posted
Damian, I believe you are 100% correct in your $5 pps prediction. You were just several months ahead of the market. I just received The following e-mail which IMO confirms that the groundwork is in place for such a bold move.
How an Aggressive Acquisition Strategy Can Rapidly Build and Protect Your Shareholder Wealth. Prepared by BG Capital Group for current and future SPSC investors' information.
Strategic Perspective: Owning stock in an acquisition company (like Spectrum) can be a greater profit builder than owning the companies being acquired. If you’re in the right company during such an accelerated growth stage, you can watch as your share prices double or triple in just months as acquired companies quickly add revenues and profits!
The Announcement: Spectrum Sciences & Software Holdings Corp. (OTCBB: SPSC) Completes its Merger with Horne Engineering Services, Inc., Creating a $100-Million Homeland Security and Defense Company.
Here are some highlights of issues that go along with the announcement of this acquisition.
The Wealth-Building Perspective: With the evolution of this acquisition strategy, Spectrum Holdings shareholders could be in the right company at the right time.
Over the last few months, BG Capital Group has designed and implemented a very promising ongoing acquisition plan for Spectrum Sciences & Software Holdings Corp. If all goes as planned, every stockholder today will profit handsomely in the next 12 to 24 months.
With the completion of this most recent acquisition, the Spectrum Holdings group of companies now comprises:
• Horne Engineering Services, Inc. • Spectrum Sciences & Software, Inc. • M&M Engineering Limited • Coast Engine and Equipment Company, Inc.
Together, these holdings provide anticipated revenues for 2005 of approximately $100 million, with more than 75% of its business coming from the growing Homeland Security and Department of Defense (DoD) sectors. In aggregate, revenues from these companies will surpass Spectrum’s 2004 revenues by over 900%.
Upon conclusion of the Horne acquisition, Spectrum Holdings will still have an extremely strong cash and cash equivalents position of more than $9.5 million.
Spectrum Holding’s Board of Directors sees exceptional value in the price at which SPSC shares are currently trading.
The Board on April 22, 2005, authorized repurchase of up to two million shares of its common stock. The Board believes that the stock, at recently traded prices, does not reflect the underlying long-term value of the company.
Furthermore, Spectrum Holdings now has at least 30 market makers, including industry leaders Merrill Lynch, Bear Stearns, and Smith Barney, trading SPSC shares.
Spectrum has good reason to believe that its core business with the Department of Defense has significant room for growth.
The company has maintained an unblemished record delivering DoD contracts with zero delays and zero discrepancies, becoming a highly regarded contractor to the U.S. military and world allies.
With successful completion of the plan, we anticipate shareholders will enjoy significant net share price growth in the months and years to come. A review of the successful acquisitions implemented by BG Capital Group suggests that the growth plan is solidly on track. 2005 Acquisitions:
Horne Engineering Services, Inc. Acquired May 12, 2005
Overview: -2005 revenue projections of $75 million -Over 175 employees working in 18 locations throughout the United Sates
Acquisition Objective: Integrate similar and complimentary technical and production expertise to enhance and expand overall capabilities.
M & M Engineering Limited Acquired: February 07, 2005
Overview: -2004 revenues in excess of $27.5 million -Operating in the thriving mining and oil industries
Acquisition Objective: Expand mechanical contracting and steel fabrication capabilities and open business channels with industrial and offshore energy sectors where strong growth is anticipated in the coming years.
Coast Engine and Equipment Company, Inc. (CEECO) Acquired: March 03, 2005
Overview: Profitable operation with 2004 revenues of approximately $1.5 million Strategic Cape Canaveral location
Acquisition Objective: Add a fabrication and design company with specialization in ship repair for commercial and government customers. CEECO expands Spectrum’s capabilities in servicing military needs.
Since January of 2005, BG Capital Group identified, performed due diligence, and negotiated the acquisitions that are now incorporated in the Spectrum Sciences & Software Holdings Corp. family of companies.
As a significant shareholder in Spectrum Sciences & Software Holdings Corp., BG Capital Group has taken a long position in SPSC and will continue to work diligently for the aggressive growth of shareholder value.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
M & M Engineering Awarded $8,000,000 Cdn. Contract at Inco Ltd.'s Hydrometallurgical Demonstration Plant Tuesday May 24, 7:30 am ET
FORT WALTON BEACH, Fla.--(BUSINESS WIRE)--May 24, 2005--Spectrum Sciences & Software Holdings Corp. (OTCBB:SPSC - News), announced today that its wholly-owned subsidiary, M & M Engineering, has been awarded an $8,000,000 Cdn. project for Mechanical, Piping, Electrical, Instrumentation and Process Control Systems (MPEIC) installation at Inco Ltd.'s Hydrometallurgical Demonstration Plant being developed in Argentia, in the Province of Newfoundland and Labrador, Canada. All work to be completed within the next 6 months. M & M Engineering's CEO, John Brake stated, "We are pleased that our ongoing relationship with Inco Ltd,. And its subsidiary, Voisey's Bay Nickel Company, continues to grow, and in fact strengthen, evidenced by vital contracts such as this being entrusted to our company." M & M, through Liannu Limited, it's partnership with Aboriginal people in Labrador, has successfully completed other major projects for Inco at it's Voisey's Bay mine site in Labrador.
The Voisey's Bay nickel-copper-cobalt deposit in Labrador is currently under development and Voisey's Bay Nickel Company, a wholly-owned subsidiary of Inco, is responsible for developing the project. The Cdn. $1 billion initial phase of the development provides for infrastructure development at the mine and concentrator site in Labrador, a research and development program in hydrometallurgical processing, and a demonstration plant being built in Argentia, Newfoundland.
About Spectrum Sciences & Software Holdings Corp.
Spectrum Sciences & Software Holdings Corp. is a growth-oriented, customer-focused company that provides an integrated suite of manufacturing, technology, and technical engineering services. The company currently has more than 350 employees within its family of subsidiaries which include Horne Engineering, http://www.horne.com/, Spectrum Sciences & Software, Inc., http://www.specsci.com, M&M Engineering, http://mmeng.net, and Coast Engine and Equipment Company (CEECO).
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
Something the readers may find very interesting is a little piece of my DD with regards to a software product Spectrum has been working. Of particular note is the latest SEC filing where it mentions that a major systems integrators has asked them to build another module. Very interesting IMO.
The border control problem is well known. Potential solutions seem to have escaped the FED’s. Significant resources are being expended to solve this problem. The current ISIS infrastructure is rudimentary and out of date. Most of our borders are completely unprotected. Thousands upon thousands of additional agents are not the solution.
In order to understand Safe borders IMO you need to first understand its parent Safe Range. Below are a few links that will help.
The majority of the information available about Safe Borders can be found in the SEC filings. Below I have extracted the information and placed it chronologically as it was made available.
(10KSB 4/14/04) STATUS OF NEW PRODUCT DEVELOPMENT Spectrum currently has a promising internal Research & Development (R&D) program in place to transition our highly successful Safe Range software application to a new software product line called "Safe-Borders". Safe-Borders is designed to address the definition of remote sensing requirements that a number of government agencies are facing today. Though initially directed toward border security and control requirements of the Department of Homeland Security (DHS), Spectrum has identified numerous government and commercial applications for the technology. Spectrum will be introducing the Safe-Borders technology to a number of DHS and other potential government customers in the first and second quarter of fiscal year 2004.
In addition, Spectrum has another complementary R&D program consisting of the design and development of a prototype Unmanned Aerial Vehicle (UAV). The UAV is designed to prove out Safe-Borders software command and control capabilities; is designed as a low-cost/"expendable" and flexibly configured alternative to the highly expensive, single mission focused crafts available today.
Marketing Strategy For Safe Borders Spectrum plans to license the Safe-Borders technology where the technology applies to a very specific mission area. Example mission areas would be "Illegal immigration on the southern US border", "Harbor/port surveillance and protection", and "Search and rescue". Upon licensing the technology to the government agency or commercial entity identified with the particular mission area, the Safe-Borders application would be specifically tailored to that mission area creating another on-going revenue stream.
In addition, the Company plans to partner with (a) large System Integration/Defense contractor(s) to: 1) Provide access to potential customers; and 2) Provide major systems integration credibility for the myriad of potential systems integration activities that could surround the implementation of the Safe-Borders application.
Working with differing integrators may also provide a Safe-Borders "branding"/licensing opportunity.
Government Regulation There would be no more regulation concerning the product licensing and services contracting than exist now for the licensing and contracting associated with our Safe-Range application.
(10QSB 8/23/04) Marketing and Status of Safe Borders As of the end of second quarter, 2004, we have developed a core capability in three (3) of the five (5) basic modules for our Safe Borders product, as designed. The three modules with core capabilities are the: 1) Detection Analyses module, 2) Sensor Planning module, and 3) Airborne Mission Planning module. The core capabilities in the three developed modules are robust and functionally effective in their current state. The functionality, as built today, could be used by a mission planner to perform detection analysis, sensor planning or airborne mission planning.
To date, Safe Borders represents approximately 10,000 Lines of Code (LOC). It is designed and developed as an object oriented (OO) application and is written in Delphi's development environment. By comparison Safe Range represents 70,000 LOC (structured), but this must be qualified by the fact that Safe Range is not an OO application. By being written as an OO application, much efficiency is realized in the OO LOC metric. Object oriented applications (OO) provide numerous other benefits.
Safe Borders is being designed as a component-based application framework. This will allow custom applications to be built quickly, providing a rapid response to new user requirement and/or changing user requirements.
At the beginning of the program in 2003, Safe Borders had limited functionality (or proof-of-concept) prototypes. These prototypes were used to elicit market reaction and market requirements. Today, we have a fairly robust demonstration product, as well as supporting collateral, web site and customer lead lists.
Promising third quarter activities include delivering a Safe Borders presentation/demonstration at a joint meeting of the Customs and Border Protection (CBP), Applied Technology Division and the Immigrations and Customs Enforcement, Office of Air and Marine Interdiction, C2ISR (Command, Control Intelligence Surveillance Reconnaissance) section at the invitation of the Acting Assistant Commissioner, CBP. In addition, Spectrum will be attending an Industry Days function (by specific invitation) conducted by the U.S. Coast Guard (USCG), Deepwater Program, August 31 - September 2, 2004. The Deepwater Program is the USCG's multi-billion dollar program to replace all ships and aircraft (to include Unmanned Aerial Vehicles - UAVs) over the next 10 years.
