Invicta Group Inc. Management Reduces Debt by $175,000 Business Wire - February 14, 2005
MIAMI BEACH, Fla., Feb 14, 2005 (BUSINESS WIRE) -- Invicta Group Inc. (OTCBB:IVGA) announced today that its management team has converted $175,000 of deferred compensation to stock, valued at 2 cents per share; no options were offered.
Invicta's management team of Bill Forhan, David Scott, and Mercedes Henze converted $175,000 deferred Compensation to Preferred stock.
Bill Forhan, CEO, states: "the management team has again accepted stock in Invicta because we believe the stock is under valued, and we converted at nearly three time the current stock price. Management has been deferring salaries in 2003 and 2004 to maximize IVGA cash. Invicta management converted over $620,000 in deferred compensation in January 2004. We will review the stock price again in the near future and may take additional stock in place of shareholder loans and deferred compensation in an effort to continue diminishing liabilities and increasing equity in the company."
Invicta Group Inc. is a technology company that specializes in the Travel and Entertainment Industries. The company has the following three divisions:
-- Travel: engaged in offering airline tickets, hotel rooms, car rentals and other travel-related products over the telephone and Internet 24/7 through our web sites located at www.dontpayfullfare.com- an international air consolidator offering non published rates to travel agents, www.airplan.com - a Las Vegas tour operator offering travel and entertainment products for Las Vegas travellers, and www.lasvegasexcitement.com.
-- Entertainment: offering complimentary Casino Resorts rooms, meals, and shows to qualified players at 30 casinos in North America and the Caribbean through our web site located at www.casinoratedplayers.com; and
-- Technology: IVGA owns its own search engine "on the fly faring." In addition, IVGA recently acquired ISIP Telecom Group, Inc. (www.isiptelecom.com), which provides the ability to make telephone calls worldwide via the Internet with clear reception at low rates. ISIP Telecom will soon be offering its services to the travel industry, and has already entered into interconnection agreements with major operators in the U.S., Europe, & Latin America via VOIP & PSTN for traffic termination and origination.
SOURCE: Invicta Group Inc.
Invicta Group Inc: David Scott, 305-866-6525
Posts: 41 | Registered: Apr 2004
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quote:Originally posted by lilpennypincher: always watchin'
Looks to me that this will pop within the next week...Put in a buy this morning at .0075...L2's are showing that .0073-.0075 looks like a good bottom ...or close to bottom PPS...There's not much rsistance to .01 and beyond... What is your feeling LIL?
Posts: 2660 | From: Pennyland USA | Registered: Jun 2004
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