The flavor du jour appears to Bayside Corp ( BYSD ), a pink sheet company which yesterday announced that it had received a $1.9 Billion annual purchase order.
We'd like to add a $5,000 annual purchase order to that mix. BYSD won't be able to fill that one either.
Seriously, if you don't see that this one has scam written all over it, then you deserve what is about to happen to you.
And what is about to happen to the company, could be an SEC Cease Trading Order for lack of current and accurate information. Here are the reasons:
Reason #1 - The Press Release
Bayside Corp. receives $1,900,000,000 annual purchase order for heavy fuel oil exports DALLAS, July 23, 2013 /PRNewswire/ -- Bayside Corp. (OTC: BYSD) today announced that the company has been awarded a purchase order to supply 3,600,000 Metric tons of heavy fuel oil exports annually. Additionally, the order represents approximately $160,500,000 in gross revenues every month for the next thirty-six months. Heavy fuel oil exports is the first step in the company's long-term expansion plans to develop its oil and natural gas business in the international marketplace. Gordon Johnson, Chairman of Bayside Corp., was quoted saying, "we are thrilled to expand our revenue base with international heavy fuel oil export orders." Furthermore, the contractual finalization of the purchase orders and the heavy fuel oil exports is expected to be completed within the next 30 days.
Don't you think you should be asking, "From whom?" Don't you think that an order for $1.9 billion dollars has to come from a company so legitimate that BYSD would want to trumpet the name to give it legitimacy?
Reason #2 - From Where?
Where is all this heavy oil coming from? Can anybody point to an asset listed on any financial report filed by BYSD that shows it is going to be able to produce the product for this marvelous purchase order?
Reason #3 - With What?
The company has no cash! How do we know? BYSD said so itself! Zero! Nada! It never earned a dime in its life! So now it goes from zero to hero? Sure, sure!
Reason #4 - Where's The Filing?
BYSD didn't say it was "negotiating" a purchase order. It didn't even say it "was hoping for" a purchase order. The company said it had one. Period. So where is the order? Wouldn't it be appropriate to file it with the SEC? We guarantee you that the SEC thinks so.
While we're at it, can anybody go to the SEC's EDGAR website and even find Bayside Corp? As of today, we can't.
Reason #5 - The Company Website
For a good laugh, go to BYSD's website . It hasn't been updated in over a year! Shouldn't a company with $1.9 billion in annual revenues have an up to date website?
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BYSD Website (click to enlarge)
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The website's Reports page, list 2011 financials, as its latest. Very professional!
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BYSD Website Reports Page (click to enlarge)
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This deal does not exist and never will exist, and since the press release says that the company will receive " approximately $160,500,000 in gross revenues every month for the next thirty-six months" it will not take long to see that. Expect a follow-up press release with some sort of lame excuse in the coming days/weeks. That is unless the SEC halts trading in BYSD first. By then your money will be gone.
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