My family and future has been devastated by this company. They have stolen everything from me that I spent the last 10 years of my life building.
I was lured into moving my family across the country and sold them my company for $50,000 in cash and $400,000 in Stasis Shares. They paid me the cash (albeit very late per the contract), but never issued my shares during my employment or paid me my due wages.
They withheld information regarding a lawsuit filed by their former COO and did not disclose it to me until after the acquisition was finalized. Had I been disclosed this information I would have never put my company or family at such a risk.
They also misrepresented the share price of their shares and told me that they were based off of the estimate from Oppenheimer. Those estimates and valuations were terribly inaccurate. I was misled. Despite numerous discussions with the CEO and CFO of the company, they misrepresented the share price to me and issued shares at a value of $3.11 instead of the actual share price of $2.46. I did not authorize this transaction. I did not agree to this price. They issued me the shares at that price after I had an attorney send them a demand letter for the shares after I left due to their breaches of the contract.
Stasis is a privately held company, but has been sponsored by the State's Jobs Investment Trust and endorsed by Andy Zulauf. Andy Zulauf is a board member of Stasis and has a close personal and long time relationship with the CFO of Stasis, Todd Cope. Andy and Todd have an incestuous business relationship and have been using Stasis as a shell company to sell shares to nearly 100 investors.
As last reported in the State of Delaware, Stasis has a share count of nearly 21 Million Shares. With a share price of $2.46 a share and according to Stasis' internal finances and selling the company over 10 times forward, making the company worth nearly 50 Million USD as portrayed to investors. However, their revenues are in the negative every month; in the Month of May 2012 they only sold $300,000 in gross sales when $800,000 is the operating break even point (according to sources), and are swimming in millions of dollars in debt to their suppliers including Thermal Exhaust Systems, VF Engineering, Alcon Brakes, etc.
Both Todd Cope and Paul Lambert have misappropriated shareholder and taxpayer's investments in excess of 10MIL. They, in part, use these funds to provide themselves with lavish lifestyles, large homes on golf courses, expensive sports cars, and large salaries all at the expense of the investors and taxpayers of West Virginia.
They have taken an estimated 3MIL of the WV Taxpayer's money in funding, what is believed to be, a share selling scam from the Jobs Investment Trust. They have also misappropriated nearly 7MIL of shareholder's investments and have not provided an exit strategy or financial plan for the future.
I can provide financial statements and witness accounts from both current and former employees.
This company is failing and nearly insolvent. I fear that I will lose everything that I have ever worked for if something isn't done. I was defrauded and lied to by Paul Lambert and Todd Cope into selling them my company for a pile of worthless shares.
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