posted
Man, I sure hope all this news this past week just wasnt a PR wave to flood the market with more shares. WAY too much volume to not have any change in price. I'm in big, but dont want to be stuck putting these bags over in the corner of my room with the past bags that have burned me.
Posts: 678 | From: Boise, Idaho | Registered: Nov 2005
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posted
This is great news...if this thing does anything near what ICE did then I think this will be the life changer of the century for those lucky enough get in on the ground floor!
Posts: 54 | From: Columbus, OH-IO!! | Registered: Jan 2007
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-------------------- Flip stocks. Never invest in them. Take your profits. All is my opinion. Do your own DD. Posts: 948 | Registered: Aug 2005
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posted
i am new.... I've purchased 3.1Mil at .0004 .. how stupid.... i could have gotten at .0001 ..well it happens when ur new...now let see how high this thing will go.
-------------------- Flip stocks. Never invest in them. Take your profits. All is my opinion. Do your own DD. Posts: 948 | Registered: Aug 2005
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quote:Originally posted by Romeo: i am new.... I've purchased 3.1Mil at .0004 .. how stupid.... i could have gotten at .0001 ..well it happens when ur new...now let see how high this thing will go.
only like one or two people bought at .0001. It was almost impossible.
Posts: 567 | Registered: Jan 2006
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Posted by: stervc In reply to: None Date:2/3/2007 5:18:24 AM Post #of 6496
Concerning the CUSIP# Change...
I called the CUSIP Service Bureau at 212-438-6565 and spoke to a few people. The last guy I spoke to was a guy by the name of Vinnie. I am trying to get back into the swing of things with investing/trading so please verify anything I post for your own acceptance now and forever. The above phone number I got from the link below:
Vinnie informed me that a CUSIP change "usually" comes with a name change, but not always. He stated that a name change will "always" come with a CUSIP# change though. He told me that the “name change” and the “CUSIP# change” starts with the company's Transfer Agent (TA) coordinating electronically with the CUSIP Service Bureau by linking the company’s name and address. Then the CUSIP Service Bureau Coordinates with the Depository Trust Company (DTC).
The DTC will serve as the overseer to coordinate with whomever as deemed necessary. Sometimes the TA will coordinate with the DTC too for certain confirmations or transactions as deemed necessary. The DTC makes sure there is proper share accountability for proper dissemination into our brokerage accounts. This is all done electronically.
After the company/TA receives their new CUSIP# from the CUSIP Service Bureau, the company/TA (& legal team) then coordinates with the NASDAQ and SEC for the already coordinated amount of shares as the new inventory. The company/TA will then coordinate with the DTC to confirm the amount of shares and other key info.
After accountability is confirmed by the DTC, the DTC then authorizes the brokerage companies to change all old CUSIP numbers to the new CUSIP numbers electronically within our brokerage accounts. A CUSIP# change is not enough from what most believe throughout the investing/trading community to force a covering of a naked shorted position in my opinion.
Personally, I think some companies don’t fully understand why it is important to do a “name change” and “CUSIP# change” if you are trying to force a covering of a naked shorted company. A ticker change wouldn’t hurt either although the guy informed me that he is not knowledgeable about ticker changes as that coordination goes through the NASDAQ and SEC with the company’s legal team.
Vinnie, from the CUSIP Service Bureau, explained it to me as when stock 1234 changes its name and CUSP# to stock 5678, the shares of stock 5678 are given to them electronically by the TA to replace stock 1234. This is the key transaction. If only a CUSIP# change transpires then a lesser type of accountability takes place. The name change matching the address of the company is what actually forces an exchange of the "old inventory" of shares to the "new inventory" of shares. Without the name change, there is NOT a “movement of shares” from the TA that takes place.
Only one phase of the accountability process is required to take place to verify accountability when only a CUSIP# change transpires because of the lack of not having a creation of the "new inventory" of shares by the company/TA. Therefore no movement of shares takes place. This is a simple misunderstanding by many companies, but if not considered, it could be the difference for any type of forced covering of any naked shorted positions.
