Alternative Energy Corperation is a public-trading company on NASDEC.(ARGY;OB)I am the inventor of a unique hydrogen production technology, where I make hydrogen on demand usuing an alloy mixture and an electrolyte and I am able to run ICE engines using hydrogen that has been produced through this method.
As an inventor, I have met with many people who have come to witness my hydrogen demonstrations and this is how I met Blaine Froats.
Blaine was looking for another technology to bring to the stock market,as he had just sued the pants off the last guy who's technology he was flogging,who's name was Professor Hooper.
Funny thing is, Blaine still claims to own this technology, even after Professor Hooper was forced to give Blaine his shares back and the technology went back to Hooper.
This does not stop Blaine from putting this patent number throughout his propaganda,including his SEC reports, where he tries to pass of Hoopers patent as being my hydrogen patent, he doesn't have even a patent pending on the hydrogen. He owns none of the technology.
My role in AEC was I was licensing them to use my hydrogen technology and I was to act as a consultant. For this I got a payment of 140,000 and 7.5 millions shares, freetrading, I ended up getting 500,000 shares free trading, and the rest of them were restricted 144's.
As Blaine made press announcements the price of the shares rose. They went from about 47 cents US and climbed to 2.92 and would have gone up higher if it had not been for Blaine and company who begain to dump huge volumes of shares, in fact in one week over 20 million dollars was dumped.
As this was going on, Blaine was telling me I shouldn't sell my shares because we were going to take the company up like Ballard (a hydrogen company, who share were well over 100 dollars at on time)What a crock.
Lucky for me I was able to trade my shares as Blaine and co.dumped. As for the rest of the shares I got 4.5 millon and the rest are not forthcomming. In fact in September of this year when my 144's were up for trading Blaine refused my request to release them and slapped me with a bogus lawsuit.
In this lawsuit which is in Canadian court,Blaine is claiming that my technology doesn't work ,yet this is the exact oppisite to what he tells his shareholders, just look at his website and you will see what I mean.
This lawsuit is so baseless and is fraud in itself.How can you tell a court that a technology does't work when you are actually going around on a daily basis, doing demonstrations of the technology and claiming to own it when you have not even payed for it.
Why hasn't this been thrown out of court?
He is also trying to tie up my assets and destroy me with these legal fees that I have been forced to absorb as a result of this scam. He is a very wealtly man from his many stock attempts.
I would also like to address the issue of the 150 investors, who payed cash for their free trading shares, Blaine has not given them any of their shares either, even though he made a press annoncement that he did.
This company is a major ripoff. I own 7.5 million shares in the company, so for me to say this, there must be a serious problem.
Looks like someone has some explaining to do.
Russell
anywhere, Ontario
Canada