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Receivable Acquisition & Management Corp. (CSEI)

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Last Post: 1/22/2014 10:02:07 AM - Followers: 5 - Board type: Free - Posts Today: 0

The Company is/was in the business of managing the collection of large portfolios of loans that they buy at a deep discount. A new letter of intent to purchase is listed below..

RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
 
   
ASSETS
 
   
December 31,
2010
   
September 30,
2010
 
             
CURRENT ASSETS
           
  Cash
  $ 173,819     $ 186,401  
  Employee Advances
    7,250       -  
  Finance receivables - short term
    14,947       18,923  
                 
          Total current assets
    196,016       205,324  
                 
OTHER ASSETS
               
  Finance receivables - long-term
    29,893       38,418  
                 
          Total other assets
    29,893       38,418  
                 
TOTAL ASSETS
  $ 225,909     $ 243,742  
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
                 
CURRENT LIABILITIES
               
   Accrued and other expenses
  $ 36,002     $ 41,481  
                 
          Total current liabilities
    36,002       41,481  
                 
COMMITMENT & CONTINGENCIES
               
                 
STOCKHOLDERS'  EQUITY
               
   Preferred stock, par value $10 per share;
               
       10,000,000 shares authorized in 2010 and 2009 and 0 shares
               
       issued and outstanding at December 31, 2010 and
               
September 30, 2010, respectively
    -       -  
   Common stock, par value $.001 per share;
               
       325,000,000 shares authorized in 2010 and 2009
               
       and 17,748,896 and 16,802,896  shares issued and
               
       outstanding at December 31, 2010 and September 30, 2010, respectively
    17,749       16,803  
Stock subscription receivable
    (345 )     -  
   Additional paid-in capital
    657,797       651,648  
   Accumulated deficit
    (485,294 )     (466,190 )
      189,907       202,261  
                 
  Less: Cost of treasury stock, 1,070,000 shares
    -       -  
                 
 Total stockholders' equity
    189,907       202,261  
                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  $ 225,909     $ 243,742  

 

 
The accompanying notes are an integral part of these condensed consolidated financial statements.


 

 
2

 


 


 
RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
 
FOR THE THREE MONTHS ENDED DECEMBER 31, 2010 AND 2009
 
   
   
2010
   
2009
 
             
             
REVENUES
           
    Financing income
  $ 9,801     $ 53,920  
    Service income and other
    187       2,800  
Total revenues
    9,988       56,720  
                 
COSTS AND EXPENSES
               
    Selling, general and administrative
    29,157       74,590  
    Impairment of receivables
    -       -  
Total costs and expenses
    29,157       74,590  
                 
INCOME (LOSS) FROM OPERATIONS
    (19,169 )     (17,870 )
                 
OTHER INCOME (EXPENSES)
               
    Interest income
    65       121  
Total other income (expenses)
    65       121  
              0  
                 
NET INCOME (LOSS) APPLICABLE TO COMMON STOCK
  $ (19,104 )   $ (17,749 )
                 
INCOME (LOSS) PER COMMON SHARE, BASIC
  $ (0.00 )   $ (0.00 )
                 
INCOME (LOSS)PER COMMON SHARE, FULLY DILUTED
  $ (0.00 )   $ (0.00 )
                 
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC
    17,646,200       16,052,896  
                 
WEIGHTED AVERAGE SHARES OUTSTANDING, DILUTED
    17,646,200       16,052,896  

 
 
 

 

 

RCVA..   Has signed a Letter of Intent to acquire 100% of the outstanding shares of Agility Professional Services LLC.

Receivable Acquisition & Management Corporation Announces Letter of Intent to Purchase Agility Professional Services LLC Propelling Them into What is Expected to be the $53 Billion Healthcare Information Technology Market Place by 2014

PR Newswire - Oct 01 at 16:23

Company Symbols: NASDAQ-OTCBB:RCVA


FORT LEE, N.J., Oct. 1 /PRNewswire-FirstCall/ -- Receivable Acquisition & Management Corporation (OTC Bulletin Board: RCVA), announced today that it has signed a Letter of Intent (&;LOI&;) to acquire 100% of the outstanding shares of Agility Professional Services LLC. (&;Agility&;) in a tax free exchange of like kind.

Healthcare Information Technology is estimated to grow to $53 billion by 2014; growing at a compounded annual growth of 14%. Large part of the impetus is coming from the American Recovery and Reinvestment Act of 2009 (ARRA 2009) which includes the Health Information Technology for Economic and Clinical Health Act, also known as HITECH. HITECH has allocated $19 billion to hospitals and physicians who demonstrate Meaningful Use of Electronic Medical Records. This law also requires the use of Electronic Healthcare Records (EHR) Systems by 2015. Considering only 4% of the 788,000 physicians in the United States currently have fully functional EHR systems and only 13% have limited access, this represents a tremendous opportunity for companies providing EMR & EHR systems and related services and Agility is making significant inroads in this space.

&;The acquisition of Agility is the start of an aggressive campaign by RCVA to acquire other companies in this sector over the next 24-36 months,&; said Gobind Sahney, Chairman of RCVA. &;The current $1.2 Billion Electronic Health Records (EHR) market is expected to grow by circa 400% by 2013, reaching $9.3 Billion in 3 years. The acquisition of Agility will allow us to immediately jump start ourselves in this space and give us the base to become a major player.&; Mr. Sahney concluded by saying that, &;An average medical facility with 10+ Physicians will spend at least twice the cost of EHR software on required infrastructure development which Agility can provide.&;

Founded in 2009, Agility is tracking a 12 month revenue run rate of approximately $2 Million with growing pipeline of business and profitable. Subject to the execution of a definitive purchase agreement, satisfactory completion of due diligence, and other customary closing conditions, the transaction is expected to close within the next 45 days.

