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GSNH (.14) to Dramatically Enhance Cash Flows; Company Acquires Natural Gas Well Expected to Flow at Business Editors / Energy Editors
HOUSTON, Texas--(BUSINESS WIRE)--Aug. 21, 2006-- Greater Sooner Holdings, Inc., (OTC:GSNH) (http://www.greatersoonerholdings.com) announces the acquisition of Working Interest in a South Texas well. Located near Mirando City in Webb County, Texas, this natural gas well is forecasted to have flow rates exceeding 2,000 MCF per day.
This well is a sidetrack -- it will be drilled around broken pipe and casing that is lodged in the existing wellbore. The existing LOMT well was drilled in 2003, reaching its target depth of over 11,000 feet.
Primary objectives for this sidetrack well are eight (8) sands identified by log analysis as part of the Wilcox Hinnent Formation. A drilling rig that has been contracted and allocated is expected to be onsite and drilling the LOMT #1 Sidetrack in early September.
The LOMT #1 currently is classified as a sidetrack/re-entry/re-completion well with the Texas Railroad Commission. This well was originally drilled by EOG Resources (NYSE:EOG) in 2003 targeting a Wilcox zone at 11,800 feet. EOG located their target, but later abandoned the well when an error in the fracturing processes caused the well to become uneconomical. The damaged Wilcox sand has since been isolated with a cast iron bridge plug. This well sits nearly 1,500 feet from a nearby offsetting well with proven production.
"This opportunity was presented to Greater Sooner by a successful Operator with a very high rate of drilling and re-entry success. As a sidetrack of an existing well with proven pay, this is the kind of lower risk, short payout, high potential prospect that fits Greater Sooner's objectives," said Russell F. Krauss, CEO of Greater Sooner Holdings, Inc. The Company acquired a 6.53% Working Interest.
About Greater Sooner Holdings:
Greater Sooner Holdings, Inc., based in Houston, Texas is an investment holding company with primary interests in crude oil and natural gas exploration and production.
Forward-Looking Statements: This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
KEYWORD: NORTH AMERICA TEXAS UNITED STATES INDUSTRY KEYWORD: ENERGY OIL/GAS NATURAL RESOURCES MERGER/ACQUISITION SOURCE: Greater Sooner Holdings, Inc.
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WNBD (.13) Winning Colours Line Extension Is Awarded New Listing by Home Hardware -- Canada's Largest Hardware Retailer -- First 1
BARRIE, ON -- (MARKET WIRE) -- 08/21/06 -- Winning Brands Corporation (PINKSHEETS: WNBD) announces that Home Hardware, Canada's largest hardware, lumber and building materials retailer, has awarded a new listing to Winning Colours Multi-Cleaner's new 4 oz (125ml) Travel Size version. With over 1,000 banner stores across Canada, the listing will provide the Company's first Winning Colours Multi-Cleaner line extension with immediate coast-to-coast coverage for an effective ramp-up. Home Hardware was first off the starting line with this new SKU because of its positive experience with the full sized Winning Colours product -- it was the first national retailer to carry the original 32 oz size. Winning Brands (http://www.WinningBrands.ca) estimates the North American market for Winning Colours Multi-Cleaner to be $100 million annually across its eventual SKU range.
Home Hardware Stores Limited is a cooperative of dealer-owned and operated independent hardware, lumber & building materials and furniture stores. The Company is the official home improvement retailer to the American Baseball League's Toronto Blue Jays and is a prominent national television advertiser. It operates under the Home Hardware, Home Building Centre, Home Hardware Building Centre and Home Furniture banners. This 42-year-old company has grown to include more than 1,000 stores across Canada.
Winning Brands Corporation CEO Eric Lehner points out the importance of working with large groups of independent stores. "The reach into smaller communities provided by Home Hardware complements our presence in large cities for a good mix," says Lehner. "To become a national brand you need to offer the product where people live, with knowledgeable sales staff to answer their questions face-to-face when necessary," he added.
Winning Colours Multi-Cleaner is an advanced clean-up liquid for consumers and industry that is as strong as a solvent but gentle as soap. The product has been gaining the attention of consumers and businesses recently because of its ability to deliver 1,000 cleaning uses in one convenient solution while being kind to skin and the environment. The new 4 oz size is so convenient for the pocket, purse or auto that it is expected to eventually extend the brand's reach far beyond the home improvement sector. The Company anticipates this to include convenience stores, gasoline stations and other impulse points of sale requiring a quick and safe multi-stain removing solution.
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Winning Brands Corporation (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; and (iii) competitive factors and developments beyond the Company's control. Release Nbr: 15
Bravo! Foods International Corp. Reports Updates on SEC Filings and its Senior Convertible Notes Due 2010 8/21/2006
NORTH PALM BEACH, Fla., Aug 21, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Bravo! Foods International Corp. (OTC Bulletin Board: BRVO), a brand development and marketing company that manufactures, promotes and distributes vitamin- fortified, flavored milk drinks and other beverages, announced today that, as a result of the time required to implement a new valuation model for certain of its derivative financial instruments, it would not be able to file its Form 10-QSB for the quarterly period ended June 30, 2006 by August 21, 2006, the last day of the extended period for filing. The Company had previously filed a Form 12b-25, disclosing its need for an extended filing period. The Company is in the process of implementing a more suitable valuation model for these instruments. The resulting adjustments will be non-cash and will not impact the operating results of the Company.
As a result of the Company's non-filing of its Form 10-QSB for the quarterly period ended June 30, 2006, an event of default has occurred under the terms of the $30 million Senior Convertible Notes (the "Notes") issued on July 27, 2006 and the annual interest rate on the Notes was increased from 9% to 14%. In the event, however, that such event of default is subsequently cured, interest on the Notes shall revert to the rate of 9% per annum.
In addition, upon the occurrence of an event of default, holders of the Notes may, upon written notice to the Company, require the Company to redeem all or any portion of their Notes.
Roy Warren, Chief Executive Officer, commented, "As soon as we knew of the revaluation issue we contacted our auditors as well as outside auditing consultants. Both professional groups have been and will continue to work diligently to address the valuation model until it is completed and this issue is resolved."
About the Company
Bravo! Foods International Corp. develops, brands, markets, distributes and sells nutritious, flavored milk products throughout the 50 United States, Great Britain and various Middle Eastern countries. Bravo!'s products are available in the United States and internationally through production agreements with regional aseptic milk processors and are currently sold under the brand names Slammers(R) and Bravo!(TM). Bravo!'s Slammers(R) products are available nationwide in popular chains such as: 7-Eleven, A&P, Dutch Farms, Giant Food Stores, Jewel, Kings, Pathmark, Safeway, Sam's Club, Shaw's, ShopRite, Speedway, SuperTarget, Unified, Waldbaums and Walgreens.
Many of Bravo! Foods' Slammers(R) lines of shelf-stable, single-serve milk drinks are co-branded through exclusive partnerships with Masterfoods, a division of Mars Incorporated, and MD Enterprises (Moon Pie(R)), providing superior name recognition packaged with quality, great-tasting drinks.
On November 1, 2005, Coca-Cola Enterprises, Inc. began distribution of the Slammers(R) Masterfoods line, as well as the Bravo!'s Slim Slammers(R) and Pro Slammers(TM) products, under a Master Distribution Agreement with Bravo!
Safe Harbor under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company's filings with the Securities and Exchange Commission.
Investor Relations Contact Integrated Corporate Relations Kathleen Heaney 203-803-3585 Company Contact Jeffrey J. Kaplan, Chief Financial Officer (561) 625 1411
SOURCE Bravo! Foods International Corp.
Jeffrey J. Kaplan, Chief Financial Officer, Bravo! Foods International Corp., +1-561-625-1411; or Investor Relations, Kathleen Heaney, Integrated Corporate Relations, +1-203-803-3585, for Bravo! Foods http://www.prnewswire.com
Copyright (C) 2006 PR Newswire. All rights
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Triangle Multi-Media Limited, Inc. and Q Television Network, Inc. Make Two Major Announcements
By Market Wire Last Update: 8/21/2006 4:05:19 PM Data provided by
WOODLAND HILLS, CA, Aug 21, 2006 (MARKET WIRE via COMTEX) -- Triangle Multi-Media Limited, Inc. ("TMM") (PINKSHEETS: QBID)
In May of 2006, Q Television Network, Inc. ("QTN"), a wholly-owned subsidiary of Triangle Multi-Media Limited, Inc. ("TMM") (PINKSHEETS: QBID), ceased operations due to the inability to secure additional financing to cover the financial obligations of QTN. Chairman and CEO Lloyd Fan has worked diligently since March 7, 2006, the date of his appointment as Chairman and CEO, to develop and implement a business plan to save the network. "When I took over control of the network, the company was roughly $7 million behind in payments to vendors; numerous lawsuits had been filed against the company and over $600,000 was owed to former employees. The financial challenges that the network faced proved too difficult and I was simply unable to turn around the network. I am deeply disappointed as many talented people devoted themselves to saving it.
"I would like to again thank the cable affiliates, our uplink provider, all the vendors and the staff that supported my takeover. I had hoped to make good on all the debts incurred and owed by the former management team and truly thought that with the new team and proper funding, QTN could have succeeded. My sincere apologies to all the individuals and businesses who have suffered because of their affiliation with QTN.
"Even though we ceased operation as a network, I wanted to find a way to help shareholders, creditors and employees recover some of their investment in QTN. I have never experienced a business failure in my career and I want to do everything possible to help everyone that believed in QTN, and who invested their time, energies and resources as shareholders, creditors and employees. For this reason, I appointed Anthony (Tony) J. Gouveia as a consultant in July 2006 to help me restructure TMM/QTN. Mr. Gouveia's financial expertise, experience, impressive communication skills and understanding of the tools necessary to manage complex transactions will be invaluable. His extensive accounting background, his experience as a dynamic senior financial executive and his unquestionable character and integrity as a CPA for 20 years make him the ideal person to manage this process. Mr.Gouveia has held various positions in public and privately held companies as CFO, Vice President of Finance and Corporate Controller. He spent several years as an auditor for large international accounting firms. Tony has my full support. I will remain involved in all business decisions with Tony's assistance. I want to thank Tony for taking on this difficult task."
Mr.Gouveia responded, "I'm very impressed with Mr. Fan's commitment as CEO and Chairman. He took over at a difficult time when things were totally hopeless. He has committed a significant amount of his time and resources to try to save this network. I admire and respect what he tried to do, and I know there are many others who feel the same way.
"I have been assisting Mr. Fan with his Taiwan-based company, QTN Asia, in which I own an interest. This is a new marketing and distribution company of high end consumer products. This company will provide an innovative sales and distribution channel for consumer products to the United States. We will offer the highest quality products at a significant discount directly to the consumer. This is a complete overhaul of the current business model every retailer, wholesaler and importer is using today. We are currently working on obtaining the necessary financing to launch this company. Mr. Fan is a very creative and innovative businessman who believes strongly in always conducting himself with integrity and that convinced me to work with Mr. Fan on this mission."
Mr. Fan added, "My dream is to consolidate the GLBT community strength and buying power, to use part of the proceeds to support local community events and to communicate an agenda to educate others to spread peace, love and equal rights.
"The unfair treatment to the vendors, shareholders and QTN employees was painful for me to bear, and thanks to the thousands of supporters and community leaders whom have rallied behind me, I'm able to find the strength to move forward and to find the best solution for all of us."
Mr. Gouveia added, "I have had no previous involvement with TMM, QTN or any other company associated with TMM or QTN. At no time was I a shareholder, creditor, employee or consultant prior to July 2006. Furthermore, I have had no personal relationships with anyone associated with TMM, QTN or any other company connected with TMM or QTN, except Lloyd Fan. I was introduced to Mr. Fan in May 2006 as a consultant who might be able to assist him in this process.
"It is very disturbing to hear some of the circumstances surrounding what happened at TMM and QTN prior to Lloyd's appointment as CEO and Chairman. We will consider all possible actions going forward to determine what went wrong, which could include a forensic accounting of all the various transactions that we believe require further investigation."
Triangle Multi-Media Limited, Inc. and Q Television Network, Inc. announces sale of Triangle Multi-Media Limited, Inc. and plans for Q Television Network, Inc.
Mr. Gouveia stated, "We are very pleased to announce the proposed sale of TMM to Cinemax Pictures and Production Company International, Inc. (Canada) ('Cinemax Pictures'), pending completion of due diligence and shareholder approval. Cinemax Pictures is not affiliated with Time Warner Entertainment. The sale of TMM will be an all-stock deal. TMM shareholders will receive 20% of Cinemax Pictures on a 'Pro-Rata' basis.
"Cinemax Pictures is a production company that has three distinct lines of business. First, Cinemax Pictures owns a reality television show that will be shown to 18 television networks. Cinemax Pictures expects to get this syndicated and to start generating revenue. The reality show is called 'Three Patriots and a Wagon.' It is a comedy drama that explores the relationship between a Native Indian and a 'Pale-Face' who has an intricate knowledge of law. Second, Cinemax Pictures owns six movies that are in different stages of production. Cinemax Pictures considers these movies to be blockbusters, not only because of the actors and actresses that have signed on, but because of the scripts that have been reviewed. The movies range from comedies to action-thrillers. Finally, due to Cinemax Pictures relationships and contacts throughout the industry, Cinemax Pictures has the opportunity to provide bridge-financing (or 'gap-funding' as it is referred to in the industry) to movies that go over their production budget. Cinemax Pictures will take a large percentage of the rights to the movies and will receive a return-on-investment once the movie has completed production and is sold to a distributor.
"Cinemax Pictures is committed to its new shareholders and it is interviewing a number of investor relation firms to keep the shareholders abreast of all the new developments. Cinemax Pictures' website is presently under construction, but it is expected to be revamped within the next month.
"Mr. Fan and I are both committed to supporting Cinemax Pictures. After the sale is completed, I will be a Director."
Mr. Gouveia added, "Mr. Fan and I are currently reviewing what will be the disposition of QTN. We will communicate our intentions when this process is finalized. The possible solutions under consideration are to sell QTN or to reacquire assets that may legally belong to QTN in order to pay off creditors and employees. We will consult with our attorneys on the proper method of accomplishing the above.
"We have negotiated a deal with the Obion Group. They are in the process of purchasing a shell company to reverse merge with. This will be a publicly traded holding company. This company will focus on a number of different fast food restaurant chains with products ranging from: Chicago Style Hot Dogs, Fish & Chips, Pizza, BBQ, Hamburgers, Spuds, Gyros, Hot Wings, Oriental, Tex-Mex, Vegetarian, Salads, and Diabetic eateries. The first of these fast food restaurant chains is Chicago Style Hot Dogs (a Nevada Corporation) which is being test marketed in Texas with two operating establishments. Furthermore, the Obion Group owns an interest in a virtual reality technology company and will explore opportunities in the resorts/destination industry. The Obion Group will set aside 25 billion of its authorized shares for the TMM shareholders. There will be a distribution of these shares on a 'Pro-Rata' basis at no cost to the TMM shareholders once the Obion Group is approved for public trading.
"The purpose of the distribution to TMM shareholders is to assist shareholders in recouping some of their losses. There is no requirement to invest in the Obion Group.
"Mr. Fan and I will be Directors and we will have an ownership interest in the Obion Group and all related businesses.
"Mr. Fan and I have formed a recovery team for two reasons: (1) to determine if there are assets that can be reacquired that rightfully belong to QTN, which may include a forensic accounting of all pertinent records associated with these assets; and (2) provide shareholders other opportunities to recover their investment. The cash value of all assets
that may be acquired, less administrative costs and fees, will be used to pay-off creditors and employees. We will set up a website that will periodically be updated to provide all concerned with the status on our progress. This website will also be a vehicle for communicating information to us that might be used to assist us in this process."
Mr. Fan stated, "I'm very excited about what Tony has been able to accomplish. Tony did an outstanding job and exceeded my expectations. Everyone involved with these transactions was impressed with his significant skills and experience. He worked 24/7 to make this happen as quickly as possible. I fully support and approve of everything that he was able to accomplish."
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "anticipated," or "may," and similar conditional expressions, are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties. It is possible that the assumptions made by management are not necessarily the most likely and may not materialize. In addition, other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the company's industry and general economy; competitive factors; ability to attract and retain personnel; and the price of the company's stock. Triangle Multi-Media, Q Television Network, Cinemax Pictures and the Obion Group take no obligation to update or correct forward-looking statements and also take no obligation to update or correct information prepared by third parties that is not paid for by the companies.
United Medicorp, Inc. Announces Second Quarter Results 8/21/2006
PAMPA, Texas, Aug 21, 2006 (BUSINESS WIRE) -- United Medicorp, Inc. (OTCBB:UMCI) announced today its results for the second quarter of 2006.
Revenue for the second quarter ended June 30, 2006 was $286,420, down 59 percent compared with $692,862 in the second quarter of 2005. Net loss for the second quarter was $250,293 compared to net loss of $85,309 in the prior year quarter. Net loss per share for the second quarter was $0.0081 compared to net loss per share of $0.0028 in the prior year quarter.
Pete Seaman, CEO, stated, "Due to increased competition in the markets for our traditional services, UMC will face another challenging year in 2006. With the recent acquisition of Incipient Healthcare Solutions, Inc. ("IHS"), UMC has obtained additional expertise in sales and marketing. In addition, UMC is positioned to sell the retrospective claims review services previously sold by IHS, while continuing to grow the debt purchasing services which UMC initiated during the second quarter of 2006."
United Medicorp, Inc. provides extended business office services to healthcare providers nationwide.
SOURCE: United Medicorp, Inc.
