SEC Shuts Down Fraudulent Mother-Son Offering Involving Purported Supercomputer
FOR IMMEDIATE RELEASE
2021-131
Washington D.C., July 19, 2021 —
The Securities and Exchange Commission today announced that it has filed an emergency action and obtained a temporary restraining order and asset freeze to halt an alleged ongoing offering fraud by Las Vegas-based Profit Connect Wealth Services Inc., Las Vegas resident Joy I. Kovar and her son, recidivist Brent Kovar, which has raised more than $12 million from at least 277 retail investors.

According to the SEC’s complaint, which was filed in the U.S. District Court for the District of Nevada and unsealed July 16, since at least May 2018 the defendants have raised investor funds through Profit Connect while assuring investors that their money would be invested in securities trading and cryptocurrencies based on recommendations made by an “artificial intelligence supercomputer.” As alleged, Profit Connect claims that its supercomputer consistently generates enormous returns, which in turn allows Profit Connect to guarantee investors fixed returns of 20-30 percent per year with monthly compounding interest. According to the complaint, however, over 90 percent of Profit Connect’s funds came from investors. The complaint further alleges that the defendants did not use funds received from investors to trade securities, buy cryptocurrencies, or do any of the things that Profit Connect promised its investors it would do with their money. Instead, the complaint alleges that the defendants misused investor money by, among other things, transferring millions of dollars to Joy Kovar’s personal bank account, paying millions of dollars to promoters, and making Ponzi-like payments to other investors. The complaint alleges that Profit Connect actively encourages investors to use money from retirement funds and home equity, and targets investors looking to build educational funds for their family.

“As we allege, the defendants targeted investors who were looking for safe products for their retirements and their children’s educations, offering a money back guarantee on top of the phenomenal results they promised to achieve using a purported ‘super computer,’” said Michele Wein Layne, Director of the SEC’s Los Angeles Regional Office. “Investors should be wary of individuals and firms who guarantee double-digit returns with no risk of loss.”

On July 14, the court granted the SEC emergency relief against the Kovars and Profit Connect, including a temporary restraining order and an order freezing their assets. A hearing is scheduled for July 26, 2021, to consider, among other things, whether to continue the asset freeze, issue a preliminary injunction, order an accounting, and appoint a receiver over Profit Connect.

The SEC’s complaint charges the defendants with violating the antifraud provisions of the securities laws. In addition, the complaint charges Joy Kovar as a control person for each of Profit Connect’s violations under the Securities Exchange Act of 1934. The complaint seeks permanent injunctions, disgorgement, prejudgment interest, and civil penalties.

The SEC’s investigation was led by Teri Melson with assistance from Dora Zaldivar, and was supervised by Finola H. Manvelian in the Los Angeles Regional Office. The litigation will be led by Katy Wanner and supervised by Amy J. Longo.

The SEC’s Office of Investor Education and Advocacy encourages investors to review the Investor Alert on Frauds Targeting Main Street Investors and to access the investor protection resources at Investor.gov.

The SEC appreciates the assistance of the Utah Division of Securities.

###

https://www.sec.gov/litigation/complaints/2021/comp-pr2021-131.pdf


———

recidivist Brent Kovar

https://www.sec.gov/litigation/complaints/2009/comp20960.pdf
From father to mother
https://investorshub.advfn.com/SkyWay-Communications-(fka-SWYC)-2453/

Business
Kovar reportedly authored a patented compression algorithm, but his businesses have been characterised by grandiose claims and baffling technology which no one (especially not experts) seemed to quite understand, and which never delivered. Key positions have been held by his relatives, such as mother, father and cousin, and lawsuits have tended to follow.

Satellite Access Systems
In 1996, Kovar set up a satellite business, which lost up to $4 million. The Tampa Bay Times reported in 2007 that "in pitching his dream, Brent Kovar used words like "algorithmic virtual tables" and "binary pattern transmission" and a "dimensional rotating array matrix."[2]

How do these 3 names fit in this story ? Bradford Baker, Andrew Badolato, and Dean LeBaron

Though not named, they are named in a recent article as being involved in the Skyway SCAM

You're one of a very large club. The only ones I don't feel sorry for are the ones that read my report and warnings and ignored me and stayed in or bought anyway. I hope there was a lesson in your loss that made you a better investor. Then the loss may actually have been a gain.

Lost a $1000 on this scam

SEC finally acts against SWYC and Kovars and Kent et al

In the "better late then never" category, it's nice to see that the SEC finally filed suit against Brent Kovar and his posse.

http://www.sec.gov/litigation/litreleases/2009/lr20960.htm

Why it takes the SEC 4 years to finally file suit on something as blatant as this is anyone's guess but I will go with misplaced priorities bundled with incompetence.

I am, however, gratified to have been the primary source for exposing this particular scam to the public and to have filed a very extensive complaint with the SEC back when they were pumping the stock hard.

My report stopped the pump and dump at the time and, based upon what I read in the complaint, much of the evidence I provided the SEC was used in formulating the complaint.

I wonder what Brent, his mom and dad and that kent guy are up to these days.

SKYWAY COMMUNICATIONS HOLDING (SWYC)

One of the two owners of the DC9 (tail number N900SA) busted at an airport in the Yucatan last week after lumbering in from Caracas, Venezuela carrying an astonishing 5.5 TONS of cocaine was appointed in 1993 to the Business Advisory Council of the National Republican Congressional Committee by then-Congressional Majority Leader Tom Delay, The MadCowMorningNews can exclusively report.

The plane's registered owner, “Royal Sons LLC,” a Florida air charter company, was at one time housed in a hanger at the Venice Fl. Airport owned by infamous flight school Huffman Aviation.

Interestingly enough, the DC9 was painted to resemble an official government aircraft.

The Delay appointee in question is Brent Kovar, owner of a firm called Skyway Communications Holding Corp. The firm ran into a few problems between 2002 and 2005 -- in fact, it lost $40 million and had to file for bankruptcy.

Despite this less-than-impressive performance, Delay decided to promote Kovak as a businessman par excellence:

"Congressman Tom Delay, Majority Leader, has appointed Brent C Kovar to serve as the Honorary Chairman, Business Advisory Council,” read the headline of an August 7, 2003 release from PrimeZone Media newswire and press release service.

The Business Advisory Council, explained the release, was part of the National Republican Congressional Committee, “dedicated to making sure that small business has a voice in Washington.”

Kovar was appointed “in recognition of his valuable contributions and dedication to the Republican Party,” and was "expected to play a crucial role in the party's efforts to involve top businesspeople in the process of government reform both at the state and federal levels."

Skyway, in a partnership with a firm called Royal Sons Motor Yacht Sales (otherwise known as just plain "Royal Sons"), purchased the DC9.

I suspect that we may see a variation of the "piano player in the whorehouse" defense: Kovar had no idea that so much cocaine had somehow found its way onto his airplane. Some observers may be reminded of John Delorean, another up-against-the-wall entrepreneur who turned to the cocaine trade when he could come up with no better way to keep his operation afloat.

Hopsicker believes that "Royal Sons" was itself a cover for the CIA. That may well be. But I would caution that the American intelligence community is large; there are many agencies and many semi-independent players.

This story appears to focus on the very same DC9 that hauled in the drugs. The name of the craft was -- prepare to chuckle -- Stars and Stripes. Skyway purchased the airplane pursuant to its stated goal of

...developing a unique ground to air in-flight aircraft communication network that it anticipates will facilitate homeland security and in-flight entertainment. SkyWay is focused on bringing to the market a network supporting aircraft-related service including anti-terrorism support, real time in-flight surveillance and monitoring, WIFI access to the Internet, telephone service and enhanced entertainment service for commercial and private aircraft throughout the United States.

Homeland security. Anti-terrorism. No doubt that explains the need for 5.5 tons of the white stuff.

The story gets more amusing. Despite its Chapter 11 status, Skyway assures investors on its home page that the company "is reviewing all possibilities related to operations and capital formation in order to get back on track to continue with its original business plan."

And in this very revealing article from the Tampa Bay Business Journal, we learn that Skyway planned to get out of its hole by relaying on certain "white knights." And who were these worthies...?

"A venture capital group is ready to do this," he said citing talks with some of the original Arab investors, and "the end result is it's going well," Kovar said.

Oh ho.

So let's get the chronology straight. Kovar's company hits bankruptcy court. He tells the judge that mysterious "Arabs" will soon bail him out. Next thing ya know, his DC9 is caught hauling in tons of nose candy.

Maybe that explains why (according to the Tampa Bay Business Journal) Skyway's own lawyers, handling what should have been a routine Chapter 11 case, decided to treat the company as though it were radioactive...

Incidentally, Hopsicker hasn't yet divulged any info about these "Arab investors." But he does connect the 5.5 ton coke shipment to the same milieu inhabited by Atta and company. In previous posts, we have discussed the likelihood that Al Qaeda-related personnel were involved in "protected" drug importation rackets.

You keep some interesting company, Mr. Delay. I'm curious: Just how did you and Mr. Kovar get to know each other in the first place...?

Postscript: This story pictures the National Republican Congressional Committee's Business Advisory Council as something of a scam, in which "honorary chairmanships" are handed out in exchange for donations. However, this press release from Kovar indicates that the matter goes rather deeper, at least in his case.

Mr. Kovar was quoted as saying, "This appointment by Congressman Tom Delay will give SkyWay opportunities and direct contact to top decision makers within the executive and legislative branches enabling SkyWay to customize its homeland security and public safety products to the needs of the federal and state governments."

By the way, googling the names "Brent Kovar" and Tom Delay" resulted in one rather intriguing listing -- unfortunately, neither the link nor the cache go anywhere:

Featured Company - Our-Street.com
Brent Kovar really did it TO you here. the so called "duPont Trust" involved with ... Brent Kovar is a liar and con. I wish there was another way TO put it, ...
www.our-street.com/swyc.htm - 109k - Supplemental Result - Cached - Similar pages

Hmmm. If I get time later today, I may check out the WayBack machine site. Unless a reader cares to help out....

