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Sorry for delay, illness in family.
I will file with SEC but since they are usually a do nothing outfit,
I will also notify FEDERAL AGENCIES.
SOHMN, CEO Prailesh Shah along with several other penny stock company have
been indicted. I will write to them also. See SHMN for more details on FBI probe.
The special meeting of stockholders already took place on December 4th. The notice was dated Nov. 11th and took place at 1005 N 19th street in Middlesboro, KY 40965. It is not too late to write the SEC in my opinion.
As I stated in my earlier post, the vote was to authorize a par value per share of .001 rather than .009 and for a 1 for 10 million shares reverse split. Under terms of the reverse split, shareholders holding fewer than 10 million shares will receive cash that represents what the company says they have been advised represents fair value.
I bought my shares in 2004 for $1 per share so you can see I stand to be royally screwed with where the share price has gone. I originally had 151,000 shares but the stock did a 2 for 1 split and I had a little over 300,000 shares. The stock under Terry Lee then did a 1 for 2 reverse split and ended up with about 24 million outstanding shares. Then additional shares were somehow authorized and there are now 56,518,422 outstanding shares so I should have somewhere around 360,000 shares. Only problem is I don't believe the company has a record of the shares I hold. Most of mine are held at Schwab. I have shares in an IRA, a Roth IRA and some issued in both my wife and my names. My wife got the letter in her name announcing the special meeting. It was Not addressed to both of us and no letter in just my name for my IRA accounts. That may explain why people did not received the notice.
In reality it was meaningless. Terry Lee and his entourage hold 39,228,136 of the outstanding shares. That represents 70% of the voting stock. And they are the only ones that will be left with enough stock (3.92 shares) after the reverse split to continue to be shareholders.
I did write to the SEC and received a call. I was told that they could not tell me if there is a current investigation but they could say there was no litigation going on. I was told that I should hire a lawyer to which I responded that I believed that was the reason the SEC exists, to protect the interests of investors. I encourage everyone to write to the SEC and demand an investigation. There can be no more procrastination. If you don't write your voice will never be heard. I have sent the SEC an email in my possession from a former board member that accuses Terry Lee of fraud. This former board member is an attorney. He should know.
I have also sent them a number of other supporting materials that demonstrate violations of security regulations. The person who sold us the investment was not a registered representative. He is currently serving time for selling unrelated unregistered securities and for not being licensed. The people of Heartland knew that Heartland was not registered in my state and are culpable as well for the sale of those securities.
There is a long and convoluted history with this company inclusive of the people who HAVE been or who are CURRENTLY involved. I can provide the SEC with more and have offered to do so. I just hope there are enough shareholders who feel compelled to write to the SEC and ask for an investigation. I believe that investigation could be quite revealing
BUT IF ENOUGH OF US DO IT THET WILL LOOK INTO THE MATTER. YOU CAN COUNT ON MINE.
THANK YOU FOR YOUR POST. I HAVE NOT RECEIVED ANY NOTICE….. MY SHARES ARE
HELD BY FIDELITY. I WOULD APPRECIATE KNOWING WHAT THEY WROTE AND THE ADDRESS THEY USED AS A RETURN ADDRESS. THANK YOU
WHEN IS THE DAY OF THE MEETING????.
Did anyone receive the notice from Heartland for a special meeting to approve a change in common stock par value from .009 to .001 and for a 1 for 10,000,000 (as in TEN MILLION) share Reverse Split? I just received the notice today, November 16th.
Can someone tell me what this all means and if the SEC has approved the company going private? By the way, has anyone else written to the SEC to protest and request an investigation into Heartland and Terry Lee recently?
I encourage everyone to do so...You are about to get bent over and set out by the curb for garbage pick up.
It is not illeagal to pay off loans to insiders with stock using a cost basis that is 1/10th the book vaule?
I am also in, i am just not certain that we have a case
Are we going to get together and start a stockholder suit against Heartland? I am in if we can get a suit started!
Your attorney is correct. We still have shares in the company. I will also write to the SEC,
as it seems to me a better explanation ids due the shareholders.
What is to prevent private speculators from buying and selling their share certificates amongst themselves, assuming each buyer took certificate delivery? Anyone up for that?