If there is NO DILUTION, a covering of the naked shorted positions should take place due to what's revealed during the accountability process between the DTC after getting the “new inventory” of shares from the CUSIP Service Bureau if there is not only a CUSIP# change, but a name change too.
Because of the CUSIP# change, the MMs will be required to account for each of the old shares with the new shares. Because of the name change, it’s important because it forces the DTC to play a more finite role by not only accounting for the old shares to equal the new shares electronically, but forces them to match a “new inventory” of shares that have been given to them from the CUSIP Service Bureau as the new official/approved inventory by way of the shares given from the company/TA.
Hopefully this information helps investors/traders to have a better understand as to the importance of not just a CUSIP# change, but a name change too.
v/r Sterling
-------------------- All I say is IMHO.
I like these calm little moments before the storm... Reminds me of Bethoven Posts: 3255 | From: Orlando, FL | Registered: Mar 2006
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posted
Well it looks like we are going to have a test site for the Forex market. No one is really posting here anymore huh...I think the late February date for the new test site and the implementation of the live site is going to generate great revenue for the company! Hopefully the MM's will finally recognize this comapany and let it run and let everyone have a fun weekend in vegas together. Lets get some more talking about this thing...volume has been lagging the past few days.
Posts: 54 | From: Columbus, OH-IO!! | Registered: Jan 2007
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posted
No I dont think much has changed. If anything things are going to start growing. We just got in early and are now playing the waiting game.
Posts: 54 | From: Columbus, OH-IO!! | Registered: Jan 2007
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posted
I am thinking in about a month or so. Once the Test forex site goes live and they start generating revenues I think this will sky rocket. There is an earlier post that shows a Forex company that is publicly traded that is currently trading around the $130's. If this thing gets even to a 10 or 20 cents a share we all can celebrate...If the revenues are big enough and this gets anywhere near the 5 or 10 dollar mark...we just hit the lottery. We should be hearing more from them soon. It seems the new ceo like to post info about the company.
Posts: 54 | From: Columbus, OH-IO!! | Registered: Jan 2007
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quote:Originally posted by Tre: I am thinking in about a month or so. Once the Test forex site goes live and they start generating revenues I think this will sky rocket. There is an earlier post that shows a Forex company that is publicly traded that is currently trading around the $130's. If this thing gets even to a 10 or 20 cents a share we all can celebrate...If the revenues are big enough and this gets anywhere near the 5 or 10 dollar mark...we just hit the lottery. We should be hearing more from them soon. It seems the new ceo like to post info about the company.
Per IHUB board a PR is due out from President this week. I'm in long at .0002 hoping to see .01 someday!
Posts: 30 | From: Kentucky | Registered: Jul 2006
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Cash Now (CHNW) Begins Search For A Full Service Forex Broker - Dealer Firm Thursday February 8, 5:00 am ET
LAS VEGAS, NV, Feb. 8 /PRNewswire-FirstCall/ - Cash Now Corporation (CHNW.PK) www.cashnow.com (Cash Now) Cash Now is a public company engaged in the operation and licensing of a comprehensive suite of Internet based payday loan and check cashing software and private label back end office systems. ADVERTISEMENT
Additionally, the Company is in the late developmental stage of offering an innovative Retail Forex trading platform through a previously announced Introducing Broker (IB) agreement with Advanced Markets, Inc.
The company today announced that it has retained an agent to assist in locating a suitable full service broker dealer agency for acquisition, together with various posted listings of "businesses wanted" sections on various Internet based business directories. This will allow the Company to bring these important capabilities in-house and provide greater vertical integration to maximize revenue streams from this high growth opportunity.
Mr. Richard Sciacchetano, Cash Now's advisor and project manager of the Forex product advised that "Cash Now is currently on track to complete the test site of the FOREX Introductory Broker site by the end of February 2007. Our webmasters are hard at work completing this task, and we expect to be in receipt of the good source codes from our supporting broker dealer firm that will link the Cash Now Forex site into the firms secure back office, that will service the clients FOREX needs."