(Yes, once again, we enter the world of weird internet companies that somehow seem not quite "real." For example, check out where this intriguingly-named URL heads off to: www.homelandsecurityenforcement.com/pnstocreleases.htm)
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Hahaha!!! ROTFLMAO Hahahaha!!!



NCDR / Brent Kovar make the news. A bit late, but some good stuff in here, nonetheless.

http://www.sptimes.com/2007/07/01/Southpinellas/Invention_was_too_goo.shtml#

Invention was too good to be true
Brent Kovar got investors and employees to believe his invention was the next big thing, but nobody's ever seen it.

By LEONORA LAPETER ANTON
Published July 1, 2007

ST. PETERSBURG - Brent Kovar stood before a giant movie screen in the penthouse theater of a downtown high-rise. The featured attraction was an excerpt from the movie Top Gun, with stars Tom Cruise and Anthony Edwards yelling "we have the need -- the need for speed!"

Kovar told the group of investors sitting in front of him that he had found speed. He had invented the most promising advance in Internet communication on the planet.

His "magic" black box could compress massive amounts of data and transmit it faster than ever before, Kovar said.

Using an antenna in a nearby control room, he told investors, the movie had been sent to a satellite in the sky, then back down. It took only seconds at a time when transmitting a movie by dialup took almost half a day.

The investors were spellbound.

"There was an aura around you that I'm involved in something gigantic here," said B. Scott Limehouse, Kovar's vice president of sales.

But as the offices cleared that day in early 1999, Limehouse walked into the room where the antenna had just beamed Top Gun to the satellite above.

It lay on the floor. He picked it up and looked out the window at Tampa Bay. How, he wondered, did we just do that? The holy grail?

On a warm day in February, a 40-year-old Kovar got up and pitched his invention again. He drew diagrams and explained how it sent signals that traveled from Earth to the satellites and back down.

This time his audience was a Pinellas County civil jury considering whether he had stolen the very technology he had created.

The verdict? A $36-million judgment against Kovar, one of the largest in Pinellas history.

Kovar, who declined to be interviewed for this story, has never been charged criminally.

But thousands of civil court documents depict a man who got dozens of investors to give him at least $21-million for the next sparkling Internet invention -- technology they now believe never existed.

Kovar formed several companies on the strength of his invention. He said he could transmit massive amounts of information -- from video conferences to movies and music -- faster than ever before. Later, he said his invention could provide security on every plane in America.

He had a keen sense of timing. Both companies seemed to ride the edge of the technology frontier. One expert called his invention the "holy grail" of Internet communication. Kovar knew he had everyone's attention.

He bragged to investors, sometimes in newsletters and brochures, that he had the interest of high-profile players like AOL-Time Warner, American Airlines, Bill Gates and Donald Trump.

Kovar said he had met one-on-one with Tom Ridge, head of Homeland Security; gone to dinner with President Bush; and that Vice President Dick Cheney wanted to discuss "various homeland security initiatives."

Representatives for the three men say they've never heard of Kovar.

The investors

Over a decade, all kinds of investors poured money into Kovar's companies -- from a group in Kuwait and Saudi Arabia ($13-million) to his own mother-in-law ($40,000).

One investor paid the $16,000-a-month rent for Kovar to house his first major company in the penthouse suite at the Plaza Tower in downtown St. Petersburg, Kovar's former employees say.

He persuaded the families of employees, friends and his new wife, Martyne LaDuke, to ante up. She said family members put in more than $500,000, including her sister, a widow who invested her husband's death benefits.

LaDuke and Brent Kovar had met in 1997 at a fundraiser. For their July 2002 wedding, she said, he flew guests on seven helicopters into the Grand Canyon. He sent her son to an exclusive local private school and moved her into his $1.3-million waterfront home in Tierra Verde.

She said he was smart, generous and kind. He also was excessive, flashy and lived a disposable life. He would throw out the Christmas lights and decorations with the Christmas tree. Once he bought a massive pot for a shrimp boil and threw it out rather than clean it.

At the same time, LaDuke, 44, said Kovar was quiet and socially awkward. He knew how to pitch his invention with the finesse of a political candidate. But he struggled with small talk and had few friends.

She came from a big family and had lots of friends, but LaDuke didn't like them investing in Kovar's technology. She worried about mixing family and business.

Still, she said, Kovar went behind her back and got her 78-year-old mother to invest. Jeanne LaDuke said Kovar came to her and said: "Martyne doesn't want you to hear about this so don't tell her."

Kovar also made his pitch to LaDuke's college roommate, Christine Wattley, during a visit from Kentucky. Kovar told Wattley and her husband, Mark, (the couple declined to be interviewed) they would get a four-to-one return on their money, court records show. Soon, he was flying to Kentucky to talk to Wattley's friends and family. As a result, 19 people from Kentucky, Ohio and Illinois invested a combined $775,000.

LaDuke, who was divorced from Kovar in 2004, said she began to worry when she learned he was pitching his invention to other parents.

Jean Johnston remembers Kovar coming to the private school armed with a prospectus. He told her, "I know you all are friends, but I wouldn't want y'all to miss out on an opportunity like this," recalled Johnston, a St. Petersburg parent. She and her husband gave him $85,000.

Once, LaDuke said, Kovar asked her to bring some well-to-do friends to his company's Raymond James Stadium skybox for a Bucs game. The next day she found a $20,000 check from one of them in his shirtpocket.

LaDuke said: "I just thought 'Uh, I'm leading these sheep to slaughter.' "

The inventor

Brent Kovar was a computer whiz in Pasadena, Calif., during the 1970s before most people ever owned one.

"As a preteen, he had a computer in his room, and he could do all kinds of things with it," said Russell Boring, Kovar's cousin.

His mother, Joy, was a school teacher. His father, Glenn, worked for the U.S. Forestry Service, also serving as a technical adviser for the TV show Lassie. They divorced when Brent was 8.

Kovar's mother bragged to family and friends that Brent was so smart he graduated from high school and earned a bachelor's degree from a California technical institute at the same time.

His resume says he worked as a project manager for a few engineering and wireless technology companies. But his interests seemed to lie in inventing, he told friends and family.

He dabbled with a few smaller inventions, according to his resume, including a robotic arm for manufacturing that could be programmed from half a mile away. Kovar also told family and friends that he developed an emergency communication system for deaf drivers.

Eventually, he hit on the genesis of his "magic cube" invention. He would later tell friends and employees that it was during a trip to the Virgin Islands with his father in 1987 that he realized his invention's potential with satellites. Father and son decided to start a business.

Satellite Access Systems

By 1996, the Kovars had enough seed money to set up their new company, Satellite Access Systems, in an office in downtown St. Petersburg. They chose the city, they said, because it was on the 28th parallel -- among the best places in the world to link up with satellites. They arrived in style -- in the penthouse of the Plaza Tower.

The business became a family affair. Brent's mother kept the books. His father was president. His cousin, Boring, was legal adviser.

In pitching his dream, Brent Kovar used words like "algorithmic virtual tables" and "binary pattern transmission" and a "dimensional rotating array matrix."

Imagine, he would tell investors, that large files of information could be cloned and sent over the Internet. He would hold up a Rubik's cube. A block of data would represent points on the cube, he would say. He had figured out how to send the location of the data, or the coordinates, rather than the actual data.

"He'd give you the impression that he was trying to bring it down to your level, but it was still so over your head," said his former sister-in-law, Michelle Ginocchio.

As the investment money poured in, Kovar increased salaries and doled out bonuses, employees said. He frequently took them out on his boat, treated them to dinner at the Melting Pot and Bern's Steak House and spent $20,000 on a New Year's Eve party complete with a horse-drawn carriage for guests. He even got Jennifer Fishel, his office coordinator, an Omega slide necklace with diamonds for her birthday one year, she said.

Limehouse, Kovar's vice president of sales, pitched Kovar's invention about 80 times to investors from around the world. He likened the invention to sending information through a large pipeline -- rather than a tiny straw.

One day, Larry Wilcox from the TV series Chips came in to see a demonstration, said former employees. The next day, experts from AOL and COMSAT were there, they said.

A large man who wore his dark hair pompadour-like, Kovar had an uncanny way of making everyone feel like he was in complete control, employees and investors said. He was believable.

Limehouse saw top engineers from COMSAT, a satellite company, grill Kovar with highly technical questions about his invention. "He just sat there answering questions -- the most calm, collected, confident guy in your life," Limehouse said. "And they were in awe over the guy."

The demonstrations typically began with security guards checking identification. Potential investors would be led into the penthouse theater for a video conference demonstration with Kovar and Fishel.

She would be seated in front of a camera in one room. Investors would be seated before a large screen with Kovar and Limehouse in the nearby theater.

Fishel says Kovar told her that real-time video of herself would be piped up to a satellite 22,000 miles above, then down to the investors in the theater. She would start the video conference with her typical, "Hello, gentlemen, does anyone need refreshments?"

At the time, she had no reason to doubt anything Kovar said.

"He looked like a 300-pound teddy bear," said Fishel, 36. "He had this round face and if he said the sun was going to be green tomorrow, you knew that the sun was going to be green."

But sometimes things didn't make sense. Like when Kovar asked Fishel to pause for two seconds during the video conference. She now thinks he was asking her to mimic a delay.

"He'd tell me, 'When I speak to you, count to two before you respond because no one will believe that it's as fast as it is,' " she recalled.

Joe Morgan, a wireless technology expert who was brought in by investors to look at Kovar's technology in 1999, didn't believe it anyway.

