IT Group Holdings (fka ITGL)

[TechKim]

Did they catch the crook yet?

[TechKim]

Donate to Scleroderma Society, Charlie Yiasemis

[McMook]

...just the sign of the times as I see it and for the life of it can not figure out why I see this and others don't...have colleagues much brighter than I...since we have entered the BER months of sept, oct, nov, dec I have to smile this very moment of what my 3 year old daughter (my focus for her future) is humming playing in our rec room...

[TechKim]

http://www.tenongroup.com/Services/Corporate%20Recovery/

[TechKim]

Pink Sheets Runs New Warning Sys Up Flagpole
By Chuck Jaffe
A Dow Jones Column


The skull and crossbones is both the sign of the pirate and the symbol for
poison. Pirates are portrayed as being both dangerous and romantic; poison is
deadly.


So when the Jolly Roger flies on certain stocks, there is little doubt it
will attract some investors just as much as it pushes others away. Moreover,
like a surgeon general's warning on a pack of cigarettes, it may just be
ignored.


But when it's the operators of the trading platform issuing the warning about
stocks it services, it will be interesting to see whether investors take
notice. And starting next month, Pink Sheets LLC - the electronic-trading
platform that is the favorite venue for many stock manipulators - will be
issuing some warnings about stocks. One of those cautions will come in the form
of the Jolly Roger.


"We're not a regulator, and this is not a regulation. It's just a statement
about the condition of the company," says Cromwell Coulson, chief executive for
Pink Sheets. "It will take time for our categories and the buyer-beware flag to
get out through the market data providers, but in time, we think it will make a
real difference in a lot of ways."


The flag system is part of a market-tiering process that Pink Sheets is
creating for its stocks, a process not that dissimilar from changes Nasdaq
Stock Market Inc. (NDAQ) made a while back in naming the various segments of
its markets. The biggest difference comes in the warning labels.


In the old days, pink sheets were colored slips of paper you might find lying
around a brokerage office floor; a small company that did not trade on the big
exchanges or that fell off those markets because it no longer met regulatory
standards was said to be trading "on pinks." By the late 1990s, the service was
little more than an outdated phone-book-style listing of over-the-counter
stocks.


Today, the paper is gone, and Pink Sheets represents a centralized quotation
service collecting and distributing market-maker quotes for securities traded
in the OTC market. Technically speaking, Pink Sheets is not an exchange. That
said, a majority of trades for OTC Bulletin Board stocks are made through the
Pink Sheets system, and the new Pink Sheets standard will apply to all stocks
that use the modern-day version of trading on pinks.


There are more than 8,000 Pink Sheets companies today, and they run a wild
gamut: fallen angels that are headed to zero, bankruptcy cases hoping for a
rebound, international companies that are listed on a foreign exchange but
don't want to go through the listing process for the big American exchanges,
small startup businesses that find the costs of Sarbanes-Oxley regulatory
compliance excessive, inactive shell companies and virtually every company
touted in a spam email message.


Unlike the big exchanges, which have rigid standards for listing a stock,
Pink Sheets does not. While there are companies giving financial guidance and
providing audited financial statements, there are also those that provide
virtually no information whatsoever.


Couple that potential lack of information with the prevalence of
pump-and-dump touting, and you've got the basis for the changes the system is
undergoing.


The change started with the creation of a top tier of Pink Sheets stocks,
called the OTCQX, which effectively is limited to quality companies that have
good disclosure but do not meet the listing requirements of a bigger exchange.
There is also an International OTCQX.

Calling Out The Culprits


Beginning Aug. 1, the data feeds on Pink Sheets (and OTCQX) stocks will
include a pink check mark to tell investors the company is current on its
financial disclosures, either in filings at the Securities and Exchange
Commission or with Pink Sheets itself.


Companies that have made those disclosures but have failed to keep them
current - meaning the information is six months old - will be marked with a
"Yield" traffic sign, signifying "limited information."


And stocks where the information pipeline has run dry will be tagged with an
old-fashioned stop sign, noting that no information is available.


And then there's the Jolly Roger. The skull and crossbones will be an
additional tag on any security deemed a "public interest concern," which is a
nice way to say that the stock has been touted in a spam email pump-and-dump
campaign.


Coulson says the tag is likely to stick on a stock for six months and will be
applied whether management was somehow involved in the tout or was just the
victim of some speculator trying to make a quick buck.


The idea is not just to protect investors but to discourage the frauds. Once
the Jolly Roger is in place, brokers easily can track the trading in the
affected stocks, which will provide information on who is behind the touting,
and which may make regulatory cases much easier to prosecute.


"Since the beginning of the stock markets, there have been promoters dumping
overpriced stocks into the heart of the market," Coulson says. "This isn't
going to stop it, but it will help brokers see what is happening and will make
it easier for regulators to file cases, which will discourage the bad guys."


Effectively, Pink Sheets has gone to a system like ancient maps, where the
uncharted territories were marked with phrases like "Here there be monsters."


Says Coulson: "We can't call them monsters, but we hope this will make it
clear that you really need to know what you are doing before you get involved
in trading stocks that aren't giving information, that are part of a spam
campaign or both."


Investors will love the change if it simply reduces their volume of junk
email. But it will be a lot more helpful if, at some point, investors decide
that they don't want to have their portfolio poisoned by pirates and they use
the warning system to keep away from the dark and murky corners of the stock
world that only a few insiders truly understand.

(Chuck Jaffe is a senior MarketWatch columnist.)

-By Chuck Jaffe; 415-439-6400; [e-mail]


(END) Dow Jones Newswires

07-11-07 0955ET

Copyright (c) 2007 Dow Jones & Company, Inc.

[TechKim]

SHORT SELLING COMBINED WITH FRAUDULENT STOCK MANIPULATION

Submitted by Gregory J. Halpern – CEO, Circle Group Holdings, Inc. (CXN: AMEX)

Mr. Halpern is the Director of the Midwest Regional Chapter for the CEO Council

Small Business Hurdles
The millions of small business professionals that own and operate small companies in this country produce a majority of America's private gross domestic product, most of the taxable revenue to the treasury, and most of the new jobs every year. Between 1990 and 1995 they created 76 percent of America's new jobs. In 1998 alone, this sector created 31 million new jobs in nearly 900,000 new companies. And this trend is expected to continue. A crucial component of our domestic economic engine is the ability to create funding through access to the capital markets. Everyone who owns or runs a publicly traded small business knows the hurdles that they must overcome in order to make their business successful, including obtaining funding, completing all of the regulatory filings, competing for market share, and compliance with Sarbanes-Oxley with the outrageous cost burden it imposes, to name a few. Small public companies, and many others with the goal to get to the capital markets accept all of this, plus long hours, late nights, and weekends as what it takes to grow their business, improve the world with their products and services, and create wealth for themselves, their employees, their shareholders and the economy.

