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definitive agreement for the sale of Infotopia Ohio
May 30, 2001
Dear Shareholders,
I am proud to announce that a definitive agreement for the sale of Infotopia Ohio (the operating entity which contains all the revenue and expenses of the Company) to EntrePort (AMEX: ENP) will be completed today. The deal has been modified and is now a much better deal for the shareholders of Infotopia (OTCBB: IFTP). The $2,000,000.00 in cash that was originally included has been reduced to $500,000.00 and the shares that ENP shareholders will now keep has been increased from 680,000 shares to one million shares. In order to reduce EntrePort shareholders to one million shares, EntrePort will undertake a 19:1 reverse split, prior to the completion of the acquisition of Infotopia Ohio. Infotopia Nevada will receive 13,100,000 units, consisting of one common share of common stock and ½ warrant at $5.00 per share and a 1/4 warrant at $12.00 per share. The total issued and outstanding in ENP will be approximately 15,400,000 shares. Infotopia Nevada will hold 85.1% ownership in the new share structure in ENP after the acquisition of Infotopia Ohio is completed.
Infotopia Nevada (IFTP) will continue to trade on the OTCBB until such time as a liquidating distribution is made to its shareholders of the ENP units. A liquidating distribution cannot take place until the units have been registered and the common shares in the units are free trading. ENP will agree to file a registration statement on those units within sixty days of the completion of the acquisition of Infotopia, Ohio. Infotopia Nevada will change its name to I Holdings and change its symbol to IHLD also upon the completion of the sales of Infotopia, Ohio. This will help alleviate any confusion between the new ENP, with Infotopia Ohio and Infotopia Nevada (IFTP). Until a liquidating distribution is completed, as a result of its 85% holdings IHLD will continue to report 100% of the revenue and 85% of the profit of the new ENP, which would then include Infotopia, Ohio.
Infotopia Ohio will immediately change its name to ModernBrands, Inc. and when the EntrePort transaction is completed, will apply for the symbol MDB to trade on the American Stock exchange. As a result of the definitive agreement between ENP and Infotopia. Infotopia Ohio plans to complete a series of strategic partnerships and acquisitions that will further establish the new ModernBrands, Inc. as one of the fastest growing, innovative, Brand Building Companies in the United States.
How does the sale of Infotopia Ohio to ENP increase shareholder value?
The increase in shareholder value will come from a variety of sources:
1. . The primary value will be that financial institutions and analysts will now be able to provide independent evaluations of our Company’s progress. The Company’s growth can be properly evaluated and our success should make us an attractive candidate to many institutions.
2. American Stock exchange shares are now marginable. This should provide additional liquidity to our shareholders and help to keep long-term believers in Infotopia from selling stock when they need liquidity.
3. The ability to track short positions will be of significant value to the shareholders and Company; we will be able to more closely monitor the movement of our stock and work quickly to help identify problems areas and work closely to resolve problem areas.
When will the EntrePort transaction be finalized?
Proxy statements are being prepared at this time and should be submitted to the SEC next week. It is anticipated this process is to be completed by approximately July 15, 2001. At this time the symbol of ENP is anticipated to become MDB.
What firm will be our specialist for the American Stock Exchange?
Our specialist will be Bear Hunter Specialists, LLC, who will utilize AEGIS Specialist, LLC. This strategic relationship is a key component to our Company’s future success in capital support. Bear Hunter is jointly owned by Bear Stearns & company, Inc. and Hunter Partners, LLC and is the second largest specialist firm on the floor of the American Stock Exchange. Bear Hunter represents the financial resources of one of Wall Street’s leading investment banks, Bear Stearns & Company, Inc., combined with market knowledge, advanced technology and trading expertise of Hunters Partners LLC. AEGIS specialist LLC has a significant presence in equities trading on the AMEX Floor for the past twenty-five years.
Will the dilution stop when Infotopia begins trading on the AMEX?
Dilution has been necessary to fund the growth and launch of the successful products that have now brought us to this point. However, we reach positive cash flow in June and our confident that the type of dilution that has occurred in the past is over. MDB outstanding shares should remain fairly constant.
What made ENP so attractive as opposed to a company with real revenues and an already operating business that could have complimented Infotopia?
Significant dilution would have occurred for our shareholders, we minimized additional dilution, and maintained control of our Company and achieved our objective of reaching a national market.
Will the Officer Contracts be changed?
All the officer’s contracts have been changed eliminating all the provision as was published in regards to stock. Daniel Hoyng, Ernest Zavoral and Marek Lozowicki have also removed the percentage options that allowed them to acquire additional shares when the issued shares were increased. An employee stock option program that will grant employees options at market will replace all current stock items in employment contracts. These changes were made to make the Company attractive to institutional investors.
Will the Board of Directors be changed?
The Board of Directors of the new ENP will consist of Daniel Hoyng, Ernest Zavoral and three outside directors.
Sincerely,
Daniel Hoyng
Chairman & CEO
LaShark, I haven't looked at SYMY in a good while...
and this was my last post on the subject...
http://www.investorshub.com/beta/read_msg.asp?message_id=67265
My last post on SYMY:
http://finance.yahoo.com/q?s=symy.ob&d=t
Looks like they are fighting to survive.
Anyone have an opinion on SYMY?
It is now at .125 and .13.
HAXS, Healthaxis ... Impressive news
(BSNS WIRE) Healthaxis to Provide National Internet Sales Portal For Blue C
Healthaxis to Provide National Internet Sales Portal For Blue Cross and Blue
Shield Association
Business Editors/Health & Medical Writers
EAST NORRITON, Pa. & IRVING, Texas--(BW HealthWire)--May 29, 2001-
Healthaxis Inc. (NASDAQ:HAXS), announced today that it had signed a
three-year agreement with the Blue Cross and Blue Shield Association
for the implementation of a national Internet sales portal.
With Healthaxis technology in place, individual consumers and
small group employers throughout the United States will be able to
access a single Internet portal quickly and simply through the Blue
Cross and Blue Shield Association website, www.bcbs.com. By entering a
small amount of information, their request for service will be quickly
directed to the appropriate local Blue Cross and Blue Shield company.
"We hope to give our individual and small business customers more
options as they shop online," said Rich Lange, managing director of
business Internet communications for the Blue Cross and Blue Shield
Association.
James W. McLane, President and CEO of Healthaxis, envisions the
relationship between Healthaxis and the Blue Cross and Blue Shield
Association to be consistent with our vision for all of our customers.
"We hope to enhance customer experiences through ePowering healthcare
connections. We are in business to facilitate seamless customer
interactions, improve productivity, and create competitive advantages
for our customers through the development and implementation of
state-of-the-art software solutions."
The Blue Cross and Blue Shield Association is composed of 45
independent, locally operated Blue Cross and Blue Shield Plans that
collectively provide health care coverage to 80 million - more than
one in four - Americans. For more information on the Blue Cross and
Blue Shield Plans, visit www.bcbs.com.
About Healthaxis
Healthaxis develops and implements state-of-the-art software
solutions for healthcare benefits administration and distribution.
These solutions reduce costs, improve productivity, promote
efficiency, and enhance customer service.
Healthaxis develops innovative solutions that offer businesses in
the healthcare industry strategic advantages by quickly and
efficiently connecting payers, providers, administrators, brokers,
employers, and consumers (members/patients/employees).
Healthaxis technology solutions enable customers to remain
compliant with evolving federal regulations such as HIPAA. Healthaxis
products and services support customers by easily integrating flexible
Internet-based applications - matching the customer's way of doing
business with the demands of the Internet marketplace.
Healthaxis Inc. (NASDAQ:HAXS) - For investor information, call
(610) 275-3800. For information on Healthaxis products and software
solutions call (800) 519-0679 or visit www.healthaxis.com. Healthaxis,
e-powering healthcare.
Note on forward-looking statements: All statements, trend analyses
and other information contained in this release and elsewhere (such as
in filings by Healthaxis Inc. with the Securities and Exchange
Commission, press releases, presentations by Healthaxis Inc. or its
management or oral statements) relative to markets for Healthaxis'
products and trends in Healthaxis' operations or financial results, as
well as other statements including words such as "anticipate,"
"believe," "plan," "estimate," "expect," "intend," "should," "could,"
"goal," "target," "designed," "on track," "comfortable with,"
"optimistic" and other similar expressions, constitute forward-looking
statements under the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to known and unknown
risks, uncertainties and other factors, which may cause actual results
to be materially different from those contemplated by the
forward-looking statements. Such factors include, among other things:
(1) general economic and business conditions, including changes in
purchasing patterns, prevailing interest rate levels, stock and credit
market performance and health care inflation, which may affect (among
other things) Healthaxis' ability to sell its products and have access
to capital resources; (2) Healthaxis' ability to achieve anticipated
levels of operational efficiencies; (3) customer response to new
products, distribution channels and marketing initiatives; (4) changes
in the Federal income tax laws and regulations; (5) increasing
competition in the sale of software solutions for the healthcare
industry; (6) regulatory changes or actions, including health care
regulation affecting the health insurance industry and software
solutions products related to this industry; (7) actions by rating
agencies and the effects of past or future actions by these agencies
on Healthaxis' business; and (8) the risk factors or uncertainties
listed from time to time in Healthaxis' filings with the Securities
and Exchange Commission.
--30--SF/ph*
CONTACT: Healthaxis Inc.
Steven M. Kaplan, 610/275-3800
skaplan@healthaxis.com
KEYWORD: PENNSYLVANIA TEXAS
INDUSTRY KEYWORD: BANKING COMPUTERS/ELECTRONICS INTERNET MEDICAL
SOFTWARE
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: http://www.businesswire.com
*** end of story ***
FG,
Any opinion on SYMY at these levels? Looks like a good entry, I think.
Jeff, this is very difficult to explain...
in a way people can understand...
Make sure to emphasize to "mark" the spot to where they want to move the text with the mouse cursor, before clicking paste... That spot will show a blinking vertical Bar...
FG
Off Topic - Copy/Paste Instructions
To those interested in copying and pasting on message boards, but whose edit, copy, and edit, paste doesn't work, here's how to do it....
Highlight what you want to copy, and then hit (are you ready?)...................
Ctrl and C on your keyboard....., then click where you want the info to go, then hit Ctrl and V to Paste.
Jeffgo (and his sister, the smart one in the family)
¶ NLXI: Merger under way...
NELX, INC. Reports Merger Agreement
LAKEWOOD, Colo., May 25 /PRNewswire/ -- NELX, INC.
