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NEWS!!! MFC Development Corp. Appoints Former Executive at NBC, Ronco and Home Shopping Network, Alan Gerson, as its President and COO
MFC Development Corp (OTCBB:MFCD) ("MFC"), a direct response marketing, distribution and branding company, announced today it has appointed Alan H. Gerson as its President and Chief Operating Officer. Mr. Gerson will also be named to Company's Board of Directors. Mr. Gerson replaces former President Jeffrey Edell, who was recently appointed non-executive Chairman of the Board of MFC.
Mr. Gerson, 59, brings to MFC more than 25 years of executive management experience in the interactive and television marketing and media industry. He was most recently an executive and director of iMedia Communications, Inc., a private company he co-founded which is a leader in the Interactive Marketing and Online business information sector. From January 2002 to May 2003, Alan was President and Chief Operating Officer at Ronco Inventions, LLC and Popeil Inventions, Inc., organizations that collectively generated annual revenue in excess of $100 million. Prior to joining Ronco, Mr. Gerson was President and co-Founder of Interactive Marketing Inc. and Digitrends, LLC. He has also served as the President of the Marketing Products Group, Softbank Interactive Marketing, and was Senior VP, Television and Business Development of Ticketmaster Corp. where he was also responsible for its direct marketing arm, "Entertainment To Go." From 1991 to 1994 he served as Executive VP of the Home Shopping Network and President of its Diversified Marketing and Media Services Division. Beginning in 1973, he spent over 18 years in a number of legal and executive capacities at NBC, Inc, including Vice President, Program Standards and Broadcast Administration. He has also conducted a successful transactional marketing and media consultancy, Gerson & Associates, since 1994. Mr. Gerson holds a Law Degree from Fordham University and a BA from the State University of New York, College at Plattsburgh.
Commenting on the announcement, Nancy Duitch, CEO of MFC Development Corp., stated, "Our Board and our management team are proud to have someone of Alan's caliber join the Company as our President and as a member of our Board. Alan is an accomplished business executive who brings a wealth of experience in television retailing and direct marketing, as well as, an extensive network of business relationships and contacts." "He has demonstrated the ability to successfully operate both large organizations, as well as, fast growing entrepreneurial enterprises. I expect his insight, experience and skill set will be invaluable to MFC as we execute our business plans and strategies, added Jeffrey Edell, Chairman"
Mr. Gerson added, "It is with a great deal of enthusiasm and anticipation that I join the management team of MFC. I have always had a strong affinity for the direct response marketing business and I see tremendous leverage in MFC's business model, both vertically and horizontally. I look forward to the opportunity to help lead the experienced and talented team that Ms. Duitch assembled. The opportunities to help build the Company's online distribution channels, as well as, maximize the ongoing potential of the television, print and retail channels for our products and services are truly exciting."
Through its wholly-owned subsidiary, Worldwide Excellence, Inc., (http://www.wwexcellence.com), MFC Development Corp. builds brands and exclusively markets innovative products both direct to consumer and through retail chains. Its products include the Hercules Hooks (http://www.herculeshook.com), PetVAC (http://www.petvac.com), and Youth Factor (http://www.youthfactor4me.com). The Company utilizes long form and short form television commercials as well as Internet, print and retail distribution and sales channels. The Company has offices in Los Angeles and New York.
MFC Development Corp.
Victor Brodsky, 914-636-3432 ext 100
InvestorRelations@wwexcellence.com
Source: Business Wire (July 19, 2006 - 4:52 PM EDT)
Adsouth Partners, Inc. Enters Into Letter of Intent To Sell Multiple Brands From Its Consumer Product Portfolio To MFC Development Corp.
Cash and Stock Transaction Valued at $9.5 Million; Adsouth will Retain Genco Subsidiary and Advertising Division; MFC Expands Product Portfolio and Enters Direct to Retail Channel
Adsouth Partners, Inc. (OTCBB:ASPR), and MFC Development Corp. (OTCBB:MFCD) announced today the signing of a Letter of Intent wherein Adsouth will sell all of its product brands from its consumer product portfolio to MFC in a cash and stock transaction to be valued at $9.5 million. The transaction which is subject to a complete due diligence, the execution of a definitive agreement and the satisfaction of closing conditions is expected to close in the second quarter of 2006.