United Medicorp, Inc., Pampa Pete Seaman, 806-661-4209 or Don Aderholt, 806-661-4210
Copyright Business Wire 2006
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SpectRx, Inc. Provides Update on Form 10-QSB Filing 8/21/2006
NORCROSS, Ga., Aug 21, 2006 (BUSINESS WIRE) -- SpectRx, Inc. (OTCBB: SPRX) today announced that it expects to file its Form 10-QSB for the quarter ended June 30, 2006 with the Securities and Exchange Commission on, or before, September 15, 2006.
As a result of the delay in filing the Form 10-QSB, the Company expects its stock symbol will be temporarily changed to SPRXE. The Company anticipates that its stock symbol will revert to SPRX after filing the Form 10-QSB.
About SpectRx, Inc.
SpectRx, Inc. (OTCBB: SPRX) is a diabetes management company developing and providing innovative solutions for insulin delivery and glucose monitoring. SpectRx markets the SimpleChoice(R) line of innovative diabetes management products, which include insulin pump disposable supplies. SpectRx also plans to develop a consumer device for continuous glucose monitoring. The company is commercializing its non-invasive cervical cancer detection technology through its subsidiary, Guided Therapeutics, Inc., which SpectRx intends to separately finance. For more information, visit SpectRx's web sites at spectrx.com, mysimplechoice.com and guidedtherapeutics.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. A number of the matters and subject areas discussed in this news release that are not historical or current facts deal with potential future circumstances and developments. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from SpectRx's actual future experience involving any of or more of such matters and subject areas. Such risks and uncertainties include: the early stage of products in development, the uncertainty of market acceptance of products, the uncertainty of development or effectiveness of distribution channels, the intense competition in the medical device industry, the uncertainty of capital to develop products, the uncertainty of regulatory approval of products, dependence on licensed intellectual property, as well as those that are more fully described from time to time under the heading "Risk Factors" in SpectRx's reports filed with the SEC, including SpectRx's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005, as amended, and subsequent quarterly reports.
SOURCE: SpectRx, Inc.
SpectRx, Inc. Bill Wells, 770-242-8723
Copyright Business Wire 2006
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UPDA 10QSB: UNIVERSAL PROPERTY DEVELOPMENT & ACQUISITION CORP
Edgar Online 4:18 p.m. 08/21/2006
(EDGAR Online via COMTEX) -- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations - For the Three and Six Months Ended June 30, 2006
Oil and natural gas sales. For the three and six months ended June 30, 2006, oil and natural gas sales revenue was $112,039 and $218,469 compared to none and none for the same periods during 2005, respectively. The revenues were the result of our producing wells in the Canyon Creek and Texas Energy subsidiaries
Sale of lease. The profit on the sale of the Canyon Creek lease was $1,050,000 for both the three and six months ended June 30, 2006 compared to none for both the three and six months ended June 30, 2005, respectively.
Management fee income. For the both the three and six months ended June 30, 2006, management fee income was $14,256 compared to none for both of the same periods during 2005, respectively.
Oil and gas production costs. Our lease operating expenses (LOE) were $11, 287 for both the three and six months ended June 30, 2006, respectively. Our LOE were none for both the three and six months ended June 30, 2005, respectively. Our production costs were $30,943 and $35,807 for the three and six months ended June 30, 2006 compared to none for both the three and six months ended June 30, 2005, respectively.
Cost of lease sold. The cost of lease sold by Canyon Creek was $47,000 for both the three and six months ended June 30, 2006 compared to none for both the three and six months ended June 30, 2005, respectively.
Depreciation and depletion. Our depreciation and depletion expense was $49,148 and $219,414 for the three and six months ended June 30, 2006, compared to none for both the three and six months ended June 30, 2005. The increase was a result of our entry into the energy business, and our recent purchases of office equipment.
General and administrative expenses. General and administrative expenses increased by $331,423 and $475,966 to $352,711 and $551,143 for the three and six months ended June 30, 2006, compared to the same periods in 2005. The increase was primarily related to increases in compensation expense associated with an increase in personnel required to administer our growth and entry into the energy business.
Interest expense, net. Interest expense, net decreased by $12,287 and $24,347 to $670 and $1,340 for the three and six months ended June 30, 2006 when compared to the same periods in 2005. The decrease was due to lower outstanding debt over the quarter.
Loss on marketable securities. The loss on marketable securities received from Avalon was due to a decrease in share price. Canyon Creek recognized a loss of $225,000 in both the three and six months ended June 30, 2006 compared to none for both the three and six months ended June 30, 2005.
Income tax expense. Our effective tax rate was 25% during the six months ended June 30, 2005 and remained steady at 25% for the six months ended June 30, 2006.
Net loss after minority interest. Net loss decreased by $40,636 for the three months ended June 30, 2006 to $343,518 when compared to the same period in 2005. Net loss decreased by $5,524,712 to $818,681 for the six months ended June 30, 2006 when compared to the same period in 2005. The reasons for this decrease include the large decrease in stock issued for consulting fees and services due to the new management team, our exit from the real estate business, and our entry into the energy business.
Revenues Year to Date by Geographic Section
All revenue from sales of crude oil and gas during the six months ended June 30, 2006 were in the State of Texas.
Capital Resources and Liquidity
As shown in the consolidated financial statements, as of June 20, 2006, the Company had cash on hand of $380,241, compared to $132,935 at December 31, 2005. The Company had positive net cash flows from operations for the six months ended June 30, 2006 of $456,648 compared to negative net cash flows of $233,450 for the same period in 2005 due principally to the efforts of the management team to settle or reduce older payables.
The Company had negative cash flows from investing activities for the six months ended June 30, 2006 of $3,954,975 compared to none in the same period in 2005 mainly due to investments in oil and gas leaseholds including expenditures for revitalization of the wells.
Cash inflows from financing activities during the six months ended June 30, 2006 of $3,745,633 consisted of $3,640,000 of cash raised through the sales of Class B Convertible Preferred Stock and $105,633 in notes payable, compared to inflows of $242,347 from sales of common stock and notes payable during the same period in 2005.
The Company had losses $816,681 for the six months ended June 30, 2006. In order for the Company to continue during the next twelve months we will need to secure approximately $1.5 million of debt or equity financing. While we expect to raise the additional financing in the future, there can be no guarantee that we will be successful.
Disclosures About Market Risks
Like other natural resource producers, we face certain unique market risks. The two most salient risk factors are the volatile prices of oil and gas and certain environmental concerns and obligations.
Oil and Gas Prices
Current competitive factors in the domestic oil and gas industry are unique. The actual price range of crude oil is largely established by major international producers. Pricing for natural gas is more regional. Because domestic demand for oil and gas exceeds supply, there is little risk that all current production will not be sold at relatively fixed prices. To this extent we do not see the Company as directly competitive with other producers, nor is there any significant risk that the Company could not sell all production at current prices with a reasonable profit margin. The risk of domestic overproduction at current prices is not deemed significant. The primary competitive risks would come from falling international prices which could render current production uneconomical.
It is also significant that more favorable prices can usually be negotiated for larger quantities of oil and/or gas product, such that the Company views itself as having a price disadvantage to larger producers. Large producers also have a competitive advantage to the extent they can devote substantially more resources to acquiring prime leases and resources to better find and develop prospects.
Environmental
Oil and gas production is a highly regulated activity which is subject to significant environmental and conservation regulations both on a federal and state level. Historically, most of the environmental regulation of oil and gas production has been left to state regulatory boards or agencies in those jurisdictions where there is significant gas and oil production, with limited direct regulation by such federal agencies as the Environmental Protection Agency. However, while the Company believes this generally to be the case for its production activities in Texas, Oklahoma, Kansas and New Mexico, it should be noticed that there are various Environmental Protection Agency regulations which would govern significant spills, blow-outs, or uncontrolled emissions.
In Oklahoma, Texas, Kansas and New Mexico specific oil and gas regulations exist related to the drilling, completion and operations of wells, as well as disposal of waste oil. There are also procedures incident to the plugging and abandonment of dry holes or other non-operational wells, all as governed by the Oklahoma Corporation Commission, Oil and Gas Division, the Texas Railroad Commission, Oil and Gas Division, the Kansas Corporation Commission, Oil and Gas Division or the New Mexico Oil Conservation Division.
Compliance with these regulations may constitute a significant cost and effort for UPDA. No specific accounting for environmental compliance has been maintained or projected by UPDA to date. UPDA does not presently know of any environmental demands, claims, or adverse actions, litigation or administrative proceedings in which it or the acquired properties are involved or subject to or arising out of its predecessor operations. In the event of a breach of environmental regulations, these environmental regulatory agencies have a broad range of alternative or cumulative remedies to include: ordering a clean up of any spills or waste material and restoration of the soil or water to conditions existing prior to the environmental violation; fines; or enjoining further drilling, completion or production activities. In certain egregious situations the agencies may also pursue criminal remedies against the Company or its principals.
Forward-Looking Information
Certain statements in this Section and elsewhere in this report are forward-looking in nature and relate to trends and events that may affect the Company's future financial position and operating results. Such statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. The terms "expect," "anticipate," "intend," and "project" and similar words or expressions are intended to identify forward-looking statements. These statements speak only as of the date of this report. The statements are based on current expectations, are inherently uncertain, are subject to risks, and should be viewed with caution. Actual results and experience may differ materially from the forward-looking statements as a result of many factors, including changes in economic conditions in the markets served by the company, increasing competition, fluctuations in raw materials and energy prices, and other unanticipated events and conditions. It is not possible to foresee or identify all such factors. The company makes no commitment to update any forward-looking statement or to disclose any facts, events, or circumstances after the date hereof that may affect the accuracy of any forward-looking statement.
Aug 21, 2006
(c) 1995-2006 Cybernet Data Systems, Inc. All Rights Reserved
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(EDGAR Online via COMTEX) -- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
FORWARD LOOKING STATEMENTS
OVERVIEW
The IBAs in our network are encouraged to recruit interested people to become new distributors of our products. New IBAs are placed beneath the recruiting IBA in the "network" and are referred to as being in that IBA's "down-line" organization. Our marketing plan is designed to provide incentives for IBAs to build, maintain and motivate an organization of recruited distributors in their down-line organization to maximize their earning potential. IBAs generate income by purchasing our products at wholesale prices and reselling them at retail prices. IBAs also earn commissions on product purchases generated by their down-line organization.
On an ongoing basis we review our product line for duplication and sales trends and make adjustments accordingly. As of June 30, 2006, our product line consisted of: (i) 18 dietary supplement products; (ii) 7 personal care products consisting primarily of cosmetic and skin care products and (iii) 2 water filtration system products. Our products are primarily manufactured by Nutri-Diem, Inc., a related party, and sold by us under a license and distribution agreement with Nutri-Diem. Certain of our own products are manufactured for us by third party manufacturers pursuant to formulations developed for us. Our products are sold to our IBAs located in the United States, Canada and Asia.
We believe that our network marketing system is suited to marketing dietary supplements, personal care products and water filtration systems, because sales of such products are strengthened by ongoing personal contact between IBAs and their customers. We also believe that our network marketing system appeals to a broad cross-section of people, particularly those looking to supplement family income or who are seeking part-time work. IBAs are given the opportunity, through our sponsored events and training sessions, to network with other distributors, develop selling skills and establish personal goals. We supplement monetary incentives with other forms of recognition, in order to motivate IBAs.
Recent Corporate Developments
We experienced the following significant developments through the date of this filing and during fiscal 2006:
On August 12, 2006 we entered into a joint venture agreement (the " Joint Venture") with Internet Marketing Consortium ("IMC") to provide multi media strategies, promotional, direct and targeted marketing services for an undetermined period of time. In consideration for the services provided by IMC, we will pay a fee of $25,000.
On July 27, 2006 we entered into an addendum (the "Addendum") to the China Agency Agreement dated September 15, 2005 between Essentially Yours Industries (Hong Kong) Limited and Guangzhou Zhongdian Enterprises (Group) Co. Ltd. and China Electronics Import and Export South China Corporation. Pursuant to the Addendum, we agreed to extend the purchasing and exclusivity terms of the China Agency Agreement for an additional one year period.
On July 19, 2006, our majority owned subsidiary Essentially Yours Industries, Inc. ("EYII") signed a letter of intent ("LOI") with Mach 3 Technologies Group, LLC ("Mach 3"). Subject to the receipt of sufficient efficiency testing and Environmental Protection Agency ("EPA") registration, EYI may acquire the exclusive individual residential consumer rights for the USA, Canada and Mexico for the Ultimate ME2 product. The Ultimate ME2 product is designed to reduce emissions and save fuel. On August 2, 2006 confirmation of EPA registration was received by Mach 3.
On July 12, 2006 and July 14, 2006 we received letters from Metals & Arsenic Removal Technology, Inc. ("MARTI") advising that the worldwide license for the ARTI-64 technology used for the production of the Code Blue(TM) product had been transferred from Hydroflo, Inc. to MARTI. MARTI has also transferred some of its inventory to Markus Group Ltd. ("Markus Group") and in the event MARTI is unable to meet production requirements they have granted the rights to produce Code Blue(TM) to Markus Group. On July 20, 2006 Markus Group provided EYI with an Indemnity in connection with the letters provided by MARTI.
On July 1, 2006 EYII entered into a consulting agreement with James Toll. Mr. Toll is to provide training and marketing services for a period of three (3) months. Mr. Toll will receive $3,750 per month as compensation for his services.
On May 17, 2006 our wholly owned subsidiary Essentially Yours Industries (Hong Kong) Limited entered into a distribution agreement (the "Distribution Agreement") with Nozin, LLC. The Distribution Agreement is for a term of five years for the distribution of the nozin nasal sanitizer product in Hong Kong, Philippines and China. At present, the Company has not placed any purchase orders with Nozin, LLC.
On May 1, 2006 we entered into a settlement agreement with Thomas K. Viccars, SAV Management Co. Ltd. and VFT Management Co. Ltd. (collectively, "Viccars group") in the amount of $60,000 pursuant to which we entered into a full and final settlement of all claims by Viccars Group against our company and subsidiaries whereby Mr. Viccars claimed that he was entitled to certain unpaid compensation and benefits from our company and subsidiaries.
On May 1, 2006 EYI HK amended the Logistics Management Agreement originally dated September 1, 2005 with All In One Global Logistics Ltd. which provides international freight, warehousing and distribution services in Hong Kong.
On April 24, 2006 we entered into a Securities Purchase Agreement with Cornell Capital Partners, LP ("Cornell") pursuant to which we entered into the following agreements: an Investor Registration Rights Agreement, Irrevocable Transfer Agent Instructions and a Security Agreement. Pursuant to the terms of the Securities Purchase Agreement, we may sell convertible debentures to Cornell in the amount of $4,500,000 plus accrued interest which are convertible into shares of our common stock. The convertible debentures accrue interest at 10% per annum, convertible at $0.06 or 80% of the lowest volume weighted average price of EYI's common stock during five (5) trading days immediately preceding the date of conversion as quoted by Bloomberg. Of this amount $1,500,000 must be paid five days after April 24, 2006, $1,500,000 must be paid two (2) business days prior to the date a registration statement is filed with the SEC and $1,500,000 shall be paid two (2) business days prior to the date that such registration statement is declared effective by the SEC. We received proceeds of $1,305,000 (net of fees associated with the issuance of the convertible debentures) on April 27, 2006 in connection with the issuance of $1,500,000 of convertible debentures in the following amounts: $750,000 to Cornell, $416,667 to TAIB Bank, B.S.C., and $333,333 to Certain Wealth, Ltd. pursuant to the terms of the Securities Purchase Agreement.
Pursuant to the terms of the Securities Purchase Agreement and the issuance of our convertible debentures, on April 24, 2006 we issued to Cornell seventeen warrants to purchase up to an aggregate 124,062,678 shares of our common stock at the discretion of Cornell (collectively, the "Warrants") each for good and valuable consideration. Cornell is entitled to purchase from us: (1) 10,416,650 shares of our common stock at $0.02 per share, (2) 13,888,866 shares of our common stock at $0.03 per share, (3) 10,416,650 shares of our common stock at $0.04 per share, (4) 8,333,320 shares of our common stock at $0.05 per share, (5) 6,944,433 shares of our common stock at $0.06 per share,
On April 6, 2006 Essentially Yours Industries (International) Limited ("EYIINT"), our wholly owned subsidiary, signed a Letter of Intent and Good Faith Commitment ("LOI") with Raul Bautista and Rommel Panganiban to act as managing partners and distributors for the Philippines. The LOI is subject to the entry into a definitive agreement between the parties on or before July 1, 2006. At present, the Company has not signed a definitive agreement.
On April 3, 2006 we signed a termination agreement ("Termination Agreement") with Cornell terminating our Standby Equity Distribution Agreement, Registration Rights Agreement and Escrow Agreement previously entered into with Cornell on May 13, 2005.
2006 Growth Strategy
New Product Introduction. During 2005, we introduced our new product, Code Blue(TM). The initial shipment of Code Blue Filters did not meet EYI product specifications. However, in January of 2006, we received a revised version of the Code Blue filter called the G-4, which we believe meets our product specifications.
We intend to aggressively promote Code Blue systems through a year long promotional tour campaign ("North American Tour" or "Tour"). Our intent is to host approximately 120 regional training meetings with audiences of up to 100 people and 30 larger conferences in targeted cities where we can train and market to larger audiences of 150 to 300. We have selected cities to host these events where we believe there is a greater interest in the product and a concentration of our active IBAs. We intend to use a group of 5 to 6 veteran IBA's to act as our Regional Trainers and to work in concert with our management team to promote, coordinate, and host these events. We anticipate that the total cost of the North American Tour campaign will be approximately $240,000. We anticipate an offset to this cost by way of sales that occur at these events and through ongoing residual sales generated by the new IBAs enrolled in our system as a result of this Tour.
