The Cortellazzi Consortium

December 27, 2008

Wax on, wax off

Owing to the latest political upheaval in Guinea, it does not bode well for the latest Cortellazzi Consortium spin off, Universal Mining Corporation (UMC).

Universal Mining Corporation, formerly known as UMining Resources Inc (UMNG), and previous to that as Globex Inc. (GLXI).  

Universal Mining’s focus is on Gold mining claims in Guinea:

“Universal Mining Corporation is a mining company who is mainly focused on obtaining mining permits and rights, exploration permits and the acquisition of small open pit gold mines from independent or private entities.”

However, Universal Mining’s activities in Guinea will be seriously curtailed owing to their links with the old regime and the anti-corruption platform of Guinea’s new government.

Moreover, Mr. Camara’s military junta has decided to control mining contracts and their first decision was to declare an immediate moratorium on gold extraction:  

“We have blocked the mining sector. There will be a renegotiation of contracts,” he said.

“In gold mining areas, the decision has already been taken: no more extraction until further notice.” 

In his speech to around 1,000 representatives of political parties, trades unions, and civil and church groups, Camara denounced “ministers who surrounded the head of state who looted the country, who constructed buildings, and had bank accounts everywhere.”

“For the person who embezzles money, there won’t be a trial. They’ll be killed,” he said

This being said, the Cortellazzi Consortium has more pressing concerns  in the form of upcoming litigation concerning a cease trade order and frozen Royal Bank account at the Quebec Securities bureau (Bureau de décision et de révision en valeurs mobilières).

Regular Cortellazzi Consortium watchers may recall a March 2007 press release which mentions the Royal Bank of Canada and this 2007 Wall Street Reporter interview (available for download here in which someone identifying himself as Jonathan Marrone, a former UMining executive mentions the Royal Bank of Canada.   

The upcoming hearing is scheduled for this 30 December 2008 in Montreal.



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August 31, 2007

The Hook

Filed under: Uncategorized — 18montecristo67 @ 2:16 am
Tags: , , , , , , , , , , ,

The Cortellazzi Consortium (as do all other similar ventures) require a “hook” a product which they use to sell shares, lots and lots of shares.

The latest Cortellazzi ventures (there have been so many past ventures) have included in the past year alone:

Bottled water (Coastal Holdings) , mining (He-5 Resources, M45 Mining, U Mining) Ethanol (Umining’s predecessor Globex).

Currently the “hook” is Bio-Diesel (UMining) .

Recently, UMining announced to great fanfare they were in negotiations to acquire a Multi-Million Dollar Bio-Diesel Plant in United States.

The announcement went on to say:

“We are in the final negotiation stages and will inform our shareholders on a timely basis of any major developments related to this proposed acquisition.”

A mere 3 days later, another Press Release softened the tone of the first by announcing that UMining had only signed a “Letter of Intent to Acquire an Initial 40% Interest in a US Bio-Diesel Facility Valued at $25 Million”.

The same press release went on to describe the Bio-Diesel plant as follows:

“The facility is in a prime location due to its close proximity to low cost raw material supply and five state and federal highways. It is dedicated to the large scale production of two bio-diesel blends that significantly reduce environmentally harmful emissions compared to conventional diesel. One of the blends can reduce CO2 emissions by 78% and lower the carcinogenic properties of diesel fuel by 94%. Other key advantages of bio-diesel compared to conventional diesel are: (1) it is biodegradable; (2) could lower US dependence on imported oil and increase its energy security; (3) contributes to an engine’s lubricity or its ease of movement; and (4) it is safer since it is non-toxic and has a higher flashpoint. The plant employs multi-feedstock processors that, coupled with stringent cost controls of raw feed-stocks, results in a produced price well below that of the national and regional price indexes.

The facility’s regular monthly production capacity is estimated at 17.6 million gallons of the bio-diesel blends or about 212 million gallons per year. The facility is comprised of 1,300 acres; 240 acres improved with extensive infrastructure. The property has 175,000 square feet of industrial space, a complete sewer system and a dual spur railroad bed leading directly into one of the larger facilities. In addition, the facility includes a laboratory, ambulance, fire station, self-contained water system with pumping station and asphalt paved service roads.

The bio-diesel blends will be targeted towards the following four customer categories that have expressed a high level of demand for the innovative fuels: Retail, Wholesale, Commercial and Governmental. Based on the expected sales and a net margin of 40 cents and 20 cents per gallon on each blend, the facility is projected to achieve a Gross Profit (pre-tax) of $62.4 million per year with $106 million of federal tax credits usable to the owner of the business. The profits will be strategically re-invested to rapidly grow the brand and extend sales far beyond the regional area via a nationwide licensing program.”

