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News: $FLNT Fluent Announces Approval of Stock Repurchase Program
NEW YORK, Nov. 19, 2019 (GLOBE NEWSWIRE) -- Fluent, Inc. (NASDAQ: FLNT), a leading data-driven performance marketing company, announced today that its Board of Directors approved a stock repurchase program. The program authorizes the repurchase of up to $5 million of shares of the...
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In case you are interested FLNT - Fluent Partners with ActiveProspect to Certify Web Leads for TCPA Compliance
News: $FLNT Fluent Announces Third Quarter 2019 Financial Results
NEW YORK, Nov. 11, 2019 (GLOBE NEWSWIRE) -- Fluent, Inc. (NASDAQ: FLNT), a leading data-driven performance marketing company, today reported financial results for the third quarter ended September 30, 2019. Ryan Schulke, Fluent’s Chief Executive Officer, commented, "Our third quar...
In case you are interested FLNT - Fluent Announces Third Quarter 2019 Financial Results
FLNT is now FLNA(E)
See new board at: http://www.investorshub.com/boards/board.asp?board_id=1743
FuelNation has apparently morphed itself into a new symbol "...FLNA(E)..." via a 150:1 reverse screwover......
FLNAE -- FuelNation, Inc. (FL)
Com (1 Cent)(New)
Address: 4121 SW 47th Ave. Davie, FL 33314 USA
Phone: 954-587-3775
Company Website: http://www.fuelnation.com
Officers: Chris Salmonson, Pres. & CEO
Shares Outstanding: 233,481,254 as of 2002-11-25
Estimated Market Cap: 128.414M as of 2003-05-08
Current Capital Change:
shs decreased by 1 for 150 split
Ex-Date:
Record Date:
Pay Date: 2003-01-27
Dividends: None
State of Incorporation: FL
Company Notes:
Formerly=QPQ Corp. until 11-97
Formerly=Regenesis Holdings, Inc. until 10-00
Class Notes:
Capital Change=shs decreased by 1 for 3 split.. Pay date=10/08/1997.
Transfer Agents: Continental Stock Transfer & Trust Company, New York, NY 10004
.........and the worm turns.
John
FuelNation Releases a Letter to Shareholders From Its President
DAVIE, Fla.--(BUSINESS WIRE)--Oct. 7, 2002--FuelNation Inc. (OTCBB:FLNT) today released the following letter to shareholders from its President.
President's Letter By: Chris R. Salmonson, President, CEO & Chairman
October 7, 2002
The thrust of this letter will address the developments that have encompassed the business as well as some personal and professional issues. As you are probably aware, I was arrested by the Sheriff's Office in Broward County, Florida and was held on charges of grand theft relating to a real estate transaction with Abundant Life Christian Centre. It is alleged that I received $1,670,000 from the Church in exchange for real property that was never conveyed to the Church. We trust reconciliation will take place at some point.
FuelNation is currently facing some very difficult decisions and is trying to resolve these decisions in a very professional and systematic manner. Since our acquisition of controlling interest of the Former Regenesis Holdings in October 2000, we have focused our attention on the development of one of the best Management Information Systems (MIS) in the petroleum marketing and convenience store industry. The MIS systems that existed for the industry were very technologically laggard and very burdensome to integrate. The designers of the existing systems wanted you to change the way you operate to fit their system, and this was not a choice. The time, money and effort that went into the development of our MIS system was no different than Blockbuster video spending $16 million dollars in 1987 with Arthur Andersen to develop an MIS system to track the company growth for the roll up of the video industry. Anyone can grow rapidly; the most important part of the growth is to make sure your have the people and the quality tools they need to assist in the successful growth.
Currently, we have the quality system to launch a successful roll-up in the petroleum marketing and convenience store industry we just lacked the financing. The petroleum marketing and convenience store industry is very rarely company owned and operated, most of the big names sign franchise and license agreements with independent owners and operators. The big franchise names supply advertising, training, credit cards at outrageous fees and products for resale. The big name companies do not supply any MIS systems to assist in the management of the stores, their solution is to hire more people. The hiring of more people has proven that it does not work because the industry has a 300 percent turnover rate. One company, we have been following has 2400 employees and loses and retrains 600 employees per week. We have studied and found that the average employee has over 100 tasks to perform daily in addition to servicing customers.
