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Not exactly stellar results, but this may highlight the need to cut costs associated with SEC filing and Sarbanes-Oxley compliance. Hopefully, the company will continue to file some type of public financial reports such as Pink Sheets OTCqx.
Comtex Reports Second Quarter Fiscal 2010 Results
NEW YORK, Feb. 16 /PRNewswire-FirstCall/ -- Comtex News Network, Inc. (OTC Bulletin Board: CMTX), a leading provider of economically useful electronic real-time news, content and SmarTrend® market products, today announced financial results for its second fiscal quarter and the six month period ended December 31, 2009.
Comtex reported revenues increased to $1.8 million for the quarter ended December 31, 2009, from $1.6 million for the three months ended December 31, 2008. The higher quarterly revenues resulted primarily from increased SmarTrend product sales. For the six months ended December 31, 2009, Comtex's revenues increased to $3.6 million from $3.3 million for the prior year's comparable period. The year-to-date increase was primarily due to higher SmarTrend product sales, offset by reduced database revenues resulting from client consolidations and pricing pressures within the online news and information industry.
For the second quarter ended December 31, 2009, Comtex reported an operating loss of $(153,000) and a net loss of $(126,000), or a ($0.01) per share, compared to operating income of $43,000 and net income of $47,000, or $0.00 per share, for the three months ended December 31, 2008. The losses for the three months ended December 31, 2009, compared to the profits from the previous period, were primarily due to increases in the cost of revenues, and increased sales and marketing expenses, slightly offset by the growth of SmarTrend product sales.
For the six months ended December 31, 2009, Comtex reported an operating loss of $(16,000), and net income of $40,000, or $0.00 per share, compared to operating income of $74,000, and net income of $72,000, or $0.00 per share, for the six months ended December 31, 2008.
For the six months ended December 31, 2009, EBITDA (as defined and explained in the accompanying note to the table below), excluding the effects of stock-based compensation, was $61,000 compared to EBITDA of $167,000 for the six months ended December 31, 2008. The decrease in EBITDA was primarily due to increased expenses mainly in the areas of product line expansion, sales and marketing.
About Comtex
Comtex (www.comtex.com) provides real-time news, Comtex SmarTrend® Alerts and economically useful information. Comtex customers receive select content from key sources which is further enhanced with stock tickers and an extended lexicon of relevant terms. With a specialization in the financial news and content marketplace, Comtex receives, enhances, combines and filters news and content received from national and international news bureaus, agencies and publications, and distributes more than one million total stories per day. Comtex's state-of-the-art technology delivers this relevant content and reliable service in real-time. Comtex also provides several proprietary SmarTrend Alert products to investors, including a daily stock market letter (Morning Call), selected stock news (SmarTrend Spotlights), and SmarTrend Alerts (via subscription at www.mysmartrend.com). Comtex has offices in New York City; Boston, Massachusetts; and Alexandria, Virginia.
SmarTrend® is a registered trademark of Comtex News Network, Inc.
It should be interesting to see how this plays out after the surge in volume this past week. I would assume those who wished to sell have done so, and now we should begin to see the real value of this company. I am betting it is more than the .29/share pre reverse split offering.
I agree that attempting valuation for CMTX is a difficult and highly speculative proposition under the circumstances, but assuming the expected regulatory expense savings increases the previous years earnings by a factor of 3, which is about what they imply in the filing, I get a stock value of $375 (pre split .375 ) - assuming 16,000 shares post RS and an earnings multiple of 20. I'm certainly not suggesting you can apply conventional valuation to this situation, but I can't shake the feeling there is more to this story than is yet revealed. I'm sure you made the right decision in selling early, but I hope you continue to post here as this story unfolds.
It is hard to say what the valuation should be given the confusing signals.
Fair enough, but don't you think this one may still be undervalued at this point? I can't help wondering if they are looking to finally leverage their potential and this particular move, once consummated, will be quickly followed by something much more significant. I keep going back to the following points: (1)the unusual size of the proposed reverse split for a stock with only 16 million shares outstanding, (2) a relatively healthy balance sheet, (3) recent major positions taken by certain investors and (4) a seemingly popular and viable product. I know I'm probably going to regret it, but I think I will hold on for a while longer.
I don't like holding pink sheet companies. Also, it isn't clear to me how much information CMTX is going to publish once they go to the pink sheets.
If you don't mind my asking, what was your primary reason for selling so soon after the announcement?
It certainly is unusual. I think there is a good chance the insiders are buying.
Personally, I sold out.
Okay, is it just me or does anyone else feel like there is something more to this than what has been announced? The trading volume for the last two days has been up around 1000% with the price actually going up. Doesn't this suggest someone is buying all the available shares at or above the ask? Am I wrong?
Too bad I didn't buy any as my buy orders I put in were cheaper :(
Nice call about loading up at $0.15, would have almost 100% return in a couple of days. I sold most of my shares today, since I see no reason to hold with the price so close to 0.29...that being said, something looks suspicious with this announcement and the trading that has occurred afterwards. There will probably be something come out over the next couple of months that brings light to this situation.
