Gran:
Back in Dec. 2004, Neo (aka Max) he and I were discussing Progress Watch Co. being absent after all the press. Here was his PM:
"Hi Omni,
It looks like Progress Watch AG has ended its activities in June 2001 after their glorious start in August 1998.
Looks they had some fraudulent problems within the company and the stock exchange committee (Nasdaq) had suspended them from not fulfilling their obligations.
I found a series of articles in German, but you can have it Google translated to at least be able to understand the basic significances.
Here is the last article from a series of Progress Watch AG.
I have tried to translate it the best I could. The original in German is included.
Progress Watch AG
"Progress Watch Finished"
In 1986 Elmar Mock made himself independant with its own "idea tank" under the name "Createc", later renamed into "Creaholic". The Bieler company does not want to be a general engineer's office, but to point out new ways and to realize unusual concepts.
The Creaholic AG employs 25 persons with a turnover of four millions SF. Before a next development step the strong growth of the two last years must be retained according to Mock. Todate the company belongs to six partners of which Mock still possesses 47 per cent of the share capital. Creaholic won already three times the price "Technology Standard Switzerland".
Elmar Mock had made headlines in addition with the publicly delivered controversy over the Bieler progress Watch. As a member of the board of directors, Mock had discovered financial irregularities in the last autumn. After he demanded an inquiry, he was dismissed. Still emotional Mock now admits to be relieved of the many court procedures and his disconnection with Progresses Watch. Retrospectively he said to be impressed by the creativity of his business partners, but disappointed about their ethical conduct.
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Progress Watch AG
«Mit Progress Watch abgeschlossen»
Elmar Mock hat sich 1986 mit seiner eigenen «Ideenschmiede» selbständig gemacht - erst unter dem Namen «Createc», später folgte die Umbenennung in «Creaholic». Die Bieler Firma will kein gewöhnliches Ingenieurbüro sein, sondern neue Wege aufzeigen und ungewöhnliche Konzepte realisieren. Die Creaholic AG beschäftigt 25 Personen und erzielt einen Umsatz von vier Mio. Franken. Vor einem nächsten Ausbauschritt muss laut Mock das starke Wachstum der beiden letzten Jahre verarbeitet werden. Die Firma gehört heute sechs Partnern, Mock besitzt noch 47 Prozent des Aktienkapitals. Creaholic hat bereits dreimal den Preis «Technologiestandort Schweiz» gewonnen.
Schlagzeilen gemacht hatte Elmar Mock zuletzt aber auch mit dem öffentlich ausgetragenen Streit um die Bieler Progress Watch. Als Mitglied des Verwaltungsrats will Mock im letzten Herbst finanzielle Unregelmässigkeiten entdeckt haben. Nachdem er Aufklärung verlangt hatte, wurde er abgesetzt. Emotional noch immer aufgewühlt erklärt Mock nun, durch die verschiedenen Gerichtsurteile entlastet zu sein - und mit der Progress Watch abgeschlossen zu haben. Rückblickend bilanziert er, von der Kreativität der Geschäftspartner begeistert gewesen zu sein. Enttäuscht habe ihn aber deren ethisches Verhalten.
http://www.bielertagblatt.ch/dossier.cfm?s...261&dos=aktuell
Although their main web site is already non-active (http://www.progresswatch.com), it is very odd to see they still are noted on Nasdaq (their handle is: PROW). See for example http://quotes.barchart.com/quote.asp?sym=PROW&code=BUSFNLN
Maybe it was taken over...
Anyway, here is the link with a history of Progress Watch AG.
http://www.bielertagblatt.ch/dossier.cfm?s...261&dos=aktuell
I hope this will shed some light for their market absence the last years.
Cheers.
Max "