Interestingly, the National Bio-Diesel Board (NBB) lists major producers in the United States (map) .

According to the US Department of Energy, the largest Bio-Diesel facility located in Washington State opened for business a day earlier.

However, this facility (the largest producer in the US) produces 100 million gallons a year :

“Imperium Renewables officially opened the nation’s largest biodiesel production plant on August 15th near Aberdeen, Washington, about 75 miles southwest of Seattle. The new facility in Grays Harbor has the capacity to produce 100 million gallons of biodiesel per year, which is greater than the entire U.S. production of biodiesel in 2005.

That would be 112 million gallons less than the plant which is described by UMining in it’s August 23rd Press Release.

In short, the facility described in UMining’s Press Release doesn’t exist.

Issuing Press Releases for fictitious ventures and contracts isn’t unusual conduct for Mr. Cortellazzi.

In 2004, while CEO of Cort-Dev Inc. (short for Cortellazzi Development) declared it had acquired a contract to build hangars and office space at St-Hubert Airport, near Montreal.

In May 2004, it was stated on the Cort-Dev website:

With respect to the St. Hubert Airport project , negotiations are in progress with numerous tenants (e.g. conference organizers and hospitality companies) and aviation-related businesses. The gross amount of these contracts is estimated to be over $3 million.

CortDev Inc. projects revenues of approximately $3.5 million in 2004 and $7.5 million in 2005, by which time it expects to be profitable. CortDev Inc. is also in negotiations to acquire interests in several private technology companies. These acquisitions will be merged into CDVJ’s wholly-owned, Coastal Holdings, Inc. (CSJJ: Pink Sheets).

The May 2004 website indicated that it had retained “Montreal based architectural firm Groupe Leclerc for the construction of a 52,000 square-foot building hangar on a 160,000 square-foot lot, including new offices, workshop, larger ramp and additional aircraft parking spaces” and posted some proposed plans.

Later in July 2004, Cort-Dev issued this Press Release:

CortDev, Inc.’s St. Hubert Project on Track for Phase I
Business Wire, July 14, 2004

HOUSTON — CortDev, Inc. (CDVJ: Pink Sheets) is pleased to announce that phase I of the St. Hubert Airport project is ready to commence. CDVJ has made a firm business decision to immediately proceed with its original plan to construct the hangar with adjoining offices and rental space. The reason for this decision is due to the high demand for the hangar and rental space from past and prospective tenants. CDVJ believes that it cannot afford to wait for the general approval process between St. Hubert Airport and Dash L to run its course, which could take approximately 3 to 4 months. By commencing Phase I of the project in short order, CDVJ will gain a competitive advantage over other companies that decide to wait until the current approval process is completed. This should result in a higher level of profitability for CDVJ both in the short- and long-term. CEO Andrea Cortellazzi stated, “We are confident in our decision to commence the St. Hubert project right away, and without involving any other parties at the current time. Demand for the hangar and rental space is there for the taking and we are in a good position to capitalize on this before any other company does.”

An October 2004 Press Release issued it’s last update on the project:

CortDev, Inc. Provides Update on Status of St. Hubert Airport Project
Thursday October 7, 4:10 pm ET

HOUSTON–(BUSINESS WIRE)–Oct. 7, 2004–CortDev, Inc. (Pink Sheets: CDVJ – News) is pleased to update investors on the current status of the St. Hubert Airport project. All the necessary documents to proceed with the construction of the hangar have been submitted to Director Michel Beaudoin, which include the location plans and architectural renderings. Based on these documents the Airport and CDVJ have designated a specific site for the Airport hangar. The complete application will now be submitted and reviewed by higher authorities. In the meantime CDVJ will continue to follow-up on all leads with respect to those parties interested in leasing space within the hangar. CEO Andrea Cortellazzi stated, “This has been a longer process than we originally thought, but we are pleased to be near our goal of breaking ground on this major project for the Company and its shareholders. Our building, according to Mr. Beaudoin, will probably be used as a model for all future buildings at the St. Hubert Airport.”

For more information please contact CEO Andrea Cortellazzi at (647) 886-2703
However, it would appear that a month later no one at the St-Hubert airport was aware of this contract submission:

Posted by: Greely
In reply to: None
Date:10/18/2004 7:30:05 PM
Post #of 762

Hey there folks spoke with my contact today.

