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Weo
The word is "preying on the weak" but yes I am praying for you.
God bless....best to you and your family
The letter speaks for itself...
Of all the things L Kelly was to accomplish over the last 3 months wouldn't this be #1?????
Questions: When does the E get added? When if not filed does this company go to the pick sheets due to non SEC filing compliance???
11550 Fuqua, Suite 475
Houston, TX 77034
Bus.: 281/481-1040
Fax : 281/481-8485
H AM,L ANGSTON & B REZINA, L.L.P.
Certified Public Accountants
March 31, 2006
L. Kelly Jones
VirTra Systems, Inc.
440 North Center
Arlington, TX 76011
Dear Kelly:
This is to confirm that due to a delay in our firm receiving certain information the audit of the December 31, 2005 financial statements of VirTra Systems, Inc. cannot been completed as of March 31, 2006.
Sincerely,
/S/ Ham, Langston & Brezina, L.L.P.
David
Let me see ONE Ceo and say 2000 shareholders. Isn't it easier for the ONE to communicate with the masses vs the masses to inundate the ONE. Just a thought - you now seem to be playing the role of the apologist...
Weo OT
I had the Gators on Betonsports.com and Gator and LSU in a parlay.
Time to make some $$$
WEO OT
Weo - I'm a moron? Hey I thought personal attacks were not part of this discussion.
Check out these comnpanies:
Made big $$$ on NSTC, CVS, NTAP, XRTX - good luck here...
How you doin on on the OTBBB penny circuit?
You take care
Bill
Right again - you have seen the light...
Domen
Based on that logic there were issues he found with the previous filings. I do agree with you though - he has to sign off on this filing so he wants to get it right and if wrong it means HE is personally responsible based on SOX....
L Kelly Jones sure is quiet for the most communicative CEO in america....
David
After the E if no filing then pink sheets...
Where are all the pumpers now - Weeble Wobble - $10M contract and the rest...
L Kelly Jones over his head it seems and the new CFO must be working overtime to piece the puzzle together...
Hard earned money not looking good...David tough lessons learned it seems...
Made big $$$ on NSTC, CVS, NTAP, XRTX - good luck here...
Next Results
Timing of Q4 results and next SEC filing - maybe Kelly meant 2007 not 2006???
David
Close to breakeven????? Amazing
Kelly says they will make $$$ in Q4 if it is ever announced - we'll see how close to breakeven they are...
Sad just sad... chasing something that just isn't there
Take care
Reverse
Water seeks it's level - maybe post reverse the price will be $.15....????????
Yeah the board is pretty quiet - all the old timers are no longer beating their chests.
Dutchess Bailing????
Is this Dutchess bailing along with everyone else - the little guy gets left holding ......... you fill in the blank....
Sucks - it's March 20th I guess things aren't going too well - the new CFO aka bookeeper as Kelly called him must sure have his hands full
Coming around...
I see you are all finally seeing the light...sad but true...
Bill
Actually I didn't miss them - just wanted to make a blanket statement. The letter could have been written by a high schooler - here are a few more demerits - where's the proofreader??? My analogy is like the garmet maker - measure 9 times and cut once to make sure it is right. That's the standard a ceo should use before he executes the letter - it's not like he sends 10 of these a week - more like 3 or 4 a quarter.
FROM THE LETTER:
DAVID'S EXPERIENCE AND RECENT HISTORY WAS A PERFECT MATCH - I THINK THE WORD IS ARE A PERFECT MATCH
David's experience and recent history was a perfect match for our company, as David has been familiar with VirTra Systems for several years now, and he has been increasingly involved in our activities since The Dorato Group assisted us with the leaseholder debt conversion completed in December of 2004. David's previous knowledge of VirTra Systems' history, and close proximity to VirTra Systems' director Andrew Wells and VirTra Merger Corporation's Bo Ritz, made this an easy and obvious selection. His past experience with us has given him the ability to get to work quickly on our day-to-day financial activities, without the need for the routine familiarization period. This ease of transition sealed the deal for us.
We are happy to have him on board, and his first task will be to oversee the completion of our 2005 audit, and to push for a prompt completion of the audits of Altatron and Dynalyst for the forthcoming merger proxy statement.