Has Heartland given any prior explanation during the past 2 years for not submitting required SEC reports in a timely manner?
Last I remember, this company had gross revenues of around 100 million dollars. I would think some wanna-be class action lawyer would jump all over this if he knew the story.
Magic
My attorney seems to think that we can expect a tender offer for our shares and that it is about the best we can hope for. We are still owners, we just have no vehicle for trading our shares now. He is not a securities specialist though.
I have filed several complaints with the SEC about Heartland over the past couple of years and I see that some action has finally been taken. With that said, I am now left with more questions than answers. I'm wondering if anyone can shed some light or point me to some information to get better educated on the subject and any potential legal course of action.
So Heartland has now been 'Revoked' by the SEC. Are there any consequences or proceedings that will occur for them not adhering to the rules? It seems to me like they couldn't successfully take the company private, so they stopped reporting financials and investor information and got themselves revoked, which ultimately got them to their final goal! Great, the SEC has now protected would-be future investors from making the same mistakes as we did, but what happens to current shareholders? Is this the end of the road? Nothing we can do but take a 100% loss while the company continues to operate?
When I invested in Heartland, I never imagined anything like this ever happening. This was and still is a legitimate business with tons of assets. It isn't like they are going out of business and we are losing all our money.... they screwed us out of our money because they are greedy and unmoral individuals.
Any help, guidance, direction is greatly appreciated.
I am not an upgraded member, but you can reach me at vl39@telstar-online.net.
If you are am upgraded member of this forum, why don't you send me your email as a private response and I will give you mine. I will then request what you sent and I will at least do the same
I filled a complaint with the SEC 18 months ago, and I have plenty of grounds to file a class action against Terry Lee. The internal transaction giving stock to his family and "shell" company at prices far under book value was clearly illegal. I am disappointed the SEC has not acted against him.
I am game for class action, but based on what? Who is going to take this bull by horns and go forward? Has anyone heard if we can expect a render offer from Heartland
Absolutely agree, Magicatlast!!
Sounds like time for a class action law suit by all of the non-insider stockholders. We have been royally screwed, defrauded, etc.
Magic
Heartland agreed to the SEC Admin Law Judge revoking HTLJ's stock registration, so it means HTLJ shares can no longer trade, essentially making the shares worthless.
http://www.sec.gov/litigation/admin/2013/34-70080.pdf
So what does that mean to us that hold shares?
HTLJ revoked:
http://www.sec.gov/litigation/admin/2013/34-70080.pdf
Thank You, This Terry Lee appears to be a very honest and generous
entrepreneur. Nothing greedy about him.
No, Terry Lee has several companies that are private companies and not related to Heartland Inc.
I think he has a few car dealerships, a real estate company and he is president of a bank as well.
I just figured since they were investigating the dealership, somebody might have some information on some of his other dealings.
Just a thought.
IMO and FWIW.
Is LEE MOTORS, a company Heartland bought ? Is there a
connection between the two ? Thanking you in advance, PsD.
Follow-up post.
http://www.middlesborodailynews.com/view/full_story/22871764/article-Owner-opens-up-about-alleged-Lee-Motors-scandal?
"Anthony Cloud
Staff Writer
Terry Lee, owner of Lee Motors, says he nor any other of the Lee Motors employees had anything to do with the recent alleged scandal at the business.
Recently, several criminal and civil complaints were filed against former general manager James Steven Bailey and former bookkeeper Mildred Campbell.
“Lee Motors and myself, we’re victims in this just like anybody else,” said Lee.
Lee claims he did not find out there were any problems until mid April.
It was during that time Lee was made aware by Home Federal Bank of a problem with the floor plan at Lee Motors. He said the bank notified him that there were some cars missing from the lot that should still be there. He said that was the first indication there was a problem.
“I thought it was a floor plan issue where they sold cars and didn’t pay Home Federal (Bank) off,” said Lee. “I didn’t realize there were other people involved and money (allegedly) being taken for cars that we had nothing to do with.”
According to Lee, it took 45 days to find the general information about what was going on.
“It was Lee Motors that contacted the authorities,” said Lee. He said they called the county attorney’s office and got involved with Kentucky State Police.
