Let me assure there were no surprises in the 10K unless you are referring to the reduction of debt, divesting a business and creating a better business plan. The 10K was a turning point for this company. The concerns certain shareholders have were disclosed in our 2nd Quarter and 3rd Quarter filings so no new surprises. The $185,000 convertible debenture, the $10,000 consultant contract (which ends in a few months) and the Brehm preferred shares were all part of the Rapid Funding settlement disclosed way before my time. If Brehm and his partners, Edify Capital, didn’t infuse $200,000 this company would not be in existence today. Brehm’s shares are not tied to a conversion of capital. He has preferred shares to prevent dilution and any take over. For the record, should Brehm exercise his right to convert his preferred shares to common he would be restricted to selling only 1% of the shares outstanding every 90 days and has to file Form 144 and Form 4. Brehm could have taken TNTI, bankrupt it and turned it into something else. In stead, Brehm wanted me to secure the shareholders and turn this company around. We are off to a great start.
I came aboard late September of 2004 and have implemented MANY positives into this organization. First and foremost I relieved this company of over $200,000 of debt. I also paid $150,000 of the $185,000 due on the convertible debenture. Thirdly, I reengineered this company to move forward in the motor sports business by acquiring the assets (not debt) of ScaleCars.com. We have big names in the motor sports industry we are doing business with. The Luyendyk’s have a position on our non-corporate board for which they received restricted stock that is locked up for 12 months. Herta’s deal is a cash deal paid over 12 months in 4 equal payments totaling $48,000 ($25 has been paid). It was not disclosed because no stock was involved. The Andretti deal is a long-term agreement with a small cash payment of $10,000. I was able to secure these deals because of the relationships I have within this industry. For what it is worth if anyone off the street tried to secure such a deal it would cost them well over $300,000.
The shares being issued are restricted stock with the exception of the Employee Stock Incentive shares that was filed and disclosed back in December. Those 70,000,000 shares are issued ONLY to employees (not David, Rhonda or Brehm) or consultants. When officers, directors or 10% holders acquire stock they file a Form 4. When this group sells shares they file Form 4 and Form 144. David, Rhonda or Brehm cold not sell freely tradable shares without filing both Form 4 and Form 144.
The investment community needs to understand the NT filing was out of my hands! I handed ALL documents to our auditors and attorneys. My part was done better than a month ago and I had NO control of the late filing. Nevertheless the 10K was out in the morning, a few hours past the due date.
This company has done a complete 180 degree turn since I’ve taken over (September 2004) and we have been decreasing debt and adding value to this company since day one. If investors were to do due diligence prior to investing in MSEP they would have seen all the baggage in the 2nd and 3rd Quarter filings. The 10K is a very bright light that shines for the future of this company. We are moving forward and have no concerns with the traders interested in ONLY a quick opportunity.
My experience and knowledge more than qualifies me for this position. A brief bio on me and Rhonda are in the 10K. I have the shareholders best interests in mind and it shows by what I have done in these short months behind the helm. Not to mention converting debt due me to restricted stock that I can’t sell for 12 months!
I welcome a call by you and any investor that has a real interest in this company.
Regards,
David
Posts: 470 | From: Vancouver B.C | Registered: Jan 2005
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Don't think its gonna hit .01 with all this merger talk! Its climbing back up here late in the day.. Muahhahahahah Posts: 470 | From: Vancouver B.C | Registered: Jan 2005
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Does the msep CEO plan to sell after the 12 months are up?
Joe
"My experience and knowledge more than qualifies me for this position. A brief bio on me and Rhonda are in the 10K. I have the shareholders best interests in mind and it shows by what I have done in these short months behind the helm. Not to mention converting debt due me to restricted stock that I can’t sell for 12 months!"
Posts: 4337 | Registered: Dec 2003
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quote:Originally posted by JoeMillion: Does the msep CEO plan to sell after the 12 months are up?
Joe
"My experience and knowledge more than qualifies me for this position. A brief bio on me and Rhonda are in the 10K. I have the shareholders best interests in mind and it shows by what I have done in these short months behind the helm. Not to mention converting debt due me to restricted stock that I can’t sell for 12 months!"
Joe, If David does intend to sell, it's certainly in the shareholders interests. He'll need to do whatever it takes to get MSEP's pps up. The higher the pps, the more money for him and us.
Posts: 250 | From: New Orleans Native | Registered: Feb 2005
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MotorSports Emporium Inc. Announces Quarterly Results; Higher Revenues, Debt Pay Down and New Operating Divisions Highlight Quarter via COMTEX
May 13, 2005
SCOTTSDALE, Ariz., May 13, 2005 (BUSINESS WIRE) -- MotorSports Emporium Inc. (OTCBB:MSEP) today announced improved first quarter financial results.
For the three-month periods ending March 31, 2005, revenues were $50,586, compared to $26,795 in March 31, 2004, an increase of 88%. This revenue was the largest on record since the company's inception in January 1996. Financing activities in the first quarter caused net working capital to increase by $308,523, and total shareholder equity increased by $316,827 compared to the prior fiscal year end. Notes payable were reduced by $225,321.
David Keaveney, president and chief executive officer, commented, "This is our first fully reporting quarter as MotorSports Emporium Inc. In late December 2004 we changed our business operation and established ourselves as a premier motor sports company. Throughout our first quarter we redeveloped the core foundation of our newly acquired business, ScaleCars.com, and implemented a turnkey curriculum that includes content delivery, image development and campaign management. We recently redesigned the ScaleCars.com Web site and with the launch of our marketing campaign, the results will be noted by the added revenue in the coming quarters."