"Monday I would think the price wouldn't fall below .15/share as 999 buyers would be tempted to buy there and hold to double their money for a "free" $150 or so. If it does fall there, it would actually be worth buying in bulk and then sell them later at a higher price IMO"
vince
Any opinions on the half million shares traded on Monday? While it does look as though there certainly are some shareholders heading for the exits, the price held up suspiciously well for a stock being sold in a rush to get out. Does this mean there is a buyer (or buyers) for anyone wanting out, and, if so, just who might that be? Historically, the trading has been very thin, so one might think the increased selling would produce considerable downward pressure on the price. Furthermore, I'm thinking a 1 for 1000 split is quite unusual for a company with less than 20 million shares outstanding, and perhaps there is more to this story than is being made public.
or maybe another example of govt' over-regulation (SOX) destroying business.
It will be interesting to see if the price holds up next week as many investors will probably want out before this extreme reverse split. I suspect there will be forward split at some point and I am wondering if there will be a major announcement of some type just before the split date. Of course, the cost savings will be significant, if fully realized, and I wonder if a lot of small corporations will be doing this.
Seems like a pretty lame excuse for insiders to steal the company now that sales & profits are accelerating.
Effects of the Reverse Stock Split
If the Reverse Stock Split is completed, the Company intends to file a notice of termination of registration of the Common Stock under the Exchange Act as soon as practicable thereafter. The Reverse Stock Split is expected to reduce the number of stockholders of record of the Company from approximately 459 to approximately 154. Upon termination of the Company’s periodic reporting obligations under the Exchange Act, the Common Stock may be eligible for listing and trading in the Pink Sheets® (a centralized quotation service that collects and publishes market maker quotations for securities), as described below. However, the completion of the Reverse Stock Split and the deregistration of the Common Stock under the Exchange Act will likely cause the trading market for shares of the Common Stock to be substantially reduced or eliminated.
As the base price of the Common Stock (the “Base Price”), the Company used the average closing price of the Common Stock over the ten trading days prior to the announcement of the proposed Reverse Split and the filing of the preliminary Proxy Statement with the SEC. The price to be paid in cash in lieu of the issuance of fractional shares of Common Stock represents a premium of approximately 30% over the Base Price of the Common Stock.
Effects on Stockholders Holding Fewer
Than 1,000 Shares of Common Stock
If the Reverse Stock Split is completed, the stockholders holding fewer than 1,000 shares of Common Stock immediately prior thereto (“Cashed-Out Stockholders”):
-
Will not receive a fractional share of Common Stock in the transaction;
-
Will instead receive $0.29 in cash for each share of Common Stock held immediately prior to the Reverse Stock Split in accordance with the procedures described in this Proxy Statement;
-
Will have no further ownership interest in the Company and will therefore no longer be entitled to vote on matters presented to stockholders of the Company; and
-
Will not have to pay any service charges or brokerage commissions in connection with the Reverse Stock Split.
Cashed-Out Stockholders holding stock certificates representing their Common Stock will receive from the Company soon after the effective date of the completion of the Reverse Stock Split (the “Effective Date”) a letter of transmittal containing instructions on how to surrender their current stock certificates to the Company’s transfer agent in exchange for their cash payments.
Effects on Stockholders Holding
1,000 or More Shares of Common Stock
If the Reverse Stock Split is completed, stockholders holding 1,000 or more shares of Common Stock immediately prior thereto (“Continuing Stockholders”):
-
Will receive (i) one share of Common Stock for each 1,000 shares of Common Stock held immediately prior to the Reverse Stock Split and (ii) $0.29 in cash for each share of Common Stock held immediately prior to the Reverse Stock Split exceeding 1,000 shares or a multiple of 1,000 shares owned, both in accordance with the procedures described in this Proxy Statement.
16
-
Will have a reduced equity interest in the Company and reduced participation in future potential earnings or growth as a result of the receipt of cash in lieu of any fractional shares;
-
Will, immediately following the completion of the Reverse Stock Split, be the only persons entitled to vote on matters presented to stockholders of the Company;
-
Will experience a reduction in liquidity with respect to the Common Stock as a result of (i) the termination of the registration and (ii) the cessation of OTCBB trading of the Common Stock;
-
Will no longer have the same degree of access to financial and other information about the Company inasmuch as the Company will no longer be required to publicly file periodic reports with the SEC under the Exchange Act. Moreover, the executive officers of the Company will no longer be required to certify the accuracy of the financial information that is made available to the stockholders; and
-
Will have no preemptive or other preferential rights to purchase any Common Stock that may be issued in the future unless such rights are specifically granted to the stockholders.
