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Yep. Jpak is officially finished
Cool. So now we can close this board, lol
Got my $JPAK money $$$
lol. nice $$$
Me too. I've built a base to play with and withdraw the profits. But I live in Europe, and I have to fill in all kind of forms for withdrawel and must pay a fee for conversion into euro's. There is a maximum fee, so everything I withdraw above $7000 is 'free'. That's why I withdraw $10-15k at once, (not every day, lol)
not an issue for me. new cars and vacations don't pay for themselves- i always got to be withdrawing money- ha ha
The danger is you always reinvest and never withdraw money.
for sure, although we can't have them all.
weird. Good luck!
hope so. lots of stocks out there still yet to buy
i just checked my etrade in folder. after e-trade emailed me that i could expect my money 10days or so after 4/16/2018 - i emailed them asking if 4/16/18 was correct and where did they come up with this date. it didn't seem right to me- their response is below. now i'm going to email them that ameritrade already distributed the money - and see what they say.
Dear Mr. xxx,
Thank you for your message regarding your account XXXX.
E*TRADE utilizes third party vendor DTCC (Depository Trust & Clearing Corporation) as a source for this information. Per DTCC the expiration date for this tender offer is 4/16/2018.
Yeah, nice. But if I'm paid, I guess you'll soon too.
awesome. you are the winner. nothing for me yet from etrade
Just got the money in my account.
Thanks. So now we know the tender is completed 4/16. Well, I can wait a few weeks.
i emailed etrade yesterday asking if the had an update on the tender offer payout, because it had been more that 5 days since i asked for early payout- their response below:
TDA vs. Etrade $$$
sounds good. $$$
Likewise. Let's ee who get the money first.
let's see how it goes. i'll let you now when/if i get the $$$
I asked for it too. Got this reply from TDA
Please note the following regarding your submission:
- The offeror reserves the right to extend the deadline of the offer. If the offer is extended, then you will not need to call back to resubmit your shares for the extension.
- The offeror reserves the right to amend the offer. If the offeror changes the terms of the offer, then we will assume you accept their final amendment unless you contact us to withdraw from the offer before the offer expires.
- The offeror reserves the right to prorate the offer. This means that the offeror is not obligated to accept all the shares that are submitted into the offer.
- The offeror reserves the right to withdraw the offer. If the offeror withdraws the offer then your shares will be available to trade on the market once the original shares re-post to your account.
- Payment from an offer is typically received and credited to your account within 10-15 business days after the offer expires. However, the offeror reserves the right to extend the expiration date as needed. If so, payment would not be made until within 10-15 business days after the new, or final expiration date.
I should have looked into it earlier. The sooner we get the money the better it seems to me. Thanks for the info.
Thanks for update. Maybe I'll go for it too.
I called this morning and was able to take care of it over the phone. 3-5 days they said I should expect to the money. But they also said it takes about 30days from the the original notice- and that’s about 5 days away. LOL. At least I’ll know what to do for next time- I could have got the cash about 3 weeks ago- live and learn
this was their response (below). so i will call them Monday morning. i'm going to take the money and run - thanks for the info!:
You are welcome. And let me know if it works.
I will call E*TRADE and see if I can get the payout early and see what the process is like if available- if it’s an option I’ll take the money as soon as possible. Thanks again for the info.
For now I wait (at least a few weeks) just out of curiousity. See how long it takes and who knows if the price will go up (although I don't think it will. Seems to me acquisitions already happened).
Interesting. Thanks for the info. My shares are with E*TRADE. Wonder if they have the early payment deal. Is there a reason that you are waiting- are you thinking it could end up being more than .20?
Got this reply from TDA last week
'After looking into JPAK and the reorganization in question, I do see a mandatory cash merger taking place between Guo Xin Ltd. and Jpak Group, Inc. The terms do say that minority shareholders of JPAK will receive $0.20 per share in connection with this merger. This is indeed a mandatory reorganization meaning that the payout will happen automatically at the expiration of the event and at the predetermined payable date. At this point there is no further details about these two dates.
There is an option where shareholders may request early payment, thereby accepting the cash consideration of $0.20 per shares, forever waiving all appraisal rights, withdrawals, any and all written objects to the merger and/or demands for appraisal, if any, with respect to the shares.'
After this TDA gave me instructions how to get this early payment. I decided not to do that and just wait (for now).
never. they are paying out .20 per share
Seriously , when it will begin for trading again ?
i wonder when i gets my money?
FINRA DELETED SYMBOL: JPAK
http://otce.finra.org/DLDeletions
Acquisition/Merger
"Minority shareholders of JPAK Group, Inc. (JPAK) will receive $0.20/share in connection with the merger with Guo Xin Ltd. according to the terms and conditions of the merger agreement."