(OTC Bulletin Board: NLXI) announces that agreements have been reached with
FS Investments, Inc. ("FSI") and Jacobs & Company ("J&C") regarding the
acquisition of FSI and J&C by NELX. FSI is a closely-held West Virginia based
holding company engaged in surety business through its wholly owned
subsidiary, Triangle Surety Agency, Inc. J&C is a closely-held SEC registered
investment advisory firm headquartered in Charleston, West Virginia.
Subject to shareholder approval of both FSI and J&C, under terms of the
agreements, all of the outstanding shares of FSI and J&C would be acquired in
exchange for common stock of NELX. Shares issued in the transaction would be
subject to certain resale restrictions pursuant to Rule 144 under the
Securities Act of 1933. Consummation of the transactions will result in the
FSI and J&C shareholders owning approximately 62% of the outstanding stock of
NELX. Each of the FSI and J&C acquisitions is conditioned upon the closing of
the other. Approval by current NELX shareholders is not required.
Shareholder meetings of FSI and J&C are to be held on Tuesday, May 29, 2001 to
vote on the acquisitions.
Under terms of the agreements, John M. Jacobs, the president of FSI and
J&C, would become a member of the Board of Directors of NELX.
Finally, there are no other acquisitions or developments in discussion by
the NELX, INC. board.
A separate 8-K report will be filed regarding this announcement.
NOTE: PR Newswire and the SEC web site are the only sources of information
authorized and utilized by NELX, INC.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X18938834
SOURCE NELX, INC.
-0- 05/25/2001
/CONTACT: Denis Iler, Secretary, of NELX, INC., 303-232-1926/
(NLXI)
¶ Excellent Prospects for CRYP....
CryptoLogic Comments On Positive Outlook For 2001 & Provides 2002 Guidance; On
Track With Management's Growth Targets
TORONTO--(BUSINESS WIRE)--May 24, 2001--CryptoLogic (NASDAQ:CRYP)
(TSE:CRY.)
Internet Gaming Expected to Grow 35%+ Per Year; Global Trend
Towards Regulation Will Increase Market Opportunities; CryptoLogic
Well Positioned to Extend Leadership to New Gaming Verticals
CryptoLogic Inc., a leading software supplier to the Internet
gaming and e-commerce industries, is pleased to announce the company's
outlook for the next few quarters in 2001 and provide targets for
2002.
"Almost five months on the job now, I am even more excited about
the prospects for CryptoLogic and the Internet gaming market," said
Jean Noelting, president and CEO of CryptoLogic Inc. "The market
fundamentals are strong, growing at plus 35% for the next few years
and moving towards mainstream entertainment with broader gaming
options. As well, global regulation is becoming the trend, reinforcing
CryptoLogic's compliance efforts. In response, we have decided to step
up our regulatory investment to take advantage of this opportunity. As
we help our licensees leverage and increase their user base in casino
and other gaming areas, CryptoLogic is well positioned for long term
growth."
Noelting continued, "Heading into my first annual meeting with
shareholders and in the spirit of fair disclosure, I felt it apropos
to provide further guidance for this year and extend our view into
2002. This year's revenue growth and net margin targets remain solidly
on track and consistent with market expectations. As expected,
interest income will be reduced significantly reflecting lower
interest rates and lower invested capital due to our share repurchase.
CryptoLogic will continue to see strong performance in 2002 as we
benefit from new licensees, acquisitions and expansion into new gaming
verticals. We continue to believe that our focus on large, brand name
customers, regulatory compliance and proven financial track record
will help us realize our vision to be the leading global provider in
e-gaming areas in casino, bingo, poker, lotteries and sports betting
powered by CryptoLogic."
The following forward-looking statements are based on the
company's current expectations and are subject to risks and
uncertainties. Actual results may differ materially.
Fiscal and Quarter Targets for 2001:
CryptoLogic maintains its guidance for 20% revenue growth and 45%
net margins for the full year of 2001. As has been the historical
pattern, the first and fourth quarters will post the strongest
performance and the middle quarters will reflect Internet seasonality.
*T
-- Fiscal 2001: revenue ranging between US$41.0-$42.0 million; net
income ranging between US$19.0-US$20.0 million.
-- Second quarter 2001: revenue between US$9.5-$10.0 million; net
income between US$4.2-$4.6 million.
-- Third quarter 2001: revenue between US$9.7-$10.2 million; net
income between US$4.2-$4.6 million.
-- Fourth quarter 2001: revenue between US$10.8-$11.3 million; net
income between US$5.4-$5.9 million.
-- Interest income for fiscal 2001: Due to the buy back in 2001, the
company bought back approximately 1.5 million shares to date at a
cost of US$13.4 million and lower than anticipated interest rates,
interest income for the year is expected to be between US$2.3-$2.5
million, a decline of US$1.7 million versus earlier projection.
-- Cash position for fiscal 2001: CryptoLogic expects to generate
approximately US$5.0 million in free cash flow each quarter, which
would see 2001 end with approximately US$65.0 million in total
cash, not accounting for any further share buy back and
acquisition activity.
-- Total expenses for fiscal 2001: CryptoLogic has accelerated its
plans towards regulatory compliance as well as enhancing the
management team. The company will invest another US$750,000 this
year. Expenses are expected to amount to US$21.0-$23.0 million.
-- Fully diluted shares outstanding for fiscal 2001 are expected to
increase from 15.7 million to about 16.0 million shares, excluding
acquisition and share buy back activities.
-- For the year, CryptoLogic expects to sign 4 new, major licensees,
deploy its strong cash reserves to make at least one acquisition
and expand into at least one new gaming vertical.
*T
Fiscal 2002 Targets:
With the contribution of new licensees, acquisitions and entry
into new gaming verticals in 2001, CryptoLogic is comfortable with
targets of 25% revenue growth and 45% net margins in fiscal 2002.
About CryptoLogic Inc.
CryptoLogic Inc. is the leading software development company
serving the Internet gaming market. The company's proprietary
technologies enable secure, high-speed financial transactions over the
Internet. CryptoLogic continues to innovate and develop state of the
art Internet software applications for both the electronic commerce
and Internet gaming industries.
CryptoLogic's common shares trade on the Toronto Stock Exchange
under symbol the CRY and on the Nasdaq National Market under the
symbol CRYP. There are currently 13.1 million common shares
outstanding (15.7 million shares fully diluted).
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
Statements in this press release which are not historical are
forward-looking statements made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Investors are
cautioned that all forward-looking statements involve risks and
uncertainties, including without limitation risks associated with the
Company's financial condition and prospects, legal risks associated
with Internet gaming and risks of governmental legislation and
regulation, risks associated with market acceptance and technological
changes, risks associated with dependence on licensees and key
licensees, risks relating to international operations, risks
associated with competition and other risks detailed in the Company's
filings with securities regulatory authorities. These risks may cause
results to differ materially from those projected in the
forward-looking statements.
--30--tjs/in*
CONTACT: CryptoLogic Inc.
Jean Noelting, 416/545-1455
or
CryptoLogic Inc.
Nancy Chan-Palmateer, 416/545-1455
E-mail: nancycp@cryptologic.com
or
Environics Communications
Media Relations, 416/920-9000, ext. 260/239
E-mail: dtisch@pr.environics.ca
E-mail: amorris@pr.environics.ca
¶ ADVC, a stock to follow: Advanced Communications Technologies -- New Company Operational Updates via CEO Conference Call
LOS ANGELES--(BUSINESS WIRE)--May 24, 2001--Advanced
Communications Technologies Inc (OTCBB:ADVC) (ACT-US) today announced
that the company will hold a conference call with its Chairman & Chief
Executive Officer Roger May on Wednesday May 30, 2001 at 7 p.m.
Eastern Standard Time.
May will be updating investors on recent progress with company
projects and new initiatives and with current negotiations on existing
projects including:
-- The company's publicly stated initiative to obtain NASDAQ
national market status and the progress of its discussions
with several complementary target companies.
-- An update on the establishment of a U.S.-based technical
facility for the implementation of SpectruCell into the U.S.
marketplace.
-- An update on the state of final negotiations with Dr. Gil
Amelio.
-- Results of the independent evaluation of the company's
Australian operations, received on May 24, 2001 and
commissioned for the purposes obtaining institutional
investment funds for SpectruCell.
-- Negotiations with a number new potential strategic industry
development and marketing partnerships with major
telecommunications operators within the United States, Europe
and the United Kingdom.
-- Update on negotiations in Australia to contract significant
additional R&D staff from a major U.S.-based military
contractor to expedite final SpectruCell development.
-- Update on the establishment of U.K. operations and new
strategic relationships in the United Kingdom.
-- Further detail on the company's recent wireless Center of
Excellence initiative with NEC
-- Developments in the marketing of the company's software
defined radio development suite for third party developers
and;
-- Progress in the testing and development of the company's
SpectruCell software defined multiple protocol mobile wireless
base station
Full details of the call including access numbers will be posted
on the company's Web site and major message forums on Monday May 28,
2001.
About Advanced Communications Technologies
Advanced Communications Technologies Inc. is a leader in the field
of Software Defined Radio (SDR) that in conjunction with its
Australian based affiliate has developed a proprietary,
multiple-protocol wireless base station -- SpectruCell.
Through eliminating the use of Qualcomm (Nasdaq:QCOM) chipsets, or
any other protocol specific hardware, and by conducting all signal
processing in software, SpectruCell provides for simultaneous support
of multiple mobile communications protocols (CDMA, WCDMA, UMTS, GSM &
3G) all in the same base station. Support for additional protocols is
achieved through the uploading of additional software modules.
By implementing the company's SpectruCell technology, network
providers will be able to maintain service to their existing customer
base and preserve the full utilization of their existing network
infrastructure while at the same time securing a highly flexible
migration path for evolving 3G-based protocols such as WCDMA and UMTS.
SpectruCell is complemented by several other wireless technologies
currently under development in Australia. Advanced Communication
Technologies Inc. plans to market these products throughout North,
South and Central America. For more information regarding Advanced
Communications Technologies, visit www.act-usa.net.
The foregoing contains forward-looking information within the
meaning of The Private Securities Litigation Act of 1995. Such
forward-looking statements involve certain risks and uncertainties.
The actual results may differ materially from such forward-looking
statements. The company does not undertake to publicly update or
revise its forward-looking statements even if experience or future
changes make it clear that any projected results (expressed or
implied) will not be realized.
--30--KT/np*
CONTACT: Advanced Communications Technologies Inc.
Roger May, 61 3 8080 8888 or 61 411 189 931
roger.may@act-aus.net
or
Advanced Communications Technologies
Jason Webster, 61 2 9327-2579 or 61 403 199 811
e-mail: jason.webster@adcomtech.net
¶*** Red Flags to consider when stock picking....
http://www.msnbc.com/news/576957.asp?cp1=1
¶ TSIS: Fixed Price Convertible @ Market x 2.5...