Continuing Stockholders holding stock certificates representing their Common Stock will receive from the Company soon after the Effective Date a form of letter of transmittal containing instructions on how to surrender their current stock certificates to the Company’s transfer agent in exchange for certificates representing whole shares of Common Stock and any cash payments to which they are entitled in lieu of the issuance of fractional shares of Common Stock.
If the Company terminates the registration of the Common Stock under the Exchange Act, the Common Stock will not be eligible for trading on any securities market except the Pink Sheets®, and even this source of liquidity may not be available. In order for the Common Stock to be quoted in the Pink Sheets®, it will be necessary that one or more broker-dealers act as market makers and sponsor the Common Stock in the Pink Sheets®. Following completion of the Reverse Stock Split and in the absence of current information about the Company being filed under the Exchange Act, there can be no assurance that any broker-dealer will be willing to act as a market maker in the Common Stock. There is also no assurance that shares of the Common Stock will be available to be bought or sold after the Reverse Stock Split.
Reasons for the Reverse Stock Split
Significant Expenses Attendant to Being a Public Company
The Company incurs direct and indirect costs in complying with the Exchange Act’s periodic filing and reporting requirements imposed on public companies. The cost of this compliance has increased significantly with the implementation of the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”). In addition, the Company pays substantially higher premiums for its directors’ and officers’ liability insurance policy as a public reporting company than it would if the Common Stock was not registered under the Exchange Act. The Company also incurs substantial costs as a result of, among other things, the Company’s management time expended in preparing and reviewing the Company’s periodic public filings. The Company believes that these costs have, and are expected to continue to have, a significant and adverse effect on the operations and financial performance of the Company.
13
The cost of administering each stockholder's account and the amount of time spent by the Company’s management in responding to stockholder requests is the same regardless of the number of shares held in the account. Accordingly, the burden to the Company of maintaining many small accounts is disproportionately high when compared with the total number of shares involved. While the Company does have an employee whose responsibilities include managing investor relations, the executive officers are nevertheless called upon to regularly participate in preparing the Company’s responses to stockholder requests. This administrative burden distracts the Company’s management from allocating their time and energies to managing the Company’s operations and to strategic planning. The Company believes that it and its stockholders would significantly benefit from the elimination of the administrative burden and cost associated with the approximately 305 record stockholders accounts containing approximately 80,400 total shares of Common Stock.
The Company expects that, by deregistering the Common Stock under the Exchange Act and terminating the Company’s periodic filing and reporting obligations, it will benefit from savings in historical costs including (a) a reduction in auditing related fees; (b) a reduction in legal fees related to securities law compliance and the less complicated and extensive disclosure entailed by the Company’s private status; (c) the elimination of requisite filing fees for various periodic filing and reporting with the SEC; (d) the expected savings in fees and expenses of the Company’s transfer agent and others external service providers for postage, stock transfer and other administrative expenses to service public stockholders; (e) the lower printing and mailing costs attributable to the reduction in the number of the Company’s stockholders; and (f) the expected reduction in premiums for directors’ and officers’ liability insurance. In total, the Company expects to save in excess of $95,000 per year in expenses as a result of deregistering the Common Stock under the Exchange Act and terminating the Company’s periodic filing and reporting obligations. The foregoing estimate is based upon (i) the actual costs to the Company of the services and disbursements in each of the categories described above and (ii) the allocation to each category of the Company’s estimates of the portion of the expenses and disbursements in such category believed to be solely or primarily attributable to the Company’s periodic public reporting status. The actual savings the Company will realize from becoming a private company may be higher or lower than the foregoing estimate.
In some instances, the Company’s cost-saving expectations set forth above were based on information provided from external sources or upon verifiable assumptions. For example, the Company’s auditors have informally discussed a reduction in auditing fees if the Company ceases to be a public company. In addition, the costs associated with retaining legal counsel to assist with complying with the Exchange Act periodic reporting requirements will be eliminated if the Company no longer files reports with the SEC and is otherwise not required to comply with the disclosure requirements that apply to publicly reporting companies. Other estimates were more subjective and included the savings in transfer agent fees that could be expected due to (i) the reduction in the number of accounts to be handled by the transfer agent, (ii) the lower printing and mailing costs attributable to such a reduction, (iii) the less complicated disclosure required by the Company’s private status, and (iv) the reduction in direct miscellaneous clerical and other expenses ( e.g. , word processing and other internal charges associated with Exchange Act filings and the elimination of the charges imposed by brokers and banks to forward materials to beneficial holders of Common Stock).
In addition to these annual estimated cost savings, the completion of the Reverse Stock Split and subsequent deregistration of the Common Stock under the Exchange Act would enable the Company to experience significant cost savings by avoiding expected increases in operating expenses resulting from Sarbanes-Oxley and related regulations – specifically regarding implementation of Section 404 of Sarbanes-Oxley. These costs are expected to comprise (i) a one-time incremental cost of $50,000 or more in computer software and fees to external service providers for planning, assessment, documentation and testing to comply with the new internal-control audit requirements imposed by Section 404 of Sarbanes-Oxley and (ii) in excess of $25,000 in annual expenses thereafter.
