posted
.0005 tomorrow? Talk about a Falling Knife! Damn.... Hell of a buying opportunity for anyone with any money left?????? At least they FINALLY admitted to what we were surmising anyway.
Enterprise Capital AG Continues Virtual Keyboard Shipment Delays via COMTEX
June 15, 2004
PHOENIX, Jun 15, 2004 /PRNewswire-FirstCall via COMTEX/ --
iBIZ Technology Corp. (OTC Bulletin Board: IBZT), an innovative manufacturer and distributor of accessories for personal digital assistants (PDAs) and other handheld devices, announced today recent information has led us to believe that Enterprise Capital will not meet their latest agreed upon delivery of virtual keyboards.
To date, a very limited amount of keyboards have been delivered to iBIZ. These keyboards, which were to be "finished product," were not. Among other issues, they lack any of the required certifications. Additional inventory, which was to flow at a rate that would include fulfilling outstanding orders by the end of June have not yet been delivered, nor do we have any indication from Enterprise that the Keyboards will be shipped.
Since January there have been reoccurring delays in production, remedial advances in the assembly process after our factory visit in February led us to believe production output would be adequate to meet the product demand. Enterprise's inability to meet agreed upon delivery schedules even after prepayment for goods, has forced iBIZ to pursue other venues in an effort to safe guard our existing orders as well as fulfill future orders for the Virtual Keyboard.
iBIZ Technology has made tremendous advances providing product awareness to the Virtual Keyboard technology. As a result of the overwhelming success we have experienced in this regard, it is our intent to build a redundant supply chain that will support our ongoing efforts. As new developments come to light we will continue to inform the public of these changes and advances.
About iBIZ Technology Corp.:
iBIZ Technology Corp. is a leading manufacturer and distributor of accessories for personal digital assistant (PDA) and other handheld devices. iBIZ is recognized for innovative, high-quality, competitively priced products that are available through major retailers. For more information on iBIZ products and services, please visit www.ibizcorp.com or call 1-800 234-0707.
For further information, please contact: Media, Belinda Banks of S&S Public Relations, +1-718-320-4898, Belinda@sspr.com; or Investor Relations, Ed Lewis of CEOcast +1-212-732-4300, both for iBIZ Technology Corp.
"Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to those, set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise."
SOURCE iBIZ Technology Corp.
media, Belinda Banks of S&S Public Relations, +1-718-320-4898, Belinda@sspr.com; or investors, Ed Lewis of CEOcast +1-212-732-4300, both for iBIZ Technology Corp. http://www.ibizcorp.com
Copyright (C) 2004 PR Newswire. All rights reserved.
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Posts: 2793 | From: Coral Springs, FL, USA | Registered: Aug 2003
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posted
I sold today just before the close. Lucky I suppose. I'm going to keep this on the radar though cause the upcoming fire sale tomorrow is really gonna push this under.
Posts: 36 | From: LA | Registered: May 2004
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posted
I must be dreaming...6 months of it, hoping that we would someday get good news to make us money...Glad to see Ken follows up on his product manufacturing...I guess he will be coming back down the yellow brick road. Oh that's right there was no clown in the wizard of oz.
Posts: 88 | Registered: Jan 2004
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posted
I had a sell order ready at .0145 but talked myself out of it anticipating a positivi PR....damnit!!! anyone looking to by my shares????
Posts: 29 | Registered: Jun 2004
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posted
Come to think of it, wouldn't it be a kick in the butt to find out the company was trying to do a buy back and knew something more...?
Posts: 88 | Registered: Jan 2004
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posted
We may see pre-VKB levels....$0.002 is highly possible. this is just horrible. I think Ken may have a class action suit coming...just plain horrible. Good luck everybody. Posts: 79 | Registered: May 2004
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posted
Yikes! I've been very close to jumping back in on this sucker. That may end up being very soon. I hope you all can get out tomorrow without too much loss. CMKX kicked my booty today Posts: 1210 | From: Virginia | Registered: Feb 2004
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quote:Originally posted by Banks: I had a sell order ready at .0145 but talked myself out of it anticipating a positivi PR....damnit!!! anyone looking to by my shares????
I'LL BUY ALL YOUR SHARES FOR LESS THAN 0.001 TOMORROW AT AROUND 10:00 AM EST
posted
On the surface, this seems like horrific news, but I'm not 100% convinced it is.
