EXECUTIVE SUMMARY
NEEDLES/INTERNATIONAL AUTOMATED SYSTEMS/REDCO SOLAR PROPOSAL
INTERNATIONAL AUTOMATED SYSTEMS
International Automated Systems is a Utah based US public corporation that trades through the Pink Sheet Services.
In over twenty years of various claimed businesses, IAS (trading symbol IAUS.pk) has never produced a penny of operating revenue. Its various claimed ventures have been supported solely through the promotion of the sale of stock to the public.
An evaluation of the balance sheet of the company from its latest SEC filing shows the company to be insolvent, with a going concern letter issued by its auditors. http://idea.sec.gov/Archives/edgar/data/820380/000109690609000137/iaus10q123108.htm
Past IAS Stock Fraud
Past claims by IAS in the promotion of their stock to the public have resulted in Securities and Exchange stock fraud charges against principals Neldon and Randale Johnson. These charges resulted in over two million dollars in fines against company management. http://www.sec.gov/litigation/litreleases/lr15898.htm
The IAS “Solar Technology”
On or about 2000 IAS claimed to have developed breakthrough solar technology that would make solar power cost competitive with coal fired generation at the utility scale.
Despite those claims, IAS has developed not one single working installation at any scale, and has never produced any data regarding its cost, feasibility or efficiency claims. On knowledge and belief, IAS has not produced a watt of power through their purported system.
Despite the lack of any independent evaluation of their purported system, IAS has issued a serious of false, misleading, or egregiously inaccurate claims through public press releases
The search linked below presents sub links to that series of public press releases. NOT A SINGLE CLAIM in those releases has been validated or come to pass.
http://findarticles.com/p/search?qt=iaus+2001&qf=all&qta=1&tb=art&x=0&y=0
http://findarticles.com/p/search?qt=iaus+2002&qf=all&qta=1&tb=art&x=0&y=0
http://findarticles.com/p/search?qt=IAUS+2003&qf=all&qta=1&tb=art&x=0&y=0
http://findarticles.com/p/search?qt=iaus+solar 1&qf=all&qta=1&tb=art&x=0&y=0
And my favorite: not only a blatant lie but a charity scam as well: http://www.utahenergy.org/PDF/news 2002 6.4.pdf
The
Tax Credit Scam
On or about 2007 IAUS directly and through a network of commissioned salespersons began marketing “SOLAR PODS” that they claimed would qualify for the maximum $9,000 Federal Solar Tax credits.
The following Web Archive link illustrates typical claims made in marketing the Tax Credits http://web.archive.org/web/20060401193326/http://www.solareagles.com/ In fact, IAS had no functioning system at the time, no lease agreements with utilities, and any credit claimed by investors could lead to significant IRS penalties
Over $1.5 million of credits were sold to investors, and are and have always been ineligible.
The sale of the credits was supported in
part by a CPA letter apparently concocted by the company and
“signed” with a cut and paste signature from a
former auditing
document.
Summary
IAS has never demonstrated the viability of its claimed technology, never produced any meaningful power from its system-if any-and has no validation whatsoever of construction and operations costs.
Although company shills have recently been making claims of an alternative heat source that would allow the purported system to run on a twenty four hour basis, there is no backup whatsoever for this claim. The company has not even come close to demonstrating the viability of its claimed concentration system.
Given the company's balance sheet, the decades long history of management failure and outright fraud and the auditors going concern statement, no company would issue a performance bond for this group and there is nothing in its history to suggest capability or competence in the design, construction, or operations of solar energy systems.
REDCO
REDCO was incorporated in Utah in November 2008, and first licensed to business in December 2008.
Although the REDCO website makes a variety of claims, there is no specific information on its financial or management capability in the area of solar power installations, and no specific information as to their claimed “portfolio” of projects http://renewdevco.com/
Nothing in the resumes of management indicate any experience in solar thermal projects.
You may want to contact officials of Boulder City Nevada for their similar experience with IAS claims.