But small public companies and their shareholders are facing a severe problem, and they are looking to the Securities & Exchange Commission, the Justice Department, and the F.B.I. to help them get urgently needed relief. The problem is that short selling is being intentionally combined with fraudulent stock manipulation to destroy the value that small American businesses in the capital markets work so hard to achieve. The points contained in this position paper have tremendous merit for all small public companies but it must be pointed out that it was written with a bias because our company, Circle Group Holdings, has been under constant attack from a well-organized group of criminals for over a year and a half. Our management team and employees, who are all owners of the company’s stock, are tenacious, tough minded, fighters of injustice, with multi-faceted business experience and backgrounds in martial arts. Thanks to our intestinal fortitude learned from these backgrounds, we have survived the attacks, and fully expect to survive any additional attacks. From early 2004, until the present, Circle Group has successfully battled its attackers by getting several public web sites and chat boards to remove malicious phony content, getting a protective court order and winning motions on cutting edge Internet jurisdiction issues. We found out through this experience that one of our attackers is now a defendant in other securities matters and is currently being prosecuted by the SEC for another unrelated stock fraud. Tragically, many other small public companies have gone out of business. Still more will not survive the attacks or mount any serious defense against the perpetrators who work in hiding, often live and/or operate off shore, have completely phony identities and are cloaked by the anonymity of the Internet.

For additional perspective our company, Circle Group Holdings has a legitimate natural food technology solution for obesity called Z-Trim that was developed at the U.S. Department of Agriculture over many years with significant amount of taxpayer dollars. Many anonymous attacks have been made against the company and its personnel in particular saying that Z-Trim is a scam. Except for bashers, no one on the planet has even suggested that Z-Trim invented by one of the world’s most influential agricultural scientists, is a bad invention. Yet the bashers who attack the company, post numerous outrageous lies about Z-Trim. It is amazing that the number one health problem in the world today is obesity, and this outstanding technology could reverse the course of this devastating disease, yet here is this group of criminals posting lie after lie with their only goal to destroy the value of the company’s equity and shareholder value. Many innovations and inventions that could have benefited humankind will never get to market because of the companies that were destroyed by these criminals.

When just looking at approximately 5000 small and micro-cap companies that have an average issued and outstanding share total of 40 million shares, and multiplying that by an average $5 loss on share value, we estimate the losses to investors to be at least a trillion dollars annually. The number is probably a lot higher when you factor all the other companies attacked and then lost jobs, potential new economies of scale that never develop, lost capital markets formation, increased cost burdens on government and families to support those individuals wiped out, lost individual and corporate taxable revenue to the treasury, lost improvements to our lives from innovation that does not occur, and lost investor confidence in the emerging markets as well as erosion of the American Dream.



Therefore, the primary objective of this Position Paper is to provide valuable information and suggestions that if heeded, and if existing laws are enforced, will help countless companies and their shareholders avoid suffering this fate in the future. Without help, many companies will not survive, and many more will have their shareholders’ value severely damaged. The criminals who perpetrate the attacks being discussed here are bold, well organized economic terrorists who commit securities fraud daily, without punishment, and who benefit immensely from the technological advances of the Internet and the economics of regulatory authorities who are challenged to justify the cost of pursuing these crimes. After a miserable half decade in the capital markets, if the economy is to ever improve in a noticeable way, this problem must be fixed. While serving large corporations to better prevent rampant fraud exposed in recent times, Sarbanes has not served small business in any way to restore investor confidence in the market as evidenced by the lack of capital market investment and investors continued knee jerk reactions to nearly every piece of daily news. The good news is that the legal system in place, if utilized as suggested herein, already provides the ability to remove most of the current network of criminals from the capital markets and restore investor confidence, thereby stimulating many other areas of our economy.

The Growing Problem
Unscrupulous speculators have found ways to short stocks and then manipulate companies stock prices lower by continuously attacking the companies on Internet financial chat boards, websites, and through other highly illegal and unethical means. Agents for competitors or shareholders of competing companies’ stocks may also make these attacks for obvious reasons. The bloggers and bashers spend their days, nights, and weekends, viciously attacking the companies they short with continuous false disparaging chat board posts about the companies, their management, employees, products and investors. Some of these shorting syndicates and other bashing groups are well organized, but all have one goal in mind, posting defamatory negative false or distorted information in an effort to severely damage a company’s reputation and stock price. Some bashers also utilize so-called “watchdog” websites to attack companies, but only after alerting their subscribers that they are going to issue a negative report about a targeted company. This gives their subscribers the opportunity to get a solid short position before the attack begins, thus creating additional short or negative pressure on a stock. These activities constitute securities fraud.

One listed company sells a homeopathic medication to reduce the duration of the common cold. The company was attacked by a group that called for a class action suit for users of the product who suffered a loss of smell from using the product. A website posted this information encouraging people to contact them to discuss potential legal actions against the company. A Dow Jones newswire article reported on these so-called consumer complaints about the product and their loss of smell. The company has given assurances that it adheres to FDA guidelines and restrictions and was unaware of an FDA inquiry into the safety of their product. As a result of the group that attacked them and the news articles that followed, the company’s stock price began to drop, and kept dropping until their market cap was cut to less than half. The number of people who signed up to be a part of the class action suit against the company turned out to be only two, a husband and wife. They both claimed to have some loss of smell from using the product, but only after the website and news article came out. The stock recovered some of its huge drop once people realized that the claims made against the company weren’t what they first appeared to be. Unfortunately, the stock price has only gone up to a portion of what it lost, and the shareholders who lost in excess of several hundred million dollars are the ones who suffered as a result of this.



How They Operate
The criminals are short-selling bashers, and illegal stock manipulators, who repeatedly post outrageous known lies or distorted half-truths with a dogged determination and single-minded purpose – use any means possible to drive the stock price down.