About Agility:

Agility is an IT consulting firm focused on software application development and Healthcare Information Technology and Services. They offer state of the art solutions to Healthcare Providers that significantly improve compliance, productivity and revenue while driving down costs. Agility provides web based and client server based Electronic Medical Records (EMR), Electronic Health Records (EHR), IT Infrastructure and billing solutions. IT has partnered with leading EMR/EHR companies in the US with 43,000+ users.

INFO@RAMCOGLOBAL.COM

Safe Harbor Statement

Except for the statements of historical fact contained herein, the information presented in this news release constitutes &;forward-looking statements&; made pursuant to the &;safe harbor&; provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Shiner International, Inc.&;s current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Shiner&;s filings with the Securities and Exchange Commission. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.

SOURCE Receivable Acquisition & Managment Corporation

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#192   CSEI is getting attansion and momentum kranthikumar 01/22/14 10:02:06 AM
#191   RCVA changed to CSEI: Renee 10/31/13 05:36:58 PM
#190   RCVA http://investorshub.advfn.com/boards/read_msg.aspx?message_id=83274740&txt2 SuperC 01/14/13 03:42:38 PM
#189   wake up everybody this thing is getting some action!!!!!!!!!!! coffee37 04/18/11 02:13:06 PM
#188   RCVA.. $0.015.. I-Box Updated.. 10 bagger 02/15/11 08:39:45 AM
#187   RCVA.. $0.015.. 10 bagger 02/09/11 04:10:16 PM
#186   Well, hopefully this is the start of more russo123 02/09/11 04:05:56 PM
#185   RCVA.. $0.01 10 bagger 02/09/11 03:55:49 PM
#184   Hank... I appreciate your intent but I've been russo123 11/26/10 02:12:35 PM
#183   RCVA..$0.0358 It is now back to the level if 10 bagger 11/26/10 12:29:41 PM
#182   good morning, folks. papou114 11/11/10 07:48:19 AM
#181   In Reply to 'PennyStockMania' on 'Receivable Acquisition & 10 bagger 11/10/10 10:34:23 AM
#180   Sure hoping so.....it was nice to see 70k papou114 11/10/10 07:51:56 AM
#179   This should move easily from these PPS, closing PennyStockMania 11/09/10 07:16:35 PM
#178   I am just an old OTC trader that PennyStockMania 11/09/10 07:13:06 PM
#177   New MM at .12 papou114 11/09/10 03:16:36 PM
#176   I tell ya what, I won't try to russo123 11/09/10 01:17:39 PM
#175   Don't try to figure out what I mean.. 10 bagger 11/09/10 01:10:10 PM
#174   I meant anyone like you before. Typo. russo123 11/09/10 12:42:31 PM
#173   Hank, I've been trading for over 20 years russo123 11/09/10 12:41:39 PM
#172   3 on bid and 34k in volume. better papou114 11/09/10 12:21:54 PM
#171   thanks man...I'm already in, but it will just papou114 11/09/10 11:56:50 AM
#170   RCVA.. $0.05.. 10 bagger 11/09/10 11:55:19 AM
#169   well, a couple of buys today, but not papou114 11/09/10 11:51:05 AM
#168   sounds good to me! papou114 11/08/10 02:37:28 PM
#167   Once the company finalizes the Agility deal, I russo123 11/08/10 02:36:56 PM
#166   bid support SLOWLY getting a little better. papou114 11/08/10 01:40:58 PM
#165   yeah nice to see someone here besides me! papou114 11/08/10 11:41:39 AM
#164   There has been some buying developing in RCVA today. johnnyfig 11/08/10 11:39:49 AM
#163   The bid is starting to move up in johnnyfig 11/08/10 10:12:02 AM
#162   Agreed.... papou114 11/04/10 10:58:14 AM
#161   Need to get this bid built back up, PennyStockMania 11/04/10 10:54:44 AM
#160   good morning, everyone. papou114 11/04/10 09:03:29 AM
#159   me too....and some news! papou114 11/02/10 09:14:25 AM
#158   I like it also. I would really neilj2005 11/02/10 08:59:25 AM
#157   good morning, everyone....like this low float! papou114 11/02/10 08:13:36 AM
#156   good morning, and good monday....news this week? papou114 11/01/10 08:21:40 AM
#155   its gonna be next week....some increased awareness, some papou114 10/29/10 02:45:17 PM
#154   morning papo, would love to see some buying today. PennyStockMania 10/29/10 09:25:25 AM
#153   Sounds good six and yes i agree, this PennyStockMania 10/29/10 09:16:09 AM
#152   Good morning, everyone. Let's see a few hits today papou114 10/29/10 09:13:16 AM
#151   Ive unloaded some silver stock I had, which Golf4Food 10/29/10 12:44:41 AM
#150   We got a buy, lets see some more. PennyStockMania 10/28/10 01:29:10 PM
#149   Good morning, PSM !! papou114 10/28/10 09:13:10 AM
#148   good morning papo. PennyStockMania 10/28/10 09:10:06 AM
#147   ha ha, good to see ya bud. PennyStockMania 10/28/10 09:09:42 AM
#146   Good morning everyone! papou114 10/28/10 08:00:36 AM
#145   darn you caught me :( Golf4Food 10/28/10 12:26:23 AM
#144   It happens from time to time russo, im PennyStockMania 10/27/10 03:41:08 PM
#143   I agree, but it's not accurate. Wonder why russo123 10/27/10 03:20:53 PM
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