Well, it seems as thought Mr. Steven Samblis, CEO of IC Places, Inc. (formally IC Punch Media, Inc., which was previously IC Places, Inc before it became IC Punch Media, Inc.) has recently surfaced on the message boards promoting his company wares. He even answered some questions, and even more rare, he made some posts on Investors Hangout, the board that enthusiastically supports his company and efforts. By support we mean goes so far as to censor some posters who state their opinion, thereby giving novice readers a biased view of the company and its CEO by deleting their posts so that readers only see what the moderators want (or allow) them to see. (exactly the same thing they despised about LieHub board deleting positive company posts)
Its good to see Mr. Samblis actively promoting the company, and we certainly endorse such, however… are message boards the prudent place for such promotion? How effective can that be? If this is Mr. Samblis’s idea of active promotion (i.e. advertising), it seems to fall in line with many of his past business decisions. Past business decisions that have his company currently trading at .0002 as we write this. When looking at at the history of this company, Mr. Samblis has been CEO for over 8 years… and his company is currently trading at .0002. That does not instill confidence with investors that somehow Mr. Samblis can perform a miracle and turn this company around, when in over 8 years he has not been able to turn in a better current performance than .0002. Granted about 2 years ago the PPS hit around .05, however that was short-lived and would be considered by many as an anomaly.
Is it possible someone could have done a worse job at leading this company ??? Sure, its possible the company could be bankrupt and out of business, however when the CEO of a company can leverage investor money to keep the company afloat, and somehow investors keep investing, why would any CEO bankrupt the company and voluntary relinquish the flow of available cash. As long as there are gullible investors willing to give the CEO money, it would be a new level of stupidity for a CEO to cease operations under those circumstances.
Now, we mentioned above that Mr. Samblis also answered some questions during his visit to the message boards. Not many, but as an example, a poster asked “steve who owns imagine tv.?“. Mr. Samblis responded: “Currently Imagine is a separate entity with IC Places supplying all the content. VU is making 50% of the ad revenues on FilmOn on its channel.”. Now, we suspect the question had its roots in wanting more information about the relationship between Mr. Samblis’s newest venture Imagine TV, and the public company PNCH that people have invested in. Like was there any PNCH funds used to create the Imagine TV venture, and are any of its expenses being run through the public company? Also, where would any revenue be recorded if Imagine TV were to have any sales of products or advertising revenue?
In another example a poster point-blank asks the question… “How is Imaginetv associated with IC Places?”. In Mr. Samblis’s classic evasive response mode he replies… “We will talk about this shortly. I am not prepared to go over everything right now in regards to this.”. Classic Samblis response !
So, interpreting Mr. Samblis’s answer literally, it appears IC Places (which is part of the public company) encounters the expenses of producing content used for Imagine TV, yet because Imagine TV is not a part of the public company PNCH… any revenue generated by said content stays with Mr. Samblis’s personal accounts. If you are an investor in PNCH… how does that sit with you ? Of course all of this is concluded speculation because Mr. Samblis has not been forthcoming explaining the relationships between all of the different entities he is involved with. Why ??? Anything that is shrouded in secrecy is highly suspect to be questionable, or worse. Investors have been asking for clarification repeatedly, however all they get (if they get anything) is misleading and evasive answers like the above.
So folks… with little or no information, and with what information that is available being evasive and misleading, and, with a track record of running the company for over 8 years and currently having a PPS of .0002… what are investors to think of this sudden push to advertise his company on message boards? Well, perhaps this post below sums it up for most (click to enlarge). The poster was, and had been, a long time supported of Mr. Samblis and his company. We just wonder how many others are out there with the same sentiments about Mr. Samblis and the company. ALSO… how many new investors will be willing to invest in this company given all that has transpired to date, and the secrecy that still surrounds much, if not all, of the actions of Mr. Samblis.
PNCH investors must feel like mushrooms… kept in the dark, and fed horse manure.