International Expansion. We opened our Hong Kong office in September 2005. The office is intended to be used to service distributors and provide a product pick up depot for Code Blue(TM), Calorad(R), Prosoteine(R), Agrisept-L(R) and Definition(R) drops and cream, and the newest EYI product, Calorad(R) Cream. The new office will also play a role in supporting the sales, distribution and logistics of the CEIEC agency agreement.
In January 2006, we relocated our Executive Vice President and COO, Dori O'Neill to Hong Kong for six months and Mr. O'Neill will now continue his work in Asia from his office in Burnaby, British Columbia, Canada and through periodic trips to Asia. Mr. O'Neill is expected to play a key role in our Asian market initiative. His initial focus will be to introduce and train our unified global binary program to new Asian IBAs. In addition, Mr. O'Neill will also focus on researching and reviewing other locations and markets for expansion.
In April 2006, our subsidiary, Essentially Yours Industries (International) Limited, signed a Letter of Intent and Good Faith Commitment with Raul Bautista and Rommel Panganiban to act as managing partners and distributors for the Philippines. Once a definitive agreement is reached, EYI will work with this group to get them operational within one to two months.
Distributor Commission Pay Plan Enhancement. On July 28, 2006 the Company launched a new component of it's commission pay plan for its independent distributors called the Management Matching Bonus ("MMB"). We believe that this enhancement will give our distributors additional incentive to sell more of our products, recruit new sales people and assist their existing and new customers.
During the three months ended June 30, 2006 we had total revenues of $1,009,978 as compared to revenues of $1,225,216 for the same period in 2005 which represents a decline of $15,238 or 18%. The year-to-date results for 2006 compared with 2005 indicate a revenue decline of $395,546 or 16%.The decrease in our revenues can be primarily attributed to the following factors:
Our inability to attract new IBA's
Lack of IBA participation in our auto-ship program
Gross Profit before Commission Expense
During the three months ended June 30, 2006 as compared to the same period in 2005, we had gross profits of $619,082 and $970,814 respectively. This represents a decline of $62,732 or 36%. The year-to-date results for 2006 compared with 2005 indicate that the gross profit has declined $584,458 or 29%. The decline in our gross profit is primarily attributed to our decreased binary sales in relation to other revenue segments that have a higher percentage of cost-of-goods.
Revenue by Segments The following table summarizes our four revenue segments as a percentage of total revenue, respectively, for the periods indicated: Revenue by Segments Three months ended Six months ended 30-Jun-06 30-Jun-05 Variance 30-Jun-06 30-Jun-05 Variance Administration fees $ 38,970 $ 33,550 $ 5,420 16 % $ 78,961 $ 74,645 $ 4,316 6 % Binary Sales $ 714,586 $ 902,497 ($187,911 ) -21 % $ 1,476,781 $ 1,850,919 ($374,138 ) -20 % Direct sales $ 155,706 $ 213,531 ($57,826 ) -27 % $ 357,382 $ 426,272 ($68,890 ) -16 % Affiliate sales $ 99,274 $ 74,056 $ 25,219 34 % $ 199,887 $ 156,800 $ 43,086 27 % Sales Aids $ 1,442 $ 1,582 ($140 ) -9 % $ 5,727 $ 5,647 $ 80 1 % Warehouse $ 0.00 $ 0.00 $ 0 0 % $ 0.00 $ 0.00 $ 0 0 % $ 1,009,978 $ 1,225,216 ($215,238 ) -18 % $ 2,118,737 $ 2,514,283 ($395,545 ) -16 %
Details of the most significant changes for the periods presented are detailed below:
Binary sales - The binary sales segment represents $714,586 or 70% of the total revenue earned during the quarter ended June 30, 2006, as compared to $902,497 or 73% of the total revenues earned during the quarter ended June 30, 2005. A comparison of the quarterly and six month results for 2006 and 2005 indicate a decline of 21% and 20% respectively.
Direct sales - The direct sales segment represents $155,706 or 15% of the total revenue earned during the quarter ended June 30, 2006, as compared to $213,531 or 17% of the total revenues earned during the quarter ended June 30, 2005. A comparison of the quarterly and six month results for 2006 and 2005 indicate a decline of 27% and 16% respectively.
Affiliate sales - The affiliate sales segment represents $99,274 or 9% of the total revenue earned during the quarter ended June 30, 2006, as compared to $74,056 or 6% of the total revenues earned during the quarter ended June 30, 2005. A comparison of the quarterly and six month results for 2006 and 2005 indicate a increase of 34% and 27% respectively.
We incurred total operating expenses in the amount of $2,188,421 during the six months ended June 30, 2006, compared to $2,130,797 for the six months ended June 30, 2005. The results for the three and six months ended June 30, 2006 compared with the same periods in 2005 indicate that the total Operating expenses increased 9% and 3% respectively. The following explains the most significant changes for the periods presented:
Legal and Professional fees - The results for the three and six months ended June 30, 2006 compared with the same periods in 2005 indicate that Legal and Professional fees increased 8% and 10% respectively. This increase is largely associated with the additional fees incurred in connection with the review of SEC filings.
Customer Service - The results for the three and six months ended June 30, 2006 compared with the same periods in 2005 indicate that Customer Service expenses increased 2% and decreased 30% respectively. These expenditures represent the services provided by EYI Corp. pursuant to the terms of their management agreement with our subsidiary Essentially Yours Industries, Inc. ("EYII"). The overall reduction of expenditures is related to EYII utilizing other service providers to provide the services that were previously provided by EYI Corp.
Finance and administration - The results for the three and six months ended June 30, 2006 compared with the same periods in 2005 indicate that Finance and Administration expenses increased 58% and 42% respectively. This increase is largely associated with the following:
Expenditures relating to Hong Kong operations
Investor relations fees
Sales & Marketing - The results for the three and six months ended June 30, 2006 compared with the same periods in 2005 indicate that Sales & Marketing expenses increased 10400% and 4153% respectively. This increase is largely associated with the following:
Hong Kong marketing initiatives for the Grand Opening
Registration costs for Code Blue in China
North American Training event expenditures
Telecommunications - The results for the three and six months ended June 30, 2006 compared with the same periods in 2005 indicate that Telecommunications expenses declined 72% and 73% respectively. This decrease is attributed to the elimination of a third party service provider of our website and shopping cart. We have replaced these systems with systems built and managed in-house.
Wages and benefits - The results for the three and six months ended June 30, 2006 compared with the same periods in 2005 indicate that Wages and Benefits declined 13% and 19% respectively. This decline is the result of less stock options issued and vesting during 2006 over the same periods in 2005.
Warehouse expenses - The results for the three and six months ended June 30, 2006 compared with the same periods in 2005 indicate that Warehouse expenses increased 303% and 111% respectively. The increase is primarily attributed to the rental fees associated with the Hong Kong operation.
Other Income (Expense):
Loss on derivative - During the three months ended June 30, 2006 the Company made an adjustment to the initial derivative valuation in the amount of $1,9191,665. The Company also recorded a June 30, 2006 gain pursuant to the mark-to-market adjustment of the derivative in the amount of $624,157.
FINANCIAL CONDITION Cash and Working Capital As at As at 30-Jun-06 31-Dec-05 Variance Current assets $ 3,623,258 $ 382,057 $ 3,241,201 848 % Current Liabilities $ 4,264,083 $ 2,347,087 $ 1,916,996 82 % Working Capital (deficit) ($640,825 ) ($1,965,030 ) $ 1,324,205 -67 %
We had cash of $3,066,354 as at June 30, 2006, compared with cash of $25,639 as at December 31, 2005. We had a working capital deficit at June 30, 2006 and December 31, 2005 of $640,825 and $1,965,030 respectively.
Liabilities As at As at 30-Jun-06 31-Dec-05 Variance Accounts payable and accrued liabilities $ 1,493,170 $ 1,929,049 ($435,879 ) -23 % Accounts payable - related parties $ 512,720 $ 328,038 $ 184,682 56 % Convertible debt - related party, net of discount $ 402 $ 0 $ 402 100 % Derivative on convertible debt $ 2,176,695 $ 0 $ 2,176,695 100 % Interest payable, convertible debt $ 41,096 $ 0 $ 41,096 100 % Notes payable - related party $ 40,000 $ 90,000 ($50,000 ) -56 % $ 4,264,083 $ 2,347,087 $ 1,916,996 82 %
We had a decrease of 23% in Accounts Payable and Accrued Liabilities during the six months ended June 30, 2006. We also experienced an increase of 56% in Accounts Payable-Related Parties during this same period. In both cases, the majority of the variance is due to a reclassification of debt owed to two of our officers in the amount of $263,383. This amount was reclassified from Accounts Payable and Accrued Liabilities to Accounts Payable - Related Parties.
Cash Used in Operating Activities
Cash used in operating activities for the six months ended June 30, 2006 was $2,049,838 compared to $280,696 for the comparative period in 2005.
Cash Provided by Financing Activities
Cash provided by financing activities for the six months ended June 30, 2006 was $5,114,565, compared to $160,156 for the six months ended June 30, 2005. Our financing activities are primarily through our financing agreements with Cornell Capital Partners, L.P.
Financing Requirements
Our consolidated interim financial statements included with this Quarterly Report on Form 10-QSB have been prepared assuming that we will continue as a going concern. As shown in the accompanying financial statements, we had negative working capital of approximately $640,825 and an accumulated deficit of approximately $14,441,530 incurred through June30, 2006.
Our current sources of working capital are sufficient to satisfy our anticipated current working capital needs. On April 24, 2006 we entered into a Securities Purchase Agreement with the Cornell, TAIB Bank, and Certain Wealth (the . . .
Aug 21, 2006
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U.S. MedSys Corp. Announces Preliminary Results for the Fourth Quarter and Fiscal 2006 8/21/2006
HASBROUCK HEIGHTS, N.J., Aug 21, 2006 (PRIMEZONE via COMTEX News Network) -- U.S. MedSys Corp. (OTCBB:UMSY) (the "Company") today announced preliminary financial results for the Company's fourth quarter and fiscal 2006. These figures are unaudited and subject to change based final audit review which is currently in progress.
Net revenue for the three months ended June 30, 2006 of $1,401,989 was $297,170 (26.8%) higher than the $1,104,819 for the previous quarter. Gross margin for the comparative periods was $438,586 versus $321,862, or an increase of $116,724 (36.2%). The net loss for the three months ending June 30, 2006 was $511,544, $(0.01) compared to $1,125,792, $(0.03) for the previous quarter.
Net revenue for fiscal 2006 of $4,185,107 versus $1,547,643 for fiscal 2005 which results in an increase of $2,637,464 year over year. The Company gross margin of $1,215,522 for fiscal 2006 increased $906,885 versus fiscal 2005. The Net loss for the fiscal period ending June 30, 2006 was $3,502,510 as compared to a net loss of $7,139,244 for fiscal 2005. The increased revenue is directly related to the Company's diabetic supply business and its efforts of expanding existing contracts and programs, as well as our manufacturing division in Wilton, Maine which commenced operations in March, 2006. The Company has been able to maintain a relatively conservative spending pattern and implemented a cost savings plan which went into effect July 1, 2006 to further streamline corporate and ancillary costs.
About U.S. MedSys Corp.
U.S. MedSys Corp. is a medical network developer, marketing and distribution organization which provides support services and medical technology to the healthcare industry. U.S. MedSys Corp. is focusing on its core competencies in healthcare delivery, network development and marketing. The Company's purpose is to create a total platform that can be presented to healthcare providers as a means for Healthcare Administrators to cut costs without sacrificing quality of care to its membership. The UMSY business network consists of Global Medical Direct, a provider of sales, marketing and distribution of self-management products and services to patients with diabetes, PMC/Footcare, LLC, PMC Occular, LLC and New England Orthotic and Diabetic Shoe Company (NEODS), which has been established to manufacture and market semi-custom orthotics, diabetic shoes, insoles and orthotic braces. The company also markets its proprietary wound care program to the nursing home and wound care markets.
Safe Harbor Forward-Looking Statements: This press release may contain "forward-looking statements" within the meaning of section 27A of the 1933 Securities Act and Section 21E of the Securities Exchange Act. Actual results could differ materially, as the result of such factors as competition in the markets for the company's products and services and the ability of the company to execute its plans. By making forward-looking statements, the company can give no assurances that the transactions described in this release will be successfully completed, and undertakes no obligation to update these statements for revisions or changes after the date of this press release.
Family Room Entertainment Stock Buy-back Program in Full Swing 8/21/2006
LOS ANGELES, Aug 21, 2006 (BUSINESS WIRE) -- Family Room Entertainment Corporation (OTCBB:FMLY) is pleased to announce that since announcing its stock buy-back program on August 3, 2006, FMLY has bought-back 4,300,000 shares of common stock to date.
As stated in the August 3rd release, the purchases may be made, from time to time, on the open market in compliance with Rule 10b-18 and will be funded from available working capital. The number of shares to be purchased and the timing of the purchases will be based on the level of cash balances, general business conditions and other factors, including alternative investment and/or filmed entertainment opportunities.
About Family Room Entertainment:
Family Room Entertainment Corporation, with its subsidiaries, Emmett Furla Films Productions ("EFFP"), Emmett Furla Films Distribution ("EFFD") and EFF Independent (EFFI"), is a publicly held company trading on the NASDAQ Bulletin Board under the symbol "FMLY". Family Room Entertainment develops, produces and performs production related services for the entertainment industry. Family Room Entertainment's goal, through EFFI and EFFP, is to facilitate relationships (and as such, provide production related services) between creative talent (including writers, actors and directors) and companies who produce, finance and distribute motion pictures. FMLY derives its income from producer fees, production consulting and service fees and royalties as well as participation in the profits, if any, of certain of the pictures it produces. The FMLY co-founders, Randall Emmett and George Furla, believe that they have the expertise and contacts within the entertainment industry, specifically in the competitive development, production and distribution arenas, to profitably acquire content, package product by adding value to the content with top quality talent and arrange with third parties to produce and finance motion pictures which are in the moderate to higher level budgets, which can be distributed by those with the expertise to effectively do so to a mass worldwide audience. However, there is no assurance that any motion picture, which has not yet been released, will be released, that a change in the scheduled release dates of any such films will not occur or, if such motion picture is released, it will be successful.
Forward Looking Statement:
Safe Harbor: Statements contained in this news release, which is not historical facts, are forward-looking statements as that are defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause results to differ materially from those projected.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "expect," "intend to" and similar conditional expressions are intended to identify forward- looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.
SOURCE: Family Room Entertainment Corporation
Family Room Entertainment Corporation IR Contact: M. Dal Walton, III, 310-659-9411, x127 ir*fmlyroom.com
Copyright Business Wire 2006
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Nettel Holdings Major Developmental Accomplishments Achieved in Second and Third Quarter 8/21/2006
PORTLAND, OR, Aug 21, 2006 (MARKET WIRE via COMTEX News Network) -- Nettel Holdings, Inc. (OTCBB: NTTL), Berlin and Frankfurt Stock Exchanges (NT7, WKN 727487), Major Developmental Accomplishments Achieved In Second and Third Quarter.
Although the second quarter of 2006 and most of the current third quarter continued to be developmental, great progress has been made in building Phonezoo's completely integrated pre-paid calling card system and AVOP's completely automated VOIP minutes trading exchange. As a result of the monitoring and testing of these truly extensive proprietary infrastructures, Nettel Holdings is now in a much better position to generate increased earnings and reach profitability.
PhoneZoo activity for the month of July 2006 (highlights)
- Currently averaging over 400 phone cards sold per day ($5 cards) - PhoneZoo has sold over 14,000 cards in four states, and Canada - The minutes for the cards are obtained through AVOP (our own division). With the help of AVOP's buying power, this enables our clients to get the lowest rates as they do business with the most advanced system the industry has to offer
AVOP is processing an average of $10,000 in transactions per day (10% profit). Management expects these numbers to remain consistent while improving. We are aware that the completion of each division has taken longer than expected, and we are certain there will always be room for changes and improvements as we strive to meet market needs. We feel in doing this, it ensures future success and longevity in this industry.
In the second and third quarters we found a need to enhance AVOP even more for the sake of new customers and their needs. New internal organizational procedures had to be installed, and technical modifications to the system were produced by the Entec division. The end result is that AVOP is a smooth functioning trading exchange for phone minutes that can deal with large buyers and sellers at the same time. In view of all this, basically from the start, we should be able to generate significant growth from this point onward.
PhoneZoo also expended considerable time and expense to further enhance its integrated card system. This was necessary for us as a direct response to feedback from many distributors. PhoneZoo has developed its own unique proprietary phone system. Every aspect of our phone card from registration to the quality of each call has to be monitored and brought to high quality standards. Management believes that its distributors and retailers are satisfied with the improvements we've implemented from their input, and that sales of the cards will continue to increase as a result. In view of all these necessary changes taking considerable time, we are realistic in our assessment that they had to be dealt with quickly as possible while they were still easy to modify or initiate.
All of Nettel Holdings management agrees that time is money, so we had no other option but to invest our time wisely for future revenue that will speed up profitability factors. Some tough choices have to be made from time to time but if production is running smoother afterwards from then on, it makes good business sense. This was a very good move on behalf of stockholders, our sales potential, and that of our clients who needed these changes looked into.
Safe Harbor: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, the company's ability to attract qualified management, raise sufficient capital, and effectively compete against similar companies.
Contact: Sam Brewer 503-914-6206
SOURCE: Nettel Holdings, Inc.