Under the terms of the letter of intent, MFC Development Corp., through a wholly owned subsidiary NEWCO, will acquire all the capital stock of Adsouth, Inc. and DermaFresh, Inc. (the Division), from Adsouth Partners, Inc. for $4.0 million in cash, $5.5 million of MFC common stock, and the assumption of certain liabilities. The Division's assets comprise the retail distribution and product brands company Adsouth, as well as the brands, DermaFresh, E70, and Mitsu and the distribution rights to Simon Solutions. In 2005, the Division incorporating these brands shipped in excess of $6.5 million and on a proforma basis, excluding certain allocated overhead expenses, non-cash stock compensation expenses and expenses not directly associated with the brands being sold, would have realized more than $1.5 million of divisional operating income. The transaction does not include any assets or activities related to Adsouth's fast growing, majority owned subsidiary Genco Power Solutions or the Company's Advertising Division.
Jeffrey S. Edell, President and Co-Chief Executive Officer of MFC Development Corp. stated, "The acquisitions of these brands is an ideal fit for MFC's business plan, which calls for acquiring underleveraged products that we can build into lifetime brands. Through our formula of combining creativity, proprietary analytical tools, a heavy emphasis on internet marketing and continuity programming, we believe we can significantly improve the sales and profitability of these acquired products. We believe that this transaction will be accretive to the company's earnings in the fourth quarter of 2006 and for the calendar year 2006."
John Cammarano, Adsouth's Chief Executive Officer commented, "We are very excited about this transaction and believe it presents an excellent financial and strategic opportunity for both Adsouth and our shareholders. Through this sale, we are monetizing the underlying value we hold in DermaFresh, E70 and Mitsu. In addition, this transaction gives Adsouth the financial flexibility to focus on expanding our rapidly growing integrated power generator business, Genco Power Solutions, and offers the opportunity for greater short and long term returns to our shareholders."
Nancy Duitch, Chief Marketing Officer and Co-CEO of MFC Development Corp. noted, "This transaction will expand MFC's distribution capabilities by allowing us to penetrate the direct to retail channel through Adsouth's large retail distribution network of over 20 retail and wholesale customers and provides our existing product portfolio access to over 18,000 retail locations, such as Wal-Mart, CVS, and Walgreens throughout the country."
About Adsouth Partners, Inc.
Adsouth Partners is a vertically integrated direct response marketing company that generates revenues from the placement of advertising, the production of advertisements, creative advertising and public relations consulting services. Since mid 2004, it has expanded its activities as it obtained the rights to products that it markets and sells to retail outlets. Since December 2005, through a majority-owned subsidiary, Genco Power Solutions, Inc., the Company has been marketing integrated power generator systems to residential homeowners and commercial business throughout Florida. A complete list is available on our website at http://www.adsouthinc.com and a preview of the products offered is available at http://www.dermafresh.com
About MFC Development Corp.
MFC, Development Corp., which has offices in New York and Los Angeles, is a direct response marketing, distribution and branding company. Through its wholly owned subsidiary Worldwide Excellence, Inc., http://www.wwexcellence.com, the Company specializes in the development, marketing and distribution of health, beauty fitness and consumer products, throughout all forms of media. The Company is focused on licensing, developing and acquiring products that are high quality and relevant to the consumer. Through a formula of combining creativity and proprietary strategic analytical tools, the Company is deploying 'continuity' (recurring revenue) programs that are designed to optimize revenue growth and profitability of its various products.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the Safe Harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Events that may arise could prevent the implementation of any strategically significant plan(s) outlined above. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company's Form 10-K filing, its registration statements and other filings with the United States Securities and Exchange Commission (available at www.sec.gov). The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
Adsouth Partners, Inc., Boca Raton
John Cammarano, 561-750-0410
or
Alliance Advisors
John Lovallo, 203-431-0587
jlovallo@allianceadvisors.net
or
MFC Development Corp.
Jeffrey Edell, 310-575-0955
InvestorRelations@wwexcellence.com
Source: Business Wire (April 11, 2006 - 8:18 AM EDT)
MFCD took a serious whoopin' yesterday.......
I don't know? Could very well be. First time I've heard of "Buckhead Marketing & Distribution LLC (BMD)"
I only knew of her association with World Wide Excellence (WWE)......
Is this the same Nancy Duitch as the one in this suit by the FTC?
For Release: March 10, 2004
Marketers of "Peel Away the Pounds" Patch Settle FTC Charges of False & Unsubstantiated Weight Loss Claims
FTC Settlement Requires the Defendants to Pay More Than $1 Million
Marketers of the "Peel Away the Pounds" patch, which was widely advertised in infomercials, have agreed to settle Federal Trade Commission charges that they made false and unsubstantiated weight loss claims in violation of the FTC Act. The FTC complaint alleges that the defendants falsely claimed that the seaweed-based skin patch causes as much as three to five pounds of weight loss per week, and made other false and unsubstantiated claims. The proposed settlement, which requires court approval, requires the defendants collectively to pay more than $1 million in consumer redress, to stop making certain false weight loss claims, and to possess scientific substantiation before making other claims for any product, program or service that purportedly provides health benefits.