14
By way of comparison, assuming that the Company will save approximately $95,000 in historical costs and $25,000 in anticipated future costs (by avoiding implementation of Section 404 of Sarbanes-Oxley) by deregistering the Common Stock under the Exchange Act and terminating the Company’s periodic filing and reporting obligations, such estimated total savings of $120,000 would have represented 1.9% of the Company’s revenue of $6,401,518 for the fiscal year-ended June 30, 2009, and 130.5% of the Company net income of $91,927 for the fiscal year-ended June 30, 2009, each as reported in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2009.
The Company expects the actual cost savings of being a non-reporting, private company to be greater than simply eliminating the estimated historical out-of-pocket costs. The legislative and litigation environment resulting from recent corporate governance abuses is expected to cause the costs, compliance burdens and potential liabilities of being a publicly reporting company to continue increasing in the near future. The Company believes it is likely to incur continued increased audit fees and other costs of compliance such as securities counsel fees, increased outside director fees and increased potential liability faced by the Company’s directors and executive officers.
Purpose of and Reasons for the Reverse Stock Split
Purpose
The purpose of the Reverse Stock Split is to reduce the number of stockholders of record of the Company to fewer than 500, which will allow the Company to terminate the registration of the Common Stock under the Exchange Act, thereby suspending the Company’s duty to file periodic reports with the SEC under the Exchange Act. If the number of record holders were reduced to fewer than 500, the Company would be eligible to deregister the Common Stock under the Exchange Act and would no longer be subject to the SEC periodic filing and reporting requirements imposed on public companies. The Company intends to achieve this result by acquiring for cash all fractional shares of Common Stock resulting from the Reverse Stock Split.
That appears correct.
I'm assuming that if you own 5500 shares then you would get 5sh and they would buy the other 500 for .29??
How to play with my over 1000 shares?
Well it's not much different than other reverse splits followed by a forward split. In this case there's no forward split which is kind of irrelevant because in both cases trading should die (it was dead already) and anybody still holding is holding for the long term.
So here's what happens -- you will get longs who own over 1000 shares who desperately want out creating selling pressure because they know the stock is porked at least short term after the reverse split and possibly forever.
You will also get buying pressure in 999 share lots from people trying to take advantage of an arbitrage situation across several accounts, hoping to say buy at .20/share and get cashed out at .29/share and make $89.91 in "free money"
Anybody who wants out should be able to get out .20+ easily by the time this goes through. Most of the buying will occure the day it goes on the daily list though which will be likely months away.
Monday I would think the price wouldn't fall below .15/share as 999 buyers would be tempted to buy there and hold to double their money for a "free" $150 or so. If it does fall there, it would actually be worth buying in bulk and then sell them later at a higher price IMO
Well, the fact that there was insider buying before the announcement...I would assume that they think it is a positive development. It will be interesting to see how the market responds, as I have never seen anything like it it in my 18 years of investing.
Usually there's a forward split immediately following this transaction, but you're right -- it doesn't specifically state that in this case so it was my bad ASSumption, and I stand corrected.
Are you sure about this? It reads to me that they are doing a 1000 to 1 reverse split.
Comtex News Network, Inc. (OTC BB: CMTX - News), a leading provider of economically useful electronic real-time news, content and SmarTrend® market products, announced today that it will hold a special meeting of stockholders to (i) elect directors, (ii) approve amendments to the Company’s certificate of incorporation which, among other things, would effect a 1,000-to-1 reverse stock split of the Company’s common stock and the cash-out of shareholders holding fewer than 1,000 shares, and (iii) ratify the appointment of the Company’s independent auditors. If the stockholders approve the amendments to the Company’s certificate of incorporation, each stockholder will receive one share of the Company’s common stock in exchange for every 1,000 shares of common stock that he or she currently holds.
It's not a real reverse split. They are just cashing out small shareholders. The stock price will remain under .29/share, not $200.
What is your take on this? They must have a ton of people holding less than 1000 shares that they have to send annual reports and other financial information to. Otherwise, I don't see any benefit to doing a reverse split only to delist. Usually companies do a reverse split so that they can stay listed. CMTX trading at $200 on the pink sheets seems strange to me.