There are other companies that have a VKB developed. They made it sound like they will work with some other company to "safe guard our existing orders as well as fulfill future orders for the Virtual Keyboard". If they are looking to "safeguard" existing orders, then they must think they can come up something pretty fast. I would imagine these existing orders are distributors and not individual retial orders. I won't sell tomorrow, but I will definately be looking to average WAY down. Don't forget, they do have pretty decent revenue for a company at this share price. Better than I can say for other companies at this price with no revenue at all.
Hold in there, the price will be back sometime, just think LONG.
Bob
Posts: 85 | From: Pendleton, OR USA | Registered: Apr 2004
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posted
We could hit a record low this week. Someone said we could see subpenny soon. Yeah - how about 10am???? Ewwwwwwwww - I hope it doesn't OPEN less than a penny - but that's a good possibility..... I'd like to get out with at LEAST .01, then I'd have the money to buy a ton around .0005 or less. - Who the hell EVER thought we'd be saying THAT????
Good luck all, Steve
Posts: 2793 | From: Coral Springs, FL, USA | Registered: Aug 2003
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posted
WTF, that's the worst pr I've seen in quite some time. Why is there such a problem with Enterprise Capital AG, hasn't IBZT had months to work out these supply problems? There has been no indication that the first units delivered were not worthy of final product, why were investors kept in the dark, these units were delivered several weeks ago? They're just starting to look for alternative suppliers now? And why are they pinning all the blame on Enterprise Capital AG, how about looking closer to the heart of the managerial problem within IBZT. And no apologies for misleading thousands of customers who have backordered and investors who are going to lose thousands, this company is unbelievable. There probably won't be any hope of selling this at reasonable prices tomorrow, this will drop like a brick. I sense a possible class action lawsuit and a SEC inquiry, people will want answers, I feel scammed by these clowns who should have been more forthcoming with their information and more agressive in managing their supply chain. Even if they find alternative suppliers, getting the product in the pipeline could take months. Had they released this midday or first thing there is a chance many of us who stay in touch with the news alerts would have had a chance to sell before word got out to everyone, releasing this after close will mean everyone will know about it and have a sell order in by 9:30am tomorrow morning. I feel completely scammed by these guys.
Posts: 117 | From: Bangor, ME, 04401 | Registered: Apr 2004
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posted
I won't sell tomorrow, there's NO way of getting a reasonable price for your shares, I plan to average down. If enough people also plan to average down maybe it will make a nice recovery after the early morning selloff. This is a daytrading opportunity. I still feel scammed on my long shares though.
Posts: 117 | From: Bangor, ME, 04401 | Registered: Apr 2004
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They don't say they can't deliver...the only say: "Enterprise's inability to meet agreed upon delivery schedules even after prepayment for goods, has forced iBIZ to pursue other venues in an effort to safe guard our existing orders as well as fulfill future orders for the Virtual Keyboard."
...what means, the expected delivery date at the end of june isn't to hold ! ...so now they search for a second manufacturer which one is able to deliver in time !
...so at the end IBIZ will have (minimum) 2 manufacturers ...first Enterprise Capital AG (with delivery problems) ...and a second (new) manufacturer with (I hope) no delivery problems .... so at the end the BAD news is a GOOD news !?!? ...read between the lines !
But in any case tomorrow many shareholders will sell their shares....so IMO it could be a really good entry point to buy some shares extremely cheap ! We will see how many ppl will sell tomorrow !?!?
...or maybe the old rule is still intact ?! "Sell on good news - buy on bad news !"
Ciao
[This message has been edited by be_cool (edited June 15, 2004).]
[This message has been edited by be_cool (edited June 15, 2004).]
[This message has been edited by be_cool (edited June 15, 2004).]
posted
OK, I have been in the CMKX stuff a while so my thoughts may be a bit un-real. But, here goes.....
"recent information has led us to believe that Enterprise Capital will not meet their latest agreed upon delivery of virtual keyboards. "
OK... This could be an e-mail from the company that said we are two days behind schedule. They will be ready on Monday not Friday.
"To date, a very limited amount of keyboards have been delivered to iBIZ. These keyboards, which were to be "finished product," were not. Among other issues, they lack any of the required certifications."
OK. They did not have the batteries in the box. And they have not been certified yet.
"Additional inventory, which was to flow at a rate that would include fulfilling outstanding orders by the end of June have not yet been delivered, nor do we have any indication from Enterprise that the Keyboards will be shipped. "
OK..Do you have any indication from them that they WILL NOT BE SHIPPED?