Morgan, 58, who now owns Keystone Wireless Inc., said he stepped out during a demonstration one day to take a cell phone call and realized there was no delay between Fishel's voice and the transmission in the demonstration room. "When there was no delay, that means he was running it on a relay: two wires twisted together. That's all it amounts to. I said let me see your satellite bills. It was all a big lie."

The day Limehouse discovered the antenna lying on the floor during a demonstration, he knew something was wrong, too.

"At the time, you have to understand, I thought this guy was a complete genius," said Limehouse, 38.

Later that night he followed the cables from the computer in the theater. He made a grim discovery: Top Gun wasn't coming from a satellite thousands of miles above.

It was coming from the next room.

"It was an awful feeling coming to the realization that something wasn't right here," Limehouse said.

A pattern

By this time SAS was $4-million in debt and employees were working for nothing but hope.

"It was three years into it and we hadn't generated any significant revenues," said Kovar's cousin and legal adviser, Boring, 45. "We had multiple opportunities ... but every deal for one reason or another would not be completed. And we spent a lot of money."

Kovar's employees had observed a pattern.

"Top engineers and experts came in from all over the world, and they were all overwhelmed and awed and baffled by this technology," Boring said. "But he refused to reveal exactly how it worked. He'd say this is what we're doing and the rest is proprietary information."

Limehouse and Boring went to Kovar with their concerns. Within days, they said, they were fired.

The Kovars had found a buyer, Corsaire Inc., to pay off the debt and take the invention forward. But that relationship soon broke down. "Brent Kovar vanished with the technology," court records allege.

In October 1999, SAS sued Kovar and his parents in Pinellas Circuit Court. A judge ordered Kovar to produce his invention, so he dropped off a box of computer equipment at the office of SAS' lawyers.

SAS attorney David Sockol said an expert tried to decipher the equipment and deemed it was "just junk."

SkyWay

The tragedy of Sept. 11 offered Kovar a new opportunity for his invention. He resurfaced with several new companies, including SkyWay Communication Holding Corp., which marketed homeland security for the airline industry.

He claimed he could provide a continuous video feed with face recognition technology of an airline cockpit so agents on the ground would be able to monitor passenger safety. He said his technology used an antenna network on cell towers to accomplish this feat.

Again Kovar set up demonstrations of the technology -- this time with a TV monitor connecting potential investors to the cockpit of a Cessna flying overhead.

"In 10 years, I see SkyWay as the dominant player in inflight entertainment and security," Kovar would say in a marketing DVD. "We'll be the industry standard. ... If your children are going on board, you can rest assured your children are safe."

LaDuke recalled the night Kovar and his father got up in front of a party of shareholders and employees and announced they had put the technology in Air Force One, the president's plane. There was clapping and back-slapping. The next day, Kovar told her SkyWay had simply acquired a series of towers that Air Force One had used for signal transmission.

LaDuke was floored. Was anything he said true? she wondered.

"He said, 'I can't help what people think about what we tell them. You don't understand how big business works. Everybody does this.' "

Before long, the two dozen investors from Kuwait and Saudi Arabia who had put in $13-million became skeptical about Kovar's spending and his technology, court records show. They complained when SkyWay spent $300,000 on six Hummer vehicles for "marketing" activities and $100,000 on a skybox at Raymond James Stadium in 2004.

They eventually outlined a trail of SkyWay press releases they said falsely pumped up new contracts and relationships with major companies. They filed suit in December 2004, accusing the Kovars of fraud and misrepresentation. Within a year, the Kentucky investors also asked for their money back and sued.

Brent Kovar defended himself in a Tampa Bay Business Journal article in 2005. He said he and other company officers used their $1-million in personal funds to save the company after investors fled.

As SkyWay's debt soared, Brent Kovar sold his stock. Over the course of two months, he got rid of nearly 2-million shares for a total of $314,547, according to Securities and Exchange Commission records. At the same time his parents unloaded $437,125 in stock.

By June 2005, SkyWay had filed for bankruptcy.

Epilogue

This year, Kovar and his parents faced charges in civil court from the first company, Satellite Access Systems. The investors who had bailed the company out of debt in 1999 said Kovar had run off with the technology.

Sockol, the lawyer representing SAS, didn't think the technology was real. But he couldn't prove it.

Instead he argued that the Kovars had stolen it. Brent Kovar, who had run through a string of lawyers and turned up representing himself, said he had returned the technology back in 1999. It wasn't his fault the company couldn't get it working.

During the trial, an expert testified that if SAS had brought what Kovar promised to market, it would have been worth hundreds of millions of dollars.

Sockol is still trying to locate the Kovars' assets. So far he has recovered about $15,000.

The SEC has subpoenaed the Kovars and others involved in SkyWay, according to two attorneys involved in lawsuits. The SEC would not confirm whether it is investigating.

SkyWay is reorganizing under a new name, World Capita Communications Inc. Its owners are some of the Arab investors, bankruptcy records show. They now own Kovar's patent for a formula that compresses data for satellite transmission.

This month, World Capita filed complaints in bankruptcy court against the Kovars. Among the claims: that Kovar and his mother fraudulently transferred more than $600,000 to themselves, "purportedly" for travel and loans they made to the company. They also say Brent Kovar made almost $100,000 in personal purchases on the company's credit at Las Vegas Carting, a motorcycle dealer, International Plaza, a watch company, a dive shop and a spa.

Brent Kovar lives with his mother at his Tierra Verde home with a Hummer parked out front. Speaking in his driveway one day recently, he would only say that "something big" is about to happen. Later in an e-mail response, he said:

"I have been through enough in nine years and many people have suffered including stockholders, employees, myself and family," he wrote. "Please let me go on with my life."

Times researchers Angie Holan Drobnic and Cathy Wos and staff writers Helen Huntley and Scott Barancik contributed to this report.

I am new at this, but, here goes!

How true is it that SWYC is now or becoming SWYCQ? Does anyone know when this is occurring?

IPCY, CHECK IT OUT!!!! MAJOR MERGERS COMING SOON, NEW WEB SITE JUST UP WWW.IPCYINC.COM

SEL SEL Bankroed

Press Release Source: SkyWay Communications Holding Corp.


SkyWay Communications Holding Corporation's Board of Directors Proposes Reduction of Expenses and Elimination of Liabilities
Thursday April 28, 2:41 pm ET


CLEARWATER, Fla.--(BUSINESS WIRE)--April 28, 2005--SkyWay Communications Holding Corp. (OTCBB:SWYC - News), in association with strategic initiatives designed to effectively manage the business and increase shareholder value, announced today that SkyWay Communications Holding Corporation's Board of Directors voted to immediately move to reduce expenses and divest the company of certain unneeded assets.
Those assets under consideration for sale include the Hummer fleet, the Cessna 172 airplane, and two heavy duty bucket trucks.

In addition, several liabilities are in the process of being assigned or liquidated including the Luxury Suite at Raymond James Stadium.

The Board of Directors is currently evaluating all other company assets and expenses, and is expected to announce other cost cutting measures as appropriate.

About SkyWay Communications Holding Corporation

SkyWay Communications Holding Corporation and SkyWay is a Clearwater, Florida-based company that is developing a unique ground to air in-flight aircraft communication network that it anticipates will facilitate homeland security and in-flight entertainment. SkyWay is focused on bringing to the market a network supporting aircraft-related service including anti-terrorism support, real time in-flight surveillance and monitoring, WIFI access to the Internet, telephone service and enhanced entertainment service for commercial and private aircraft throughout the United States. Based on the final upgrading of a previous airborne telephone and communications network, SkyWay intends to provide broadband connectivity between the ground and in-flight aircraft throughout the U.S. using technology that provides a broadband high-speed data transmission. SkyWay intends to be the communications solution for commercial and private aircraft owners wanting real time access to on-board security systems, aircraft health and welfare monitoring, avionics operations and for passengers wanting real time high-speed access to the Internet. The network will enable applications that can personalize the in-flight entertainment experience, provide real time access to flight management avionics with long-term data storage and also support for ground monitoring of in-flight surveillance systems that are being designed with the goal of enhancing current airline security standards.

Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.



--------------------------------------------------------------------------------
Contact:
SkyWay Communications Holding Corp.
Steve Klein, 727-535-8211
http://www.skywayaircraftsecurity.com



--------------------------------------------------------------------------------
Source: SkyWay Communications Holding Corp.

Press Release Source: SkyWay Communications Holding Corp.


SkyWay Communications Holding Corp. Announces the Removal, Appointment and Resignation of Board Members
Monday April 25, 4:58 pm ET


CLEARWATER, FL--(MARKET WIRE)--Apr 25, 2005 -- SkyWay Communications Holding Corp. (OTC BB:SWYC.OB - News) announced today the removal, appointment and resignation of members of its Board of Directors.
ADVERTISEMENT


In a meeting of the Board on April 23rd, Mr. Fuad Talib was removed from his seat by a quorum of the Board members. The removal of Mr. Talib was predicated on questions surrounding Mr. Talib's ability to perform his fiduciary duties to the Shareholders of the Company, in light of litigation between Mr. Talib's son and the Company and its Chief Executive Officer and President.

In a subsequent meeting of the Board on April 24th, Mr. Ray Powers, Chief Operating Officer of Corban Networks, Inc., a company engaged in the ownership and operation of a nationwide infrastructure of wave enabled towers and associated services, was appointed to the Board of Directors.

On April 25th, via a resolution of the Board, the Company accepted the resignations from the Board, of Mr. Brent Kovar, Mrs. Joy Kovar, and Mr. Jim Kent.

The above restructuring of the Board was effected to allow new mind and management to address the business objectives of the Company, in a focused drive to bring value to the Company's Shareholders.