Interactive Telesis Closes 3rd Round Financing
SAN DIEGO--(BUSINESS WIRE)--May 22, 2001--Interactive Telesis(TM)
Inc. (OTCBB:TSIS), a provider of interactive voice response (IVR) and
speech-enabled hosting services, today announced that it has closed
its previously announced third round of financing with Hambrecht &
Quist Guaranty Finance LLC (H&QGF).
On May 16th, the company received $250,000 in exchange for a note,
which is convertible into Series A Convertible Preferred Stock with a
fixed conversion price of $0.75 a share. The Series A Convertible
Preferred Stock is convertible into common shares on a one-to-one
basis.
In addition, the company announced that, on May 15th, BH Capital
and Excalibur Limited Partnership purchased shares of the company's
Series B Convertible Preferred Stock for $250,000. The Series B shares
convert into the company's common stock at a fixed price of $0.50 per
share. BH Capital and Excalibur have each been given warrants to
purchase a total of 15,000 shares of Series B preferred stock which
are convertible into 150,000 common shares at $0.55 a share. Complete
details of the financing will be set forth in the company's SEC
filing.
"We are pleased that our existing investors are continuing to
support us and believe in our management team's ability to execute,"
said Andrew Schachter, Interim CEO of Interactive Telesis. "Like many
technology companies, our growth has been constrained by the slowing
economy. We believe that this round of financing will fully finance
our existing business plan and allow us to execute on our plan to be
cashflow positive by calendar year-end."
About the Investment Firms
The financing comes from three investment firms: BH Capital,
Excalibur Limited Partnership and Hambrecht & Quist Guaranty Finance
LLC (H&QGF). BH Capital and Excalibur are both investment firms
headquartered in Canada. H&QGF is a subsidiary of JPMorgan H&Q, and is
headquartered in San Francisco.
About Interactive Telesis
Interactive Telesis specializes in interactive voice response
(IVR) services and deployment of automated speech recognition (ASR)
technologies. Interactive Telesis presents a very compelling offering
for companies wishing to leverage the benefits of speech recognition
without the high cost of ownership, capital outlay and internal IT
staff requirements. Clients include industry leaders such as Wells
Fargo, Global Crossing, Lucent, MCI Worldcom, JambaTalk, Nike, Sprint,
Verizon, Yahoo! and others. Interactive Telesis is headquartered in
San Diego. For additional information, visit
www.interactivetelesis.com.
Interactive Telesis is a trademark of Interactive Telesis Inc. All
other trademarks are properties of their respective owners.
Forward-Looking Statement Disclaimer
Some of the statements made in this press release discuss future
events and developments, including our future business strategy and
our ability to generate revenue, income and cash flow, and should be
considered forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. You can generally
identify these "forward-looking" statements by words such as "expect,"
"anticipate," "believe," "estimate," "intend," "plan," and similar
expressions. These statements involve a high degree of risk and
uncertainty that exist in the Company's operations and business
environment and are subject to change based on various factors that
could cause actual Company results, performance, plans, goals and
objectives to differ materially from those contemplated or implied in
these forward-looking statements. Actual results may be different from
anticipated results for a number of reasons, including the Company's
new and uncertain business model, uncertainty regarding acceptance of
the Company's products and services and the Company's limited
operating history. Certain statements in this release are forward
looking and are based on Company management's current expectations.
Risk factors that could cause future results to vary materially from
such expectations are detailed in the Company's filings with the
Securities and Exchange Commission.
--30--dw/sd* jf/sd
CONTACT: Interactive Telesis, San Diego
Elizabeth Myers, 800/995-5798 (Media Contact)
or
JJ Jeffrey, 888/546-2957 (Investor Contact)
***¶*** Aliases Subject of Internet Libel Case...
http://www.investorshub.com/boards/read_msg.asp?message_id=33260
BY CARL S. KAPLAN
Last week Judge Richard L. Williams of the federal district court in Richmond, Va., rejected a series of motions and gave his seal of approval to a jury's verdict that awarded $675,000 in compensatory and punitive damages to Dr. Sam D. Graham Jr., a urologist in private practice in Virginia and former head of the department of urology at Emory University School of Medicine.
According to evidence presented at the trial, Dr. Graham was the subject of statements published on a Yahoo message board accusing him of accepting illegal kickbacks while at Emory and of leaving the school under a cloud. The statements were written by an individual who went by the handle "fbiinformant" and who was later discovered to be Dr. Jonathan R. Oppenheimer, a pathologist based in Nashville.
Following a two-day trial, a jury found on October 25 that by publishing the statements, Oppenheimer and a company that he operates were guilty of defamation and intentional infliction of emotional distress. In reaching its verdict, the jury necessarily concluded that statements penned by Oppenheimer were false and harmful to Graham's reputation and that Oppenheimer acted negligently and even recklessly in publishing them.
Oppenheimer, a non-lawyer who represented himself at trial, said in an interview that he plans to appeal the judgment. He acknowledged that the factual statements he made are false, but he said that he believed they were true when he wrote them. "It's going to ruin me" if the award is not overturned, he said.
Lawyers say the case may well represent the first time in the United States that a jury imposed a substantial libel award against a defendant who published an anonymous Internet message.
The case also serves as an important reminder, experts said, that the rules of libel apply online much as they do in the world of newspapers and magazines.
"What this case demonstrates is that people can be held accountable for what they post on the Net even though they posted anonymously," said Lyrissa Barnett Lidsky, a professor at the University of Florida's Levin College of Law and an expert on defamation in cyberspace.
"People need to understand that if they make an allegation of fact about someone online that is damaging to that person's reputation, they better make sure that statement is true; otherwise they can be held liable for libel," she added.
According to legal papers filed in the case, Dr. Graham resigned from his post at Emory in July 1998 to move to Richmond and enter private practice. Several months after his exit, on Feb. 7, 1999, the following message appeared on a Yahoo message board devoted to information about Urocor Inc., which operates a pathology lab in Oklahoma City:
"Sam Graham, MD used to be the Department Chair of Urology at Emory Clinic in Atlanta. UroCor decided to underbid the Emory Pathology Department for pathology services and give Graham a cut of the money it got from doing the pathology. This worked well until the poor SOB got caught with his hand in the cookie jar. Poor guy had to resign his prestigious position." The message was signed by "fbiinformant."
Graham was "absolutely shocked" when a friend referred him to the Yahoo posting, he recalled in a recent interview. "This whole thing where you can impugn somebody's honor and think you can get away with it because you're doing it anonymously is a bunch of baloney," he said. Eventually he filed suit.
Graham's lawyers first tried to unmask the anonymous author by serving legal papers on Yahoo and Internet service providers, but those efforts were unavailing, said D. Alan Rudlin, one of Graham's attorneys. After seven months of investigation, the legal team connected Oppenheimer's name to the pseudonym through deposition transcripts stemming from a previous, unrelated lawsuit, Rudlin said. In one of those transcripts, Oppenheimer, who once worked at Urocor, testified that he had posted under the name "fbiinformant." Oppenheimer was fired from Urocor in 1997, Rudlin said.
Before the trial, Oppenheimer conceded that he wrote the February 7 message, that it pertained to Dr. Graham and that Dr. Graham was not forced to resign from Emory. During trial, Graham's attorneys presented evidence that the statements written by Oppenheimer regarding the illegal kickbacks were false and defamatory. They also sought to demonstrate that Oppenheimber acted unreasonably when he posted the information after hearing it from a third party, without making sufficient efforts to check its veracity.
Last week, while denying the defendants' motions for a dismissal of the charges or a new trial, Judge Williams said in court that the messages were "despicable," according to Rudlin.
The jury "very much did not like the defendant and very much liked Doctor Graham," said William V. Riggenbach, a lawyer who represented Oppenheimer's company, Prost-Data Inc., at the trial. He added that the gist of the defense, which the jury rejected, was that Oppenheimer's reliance on the false information relayed to him by the third party was neither negligent nor reckless, in light of Oppenheimer's belief that the information was true.
Kurt A. Wimmer, a media lawyer at Covington & Burling, a law firm based in Washington, D.C., said that the Graham case was "rather unremarkable" aside from the fact that it's the first Net libel case of its kind. "There are a lot of areas in law where the offline and online worlds are treated similarly," he said. "Libel is one of those. If you libel someone anonymously and your ID is discovered, the law of libel is going to apply. It's that way on the Net and that way off the Net."
Nor is anonymous speech, uttered on a wild and woolly online message board, subject to lesser standards of care than anonymous speech published in a newspaper, added Robert M. O'Neil, director of the Thomas Jefferson Center for the Protection of Free Expression and a law professor at the University of Virginia. "I don't think in this respect that the medium makes the slightest difference," he said.
There's one big difference between defamatory speech in the online and offline worlds, however, said Professor Lidsky of the University of Florida. On the Internet, the ordinary person is a publisher, and thus the possibility that a small fry can become a defamation defendant is magnified.
After all, if the Internet didn't exist, the defendant in the Graham case may have simply talked around a water cooler and no suit would have been brought, Lidsky explained. The conversation would have been "beneath notice," she said. But on the Internet, people who engage in "water cooler gossip" must appreciate that there is a possibility that they could be subject to a lawsuit if they defame someone, she said.
Ferrgus, I find that surprising too...
and it goes against "my" common sense perception of accountability... Bear in mind that it's a Californian Judgment, where they have special anti-SLAPP laws, that may not be aplicable to the rest of the country...
JMHO, F. Goelo + + +
FG, thanks for the post. Very interesting. So much for accountability, eh?
¶ TMSS partners with Fujitsu, releases new Product...
TMSSequoia ScanFix v4.2 Bitonal Image Enhancement Software Debuts with New User Interface; Demo to be Included with Fujitsu Scan Partner Scanner Product Line
STILLWATER, Okla.--(BUSINESS WIRE)--May 21, 2001--TMSSequoia(TM)
(OTCBB: TMSS) today announced the release of the ScanFix(R) Bitonal
Image Optimizer version 4.2.
The ScanFix application now features a completely redesigned user
interface, making the product easier to use and faster to learn. The
company also announced an agreement with Fujitsu Computer products of
America (FCPA) to bundle a 30-day fully functional demonstration
version of ScanFix version 4.2 with all Fujitsu ScanPartner Scanners
beginning this summer.
Partnership with Fujitsu
"This is the first partnership for TMSSequoia for the 4.2 version
of the ScanFix Bitonal Image Optimizer," said Vaughn Henson,
TMSSequoia senior product development manager. "We're excited about
this opportunity to showcase our new redesigned user interface, which
makes it easier than ever to clean up and deskew document images. This
opens the door to our powerful image processing features to a whole
new generation of users who may not be as knowledgeable in image
cleanup procedures."