(10QSB 11/15/04) Marketing and Status of Safe Borders Promising fourth quarter activities include second level demonstrations and business negotiations with a major systems integrator in support of the America Shield Initiative. This Border Patrol initiative will first retrofit and upgrade the existing Border Patrol Integrated Surveillance Intelligence System (ISIS) used on the US northern border with Canada and then completely reengineer this system. In addition, we will be scheduling work group meetings with border patrol agencies in Arizona for southern US border activities. We anticipate these working group meetings taking place in the December - January timeframe. A Safe Borders presentation/demonstration at a joint meeting of the Customs and Border Protection (CBP), Applied Technology Division and the Immigrations and Customs Enforcement (ICE), Office of Air and Marine Interdiction, C2ISR (Command, Control, Intelligence, Surveillance & Reconnaissance) section at the invitation of the Acting Assistant Commissioner, CBP, was delayed by the CBP (from anticipated third quarter activities). This delay was due to a new reorganization which will integrate the certain border protection activities from the ICE back into the CBP.
Technically, Spectrum has continued to enhance the functionality of the existing Safe Borders application. To-date, Safe Borders represents approximately 13,000 lines of code.
(10KSB 4/13/05) INTELLECTUAL PROPERTY SSSI owns the design, certain algorithms, processing procedures and source code to our mainstay software applications, Safe Range and Safe Borders. We also license various other Geographic Information System (GIS) technologies used in and distributed within the executable versions of our software applications. In a recent challenge concerning source code rights by the U.S. Navy, SSSI successfully had software source code ownership issues adjudicated by our Contracting Officer and legal department at the USAF Air Combat Command (ACC).
We believe that the intellectual property rights used in our software applications were independently developed or duly licensed by us or by the technology companies who supplied portions of our software systems. We are in the process of registering the Safe Range and Safe Borders trademarks and have secured numerous, applicable domain names to ensure market entry when appropriate. We believe that the “Safe Range” trade name connotes the maturity and, most importantly, the perfect safety record, associated with our Safe Range software application, which has been subject to over twenty (20) years of progressive enhancements and improvement. Our trade names, “Safe Range” and “Safe Borders,” are prominently displayed on all physical media, CDs, briefings, documentation, etc., as well as all electronic media associated with the individual software products. We intend to maintain our trademarks and registrations (when complete) and all internet domain names now registered. We are not aware of any material claims of infringement or other challenges to our right to use the “Safe Range” or “Safe Borders” trademarks in the United States.
STATUS OF NEW PRODUCT DEVELOPMENT Spectrum has continued to enhance the technical functionality of the existing application by focusing on initiatives generated through our on-going market research. Safe Borders has continued to be expanded through the use of more robust methodologies and simulations. First and second quarter calendar year 2005 activities related to Safe Borders include securing a significant teaming agreement with a major systems integrator pursuing the Americas Shield Initiative (ASI) as a Prime contractor. The ASI is a Border Patrol initiative which will first retrofit and upgrade the existing Border Patrol Integrated Surveillance Intelligence System (ISIS) used on the U.S. northern border with Canada and then completely reengineer this system. We are in various stages of technical and business discussions with three potential Primes while establishing communications with a number of second tier Systems Integrators for the same procurement. We would anticipate that any teaming agreement would include provisions for Safe Borders software licensing revenues, support and maintenance and Border Patrol tailoring revenue, as well as on-going software module development/integration and border security expertise revenues. We would like to position ourselves in nonexclusive, subcontract teaming agreement(s) for the ASI procurement, but this may not be possible.
In addition, we have completed the first round of working group meetings with border control/law enforcement agencies in Arizona and are scheduling a second round of follow-up, due diligence meetings with these agencies. These meetings have provided Spectrum with access to extensive border agency/law enforcement expertise required of any ASI program team member.
Spectrum conducted a Safe Borders presentation/demonstration at the Customs and Border Protection (CBP), Applied Technology Division and Office of Border Patrol (OBP) sections at the invitation of the Acting Assistant Commissioner of the CBP in November 2004. Safe Borders now has the favorable exposure with appropriate CBP, Border Patrol and ASI personnel. In addition, the OBP has requested that we suspend our due diligence activities with field Border Patrol personnel in anticipation of the pending ASI procurement (i.e., the “blackout” period prior to the release of the formal request for proposal).
Safe Borders Spectrum plans to license the Safe Borders technology where the technology applies to a very specific mission area. Example mission areas would be “Illegal immigration on the southern US border”, “Harbor/port surveillance and protection”, and “Search and rescue”. Upon licensing the technology to a government agency identified with the particular mission area, the Safe Borders application would be specifically tailored to that mission area creating another on-going revenue stream.
In addition, the Company plans to partner with one or more large System Integration/Defense contractors to: ·Provide access to potential customers; and ·Provide major systems integration credibility for the myriad of potential systems integration activities that could surround the implementation of the Safe Borders application.
Working with differing integrators may also provide a Safe Borders “branding”/licensing opportunity.
(10QSB 5/23/05)
Marketing and Status of Safe Borders
Technically, Spectrum has continued to enhance the functionality of the existing application. In addition and at the request of a major systems integrator preparing for the America Shield Initiative (“ASI”) procurement, Spectrum is developing another major module for the Safe Borders planning and analysis software application. This module will allow planners to simulate and optimize the planning and placement of surface-based sensors, both fixed and mobile. We anticipate this capability to be an important requirement in the ASI procurement.
Promising second quarter 2005 activities include securing a significant teaming agreement with a major systems integrator pursuing the ASI as a Prime contractor. The ASI is a Border Patrol initiative which will first retrofit and upgrade the existing Border Patrol Integrated Surveillance Intelligence System (“ISIS”) used on the US northern border with Canada and then completely reengineers this system. We are in various stages of technical and business discussions with three potential Primes while establishing communications with a number of second tier systems integrators for the same procurement. We would anticipate that any teaming agreement would include Safe Borders software licensing, recurring software support and maintenance and Border Patrol tailoring revenue, as well as on going software module development / integration and border security expertise revenues. We would like to position ourselves in nonexclusive, subcontract teaming agreement(s) for the ASI procurement but this may not be possible.
In addition, we have completed the second round of working group meetings with border control/law enforcement agencies in Arizona and have hired a consultant in Arizona to continue the on-going due diligence (“DD”) activities associated with these agencies. These meetings and the information gleaned will provide Spectrum with an enviable library of border agency/law enforcement expertise required in any successful ASI program team. Spectrum conducted a Safe Borders presentation/demonstration at the Customs and Border Protection (“CBP”), Applied Technology Division and Office of Border Patrol (“OBP”) sections at the invitation of the Acting Assistant Commissioner, CBP in November 2004. Our presentation was well received and Safe Borders now has the requisite exposure with appropriate CBP, Border Patrol and ASI personnel. In addition, the OBP has requested that we suspend our DD activities with field Border Patrol personnel in anticipation of the pending ASI procurement (i.e., the “blackout” period). The ASI Request for Proposal is expected in the July/August 2005 timeframe.
Additionally there has been very little released via PR about Safe Borders. I copied the pertinent data from the most recent release and included it below.
Spectrum Sciences & Software Presents Safe-Borders to the Department of Homeland Security FRIDAY, DECEMBER 10, 2004 7:30 AM - BusinessWire FORT WALTON BEACH, Fla., Dec 10, 2004 (BUSINESS WIRE) -- Spectrum Sciences & Software Holdings Corp. (SPSC) , highly focused on homeland security through the provision of full-service, quality solutions to complex and diverse government initiatives, announced today that it has recently presented its proprietary border patrol system Safe-Borders to the Department of Homeland Security, Customs & Border Protection (CBP) Division. Stated David Heikkinen, Director of IT Business Development, "We are pleased to have had the opportunity to present our Safe-Borders program, which offers planning and analyses solutions to border control issues. Due to the urgency of the borders situation, we expect a prompt response." Additionally, Spectrum Sciences announced ongoing technical discussions with a major systems integrator in support of the America Shield Initiative (ASI) program. Added Heikkinen, "We are interested in discussing any and all opportunities, in order to find the proper fit for our Safe-Borders program. We are encouraged by the level of interest shown in our unique border control solution." The ASI program is a major Border Patrol initiative designed to first retrofit and upgrade the existing Border Patrol Integrated Surveillance Intelligence System (ISIS) used on the US northern border, then to extend use of the system to all US land borders. Safe-Borders is a proprietary software application, developed by Spectrum Sciences & Software, Inc., which supports Intelligence, Surveillance, and Reconnaissance (ISR) planning and analysis.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
FORT WALTON BEACH, FL, May 19, 2005—Spectrum Sciences & Software Holdings Corp. (OTCBB: SPSC) announced an agreement of terms for its merger with Horne Engineering Services, Inc., a leading technology and technical engineering solutions company.
Spectrum Holdings, itself a leading developer of full-service, quality solutions for complex and diverse government initiatives, views the merger as a way to continue to build on its own progress in the quickly expanding homeland security sector.
Safety. Security. Sustainability.
With the completion of the merger, Horne Engineering will join other Spectrum Sciences & Software Holdings Corp. companies—including Spectrum Sciences & Software, Inc. (SSSI), M&M Engineering and Coast Engine and Equipment Company (CEECO)—to form a company anticipated to generate 2005 revenues of $100 million, with more than 75% of its business coming from the growing homeland security and defense sectors.
Equally important, Spectrum’s cash and cash equivalents are more than $9.5 million. Additionally, the company reported little debt, having paid down more than $3 million of various debts, providing a solid base from which to build and grow.
Recently (April 22, 2005), Spectrum Holdings Corp. announced a stock buyback program of up to two million shares of its common stock— because the company believes that recent trading prices for it’s stock do not reflect it’s long-term value.
Under the merger agreement, Darryl K. Horne will assume the duties of President and CEO of Spectrum Sciences & Software Holdings Corp. Withdrawing President and CEO William Ham will remain on the board of Spectrum Holdings and continue in his role as President and CEO of Spectrum Sciences & Software, Inc. Michael Megless, current CFO of Horne Engineering, will be CFO of Spectrum Holdings.
The addition of Horne Engineering to the Spectrum portfolio of companies and the appointment of Horne leadership to the top positions of Spectrum Holdings offer invaluable experience in profitable, accelerating growth in the government market.
Mr. Ham stated, “The merger with Horne Engineering Services, Inc., is just one of a series of strategic moves that are being made to take full advantage of the tremendous opportunities created by the increased government focus on such areas as homeland defense and border security.”