“We want to get to the bottom of it as much as anybody does,” said Lee. “It’s wrong. There have been a lot of people hurt.”
Lee said he is working with the banks, insurance company and authorities. He said the alleged incidents have left him in bad financial shape, causing him to sell the business.
KSP Det. Bryan Johnson said he believes Lee didn’t have anything to do with the alleged scandal. He said records indicate Bailey was falsifying reports to Lee to make it appear the business was doing good.
Johnson said he went to Bailey’s home early in the investigation. It was at that time Bailey said the business was not selling cars and the economy had declined. According to Johnson, Bailey said he did what was needed to keep from closing the doors on the business.
Johnson said Bailey said he thought business would pick up after a few months and he would be able to fix it. Johnson has not spoken with Campbell.
Bailey and Campbell both have warrants on them.
“It would have been easier to have let the business close in 2009 and taken the money General Motors was offering to just go ahead and close,” said Lee.
Lee said the business was scheduled to close in 2009 when General Motors went bankrupt. After being closed for six months, Lee spent hundreds of thousands of dollars to save the dealership and jobs, he said.
Lee said until April he thought Lee Motors was in good financial shape because all the information he was given looked perfect. He admits he now knows the information he was given was a lie. He said as a owner, he was dependant on the info given to him by those in charge at the store.
Lee said he never received any complaints from customers about the issues that were taking place.
“You would have thought someone would have picked up the phone and called me, but it never happened,” said Lee.
Johnson said Lee has been summoned to appear in court because he was the owner of the business.
Johnson said anyone having a similar problem with any car dealership in Bell County should contact the Kentucky State Police in Harlan at 606-573-3131.
Reach Anthony Cloud at 606-248-1010, ext. 208, acloud@civitasmedia.com"
IMO and FWIW.
If you guys are interested, you could contact the Kentucky state police or the Assistant County Attorney Chris Douglas since they are already investigating Lee Motors.
http://www.middlesborodailynews.com/view/full_story/22839142/article-Lee-Motors-face-criminal-charges--civil-lawsuits
Maybe staff writer Anthony Cloud could provide some details on what Lee and the gang have been up to.
Reach Anthony Cloud at 606-248-1010, ext. 208, acloud@civitasmedia.com
Prolly a waste of time, but hey...who knows.
IMO and FWIW.
They ( HTLJ BOARD ) are the ones who hired the appraisals,
who by the way may also find themselves liable in a scheme
to defraud the shareholders.
We need a good local Law Firm, to consult and inquire as to
the possibility of succeeding in a lawsuit if a higher offer per
share is made.
Some of us may also contact the appraisal firm to let them know
our feelings in this matter. Heartland does not want to file their
SEC documents, for they know, I feel the real value would come out.
One thing for sure, I hope they come to their senses sooner rather
than later, for later may be too late, as they will regret their actions.
I like the way you think, but with a minority interest (if you combine all of our shares), I can't believe the board would ever approve something that makes that much sense
No, I contacted the SEC, but no action was taken. I believe it was the first of the year.
The company states the value of the company is .01 cent per share. Can any one
contribute knowledge as to how we could buy the company? At .01 cent a share
which is what they seek to pay, we are talking about paying around $560,000.00
for a company grossing over $100,000,000.00 a year. The mere threat of a hostile
takeover may give them some food for thought. It appears to me that their greed
is overwhelming.
In any event, it appears to me that some of us may be willing to file a lawsuit, etc.
if the company does not wake up to reality and come to their senses. For the good
of all, let us hope they come to their senses and realize that they are not going to
rob us and get away with it.
Here is the site to file a complaint with the SEC, and the site to file a complaint with the KY Attorney General, which might get you quicker action than you might expect:
https://tts.sec.gov/oiea/Complaint.html
http://ag.ky.gov/civil/consumerprotection/complaints/pages/forms.aspx
Good luck, Magic
Bald Eagle,
Start by just telling them your story..How long you have been a shareholder, how many shares you own, what you paid for the shares, what they are currently worth, how you became a stockholder, who sold you the stock, what attracted you to it.