"Since January there have been reoccurring delays in production, remedial advances in the assembly process after our factory visit in February led us to believe production output would be adequate to meet the product demand. Enterprise's inability to meet agreed upon delivery schedules even after prepayment for goods, has forced iBIZ to pursue other venues in an effort to safe guard our existing orders as well as fulfill future orders for the Virtual Keyboard."
OK... A rehash of all the sad things that have happend while trying to take this gem to market.
I think it could be a cover-your-backside PR that is issued for two reasons. Drop the PPS to buy-back and to cover themselves just in case the dates do not happen this time.
I really do not see anything in this PR that says the dates are not going to be met, and if they will be missed by how much?
Could be fun to watch.
I sure would like to take another bite of this one. Sold near .01 last time on Dec 29, just before the BIG RUN.
PAUL
------------------ But godliness with contentment is great gain. For we brought nothing into this world, and it is certain we can carry nothing out.
posted
Believe me - and I DON'T want to see it - been here since Dec. - but we are going to crash in the morning like 1987 & 1929. EVERYBODY will be trying to sell at open and most WON'T be able to. It may open sub-penny. Could be a BIG Gap DOWN.
Will he go to JAIL this time? We've read that Ken Schilling has been fined by the SEC for phony PRs to raise the pps before. Given what's been going down with Imclone, Adelphia, Enron, HealthSouth and others - I HOPE he at LEAST goes to JAIL this time, whether we all file a class-action suit or not.
Good Luck all, Steve
Posts: 2793 | From: Coral Springs, FL, USA | Registered: Aug 2003
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quote:Originally posted by be_cool: READ THE NEWS IN THE RIGHT WAY !
They don't say they can't deliver...the only say: "Enterprise's inability to meet agreed upon delivery schedules even after prepayment for goods, has forced iBIZ to pursue other venues in an effort to safe guard our existing orders as well as fulfill future orders for the Virtual Keyboard."
...what means, the expected delivery date at the end of june isn't to hold ! ...so now they search for a second manufacturer which one is able to deliver in time !
...so at the end IBIZ will have (minimum) 2 manufacturers ...first Enterprise Capital AG (with delivery problems) ...and a second (new) manufacturer with (I hope) no delivery problems .... so at the end the BAD news is a GOOD news !?!? ...read between the lines !
But in any case tomorrow many shareholders will sell their shares....so IMO it could be a really good entry point to buy some shares extremely cheap ! We will see how many ppl will sell tomorrow !?!?
...or maybe the old rule is still intact ?! "Sell on good news - buy on bad news !"
Ciao
[This message has been edited by be_cool (edited June 15, 2004).]
[This message has been edited by be_cool (edited June 15, 2004).]
[This message has been edited by be_cool (edited June 15, 2004).]
I hope you're right, as a long shareholder in IBZT I'm very disappointed with the way the supply chain has been managed, and no long shareholder wishes for a fire sell, I still believe this could have been prevented. I agree that looking for another manufacturer for the VKB is good news long-term. I'm prepared to use this as a time to average down pps, to make an opportunity out of this.
posted
Ladies and gentlemen, have you considered this.
VKB, Inc owns the patent. Enterprise licensed the patent from VKB. and therefore is able to develop the VKB and manufacture it. IBZT licensed the right from Enterprise to market and distribute the VKB. They have no relationship with VKB, Inc. Unless they pay royalties to VKB, Inc, they have no right whatsoever to manufacture(or outsource) the virtual keyboard. JMHO
posted
I still believe a big move like this will draw some attention and make them the subject of a possible lawsuit or SEC inquiry. People, will be asking whether there is foul play here. If they're trying to draw down the pps before the release date of the VKB that seems like manipulation to me. They're not accepting any responsibility for the delay, they're pinning it on the supplier, this is a bad sign if you ask me. Maybe the supplier sucks, but why did they hire them in the first place and why weren't there alternative arrangements put in place in case things were to fall through. This is good supply chain management. I'm leary of those who point the finger and refuse to accept responsibility for their mistakes.
posted
If that's the case IBZT would need to find another supplier who has a license with VKB. I'd love to hear Enterprise's version of the story, after that pr IBZT just released, I'm betting Enterprise could issue a pr of their own in the coming days. Or they could terminate the agreement to produce the VKB for IBZT, I would if I was them. There's more to this than meets the eye, I don't make a bright side of that pr, I read between the lines and see a lot of potential stuff that isn't being disclosed to the average investor.
quote:Originally posted by SimpleGuy: Ladies and gentlemen, have you considered this.
