Wazzub offering virtual shares? IPO in late 2015?!
Earlier this year Wazzub (aka My Perfect Internernet) announced they were turning to crowd-sourcing to get a 3D version of their app onto Wazzub branded 8″ tablets.
Wazzub had hoped to raise $100,000 by June. Whether or not that happened is a mystery, but today there’s no mention of these tablets on Wazzub’s homepage (My Perfect Internet’s web design is terrible so I didn’t take a thorough look through the site).
In any event, through the brand “We Share Success” (wesharesuccess.perfectinter.net), now Wazzub are issuing virtual shares to their affiliates… and there’s even talk of a Q4 2015 IPO offering.
At this stage Wazzub maintains that affiliate membership to the site and the shares themselves are free.
So how do affiliates receive them?
When Wazzub was soliciting crowdfunds earlier this year, those who invested were promised virtual shares. How many shares were issued is a mystery, but going forward affiliates can only receive shares by recruitment.
Ten Wazzub virtual shares are awarded when an affiliate signs up and then five shares when a new affiliate signs up, awarded down five levels of recruitment (think unilevel).
Apparently the “prelaunch” of We Share Success kicked in on November 11th, despite Wazzub itself being three years old.
Affiliates have been given until February 19th 2015 to recruit-spam, with Wazzub then promising to… wait for it, pay out “profit-sharing”.
You will receive a share of the total Profit Share based on the relation between your confirmed # of shares and the total# of company shares.
As you are not yet a shareholder before IPO of “We Share Success Inc.”, the profit share will be paid as a commission.
After IPO you will receive your profit share as a yearly dividends payment as long as you hold one or more of your shares.
So those who recruit the most and have the largest downlines, get the largest share of the profit.
Wazzub’s initial business model saw them depend on advertising combined to a search engine script. Over the past three years they’ve tried to raise revenue to pay affiliates with but it hasn’t really gone anywhere.
If the total profit of the company for a specific month is zero or negative, there will be no Profit Share for that month.
Needless to say there’s obvious offering of unregistered securities concerns with Wazzub’s latest offer.
The primary address Wazzub are using appears to be a virtual mailing address in the UK. A secondary address in the US state of Nevada is also provided, however the We Share Success “Terms and Conditions” state
WSS has founded the “We Share Success Inc.” under the laws of Oregon, USA.
Whether or not Wazzub are charging for these shares is immaterial, as clearly they are being offered on the expectation of future advertised profits.
-GET 10 REAL COMPANY SHARES AS A WELCOME BONUS
-GET 5 REAL COMPANY SHARES FOR EACH INVITED FREE MEMBER
-RECEIVE PROFIT SHARE AFTER LAUNCH
-TRADE YOUR SHARES AFTER IPO AT OFFICIAL STOCK EXCHANGES
Paging the SEC to aisle 4…
As the Wazzub trainwreck continues, I guess we’ll check back in around February to see where they’re at.