SO BASICALLY IT WAS KIMBERLY WHO WAS WORKING FOR THE KELLY LAW FIRM IF I RECALL AND DOING THE COMPANY BUDGETS (PROBABLY NOT) AND BOOKKEEPING SO MUCH FOR PREVIOUS FINANCIAL CONTROLS - NO WONDER THE LOSSES HAVE MOUNTED OVER THE YEARS
As many of our long-time shareholders likely already know, this company has grown from just an idea back in the late 1990s, and we have managed our financial affairs in-house, primarily with the able assistance of our corporate secretary, Kimberly Biggs, and our outside accountants. It has well-served our purposes over the years, and has also saved the company a considerable amount of money performing these important tasks in-house. However, as our company has grown, particularly over the past 16 months since the launch of our IVR 4G military simulator, the task of day-to-day financial management has become increasingly burdensome. Moreover, with the imminent acquisition of Virtra Merger Corporation, the increased complexity of integrating these new operations into the accounting mix has now necessitated an experienced professional dedicated to, and responsible for, this vital daily function. Working harder for longer hours could no longer effectively get it all done, and the natural evolution for a public company is to bring in an experienced financial person to oversee this very important aspect of our operation.
I THINK IT IS - ON A PERSONAL LEVEL - SIMPLE BUT CARELESS
On personal level, as CEO of the company, I will find it comforting to have a person of David's professional talent and experience responsible for the financial affairs of the company, and to assist me by signing all of the company's financial reporting to the Securities and Exchange Commission as chief financial officer. WOW GIVES ONE A WARM FEELING ABOUT WHEN THE SEC DOCS WERE SIGNED OFF IN PAST WITH KELLY A LAWYER AND LITTLE OR NO FINANCIAL BACKGROUND
The timing of David's appointment is not coincidental, as we have put him in place in advance of the acquisition's completion to ensure a smooth transition, and to increase the efficiency of keeping VirTra Systems' accounting data accurate, up-to-date, and continuously available as a management tool. We are fully in the process of assembling the post-merger management team, and you will be hearing more from us on that front in the future.
We are now within three weeks of the 10-K annual report, and we are also pushing to finalize and file the proxy statement, so we are currently deep in the SEC reporting phase. However, I am mindful of our obligation to keep you up-to-date with current affairs and corporate developments. VirTra Systems, as well as Altatron and Dynalyst, have been quite busy on with sales and other affairs, and you will be hearing more on those matters soon.
Letter from Kelly
"We are pleased that a financial professional with David's breadth and depth of experience has agreed to take over the company's financial, accounting, and bookkeeping duties."
Bookkeeping????? lol Kelly why would you put that in there?
Interesting
"his first task will be to oversee the completion of our 2005 audit, and to push for a prompt completion of the audits of Altatron and Dynalyst for the forthcoming merger proxy statement."
It's mid March 2006 and the 2005 audit for a $1M is not yet complete??? As I have said before converting a private company to public is very difficult and passing the audit tests for today's public companies is not easy and a company's financial statements normally are much different once the audited.
Kelly sure didn't proof this letter...
Greg where you been man?
Take care
David
The govt normally buys from companies with more than 10 employees and are financially viable
I can't believe reality hasn't hit you yet.
Good luck - many have taken their $$$ off the table and at least gotten something. You will be around to turn out the lights I am afraid...
Take care
Market Makers
Maybe it's just the market makers walking the price down like Greg always says... Remember last June when Kelly was going to use PO financing to fund the business - I guess the orders weren't there for him to show us. Tar Heel used it many times before if I recall so maybe that is still an option...
Price now under $.10... as Weo says "dead money"
Dutchess a deal with the devil as I have said before
Take are
Judo
I have a very good job - thank you
You take care
All
Uh oh - Weo has bailed and going to invest in USXP - $.02 traded 740M shares so far today - wonder what the outstanding shares on that one is - so much for investment grade.
When weo leaves it must not be good - long timer just throwing in the towel...
David
Too funny - it's because a $.01 drop in the price moves the price 12%
David
Comments? Apathy rules...
Jan 3 price $.11
Feb 24 price $.11
Dead money and reverse split news coming
Doug
Holding it together - the most communitive and forthright (what I've heard here) ceo in the U S has been in the bunker with Dick Cheney for the last 6 mos. Was he at the recent hunting trip?
Holding it together by a thread and announcing a reverse split...
Amazing!!!!!!!!!!!
Judo
The amount of sales do not make a stock price. Check out Silicon Graphics - Revenue $730M - price $.38
Oh how the mighty have fallen
http://finance.yahoo.com/q/is?s=SGID.OB&annual
http://finance.yahoo.com/q?s=SGID.OB
Doug
Some people would read this as the whole industry is in trouble...
