RAY DIRKS Research: Recomends CTXV.pk Aug 18, 2010
Posted on admin on August 18, 2010 // Leave Your Comment
RAY DIRKS Research: Recommends CTX Virtual Technologies, Inc. (CTXV.pk)
By Ray Dirks
RAY DIRKS Research recommends CTX Virtual Technologies, Inc. – (CTXV.pk) @ $1.17 with a market cap of $43 million and pro-forma sales in 2009 of $37 million, which are accelerating in 2010 to an annual rate of $50 million plus. CTX Virtual Technologies is a pioneer in developing a suite of applications and products using virtual projection technology for inputting data in mobile cellular devices, PCs, and commercial products. The Cellular division has developed a patent-protected technology, related to virtual input, 3-dimensional interface and AMD sensor performance which provides for 3D projected displays featuring products for virtual keyboards, mouse applications, and other virtual applications, all allowing the consumer greater communications mobility at lower cost without laptops. The Kaibida division, acquired in April, 2010, is a leading OEM manufacturer of GSM (Global Systems for Mobile Communication) and 3G converged mobile devices (Smart Phone) for several large consumer companies and global manufacturers in China. Kaibida is based in Hong Kong with 450 employees. The company is ISO 9002 registered, with manufacturing facilities certified to level 2 cleanliness.
RAY DIRKS Research : CTX Virtual Technologies, Inc. CTXV. pk
Current Price: $1.17
Target Price: $5.00 (by year end 2011)
Revenues (pro-forma)
2009: $37 million
2010: $53 million
2011 (Est) : $180 Million
2012 (Est) : $400 Million
Earnings Per Share:
2010 (Est): $ 0.10
2011 (Est): $ 0.40
2012 (Est): $ 0.80
Over the long term RAY DIRKS Research thinks that sales will reach $ 800 million in 2013 and grow by 30% per year through the year 2017 so that earnings per share could approach $3.00 per share by 2017. In early August of 2010 the company successfully raised $7.38 million in a private placement of stock which brings the total number of shares outstanding to 37 million fully diluted. The use of proceeds enables CTX Virtual Technologies to expedite the launching of both of its two new major products in the 4th Quarter of 2010 – the new mouse and the virtual keyboard and to begin fulfilling significant orders from major companies.
CTX Technologies is starting the auditing process necessary to list the company on a national stock exchange in the U.S. Thanks to an outstanding management team and a superb Board of Directors and Advisory Board, the company was extremely well-received at the annual Consumer Electronics Show in Las Vegas this January, and Forbes Magazine (Taylor Buley, staff writer and editorial developer for Forbes) highlighted their products. The management team is headed by Clifford M. Rhee, Chief Executive Officer (561 – 962 – 2835) who has a strong engineering and marketing background. In May, 2010, the company appointed Jerome Feldman as Chairman of the Board, A lawyer with 10 years of deal experience, Mr. Feldman was with several Wall Street firms and for the past decade has been the founding partner of Capital Solutions Group, LLC, an asset-based lending organization. New additions to the company’s board include several prominent industry leaders from the Far East, including China, where growth in usage of the company’s products will be exponential.
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