Cash Now Background
Cash Now Corporation, a pioneer in the payday loan industry, is developing the most comprehensive menu of services in the cash advance industry, all centered on the Internet model. The company's proven business model includes licensing to corporately operated locations across the U.S., Canada, and Australia. Additionally, the company is in the developmental stage of a FOREX Introducing Broker (IB) platform. Cash Now's Web site is the most advanced payday-lending portal, offering key insight to clients and potential clients alike. Cash Now offers a payday loan license program, Payday Express; and a payday loan and check cashing license known as Check Express, and the industry first real time booking engine. The company plans to continue offering both of the FOREX and the sub prime product lines simultaneously.
Safe Harbor Statement
Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of Cash Now's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Cash Now's periodic reports filed with the regulatory authorities.
-------------------------------------------------------------------------------- Source: Cash Now Corporation
Posts: 157 | From: pa, usa | Registered: Oct 2006
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posted
Now that is the kind of news that we need! I think this is going to be a big gainerby the summer! Wasn't there one of these last year that everyone made a ton of money on?
Posts: 54 | From: Columbus, OH-IO!! | Registered: Jan 2007
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posted
I agree! I think will end up a monster in a few months once they start reporting huge profits from this site. Hopefully the marketing team will be able to get customers to the site.
quote:Originally posted by fryyguyy: Great news!!!! New Management is really working hard for us.
posted
Yep. This has been bouncing for the past week between .0002 and .0003. What do you think its going to take to get it up to .0004 and beyond. I mean have had good news a lot lately and nothing has moved this thing. I guess we need to see actual dollars and cents to get this to move.
Posts: 54 | From: Columbus, OH-IO!! | Registered: Jan 2007
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posted
Here's a post from a respected poster over at IH:
Posted by: strongus2006 In reply to: rigmedic who wrote msg# 7328 Date:2/9/2007 12:01:02 AM
CHNW : Great news on short position!! I took up ********** subscription and ran the SHORT POSITION report for CHNW..The short volume for Jan ALONE is above 300 million shares..For Feb it is already above 108 million shares..I don't want to put out the whole report coz I may run into trouble... "
It seems hes a pretty reliable and honest guy. I know some people don't believe all that ********** stuff....but most people, including myself, believe this stock has been heavily shorted and if that short report is even remotely accurate, then bigger things are coming then I orignally thought
Posts: 596 | From: New Jersey | Registered: Apr 2006
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posted
Okay guys, I just have to chime in here because I think there are some crazy thoughts going on on this thread.
1) buy ins . net is full of it. Think about it. Any stock you'll ever put in there has anumber of shares shorted for recnt and current months, but I've never seen one where the number of shares shorted was negative. So that means one of two thing. Eitehr they're saying that no stock ever has a SINGLE MONTH where more shorts were covered than created, or it's a cumulative number, not an additive one.
2) Even if there is this 300,000,000 short position, that's like $100,000. They could cover that in one day, and I'm willing to bet that the price STILL wouldn't go above the .0003/.0004 range that it's in now.
3) What would make them cover anyway, even if there WAS a huge short? The cusip/name change thing is false. Look at how many companies have changed names and CUSIP numbers that didn't do anythign to share price. Just think about it logically. Why would they cover? They'd just be short the new company instead of the old one.
4) Do any of you know what a forex introductory broker is? How much revenue is this anticipated to bring them?
5) Cashnow is a payday loan and check cashing service. In other words, they're one of those shady stores that you see in cities that loan like $500 to people and charge 1000%+ annual interest. And yet suddenyl they're going to be getting huge revenue streams from Forex trading?
6) The comparison to ICE is nonsensical. Go to their website to read about them: https://www.theice.com/businesses.jhtml Then tell me how a check cashing company is going to suddenly compete with them if they were trying to.
7) They're not trying to compete with Ice. Read this link on Introductory Brokers: http://*************.com/?Introductory-Forex-Brokers&id=353193 Sounds to me like it could be a few different things. It could be a "middle man" that gets clients to full service brokers. It could be a platform for Forex traders. It is certainly not like ICE, which seems to be more like a market maker than a broker.