"Together, ScanFix version 4.2 and Fujitsu scanners deliver
exceptional image quality combined with ease of use," said Victor Kan,
director, product management imaging products group, FCPA. Fujitsu
workgroup scanner customers will have the opportunity to test drive
ScanFix image enhancement software for thirty days. A customized
30-day demonstration version will be packaged in every ScanPartner
workgroup scanner shipped by FCPA beginning in June.
Smaller, Cleaner, Smarter
ScanFix version 4.2, the new face of bitonal image enhancement, is
easier to learn and easier to use, providing the most powerful
software tools available to clean up and enhance scans, reduce file
size and increase OCR accuracy. As with the previous versions of the
ScanFix application, version 4.2 provides patented skew detection and
correction, line removal, dot shading removal, registration, inverted
text detection and correction and high-speed enhancement and
manipulation, as well as TWAIN data source support and batch
processing capabilities. ScanFix functionalities operate totally in
software -- there is no need for additional image processing boards or
hardware accelerators in the scanner. Additional benefits of ScanFix
image enhancement technology include documented increases of 50% or
more in OCR accuracy and the creation of cleaner images with smaller
file sizes that can be stored and transferred more efficiently.
Additional improvements to ScanFix version 4.2 include enhancements to
the ScanFix engine, which allow greater freedom in where it can reside
on user systems. This eliminates conflicts between different
applications that might call ScanFix functionality.
"The patented ScanFix application is widely used in the industry
and considered by many as state-of-the-art technology," said Debbie
Klarfeld, TMSSequoia vice president and general manager component
products division. TMSSequoia also provides ScanFix technology as a
C/C++ toolkit or ActiveX control so software developers can integrate
these desirable image enhancement features into their own custom
processes and applications.
About Fujitsu Computer Products of America, Inc.
Fujitsu Computer Products of America, Inc. is a wholly owned
subsidiary of Fujitsu Limited (TSE: 6702) -- a leading provider of
Internet-based information technology solutions for the global
marketplace. Comprising over 500 group companies and affiliates
worldwide -- including ICL and Amdahl -- Fujitsu Limited had
consolidated revenues of $49.6 billion in the fiscal year ended March
31, 2000. Fujitsu Limited's pace-setting technologies, world-class
computing and telecommunications platforms, and global corps of over
60,000 systems and services experts make it uniquely positioned to
unleash the infinite possibilities of the Internet to help its
customers succeed. Altogether, the Fujitsu Group has 188,000 employees
and operations in over 100 countries. Internet:
http://www.fujitsu.com. FCPA's current product offerings include hard
disk drives, tape drives, magneto-optical drives, scanners, and
printers. The company of more than 500 employees encompasses
engineering, marketing, and sales operations in San Jose, CA; repair
services in Hillsboro, OR; and sales operations throughout the United
States. Fujitsu Computer Products of America, Inc. is based in San
Jose, CA, and is located at 2904 Orchard Parkway, San Jose, CA 95134.
For more information about FCPA products and services, call
800/626-4686 or 408/432-6333.
About TMSSequoia
TMSSequoia is a software technology company that provides image
viewing, image enhancement and forms processing software solutions for
businesses worldwide. Founded in 1981 and based in Stillwater,
Oklahoma, the Company has shipped their document imaging software to
more than 1,500,000 users worldwide. The TMSSequoia customer list
includes American Express, Bank of America, BancTec, DaimlerChrylser,
Eastman Software, General Dynamics, General Electric, Hewlett-Packard,
Lockheed Martin, Matsubo Company Ltd., Oracle Corporation, Ricoh,
Siemens, Sprint, U.S. Patent and Trademark Office, World Bank, Xerox,
and others. For more information about TMSSequoia and its products,
visit the website at http://www.tmsinc.com or call 1-405/377-0880.
TMSSequoia and ScanFix are trademarks or registered trademarks of
TMS, Inc. Fujitsu and the Fujitsu logo are registered trademarks of
Fujitsu Ltd. All other trademarks are the property of their respective
owners.
--30--LVD/dx*
CONTACT: TMSSequoia, Stillwater
Elspeth Bloodgood, 405/377-0880
Fax: 918/610-7062
Email: elspeth.bloodgood@tmsinc.com
***¶***Weekly Economic Indicators & Second Guessing Grenspan....
WEEKLY UPDATE FOR: May 19, 2001 by Bob Bose...
Prior Week in Review:
Financial Market Highlights:
============================
05/18/01 05/11/01 %Change
S&P 500 1,291.96 1,245.67 +3.72%
Dow Jones 11,301.74 10,821.31 +4.44%
NASD Comp 2,198.88 2,107.43 +4.34%
Russell 2000 506.28 487.36 +3.88%
SOX Index 657.43 616.78 +6.59%
Value Line 412.44 396.97 +3.90%
MS Growth 567.60 557.11 +1.88%
MS Cyclical 578.27 546.20 +5.87%
T - Bill 3.51% 3.68% -17 BP
Long Bond 5.75% 5.88% -13 BP
Gold - Oz-Near Month $287.80 $269.50 +$18.30
Silver - Oz-Near Month $4.58 $4.35 +$.23
Economic News:
==============
FOMC Cuts Rates One Half Point And Maintains Bias To Ease
Accompanying Press Release And Minutes Note Wealth Effect
Our View Unchanged - Second Half Recovery, But Risks Increase
*March Business Inventories fell -.3% - Sales also fell -.3%
*Industrial Production for April off -.3% - March revised
Sharply downward - Capacity Utilization eased to 78.5%
*FOMC cuts rates by one half point - Maintains Bias
Toward further ease - See Below
*April Housing Starts rose +1.5% - Permits fell -2.5%
*April Consumer Price Index rose +.3% - Core Rate -
Excluding Food & Energy - rose +.2%
*Jobless Claims fell -8,000 to 380,000 - Four Week
Moving Average drops -2,250 to 401,250
*Leading Indicators in April rose +.1%
*Philadelphia FRB May Business Activity Index was -8.8
Basically unchanged from April's -7.2
*March Trade Deficit rose by +$4.3 bil to $31.2 bil
Exports softened, imports surged
Obviously by now everyone knows that the Federal Open
Market Committee (FOMC) lowered both the Federal Funds
Rate and the Discount Rate, to 4.0% and 3.5% respectively.
And they maintained their bias to lower rates further if
need be. We expected the former, but thought, perhaps
hoped is a better word, that they would remove their bias
toward further rate reductions. Our concern is simply that
an almost 40% reduction in short term rates, in so short a
period of time, could end up being too stimulative, as the
economy reaccelerates during the second half.
Clearly this is not a concern for the FOMC. The press
release last week noted the " ... effects of earlier
reductions in equity wealth on consumption ... continues
to weigh on the economy." The same theme is repeated
numerous times in the minutes from the March FOMC meeting.
So, it appears quite clear that the FOMC wants higher stock
prices to avoid what in their opinion is the negative
"wealth effect" from declining stock prices.
In addition, and as we had expected, they did ignore the
negative report on first quarter productivity - or more
accurately lack of it. What we didn't expect was that
they would specifically comment upon it by noting that
"Although measured productivity growth stalled in the
first quarter, the impressive underlying rate of increase
that developed in recent years appears to be largely intact,
supporting longer-term prospects." We hope they are right.
In our view, then, the FOMC is making a big bet. Simply
put, they are employing a very aggressive easing policy to
try to jump start an economic reacceleration that will
significantly improve productivity growth - sufficiently
so to ward off any significant inflationary pressures.
They are hopeful that softening labor markets and below
trend GDP growth will moderate inflationary pressures.
Our concern is that inflationary pressure, albeit modest
at the moment, is building - that's not a forecast that's
a fact. If these pressures do not abate before the
stimulative impact of the FOMC's policy "kicks in", then
inflationary pressures will get worse, and easily exceed
consensus expectations. A clear negative for financial assets.
The presumed response from the FOMC would likely be a
tightening, and there is some indication that they are now
more willing to use more frequent changes in policy to try
to meet their overall objective of non-inflationary growth
in line with their revised view of the economy's potential.
For instance, the minutes of the March meeting note discussion
of the need for a three quarter point cut, rather than the
half point reduction that was adopted. Presumably they were
still trying to bury the Greenspan put then as we noted,
so they didn't want to "cave in" to the market. But "Most
members agreed, however, that in the context of their focus
on the economy, smaller, possible more frequent, policy
adjustments were appropriate to afford them the opportunity to
recalibrate policy in rapidly changing and highly uncertain
circumstances." Presumably this statement was meant to refer
to a slowing economy, but clearly it can be applied to
tightening moves as well if inflationary pressures increase.
However, there appears to be little doubt about the Fed's
desire to return to approximately 3% growth as soon as possible.
We think the bias should have been removed, and that the FOMC
should wait for more data to determine if further easing is
necessary. Clearly they disagree, and think they can
"recalibrate" if necessary.
Their choice of terms implies a precision in monetary policy
that I simply do not believe exists, and I think they are trying
to "fine tune" too much. So, in my view the risks have increased.
Not really over the near term, but any second half recovery
will need to be monitored very, very closely. Stay tuned !
Current Weekly Calendar of Economic Data:
=========================================
Thursday: Jobless Claims, New Home Sales
Friday: Q1 Preliminary GDP, Durable Goods, Existing Home Sales, Univ. of Michigan Consumer Sentiment
JJJ, ATELE/SHPS... What you can read on RB...
http://ragingbull.lycos.com/mboard/boards.cgi?board=ATEL
is the main source of information... Succintly:
+ Lawsuit has been filed for rescission and it should happen within 3 weeks, if going to court or sooner by common Stipulation...
+ A Receiver is replacing ATELE defective management and a Restraining order concerning shares trading of the Insiders was granted...
+ The 10K had been filed on Friday and the stock won't go to the Pink Sheets... The "E" should be lifted Monday or Tuesday but could return if the 10Q is not filed by the 23rd May, or so...
+ Approximate share calculation show about 10 million oustanding and 5.7 million in the Float, which is not too bad for a shell seeking a new merger, which could happen within 2 to 3 months...
+ Lawsuit in Damages for Fraud against Bockler, Liang and Lee is anticipated after the rescission...
JMHO, F. Goelo + + +
Potential Liabilities of Posters...
http://www.politechbot.com/p-02038.html
..."In the Court's prior order, Judge David Carter determined that internet
message boards are, as a general matter, forums for the expression of
opinion, not fact. " The statements were posted anonymously in the general
cacophony of an internet chat-room which posts around 1,000 messages a week
on GTMI…They were part of an on-going, free-wheeling and highly animated
exchange about GTMI and its turbulent history. Importantly, the postings
are full of hyperbole, invective, short-hand phrases…the posts are written
with a great deal of linguistic informality." Turning to the specific
posts, the court held that "reasonable readers would not take these posts
to be anything more than a disappointed investor who is making sarcastic
cracks about the company. The reasonable reader, looking at the hundreds
and thousands of postings about the company from a wide variety of posters,
would not expect that the defendant was airing anything other than his
personal views of the company and its prospects..."
