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IT Group Holdings (fka ITGL)

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Last Post: 11/17/2016 7:56:52 PM - Followers: 8 - Board type: Free - Posts Today: 0

IT Group Holdings has been placed in administration.

The Joint Administrators are:

Tenon Recovery
3rd Floor Lyndean House
43-46 Queens Road
Fax: 01273 724502

See also the notice posted on the IT Group webpages at: or

Presently some severe management troubles! Proceed at your own risk!

ITGL has deleted their website.


Non-Reliance on Previous Financials, Audits or Interim Review, Regulation

ITEM 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On September 26, 2007, the Company's Board of Directors, after discussion with the Company's independent auditors, concluded that our previously issued (audited) consolidated financial statements for the years ending December 31, 2004, 2005 and 2006, and interim period unaudited statements to and including the unaudited statements for the period ended June 30, 2007, should no longer be relied upon because of errors in such financial statements. The resulting changes will most likely require restatement of our financial statements for such periods and will most likely be material. The determination of the Board was based on a review of the records of the Company's subsidiary, Internet Telecommunications Plc ("ITPLC"), undertaken by the Board of Directors of the Company following removal of Charlie Yiasemis as President, Chief Executive Officer and Chief Financial Officer of the Company on Sept 11, 2007, that revealed improprieties in his operation of our business. These improprieties include misrepresentations as to our business operations and fabricated documents. The Company is continuing to investigate these improprieties to ascertain the full impact on our previously issued financial statements and disclosures.

ITEM 7.01. Regulation FD Disclosure
Following removal of Mr. Yiasemis as the President, Chief Executive Officer and Chief Financial Officer of the Company on September 11, 2007, in addition to the review of the financial records undertaken by the Board of Directors, we have replaced the board of directors of our subsidiary, Internet Telecommunications Plc with two new directors, Guy K. Stewart, Jr. and Shajan K. Ninan. They are supported by an interim chief executive officer to operate our telecommunications business in the U.K. New management is in discussions with creditors, telecommunications carriers and customers to move the business forward. The Board of Directors believes that its efforts will result in stabilization of the Company's financial and operating situation and that the Company will be able continue to operate as a telecommunications services provider in the U.K. markets based on our network access and previously acquired telecommunications switch.

As of May 1, 2007, there were 51,899,814 shares of common stock issued and outstanding that were held of record by approximately 150 shareholders. After this offering, assuming the exercise of all the Warrants, we will have 57,109,814 shares of common stock outstanding.

RedChip Drops Research Coverage On IT Group Holdings
PrimeNewswire - February 06, 2008 5:00 PM ET

RedChip Visibility, a division of RedChip Companies Inc. today announced that it has dropped research coverage on IT Group Holdings Inc. (Pink Sheets:ITGL).

RedChip Companies' "Buy" rating, the initial target price of $1.20 and revised target price of $0.60 are no longer active. For further information on RedChip Companies, our rating system, and our dropping coverage policy, please visit and review any and all pertinent policies and disclosures.

reported in financials June 30, 2007 .
A company known as Flat Rate Telecom Ltd. (“Flat Rate”).
IT Group Holdings Inc.
201 South Biscayne Boulevard,
28th Floor
Miami, Florida 33131

Internet Telecommunications Plc
46, Clerkenwell Close, Farringdon,
London, EC1R 0AT, United Kingdom
Tel: +44 (0) 20 7216 9000 |
Fax: +44 (0) 20 7216 9001
Web Site:
Investor Relations:
Strategic Growth International Inc.
150 East 52nd St, 22nd floor
New York, NY 10022
Tel: 212-8381444
Fax: 212-8381511

Investor Relations:
Richard E. Cooper, +1-212-838-1444
(newly appointed firm)

Aurelius Consulting Group, Inc.
Sanford Diday
Ph: 800-644-6297; 407-644-4256
RedChip Companies
Transfer agent:
Atlas Stock Transfer Corporation
5899 South State Street
Salt Lake City, UT 84107
P 801-266-7151
F 801-262-0907

Sector: Services
We have two officers, our President, Chief Executive Officer and Chief Financial Officer and our Chairman and Secretary. Staffing consists of sales & marketing, network support and software development personnel. We employed 13 (11 full-time) staff including officers at December 31, 2006.

General Overview

We were originally organized in 1998 under the laws of the State of New Hampshire. Effective September 30, 2004, we changed our name from "ARS Networks, Incorporated" to "Green Mountain Capital, Inc." On July 12, 2005, we changed our state of incorporation from New Hampshire to Nevada by merging into Green Mountain Capital, Inc., a Nevada corporation, organized by us for the specific purpose of the change of domicile. On January 12, 2006 we entered into a Share Exchange Agreement to acquire Internet Telecommunications, Plc, a corporation formed under the laws of England and Wales ("ITPLC"). We acquired ITPLC on May 12, 2006 at the closing under the Share Exchange Agreement. We changed our name from Green Mountain Capital, Inc. to IT Group Holdings Inc. effective February 26, 2007.

With our acquisition of ITPLC, a licensed telecommunications carrier/operator in the United Kingdom, we became a telecommunications services provider offering line rental, associated voice minutes and value-added services in the deregulated UK telecommunications market. Prior to our acquisition of ITPLC, we had no business operations or revenues. Our operations are presently centered on the activities of ITPLC. Our principal office in the United Kingdom is located at 46 Clerkenwell Close, London EC1R 0AT, United Kingdom. Our telephone number at this office is (44) 207 216 9000.

