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ntelligent Motor Cars Group Eliminates $300K of Debt Wednesday February 2, 10:42 am ET
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Feb. 2, 2005--Intelligent Motor Cars Group Inc. (OTCBB:IMTR - News) today announced the successful elimination of $300,000 of debt, in which the original lenders were satisfied through stock conversion. Mike Magolnick, IMC's chief operating officer, stated: "The elimination of $300,000 of debt is part of our overall revamping of the Company. We have weathered the storm of the critical first 2 years as a public company and are now focusing on running a more efficient operation. We have enacted a variety of measures, including the elimination of the in-house service department, and have been able to reduce our monthly expenses from $80,000 to only $30,000."
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This one is hot, bollinger bands converging, RSI low, fast MACD crossed above the slow one. All signs are bullish here. I just got a whole bunch of shares at .033
Good Luck to you all!
Posts: 137 | Registered: Dec 2004
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I just did a search for imtr.ob and read other discussions on it. Many said this was on a fax fact sheet.
Posts: 330 | Registered: Mar 2004
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Well if it was a fax fact sheet, it should've dropped by now. Actually its looking good to me again, last trade .027
Posts: 137 | Registered: Dec 2004
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Sale of Equity, Change in Directors or Principal Officers
ITEM 3.02 Unregistered Sales of Equity Securities On March 3, 2005, the Registrant's Board of Directors authorized and approved the conversion of all debt owed by the Registrant to Gerald Scalzo, the Company's Chief Executive Officer, Chairman of the Board of Directors and a major shareholder of the Registrant, into 14,000,000 shares of the Registrant's restricted common stock at a conversion price of $.01 per share based upon a percentage value of the sale price of a share of the Registrant's common stock on the OTC: BB on March 2, 2005, the trading day immediately preceding the date of the Board's action. As of December 31, 2004, the Registrant was indebted to Gerald Scalzo for past due compensation of $350,000. With this issuance, Mr. Scalzo will retire $140,000 of the past due compensation owed to him, leaving a balance of $210,000. Together with the 14,000,000 shares to be issued upon conversion of the debt, Mr. Scalzo will own an aggregate of 47,000,000 shares of the Registrant's common stock, or 26.4%. The shares to be issued to Mr. Scalzo are exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended.
On March 3, 2005, the Registrant's Board of Directors authorized and approved the issuance of 2,500,000 shares of the Registrant's restricted common stock to Michael Magolnick in lieu of cash compensation for services to the Registrant as the registrant's Chief Operating Officer for the fiscal year ended December 31, 2004 at a price of $.01 per share based upon a percentage value of the sale price of a share of the Registrant's common stock on the OTC: BB on March 2, 2005, the trading day immediately preceding the date of the Board's action. Together with the 2,500,000 shares to be issued in lieu of cash compensation, Mr. Magolnick will own an aggregate of 9,500,000 shares of the Registrant's common stock, or 5.3%. The shares to be issued to Mr. Magolnick are exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended.
On March 3, 2005, the Registrant's Board of Directors authorized and approved the issuance of 350,000 shares of the Registrant's restricted common stock to Harvey Judkowitz as compensation for serving as a director and as Chairman of the Board's Audit Committee for the 2005 fiscal year at a price of $.01 per share based upon a percentage value of the sale price of a share of the Registrant's common stock on the OTC: BB on March 2, 2005, the trading day immediately preceding the date of the Board's action. Together with the 350,000 shares to be issued as compensation, Mr. Judkowitz will own an aggregate of 700,000 shares of the Registrant's common stock, or 0.4%. The shares to be issued to Mr. Judkowitz are exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended.
ITEM 5.02 Election of Directors; Appointment of Principal Officers On March 3, 2005, the Board of Directors appointed Tom Jacobs to the position of Chief Financial Officer of the Registrant. Mr. Jacobs is appointed as director. Mr. Jacobs will also serve on the Audit Committee.
Mr. Jacobs has served as Controller for the Registrant since December 2003. Prior to joining the Registrant, from August 2002 through November 2003, Mr. Jacobs acted as a consultant to several of his former clients. Mr. Jacobs was Chief Financial Officer of Biscayne Helicopters from July 1997 through August 2002. He was the Controller for Crescent Airways, Inc., a publicly traded company, from February 1986 through July 1997. Crescent Airways grew from a $6 million to a $60 million company during his tenure. He was involved with audits, financial reporting, budgets and reports to lending institutions.
There are no family relationships between Mr. Jacobs and any other director or executive officer of the Registrant. Mr. Jacobs does not have an employment agreement with the Registrant.
Posts: 137 | Registered: Dec 2004
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This is bogus, someone stole my password and emailed hundreds of emails out to people promoting imtr.... This was outright theft in my book .. haveing worked in the airline industry,this cfo takeing a company from 6 million to 60 million in 11 years is just a mere drop in the bucket in this industry. you could spend 60 mil on one aircraft today. I have no idea what this intelligent car biz is but if you recieved and email from me it was stolen and done without my consent
-------------------- plj Posts: 9 | From: chicago | Registered: Mar 2005
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