At FuelNation we have worked diligently with the petroleum marketing and convenience store industry automating manual tasks. We have been able to automate in excess of 80 of the 100 manual tasks performed daily without any additional equipment being installed other than our routers and internet connection. During our studies we have found that it is far less burdensome and much more profitable to use our software MIS system for our own use and roll up of companies in the industry. This is no different than the blockbuster MIS system, blockbuster did not offer their system to competitors, and they used it at their franchises for their competitive advantage. We have seen the automating of manual tasks increase the bottom line as much as 30 percent and the customer is not willing to share any of those profits, on the other hand, if we own the company these profits and efficiencies will go to our bottom line.
On August 14, 2002 FuelNation announced the signing of a term sheet for the first $80 million of bond funding. FuelNation finalized the commitment of $10,500,000 to pay for the cost of issuance and the funds to guarantee the interest shortfall for the $330 million bond funding. The length of the loan will be for a total of 18 years and amortized over 25 years. The interest rate was estimated to be 4% per annum. Upon the signing of the term sheet FuelNation was required to accompany the term sheet with a payment in the amount of $80,000 dollars. Since FuelNation does not have any operating revenues or capital in the bank I approached my existing banking relationships and borrowed additional funds for FuelNation by pledging my securities in FuelNation and personally guaranteeing the loans. The commitment to fund arrived on August 16, 2002 and required an additional $80,000 dollar commitment fee to be returned upon the final negotiations before August 23, 2002. FuelNation was also required to verify the proof of funds to pay for the costs of issuance and the shortfall letter of credit by August 23, 2002. Since I was absent from the operations of FuelNation in excess of 45 days after the signing of the term sheet, the necessary fund raising and negotiations to complete the bond issue were not performed. We made several attempts to try and finalize the transaction telephonically, but made no progress. On October 3, 2002 the day of my return I made arrangements to meet with the bond issuers and the shortfall letter of credit providers and started to revitalize the negotiations. The current situations is as follows: FuelNation is required to resubmit the loan application with an increased loan amount of $100 million dollars and an additional fee of $120,000 dollars for a total of a $200,000 application and commitment fee. FuelNation must also provide proof of funds to pay for all of the cost of issuance and any shortfall interest costs in the approximate amount of $3,300,000 dollars. These taxable revenue bonds are being sold at par and need to have all fees paid at closing. I have also agreed to step down from my management roll as CEO and President prior to funding, until the allegations against me are settled or we can find a permanent replacement.
I would also like to address the compensation being given to the investors putting up the funds for the cost of issuance and shortfall letter of credit. Many shareholders have addressed their concerns to myself, and the board of directors about giving an investor 10% of the outstanding shares of the company and $1 million dollars cash payment at funding for the use of their $3,300,000 dollars. We are receptive to other proposals from investors known by shareholders that can provide the funds necessary for the cost of issuance and shortfall letter of credit in the amount of $3,300,000 dollars to be held in escrow to be used for the closing costs. All of the investor's funds and their profit will be paid from the first draw within 60 days of funding. We have had additional inquiries as to why Shaikh Isa Mohammed Isa Alkhalifa, a board of director of FuelNation, does not fund the bond offering. We have approached these scenarios with the board of directors and have come to the conclusion that buying into the company with equity, not a loan would be too dilutive for all parties.
The board of directors was actively trying to negotiate a contract with two of its trusted business partners, Duncan Oil Company and Tower Communications, Group, Inc. to assist the Company's management in the ongoing operations of the Company. We were unable to reach an agreement prior to my return and have therefore cancelled the negotiations until we have a clear direction of the bond funding for FuelNation. We are also preparing documentation to list FuelNation on the BBXSM(Bulletin Board ExchangeSM) exchange that will eventually take the place of the OTC Bulletin Board (R) (OTCBB). The BBX will appeal to many of the same companies that are currently quoted on the OTCBB, but will be a higher quality market.
The BBX will have qualitative listing standards, but will have no minimum share price, income, or asset requirements. In addition, the BBX will have an electronic trading system to allow order negotiation and automatic execution. The new system will bring increased speed and reliability to trade executions, as well as improve the overall transparency of the marketplace. Once FuelNation has successfully completed the bond financing we will work on continuing our listing on either the NASDAQ or AMEX exchange.