Our common stock is traded in the OTC Bulletin Board market under the symbol

Charlie Yiasemis, CEO, CFO, President, Founder --Terminated

Dr. Fredrik C. Verkroost, Chairman of the Board
Leadership at the Company is provided by Dr. Fredrik Verkroost as Chairman of the Board of Directors. Dr.
Verkroost has an engineering and commercial management background and is very experienced in the capital
markets, having directed a $690m stock and bond financing for ICO Global Communications as its deputy
CEO. He also supervised the IPO of Alterian Plc., a UK start-up. As head of corporate development, Dr.
Verkroost also supervised over $750 million in acquisitions and disposals for Electrowatt/Landis & Gyr companies
in Switzerland.

Feb 2007
Outstanding Shares: 51.9 M
Float: 25.8 M

Home website

RagingBull ITGL message board.

The SEC filings for ITGL

General rules
General posts and other stocks (marked with an O.T.) are welcomed in good taste and with sincerity for the viewing group to benefit.


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#420   ITGL FINRA deleted symbol: Renee 11/17/16 07:56:52 PM
#419   It would be a surprise if I was TechKim 10/07/12 06:42:19 PM
#418   No surprise. the greek islands arent a riskybiz1 10/05/12 12:58:31 AM
#417   It is rumoured those who shared the illicit TechKim 10/05/12 12:52:34 AM
#416   ITGL reverse split hitory and former symbols: riskybiz1 10/04/12 05:53:20 PM
#415   GREY MKT SUPERNATURAL 09/30/12 09:36:41 PM
#414   ITGL SEC Suspension: Renee 05/14/12 07:14:54 PM
#413   Everyone. Pls req a chart for ITGL: Zardiw 04/02/12 01:01:25 PM
#412   ITGL should have some announcements z Zardiw 04/02/12 12:56:40 PM
#411   JOSEPH BARTEL TOUCAN 03/09/12 01:56:26 PM
#410   yea...anyone's guess at this stage imo... stockvader 03/09/12 01:30:15 PM
#409   Probably will have some material events soon. Dunno WakingBake 03/09/12 01:28:31 PM
#408   lots of small slaps - wonder whats up. stockvader 03/09/12 01:27:21 PM
#407   ITGL - New officer, reinstated and ammendment today WakingBake 03/09/12 01:16:32 PM
#406   0.001 TechKim 04/03/11 09:02:48 AM
#405   0.001 TechKim 03/25/11 12:22:34 AM
#404   $0.0014 ? 0.0 (0.00%) TechKim 03/08/11 11:14:14 PM
#403   Interesting article of the future in communication. TechKim 02/13/11 07:56:25 PM
#402   closed at $0.0013 TechKim 02/03/11 09:05:29 AM
#401   volume 1,428,874. Is that you Charlie? TechKim 01/14/11 11:02:59 AM
#400   volume 90,304. Is that you Charlie? TechKim 01/14/11 10:51:06 AM
#399   Thank You Hogs. I wish you a Merry TechKim 12/20/10 11:02:42 PM
#398   TK I am wishing you a Merry Christmas ! SilverSurfer 12/20/10 04:08:35 PM
#397   Happy Holidays to you all, except Charlie Yiasemis. TechKim 12/17/10 12:18:37 AM
#396   $0.0002 TechKim 12/15/10 10:54:40 AM
#395   Where are you Charlie Yiasemis? TechKim 11/12/10 12:33:50 AM
#394   $0.016 TechKim 11/12/10 12:32:21 AM
#393   Cannot hide out in the islands of greece forever. TechKim 10/19/10 11:50:39 PM
#392   Charlie has to come out sometime! TechKim 10/11/10 11:15:29 PM
#391   Last Price (USD) $0.016 TechKim 10/01/10 11:49:05 PM
#390   Is this America's worst investment? TechKim 08/21/10 12:35:10 AM
#389   Managing Your Digital Ulcer TechKim 08/20/10 12:19:48 AM
#388   Last Price (USD) $0.0009 TechKim 07/20/10 12:10:45 AM
#387   $0.0014 TechKim 06/17/10 11:55:55 PM
#386   $0.0014 TechKim 06/15/10 12:52:47 AM
#385   $0.0012 TechKim 05/25/10 11:38:03 PM
#384   Last Price (USD)$0.0007 TechKim 05/21/10 12:48:27 AM
#383   The New Scotland Yard TechKim 05/04/10 11:29:00 PM
#382   $0.0011 TechKim 03/17/10 11:44:30 PM
#381   $ 0.001 TechKim 02/17/10 11:46:01 PM
#380   $ 0.0009 TechKim 01/16/10 08:46:08 PM
#379   Okay great info and?????????????????? -TEFFY-TRADER- 12/15/09 07:05:22 AM
#378   SHELLS, offers direct access to Pink Sheet and TechKim 12/15/09 01:29:23 AM
#377   I thank you for your honesty, and because -TEFFY-TRADER- 12/07/09 05:44:09 PM
#376   and good luck to you! Enjoy! TechKim 12/05/09 09:41:43 PM
#375   I'm no longer interested talking to you. johnvro 12/05/09 09:29:39 PM
#374   Did you ever find out the end result TechKim 12/05/09 08:20:32 PM
#373   No! I say make money. The undermining occurred TechKim 12/05/09 08:17:50 PM
#372   People that know more are not selling johnvro 12/04/09 02:51:09 PM
#371   johnvro, Thank you for searching out information on this unityriver 12/04/09 11:48:15 AM