posted
Heres what is says on MOTG's website about moving up to a higher exchange-
The Company's goals and objectives are to:
Reach $50+ million in portfolio revenues by the end of 2005 Acquire 5 to 8 new companies across 3 growth sectors by the end of 2005 Apply for a listing on NASDAQ or AMEX during 2006
posted
Hopefully, we'll start to gap as we get closer to the opening here. The PR came out kind of late yesterday, so that should give us the opportunity for a nice run this morning.
In the meantime, if anyone sees ARCA up to his old tricks again, kick him in the jimmy!!!
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posted
I agree. Since AW was asked to hold up on conversions in January, everything following has been a bunch of conversions. With the added 1.5mil in loans and us hanging around the 52wk low, the investors have probably been given the green light. If I was an investor and I had conversion to do, now would definately be THE TIME, esp. if I hadn't already converted before. The people who convert now, will get the biggest run ever; from 52 wk low -------> to, hopefully, the 52wk high!
posted
Guys we are not up because of HRVE. Here is the latest Harvey Electronics, Inc. Responds to Modern Technology Corp. Press Release Regarding Tender Offer Tuesday April 4, 9:51 am ET
LYNDHURST, N.J.--(BUSINESS WIRE)--April 4, 2006--Harvey Electronics, Inc. ("Harvey Electronics", "Harvey" or the "Company"; NASDAQ Capital Market symbol: "HRVE") announced today that it has become aware of a press release from Modern Technology Corp. ("Modern Technology", "MOTG", BB: MOTG.OB) in connection with a proposed tender offer to stockholders of Harvey Electronics pursuant to Regulation 14D of the Securities and Exchange Act of 1934, as amended. Harvey suggests that stockholders take no action in response to the announcement by Modern Technology until such time as more information is available. Harvey's Board of Directors will respond when additional information regarding the MOTG offer is provided.
ADVERTISEMENT Michael E. Recca, Chairman of Harvey Electronics, stated, "We appreciate the announcement from Modern Technology Corp. regarding the proposed tender offer to Harvey stockholders. While no Board decision will be made in response to this initial press release, we look forward to reviewing the offer more carefully as we learn more of its specific terms. The Directors of the Company, have consulted and will continue to consult with legal counsel and advisors, and advise stockholders of the Board's position regarding the offer in due course."
Additional Information
Prior to any request for the stockholders of Harvey Electronics to take any action with respect to the Modern Technology proposal, appropriate filings must be made with the Securities and Exchange Commission, (SEC), which filings may include proxy statements, a Schedule TO and/or a Schedule 14D-9. These filings will contain important information about the Modern Technology proposal and Harvey Electronics' position regarding the proposal. You are urged to read them carefully before taking any action or making any decision with respect to the proposal. You will be able to obtain the documents when they become available free of charge at the website maintained by the SEC at www.sec.gov.
About Harvey Electronics, Inc.
Harvey Electronics is a leading retailer and custom installer of high quality, exclusive home theater, audio and video products in the metropolitan New York area. The Company currently operates a total of nine locations; eight Harvey showrooms and one separate Bang & Olufsen branded store. There are two Harvey locations in Manhattan and six suburban locations in Paramus, New Jersey; Mt. Kisco, in Westchester; Greenwich, Connecticut; Greenvale/Roslyn, on the north shore of Long Island, in Eatontown, New Jersey and our newest store in Bridgewater, New Jersey. The Bang & Olufsen branded store is located in Union Square on 927 Broadway at 21st Street, in Manhattan.
The Company also has a Bang & Olufsen showroom within our Harvey retail store in Greenwich, Connecticut.
Audio Video International, a well-respected trade publication, has named Harvey Electronics a national "Top Ten Retailer of the Year", seven years in a row.
Please visit a Harvey store or one of our Bang & Olufsen showrooms. Also, please inquire about Harvey's custom installation services.
From time to time, information provided by the Company, statements made by its employees or information, included in its filings with the Securities and Exchange Commission may contain statements, which are so-called "forward-looking statements" and not historical facts. Forward-looking statements can be identified by the use of words such as "believe", "expect", "intend", "anticipate", "in my opinion", and similar words or variations. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual future results may differ significantly from those stated in any forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including, but not limited to, product demand, pricing, market acceptance, litigation, risks in product and technology development and other risk factors detailed in the Company's Prospectus dated March 31, 1998 and from time to time in the Company's Securities and Exchange Commission reports including its Form 10-K and Forms 10-Q.
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posted
Kat, you have talked with anthony did you think it would go down like this?....I don't think this deal gets done. .80 cents cash is less than what the stock is now. and warrants to make up the .35cents...it all seems interesting....if it is approved now doubt that motg won't be at 3 cent company. should be interesting to see good luck to you guys..you should should know in a month
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posted
emich-I suspected this was the route he was taking based on the irregular trading HRVE has seen over the past few months. No volume, and then 1 mil volume and then everything back to normal. It seemed someone was accumulating, and I was hoping it was MOTG.
HRVE's OS is only 3.51 mil, and the float is 3.2 mil. I am hoping that MOTG has already collected a million of that. Although based on motgs' pr of the funding to complete the deal of 1.5 mil, I dont' know. I would think they would not need that much cash to finish the job. Perhaps a third party already bought for them and is going to make some coin when they hand over their controlling shares.
HRVE was trading at .60 and going down when the deal was announced. It was imminent they were going to get delisted, so I see this a a great possibility. There was no way HRVE was gonna start trading over a dollar in the next two months, I believe they only have til June to get their PPS up to stay listed.