"No non-prescription product will cause meaningful weight loss without diet or exercise," said Howard Beales, Director of the FTC's Bureau of Consumer Protection. "Claims that patches, creams, and wraps can cause substantial weight loss are a ‘red flag' for falsity. Marketers should not make those claims; the media should not run them; and consumers should not buy them."
The FTC's complaint names patch manufacturer Advanced Patch Technologies, Inc. (APT) and its principal, Salomon Btesh; marketers PAP Systems, LLC, Buckhead Marketing & Distribution LLC (BMD), and their principals, Ralf Leszinski and Nancy Duitch; and expert endorser, Jesse Starkman. The FTC complaint also names two "relief defendants" – APT principal Bernard Silverfarb, and BMD affiliate Buckhead Marketing Group, LLC. Relief defendants are individuals or entities that did not participate in the alleged deceptive practices, but financially benefitted as a result. The APT defendants are based in Opa Locka, Florida; BMD is based in Los Angeles, California; PAP and BMG are based in Atlanta, Georgia; and Starkman resides in Weston, Florida.
According to the FTC complaint, the defendants advertised Peel Away the Pounds in an infomercial that aired from June 2002 to January 2003, on several websites and in a print ad. The ads claimed that Peel Away was a remarkable new way to shed excess pounds without strenuous exercise and without being hungry. The ads contained statements such as:
"Simply follow our system: Place Pound A Patch on your upper body. Then carry on with your everyday lifestyle. Every three days peel off the patch and watch as you take off the pounds. Replace with a new patch and drop more pounds. It's that easy."
Throughout the infomercial, individuals who purportedly used the Peel Away patch gave glowing testimonials that attributed their purported success in losing weight to wearing the patch. The infomercial also featured defendant Jesse Starkman, a chemist, who allegedly described the patch's purported ability to deliver its ingredients into the bloodstream and to increase metabolism, suppress appetite, and reduce fat cell production.
The FTC complaint alleges that the defendants (except Starkman) falsely claimed that the patch causes substantial weight loss, including as much as three to five pounds per week; that the patch causes substantial weight loss in all users; and that the patch is scientifically proven to cause weight loss. The FTC complaint further alleges that the defendants (except Starkman) made unsubstantiated claims that the patch: causes weight loss; boosts metabolism; suppresses appetite; causes users to burn substantial calories, including as much as 4,000 calories in three days; causes fat loss; reduces fat cell production; and delivers its ingredients into the bloodstream more quickly and efficiently than pills. In addition, the FTC complaint alleges that defendant Starkman, appearing as an expert endorser, made certain of these alleged unsubstantiated claims without exercising his purported expertise in evaluating the product.
The FTC has obtained two stipulated final judgments and orders that together require the defendants to pay $1,175,000. One of the stipulated final orders settles charges against marketers PAP, BMD, Ralf Leszinski, Nancy Duitch, and BMG, and requires a $1 million consumer redress payment. It contains a $24.4 million judgment, which is suspended except for the $1 million payment, with an "avalanche clause" that requires the defendants to pay the full $24.4 million if they made material misrepresentations on their financial disclosure statements. The other stipulated final order settles charges against the APT defendants and expert endorser Starkman, and requires a $175,000 payment.
Both stipulated final orders prohibit all false or misleading weight-loss claims, including claims that the Peel Away patch, or any transdermal product, causes substantial weight loss. The orders also prohibit the defendants from representing that the Peel Away patch, or any other product, causes substantial weight loss in all users. The orders further prohibit the defendants from making the unsubstantiated claims challenged in the FTC's complaint. The orders require the defendants to possess competent and reliable scientific evidence to substantiate future claims about the benefits, performance, efficacy, safety, or side effects of any product, service, or program that purportedly provides health benefits, including weight loss or fitness benefits. Finally, the orders prohibit the defendants from misrepresenting any test, study, or research for any such product, service, or program.
The stipulated orders also contain various recordkeeping requirements to assist the FTC in monitoring the defendants' compliance.
The Commission vote to authorize staff to file the complaint and the two stipulated final orders was 5-0. The complaint and stipulated final orders were filed in the U.S. District Court for the Northern District of Georgia, Atlanta Division on March 9, 2004. The stipulated final orders require the court's approval.
