MPIDs MPID Name Location Code Location Telephone EFGI EMPIRE FINANCIAL GROUP, INC. LONGWOOD FL 407-774-1334 800-579-8100 NEW YORK, NY 212-355-4849 NEW JERSEY 201-445-1007 BOCA RATON, FL 561-544-0250
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The more the merrier. Actually, it would be hard for MM's to stay away with all the hype on this company. They know they can make millions off the trading here.
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FARMINGTON HILLS, Mich., Jul 23, 2007 (BUSINESS WIRE) --
Eternal Image, Inc. (OTC:ETIM.PK), a public company engaged in the design, manufacturing and marketing of licensed image brand name caskets and urns, today announced it has arranged for private placement funding from a New York based private investment firm. "The infusion of more than $1.2 million means we can accelerate our production and fill a growing backlog of orders, and we can continue to work to add new licenses to our roster," said Clint Mytych, CEO Eternal Image. "In addition, we will now be able to meet the next phase of forecasted demand." This investment partnership will prevent a future upset in control of the company. Eternal Image management reports that they have already fielded calls from competitors and investment firms. The Company's legal counsel and SEC advisory counsel strongly suggested reorganizing the current share structure to simultaneously accommodate this funding and protect the Company from a hostile takeover. "Under the current share structure, Eternal Image management controls less than 20% of the total Authorized Shares and the Company as a result is incredibly vulnerable," says Jim Parliament, CFO of Eternal Image. "The Company needs to increase its total Authorized Shares to provide enough Preferred Voting Stock to prevent any unwanted aggressive and predatory action in the open market against the Company," Jim went on to say. The transaction will raise the authorized share level to 5.8 billion from 2.74 billion. Approximately two billion of the newly created stock is Restricted Preferred Voting Stock. This is not counted against the Total Outstanding Shares, and is registered as such that it only comes into play during a hostile takeover or buyout attempt. Much of the remaining shares will be distributed as Restricted stock to the investment firm responsible for this funding, as well as other Eternal Image managers who comprise the Company-held majority. "This private placement investment is timed to help Eternal Image reach self-sufficiency as we begin the process of positioning the company to move to the OTC BB," Clint Mytych continued. "The time to set aside this block of Preferred Voting Stock is now, and Eternal Image is adequately protected to thwart any hostile market activity that may be taken against it." In related news, the company continues to work toward the completion of its financial audit. According to Parliament, the process has included a regular flow of information back-and-forth between the company, its accounting firm and the audit firm. "As anyone who has ever been through an audit knows, it is a process of questions and answers, and it just takes as long as it takes. Everyone's first concern is accuracy. We expect it to conclude shortly." Eternal Image plans to announce the results of the audit by news release and post documentation on its website, , within 24 hours of receipt. About Eternal Image Eternal Image, founded in 2002, is headquartered in Farmington Hills, MI. The company is the first and leading manufacturer and marketer of licensed image funerary products. Currently, the company offers urns and caskets that feature licensed images from Major League Baseball(TM), Precious Moments(R) and the Vatican Library Collection(TM), as well as pet urns featuring the American Kennel Club(TM) and the Cat Fanciers' Association(TM). For more information about EI, visit or call 1-888-6-CASKET
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Eeek. I keep looking for a reason to get into this one, but things keep pushing me away.
Here's the math on the numbers from that PR.
2.74billion shares Authorized, and the need to increase it most likely means (and this is an assumption on my part) that they have diluted up to the limit and since they own 20% of the O/S, that means that the float is about 2.2billion. They increased (or will be increasing) the A/S by 3 billion, and about 2billion of that will be restricted. that means they're still leaving themselves with a full billion by which to dilute.
One other thing that I just thought of while typing taht last sentence is, if they only own 20% of the O/S, how would they get enough votes to raise the A/S? I'm not an expert on things like this, but wouldn't they need 50%+ to vote for the increase or the proposal would die?
I think I'm misundertanding something.
Oh, and fenway, this shouldn't have anything to do with the A/Fs since the transaction has been "arranged" but I don't think it has been finalized, which would mean it wouldn't go into any of the historical financial statements tah are being prepared right now.
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I don't see this as positive either. If by chance the OS raises it also means your sales have to increase to validate a reasonable market cap. This could in fact decrease the pps. especially since we have yet to see a financail report. I hate to be negative as I own this too however unless I misunderstand this I see downside from here.