In the small and micro cap market, most increases in value to a stock occur when more people buy more shares. Any such occurrence will automatically result in relentless postings that the company is a pump and dump scheme. The bashers will post as many as a dozen posts at a time under multiple aliases in order to dominate a chat board. On some message boards that give you the option, they continuously post under multiple aliases with a strong sell sentiment, even if they may only post about the weather or some other nonsense post, so that a person visiting that chat board would see an overwhelming majority of the posts and posters with a strong sell sentiment. They disparage the company’s products, employees, management, business plans, and anything else about the company so they can create serious doubt about the company in the minds of investors and potential investors. They post their opinions but make them appear to be facts. They make very slanted interpretations of anything the company does as if they were giving an expert analysis, with their conclusions always being the most negative they can be. When the company issues a positive press release, they state that the press release is all hype, released only to increase the stock price. If an insider makes a sale or exercises an option, they post false claims that management is dumping the stock because it is getting ready to drop. They ask questions about the company and its products such as: “What studies have they done to prove that their products are safe?” and “What’s to say that their products don’t cause cancer?” and “Don’t you think that the SEC should look into the way this company does business?” All comments made are negative or are cleverly and carefully worded posts intended to damage the company, by either giving people the idea that the company’s products are unsafe or cause cancer, that the company’s management is incompetent or dishonest, or to make people think that the company is doing something illegal and needs to be investigated by the SEC.



Honest investors, who happen upon the board, will often get buyers remorse from seeing an overwhelming negative sentiment and immediately “panic sell” the stock, which creates additional downward pressure and serves the criminal campaign well. Occasionally, an investor will attempt to say something positive about the company, but the resulting attacks on them will be vicious, thereby hurting their confidence in their investment decision and causing them to promptly abandon the board and usually the stock altogether. They simply do not realize that the bashers are on the board 24 by 7 because that is their job. That is how they earn their living.



There is No Limit to Their Efforts
There is no limit to what the bashers will do to try and drive down a stock price. They constantly make statements about how bad a victim company is managed or how incompetent it’s CEO is and call for shareholders to ask that the CEO be replaced. Another common practice is to make harassing phone calls to a company’s customers and suppliers and flood them with negative questions and comments about the company, its products and its management in order to damage the business relationships that it has with these companies. This practice has and will continue to destroy many new, existing, and developing business relationships. Bashers make posts about forming shareholder class action lawsuits against management and directors and intimate that the SEC should be investigating the company for fraud and lots of other securities violations. They encourage investors to contact the SEC about all of the supposed improprieties of what they refer to as the “pump and dump scheme” company.



Bashers will also send messages to the SEC, and other government agencies that might affect a companies’ business, with accusations of wrong doing by the company, and its officers and other employees. As a result, a company might get an inquiry from a well-meaning employee of the Better Business Bureau, FDA, NASD, the exchange the company trades on, or various others. Even though the company is able to answer such an inquiry, for a small company this is time consuming, costly, and diverts valuable limited resources away from the company’s actual business all to the gleeful delight and self serving interest of the criminals while assisting greatly in the success of the illegal manipulation.



Bashers post predictions of a much lower stock price in the near future to convince existing stockholders to sell so they don’t lose all of their investment. They make statements on a regular basis about the company being de-listed or going bankrupt, and they attack any shareholders that try to post anything positive about the company in an effort to defend it against the bashers. One website targeted companies by posting press releases about their victims, and misrepresenting them to look like they were produced by the SEC. That same website posted information that made it look like every company it reported on had their trading suspended or was being investigated by the SEC. The owner of the website is being prosecuted for securities fraud on another matter. As a result of those postings, each company’s stock price dropped dramatically. Why do the bashers do this? They do it to scare as many potential investors as possible away from purchasing the stock, and as many existing shareholders as they can into selling the stock in order to drive the stock price down. Again, as you can start to see, it all has a premeditated and cumulative negative effect.



Companies Are Slow To React
Companies that are attacked in this manner will often times ignore it at first, as just some disgruntled former employees. Depending on how aggressive and coordinated the bashers are, a targeted stock can drop quickly. The companies must then take notice and deal with the problem. They will get calls on a daily basis from shareholders that want to know about all the negative things that have been posted about them, and why the stock price is dropping. They want to know if the SEC is really investigating the company, or if there are class action suits pending against them or if their products are safe or not. The companies will then have to be in the business of following the various chat boards to see what is being said about them so that they can respond to their shareholders and potential investors that call them. This is not only an added expense in time and money for the company, but it also distracts them from the task of building their company and running the day-to-day operations of their business.



Companies that try to defend themselves through legal means will face still higher costs and an even greater waste of resources that make this activity difficult and expensive. Regardless, nearly every activity the bashers undertake is illegal, not policed, and designed to be totally self-serving and cumulative – and it almost always works. But when it doesn’t work enough to destroy most if not all the value, more bashers will be employed to expand the fraud by making the population of unhappy investors look even larger.



As the stock depreciates, the funding that most bootstrapping entrepreneurs need to grow their emerging businesses dries up, even though the extreme costs of being a public enterprise do not decrease. This leads to the loss of jobs, GNP, additional erosion of investor faith and the decline of economies of scale.



The Deck Is Stacked Against Small Business
The bashers claim to be protected by freedom of speech under the First Amendment. The problem with their argument is that what they are doing is illegal and fraudulent stock manipulation at the criminal level, defamation and tortuous interference with business relationships at the civil level. Chat board providers claim immunity from prosecution in anything relating to what is posted on their chat boards. In the late 1990’s, in an effort to allow free flow of content in the Internet, the Communications Decency Act, was enacted to protect Yahoo, AOL and other web portals from liability whenever posters put up content that was illegal, immoral or otherwise objectionable. So for example, if our children chatted with a masquerading Internet predator or saw pornography on an AOL website, then AOL would not have any responsibility.



The Act is now a shield of immunity for internet service providers and message and chat board companies that shy away from the moral responsibility due solely to the costs and resources they claim are needed to remove illegal, fraudulent, defamatory or otherwise destructive content. They have abuse departments who can only be contacted by email, and that only very selectively take any action against posters for violating their terms of service policy. Basically what it has turned into is an environment where anyone can post anything they want about a company no matter how far from the truth that is, and the company has very little, if any recourse against the anonymous person. Yet such a post can cause severe damage to the company and its future.