VKB, Inc owns the patent. Enterprise licensed the patent from VKB. and therefore is able to develop the VKB and manufacture it. IBZT licensed the right from Enterprise to market and distribute the VKB. They have no relationship with VKB, Inc. Unless they pay royalties to VKB, Inc, they have no right whatsoever to manufacture(or outsource) the virtual keyboard. JMHO
posted
Good luck to all tomorrow. Hopefully we can all get some cheap shares and profit nicely from them later on.
Posts: 117 | From: Bangor, ME, 04401 | Registered: Apr 2004
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posted
Lets see 2.5 billion shares(as of last 10QSB). Company has alot of potential with better management! I do not own shares but may buy some if this goes below .005!
This stock has slowly fallen off from the highs. Looks to me like the company may be diluting the shares.
[This message has been edited by osubucks30 (edited June 15, 2004).]
quote:Originally posted by SimpleGuy: Ladies and gentlemen, have you considered this.
VKB, Inc owns the patent. Enterprise licensed the patent from VKB. and therefore is able to develop the VKB and manufacture it. IBZT licensed the right from Enterprise to market and distribute the VKB. They have no relationship with VKB, Inc. Unless they pay royalties to VKB, Inc, they have no right whatsoever to manufacture(or outsource) the virtual keyboard. JMHO
I thought IBZT had licensed from VKB and then simply subcontracted the manufacturing to Enterprise. If it is, in fact, Enterprise who has the direct link to VKB, then IBZT is simply continuing to screw themselves into the ground even further. By wording the press release as they did, they are essentially stating that Enterprise completely sucks. It almost FORCES Enterprise to respond publicly. That isn't the kind of press release IBZT would put out because they actually wanted to buy back some stock at a lower price. The risk of pissing off your sole manufacturer is far too great. The unfortunate reality is that a company doesn't issue this strong of a statement unless the situation is bad. This isn't about Enterprise missing the deadline by 2 days or neglecting to put batteries in the box. When you consider how long it took IBZT/Enterprise to get geared up and into production after shifting operations to Israel, I think it's safe to say that going back to looking for another manufacturer at this point could move full production to late 2004 or early 2005. If Enterprise and IBZT don't get this resolved, IBZT may not ultimately be the first to bring a virtual keyboard to market. One final thought - If IBZT does anything that could be seen as breaking the terms of the contract with Enterprise, then it may also release Enterprise from licensing IBZT for exclusive marketing and distribution. The ultimate slap in the face would be for Enterprise to get back in gear soon and IBZT to find themselves on the outside looking in at a new distributor. On the old IBZT thread I recently posted (while venting) that I was about at the point of expecting a press release stating that all the VKB's would have to be sent back to Israel for modification and that the certification wasn't granted. I think today's press release is close enough to pretty much qualify along those lines. I suppose it just about rounds out the entire set of what could possibly turn ugly. 1MM shares long... and hating life.
posted
I'm sorry, but I disagree with the fear and panic some of you are spreading here. This company has a bright future. If you are looking for the short term fix, you may be out of luck. For those of us holding long, we will do alright. IBIZ has more products than just the VKB. Take a step back and look at the overall picture for a moment.
Posts: 50 | Registered: May 2004
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posted
I was in the doctors ofice last week reading a artical about us companies sending this type of work to off shore countries like iran,isreal and other middle east countries. It was talking about just these type of problems. They thought they would save alot of money but guess what? suprise you get what YOU GET WHAT YOU PAY FOR. These companies are now finding out that the good old USA get it done and are returning there work back home.
Posts: 264 | From: oregon | Registered: Mar 2004
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posted
Has anybody got their spin off shares from last year?They must be in the box with the keyboards. I decided when they did not deliver on that pr. I was staying out. I think they are a scam and will not buy again.Remember money can still be made on scams. Just not on this one today.
Posts: 1164 | From: KANSAS CITY | Registered: Aug 2003
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quote:Originally posted by DOUBLE L: Has anybody got their spin off shares from last year?They must be in the box with the keyboards. I decided when they did not deliver on that pr. I was staying out. I think they are a scam and will not buy again.Remember money can still be made on scams. Just not on this one today.