Hopefully I didn't come off as too cranky, but it's late and I'm exhausted. I just felt like people were getting WAY to carried away with this, talking about .10 or .20 cents. Too many newbies read that stuff and think, "Man, if it only gets like 10% of that, that's still like 5000% gain from here, it's a no brainer!"
Just remember, it's a pink sheet company for a reason, and it's trading at .0003 for a reason.
Play the momentum if it comes, but holding this long term with the hopes that this is going to penny-land is just BEGGING to be a bagholder who ends up selling at .0001, or worse, later.
As a caveat, like I said, I'm exhausted right now, so it's not out of the realm of possibility that I made some mistakes in my post, so feel free to point them out to me if you so desire. I'll admit if I screwed somethign up.
G'night, and good luck.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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Cash Now (CHNW) CEO Garr Winters Interviewed by WallSt.Net Reporter Friday February 9, 5:00 am ET
LAS VEGAS, Feb. 9 /PRNewswire-FirstCall/ - Cash Now Corporation (CHNW.PK) www.cashnow.com (Cash Now) Cash Now is a public company engaged in the operation and licensing of a comprehensive suite of Internet-based payday loan and check-cashing software and private label back end office systems. Additionally, the Company is in the late developmental stage of offering an innovative Retail Forex trading platform. ADVERTISEMENT
The company today announced that its CEO Garr Winters was interviewed by a WallSt.Net Reporter, yesterday late afternoon. Mr. Winters said, "We're moving forward very quickly entering the Forex trading space, with a novel approach designed to meet the needs of the mid-market traders. These traders don't need to be coached on how to trade. They simply want the best deal on their trades, executed in real time and without slippage. The interview with WallSt.net should be very helpful explaining this innovative approach to our shareholders, and those who are following our stock." The full interview will be posted on the WallSt.net web site. The company has also requested a copy of the interview in digital format as well which it hopes to profile in its own Virtual Town Hall forum, currently under development.
Cash Now Background
Cash Now Corporation, a pioneer in the payday loan industry, is developing the most comprehensive menu of services in the cash advance industry, all centered on the Internet model. The company's proven business model includes licensing to corporately operate locations across the U.S., Canada, and Australia. Additionally, the company is in the developmental stage of a FOREX Introducing Broker (IB) platform. Cash Now's Web site is the most advanced payday-lending portal, offering key insight to clients and potential clients alike. Cash Now offers a payday loan license program, Payday Express; and a payday loan and check cashing license known as Check Express, and the industry first real time booking engine. The company plans to continue offering both of the FOREX and the sub prime product lines simultaneously.
Safe Harbor Statement
Information in this press release may contain 'forward-looking statements'. Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of Cash Now's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Cash Now's periodic reports filed with the regulatory authorities.
-------------------------------------------------------------------------------- Source: Cash Now Corporation
Posts: 157 | From: pa, usa | Registered: Oct 2006
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The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. It is by far the largest market in the world, in terms of cash value traded, and includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions. The trade happening in the forex markets across the globe currently exceeds $1.9 trillion/day (on average). Retail traders (individuals) are currently a very small part of this market and may only participate indirectly through brokers or banks and may be targets of forex scams.
According to David Krutz from the Financial Times website (Published: October 9 2006 20:48) "The foreign exchange market will have doubled in size in just three years next year, thanks to increased participation by fund managers and pension funds, says research out on Monday". TowerGroup, a financial services research consultancy, said it expected total global average daily volumes on the FX market to exceed $3,000bn in 2007. FX volumes, which rose from $1,770bn in 2004 to $2,000bn in 2005, were set to rise to $2,600bn in 2006 and $3,600bn for 2007, as foreign exchange became accepted as an asset class in its own right according to TowerGroup.
Posts: 459 | Registered: Mar 2006
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I think that the interview will be posted on their site soon. I do have in point form what he said or the message he way trying to convey if that helps you. I have no problem sending you that as thats already out. I dont know if he used all of the points or some and in what order he used it. Hope this answers your questions?