Copyright 2006 Market Wire, All rights reserved
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company's actual results could differ materially from those set forth as a result of general economic conditions and changes in the assumptions used in making such forward-looking statements. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and accompanying notes herein. The financial information presented is for the quarters and six months ended June 30, 2006 and June 30, 2005.
Overview
We are an integrated provider of innovative products proprietary technologies used in nutritional supplements, and functional foods and beverages. Our active subsidiaries include BioSelect Innovations, which develops proprietary technologies, and Swiss Research, Inc., which markets and sells branded products addressing major wellness categories. We strive to differentiate ourselves through the use of:
· Proprietary/patented technologies; and · Strategic marketing and distribution partnerships
We identify, develop and commercialize products and functional food ingredients derived from natural sources to provide consumers and health professionals with preventive healthcare alternatives. We plan to leverage the exclusive and proprietary benefits of our internally developed and patented products and recently acquired licenses to increase sales through national and international channels as we endeavor to maximize our earnings potential. We envision building Health Sciences, Swiss DietTM and Swiss ResearchTM into leading brands while offering new and innovative products and functional ingredients that promote a positive health benefit for a wide variety of consumer needs.
The Management Discussion & Analysis provided below does not address each subsidiary entity individually due to the insignificance of each subsidiary in relation to that of the parent company, Health Sciences Group. As such, the presentation is for the consolidated continuing operations.
Business Strategy
Our objective is to become a recognized leader in providing innovative and proprietary products and ingredients that promote a positive health benefit for a wide variety of consumer needs. To achieve our objective, we intend to:
Build Consumer Base and Brand Awareness through Advertising and Promotional Activities. We intend to achieve consumer awareness of and create a demand for our products through advertising and promotional activities in conjunction with the establishment of distribution channels. We believe that one of the most effective marketing tools is product sampling combined with the dissemination of educational information explaining the nutritional qualities of our products. Accordingly, we anticipate increasing our advertising and marketing budget as we increase emphasis on television advertising.
Promote the Proprietary, Science-based Qualities of our Products. The proprietary qualities of our products are important to significant consumer segments including the fitness, weight management and therapeutic markets. We intend to advertise in health and fitness magazines, in health-oriented publications and in various other magazines with wider circulation to promote consumer interest within these markets. We expect to distribute educational materials that promote interest in our brand and our products.
Introduce New Products and Product Line Extensions. Although we are initially focusing on a few products, we intend to introduce further extensions of our products.
Acquire Complementary Companies or Product Lines. To grow sales outside of existing product lines and related products, we will consider strategic acquisitions. We intend to focus on acquisitions of product lines or companies with product lines that are marketed to the nutraceutical and cosmeceutical markets. We may also consider possible acquisitions of or investments in manufacturers of foods and beverages
Attract and Retain Quality Employees. We recognize the need to continue to attract and retain quality employees. We intend to target established leadership bases for growth in both existing and new markets, enhance our infrastructure to create an atmosphere of teamwork and cooperation, improve reward and recognition, and develop more interactive training programs.
Enter New Markets. We believe that, in addition to the North American market, significant growth opportunities continue to exist in international markets. New markets will be selected based on an assessment of several factors, including market size, anticipated demand for our products, receptivity to network marketing, and ease of entry, which includes consideration of possible regulatory restrictions on the products or network marketing system. We expect to register certain products with regulatory and government agencies in preparation for international expansion.
Sales and Marketing
Nutritional products are distributed through six major sales channels. Each channel has changed in recent years, primarily due to advances in technology and communications that have resulted in improved product distribution and faster dissemination of information. We expect to distribute products through the following channels:
· Mass market retailers - mass merchandisers, drug stores, supermarkets, and discount stores; · Direct response television; · Natural health food retailers; · Healthcare professionals and practitioners; · Mail order; and · The Internet.
We plan to build the Health Sciences, Swiss DietTM and Swiss ResearchTM brand name within multiple channels of distribution in order to develop increased brand awareness and strong brand recognition among consumers seeking products with a reputation for high quality and efficacious results. We plan to position our products within the specialty retail and direct-to-consumer distribution channel as high quality products using proprietary, pharmaceutical grade ingredients supported by clinical data which presents a positive health benefit. Our marketing strategy has the following components:
Product Branding and Wellness. Our underlying initiative is to build a reputation as a company that is focused on a complete wellness program and way of life. We believe we are ideally positioned to take advantage of current consumer trends indicating that individuals are turning more and more to nutritional supplements for weight loss, fitness and age-related health concerns. We plan to undertake an advertising, public relations and branding campaign. To further product awareness, we will concentrate our marketing efforts on those products that are proprietary and have scientific, clinical data that supports their efficacy.
Advertising. We intend to use advertising campaigns to create greater awareness of the convenience, taste, and nutritional attributes of our products. We plan to use a combination of print, Internet, radio, and television advertising, with primary emphasis on print and Internet advertising to reach our target audiences in a cost-effective manner. However, we expect to spend a significant portion of future our advertising budget on television advertising to reach a larger number of targeted consumers.
Promotions. We believe that one of our most effective marketing tools is product sampling combined with the on-site dissemination of information explaining the nutritional attributes of our products. We expect to participate in various trade shows targeted at buyers in the health and fitness, food, and sports markets, in addition to consumer health fairs.
Customer and Consumer Service. We are committed to providing superior service to our customers and consumers. Our sales and marketing team will continually gather information and feedback from consumers and retailers to enable us to better tailor our consumer support to meet changing consumer needs. We expect to provide access to nutritionists and consumer service representatives through a toll free number to answer questions and educate consumers on nutrition, new products and developments. In addition, we expect to maintain updated consumer information on our web site.
Our discussion and analysis of results of operations and financial condition are based upon our condensed consolidated financial statements, which have been prepared in accordance with Accounting Principles Generally Accepted in the United States of America ("GAAP"). The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We evaluate our estimates on an on-going basis, including those related to provisions for uncollectible accounts, inventories, goodwill, intangible assets, and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Note 2 of the "Notes to Consolidated Financial Statements" includes a summary of the significant accounting policies and methods used in the preparation of our consolidated financial statements. The following is a brief description of the more significant accounting policies and methods we use.
Impairment of Long-lived Assets. Long-lived assets such as excess of fair value of net assets acquired, patents, license agreements and formulas could become impaired and require a write-down if circumstances warrant. Conditions that could cause an asset to become impaired include lower-than-forecasted revenues, changes in our business plans or a significant adverse change in the business climate. The amount of an impairment charge would be based on estimates of an asset's fair value as compared with its book value. In accordance with Financial Accounting Standards Board's ("FASB") Statement of Financial Accounting Standards ("SFAS") Nos. 142 and 144, we perform a valuation, at least annually for goodwill and whenever other circumstances arise for other long-lived assets, of our intangible long-lived assets to determine if any impairment exists.
Issuance of Stock for Non-cash Consideration. All issuances of the Company's common stock for non-cash consideration have been assigned a dollar amount equaling either the market value of the shares issued or the value of consideration received whichever is more readily determinable. The majority of the non-cash consideration received pertains to services rendered by consultants and others and has been valued at the market value of the shares issued. In certain issuances, the Company may discount the value assigned to the stock issued for illiquidity and restrictions on resale.
Warrant Liability. In conjunction with raising capital through the sale of equity, the Company has issued various warrants that have registration rights for the underlying shares. As the contracts must be settled by the delivery of registered shares and the delivery of the registered shares is not controlled by the Company, pursuant to EITF 00-19, "Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company's Own Stock", the fair value of the warrants at the date of issuance is recorded as a warrant liability on the balance sheet and the change in fair value is included in other (expense) income.
Accounting for Stock-Based Incentive Programs. On January 1, 2006, we adopted Statement of Financial Accounting Standards No. 123 (revised 2004), "Share-Based Payment," ("SFAS 123(R)") which requires the measurement and recognition of compensation expense for all share-based payment awards made to our employees and directors based on estimated fair values. We adopted SFAS 123(R) using the modified prospective transaction method, which requires the application of the accounting standard as of January 1, 2006, the first day of our fiscal year 2006. Our financial statements as of and for the three and six months ended June 30, 2006 reflect the impact of SFAS 123(R). In accordance with the modified prospective transition method, our financial statements for prior periods have not been restated to reflect, and do not include, the impact of SFAS 123(R). The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in our statement of operations. Prior to the adoption of SFAS 123(R), we accounted for stock-based awards to employees and directors using the intrinsic value method in accordance with APB 25 as allowed under Statement of Financial Accounting Standards No. 123, Accounting for Stock-Based Compensation (SFAS 123). As stock-based compensation expense recognized in the statement of operations for the first quarter of fiscal 2006 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. SFAS 123(R) requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimated. We estimated forfeitures to be 10%.
Stock-based compensation expense recognized as operating expense under SFAS 123(R) for the six months ended June 30, 2006 was approximately $567,000, determined by the Black-Scholes valuation model, and consisting of stock-based compensation expense related to employee stock options. See Note 2 - Summary of Significant Accounting Policies to the unaudited consolidated financial statements for additional information.
In accordance with SFAS 123R, in our first quarter of fiscal year 2006 we started to recognize compensation expense related to stock options and restricted stock purchase rights, which are equivalent to options granted to employees based on: (a) compensation cost for all share-based payments granted prior to, but not yet vested as of December 31, 2005, based on the grant date fair value estimated in accordance with SFAS No 123, " Accounting for Stock-Based Compensation ," ("SFAS 123"), adjusted for an estimated future forfeiture rate, and (b) compensation cost for all share-based payments granted subsequent to December 31, 2005, based on the grant date fair value estimated in accordance with the provisions of SFAS 123R.
Results of Operations for the Three Months Ended June 30, 2006 and 2005
Effective October 2004 and May 2005 the Company discontinued operations of its wholly owned subsidiaries Quality Botanical Ingredients, Inc and Xcel Medical Pharmacy, Inc., respectively. Results described herein reflect the consolidated operations of the Company and its two wholly-owned subsidiaries with continuing operations, Swiss Research, Inc. and BioSelect Innovations, Inc. for the three months ended June 30, 2006 as compared to the three months ended June 30, 2005.
Selected Statement of Operations Information Three Months Ended June 30, 2006 2005 Net sales $ 7,608 $ - Gross profit $ 2,064 $ - Net (loss) income $ (1,167,951 ) $ 527,204 Net (loss) income attributable to common shareholders $ (1,257,347 ) $ 244,357 Net loss per share available to common shareholders $ (0.04 ) $ (0.01 )
Three months ended June 30, 2006 compared to the three months ended June 30, 2005
Net Sales. Our consolidated net sales for the three months ended June 30, 2006 and 2005 are as follows:
Our consolidated net sales from continuing operations for the three months ended June 30, 2006 and 2005 totaled approximately $8,000 and $0, respectively. The revenues for each period are generated from the sales of distinct product lines. Revenues in 2006 are from both Shugr and Sequesterol. In 2005, BioSelect completed its final transaction of offering topically applied base creams wholesale to distributors that sold the product to individual pharmacies. The Company discontinued base cream sales in January 2005.
Cost of Goods Sold Cost of goods sold for the three months ended June 30, 2006 and 2005 totaled approximately $6,000 and $0, or 73% and 0% of net sales, respectively. This resulted in gross profits totaling approximately $2,000 and $0, or 27% and 0% of net sales for the three months ended June 30, 2006 and 2005, respectively. The variance in year over year cost of goods sold is attributable to selling different products, base creams, Shugr and Sequesterol, each exclusively sold in only one period.
Selling, General and Administrative. Total consolidated operating expenses from continuing operations for the three months ended June 30, 2006 and 2005 totaled approximately $1,504,000 or 19,768% of net sales, and approximately $1,660,000, respectively. Our operating expenses include the following amounts:
Advertising and marketing expenses in 2006 were attributable to expenditures promoting the Company's new products Shugr and Sequesterol as well as the commencement of a national infomercial as compared to the expenses in 2005, sans Sequesterol promotion, that included expenditures for a non-recurring national corporate exposure campaign.
The Company' s salary expense for the three month's ended June 30, 2006 is entirely non-cash disbursements paid in shares of common stock, offset by the cancellation of shares previously issued to a former employee.
For the three months ended June 30, 2006, the Company recognized non-cash compensation cost of approximately $168,000 as a result of the adoption of SFAS 123(R). Under SFAS 123(R), the Company will continue to utilize the Black-Scholes model to estimate the fair value of options granted after January 1, 2006. The Company's assessment of the estimated compensation charges is affected by its stock price as well as assumptions regarding a number of complex and subjective variables and the related tax impact. These variables include, but are not limited to, the Company's stock price volatility and employee stock option exercise behaviors.
Professional, legal and accounting fees include cash and non-cash consideration paid to consultants for services including business development, financial communication programs, and fees paid for accounting and legal services. Approximately $892,000 and $512,000 or 97% and 78% of the professional, legal and accounting expense for the three months ended June 30, 2006 and 2005 respectively were non-cash expenses paid with the Company's common stock or options and warrants to purchase shares of the Company's common stock.
Penalties are due to the holders of the Company's Convertible Preferred Stock for damages pursuant to the filing of registration statements for the shares underlying the offering. Approximately all of the total expense for the three months ended June 30, 2005 are non-cash expenses that will be paid with the Company's common stock or options and warrants to purchase shares of the Company's common stock. The requisite registration statement was declared effective in February of 2006, effectively limiting the Company's future penalty expense.
Other selling, general and administrative expenses include such items as automobile expenses, delivery and freight costs, office supplies and services, rent, travel, and utilities. The period over period increase is attributable to approximately $202,000 of expense recognized for impairments to intangible assets.
Other expenses. Interest expense, net, totaled approximately $136,000 and $454,000 for the three months ended June 30, 2006 and 2005, respectively and includes interest paid on lines of credit, notes payable and amortization of discount on the sale of convertible debentures and the issuance of convertible preferred stock. Amortization of discounts on debentures and preferred stock represent the interest cost associated with issuing the convertible debentures and preferred stock with warrants totaled approximately $127,000 and $410,000 for the three months ended June 30, 2006 and 2005, respectively, and are non-cash expenditures. The period versus period decrease is attributable to the complete amortization of discounts related to the Company's debentures and Series A preferred stock.
The change in fair value of warrant liability for the three months ended June 30, 2006 and 2005, respectively, totaled approximately $470,000 and $2,723,000, and represents the change in fair value of warrants issued with registration rights to various professionals and the purchasers of our common and preferred stock. The variance between periods is attributable to decreases in the Company's closing stock price on June 30, 2006 versus June 30, 2005.
Net (Loss) Income. Net (loss) income for the three months ended June 30, 2006 and 2005 totaled approximately ($1,168,000) and approximately $527,000 of net sales, respectively. Net (loss) income per share of common stock was ($0.04) and $0.01 for the three months ended June 30, 2006 and 2005, respectively. Net loss from continuing operations for the three months ended June 30, 2006 and 2005 for the subsidiary company operations totaled approximately ($70,000) and ($38,000), respectively. Net loss from discontinued operations for the three months ended June 30, 2006 and 2005 for the subsidiary company operations totaled approximately $0 and ($82,000), respectively. There can be no assurance that we will ever achieve profitability or that a stream of revenue can be generated and sustained in the future. Income recognized during the three months ended June 30, 2005 was entirely attributable to reductions in the Company's warrant liability that are recognized as other income.
Results of Operations for the Six Months Ended June 30, 2006 and 2005
Selected Statement of Operations Information Six Months Ended June 30, 2006 2005 Net sales $ 27,979 $ 4,369 Gross profit $ 7,413 $ 3,459 Net loss $ (2,833,396 ) $ (3,711,647 ) Net loss attributable to common shareholders $ (3,016,321 ) $ (3,994,494 ) Net loss per share available to common shareholders $ (0.10 ) $ (0.19 )
Six months ended June 30, 2006 compared to six months ended June 30, 2005
Net Sales. Our consolidated net sales for the six months ended June 30, 2006 and 2005 are as follows:
The Company discontinued its sales of base creams attributable to 2005 revenues to focus on its core strategy of building the Swiss Research brands and product portfolio, including Shugr and Sequestrol. Our consolidated net sales from continuing operations for the six months ended June 30, 2006 and 2005 totaled approximately $28,000 and $4,000, respectively. The revenues for each period are generated from the sales of distinct product lines. Revenues in 2006 are from both Shugr and Sequesterol.
Cost of Goods Sold Cost of goods sold for the six months ended June 30, 2006 and 2005 totaled approximately $21,000 and $1,000, or 89% and 21% of net sales, respectively. This resulted in gross profits totaling approximately $7,000 and $3,000, or 26% and 79% of net sales for the six months ended June 30, 2006 and 2005, respectively. Cost of goods sold and gross profit were reduced to near zero for the six months ended June 30, 2005 due to the discontinued operations of Xcel Medical Pharmacy.
Selling, General and Administrative. Total consolidated operating expenses for the six months ended June 30, 2006 and 2005 totaled approximately $3,524,000 or 12,596% of net sales, and approximately $3,578,000, or 81,884% of net sales, respectively. Our operating expenses include the following amounts:
Advertising and marketing expenses during the six months ended June 30, 2006 have decreased versus the six months ended June 30, 2005. During the six months ended June 30, 2005 the Company completed a national corporate awareness campaign. Current period expenditures are to promote the Company's new products Shugr and Sequesterol.
The Company' s salary expense for the six month's ended June 30, 2006 is entirely non-cash disbursements paid in shares of common stock, offset by the cancellation of shares previously issued to a former employee.
For the six months ended June 30, 2006, the Company recognized non-cash compensation cost of approximately $567,000 as a result of the adoption of SFAS 123(R). Under SFAS 123(R), the Company will continue to utilize the Black-Scholes model to estimate the fair value of options granted after January . . .