You could also express your concern about the fact that Terry Lee has accumulated almost all the shares and is applying for a reverse split. Have you ever received any written communication from Heartland? Have you been asked to vote on a reverse split or for approving additional shares? Has there been a vote on the board of directors? Have you received an annual report? You should ask for an investigation based on your experience. I suspect that many investors share the same experiences and concerns...
Tery Lee controls 80% of Heartland and we have no power. It doesn't really matter how you vote, it is going the way Terry wants it to go. But the point is you have a right to vote. Is that alarming to you? You are an owner of the company and have no say...It's quite clear, at least to me, that his actions have not been directed toward building shareholder value on my behalf. How long have you held the stock? Did you get issued additional shares when the number of outstanding shares was increased from 23 million to 56 million? that represents about a 2 1/3 to 1 split...I have never received any notification. Has anyone?
No one should be happy about what is going on ...I have read some posts that seem excited about the reverse split suggesting a 1 for 2000 split will give them a $20 stock or more...you end up at the same place as far as how much your stock is worth. You just end up with fewer shares. The reverse split is not going to attract Mutual funds or institutional investors. Heartland is simply not big enough.
I have also read that some feel that Terry will take the stock private and then go public again and somehow we have this powerhouse stock. What would be the purpose of going through that? I somehow cannot connect those dots.
I do not believe he EVER intends to take the company public again. I believe he wants to get rid of all the share holders, to do away with having to file all the reports with the SEC and the expense of being a member of the exchange. A 100 million dollar company is small small potatoes...IF Heartland shows a 10 million dollar profit, it is the equivalent to earnings of about 17.8 cents per share with 56,000,000 shares outstanding. If the stock traded at a PE ratio of 15 it would be a 2.68 stock. At $20 per share it would represent a PE of 112. That is not representative of a blue chip stock..Heartland will never be a Blue Chip.
The acquisiton of the additional convenience stores gives them a write off that will make Heartland appear unprofitable for years.
Heartand is small potatoes in the big picture. But it is our picture. That is why shareholders HAVE to make their voices loud enough, numerous enough and the message repeated often enough to get the attention of the SEC.
Someone posted a link for the SEC a little over a year ago..I think it was the Reaper or Magic..If anyone has that link could they please post it for the benefit of those who may wish to write to the SEC?
Can you provide any initial direction on how to proceed with the letter of complaint to the sec. I would love to, but do not know how to start.
I submitted a letter of complaint to the SEC on January 2, 2012. On January 3, 2012 I also submitted to the SEC a complaint written by Jerry Gruenbaum. I submitted it at his request. He is an attorney specializing in securities law...He is also the original person who started Heartland by acquiring a company, I believe, called PMI Wireless. Gruenbaum has a history of acquiring distressed companies, ("shells") and creating new ones. Such was the case with Heartland and he currently has another that trades under the symbol CNGI, Concordis Group. He was an officer and board member of Heartland for a number of years.
Jerry detailed several Terry Lee violations in his complaint using the words "fraud" and "conspiracy" in identifying specific actions.
I have not heard from the SEC and I do not know if Jerry Gruenbaum has heard from them.
I saw in a post from Terry Lee dated April 6th he was expecting to hear about a reverse split in 60 days, which would make that date coming up shortly. I would encourage everyone to write to the SEC and ask for an investigation if you feel your investment is at risk.
I do not wish to repeat what you may have already read in my posts but Terry Lee has deliberately driven the stock price down.
Can anyone explain to me why he would affect a reverse split (1 for 2; 46 million to 23 million shares), drive the share price into the cellar while acquiring most of the shares (about 80% between himself, his brother and his sons) then increase the shares outstanding to 56 million and now file for a reverse split of 1 for 2000? Part of the answer is he can drive out most share holders with the split. Most will not hold enough stock to be viable and once under a certain number of shareholders he can take the company private....Have any of you been provided ballots to vote on increasing the number of shares or a reverse split? Have you voted on anything?
It is, in my opinion, a conspiracy to take over Heartland while screwing the shareholders. How can Heartland acquire a bunch of convenience stores and still trade at a penny? Terry once told me the stock did not reflect its true value because the land under the convenience stores is usually the most expensive land in town but not calculated as such in the sock price. There are other reasons affecting the "profitability" of the company. There is alot more to this story and none of it is about creating value for general shareholders.
