SurfRay: Has the Company Missed the Search Wave. Nope
August 29, 2008
Update: October 26, 2008
I have summarized several of the themes from my write ups and from the posts to the SurfRay thread. You can find this article at http://arnoldit.com/wordpress/2008/10/24/surfray-round-up/ or click here.
Update: August 29, 2008
SurfRay is alive and well. A phone glitch plus the unfortunate unanswered emails from me gave me the impression that this company was realigning. You can contact the company at this phone number, which is now working: +45 70 250 250. I’m tracking the company because I have been a long time fan of the Mondosoft SharePoint solution. (Why Microsoft ignored this system still baffles me. And, as you may know, I have been a strong advocate of the Speed of Mind technology to cure the DB2 and Oracle performance headaches. So, don’t wait. Snag the solution the Vatican uses for its multilingual Web site here www.surfray.com.
Original post querying for information:
Last May 2007, I made a comment about the change in ownership of Mondosoft, the Danish search engine company. I speculated that management changes in 2006 and the company’s merging with SurfRay, a Copenhagen based technology and services company, left the future of Mondosoft in doubt. After my panel, an earnest Dane told me that SurfRay and Mondosoft were in business and servicing their 1,500 customers. One of these customers is the Vatican, and I concluded that the Swiss Guards would take strong action against me if I suggested that the Church’s search engine was an orphan.
A colleague in Europe alerted me on Tuesday, August 26, 2008, that the SurfRay telephone number is no longer being answered. I asked a colleague who speaks Danish to verify the number and talk to a person at SurfRay. No luck. My hope is that this is a telephone glitch, and not a more serious issue with the company.
The Mondosoft search system was one of the first “snap in” replacements for native SharePoint search-and-retrieval services. The company also was among the first search vendors to include Web site analytics as part of the company’s search system. I used screen shots of the reports that showed which pages attracted users and which triggered abandonment of a site. Mondosoft also acquired Ontolica, a specialist in taxonomy and content processing, to add additional indexing to SharePoint content.
SurfRay snapped up a company called Speed of Mind. In the first edition of the Enterprise Search Report, which I wrote for CMSWatch.com, I profiled this company. Speed of Mind’s technology used an innovation to accelerate access to information and data in tables generated by Oracle, IBM DB2 and Informix, and My SQL. I met the founders of Speed of Mind and was impressed with their unique approach to cracking the problem of making searchable the most recent updates to a database table in near real time.
SurfRay had other technology, but I focused on the search, content processing, and database access systems. The SurfRay Web site is still online at www.surfray.com. If anyone has additional information about the company, please, let me know. If the firm shutters its doors, a number of major accounts will be in the market for a replacement search engine. The changes that Microsoft continues to make in its SharePoint system make it tough to “freeze” a search system while the SharePoint environment is changing.
Stephen Arnold, August 29, 2008
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47 Responses to “SurfRay: Has the Company Missed the Search Wave. Nope”
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I would surely be sad if SurfRay has missed the wave. I’ve been comming to the Copenhagen office to work on a daily basis for quite a while now.
To quote Mark Twain: “The rumors of my death have been greatly exaggerated”
What happend was that a technician at our telco made a mistake and re-routed our primary land-line number onto a non existing phone number.
The problem has been corrected now.
I can assure both our clients and our partners that SurfRay is alive and well. It’s unfortunate that a minor phone glitch would lead to speculation regarding the viability of the company.
SurfRay is countinuing our mission of providing cutting edge search technology to help our clients drive business results. Moving forward we are focusing on working with our clients to specifically identify business opportunities where they can create competitive advantage. We intend to provide search based solutions that have a very focused impact on driving bottom line results in both revenue generation and cost containment.
SurfRay is alive and well and launching the next wave of Search technology.
Bill Cobbs
Thanks for the update. I will post the update. My emails to the company have not been returned, so with the phone and the lack of response and a ping within
Denmark, I asked the obvious questions and got a response.
Stephen Arnold, August 29, 2008
SurfRay is alive and not well.