“The Horne Engineering merger,” Ham added, “brings a powerful leadership team and vision for how to accelerate our portfolio’s growth by delivering superior solutions. The Horne Engineering team has perfected the strategic management platform—performance management, holistic engineering approaches and a relentless focus on the customer—that will be the foundation for achieving our goals."
Strong, entrepreneurial leadership
Horne Engineering founder Darryl K. Horne, P.E., who will head Spectrum Holdings, has built a reputation over the past 15 years of taking care of his customers, primarily in the government sector.
An award-winning entrepreneur, Mr. Horne is seen as a dynamic and knowledgeable businessman with the ability to make Spectrum Holdings a world-class enterprise. At Horne Engineering, he showed the skills needed to attract and lead smart, talented professionals and successfully differentiate themselves from formidable competition.
Today, more than half of Horne Engineering’s staff holds security clearances, and its entire headquarters carries a secret security designation.
Horne Engineering provides its clients with the systems analysis, integration and program management skills needed to achieve their strategic goals and objectives.
“Over the past several years, we’ve been involved in some very exciting work, developing and managing a diverse selection of projects for the government,” stated Mr. Horne. “Now we look forward to integrating our expertise with the rest of the Spectrum family.”
As the new President and CEO of Spectrum Holdings, Mr. Horne will work with each of the businesses to tailor and implement a strategic plan to accelerate growth across the entire family of Spectrum companies.
“Horne Engineering is a values-driven company,” said Mr. Horne. “Our clients’ successes promote our continued success.”
“You’ll also find we manage our company as a performance-driven organization,” he added. “We constantly focus on our customers and their problems. Plus, we leverage our unique holistic engineering and program integration to consistently deliver the right solution, every time. This is the mindset I will instill throughout the Spectrum companies.”
Maximizing synergy and growing the Spectrum portfolio
Mr. Horne went on to say, “There are a number of areas where our businesses will be supporting each other to accelerate our growth.”
“In some cases,” Horne added, “we will be lending management and creative skills to a project contracted through another division or company, and in others we anticipate using the manufacturing capabilities of another group to complete one of our projects.”
Horne Engineering has homeland security and defense contracts that offer channels to expand the reach of Spectrum products and solutions into these markets.
Horne Engineering’s clientele mesh well with those of Spectrum—including the Department of Defense, the United States Navy, the United States Air Force, and the United States Marine Corps, among others. Spectrum’s proprietary products include its Safe-Range program, used at most U.S. bombing training facilities for the past 20 years, and the newly developed Safe-Borders program, which is being presented to the Department of Homeland Security as a key component in sealing U.S. borders.
Additionally, Spectrum Holdings will continue to evaluate new acquisition opportunities. This will allow for growth through market penetration and continued expansion of its portfolio of capabilities and solutions.
Mr. Ham said, “We are very impressed by what Darryl and his group have been able to do so far within the government community and look forward to having them on board guiding the future of the company.”
About the company
Spectrum Sciences & Software Holdings Corp. is a growth-oriented, customer-focused company that provides an integrated suite of manufacturing, technology and technical engineering services.
The Spectrum Holdings family of companies has more than 350 employees. In addition to Horne Engineering, the Spectrum family includes Spectrum Sciences & Software, Inc., M&M Engineering, and Coast Engine and Equipment Company.
Cautionary Statement This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
Looks like the downtrend may have finally bottomed. Hopefully moving up from here. Latest news released.
M & M Engineering Begins Work on New $700,000 Cdn. Contract for the White Rose Development Project; Add on Contract Awarded for Husky Energy/Petro Canada Off-Shore Platform E-mail or Print this story
1 June 2005, 07:45am ET
FORT WALTON BEACH, Fla.--(BUSINESS WIRE)--June 1, 2005--Spectrum Sciences & Software Holdings Corp. (OTCBB:SPSC), announced today that its wholly-owned subsidiary, M & M Engineering, has been begun work on a new contract for the fabrication and transportation of six rigid spools for installation on the White Rose Oil production platform, contract value is in excess of $700,000 (cdn) and all work is expected to be completed within 3 months. Stated John Brake, CEO of M & M Engineering, "We are pleased to receive additional work on the White Rose Oil Project, no doubt our past performance in the development of the Platform directly contributed to this contract win."
Husky Energy is developing the White Rose Project in conjunction with their partner Petro Canada. Technip Offshore Canada Ltd. has been contracted to engineer, procure, construct and install all subsea elements, and has subcontracted this part of the overall scope of work to M & M Engineering.
About Spectrum Sciences & Software Holdings Corp.
Mentioned Last Change SPSC 1.28 0.02dollars or (1.58%) Spectrum Sciences & Software Holdings Corp. is a growth-oriented, customer-focused company that provides an integrated suite of manufacturing, technology, and technical engineering services. The company currently has more than 350 employees within its family of subsidiaries which include Horne Engineering, http://www.horne.com/ , Spectrum Sciences & Software, Inc., http://www.specsci.com , M&M Engineering, http://mmeng.net , and Coast Engine and Equipment Company (CEECO).
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
CONTACT: Spectrum Sciences & Software Holdings Corp., Fort Walton Beach Investor Relations Steve Cook, 800-368-5278 ext. 44
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
Looks like we may have found bottom and started on an uptrend. Management and IR have been out and about courting the major shareholders, brokers, dealers, institutions etc. and with a 2 Mill share buyback in play we could see a significant upside from here.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
Not sure about the trading of late or if bottom was found yet. Appears there is quite a bit of support a this level though.
Decided to put together a little revenue projection post for the second quarter. Enjoy. Both CEECo and M&M will be fully reporting for the first time. Additionally April through November is M&M's peek performance period. In the $8 mill CDN (approx.$6.2 mill US) contract PR you'll find this statement.
All work to be completed within the next 6 months.
Additionally, this statement from the recently filed 10QSB/A leads me to think that from a revenue standpoint M&M will do very well this quarter and next.
M&M is currently commencing work on two substantial contracts with estimated gross revenues of approximately $9.9 million as well as continuing to bid on other new projects during the year.
So I figure you can count M&M for approx. $1.5 mill per month for the last quarter. At $4.5 mill in revenue M&M will exceed the entire companies revenue for the entire quarter by themselves + a 57% increase. Last quarter was a little over $2.5 mill in revenue
Repeat the same numbers out of last quarter for SSSI and you get $1,650,752. I don't see there being many increases in revenue here. Manufacturing already showed a 106% last quarter against the prior period last year and the other 2 segments most likely continuing to do business as usual IMO.
CEECO reported $110,606 last quarter but that was only for the month of March so lets plug in $300K for this quarter.
Total would be $6.4 mill for the 2nd quarter. Noe what do we do about Horne. Well the merger was completed on 11 May 2005 so it's pretty safe to say that at least 1 month of revenue will be included in this quarters report I would think. So lets take $75 mill in revenue and divided that by 12. That would be $6 mill for the month of June.
So the total revenue would be broken down by segment like this (approx):
Again last quarter was just over $2.5 mill. That would be a 400% increase in revenue in one quarter. Sounds to good to be true so lets go back and knock the total down by say 25% on Horne and M&M because I think the other 2 numbers are pretty solid.
You are still looking at a 300% increase over last quarter. BTW, at the 6 month point Spectrum will easily have exceeded the revenue for all of last year.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
I finally got some time to sit down and recalculate my revenue projections for the 2nd quarter. I felt it was necessary as 2 other posters/shareholders had talked to IR and shared their due diligence. Obviously I was way off for 2 reasons. I had calculated a single month of Horne revenue in my previous post vice 2 and I was overly conservative and knocked down 2 (Horne/M&M) of the segments by 25%. Thanks again RB posters Jpumper and Creulein for your efforts.
Both CEECO and M&M will be fully reporting for the first time. Additionally April through November is M&M's peek performance period. In the $8 mill CDN (approx.$6.2 mill US) contract PR you'll find this statement.
All work to be completed within the next 6 months.
Additionally, this statement from the recently filed 10QSB/A leads me to think that from a revenue standpoint M&M will do very well this quarter and next.
M&M is currently commencing work on two substantial contracts with estimated gross revenues of approximately $9.9 million as well as continuing to bid on other new projects during the year.
I adjusted M&M revenue to approx. $1.8 mill per month for the current quarter. At $5.4 mill in revenue M&M will DOUBLE the entire company’s revenue from the first quarter by themselves. Last quarter revenue was a little over $2.5 million.
Repeat the same numbers out of last quarter for SSSI and you get $1,650,752. I don't see there being many increases in revenue here. Manufacturing already showed a 106% last quarter against the prior period last year and the other 2 segments most likely continuing to do business as usual IMO.
CEECO reported $110,606 last quarter but that was only for the month of March so lets plug in $300K for this quarter.
Total would be $7.3 mill for the 2nd quarter. Since Jpumper and Creulein found out that 2 months of Horne revenue will be included in the current quarter 10QSB I took the $75 mill in revenue and divided that by 12. Which works out to $6.25 mill per month.
So the total revenue would be broken down by segment like this (approx):
These numbers appear to be very realistic based upon data gathered from the SEC filings and conversations with Investor Relations.
In conclusion, since last quarter revenue was just over $2.5 million we would be looking at a 700% increase in revenue in one quarter. Additionally, at the 6 month point Spectrum will have DOUBLED the revenue for all of last year ($11.1 million in 2004).