Teeroy
As usual the last possible day along with the audited yearly SEC filing - 3/15
David
There should be/is no such thing as a "loyal" shareholder. This is an investment and when you are in the black a portion of your $$$ should be taken off the table. The biggest mistake is to get married to a stock which unfortunatly is what it appears you and others have done. Tim for example buys and sells and has made $$$ along the way. Pure buy and hold on these issues hardly ever wins...
An investor needs to be unattached to an issue - L Kelly does NOT care about you.
It's better to hit singles because the homeruns are few and far between and seldom come...
Good luck
Learned
You are so reassuring...you may be doing fine but the rest of the shareholder base is losing $$$$ thousands...
Learned a long time ago to separate $$$ and friends and family...
David
You know the answer just you just seem to not want to accept it. Price hit $.093 today.
It's funny Da Doc and Learned post some sentimental comments on the internet where they have a few drinks, play golf and know L Kelly and everyone gets all touchy feely...
"I have the privledge and pleasure to know Kelly Jones on both a professional and social/personal level and I can tell you that of the many CEO's I have had the experience of meeting and into whose companies I've invested my money, L. Kelly Jones is without question the most selfless of all I have ever met."
Bottom line the stock is at $.10 and the price tells what the investment community feels about L Kelly as a CEO and VTSI as company and its future...
Take care
David
You said: "Kelly had the opportunity to reduce obligations by reissuing new stock and dumping the leaseholders. He chose to take the honorable way and take on the debt."
Interesting - so he paid little or none of the debt over the next few years and let it grow and grow and grow and then he issued shares on a settled amount with no cash. Honorable? Honorable would have been to pay the debt IMHO
NSTC Aquires Innova Solutions - $30M profitable company
http://biz.yahoo.com/prnews/060206/ukm004.html?.v=45
Ness Technologies Acquires Innova Solutions
Monday February 6, 6:02 am ET
Ness Further Strengthens its Indian Offshore Capabilities
HACKENSACK, New Jersey, February 6 /PRNewswire-FirstCall/ -- Ness Technologies, Inc. (NASDAQ: NSTC - News), a global provider of information technology (IT) services and solutions, today announced that it has signed a definitive agreement to acquire Innova Solutions (OLAS Software Solutions, Inc.), a privately held provider of IT services and solutions based in the United States and India. The purchase price in the all cash transaction is $25.0 million, of which $10.0 million will be paid over the next two years based on the achievement of certain performance goals. The acquisition is expected to close prior to March 31, 2006 and is subject to customary closing conditions. For the full year 2005, Innova generated revenues of over $30 million and was profitable. The acquisition is expected to be accretive to 2006 earnings per share. Innova has over 700 employees, mainly in India.
Innova is an IT services provider and system integrator offering a portfolio of offshore and on-site IT services and solutions, with a focus on financial services, which is also a core strength and strategic growth area for Ness. Innova is headquartered in Santa Clara, California, with the great majority of its personnel in Hyderabad, India. Services provided by Innova include software solutions for financial data services and business operations such as wealth management and transfer agency systems, investment management systems, and trade operations solutions; product engineering; package implementation; custom solutions; and financial research services. Innova's clients include Franklin Templeton, Standard & Poor's, Finaplex Inc., ING Investment Management, Sanofi-Aventis, Kaiser Permanente, Intuit, PayPal, and others.
The acquisition is expected to provide synergies with Ness' current operations in the United States and India, adding directly to Ness' financial services practice as well as expanding the capacity of and further strengthening Ness' other core verticals, such as independent software vendors (ISVs) and life sciences. Following the acquisition, the Hyderabad delivery center will become Ness' third major delivery center in India, complementing Ness' existing delivery centers in Bangalore and Mumbai. Upon completion of the acquisition, Innova will change its name to Ness Financial and Business Innovation Services. Innova's President and Chief Operating Officer, Rajkumar Velagapudi, will continue in his current role, and Innova's current management team will continue to manage the existing operations. Mr. Velagapudi will report to Raviv Zoller, President and Chief Executive Officer of Ness Technologies.
"Innova brings a wealth of expertise and experience in financial services, as well as an excellent delivery organization, and will complement Ness' IT services and solutions in our core verticals, while expanding our Indian offshore delivery capacity," said Mr. Zoller. "The financial services industry represents one of the biggest global opportunities for Ness and the acquisition of Innova will further position us to meet the demands of this market. We have been following Innova for the past year and we are very impressed with the capabilities of its management team."