DriversDigs.com, PitStopStudios.com and the MotorSports Emporium eBay(R) store were added revenue streams this quarter. "We have generated revenues in excess of $11,000 in 31 days from eBay(R). eBay(R) is the ideal venue to turn aged inventory into additional cash flow. Due to the monetary exchange rates and eBay(R)'s international exposure, we've experienced increased sales for the majority of our higher-end products. Cross product promotion for all brands under MotorSports Emporium will add significantly to revenues throughout the year. In addition to Internet advertising, we are also introducing the MotorSports brands through the television and radio mediums," added Keaveney.
Throughout the quarter MotorSports Emporium began brand recognition with some of the most recognized names in the racing world: Herta, Luyendyk and Andretti. "The Indianapolis 500(R), 'The Greatest Spectacle In Racing' is only weeks away and we expect substantial exposure for both ScaleCars and DriversDigs by exploiting our relationships with our drivers," stated Keaveney.
Keaveney added, "We continue to expand the viability of our operations by exploring new business opportunities. Our aggressive growth strategy focuses on the creation of value through strategic partnerships, joint ventures and acquisitions. We are currently finalizing the details with an acquisition candidate. This consummation would substantially contribute to our 2005 projected revenue goals of $1M to $5M and grow MotorSports Emporium into an international business with long-term revenue and earnings growth. Needless to say we are very excited moving forward."
"As I have mentioned previously, our quarterly reports are quantitative barometers for growth and I expect the momentum from our efforts this quarter to carry forward as we acquire new businesses, expand our customer base and develop our divisions," said Keaveney.
Keaveney concluded, "The entire team at MotorSports Emporium appreciates the continuous support shown by our shareholders. As we further implement our strategic business plan and grow our company to new levels, I believe we will witness additional support and exposure from the investment community."
About MotorSports Emporium Inc.
MotorSports Emporium Inc. is a fast-track company in the motor sports industry targeting enthusiasts who participate in die cast collectibles, automobile restoration, high-performance accessories, motor sports-related collectibles, automotive and racing art, driver's apparel, race venues and product licensing. For more information visit www.motorsportsemporium.com. For product visit www.scalecars.com,www.driversdigs.com and www.pitstopstudios.com.
This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.
SOURCE: MotorSports Emporium Inc.
-------------------- It is impossible to make anything foolproof because fools are so ingenious. Posts: 3311 | From: St. Louis | Registered: Feb 2005
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i was talking about M&A sorry about my wording
Keaveney added, "We continue to expand the viability of our operations by exploring new business opportunities. Our aggressive growth strategy focuses on the creation of value through strategic partnerships, joint ventures and acquisitions. We are currently finalizing the details with an acquisition candidate. This consummation would substantially contribute to our 2005 projected revenue goals of $1M to $5M and grow MotorSports Emporium into an international business with long-term revenue and earnings growth. Needless to say we are very excited moving forward."
-------------------- Dead Kennedys-"Give me convenience or give me death" Posts: 470 | From: Vancouver B.C | Registered: Jan 2005
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You have been pretty quite given the activity in the last hour on this. Got in with a small position this morning at .0205 but thinking about getting more with the large buys coming through.
-------------------- "You cannot play them all, so pick good ones and play them well." Posts: 176 | From: San Diego, Ca | Registered: Dec 2004
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This is how MSEP runs, but if you check out the volume today and compare to volume when BIG run started about 3 months ago, you'll see that we are definitely in the big game now on this one.
Wouldn't sell too early on this one.
Posts: 1035 | From: Ohio - USA | Registered: Apr 2005
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I trade in 3 boards and a chat.. And everyone is jumping on this boy.. And they are holding no selling..and barly any flippers..Youll always have flippers BUT not right now
-------------------- Dead Kennedys-"Give me convenience or give me death" Posts: 470 | From: Vancouver B.C | Registered: Jan 2005
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Yeah, I wouldn't flip unless I had a million extras I could hold. Considering they are keepping their business plan in accordance to what they said, you can see they're building a viable business!
-------------------- TI AKERS , WHERE ARE YOU!!! Posts: 899 | From: FT. Wayne to Raleigh-1986 | Registered: Feb 2003
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Out at .0242. I like the momo on this, but kind of gun shy about holding over night. Will definately be back for more in the morning if it is behaving.
-------------------- "You cannot play them all, so pick good ones and play them well." Posts: 176 | From: San Diego, Ca | Registered: Dec 2004
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Establishing a new base + Anticipation of the new press release expected for M&A which should drastically improve the company even more. This company is a great start up company, a the CEO has even established goals publicly.
-------------------- Dead Kennedys-"Give me convenience or give me death" Posts: 470 | From: Vancouver B.C | Registered: Jan 2005
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Out at .0242 also. Will buy back in on a dip if it seems it's picking up vol, but don't trust MSEP enough right now to hold. History...
Posts: 1035 | From: Ohio - USA | Registered: Apr 2005
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Yah i traded in and out when it was falling and didn't make much profit but from what im hearing from my friends that flip this is their long term for a few months maybe even..Riddiculous im not one to hold long but i think i might just have to do that.,
-------------------- Dead Kennedys-"Give me convenience or give me death" Posts: 470 | From: Vancouver B.C | Registered: Jan 2005
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