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
NEWS!!!!!! Horne Engineering Awarded Contract with Federal Aviation Administration To Provide Occupational Safety and Health Support Tuesday June 21, 8:00 am ET FALLS CHURCH, Va.--(BUSINESS WIRE)--June 21, 2005--Spectrum Sciences & Software Holdings Corp. (OTCBB:SPSC - News) announced today that its wholly owned subsidiary Horne Engineering Services, LLC, has been awarded a contract to provide analytic, technical, and management support to assist the Federal Aviation Administration (FAA) in sustaining an employee safety and health program for the agency. The contract has a one-year base period, with a value of $531,179.99, plus four one-year options. The total potential value of this contract to Horne Engineering is $1.4 million. Horne Engineering will assist in ensuring that all FAA employees are provided a safe and healthful work environment; developing safety and health policies, programs, and procedures to provide appropriate direction, guidance, and program requirements; monitoring compliance with those policies; and formulating facility and equipment operating safety standards. Horne Engineering is a technology and technical engineering solutions company whose primary service areas are national security, energy and environment, and transportation. Since 1998, the company has assisted the FAA in developing, implementing, and managing a broad variety of occupational safety and health, environmental compliance, pollution prevention, environmental cleanup, fuel management, energy conservation, and emergency response programs. About Spectrum Sciences & Software Holdings Corp. Spectrum Sciences & Software Holdings Corp. is a growth-oriented, customer-focused company that provides an integrated suite of manufacturing, technology, and technical engineering services. The company currently has more than 350 employees within its family of subsidiaries, which include Horne Engineering, http://www.horne.com/, Spectrum Sciences & Software, Inc., http://www.specsci.com, M&M Engineering, http://www.mmeng.net, and Coast Engine and Equipment Company (CEECO). More information about Spectrum Sciences & Software Holdings Corp. can be found at http://www.spectrumholdingscorp.com. Forward-Looking Statements This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Contact: Spectrum Sciences & Software Holdings Corp., Falls Church Investor Relations Steve Cook, 800-368-5278 ext. 44
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
Horne Engineering Awarded Additional Tasks Supporting Ground-Based Midcourse Missile Defense Program in Alaska Wednesday June 29, 8:00 am ET
FALLS CHURCH, Va.--(BUSINESS WIRE)--June 29, 2005--Spectrum Sciences & Software Holdings Corp. (OTCBB:SPSC - News) announced today that its wholly owned subsidiary, Horne Engineering Services, LLC, has been awarded contract modifications that extend its onsite support to the ground-based midcourse missile defense (GMD) program at Fort Greely, Alaska. Horne Engineering has supported the GMD Program since January 2003, and the new work increases the value of this support to $2.3 million. A major component of U.S. efforts to defend the nation against ballistic missile attacks, the $400-million-plus GMD program is focused on developing capabilities for intercepting long-range missiles in the midcourse stage of flight. With the help of several contractors, the Missile Defense Agency and the U.S. Army Corps of Engineers have been constructing key facilities for the GMD system. Horne Engineering has been providing expertise in the areas of contract administration, quality assurance, and project controls to the Army Corps of Engineers, Resident Engineer's Office, at Fort Greely.
Horne Engineering is a technology and technical engineering solutions company whose primary service areas are national security, energy and environment, and transportation.
About Spectrum Sciences & Software Holdings Corp.
Spectrum Sciences & Software Holdings Corp. is a growth-oriented, customer-focused company that provides an integrated suite of manufacturing, technology, and technical engineering services. The company currently has more than 350 employees within its family of subsidiaries, which include Horne Engineering (http://www.horne.com/), Spectrum Sciences & Software, Inc. (http://www.specsci.com), M&M Engineering (http://www.mmeng.net), and Coast Engine and Equipment Company (CEECO).
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Contact: Spectrum Sciences & Software Holdings Corp., Falls Church Steve Cook, 800-368-5278 ext. 44 Steve.cook@specsci.com
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
Horne Engineering Partners with Staubach to Provide Nationwide Broker Services to GSA Wednesday July 13, 8:00 am ET
FALLS CHURCH, Va.--(BUSINESS WIRE)--July 13, 2005--Spectrum Sciences & Software Holdings Corp. (OTCBB:SPSC - News) announced today that Horne Engineering Services, LLC, is the primary subcontractor on a team led by The Staubach Company that is providing construction management and real estate brokerage services to the General Services Administration (GSA) nationwide. The contract with GSA has a one-year base period and four one-year option periods. Horne Engineering's revenues from the project over the life of the contract (assuming exercise of all option periods) are estimated at approximately $4.8 million. This brokerage services contract provides full life-cycle leasing support to all GSA Regions in executing lease transactions for U.S. Government real estate in all 50 states. Horne Engineering Services will provide construction management, program management, lease transaction support, small business advocacy support, and post-award services, including construction oversight of lease-related build-outs.
Horne Engineering's team members are collocated with Staubach's program management and lease transaction specialists at Staubach's Northeast Region headquarters in McLean, Virginia, working with the prime in a fully integrated team environment.
A wholly owned subsidiary of Spectrum Holdings, Horne Engineering is a technology and technical engineering solutions company whose primary service areas are national security, energy and environment, and transportation. Both Spectrum Sciences & Software Holdings Corp. and Horne Engineering Services are headquartered in Falls Church, Virginia.
The Staubach Company is a global, full-service real estate advisory firm that delivers cost-effective solutions for the users of office, industrial, and retail space. Founded in 1977, the company helped pioneer the concept of exclusive office tenant representation to minimize conflicts of interest and has since expanded services to meet clients' ever-changing requirements. Areas of expertise include site selection, acquisition and disposition, financing, design and construction consulting, and other outsourced services. With 50 offices in the Americas, The Staubach Company has access to 7,600 professionals worldwide in over 40 countries through DTZ Staubach Tie Leung, a joint venture with DTZ Debenham Tie Leung. For more information, visit http://www.staubach.com.
About Spectrum Sciences & Software Holdings Corp.
Spectrum Sciences & Software Holdings Corp. is a growth-oriented, customer-focused company that provides an integrated suite of manufacturing, technology, and technical engineering services. The company currently has more than 350 employees within its family of subsidiaries, which include Horne Engineering Services, http://www.horne.com/, Spectrum Sciences & Software, Inc., http://www.specsci.com, M&M Engineering, http://www.mmeng.net, and Coast Engine and Equipment Company (CEECO).
More information about Spectrum Sciences & Software Holdings Corp. can be found at http://www.spectrumholdingscorp.com.
Forward-Looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Contact: Spectrum Sciences & Software Holdings Corp., Falls Church Investor Relations Steve Cook, 800-368-5278 ext. 44 Steve.cook@specsci.com
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
Horne Engineering Awarded Contracts with Battelle to Support ARMS Program and EPA Workshop
Falls Church, VA — July 21, 2005 — Horne Engineering Services, LLC, recently was awarded two contracts, with a combined value of $565,000, as a result of its strategic alliance with Battelle Memorial Institute. Horne Engineering is a wholly owned subsidiary of Spectrum Sciences & Software Holdings Corp. (OTC BB: SPSC).
Horne Engineering is part of the Battelle Team awarded a contract by the U.S. Army Program Executive Office for Ammunition to support the Armament Retooling and Manufacturing Support (ARMS) program. The ARMS Program is designed to encourage commercial reuse of the Army’s inactive ammunition plants.
Under this contract, Horne Engineering will provide support in the following areas: ARMS proposals; ARMS incentives; ARMS/USDA loan process; ARMS program marketing; performance measurements/metrics and business process re-engineering; immediate use funds; strategic planning and budget analysis; engineering feasibility analyses; tenant revenue; ARMS contract/tenant use agreement renewal support; ARMS program and policy support; ARMS program review support; plant sale transfer feasibility studies; meeting, conference, symposia, workshop and training, facilitation, presentation, and document support; knowledge management support; and business case and cost-benefit analysis support. The period of performance for this effort is two years.
Horne Engineering was also awarded a contract by Battelle to coordinate an Environmental Protection Agency (EPA) workshop on soil/dust ingestion rates of children and adults. Sponsored by EPA’s National Center for Environmental Assessment, the workshop took place on May 24 and 25, 2005.
Horne Engineering is a technology and technical engineering solutions company whose primary service areas are national security, energy and environment, and transportation. The company’s association with Battelle, a global science and technology enterprise headquartered in Columbus, Ohio, goes back more than a decade. Together, Horne Engineering and Battelle have supported such government t clients as the Maneuver Support Center at Fort Leonard Wood, the U.S. Army Center for Health Promotion and Preventive Medicine, Walter Reed Army Medical Center, the Pentagon Force Protection Agency, and the U.S. Environmental Protection Agency.
About Spectrum Sciences & Software Holdings Corp.
Spectrum Sciences & Software Holdings Corp. is a growth-oriented, customer-focused company that provides an integrated suite of manufacturing, technology, and technical engineering services. The company currently has more than 350 employees within its family of subsidiaries, which include Horne Engineering (http://www.horne.com/), Spectrum Sciences & Software, Inc. (http://www.specsci.com), M&M Engineering (http://www.mmeng.net), and Coast Engine and Equipment Company (CEECO).
More information about Spectrum Sciences & Software Holdings Corp. can be found at www.spectrumholdingscorp.com.
Forward-Looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
Safe Borders Update: I have posted some of this before but please read it again and note when it was filed.
(10QSB/A 06/07/05) Marketing and Status of Safe Borders
Technically, Spectrum has continued to enhance the functionality of the existing application. In addition and at the request of a major systems integrator preparing for the America Shield Initiative (“ASI”) procurement, Spectrum is developing another major module for the Safe Borders planning and analysis software application. This module will allow planners to simulate and optimize the planning and placement of surface-based sensors, both fixed and mobile. We anticipate this capability to be an important requirement in the ASI procurement.
Promising second quarter 2005 activities include securing a significant teaming agreement with a major systems integrator pursuing the ASI as a Prime contractor. The ASI is a Border Patrol initiative which will first retrofit and upgrade the existing Border Patrol Integrated Surveillance Intelligence System (“ISIS”) used on the US northern border with Canada and then completely reengineers this system. We are in various stages of technical and business discussions with three potential Primes while establishing communications with a number of second tier systems integrators for the same procurement. We would anticipate that any teaming agreement would include Safe Borders software licensing, recurring software support and maintenance and Border Patrol tailoring revenue, as well as on going software module development / integration and border security expertise revenues. We would like to position ourselves in nonexclusive, subcontract teaming agreement(s) for the ASI procurement but this may not be possible.
In addition, we have completed the second round of working group meetings with border control/law enforcement agencies in Arizona and have hired a consultant in Arizona to continue the on-going due diligence (“DD”) activities associated with these agencies. These meetings and the information gleaned will provide Spectrum with an enviable library of border agency/law enforcement expertise required in any successful ASI program team. Spectrum conducted a Safe Borders presentation/demonstration at the Customs and Border Protection (“CBP”), Applied Technology Division and Office of Border Patrol (“OBP”) sections at the invitation of the Acting Assistant Commissioner, CBP in November 2004. Our presentation was well received and Safe Borders now has the requisite exposure with appropriate CBP, Border Patrol and ASI personnel. In addition, the OBP has requested that we suspend our DD activities with field Border Patrol personnel in anticipation of the pending ASI procurement (i.e., the “blackout” period). The ASI Request for Proposal is expected in the July/August 2005 timeframe. Those same statements were first written and filed in the original 10QSB on 5/23/05 (page 21).
Now 3 months later the article below gets published (last week).