F+G,
Do you have any new infomation/ opinion on ACCESS TEL(ATEL;ATELE;SHPS)?
Thanks in advance, JJJ253
¶ CRYP+12%, recently at $9.00, now $22.25...
and climbing, is one of my long term picks from the time it traded on its Canadian exchange, prior to the move to NASDAQ...
Pick of the crop of gaming stocks...
http://quote.yahoo.com/q?s=cryp&d=c
Share buy-back....
http://biz.yahoo.com/bw/010516/0527.html
JMHO, F. Goelo + + +
¶ FECC: 19.2 million shares... $28 million CASH...
or roughly $1.46 per share with $500K per Quarter burn rate mostly offset by interest income... Yet, trading @ $1.05... A wealthy Potential Shell, for a change...
First Ecom.com, Inc. Announces First Quarter Financial Results for 2001; Company Has Sizeable Reduction in Losses Following Recent Initiatives to Reduce Operating Costs
WAN CHAI, Hong Kong--(BUSINESS WIRE)--May 18, 2001-- First
Ecom.com, Inc. (NASDAQ: FECC, BSX: FECC, FECC BH), a global provider
of electronic payment processing solutions, today announced financial
results for the quarter ended March 31, 2001, the first quarter of the
fiscal year 2001.
First Ecom, which is still in development stage, posted revenues
for the quarter of US$ 12,756 as compared with revenues for the same
quarter in 2000 of US$ 4,802. This quarter's revenues are attributable
solely to payment processing and represent 23.8 percent of the
Company's total payment processing revenues since its inception on
September 16, 1998.
Net loss for the first quarter of 2001 after amortization,
depreciation and non-cash compensation associated with stock options
was US$ 468,503 as compared to the first quarter of 2000 net loss of
US$ 2,452,712. This is a sizable improvement over the previous year.
Net loss per share for the quarter was US$ 0.02 per share as
compared to the net loss per share of US$ 0.15 for the same quarter in
2000.
As of the end of the quarter, the Company had in excess of US$
28,000,000 in cash and realized a 116 percent increase in interest
income compared to the first quarter of 2000. This growth was due to
the increase in cash balance of US$ 30.6 million from the private
placement completed on March 6, 2000 and US$ 7.8 million from the
exercise of warrants in July 2000.
"During the quarter, the Company's main objectives were to focus
on its cost reduction program and to determine the Company's priority
initiatives in moving forward," said Gregory Pek, president and Co-CEO
of First Ecom. "This included conducting strategic assessments as to
where the industry was going and what will be required for the
Company's future success. There clearly have been some major changes
in the past year that have had a major impact on the payment
processing industry and we felt that simply following an old business
model despite these changes would have been foolish. Hopefully the
steps we have taken over the last six months will be rewarding and
help to differentiate our Company from others."
Pek added, "It has been a favorable quarter in that we are on
track with our new initiatives to reduce burn rate, focus on sales in
Asia, and implement our new Company structure. We are continuing to
study other opportunities for the Company, such as the recent
announcement that we have entered into a memorandum of understanding
with Gasco Energy, Inc. to merge. We are excited by this and other
opportunities and are confident that these changes will foster the
Company's growth in 2001."
The Company's financial results for the quarter ended March 31,
2001 accompanied the filing of its Form 10-Q with the Securities &
Exchange Commission on May 14, 2001, which is available on-line at the
SEC's Edgar database at www.freeedgar.com.
-0-
*T
Financial Summary
FIRST ECOM.COM, INC.
Financial Highlights (Unaudited)
Quarter Ended Quarter Ended
March 31, 2001 March 31, 2000
Revenues $12,756 $ 4,802
Net (Loss) $ (468,503) $ (2,452,712)
Basic and diluted net loss per share $ (0.02) $ (0.15)
Shares used to compute basic
and diluted net loss per share 19,210,037 15,879,359
Operating (loss) $(2,154,930) $ (2,632,051)
*T
About First Ecom
As a global provider of electronic payment processing, First Ecom
provides secure, easy-to-implement and low-cost online payment
processing services to banks and their merchants worldwide. Through
strategic partnerships with banks, ISPs, e-commerce product suppliers,
system integrators and storefront solution providers, First Ecom will
process credit card transactions made over the Internet in multiple
currencies, either domestically or offshore in a tax-neutral
jurisdiction.
For more information, visit http://www.firstecom.com or contact
First Ecom at +(852) 2801-5181 or by e-mail at info@firstecom.com.
Certain statements contained herein are "forward-looking"
statements (as such term is defined in the Private Securities Reform
Act of 1995). Because such statements include risks and uncertainties,
actual results may differ materially from those expressed or implied
by such forward-looking statements. For a discussion of some of these
risks and uncertainties, please refer to the company's SEC filings,
which contain additional discussion about those factors which could
cause actual results to differ from management's expectations. First
Ecom expressly disclaims any obligation to update the statements
contained herein.
--30--kms/cgo*
CONTACT: First Ecom.com, Inc.
Gregory Pek, +(852) 2801-5181
or
Investor Relations, 888/305-8233
info@firstecom.com
Marty, agreed, just like the longs...
at the Market's Apex, they have trouble knowing when to stop... GENI, HOMS, KREM are a few of the well publicized short positions getting really seriously Squeezed at present...
JMHO, F. Goelo + + +
¶ BLDP+17%... Ballard shares jump 17 pct on Bush energy credits
By Allan Dowd
VANCOUVER, British Columbia, May 17 (Reuters) - Shares of fuel cell maker Ballard Power Systems Inc. (Toronto:BLD.TO - news) (NasdaqNM:BLDP - news) jumped on Thursday on the White House's plan for tax credits to promote high-tech vehicles that offer large gains in fuel efficiency.
Ballard chief executive Firoz Rasul told shareholders at the company's annual meeting that while the alternative energy technology company had not seen specific details of the proposal unveiled by President George Bush ``the thrust of it is very positive.''
Rasul said that while the proposal to offer $4 billion in tax credits for alternative energy vehicles, such as those using fuel cells, would likely not speed up their introduction it could make more consumers consider buying when they do reach the market.
``The fact that there are credits available and incentives available it will really help people open up their minds and think about something they might not have thought about today,'' Rasul told reporters after the meeting.
Ballard, which makes fuel cells for several of the vehicles now being tested, saw its shares on Nasdaq jump $8.37, or 17 percent, to $57.60 on Thursday. On the Toronto Stock Exchange, its shares jumped C$12.80 to $88.50.
``Bush's energy policy. That's what is driving this,'' said Marko Pencak, an analyst at Credit Suisse First Boston in Toronto.
Other fuel cell producers also showed strength, including FuelCell Energy Inc. (NasdaqNM:FCEL - news), which was up $4.98, or 6.2 percent, to $85.28. Plug Power (NasdaqNM:PLUG - news) , up $4.61 to $29.14, and Global Thermoelectric Inc. (Toronto:GLE.TO - news) was up C$2.65 to C$20.75.
Fuel cells produce electricity through chemical reactions. They are seen as environmentally friendly because, depending on the fuel source, the electricity can be produced with only water and heat as byproducts.
Rasul said that while the energy crunch that prompted the Bush energy policy has not changed Ballard's timetable for putting fuel cells in commercial production it has made the company look which markets it enters first.
In addition to developing fuel cells for cars, Ballard fuel cells are expected to be used in small portable generators, larger stationary generators and mass transit vehicles - all of which are expected to enter commercial production before the passenger vehicles.
``It doesn't change our timeline, but it certainly causes us to look specifically at what segments in the areas that we are looking at that we should go after first,'' he said.
Ballard fuel cells combine hydrogen -- which can be obtained from methanol, natural gas, petroleum or renewable energy sources -- and oxygen without combustion to generate electricity. Their main byproduct is water.
I have a feeling that the shorters are going to be in for a rude awakening. The dynamics are there. The short positions are the largest they have ever been in the nyse, amex, and naz. there is an absoluutely incredible amount of cash sitting on the sidelines, and with interest rates getting so low, (and supposedly going LOWER) it has nowhere to go but into equities. also the margin positions are nowhere near the levels they were before, so there's a lot of power than be brought to bear on the longs side. todays action in the markets may just be the beginning of an absolute bloodbath for the shorts. it will be interesting to see how it all plays out.
¶ NLXI is $1.3 million richer...
and seeking a merger...
ELX, Inc. Reports Sale of Roane County Oil Field
LAKEWOOD, Colo., May 16 /PRNewswire/ -- NELX, Inc.
(OTC Bulletin Board: NLXI) reports the successful consummation of the sale of
the Roane County, West Virginia, oil field to the firm of Buffalo Properties,
LLC for a net gain of $1,300,000.00.
This sale is a result of the action reported in March of 2000 where
Applied Mechanics Corporation of West Virginia had previously transferred all
right, title and interest to NELX for the sum of $1.00.
The Board is now in the process of looking for additional opportunities to
enhance the value of the company.
A separate 8-K will be filed regarding this announcement.
NOTE: PR Newswire and the SEC web site are the only sources of information
authorized and utilized by NELX, Inc.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X22122512
SOURCE NELX, Inc.
-0- 05/16/2001
/CONTACT: Denis Iler, Secretary of NELX, Inc., 303-232-1926,
denis@ilerz.com/
(NLXI)
Were Shorters responsible for the 1929 Depression...
and possibly for current Market events that are now affecting SEVU?...
http://ragingbull.lycos.com/mboard/boards.cgi?board=GRENSPAN&read=6943
Blade, here is an attempt with the first of what I think will be six parts to post my review of the 1930's.
Market Correction, Recession or Depression?
At the present time we are undergoing a correction in the stock market; or we might so mildly describe it as such. The truth is, we don't really know where this period will lead us. Perhaps we are in the early stages of a recession? Or is it possible we are about to enter a depression? Oh, but it is so unlikely that we could go from a period of extraordinary prosperity to a depression, bypassing recession along the way; or so one might think. But we've been there and done that! A once vibrant economy was destroyed by reckless behavior within the equity markets and callous indifference within the hierarchy of the stock exchanges and among elected and appointed national leaders.
The years leading up to the market disruptions of 1929 and 2000 had so much in common that one must assume the current risk of severe economic dislocation to be high.