NOTE: The stipulated final judgments and orders are for settlement purposes only and do not constitute an admission by the defendants of a law violation. Stipulated final judgments and orders have the force of law when signed by the judge.
Copies of the complaint and the proposed settlements are available from the FTC's Web site at http://www.ftc.gov and also from the FTC's Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580. The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint, or to get free information on any of 150 consumer topics, call toll-free, 1-877-FTC-HELP (1 877-382-4357), or use the complaint form at http://www.ftc.gov. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.
MEDIA CONTACT:
Brenda Mack
Office of Public Affairs
202-326-2182
STAFF CONTACT:
Joni Lupovitz or Yael Weinman
Bureau of Consumer Protection
202-326-3743 or 202-326-3748
(FTC File No. 032 3043)
(Civil Action No, 1:04-CV-0670)
(http://www.ftc.gov/opa/2004/03/peelaway.htm)
Related Documents:
FTC v. Advanced Patch Technologies, Inc.; Salomon Btesh; Buckhead Marketing and Distribution, LLC; PAP Systems, LLC; Ralf Leszinski; Nancy Duitch; Jesse Starkman; Bernard Silverfarb (relief defendant); and Buckhead Marketing Group, LLC (relief defendant), U.S. District Court Northern District of Georgia, Atlanta Division
The "E" was removed a couple days later with no new filing, PR, or explanation of any sort.
Must have been the evil MM's and SEC folks toying with MFCD.
Symbol Changes Expected on 1/23/06
Friday , January 20, 2006 17:04 ET
Mfc Development Corp. (MFCD) will change to Mfc Development Corp. (MFCDE) on January 23. Source: OTCBB.com daily list
Nevada Star Resources Corp. (NVSRF) will change to Nevada Star Resources Corp. (NVSRE) on January 23. Source: OTCBB.com daily list
VirtualScopics, Inc. (VSCP) will change to VirtualScopics, Inc. (VSCPE) on January 23. Source: OTCBB.com daily list
Orbit E-Commerce, Inc. (OECIE) will change to Orbit E-Commerce, Inc. (OECI) on January 23. Source: OTCBB.com daily list
Radius Gold Inc. (RDUFE) will change to Radius Gold Inc. (RDUFF) on January 23. Source: OTCBB.com daily list
ValCom, Inc. (VACME) will change to ValCom, Inc. (VACM) on January 23. Source: OTCBB.com daily list
Hypower Fuel, Inc. New Common Stock (HYPW) will change to Hypower Fuel, Inc. New Common Stock (HYPF) on January 23. Source: OTCBB.com daily list
G&K Services, Inc. Class A Cmn Stk (GKSRA) will change to G&K Services, Inc. Class A Cmn Stk (GKSR) on January 23. Source: Nasdaq Trader daily list
Friday , January 06, 2006 12:05 ET
Jan 06, 2006 (M2 PRESSWIRE via COMTEX) -- The Emerging Stock Report is initiating coverage on MFC Development Corp. (OTCBB: MFCD) up 26% today. The Group's principal activities are to develop real estate properties and to provide financing and management services to medical practices. The real estate division of the Group conducts operations through its subsidiaries, Yolo Equities Corp and Highlands Pollution Control Corp, which own the interests in the parcels of real estate. The Group's medical division consists of three Limited Liability Companies, Nexus Garden City, LLC, FRM Court Street, LLC and Nexus Borough Park, LLC, which act as service organizations for providers of medical services and Medical Financial Corp., a wholly-owned subsidiary, which in the past, purchases unpaid medical insurance claims, paying cash to the medical provider in return for a negotiated fee.
In late November 2005 MFC announced that it had completed the acquisition of Worldwide Excellence, Inc. (WWE), a leading direct marketing and product branding company specializing in health, beauty, fitness, self-help and home consumer products based in Los Angeles, CA. WWE is in the business of building product "Brands" and has developed a successful proprietary formula that combines creativity and strategic analysis to maximize the lifetime value of its customers. WWE acquires the worldwide rights to unique and compelling products with broad consumer appeal. After completing thorough diligence for each project, a strategic marketing plan is implemented to exploit major channels of direct marketing and retail distribution including Internet, television, print, radio, electronic TV shopping, catalog, credit card syndication and mass merchandiser retail outlets.