The board of Directors Pursuant to the purchase contract dated September 14, 2000 between Triad Petroleum, Inc. and Regenesis Holdings, Inc. exercised our rights in the purchase contract article 6, item 6.7, (resignation of directors and officers) to demand the resignation of Edwin Ruh, Jr. as a director effective immediately. We would like to thank Edwin Ruh for his assistance on the board and wish him many successes with his future endeavors. The current active board of directors consist of three individuals; Shaikh Isa Mohammed Isa Alkhalifa, William Schlecht and Chris Salmonson.
In short, a lot has been happening on the development and financing front. We will keep you posted on any significant events. As always, please feel free to contact me directly with any questions or topics you would like to see discussed in these messages. You can reach me via e-mail at csalmonson@FuelNation.com.
CONTACT: FuelNation, Inc., Davie, Fla.
Chris R. Salmonson, 954/587-3775 x 102
csalmonson@FuelNation.com
.
Official backpeddling time............:
Fuelnation Seeks the Assistance of Two of Its Trusted Business Partners to Assist the Company's Ongoing Operations
DAVIE, Fla.--(BUSINESS WIRE)--Aug. 24, 2002--FuelNation, Inc. (OTCBB:FLNT) announced today that its president, Chris Salmonson, was arrested by the Sheriff's Office in Broward County, Florida and is being held on charges of grand theft relating to a real estate transaction with Abundant Life Christian Centre. It is alleged that Mr. Salmonson received $1,670,000 from the Church in exchange for real property that was never conveyed to the Church. Mr. Salmonson denies that he has committed any offense or violation of law and has assured the Company that he will vigorously defend himself against the charges made against him. Mr. Salmonson has retained counsel with respect to these matters, and counsel is working toward Mr. Salmonson's release from custody.
Pending resolution of this matter, the Board of Directors has decided to seek the assistance of two of its trusted business partners, Duncan Oil Company and Tower Communications, Group, Inc. to assist the Company's management in the ongoing operations of the Company. The Company will be negotiating the terms of a management contract with these two companies and hopes to have the contract in place shortly.
Included in this release are "forward-looking statements." Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. The company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors.
CONTACT:
FuelNation, Inc., Davie, Florida
John Leta, 954/587-3775 x 101
jleta@FuelNation.com
or
Duncan Oil Co., Beaver Creek, OH
Don Gose, 937/426-5945 x17
dgose@Duncan-Oil.com
or
EchoSat Communications, Lexington, KY
Lee Rutherford, 800/393-3246
lrutherford@EchoSat.com
Park your Sub at the iHub - Bub; ....the experience might just "...float your boat..." !!
Looks like this one could end up being another South Florida "...Waterfront Property..." deal...!!! That's the Florida Gold(brick) Coast's version of ye ol' Brooklyn Bridge scam.
Looks like the developer is now in really deep doodoo with the Broward County authorities...........
*****************************************************************
Church files suit in land scheme
By Christy McKerney and Sallie James
Sun-Sentinel
Posted August 17 2002
Christopher Salmonson was an upstanding citizen, one of the flock, entrusted with brokering the land deal that would enable their growing church to take flight.
But Salmonson had an agenda, one that swindled Abundant Life Christian Centre out of $1.67 million, the Broward Sheriff’s Office said.
“The church’s dream was to purchase the property free and clear,” said Broward Sheriff’s Office spokeswoman Veda Coleman-Wright. “They stepped out on faith and believed Salmonson was the man to make their dream come true.”
Salmonson, 36, of Parkland, was being held in lieu of $1.67 million bond in the Broward County Jail on Friday. He faces 13 counts of grand theft in connection with the alleged con and could face life in jail if found guilty on all counts.
Deputies arrested him Thursday outside the headquarters of Fuel Nation, 4121 SW 47th Ave., in Davie, where Salmonson is chief executive officer.
Deputies think Salmonson never intended to sell the property to the church and never disclosed that the real owner of the 10 acres the church wanted to buy next door was actually Banks Coco Inc., not Salmonson’s company, Margate Corner Inc. The church is at 1490 Banks Road in Margate.
Salmonson approached church leaders in 1998 with an idea that would allow the church to buy the property in payments over two years. The church delivered the first check in July 1998, more than two months after Banks Coco Inc. had started foreclose proceedings on Margate Corner.