07/18/05; Vol. 20 No. 14 Looking beyond borders
By ALICE LIPOWICZ
America's Shield holds lucrative promise, risks It is one of the Homeland Security Department's most tantalizing, big-ticket, system integration projects on the horizon — but it's been stalled for months as Congress and federal officials review the goals of the department and examine allegations of mismanagement in a related legacy system.
Despite the delays, contractors appear to be hanging tough in preparing to bid for the $2.5 billion America's Shield Initiative. Their interest is sustained not only because the need is so urgent, but also by several recent developments that may spur the program's progress.
America's Shield will integrate cameras, sensors and other devices and technologies deployed along thousands of miles of borders to assist Customs and Border Patrol officials prevent unauthorized entry. It will incorporate the Integrated Surveillance Intelligence System, which comprises more than 200 video cameras operating along U.S. borders.
A PUBLIC CRY
"The citizenry is demanding this," said Ron Whitt, director of strategic marketing for Applied Innovation Inc., a network management solutions company in Columbus, Ohio. "I have no doubt it will go forward."
Northrop Grumman Corp. and Lockheed Martin Corp. as well as many smaller vendors are among the companies interested in the procurement.
"This is a national asset-class system," said Bruce Walker, Northrop Grumman's director of homeland security. "There is a very real need for a system like this."
"All the major systems integrators have this on their radar," said Scott McMurray, vice president for Information Systems Support Inc. of Gaithersburg, Md.
Following a meeting with industry about America's Shield in August 2004, and testimony from DHS officials in March and April 2005 to support the fiscal 2006 budget request of $51 million, departmental communications about the program have been sparse. But that period of relative silence may be ending.
On June 16, a House subcommittee held a hearing on a General Services Administration inspector general's report detailing mismanagement allegations about the existing border video-surveillance system dating back to its launching in 1998. The charges concern a lack of oversight for the program as it mushroomed from $2 million to more than $200 million in procurement costs, and as incorrect equipment was purchased and improperly installed or not installed at all. It faulted GSA's Federal Technology Service for awarding contracts without competition, among other problems.
Joe Saponaro, an executive at New York-based L-3 Communications Inc., which took over the contract when it purchased the original contractor in 2002, defended its actions at the hearing and said the audit results were incorrect.
A second investigative report on the surveillance cameras is expected this month from the DHS inspector general, according to Rep. Bennie Thompson (D-Miss.), the ranking Democrat on the House Homeland Security Committee.
"We should not move forward on America's Shield until we get to the bottom of the problems with the existing system," Rep. Mike Rogers (R-Ala.), chairman of the Homeland Security Subcommittee on Management, Integration and Oversight, told Washington Technology.
Rogers and several other committee members are considering a visit to border sites in Arizona and Washington in August to view the camera installations.
But now that most of the problems with the existing system have been identified and action is taking place to correct them, some contractors are hopeful the worst news has passed.
"The industry view is that this has not been so damaging," said a senior IT executive who asked to remain anonymous.
Also renewing hopes of a quicker launch date is that Homeland Security Department Secretary Michael Chertoff, who took charge in March, is expected within days to release his comprehensive review of the department's operations and goals.
That upcoming review also is likely to have stalled movement on America's Shield, and its completion will likely move things forward, industry sources said.
Next month is the scheduled release date for a request for proposals for America's Shield, according to research firm Input Inc., Reston, Va.
Industry officials are unsure how realistic that release date is, considering that it has been postponed several times.
"We are hoping for a request for proposals in the fall," said Marcy Bartlett, project director for Lockheed Martin.
The investigation into the surveillance program may heighten the perception that the country needs the most sophisticated systems integration program for its border sensors and cameras.
Ultimately, that could work in favor of major systems integrators such as Northrop Grumman and Lockheed Martin.
"The awareness has been brought to the forefront that a national rollout of a border surveillance system is much more challenging and more complex [than was thought]," Bartlett said. "It would need to be managed with a very disciplined approach, a full-blown integration rather than a piecemeal approach."
"We're tailor-made for a program like this," Northrop Grumman's Walker said. "It has the characteristics requiring depth and breadth of skills."
Of course, the procurement won't be without bumps. One problem the contract winner will face is coping with cameras that apparently have not been maintained since DHS canceled the maintenance contract in September 2004.
"Where properly maintained, the system is operational today," Saponaro, president of L-3's government services division, testified at the June 16 hearing. "However, as with any high-technology system exposed to the environment, remote video surveillance cannot be expected to operate continuously without regular maintenance. It will, in time, cease to function."
Walker said that maintenance of the deployed camera system, and its migration to the new America's Shield system, will be critical.
"As a country we cannot afford to leave the borders unattended," Walker said. "We have to take what we have and make it work."
Staff Writer Alice Lipowicz can be reached at alipowicz@postnewsweektech.com.
Additionally here’s some further info on Northrup Grumman. Northrop Grumman IT is working with its sister sectors on 75 projects and opportunities, including Custom and Border Patrol’s America ’s Shield initiative, a five-year, $2 billion contract to upgrade electronic surveillance systems capabilities along U.S. borders.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
What follows is my first letter to all the shareholders of Spectrum Sciences & Software Holdings Corp. I had planned to mail copies to each of you individually, but the process of ensuring that we have an up-to-date list of our shareholders in a format suitable for a mass mailing has taken longer than expected. I am eager to communicate with you, and you deserve to hear from me. So rather than delay any longer, I am using this forum, as well as an SEC filing, to get this message to you. A formatted PDF version of the letter is also available.
July 28, 2005
Dear Shareholders:
June 7th marked a new beginning for Spectrum Sciences & Software Holdings Corp. On that date, I became the corporation’s third President and Chief Executive Officer. It is indeed a privilege to take the helm of this dynamic family of companies and to serve you — our current and future shareholders —as well as our many dedicated employees and valued customers.
Since the closing of the transaction with Horne Engineering Services, I have been concentrating on changes that will produce results. We have developed and refined operating guidelines in the areas of functional operations, corporate governance, and communications. A transition team consisting of experienced representatives of our four subsidiaries has begun gathering information on areas of synergy and will make recommendations to my newly created Executive Committee, which includes the CEOs of the four subsidiaries. We are focusing on ways to make our operations more efficient and to capitalize on our individual and collective strengths.
Within days of the closing, together with members of our Board of Directors, I visited the offices of Spectrum Sciences & Software, Inc., in Ft. Walton Beach, Florida, and the offices of M&M Engineering in St. John’s, Newfoundland. I was impressed by what I saw and heard. These initial meetings were followed by our first executive offsite session, held in Falls Church, Virginia, on June 8-9, 2005. The primary objectives of this executive session were to
Communicate my vision of Spectrum Holdings. Lay the groundwork for a performance-based culture throughout our group of companies. Get buy-in from top management and plan for an expedient transition. Get to know each of the team members. Get all of the team members to know each other. Set the course for the future. The future that I see for Spectrum Holdings is summed up in our statement of Strategic Intent: “Spectrum Holdings will return to profitability during 2005 and will achieve strong growth in 2006 through a focus on markets where we can differentiate ourselves based on our integrated technology, engineering, and delivery capabilities and heritage.” Our business will focus on customers who face challenges that involve significant technology and engineering support. We will focus on a select set of markets where we can achieve economies of scale and synergy, where we already have a presence, and where we can leverage our core differentiation. We will provide solutions to our customers’ problems within our service areas. And we intend to leverage our capital position to continue Spectrum Holdings’ growth-through-acquisition strategy, and to do so in a highly disciplined manner.
Needless to say, our statement of Strategic Intent is a vision of the future. Because such statements are subject to uncertainties and risks, the future reality may turn out different from the current vision. But I have cause for optimism.
I founded Horne Engineering Services fifteen years ago and nurtured it into a company with a national reputation and a nationwide presence serving the defense, security, transportation, and environmental sectors. These are the same sectors served by Spectrum Holdings. With such a good fit, I welcomed the opportunity to merge with Spectrum and expand our growth platform.
By joining forces with Horne Engineering Services, Spectrum Holdings has reinforced its commitment to solid, sustainable growth. The acquisition of Horne Engineering has brought to Spectrum Holdings many enduring qualities, including the following:
An impeccable reputation for ethical behavior, for being a trusted partner. Our business philosophy is summed up in a phrase that I coined: “We don’t just add value, we add values.” A world-class list of clients and strategic partners. The ability to focus on our customers’ needs and to be part of the solution to their most difficult and pressing problems. A winning attitude to be “best in class” in all of our dealings. Sound management systems and practices, combined with a seasoned management team. Recognition that customer satisfaction, employee morale, and shareholder return on investment are inextricably bound together. These, in my mind, are among the prerequisites for long-term success. I appreciate your thoughts and support as we work to take your company to the next level.
Sincerely,
Darryl Horne, PE President and CEO
This letter contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
http://www.spectrumholdingscorp.com/index.html
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
BG Capital Group the driving force behind the recent Spectrum Sciences & Software Holdings Corp. (SPSC) acquisitions is pleased to provide you with this Special Report. These three acquisitions have transformed Spectrum Holdings into a projected (2005), $100 Million Revenue, Profitable, Homeland Security Company. Spectrum Holdings is now being guided by a world-class management team and is positioned to benefit from a changing world in which security and infrastructure spending will grow dramatically. BG Capital Groups research has shown the spending has finally begun from the massive ($34 Billion +) U.S. Homeland Security budget.
Spectrum CEO April 22, 2005 (stock price $1.60)
“We do not believe that the recent trading range of our common stock is reflective of the underlying long-term value of Spectrum”
The recent decline in stock price ($2.60 to $1.06) and loss of over $50 million of market capitalization has created an incredible opportunity seldom seen in the market. As the new Spectrum Holdings story continues to unfold thru multi-million dollar press releases, (already over $21 million new contract announcements this year), partnership announcements and escalating quarterly results, expectations would be for a short term share increase back to at least recent highs. BG Capital itself has built a significant share position in SPSC making it one of the largest shareholders through open market purchases. We are committed to doing all we can to insure maximum shareholder value.
· Projected revenues for 2005 are now $100 million, compared with 2004’s $11 million (increase of over 900%).
· Projected return to profitability in 2005, growing quarter by quarter as synergies, growth and cost savings from acquisitions develop.
· Strong balance sheet will provide a vehicle for dynamic growth for all divisions.
· More than 75% of its business coming from the growing Homeland Security and Department of Defense (DOD) sectors.