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NEXH (.0002) Realizes Net Income of $1.3 M for the Three Months Ended June 30, 2006 Business Editors / Real Estate Writers
SALT LAKE CITY--(BUSINESS WIRE)--Aug. 21, 2006-- Nexia Holdings Inc. (OTCBB:NEXH) reported net income of $1,328,928 and $1,095,980 for the three and six months ended June 30, 2006 compared to net income of $672,695 and $239,139 for same periods in 2005. These numbers reflect prepaid expenses recorded by the company in the amount of $2,078,706; these are expected to be expensed over the term of the contracts for investor relations entered into by the company (six to eight months).
Nexia's CEO Richard Surber pointed out that "Nexia's net income for the second quarter is slightly more than Nexia's entire market capitalization."
Gross revenues were $365,107 and $676,552 for the three and six months ended June 30, 2006 compared to $111,186 and $207,822 for the same periods in 2005. A 228% and 226% increase for the three and six months, respectively.
Surber noted that with "the expected acquisition of the Black Chandelier operations Nexia is on track to generate $2,000,000 in gross revenues for its fiscal year ending Dec. 31, 2006. If you add in other income which is expected to be approximately $2,157,116 from the settlement of certain debts owed to Nexia, gross income from all sources should exceed $4,000,000 for fiscal year 2006."
The reported operating losses were $675,835 and $965,301 for the three and six month periods ended June 30, 2006 compared to $184,575 and $630,812 for same periods in 2005. The increased losses are due primarily to increased G&A expenses as the result of increasing cost of sales and payroll relating to the operation of Landis, gearing up for future expansion plans and IR cost which ran close to $100,000 for the quarter.
Working capital improved from a deficit of $971,535 at Dec. 31, 2005 to a surplus of $1,362,009 at June 30, 2006. Surber added that "with the expected refinance of the Wallace and Bennett property, I expect the surplus to increase by close to an additional $950,000 by the end of the third quarter 2006. The acquisition of an additional 65% interest in Landis and the expected acquisition of Black Chandelier's operations may further improve Nexia's working capital position."
Total stockholder's equity at June 30, 2006 was $2,685,713 compared to $963,185 at Dec. 31, 2005. Surber pointed out that, "All of the real estate is held at a depreciated cost basis which means that if you added in the equity based upon the market value of the properties the number would be substantially higher. However, since Nexia is not considered a REIT, the market value is not taken into consideration in preparing the company's financials in accordance with GAAP."
Investors are encouraged to read the above information, in conjunction with Nexia's Form 10QSB for the period ended June 30, 2006.
This press release may contain forward-looking statements that are based on a number of assumptions, including the liquidation of DVFF shares at a price of $2 or more per share, closing on the Wallace-Bennett loans, and the successful acquisition of the Black Chandelier operations. Although Nexia Holdings believes these assumptions are reasonable, no assurance can be given that they will prove correct. These forward-looking statements involve a number of risks and uncertainties. The actual results that Nexia Holdings may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. For more information on Nexia Holdings please visit our Web site at http://www.nexiaholdings.com or see our filings at http://www.sec.gov.
KEYWORD: NORTH AMERICA UTAH UNITED STATES INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE EARNINGS SOURCE: Nexia Holdings Inc.
CONTACT INFORMATION: Nexia Holdings Inc., Salt Lake City Richard Surber, 801-575-8073, ext. 106 Fax: 801-575-8092 RichardSurber*nexiaholdings.com
-------------------- The difference between genius and stupidity is that genius has its limits
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Exabyte Introduces Magnum 448 LTO Tape Library; Expands SMB Data Protection Options; Magnum 448 Scales from 19.2 to 38.4 TB(a) and from One to Four LTO Drives; Offers the Best Price/Performance Specs on the Market Today
BOULDER, Colo., Aug 21, 2006 (BUSINESS WIRE) -- Exabyte Corp. (OTCBB:EXBY), the leading innovator in tape backup and recovery systems, today introduced the Magnum 448 LTO(TM) (Ultrium(TM)) Tape Library, bringing scalability and enterprise-class functionality to SMB/departmental and remote office/branch office users. At an estimated street price starting at $7,950, the Magnum 448 delivers performance, capacity, reliability and features at the most aggressive pricing of any tape library available today. The Magnum 448 LTO Tape Library provides SMB customers unmatched flexibility to meet their specific data protection, backup, storage and archival requirements. The library is available in three configurations consisting of a single LTO-2 half-height SCSI drive, a single LTO-3 full-height SCSI drive, or a single LTO-3 full height Fibre Channel (FC) tape drive, along with four cartridge magazines that can hold a total of 48 LTO tape cartridges. Maximum data storage capacity is 19.2 TB(a) using LTO-2 cartridges and 38.4 TB(a) using LTO-3 cartridges.
SMBs may purchase and install additional tape drives, up to a maximum of four LTO-2 half-height drives, two LTO-3 full-height SCSI drives, or two LTO-3 full-height FC drives. Fully configured, the Magnum 448 will deliver an aggregate speed of 691 GB per hour(a) using four LTO-2 drives or 1,152 GB per hour(a) using two LTO-3 drives. An additional advantage afforded by the Magnum 448 is the use of Automation/Drive Interfaces (ADIs) to eliminate the need for and associated costs of a SCSI or Fibre Channel interface to the automation controller.
"SMB customers today want more flexibility with their storage systems while maintaining the traditional simplicity required by the SMB market. Exabyte clearly understands these unique customer requirements and continues to release innovative products such as the Magnum 448 to meet these demands," said Exabyte president Tom Ward. "The Magnum 448 is the newest member of our lineup of LTO automation products that have been developed expressly for SMB and departmental users."
The Exabyte Magnum 448 delivers a complete list of important features as well as user-friendly installation and configuration. Each library comes standard with a barcode scanner, Ethernet-based remote management, dual Import/Export media drawers, and a rackmount kit. Other library vendors may charge hundreds or even thousands of dollars extra for these key library components. In the near future, Exabyte will offer a free firmware upgrade for Magnum 448 libraries that enables logical partitioning, allowing flexible configuration as multiple libraries.
Exabyte's design simplicity makes the Magnum 448 field-installable and upgradeable. LTO drives and cartridge magazines are customer-replaceable and can be easily exchanged, or extra drives can be added, in a matter of minutes while the unit is still in the rack. Tapes can be easily inserted or removed through the two Import/Export doors without removing an entire 12-cartridge magazine.
Pricing and Availability
The Magnum 448 LTO Tape Library is available for purchase from Exabyte resellers beginning September 1. Pricing starts at $7,950 for the base configuration with four magazines for 48 cartridges and a single LTO-2 half-height drive. A similar configuration with four magazines and one LTO-3 full-height SCSI drive is available for $9,950, or with one LTO-3 FH FC drive for $11,500. Additional 12-cartridge magazines will be available for $350 (estimated U.S. street prices).
The Magnum 448 is protected by a standard 1-year warranty and 5x9, next business day on-site service (OSS). An optional 2-year warranty and OSS service extension is available for $700 (estimated U.S. street price).
About Exabyte Corporation
Exabyte Corporation is the leading innovator and provider of tape storage products. For more than 20 years, the company has raised industry standards in engineering quality for tape drives and tape automation. Exabyte's groundbreaking VXA Packet technology is the capacity, speed, reliability, and value leader in small-to-midsize business tape storage and tape automation solutions. With patented and award-winning VXA Packet Technology and ExaBotics, Exabyte's VXA(TM) and LTO products are ideally suited for SMB and departmental servers, workstations, LANs, and SANs. Exabyte has a worldwide network of OEM, distributor and reseller partners that share the company's commitment to innovation and customer service, including IBM, Apple, Fujitsu Siemens Computers, Fujitsu Ltd., Imation, Tech Data, and Ingram Micro. The company is also a founding member of the VXA Alliance, an industry group focused on providing information and education to the marketplace on the benefits of the VXA Packet tape format. For more information, call 1-800-EXABYTE or visit www.exabyte.com.
(a) Data capacities and transfer rates assume a compression ratio of 2:1. Actual compression varies depending on the nature of the data and the drive and media quality.
Exabyte and VXA are registered trademarks, and ExaBotics is a trademark of Exabyte Corp. Others may be trademarks or trade names of their respective owners.
SOURCE: Exabyte Corporation
CONTACT: Exabyte Corporation Kelly Beavers, 303-417-7225 kjb*exabyte.com or JPR Communications Kezia Jauron, 818-386-0403 kezia*jprcom.com
Copyright Business Wire 2006
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KEYWORD: United States North America Colorado INDUSTRY KEYWORD: Technology Data Management SUBJECT CODE: Product/Service
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CalbaTech Highlights Positive Report in Cell Online Magazine - Research Provides New Data That Further Supports Adult Stem Cell Banking Service IRVINE, Calif., Aug. 21 /PRNewswire-FirstCall/ -- CalbaTech, Inc. (OTC Bulletin Board: CLBE), an emerging life sciences company (http://www.CalbaTech.com ) concentrating on providing products and platforms to the biotech and pharmaceutical research market and to academic institutions, and banking of adult stem cells for possible future therapeutic uses, today announced that a recent research report provides new data that initially suggests that cells collected during the Stem Cell MicroBank(TM) Service can be manipulated to mirror embryonic stem cells. The link to the article is http://www.cell.com/content/article/fulltext?uid=PIIS0092867406009767.
Much of the controversy surrounding embryonic stem cells centers on the destruction of the embryo caused during the harvesting of the stem cells. Researchers have largely focused their attention on embryonic stem cells due to the cell's plasticity or the ability of stem cells to differentiate into specialized cells of another tissue type. Advancements in therapies to date have been made because of the amount of resources provided to embryonic stem cell research.
This report, however, may signal a shift in focus by researchers as the plasticity in adult stem cells is better understood. Using autologous stem cells at the time of transplantation might also overcome a major unknown hurdle related to embryonic stem cells, that being possible tissue rejection. Proponents of embryonic stem cell research rarely discuss this potential limitation, while the transplantation of autologous adult stem cells should not result in tissue rejection.
CalbaTech's wholly-owned subsidiary, LifeStem has created a multi-tissue, autologous adult stem cell banking service that allows adults to bank their own stem cells for possible future therapeutic use.
LifeStem's Chief Medical Officer, Dr. Jason R. Van Tassel noted that in this study, the cells were generated from adult cultured fibroblasts under specific conditions whereby the cells were grown in the presence of several transcription factors expressed by embryonic stem cells. These cells were then implanted into both mouse embryos and adult mice and differentiated into the three cell lineages seen in early development. This could be the 'holy grail' for autologous banking of adult stem cells.
'Further in-vitro directed differentiation of these induced stem cells to specific cell types could provide a limitless source of a variety differentiated cells for numerous human therapeutic applications. We are entirely encouraged by this new data and we believe that it brings new concrete evidence that autologous adult stem cell banking is the proper strategy for patients to benefit from this emerging field,' said Dr. Van Tassel. The study did show, however, that when these induced stem cells were transplanted into adult mice, several mice developed tumors. Dr. Van Tassel continued, 'This is to be expected in a preliminary study where such highly undifferentiated cells were implanted. Furthermore, subsequent differentiation of these populations should eliminate the risk of malignancy in therapeutic applications.'
LifeStem, Inc. has launched its Stem Cell MicroBank(TM) Service in California and expects to add Florida, New York, North Carolina and other states in the very near future. LifeStem is projecting $3.9 million in revenues in the first twelve months of operating the nation's first service to collect micro-quantities of adult stem cells from multiple tissue sources for future potential therapeutic use.
About CalbaTech
CalbaTech, Inc. (OTC Bulletin Board: CLBE) is an emerging life sciences company (http://www.CalbaTech.com) concentrating on providing products and platforms to the research market for biotech and pharmaceutical companies and to academic institutions.
Contact: Paul Knopick E&E Communications (949) 707-5365 pknopick*eandecommunications.com
Note: 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 Act of 1934 and are subject to the safe harbor created by those rules. We use words such as 'anticipate,' 'believe,' 'expect,' 'future,' 'intend,' 'plan,' and similar expressions to identify forward-looking statements. These statements including those related to being in a large and growing market, exhibiting rapid growth characteristics, and having a growth strategy, are forward looking statements. These forward looking statements are only predictions and are subject to certain risks, uncertainties and assumptions. Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or assumptions in this press release include the risk that we will not be able to grow our revenues and market share, the risk that our prices do not remain competitive and the risk that we will not achieve profitability. Additional risks are identified and described in the Company's public filings with the Securities and Exchange Commission, including our most recent Report on Form 10-KSB, and Reports on Form 10-QSB and Form 8-K. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events, or circumstances after the date of such statement.
Chai-Na-Ta Receives Unsecured Term Loan Facility from Major Investor 8/21/2006
RICHMOND, BRITISH COLUMBIA, Aug 21, 2006 (MARKET WIRE via COMTEX News Network) -- All amounts in Canadian dollars unless specified.
Chai-Na-Ta Corp. (the "Company") (OTCBB: CCCFF), announced that the Board of Directors of the Company has approved a non-revolving term loan facility ("Loan") of HK$ 54.7 million (approximately $8.0 million) offered by More Growth Finance Limited ("More Growth"), a subsidiary of the Company's major investor, Road King Infrastructure Limited.
The unsecured Loan bears interest at 1.7% per annum over the HIBOR (Hong Kong Interbank Offered Rate) and is provided to the Company for a term of 48 months. The Loan will be used to enhance the Company's ability to meet working capital requirements during the upcoming harvest and to repay the existing HK$23.2 million (approximately $3.5 million) loans to More Growth that are repayable within the next year.
On March 29, 2006, the Company proposed to cancel the existing HK$23.2 million loans owed to More Growth in exchange for preferred shares. This proposal was approved by disinterested shareholders at the Company's Annual General Meeting on May 5, 2006. The Company will not be proceeding with this "shares for debt" transaction in view of the Loan and the alternative repayment arrangement it has made with More Growth.
Chai-Na-Ta Corp., based in Richmond, British Columbia, is the world's largest supplier of North American ginseng. The Company farms, processes and distributes North American ginseng as bulk root, and supplies processed material for the manufacturing of value-added ginseng-based products.
This news release contains forward-looking statements that reflect the Company's expectations regarding future events. These forward-looking statements involve risks and uncertainties, and actual events could differ materially from those projected. Such risks and uncertainties include, but are not limited to, the success of the Company's ongoing research programs, general business conditions, and other risks as outlined in the Company's periodic filings, Annual Report, and Form 20-F.
Contacts: Chai-Na-Ta Corp. Wilman Wong Chief Financial Officer/Corporate Secretary (604) 272-4118 or Toll Free: 1-800-406-7668 (604) 272-4113 (FAX) info*chainata.com www.chainata.com
Our strategy business unit Global 1 Realty Corporation will launch it first global real estate fund for global investors. Global 1 will launch the fund for $25 million to invest in U.S real estate in the southeast United States. The fund will be launched and funded under Regulation S and will be available for non US residents only. The fund will invest in distressed and non-distressed value based real estate and will feature an equity and debt component and will accept investments in Euros, Yen, Pounds, Canadian dollars and other global currencies.
This is the initial fund to be launched under the Global 1 brand. We have in development a real estate hedge fund as well as a real estate securities fund. Our objective is to develop the Global 1 brand into a family of funds focused on the real estate industry.
Internal Investment Banking
Our internal investment banking unit is in development of a real estate security structure that will allow an investor to participate in the acquisition, rehab and refinancing of a property with a single investment. Once this structure is finalized we intend to launch a separate fund under Reg. S for $50 million to acquire distressed properties at a wholesale price in a bulk transaction.
FAQs:
Q1------How will a SSSU investor benefit from the Global 1 strategy?
A1-------An SSSU investor will benefit by the profit participation and equity ownership SSSU will have in each fund that is launched. SSSU will receive a management fee and incentive fees from each fund which we believe will have a positive impact on SSSU's equity.
Summary:
Our business model and financial development is proceeding to take shape and we have the necessary tools and initiatives in place to build out the company's infrastructure now that we have located to our permanent business address. Other funds are in development for our entertainment and financial services partners. More information will be forthcoming regarding our funding agenda.
Disclaimer: The below disclaimer is incorporated by reference as if fully set forth herein this as well as all media releases on SSS behalf. The statements contained in this released are forward looking and may or may not occur due to forces beyond the company's control.
SOURCE: Silver Screen Studios, Inc.
Silver Screen Studios, Inc. Donald Evans, 404-255-0400 sssu*mindspring.com.
Copyright Business Wire 2006
-------------------- The difference between genius and stupidity is that genius has its limits
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TYRIA (.0085) Reports Revenues in Excess of $1,568,000 for Second Quarter
LIVINGSTON, N.J., Aug. 22 /PRNewswire-FirstCall/ -- Trey Resources, Inc. (OTC Bulletin Board: TYRIA), the premier total solutions provider specializing in business software for the small- and medium-sized business market, today reported its financial results for its second quarter and six months ended June 30, 2006 in a Form 10-QSB filed with the SEC.
For the quarter ending June 30, 2006, the Company reported revenue of $1,568,772 as compared to $955,527 for the second quarter of 2005.
The Company reported, on a consolidated basis, a net loss of $638,899 in the quarter ending June 30, 2006, as compared to a net loss of $334,203 for the quarter ended June 30, 2005, primarily due to increased corporate overhead, including additional sales and marketing expenses.
For the first six months of fiscal 2006, the Company reported revenue of $2,907,706 as compared to revenue of $1,964,941 for the first six months of 2005. This 48% increase reflects the continued growth of the Company's operating subsidiary, SWK Technologies, Inc.