Surfray missed the search wave a long time ago, answering the phones followed by google alert to this blog post means nothing. Ontolica has not been developed on for 2 years and every single developer from the Ontolica team got fired or resigned along the way. (including an entire outsourced team in east europe). Mondosearch is even worse which is a shame.
No one is left from Mondosoft except for one sales guy.
Surfray has no knowhow, no support, no money and no future. I would advice anyone to stay away as their days are numbered.
— Former Mondosoft employee.
Anonymous
Thanks. SurfRay is looking into an email issue now. That may have suffered a glitch as well. Amazon, Google, SurfRay. No one is safe in a cloudy world I surmise.The SurfRay phones are again working. Mondosoft and its customers (the Vatican) and 1,499 other can easily reach the company. The Danish telecommunications vendor responsible for the hiccup may want to be wary on Sunday.
Stephen Arnold, August 29, 2008
Stephen:
If you’re interested in finding out the status of SurfRay as a company, you should speak to their clients. The Vatican, as an example, if an old Mondosoft customer. In fact they were one of the earliest customers. One test of the current state of affairs is what new business have they closed recently. Are clients that continue to pay maintenance better off than when Mondosoft was around?
SurfRay is due to release a new Ontolica product (Reporting) this Oct. It was originally scheduled to be released last year, but delayed (owing partially to the transition between Mondosoft and Surfray I expect). The final tests for the firm (and Bill Cobbs) are: 1) whether they can successfully deliver the product when they say they can and 2) prove they’re still relevant — the Ontolica add-on for SharePoint was their strongest (Mondosoft-legacy) product, but with the lack of support and development, customers are finding alternatives.
Anonymous,
Thanks for the post. The phone and email issues were unfortunate. I’m rooting
for the Vatican’s favorite search engine.
Stephen Arnold, September 2, 2008
As a former employee I have no idea what the current status of the company is.
Maybe they are in ok shape, even though a look at their publicly available records show some significantly large red numbers.
The core products haven’t been developed further to my knowledge, and many of the employees that were in SurfRay at the time they bought Mondosoft, are long gone as well.
What I can say, is that I won my case in court and still havent seen a single dime of the money the company owe me. Maybe I never will.
If SurfRay is reading this, they may already know who I am. In that case, please fill out the cheque and send me my money so we can all go further and let bygones be bygones.
– the guy that actually did the Vatican’s search implementation.
Former Mondosoft employee,
I bet the Pope loves you. He likes the multi lingual search system according to one of my heavenly sources. I appreciate the post. Keep me informed. Search is a tough, tough business. Whiz kids try to prove me wrong. So far, only a handful of companies have cracked the search revenue puzzle. More keep trying. Makes life interesting.
Stephen Arnold, September 11, 2008
I haven’t met the pope, but hopefully he appreciates the work done. I did create a new improved version of the search implementation, which however was never implemented (and it seems none of the new people picked up on it).
To add to your point, I think site search has become an even harder market to be profitable in since then.
Anyway, there is so much to share about the demise of the company. The real reason why certain people was let go, and stuff like that. However this is not the forum for such discussions, and frankly I’m concerned about what steps the involved parties would take, if I were to disclose such info.
Only one problem with these statements from Surfray - they are simply not true…
They could be in a good shape - I really don’t know, but if Surfray are doing good financially, why don’t they pay vendors, former employees their remaining salary, recruiting companies for the new employees? And why does the Danish tax-authority try to levy distress and why is the Swedish authority closing Surfray AB in Sweden?
Why is Bill Cobbs fined for not having followed the rules of employment, and why are the customers (less than 1500) not able to get support? Why is it that the new product is just around the corner and keeps getting postponed? Why … could go on but I think you get the point!
They missed the wave long time ago, because the owner thought he could run this business but he didn’t have the skills – I don’t know Bill but if Martin Veise still runs the show, this company is on its way to bankruptcy.
I wouldn’t recommend anyone to engage with Surfray, whether it’s as a customer or as an employee.