Anonymous and Untraceable
Bashers can work alone or with other bashers to attack a company, and post their attacks using multiple aliases to hold a conversation that appears to be among more than one poster, in order to give visitors to the chat boards the impression that there are many people sending these doomsday messages, and giving the attacks the appearance of credibility. The bashers use multiple aliases, anonymous email accounts, roving IP addresses and public access points, as well as other methods to avoid being traceable. Here are some of the comments that were made on one of the basher websites.



“Don't even bother trying to ID the account. It was created at the New York Public Library, Fifth Avenue location, and is only accessed through proxy servers.”

“Who are we? Your worst nightmare! “

”Imagine an anonymous team of professional researchers and writers with a network of mainstream contacts and all the investigative tools the Internet has to offer digging into your scam. Imagine a flash mob featuring you popping up overnight at twenty anonymous sites and sent to major news services via a news feed.”

”Here we are. And with anonymous proxy servers and public hard-wired and wireless Internet access points, there isn't a damn thing you can do about it. By the time you intimidate one of our free host sites to kill a report; it has been copied and mirrored ten times.”



There are also websites set up that offer to drive a company’s stock price down for a fee - NEW FROM FAKE - THE "DEATH STAR" FAKE's Bulgarian programmers have finally perfected the ultimate weapon of stock mass destruction. Basing their model on former Blinder and Robinson Broker Wendy Gordan of South Florida, FAKE has produced the last word in piss poor pump bots. With an unprecedented record of thirty total price collapses and massive reverse splits, put this MOAB of pump bots to work for you today! Wondrwen can drive a price to zero bid in three months or less, guaranteed by FAKE.



FAKE's business philosophy is simple: We are in it for the money. Period. We don't care who gets hurt, what companies get destroyed, or what innovative or lifesaving products never see the light of day!! We are here to get ours, and yours. FAKE the rest of them!! That is the attitude customers appreciate from a professional paid basher organization.




Why Have Financial Message Boards?
Message boards such as Yahoo, Raging Bull, and Silicon Investor give investors the opportunity to share their views and comments as they may relate to specific stocks or general investing. But they also allow disgruntled former employees, competitors, stock manipulators and others to post their negative messages. In many cases these negative posters have "shorted" a stock and want to do all that they can to see the stock price move downward. Negative posters usually don’t work alone. They team up with other “bashers” and gang attack a company.



The ISPs, and message and chat board companies have the best of both worlds. They are essentially immune from prosecution for any content that is posted on the websites or servers that they control, but they reap the benefits from all of the ad and other revenue that is generated by the banner and pop-up ads and services that appear or are offered on their websites and message and chat boards. This lack of accountability is a conflict of interest and needs to be remedied. The conflict of interest is very apparent when abuse complaints that are made by individuals and will they actually do anything to remove the abuse, even though they have this as an option as spelled out in their companies for posts that violate a provider’s Terms of Service Policy pass with no action to remedy the abuse. They send auto-reply emails which tell you to use their profanity filters, or to put the posters on an ignore list, but very rarely Terms of Service policies.



A Call For Help

Some will say that people don’t pay attention to chat boards, but they do. Ask some shareholders if they ever go to financial chat boards. You will be surprised by the number of people that do. The plan of the basher is to create havoc and cause sincere investors to lose confidence in the targeted companies. One poster we identified has made over 70,000 posts attacking various companies and hurting shareholder value. These bashers know that nothing will happen to them for doing this, and they feel that they are protected by the anonymity of the Internet, Freedom of Speech, SLAPP legislation and Internet jurisdictional issues, so they continue their relentless illegal attempts at manipulating stock prices of small businesses across America. Posting negative information about a company on public message boards isn’t illegal. However, intentional misinformation is actionable by governmental authorities, whenever it affects the trading price of a security. When contacted about this problem, the FBI said that they understand and are well aware of this problem. They explained that they have successfully prosecuted such cases but at too high of a cost and without recouping of significant monies afterward to warrant future action. Actually, their main focus currently is identity theft, which admittedly is a huge problem.



These bloggers and bashers for the financial gain of criminals and the support of economic terrorists are intentionally damaging shareholder value. This activity is illegal and needs to be stopped immediately to restore the smaller capital markets. This will in turn lead to the eventual and positive restoration of the overall capital markets and then finally the overall economy.



With this Position Paper we respectfully request that the SEC, in conjunction with all other state and federal law enforcement agencies, utilize the laws that already exist and are available to make the pursuit of these criminals a top and immediate priority. Companies with chat boards and phony web sites need to be forced to remove false content and turn over all records related to those individuals. We ask that the SEC expose, prosecute and convict these cyber criminals; it is the correct legal and moral activity to undertake at this time. Publish their real names on lists similar to what is now done with convicted child molesters so that service providers can guard against such criminals in the future. Making examples of the current batch of stock fraud cyber criminals, and then keeping the boards clean in the future, will have a profound positive effect on the capital markets and ultimately the economy. Although there are many phony web sites, there are truly only three influential chat boards where the problems are proliferated as described above. Yahoo alone receives, and profits immensely from over one hundred million investor hits per day, so putting pressure on them will cause its management to be influenced into becoming responsible for the crimes committed without hiding behind the CDA. Investor confidence needs to be restored, and this is one problem that has to be addressed and remedied in order for that to happen. Small public companies need the SEC’s help in this matter immediately to put these criminals out of business. Contrary to administrative sentiment, it would take very few resources to fix this problem. The criminals engaged in this activity are certainly cowards, as they do everything they can to retain their anonymity. For the reasons mentioned herein, it will require only a small amount of low budget intervention and prosecution by Federal authorities to insure that criminals are not so brazen and eager to attack small public companies in this manner in the future. Only then can the goal of efficient small company capital formation be achieved.
http://advancedsmallbusiness.org/positionpaper.htm

[TechKim]

Surge in stabbings shocks England
July 19: Guns are still relatively rare on the streets of England, but a disturbing rash of knife crimes has people worried. Some are calling it an epidemic, and as NBC’s Dawna Friesen reports, the police and government are scrambling to quell the violence.

[TechKim]

Ultraviolet Light Therapy Is as Beneficial for Darker Skin as Lighter Skin

http://www.newswise.com/articles/view/542401/

Newswise — An analysis of more than 100 patients has confirmed for the first time that darker-skinned patients benefit as those with lighter skin when given light therapy for morphea and related diseases, UT Southwestern Medical Center researchers show.