About SkyWay Communications Holding Corporation

SkyWay Communications Holding Corporation and SkyWay is a Clearwater, Florida-based company that is developing a unique ground to air in-flight aircraft communication network that it anticipates will facilitate homeland security and in-flight entertainment. SkyWay is focused on bringing to the market a network supporting aircraft-related service including anti-terrorism support, real time in-flight surveillance and monitoring, WIFI access to the Internet, telephone service and enhanced entertainment service for commercial and private aircraft throughout the United States. Based on the final upgrading of a previous airborne telephone and communications network, SkyWay intends to provide broadband connectivity between the ground and in-flight aircraft throughout the U.S. using technology that provides a broadband high-speed data transmission. SkyWay intends to be the communications solution for commercial and private aircraft owners wanting real time access to on-board security systems, aircraft health and welfare monitoring, avionics operations and for passengers wanting real time high-speed access to the Internet. The network will enable applications that can personalize the in-flight entertainment experience, provide real time access to flight management avionics with long-term data storage and also support for ground monitoring of in-flight surveillance systems that are being designed with the goal of enhancing current airline security standards.

Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.



Contact:
For more information regarding
SkyWay Communications Holding Corp. please contact:
Investor Relations
(727) 535-8211
http://www.skywayaircraftsecurity.com
for additional information

post 18 may be the most blatant attempt at bashing a stock by someone who masquerades himself as an expert in the field. merely stating that the technology cannot work, without providing any verifiable justification or even an informative argument, because he says so smacks of partial bashing.

Moving up 17% today. Anybody know why?? 2+ million shs traded too .

Spy Imagery Agency Watching Inside U.S.

Mon Sep 27,11:22 AM ET Add Science - AP to My Yahoo!


By KATHERINE PFLEGER SHRADER, Associated Press Writer

BETHESDA, Md. - In the name of homeland security, America's spy imagery agency is keeping a close eye, close to home. It's watching America. Since the Sept. 11 attacks, about 100 employees of a little-known branch of the Defense Department called the National Geospatial-Intelligence Agency — and some of the country's most sophisticated aerial imaging equipment — have focused on observing what's going on in the United States.





Better Net Protection
Why more software may not keep your PC safe, but simple Windows tweaks and upgrades might.




Their work brushes up against the fine line between protecting the public and performing illegal government spying on Americans.


Roughly twice a month, the agency is called upon to help with the security of events inside the United States. Even more routinely, it is asked to help prepare imagery and related information to protect against possible attacks on critical sites.


For instance, the agency has modified basic maps of the nation's capital to highlight the location of hospitals, linking them to data on the number of beds or the burn unit in each. To secure the Ronald Reagan (news - web sites) funeral procession, the agency merged aerial photographs and 3D images, allowing security planners to virtually walk, drive or fly through the Simi Valley, Calif., route.


The agency is especially watchful of big events or targets that might attract terrorists — political conventions, for example, or nuclear power plants.


Everyone agrees that the domestic mission of the NGA has increased dramatically in the wake of Sept. 11, even though laws and carefully crafted regulations are in place to prevent government surveillance aimed at Americans.


The agency is not interested in information on U.S. citizens, stresses Americas office director Bert Beaulieu. "We couldn't care less about individuals and people and companies," he said.


But that's not good enough for secrecy expert Steven Aftergood, who oversees a project on government secrecy for the Federation of American Scientists. "What it all boils down to is 'Trust us. Our intentions are good,'" he said.


Adds Marc Rotenberg, executive director of the Electronic Privacy Information Center in Washington: "As a general matter, when there are systems of public surveillance, there needs to be public oversight."


Geospatial intelligence is the science of combining imagery, such as satellite pictures, to physically depict features or activities happening anywhere on the planet.


Outside the United States, it can be a powerful tool for war planners who may use imagery to measure soil wetness to determine if tanks could travel an area. It can help weapons proliferation experts look for ground disturbances that can indicate new underground bunkers.


Before Sept. 11, the NGA's domestic work often meant things like lending a hand during natural disasters by supplying pictures of wildfires and floods.


But now the agency's new Americas Office has been called on to assemble visual information on more than 130 urban areas, among scores of other assignments, including maps of the national mall, the country's high-voltage transmission lines and disaster exercises.


Sometimes, agency officials may cooperate with private groups, such as hotel security offices, to get access to video footage of lobbies and hallways. That footage can then be connected with other types of maps used to secure events — or to take action, if a hostage situation or other catastrophe happens.


The level of detail varies widely, depending on the threat and what the FBI (news - web sites) or another agency needs.


"In most cases, it's not intrusive," said the NGA's associate general counsel, Laura Jennings. "It is information to help secure an event and to have people prepared to respond should there be an attack, or to analyze the area where a threat has been made."


According to Executive Order 12333, signed by President Reagan in 1981, members of the U.S. intelligence community can collect, retain and pass along information about U.S. companies or people only in certain cases.





Information that is publicly available or collected with the consent of the individual is fair game, as is information acquired by overhead reconnaissance not directed at specific people or companies.

The NGA says it has aggressive internal oversight and its employees go through annual training on what is and isn't allowed.

"If they deviated from their own rules, how would it be discovered?" asks secrecy expert Aftergood. "I am not satisfied that they have an answer to that question."

One oversight committee in Congress noticed after Sept. 11 that an intelligence agency was snapping pictures of the United States, said a congressional aide, speaking on condition of anonymity. A staff member is now monitoring the issue, and the aide said so far problems have not been spotted.

But Aftergood notes that while intelligence budgets have increased dramatically in the last five years, congressional oversight budgets have not.

Even the agency concedes gray areas do emerge.

Generally, for example, intelligence resources can't be used for law enforcement purposes. So the FBI or another agency could use an NGA-produced aerial photograph to solve a domestic crime. But the NGA couldn't take actions to target a specific individual, such as highlight a suspect's home, unless the information was linked directly to a national security issue.

Agency officials call that "passive assistance" and say certain legal tests must be met.

Law enforcement officials occasionally ask if the agency has information that could provide evidence about a crime — say, for example, whether a white truck was at a location at a certain time, Beaulieu said hypothetically.

"Yes, we will do a check," he said. "But I can't remember a single case where we actually even had an image for that day."

Jennings concedes that toeing such fine lines can be difficult.

"We look, we check, and it just so happens that we haven't had a situation where there is a smoking gun," she said. "We would analyze each one, case by case."

"Everybody wants to do the right thing and provide the information that is appropriate without overstepping their authority," she later added.

The NGA says it is working to build trust — with the public and with private companies.

Before Sept. 11, for instance, chemical plants and other critical sites weren't as cooperative as they are today, out of fear that aerial photographs might be shared with federal environmental regulators. NGA officials say the Homeland Security Department has been careful to protect proprietary information.

What if NGA analysts were to see an environmental crime?

"I don't think any of my people know enough to know an environmental crime," Beaulieu said.

I Agree, dd impression = hokey, but its worth keeping an eye
on the bums, they are getting some important attention
their strategy may be to sucker a big player in and to change
the underlying technology, in that case the company may show
a nice pop...lol

No! This company will not work!

I was very interested in this stock I followed it for some time. I though the concept had great potential. Face it, an airplane is the only place in the US where you can't be connected.

Doing the DD on it, it is a dead end. I do this type of work (communications, wireless, wired, airborne, ground based, etc.) on a regular basis. Having looked at these problems I was facinated by the promises and their numbers. Looking at there system, at least what is pubicly out there, it will not work.

At the end of the day you can NOT violate the laws of physics. If you think you can, call me, we will make a mint!

Hope this helps.

-Kapper

For a stock that trades about 1M/day...

this sure is a dead board, i dont think anyone follows this on
yahoo, however many are debating its potential on Raging Bull
im really upset with the our street report, sure he is a nut
but he has dug out some intresting info...

The big issue is the technology, it seems to be in question,
has the jet ever sucessfully done a field test or is this
just a enron act?

Does anyone know if the patent will work?

Cheers
p2k

Our value. Are we overvalued,market cap seems high.

Hmmm, Yes be careful indeed with Our-Street.....
http://xrl.us/cdsg

careful: http://www.our-street.com/swyc.htm

Skyway enters deal with The Titan Corp.

---------------------------------------
http://biz.yahoo.com/iw/040512/067181.html


SkyWay Communications Holding Corporation Enters Sales and Marketing Agreement With Titan to Provide High-Speed Airborne Network Services
Wednesday May 12, 1:47 pm ET

CLEARWATER, FL--(MARKET WIRE)--May 12, 2004 -- SkyWay Communications Holding Corp. (OTC BB:SWYC.OB - News) and The Titan Corporation, a leading provider of comprehensive information and communications solutions and services headquartered in San Diego, Ca., have entered into a teaming agreement for Titan to sell Skyways's high-speed airborne network services to the U.S. Government for use with selected military and homeland security applications.

ADVERTISEMENT

Under terms of the contract, SkyWay grants The Titan Corporation the rights to market and sell SkyWay Systems and Services to Government customers. The services consist of real-time Video Teleconferencing, High-Speed Internet Access and Data, Telecommunications, In-Flight Video Surveillance, Air Filtration System Monitoring, Flight Management Avionics Data Link and Multiyear Data Archiving. The SkyWay Network, supported by the Air-to-Ground tower network and patented technology, allows for data transmission at speeds up to 15 Mbps to an aircraft. Testing with SkyWay's aircraft at Dulles International Airport demonstrated transmission speeds in excess of 23 Mbps.

"We are proud The Titan Corp, an industry leader, recognizes the opportunities and applications presented by the Sky Way Aircraft System," states Brent Kovar, President of SkyWay Communications Holding Corp. "We are equally proud that through Titan we are able to offer our Government a solution to keep American sky's safe."

"We are excited about the possibilities Sky Way Aircraft System technology offers," said Titan's David Stinson. "Including applications such as real-time video for homeland security and enhanced collaboration tools -- VTC, broadcast video, and high-speed data--for airborne use. We are testing the SkyWay Aircraft System and supporting technology so as to identify how to exploit the system's capabilities for the Government's benefit."

About Sky Way Aircraft, Inc.