- Former employee
The Vatican terminated their contract with Surfray earlier this year due to no support and maintenance.
Former employee,
I will be posting my opinion about the SurfRay outfit once I work through the financial documents I ordered from the Danish authorities. I appreciate your taking the time to post.
Stephen Arnold, October 9, 2008
I never stop being amazed at how people make statements but refuse to own them. The anonymous former employees who continue to disparage SurfRay but don’t want their comments attributed to them are dispicable.
I will not comment on what may have happened at SurfRay or Mondosoft prior to my tenure but I will take full accountability for everything that happens on my watch. I stand firmly behind my prior comments about the direction of the company. I just spent two days mapping out or Strategic direction with our Leadership team in Denmark. We have a product strategy that our clients will be pleased with and a business plan that will see the company end 2009 with a stronger balance sheet than either of the two companys ever had before.
Maybe these former employees are former employees for a reason. It has always been my experience that usually when people have an azz to grind they like to do it in the dark. If in fact there was truth to what they were commenting on they would have no reason to hide behind anonymous. What do you think?
Bill Cobbs,
I’m surprised at the flow of comments about SurfRay. I have been gathering information but I have to wait until I am in London next week (October 15) to get a Danish contact to walk me through the news stories, court reports, and financial documents. The comments section of this Web log are just comments, and I don’t have much control over what people say. I think I will turn this topic over my newest analyst, Tess. She’s a blank slate in some ways.
Readers, verify the information before you jump to conclusions. I’m not a journalist; I’m an observer, analyst, and collector of open source intelligence. If you don’t know the editorial policy of Beyond Search and the work of its analysts, check out the About link on the main page of this Web log.
Stephen Arnold, October 10, 2008
Bill,
I own the statements, but knowing Martin Veise and his use of attorneys I don’t want my name out. BUT it doesn’t matter who I’m, all the statements are facts, whom anyone can check either at the Danish authorities, the Swedish or if it’s about the support at any customer being unfortunately to have engaged with Surfray.
I could also leave names on vendors who - today at your watch – don’t receive any payment on their invoices and could blast out names on former employees who – also on your watch – are fighting the Danish Courts to get their salary.
Your remark on “former employee” of a reason is below you. Maybe WE (the former employees) actually think a little on our name and reputation.
Spending a hole two days on paper with product strategy and business plan doesn’t do it. You need to execute them!
If you are coming out of 2009 with a stronger balance sheet ever, I will be happy for you, the employees, the customers, the vendors and anyone lacking payments. I do however believe Surfray is out of business before, but well its not my legacy.
Stephen>
I think Tess is well qualified to address many of the comments that people have made. I think it is unfortunate that people use anonymity to make comments about people and organizations to avoid accountability.
The last comment submitted convinced me that responding to these people is a waste of my time. My reputation and documented history of integrity speaks for itself. While I can\t speak to the history around employee relations at the company prior to my joining I can say without reservation that I personally observed a culture of employees who were not looking out for the best interest of the company when I came on board. There are certain behaviors that I will not tolerate. When people intentionally put their interest before those of their fellow employees and the company they can not and will not be a part of the team.
Many of the references that have been made specifically are targeted at Martin. Let me say unequivically that I am now the CEO of SurfRay. That means that I not Martin am responsible for the way we do business going forward. What that means very simply is that regardless of what claims people may make about the past we are under new leadership. The operative word being leadership. I can assure anyone concerned that SurfRay will stand by any legitimate obligations we may have.
For those who say that the company is dead I can only say that your wish is not our reality. Our US based business is healthy and is consistently performing in the Black. Our European and APAC businesses are being aggressively turned around as we speak. SurfRay AS will finish 2008 in the Black and go into 2009 to have a record year.
I hope all of those former SurfRay employees go on to find employment relationships that are more suitable to their desires and mentalities. I am extremely encouraged by the people who have joined the SurfRay family over the last 8 months. I beleive we are crafting a family of emoloyees that share a common set of values and embrace the vision to make SurfRay great.
