Here's the news I could dig up.......22-Sep-2003
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONS
NOTE REGARDING PROJECTIONS AND FORWARD LOOKING STATEMENTS
This report specifies forward-looking statements of management of the company ("forward-looking statements") including, without limitation, forward-looking statements regarding our expectations, beliefs, intentions and future strategies. Forward-looking statements are statements that estimate the happening of future events and are not based on historical facts. Forward- looking statements may be identified by the use of forward-looking terminology, such as "could", "may", "will", "expect", "shall", "estimate", "anticipate", "probable", "possible", "should", "continue", "intend" or similar terms, variations of those terms or the negative of those terms. The forward-looking statements specified in this prospectus have been compiled by management of the company on the basis of assumptions made by management and considered by management to be reasonable. Future operating results of the company, however, are impossible to predict and no representation, guaranty, or warranty is to be inferred from those forward- looking statements.
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18-Nov-2003
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONS
NOTE REGARDING PROJECTIONS AND FORWARD LOOKING STATEMENTS
This report specifies forward-looking statements of management of the company ("forward-looking statements") including, without limitation, forward-looking statements regarding our expectations, beliefs, intentions and future strategies.
Forward-looking statements are statements that estimate the happening of future events and are not based on historical facts. Forward-looking statements may be identified by the use of forward-looking terminology, such as "could", "may", "will", "expect", "shall", "estimate", "anticipate", "probable", "possible", "should", "continue", "intend" or similar terms, variations of those terms or the negative of those terms. The forward-looking statements specified in this prospectus have been compiled by management of the company on the basis of assumptions made by management and considered by management to be reasonable. Future operating results of the company, however, are impossible to predict and no representation, guaranty, or warranty is to be inferred from those forward-looking statements.
The assumptions used for purposes of the forward-looking statements specified in the following information represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. We cannot guaranty that any of the assumptions relating to the forward-looking statements specified in the following information are accurate, and we assume no obligation to update any such forward-looking statements.
CRITICAL ACCOUNTING POLICY AND ESTIMATES.
Our Management's Discussion and Analysis of Financial Condition and Results of Operations section discusses our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued expenses, financing operations, and contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The most significant accounting estimates inherent in the preparation of our financial statements include estimates as to the appropriate carrying value of certain assets and liabilities which are not readily apparent from other sources. These accounting policies are described at relevant sections in this discussion and analysis and in the notes to them consolidated financial statements included in our Quarterly Report on Form 10-QSB for the period ended September 30, 2003.
MANAGEMENT'S PLAN OF OPERATIONS
The company was engaged in the development of two separate diagnostic tools: its allergy testing device and its chiropractic outcome-measuring instrument. Research and development of the company's products has been suspended, and the company is currently exploring the possibility of entering the real estate development business.
As a development stage company, we have incurred net losses since inception through September 30, 2003 of $11,580,742. To date the company has not generated revenues from the commercialization of any products. The company does not anticipate significant expenditures on acquisition or development of other products during this year.
It will be necessary to raise funds to resume the development of the company's products chiropractic device. The company may not able to raise the necessary funds to complete development of its products.
On June 25, 2002 the company and its wholly owned subsidiary, Elast Delaware, entered into a Separation and Distribution Agreement, subject to finalization of debt allocations and mutual Board of Directors approval, through which PTS intends to spin off Elast Delaware. As a result of this agreement, upon consummation PTS would no longer be involved in the development of its current products. All assets related to the development of its medical devices will be transferred to or retained by Elast Delaware.
The company is continuing its efforts to acquire certain companies in China, the acquisition of which the company believes will be accretive and complimentary to the company's existing business efforts. The company is also pursuing potential reverse merger opportunities as well as other potential business opportunities that may become available through related parties. As no formal agreements have been completed, there exists the possibility that the contemplated opportunities will not be consummated.
GOING CONCERN
The accompanying financial statements have been prepared in conformity with United States generally accepted accounting principles, which contemplate continuation of the company as a going concern. However, the company has no established source of revenue, has experienced net operating losses of $11,580,742 since inception, and a current net loss from operations of $130,618 and a working capital deficiency of $873,249. These factors raise substantial doubt about the company's ability to continue as a going concern.
Without realization of additional capital, it would be unlikely for the company to continue as a going concern. The company has suspended development and testing of its principal products. The company does not anticipate significant expenditures on acquisition or development of other products during this year.
The company is continuing its efforts to acquire certain companies in China, the acquisition of which the company believes will be accretive and complimentary to the company's existing business efforts. The company is also pursuing potential reverse merger opportunities as well as other potential business opportunities that may become available through related parties. As no formal agreements have been completed, there exists the possibility that the contemplated opportunities will not be concluded. Additionally, the company is considering the implementation of a real estate development business plan. It will be necessary to raise funds to consummate potential acquisitions and implement its real estate development plan. The company may not be able to raise the necessary funds to accomplish either of these plans.
LIQUIDITY AND CAPITAL RESOURCES.
At September 30, 2003 and December 31, 2002, the company had no cash and equivalents. Our only external source of liquidity has been from the sale of our capital stock and advances from officers. There were no sales of capital stock in 2003 or 2002, compared to $412,257 in 2001.