"We are very proud to become a part of Ness Technologies, a global IT services leader," said Mr. Velagapudi. "The leadership of Ness is well known for effectively leveraging the distinctive strengths of its operating units. Ness and Innova share a commitment to growth, an orientation toward long-term relationships, and a bias for action and innovation that creates superior service capabilities. Ness has a management culture, client relationships and operating resources that complement and reinforce the business and technology services offered by Innova. We look forward to contributing significant value to Ness."
About Ness Technologies
Ness Technologies (NASDAQ: NSTC - News) is a global provider of end-to-end IT services and solutions designed to help clients improve competitiveness and efficiency. Specializing in outsourcing and offshore, systems integration and application development, software and consulting, and quality assurance and training, Ness serves a blue-chip client base of over 500 public- and private-sector customers. With over 5,900 employees, Ness maintains operations in 16 countries across North America, Europe and Asia, and more than 100 alliances and partnerships around the world. For more information about Ness Technologies, visit www.ness.com.
About Innova Solutions
Headquartered in Santa Clara, California, Innova Solutions is an IT services provider and system integrator offering a portfolio of offshore and on-site IT services and solutions to the financial services, life sciences and healthcare, high technology and independent software vendor, and telecommunications industries. Services provided by Innova include software solutions for financial data services and business operations such as wealth management and transfer agency systems, investment management systems, and trade operations solutions; product engineering; package implementation; custom solutions; and financial research services. Its clients include Franklin Templeton, Standard & Poor's, Finaplex Inc., FiServ Trust Company, ING Investment Management, M&T Bank, Sanofi-Aventis, Kaiser Permanente, Cisco, Intuit, PayPal, Cingular Wireless and others. For more information about Innova Solutions, visit www.innova-usa.com.
Maybe it's me....
But when most people buy stocks a penny + or - is no big deal.
Let me see you are looking at a $10 stock that you think is going to $13 in a year or so then buying it at $10.01 sounds like a good deal to me...
Learned
Bam! Wow! To the moon! Pump it up baby!!!!
Now that was classic....lol
The evil market makers
It's all a bunch of crap - it's supply and demand and based on the shares outstanding.
There's little or no buying and there are many more shares out...
David
Your price will go up soon unfortunately you'll only have a seventh of the # of shares you have now or whatever the reverse math will be....and then the price will seek a lower level like most all reverses.
Learned
Unfortunately it appears some of the relied upon experts are new to public companies.
Doug/Domen I was floored with this statement when attempting to justify L Kelly releasing a PR for a $35K order "I think the Sarbanes-Oxley Act of 2002 forces a company to release any new business. This is what I have been told on other boards, I don't know it for a fact.Doug"
If that was case newswire would be a Fortune 500...
David/All
You said: "I really don't think Kelly had the experience on how to become a government contractor, but I think he has learned a lot over the last 3 years, dealt with cleaning house, cleaning up the books and hopefully will make better decisions in the future."
Kelly still does not have the experience to become a government contractor as he attempted to surround himself with the people who knew the industry which did not succeed. Kelly is not a working CEO in the sense of rolling up his hands and going on customer sales calls at least we never heard of it happening. As for cleaning house and the books? The books still do not look good even after the debt reduction a year ago - still plenty of debt, negative cash flow, little or no sales and the people and consultants he brought on were unsuccessful and provided little value. How about the generals how got big fanfare in PR's???
In addition the PR sent yesterday was pathetic - a $35K order does not qualify as newsworthy in 99.999% of public companies. He continues to show he is not the man for the job with stock dilution over 60M shares with $1M in revenue to show for it. And now a reverse split for the shareholders to swallow.
See bolded from the 10/26/05 - OOOPS again
http://www.virtrasystems.com/pr_ceo_letter.cfm?press_id=275
Before I comment further on the new companies, let me reassure you that VirTra Systems remains on track, and has recently enjoyed increased sales activity, both this quarter and last. In that light, under the current VTSI configuration we anticipate a profitable fourth quarter. However, we also believe the emerging profitability of the current company creates an opportune time to not only successfully execute our business plan with VirTra Systems' current opportunities, but also to add other corporate opportunities -- other emerging companies at a similar strategic "tipping point" -- so as to amalgamate all the companies into an emerging, lucrative, and cohesive organization.