This will be my last posting regarding the negativity directed at SurfRay.
Bill Cobbs
President and CEO SurfRay AS
Bill Cobbs
Thanks for the thoughtful post. I am surprised at the passion the Surf Ray comments have revealed. Frankly I’m baffled. With more than 350 vendors of search and content processing, it is rare to find any one who cares about the trials and tribulations of search and its related fields.
I will have someone scanning the posts until I return to the US later this month. If something strikes us as out of bounds, Tess or a more capable colleague will reply and emphasize that readers verfiy what’s on this Web site. This is a diary and promotional Web site written by an addled goose. Somehow my little BS has morphed in directions that are surprising to me.
I did some writing for Mondosoft several years ago and found the system and its analytic component quite useful. Mondosoft also indexed my ArnoldIT.com Web site as a demonstration at one time. (A number of companies do this to make it easy for me to test their system’s precision and recall.)
I will be in Copenhagen on Nov. 2, and I will try to swing by the offices. I think I recall where the Mondosoft operation was located.
Stephen Arnold, October 11, 2008
Dear Stephen,
You are more than welcome to stop by our office, however please note that we have moved the old MondoSoft to our SurfRay location and our address therefore is:
SurfRay A/S
Kronprinsessegade 20, 3
1306 Copenhagen K
Let me know when you would like to come to meet us and I will have coffee ready for you! : )
Best Regards
Bill,
I do like your “final” post and I don’t think you are the reason of these posts and I do hope you can turn this around, your resume tells me, that it might work.
The doubts is properly because SurfRay has announced new leadership every second month since the takeover of Mondosoft. First Martin was the CEO, then Steffen, Then Lars (Martin) and now you, so you can imagine what everyone is thinking - Did the owner actually give you this business to run or are you on loan, until you make a decision the owner doesn’t like or are your appointment related to the fact that all prior payment plans and lawsuits now got extended with the “I will look into this but please give me some time”?
But as you say, let’s not use this blog to keep posting statements prior to your tenure. I’ looking forward to see how the company executes on your plan. As there is still a part of me, wanting the best for the company.
Couple of question there could be interesting to elaborate on from SurfRay.
1) What has happen to the SpeedIndex, and why is it not used in the new product (or any old surfray products) – it would have fitted perfectly in the Ontolica product to accellerate performance?
2) What has changed in Ontolica, since the acquisition (haven’t seen any minor or major releases)
3) When is Reporting launched (if was due to release at Q4-07, last press release says Q3-08, your appointment speak say Q4-08) and if it is Q4 as Q3 has ended, when are you releasing a beta?
As a present employee at SurfRay A/S I feel compelled to speak my mind in this debate.
I started at SurfRay on the 1st of July, so I’ve been with the company for a little over 3 months now. And let me assure everybody that SurfRay is a fantastic place to work. I can of course only speak for the present day, so whatever happened in the past is beyond my knowledge. But it is evident to me that just within the last 3 months, more has happened in this company than in any other company I have been employed by. When this transition from the old leadership to the new, headed by Bill Cobbs, is finished, we will have a new strategy and all new way of doing business. We make sure that any errors in the past will not be repeated in the future.
I just feel sad that former employees find it necessary to show their negativity in a public forum, as well as under anonymity.
Kind regards
Allan F. Hermansen
Graphic Designer at SurfRay A/S
Allan Hermansen,
Thanks for taking the time to give the readers your viewpoint. I hope to swing by the SurfRay office the week of November 3.
Stephen Arnold, October 15, 2008
It’s funny,
When the comments are related to the financial situation, Surfray’s leader and the employees almost wait in line to praise the company, but when its about their product nobody answer?? I took the liberty to add a few questions to the former employee’s.
1) What has happen to the SpeedIndex, and why is it not used in the new product (or any old surfray products) – it would have fitted perfectly in the Ontolica product to accellerate performance?