POINT 1. Cash Now, is currently active in the Payday Loan Business. The Company has developed a comprehensive suite of Internet based payday loan and check cashing software and private label back end office systems. 2 broad revenue streams from ongoing operations include: 1. licensing of its software to franchisees 2. Direct lending on line. However, the current thrust of our business is the introduction of a retail Forex Trading platform. This is a very exciting opportunity. We have established a strategic relationship with a partner that provides true pass-through trades, without any manipulation or slippage common to the industry. Trades will be executed at the true InterBank rates. Our clients will benefit from the ability to trade directly on a US Bank feed. There is no trading desk. Our clients will benefit from a true 2-3 PIP spread on all major currency pairs. What’s interesting, is that we are not targeting novice Forex traders in the fashion of our competitors. Our trading platform was designed to meet the needs of organizations that trade in excess of $100 million. We are now making that technology available to mid-market active Forex Traders. We believe we will benefit from the advantages of being a first mover into the mid-market retail Forex trader will position us to leapfrog the market and attract the most active traders – generating significantly higher average trading activities per client.
Point 2
We are not currently looking for any additional financing.
Point 3: The short answer to your question is the prospects for growth are geometric. The Forex market trades in the range of $2 trillion dollars daily. Roughly 2% of that is represented by retail traders. The Financial Times website an article last Fall noting that "The foreign exchange market will have doubled in size in just three years next year, thanks to increased participation by fund managers and pension funds ". It expected total global average daily volumes on the FX market to exceed $3,000bn in 2007. We anticipate that the retail Forex trade market is about to undergo the same type of growth curve as internet stock trading when it was first introduced. We can see an opportunity for the retail market to grow to 5% from 2%. As in Internet stock trading, as traders become more comfortable with the service, they will become more demanding. It is that experienced trader that we are targeting. As we move forward as a Company, we will continue to develop opportunities that have our core 3 features for participation: • Financial Services • Consumer facing either directly or through intermediaries • Internet delivered There are some other key opportunities in areas that fit these criteria. However, in the short term, we have our work cut out for us developing the Forex services platform. Point 4:
We are old school in our management style. We have built a team of experienced, well-seasoned professionals in Finance, Legal, Marketing & Sales. These are people that have lived through all stages of Company growth. They’ve seen mistakes made, and have made some themselves. We are not keen on cutting edge management theory, exotic business deal structures etc.. We take a very fundamental approach to management, and have faith that the business model is very sound. We are focused on execution – particularly in regards to the Forex products. We just need to make sure we don’t screw up.
Point 5:
Undoubtedly, its our trading platform and fee structure. We don’t intend to be greedy, and misrepresent things to our client traders. We’ll take a smaller piece of a larger pie. By offering direct access to Bank feeds, our clients are assured they are getting true value. That will build long-term loyalty.
We’ll let other competitors train ‘newbies’ to the Forex market. When they know what they are doing, and can ask the hard questions re: value received per trade, they will migrate to our platform.
Point 6:
First and foremost, we aim to get our Beta Forex site up. We want that out by the endo of the month.
Obviously, are corporate name will need to be adjusted to reflect the broaders financial services offerings. You can anticipate a name change and new trading symbol at some point in the neat term.
Importantly, the stock has been the target of short selling. The name change will force these short traders to cover their positions, and we may see a short squeeze play out.
Once the Forex platform has been proven, we’ll go fully operational and start a marketing campaign to build trading volume.
In addition, we anticipate that we may close an additional deal to continue horizontal integration within the financial services sector while building on our core values and competencies. • Financial Services • Customer Facing • Internet delivered
Point 7:
We are fully committed to providing our shareholders a great return on their money. Our Forex services represent excellent growth potential.
Addressing the short selling of our stock is also a key priority. We believe that the shorts will clear once the Forex platform goes live. It will become too risky to short the stock given the fundamental value being created by the Company.