· Spectrum Holdings’ now has at least 30 market makers, including industry leaders Merrill Lynch, Bears Stearns, and Smith Barney.
If you have any questions about BG Capital Group please feel free to visit our website at www.bgcapitalgroup.com, or contact our associate office at 800-535-7935.
Disclaimer:1.All materials presented are for informational purposes only and should not be construed as investment advice.2.Reference to any specific securities does not constitute an offer to buy or sell such securities. 3.All information presented is not a solicitation or recommendation to buy, sell or hold securities. We are not offering securities for sale and we are neither licensed nor qualified to provide investment advice.4.All information presented was obtained from sources believed to be reliable, but we do not guarantee its accuracy.5.BG Capital Group is not responsible nor will they be considered liable for any investment decision made based upon information presented. 6.BG Capital Group is not a licensed broker, broker dealer, market maker, investment advisor, analyst or underwriter..7.Readers are advised to do their own diligence and research and consult with a registered securities representative before they invest. This information is not intended to be used as the sole source of information on a company.8.Information presented contains “forward looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the securities Exchange Act of 1934. Forward looking statements involve risk as they are based on expectations, estimates and projections at the time the company is profiled. A company’s actual results could differ significantly from those described on this special report.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
Spectrum is up $0.10 on better than average volume ahead of the earnings release due out after the close today.
Expecting huge revenue growth and earnings improvement.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
SPSC- CONTINUES IT”S RUN AHEAD OF THE 2ND QTR EARNINGS RELEASE!!!
Spectrum has continued to gain momentum coming off of last Friday’s close of $0.95. Yesterday’s close of $1.16 marks a 22% increase on above average volume. The average volume over the last 5 days is 331,714.The 30 day avg. volume is 174,135 and the 60 day avg. is 200,295.
I’m expecting a significant revenue increase and an improving EPS picture (approx.$0.02 PPS loss). That net loss is roughly $900K for the quarter but once you factor in the one-time acquisition costs associated with the merger I’m expecting to find that they would have been profitable. Company guidance indicates that they’ll meet or exceed the 2005 yearend revenue target for the combined companies of $100 million and also be profitable for the remainder of 2005. With an impressive balance sheet and approx. $7.5 million in cash or cash equivalents Spectrum should continue this upward PPS trend. IMO this has a $2.50 PPS target by years end and with a strong outlook for both core growth and acquisition growth slated for 2006 this may be one of those few OTCBB gems that you just put away for awhile and then tell stories about.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
Another $0.10 or 9% this morning on heavy volume (383,113).
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
SPSC-EARNINGS DUE MONDAY UP 32.6% LAST WEEK!!!
Spectrum PPS rose 32.6% last week ahead of 2nd earnings announcement due on Monday. It began the week at $0.95 and closed the week at $1.26 on heavy daily volume.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
In April 2004, more than a year before I became President and CEO of Spectrum Sciences & Software Holdings Corp., the U.S. Securities and Exchange Commission (SEC) informed Spectrum Holdings that it was conducting an informal inquiry into the company. The inquiry, which is ongoing, focuses on certain trading and promotional activity by an outside consultant related to the market for Spectrum Holdings stock. Let me make three important points:
-Neither the company nor any of its officers or directors has been charged with any unlawful conduct. -We have every reason to believe that the SEC inquiry will be favorably resolved. -The company has cooperated fully with the SEC throughout the inquiry.
Nonetheless, this cloud continues to hang over our company. I was well aware of it when I entered into the agreement that merged Horne Engineering Services with Spectrum Holdings, and it is my number one priority to make it go away.
Throughout my life, I have been uncompromising in my commitment to quality and integrity. That’s the foundation of my business philosophy. If Spectrum Holdings erred in the past by failing to adequately monitor and control anyone who was representing it, I’ll correct that. Above all, I believe in playing by the rules.
I may not know all the facts surrounding this inquiry, and the SEC has yet to close this case. But that is not relevant to my course of action. As long as I am the leader of this company, Spectrum Holdings will be a model of responsible corporate self-governance.
If you have not done so already, please review the merger agreement I signed on May 11, 2005 . It includes the following provision:
In no event later than the date which is the six (6) month anniversary of the Closing Date (the "Compliance Date "), the Buyer’s Board of Directors and committees thereof, as applicable, shall be in full compliance with corporate governance standards set forth by Nasdaq in respect of an application for listing on Nasdaq (including either of the Nasdaq National Market or Nasdaq Small Cap Market) and any SEC rule, regulation or provision related thereto …
Spectrum Holdings needs to rise above the status of a “penny,” or Bulletin Board, stock. My vision is to move far beyond that, and we need to have our house in order to do so. Here are some of the actions your Board of Directors and I have taken thus far to ensure strict internal controls:
-Issued management directives on insider trading and fair disclosure. -Established our Disclosure Committee. -Appointed a Corporate Compliance Officer. -Created an Advisory Board with three of five industry leaders on-board. -Identified a chairman for our Audit Committee.
In addition, I am interviewing candidates for internal Corporate Counsel, and we will soon be issuing a Spectrum-wide Code of Business Ethics and Conduct.
Many attributes characterize a “world class” company. They include a solid base of satisfied customers, processes that help ensure that we continue to meet our clients’ expectations for quality products and services and that we continue to grow our business, a corporate culture that places a premium on performance, and a workforce of knowledgeable, dedicated people. They also include knowing the value of values, of “walking the talk.”
Spectrum Holdings is on the path to becoming a world-class company. That’s my commitment to you. That’s my commitment to myself.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
Spectrum Sciences & Software Holdings Corp. Reports Financial Results for First Half of 2005 Tuesday August 23, 12:29 pm ET Company Well Positioned for Substantially Improved Future Performance Subsidiaries Total Contract Backlog Now in Excess of $150 million
FALLS CHURCH, Va.--(BUSINESS WIRE)--Aug. 23, 2005-- Spectrum Sciences & Software Holdings Corp. (OTCBB:SPSC - News) yesterday submitted its quarterly (10-QSB) report providing the financial results of operations for the first six months of 2005. Spectrum Holdings acquired three new subsidiaries in the first half of the year, and this is the first quarterly filing to the Security and Exchange Commission (SEC) to reflect the operations of all four of Spectrum Holdings' current subsidiaries. ADVERTISEMENT
Because of the SEC's reporting requirements, the consolidated financial statements in the report exclude all revenues that were booked in 2005 by the three recently acquired subsidiaries prior to their respective acquisition dates. As a result, the revenues shown in the report are approximately 62 percent below actual pro forma revenues for the combined group of companies during the first six months of 2005.
The consolidated unaudited income statement in the quarterly filing to the SEC shows that Spectrum Holdings had total revenues of $14.3 million and a net loss of $2.8 million in the period ending June 30, 2005. However, an unaudited pro forma financial presentation that includes complete six-month results from all subsidiaries shows total revenues of $37.6 million -- more than a 50-percent increase over the same period last year -- and a net loss of $2.8 million.
Of the four subsidiaries, only Spectrum Sciences and Software, Inc., was part of the Spectrum Holdings family for the entire first half of 2005. In line with its growth-through-acquisition strategy, Spectrum Holdings purchased M&M Engineering (M&M) in February 2005, Coast Engine and Equipment Company (CEECO) in March 2005, and Horne Engineering Services in May 2005. The financial information in Spectrum Holdings' quarterly filing to the SEC therefore includes only five months of operations for M&M (February 1 through June 30), four months of operations for CEECO (March 1 through June 30), and two months of operations for Horne Engineering Services (May 1 through June 30).
The reported pro forma net loss of $2.8 million includes $1.4 million in stock-based compensation expense. In addition, the net loss was significantly affected by the company's merger and acquisition activities, including accounting costs and legal fees.
Spectrum Holdings' Chief Financial Officer, Michael M. Megless, reported that as of June 30, 2005, the company had a total contract backlog in excess of $150 million. "Our business opportunities have never been stronger - both nationally and internationally," he said. "We are working diligently to complete the transition process, combining and building on the strengths of our four operating companies, taking advantage of cost and operating efficiencies, and substantially improving financial performance in the third and fourth quarters."
About Spectrum Sciences & Software Holdings Corp.
Spectrum Sciences & Software Holdings Corp. is a growth-oriented, customer-focused company that provides an integrated suite of manufacturing, procurement, technology, and technical engineering services. The company currently has more than 350 employees within its family of subsidiaries, which include Horne Engineering Services, http://www.horne.com/, Spectrum Sciences & Software, Inc., http://www.specsci.com, M&M Engineering, http://www.mmeng.net, and Coast Engine and Equipment Company (CEECO).
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Contact: Spectrum Sciences & Software Holdings Corp., Falls Church Investor Relations: Steve Cook, 703-564-2968 Steve.cook@specsci.com
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
Horne Engineering Services To Expand and Accelerate Support to the Transportation Security Administration Monday August 29, 8:30 am ET Value of first option year of contract tripled from $1.9 million to $5.9 Million
FALLS CHURCH, Va.--(BUSINESS WIRE)--Aug. 29, 2005-- Spectrum Sciences & Software Holdings Corp. (OTCBB: SPSC - News) announced today that the Transportation Security Administration (TSA) has exercised the first option year of its contract with Horne Engineering Services, LLC, and has significantly expanded the work requirements -- tripling the value of the option year from $1.9 million to $5.9 million. Horne Engineering Services is a wholly owned subsidiary of Spectrum Sciences & Software Holdings Corp.
Under this contract, which was first awarded in August 2004, Horne Engineering Services has been assisting TSA in the development and implementation of a nationwide Occupational Safety and Health (OSH) Program. Support services include initial hazard assessments, inspections, industrial hygiene services, mishap and incident investigations, reporting and recordkeeping, training development, technical research, policy development, and evaluations.
With the exercise of the first option year, the contract is being accelerated with no change in the overall contract dollar value as awarded. The original scope of work for the first option year called for Horne Engineering Services to conduct airport assistance reviews and follow-up support at 100 U.S. airports. That number has been increased to 444 airports, where 45,000 TSA personnel work to protect the nation's commercial air transportation system.
Horne Engineering staff will also provide safety support services, such as ergonomic and fire protection reviews of new designs for baggage handling systems, office reconfigurations, and workstation layout. They will analyze incident data to look for trends that may be used to formulate control measures for specific occupational injuries. And they will participate in and support Safety Action Team meetings at airports. As called for under the original scope of work, they will also develop a safety bulletins, concept papers, and training packages on a broad variety of safety topics. Darryl K. Horne, President and Chief Executive Officer of Spectrum Sciences & Software Holdings Corp., said, "We are gratified by TSA's confidence in our ability to help the agency improve safety and the working conditions for employees at TSA locations around the country. These TSA employees are providing an invaluable service under often trying conditions, and these are the people for whom our work is being performed."