Sky Way Aircraft is a division of SkyWay Communications Holding Corp. a Clearwater, Florida based company is developing a unique ground to air in-flight aircraft communication network that will facilitate homeland security and in-flight entertainment. Sky Way Aircraft is focused on bringing to the market a network supporting aircraft-related service including anti-terrorism support, real time in-flight surveillance and monitoring, WIFI access to the Internet, telephone service and enhanced entertainment service for commercial and private aircraft throughout the United States. Based on the final upgrading of a previous airborne telephone and communications network, Sky Way Aircraft intends to provide broadband connectivity between the ground and in-flight aircraft throughout the U.S. using technology that provides a broadband high-speed data transmission. Sky Way Aircraft intends to be the communications solution for commercial and private aircraft owners wanting real time access to on-board security systems, aircraft health and welfare monitoring, avionics operations and for passengers wanting real time high-speed access to the internet. Their network will enable applications that can personalize the in-flight entertainment experience, provide real time access to flight management avionics with long-term data storage and also support for ground monitoring of in-flight surveillance systems that are being designed with the goal of enhancing current airline security standards.

Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.


Contact:

For more information about SkyWay Communications Holding Corp. please
contact:

Brent Kovar
President
(727) 535 8211
http://www.skywayaircraftsecurity.com

competition for skyway?? boeing??

Here's an article from cnn about boeing offering in flight internet. Can skyway compete with this? Any insights?

-----------------------------------------------------------

http://www.cnn.com/2004/TRAVEL/04/21/bt.boeing.internet.ap/index.html


Boeing in-flight Internet gets wings

Wednesday, April 21, 2004 Posted: 1:41 AM EDT (0541 GMT)

SEATTLE, Washington (AP) -- Delayed after post-September 11 airline turmoil and bumped by its original U.S. patrons, Boeing Co.'s Internet service for commercial airplanes is finally getting airborne.

The launch of Connexion by Boeing on Lufthansa this spring comes nearly two years later than originally intended, after hard times in the airline industry forced the company to jettison its original business plan.

The system also is being offered at a time people expect fast, easy and reliable Internet access nearly everywhere, from coffee shops to hotel rooms. So the stakes are high and any glitches potentially perilous, analysts say.

"I think Boeing is at the cutting edge of what is probably going to be the next breakthrough in in-flight amenities," said aviation consultant Mike Boyd. "It may get to a point where for business travelers, they won't go on an airline that doesn't have it."

But, he warns, it could just as easily fail if it isn't perfect on the first try.

"If you're going to offer it, you better offer it at every seat, and it better work flawlessly," Boyd said.
Wireless or wired

Airlines can choose to offer Connexion with either wireless or wired connections; so far, Connexion spokesman Sean Griffin said all the airlines have chosen wireless because it's easier to install and doesn't weigh as much.

To get on the system, a user will need a wireless-capable laptop. Users can sign up for the system beforehand at Connexion's Web site or access a Web site in-flight to set up an account and start payment.

Scott Carson, Boeing's senior vice president in charge of Connexion, said the company has been working for the past year to address glitches that plagued some test flights, even delaying the launch by about a month for improvements.

He now expects the service to be ready at the end of April.

Connexion's launch follows that of rival Tenzing Communications, which has for months been offering e-mail and text-messaging -- but not Web browsing - on about 800 U.S. and overseas airplanes.

Seattle-based Connexion, a unit of Chicago-based Boeing, was formed with high hopes in the spring of 2000. Just 18 months later, the Sept. 11 terrorist attacks devastated the U.S. airline industry.

The company soon lost the support of the three U.S. airlines -- American, Delta and United - that had originally signed on as partners. Scrapped was a plan to install the service on 1,500 planes and begin service in mid-2002.

"We went through an interesting discussion late that year (about) what would it take for us to survive -- and whether we should," Carson recalled.

Boeing executives ultimately agreed to let Connexion stay in business, but with a much smaller staff. And instead of focusing on U.S. commercial airlines, the company shifted to military customers and private business jets. Both sectors grew more interested in being connected in-flight after Sept. 11, Carson said.

Today, Carson says Connexion is on seven planes that fly U.S. government and military officials, and it has 14 business jet customers.

The company continued to try to sell the service to commercial carriers, but it looked to Asia and Europe. Besides Lufthansa, Connexion will eventually be available on British Airways, All Nippon Airways, China Airlines and Singapore Airlines.

Boeing's service will cost from $9.95 for 30 minutes to $29.95 for full access on flights longer than six hours. At that price, analysts say, the company may interest business travelers but is unlikely to secure leisure travelers - especially those cramped in the middle seat in coach, where just opening a laptop can be difficult.

"This is a business- and first-class thing - and conceivably someone who's in premium economy and desperate," said Richard Aboulafia, an aerospace analyst with Teal Group.

But analysts say the company may only need to attract business travelers, who typically pay the most for intercontinental flights where the system is expected to have the best chance of success.

In test flights between Frankfurt and Washington, Lufthansa said it has drawn 50 to 80 users on flights with around 360 passengers.

Lufthansa will initially offer the service on flights longer than eight hours. Burkard Wigger, project manager for Lufthansa's FlyNet program, said the company hasn't yet decided whether it will be worthwhile on shorter flights. It will be installed on Boeing and Airbus jets.

Wigger said Lufthansa hopes the service will be enticing enough to attract passengers to its planes -- and away from other carriers.

Analysts say that competitive edge may prove the best selling point.

"The key is, 'Will people get on your plane as opposed to someone else's plane because you have it?" said Cai von Rumohr, an analyst with SG Cowen.

But Tenzing, backed by Boeing rival Airbus, doesn't seem to have elicited that sort of response. The service, which currently mostly runs off telephones installed in airplane seatbacks, has been criticized as cumbersome.

Tenzing vice president Alex McGowan said the company plans to launch a second, speedier version of its service by early next year that will either run through Ethernet connections or a wireless network. The cost will range from about $5 for in-flight instant messaging to $25 for full Internet access.

McGowan concedes there have been problems with Tenzing but says the system still has plenty of devotees. He would not provide specific usage numbers.

For its part, Connexion is now projecting to break even in 2007 -- two years after the company once said it hoped to be profitable. Boeing will not say how much money the unit is losing now.

Aboulafia said one reason Connexion may have made it this far is because it's been realistic about how successful such a venture can be.

"There's a percentage of the population that will pay $30 for relatively free and clear Web access," Aboulafia said. "It's not big, but their ambitions aren't that big. That's probably why it survived."

New PR: Skyway gets a deal with Continental Airlines!
-----------------------------------------------------

http://biz.yahoo.com/iw/040427/066425.html

SkyWay Communications Holding Corp. Announces Orders From Continental Airlines for SkyWay's Media Server
Tuesday April 27, 9:30 am ET

CLEARWATER, FL--(MARKET WIRE)--Apr 27, 2004 -- SkyWay Communications Holding Corp. (OTC BB:SWYC.OB - News), and its wholly owned subsidiary, Sky Way Aircraft Inc. announced today that they have received purchase orders from Continental Airlines for the purchase and installation of the SkyWay Media Server. The modules of the Media Server include the FX Flight Scripting System and the SkyWay Media Data Loader. These servers are to be installed on 14 of Continentals new 737/757 aircraft. Delivery and installation are to begin immediately and will continue over the next several months as the designated aircraft become available. This is only one of several in-flight and passenger communications systems SkyWay will be offering.

Brent Kovar, President of SkyWay Communications Holding Corp. stated, "With this initial order from Continental for the SkyWay Media Server, we are very pleased to be able to supply Continental with this equipment and we look forward to working with them in the future with additional enhancements to our system. These purchase orders represents a significant event for SkyWay as we continue moving our business model forward in providing in-flight services to the airlines and we are extremely excited about the opportunities that it presents."

About SkyWay Communications Holding Corp. (Sky Way Aircraft, Inc).

Sky Way Aircraft is a division of SkyWay Communications Holding Corp., a Clearwater, Florida-based company developing a unique ground to air in-flight aircraft communication network that will facilitate homeland security and in-flight entertainment. Sky Way Aircraft is focused on bringing to market a network supporting aircraft-related service including anti-terrorism support, real time in-flight video surveillance and monitoring, WIFI access to the Internet, telephone service and enhanced entertainment service for commercial and private aircraft throughout the United States. Based on the final upgrading of a previous airborne telephone and communications network, Sky Way Aircraft intends to provide broadband connectivity between the ground and in-flight aircraft throughout the U.S. using technology that provides a broadband high-speed data transmission. Sky Way Aircraft intends to be the communications solution for commercial and private aircraft owners wanting real time access to on-board security systems, aircraft health and welfare monitoring, avionics operations and for passengers wanting real time high-speed access to the internet. Their network will enable applications that can personalize the in-flight entertainment experience, provide real time access to flight management avionics with long-term data storage and also support for ground monitoring of in-flight surveillance systems that are being designed with the goal of enhancing current airline security standards.

Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.


Contact:

Contact:
Brent Kovar
President
(727) 535 8211
http://www.skywayaircraftsecurity.com

Hello cocoloco. What kind of timing are we looking at here to get this product into commercial aircraft?

Doc

three posts from the RB today

tdr
I spoke with Steve Klien today. I asked why there has never been independent verification of the transfer rates from the air. He responded by telling me all test flights have been with "carry on" equip. As such they could not take passengers. The pilot is the only person outside the company to see an in air demonstration. The DC9 will have approved permanent installed equipment that will allow media, potential clients, investors, etc in the air. Work on the DC9 is on schedule. Other things such as services, uses of tech, etc were discussed. I can tell you my confidence is very high after this conversation. Any thoughts?
- - - - -


FS53- Was Steve home from the hospital yet?

lancermole2003
yes, he told me he was talking to me from a hospital bed in his home. I really felt guilty trying to grill someone who has just had multiple bypass surgery. He also said he is only making a few calls a day. Even I wouldn't work that hard. Yikes.