After making one payment on the property through Margate Corner Inc., which had a contract to buy the land, Salmonson defaulted on the loan and pocketed the money, converting the church’s checks into cashiers’ checks made out to his various corporations, deputies said.
Property records show Salmonson and his wife bought a 4,148-square-foot home in Parkland in 1998. The home is valued at $600,000.
Church leaders discovered the ploy in October 2001, eight months after they delivered their final payment to Salmonson. Banks Coco Inc. sent them a letter saying they’d foreclosed on the land.
“They believed in his ability and believed he could deliver on himself,” Coleman-Wright said of the church’s trust in Salmonson. “And that could be the reason they never researched the title for themselves and realized Banks Coco owned the property.”
Churchgoers had been instructed not to talk about Salmonson or the land deal Friday.
Holland & Knight attorney Robert E. Ferris Jr. represents the church and declined to comment about the case Friday, citing the ongoing criminal investigation.
The church filed a civil suit against Salmonson; Salmonson’s now-defunct company, Margate Corner Inc.; Fuel America LLC, which Salmonson managed; Commercebank, which cashed the checks and converted them to cashiers’ checks; and Hollywood attorney Barton S. Strock, who was supposed to help close. The suit was filed in Broward County Circuit Court in May.
At Abundant Life Christian Centre, a receptionist sat behind a mahogany desk at the end of the chapel’s rose-colored reception room, directing reporters to the church’s attorney.
A Bible placed on a reception table was open to a passage the church alludes to on its sign outside.
The receptionist acknowledged the irony of the passage, which begins, “The thief cometh not, but to steal…” but wouldn’t comment on the case or give her name.
“We’re very saddened,” she said.
With the civil suit ongoing, it’s unclear whether or when the church will get its money back.
“That question still remains: What did he do with the money?” Coleman-Wright said.
Christy McKerney can be reached at cmckerney@sun-sentinel.com or 954-572-2008.
Christopher Salmonson
See larger image
(Broward Sherrif's Office)
Copyright © 2002, South Florida Sun-Sentinel
http://www.sun-sentinel.com/news/local/southflorida/sfl-church081702.story
*************************************************************
Sunny ol' South Florida -- the "...land of the outstretched palm...".
And, ....they sho' 'nuff ain't talkin' 'bout trees, Bubba...!!
Park your Sub at the iHub - Bub; ....the experience might just "...float your boat..." !!
FuelNation Signs Term Sheet for First $80 Million of Bond Funding
DAVIE, Fla., Aug 14, 2002 (BUSINESS WIRE) -- FuelNation Inc. (OTCBB:FLNT) today announced they have signed a term sheet for the first $80 million of bond funding. The company finalized the capital raise of $10,500,000 to pay for the cost of issuance and the funds to guarantee the interest shortfall for the $330 million bond funding. The company submitted the formal application early last week and has signed the term sheet today. The length of the loan will be for a total of 18 years and amortized over 25 years. The estimated interest rate currently is 4% per annum.
Chris Salmonson, CEO of FuelNation stated: "All of the hard work is starting to pay off. The lender notified us that we should have the commitment in hand as early as Friday of this week. Funding should take place within approximately 60 days and we will be able to start our acquisition strategy immediately. We are very pleased that we were able to arrange the $10,500,000 to pay for the cost of issuance and the funds to guarantee the interest shortfall for the $330 million bond funding. We have agreed to issue the bonds in three series A, B, C, totaling $330 million. H&N LLC a fund based in Portland, Oregon will provide the shortfall letter of credit and the cost of issuance in the amount of $3,500,000 for the first Series A Bond. Shaikh Isa Mohammed Isa Alkhalifa will provide the shortfall letter of credit and the cost of issuance in the amount of $7 million Series B and Series C bond. We are very confident from this point forward FuelNation should be able to successfully fulfill our portion of the bond funding."
Salmonson goes on to say: "We are preparing the necessary documentation to start preparing two additional series of bonds in the amount of $250 million. Currently, we have submitted enough information on the acquisitions to the lender to qualify for an $80 million issuance on the first series."
CONTACT: FuelNation, Inc. Davie, Chris R. Salmonson, 954/587-3775 x102 Email: CRS@FuelNation.com
.
Company News: http://www.pcquote.com/stocks/news/GetNews.php?ticker=flnt
John
Park your Sub at the iHub - Bub; ....the experience might just "...float your boat..." !!
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