Here comes the fruit of another mailed teaser. Jonathan Kolber's Transformational Technology Report sent me a glossy brochure paid for with $2.5M from Elocin Investments, which has a parked web domain and an inactive corporate status at the present time. Great. BTW, it's cute that TTR refers to Mr. Kolber as having a "Rolodex" full of important people. Contact databases supplanted Rolodexes many years ago but let's not let that get in the way of pumpers' efforts to entertain me. Anyway, this brochure touts CloudStar (CLDS), a purveyor of plug-in security solutions for cloud-based data.
CloudStar was born on May 22, 2012 when the owner of Accend Media transformed his shares in that entity into a position with this new company. Searching EDGAR for Accend Media's historical documents shows it was conceived in 2010 to market online advertising campaigns and offer web hosting/design services. I have no clue why Accend Media (ACNM) became CloudStar after such a short time.
The CloudStar founding team is still together and seems to have the necessary qualifications for IT work. Their suite of security products is either still in development or patent-pending. It's impossible to evaluate the effectiveness of products that don't yet exist or don't have verifiable performance metrics if they do exist.
Their 10-Q for January 2013 reveals that they've had no revenues so far, which is understandable for a set of products still in beta. We can only wait to see if they will raise enough capital to fund their product roll-out. The 10-Q says they need $50K, which I think is not nearly enough for the scale of what they need to accomplish. Plugging a secure USB verification device into every spare laptop on the market will be a big undertaking, especially if it's eventually configured for biometrics. Maybe Jonathan Kolber can fund them (insert laugh track here). I certainly won't be handing them anything.
Full disclosure: No position in CLDS at this time.
