he buzz from the recent BioCentric Energy meltdown, which is quickly making the rounds on internet investment sites, has been kicked up another notch as Dennis Fisher, BioCentric founder, gave his side of the story on Damien Russian’s Blog Talk Radio program Wednesday (Dec.22). Fisher was frank about what brought down the business he created in 2006 in his backyard. “We spent three million dollars and we only raised two and a half million. It all came down to the money.”
As to the mass resignations of his staff, posted on the BioCentric website, Fisher replied, “The major reason for this is that these people have not been paid. They are a wonderful group of people and they held out way longer than ever expected or hoped for. But unfortunately we have a half a million dollars worth of debt and we started to slide downhill the latter part of July and we never recovered. It got to the point where we couldn’t raise any more funds and, because of that, the debacle happened. Had I raised another half a million dollars none of this, not the dealing with the three charges of bad checks, not the labor board, not the IRS, none of that would have occurred.”
But a more complicated set of circumstances has begun to shed light on who Dennis Fisher really is, or was. “I’ll just get right to it,” he says in the interview. “Let’s start with my past. Thirty-two years ago I made a change in my life…I stopped being the person that I was. Twenty-four years ago I faced a charge that now is thirty-two years old, a major felony, and it was dismissed in court. When I changed myself thirty-two years ago, I also changed my name. The person I was between 15 and 22 years old had me headed for prison for the rest of my life. Eight years after the occurrence, my first ex-wife turned me in to face the charges. I owned a restaurant in Arizona, and had 30 people working for me at the time.”
Fisher’s current wife was among those posting their resignation on the company site. “This time, several weeks after agreeing to a divorce, I was sought for questioning by the IRS,” says Fisher. “I don’t know if one is coincidental to the other, or whether it was the IRS determination back in ’91. Although I had paid my half of the $140,000 debt that was owed to the IRS from me and my partner’s company, my partners didn’t pay their half. The IRS said I was going to have to pay the rest. I disagreed with them, and that bill has been on my name since ’91.
“Now, when I wrote this check out to the IRS for $45,000, I was under the impression we would have sufficient funds to cover the check. That didn’t occur. Had it occurred, none of this would have happened. So, now I have to face those consequences as well.
“As far as the predicament of the company, it’s quite simple. When you run out of money, you try and make things work. And we tried everything. Unfortunately it didn’t work. To say it was intentional would be an out and out lie. It would never be my intent to have this company destroyed.
“As of tomorrow night, midnight (12/23/10) I will no longer be on the Board of Directors, the Chairman of the Board, or a Corporate officer,” says Fisher. “That will all be managed by others.”
Mike Burton will become the new CEO and Chairman of the Board. To entice him to take the position, Fisher provided him with 75 million preferred shares (out of 100 million total preferred B shares) giving Burton controlling interest in BEHL. “This was a signing bonus for him to take on this project and make it so that it was a viable business again. He has prior experience in turnarounds, and this is a turnaround situation. I’ll be out of the picture. The problems of having me, and my personal life, and my past history destroying this company are over. I’ll be a public citizen as of tomorrow night, and unemployed.”
The Santa Ana offices are now closed. “The landlord has already cleaned out two thirds of the office and thrown out everything he possibly could,” Fisher said. “Before he got to it every computer was taken, and a whiteboard worth $5000.”
To hear the complete interview: http://www.blogtalkradio.com/playgroundradio