Article posted about the our-street report mentioning that it could be a possible fraud...it's worth a quick read.

http://host.wallstreetcity.com/wsc2/Autoflag.html?Button=Get+Story&DB=SQL&SID=096r9509&S...

Unfortunately I see a lot of patterns here as I do in NVEI. Also unfortunately I believed their company line and lost many $$$. So when I see something like this red flags go up.
A lot to go over in the report.
Main part is below.
One thing I did notice is the last paragraph asks the company to make a statement which they decided not to.
That's not a good sign imo.


http://www.our-street.com/featured.htm


OUR COMPLAINT

Sometimes a story almost too strange to the point where you wonder how people believe it to begin with. Such is the case with the Kovar family's latest venture, Skyway Communications Holdings, Inc.



Here is a family that has been working different versions of the same type story with the public since at least 1996 and still seems to be able to find willing believers. The premise is simple. "Invent" a product with remarkable capabilities. Also invent a great story to go along with the "product" and be really good at telling the press and others about it so you can convince others to invest in you and the product. (Keep in mind, when we say "invent" we mean that in the broadest terms possible). Keep this up as long as you can and make sure you pay yourself and your family well along the way. When the story falls apart, invent a new product or recycle the old one in a different package and repeat the process.



The head of this family, Papa Glenn Kovar's history as a man who makes materially false and/or misleading statements to get what he wants goes back even further beginning with his lies on a job application to get a position with a Redevelopment Agency from which he was subsequently fired when the lies were exposed.



Actually, our story starts in the late 1980's. Around that time Glen was getting fired for his "creative resume" work. Also around the same time another apparent turning point for the Kovar family occurred. Glenn tells you of a poignant father/son moment aboard a sail boat in 1987 in the Virgin Islands, where Glenn and Brent began wondering about the opportunities in the satellite and related businesses. We don't know if this moment came before or after Glen was fired from the Redevelopment Agency but with Glenn being out of work and fresh from this magical moment, Glen and Brent experienced the genesis, the inspiration for their first recorded commercial father and son project, Satellite Access Systems (SAS).



This is the first evidence we have of Brent and his dad teaming up on a project. Now, when it comes to getting caught in a lie as Glenn did, some people learn their lessons and change or even commit themselves to atoning for their past mistakes while others just keep on keeping on. That appears to be the case with Glenn because his misstatements didn't stop after the resume lie/firing incident. There are so many misstatements in the article about his formation of SAS that we are reluctant to list them all on this page. Instead, we have listed some as additions to the article itself.

Tampa Bay Business Journal article



Although Glenn credits Brent with being the "genius", it is obvious where Brent got his education when it comes to outrageous promotional claims. We can see this in their first venture together, Satellite Access Systems. Although Glenn is the one taking the lead in the news story and bragging about their mysterious "black box", Brent, at age 29 does "yeoman's duty" in helping carry the promotional load by making his own grandiose claims. For example, when Glenn tossed up the claim that they just were signing a contract with an AOL subsidiary, Brent hit it over the fence by adding that the contract could "blossom into well over $500 million."



It was only after realizing how badly he had been scammed, that the reporter who wrote the initial SAS story came back and filed a follow up story not only on Glenn's resume problems but on several of the other lies told to him as well.



It isn't often you see a follow up story by a reporter where the reporter actually goes back and attempts to correct a snow job he had gotten previously. We commend the reporter on his vigilance and note this must have been a better than average snow job to cause this kind of reaction.



From here we don't find much on the Kovar's and their so called "black box" technology and inch wide satellite dishes until two and a half years later in April 1999, when Corsaire Snowboard Inc announced the acquisition of SAS and the changing of their name to Net Command Tech, Inc. (OTCBB: NCDT now pink sheets). Here is what they thought they were acquiring.



According to NCDT, the Kovars were involved in the "development of ultra high speed satellite and Internet communications for the transmission of voice, date and video signals; technology"



Somehow the Kovar's managed to talk the folks controlling NCDT out of about $3 million in cash in addition to debt assumption and a bunch of stock without ever confirming the existence or effectiveness of their alleged technology.



Were not quite sure how these things happen but we got this information from NCDT SEC filings (see link below). We find additional credibility in these particular disclosures due to the fact that about 60 days after the announcement of the SAS acquisition and right about the same time as the acquisition of SAS was closing, the SEC stepped in and suspended trading in NCDT stock while requesting information on, among other things, their recent acquisitions and claims surrounding the acquired company's technology and claimed income.



There are some pretty troubling claims in these filings and we suggest anyone with an interest in Skyway Communications, read this information thoroughly.

NCDT FILING



Here is just a sample of what you are going to find.



"However, SAS had not successfully delivered contracted services or technologies under these contracts. In addition, as discussed in Note 9, substantially all counterparties to SAS's contracts have made claims for return of the customers' advance deposits and other damages."



Bottom line here is simple; amazing claims about technologies were made but not delivered by Glenn Kovar and Brent Kovar while sucking money out of the investor's pockets.



Fast forward again to today and the latest venture of the Kovar family, Skyway Communications Holdings. Through this company and its subsidiaries, they are once again promoting some amazing technology with outrageous claims both in their press releases and on their website and people are buying the story. Here are some of the claims:



"While all commercial airlines currently provide some limited In-Flight Entertainment (IFE) and communication services, these systems currently rely on data transfer systems that are inferior in reliability and speed when compared to Sky Way Aircraft’s system. Sky Way Aircraft has the ability to provide data link technology that will dramatically increase IFE connection speed and capability."



BUT WAIT!



In their most recent 10Q filed on March 16, 2004 they clearly state, All of our products and services are in the development stage and will require additional testing.



The obvious question here is

How can these two statements exist when referring to one technology?

It appears to us that Skyway simply hopes to someday have the ability to provide these services.



And



How in the world can they claim superior reliability when they haven't even finished installing the first working model which will decide if the technology even works? This it a total fabrication.. a lie... a deception.. a con... "masculine bovine exhaust" at its best.



Section 10b-5 of the Exchange Act prohibits a person from making materially false and/or misleading statements in relation to the sale of stock and we believe that SWYC's claims on their website as stated above are clearly false and/or misleading.



We have another problem with Kovar's claims about his technology. This has to do with how he describes it in his SEC filings. In his most recent 10Q, Kovar refers to his technology this way.



"Sky Way Aircraft, a division of Sky Way Communications Holding Corp. was formed to utilize now-patented wireless data transmission software technology developed by Mr. Brent Kovar, our President. This technology is a software program for data indexing, which is similar to data compression but which mitigates data loss problems associated with compression. This technology permits faster and less expensive transmission of data, video, voice and audio between the ground and an airplane or other homeland security related ground locations than using traditional, non-indexed data transmission mechanisms"



However, when we look at the patent itself, the first sentence of the abstract clearly says,



"A system for increasing the transmission bandwidth of a terrestrial digital network". Additionally, the patent says nothing at all about cost effectiveness. More masculine bovine exhaust!



Again we find contradictions between representation and fact. And for those who might want to say, "but the technology can be used for wireless", we say SO WHAT? Disclosure is about accuracy and truth and the truth is that Brent Kovar's patent, IF IT EVEN WORKS, was designed for terrestrial digital networks. In his patent, Kovar even goes futher to make the distinction between satellite and wireless transmissions and the more traditional "terrestrial networks" such as phone lines.



Given this fact, how can Kovar then file a disclosure document with the SEC and call his technology a "wireless data transmission software technology"?



It is a violation of Securities Law to knowingly file false information with the SEC and, in our opinion, the claim that Brent's patent is for wireless data transmission software, is materially false and/or misleading.



Basically, this is what we see going on with the "technology". The Kovars, through SWYC, have acquired the old AT&T in-flight tower phone system for the US. This is the system that AT&T essentially abandoned when it got out of the in-flight phone business. Now, they are attempting to upgrade this system to support their claim of being able to transmit data at a rate of 15,000,000 bits per second". According to their own charts, the system they acquired from AT&T, an "in flight phone system" was only equipped to transmit data at a rate of 2,400 bits per second. Skyway does not disclose exactly what is required to upgrade their system from 2,400 bps to 15,000,000 bps but we think this is the kind of information that should be clearly and fully disclosed both in terms of cost and time.



This use of bits per second alone is quite misleading, in our opinion. The industry simply doesn't measure data transmission in bits per second anymore. A bit is the smallest form of data one can transmit. Data transmission today is measured in terms of kilobits, megabits per second (Mbps) and not bits per second.



Accordingly, the data transmission rate being claimed by Skyway is 15 Mbps or 15 Megabits per second. By comparison a typical T1 internet connection transfers data at a rate of around 1.5 Mbps. So, according to Skyway, they have developed their own technology for transmitting data back and forth between an airplane and a ground tower about 10 times faster than a T1 connection by using their software designed for terrestrial network systems and not by using other state of the art compression technologies or hardware thus allowing them that speed on both the up and down link.



Given the historical facts of the Satellite Access Systems promotion and eventual demise added to the apparent inconsistencies already in evidence, we find Mr. Kovar's latest claims about this technology to be highly questionable at best. We have written the company and asked for some documentation of their claims and have not received a reply. We will advise you if we get any additional information.



Adding to our concerns regarding the technology and the credibility of the Kovars and Skyway Communications, is evidence we are receiving regarding the relationship between Southeast Airlines and Skyway. According to Skyway, Southeast Airlines initially entered into a Letter of Intent in July and then

"signed a SkyWay in-flight system contract for a wide variety of in-flight services. Under the contract, Southeast Airlines shall receive, on a reoccurring basis, a percentage of the revenue generated by advertising and in-flight service usage of the system. Terms of the contract call for the installation of the Upgraded SkyWay in-flight system on the fleet of Southeast Airlines eight (8) MD-80 and DC-9 aircraft."