TIA
Vince
And grab 999 shares on the cheap ;)
CMTX deregistering; 999 shares or less get $.29/share
PRW: Comtex News Network, Inc. Announces Special Meeting of Stockholders to Appr
ove Reverse Stock Split and Fractional Share Purchase
NEW YORK--(BUSINESS WIRE)--February 05, 2010--
Comtex News Network, Inc. (OTC BB: CMTX), a leading provider of economically
useful electronic real-time news, content and SmarTrend(R) market products,
announced today that it will hold a special meeting of stockholders to (i)
elect directors, (ii) approve amendments to the Company's certificate of
incorporation which, among other things, would effect a 1,000-to-1 reverse
stock split of the Company's common stock and the cash-out of shareholders
holding fewer than 1,000 shares, and (iii) ratify the appointment of the
Company's independent auditors. If the stockholders approve the amendments
to the Company's certificate of incorporation, each stockholder will receive
one share of the Company's common stock in exchange for every 1,000 shares
of common stock that he or she currently holds. The Company will not issue
fractional shares in the reverse stock split. Instead, stockholders will
receive cash in the amount of $0.29 per share in lieu of any fractional
shares created by the reverse stock split. The price per share to be paid
for fractional shares represents a premium of approximately 30% over the
average closing price of the Company's common stock over the ten trading
days prior to this announcement and the filing of the preliminary proxy
statement with the SEC. The date, time and place of the special meeting will
be announced prior to the definitive proxy statement being made available to
stockholders.
The Company's Board of Directors has determined that SEC regulations,
including periodic reporting obligations, are overly burdensome on the
Company's financial and personnel resources, and believes by reducing the
number of stockholders and deregistering with the SEC, the Company will
substantially reduce the costs associated with complying with these
regulations and reporting requirements. The Company believes that going
private will allow management greater focus on business activities,
strategies and opportunities, as well as the needs of its stockholders,
employees, and customers.
The principal purpose in amending the Company's certificate of incorporation
and effecting the reverse stock split is to reduce the number of
stockholders of record. The Company anticipates that after giving effect to
the reverse stock split there will be fewer than 500 stockholders of record,
and the Company intends to deregister its common stock with the SEC, which
would result in Comtex becoming a private company.
After deregistration of the Company's common stock with the SEC, the stock
would no longer be eligible for trading on the Over-the-Counter Bulletin
Board. The Company anticipates that its common stock may be quoted on the
Pink Sheets Electronic Quotation System. The Company cannot predict whether
or when this would occur or whether an active trading market would exist for
its common stock.
The amendments to the certificate of incorporation and the reverse stock
split are conditioned upon the affirmative vote of a majority of the
outstanding shares of common stock of the Company. Stockholders will receive
a Notice of Internet Availability of materials related to the reverse stock
split, which will instruct stockholders as to how to access these materials.
Stockholders and investors are urged to read the Company's Proxy Statement
and Schedule 13E-3 that are being filed today in preliminary form with the
SEC in connection with the proposed amendments to the certificate of
incorporation and the reverse stock split. These materials contain important
information regarding the reverse stock split.
This press release is for informational purposes only and is not an offer to
buy or a solicitation of an offer to sell any shares of the Company's common
stock or a solicitation of proxies or votes. The proxy solicitation is being
made solely pursuant to the Proxy Statement and the accompanying documents
to be made available to stockholders.
About Comtex
Comtex (www.comtex.com) provides real-time news, Comtex SmarTrend(R) Alerts
and economically useful information. Comtex customers receive select content
from key sources which is further enhanced with stock tickers and an
extended lexicon of relevant terms. With a specialization in the financial
news and content marketplace, Comtex receives, enhances combines and filters
news and content received from national and international news bureaus,
agencies and publications, and distributes more than one million total
stories per day. Comtex's state-of-the-art technology delivers this relevant
content and reliable service in real-time. Comtex also provides several
proprietary SmarTrend Alert products to investors, including a daily stock
market letter (Morning Call), selected stock news (SmarTrend Spotlights),
and SmarTrend Alerts (via subscription at www.mysmartrend.com). Comtex has
offices in New York City; Boston, Massachusetts; and Alexandria, Virginia.
SmarTrend(R) and CustomWire(R) are registered trademarks of Comtex News
Network, Inc.
Please Note: Except for the historical information contained herein, this
press release contains forward-looking statements within the meaning of
Section 21E of the Securities and Exchange Act of 1934, as amended, that
involve a number of risks and uncertainties. These forward-looking
statements may be identified by reference to a future period by use of
forward-looking terminology such as "anticipate," "expect," "could,"
"intend," "may" and other words of a similar nature. These statements
involve risks and uncertainties that could cause actual results to differ
materially from those contemplated herein, including the occurrence of
unanticipated events or circumstances relating to the fact that Comtex is in
a highly competitive industry subject to rapid technological, product and
price changes. Other factors include the possibility that demand for the
Company's products may not occur or continue at sufficient levels, changing
global economic and competitive conditions, technological risks and other
risks and uncertainties, including those detailed in the Company's filings
with the Securities and Exchange Commission. Comtex undertakes no obligation
to update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
CONTACT: Comtex
Amber Gordon, 703-797-8011
agordon@comtex.com
SOURCE: Comtex News Network, Inc.
Copyright Business Wire 2010
2 days to take my buy at .25. Anyday soon now they will have to raise the bid.
I don't know anything about their relationship to CMTX.
They are husband and wife. Hanina is a doctor:
http://nyp.org/FPHTML/1168360196305.html
Do we know the relation of these gals to the company?