Scheduled for launch this year are two new products. Youth Factor is a superior anti-wrinkle product that has had tremendous success utilizing the company's proprietary continuity model. The second product is Body Burner which is a rebounding and exercise product that is taking the country by storm. There has been a buzz in the fitness world with regard to rebounding and WWE 'jumped' on the opportunity to be one of the first-to-market utilizing with a rebounding product.
Another 100 share MM signal.........
1 = TO
0 = THE
0 = MOON!
8-K filed today.............
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=3855350
400 shares traded today. I think it's an MM signal.
"The Audited Financial Statements shall indicate that WWE had net income of approximately $1,500,000 for fiscal year 2004 before interest and taxes."
14.2 Million shares issued and outstanding. 40 million authorized.
"On the Closing Date, subject to and pursuant to the terms and conditions of this Agreement, MFC shall issue an aggregate of eleven million five hundred thousand (11,500,000) shares of common stock of MFC, par value $.001 (the "MFC Common Stock") to the WWE Stockholders for the WWE Common Stock set forth on the Stockholder Schedule."
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001144204%2D05%2D039522%2Etxt&FilePath...
Pit's already down 25% Since he bought. Par for his investment course I suppose.......
Another 1500 today. Pit must be building on his portfolio......
We've got activity! 1,850 big ones! Did they come down to meet your bid, BB?
Nor I. But we weren't supposed to let him know our little secret. lol!
I was hoping he might dig something up so that we had somewhere to begin. :~)
That's because he doesn't know anything about them. Neither do I really - lol.
Did you notice he chose not to embarrass himself by attempting to discredit WWE and MFCD?
Just an angry old man.........
You must have extra time on your hands if you are over at RB tweaking Pit's nose.
Maybae long term but there is one estimate out there that projects a 50% gain in the short term.
PEIX is now looking tempting.......
MFC Development Corp. Financing Clarification
NEW ROCHELLE, N.Y. & LOS ANGELES--(BUSINESS WIRE)----MFC Development Corp. (OTCBB: MFCD) ("MFC") announced on December 5, 2005 that on November 29, 2005 it had completed the acquisition of Worldwide Excellence, Inc. (WWE). Under the terms of the transaction, MFC acquired 100% of the outstanding common shares of WWE in exchange for MFC common stock, after which the former shareholders of WWE, new investors and others involved in the transaction acquired control of MFC.
In connection with the acquisition, WWE raised $1,550,000 pursuant to a private offering (subject to any overallotment) of shares of MFC 10% Convertible Preferred Stock and Warrants to purchase MFC common stock. The $1,550,000 in preferred stock is convertible into 1,550,000 shares of MFC common stock at $1.00 per share and includes a 1/2 warrant for each share of common stock. The term of the Warrants is three years. The exercise price of the warrant shares is (i) $1.00 during the first year after the closing of the private offering and (ii) $1.50 thereafter.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
Statements contained in this press release that are not purely historical facts, including statements regarding MFC's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, introduction of products in a timely fashion, market acceptance of new products, cost increases, fluctuations in and obsolescence of inventory, price and product competition, availability of labor and materials, development of new third-party products and techniques that render MFC's products obsolete, delays in obtaining regulatory approvals, potential product recalls and litigation. Risk factors, cautionary statements and other conditions which could cause MFC's actual results to differ from management's current expectations are contained in MFC's filings with the Securities and Exchange Commission. MFC undertakes no obligation to update any forward-looking statement to reflect events or circumstances that may arise after the date of this press release.
MFC Development Corp. Victor Brodsky, 914-636-3432 Victor.brodsky@MFCDevelopment.com
12/08/2005 14:56 ET
They have Miss America Carolyn Sapp and Gail Devers as spokespeople for 2 of their current products.
Wonder if the famous "Bow Flex" is one of theirs?
LOL! Wish I could find out what WWE's bringing to the table.
As far as I can tell MFCD's gross revs for this year will be around 200k. No wonder they're beyond obscure. lol!
If just one successful WWE product can produce 50 million, and they average a dozen a year..... Oooooh Yeah!
Another George Foreman burger grill will produce many times that! lol!
I still think there's huge potential here. The main thing is how they're going to run the business. Will it be self serving like most penny scams, or are they serious about becoming a Wall Street Titan? lol!
I will have to get an evening free to read the iBox. Looks like my copy of War and Peace."
Insiders bought 760,568 shares over the past year with one lone HUGE sale of 100 shares.
Only 2.7 million shares outstanding prior to this acquisition. Could be a VERY volatile security.
Oh Boy! How the heck do I delete posts and ban people?
Welcome aboard!..... Maybe..... lol!
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