Over the past three years, the company incurred significant operating losses and utilized significant amounts of cash to fund operations. The company is in a critical stage in its transition from the development of its medical related products to the real estate development business, or the acquisition of operating businesses. The company will continue to seek sources of financing to facilitate this transition.
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Financial News
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Press Release Source: PTS, Inc.
PTS, Inc. Announces Acquisition of Subsidiary
Monday November 24, 9:04 am ET
LAS VEGAS--(BUSINESS WIRE)--Nov. 24, 2003--PTS, Inc. (OTCBB:PTSO - News) announced today that they have acquired 100% of PTS Products International, Inc. as a wholly owned subsidiary.
Peter Chin, CEO of PTS, Inc., said, "Initially, the purpose of this new subsidiary will be to research and develop products to be sold internationally. More details will be announced when warranted."
For more information about PTS, Inc., please visit the company's website: www.ptspi.com.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this news release are forward-looking statements that involve risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results.
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Contact:
Stock Enterprises
James Stock, 866-242-2405 (Investor Relations)
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Financial News
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Press Release Source: PTS Inc.
PTS Products International Inc. Announces Exclusive Licensing Agreement with Glove Box Inc.
Monday December 1, 9:01 am ET
LAS VEGAS--(BUSINESS WIRE)--Dec. 1, 2003--PTS Products International Inc., a wholly owned subsidiary of PTS Inc. (OTCBB:PTSO - News), today announced that the company has successfully negotiated a definitive agreement with Glove Box Inc. for the exclusive marketing, manufacturing and distribution of the Glove Box(TM) in China for worldwide use. The agreement is effective immediately.
The patented, revolutionary Glove Box(TM) is the only product that offers contamination reduction through automated glove dispensing. The prototype Glove Box(TM) system, a free-standing dispenser of disposable latex gloves, is under development now. The Glove Box(TM) is designed for targeting sterile, protective and clean room environments, and the applications are numerous, including the healthcare industry, dental industry, laboratories, health and beauty applications, manufacturing, food service and others. In 2002 the worldwide market for this single-use product was 38 billion glove sets.
China's recent accession into the World Trade Organization has greatly liberalized the rules relating to U.S. ownership interests in Chinese companies and technologies. PTS Inc. intends to continue using its contacts and experience in this major market to identify leading Chinese companies that either have a product or technology that PTS Inc. could assist in its marketing and distribution, or that desires a U.S. presence in which PTS Inc. could use its publicly traded status as it relates to possible acquisition/spin-outs in ways that significantly benefit both these companies and PTS shareholders.
For more information about PTS Inc., please visit the company's Web site: www.ptspi.com.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this news release are forward-looking statements that involve risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted results.
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Contact:
Stock Enterprises
James Stock, 866-242-2405
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Source: PTS Inc.
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Income Statement Get Income Statement for:
View: Quarterly Data | Annual Data All numbers in thousands
PERIOD ENDING 30-Sep-03 30-Jun-03 31-Mar-03 31-Dec-02
Total Revenue - - - -
Cost of Revenue - - - -
Gross Profit - - - -
Operating Expenses
Research Development - - - -
Selling General and Administrative 37 54 40 238
Non Recurring - - - 49
Others - - - -
Total Operating Expenses - - - -
Operating Income or Loss (37) (54) (40) (287)
Income from Continuing Operations
Total Other Income/Expenses Net - - - -
Earnings Before Interest And Taxes (37) (54) (40) (287)
Interest Expense - - - -
Income Before Tax (37) (54) (40) (287)
Income Tax Expense - - - -
Minority Interest - - - -
Net Income From Continuing Ops (37) (54) (40) (287)
Non-recurring Events
Discontinued Operations - - - -
Extraordinary Items - - - -
Effect Of Accounting Changes - - - -
Other Items - - - -
Net Income (37) (54) (40) (287)
Preferred Stock And Other Adjustments - - - -
Net Income Applicable To Common Shares ($37) ($54) ($40) ($287)
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PTS Products International, Inc. Announces Additional Exclusive Licensing Pact with Glove Box, Inc.
Thursday December 18, 9:02 am ET
LAS VEGAS--(BUSINESS WIRE)--Dec. 18, 2003--PTS Products International, Inc., a wholly owned subsidiary of PTS, Inc. (OTCBB:PTSO - News) today announced that the company has signed an exclusive marketing and distribution agreement for the Glove Box(TM) in Singapore.
The SARS outbreak originating in early 2003, and that remains a threat to the world medical community, significantly impacted the Singapore market.
Peter Chin, CEO of PTS, Inc., stated, "We are very pleased to have acquired the rights to Singapore, and we are confident that we will continue to acquire licensing rights in additional markets during the new year ahead."
On a separate matter, company management stated that it has been brought to their attention recent unauthorized emails containing recent PTSO news releases having been received by some members of the investing public. Management does not endorse any independent or unsolicited efforts by outside parties in promoting the company's stock. Furthermore, the company is not, and has not, been engaging in promotional activities of the company's stock, and has not paid for any such activities.
