Omri Shafran and iNitrile – the story of an alleged fraud
Continuing from our previous article “Omri Shafran a closer look” that uncovered the background into the “alleged” copying of someone else patented technology and has passed it off as his own. As promise the update.
Previously it was shown that Texas Medical Technology (one of Omri shafran’s companies) was advertising a machine for putting on surgical glove without human contact, however the machine first advertised was not owned by him and the images were stolen from the other company that really has a patent machine. Since this time a video has surfaced showing how far Omri Shafran and his partner are willing to go in deceiving potential investors.
Click on the videos above, you will see and hear that iNitrile inc claim that they have developed and patented machine and are building a factory ready to produce the machines, cartridges, and gloves. And admittedly the machine in the video looks very well made, state of the art user interface and ingenious functionality, however the only issue is that this machine and the factory does not belong to iNitrile inc? the whole video was stolen and rebranded with iNitrile logo in the bottom right-hand corner of the screen, and a completely new voice over was added.
iNitrile another company by Omri Shafran
iNitrile inc is owned by Omri Shafran, Jad Shraim and Dimitri Menin and is a subsidiary of Texas Medical technology. The video has been removed from the internet, but one can only assume after the real owner of the patented machine discovered the video online and blatant theft of its IP to promote a company it has no association. If iNitrile inc is willing to steal the IP of other companies to entice investors, it begs the question what else will be come to light about their project?
The good news is that potential investors with knowledge of how things work in the real world are starting to ask questions that Omri Shafran does not have the answers.
Below is a screenshot of the startengine.com page opened by iNitrile inc to hook in unsuspecting investors.
34 people have invested $8k up until the writing of this article, that an average of about $250 per investor. It could be assumed that most of the investors maybe first timers or at the least very new to investing. Below are some of the questions raised by more experienced investors that have been highlighted and the subsequent replies (we won’t call them answers)
iNitrile inc evaluates itself at $50m (seen above), but how they arrived at this figure is not clear and does not seem to be based on anything tangible. Venkata.a, a six-time investor and shareholder of start engine asks quite valid and reasonable questions when looking to make an investment.
How did they come up with the valuation of $50m?
And as Venkata a. asks in point 5; if you expect to take 20% of the US medical market in glove sales (that’s a very big slice), when do you do expect to achieve this? Below, we start to understand that Omri Shafran doesn’t have satisfactory answers regarding multiple areas of the business.
Stephan R. an 18-time investor and shareholder of start engine, also has questions about the $50m valuation, after Omri Shafran replies in a roundabout way, there was no further interest from Stephan R. It looks from other comments on the startengine.com page that those investor with some understanding of how this sort of business should look are not happy with the answers provided by Omri Shafran.
And is that 33m USD the same 33m USD investment that Omri Shafran and his partners have repeatedly claimed is secured, according to several online news outlets? Now it looks not to be finalised yet.
What is wrong with iNitrile machine?
Our speculations continue…
There are another couple of issues with the story that is iNitrile. If you visit the startengine.com page for iNitrile you will see a new video of the latest machine that also claims to be patented. In this screenshot below taken from the video, you can see the “third-generation prototype”.
The red arrows highlight some big questions about who developed and made this machine. Because from this video it looks like a 5th Grade Science project.
Below is a screenshot of the timeline posted on the startengine.com page.
To go from concept to final design in 12 months is an amazing accomplishment, taking into consideration iNitrile started with someone else patented technology, it also brings up the question where did iNitrile come up with the new design which looks to be far inferior to the other machine in the first video shown above? These questions will directly affect the last milestone on the above timeline. By December 2021 it is stated on the timeline that the UL certification will be completed (see red box). UL certification must be a Stand-Alone product which means a product or service that does not include the features or functionality of any Exclusive Products and Services.
Which brings us to the repeated claims of the machine being patented or the patent application is pending. Allegedly, a professional patent searcher services were employed to find out whether there is such a patent or application with is filed with any patent office. The search did not turn up any patents or application for the machine or any other technology, product, or concept in association with Omri Shafran or his partners and associate companies. A red flag so big that it would be at home outside the Kremlin.
Conclusion to update….
from the alleged speculations and information sources that we’ve gathered, we can conclude that situation might be still a little bit unsure. Stolen IP, potential patent infringements, inferior product, false patent claims, unclear financials and list only grows. If you haven’t already done so check the previous article in this ongoing story https://www.financebrokerage.com/omri-shafran-legit-a-closer-look/
Overall, there are many red flags about iNitrile, Omri shafran and his partners, do your homework and be careful whenever and wherever you decide to invest. The old saying “listen to what they say but watch what they do” comes to mind. If someone is willing deceive from the beginning, then it doesn’t bode well for the future….
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