60 days will be here in about two weeks. Who knows what that will bring. If, indeed, there is to be a reverse split ruling, time is of the essence. Wouldn't it be a shame if you had good intentions and didn't write the SEC? Would it not be a sad day if there were no investigation of Heartland if it turns out there should have been one? Wouldn't it be a shame if Terry Lee and his family were the only ones whose stock eventually held any meaningful value?
VL,
Has anyone from the SEC contacted you regarding your complaint?
I submitted a complaint in July of 2012 to the SEC and they did follow up with me late January 2013. I'm not sure where their investigation is taking them or what the outcome will be.
I would strongly advise anyone who has thought about submitting a complaint but has not done so yet - to do so while it is on the SEC's radar.
Has anyone else heard back from the SEC on their complaints?
-Sheetrock
I have a 1/2 million shares and have filed a complaint with the SEC (several years ago). I will join any minority shareholder suit!
count me in. In reality anything less than a dollar,
would not be sufficient to cover the losses of many
here, who have not added shares at present day prices.
Thanks for the post golf4dns, if it makes you feel any better, I'm in the same boat. Not at $1. a share but still down 20k on this stock. Terry told me the same thing ( I should say BS )years ago about hold on for 5 years and you will be happy. I did talk with Trent when he sold his shares to help him fund CNGI and he told me it was @ 20 cents. I think HTLJ was trading for .16 or .18 at the time. I wasn't smart enough to get out then. I'm pretty convinced Terry Lee is a crook, hopefully he will get his due someday. I'm not going to give him the satisfaction of buying my shares for pennies on the dollar.
I concur completely. The intent is to steal our shares. Mine are not for sale at anything less than $1 per share. I will join with any minority shareholder group action.
Magic
Been a while since I have checked in on the posts. Interesting. I have been a stock holder since 2004 and have not experienced anything positive from this company. Three of the original officers are gone as are all but one board member. It has been more hype than substance. Heartland was supposed to be Amex qualified and listed on that exchange by February of 2005.
Terry Lee came on board in 2007. In a phone conversation Terry told me I would be happy in 3 years. My original purchase price was $1 per share and at 1 cent a share you can tell I am not happy. I have been trying to find a way to get my money back for 9 years.
There have been many unfulfilled promises and questionable actions along the way. What I was told I was buying in Heartland was not remotely what I got.
In your research you will see that Terry Lee and Heartland already did a reverse split, from about 48 million shares to 24...after the reversal it traded at 60 cents but the stock went south..as it lost value Terry Lee acquired more stock for himself, his brother and his sons. Some of the board acquired shares at low prices as well. Heartland acquired one of Terry and his brother's companies for cash and stock. Heartland made the acquisition through funds borrowed I believe from a bank where Terry Lee is president. I think the company sold for a little over 3 million. So now, Terry and his brother get the money and get the company back if they are allowed to take the Heartland private. Wouldn't we all like to have that deal???
Terry Lee and family now control about 88% of the stock. They also bought out some of the former officers in a private deal that did not show up as shares traded. Purchasing that many shares would have driven the price up. Trent Summerville, former CEO and President of the board sold approximately 5 million shares. I was told by another former board member that Trent was treated fairly. Perhaps that is so because that would remove a roadblock to going private.
After Terry Lee came on board Heartland hired an experienced New York PR firm to help them get listed on the AMEX and as I was told at the time, met all the requirements to be listed except for trading over a certain dollar amount for 10 consecutive days. The firm supposedly had the experience to get Heartland there but it never happened. Terry Lee, I was told, did not want to actively promote the company to mutual funds, institutional investors or to anyone else by meeting with them and doing what was necessary to promote Heartland. Terry dropped the firm and when I inquired about it he told me they were not worth the money.
Shortly thereafter, at a board meeting, Terry announced his intentions to take Heartland private. At least one of the board members resigned because of that and the price of the stock has been in the basement ever since.
