posted
Something's up with BAQG and it looks good. Their CEO said in PR this morning he is increasing shareholder value, after which stock is in the green and ticking up. (check out news on yahoo finance) Beautiful chart is developing on gradual consistent upward movement
ALL BUYS, NO SELLS
Looks like a good week is ahead.
CEO' statement: "As CEO of Benacquista one of my main objectives is to increase shareholder value. I will continue to develop relationships and partner with industry specific companies to achieve this goal."
Note: All posts are strictly my opinion and the result of my own due diligence
-------------------- This is all in my humble opinion only.
IP: Logged |
Not much to brag about but this company is doing moderately ok. I cannot justify today's jump in share prices. However, financials are relatively decent, not impressive but not red ink either.
posted
Looks this one will settle into .50 per share for a period time, my .50 simply being a center point for share prices; .45 to .55 per range.
Upward resistance looks to be .80 per share.
Not sure why today's news excites traders. Might discover some information on this via the last 10Q filing, maybe a loser which benefits by selling. Shares paid by the other company do not seem enough to warrant such a substantial jump in share price.
posted
BAQG is also buying back their own shares. This PR explains the kind of confidence the company has in itself: Plus them buying back their own shares can only push the stock price up further
Press Release Source: Benacquista Galleries, Inc.
Benacquista Commences Share Buyback Program Thursday June 1, 1:08 pm ET
SAN DIEGO, June 1 /PRNewswire-FirstCall/ -- Benacquista Galleries, Inc. (OTC Bulletin Board: BAQG - News) announced today it has commenced its previously announced share buyback program. ADVERTISEMENT
"On February 21, 2006 we announced that we would be buying back up to 200,000 shares of Benacquista's stock over the next 9-12 months. Today, we would like to report that the company has begun its share buyback program with a purchase of 15,000 shares at .40 cents on May 31st. As shareholders can see in my recently filed form 4, over the past week, I personally have purchased 49,900 shares at an average of .525 cents per share. For me, I can't see any better investment then shares in Benacquista Galleries. We have over four years of hard work in the development of the company and its products. Since the initial launch of the company's flagship product, The Farmacist Desk Reference (FDR) we have received outstanding success and great accolades from all. Author, Don Tolman has embarked on a 7 week tour promoting The FDR throughout the Pacific Rim including, Singapore, Australia, New Zealand, Fiji, and Hawaii. With the exciting launch of the Farmacist's Desk Reference (FDR), and our innovative new artist program we believe fully in our ability to grow Benacquista and its subsidiaries into serious players in their respective industries," stated Benacquista President, Jim Price.
About Benacquista Galleries, Inc.
Benacquista Galleries, Inc. seeks acquisitions and invests in early stage companies with a focus in the Art, Education and Publishing Industries. Benacquista was founded in 2002 and went public in 2005. The Benacquista Gallery of Companies consists of Benacquista Fine Art, Benacquista Publishing, YNOT Eduk8 and Physiognomy Interface Technologies. For further information on Benacquista visit www.benacquistagalleries.com.
Forward-looking statement
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The company's actual results could differ materially from expected results.
-------------------------------------------------------------------------------- Source: Benacquista Galleries, Inc.
-------------------- This is all in my humble opinion only.
IP: Logged |
posted
This is proving to be an interesting stock. Readers are not to view this as positive support, simply interesting, nothing more.
Some positives.
Shares Outstanding 11,000,300 Float 2,031,200
This very low float will lend to extreme volatility should buying activity become very intense, perhaps on good news or, most likely, pump and dump efforts.
Form 3 5-26-2006 8,969,100 Form 4 6-01-2006 9,019,000
Price, the CEO, owns virtually all of the outstanding shares, save for the float.
"The Company’s president has indicated that he will loan sufficient funds to cover operating needs for the next twelve months."
Mixed bag here but I have tossed this in as a positive aspect. No dilutive loans to worry about. I would not consider this a loan but rather the owner keeping his company afloat, which is a little bit of a negative. This suggests his company is having some trouble.
"For the three-month period ended March 31, 2006, Benacquista Galleries had net income of $177,278 while for the period ended March 31, 2005, the Company had a net loss of $34,851. Also, for the period ended March 31, 2006 , the Company had total stockholders equity of $80,470, while for the period ended September 30, 2005, the Company had a stockholders deficit of ($311,599)."
You decide. This above information, positive or negative? Revenues are improving but nothing worthy of bragging. Stockholder's equity is not all that good, spread out over two-million shares.
Some negatives. (no comments needed)
"On March 18, 2006, we were sued in Federal District Court in Tennesee by The Wholefood Farmacy for using trademarks allegedly belonging to The Wholefood Farmacy. We have attempted to settle this lawsuit for nuisance value...."
"Benacquista Galleries's current financial condition makes it difficult to keep up with our desired rate of growth. Because of the demand for the FDR and the long lead time involved in printing, there are significant costs we must advance in order to continue to reprint the FDR. Although sales of the book are profitable, our lack of extensive cash reserves means we must grow only as we can finance printing of the book. We are currently unable to meet market demand of the FDR, but we anticipate that further sales will alleviate this problem."
"We believe that our current cash balances, including cash and cash equivalents, are insufficient to meet our working capital and capital expenditure requirements. We have exhausted almost all of our working capital. We will need to receive an infusion of capital from our chief executive officer, collect accounts receivable, receive advance payment from distributors or otherwise increase our available cash."
This is simply outright strange:
"In January 2003, the major shareholder sold certain of his works of art to the Company for $862,127 represented by an unsecured note payable. The note bears interest at 5% per annum and was due in full June 30, 2005 with no periodic payments required. The purchase price represents the shareholder’s original cost in the art, which was originally acquired for cash. The balance of the note plus accrued interest is currently unpaid and will remain on the books as a demand note continuing to bear the 5% per annum interest."
This "major shareholder" is Price, the owner and CEO of this company. Looks to me he is placing his own collection of art up for sale through this company, which is very odd. Perhaps not so odd if his intent is to collect CEO salary, five percent on his loan to himself, plus sell his art. He will earn more doing this.
I would question when his stock of art is sold, certainly with some pieces which will not sell, where will he obtain more art to sell?
This involvement in education and publishing, those sectors usually do not perform well. This information is in SEC filings.
Recent news indicates he sold the "education" related business which reduces revenues for the future.
His buy-back of 200,000 shares, my opinion is this is simply an effort to move prices up. Look at the amount of shares he already owns, then compare the buy-back amount. Insignificant.
About all which excites me is the very low float which might prove volatile in the future. Might be some potential for flipping.
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