Phototherapy is the use of ultraviolet light to treat skin disorders, ranging from common problems such as acne and psoriasis to rarer conditions such as scleroderma and morphea, a hardening of the skin.

Some clinical observations have suggested that darker skin may not respond as well to light therapy, but the new data indicate that skin type does not significantly influence the effectiveness of UVA1 phototherapy, said Dr. Heidi Jacobe, assistant professor of dermatology at UT Southwestern and lead author of the study appearing in the June edition of the British Journal of Dermatology.

“This study is good news, indicating that UVA1 phototherapy should be considered as a therapeutic option for more darkly pigmented patients,” noted Dr. Jacobe, who heads UT Southwestern’s phototherapy clinic, one of a select few UVA1 phototherapy units in the Southwest.

Patients with diseases such as morphea respond better when treated earlier in the course of the disease, so it’s important to know whether a particular treatment such as light therapy is useful.

Researchers reviewed 101 cases treated at UT Southwestern’s phototherapy clinic over a three-year period ending in 2007, noting demographic and diagnostic data, skin type and clinical outcome, using standard improvement scales.

Researchers noted that the cumulative dose used did not vary significantly between skin types, and there was little or no correlation between skin type and clinical improvement scores.

The majority of patients treated at the center were diagnosed with either morphea or scleroderma. The maladies often cause discolorations of the thickened skin, usually red or purple in color, and therefore can be disfiguring. The discoloration may initially appear similar to a bruise that doesn’t go away. The cause remains a mystery, and there is no known cure.

Dr. Jacobe has helped pioneer an experimental treatment that uses a highly specific range of ultraviolet light (UVA1) for some patients. Other treatments may include topical corticosteroids, antimalarials, systemic immunosuppressive medications and physical therapy.

In 2007, Dr. Jacobe launched the nation’s first and only DNA repository for adults and children with morphea. People can contact the morphea registry office at 214-645-8971 or by e-mail at [e-mail]. Information is also available at http://www.utsouthwestern.edu.

Researchers are collecting blood and skin samples to investigate genes and blood markers associated with morphea. Other information is used to identify and clarify its prevalence, its demographic distribution among race, gender and age, and recurrence rates. Currently, more women are diagnosed with the disease, but other factors aren’t known. UT Southwestern dermatologists also hope to identify associated health problems that may be common for those with morphea, particularly rheumatic diseases such as lupus and rheumatoid arthritis.

Other UT Southwestern researchers involved in the study are Dr. Rachael Cayce, who has a clinical research fellowship from the Doris Duke Charitable Foundation, and medical student Julie Nguyen.

Visit http://www.utsouthwestern.org/dermatology to learn more about UT Southwestern’s clinical services in dermatology.



Dr. Heidi Jacobe -- http://www.utsouthwestern.edu/findfac/professional/0,2356,54629,00.html

[TechKim]

http://investorshub.advfn.com/boards/board.aspx?board_id=4398
Hopefully they will shave that goat-tee off of his chin before some bubba slams his balls all over his face. I would hate to hear about bubba getting chaffed balls.

Plant going to be on a prune juice diet, as he is going to receive some friendship that might constipate his thought process.

Since the scam fart is one of my previous tax loss claims, against my profitable gain collection. I still have not heard any remorse to make anything better.

A proposed picture of PLANT, after slammer treatment





TechKim

[TechKim]

So where or where could Charlie and associates be?

[BigRoss]

IT Group Holdings has been placed in administration.

The Joint Administrators are:

Tenon Recovery
3rd Floor Lyndean House
43-46 Queens Road
Brighton
BN1 3XB

[e-mail]
Fax: [phone]

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

itplc.com or itwlr.com

I am intersted to know how many shareholders bought into this stock in reliance on RedChip Review's recommendations over the past couple years.

[TechKim]

Waiting

[TechKim]

Spherix D-tagatose to be Supplied by Inalco SpA
Apr 30, 2008 1:42:00 PM
View Additional ProfilesBETHESDA, Md., April 30 /PRNewswire-FirstCall/ -- Spherix Incorporated (Nasdaq: SPEX) announced today that it has signed letters of intent with Inalco SpA, an Italy-based manufacturer of bulk pharmaceutical ingredients, to supply a portion of the D-tagatose used in the Spherix Phase 3 clinical trial of the unique sugar as a treatment for Type 2 diabetes. Inalco will also provide cGMP (current Good Manufacturing Practice) production batches of D- tagatose for the Spherix New Drug Application (NDA) and will hold a Drug Master File (DMF). The Phase 3 clinical trial is scheduled to be completed at the end of 2009. If the clinical trial demonstrates efficacy of D-tagatose as a treatment for Type 2 diabetes, Spherix plans an initial purchase of 100 metric tons of D-tagatose from Inalco and a long-term supply agreement. Financial terms were not disclosed.

"This is a significant accomplishment toward achieving our goal of putting in place all the elements needed for a complete NDA submission," said Claire Kruger, CEO of Spherix.

Spherix is currently seeking approval from the US Food and Drug Administration (FDA) in order to market D-tagatose nationwide as a drug. If granted US approval of its NDA, Spherix plans to also apply for approval of D-tagatose to treat diabetes in the European Union (EU).

Certain statements contained herein are "forward looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied. Factors that could cause actual results to differ materially from those expressed or implied include, but are not limited to, those discussed in filings by the Company with the Securities and Exchange Commission, including the filing on Form 8-K made on October 10, 2007.

Spherix's mission is to create value and increase shareholder wealth through innovations that benefit our clients and the human condition. Spherix offers innovations in biotechnology, and provides technical and regulatory consulting services to biotechnology and pharmaceutical companies.

Spherix's Internet address is http://www.spherix.com.

SOURCE Spherix Incorporated

[TechKim]

ITGL for now is silent, as one might define ITGL.pk as a possible SCAM. Present silence likely represents we have lost monies.