This understanding is not shared by Scott Bacon, a VP for Southeast Airlines. According to reliable sources who have spoken with Mr. Bacon, there is no formal contract with Skyway Communications or any of its subsidiaries. According to Mr. Bacon,

1. There is no "formal contract" with Skyway Communications or any subsidiary.

2. They do have what amounts to an agreement that is more like a letter of intent based upon numerous conditions gs, among them

a. Proof that the technology works

b. All required FAA certifications

c. Inspection and working demonstration of a fully installed and complete working model



3. Once Southeast has had an opportunity to see the product in action and can confirm its functionality and that both the airplane and Skyway have the proper certifications from the FAA, then they will "look at it" to determine if they want it.



4. It is way too early in the process to determine if anything will come from the relationship.



5. In the interim Southeast continues to investigate other options including but not limited to the Verizon technology which uses existing installed hardware. They also have been in discussion with other airlines. This is an active subject of investigation for Southeast out of a commitment to be competitive while Skyway continues to fail to deliver requested documentation.



Recent developments also concern us. We called Southeast Airlines to personally speak further with Mr. Bacon about this subject and were told by the operator at Southeast that Skyway had called and instructed her to refer any further calls regarding their relationship with Southeast Airlines to Steve Kline, the IR representative for Skyway. We find this action both troubling and inappropriate. We have written Mr. Bacon and asked him to comment and will let you know if he replies.



ADVERTISING CONTRACTS?



We also have serious concerns about the accuracy of certain press releases referring to advertising contracts between Skyway and commercial organizations in the Florida area.



On October 2, 2003, Skyway issued a press release announcing that

"SkyWay Communications Holding Corp. its wholly owned subsidiary, Sky Way Aircraft Inc., and Mavilo Jewelry Company of Tampa, Fl. announces their new Southeast Airlines 12 week In-Flight advertising contract valued at $75,000. The contract is scheduled to commence Spring 2004.

As previously announced in the original press release of August 29, 2003, SkyWay and Southeast Airlines signed an in-flight services contract whereby SkyWay would provide a wide variety of in-flight services to Southeast Airlines. A significant part of these services were the advertising of local Tampa Bay and other businesses and info-commercials that would be tailored to specific destinations of the Southeast Airlines flight schedule. The contract with Mavilo Jewelry Company, an import diamond and fine jewelry company located in Tampa, provides for a 12 week ad coverage on Southeast Airlines scheduled flights, between St. Petersburg., Ft. Lauderdale, and Orlando, Fl. Allentown, Pa, Newburg, NY, and Newark, NJ.

We contacted Mavilo Wholesalers in Tampa Florida, a respected jewelry company and asked them to confirm the contract with Sky Way Aircraft. When we informed the receptionist we needed to talk to someone who would know about advertising contracts, we were put in touch with Maria in their business office. We introduced ourselves and told her we were researching Skyway Aircraft and Skyway Communications and wanted to confirm the existence of an advertising contract between Mavilo and Skyway and she replied

"I’ve never heard of them."

Question; You’ve never heard of them?

Answer; "If we had, I would know about it."

Question: You would think if it was for $75,000…..

Answer: "[Laughs] – Yeah, I think I would know about it."

We also looked at the two press releases regarding contracts with automobile dealerships. One claims that Dew Cadillac entered into an advertising contract valued at over $200,000 and the other claimed to have made a deal with a West/Central Florida Bentley dealership. Surprisingly enough Dew Cadillac is a part of the Dimmitt Luxury Automobile Group as is Dimmitt Cadillac, the only Bentley dealer in West/Central Florida.

We have spoken with both the marketing department for Dimmit Luxury Automobile Group and with the General Manager of Dew Cadillac. Originally, Tracy Peterson, in the marketing department, indicated "I can't confirm this..... We're not doing anything like that". We offered to send her a link to the press release and she confirmed her willingness to follow up her statements with an email. We subsequently received an email from her referring us instead to Scott Larguier, the General Manager of Dew Cadillac.

We then spoke with Scott at Dew Cadillac and he refused to comment any further indicating that they were not in the habit of discussing their advertising relationships and weren't familiar with Our-Street.com. When we explained to them that Skyway stock was being publicly promoted using the Dew name already as well as the $200,000 figure, he didn't feel this was sufficient to change his mind. We then invited him to visit our website and to review the work we do and then decide further if he wanted to provide more information. To date, we have not heard further from him. We can only hope that, should the SEC inquire of them, that they will have more success with Dew Cadillac than we did.

We think it is important to note here that these press releases announce contracts "valued at" various figures. This should indicate the value to Skyway but understanding deceptive promotional tactics, we are fully aware of the fact that this can also be used to describe the value to the advertising customer as in "we can let you have this advertising package valued at over $200,000 today for the incredibly low price of only $xxx". Who of us haven't had the opportunity to purchase something from a TV pitchman that represents an $820 value for only $69.95?

Time alone will tell us what the actual truth is with deal with Dew Cadillac and the Dimmitt Luxury Automobile Group but as far as we are concerned, we are terribly disappointed in the Dimmitt group because, in the world of stock promotions, if you are involved as Dew Cadillac is, and you aren't part of the solution, you are part of the problem. We would expect this from an old style bait and switch Motor's Holding type store from the 70's but not a Cadillac and Bentley dealership. Oh, well.. no accounting for ethics.

Now for something really stupid!

(And really, really wrong too!)

In our opinion, Brent Kovar holds the investing public in very low regard. In fact, we get the feeling he thinks most of you are total idiots. We have reached this conclusion based upon a picture Brent has added to the monitoring page of his technology overview page. Here he has added a picture of a high-tech room full of monitors and work stations. On the wall of this obviously state of the art looking room, in the center of all the monitors, is the Skyway Aircraft Logo.



It doesn't take a rocket scientist to see that this logo has been added to this picture to give the false impression this is a Skyway Aircraft facility. This is both outrageous and insulting and we believe this is the kind of dishonest practice that deserves swift and harsh SEC action.



NAME THAT ROOM -

Now you too can be a Junior Detective and help Our-Street.com find out exactly what kind of room this is. We notice to the right of the logo is a map of Florida and some weather data so it looks like a Doppler radar screen but we just don't know. Can you find this room somewhere else on the net? Do you recognize exactly what this room is actually used for? If so, please let us know. Write us at info@our-street.com and help us "name that room". Help us solve this and, if we had a secret decoder ring we would send one to you.. but we don't. You will have to settle for our gratitude and that of others who want to know as well and you will know you helped us take back our street, plus, if you want, we will post your name right here as a champion internet detective.



TO STC OR NOT TO STC. THAT IS THE QUESTION!



The March 2004 issue of Avionics Magazine it is reported that



"The aircraft itself will serve as a technology demonstrator and test bed. The systems on the DC-9-15, as of early February, were in the supplemental type certificate (STC) approval process."



We have been further informed by the company's IR person that the DC9 is in Chicago at DuPage Airport and that the system is being installed by Scott Aviation. So we checked with the Aircraft Certification Office at the Chicago office of the FAA since that is the normal place where an STC for the plane would be handled. As of March 29, 2004, the FAA representative called us back after checking all the records and informed Our-Street.com that

"there is not any current Sky Way Aircraft STC projects in this office"



In fact the man we talked to at the FAA hadn't even heard of Sky Way Aircraft or Skyway Communications. We figured that if anyone in the FAA knew about Sky Way Aircraft or Skyway Communications or the Kovars, it would be the Tampa FSDO office of the FAA so we called them as well. They informed us that they had never heard of Sky Way either and further, that neither Sky Way Aircraft nor Skyway Communications had applied for or been granted any FAA licenses either.



We also asked about an STC under the other Registered owner of the plane Royal Sons Motor Yacht Sales, Inc.



Now maybe there is an STC application somewhere in some other name but frankly, we doubt it very much. We invite the Kovar's to provide the proof of an ongoing application and we will gladly publish it here.



For those of you who aren't familiar with the STC process, the first step is to file a Certification Plan. This informs the FAA of what you intend to do. You can't even start work without that plan being filed and approved.



We also spoke with the FSDO office of the FAA in Tampa, Skyway's nearest office and the gentleman there, who handles the certification of companies hadn't even heard of Skyway or the Kovars either.



BUGGY WHIPS ANYONE?



In 2002 Claircom Communications, a division of AT&T shut down their InFlight phone service. It wasn't profitable, it wasn't going to be profitable and previous attempts to sell the system had failed. This left Verizon as the only other Air to Ground company providing in flight phone service the old fashioned way, with land based towers instead of satellites.



In steps a white knight, Skyway Communications and they get the deal of the century, or so it might seem. They bought the entire 10+ year old system, including the broadcasting hardware for a cool million. Was this because no one else knew about it? Hardly, the fact Claircom was trying to dump this property was common knowledge in the airline and communications industry.



We are being led to believe that the reason the system didn't make sense to anyone else in the industry is that Brent Kovar and Skyway Communications Holdings has been sitting on a technology so advanced that it will allow the Clarion tower/communication system to transmit data in both directions ten times faster than land based broadband internet systems and what's more, he has been sitting on this unique software technology since 2000 without finding a single profitable commercial outlet for it to date.



Further, Brent is asking us to accept his claim that this technology will not only support high speed internet access on commercial aircraft, he also is asking us to accept his claim that their web cams and other aircraft monitoring technology will prove valuable to both airlines and governments in the quest for homeland security.



Of course to accomplish this task we have to suspend our concern for the fact that this technology, (assuming it even works at all in the first place), will be limited to the US and some limited parts of the Caribbean and Canada so it would have no practical value to any airlines that have need for technology which is international in scope. Without the use of the latest ground-to-air satellite based technologies, Skyway's system will be useless as soon as the plane leaves US airspace and the range of the coastal towers. This automatically eliminates all the international carriers.



