and for this boards entertainment pleasure>>>
here is some DD on CLYW,...granted it is slanted to the negative side,...but at least you have a better perspective of both sides/scenarios playing out or as they say,...."now you have the rest of the story."
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Let me go back to the "$500 MILLION CHINA TELECOM CONTRACT". Without digging details of the contract (will do so later), just look at the front and the end of the contract, you can easily see some red flags.
http://www.pinksheets.com/quote/print_fili...02%255C&symbol=CLYWThe front of the agreement:
EXHIBIT 10.1
PROCUREMENT AGREEMENT
BETWEEN
INDUSTRIAS DE TELECOMUNICACIONES
AMERICANAS - ATEL S.A.
(A WHOLLY-OWNED SUBSIDIARY OF
CALYPSO WIRELESS, INC.)
CHINA TELECOM CHANGZHOU
>TLECOMMUNICATION BUREAU <
(CHINA TELECOM)
(1) Notice it is a "PROCUREMENT AGREEMENT ", it is not a contract, it is not binding nor is it a real agreement;
(2) Notice the obvious wrong spelling of "TLECOMMUNICATION" on the front page of the agreement;
(3) There is no official name of " CHINA TELECOM CHANGZHOU TLECOMMUNICATION BUREAU". The official name of the counterpart they are referring to should be 'Jiang Su Telecom Co..Ltd, ChangZhou Branch", and their website is at:
(3a) Now that might not seem like a big deal on appearances,....but on a legal level it could be argued that because of the spelling the contract/procurement agreement was not in fact with "the" China Telecom listed on the Nasdaq, but with this company specified. Granted a legal position but none the less could hold up as a legal defense should it come to that.
http://www.czinfo.net/changzhou-telecom/(4) So what ChangZhou Branch does:
http://www.czinfo.net/changzhou-telecom/qyjs.htmhttp://www.czinfo.net/changzhou-telecom/yjhh.htmIn Sept 6, 2000, ChangZhou Telecommunication and Post Branch was established. With the delegation of authority from Jiang Su (Province) Telecom Co, the Branch is responsible for the construction, maintenance, marketing, and services of telecom network for Chang Zhou City."
(5) But in all subsequent PRs and CLYW's website, the company just call it a deal of "$500 million Contract with China Telecom". They changed to two very powerful words.
(6) Also remember China is the most corrupted country, I won't be surprised to see they might have bribed some local officials in China to sign such a no-bidding and fake agreement.
(7) A $500 million contract would require at least the signatures of the CEO of China Telecom, and possible signatures from Minister of China Telecommunication and Post, and the Prime Minister. Nortel recently signed a $100 million contract with China Mobile, it was signed with the presence of Canadian Prime Minister Jean Chrétien in China.
(8) So who signed the contract ?
The end of the agreement:
(from original Calypso/China Telecom SEC filing)
Industrias de Telecomunicaciones China Telecom Changzhou
Americanas, ATEL, SA. Telecommunication Bureau
(Sub of Calypso Wireless, Inc.) (China Telecom)
By:
------------------------------- -----------------------------
Name: Name:
Title: Chief Operations Officer Title: Vice Director
(9) The management team of ChangZhou Telecom:
http://www.czinfo.net/changzhou-telecom/ldbz.htm(note) If you notice there is No-One that has the title of Vice Director.
(10) According to news source from China, the vice-president of Jiang Su Telecom Co..Ltd has flatly denied that Branch had signed such a deal,
(11) There is an English report from China Business Weekly. They quoted from some other China Telecom officials on the deal:
http://www1.chinadaily.com.cn/en/doc/2003-.../content_251075.htm(note) Several officials with China Telecom, contacted by China Business Weekly, were unable to confirm the deal.
Shen Shaoai, an official in charge of China Telecom Group's planning for wireless business, said she had not heard of a deal between China Telecom and Calypso.
However, she said she could not confirm a deal which Calypso claimed was signed before the split-off of China Telecom.
In 2001, China Telecom was spun into two companies during a broad restructuring of China's telecoms industry.
After such a spin-off, a subsidiary would be unlikely to sign such a big deal without the headquarters' approval, Shen said.
Changzhou Telecommunications Bureau officials were not available for comment.
Wei Leping, chief engineer of China Telecom Group, dismissed reports that such a deal had been clinched. He refused to comment further.
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well,...that is what i am able to discover and discern as far. There is some info on Robert Leon I am working on and will forward if it warrants.