-------------------- "Man who excels at putting worm on hook is Master Baiter" Posts: 678 | From: Boise, Idaho | Registered: Nov 2005
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Garr Winters Cash Now Corporation (CHNW) CEO Open Letter To its Shareholders And An Update On Cash Now Business Developments Friday February 9, 6:28 pm ET
LAS VEGAS, NV, Feb. 9 /PRNewswire-FirstCall/ - Cash Now Corporation (CHNW.PK) www.cashnow.com (Cash Now), CEO Garr Winters comments on recent and upcoming achievements for Cash Now Corporation. I would like to take this opportunity to update all of our shareholders and those following our stock with this long overdue "President's Message." It's been an exciting few weeks since I took on the position of CEO. As there has been a lot of news announced recently, and our business plans continue to roll-out, I wanted to take the opportunity to step back and discuss our achievements as well as business opportunities moving forward. ADVERTISEMENT
Continuing Operations:
As many of our shareholders are aware, we are continuing to make good progress within the Payday Loan business aggregation industry. This is after having our active operations virtually suspended, or shall I say on "life support system" between August 2005 and July 2006. This suspension was primarily due to the severe hurricane related damage to our Florida offices, and constant business interruptions that followed. This was compounded by the fact that we had just started closing our Toronto Canada head office and started migrating the whole infrastructure and operations to Florida.
Luckily, we are nothing if not resilient. For example, our staff and contractors had to work from home and in remote offices in Canada. I am proud that the team all pulled together to regroup and to reinstate Cash Now and get it back to full operational status.
I can safely say that our infrastructure, Internet operations, management and key staff are at back at full bench strength. I know this from personal experience, having started with the company as a sales consultant many years ago. On my journey to becoming CEO, I have been responsible for nearly every aspect of Company operations at one point or another. Most people that I consider good friends and colleagues tell me that Cash Now is my complete passion. I would have to say that this assertion is not too far from the truth.
Moving forward, and now that this interruption is behind us, our focus in this industry will continue to emphasize licensing of our comprehensive suite of sub-prime financial services software products. Over the years, we have developed a comprehensive and sophisticated set of Internet based services. With the bulk of R&D complete, our burn rate is low, and incremental revenue beyond the break even point of fixed costs generates very attractive gross margins.
What's Next :
Our immediate plans are to sell off our "non core" business models that encompassed Cash Now. We are hoping that the sale of these assets will further enhance our capitalization without the need to secure additional financing through debt or otherwise.
In the very near future, we are planning on launching our retail Forex trading service.
Management believes that Forex trading offers geometric growth potential. The Forex market offers huge potential. According to International Financial Services, London, the average daily global turnover in traditional foreign exchange market transactions totaled $2.7 trillion in April. Foreign exchange trading increased by 37% between April 2005 and April 2006 and has more than doubled since 2001. It is estimated that retail trades represent only 2% of the total market.
We have previously announced the establishment of an introductory broker agreement with Advanced Markets. Based on this, we are coming to market with an innovative new approach aimed at the seasoned day trader. Just this week, Mr.Richard Schacchatano, our Forex Development Manager, began the search for a full service Forex Broker Dealer agency. His efforts and our ambitions to enter the Forex market have began producing opportunities for new strategic partnerships and business relationships.
Cash Now is positioning itself quite uniquely, and perhaps to some degree with an innovative approach that has not been explored before by traditional retail Forex marketers.
We are not looking to grow the market by attracting new participants, a common approach of most Internet-based trading platforms. Our target market is experienced Forex traders who want the absolute best deal available. They don't need educational tools. They want a 2 pip spread that really is a 2 pip spread. The traders want transparency, immediate transactions, and a live feed directly off the Electronics Banking System.
How are we different than our competitors? The advertising claims may sounds similar, but, like an iceberg, 90% of the story is beneath the surface. It is fair to say that Cash Now has always challenged the conventional way of thinking and the conventional wisdom. I will try to explain how our approach will yield long term results, with a defensible position against competitors.
Essentially, the spread quoted on virtually all retail trading platforms, is not a direct feed from the Interbank Quote. Brokers are regulated by FCM as a "market maker." As such, they are required to post both bid and sell prices. However, because they make the market, they get to establish the final buy and sale quotes on their retail trading platforms.