[TechKim]

The company known as Flat Rate Telecom that was supposedly their biggest reseller still shows a website.
http://www.flatratetelecom.co.uk/about.htm

2007 Flatratetelecom | Tel: [phone]| Fax: [phone] | 145-157 St John Street, London EC1V 4PY |

email: [e-mail]

[TechKim]

If you call 917-620-6401. A voice answers and it sounds like a young man with few answers. I asked who he was and he said he was nothing. He said 917-620-6401 use to be the ITGL number but is no longer. Of course he had no new number for ITGL. This sounded like the same voice from so many months ago that said ITGL was a legitimate company.

IT Group Holdings Inc
201 South Biscayne Boulevard
28th Floor
Miami, FL 33131
United States - Map
Phone: [phone]

Google the telephone number
http://www.google.com/search?hl=en&q=917-620-6401&btnG=Google+Search

[TechKim]

365,000 share volume this morning with no inclination if even the company still exists.

[TechKim]

Offshore and Internet Scams
http://www.goldhaven.com/scams.htm

[TechKim]

I will! ITGL is definitely a shallow hold. Has been no word.
I even doubt that Scotland Yard is in reality chasing Charlie around the country of Greece trying to get shareholder/company monies accounted for.

They are still hiding behind the pink sheet status.

[phoney]

Off Topic: Remember I mentioned to buy LLEG a few posts back? Look at it now! I got it at .0006, sold at .0009, bought at .00097, sold at .0023 (missed the run to .0046!)
I just bought again at .0031, word is a 80-100M financing deal will hit the wires any day now.
Scott Trade has had a restriction on buying shares online, I guess you have to call it in. Some people think they are caught short because they are only accepting sells online. The restriction is suppose to be lifted friday 3-14-08, I think you can still get a good run from .0031, may be able to buy it cheaper before the news though.
The company already confirmed the financing is on the way publicly in many reports including the local newspaper in Berlin, NH, it hasn't been in a press release yet. They are building up a following, somhow even with 1.5B O/S the float is low enough to move it quick.
They are buying an old Mill Site to convert it to Biomass electricity.
Check it out while ITGL is on hold...

[TechKim]

ITGL update: no new reports, as of this date.

[TechKim]

ITGL update: no new reports, as of this date.

[phoney]

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


Related Quotes
Symbol Last Chg
ITGL Trade 0.014 -0.004
Quotes delayed at least 15 minutes

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.

About IT Group Holdings, Inc.

IT Group Holdings, Inc. does business through its wholly owned U.K. subsidiary Internet Telecommunications PLC. IT Group Holdings is now established as a wholesale carrier-operator supplying service providers and businesses with low-cost telecommunications lines as well as competitive and high-quality telephone call services including voice, data, value-added services such as SMS, and carrier services such as Voice-over-Internet Protocol (VoIP).

About RedChip Companies, Inc.

RedChip Companies is an international small-cap research and financial public relations firm with offices in Beijing and Orlando and affiliates in New York and San Diego. RedChip delivers measurable results for its clients through its extensive international market expertise as well as its comprehensive platform of products: RedChip Research(tm), Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences held throughout the United States, RedChip Radio(tm) and RedChip Visibility Research Program services. To learn more about RedChip's products and services please visit: http://www.redchip.com/visibility/services.asp

"Discovering Tomorrow's Blue Chips Today."(tm)

Disclosure

The analysts contributing to ITGL RedChip equity research reports do not hold any shares of ITGL. Additionally, the analysts contributing to these research reports certify that the views expressed therein accurately reflect the analysts' personal views as to the subject securities and issuers. RedChip certifies that no part of the analysts' compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst in the ITGL RedChip equity research reports. Additional information on the securities mentioned in the reports is available upon request. This ITGL RedChip equity research reports are based on data obtained from sources we believe to be reliable but are not guaranteed as to accuracy and are not purported to be complete. As such, the ITGL RedChip report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed therein are subject to change. ITGL paid RedChip Visibility $28,000 for the RedChip Visibility Research Program, which included the equity research reports.

This news release was distributed by PrimeNewswire, www.primenewswire.com

SOURCE: RedChip Companies Inc.

RedChip Companies, Inc.
1-800-REDCHIP
[e-mail]
www.redchip.com

[TechKim]

The ITGL books have not yet been reinstated.

[TechKim]

So far none of the books have been reinstated as per management had promised.

[mike306oh]

Look at the chart, and then re-read my post. This has a very good chance to recover nicely. Looking for a slow but steady growth for a while, w/o any PR, that is. Should some good news hit us, this will move fast. And some news are due soon, IMO.

Mike

[TechKim]

a good start? a sub penny share price with defaulted financial records?

Did someone forget about the troubles that have not been fully disclosed and or cleaned up?

[mike306oh]

Is this the start of a good 2008? I sure hope so!

Happy 2008 everyone!

Mike

[mike306oh]

The last 10-Q looks more than decent at this price even for a (now) pink company:

http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=5380828

Yes, they have to restate those numbers, but after they do it, the audited results can't be too much off.

The company is by no means a shell, and IMO very undervalued right now. The business is sound, and I see a very good chance the PPS will recover; most probably not anywhere near the $0.4/share 52 weeks high, but well above today's price.

Mike

[phoney]

LLEG is a 'biomass energy' pink they may have more legs. They are on Ihub but barely mentioned on RagingBull. Even at it's current level .0015, it may go much higher. The OS is huge though - because it started at .0005
It seems to be getting national coverage, the best scams usually do! I've seen it before. When the masses start getting on board it will be time to sell it. Good Luck.

[phoney]

That's because it went 'pink'...
The death spiral downward may begin soon...

Technically, they don't ever have to report again. With the current credit crunch they probably can't get debt financing. Equity financing is the other choice and it would have to be convertibles since the open market for ITGL is not liquid for a standard offering. Either way it would dilute.

I'm not sure what it takes to get back on the OTC since they just got dumped to the pinks, maybe a restatement in short order would bail them out of that mess? For a legit company it would also require a certain stock price level to be attained.

I always new this shell was a risk because of the shady characters involved in the transfer. License to steal is what it amounts to.
'pinksheets.com' may have some info...

All in all, the OTC and the pinks are considered scam land. Hell, the officers can legally file under ficticious names! What does that tell you!
These penny stocks are good to jump in on when volume is increasing with a good PR in charge.
'tradersnation.com' is king in my opinion. If the scam can afford their fees, it is generally off to the races short term while the scam company sells into the buying. That PR firm uses a radio show as a vehicle along with the web.