The person (employees’s husband) is on the board and says the following ;

– They have had two meetings so far.
– Dash L took posetion of the land and airport from the federal government approx one month ago.
– They are just at the stage of creating the company as we speak.
– They have (Dash L) Received a $3000000.00 loan from the federal government to cover current operating deficite that the airport has.
– The topic of the first two board meetings has been the creation of the company.
– No talk yet of airport construction, retail etc (very important caviat— AS FAR AS HE KNOWS). And as there has been no talk of specific construction etc. he has never heard of Cort Dev. But then why would he if they havent discussed the portion they are involved in yet.
– I asked what the timelines seem to be and he answered that no really clear timelines have been set in stone yet but that if we are investing in this in some way that it would be a long term investment for 4-5 years down the road. Having said that … this person is an aviation expert and says that small regional airports like this will be a huge market over the next 10 – 15 years!
– Dash L not only has the Airport but large (damn he told me how many acres but I forget and forgot to write it dowm)very large peice of prime comercial real estate which they plan to sell off and develop…. for those who do not live here, it is surrounded by other large retail, comercial and tons of residential.

Sorry for the long post folks but I wanted to share all the info I had. Unfortunately I really do’nt feel any better about my investment in Cort Dev at this point but the St HUbert project shure seems exciting.

I will be forwarding him a link to Cot Dev’s site and see if the plans etc. mean anything to him.

Hoping for the best,

Greely

Two months later, the Cort-Dev website announced 2004 was a good year for Cort-Dev. The sister company Coastal Holdings was doing well. The companies had refocused on Oil in the US, real-estate in Virginia and Paris, France, because the St-Hubert Project had been “cancelled”:

“CortDev, Inc. Announces Successful 2004 and is Poised for Solid Growth in 2005

HOUSTON–(BUSINESS WIRE)–Dec. 15, 2004–CortDev, Inc. (PINK SHEETS:CDVJ – News), a real estate development company, today announced that 2004 has been a successful year for the Company and that it is poised for solid growth in 2005. Over the past year, CDVJ has reached several significant milestones including the acquisition of a strong asset base with valuable real estate property in Montreal, QC and a major equity interest in an emerging technology holding company, Coastal Holdings Inc. The value of these assets will be confirmed by the financial audit and statements that will be completed in short order.

he Company is pleased to announce that negotiations are proceeding well with regards to its major expansion projects as detailed in the September 7th press release. This involves the acquisition of an interest in three major projects: (1) Rights to 10-15 oil wells in Colorado; (2) A multi-million dollar residential development project in West Virginia; and (3) A 10% stake in a large residential property in Paris, France. The Company will update shareholders in the coming year of its progress and developments with respect to these projects.

CDVJ today also announced that due to the continued weakness in the international aerospace industry, especially in Canada, the Company has decided to cancel the St. Hubert Airport project. After a comprehensive financial review of the project, Management has determined that it is not in the best interests of the Company and its shareholders. CDVJ has now shifted its focus to commercial real estate development projects. The Company is in negotiations with major developers in Canada and the US to acquire an interest and take an active role in several lucrative projects. Further details will be disclosed once a letter of intent is signed with any of these parties. CEO Andrea Cortellazzi stated, “Due to the low interest rate environment, the commercial real estate markets are performing very well and are forecast to continue to do so into next year and beyond. These projects make financial sense for CDVJ and we expect that they will add significant value to the Company over and above what the St. Hubert project would have.”

For more information please contact CEO Andrea Cortellazzi at (514) 288-9699 or visit http://www.cort-dev.com. “

This being said the current “bio-diesel ” project bears striking similarities with earlier Cortellazzi ventures.

August 26, 2007

The Players – The Sidekick

Mr. Cortellazzi has an impressive list of assistants, none are more interesting than Jean Michel De Montigny of Montreal, Quebec. While Mr. De Montigny wishes to have everyone believe that he works elsewhere, he in fact operates out of Mr. Cortellazzi’s office building (seen here below) at 1212 Redpath Crescent.

1212 Redpath Crescent

Mr. De Montigny (seen here below) is the CEO of another mining company called U Mining (UMNG) which purportedly operates out of Florida but which in fact has and still operates out of 1212 Redpath Crescent.

Mr. De Montigny has previously come under journalistic scrutiny by Radio-Canada in October 2005 concerning his ties, one of his companies called GSI Technologies and the Hells Angels.

The Radio Canada report was less than flattering and stated that investors in Mr. De Montigny’s company had lost millions:

“M. de Montigny a touché au moins un million de dollars en vendant à haut prix des actions dans lesquelles il avait investi environ 10 000 $, selon un document de la Security and Exchange Commission, le chien de garde de la bourse aux États-Unis. Il nie que le montant de ses gains ait été aussi élevé.

De leur côté, les investisseurs ont perdu des millions de dollars dans l’effondrement de GSI.”

At the time that Mr. De Montigny the Investors Relations spokesperson, it was discovered that he was using the alias of “John Michaels” in UMining (then Globex Inc (GLXI) Press Releases prompting many Message Board posters on Investors Hub and Raging Bull to nickname him Mr. AKA.free hit counter javascript

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