A 13G/A was just filed indicating insider buying. Hanina Hibshoosh and Amy Hibshoosh now own 970,725 shares which is up from 860,651 shares last year. Here are the links to the filing today and the prior filing from last year:
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6986798-1325-15826&type=sect&TabIndex=2&companyid=9649&ppu=%252fdefault.aspx%253fcik%253d352988
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6340607-1387-15792&type=sect&TabIndex=2&companyid=9649&ppu=%252fdefault.aspx%253fcik%253d352988
Comtex Now Delivers Free SmarTrend(R) Stock Research Reports
NEW YORK, Jan. 5 /PRNewswire-FirstCall/ -- Comtex News Network, Inc. (OTC Bulletin Board: CMTX), a leading provider of economically useful electronic real-time news, content and proprietary SmarTrend® market products, announced that investors now can obtain a free SmarTrend Stock Research Report on any stock analyzed by the SmarTrend system. For more information, please visit http://www.mysmartrend.com/, and to obtain a free SmarTrend Stock Research Report, please visit http://www.mysmartrend.com/research
The SmarTrend Stock Research Reports are based on proprietary automated time-price series pattern recognition technology developed over the past 25 years. SmarTrend dynamically analyzes up to three years of historical stock price data coupled with real-time current-day trading information, and sends resulting alerts indicating that a price trend change has been identified. Hundreds of factors are simultaneously analyzed to result in this unique price trend change notification system. SmarTrend's proprietary indicators - and now free research reports - strengthen investors' trading decision capabilities and thus, can increase their profits
Chip Brian, President and CEO of Comtex, and founder of SmarTrend, said, "It's important for investors to be able to obtain information behind the Uptrend and Downtrend alerts generated by the SmarTrend system. These research reports represent information available only from the SmarTrend Analytics Group. We want 2010 to be a more profitable year for everyone who uses SmarTrend."
Each trading day, Comtex issues up to 100 new SmarTrend UPTREND and/or DOWNTREND alerts, delivered with related news when available, on more than 5,000 North American stocks included in the Comtex SmarTrend database. The Comtex SmarTrend system is unique in the ways it combines timely, accurate collection of data with the development and implementation of successful stock selection models and decision-making tools. Relevant news is delivered with the exclusive alerts to give a comprehensive understanding of the factors driving equity performance
SmarTrend is available by monthly or annual subscriptions and a free product trial is available on the website (http://www.tradethetrend.com/). Institutional investors can also receive SmarTrend directly from a number of professional applications or directly as an XML newsfeed from Comtex
Thanks swanlinbar, and a sticky note as well.
CMTX $.24.....here are some background PR's ref their new product Smart Trend which is growing rapidly and will add to the companies improving numbers...last qtrs rise in rev and net inc and price only .24 with only 15m shares out and no pref, no ltd, and positive SE of $2m....
http://finance.yahoo.com/news/Comtex-SmarTrend-Morning-Call-bw-1963316505.html?x=0&.v=1
Here is 1st qtr-should be a good year at a low entry price--
http://finance.yahoo.com/news/Comtex-Reports-First-Quarter-prnews-2448834349.html?x=0&.v=1
More on Smart Trend--
http://finance.yahoo.com/news/Comtex-Launches-SmarTrend-bw-4124141494.html?x=0&.v=1
This will take you to the Comtex site and more on their investment tools and SMART TREND--
http://www.comtex.com/investment.aspx
Good time and price to get in here IMO....my last comment has to do with my favorite chart formation for making multiples on a play and it's here--
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=cmtx&sid=0&o_symb=cmtx&freq=1&time=8&x=0&y=0 Posted by Gary over at the MicroKitchen S.I. http://siliconinvestor.advfn.com/readmsg.aspx?msgid=26206094
From latest Comtex Smartrend newsletter, follow link to see video promoting the Smartrend service.
A little extra for Christmas or New Years would be nice !GL
This has been the most promising week for CMTX in some time , with some 420,000 shares traded. Momentum definitely seems to be building, and I am guessing any good news will move our little hidden gem to new highs. Perhaps we will get an extra Christmas present this year.
Comtex SmarTrend® Morning call Newsletter Expands Reach to More Than 15,000 Subscribers
NEW YORK, NY, October 1, 2009 — COMTEX NEWS NETWORK, INC. (OTC BB: CMTX), a leading provider of economically useful electronic real-time news, content and proprietary SmarTrend® market products, announced that its comprehensive daily stock market newsletter, SmarTrend Morning Call, now reaches more than 15,000 subscribers.
SmarTrend Morning Call, published every trading day before market open, gives investors instant access to market insight available exclusively from Comtex. With each newsletter, the SmarTrend Market Analytics Group delivers a unique feature on proprietary Technical Indicators; a concise Market Summary of key economic and business events expected to impact the movement of the equity markets; and news from the Corporate Corner, highlighting specific company announcements and earnings releases. Complimentary subscriptions to SmarTrend Morning Call are available at www.mySmarTrend.com/signup.html.