About GLOVE BOX(TM)
The patented, revolutionary Glove Box(TM) is the only product that offers contamination reduction through automated glove dispensing. The prototype Glove Box(TM) system, a freestanding dispenser of disposable latex gloves, is under development now. The Glove Box(TM) is designed for targeting sterile, protective and clean room environments, and the applications are numerous, including the healthcare industry, dental industry, laboratories, health and beauty applications, manufacturing, food service, and others. In 2002 the worldwide market for this single-use product was 38 billion glove sets.
For more information about PTS, Inc., please visit the company's website: www.ptspi.com.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this news release are forward-looking statements that involve risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results.
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Contact:
PTS, Inc.
Peter Chin, 702-
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PTS Products International, Inc. Announces Exclusive Licensing Pact with Glove Box, Inc. for Malaysia
Thursday January 15, 9:02 am ET
Company Re-States Anti-Spam Policy
LAS VEGAS--(BUSINESS WIRE)--Jan. 15, 2004--PTS Products International, Inc., a wholly owned subsidiary of PTS, Inc., (OTCBB:PTSO - News) today announced that the company has signed an exclusive marketing and distribution agreement for the Glove Box(TM) in Malaysia. Approximately sixty percent (60%) of the world's latex glove production is manufactured in Malaysia.
Peter Chin, CEO of PTS, Inc., stated, "We are very pleased to have acquired the rights to Malaysia, and note that inquiries coming from other markets remain strong. Our prototype Glove Box(TM) is on schedule, and is expected by the end of first quarter 2004. Once the prototype is finalized and tested, the company will begin manufacturing the units in China."
Chin also noted that the SARS outbreak, that originated in early 2003, has again been discovered, recently resurfacing in China. SARS remains a threat to the world medical community, and it places an added emphasis on getting the Glove Box(TM) to market.
On a separate matter, company management is re-stating that recent and persistent unauthorized emails containing PTSO news releases are being received by some members of the investing public. Management does not endorse any independent or unsolicited efforts by outside parties in promoting the company's stock, nor has it any control in such activity. Furthermore, the company is not and hasn't been engaging in any promotional activities of the company's stock, including spamming on the Internet, and has not paid for any such activities. Management has notified the legal authorities regarding this issue.
About GLOVE BOX(TM)
The patented, revolutionary Glove Box(TM) is the only product that offers contamination reduction through automated glove dispensing. The Glove Box(TM) system is a freestanding dispenser of disposable latex gloves. The Glove Box(TM) is designed for targeting sterile, protective and clean room environments, and the applications are numerous, including the medical and healthcare industry, dental industry, hospitality industry, laboratories, health and beauty applications, manufacturing, food service, and others. In 2002, the worldwide market for this single-use product was 38 billion glove sets.
Please visit the company's website: www.ptspi.com. SOURCE: PTS, Inc.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this news release are forward-looking statements that involve risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results.
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Contact:
PTS, Inc.
Peter Chin, 702-380-3811
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PTS Products, Inc. Announces Additional Exclusive Licensing Pact with Glove Box, Inc. for Thailand
Friday February 6, 9:15 am ET
LAS VEGAS--(BUSINESS WIRE)--Feb. 6, 2004--PTS Products International, Inc., (PTSPI) a wholly owned subsidiary of PTS, Inc., (OTCBB:PTSO - News) today announced that the company has signed yet another exclusive marketing and distribution agreement for the Glove Box(TM). The company's newest licensing agreement is for Thailand.
Peter Chin, CEO of PTS, Inc., stated, "We are very pleased to have acquired the rights to yet another country, Thailand, a significant Asian market, for the Glove Box(TM) product."
On a separate matter, company management stated that the prototype of the redesigned, automated glove dispensing unit is finishing ahead of schedule, and is expected to be demonstrated on Tuesday, February 17, 2004, at the San Diego Research Center, located at 6156 Mission Gorge Road, San Diego, California. PTSPI expects this demonstration will clearly show the huge potential of the Glove Box(TM), as it is believed to quickly develop a strong demand most especially in the medical field, and other related fields that require sterile environments.
About GLOVE BOX(TM)
The patented, revolutionary Glove Box(TM) is the only product that offers contamination reduction through automated glove dispensing. The Glove Box(TM) system is a freestanding dispenser of disposable latex glove products. The Glove Box(TM) is designed for targeting sterile, protective and clean room environments, and the applications are numerous, including the healthcare industry, dental industry, laboratories, health and beauty applications, manufacturing, food service, and others. In 2002 the worldwide market for this single-use product was 38 billion glove sets.
For more information about PTS, Inc., please visit the company's website: www.ptspi.com.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this news release are forward-looking statements that involve risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results.
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Contact:
PTS, Inc.
Peter Chin, 702-380-3811
PSC3388@YAHOO.COM
PTSO - PTS INC (OTCBB)
Date Open High Low Last Change Volume % Change
02/09/04 0.0120 0.0120 0.0100 0.0110 unch 10795823 unch
Decent volume, charts not all that great but could be much worse. Just the first time I've looked at the thing.
Verdict still out. As you know, I play it better when it's movin'.
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DaDog
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