Yeah, something went wrong overthere.
yep. anything can happen in pinkland. CXKJ apparently filled out their papework incorrectly - now 100% loss
On OTC you just don't know what will happen. Sometimes stocks run like crazy, and sometimes they don't. I never invest too much, so you can't lose a lot. On average I spend 1 - 2% of my account value on a stock.
Hmm, maybe I should try that strategy too, lol
lol. sometimes it pays not to know what you are doing i guess. i bought 10 or 20k then- i was surprised no one else was jumping in - usually there is action with reinstatements- now i know why- lol. i started buying a few days ago just because i had a hunch something might happen eventually and the share structure looked tight. i always say- luck is my best trading strategy in pinkyland- JPAK is a prime example of that.
You were lucky then, because it wasn't reinstatement but just an annual filing. But congrats.
smart move buying this morning. i got a twitter alert a couple months back about JPAK reinstatement, i bought a few then. then just bought some more a couple days ago.
O wow, that's nice. I bought this morning when I saw the change on NVSOS. Wish I had bought more.
Can't imagine it won't happen. Merger is already done. As soon as it hit the DL bid and ask disappeared and quote was removed from OTCM.
I think they were bought by this company https://www.bloomberg.com/quote/002049:CH
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JPAK GROUP, INC...
Overview
We are engaged primarily in the development, manufacture, and distribution of aseptic liquid food and beverage cartons for milk, fruit juices, soy milk, yogurt drinks, iced tea, wine, sauces and other liquid foods and beverages in China. Since 2004, we have focused on research and development and we believe we are the largest and leading domestic supplier of aseptic liquid food and beverage cartons in China. Our business is primarily in China, but we have recently begun contract manufacturing products for export to several other countries.
Company History
Qingdao Renmin commenced operations in China in 1958 as a state-owned, traditional printing and packaging company. Management completed the buyout of 88.23% of the state-owned equity interest in 2004, and in the same year started the development of aseptic liquid food and beverage cartons which was launched in the China market in 2005.
On June, 22, 2006, Jpak was incorporated in the Cayman Islands as Winner Dragon Limited. Winner Dragon Limited and was renamed Jpak Group Co., Ltd. on September 18, 2006. Additionally, during September 2006, Jpak completed the acquisition of 88.23% of the equity interest in Qingdao Renmin through Grand International, the 100% owned subsidiary of Jpak. Currently, substantially, all of our operations are conducted in China through Qingdao Renmin.
In July 2007, Grand International completed the acquisition of the remaining 11.77% of the state-owned equity interest and now owns 100% of the equity interest of Qingdao Renmin.
Competitive environment
The market for packaging products is competitive. Our operations may be affected by technological advances of competitors, industry consolidation, competitive combination products and new information of marketed products or post-marketing surveillance. In addition, the recent milk scandal has brought significant downward pressure on the industry.
As a result of Chinas new anti-monopoly laws, some of our larger competitors have decreased the amount of bundled products that they offer. Although this may cause such competitors to lower their price points, we believe it may actually allow us to be more competitive with them as we continue to offer bundled material and equipment which still maintains a large market share.
Milk scandal and its continuous effect on Jpak
In September 2008, the Chinese health ministry announced that over the previous months several babies had died and thousands were sickened by contaminated milk formula powder. The authorities later confirmed that the tainted powder was laced with melamine, an industrial chemical sometimes used to make plastics and fertiliser. Adding the chemical to the milk made the formula test at higher concentrations of protein.
The tainted milk powder was traced to the Sanlu Group, one of China's biggest dairy producers, which operates as a joint venture with a New Zealand-based dairy conglomerate, Fonterra. Further investigation revealed that milk formula powders produced by dozens of other dairy producers were also contaminated. After this scandal, the Chinese government began strengthening its supervision of both the milk and beverage industries. As a result, some smaller plants have been stopped their production and other larger companies within the industry are still working to recovery from the damage caused by the scandal.
In recent years and prior to the milk scandal, we began focusing more efforts in the dairy packaged segment as it typically had higher margins than the fruit juice market. Due to the scandal, our previously developed relationship with Sanlu has been terminated and all orders were cancelled. Additionally, orders from Taizinai, one of our other customers in the diary sector, have also fallen sharply.
Management continues to monitor both the short and long-term impact that the milk scandal will continue to have on our operations. Although Management believes that we are currently taking every possible action to minimize the impact, we may still experience some negative short term impact on our operating results. For example, our short term revenue has been adversely impacted by scandals negative impact on medium and small size companies that constitute most of our customers. Additionally, we have reduced our average sales price by nearly 10% as a result of more competitive environment brought by this scandal. However, management's efforts to realign our marketing focus on the post-scandal market place are beginning to show positive results. Our orders of the fiscal year 2009 increased by 27% compared to fiscal year 2008 in terms of volume. Currently packages for dairy and tea drink account for a largely percentage of our products and 50% and 30% of our revenue respectively.