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Approximately two billion of the newly created stock is Restricted Preferred Voting Stock. This is not counted against the Total Outstanding Shares, and is registered as such that it only comes into play during a hostile takeover or buyout attempt.
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Out of the 2.5+/- Billion new shares 2 billion are restricted and a majority of the rest are to pay the company arranging the financing. A very small percentage will be tossed back into the float.
That was my understanding of this. Now, on the other hand we are getting 1.2 million added as cash on our balance statement.
and why is this bad...lets see, no interest as in a loan, we get CASH, company is protected,
Still searching for bad. Oh, maybe irrational exuberant on shareholders part. LOL
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I noticed some keen wording on this particularly "private placement funding"-definintion:
Raising of capital via private rather than public placement. The result is the sale of securities to a relatively small number of investors. Investors involved in private placements are usually large banks, mutual funds, insurance companies, and pension funds.
Since a private placement is offered to a few, select individuals, the placement does not have to be registered with the Securities and Exchange Commission. In many cases detailed financial information is not disclosed and a the need for a prospectus is waived. Finally since the placements are private rather than public, the average investor is only made aware of the placement usually after it has occurred.
-------------------- Don't fall in love with a stock!
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Tex, I was abouth *this* close to specifically calling for your take on this. What's your gut? Mine is pipe=bad news, but would like to hear your opinion.
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I agree Tex...not enough info from the company...why??? I haven't held any of this for quite some time, and for now, I believe I will keep it that way...It just doesn't smell good to me...
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If I had some free cash I'd throw some more at ETIM now. I think it may drop a bit as a lot of the short termers are getting scared due to their own lack of knowledge of the company.
I've been in this for a few months now but have done enough research to feel comfortable in the long and short term. This penny stock is on it's way higher long term and the next few days will only be bumps in the road.
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quote:Originally posted by Stockstar69: If I had some free cash I'd throw some more at ETIM now. I think it may drop a bit as a lot of the short termers are getting scared due to their own lack of knowledge of the company.
I've been in this for a few months now but have done enough research to feel comfortable in the long and short term. This penny stock is on it's way higher long term and the next few days will only be bumps in the road.
quote:Originally posted by T e x: don't think we know the kind of financing...
on the one hand, they Pr'd it...didn't have to, cuz is a pink, therefore 8-k not mandatory.
I like that about these guys...
They have always been up-front about what's going on within the company even when they knew the news could possibly hurt them.
When they needed money for start up costs they diluted and pr-ed that as well, explaining what the money was needed for. Most companies do it and then lie about it.
As you said, "It's a pink, they didn't have to tell us, and no 8-k was needed". I for one appreciate the honesty.
Do we need to know more details about it?, definitely...
-------------------- ~You aren't wealthy until you have something money can't buy.~
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Wit, I agree with you about that. One could say they are significantly "nicer" than most pinks, but until they start making shareholders some money, it's not all that helpful.
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By the way, that PR was not THAT bad, IMO to warrant a 25% haircut. I'm actually thinking of getting in now, if I can catch a bottom.
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Yeah wit, you'd fit right in. Although you forgot. "Oh man, those guys will be sorry. This will close green! To the moon! They'll be chasing later!"
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LOL,....yeah,..I was reading there this morning and according to them,....now that everyone sold, they're going to be releasing the AF's today to 'throw them all off'.....
Tell me that's not 'wishful thinking'....
-------------------- ~You aren't wealthy until you have something money can't buy.~
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BY the way, I did get in for a bunch at .0039 and .0040. I could see this getting back to .0044 today and higher in the future, IF IF IF, they really do release AFs at some point.
Like I said, the news wasn't terrible, but some people yesterday on IHUB were predicting a close today of .0065+ based on the news. They obviously didn't understand it, but the people who were selling at .0035 probably didn't either. Should have taken a small hit, and so .0040-.0044 seems like a reasonable price for today, IMO.
BY the way, for future refence, be very wary of the people who claim taht they would be adding more but they don't have any more money. Logically, if these people knew what the hell they were doing, they wouldnt' be running out of money so often. Apologies in advance to anyone who says that kinds of thing, but I've yet to meet someone that I truly think is a good trader that has ever been maxed out. And for the record, I've been maxed out a few times, but it's been a while. I'm learning....
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