Maybe ITGL will be saved, the low OS is unusual for this kind of situation. They may issue a statement on it if they plan to stick around. The CEO getting fired is sometimes the signal to abort as the new board members are most likely fictional characters. One hint that this is a scam is the address on 'pinksheets.com' under the 'company info' tab. It is the same suite in Miami used by another scam, I pointed it out to TechKim a long time ago, it's on the board somewhere.

[mike306oh]

"E" is gone, back to ITGL. EOM

Mike

[TechKim]

You ever wonder where the Charlie Yiasemis shares went to?

[mike306oh]

I was looking for a "NT" SEC feeling, and there's none. Somebody messed up something here. On my Ameritrade TD account both ITGL and ITGLE were active on Friday. In the confusion someone dumped a few (60K) shares @ 0.012. The Price/Sales ratio is now only 0.03 (it should be between 1.5 and 2).

Very undervalued at this point. Once the confusion is solved, this will move up nicely, very nicely. The great financial numberes(*) and the low OS will do the trick.

Mike
---------------
(*) http://finance.yahoo.com/q/is?s=ITGLE.OB

[phoney]

ITGLE traded under the old ITGL symbol for a day or two? Maybe there were some buy/sell orders waiting to execute under the old symbol?
The 'E' means a late filing, correct? At some point this stock soars (with hyped news releases) - with a supposed low OS and float (if it's a real number). But the bottom is anyones guess. Good luck, I'm not holding shares at this time, had to dump at .07

[TechKim]

I am still sitting here bewildered by the past desperate measures of despair. Good Luck my friend!

[mike306oh]

Overkill! Got in today. EOM

Mike

[TechKim]

O.T.: UCOI: Conflict of duty and duty
A fiduciary's duty must not conflict with another fiduciary duty.[5] Conflicts between one fiduciary duty and another fiduciary duty arise most often when a lawyer or an agent, such as a real estate agent, represent more than one client, and the interests of those clients conflict. This usually occurs when a lawyer attempts to represent both the plaintiff and the defendant in the same matter, for example. The rule comes from the logical conclusion that a fiduciary cannot make the principal's interests a top priority if he has two principals and their interests are diametrically opposed; he must balance the interests, which is not acceptable to equity. Therefore, the conflict of duty and duty rule is really an extension of the conflict of interest and duty rules



It is my contention that the deliberate defaulting of convertible debentures at drastically unfavorable terms to the common class of shareholders indicates that the management of Unico had a relationship beyond arms length with the finance company. The subsequent failure to report the lawsuit settlements in a timely and responsible manner caused considerable financial distress to the holders of Unico stock. Shareholders were not forewarned of the manner in which the debentures were going to be settled and announcement of the settlements was delayed until absolutely necessary, the omission of this information is a glaring fiduciary breach, the relationship with the finance company a glaring conflict of duty.

This is at best "Financial irresponsibility"

Let the games begin

[TechKim]

IT Group Holdings, Inc. Re-Activates Revenue Collection Facility
Tuesday November 6, 8:00 am ET
Unaudited Revenues Over $700,000 for September 2007 Reported


LONDON, Nov. 6, 2007 (PRIME NEWSWIRE) -- IT Group Holdings, Inc. (OTC BB:ITGL.OB - News) announced today that its operating entity, Internet Telecommunications Plc (``ITPLC''), has re-activated its billing and revenue collection facility and reported unaudited revenues in excess of $700,000 for the month of September 2007, up significantly from the previous month.


Most of the revenues have been generated by Resellers and their customers, many of which have been added to ITPLC's network since the beginning of 2007. With the restatement of prior period financials being awaited, it is nevertheless estimated that the Company is now posting more than a 100% increase in revenues on a monthly basis compared with our current estimates of our restated revenues for the start of the year.

New management is very confident that customers remain keenly interested in ITPLC's commercial offering despite the previously reported disclosures about the Company's recent challenges. The rebounding in revenue strengthens the Company's determination and prospects for continued growth in clients and revenues, the corporate goal being to eventually reach full capacity of the recently acquired and installed Telecom Switch with a capacity to handle over 500 million minutes of telecommunications traffic every month. ITGL has the network capacity to generate approximately $500 million in annual revenues without the need for major new capital investments.

About IT Group Holdings, Inc.

IT Group Holdings, Inc. trades through its wholly owned UK subsidiary Internet Telecommunications Plc (IT). IT is a provider of telecommunications services in the UK. IT Group Holdings is now established as a carrier-operator supplying resellers (in the UK: service providers) with wholesale access to competitively priced telecommunications lines and high-quality telephone call services including voice, data, value-added services and carrier services such as Voice-over-Internet Protocol (VoIP). IT also offers residential and business subscribers retail access to selected telecommunications services.

Forward-Looking Statements

This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements



Contact:
IT Group Holdings Inc.
c/o Internet Telecommunications Plc
Corporate contact:
[e-mail]
www.itwlr.com

RedChip Companies, Inc.
Investor Relations contact:
Robert Rehse
[phone] - ext. 111
1-800 REDCHIP (733-2447)
www.redchip.com


--------------------------------------------------------------------------------
Source: IT Group Holdings Inc.

[TechKim]

If they take it to a new high of $0.30! I might tend to agree. Presently that large volume and only touching it at the level where the termination news took place is not what I call a happy ending. Honest trutworthy investors were hurt!

[Tina]

nice day we're having TK!!!

weeeeeeeeeeeee

[SuperLogisticsMan]

So did I. Good luck to all.

Super

[TechKim]

IT Group Holdings, Inc. Invites You to Join Its Investor Update Conference Call on Monday, October 29, 2007, 10:00 a.m. Eastern
Thursday October 25, 2:45 pm ET


LONDON, Oct. 25, 2007 (PRIME NEWSWIRE) -- IT Group Holdings, Inc. (OTC BB:ITGL.OB - News) announced today that Fred Verkroost, Chairman of IT Group Holdings with his Executive Team will host a conference call on Monday, October 29, 2007 beginning at 10:00 a.m. EDT (7:00 a.m. PDT) to provide an investor update. The call will be open to any interested persons and may contain forward-looking information.

What: IT Group Holdings, Inc. Investor Update Conference Call

When: Monday, October 29, 2007 at 10:00 a.m. ET, 7:00 a.m. PT

How: Domestic Dial: 1.866.225.8729
International Dial: 1.480.629.9564
Conference ID: 3799671
Participants are asked to call the assigned number
approximately 10 minutes before the conference call
begins.