Of course, this also calls into question the logic behind ramping up the towers in Alaska and Hawaii since the system would go dark en-route. We could also get into discussions about compatible systems and how Skyway intends to integrate their airlines and systems with the major airlines who will all be forced to use competing systems that feature the latest in leading-edge, state-of-the-art equipment and global satellite communications technology instead of surplus towers and equipment purchased from a now defunct company.



In case you didn't know it, Transdigital Communications Corporation, the company SWYC just announced buying some equipment from, is out of business. Phones at their listed phone number are disconnected and their website is down and has been for some time. We aren't quite yet sure what happened but if you look at their former website you will see that they never really got beyond the "we're putting our website together" stage.



Also, since international flights are the ones that are the primary focus of terrorist watches, having facial recognition software installed only on airlines and planes that will be limited to domestic flights would seem a little irrelevant.



We are doing our best here not to get really sarcastic but come on now. Are you getting a clue here?



Competition Anyone?



Just so no one thinks that the Kovar's have a lock on the high speed air to ground communication/internet business out there, there are a few other players on the scene. Granted, none make the claim of 15Mbps of two way data transmission like Skyway does and none of the serious players have the advantage of a once mothballed network of ground based antennae that Skyway does either. Lacking the distinct qualities of a "US and limited areas of Canada and the Caribbean only" ground based antenna system these companies are forced to resort to other methods of air to ground data transmission like leading-edge, state-of-the-art, global satellite systems.



Of course, being well funded companies, they have managed to get a jump on Skyway. One example is the Boeing Connexion who, although they don't have the Southeast Airlines letter of intent contingent on just about everything including the apparent "if it works and we decide we like it and haven't found something better in the interim" clause, they do have Boeing behind them.



It is our understanding that Boeing does have some involvement in the manufacture and sales of commercial airplanes and, even though they don't operate their own airline, we suspect they can perhaps influence the kind of systems which are installed in some fleets anyway. Perhaps that is why the Boeing Connexion has already concluded in flight trans atlantic testing and is launching their system using Lufthansa Airlines as their initial launch airline.



NOTE: The chart displayed by Skyway showing their connection speeds is misrepresented. The initial trans-Atlantic test run, according to articles had a downloaded speed of 3 Mbps and an upload speed of 128kps. This initial test download speed surpasses what Skyway indicates on their comparison chart and according to Boeing Connexion, their download speed now is at 20 Mbps, surpassing Skyway's claimed download speed by 33%. Boeing Connexion's upload speed is currently at about 1 Mbps.



IF YOU ARE GOING TO MAKE COMPARISON CHARTS, AT LEAST GET THE INFORMATION RIGHT. DON'T MISREPRESENT THE COMPETITION TO MAKE YOURSELF LOOK BETTER THAN YOU REALLY ARE!



Another player in the field is a Bothell, Washington company called Matsushita Avionics Systems. Matsushita is a bit of a newcomer to the Avionics business having only entered this field in 1979. Fortunately they did have some previous experience in electronics having originated in Japan about a century ago and establishing a name for themselves in electronics. Among other ventures they established and still control the Panasonic product line. They already supply systems to airlines and are offering upgrades to their latest systems that include internet access in addition to other features. Of course, Matsushita is also stuck with that leading-edge state-of-the-art, global satellite based communication system instead of Skyway's 10+ year old revived, ground based, geographically limited system so there is no telling how they are going to compete against Skyway once (and if) Skyway ever gets their system installed, working as represented, and certified by the FAA.



Of course Skyway will have the edge, they claim, because they will be offering the systems for free to the airline and the internet free to the customer and making their money on forced advertising. Despite the fact this model has yet to be successful over the long haul, as far as we know except in the area of mass media, Skyway has offered to prove the critics wrong and backs it up with presales of high value advertising contracts to the likes of Dew Cadillac, Dimmitt Bentley and others commercial establishments in Florida.... or do those contracts really exist after all and are they for cash in the amounts represented??? Looks like a bunch of smoke and mirrors to us based upon what we have been told.



DID YOU KNOW THAT BRENT FAILED AT AN IPO ATTEMPT BEFORE SWITCHING TO A SHELL MERGER?



We find it interesting too that the Kovar's initially attempted to take Sky Way Aircraft, Inc public before finally giving up and taking the easy way to the market with the reverse merger into a shell. Now, in our opinion, there is nothing wrong with a shell merger but we get concerned when a company, or more appropriately, the people involved with a company, can't get an IPO through the SEC then quit trying and resort to merging into a shell where the SEC has less to say and less opportunity to ask questions. Remember, the key to getting an IPO through the SEC is thorough and accurate disclosure. They don't conduct a merit review to determine if they like the business. They simply want you to explain the business and the corporate structure completely and accurately.



If you can't get your IPO cleared, there is definitely something wrong. Aside from not answering the SEC's questions fully and accurately, there aren't too many reasons why you might not get cleared. We have heard that another source of difficulty can sometimes come (unofficially) from being someone the SEC would prefer wasn't running a public company. In the past the SEC has been accused of "bed-bugging" registrations (not responding in a timely fashion) or of simply issuing comment letter after comment letter no matter how well you responded to the previous ones. Given that registrations are reviewed in a subjective fashion by people with more files on their desk than they should have, both are certainly possible and we don't even fault them for employing such tactics if it protects the market. In the case of Sky Way Aircraft, we have no idea whatsoever why they quit trying but what we do know for certain is that they filed their initial SB-2 in July 2002 and subsequently filed 4 amended registration statements over the next 8 months then quit trying and filed a formal notice to abandon the registration in May 2003 just before sliding into the shell and starting trading.







*Preferred shares



The Series A and Series B Preferred, which represent 300,000,000 common shares currently are convertible into common. Although both Series initially had milestones that had to be reached prior to conversion, the most recent 10Q has eliminated any discussion of their conversion into common which suggests they can be converted at any time with no additional payment. The Series B is still convertible upon certain events that may never occur. Those events are 1. The completion of a successful IPO in the amount of $25 Million. 2. A minimum closing price of $4 per share for 30 days (adjusted for splits, acquisitions etc) or 3. the successful launch of their product (definitive agreements with three (3) nationally recognized airlines to provide its Products and Services; (ii) to have an operational network capable of providing its Products and Services throughout the United States; and (iii) an operational ground base data center.



Based upon available information, we do not consider the agreement with Southeast Airlines a "definitive agreement" however, management may disagree. Further, it is important to keep in mind that conversion terms of convertible preferred shares can be changed and since the Kovars have voting power equal to the converted shares, they control this company with absolute power.



We believe, their disclosure in SEC filings is woefully inadequate considering the level of potential dilution and the voting control they hold. We also find no evidence that the Kovars, with their overwhelming control of the voting power of the corporation, are prohibited from modifying the conversion terms to suit themselves.



Although the Kovars do disclose the terms of the convertible preferred in their SEC filings, we feel they do not disclose this adequately and that this failure also represents a violations of Section 13 of the Exchange Act as a material omission.



ALMOST TOO STUPID TO EVEN MENTION.



We sometimes marvel at the hubris and gall of people sometimes and this time is no exception. Brent published this amazing sounding announcement in August of last year.



SkyWay Communications Holding Corp Announces Congressman and Republican Majority Leader Tom Delay's Appointment of Brent C. Kovar, President of SkyWay, to the National Republican Congressional Committee Business Advisory Council



HONESTLY, HOW STUPID DOES THIS GUY THINK YOU ARE? First he doctors the picture to make you think that is his monitoring room or something then this!! This is nothing more than a simply fund raising tactic on behalf of the Republican party. They cold call people and get them to contribute a few hundred dollars then name you to this Business Advisory Council. Nothing wrong with doing it but any company that uses is to promote their stock is, in our opinion, up to no good!

A little more on the subject

Even a little more


ENOUGH SAID!



SUMMARY



Give us a break here!! We have here a family with proven lack of credibility running this company and paying themselves generous salaries ($175,000 annually to Brent). We have here a family that either currently is or almost certainly was under SEC examination with the Net Command Tech/SAS matter and yet, in our opinion, continues to act so as to deceive the investing public to get where they want to go.



We have here a software technology that has not been proven or confirmed by any reputable independent source that we can find.



We have a company that is issuing shares at a rate even Our-Street.com finds hard to comprehend. In the past 3 quarters, we have seen the issued and outstanding go from 57,200,000 on July 7, 2003 to 70,200,000 on October 31, 2003 and 124,701,669 on March 9, 2004 and all this dilution was without benefit of an acquisition. That means that the Kovar's are issuing stock at an average rate of 204,893 per day. Of course, all this stock has nothing to do with the 351,998,000 shares represented by existing convertible preferred shares.



Finally, we have here a company that has mislead the markets about the value and nature of existing contracts of clients on both sides of this business equation.



In our opinion, if the Kovars aren't stopped here, they will continue to use the public markets and trusting investors as their personal ATM machine without consideration or concern for shareholder value, honesty, disclosure, or ethics.




As always, we will gladly provide a forum for any documented and verifiable comments by the company and will promptly and sincerely apologize for any errors in our facts. Our commitment is to bring forth the truth and the facts in the matter and we encourage Skyway Communications Holdings to produce whatever documents they can to clear up our concerns and the concerns of what we assume are many SWYC shareholders.

I haven't had much time to go over it yet (that's next weekend). I've been too busy finishing up projects and studying for exams, I've got 3 in the next 4 days :(

What are your thoughts on it?

oops... I meant cmkm

hey gold...i haven't been to NSDM for a long time.

i have to admit that i know nothing about swyc...i was just grubbin!! :) best of luck to you, sub

You read the our street report?
If so, what are your thoughts on the report?

Hey, good to see some activity on here...haha. I recognize you from the nsdm board!! (I've read that one for awhile)

Any thoughts on skyway?

grub!