"We're excited about the growth of SmarTrend Morning Call, and we're proud of the greatly expanded scope of all the SmarTrend products we've recently introduced," said Chip Brian, President and CEO of Comtex – and editor of the daily morning newsletter. "By reaching increasing numbers of subscribers, we're able to deliver instant help to investors who wish to maximize their performance in these volatile market conditions."
The Comtex SmarTrend system is unique in the ways it combines timely, accurate collection of data with the development and implementation of successful stock selection models and decision-making tools. Relevant news is delivered with the exclusive alerts to give a comprehensive understanding of the factors driving equity performance.
Comtex launched the flagship product, SmarTrend Alerts, in 2006. Now – in addition to SmarTrend Morning Call – the SmarTrend suite of products has expanded to include unique, premium newsfeeds generated by the SmarTrend Market Analytics Group:
•SmarTrend Market Commentary –- three daily market commentaries which report the latest happenings throughout the trading day, including: Opening Bell Comments, MidDay Market Recap, and Market Wrap-Up commentary;
•SmarTrend Weekly Wrap-Up -- every Friday following market close, the SmarTrend Market Analytics Group reports on the week's market moving events and projected major events for the week ahead;
•SmarTrend NewsWatch –- articles highlighting major business and economic news throughout the day; and
•SmarTrend Spotlights -- articles highlighting trading alerts generated by the SmarTrend system.
Every trading day, Comtex issues up to 100 new SmarTrend UPTREND and/or DOWNTREND alerts, delivered with related news when available, on more than 5,500 North American stocks included in the Comtex SmarTrend database. Based on proprietary automated time-price series pattern recognition technology developed over the past 25 years, SmarTrend dynamically analyzes up to three years of historical stock price data coupled with real-time current-day trading information, and sends resulting alerts indicating that a price trend change has been identified. Hundreds of factors are simultaneously analyzed to result in this unique price trend change notification system.
SmarTrend is available by monthly or annual subscriptions and a free product trial is available on the website (www.tradethetrend.com). Institutional investors can also receive SmarTrend directly from a number of professional applications or directly as an XML newsfeed from Comtex.
About Comtex
Comtex (www.comtex.com) provides real-time news, Comtex SmarTrend® products and economically useful information. Comtex customers receive select content from key sources which is further enhanced with stock tickers and an extended lexicon of relevant terms. With a specialization in the financial news and content marketplace, Comtex receives, enhances, combines and filters news and content received from national and international news bureaus, agencies and publications, and distributes more than one million total stories per day. Comtex's state-of-the-art technology delivers this relevant content and reliable service in real-time. Comtex has offices in New York City; Boston, Massachusetts; and Alexandria, Virginia.
SmarTrend® is a registered trademark of Comtex News Network, Inc.
Please Note: Except for the historical information contained herein, this press release contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, that involve a number of risks and uncertainties. These forward-looking statements may be identified by reference to a future period by use of forward-looking terminology such as "anticipate," "expect," "could," "intend," "may" and other words of a similar nature. These statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated herein, including the occurrence of unanticipated events or circumstances relating to the fact that Comtex is in a highly competitive industry subject to rapid technological, product and price changes. Other factors include the possibility that demand for the Company's products may not occur or continue at sufficient levels, changing global economic and competitive conditions, technological risks and other risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Comtex undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Comtex SmarTrend® Morning Call Newsletter Tops 10,000 Subscribers
NEW YORK, NY, June 24, 2009 — COMTEX NEWS NETWORK, INC. (OTC BB: CMTX), a leading provider of economically useful electronic real-time news, content and proprietary SmarTrend® market products, announced that its comprehensive daily stock market newsletter, SmarTrend Morning Call, now has more than 10,000 subscribers.
With the SmarTrend Morning Call, investors have easy access to market insight available exclusively from Comtex. Morning Call delivers its unique, proprietary information in three sections: Technical Indicators, which examines proprietary market indicators from the SmarTrend system; Market Summary, which outlines key economic and business events expected to impact the movement of the equity markets; and Corporate Corner, which highlights specific company announcements and earnings releases.
The SmarTrend Morning Call also includes equity index charts containing proprietary indicators and the latest SmarTrend UPTRENDS and DOWNTRENDS issued on all stocks cited in the newsletter. Complimentary subscriptions to SmarTrend Morning Call are available at www.mySmarTrend.com/signup.html.
"SmarTrend Morning Call provides quick, easy access to unique, innovative equity market research, and we're very pleased to announce that more than 10,000 investors are now subscribing to our daily report," said Chip Brian, President and CEO of Comtex – and editor of the daily morning newsletter. "SmarTrend Morning Call – and our flagship product, SmarTrend Alert – deliver instant help to investors who wish to achieve superior investment performance in volatile markets."