About Spectrum Sciences & Software Holdings Corp.
Spectrum Sciences & Software Holdings Corp. is a growth-oriented, customer-focused company that provides an integrated suite of manufacturing, procurement, technology, and technical engineering services. The company currently has more than 350 employees within its family of subsidiaries, which include Horne Engineering Services (http://www.horne.com/), Spectrum Sciences & Software, Inc. (http://www.specsci.com), M&M Engineering (http://www.mmeng.net), and Coast Engine and Equipment Company (CEECO).
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
Horne Engineering Services is working on a national project providing fully integrated delivery teams for FEMA's National Flood Insurance Program, map modernization efforts.
That's from yesterday's job posting on career builder. Check the link:
Now if Spectrum's client/customer list wasn't impressive enough already. You can now add FEMA (another DHS entity to the mix) to that virtual who's who list. Within DHS alone they have FEMA, ICE, and TSA, (perhaps CBP with Safe Borders also).
How's about a little back ground on the DD. First, I couldn't find this relationship with FEMA identified anywhere on the Horne or Spectrum websites. It wasn't identified in the SEC filings either. So I think it's relatively new and the job posting on career builder is within the last 30 days.
Specific info about the map modernization program:
Map Modernization is a collaborative process and a new way of doing business, cutting across all layers of government and other organizations.
Data is shared with other Federal agencies.
Partnerships with State, regional, and local stakeholders allows partners to choose their level of involvement in mapping tasks such as collecting, updating, and adopting flood data.
The FEMA-contracted National Service Provider, known as the Mapping On Demand Team, will improve consistency throughout the Nation and streamline the goals of Map Modernization through innovation and partnerships.
In collaboration with mapping partners and other stakeholders, FEMA has developed a 5-year plan called the Multi-Year Flood Hazard Identification Plan (MHIP) for updating the Nation's flood hazard data.
Through Map Modernization, FEMA will provide reliable digital flood hazard data and maps for the United States to support the National Flood Insurance Program (NFIP). The Multi-Year Flood Hazard Identification Plan (MHIP) details FEMA's 5-year plan for providing updated digital flood hazard data and maps for areas with flood risk. The completion of flood map updates initiated in the plan extends to 2010.
The updated digital maps are easier to use and maintain than the existing maps, which are mostly paper. Digital flood maps provide a uniform structure across the nation for flood hazard data. They provide improved delineation of flood hazard zone boundaries, and greater utility for flood risk identification, floodplain management, and the NFIP. They are also easier and less expensive to update.
The release of the MHIP is a significant step forward for Map Modernization. FEMA is committed to a collaborative planning process that results in high-quality and timely products. By planning flood hazard mapping projects over several years, FEMA provides a venue for tracking progress as flood hazard information is updated nationwide.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
Another Special Report on Spectrum Holdings from BG Capital Group.
SOLID PARTS MAKING A STRONGER WHOLE
BG Capital Group
-SPECIAL REPORT-
BG Capital Group is pleased to provide you with another Spectrum Sciences & Software Holdings Corp. (SPSC) Special Report. Spectrum Holdings is now being guided by a world-class management team and their Chief Financial Officer, Michael M. Megless, reported that as of June 30, 2005, the company has a
Total Contract Backlog In Excess of $150 Million.
The company has also set a November 10th deadline for achieving full-compliance to move up to either the NASDAQSC or NASDAQNM, according to Spectrum’s President and CEO Darryl K. Horne. Also the company on a pro-forma basis, the Company’s holdings’ revenue increased more than 50 percent in the first-half of 2005, over the year-ago period. The Company also secured Bank of America financing for two operating lines of credit- one for $10 million, used as its contract line and the other fro approximately $4 million, which will be used as an operating line of credit.
Spectrum’s newly acquired subsidiaries have already posted roughly $16 million in new contract wins since the onset of the year.
· Projected revenues for 2005 are now $100 Million, compared with 2004’s $11 million (increase of over 900%).
· Subsidiaries Total Contract Backlog Now in Excess of $150 Million.
· More than $16 Million in New Contract Wins since the onset of 2005.
· Management has stated that there is an increase need for its procurement services in International Markets.
· More than 75% of its business coming from the growing Homeland Security and Department of Defense (DOD) sectors.
· Spectrum Holdings’ now has at least 30 Market Makers, including industry leaders Merrill Lynch, Bears Stearns, and Smith Barney.
BG Capital itself has built a significant share position in SPSC making it one of the largest shareholders through open market purchases. We are committed to doing all we can to insure maximum shareholder value. If you have any questions about BG Capital Group please feel free to visit our website at www.bgcapitalgroup.com, or contact our associate office at 800-535-7935.
Disclaimer: 1.All materials presented are for informational purposes only and should not be construed as investment advice.2.Reference to any specific securities does not constitute an offer to buy or sell such securities. 3. All information presented is not a solicitation or recommendation to buy, sell or hold securities. We are not offering securities for sale and we are neither licensed nor qualified to provide investment advice.4.All information presented was obtained from sources believed to be reliable, but we do not guarantee its accuracy.5.BG Capital Group is not responsible nor will they be considered liable for any investment decision made based upon information presented. 6.BG Capital Group is not a licensed broker, broker dealer, market maker, investment advisor, analyst or underwriter.7.Readers are advised to do their own diligence and research and consult with a registered securities representative before they invest. This information is not intended to be used as the sole source of information on a company. 8.Information presented contains “forward looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the securities Exchange Act of 1934. Forward looking statements involve risk as they are based on expectations, estimates and projections at the time the company is profiled. A company’s actual results could differ significantly from those described on this special report.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
Darryl K. Horne, P.E., and Grady C. Wright Named Top Technology Entrepreneurs Thursday September 8, 8:30 am ET Spectrum Holdings Is Doubly Honored by Awards
FALLS CHURCH, Va.--(BUSINESS WIRE)--Sept. 8, 2005--Spectrum Sciences & Software Holdings Corp. (OTCBB:SPSC - News) announced today that two of its executive leaders are being honored as 2005 Top Technology Entrepreneurs by US Black Engineer and Information Technology magazine. ADVERTISEMENT
Darryl K. Horne, P.E., Chief Executive Officer and President of Spectrum Holdings, and Grady C. Wright, Chief Executive Officer and President of Horne Engineering Services, LLC, will be presented with their awards at the 2006 Black CEO Summit on February 16, 2006, in Baltimore, Maryland. They will also be highlighted in the fall issue of US Black Engineer and Information Technology magazine.
According to the award announcement, "The top entrepreneurs of 2005 were chosen for their impeccable work ethic, their enduring spirit of entrepreneurship, and the success of their companies in the vital technology sector."
"For both Grady and I to receive this award in the same year is a double honor for Spectrum Holdings," Mr. Horne said upon learning of the award. "We have assembled a management team that is committed to solid, sustainable growth, and it is gratifying that our team is being recognized for what we have achieved thus far -- and this is just the beginning."
About Darryl K. Horne
Mr. Horne founded Horne Engineering Services in 1990 and served as its CEO and President for almost fifteen years. As a result of Horne Engineering's merger with Spectrum Sciences & Software Holdings Corp. on May 11, 2005, Mr. Horne is now the President and CEO of Spectrum Holdings, as well as Horne Engineering's Chairman of the Board. During his tenure as Horne Engineering's CEO and President, he grew his technology and technical engineering solutions company into a significant player in the federal contracting arena, undertaking projects throughout the United States and internationally.
Mr.Horne received a bachelor's degree in Civil Engineering from the Virginia Military Institute (VMI), the nation's oldest state-supported military college, in 1982. Virginia Governor James S. Gilmore ® appointed Mr. Horne to the Board of Visitors of VMI in August 1999, and Virginia Governor Mark R. Warner (D) reappointed him to the Board in June 2003. Mr. Horne is now Vice President of the Board and chairs the Audit, Finance and Planning Committee.
He is also a member of the National Society of Professional Engineers and the Society of American Military Engineers, and he completed service in the U.S. Army Reserve with the rank of Captain. In 1997, he was recognized as an "Eminent Engineer" by Tau Beta Pi, the national engineering honor society.
Mr. Horne was honored by Ernst & Young in 1999 as a Greater Washington Entrepreneur of the Year, and in 2002 he was a finalist for a National Capital Business Ethics Award. In March 2004, he was invited to become a Trustee on the Federal City Council, a non-profit, non-partisan organization dedicated to the improvement of the Nation's Capital and composed of and financed by the region's top business, professional, educational, and civic leaders.
About Grady C. Wright
Mr. Wright joined Horne Engineering in December 2004 as Senior Vice President, Strategic Development, and a member of the company's Executive Committee. He was named CEO and President of the company in June 2005.
Before joining Horne Engineering, Mr. Wright was President and Chief Operating Officer of Unitech, Inc., a $72-million professional services company headquartered in Centreville, Virginia. Previously he was President of the Telecommunications Division of Computer Sciences Corporation (CSC). This division resulted from CSC's acquisition of Dyncorp, where Mr. Wright had spent 2 years as Senior Vice President of Dyncorp's civil markets business. Before moving to Dyncorp, Mr. Wright spent 29 years at TRW in progressively important roles, culminating as Vice President and Deputy General Manager of the TRW Systems and Information Technology Group, responsible for public sector markets.
Mr. Wright has a bachelor's degree in mathematics from Grambling State University and has earned certifications from the Executive Institute for Management of High Technology Companies at Stanford University, the Program for Senior Executives in National and International Security at Harvard University, and the Global Leadership Program at the American Graduate School of International Management. In 1988, he received a Black Engineer of The Year - Professional Achievement Award.
About Horne Engineering Services
A wholly owned subsidiary of Spectrum Holdings, Horne Engineering is a technology and technical engineering solutions company whose primary service areas are national security, energy and environment, and transportation. Both Spectrum Sciences & Software Holdings Corp. and Horne Engineering Services are headquartered in Falls Church, Virginia.
About Spectrum Sciences & Software Holdings Corp.
Spectrum Sciences & Software Holdings Corp. is a growth-oriented, customer-focused company that provides an integrated suite of manufacturing, procurement, technology, and technical engineering services. The company currently has more than 350 employees within its family of subsidiaries, which include Horne Engineering Services. http://www.horne.com/, Spectrum Sciences & Software, Inc., http://www.specsci.com, M&M Engineering, http://www.mmeng.net, and Coast Engine and Equipment Company (CEECO).
