IT Group Holdings has been placed in administration.
The Joint Administrators are:
3rd Floor Lyndean House
43-46 Queens Road
Fax: 01273 724502
See also the notice posted on the IT Group webpages at:
itplc.com or itwlr.com
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 www.redchip.com 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,
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: http://www.itwlr.com
Strategic Growth International Inc.
150 East 52nd St, 22nd floor
New York, NY 10022
Richard E. Cooper, +1-212-838-1444
(newly appointed firm)
Aurelius Consulting Group, Inc.
Ph: 800-644-6297; 407-644-4256
Atlas Stock Transfer Corporation
5899 South State Street
Salt Lake City, UT 84107
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.
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
Outstanding Shares: 51.9 M
Float: 25.8 M
RagingBull ITGL message board.
The SEC filings for ITGL
General posts and other stocks (marked with an O.T.) are welcomed in good taste and with sincerity for the viewing group to benefit.