Nucon-RF in cahoots with notorious stock fraudster. Citron Exposes the Truth.

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After the past two reports, it is no secret to anyone that Citron is skeptical of Nucon-RF (NNRF.pk) and their many bold claims.  Lets just follow the money.

We noticed a website called http://www.icecoldstocks.net  that has been extremely critical of our stories on Nucon-RF.   What we found most interesting is the disclosure on Icecoldstocks:

“The Iceman owns 1 million shares of restricted stock.”

1 million shares is 10 times more stock than the chairman of the company owns!

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Citron Updates Nucon

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What’s New About Nucon – RF ?  (NNRF.pk)
(Hey, they named it, we just report it.)

Nucon-RF has licensed NuCap™  – it’s their “Secret Sauce” that puts the sizzle in their story about sales to the nuclear industry in Russia.  It is described repeatedly in their copious PR’s and their only SEC filing.  However, we note this line with no further details:

“Nucon has licensed NuCap™ from Global Matrechs”

What They Don’t Tell You

Global Matrechs is a public company (OTCBB: GBMRE)   They trade at .0015 cents – once in a while.  The company’s trailing 9 months revenues are $36 K and they have a market cap of a paltry $361 K.  If NuCap was so great, they could have bought the entire company for spare change from the promotional campaign budget. 

http://finance.yahoo.com/q?s=GBMRE.OB    

Does anyone remember Eurotech? (AMEX:EUO, now OTCBB:EUOT)

Global Matrechs has licensed this product before – to another company called Eurotech.  For those of you who remember, this former high flyer was also supposed to revolutionize the nuclear business in Russia with licensed technology from Global Matrechs. 

http://www.ewire.com/display.cfm/Wire_ID/96
http://www.brama.com/news/press/000915eurotech.html

Eurotech currently trades at .0035 cents on the pink sheets.
http://finance.yahoo.com/q?s=EUOT.PK

Here is some other fun reading on Eurotech.
http://www.usdoj.gov/opa/pr/2002/November/02_ag_670.htm
  

Conclusion

Reminiscent of the cliché’ “Old Wine in New Bottles”, NNRF has concocted a ridiculous story of old nuclear waste in new containers.  In reality, it’s just an empty promise with a new ticker.

Cautious investing to all.          

             

                   

                            

                                        

                                                        

                                                                            

                                                                                                     

                                

          

    

  

 

 

 

 

Citron Reports on Red Flags at Nucon-RF (Pink Sheet:NNRF)

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Nucon-RF is a pink sheet company that, as of their last filing, had just $100,000 in the bank.  Yet investors have been snapping up shares, giving this mysterious company a market cap close to $400 million.  With no operating history and a series of mysterious acquisitions that are unaudited and nearly impossible to verify independently, Citron attempts to break down what we know about Nucon.
All of the information in this report can be verified at:

http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001144204%252D07%252D009485%252Etxt%26filepath%3D%255C2007%255C02%255C22%255C&symbol=NNRF
This brief prelude to a longer report highlights Citron’s findings about Nucon. so far:

1. Their headquarters is a P.O. box.  They list 1574 Gulf Rd. #242, Point Roberts Washington as their US headquarters.  That address is directly linked to a PO Box just right over the border only a short drive to Vancouver.  The company uses a Vancouver phone number that goes directly to Todd Sinclair.

2. Only two months ago the company raised money through a convertible note at .75 cents a share. (how much can have changed in the last two months?)

3.  In September of 2006, the company issued 400,000 shares to a consultant for public relation services.  Who got that stock bonanza?
But here is the main meal:  In today’s press release, Nucon informs the investing public that its newly owned subsidiary ATOLL has revenue projections of $180 million for 2007.   They state that ATOLL is set to turn a profit of over $20 million for 2007. 

Everything I need to know I learned in kindergarten….If something seems to good to be true, it probably is. 

Lets us look what we know about ATOLL.  ATOLL whose real name is Zao Electro Machinery plant has no web presence whatsoever.  Besides the press releases from NNRF, it appears that this company does not have any public presence.   We are yet to see an 8-K with audited financials of ATOLL, yet the press releases boldly offer future guidance.

We are expected to believe that ATOLL is selling 50% of this great profitable business for $2.26 million in cash and 4 million shares of a pink sheet shell which at the time was trading under a dollar.  Can anyone say Brooklyn Bridge?

Citron commends the folks at Mercer Capital who have been working the phones to keep the rise in the stock, yet we recommend to readers, that if anyone ever calls you to buy a pink sheet company that has not filed up-to-date and accurate financials, you run as fast as you can.

In a follow up report, Citron will discuss the people behind Nucon and the trail of cheap stock.  Furthermore, we will do more digging to see if there really is a business there.  Until then, Cautious Investing To All — and require that any company you invest in submit current and accurate reports in their SEC filings.
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Citron Research Reports on MDI, Inc. (NASDAQCM: MDII)

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Citron exposes the roots of deception behind an opportunistic run-up of tiny company MDI, Inc. (NASDAQCM:MDII)  This company, which until last week had traded in the pennies, was on the brink of delisting, the aftermath of years of losses and unfulfilled promises.

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Stocklemon Updates Medis Technologies (MDTL)

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Last Friday afternoon Citron Research was the first to warn that something was wrong with the press release from Medis Technology (NASDAQ:MDTL) that claimed a new deal with Microsoft as their first “commercial sale”.  On that day, Medis stock added as much $200 million in market cap.

Whereas the company wanted the investing public to believe that after years of nonsense press releases, (which we will discuss in further reports) the company finally has gained commercial acceptance of a product which was developed 5 years ago and appears to be a dinosaur in today’s marketplace.

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