Simply put, they are not required to quote the current "exact" Interbank rate at the time a trade is placed, and often trail the Interbank market. Thus, it may appear that traders are receiving a 2 pip spread, while in reality, it may be significantly larger.
We have found that experienced traders eventually pay for their own live feeds on the Forex, and eventually figure out that pips are somehow disappearing in their trading.
This is our target market!
With our IB relationship, we will offer true "straight pass-through Forex dealing." No slippage or skuing, and no dealing desk. Our clients will be hooked up directly to a platform originally designed for institutional traders with $100 million plus positions. There is no intermediary retail platform, and no capability to manipulate the quoted bid/ask.
We feel strongly, and conventional wisdom concurs, that Cash Now will attract serious day traders, who are actively trading large positions. They will be charged an honest 2-3 pips depending on the currency pair, directly off the Interbank rate. They will also pay a small transaction fee for each trade. As the word spreads through the industry of the services offered by Cash Now and its affiliates and as our advertising budget and revenue stream increase, we feel confident that our client base will grow organically.
In summary, we see parallels in retail Forex market development similar to the growth of discount stock trading. It will continue to grow geometrically. Active traders will demand the lowest price options, and will find them.
We intend to leapfrog the market, and offer seasoned traders a true discount service.
This is the Cash Now vision.
Timing:
Our goal is to have our Forex Beta site up and running by the end of February. Full live trading services are targeted to be live early in the second quarter.
Corporate Vision:
We believe that we have vital core competencies in Internet delivered financial services to a consumer market. As such, we will look for additional business opportunities that have the following attributes:
- Consumer facing - Financial Services - Internet delivered
We are exploring some longer term product opportunities that we have identified during the last few months. These are in line with our corporate mandate, and represent additional opportunities to offer horizontal expansion of our product/service portfolio.
We will also be actively exploring vertical integration opportunities within our new Forex financial service offerings. Our roots are in the Internet and franchising. One possible revenue stream that we are seriously exploring is the idea of offering the Cash Now model as a franchise or an Agency type relationship. This could add more revenue and more clients to our system.
These opportunities will continue to be explored, however, our short term focus is squarely on developing our Forex trading platform.
Corporate Activity:
We are striving to provide our shareholders with value to the best of our abilities. This has been hampered recently, in our opinion, by aggressive short trading.
Additionally, the Cash Now name that has served us so well in the past, is no longer an adequate description of our corporate activities. It is our intent to register a new corporate name, trading symbol and CUSIP Number. We have conducted a thoroughly exhaustive name search and have chosen the one that we feel will accurately describe our business activities and the model. We have instructed our advisors and our agents to begin the process of registering Esprit Financial Group Inc as our new name. This will more accurately reflect our business activities moving forward.
For those shareholders wondering about financing, I can advise you that we are not currently seeking additional funding to support our Forex launch. We believe our capital position is adequate to bring this new division into full operation.
Importantly, these actions, when taken together, will force short sellers to close off their positions against the Company, and reduce the downward drag on our stock price in the recent past.
With the launch of our new Forex product, we believe short sellers will have to move to the sidelines. Simply put, we have a strong belief that our Forex business will add very significant value to the Company, and will drive aggressive growth moving forward. Shorting our stock will carry a significantly greater risk.
I will continue to strive to ensure our corporate activities are as transparent as possible, and continue to issue news as the Company moves forward with our Forex launch and other activities.
About Cash Now
Cash Now Corporation, a pioneer in the payday loan industry, 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 operate locations across the U.S. and Canada. Additionally, Cash Now's Web site is the most advanced payday-lending portal, offering key insight to clients and potential clients alike. Cash Now offers a payday loan license program, Payday Express; and a payday loan and check cashing license known as Check Express.
The Company is currently in the process of expanding its product portfolio by bringing a retail Forex trading platform to market, targeted to seasoned day traders.
Safe Harbor Statement
Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of Cash Now's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Cash Now's periodic reports filed with the regulatory authorities.
-------------------- "Man who excels at putting worm on hook is Master Baiter" Posts: 678 | From: Boise, Idaho | Registered: Nov 2005
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