American Graphite Technologies (AGIN)

With 3D printing and graphene both seen as disruptive technologies, a company that intends to do both may sound very appealing to investors. In a previous article titled “The Dangers of Investing in Over The Counter (OTC) Stocks“, we provided a number of examples where companies used the word nanotechnology to promote themselves and consequently lost investors all their money. One OTC company that recently announced their intent to move into the 3D printing of graphene is American Graphite Technologies.

About American Graphite Technologies

American Graphite Technologies (OTCBB:AGIN) was incorporated in the State of Nevada on June 1, 2010. Originally AGIN started out as a development stage company intending to create a portfolio of products and services controlling heating, ventilation and air conditioning making them less time consuming, easy to manage and leveraging the quality of life of every member of a family. They could not raise capital for this business plan so in July 2012 approached a private US company for an option to participate in a 100% interest in certain property rights but were unable to close that acquisition. In January 2013, AGIN undertook the staking of certain mining claims in Canada in an active area of graphite exploration. AGIN had intended  to undertake an exploration program on the claims during 2013 but was delayed in getting a proposal underway by a qualified geologist and by a lack of adequate funding. Given the fact the company has never generated revenues and seems to have difficulties raising funding, the share price performance reflects this having lost 77% of its value since it floated:

AGIN_Chart

The company’s current assets total $286 thousand consisting of cash and prepaid expenses yet AGIN’s market cap is currently $16 million. Rick Walchuk is the appointed President, Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, Treasurer, Secretary the sole member of AGIN’s board of directors and their only officer. Bloomberg Businessweek has a bio on Rick Walchuk which claims at one point in time he was also President, Chief Executive Officer, Chief Financial Officer, Treasurer and Secretary of a company called Viosolar Inc. According to Google Finance, Viosolar would have lost investors 96% of their investment and the Company no longer trades.

In addition to mineral exploration, the company has also entered into a non-exclusive technology License agreement for patent and trade secret technology in the field of graphene oxide or “Bucky” paper with Cheap Tubes, Inc. An individual named Mike Foley is stated as the only shareholder of Cheap Tubes. Relating to this agreement, AGIN gave Mike Foley $170 thousand and listed this under assets as prepaid expenses. Just last month Azonano published an article discussing “Project P-600” which is a project initiated by AGIN to be administered by The Science and Technology Center in Ukraine (STCU). This project involves a scientific team consisting of 10 scientists who will examine graphene as a working material for 3D printing. With AGIN being a $16 million company with one person as the sole officer and $286 thousand in assets, investors should ask themselves just what exactly they are purchasing if they buy shares in AGIN.

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