watch for the bounce
Posts: 9110 | From: boston, ma | Registered: Jan 2004
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quote:Originally posted by keithsan: watch for the bounce
Well I must admit, I'm surprised and also happy that it only went down to about .007 today. I was expecting far worse. Good bounce play today for daytraders and those wishing to average down. I still believe it is very bad news if a company bashes the sole manufacturer of their upcoming killer product in this fashion. I also have little faith in their supply chain management and their ability to bring this to market in a timely manner. A change in management would definately boost my confidence in IBZT, at least somewhat. Publicly embarassing a vendor by issuing a pr like this is not likely to produce good results. This opens up the opportunity for competitors to beat them to market with the VKB. I'm not counting IBZT out, but I believe the way they are handling this issue with Enterprise is totally wrong. I used to love this company and its product, now I have HUGE doubts. They need to find an alternate supplier ASAP and issue a prompt pr announcing the new arrangement. Otherwise, I don't see the pps rising much without any other new breakthrough products coming to market. Since it only went down to .007 I didn't buy more shares, I believe this can still go a lot lower if they don't come up with something good. This rose on hype and expectations, then gradually fell with the delays and finally a broken arrangement. They need to fill the backorders and get these approved by the FCC and out ASAP, there is millions of dollars in lost revenues at stake if they don't. For now I'll be putting my available money into QBID, TFCT, and GZFX on dips, I believe these have a far better chance of producing results in the short to mid-term, and they haven't given me reason to lose any confidence in their ability to make sound management choices.
quote:Originally posted by mainstay: I'm sorry, but I disagree with the fear and panic some of you are spreading here. This company has a bright future. If you are looking for the short term fix, you may be out of luck. For those of us holding long, we will do alright. IBIZ has more products than just the VKB. Take a step back and look at the overall picture for a moment.
The big picture... well, therein lies the problem. Yes, everyone is aware of the other products. They sound great... just as this one does. If they have the same track record with rolling them out, we should be BK by January. The problem isn't with the product, it's with the irresponsibility of the "management" team. I'm not bashing... I'm just getting a little cynical. Bashing is unfounded negativity. In this case, they've earned every bit of loathing they get. I suppose I shouldn't get mad at K.S. - he is a genius. Slid into a fat position where he can suck the company dry while the board of directors mutely sit around with thumbs up their butts letting him do it. THEY are the ones who need to suck it up and explain a few things. I would really like them to explain the justification for this little gem: "Officer bonuses increased 100% to $1,132,882 in the year ended October 31, 2003 from $0 in the year ended October 31, 2002. The increase is due to the issuance of stock based bonuses to the officers throughout the year ended October 31, 2003." I think if I was K.S., I would wait a few months or so until a good time arose (like maybe the pivotal moment when your biggest product ever is coming to market) to slip out and spend those hard earned bucks. Maybe go on a vacation to Europe for a few weeks or something. BTW, has anyone heard from K.S. over the last few weeks?
posted
I am not a basher and have tried to say only positive things when posting. But - let me say that this is the most frustrating stock I have been in. And for now i have washed my hands of it. Yes- it did not go down as much as I thought it would - but I still think (IMHO) it will wind down even further. When it gets below .005 - I may consider getting back in.
quote:Originally posted by Been_there_done_that: The big picture... well, therein lies the problem. Yes, everyone is aware of the other products. They sound great... just as this one does. If they have the same track record with rolling them out, we should be BK by January. The problem isn't with the product, it's with the irresponsibility of the "management" team. I'm not bashing... I'm just getting a little cynical. Bashing is unfounded negativity. In this case, they've earned every bit of loathing they get. I suppose I shouldn't get mad at K.S. - he is a genius. Slid into a fat position where he can suck the company dry while the board of directors mutely sit around with thumbs up their butts letting him do it. THEY are the ones who need to suck it up and explain a few things. I would really like them to explain the justification for this little gem: "Officer bonuses increased 100% to $1,132,882 in the year ended October 31, 2003 from $0 in the year ended October 31, 2002. The increase is due to the issuance of stock based bonuses to the officers throughout the year ended October 31, 2003." I think if I was K.S., I would wait a few months or so until a good time arose (like maybe the pivotal moment when your biggest product ever is coming to market) to slip out and spend those hard earned bucks. Maybe go on a vacation to Europe for a few weeks or something. BTW, has anyone heard from K.S. over the last few weeks?
I agree, this company has been grossly mismanaged, poor vendor relations, poor supply chain management, literally vacationing when they should be focusing on the VKB product launch, misleading its shareholders, lack of proper planning, lack of common sense in releasing PRs, the list goes on and on. I'm not bashing, I'm stating facts. If the board of directors at IBZT have any brains they will relieve K.S. and those responsible for this debacle of their positions to restore some level of credibility and operational effectiveness to the company.
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