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Shell Summary for March 5, 2015

2015-03-05 21:10 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 1.17 points to 696.92 Thursday. Harry Chew's NEX shell, Bi-Optic Ventures Inc. (OP), has appointed William Gildea as its chief executive officer. The shell has not said what type of deal it is looking for, but with the appointment of Mr. Gildea it appears Bi-Optic has its eye on the agriculture sector, perhaps something related to vertical farming or medical marijuana.

Bi-Optic gushes buzz words in its vague description of its new CEO, Mr. Gildea, referring to him as an experienced investor and entrepreneur with expert proficiency in clean technology, environmental sustainability and land redevelopment -- no specifics. The shell goes on, talking up his knowledge of the "green technology space" (space -- the very latest buzz word) and so forth, without providing any specific information about his past, such as his time with TerraSphere Systems LLC. Mr. Gildea co-founded TerraSphere somewhere between 2001 and 2003 (different documents provide different dates). It designs and builds vertical farming systems for growing organic fruits, vegetables and, of course, marijuana, and also licenses its technology to customers. In November, 2010, Mr. Gildea arranged the sale of his company in an all-share deal worth about $26-million to Converted Organics Inc., which at the time was a Nasdaq-listed organic fertilizer company managed by Edward Gildea, William's brother. When the deal closed in November, 2010, Converted Organics traded at 40 U.S. cents. This transaction did not do well for the shareholders of either company. In July, 2011, by which time Converted Organics had dropped by three-quarters to around 10 U.S. cents, the company transferred from the lofty Nasdaq to the lowly OTC-BB. A year and a half later, in December, 2012, when Converted Organics traded at around 0.15 of a cent, it sold TerraSphere to a company in Rhode Island called RI Vertical Farm Partners LLC for $5 (U.S.). The authorized signature on RI Vertical's documents is a man named David Darlington, who used to manage Gildea-Darlington Group LLC in Rhode Island with William Gildea's father.

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