Wednesday, March 30, 2011

Chinese Reverse Merger: "There's Something Wrong With Our Bloody Ships Today, Chatfield" (ABAT)

The words of Admiral David Beatty to his flag captain after HMS Queen Mary blew up at the Battle of Jutland.
1266 killed, 18 survivors.
This was the second of his battleships to disintegrate so he was, of course, promoted, appointed First Sea Lord and granted an Earldom.
I've used the quote in reference to the market a few times meaning no disrespect to the dead. The Admiral, on the other hand...
From The Market Ticker:
Not another one....

Oh yeah, another one of those Chinese-style roll-up deals, right?  Looks like it:
Advanced Battery Technologies (ABAT) is a $250 million market cap company listed on the Nasdaq. The company originally went public through a reverse merger transaction with a shell company called Buy It in 2004. The company claims to have increased its revenues from $11 thousand to $97 million from 2003 to 2010....MORE