To access the live webcast please visit: http://viavid.net/dce.aspx?sid=0000479F


The webcast will be archived after the call and will be available at the original webcast link for thirty days thereafter.

A replay of the conference call will be available two hours after the call and for five business days thereafter (November 5, 2007) by dialing domestically: 800-406-7325 or internationally: 303-590-3030 and entering the following pass code: 3799671.

About IT Group Holdings, Inc.

IT Group Holdings, Inc. trades through its wholly owned UK subsidiary Internet Telecommunications Plc (IT). IT is a provider of telecommunications services in the UK. IT Group Holdings is now established as a carrier-operator supplying resellers (in the UK: service providers) with wholesale access to competitively priced telecommunications lines and high-quality telephone call services including voice, data, value-added services and carrier services such as Voice-over-Internet Protocol (VoIP). IT also offers residential and business subscribers retail access to selected telecommunications services.

Forward-Looking Statements

This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.



Contact:
IT Group Holdings Inc.
c/o Internet Telecommunications Plc
[e-mail]

Investor Relations:
RedChip Companies, Inc.
Robert Rehse
1-800-REDCHIP (733-2447) - ext 111
www.redchip.com


--------------------------------------------------------------------------------
Source: IT Group Holdings Inc.


Email Story
Set News Alert
Print Story

[TechKim]

Because I prefer honesty. You had best look at the recent troubles. They still have to clean up the books. I know people who have been hurt for investing and believing in ITGL.

They would do best by investors by getting the share price back to its old 52 week high so those harmed can move along without penalty for the belief of trust.

So now the company has to use more monies, to reclaim their honest image.


Management
Charlie Yiasemis, CEO, CFO, President, Founder --Terminated
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23091214

[kakalak]

I took a position today based on the chart and PR. Look 1 year back and you'll agree that there is a major bounce play here, which may be supported by fundamental news.

KAKALAK

[TechKim]

IT Group Holdings, Inc. Maintains British Telecom Contract and Builds Competitive Advantage
Wednesday October 24, 2:11 pm ET
New Business Plan Developed


LONDON, Oct. 24, 2007 (PRIME NEWSWIRE) -- IT Group Holdings, Inc. (OTC BB:ITGL.OB - News) announced today that its operating entity, Internet Telecommunications Plc (``ITPLC'') will maintain its wholesale line rental agreement with British Telecom, which will continue to give the company an important competitive advantage as the company secures new contracts and strengthens existing relationships.


The Board of Directors has appointed an acting CEO and Commercial Director to continue to drive its Reseller business. Commenting on this development, Guy K. Stewart, Jr., a director of Internet Telecommunications Plc, said, ``We have been able to secure many of our previous customers even as we have undergone executive level management changes. We are very pleased that we continue to have in place a powerful Telecom Switch with a capacity to handle over 500 million minutes of telecommunications traffic every month. With this Switch in place, we have the network capacity to generate approximately $500 million in revenues without the need for major new capital investments.''

With the new business plan in place, the Company will now focus on capturing the first 2-3% of the UK market to deliver a solid base of recurring revenues and profitability. As the telecommunications market is an 'additive' market, the growth in revenues will be quickly attained from new subscribers. Commenting on this, Dr. Fredrik Verkroost, Chairman of IT Group Holdings, Inc. said, ``We are in a similar phase to filling hotel rooms in a large new hotel. Our switch is in operation and can now be filled with traffic from Service Providers on longer-term contracts. These Service Providers in turn can bring large numbers of their existing subscribers onto our network, which considerably simplifies our marketing approach. We can continue to offer significant savings to our Resellers. We are very confident in our ability to shore up our existing customer base and bring in new business.''

[TechKim]

I have no update on ITGL at present! Trading is flat to nothing!

management has not giving investors an update of structure or finances.


sorry!

[TechKim]

Form 8-K for IT GROUP HOLDINGS INC.


--------------------------------------------------------------------------------

27-Sep-2007

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.





Item 9.01 Financial Statements and Exhibits
(a) Financial Statements of business acquired. Not applicable
(b) Pro forma financial information. Not applicable

(c) Exhibits

[TechKim]

8-K 1 v087904_8-k.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): September 11, 2007

IT GROUP HOLDINGS INC.

(Exact Name of Registrant as Specified in Its Charter)

001-14883
(Commission File Number) 16-1728655
(IRS Employer Identification No.) Nevada
(State or Other Jurisdiction of Incorporation)


201 South Biscayne Boulevard, 28th Floor
Miami, Florida 33131

--------------------------------------------------------------------------------

(Address of Principal Executive Offices)
(Zip Code)

(011) 44 207 216-9000

--------------------------------------------------------------------------------

(Registrant’s Telephone Number, Including Area Code)


--------------------------------------------------------------------------------

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



--------------------------------------------------------------------------------



ITEM 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.


Removal of Chief Executive Officer


Effective September 11, 2007, our Board of Directors for cause removed Charlie Yiasemis as our Chief Executive Officer and as a director. The basis for our Board’s removal of Mr. Yiasemis was his refusal as the Company’s Chief Executive Officer to proceed with an agreement for an equity financing required by the Company, which agreement and financing had been approved by the Board of Directors.


On September 13, 2007, our Board of Directors authorized and completed the removal of the directors (including Mr. Yiasemis) of our U.K. subsidiary, Internet Telecommunications Plc, and elected new directors for that company. The new directors of our subsidiary suspended Mr. Yiasemis as Chief Executive Officer of the subsidiary and elected new officers for that company.




Section 9-Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(a) Financial Statements of business acquired. Not applicable
(b) Pro forma financial information. Not applicable

(c) Exhibits


--------------------------------------------------------------------------------


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


IT GROUP HOLDINGS INC.



By: /s/Fredrik Verkroost
Name: Fredrik Verkroost
Title: Chairman



Date: September 17, 2007

[TechKim]

NOTE 7 - LOANS FROM OFFICERS AND STOCKHOLDERS

As of June 30, 2007, the Company owed $57,068 to its Chief Executive Officer / Director, which amount represents loans that are unsecured, payable on demand and non-interest bearing.

During the three and six months ended June 30, 2007, the Company paid $5,000 to its Chairman for unpaid fees under his director services agreement.