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Contact: Spectrum Sciences & Software Holdings Corp., Falls Church Steve Cook , 703-564-2968 Steve.cook@specsci.com
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
Francis X. Ryan, CPA, Named to Board of Directors of Spectrum Sciences & Software Holdings Corp.
Falls Church, VA — October 4, 2005 — Spectrum Sciences & Software Holdings Corp. (OTC BB: SPSC) announced today that Francis X. Ryan, CPA, has joined the company’s Board of Directors and will serve as Chairman of the Audit Committee.
Mr. Ryan is President of F.X. Ryan & Associates, a management consulting firm. He has been a member of the boards of directors of Paradigm Holdings Inc., Fawn Industries, EPlans, Inc., Berwick Industries, Murray Corporation, and Seequa Computer, as well as St. Agnes Hospital and the Good Shepherd Center in Baltimore, Maryland.
Darryl K. Horne, Spectrum Holdings’ President and Chief Executive Officer, stated, “Frank Ryan brings financial expertise, independent judgment, and extensive Sarbanes-Oxley compliance and corporate governance experience to our company. As Chairman of the Audit Committee, he will play a central role in assisting the Board in overseeing our company’s financial reporting, internal controls, and audit processes. The addition of another independent director brings the Spectrum Holdings Board to 50 percent independent representation, which brings us a step closer to meeting the requirements for listing on the NASDAQ Stock Market.”
Mr. Ryan has a B.S. in economics from Mt. St. Mary's College, where he graduated summa cum laude, and an M.B.A. in finance from the University of Maryland. He is also a Certified Public Accountant.
A reserve officer in the United States Marine Corps, Mr. Ryan was called back to active duty in 2004 to serve as Chief, Secretariat and Engagements, of the Strategy, Plans and Assessments Division in Iraq. He was awarded a Bronze Star for his service during Operation Iraqi Freedom.
In voting to bring Mr. Ryan to the Board, Spectrum Holdings’ Board of Directors increased its membership to six members, half of whom are independent Directors. In addition to Mr. Horne and Mr. Ryan, the other Directors are Michael Megless, Spectrum Holdings’ Chief Financial Officer; William Ham, President and CEO of Spectrum Sciences and Software, Inc.; Kelly Armstrong, a management consultant; and Karl Heer, co-owner of Nautic Distributors, Ltd.
About Spectrum Sciences & Software Holdings Corp.
Spectrum Sciences & Software Holdings Corp. is a technology and technical engineering solutions company focused on three primary target markets — national security, energy & environment, and transportation — with an emphasis on homeland security. The company’s business offerings encompass management services, procurement, manufacturing, science and engineering, and information technology.
The company currently has more than 350 employees within its family of subsidiaries, which include Horne Engineering (http://www.horne.com/), Spectrum Sciences & Software, Inc. (http://www.specsci.com), M&M Engineering (http://www.mmeng.net), and Coast Engine and Equipment Company (CEECO).
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
From the USCG, Morgan City, LA. $455K. I'd bet it's the largest single contract award they have ever gotten from USCG.
Document Type: Award Notice Posted Date: Oct 04, 2005 Original Archive Date: Current Archive Date: Classification Code: 20 -- Ship and marine equipment Set Aside: N/A Naics Code: 332312 -- Fabricated Structural Metal Manufacturing
Contract Award Date: Sep 29, 2005 Contract Award Number: HSCG83-05-C-3WF613 Contract Award Amount: $454,776.00 Contract Line Item Number: B-1 Contractor: CEECO, Inc., 8985 Columbia Rd., Unit A, Cape Canaveral, FL 32920-4533
That's $567,986 in new contracts since Jul 2005 from the USCG alone.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
SEC INVESTIGATION TERMINATED, NO ACTION TAKEN!!!!
As previously reported, a complaint was filed in July 2004 by Todd Augenbaum (“Augenbaum”) against Robert Genovese, Endeavor Capital Group, LLC, and BG Capital Group, Ltd. (collectively, the “Genovese Defendants”) seeking to recover “short-swing profits” alleged to have been unlawfully obtained by Mr. Genovese and his affiliated companies in violation of Section 16(b) of the Securities Exchange Act of 1934. The suit alleges that Genovese and his affiliated companies beneficially owned more than 10% of the outstanding common stock of Spectrum Sciences & Software Holdings Corp. (the “Company”) and that Genovese acted as an officer and director of the Company. The Company was named as a nominal defendant in the action, but has no liability for the asserted claims.
On November 17, 2005, the Company entered into a Stipulation and Agreement of Compromise, Settlement and Release (the “Stipulation”) with Augenbaum and the Genovese Defendants for the resolution of all claims in this action. Pursuant to the Stipulation, the Genovese Defendants agreed to make settlement payments with a total value of $3,250,000, payable as follows: (i) an initial payment of $800,000 in cash following Court (as defined below) approval of the Stipulation; (ii) a payment of $175,000 in cash within six months following such Court approval; and (iii) a payment of $2,275,000 in cash or the Company’s common stock, valued at the closing market price of such stock on the date of delivery, within eighteen months following such Court approval. The Stipulation provides that, of the total amounts payable by the Genovese Defendants, the $800,000 and $175,000 payments are to be paid directly to counsel for Augenbaum for attorneys’ fees and reimbursement of expenses and the $2,275,000 balance is to be paid directly to the Company.
The Stipulation requires approval of the United States District Court, Southern District of Florida (the “Court”), where the case was filed. The parties will submit the Stipulation for approval as soon as possible, and the Company anticipates that the Court will approve the Stipulation on the terms agreed to by the parties.
In connection with the Stipulation, the Company has also agreed to a Settlement and Standstill Agreement with Robert Genovese and BG Capital Group, Ltd. pursuant to which the Company will accept in satisfaction of all settlement amounts under the Stipulation, other than the initial $800,000 payment, one million shares of the Company’s common stock. In return, Mr. Genovese and BG Capital have agreed not to engage in certain actions with respect to the Company until December 31, 2008, including acquiring any securities of the Company, attempting to influence the voting of shareholders in Company matters, issuing any press releases, making published statements or publicly disclosing any proposals concerning the Company, or attempting to control the management, Board of Directors, or policies of the Company. The Settlement and Standstill Agreement is conditioned upon approval of the Stipulation by the Court.
As previously reported, the Securities and Exchange Commission (the “SEC”) notified the Company on April 28, 2004 that it was conducting an informal investigation into the Company. After being notified by the SEC of such investigation, the Company fully cooperated and provided all requested information. By letter dated November 17, 2005, the SEC notified the Company that the SEC has terminated its investigation and has determined not to pursue an enforcement proceeding against the Company or any current director or officer of the Company.
As previously reported, Donal R. Myrick, the former President and Chief Executive Officer of the Company, filed a complaint against the Company in August 2004 for alleged breach of employment contracts and damages associated with a delayed stock sale. The Company has agreed with Mr. Myrick to a settlement and dismissal of all claims in the action in consideration of the payment to Mr. Myrick of $155,000.
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
posted
Securities and Exchange Commission Drops Investigation of Spectrum Sciences & Software Holdings Corp.
Additionally, Two Unrelated Lawsuits Reach Settlement Falls Church, VA — November 29, 2005 — Spectrum Sciences & Software Holdings Corp. (OTC BB: SPSC) announced today that the U.S. Securities and Exchange Commission (SEC) has ended its informal inquiry into the company. Spectrum Holdings also announced that two separate legal claims related to the company have been resolved.
“This is a bright new day for Spectrum Holdings,” said Darryl K. Horne, the company’s President and Chief Executive Officer. “When I became CEO of Spectrum Holdings this past June, several legal clouds were hanging over the company, and our new management team and our Board of Directors have worked hard to clear them away.”
The SEC inquiry, which began in April 2004, focused on certain trading and promotional activity by an outside consultant related to the market for Spectrum Holdings stock. Throughout the inquiry, the company cooperated fully with the SEC. In its letter dated November 17, 2005, the SEC Division of Enforcement said, “This investigation has been terminated, and no enforcement action has been recommended to the Commission.”
“We also were able to find a ‘silver lining’ in this dark cloud,” Mr. Horne said. “We used this experience working with the SEC to strengthen our internal controls and corporate governance. Our customers, our shareholders, and our employees are all winners in this.”
In an unrelated action, a resolution of a legal complaint filed by Todd Augenbaum against Robert Genovese, Endeavor Capital Group, LLC, and BG Capital Group, Ltd. has been agreed to by all parties. The July 2004 complaint sought to recover “short-swing profits” alleged to have been unlawfully obtained by Mr. Genovese and his affiliated companies in violation of Section 16(b) of the Securities Exchange Act of 1934. The transactions involved the sale of Spectrum Holdings stock. Spectrum Holdings was named as a nominal defendant in the action, but had no liability for the asserted claims. The Stipulation and Agreement of Compromise, Settlement and Release agreed to by the parties is subject to court approval.
Under the agreements among the parties, the defendants will deliver 1,000,000 shares of Spectrum Holdings common stock to the company within six months following court approval. Also among the agreed terms is a “standstill” arrangement that restricts Mr. Genovese’s and BG Capital’s involvement with Spectrum Holdings until December 31, 2008. Without written approval of Spectrum Holdings’ Board of Directors, during that period Mr. Genovese and BG Capital may not acquire any Spectrum Holdings securities; attempt to influence the voting of shareholders in company matters; issue any press releases, make published statements, or publicly disclose any proposals concerning Spectrum Holdings; or attempt to control the management, Board of Directors, or policies of Spectrum Holdings.
Spectrum Holdings has also reached an agreement with Donal R. Myrick, a former President and CEO of the company. In August 2004, Mr. Myrick filed a complaint against the company for alleged breach of employment contracts and damages associated with a delayed stock sale. The dispute was submitted to mediation in October 2005, and the two parties have now agreed to the terms of the settlement and the dismissal of all claims in this action.
Mr. Horne said, “With these issues behind us, we can focus even more intently on the integration of the Spectrum family of companies and moving forward using our new platform for growth. I expect 2006 to be an exciting year for Spectrum Holdings.”
-------------------- What I post is my DD or opinion derived from such and not a recommendation to buy or sell. Good Luck. Posts: 31 | From: Florida | Registered: May 2005
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Smile]](smile.gif)
