http://www.audizine.com/forum/showthread.php/585717-So-is-Stasis-no-more
Wonder what the heck is going on there. Sure does seem to be a lot of churn around both of those companies.
On a side note, has anyone tried to get Neal to sign up here?
We are talking about it in the Lulz thread.
We should just wait for Zcd to come in here and clarify what this all means. lol
Cliffnotes: Stasis is no more. This so called merger was probably a more planned takeover, with the divesture of liabilities and the Stasis name a foregone conclusion. In other words, the subsidiary buying only a portion of the target was probably done for tax purposes and that the shedding of Stasis was going to happen all along.
[quote=“helix139,post:1,topic:5350”]
I don’t think he has ever posted but he has an account or I have seen someone with the same name on here… Stasis = lol
Yes - he has an account here. He should post.
[QUOTE=Chris@Revo;9557421]Hi guys wanted to chime in and just clarify a few things. I cannot and will not speak on behalf of anything related to STaSIS but I can address some of the things related to Revo brought up in this thread.
Revo has essentially purchased itself back from STaSIS. The formation of the LLC was nothing more than creating a holding company to purchase this stock, pretty standard as mentioned above. RTK has always been and will continue to be the company doing business as Revo which is now simply held by the new LLC. Due to our location in the UK and our global dealer network relationships were made during the merger that will benefit all parties to leave intact, this is all that is meant by the access to STaSIS and Eurojet product lines. For you as a customer and for our dealers nothing at all will really change with how Revo Software was distributed and managed.
Hope this helps clear up some of the questions at least in regards to Revo.
[/quote]
That still doesn’t clear anything up.
It tells me that Revo didn’t like where STaSIS was heading and didn’t want to sink with them, so they bought out their portion of the merged company. Either that, or they got what they wanted from STaSIS and now want to move on without them. Neither scenario sounds good for STaSIS.
-Skid
But Stasis offers a warranty, how could this be!
I’m going to say it again… That business model doesn’t work. There is no way stasis especially under the current audi DENY EVERYTHING directive that selling a 1500 dollar ECU tune is going to have enough margin to cover the potential massive repair bills especially when we are talking about transmissions and motors.
I just want to now how many stasis owners are having a mild heart attack. Also will the dealers be held accountable for selling these flashes and turning around and denying warranty when stasis is no longer there to pay the bill or will Audi be forced to cover it? IF audi does cover it then that opens up another door to every other TD1 denial to go after them. Either way this is going to be a mess if they are indeed done.
Audi USA has no legal reason to cover stasis claims made by franchise dealers who sold the product.
It would be like asking Audi to pay for a failed clear bra, because the local company that was contracted to do it went out of business.
Yup. I’m pretty sure noone is legally responsible to honour the warranty if Stasis ceases to exist. The only one possibly responsible would be Revo, but based on their press release they took care of that.
FYI
My post was sarcastic KB, lol.
LOL… i know! ;D
sorry if someone already posted or commented on this already. I just thought it was a good read.
My family and future has been devastated by this company. They have stolen everything from me that I spent the last 10 years of my life building.
I was lured into moving my family across the country and sold them my company for $50,000 in cash and $400,000 in Stasis Shares. They paid me the cash (albeit very late per the contract), but never issued my shares during my employment or paid me my due wages.
They withheld information regarding a lawsuit filed by their former COO and did not disclose it to me until after the acquisition was finalized. Had I been disclosed this information I would have never put my company or family at such a risk.
They also misrepresented the share price of their shares and told me that they were based off of the estimate from Oppenheimer. Those estimates and valuations were terribly inaccurate. I was misled. Despite numerous discussions with the CEO and CFO of the company, they misrepresented the share price to me and issued shares at a value of $3.11 instead of the actual share price of $2.46. I did not authorize this transaction. I did not agree to this price. They issued me the shares at that price after I had an attorney send them a demand letter for the shares after I left due to their breaches of the contract.
Stasis is a privately held company, but has been sponsored by the State’s Jobs Investment Trust and endorsed by Andy Zulauf. Andy Zulauf is a board member of Stasis and has a close personal and long time relationship with the CFO of Stasis, Todd Cope. Andy and Todd have an incestuous business relationship and have been using Stasis as a shell company to sell shares to nearly 100 investors.
As last reported in the State of Delaware, Stasis has a share count of nearly 21 Million Shares. With a share price of $2.46 a share and according to Stasis’ internal finances and selling the company over 10 times forward, making the company worth nearly 50 Million USD as portrayed to investors. However, their revenues are in the negative every month; in the Month of May 2012 they only sold $300,000 in gross sales when $800,000 is the operating break even point (according to sources), and are swimming in millions of dollars in debt to their suppliers including Thermal Exhaust Systems, VF Engineering, Alcon Brakes, etc.
Both Todd Cope and Paul Lambert have misappropriated shareholder and taxpayer’s investments in excess of 10MIL. They, in part, use these funds to provide themselves with lavish lifestyles, large homes on golf courses, expensive sports cars, and large salaries all at the expense of the investors and taxpayers of West Virginia.
They have taken an estimated 3MIL of the WV Taxpayer’s money in funding, what is believed to be, a share selling scam from the Jobs Investment Trust. They have also misappropriated nearly 7MIL of shareholder’s investments and have not provided an exit strategy or financial plan for the future.
I can provide financial statements and witness accounts from both current and former employees.
This company is failing and nearly insolvent. I fear that I will lose everything that I have ever worked for if something isn’t done. I was defrauded and lied to by Paul Lambert and Todd Cope into selling them my company for a pile of worthless shares.
This is the story of eurojet, no? This is what I mean by hoping the ‘finance’ guys were gone. Anyway this is what happens when you do stupid deals and get scammed and don’t do your due diligence
If I had to bet, they are bankrupt. Revo bought out their portion. This allowed Stasis to recover some cash, and Revo could go about their business. They are a private company, so they don’t have to make anything public, but I am almost certain you will hear about bankruptcy or something similar soon.
I sent my dampers in to be rebuilt a few weeks ago as I had worked out the return/RMA a few weeks prior. Last week I got a call from Stasis saying they could not do the rebuild because they don’t have the part, and they didn’t know when they would be able to get them. This indicates they have been cut off by suppliers, and a sure sign of bankruptcy or major financial problems. Needless to say, I’m a little pissed, but I’ll get my dampers back and have them rebuilt locally by someone that probably cares a lot more than Stasis at this point.
Unfortunately, I worked for a company that went bankrupt and this is pretty much what happened. I had the pleasure of managing our customers support operations, and it pretty much sucked. At the same time, we survived by being honest and treating our customers right. I hope Stasis does/can do the same, but I doubt it based on what is being said.
Companies often take deposits on merch they never intend to deliver in these situations
My advice on Vendorzine is to not do any business with them unit all of this is sorted out. No doubt there is some risk involved if you buy or send anything to them. If I knew all of this two weeks ago, I wouldn’t have sent my dampers in to them for rebuild. I am sure I’ll get mine back (maybe not rebuilt), but I sure wouldn’t purchase anything right now.
So Stasis’ management page is now empty.
http://www.stasisengineering.com/about-stasis/management-team
No Press Release or explanation of the events to the general public. Remember, they are purely a multi level marketing company (don’t make anything), so its in their interests to communicate effectively to the public.
http://www.stasisengineering.com/media/pressreleases
Yet they are actively posting on Facebook, even hot linking an Audizine thread by Europrice.
https://www.facebook.com/STaSISInc
strange things a happening…
Hopefully they are gone. Stasis has always been a cancer on the Audi scene IMO.