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Looks like it isn’t just Lyin’ Larry Cummins prone to a few Black Cactus porkies

By Cynical Bear | Sunday 13 May 2018

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Comedy from across the pond where things have taken a turn for the worse for ex-Milestone favourite Larry Cummins and his latest ex-employer, Black Cactus Global (OTC: BLGI), which has been forced to put out a hilarious mea culpa. Wonder who’s been ramping wildly?

As a quick reminder, Larry Cummins left Milestone, now Catenae Innovation (CTEA), in the lurch and ran into the arms of an OTC Markets listed business a few months ago granting it a licence over all his worthless Black Cactus businesses in exchange for 60 million shares. Its share price jumped off the back of the blockchain connection despite the fact that the business appears to have nothing of value and Black Cactus Global is still valued at over $30 million!

Two recent developments of note.

First, I assume that the SEC didn’t take kindly to the various lies of Larry Cummins highlighted by this site and he has abruptly left the Board; the licences with his businesses have been terminated and he has had to return the 60 million shares. Poor old Larry – wonder where he’ll turn up next. Please come back to Milestone / Catenae for comedy reasons alone.

More amusingly, Black Cactus Global has had its wrists slapped by OTC Markets as OTC had become aware that certain promotional activity was taking place that may have impacted trading in shares. Accordingly, Black Cactus was forced to state the following in an announcement on Friday:

  • “The Company has never stated that it expects its stock to “break out” within 90 days and has no idea where this misinformation came from. We are unaware of any news or development that would lead an investor to believe that our stock is about to “take off”.
  • The Company is not headquartered in Australia but in Las Vegas, NV.
  • The Company does not believe it is a “pioneer” in blockchain technology.
  • There are no reasonable expectations that the Company will experience “amazing growth” over any specific period of time.  The Company is currently operating at a loss and has an accumulated deficit of more than $11 million since inception, as of its last Report on Form 10-Q as filed on March 26, 2018.
  • For the three months ended January 31, 2018, we reported a loss of $7,734,866 for the quarter.  For the nine months ended January 31, 2018, we reported a loss of $10,896,827. We have incurred and expect to continue to experience losses for the near future. Our future prospects for our business is subject to many known and unknown risks as disclosed in our filings with the U.S. Securities and Exchange Commission.”

I’m sure that many of those phrases such as “break out”, “take off” and “amazing growth” are very familiar to many readers who’ve ever had a pushy broker on the phone. Interestingly, Black Cactus also had to set out the various IR and PR companies it has employed which includes our good friends Align Research – surely Richard Jennings hasn’t been getting inadvertently used in a promotional campaign, has he?

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