December 31, | June 30, | |||||||
2009 | 2009 | |||||||
Assets | (Unaudited) | |||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 7,203,020 | $ | 2,969,699 | ||||
Restricted cash | 4,180,409 | 3,403,868 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $1,498,405 | ||||||||
and $1,496,723 at December 31, 2009 and June 30, 2009, respectively | 9,271,365 | 9,063,973 | ||||||
Inventory | 7,160,336 | 5,353,193 | ||||||
Trade notes receivable | 448,701 | - | ||||||
Other receivables | 1,253,636 | 1,205,983 | ||||||
Loan receivable | 132,030 | 175,800 | ||||||
Advance payments | 5,103,265 | 503,143 | ||||||
Prepaid expenses and other current assets | 139,109 | 70,544 | ||||||
Prepaid other taxes | - | 266,664 | ||||||
Total current assets | 34,891,871 | 23,012,867 | ||||||
Property and equipment, net | 12,971,713 | 13,107,216 | ||||||
Other assets | 112,697 | - | ||||||
Total assets | $ | 47,976,281 | $ | 36,120,083 | ||||
Liabilities | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 2,771,724 | $ | 3,277,973 | ||||
Trade notes payable | 4,362,115 | 3,212,704 | ||||||
Advance payments from customers | 298,928 | 327,898 | ||||||
Short-term bank loans | 2,347,200 | 2,344,000 | ||||||
Current portion of long-term debt | 764,307 | 951,811 | ||||||
Income tax payable | 324,607 | 167,429 | ||||||
Other current liabilities | 192,894 | 97,827 | ||||||
Total current liabilities | 11,061,775 | 10,379,642 | ||||||
Long-term debt | 4,724,812 | 1,985,075 | ||||||
Total liabilities | 15,786,587 | 12,364,717 | ||||||
Equity | ||||||||
Stockholders’ equity | ||||||||
Series A convertible preferred stock, $0.0001 par value, 5,608,564 | ||||||||
shares authorized, issued and outstanding | 561 | 561 | ||||||
Series B convertible preferred stock, $0.0001 par value, 5,000,000 | ||||||||
shares authorized, issued and outstanding | 500 | 500 | ||||||
Series C convertible preferred stock, $0.0001 par value, 12,000,000 | ||||||||
shares authorized, issued and outstanding | 1,200 | - | ||||||
Common stock, $0.001 par value, 300,000,000 shares authorized, | ||||||||
36,368,334 and 25,005,000 shares issued and outstanding at December | ||||||||
31, 2009 and June 30, 2009, respectively | 36,368 | 25,005 | ||||||
Series A preferred shares | 2,484,226 | 2,484,226 | ||||||
Series B preferred shares | 1,390,853 | 1,390,853 | ||||||
Warrants | - | 4,634,678 | ||||||
Placement agent warrants | 1,172,487 | 1,172,487 | ||||||
Additional paid-in capital | 22,011,719 | 11,473,104 | ||||||
Retained earnings (deficit) | 1,386,164 | (1,106,478 | ) | |||||
Statutory reserves | 1,010,026 | 1,010,026 | ||||||
Accumulated other comprehensive income | 2,590,464 | 2,565,276 | ||||||
Total stockholders’ equity | 32,084,568 | 23,650,238 | ||||||
Noncontrolling interest | 105,126 | 105,128 | ||||||
Total equity | 32,189,694 | 23,755,366 | ||||||
Total liabilities and equity | $ | 47,976,281 | $ | 36,120,083 |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Sales | $ | 13,166,264 | $ | 6,108,787 | $ | 29,728,184 | $ | 15,539,117 | ||||||||
Cost of sales | 10,031,204 | 5,206,666 | 21,868,816 | 12,202,568 | ||||||||||||
Gross profit | 3,135,060 | 902,121 | 7,859,368 | 3,336,549 | ||||||||||||
Operating expenses | ||||||||||||||||
Selling, general and administrative | 1,805,476 | 1,517,427 | 4,693,819 | 3,625,088 | ||||||||||||
Income (loss) from operations | 1,329,584 | (615,306 | ) | 3,165,549 | (288,539 | ) | ||||||||||
Other income (expenses): | ||||||||||||||||
Interest expense, net | (95,005 | ) | (99,092 | ) | (192,056 | ) | (107,617 | ) | ||||||||
Non-operating income, net | 89,878 | 1,134 | 86,366 | 13,770 | ||||||||||||
Total other income (expenses) | (5,127 | ) | (97,958 | ) | (105,690 | ) | (93,847 | ) | ||||||||
Income (loss) before provision for income taxes | 1,324,457 | (713,264 | ) | 3,059,859 | (382,386 | ) | ||||||||||
Provision for income taxes | 324,524 | - | 567,362 | - | ||||||||||||
