SiteTalk and The Opportunity Network (OPN) plan to enter the US market, a reversal of their long-standing policy. The company, formerly known as Unaico, has announced a new push into the United States after years of avoiding the region.
CEO Frank Ricketts explained the prior exclusion at a SiteTalk event earlier this year. Three years ago, he blocked the US market for the OPN business opportunity. Ricketts stated, "We are a scam, we are illegal, we are running a pyramid system everywhere around the world. You can read that in Google." He then asked, "So if we are a scam, we're a pyramid, we're illegal – what's the problem with not being in North America?"
Ricketts continued, "The reason is because one aspect of our business, that our legal adviser said that the authorities would probably say it's 70% ok, but 30% maybe not." He concluded that "in the most important market in the planet, we decided that that risk was too high." ScamTelegraph's late 2013 review of The Opportunity Network found no retail activity within the business. Commissions appeared to be paid entirely from affiliate funds, which likely accounts for the "30%" risk Ricketts cited.
Another concern involves a virtual stock exchange SiteTalk operated under its Unaico brand. Early investors received promises of shares in a SiteTalk IPO. This eventually led to a listing on the Cyprus Stock Exchange's Emerging Companies Market. SiteTalk is listed under the code "STC" as "Global Digital Systems PLC," with shares currently trading at €0.248 EUR each.
Despite its past issues, SiteTalk has gained a following, particularly in China. Alexa estimates 37% of SiteTalk traffic originates from China, ranking it as the 648th most visited site in the country. However, this popularity has not translated into financial success for the company's owners.
A statement of comprehensive income filed March 31, 2014, shows SiteTalk generated €723,553 EUR in revenue. During the same period, sales and other expenses totaled €3,816,365 EUR. The company reported a net loss of €3,092,812 EUR for the period spanning December 19, 2012, to September 30, 2013.
This significant loss likely drives SiteTalk's current effort to enter the US market. US traffic to SiteTalk is presently so low that Alexa does not track it. For comparison, Venezuela, the smallest recorded percentage by country, accounts for 0.5% of SiteTalk's global traffic. The company began announcing its US plans through a series of press releases earlier this year, starting with the launch of SiteTalk Musi.