The years 1923 to 1929 best represent the decade tagged as the "roaring twenties" for its prosperity and rollicking good times; the years 1993 to 1999 represent the best of the decade just ended. The decades of the twenties and nineties rank high in the minds of many of us because of their climates of peace and prosperity. In both decades, inflation was low and perhaps more important unemployment was low and moving toward historic lows. Compare the 7-year averages for key variables leading up to the market failures.
Key Economic Variables: (Avg. for 7-years before crash) 1923-29 1993-99
Interest rates on short-term commercial paper 4.6% 5.1%
Inflation-adjusted economic growth 4.8% 3.7%
Consumer inflation 0.3% 2.5%
Millions of people employed 44.2 126.9
Millions of people unemployed 1.5 7.2
Unemployed (% of civilian labor force) 3.3% 5.4%
General prosperity rewards many people and in both periods more and more people had the financial means to participate in the markets. And they did participate, even beyond what might be judged as prudent; irrational exuberance popped up all over the place. The folks of the late 20's took advantage of virtually unrestrained margin and the folks of the 90's likewise found little restraint in that regard. Both periods came to an end with the Federal Reserve trying to "make things better" by raising interest rates. Of course, there is no evidence to justify such interference.
But that is not the most relevant argument for this review; the Fed, throughout its existence, has frequently interfered with the natural course of business events without an ensuing depression. The Fed's meddling may have contributed significantly to the "recession" that followed the 1929 crash; but there was another more powerful force in play that created the "Great Depression." And that force was the unbridled short selling of that era. Of course short selling was present during the market recovery after the 1921 recession; it seemingly has been with us forever. But it was not yet refined to the level of "bear raiding" as was present in 1929 and the years that followed. For comparison, consider the overall scene of the 1920's; with wartime inflation in the high-teens continuing into 1920, the Fed pushed interest rates up to six and then seven percent. The ensuing recession (depression?) took unemployment from five percent in 1920 to nearly twelve percent a year later. A quick policy reversal brought rates down and for much of the decade rates hovered in a range of 3½% to 4½%. The economy responded just as quickly with strong growth, record low unemployment (for peacetime, that is), and no inflation; the decade earned its familiar sobriquet, the statistics for which appear in the table above. After the market crash of 1929, the Fed lowered rates just as it had after the 1921 recession (and as we hope it will continue to do in the present case) but to no avail. What was different about the two situations; and does our present situation more resemble one than the other of those two events? I think the jury is still out. For a time during the year 2000 and early 2001, the NASDAQ seemed to be saying we were revisiting the 1930's; and with a seeming aloof SEC, we might go there yet.
http://ragingbull.lycos.com/mboard/boards.cgi?board=GRENSPAN&read=6944
By: Devils_Adv $$$$
Reply To: 6914 by bladerunner1032 $$$$ Tuesday, 15 May 2001 at 5:36 PM EDT
Post # of 6945
Blade, here is tidbit 2.
The Crash of 1929 and the Recession that Followed
The only comic relief offered during the market gloom of late 1929 was that of Professor Irving Fisher of Yale. By early September, as rumors were rampant that "bear pools," led by Jesse Livermore, were preparing to drive the market down with short sales, Fisher was denying the likelihood of a crash. And as the collapse gained momentum during the period from October 14 to 19, Fisher thought the market was just shaking out the "lunatic fringe." And on October 23rd Fisher told a banking group that "any fears that the price level of stocks might go down to where it was in 1923 or earlier are not justified by present economic conditions." Of course, he was far off the mark in predicting the future of the stock market, but how about his assessment of economic conditions? Perhaps Professor Irving Fisher was the only one to understand the potential for the economy. Was there anything to justify the professor's rosy view? When Jesse Livermore and his wrecking crew went to work, the financial situation for consumers, corporations and banks had never been better.
a. In 1929, 46.2 million were employed earning an average of $10,750 in (1996 dollars.) That was up from 45.1 million employed in 1928 with average earnings of $10,248 in 1996 dollars. Consumer purchasing power had never been greater.
b. Consumer inflation of 0.6% in 1929 compared to 1920's overall average of 0.15%.
c. Bank reserves were $3.1 billion; excess reserves were $1.4 billion. (Total reserves were 69.3% of (total deposits plus Federal Reserve note circulation. Banks were flush with money.)
d. The cumulative corporate capital surplus reported on balance sheets filed with tax returns was $60.7 billion for 1929, up from $39.2 billion reported in 1926 (the first year surplus was reported.)
Could the outlook have been rosier? How much improvement did the economy need to ward off the Great Depression? What pre-conditions might have been required to withstand Jesse Livermore's "bear raiders?" Nearly two years passed before people in Congress really began to suspect the "abnormal." Nearly three more years before there was enough understanding to implement safeguards against a repeat of the tragedy; that being the Securities Exchange Act of 1934. In addition to efforts of some stalwarts in Congress, a privately financed study by the Twentieth Century Fund joined in to sort through the suspicions and accusations and the denials of wrongdoing. The director of the TCF study, financed by Edward A. Filene of Boston, summed up the findings with the following statement.
"All the conclusions we have reached on the basis of factual studies converge on one point: speculation-especially when accompanied by manipulation-should be drastically curbed, not only because it actively interferes with the proper evaluating of the market but also it does not exert the beneficial effects it has been commonly assumed to produce. Our recommendations summarizing the accompanying outline are, therefore, primarily directed toward the reduction of speculation." (New York Times, February 9, 1934, page 29.)
Note; In a Wall Street Journal article a half century later, December 5, 1985, page 47, there seemed to be a belated acknowledgement of the truth of the Filene study. The article included the following statement. "Selling short on the heels of a transaction that produced a price decline or no change in price was banned by the Big Board in the 1930's, when it was discovered to be a common way to deliberately depress stock prices."
¶ PNS Downgrades expectations, anticipates a Loss...
PDSi Announces Second-Quarter Expectations
COLUMBUS, Ohio--(BUSINESS WIRE)--May 15, 2001--Pinnacle Data Systems, Inc. (PDSi) (AMEX:PNS - news), a leader in application-specific, high-density hardware and global support solutions for the world's leading original equipment manufacturers, today announced that in recent days, due to general economic conditions, several of its largest product customers have indefinitely postponed orders previously scheduled for the second quarter ending June 30, 2001. As a result, the company anticipates significantly lower revenue and expects to report a net loss of between five and nine cents per diluted share for the second quarter.
John Bair, PDSi president and chief executive officer, said, ``Due to the current economic downturn, our product customers are experiencing a significant slowdown in customer orders and, accordingly, are reducing their inventories. Although we expect this softness to be temporary, we cannot pinpoint exactly when the turnaround will occur. We are, however, working with our customers and suppliers to mitigate the effects of the decline. We are also redeploying some product division employees within the service division, which remains unaffected by the current slowdown.
``We continue to aggressively pursue development of new products, such as our recently announced TS1000 intelligent network product series. We are optimistic about this aspect of our business, as well as the strength of our relationship with current customers. As always, we will continue to pursue the strategy of targeting larger customers with larger projects in adding to our customer base.''
About PDSi
PDSi is a leading provider of high availability, board and system-level data transmission products and global service and support solutions for the telecommunications, enterprise and medical systems markets. Specializing in powerful, reliable and scalable Unix-based hardware platforms, PDSi offers a full range of design, manufacturing and integration services supported by comprehensive product lifecycle management programs encompassing depot repair, advanced exchange, contact center support and end-of-life control. For more information, visit the PDSi web site at www.pinnacle.com.
Safe Harbor Statement: Statements in this release which relate to other than strictly historical facts, including statements about the Company's plans and strategies, as well as management's expectations about new and existing products and services, technologies and opportunities, market growth, demand for acceptance of new and existing products and services are forward-looking statements. The words ``believe,'' ``expect,'' ``anticipate,'' ``estimate,'' ``project,'' and similar expressions identify forward-looking statements that speak only as of the date thereof. Investors are cautioned that such statements involve risks and uncertainties that could cause actual results to differ materially from historical or anticipated results due to many factors. The Company undertakes no obligations to publicly update or revise such statements.
--------------------------------------------------------------------------------
Contact:
Porter, LeVay & Rose, Inc.
Lori Parks or Linda Decker, 212/564-4700
or
Pinnacle Data Systems, Inc.
John Bair, 614/748-1150
¶** KDUS is selling at about 50% DISCOUNT...
to CASH on hand of about $1.88/share...
PR NEWSWIRE) Cadus Reports First Quarter 2001 Results
Cadus Reports First Quarter 2001 Results
NEW YORK, May 14 /PRNewswire/ -- Cadus Pharmaceutical Corporation
(OTC Bulletin Board: KDUS) announced today financial results for the first
quarter ended March 31, 2001.
Revenues for the first quarter of 2001 were $100,000, compared to
$700,000 for the same period in 2000. Net income for the first quarter of
2001 was $272,864, compared to a net loss of $341,119 for the same period in
2000. Basic net income per share for the first quarter of 2001 was $0.02,
compared to a basic net loss per share for the first quarter of 2000 of
$0.03. Revenues for the first quarter of 2001 consisted solely of a licensing
fee paid by OSI Pharmaceuticals, Inc. for its non-exclusive license to Cadus's
yeast technologies.
As of March 31, 2001, Cadus had $24,763,068 in cash and cash equivalents
and had 13,144,040 shares outstanding.
This press release may contain forward-looking statements that involve a
number of risks and uncertainties. Important factors that could cause actual
results to differ materially from those indicated by such forward-looking
statements are set forth in the company's prospectus dated July 17, 1996 or
detailed from time to time in filings that the company makes with the
Securities and Exchange Commission. These include risks and uncertainties
relating to the company's ability to realize value from its assets,
technological uncertainties regarding the company's technology, rapid
technological change, an intensely competitive market, intellectual property
rights and general economic conditions.
