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Message: Reg's losses exceed $14 million; Regi $12MM

Reg's losses exceed $14 million; Regi $12MM

posted on May 20, 2009 12:29AM

One thing you keep hearing from all the pundits, that for these small "junior" companies, the most important investment criteria is people, people and then...people.

Maybe this is a hint to really look hard at the guys actually putting your money to work?

In that light, a bit more from the Vancouver Sun.


Last Wednesday, I reported that Reg Technologies Inc., a Richmond-based company that trades on the TSX Venture Exchange, had been promoting a "revolutionary" rotary engine for the past 21 years, and generated nothing but losses.

Under the stewardship of president John G. Robertson, Reg's cumulative losses now exceed $14 million. A subsidiary that trades on the bulletin board has similarly racked up another $12 million US in losses.

I also reported that two other TSXV companies under Robertson's control, Linux Gold Corp. and Teryl Resources Corp., have burned through $15 million and $9.4 million, respectively, and have little to show for it.

What I didn't mention, due to space constraints, is that Robertson has also been involved in two other bulletin board flops.

Information Highway.com Inc. -- his contribution to the dot-com bust -- raised and lost $8.4 million US by February 2002 when it stopped filing financial statements and was kicked off the bulletin board.

IAS Energy Inc., an oil and gas company which recently acquired a Chinese website similar to You Tube, has burned through $7.7 million US of shareholders' capital.

Asked whether the Chinese website is generating any revenue, Robertson replied, "Not at this particular stage, but we are getting close."

That's the way it is with Robertson: he always seems to be getting close, but never quite arrives. He has now raised and lost a grand total of $72 million.

His retirement cannot come too soon.


With a record like this, I have only one question: where can I send my cheque?

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