Net loss on a consolidated basis for the first six months of fiscal 2006 was $930,449, or $0.01 per share, versus a loss of $852,491, or $0.2 per share, for the same period in 2005.
Mark Meller, CEO of Trey Resources, said, "Trey has grown in a short period of time from a company with no revenue, (back in May 2004), to a Company which today is reporting sales results at a run rate of $6 million per year. And that is just the beginning. All indications point to a very active second half of the year. Our sales activity and pipeline continues to grow. Market acceptance of our MAPADOC EDI solution has taken hold, and our MAS 500 initiatives have resulted in several very substantial deals being quoted in the second quarter. All in all, we are optimistic about the future and look forward to delivering superior financial results in the coming quarters."
About Trey Resources
Trey Resources is involved in the acquisition and build-out of technology and software companies. The Company's growth strategy is to acquire firms in this extensive and expanding, but highly fragmented segment, as it seeks to create substantial value for shareholders. Since June 2004, Trey has acquired SWK Technologies, Inc., Business Tech Solutions Group, Inc., Wolen Katz Associates, and AMP-BEST Consulting, Inc. For more information, visit http://www.treyresources.com,http://www.swktech.com,http://www.mapadoc.com,http://www.amp-best.com, or contact Trey Resources CEO Mark Meller at (973) 758-9555 or by e-mail at mark.meller*swktech.com. Trey Resources was a recent spin-off of iVoice, Inc. (OTCBB: "IVOI").
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to Trey Resources, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
SOURCE Trey Resources, Inc.
Contact Information: Mark Meller, CEO of Trey Resources, Inc., +1-973-758-9555, mark.meller*swktech.com
posted
ATWO (.31) a21 Reports 94% Revenue Increase Q2 2006 vs. Q2 2005; Revenues Increase 85% from Acquisitions and 9% from Organic Growth; Fourth Consecutive Quarter of Revenue Growth; Company Continues to Strengthen Organization Business Editors / Technology Editors
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Aug. 22, 2006-- a21, Inc. ("a21") (OTCBB:ATWO), a leading online digital content marketplace, today reported its financial results for the second quarter ending June 30, 2006.
Highlights for the quarter include:
-- Increased revenue 85% through acquisitions and 9% through
organic growth compared to the second quarter 2005.
-- Closed and integrated the acquisition of ArtSelect, Inc.
-- Completed $15.5 million in financing with institutional and
accredited investors, including Morgan Stanley.
-- Added important new customers, including ArtSelect partner
RedCats USA, the U.S. catalog division of European-based
Pinault-Printemps-Redoute.
"Our revenue growth underscores the value of our platform for the efficient delivery of digital, online stock imagery as well as artwork for the home and office," said Albert H. Pleus, Chairman and CEO of a21. "We believe our organic growth validates the solid demand for our products, and also provides momentum for expansion through potential strategic acquisitions envisioned in our business plan. In 2006, we have strengthened the organization through key changes to our Board and management team and through significant improvements to our capital structure, positioning the Company for its next phase of growth."
Revenue for the second quarter of 2006 was $4.5 million, compared to $2.3 million for the same prior year period. The increase in revenue is primarily attributable to contributions from the Company's ArtSelect and Ingram acquisitions (85%) and also organic growth (9%). Net loss for the second quarter of 2006 was $2.2 million, or $0.03 per fully diluted share, versus net loss of $985,000, or $0.02 per fully diluted share, for the same prior year period.
The second quarter results also reflect other incremental operating expenses including approximately $470,000 of non-cash amortization and depreciation charges associated with the ArtSelect and Ingram acquisitions along with corporate legal and audit costs compared to the same prior year period. On January 1, 2006, the Company adopted Statement of Financial Accounting Standards No. 123 (revised 2004), "Share-Based Payment," ("SFAS 123R") which requires the recognition of compensation expense for all share-based payment awards made to employees and directors. The results of the second quarter of 2006 include non-cash stock-based compensation expense of $283,000.
At June 30, 2006, the Company's cash position was $7.0 million, compared to $1.2 million at December 31, 2005. This increase was due to the private placement of $15.5 million of Senior Secured Convertible Notes with institutional and accredited investors, including Morgan Stanley, in April 2006, which was partially offset by cash expended to repay existing debt and cash used in the acquisition of ArtSelect. Working capital at June 30, 2006 improved to $6.5 million, compared to a working capital deficit of $946,000 at December 31, 2005. Cash used in operations for the second quarter of 2006 was $916,000.
Thomas Costanza, Vice President and Chief Financial Officer of a21, stated, "Our strategy includes establishing a strong financial foundation to support our growth and improving fundamentals. At the end of the second quarter, we had over $7 million in unrestricted cash available for working capital and additional acquisition opportunities. We see compelling organic revenue growth opportunities for both SuperStock and ArtSelect. We also maintain an ongoing review of strategic merger and acquisition prospects that can add value to our company and shareholders. Our goal is to move closer to profitability during the remainder of 2006 by improving cost efficiencies so that we can leverage these additional revenues and absorb needed corporate overhead."
About a21
a21 (http://www.a21group.com) is a leading online digital content marketplace for the professional creative community. Through SuperStock (http://www.superstock.com; http://www.superstock.co.uk; and http://www.purestockx.com), Ingram Publishing (http://www.ingrampublishing.com), and ArtSelect (http://www.artselect.com), a21 delivers high quality images, art framing, and exceptional customer service. a21 and its companies, with offices in Florida, Iowa, New York, and the United Kingdom, provide a valuable and viable choice to photographers, artists, photography agencies and other customers in the stock image, art and wall decor industries.
The statements contained in this press release contain certain forward-looking statements, including statements regarding a21, Inc.'s expectations, intentions, strategies, and beliefs regarding the future. All statements contained herein are based upon information available to a21, Inc.'s management as of the date hereof and actual results may vary based upon future events, both within and without the control of a21, Inc.'s management. -0- (Tables Follow) a21, Inc. and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands except per share amounts) (unaudited) Three Months Ended June 30, 2006 2005 ------------ ------------ Revenue $ 4,511 $ 2,327COSTS AND EXPENSES Cost of revenue (excludes related amortization for three months of $383 and $174, six months of $766 and $348) 1,701 716 Selling, general and administrative 3,800 1,954 Depreciation and amortization 830 359 ------------ ------------ TOTAL OPERATING EXPENSES 6,331 3,029 ------------ ------------ OPERATING LOSS (1,820) (702) ------------ ------------Interest expense (447) (332) Warrant expense 118 --- Other (expense) income, net (77) 49 ------------ ------------ NET LOSS BEFORE INCOME TAX EXPENSE (2,226) (985) ------------ ------------Income tax expense (44) --- ------------ ------------ NET LOSS (2,270) (985) ------------ ------------Disproportionate deemed dividends --- --- ------------ ------------ NET LOSS ATTRIBUTED TO COMMON STOCKHOLDERS $ (2,270) $ (985) ------------ ------------NET LOSS ATTRIBUTED TO COMMON STOCKHOLDERS PER SHARE, BASIC AND DILUTED $ (0.03) $ (0.02) ------------ ------------WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED 77,671,527 40,112,391 a21, Inc. and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS ($ in thousands, except per share amounts) (unaudited) June 30, December 31, 2006 2005------------------------------------------- ------------ ------------ ASSETS CURRENT ASSETS Cash and cash equivalents $ 7,018 $ 1,194 Accounts receivable, net allowance for doubtful accounts of $66 and $57 2,831 1,840 Inventory 852 156 Prepaid expenses and other current assets 708 277 ------------ ------------ Total current assets 11,409 3,467 Property, plant and equipment, net 8,135 7,602 Photo collection, net 1,655 1,715 Goodwill 7,478 2,263 Contracts with photographers, net 824 929 Deferred rent receivable 553 541 Intangible assets, net 9,416 3,882 Restricted cash 750 --- Other 110 115 ------------ ------------ Total assets $ 40,330 $ 20,514 ============ ============LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Notes payable, unsecured $ --- $ 1,050 Accounts payable 1,717 850 Accrued compensation 540 154 Accrued expenses 1,008 569 Royalties payable 1,356 1,180 Warrant obligation 63 187 Deferred revenue 237 151 Other 112 272 ------------ ------------ Total current liabilities 5,033 4,413LONG-TERM LIABILITIES Senior secured convertible notes payable, net - related party 15,500 --- Senior secured notes payable, net - related party 2,368 --- Loan payable from sale-leaseback of building, less current portion 7,425 7,438 Senior secured notes payable, net - related party --- 2,316 Other 119 126 ------------ ------------ Total liabilities 30,345 14,293 ------------ ------------ a21, Inc. and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS (continued) ($ in thousands, except per share amounts) (unaudited) June 30, December 31, 2006 2005------------------------------------------- ------------ ------------ COMMITMENTS AND CONTINGENCIES ------------ ------------ MINORITY INTEREST 2,590 2,800 ------------ ------------ ------------ ------------ CONVERTIBLE PREFERRED STOCK, $.001 par value; 3,150 shares issued and outstanding 4,830 --- ------------ ------------STOCKHOLDERS' EQUITY Preferred stock; $.001 par value; 100,000 shares authorized; no shares and 14,480 shares issued and outstanding at June 30, 2006 and December 31, 2005, respectively --- --- Common stock; $.001 par value; 100,000,000 shares authorized; 81,735,620 and 74,115,012 shares issued at June 30, 2006 and December 31, 2005, respectively and 78,055,845 and 70,435,237 shares outstanding at June 30, 2006 and December 31, 2005, respectively 82 74 Treasury stock (at cost, 3,679,775 shares) --- --- Additional paid-in capital 20,913 17,583 Deferred compensation --- (115) Accumulated deficit (18,871) (14,185) Accumulated comprehensive income 341 64 ------------ ------------ Total stockholders' equity 2,465 3,421 ------------ ------------ Total liabilities and stockholders' equity $ 40,330 $ 20,514 ============ ============ a21, Inc. and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW ($ in thousands) (unaudited) FOR THE SIX MONTHS ENDED JUNE 30, 2006 2005 ------------------------------------------- ------------ ------------CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of ArtSelect (4,476) --- Investment in property, plant and equipment (284) (261) SuperStock earnout (206) --- Investment in photo collection (195) (9) Restricted cash for lease deposit (750) --- Other (9) --- ------------ ------------ NET CASH USED IN INVESTING ACTIVITIES (5,920) (270) ------------ ------------CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from senior secured convertible notes payable - related party 15,500 --- Payment of senior secured notes payable - related party (2,250) 2,250 Payment of convertible subordinated notes payable --- (1,250) Payment of unsecured notes payable (1,050) --- Net proceeds from the exercise of stock options 100 --- Net proceeds from the exercise of stock warrants 1,200 --- Redeemed financing warrants 56 --- Payment of promissory note payable (33) (33) Other 37 3 ------------ ------------ NET CASH PROVIDED BY FINANCING ACTIVITIES 13,560 970 ------------ ------------ EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS 22 96 ------------ ------------ NET INCREASE IN CASH 5,824 (403) CASH AT BEGINNING OF PERIOD 1,194 717 ------------ ------------ CASH AT END OF PERIOD $ 7,018 $ 314 ------------ ------------SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Foreign income taxes paid $ 178 $ --- Interest paid 635 405SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING AND INVESTING ACTIVITIES: Issuance of convertible preferred stock as part of ArtSelect acquisition 4,830 $ --- Issuance of senior secured note payable as part of ArtSelect acquisition 2,368 --- Issuance of warrants as part of ArtSelect acquisition 375 --- Deferred compensation --- 369
KEYWORD: NORTH AMERICA FLORIDA UNITED STATES INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT HARDWARE INTERNET SOFTWARE PROFESSIONAL SERVICES EARNINGS SOURCE: a21, Inc.
CONTACT INFORMATION: a21, Inc.
by Gregory FCA Communications Joseph Hassett, 610-642-8253 JoeH*gregoryfca.com
-------------------- The difference between genius and stupidity is that genius has its limits
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PCS Edventures! Announces Distribution Agreement for India PCS Edventures! (OTCBB: PCSV) today announced that it has entered into a formal product and service distribution agreement with Edaxis Learning Solutions Pvt., Ltd., based in New Delhi, India.
Edaxis Learning Solutions, Pvt., Ltd. Managing Director Vinay Gupta said, "My Company has been searching for an association with an educational company and I am confident that I have selected the premiere educational content and technology company in the world. The width and breadth of their product offerings are the best I have seen in our search."
"We are pleased to have entered into this agreement with Mr. Vinay Gupta. India is a country in which we have been looking for product distribution channels for about six months," said Joe Egusquiza, PCS International Sales Manager. "Mr. Gupta came to Boise and we knew then that his company was the right one for us. We are delighted to become involved with him and his fine Company."
About Edaxis
Edaxis Learning Solutions Pvt., Ltd. is a strategic partner to education companies, publishers, test prep companies, and content distributors worldwide. It provides its clients the opportunity to branch out to India and adjoining Asian countries lowering their risk and increasing chances of success. Various services to the clients include: set up franchise networks, manage and run joint ventures, develop sales and marketing channel, India specific branding consulting, sales and marketing management or local representation. For more information email info*edaxis.in or visit www.edaxis.in
About PCS Edventures!
PCS Edventures! is the recognized leader in the design, development and delivery of products and services rich in technology, imagination, innovation, and creativity that make learning easier, more engaging, and more effective at all levels. Our product lines range from hands-on learning labs in technology-rich subjects like engineering, science, math, robotics, IT, and electronics to administrative tools designed to help schools manage the enormous amounts of data required in day-to-day school administration. PCS programs operate in over 3,000 sites in all 50 United States as well as in 15 countries Internationally. Additional information is at http://www.edventures.com
Source: Market Wire (August 22, 2006 - 8:00 AM EDT)
InfoSearch Media, Inc. Reports Second Quarter 2006 Results Continued Growth in Core Business, ContentLogic, and Further Expansion Into User Generated Content With Social Q&A Site Answerbag.com InfoSearch Media, Inc. (OTCBB: ISHM), a leading online media and search marketing firm, today announced financial results for its second quarter ended June 30, 2006.
InfoSearch Media reported revenue of $1.7 million for the second quarter of 2006, compared to $2.2 million for the second quarter of 2005. Revenue for ContentLogic grew 78% year-over-year to $1.6 million during the second quarter of 2006, compared to $0.9 million for the second quarter of 2005. The Company reported a GAAP net loss of $3.8 million, or $0.08 per share (basic and diluted) for the second quarter of 2006, compared to a GAAP net loss of $0.2 million, or $0.01 per share (basic and diluted) for the second quarter of 2005. During the three months ended June 30, 2006, InfoSearch recorded negligible deferred revenue associated with our ArticleInsider product, which resulted in deferred revenues at the end of the second quarter more in line with our operating business.
The expenses contributing to the GAAP net loss for the second quarter of 2006 included an expense of $3.3 million related to non-cash equity compensation for options and restricted stock grants provided to consultants, employees, and members of the Board of Directors for the three months ended June 30, 2006 versus $0.3 million for the same period in 2005. As all of the stock option grants to employees are priced above the current market price, in an effort to maintain employee retention, the Board of Directors approved the acceleration of stock option and restricted stock vesting as of June 30, 2006, which resulted in a one-time expense of $1.9 million being recorded for the three months ended June 30, 2006. The expense associated with this acceleration is a substantial portion of the stock option expense recognized during the second quarter of 2006 and will reduce future stock compensation expenses. Partially offsetting this was a non-cash gain of $1.3 million related to the decrease in fair value of warrants.
"During the quarter, our core business, ContentLogic, continued to show year-over-year and sequential growth and we have strengthened our position in content generation through third party distribution of our platform. We believe our recent completion of a nationwide rollout with our first VAR partner, WSI, will help to generate further market expansion," explained George Lichter, President and CEO of InfoSearch. "While we are working through a transition period with our Web Properties, we are optimistic about our move into user-generated social content through our acquisition of Answerbag. We have greatly enhanced our offering and continue to add new unique users driven by the upgrade of our website, the introduction of Video Answers, improvements in functionality and the additions of new experienced leaders, such as David Warthen, co-founder and former CTO of Ask Jeeves. We are executing on our plans and expect to achieve solid growth in 2007."
About InfoSearch Media
InfoSearch Media (http://www.infosearchmedia.com) is a leading provider of content based cost-effective search engine marketing services. InfoSearch Media maintains a network of over 200 professional writers that help businesses succeed on the web by implementing content-based solutions that simultaneously increase online search engine rankings and website sales performance. InfoSearch Media drives website performance through its two products: ContentLogic and Web Properties (ArticleInsider and Answerbag).
Safe Harbor Statement
This release contains "forward-looking statements" that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to the challenges of attracting new customers and maintaining existing customers and developing, deploying and delivering InfoSearch services; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers and other risks described from time to time in InfoSearch's filings with the Securities and Exchange Commission. In particular, see InfoSearch's recent quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from InfoSearch. InfoSearch does not assume any obligation to update the forward-looking information contained in this press release.