I emailed AW to see what he thought about their likelihood of success. I believe he has already told another investor that it was going to happen no matter what.
posted
Harvey Electronics stock up 37 percent on Miss. company's takeover bid
Apr 04, 2006 (The Record - Knight Ridder/Tribune Business News via COMTEX) -- The stock price of Harvey Electronics Inc. soared Monday after a Mississippi-based corporation announced it wants to buy a majority stake in the Lyndhurst-based home electronics company.
Modern Technology Corp. announced the takeover bid shortly before the market closed Monday. Modern is a technology acquisition firm with a portfolio that includes Sound City, a small New Jersey-based company that, like Harvey Electronics, specializes in custom television and home theater installations.
Harvey Electronics has eight retail stores in the metropolitan area and also operates two Bang & Olufsen stores.
Modern Technology said it wants to purchase 51 percent of the outstanding shares of Harvey stock for cash and Modern Technology equity worth $1.15 a share. That offer represents a significant premium on Harvey's opening price Monday of 64 cents. Harvey's stock closed Monday at 89 cents, up 37 percent for the day.
The offer would give Harvey shareholders 80 cents per share and 35 cents worth of convertible warrants that can be exchanged for Modern Technologies stock.
Harvey Chief Executive Officer Franklin Karp and Modern Technologies executives did not respond to requests for interviews Monday.
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Just heard back from AW. He said HRVE wasn't hostile to the acquisition, and that he believes that the hrve stockholders will want to take this opportunity, and that the board may offer something else in the meantime.
He was very controlled in his email, so I think he is being very careful about what he is saying right now. Legally, he needs to be.
I read the HRVE bulletin board on Yahoo, and there is a mixed response. The problem here is that they see motg trading at .03, so really, all they can count on for their stock at the present time is .83. Until MOTG moves up, which I thought would happen today, it's not that enticing.
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Modern Technology Corp. Founded 1982 Began trading publicly July 2004 CEO: Anthony K. Welch
MOTG is a technology acquisition and development company which builds revenue through acquiring companies, developing their products and services, and reducing costs by interlinking subsidiaries products and services.
Audited Revenues for the 6 months ended December 31, 2005: $3,120,624 Pro Forma Revenues 2006: $65,000,000 Audited Assets ending December 31, 2005: $9,679,117
Authorized Shares: 150,000,000 Outstanding shares: est. 70 million Float: est. 55m
Portfolio
MOTG owns 51% of Sound City, a high-end consumer electronics company. Sound City is rapidly expanding its footprint in the NY/NJ area and has opened 2 new stores in the last 6 months. Watch for news on this important MOTG-owned company as they are constantly announcing new contracts and product lines. The last Sound City contract was with T.G.I.Fridays for the installation of flatscreen televisions in 18 of their NY/NJ area restaurants.
H-Net is the most promising of MOTG’s acquisitions this year. H-net produces software used by virtually every major eyecare company in the US. Lenscrafters, Pearle Vision, Wal-Mart, and Macy’s eyecare centers are a few of the companies using the H-net technology. As part of its technology development initiative MOTG is working to introduce H-net to the medical industry and may be working on introducing it to the insurance industry as well. H-net is expected to produce revenue for MOTG in late 2006. It has been hinted at by CEO Welch that the H-net company may be a future spin-off with free shares going to MOTG stockholders. Watch for news of future H-net contracts as Welch pushes this technology into parallel industries.
MOTG acquired 51% of INmarketing Group late in calendar 2005. INmarketing is an online employee incentive and reward program with an impressive client base including Sharp Electronics, Nicklaus Golf Equipment, Waldbaums, A&P Supermarket, Bayer Diagnostics, Snapple Beverages, and, recently announced, St. Paul Travelers. INmarketing’s audited revenues for 2005 were $13.5m. INmarketing Group recently announced record revenue totals for the month of February. MOTG will report INmarketing’s revenues for the first time this May. Stay tuned for future contract announcements and revenue increases for INmarketing Group.
It may also be of interest to shareholders that MOTG CEO Anthony Welch is also the chairman of Energy Vision, Int’l, which MOTG also holds a $1.5 convertible note in. Energy Vision International, formerly DeMarco Systems, trades on the pinksheets under ticker symbol EGVI. Energy Vision Int’l owns an exclusive patent in providing heating and air conditioning through the thermal properties of managed water.
Welch has maintained several goals for his company Modern Technology Corp in 2006. Among these goals are being listed on a national exchange. This would bring MOTG off the bulletin board and onto the tech-heavy Nasdaq or American Stock Exchange.
UPDATE: On April 3, 2006 Anthony Welch announced that MOTG has made a tender offer to purchase 51% of Harvey Electronics from its shareholders. The deal would pay HRVE shareholders .80 per share and give them an additional .35 in MOTG convertible shares. This acquisition, long rumored to be in the works, would put revenues for MOTG at $65 million/year. The shareholders of Harvey Electronics have 30 days to respond to Welch’s buyout offer, despite Harvey’s management’s refusal so far to back the offer. It is rumored that Welch intends to buy out HRVE with or without shareholder and management approval. Harvey’s O/S is 3.5m and it is also rumored that Welch or his investors have already acquired $1.5m in HRVE stock. Stay tuned for important updates as this new development unfolds.
quote:Originally posted by binsleep: I guess my sell order * .05 today was a little aggressive, huh?
Never hurts to aim high Bin
Once the big investors catch wind of this, it will start to go up. Remember that any news about HRVE gets sent out on the Nasdaq circuit. When midcap investors catch wind of a tiny company on the OTCBB making a buyout offer on HRVE, they're going to bring their big bucks here, imo.
Smart money always waits for the dust to settle before investing.
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