this.
It is looking increasingly as this is a long con, a tissue of lies by a fraudster. We already know that he and his missus skimmed money from DVRG and it is looking increasingly as if he was involved in other nefarious activities.
Thanks AC, you obviously know a lot more than we do about this company. So what about some of the contract announcements made in the RNS. Are these all real and just can't be fulfilled or were some of them invented by you know who?
https://www.proactiveinvestors.co.uk/companies/news/994358/deepverge-s-labskin-joins-us-govt-consortium-developing-new-radiation-exposure-tests-994358.html
It's all BS. Rinocloud have no staff so aren't providing services to anybody. Glanaco arent continuing to support Labskin , Labskin has no staff and no labs to require support. Likewise once the stock of Modernwater products are gone from the freezers there is nothing to support. It would get really interesting should the auditors/administrators finally get called in and they find that a huge amount of MW 'stock' is mostly product that failed quality control. Similarly the recent Rematek and Interprod announcements are just chaf. They have always been the service partners for the M500/ deltatox and FX/LX respectively, As the release says the companies designed the equipment. They also hold the dwindling supplies of no longer manufactured components to repair and service these obsolete instruments.
What is particularly despicable is that the STC site is still up and it appears you can still order a STC test despite the company having no way to service that order.
We must read between the lines at this point. Andrew Waters came in as CFO to look at the books and sort things out, the moment he did in April he saw the total BS in the accounts and released this: https://www.lse.co.uk/rns/DVRG/2022-revenue-update-revision-we4hkfrrzhioxh3.html and he was being polite because who in their right mind gets their revenue wrong by100% for the year!!! So that 6.1 million contract is pure BS of course.
So Jez01 this is not a genuine contract if it was Nigel Burton would not be handing it over for 1 euro now would he! he is getting rid of this and hoping for the best that it does not come back to bite him in the ass is what he is doing.
Rinocloud will not be charging anyone for their services. As was pointed out in the forums, Tony Ryan is related to Fionan Murray, this is a family deal so it stays between family. As I say read between the lines!!
What is the actual point of RNS? When they can blatantly lie, about a new contact for 9 million. I thought they were approved by the Financial Conduct Authority (FCA). Selling for £1, they really think they are above the law this company now.
WHEN DO THE BOARD OF DIRECTORS NEED THE APPROVAL OF THE COMPANY’S SHAREHOLDERS?
"As most directors will know, it is the board of directors that make the decisions about a company’s business on a day to day basis. But, there are certain circumstances where UK company law dictates that the shareholders of the company will have the final say.
The Companies Act 2006 sets out a number of circumstances where the board of directors of a company will be required to seek the approval of the company’s shareholders before entering into a transaction. Most of these circumstances relate to transactions involving a director of the company or (in many cases) a person connected with a director. The circumstances include:
· Where a company is buying a substantial asset (that isn’t cash) from a director of the company or any person or entity connected with a director or is selling a similar asset to a director or any person connected with a director;
· Where a company is proposing to make a loan to a director or provide a guarantee (or other form of security) for the benefit of a director; or
· Where a company is looking to enter into a service contract with a director which is for a fixed term of 2 or more years.
It is surprising how often these issues come up in relation to small companies. Whilst there are exceptions to the general rules, wherever a company is seeking to enter into an arrangement in which a director has an interest (whether direct or indirect), the board of directors will need to be conscious of these rules. A failure to obtain the necessary approval could result in the transaction or arrangement being completely void. "
The above taken from Howat Avraam Solicitors website
Assuming that this is a genuine contract, this would mean that the revenue from March-July would belong to the Deepverge Group. It should also imply that Rinocloud / Rinodrive would need to charge Glanaco for it's services going forward. Perhaps Rinocloud will get sold to Glanaco too? This level of sophisticated fraud needs to be properly investigated by the authorities.