PWREQ is an OTCBB shell that just came up to date with the SEC after filing 21 10Q/10K's and has a pending reverse merger with Northstar.
In November Company received $18 million in venture capital
Yahoo Finance says revenue for 2007 is $3.9 million and they have 40 employees
Company has the financial backing from the likes of:
Benchmark Capital, H.I.G. Capital Management, Morgan Stanley, Goldman Sachs, and Merrill Lynch.
In October of 2006, the Company signed a term sheet with Trinad Capital Master Fund Ltd. (the Sponsor) to sponsor a plan of reorganization. Prior to confirmation of the Chapter 11 plan of reorganization, the Sponsor will identify a merger candidate to be merged into the Company. The Sponsor is currently in negotiations with NorthStar Systems International, Inc.
as the potential merger candidate. Before the merger can take place, the Company is required to bring all of its financial, tax and SEC filings current from the last filing date of June 30, 2002. Pursuant to orders of the United States Bankruptcy Court for the Southern District of New York, the Company has engaged accountants, auditors and SEC counsel to complete this task. Under the terms of the proposed plan, creditors of the Company will receive a pro rata cash payment and stock consideration in the new merged entity. The aforementioned consideration will be distributed to creditors of the Company under the proposed plan of reorganization.
PNC BANK One of Thier CLients
SAN FRANCISCO, Jan. 22 /PRNewswire/ -- NorthStar Systems International (NorthStar), a leading provider of wealth management software, today announced that PNC Wealth Management, a division of The PNC Financial Services Group, Inc. (NYSE: PNC) , has selected NorthStar software.
NorthStar will help provide PNC with an integrated wealth management solution for its private banking advisors. NorthStar's best-in-class wealth management software will enhance PNC's desktop technology initiative for supporting growth, advisor productivity, regulatory compliance and quality advice to clients.
By integrating profiling and proposals, financial planning, investment selection, portfolio construction, and client reporting and management into a single workflow, NorthStar's solution will allow PNC advisors and their teams to operate more efficiently and improve the quality of their interactions with clients and prospects.
"We are very excited to have PNC as a client," said Bob Skea, chief operating officer, worldwide field operations for NorthStar. "We look forward to providing advanced technology to support PNC's wealth management strategy and help its advisors spend more time with clients and prospects. The efficiencies and productivity improvements resulting from the use of our software will help PNC to efficiently operate its wealth management business."
About NorthStar Systems International
56,182,746 shares outstanding as of January 28, 2008