By Tom Winnifrith | Friday 17 December 2021
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.
Oh dear, oh dear, oh dear. She just can’t help it can she. How do you know if Julie Meyer is lying? Because her lips are moving. Once again we return to Drive Software, the company Julie once hailed at Tesla meets Fitbit but which keeps losing money and is clearly insolvent as I demonstrated HERE on September 26 2021. La Meyer has appointed a new CEO and the company has given a gushing interview to that must read publication, Fleetworld, as you can see below.Natch it is packed with lies.
The new CEO is Joanne Machin. Except, according to Companies House, she isn’t. But heck, filings are for little people right? Her reported CV looks impressive although the companies she mentions all fail to record her as a director. But she was — for a short time — a director at Allied Healthcare shortly before that ended in tears. Odd how that is not mentioned.
Fleetworld reports that that Drive has recently secured new funding, presumably becuase Julie told it so. Did this insolvent company get in more debt to add to kits debt and unpaid bills? Unlikely. So was it equity? Again there is no mention of share issuance at Companies House. Maybe filings are for little people.
But with that imaginary funding banked Julie tells the credulous reporter that it is now seeking £10 million of new funding. Hmmm, so how would one value a loss making, cash burning, company with negatve net current and tangible assets, run by Julie Meyer as she recovers from her latest legal defeat and slayting by a judge, this time in Switzerland? Let’s see how that funding goes …