2) What has changed in Ontolica, since the acquisition (haven’t seen any minor or major releases)
3) When is Reporting launched (if was due to release at Q4-07, last press release says Q3-08, your appointment speak say Q4-08) and if it is Q4 as Q3 has ended, when are you releasing a beta?
4) Is XP Search finished and is there any customer-cases?
5) When is this new Enterprise Search launched?
It would be nice if someone at Surfray could perhaps answer these questions or guide the readers of this blog to relevant Surfray sites, so we could all get a chance to evaluate the products and not have the company did in the past.
Lars Petersen
Good questions. I can tell you that I haven’t seen much substance. If anyone has facts and answers, help out Lars and the other brooding Danes who are posting here. I have no data.
Stephen Arnold, October 17, 2008
I have just received a note, regarding that Surfray’s former CEO and now CFO Lars has been terminated.
This will properly be used if you (one of many) are seeking payment on money that Surfray owe you, to delay the process, My guess - if you hear this - don’t worry, Bill Cobbs continues performing Black numbers in the US, so it shouldn’t take more than an extra day to wire - so be patience.
LOL.
Former Employee
Thanks for the update. Keep me posted on developments.
Stephen Arnold, October 20, 2008
Stephen:
It is quite common that when there is a change in Senior management of a corporation that old team members leave the company because of a new direction or a change in philosophy. We at SurfRay appreciate the contribution that Lars made at SurfRay and beleive that the change is best for both him and the company.
The one factual comment by our former employee is that our US operations are consistently performing in the black. Our plan for the balance of 2008 and going into 2009 is to create the same consistent level of stability company wide.
I would love to sit down with you in person and discuss this plan. I will be leaving Denmark on the 30th of October and not returning until December. If you would like to arrange a meeting for then please let me know.
Bill Cobbs
President and CEO SurfRay A/S
As SurfRay’s product manager, and having held the position of acting head of R&D for the first part of the year, I am in a position to comment on the more technical issues. Without doubt, SurfRay has been through some challenging times, with the need to become more focussed in our sales operations as well as get up to speed with our new and larger customer base. As so often happens in an acquisition there were a number of unforseeable discoveries that were made subsequently to the fact, and with which we had to deal.
These discoveries required that we do due dilligence regarding the release of Ontolica Reporting and the existing Mondosoft roadmap. We have completed these efforts and are now moving forward with a set of releases for Ontolica that will be done in the next six to nine months.
Attached as a courtesy is a link to our release roadmap for 2009: http://www.surfray.com/upload/Ontolica_Search_roadmap.pdf
On the concrete technical issues:
1. The SpeedIndex is an indexing engine, and Ontolica is not compatible with this, so while the SpeedIndex is hyperoptimsed for speed the architecture of Ontolica currently cannot leverage it.
2. SurfRay inherited an outsourcing relationship for the Reporting development team. The result of this relationship failed to meet expectations in terms of quality and timeframe, and restructuring resulted in delays in development.
3. The release of Reporting which was originally scheduled for Q3/07 crossed our acquisition, and we did not have the opportunity to evaluate the timeline. Once SurfRay took over operational control quality deficiencies emerged, and it was felt prudent to go through an extensive quality review prior to release.
We are confident that we will be able to release Reporting on the new Roadmap in the timeframe we have identified.
4. When we started on XP Search we did not perform significant market analysis to properly define the opportunity. Our Research and Dvelopment, and Product Development groups are appropriately sized for our organization, however having work on an additional product would have placed an inordinate burden on us. We have elected to reprioritize our resources so we focus first on our Ontolica and Mondosearch client base, while we continue to define the marketplace opportunity for XP, as we move forward with that product.
5. There are currently no plans to replace MondoSearch as our Enterprise Search offering.
I hope this clarifies matters somewhat.
Re: Torben Ellert
Nice to get an update about the products on top of the news about your improved financial situation.
Allow me to be curious. Since you dont have any plans to replace it, when is the next update/release of MondoSearch scheduled..?
