Elite Financial, a PR firm used to spam me with these releases from a little company called Xybernaut Corp. The damn things would slide through the junk filters and what not. In total 110 press releases came into my In-Box, and went into the trash bin. I never believed in all the hype this company was trying to create around its wearable computing products. Sure it sold some to Tesco and the Army, but Dell wasn’t running scared if you know what I mean.
Washington Post says despite tooting its own horn for more than a year, the company recently fired Edward and Steven Newman, brothers who served as chief executive and president of the company, and were using the company as their private wallet. Eewww when you think the company has posted 33 quarters of losses and outside auditors say don’t even trust those numbers.
Xybernaut was employing family members without disclosing it to the SEC, and “failed to inform the board of directors about the finances of major deals and interfered with a company audit committee investigation. Their ouster follows the company’s receipt in February of a Securities and Exchange Commission subpoena concerning sales of Xybernaut stock.”
More tomorrow when I troll through all the documents and filings. So for all of you wearable computing nuts, Xybernaut is XyberNOT! And I am still trying to figure out ways for Elite’s releases from clogging my InBox.
1 comment so far
9:13 AM PT
I really can’t complain, as I made several thousand trading in Xybernaut. Every quarter we were getting the same old crap from the Newman brothers about rising sales and how they were about to turn a profit, only to be disappointed when the financials were released. Finally that queasy gut feeling took over and I sold out. That was about 18 months ago, before the price tanked–lucky me. You got to hand it to that Edward G. Newman though; he talks a good game. If I were to listen to some of his conference calls now, I’d probably die laughing–they’re epic.