When Terry did a 1 for 2 reverse split the stock doubled as it was supposed to but then went into a free fall which further reduced the value of my shares. After period of time, Heartland authorized more shares and one day much to my surprise there were 56 or 58 million. I did not received any communication to ask me to vote to authorize additional shares and I have never been informed if I received more than double the shares I held. I have no idea. But increasing the number of shares further dilutes shares and I believe it has been by design.
The board of directors have never been elected to the best of my knowledge. They are all employees of Heartland companies. As a shareholder I have never voted on who sits on the board nor have I been given the opportunity to vote on the reverse split or authorizing additional shares. I have never voted on anything....
I do not believe Terry Lee has any of our best interests at heart. I have been around long enough to see enough to be able to make the statement. You may view the acquisition of additional convenience stores as a positive but what I see is while Heartland increases its value it also has taken on debt that will offset profits for years, showing little profit and therefore not increasing the value of the stock.
One of the posts I read suggests that the stock will be worth $1 or more. I wish that were true but can't see any way that will happen. I would encourage anyone who has been thinking of writing the governor of their state to do so or the Securities office.
A little over a year ago Heartland proposed a 1 for 2000 reverse split. It also was in the process of filing to take the company private. I wrote the SEC at that time.
Here is how I look/looked at it. Terry Lee is allowed to obliterate the number of outstanding shares of a stock (1 for 2000 reverse split) that has been driven into the ground and then can offer to buy us out at a penny on the dollar. You can sell or hang onto shares that will not trade nor will they increase in value once the company is private. The accounting practices, acquisitions etc. can affect the stock value forever while Terry and a chosen few profit immensely...Hmmm.
It's finally starting to go up, I just noticed over 100,000 shares traded today.
We just have to sit tight and wait for the $1.00 PPs..
OOPS, I GOOFED ( nothing unusual about that ) a split at the prevailing quantity will make the PPs. $10.00.
Please, any information pro and con HTLJ will be appreciated by all.
Which I hope will be not be the case, since it will make it easier to trade. If the
company goes private. This stock in my opinion is a winner either way.
Going private just means holding on to the shares, until it goes public again
or an insider offers you a fair price, which in my opinion would be anything
you are willing to accept. I for one will consider selling at .25 per share.
The company is worth much more than that. . If I have to wait a year or two
and the company continues to grow at the rate it has, then I would expect
the shares PPs. to be more than $1.00. The prices are pre split prices as the
split would make it a $20.00 plus stock.
This is really what the company needs. Going over the $5.00 mark will bring in
almost all stock funds, with the exception of those that also require a dividend
even if it's just .01.
Almost all stock funds require a $1.00 minimum PPs., the next level is $3.00
and $5.00. This company has a one hundred (100,000,000) authorized shares
which can easily be doubled, as the gross income exceeds one hundred million
dollars ($100,000,000.00) and the gross profits exceed ten million dollars.
This was 2011 income and the company has been steadily growing since,
GOOD LUCK TO US ALL.
Reply from the Company on 04/06/2013:
Yes the company is still in operation, we are working currently with the SEC to complete the reverse split. I expect an update to all shareholder within the next 60 days if the SEC approves our documents. Terry L. Lee
Thank You so much, The information you have provided is right on the mark.
There is no doubt, that we have a solid stock worth $$$$. You are right and I was
wrong about the number of shares in a successful reverse split. I had in mind the
100 million authorized shares been used for obtaining cash for the company.
With annual revenues of over $100,000,000.00 and a gross profit of over $10 million
you would think the board could do better in their net profit. I feel comfortable with
the shares I own and expect that good news as to the price per shares is only a matter
of time. Thank you again, The information you provide is very helpful.
Hope you can find out some info. From what I have found while looking around is that Heartland Inc, is/was incorporated in Maryland rather than Kentucky as listed on otcmarkets.
***ninja edit***
Broken Link. Google Maryland SOS to find website and search Heartland Inc.
I didn’t see any SOS filings for Heartland in Kentucky where Lee Oil is incorporated and recently filed their annual report.
https://app.sos.ky.gov/ftshow/(S(q3rm4sk4pq0ipoxmxopr1b3x))/offsearch.aspx
(search Lee, Terry)
Both Maryland and Kentucky have user friendly SOS sites where you can view basic filings for free.
