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e.Digital Promises Another iPod Competitor
joefefifo writes: "e.Digital has a press release describing their Odyssey 1000, supposedly due out in the fall. Some stats: Looks like an iPod, uses USB 2.0., has a 20GB capacity, built-in mic for voice recording and navigation, FM Tuner with 12 presets, Mac & PC compatible, iTunes compatible, runs e.Digital's MicroOS 2.0. Except for the choice of OS, looks pretty sweet. Any chance someone will get it to run Linux instead?" Like Toshiba's little player, it uses USB 2 rather than Firewire.
Many, many people see e.digital as being nothing more than a pump-and-dump penny stock scam, and there certainly is enough evidence to back it up.
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This article barely touches the depth of shady deals this company is engaged in:
http://www.signonsandiego.com/news/business/baude
They've announced several vaporware mp3 players, which caused a stock pump, and when nothing panned out the 'dump' came and the stock once again dropped. The few units they were able to manufacture are now being liquidated on ebay and various liquidator companies.
Most recently, the company has engaged in extremely questionable financial arrangements in order to stay afloat - they recently took out a $1.5 million loan with 100% of their company's assets as colatteral, to a shady off-shore entity, in a clear case of death-spiral financing.
This company currently has several hundred million outstanding shares, and is still issuing more.
The principals of the company have made something of a career out of pump-and-dump companies - look at the histories of Patriot Scientific (java procesor hype) and ATC (hyped audio technology). They're also involved in promoting movies and solo-flying machines. All the same gang. Decades of scam companies, lies and misleading statements to shareholders, and never once a real product or profits.
E.Digital does not deserve in any way to get this kind of exposure on slashdot.
(Disclaimer: I have never owned any shares, but I do know several people who were hoodwinked into purchasing shares, and lost a huge amount of money.)