InfoSearch Media, Inc. Consolidated Balance Sheet (Unaudited)
June 30, December 31, 2006 2005 ASSETS: CURRENT ASSETS: Cash $ 1,527,618 $ 4,828,560 Accounts receivable $ 127,329 $ 4,449 Due from related parties $ - $ 25,000 Prepaid expenses and other current assets $ 337,127 $ 25,000 ------------- -------------
Capital leases, net of current portion $ 1,680 $ 17,621
Deferred revenue $ - $ 553,943
Fair value of warrant liability $ 511,289 $ 2,526,272 ------------- -------------
Total Liabilities $ 2,425,970 $ 5,970,948
SHAREHOLDERS' EQUITY: Preferred stock, undesignated, par value $0.001 per share, 25,000,000 shares authorized; no shares issued and outstanding; $ - $ -
Common stock, $0.001 par value, authorized 200,000,000 shares; issued and outstanding 46,182,330 and 42,277,775 for 2006 and 2005, respectively. $ 46,183 $ 42,278
Additional Paid in Capital $ 10,795,098 $ 6,056,291
Total Liabilities and Shareholders Equity $ 2,796,778 $ 5,741,846 ============= =============
InfoSearch Media, Inc. Consolidated Statement of Operations (Unaudited)
For the Three Months For the Six Months Ended Ended June 30, June 30, ------------------------ ------------------------ 2006 2005 2006 2005 ----------- ----------- ----------- ----------- Net Sales $ 1,677,218 $ 2,197,041 $ 4,530,783 $ 3,810,734
InfoSearch Media, Inc. Statement of Cash Flows For The 6 Months Ending June 30,
2006 2005 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net income/(loss) $ (4,142,801) $ (468,976)
Adjustment to reconcile net income(loss) to net cash Provided by/(Used for) operating activities Depreciation and Amortization $ 429,919 $ 108,083 Stock based compensation $ 4,505,680 $ 395,017 Disposals - fixed assets $ 9,462 $ - Change in fair value of warrants $ (2,014,983) $ -
Changes in assets and liabilities: Accounts receivable $ (122,880) $ 45,892 Prepaid expenses and other current assets $ (99,865) $ (263,399) Accounts payable and accrued expenses $ 374,754 $ (45,376) Amounts refunded to customers $ (15,351) $ (470,944) Deferred revenue $ (1,873,531) $ (1,046,806) ------------ ------------ Total adjustments $ 1,193,203 $ (1,277,533)
CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures - fixed assets $ (31,632) $ (139,703) Capital expenditures - content development $ (49,361) $ (283,589) Intangible assets $ (254,420) $ - ------------ ------------ NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES $ (335,413) $ (423,292)
CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments of capital lease obligations $ (15,930) $ (15,970) Gross proceeds from private placement $ - $ 3,699,868 Employee advances $ - $ 1,000 Gross proceeds from the sale of common stock $ - $ 250,000 ------------ ------------ NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES $ (15,930) $ 3,934,898
Net Increase (Decrease) in cash $ (3,300,941) $ 1,765,097
Cash - Beginning of Period $ 4,828,560 $ 1,328,958 ------------ ------------
Cash - End of Period $ 1,527,618 $ 3,094,055 ============ ============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for interest $ 3,866 $ 7,246 ============ ============ Income tax paid $ 1,735 $ - ============ ============
NON-CASH SUPPLEMENTAL DISCLOSURE OF INVESTING AND FINANCING ACTIVITIES: Stock issuances for acquisition of Answerbag $ 237,031 $ - ============ ============
Source: Market Wire (August 22, 2006 - 8:00 AM EDT)
Linkwell Corporation Announces Financial Results for the First Six Months of 2006 Linkwell Corporation (OTCBB: LWLL), a leading developer, manufacturer and distributor of healthcare related disinfectants in China, today announced its financial results for the first six months ended June 30, 2006.
The Company recorded revenues of approximately $3.331 million for the first six months of 2006, a 57% increase from $2.12 million recorded for the first six months of 2005. Income from operations increased to approximately $551,492 for the first six months of 2006, a 179% increase over $197,638 in operating income reported for the first six months of 2005. Net Income increased to $407,197 or EPS at $0.01 per share for the first months of 2006, an increase of $581,924 from a loss of $172,730 for the first six months of 2005. The shareholders equity increased to $3.417 million, a 271% increase over $920,675 on June 30, 2005. For more details about Linkwell's financial performance, please review the 10-QSB filed with the United States Securities and Exchange Commission.
Linkwell's Chairman and CEO, Xuelian Bian, stated, "We are pleased with our operating performance in the first six months of 2006. Our current goal is to improve our profit margin while we increase our sales by launching more new products. We also strategically look for external growth in addition to our current internal growth for the new stage expansion."
About Linkwell Corporation
Linkwell Corporation develops, manufactures, and distributes disinfectant healthcare products in China through its 90% owned subsidiary Shanghai Likang Disinfectant High Tech Company ("Likang"). Linkwell's disinfectant healthcare products are a nationally recognized domestic Chinese brand in this market segment. Linkwell products include disinfectants in liquid, tablet, powder and aerosol form. Through Likang, Linkwell has a national marketing and sales presence throughout all 22 provinces, 5 autonomous regions, and 4 special municipalities of China. All inventory and order fulfillment is carried out of a 21,500 square foot facility in Shanghai's Jiading district. For more info about the company, please visit http://www.linkwell.us
Safe Harbor Statement
Certain of the statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "forecast," "anticipate," "plan," or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties and risks, including those relating to the Company's ability to grow its business. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.
Source: Market Wire (August 22, 2006 - 8:30 AM EDT)
StockIM(R) Partners With FinancialContent and StreetIQ.com to Enhance Financial Communications Platform StockIM® today announced a major partnership with FinancialContent (OTCBB: FCON) and StreetIQ.com to enhance and to market StockIM®, an enterprise-quality financial communications platform that provides professional and individual investors with a unique, one-stop information source and an IM communications tool.
StockIM® provides coverage of micro to small-cap companies across various exchanges. StockIM's real time, centralized platform for streaming information helps investors identify news, trends, rumors and unique investor commentary, and allows them to chat through an Instant Messenger functionality with people within their firm or with the diverse, eclectic group of investors congregated on the StockIM® buddy list.
Through the partnership with FinancialContent, StockIM is able to provide its users with instant access to stock quotes, charts, news, SEC filings and audio/video content. StockIM will also market its product through StreetIQ.com, a leading provider of financial and business podcasts.
"There is a distinct need for a real-time, stock-specific IM platform, and we are very excited about the opportunity to work with StockIM," stated Wing Yu, CEO of FinancialContent.
"Our partnerships with FinancialContent and StreetIQ provides the investment community with the necessary tools and unique content that is required in today's fast-paced, Internet-based environment," said Joseph Hain, CEO and founder of StockIM. "Investors' appetite for a one-stop shop to do all of their equity analysis and communication is now being fulfilled in real-time with enhanced content through these partnerships."
The IM platform on www.StockIM.com can be used to create buddy lists based on specific stock symbols. The platform can also be used to create a closed system for inter-company use, or users can access the group of investors aggregated on StockIM to inquire and share information about specific companies of interest.
About StockIM
StockIM® provides a complete communications hub to the investment community. The market flux caused by the Sarbanes-Oxley Act has led to the creation of StockIM®, which provides coverage of micro to small-cap companies across various exchanges. StockIM's real time, centralized platform for streaming information helps investors identify news, trends, rumors and unique investor commentary, and allows them to chat through an Instant Messenger functionality with people within their firm or with the diverse, eclectic group of investors congregated on the StockIM® buddy network.
StockIM is a unique, one-stop information source and communications tool for today's savvy investor. IM Enterprises is located in New York, NY. For more information about StockIM®, visit www.stockim.com or call 646.283.1707. StockIM® is a registered trademark of IM Strategies.
About StreetIQ.com
The mission of StreetIQ.com is to create a marketplace of compelling business content that empowers investors and businesspeople. Visitors to StreetIQ.com will discover an enormous range of rich media content produced by both large media companies and independent podcasters that includes everything from the latest business news to stock talk and from CEO interviews to earnings calls. StreetIQ.com also highlights industry events and trade shows. In July 2006, the website attracted nearly 150,000 unique visitors. StreetIQ.com is a wholly owned subsidiary of FinancialContent, Inc.
About FinancialContent, Inc.
FinancialContent is a leading content solution provider specializing in the integration and delivery of financial data and tools into web sites, corporate intranets and print media. The Company's mission is to empower its clients with the ability to customize and manage their own deployments. With over 500 deployments worldwide, FinancialContent is rapidly growing its client base to include banks, brokerages, credit unions, and application service providers, as well as diversified media businesses and Fortune 500 companies. For more information, please visit http://www.financialcontent.com. FinancialContent is publicly traded on the over-the-counter market under the ticker symbol FCON.
Source: Market Wire (August 22, 2006 - 8:30 AM EDT)
Cash Now Corporation (CHNW.PK) Vends In The Australia Master Franchisor with 21 Retail Stores Cash Now Corporation (CHNW.PK)
FORT LAUDERDALE, FL, Aug. 22 /PRNewswire-FirstCall/ - Cash Now Corporation (Cash Now) announces that it has completed the 100% takeover of our Australian and New Zealand Master Franchisee. Cash Now Pty Ltd has operated in Australia for 3 years and has experienced outstanding growth in the Payday Loan and Cheque Cashing franchise market with 21 stores now using the Cash Now system. The growth prospects for this market are outstanding with less than 100 stores of this type operating in a market in Australia and New Zealand of around 24 million population. Australia has adopted this style of lending with enthusiasm and Cash Now is perfectly placed for the next stage of this growth. Whilst the industry in the US and Canada is extremely large, Australian and NZ is in its infancy. John Falting Cash Now's President of Cash Now Pty Ltd adds we have been pioneers in educating the market, and look forward to a long and established Payday Lending and Cheque Cashing development in a market that is ripe for this product. The royalties licence and franchise fees generated from this growth will form a major revenue stream for Cash Now Corporation over the next five to ten years. ABOUT CASH NOW Cash Now Corporation (CHNW.PK), a pioneer in the Internet payday loan and check cashing industry, and is developing the most comprehensive menu of services in the cash advance industry, all centered on the Cash Now brand. The company's proven business model includes licensing to corporately operated joint venture locations across the U.S. and Canada and UK. Additionally, Cash Now's website is one of the most advanced payday lending portals in existence, offering key insights to clients and potential clients alike - as well as the ability to complete payday loans on-line, via a phone call or in person. Cash Now offers a Payday Loan License program, Payday Express; a Payday Loan and Check Cashing License known as Check Express and an Authorized Agent Program for existing retail establishments; and a host of related financial services for small and medium-size businesses. Cash Now with its web based and focused outlook has won the Golden Web award in 2001, 2002, 2003 and 2005. In 2005 Profit Guide magazine ranked the Cash Now Group 10th in its list of the 50 fastest growing and most promising emerging companies. In 2005 Cash Now was ranked (#)44 out of top 1000 fastest growing franchising companies by Entrepreneur guide. SOURCE Cash Now Corporation
Diversified Ethanol a Division of James Monroe Capital Closes On New Facility Acquisition
CHICAGO--(Business Wire)--Aug. 22, 2006-- Diversified Ethanol, a division of James Monroe Capital Corporation (Pink Sheets: JMCP), has slammed through the acquisition of its new corporate headquarters and ethanol production building as of Monday evening, and received a permit from the city. The company's new building, located at 216 N. Commercial (please note correct address), in Eagle Grove, Iowa, will be the home for offices, engineering, sales, and a demo unit ethanol plant which will serve for R&D as well as production of ethanol. As-is photos of the brick building are available on the company website, at www.diversifiedethanol.com/album. Monday evening, James Monroe Capital's CEO Chris McGovern represented James Monroe Capital at a public school board meeting. "There was another offer on the table, and the meeting had some very heated discussions. Dr. Moffitt abstained from voting to avoid a conflict of interest, but at the end of the meeting, they signed, and this building now belongs to all of the James Monroe Capital Shareholders. I am pleased to report: it's ours." Meanwhile, at a city council meeting Monday night, Diversified Ethanol president Taylor Moffitt spoke for the JMCP shareholders and the city council voted in favor of awarding a special use permit to the company, thus finalizing all stipulations of the purchase contract. Insurance, utilities, and phone service will be transferred on Tuesday prior to the company moving office equipment into the building. Moffitt said, "Now that we have a permanent address, as soon as we have it registered with the SEC, all Northland Home Solutions and Taylor Moffitt LLC properties will be titled over to James Monroe Capital as the agreements stated. Tomorrow we order the new "Diversified Ethanol" signage, which will proudly hang on this building for a long time. Our projections show at least a 50-point profit margin in designing, building, supplying, and providing training for these plants, in addition to having income from many of them long-term. Today is a significant day for all of us as a company. One engineer told us that based on requests he's had for small plants, he thinks we will build these plants in the thousands, but it all starts with this one plant. As the stewards of the shareholders' assets, we will continue to focus on aggressive company growth." This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
James Monroe Capital Corporation, Northbrook, IL Chris McGovern, 847-418-3848
Copyright Business Wire 2006 22Aug06 12:30 GMT Symbols: us;JMCP Source BW Business Wire Categories:
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Digital Descriptor Systems, Inc. Announces 2nd Quarter '06 Results
Revenues Increase to $1,233,729, up 40.9 Percent from Q2 '05
SEA GIRT, N.J., Aug 21, 2006 (PRIMEZONE via COMTEX) -- Digital Descriptor Systems, Inc. (Pink Sheets:DDSI) -- an industry leader in the development of Homeland Security and other commercial security related products -- today announced results for the period ending June 30, 2006. Revenues grew 40.9 percent, to $1,233,729, from second quarter 2005 revenues of $875,513. Gross profit rose over 210 percent, to $899,191 from $428,053 for the same period in 2005. "We are pleased with the results of our plan to date," says Anthony Shupin, CEO of DDSI. "Our earnings before interest, taxes, depreciation and amortization are $221,785 versus a negative $214,124 in Q2 '05. Our immediate focus has been to achieve increased revenue along with positive cash-flow. This will enable us to sustain the company as we grow the use of our security products and services to more companies and agencies throughout the world."
DDSI CFO Michael Pellegrino adds: "Overall, we have a healthier company today than one year ago. Total six month revenues, compared '06 to '05 are up 205 percent to $2,104,693 from $1,024,388, while gross profit is up 277 percent increasing $944,586 over the prior year. Operating income (income prior to interest, depreciation, amortization and taxes) increased from a loss in '05 of $373,902 to a profit of $109,184 for the same period. Net loss for the period and year-to-date increased $215,942 and $516,938 respectively mainly due to an increase in expenses related to our debt."
About Digital Descriptor Systems, Inc.
The company, based in Sea Girt, N.J., develops and markets integrated enterprise-wide image applications specifically designed for criminal justice organizations. Customers include states, cities, counties, corrections, justice, and public safety agencies. Additional information is available online at www.ddsi-cpc.com.
Its subsidiary, CGM Applied Security Technologies, Inc., based in Somerset, N.J., is a leading manufacturer and distributor of Homeland Security products, including indicative and barrier security seals, security tapes and related packaging security systems, protective security products for palletized cargo, physical security systems for tractors, trailers and containers, as well as a number of highly specialized authentication products. Additional information is available online at www.cgmsecuritysolutions.com.
Safe Harbor Statement
Safe Harbor Statement Under the Private Securities Litigation Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of the company could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rate and unanticipated events such as terrorist activities. Forward-looking statements can be identified by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although management believes that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the company, or any other person, that such forward-looking statements will be achieved. The company undertakes no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors associated with the company, review its SEC filings.
US Energy Holdings, Inc. Important Shareholders' Update CEO of US Energy Holdings, Inc. (OTCBB: USEH), Claude Eldridge, is proud to announce the groundbreaking news everybody has been seeking: "When will US Energy Holdings, Inc. start the exploration of its first well in Ozona, Texas?"
US Energy Holdings plans to commence drilling within the first week of November 2006. This well should be in full production in time to meet the 06-07 winter demand. Following the history of this field, this well should return great profits for US Energy Holdings and its shareholders.
Claude Eldridge, CEO, thanks the shareholders for standing behind this company while we have been building a solid foundation for making US Energy Holdings a name to be reckoned with in the energy sector.
This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of US Energy Holdings, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Source: Market Wire (August 22, 2006 - 9:00 AM EDT)
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OBNH (.11) Announces Joint Venture With Dubai Tech Company; Eclectic to Begin Broadcasting in the Middle East Business Editors
LAS VEGAS--(BUSINESS WIRE)--Aug. 22, 2006-- OBN Holdings (OTCBB:OBNH), a rising star in the entertainment industry, and its subsidiary Eclectic Entertainment today announced a joint venture agreement with a Dubai, United Arab Emirates technology company, Al Motamem Computers Trading ("Al Motamem").
Under the terms of the agreement, Eclectic and Al Motamem will create a digital signage network in public establishments throughout the city to broadcast programming. Video screens will be placed in public areas such as hotels, restaurants and supermarkets, and will broadcast entertainment programming. Al Motamem will install the technology and establish the infrastructure while Eclectic provides the content. The initial programming to be aired is Eclectic's production Music on Demand Video, a one-hour show featuring videos from Universal Music Group, Warner Bros, Virgin Records and other major and independent record labels.
"We are excited about our relationship with Al Motamem," stated Roger Neal Smith, OBN President and CEO. "We view this initial venture as an opportunity to begin establishing a presence into an area of the world that is already a major center of commerce in the Middle East and is rapidly growing as a commercial center for the world."
Revenue from the venture for the first year is estimated at $2 million, and will increase as additional locations are added. The venture is also planning to expand the broadcast to other key cities in the Middle East.
About Al Motamem
Al Motamem Computers Trading Est. is a technology company headquartered in Dubai, United Arab Emirates. The company specializes in digital signage, wireless technology (WI-FI mesh) and triple play solutions (television, telephone and internet).
About OBN Holdings, Inc.
OBN Holdings, Inc. is a holding company for the wholly owned operating subsidiaries Omni Broadcasting Network, Inc.; All Sports Television Network, Inc.; Eclectic Entertainment, Inc.; Products On Demand Channel, Inc.; and Retro Records, Inc., resulting in the company covering all major facets of the entertainment industry.