CADUS PHARMACEUTICAL CORPORATION
Condensed Balance Sheets
ASSETS
March 31, December 31,
2001 2000
(Unaudited) (Audited)
Current Assets
Cash and cash equivalents $24,763,068 $24,383,352
Prepaid and other current assets 45,916 81,250
Total current assets 24,808,984 24,464,602
Investment in other ventures 162,342 162,528
Other assets, net 1,061,301 1,081,527
Total assets $26,032,627 $25,708,657
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accrued expenses and
other current liabilities $87,350 $36,244
Total current liabilities 87,350 36,244
Total liabilities 87,350 36,244
Stockholders' equity
Common stock 132,857 132,857
Additional paid-in capital 59,844,355 59,844,355
Accumulated deficit (33,731,860) (34,004,724)
Treasury stock (300,075) (300,075)
Total stockholders' equity 25,945,277 25,672,413
Total liabilities
and stockholders' equity $26,032,627 $25,708,657
CADUS PHARMACEUTICAL CORPORATION
Condensed Statements of Operations
Three Months Ended
March 31,
2001 2000
(Unaudited) (Unaudited)
License and maintenance fees $100,000 $700,000
Total revenues 100,000 700,000
Costs and expenses
General and administrative expenses 241,266 852,462
Loss of equity in other ventures 186 360,354
Gain on sale of equipment -- (100,000)
Total costs and expenses 241,452 1,112,816
Operating loss (141,452) (412,816)
Other Income
Interest income 294,700 71,697
Net reimbursement of SIBIA litigation costs 125,616 --
Total other income 420,316 71,697
Income (loss) before income taxes 278,864 ($341,119)
Income taxes 6,000 --
Net income (loss) $272,864 ($341,119)
Basic and diluted income (loss) per share $0.02 ($0.03)
Weighted average shares
of common stock outstanding
- basic and diluted 13,144,040 13,102,340
MAKE YOUR OPINION COUNT -- Click Here
http://tbutton.prnewswire.com/prn/11690X33174364
SOURCE Cadus Pharmaceutical Corporation
-0- 05/14/2001
/CONTACT: Russell D. Glass, President and Chief Executive Officer of
Cadus Pharmaceutical Corporation, 212-702-4315, rglass@sfire.com/
(KDUS)
Marty, ASXI, lack of liquidity is a real problem...
with a number of lightly traded stocks and a major deterrent... However, sometimes, that can change, if enough serious players get interested...
JMHO, F. Goelo + + +
I don't know what the answer is for that company. they tried that 10% dividend last year, and it didn't help much. maybe it's just a stock that's doomed to be ignored, I just don't know. but it DOES seem to be a nice little company.
keep in mind that if you dcide you like it, since the volume is os bad, there's a good chance you'll be trapped, like I was and at the mercy of the MM's. I sold and took a loss, I just couldn't stand the boredom of watching the stock trade like evry other day.
Marty, ASXI....
Yup, a 5 or 10 for 1 would certainly create some interest... I'll do some research later on...
FG
I don't have much interest in asxi any more, I was just bringing to the board in case anyone wanted to look at a bb stock that makes money. since I don't own it, I don't want to spend any more time on it that i did already, and my info is almost a year outdated. besides at this point I probably forgot most of what I knew about the company. from memeory--- it had about 5.2 million shares issued vefore the dividend, was growing each quarter over quarter, it had been a chpt 11 company about 3-4 years ago, so it has that far enough in the past to show it's back on track, I don't know, it's kind of hard to drag all the stuff up now, I have looked at so many companies since then. It's better that people look for themselves at this point, if they show any interest. the thing is though people can get trapped in the stock since it has very little volume. maybe the company needs to do a 10 for 1 to break the MM's grip on the shares, I just don't know.
Marty, Shorters and MM's are killing SCRO...
as well, as it trades at around 40 cents, with 21 cents EPS for 2000, 32 cents per share in Shareholder's Equity and new acquisition/joint venture that should be very beneficial to the bottom line...
http://biz.yahoo.com/e/010507/scroe.ob.html
Eventually, sound companies with earnings and low PE's should be able to regain a decent valuation...
Why don't you post a DD study of ASXI?....
JMHO, F. Goelo + + +
the yahoo pofile isn't up to date. you need to read the filings, like you said, and talk to the company. they issued a stock dividend last year of about 1 million shares, and I think they are sellable in about a month or two, but I don't think the threadsters on RB are going to sell, if you believe their posts. the company seemes to be a terrific little company, but it just doesn't trade, the MM's are killing it, and no one follows it. other than that.............. LOL LOL LOL LOL.
Marty, ASXI, at first glance...
I can't see anything wrong with it, except for the cash position... I kind of like it, actually...
http://biz.yahoo.com/p/a/asxi.ob.html
Will do a more in-depth report after reading the Filings...
JMHO, F. Goelo + + +
F.G. I hope this isn't "off topic" but have you taken a look at asxi? I can't understand that stock. It makes money, has a small float, but it hardly ever trades. I don't own it, I bought it a long long time ago and sold and got beat up by the MM's. they have an iron grip on the stock it seems and they really rape you both ways. the buy and sell. but the company is profitable, and the ceo seems to be an honest guy just running a decent little company. he even wrote to the sec complaining, and you don't see that much I don't think, because if you think about it he's inviting scrutiny, and if he's doing something wrong, why would he do that??
¶ THTH appears to be conservatively operated...
and trades below $1.00...
http://biz.yahoo.com/p/t/thth.html
Thinkpath Inc. Announces Investment Opinion: KSH Investment Group Initiates Coverage On Thinkpath With a ``BUY'' Rating and a 12-Month Price Target of $4.50 -- $5.00
NOTE TO EDITORS: The following is an investment opinion issued
by Thinkpath Inc.
NEW YORK--(BUSINESS WIRE)--May 14, 2001--KSH Investment Group,
Inc. has initiated research coverage on Thinkpath Inc. (Nasdaq:THTH)
with a rating of "BUY".
In his report, Analyst Leonard Bogner stated "We project revenues
could expand at a compound annual growth rate (CAGR) of 25% during the
next five years, while net income climbs at a CAGR of roughly 50%.
"Based on our projections, we believe Thinkpath could be
generating revenues in excess of $125 million by mid-decade, and net
of $15 million, or $0.85 per fully diluted share. We believe the
shares are undervalued relative to Thinkpath's growth prospects and
comparisons with peer equities and the S&P 500. Consequently, we rate
the stock a BUY. Our six-month stock price target is $2.50 -- $3.00.
Our 12-month stock price target is $4.50 -- $5.00."
About Thinkpath Inc.
Thinkpath is a provider of IT & engineering services, offering a
blended suite of outsourcing, recruiting, training and technology to
enhance the resource performance of large and high-growth
corporations. Thinkpath clients include Microsoft, General Motors,
Goldman Sachs, Cummins, and EDS Canada. Thinkpath has 500 employees in
18 offices across North America. Further information about the
company, its services and products can be found at www.thinkpath.com.
For more information or to receive a copy of the preliminary
report, please call KSH Investment Group at (516) 466-1117.
For more information regarding Thinkpath Inc., please contact
Robert B. Prag, President, The Del Mar Consulting Group, Inc.
858-794-9500 /bprag@delmarconsulting.com.
--30--jsw/clv*
CONTACT: The Del Mar Consulting Group, Inc.
Robert B. Prag, 858/794-9500
bprag@delmarconsulting.com
or
KSH Investment Group, 516/466-1117
Jeff, please, ask your friend why... FG
I messed up-------that should have said six weeks, not two weeks----sorry about that-----Jeffgo
Hot tip-------Just out---My friends broker said CLRT to hit $2.00 in two weeks. Anyone ever heard of it or know anything about it. Thanks in advance.--------Jeffgo
<font size="+2"><font color="chocolate">RETURN of the JEDI</font></a>
Firstly, I'd like to thank all the posters who follow and posts on the Threads I chair: SEVU, F.GEMS, EXHIB and MM+SSB and have shown their support during my time-out... Other posters, such as Georgia Bard, Marty Lewis, Bird of Prey, Kurious Kat were also very supportive and their concern is much appreciated...
I want to make it abundantly clear that I stand by every posts I have ever written on this Message Board and have absolutely No regrets whatsoever... My purpose was to expose perceived threats to the original iHUB model and to stimulate the implementation of solutions, without delay...
I note that many things have changed for the better in the last seven days and that my termination/suspension wasn't in vain... That I should be terminated/suspended at all for pointing out certain obvious inadequacies in the system, clearly demonstrates that there is still much to do to get it right, as such action was clearly unfair and totally unjustifiable...
Matt has promised me a hand-build Italian marble Cyber Statue to thank me for my untiring efforts to help build iHUB, from around Post #3200, at the end of August 2000, and perhaps for being the first "Martyr" to the iHUB cause...<g>
http://www.investorshub.com/beta/read_msg.asp?message_id=3301
http://www.investorshub.com/beta/read_msg.asp?message_id=3485
Needless to say that a number of "Old Guard" Posters are going to continue monitoring vigilantly the implementation of various improvements in the many areas that are in need... So, let's get back to posting balanced, supported and Credible posts....
And may the SCHWARZ be with YOU!....
JMHO, F. Goelo + + +
Do you know Rod Evans? Is he your brother?
TRAC looks to have a sweet open. Worth watching. EOM
News out on TRAC, MyTrack (went from .90 to 1.70 in two weeks)
TRACK DATA REPORTS FIRST QUARTER RESULTS
REAFFIRMS STOCK BUYBACK
New York, New York - May 10, 2001 - Track Data Corporation
(Nasdaq NMS: TRAC) today announced results for its first
quarter ended March 31, 2001.
Revenues for the first quarter ended March 31, 2001 were
$17,391,000 compared to $12,890,000 for the same period in
2000, an increase of 35%. Net income for the first quarter
of 2001 was $5,355,000, or $.08 per share, compared to a net
loss for the 2000 period of $(1,878,000), or $(.03) per
share. The revenue increase in 2001 was due principally to
the Company’s myTrack services and the recognition of full
commissions since obtaining its broker-dealer license and
state registrations in August 2000.
Barry Hertz, Chairman and CEO, commented, "The results for
the first quarter continue to reflect significant profitable
operations realized principally from our efforts in mid-2000
to reduce costs throughout our business lines.
"The Company recently completed the purchase of 4.5 million
shares of its common stock and the Board authorized the
purchase of up to an additional 3 million shares. The
Company believes that its stock is still undervalued. In
light of the Company's business prospects for 2001 and
beyond, the Board of Directors believes that repurchase of
its shares is a prudent use of its capital. The Company
expects to continue to purchase shares under the repurchase
plan, from time to time, depending on market conditions and
the price per share."
Barry Hertz will conduct a live chat session this afternoon
at 4:15 p.m. EST to discuss this release and the outlook for
2001. myTrack members can participate in the chat by using
the chat feature (channel 4) of the myTrack online trading
service. Non-members can view the chat by going to the web
site http://www.mytrack.com and clicking on the "Live Chat"
link in the left-hand navigation bar. Those viewing the
chat from the web will be able to see the questions in
real-time and will be able to initiate questions.
Track Data is a New York-based financial services company
that provides real-time financial market data, news, and
research to institutional and individual investors through
dedicated telecommunication lines and the Internet.
