Integrated Technology Group Inc. Executes Letter of Intent to Acquire Knight Energy Corp. Integrated Technology Group Inc., ticker symbol (OTC:ITGI), announced that its management has executed a letter of intent to acquire all the issued and outstanding capital stock of Knight Energy Corp. (Knight) based in Coppell, Texas.
Knight Energy Corp. (Knight) is a holding company that operates and develops energy related businesses and assets. In March of 2006, Knight acquired a 75% equity interest in an independent oil and gas services company that owns an executed lease agreement among other assets in Stephens County, Texas. The lease agreement contains approximately 160 acres that include four producing natural gas wells. Stephens County has been a successful producer of oil and gas over the last fifty years.
Knight also purchased and is managing its own drilling rig that will be used to drill additional wells on the current leased property as well as other potential properties that Knight is reviewing for consideration.
Knight is currently reviewing further acquisitions and investments in the oil and gas industry as well as other energy related businesses and assets. For further information please contact:
John Lund
406-531-9335
Cautionary statement for purposes of the "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995: Any statements in this report that refer to the forecasted, estimated or anticipated future results of Integrated Technology Group Inc.("Integrated or the "Company"") are forward-looking and reflect the Company's current analysis of existing trends and information. Actual results may differ from current expectations based on a number of factors affecting Integrated's businesses, including competitive conditions and changing market situations. Matters affecting the economy generally, including the state of economies worldwide, can affect Integrated's results. Forward-looking statements represent the Company's judgment only as of the date of this report. Since actual results could differ materially, the reader is cautioned not to rely on these forward-looking statements. Moreover, Integrated disclaims any intent or obligation to update these forward-looking statements.
Integrated Technology Group Inc. John Lund, 406-531-9335
Source: Business Wire (April 28, 2006 - 3:37 PM EDT)
News by QuoteMedia www.quotemedia.com 0.456 1000 OTO 16:07:55 0.28 31028 OTO 16:07:30 0.50 5000 OTO 15:59:59 0.45 5000 OTO 15:49:48 0.42 5000 OTO 15:49:01 0.42 5000 OTO 15:48:58 0.30 2600 OTO 15:48:44 0.42 7000 OTO 15:47:26 0.34 5000 OTO 15:47:11 0.34 5000 OTO 15:47:11 0.35 10000 OTO 15:47:06 0.35 5000 OTO 15:45:23 0.35 5000 OTO 15:43:33 0.30 6025 OTO 15:41:22 0.30 5000 OTO 15:40:50 0.28 5000 OTO 15:32:33 0.30 5000 OTO 15:31:53 0.27 5000 OTO 15:31:19 0.27 5000 OTO 15:31:00 0.23 10000 OTO 15:30:51 0.22 10000 OTO 15:26:14 0.23 10000 OTO 15:26:11 0.20 15000 OTO 15:25:56 0.20 10000 OTO 15:25:15 0.20 5000 OTO 15:18:37 0.20 10000 OTO 15:18:32 0.22 15000 OTO 15:18:25 0.22 5000 OTO 15:18:09 0.22 7045 OTO 15:17:17 0.22 150 OTO 15:02:01
-------------------- This is not a recommendation to buy or sell securities. Posts: 1206 | Registered: Feb 2006
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Must be nice to have a friend as generous and wise as yours. All of mine are 50 year old stock genious' that still live in there parent's basement. Nice call rob. Good luck.
-------------------- Thanks Matto. Thanks Juice. Posts: 2945 | From: USA | Registered: Feb 2006
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All buys this morning.... Gotta be kiddin me..
GOING up up and away..
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Posts: 1206 | Registered: Feb 2006
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Doesnt belong here anymore.... Ask went up... beyond $1.......... Amazing how peolpe pay attention to these stocks going down 50%...and not to this one.....Going all the way... No selling at all se ya at 10$
Posts: 1206 | Registered: Feb 2006
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Recurring revenues of $17.2 million were driven primarily by the acquisitions of Macgregor and Plexus and include subscription based revenues generated principally from our network connectivity services, order management systems, and our analytical products. Excluding the Macgregor and Plexus acquisitions recurring revenues increased 6% to $2.6 million.
Other revenues, which included $7.8 million related to the NYSE Transaction (as discussed in “Executive Summary” above), increased $9.7 million in First Quarter 2006.
Total expenses increased $27.8 million or 56% compared to First Quarter 2005. Excluding the expenses of Macgregor and Plexus ($17.2 million), expenses from U.S Operations grew 21%.
U.S. compensation and employee benefits expense increased by $16.6 million, or 68% primarily reflecting higher headcount associated with the Macgregor and Plexus acquisitions ($8.7 million) and higher performance based compensation and employee benefits including bonuses, profit sharing and stock-based compensation. Also contributing to these costs was additional headcount related to new product development, sales and support.
Interest expense reflects the cost of our borrowings to finance the acquisitions of Macgregor and Plexus, as discussed in Note 10 to the condensed consolidated financial statements and in “Liquidity and Capital Resources”.
Other expenses increased $6.8 million or 41%, of which $5.4 million relates to the First Quarter 2006 Macgregor and Plexus acquisitions, which were not included in First Quarter 2005 results. Also contributing to the growth in other expenses were (i) higher overall business activity, (ii) higher marketing costs related to our marketing/branding efforts, and (iii) higher consulting fees, primarily related to systems and new business development activities. During First Quarter 2006, we changed our estimate of the useful life of our capitalized software from two years to three years resulting in lower software amortization expense of $0.9 million (see Note 1, “Organization and Basis of Presentation”, to the condensed consolidated financial statements and “Critical Accounting Policies and Estimates”), which partially offset these increases
-------------------- This is not a recommendation to buy or sell securities. Posts: 1206 | Registered: Feb 2006
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