Yes, These guys appear to have lost alot of money
Post# of 96892
Posted On: 07/25/2015 1:51:46 PM
Yes, These guys appear to have lost alot of money in spongetech. It was an elaborate scam http://www.crainsnewyork.com/article/20120805...etech-scam
They are placing Nanotech Entertainment in the same category as spongetech. I think there are some key differences between the two companies which shows NTEK to be a true company.
1) The management team consists of key players each of whom contribute significantly through their networks for content acquisition. They have proven track records.
2) The product is generating revenue, there is no way to shut off the revenue stream, unlike spongetech who just used their product as a facade and did not generate revenue. There was obviously much more advertising expenditure on Spongetech in order to reign in investors. NTEK on the other had has been holding off on the big advertising campaigns until they develop a product that will pull in big numbers.
3) Ultraflix is easily verifiable by anybody, you can download, sideload, enjoy UF on any 4k android device. Plus it has earned credibility amongst tech reviewers and it actually does work to stream 4k at lower bandwidth than any other product. GI Joe retaliation is the best example of this.
Hopefully our plan is on track and we will see some big content libraries uploaded here soon to generate more revenue and push us into profitability without relying on share issuance. That is the biggest concern right now.
They are placing Nanotech Entertainment in the same category as spongetech. I think there are some key differences between the two companies which shows NTEK to be a true company.
1) The management team consists of key players each of whom contribute significantly through their networks for content acquisition. They have proven track records.
2) The product is generating revenue, there is no way to shut off the revenue stream, unlike spongetech who just used their product as a facade and did not generate revenue. There was obviously much more advertising expenditure on Spongetech in order to reign in investors. NTEK on the other had has been holding off on the big advertising campaigns until they develop a product that will pull in big numbers.
3) Ultraflix is easily verifiable by anybody, you can download, sideload, enjoy UF on any 4k android device. Plus it has earned credibility amongst tech reviewers and it actually does work to stream 4k at lower bandwidth than any other product. GI Joe retaliation is the best example of this.
Hopefully our plan is on track and we will see some big content libraries uploaded here soon to generate more revenue and push us into profitability without relying on share issuance. That is the biggest concern right now.
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