For individual investors, Track offers myTrack, a fully
integrated, Internet-based online trading and market data
system. myTrack’s direct access online trading has
commissions starting at $12.95 per trade and allows users
the choice of where to route their orders. myTrack’s
continuous, dynamic stream of live market data is powered
by application-based software and a constant server
connection similar to systems used by professionals, making
it faster than the HTML web-based static pages offered by
most of its competitors, such as Ameritrade (AMTD) and TD
Waterhouse (NYSE: TWE). In addition to all the free data
supplied to myTrack users-streaming delayed quotes, company
news, charting for technical analysis, and a proprietary
library of intra-day market statistics-myTrack users can
choose from a selection of paid data and research, including
streaming real-time quotes and Nasdaq Level II. myTrack
offers access through PCs, browser phones, and PDAs, such
as Palm Organizers (made by Palm Inc. (Nasdaq: PALM)) and
Visors (made by Handspring (Nasdaq: HAND)).
myTrack offers the first week of trading commission-free.
To open a trading account, go to http://www.mytrack.com or
call 1-800-myTrack.
For additional information about Track Data, please contact
Rafi Reguer, Director of Corporate Communications, at
718-260-4232 or by e-mail: rafi_reguer@tdc.com.
Forward-looking statements in this release are made pursuant
to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The words "believe," "expect,"
"plan," "anticipate" and other similar expressions generally
identify forward-looking statements. Readers are cautioned
not to place undue reliance on these forward-looking
statements, which speak only as of their dates. These
forward-looking statements are based largely on the Company's
current expectations and are subject to a number of risks
and uncertainties, including without limitation, volatility
in the stock market, changes in external market factors
including the economy, changes in the Company's business or
growth strategy or an inability to execute its strategy due
to changes in its industry and other risks and uncertainties
indicated from time to time in the Company's filings with
the Securities and Exchange Commission, including the
Company's Forms 10-K, 10-Q, S-3 and S-8. Actual results
could differ materially from the results referred to in the
forward-looking statements.
FINANCIAL HIGHLIGHTS
Three Months Ended
March 31
2001
Revenues $17,391,000
Net income (loss)(A)(B)(C) 5,355,000
Basic and diluted income (loss)
per share $.08
Three Months Ended
March 31
2000
Revenues $12,890,000
Net income (loss)(A)(B)(C) (1,878,000)
Basic and diluted income (loss)
per share $(.03)
(A) Includes $276,000 in 2001 and $32,000 in 2000 of income
from equity in an affiliate.
(B) Includes gain on marketable securities of $823,000 in
2001 and $540,000 in 2000.
(C) There is no provision for (benefit from) taxes in any
period.
Humbly report, FG, I am aware you cannot respond to this post, but figure you are reading, so, thought I'd let you know that it seems we were both wrong -- as things stand at present.
You said, "don't think it'll work for GENI" in the post to which I am replying, and I said pretty much the same thing, earlier.
As I understand it, the paper version of the "call yer certs" letter just got delivered today, and it appears to me a short squeeze is indeed in progress.
Not yet willing to say that GENI will continue to rise, but admitting I was dead wrong up to now -- in this particular case "call yer certs" seems to be working.
Cheers,
Svejk
Infotopia, Inc. Announces Strong First Quarter Financial Results
Tuesday May 8, 3:04 pm Eastern Time
Press Release
Infotopia, Inc. Announces Strong First Quarter Financial Results
Reports Revenues of $23.9 Million and Net Income of $1.6 Million
BOSTON--(BUSINESS WIRE)--May 8, 2001--INFOTOPIA, INC. (OTC BB:IFTP - news) today announced updated revenues and earnings for its first quarter ended March 31, 2001.
After review and adjustments by the auditors, revenues for the three months ended March 31, 2001 were $23,923,000 compared to $0 for the same year ago period. Net income for the first quarter ended March 31, 2001 was $1,562,000, or $0.01 per basic and diluted share, compared to a net loss of $1,028,000 or $(0.25) per basic and diluted share. Infotopia did not conduct operations during the first quarter ended March 31, 2000.
The company noted that the majority of its revenues for the first quarter of 2001 were derived from strong sales of its fitness products including the Body By Jake, Bun & Thigh Rocker, Torso Tiger, Medicus Dual 2000 and Total Tiger. In addition, sales of Hot Mommies and Backstroke Back Massager also contributed to first quarter revenues.
Ernest Zavoral, President of Infotopia, commented, ``The company is quite pleased with the substantial revenues and earnings reported for the first quarter of 2001, a trend we expect will continue throughout the year. We are especially proud to note that the company has been able to achieve such impressive financial results even though we have only been operational as a stand-alone company for less than a year. As the company continues to mature and build on its leadership position in the infomercial industry, we remain confident that we will be able to take advantage of the multitude of growth opportunities that currently lie before us as well as future opportunities.''
Daniel Hoyng, CEO and Chairman, stated, ``Infotopia's first quarter results are further evidence of the success of our strategic business plan and the strong acceptance of our products and infomercials by the consumer. We also believe these results further strengthen our leadership position in the direct response and consumer product industry. It is important to note that the Body by Jake, Bun and Thigh Rocker was our only product in full television rollout during the first quarter of 2001. Medicus Dual 2000, Michael Thurmond's Six Week Body Makeover, Hot Mommies and Total Tiger are still in the ramp-up phase of television media spending. Based on the initial success of these products, we are confident that these products will play a significant role in our revenue and earnings growth in the second quarter and beyond. Additionally, the Body by Jake, Bun and Thigh Rocker is scheduled for a fall roll-out to retail.''
The company noted it incurred a one-time charge of $786,891 for discounts it granted for the sale of securities as a result of its fund raising efforts during the quarter. The proceeds were utilized to continue to fuel the growth of the company and help assure continued revenue and profit growth for the coming quarters. In addition, the Company had $2,513,657 in deferred revenue for this period and prepaid expenses versus those revenue of $1,350,500, this would have resulted in $1,163,157.00 in additional profit this quarter, had the Company been able to ship the goods prior to March 31, 2001. This was the result of significant backorders on both Body by Jake, Bun And Thigh Rocker and Total Tiger due to such high consumer demand for our products. The Company is no longer operating on a backorder basis on these products.
Mr. Hoyng concluded, ``We are confident that the current product lines consisting of our top performing health and fitness machines, along with other product lines that are currently under development will enable Infotopia to continue to grow quickly and significantly on a quarter-to-quarter basis.''
ABOUT INFOTOPIA
The Company's mission is to produce, market, and distribute an expanding line of high-quality, innovative health, fitness and consumer products. Infotopia seeks out products that deliver superior value, outstanding quality, and competitive prices to best satisfy customer demand. The Company markets its products to consumers through a variety marketing channels, including infomercials, distributor alliances, and Internet e-commerce. The management at Infotopia is committed to increasing corporate revenues and profits. The company's website is located at http://www.infotopia.tv .
This news release includes ``forward-looking statements'' that include risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the Company's ability to produce and market products and/or services and other risks detailed from time to time in their Company's reports filed with the Securities Exchange Commission.
INFOTOPIA, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(Unaudited)
At At
March 31, 2001 December 31, 2000
CURRENT ASSETS
Cash and cash equivalents $ 194,743 $ 787,150
Accounts receivable - net of
141,458 and $218,254 10,580,052 934,392
Inventory 2,004,839 418,689
Loan Receivable 200,000 --
Subscription Receivable 1,356,914 --
Prepaid expenses and other
current assets 2,877,100 268,051
Employee Advances 73,753 65,485
Investments in marketable
securities, at fair value 180,000 174,000
Total current assets 17,467,401 2,647,767
PROPERTY AND EQUIPMENT, less
accumulated depreciation
of $273,339 and $ 255,383 277,236 239,773
CAPITALIZED PRODUCTION COSTS, less
accumulated amortization of $-0-
and $-0- 1,006,249 690,475
OTHER ASSETS
Licenses and other intangibles,
less accumulated amortization of
$552,325 and $300,549 3,981,952 2,415,307
Deposits 1,102,233 212,143
TOTAL ASSETS $ 23,835,071 $ 6,205,465
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 3,121,293 $ 1,798,620
Due to Employees -- 108,723
Debenture 545,000 50,000
Short Term Note Payables to
Stockholders 832,401
Stock to be issued for Cash/Services 1,087,831
Media and AR Loans Payable 5,138,069
Deferred Revenue 2,513,657 38,162
Total Current Liabilities 13,238,251 1,995,505
LONG-TERM LIABILITIES
Debenture -- 600,000
TOTAL LIABILITIES 2,595,505
STOCKHOLDERS' EQUITY
Common stock - 3/31/01: $.001 par
value, 190,000,000 shares authorized;
189,996,000 shares issued and
outstanding; 189,996 172,236
Preferred Stock - 3/31/01:
$.001 par value, 10,000,000
shares authorized; 8,100,000
shares issued and outstanding 8,100 --
Additional paid-in-capital 46,832,950 41,440,254
Accumulated deficit (36,464,226) (38,026,530)
Unrealized gain on marketable
securities 30,000 24,000
Total stockholders' equity 10,596,820 3,609,960
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 23,835,071 $ 6,205,465
INFOTOPIA, INC. AND SUBSIDIARY
Consolidated Statement of Operations
(Unaudited)
For the three For the three
month period month period
ended ended
March 31, 2001 March 31, 2000
REVENUE
Sales, net of returns and allowances
of $725,767 $ 23,922,632 $ --
COST OF SALES 6,691,634 --
GROSS PROFIT 17,230,997 --
OPERATING EXPENSES
General and administrative 1,605,954 1,028
Selling and marketing 12,580,984
Depreciation and amortization 251,310
Total operating expenses 14,438,250 1,028
INCOME FROM OPERATIONS 2,792,748 (1,028)
OTHER EXPENSES
Interest expense 443,553 0
Discount expense 786,891 0
Total other expenses 1,230,444 0
INCOME BEFORE INCOME TAXES 1,562,304 (1,028)
INCOME TAXES 0 0
NET INCOME $ 1,562,304 $ (1,028)
Basic and Diluted earnings
per share $ 0.01 (0.25)
Weighted Average of Shares
Outstanding 189,206,671 105,490,686
--------------------------------------------------------------------------------
Contact:
Infotopia, Inc.
Robert Tilton
609-888-4111
IFTPIR@infotopia.tv
Humbly report, stocktalk, anything that Gary Dobry has to say goes directly into the circular file, as far as I'm concerned.
Have had the unfortunate luck of coming across his rants way too many times, never found a grain of truth in them that could be substantiated by anyone with integrity that I know of, so I simply ignore them.
May be a good idea for you to find out more about Gary, instead of concentrating on Janice.
Or, better yet, take a long hard look at your holdings, and use your own skills to decide if they are sound, regardless of what Gary or Janice have to say.
Just my humble opinion, of course.
My last word on the subject of Gary and Janice, I hope.
Cheers,
Svejk
P.S. No position in IFTP, long or short. Never had one, never will.
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