Net income (loss) | 999,933 | (713,264 | ) | 2,492,497 | (382,386 | ) | ||||||||||
Less: net (loss) attributable to noncontrolling interest | (89 | ) | (67 | ) | (145 | ) | (559 | ) | ||||||||
Net income (loss) attributable to Jpak | 1,000,022 | (713,197 | ) | 2,492,642 | (381,827 | ) | ||||||||||
Undistributed income attributable to preferred | ||||||||||||||||
stockholders | 491,161 | - | 1,165,971 | - | ||||||||||||
Net income (loss) applicable to common | ||||||||||||||||
stockholders | 508,861 | (713,197 | ) | 1,326,671 | (381,827 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||||
Foreign currency translation adjustment | (6,842 | ) | (375 | ) | 25,188 | (39,283 | ) | |||||||||
Comprehensive income (loss) | $ | 993,180 | $ | (713,572 | ) | $ | 2,517,830 | $ | (421,110 | ) | ||||||
Basic earnings (loss) per common share | $ | 0.02 | $ | (0.03 | ) | $ | 0.05 | $ | (0.02 | ) | ||||||
Diluted earnings (loss) per common share | $ | 0.02 | $ | (0.03 | ) | $ | 0.05 | $ | (0.02 | ) | ||||||
Weighted average number of common shares | ||||||||||||||||
outstanding | ||||||||||||||||
Basic | 28,092,863 | 24,805,000 | 26,548,931 | 24,805,000 | ||||||||||||
Diluted | 56,295,779 | 24,805,000 | 49,882,001 | 24,805,000 |
For the Six Months Ended | ||||||||
December 31, | ||||||||
2009 | 2008 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 2,492,642 | $ | (381,827 | ) | |||
Adjustments to reconcile net income to net cash | ||||||||
provided by (used in) operating activities: | ||||||||
Noncontrolling interest | (145 | ) | (559 | ) | ||||
Depreciation | 770,427 | 598,024 | ||||||
Share-based payment | - | 303,750 | ||||||
Loss (gain) on disposal of fixed assets | 2,355 | (332 | ) | |||||
Provision for bad debts | (361 | ) | 150,823 | |||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | (194,577 | ) | 1,192,350 | |||||
Inventory | (1,799,098 | ) | 1,607,080 | |||||
Trade notes receivable | (448,518 | ) | - | |||||
Other receivables | (45,987 | ) | (157,372 | ) | ||||
Advance payments | (3,172,068 | ) | (1,666,470 | ) | ||||
Prepaid expenses and other current assets | (68,477 | ) | 36,782 | |||||
Other assets | (112,651 | ) | - | |||||
Accounts payable and accrued expenses | (510,297 | ) | (1,592,945 | ) | ||||
Advance payments from customers | (29,406 | ) | - | |||||
Prepaid other taxes | 266,919 | - | ||||||
Income tax payable | 156,885 | - | ||||||
Other current liabilities | 94,896 | 83,046 | ||||||
Total adjustments | (5,090,103 | ) | 554,177 | |||||
Net cash provided by (used in) operating activities | (2,597,461 | ) | 172,350 | |||||
Cash flows from investing activities: | ||||||||
Advance payments for fixed assets | (1,425,485 | ) | - | |||||
Additions to property and equipment | (619,447 | ) | (763,260 | ) | ||||
Proceeds from disposal of fixed assets | - | 48,345 | ||||||
Change in loan receivable | 43,992 | - | ||||||
Net cash used in investing activities | (2,000,940 | ) | (714,915 | ) | ||||
Cash flows from financing activities: | ||||||||
Issuance of trade notes payable | 1,144,557 | (337,645 | ) | |||||
Proceeds from (repayment of) long-term debt | 2,547,183 | (211,591 | ) | |||||
Additional paid-in capital | 5,916,500 | - | ||||||
Net cash provided by (used in) financing activities | 9,608,240 | (549,236 | ) | |||||
Effect of foreign currency translation on cash | 23 | (128,910 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 5,009,862 | (1,220,711 | ) | |||||
Cash and cash equivalents and restricted cash – beginning | 6,373,567 | 7,218,904 | ||||||
Cash and cash equivalents and restricted cash – ending | $ | 11,383,429 | $ | 5,998,193 |
December 31, 2009 | June 30, 2009 | |||||||
Finished goods | $ | 2,326,472 | $ | 939,428 | ||||
Raw materials | 4,263,303 | 3,912,953 | ||||||
Parts and supplies | 206,097 | 84,806 | ||||||
Work in process | 364,464 | 416,006 | ||||||
Total | $ | 7,160,336 | $ | 5,353,193 |
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