I do agree with magicatlast that a reverse split is a bad idea. There are only 56,518,422 shares currently outstanding, and a 1 for 500 split would kill any liquidity in the stock no matter where the PPS settles.
The company was seeing over $100M in annual revenues, and that was before the massive expansion.
It could be a sweet stock someday if they ever resume their SEC filings and take the R/S off the table.
Ya never know, stanger things have happened.
GLTU, IMO and FWIW.
I will put filing a complaint on hold for a week or two
and let us see what happens with JIM KRAMER's MAD MONEY.
I will try to get JIM KRAMER of "THE STREET" at CNBC'S TV show around 6PM here in Florida.It is seen around the Nation since it originates in Wall Street's NEW YORK area.
I hope we can get him to take a look at it, as he has on rare occasions with other penny stocks that are very promising,
such as HTLJ.
Others can call and leave a message during the show, it is important
for them to hear that there is a lot of interest in the stock.
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Heartland, Inc., (OTCBB: HTLJ), is a growing diversified holding company comprised of subsidiaries within several different industry segments. With the most recent acquisitions, Lee Oil Company, Heartland now has annual sales in excess of $130 million and a corresponding EBIDTA of approximately $4.25 million. From structural steel products, custom steel fabrications, construction services and fifty-five gallon steel oil barrels to oil and gas distribution, Heartland is developing broad product and service offerings to provide economic protection and growth opportunities for investors. Heartland intends too grow by acquiring companies with historically profitable results, strong balance sheets, high profit margins, and solid management teams in place, although we cannot provide any assurance that we will be able to close any such acquisition. By providing access to financial markets, expanded marketing opportunities and operating expense efficiencies, we believe Heartland will become the facilitator for future growth and long-term profits. In the process, new synergies among the acquired companies may develop, along for greater cost effectiveness and efficiencies, thus further enhancing each individual company's strengths. The headquarters are located in Cumberland Gap, Tennessee directly on the border of Tennessee, Kentucky and Virginia.
Subsidiaries
Lee Oil Company
Lee Oil Company, Inc. and it's wholly owned subsidiary Lee's Food Marts, LLC (collectively "Lee Oil) are headquartered in Middlesboro, Kentucky.
Lee Oil Company started in August of 1988 by Gary and Terry Lee as a two person operation and has grown to currently 220 employees and operating 26 convenience stores and selling approximately 40 million gallons of product through a combination of both retail and wholesale operations.
Lee's Food Mart
Lee's Food Marts offers a wide variety of convenient store items with most stores offering in-store fast foods and deli products. Lee's Food Marts is also an operator of drive thru and self service carwashes. All these combine to make Lee's Food Marts a premiere convenient store chain in the markets we serve. Lee's Food Marts operates 26 convenient stores located in Southwest Virginia, Southeast Kentucky and East Tennessee.
Lee's Food Marts markets gasoline, diesel, kerosene and racing fuel under the brand names of BP, Marathon, ExxonMobil and Phillips 66.
Heartland Steel
Heartland Steel, Inc. located in Washington Court House, Ohio, is a start-up segment of the business that we are working to develop into full fledged service center for the distribution of steel products, value added steel products, steel warehousing and logistics. In just a short period of time, Heartland Steel has become a key player in the steel fabrication and logistics market.
Mound Technologies, Inc. located in Springboro, Ohio, is a fabricator of structural and miscellaneous steel. Products include stairs and railings, both industrial and architectural quality.
Mound provides steel bar joist, metal deck and erection services to complete the metals contract requirements.
Heartland Steel Transportation LLC.
Heartland Steel Transportation, LLC. was formed in December 2011 in the state of Ohio. Heartland Steel Transportation was formed to provide transportation and logistics services for Heartland Steels customers and others. Heartland Steel Transportation provides customers a fleet of dependable short and long haul capabilities for box and flat bed trailers covering the entire lower 48 state of America.
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* = Where indicated, some values are estimates. 1= Potential proceeds estimated by the filer. 2= Estimated based on the average of multiple prices reported. 3= Multiple dates reported. Most recent date shown. |
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