This message board is for the shareholders of E-MAG.TECH PTY LTD (formerly E-MERSION MEDIA HOLDINGS PTY LTD ACN: 631 146 177) and E-MERSION MEDIA PTY LTD (ACN: 605 098 539) and E-MERSION MEDIA (AUST) PTY LTD (ACN: 637 337 641 – INSOLVENT).
As the Directors refuse to open disclosure with shareholders regarding the state of our investment and have not held an investor meeting in four years, we have set this up to openly help one another and discuss the business and its leadership and founders John Iliopoulos, Chris Iliopoulos, and Peter Stern.
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ASIC proof John & Chris Iliopoulos stole money from e-Mersion shareholders via AIY shares
- In January 2018 AIY and “Box Digital Media” announced an investment by way of share swap. According to the press release the AIY investment in Box Digital Media was because of its E-MERSION platform. John Iliopoulos stated that:
”The investment will allow greater focus and expansion capabilities of our graphic designers and publishers working with programmers, data analysts, coders and client service executives across a greater network.”
You can read all about it on Bloomberg here: https://www.bloomberg.com/press-releases/2018-01-19/aiy-executes-binding-term-sheet-to-acquire-interest-in-box-digital-media-pty-ltd
- According to the term sheet, Box Digital Media received 30 million fully paid ordinary shares in AIY in exchange for 10% of the issued share capital in Box Digital Media.
- Box Digital Media changed it’s name to e-Mersion Media Pty Ltd in October 2018, e-Mersion Media Pty Ltd retained the 30million AIY shares and AIY retained its stake in e-Mersion Media Pty Ltd.
- On the 13th of June, 2019, e-Mersion Media Pty Ltd transferred 25,000,000 of these shares into Sir James Pty Ltd, the private company held by John, Chris, and Tasa Iliopoulos. AIY retained it’s stake in e-Mersion Media Pty Ltd. Full document attached.
- The cost of this transaction was $750,000. e-Mersion Media “loaned” this money to Sir James Pty Ltd to make this payment back to itself. This has not been paid back. This means as it currently stands e-Mersion Media paid to sell it’s own shares rather than making any raise on the transaction.
- Sir James Pty Ltd then sold these shares and kept the money. The value of these shares was AUD$1.2million.
In summary, AIY invested in e-Mersion Media by way of share swap in exchange for a stake in the company. At this point, all e-Mersion shareholders also owned a percentage of AIY. John and Chris then transferred this investment into their own personal company and sold the shares without paying dividends to e-Mersion shareholders or investing into e-Mersion Media which was the published purpose of the deal. This is fraud and theft.
I suggest everyone report this to the authorities and to the media.
- In January 2018 AIY and “Box Digital Media” announced an investment by way of share swap. According to the press release the AIY investment in Box Digital Media was because of its E-MERSION platform. John Iliopoulos stated that:
”The investment will allow greater focus and expansion capabilities of our graphic designers and publishers working with programmers, data analysts, coders and client service executives across a greater network.”
You can read all about it on Bloomberg here: https://www.bloomberg.com/press-releases/2018-01-19/aiy-executes-binding-term-sheet-to-acquire-interest-in-box-digital-media-pty-ltd
- According to the term sheet, Box Digital Media received 30 million fully paid ordinary shares in AIY in exchange for 10% of the issued share capital in Box Digital Media.
- Box Digital Media changed it’s name to e-Mersion Media Pty Ltd in October 2018, e-Mersion Media Pty Ltd retained the 30million AIY shares and AIY retained its stake in e-Mersion Media Pty Ltd.
- On the 13th of June, 2019, e-Mersion Media Pty Ltd transferred 25,000,000 of these shares into Sir James Pty Ltd, the private company held by John, Chris, and Tasa Iliopoulos. AIY retained it’s stake in e-Mersion Media Pty Ltd. Full document attached.
- The cost of this transaction was $750,000. e-Mersion Media “loaned” this money to Sir James Pty Ltd to make this payment back to itself. This has not been paid back. This means as it currently stands e-Mersion Media paid to sell it’s own shares rather than making any raise on the transaction.
- Sir James Pty Ltd then sold these shares and kept the money. The value of these shares was AUD$1.2million.
In summary, AIY invested in e-Mersion Media by way of share swap in exchange for a stake in the company. At this point, all e-Mersion shareholders also owned a percentage of AIY. John and Chris then transferred this investment into their own personal company and sold the shares without paying dividends to e-Mersion shareholders or investing into e-Mersion Media which was the published purpose of the deal. This is fraud and theft.
I suggest everyone report this to the authorities and to the media.
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Quote from
greengrass on December 4, 2023, 8:21 am
Why is this not surprising?
I wonder how many times they’ve done this.
Why is this not surprising?
I wonder how many times they’ve done this.
Fake News
I know it’s hard to believe or accept, especially for an unsophisticated investor, but all of the information above is available publicly. I’ve linked to Bloomberg.com (arguably the world’s leading business publication) including the Press Release John and Chris sent out themselves in their own words, and official documents from ASIC (Australian Securities and Investments Commission). There is nothing fake about this news I’m afraid.
Fake News
I know it’s hard to believe or accept, especially for an unsophisticated investor, but all of the information above is available publicly. I’ve linked to Bloomberg.com (arguably the world’s leading business publication) including the Press Release John and Chris sent out themselves in their own words, and official documents from ASIC (Australian Securities and Investments Commission). There is nothing fake about this news I’m afraid.