About SmarTrend
The Comtex SmarTrend system is unique in the ways it combines timely, accurate collection of data with the development and implementation of successful stock selection models and decision-making tools. Relevant news is delivered with the exclusive alerts to give a comprehensive understanding of the factors driving equity performance.
Every trading day, Comtex issues up to 100 new SmarTrend UPTREND and/or DOWNTREND alerts, delivered with related news when available, on more than 5,500 North American stocks included in the Comtex SmarTrend database. Based on proprietary automated time-price series pattern recognition technology developed over the past 25 years, SmarTrend dynamically analyzes up to three years of historical stock price data coupled with real-time current-day trading information, and sends resulting alerts indicating that a price trend change has been identified. Hundreds of factors are simultaneously analyzed to result in this unique price trend change notification system.
SmarTrend is available by monthly or annual subscriptions and a free product trial is available on the website (www.tradethetrend.com). Institutional investors can also receive SmarTrend directly from a number of professional applications or directly as an XML newsfeed from Comtex.
About Comtex
Comtex (www.comtex.com) provides real-time news, Comtex SmarTrend® products and economically useful information. Comtex customers receive select content from key sources which is further enhanced with stock tickers and an extended lexicon of relevant terms. With a specialization in the financial news and content marketplace, Comtex receives, enhances, combines and filters news and content received from national and international news bureaus, agencies and publications, and distributes more than one million total stories per day. Comtex's state-of-the-art technology delivers this relevant content and reliable service in real-time. Comtex also provides a line of SmarTrend products to consumers, including a daily stock market letter (Morning Call), selected stock news and market analysis (SmarTrend Spotlights), and its banner product, SmarTrend Alerts (via subscription at www.mysmartrend.com). Comtex has offices in New York City; Boston, Massachusetts; and Alexandria, Virginia.
Another record volume day, recent 52 week highs and new interest in this board. Are we headed for the buzz cloud?
CTMX looks really good,have to love this 15,794,200 shares issued and outstanding! Thanks & good luck
Yes, and I have high hopes for it as well as CMTX. Yesterday's trading volume for CMTX was especially encouraging, and I am confident CEO, Chip Brian, is working hard to bring more value to the company.
Hi flemsnopes bought into CMTX today,it looks good!Still holding any MKRS? Good Luck
Me 2.
(Sorry for my long-winded DD)
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Comtex News Network, Inc. is a wholesaler of real-time news and related content for major financial and business information distributors. With a specialization in the financial news and content marketplace, Comtex receives, enhances, combines, filters and distributes news and content received from more than 10,000 national and international news bureaus, agencies and publications. The three main product lines produced and distributed by it are: CustomWires(r) - subject-specific newswires compiled from national and international news bureaus, agencies and publications. Presented in a variety of subject combinations, including energy, finance, international and public company information, CustomWires(r) enable distributors to receive news relevant to their target markets; Comtex TopNews - editorially selected top news stories of the day. A range of news story options, including financial markets, vertical markets, general market and world news; and Publisher Full Feeds - delivery from a specific publisher that provides distributors with the complete content offering from that publisher. Comtex has three categories of customers: Co-Brands - Distributors who host financial and business oriented websites on behalf of large financial institutions and major corporations. Distributors electronically query Comtex computers every few seconds to retrieve and use Comtex news content to service their co-brand partners; Databases - These clients have enormous repositories of information; their end-users log on to these systems, conduct complex searches, and are charged for usage. The database accounts also electronically query Comtex computers every few seconds to download Comtex data into their databases; and Per Seat/Enterprise Applications - These clients market to professional investors - either individuals or institutions. Real-time news and information are paramount, so these clients typically use dedicated technology methods to electronically push Comtex data to customers' computer systems on a continual basis. The Company uses a proprietary real-time content processing system designed to process and enhance real-time data. Its competition includes integrators and distributors of news and related content, national and international electronic news and information services, and traditional content providers seeking direct relationships with distributors. At June 30, 2006, Comtex had approximately 25 full-time employees
Notice of Special Meeting of Stockholders
| 1. | To elect two directors to serve for a term expiring in 2013 and until their successors are duly elected and qualified; |
| 2. | To approve an amendment to the Company’s Certificate of Incorporation which would effect a reverse stock split pursuant to which each 1,000 shares of the Company’s outstanding Common Stock, par value $0.01 (“Common Stock”), will be converted into one share of Common Stock (with stockholders owning less than one share of Common Stock after giving effect to the reverse stock split receiving a cash payment of $0.29 per pre-split share) (the “Reverse Stock Split”); |
| 3. | To approve an amendment to the Company’s Certificate of Incorporation which would permit actions of the Company’s stockholders to be taken by written consent; |
| 4. | To ratify the appointment of Turner, Stone & Co. LLP as independent auditors for the Company for fiscal year 2010; and |
| 5. | To transact such other business as may properly come before the meeting and any adjournment thereof. |
FOR THE BOARD OF DIRECTORS | |
S. Amber Gordon Corporate Secretary |
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