Current release of MondoSearch is closing in on its 2nd birthday, given the original release date of Dec, 12, 2006.
And how do you see your local competition with the quite active competitor ForwardSearch in regards to their technology..?
Thanks in advance
NB: I do not familiarize myself with the individual who signs as “Former Employee”
Former Mondosoft Employee
Thanks for the information. SurfRay is definitely a hot topic.
Stephen Arnold, October 21, 2008
Torben Ellert
Thanks for your post. I am going to need some time to process the SurfRay information in these comments. I’m startled that my bumping into a phone problem unleashed the information in this thread.
Stephen Arnold, October 21, 2008
Bill Cobbs,
Thanks for offering to meet with me. I do a “Search Wizards Speak” feature. That might be an ideal way for you to describe the technology and what’s ahead for SurfRay in 2009. Samples are here:http://www.arnoldit.com/search-wizards-speak/. Let me know by writing seaky2000 at yahoo dot com.
Stephen Arnold, October 21, 2008
Quick Question
Would like to now when the new version on XP-search are launched… and is there any installations that are currently running? If so is it working accordingly?
Dear Bill Cobbs,
You can change the mindset of your staff, but you can’t change the mindset of Martin Veise (the owner) who has no moral what so ever. You can hire and fire at will until you get soldiers that do as they are told. That, however, is not the way you create a good working environment or a well functioning development team. Despite all the nice submits from current SurfRay employees I can’t believe that things has turned so much better.
AND WHY IS THAT?
Well I still haven’t got my salery for the last months I worked with SurfRay. I also had a lot of trouble with the danish tax authorities because SurfRay had not reported me working for SurfRay or paid the taxes (or any other dues to the public) that was withheld from my salery by SurfRay . That is off course illegal and is punished with fines and imprisonment to the CEO. And Bill this is your problem because you are the CEO - even though this happened before you became CEO. The problem is still there.
And why am I anonymous?
Well Martin Veise (or should I say SurfRay?) communicated only through lawyers - after I left because I hadn’t got my pay for 2 month in a row - and accused me for all kinds of stuff. This was only to postpone payments. I ended up paying for a lawyer and go to court. I won. Still no money. And I do not want another round in court just because Martin Veise feels that this post is harassment or whatever.
So Bill. You are the CEO now and YOU HAVE THE RESPONSIBILITY NOW. You can’t just say that it is the past and doesn’t concern you. It does. If you are that great a leader then show it by cleaning up the mess.
BTW. The Vatican uses Google as search engine not SurfRay/Mondosoft
Former employee,
Thanks for the input. I posted a summary article on October 24, 2008 on the Beyond Search Web log.
Stephen Arnold, October 24, 2008
Hi All
I am the CEO of Ciklum, we started the development of Ontolica in early 2007 for a company called Mondosoft, who went bankrupt and sold the software to Surfray in October 2007. We still dispute in court this sale, since we have the legal rights for this software until paid.
This ment however that we since October 2007 started working for Surfray to improve Ontolica, but after paying a bit in December 2007 we recieved no furter payment from Surfray and finally in April 2008 terminated the work for them and handed over the matter to our lawyers.
This means that the entire development team behind Ontolica stopped working and you should not expect much further to happen here.
We have in late October 2008 won the case against Surfray and are now moving to “collection”, hope it will happen soon but I expect that we will see a company with no money and we will see the company going directly to bankrupsy as soon as one of the collection cases hits the collection court.
Anybody in the same situation as us are welcome to contact me, maybe we can work together to bring this further than just collection, I am here talking about the obvious fraud made by Martin Veise.
BR
Torben
Torben,
Thanks for your opinion.
Stephen Arnold, November 6, 2008
It’s hard to believe Surfray is claiming there to be ongoing development. It’s virtually impossible. Martin Veise and Bill Cobbs must be coding themselves.
Anon,
Thanks for the post. I remain amazed at the Surf Ray situation.