Altatron is an ISO 9001:2000 certified manufacturer with production facilities in Moonpark, California, is a provider of advanced electronics manufacturing services to original equipment manufacturers in the telecommunications, networking, computer, consumer electronics, and medical device industries. Altatron offers a complete range of services including printed circuit board assembly and testing, materials procurement, inventory management, final system assembly and testing, packaging, and distribution. This company has a strong customer base which has grown even larger during our pre-LOI due-diligence period. This bodes extremely well both for the near future and beyond. Altatron is an ideal takeover/merger candidate due to its impressive technologically-advanced plant, but even more importantly because of its impressive 2005 revenue growth, leading to even more impressive 2006 revenue projections. Like VirTra Systems, Altatron appears headed for black numbers in the fourth quarter of 2005, with great upside for 2006.
Dynalyst is an internal printed circuit board design engineering and fabrication company headquartered in Taylor, Texas, and specializes in providing solutions for the testing of semiconductors, and serves its customers with industry-leading design tools and manufacturing processes providing rapid design and fabrication. This is an extremely high-quality manufacturing company producing, as an example, circuit boards for the Bradley fighting vehicle. It brings an impressive physical facility just outside of the Austin technology center, with a fair market value well in excess of its book value. Dynalyst is already profitable.
Suntech, of Tempe, Arizona, provides efficient and reliable offshore outsourcing of custom electronic component manufacture, chiefly in Asia, and brings a steady flow of positive cash flow. With over 150 years of combined experience in the design and manufacture of printed circuit boards, Suntech performs technical reviews and process capabilities analysis on each of its approved suppliers to ensure products meet or exceed customers' quality requirements. Suntech's approved suppliers are also ISO certified. Suntech is projected for seven-digit profitability in 2005. Oooops
As you may have already perceived, the ISO certification is very important as we pursue military and other public tenders, as it simply means our facilities meet very exacting third-party-assured manufacturing standards, which may be relied upon by our customers.
As you will see, these companies are high-tech manufacturing operations that will not only provide VirTra Systems with world class, ISO-certified, design and manufacturing capabilities for components used in our unique line of virtual reality products, but they also individually operate in lucrative markets as well. Outsourcing the manufacture of electronics is a mainstream method for companies to manufacture and deliver their products to market, and helps explain why many companies in the EMS and offshore manufacturing industries are experiencing strong growth.
What does this acquisition mean to VirTra Systems? In addition to these acquisitions, the "deal" brings in some $3.5 million of new investment capital. Thus, after the contemplated retirement of debt, in very rounded numbers the anticipated net result is a nine-fold increase in company assets (at book value), a six-fold increase in currently-projected 2006 revenue, while only doubling our debt. By any standards, that's a great corporate opportunity. We think there's a real likelihood, based on current projections and trends, for 2006 revenue in excess of $40,000,000, with a significant level of 2006 profitability.
There is an enormous amount of work remaining, including negotiation and execution of the contemplated definitive agreement, a more thorough contractual due-diligence period, followed by binding obligations, issuance of a shareholders' proxy statement, and a subsequent shareholders' meeting. Our aggressive timeline for merger effectiveness is January 1, 2006.
I expect a large number of shareholder questions, so I anticipate hosting a shareholders' conference call shortly after successful conclusion of the contractual due diligence period, in mid-to-late November, to discuss the pending merger, VTSI and the target companies, and to answer your questions in this area.
David/Bill - Amazing
I had the same exact impression when I saw it earlier today but could not get a chance to respond. This is a first - putting out a PR for a $35K order for a company under a LOI - Letter of Intent.
You would think they would wait until the merger was consummated and the order was at least $100K or higher....
L Kelly seems pretty desparate at this point...I know he mentioned in June 2005 he thought they might be profitable Q305 but definitely in Q405.
Q405 is probably the last qtr pre merger - assuming it happens... I guess we will know a few months from now or the final day Q's can be filed to the SEC which is their practice. The other thing is this is year end and the yearly is audited with full disclosure.
Greg
Yo Greg - why did you delete my other post!!!! VTSI 197 out of Dallas companies... I guess it is pumping posts only! Not fair and balanced...
Greg
What is this this Russia?
You deleted my other post too - the liberal media lives!!!!!!!!!!
David
You continue to delete my NSTC posts - not sure why they have been OT - I am up up $15K and I brought it here when it was $8.50 - why are you married to VTSI?