posted
I realize there is a thread about ACSJ but in this thread the main question is what should push this stock up? It seems like it has been run by some groups lately and its just going to be sitting around at .0003-.0004, anyone with knowledge in this company want to suggest when the next run up will be and based on what? All I can see now is the pending acquisition of the software company.
What is the O/S and authorized shares now, I have heard they have been increasing and thats where all the volume is coming from.
-------------------- Disclaimer: Not accountable for anything I say
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ORLANDO, Fla., Apr 21, 2005 (BUSINESS WIRE) -- ACS Holdings, Inc. (ACSJ)("Company" or "ACS"), CEO Mark Width has provided the following explanation to all shareholders and the investment community outlining the Company's progress in restructuring.
November 2004 to April 2005
KMA Capital Partners, Ltd ("KMA") acquired a controlling interest in the Company and continued its due diligence to determine where the company was positioned in the marketplace. Walter Roder resigned as President and CEO. The Company had incomplete records and the consulting group had an extremely difficult job in creating the paperwork trail to complete an audit that was due for the third quarter as well as deal with compliance issues as a BDC. The Company received a letter from the SEC regarding its status as a BDC in November, 2004.
In December the Company filed the third quarter financial statement. The Company through its consultants had several "informational" requests from the SEC regarding the BDC, all were answered in a timely manner. The Company discontinued operations of the card business and currently has no operating business. KMA started the process of working with the creditors and debtors to restructure the Company.
In January 2005 the Company, with Board approval, hired new auditors for the year end audit, and the audit was started. The Company continued to receive "informational" requests from the SEC, which the Company answered in a timely manner. KMA continued to work with creditors and debtors to restructure the Company.
In February, Mark Width accepted the position of President. KMA made significant progress with the creditors and debtors and determined that it was not necessary to file bankruptcy. On February 28, 2005 the Company through its consultant KMA restructured approximately $1.7M in debt and the Company filed a Form 8K with the SEC in connection with this matter. In the ongoing restructuring effort, investors representing approximately 94%, or $1.67 Million of debt with the Company, entered into an agreement to convert their notes into preferred equity. The Company received another "informational" request which was answered. The year end audit process continued.
In the month of March, efforts were spent mainly on the Company restructuring plan, compliance and audit issues. The Company continued to receive "informational" requests from the SEC which were answered in a timely manner. The year end audit was in process. It was determined that the Company would focus its investment strategy as a Financial Services Holding Company. The areas of interest are in mortgage banking, credit card processing, financial services software and related fields.
April's efforts have focused mainly on compliance and audit issues. The Company completed its audit in a timely manner and filed a Form 10-K.
Recent events
The Company recently entered into a Letter of Intent to acquire 49% of a financial services software developer. The software developer provides system services to ISO/MP organizations. The software automates the process of tracking sales and merchants in their backroom environments through a modularized system.
ACS Holdings, Inc. (OTCBB: ACSJ - http://finance.yahoo.com/q?s=ACSJ.OB ) ACS Holdings, Inc. is a provider of re-loadable debit card products. The Company's mission is to empower immigrant workers including 17 million workers in the U.S. born in Latin America who are mostly 'unbanked' with the ability to change the way they manage their cash and transfer money worldwide. By using the Company's products, these workers save substantial money, as well the products are far safer and more convenient to use. According to a recent study, Latino workers alone earned $450 billion last year in the U.S. and sent $30 billion to their homelands.
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Operating Expenses
Total operating expenses for the year ended December 31, 2004 and December 31, 2003 was $2,495,093 and $1,696,766 respectfully. A significant component of total operating expenses was general and administrative expenses of $802,466 for the year ended December 31, 2004 and $1,308,080 for the year ended December 31, 2003. The decrease in general and administrative expenses is primarily due to the Company decreased operations in its portfolio company. A second component of total operating expenses is professional fees of $1,680,995 for the year ended December 31, 2004 and $384,268 for the year ended December 31, 2003.
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Liquidity and Capital Resources
At December 31, 2004 and December 31, 2003, the Company had $3,413 and $32,903 respectively in cash and cash equivalents. The Company's objective is to have sufficient cash on hand to cover current funding requirements and operations.
The Company expects its cash on hand and cash generated from operations to be adequate to meet our cash needs at our current level of operations, including the next twelve months. The Company generally funds new originations using cash on hand and equity financing and outside investments.
reading these things makes me go O_o just scary eeek
-------------------- "The Americans will always do the right thing... After they've exhausted all the alternatives." - Winston Churchill
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Reading all those things makes you scared for what reason, isnt restructuring and reporting financials on time a good way to try and start up the company.
-------------------- Disclaimer: Not accountable for anything I say
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Checked out market millionaires and found a thread on ACSJ, one of the posters is claiming it was a group play today. Said it was posted somewhere else but didn't say. Anyway, just wanted to give you a heads up.
-------------------- If it wasn't for bad luck I'd have no luck at all.
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Quoted from market millionares forum: Does this make any sense what so ever?
"just thinking out loud here... Ahmad's link to touting no longer works, but I have no reason to doubt him. so "if" this volume is mostly newbie money, psych is going to be 90% of this play. at 176 mil, it's the highest vol in a year (1/19/05 was second highest with 139.6 mil). so the promoters are going to play with us newbies' heads something awful. ping-pong .0003-.0004 will go on as long as there's suckers, milk that dry. as vol begins to dry up (thinking like a criminal), I'd then want to bring the price up gradually to sell off my accumulation, and I might throw in a couple spikes just for excitement. along the way, the crooks WILL have to pay off the real pros like the ones on this board. the pros will have limit sells for part of their position at key points, may buy back in at key points too... so the question is, how long before the crooks run out of newbies? and how long before the newbies get fed up?"
-------------------- Disclaimer: Not accountable for anything I say
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need some help from you guys, there are a lot of sells going through now at .0003, I dont have L2 and I was wondering if the bid and ask will drop today. If not I will wait until tomorrow and may be able to sell at .0004
-------------------- Disclaimer: Not accountable for anything I say
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posted
L2's on this one aren't looking too good, three MMs dropped the ask to .0003 near closing time. Anyone got an indication if this thing could bounce soon cause the price is looking pretty tempting right now
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