For the latest SEC filings or past news releases, go to the company's web site at http://www.obnholdings.com and click on the Media heading.
OBN Holdings, Inc.: 8275 South Eastern Avenue, Suite 200, Las Vegas, Nevada 89123. (702) 435-0544
This press release does not constitute an offer to sell or the solicitation of any offer to buy any securities of OBN Holdings, Inc., nor shall there be any sale of any such security in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Forward looking statements: This press release and other statements by OBN Holdings may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for earnings and revenues, other future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "believe", "expect", "estimate", "potential", or future/conditional verbs such as "will", "should" and "could".
KEYWORD: NORTH AMERICA AFRICA/MIDDLE EAST NEVADA UNITED ARAB EMIRATES UNITED STATES INDUSTRY KEYWORD: ENTERTAINMENT MUSIC TV AND RADIO TECHNOLOGY HARDWARE TELECOMMUNICATIONS CONTRACT/AGREEMENT SOURCE: OBN Holdings, Inc.
CONTACT INFORMATION: Magellan Financial Media Group Alex Lewis, 317-867-2839
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NatureWell, Incorporated Launches Trade Publication Advertising Campaign PR Newswire - August 22, 2006 9:01 AM (EDT)
SAN DIEGO, Aug 22, 2006 /PRNewswire-FirstCall via COMTEX/ -- NatureWell, Incorporated (the "Company") (OTC Bulletin Board: NAWL), announced today it has begun full-page advertising in two trade publications, Dynamic Chiropractic and Naturopathy Digest, targeting Doctors of Chiropractic (DC's) and Naturopathic Physicians (NP's), respectively.
Dynamic Chiropractic is the most widely distributed, frequently read and has been selected as the publication of choice for the chiropractic community (source: Readex, Inc.). It is delivered 26 times per year to a circulation of over 60,000 DC's, reaching 90% of licensed Chiropractors nationwide. Naturopathy Digest reaches its circulation of over 4,300 NP's nationwide and in Canada. The Company's advertisements are available for viewing by visiting www.naturewell.com/advertising/.
Commenting on the advertising campaign, NatureWell's Chairman and CEO, James R. Arabia, stated; "The launch of this advertising campaign not only increases our visibility within these two targeted healthcare fields, but reinforces the MigraSpray brand as we continue to exhibit at DC and ND conferences and focus on building accounts nationwide. At this early stage of our targeted advertising and conference campaign, we are very encouraged by the preliminary results."
About NatureWell, Incorporated:
NatureWell, Incorporated (www.naturewell.com) is an emerging company engaged in the development, marketing and licensing of unique, proprietary healthcare products. The Company currently markets its flagship product MigraSpray (www.migraspray.com), a patented, over-the-counter, homeopathic drug intended to be a comprehensive approach for the treatment and prevention of migraine headaches.
Statements made in this news release should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are based on management's beliefs and assumptions regarding information currently available, and are made pursuant to the "safe harbor" provisions of the federal securities laws. The Company's actual performance and results could differ materially from those expressed in the forward-looking statements due to certain risks and uncertainties that could materially impact the Company in an adverse fashion and are only predictions of future results, and there can be no assurance that the Company's actual results will not materially differ from those anticipated in these forward-looking statements. Such risks and uncertainties, include, but are not limited to, the Company's ability to secure adequate financing, the Company's ability to ship its products in a timely fashion, volume and timing of orders received, interruption of the manufacturing or distribution of the Company's products or of the supplies or ingredients used to manufacture the Company's products, the effectiveness of the Company's products and consumer perception as to the effectiveness of the products, competitive pricing pressures and the Company's ability to anticipate changes in the market. The Company has no obligation to publicly update or revise any of the forward-looking statements that may be in this news release.
SOURCE NatureWell, Incorporated
Investor Relations, MicroStockProfit.com, +1-800-277-9081, for NatureWell, Incorporated; or James R. Arabia, Chairman and CEO of NatureWell, Incorporated, +1-800-454-6790
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QTII (.13) Reports on Progress Pursuing Growing Opportunity for Its Mine-Safety Solution
VANCOUVER, BC -- (MARKET WIRE) -- 08/22/06 -- QuadTech International, Inc. (OTCBB: QTII) (FRANKFURT: QI9), a global provider of leading-edge technology solutions for the mining industry, today reported on the company's progress pursuing growing opportunity for its breakthrough mine-safety solution in the $1.3 trillion mining industry. QuadTech has identified significant potential for adoption of its iPMine wireless communication solution among mining companies in China and the United States, successfully demonstrated the product's effectiveness at China's seventh largest coal mining operation, established distribution discussions with Shanghai Sendy Automation Technologies, launched a Chinese-language website, established a technical advisory board led by a respected technology visionary, and begun trading internationally on the Frankfurt Stock Exchange.
QuadTech's iPMine is a real time, 2-way wireless communications solution to track, monitor, and communicate with miners and equipment under and above ground. A miner's location information is collected and displayed in real time on viewing monitoring stations against a background of the mine's terrain map. iPMine's software and hardware components operate together to form an inter-connected safety net that can help mining operators predict disasters, manage hazards and dispatch rescue workers.
QuadTech is targeting the global metals and mining industry which generated $1.3 trillion in revenue last year and has expanded 118% since 2001. The company has identified major potential for its mine-safety solution in China, where 80% of the world's coal mining accidents have occurred. The Chinese mining industry grew 26.7% to $352.1 billion last year. However, an escalation in tragic, highly visible mining accidents is drawing international attention and prompting the government to take action. On July 15th, 89 miners lost their lives in three separate accidents in Chinese mines, with an explosion at the Linjiazhuang coal mine marking the third accident of escalating magnitude in as many months. Last year the Chinese State Administration of Work Safety mandated $6.3 billion to be spent over three years to improve safety at all state-owned mines. The government is also offering mining enterprises a 15 percent tax credit incentive to upgrade mine safety technologies.
In June QuadTech successfully demonstrated iPMine's capabilities to the seventh largest coal mining operation in China, state-owned Shanxi Jincheng Anthracite Coal Mining Group. The product demonstration was conducted at 540 feet below ground in one of Jincheng's six large-scale mines, the Phoenix mine located in Jincheng City, Shanxi Province, with approximately 6,000 miners.
The trip and onsite demonstration were hosted by Shanghai Sendy Automation Technologies (Sendy), a subsidiary of Jincheng. QuadTech is in discussions with Sendy to conclude an agreement that will allow Sendy to sell iPMine to Jincheng's six existing mines and two new mines projected to be in full production over the next 18 months. Sendy's customer base includes more than 1,000 customers, most of them state-owned mining operations that have expressed interest in deploying iPMine.
QuadTech is also working to penetrate the US mining market where 19 miners lost their lives between January and May of this year. A national outcry after January 2nd's underground explosion in the Sago Mine in West Virginia spurred the US Department of Labor to enact legislation to improve mine safety. Signed into law in June, the MINER Act requires wireless two-way communications and electronic tracking systems, such as QuadTech's iPMine, in all US mines within 3 years, among other mandatory safety provisions. The company is focusing on significant opportunities with several potential customers in the US.
The company has appointed Benjamin Moglin to chair QuadTech's newly formed technical advisory board and oversee the implementation of its scientific research and experimental development protocols. A highly regarded visionary and inventor of emerging technologies, Moglin brings more than a decade of experience in scientific R&D with extensive international experience in intellectual property creation, protection and commercialization. Prior to joining QuadTech, he performed in innovative think tanks and product collaboration for Intel, Phillips and GE, and collaborated in core technology integration with AMD, Hewlett-Packard and Asia Telecom.
As part of its international marketing activities, QuadTech has launched a Chinese language version of its web site. The site communicates iPMine's unique capabilities and benefits, provides general information about QuadTech's Chinese distributors and related sales activity and can be accessed at http://www.quadtechint.cn
In addition, QuadTech has begun trading on the Frankfurt Stock Exchange, the world's third largest securities exchange. Listing on the exchange enables the company to communicate its value and growth to the international investment community and gain access to global capital markets.
QuadTech CEO John Meier commented: "The mining industry is experiencing rapid growth worldwide. The downside of this accelerated growth is a marked increase in mining accidents. As mines and miners are pushed to the limits, high visibility mining tragedies are forcing government agencies to take action, mandating safety measures and allocating funds for safety solutions like ours. iPMine offers proven, highly advanced technology to enable mine operators to track, monitor and communicate with miners and equipment in real time. We are thrilled with the progress QuadTech has made to date and excited to pursue the tremendous opportunities for growth we see before us."
Mr. Meier continued, "QuadTech is a company dedicated to sourcing and commercializing leading edge technology solutions. In addition to our work in the mining industry we are engaged in acquiring additional technologies that we feel can gain significant market share in their respective industries. We have identified an excellent opportunity to diversify our range of offerings and promote growth and increased value for shareholders and we look forward to bringing our efforts to fruition."
About QuadTech International, Inc.
QuadTech International, Inc. is a global provider of leading-edge Internet and IP-based technology solutions. It owns the exclusive worldwide sales and marketing rights for iPMine and is working to create value for shareholders by establishing iPMine as the world's leading mine-safety product. QuadTech also develops partnerships and acquires control in high-growth, small to medium sized companies and solutions that support its technology driven business focus. For more information, please visit http://www.quadtechint.com.
Safe Harbor
This press release includes forward-looking statements that involve risks and uncertainties, including but not limited to, product delivery, the management of growth, market acceptance of certain products and other risks. These forward-looking statements are made in reliance on the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect QuadTech International, Inc. future results, please contact the Company directly. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially from management expectations.
Contact: Panascope Capital 818-882-7722
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CCMI (.0166) on Target to Increase Revenues by 400% Over the Next Twelve Months
HOUSTON, TX -- (MARKET WIRE) -- 08/22/06 -- Complete Care Medical, Inc. (PINKSHEETS: CCMI) expects revenues to increase substantially over the next twelve months.
"During the past several months our primary focus has been on building an experienced management team, strategic manufacturer relationships, a solid infrastructure and a sound advertising and marketing program in order to launch new divisions and expand our existing lines of business. Having accomplished our goals in these key areas, we are ready to focus on growing our revenues. Our goal over the next 12 months is to increase revenues to $5 Million," said J.P. Monteverde, CEO of Complete Care Medical.
"Based on the essential elements we currently have in place utilizing our experience and market tests, I believe we can far exceed our revenue goals. I have a great deal of experience in the healthcare industry and helped lead one of the most explosive growth phases in this market, and I am confident in CCMI emerging as a leader in this industry," said Michael Mahoney, COO of Complete Care Medical.
Complete Care Medical, Inc. is goal-oriented to provide cost-effective direct-to-consumer medical products and services that maximize revenue opportunities for its partners and shareholders. The company is currently working on launching new divisions designated to deal with disease-specific illnesses in South America.
About Complete Care Medical Inc.
Through its subsidiaries, Complete Care Medical, Inc. provides patients in all 50 states with lower cost alternatives for disease management, medical supplies and prescription pharmaceuticals. In addition, Complete Care Medical's discount services and medication program offers healthcare payers, healthcare providers, healthcare professionals and patients with easy access to utilization and compliance data in order to improve patient outcomes and improve quality of life. Website: http://www.ccmedicalinc.com
Forward-Looking Statements: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties.
All information in this release is as of the date of this release. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
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DNAPrint Genomics Announces Strategic Alliance With NeoCodex Tuesday August 22, 7:00 am ET
Company Will Provide DNA Sample Testing for Theranostic Research on Ovarian Cancer
SARASOTA, FL--(MARKET WIRE)--Aug 22, 2006 -- DNAPrint Genomics, Inc. (OTC BB:DNAG.OB - News) today announced that it has signed a strategic alliance agreement with NeoCodex, Inc., of Sevilla, Spain, to provide DNA sampling for ongoing research into theranostic test/drug treatments for ovarian cancer.
ADVERTISEMENT Under the terms of the agreement, NeoCodex business units in Spain and in the United States will gather DNA samples that will be tested by DNAPrint Genomics for research into the effectiveness of certain treatments for ovarian cancer involving combinatorial treatments of Taxotere®, Taxol®, Carboplatin, and Cisplatin.
DNAPrint technologies will apply its Admixture Mapping (ADMIX) process to identify appropriate Ancestry Informative Markers (AIMs) within the targeted population to identify genes of further interest, based on the drug response data provided by NeoCodex.
"We are extremely pleased to collaborate with NeoCodex on this important research," stated DNAPrint President and Chief Executive Officer Richard Gabriel. "A crucial element of any chemotherapy regimen is identifying immediately the combinations of drugs that will put the cancer into remission. We are confident that our tests, which use specific DNA markers to anticipate the effectiveness of particular drugs on a patient, when fully developed and offered to the market, will establish a world standard for theranostic testing and help alleviate the suffering of cancer patients worldwide."
About NeoCodex, Inc.
NeoCodex SL is a biomedical and genomic research 'total solutions provider,' focused on understanding the molecular and genetic basis of human disease, and on employing novel methodologies for the continued improvement of current genetic analysis techniques. Additionally equipped to provide a wide-range of DNA specimens from internally-maintained biological repositories and from prospective collections, NeoCodex remains a leader in the research and support service arenas. For further information, contact Kathleen Bem at 317-727-5962.
About DNAPrint Genomics, Inc.
DNAPrint Genomics, Inc. (www.dnaprint.com) is a developer of genomics-based products and services in two primary markets: biomedical and forensics. DNAPrint Pharmaceuticals, Inc., a wholly owned subsidiary, develops diagnostic tests and theranostic products (drug/test combinations) using the Company's proprietary ancestry-informed genetic marker studies combined with proprietary computational modeling technology. Computational Biology and Pharmacogenomics services are also offered externally to biopharmaceutical companies. The Company's first theranostic product is PT-401, a "Super EPO" (erythropoietin) dimer protein drug for treatment of anemia in renal dialysis patients (with end stage renal disease). Preclinical and clinical development of all the Company's drug candidates will benefit from simulated pre-trials to design actual trials better and are targeted to patients with genetic profiles indicating their propensity to have the best clinical responses. DNAPrint is proud of its continued dedication to developing and supplying new technological advances in law enforcement and consumer ancestry heritage interests. Please refer to www.dnaprint.com for information on law enforcement and consumer applications which include DNAWITNESS(TM), RETINOME(TM), ANCESTRYbyDNA(TM) and EURO-DNA(TM). DNAWitness-Y and DNAWitness-Mito are two tests offered by the Company. The results from these tests may be used as identification tools when a DNA sample is deteriorated or compromised or other DNA testing fails to yield acceptable results.
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, uncertainties relating to technologies, product development, manufacturing, market acceptance, cost and pricing of DNAPrint's products, dependence on collaborations and partners, regulatory approvals, competition, intellectual property of others, and patent protection and litigation. DNAPrint Genomics, Inc. expressly disclaims any obligation or undertaking, except as may be required by applicable law or regulation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in DNAPrint's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based.
Contact:
Company Contact:
Richard Gabriel CEO and President 941 366-3400
or
Ron Stabiner The Wall Street Group, Inc. 212-888-4848
Source: DNAPrint Genomics, Inc.
-------------------- Rule 1: Always Protect Your Capital Rule 2: Earn slow, Don't lose fast
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NMKT (.314) Reviews $34.2 Million YTD Profitable Revenue and 2006 Annual Revenue Forecast Increase to 40% over 2005 in Shareholder Audio Webcast Business Editors / Technology Writers
DALLAS--(BUSINESS WIRE)--Aug. 22, 2006--
Company Chief Financial Officer, Philip J. Rauch, Reviews Ongoing
Operations and Financial Outlook
NewMarket Technology, Inc. (OTCBB:NMKT) conducted an audio webcast on Monday, August 21, 2006, at 4:30 p.m. EDT to review the second quarter financial results and address pre-submitted shareholder inquiries. The Company recently reported $34.2 million in revenue for the first six months of 2006 with over $1 million in net income after foreign currency translation. As a result of the improving financial outlook for 2006, NewMarket has increased its 2006 annual revenue forecast to $70 million, a forty percent (40%) increase over 2005. The Company's Chief Financial Officer, Philip J. Rauch, reviewed ongoing operational revisions to consolidate and reinforce the Company's foundation to support continued rapid growth.
Mr. Rauch also announced the Company's recent recognition as number 1 on the 2006 Titan Fast 50, a ranking of the 50 fastest growing technology companies in North Texas sponsored by the Metroplex Technology Business Council and Deloitte. NewMarket anticipates a strong showing in the Deloitte Technology Fast 500 rankings for all of North America expected to be released in the near future.
The audio webcast of the review of ongoing operations and second quarter financial results is available on the Company's website at http://www.newmarkettechnology.com.
About NewMarket Technology Inc. (http://www.newmarkettechnology.com)
NewMarket has combined a traditional systems integration and support services capacity with a specialized asset-based approach to assisting its clients with the delicate balance between maintaining legacy systems and gaining a competitive edge from the latest technology innovations. NewMarket provides certified integration and maintenance services to support the prevailing industry standard solutions. Concurrently, NewMarket continuously seeks to acquire undiscovered emerging technology assets to incorporate into an overall product portfolio carefully packaged to complement the prevailing industry standard solutions. NewMarket ranked Number 13 on the 2005 Deloitte Technology Fast 500, a ranking of the 500 fastest growing technology companies in North America. The Company has achieved three years of rapid, profitable growth from $2.3 million in revenue in 2003 to over $50 million in 2005.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause NewMarket's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.
-------------------- The difference between genius and stupidity is that genius has its limits
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