Stephen Arnold, November 7, 2008
Can anyone translate please?
http://www.statstidende.dk/default.aspx?pg=35.1.-1.-1&index=1&p=14,d&date1=31.10.2008&date2=14.11.2008&SearchType=1&mode=2&SearchTerm=medbo
http://www.statstidende.dk/default.aspx?pg=35.1.-1.-1&index=1&p=14,d&date1=31.10.2008&date2=14.11.2008&SearchType=1&mode=2&SearchTerm=castrum
http://www.statstidende.dk/default.aspx?pg=35.1.-1.-1&index=1&p=&date1=14.11.2008&date2=14.11.2008&SearchType=1&mode=2&SearchTerm=veise
Found this. Can somebody help me translate.
Forgot the link
http://www.statstidende.dk/default.aspx?pg=35.1.-1.-1&index=1&p=&date1=14.11.2008&date2=14.11.2008&SearchType=1&mode=2&SearchTerm=veise
@Jens is that related to SurfRay?
An old yellow brick building without roof, doors and windows are being auctioned away by by the bank.
Guys
Nothing new here, it is as all the former employees has predicted, SurfRay is on the way to bankruptcy!!
The Structure of the company is that Martin Vendelbo Goldschmidt Veise (insolvency proceedings and foreclosure set to 2.12.2008 of privately own estate in Dronningmølle and Rungsted Kyst) owns 100% of the shares in MGV Holding ApS which again have 100% in the following companies Castrum ApS (foreclosure auction date set to 01.12.2008) and MedBo (bankruptcy proceedings started 28.10.2008) and SurfRay A/S (whom ended 2007 with a bleeding 17.254M DKK in RED numbers). SurfRay A/S owns SurfRay AB (The Swedish Company) where there the Swedish Authorities (an official in charge of distraints) has put it into liquidation proceedings for a Tax debt of at least 750.000SEK.
If you read Danish this is detailed described on http://www.cvr.dk and http://www.statstidende.dk –just search the names.
Regarding SurfRay and Owner, Chairman and former CEO Martin Veise–There is a rumour that the Danish Tax Authorities are also investigating the company and particular Martin Veise for possible fraud, whether it’s true or not I don’t know BUT I think this speaks for it selves (no smoke without fire).
I wouldn’t put my saving into SurfRay shares, and definitely I would not buy their product of two reasons:
1) It seams they don’t even have the intellectual property rights http://arnoldit.com/wordpress/2008/10/24/surfray-round-up/
2) Don’t think I get support unless someone “Gobbles the Bits n Pieces” of SurfRay.
Doesn’t seams like black numbers next year, Bill - Sorry
It is all related to Sufray, MGV holding, Medbo and Castrum. It might also relate to the this http://ekstrabladet.tv/nyheder/indland/article199051.ece an article from a danish newpaper where Martin and Natanya didn’t want to explain why they cheat 13 people for their money…
SurfRay is owned by Martin Veise. Martin also owns some real estate - privately and in companies. The real estate has been used as colateral for loans in several banks and privately - some of these loans were given to SurfRay.
The money that where paid to SurfRay often where used for Martins real estate adventures or private project and holidays. He withdrew the money from SurfRay despite the agreement with the banks and private lenders that the money was for SurfRay - and despite the fact that SurfRay had not paid withheld taxes to the Danish authorities for a long period of time. The latter is illegal and the CEO that let this happen will be fined and sometimes sentenced to jail.
Now that most of the real estates that can be bought on a foreclosure auction the coleteral for the loans to SurfRay has disappeared and the banks and private lenders will be notified. They will call SurfRay to get new colateral or the loans paid back. Since SurfRay has spent the money illegally for payouts to Martin and since SurfRay is still not making money is it very likely that SurfRay will go bankruptcy in the near future.
The Insider
Insider,
Thanks for the information about Surf Ray. I had no idea the company was such a hot news item.
Stephen Arnold, November 16, 2008
WARNING! Make sure to get your payment from SufRay in advance - otherwise you´ll end up writing a post on this blog about how you wished you had.
Just try and see….