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Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Quovadx, Inc.
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HARTFORD, Conn., March 30 /PRNewswire/ -- The law firm of Schatz & Nobel,
P.C., which has significant experience representing investors in prosecuting
claims of securities fraud, announces that a lawsuit seeking class action
status has been filed in the United States District Court for the District of
Colorado on behalf of all persons who purchased the publicly traded securities
of Quovadx, Inc. (Nasdaq: QVDX) ("Quovadx") from October 22, 2003 through
March 15, 2004 inclusive (the "Class Period").
The Complaint alleges that Quovadx and certain of its officers and
directors issued materially false statements during the class period
concerning the Company's financial results. Specifically, defendants failed
to disclose that Quovadx had materially overstated its net income and earnings
per share; and that defendants prematurely recognized revenue from contracts
with Infotech Network Group in violation of generally accepted accounting
principals. As a result of the foregoing, Quovadx's financial results were
materially overstated throughout the Class Period.
On March 15, 2004, Quovadx announced that it would delay the filing of its
10-K for the year ended December 31, 2003 to restate its third quarter
financial results and revise its 2003 fourth quarter and full year financial
results. The SEC is currently investigating the restatement.
If you are a member of the class, you may, no later than May 17, 2004
request that the Court appoint you as lead plaintiff. A lead plaintiff is a
class member that acts on behalf of other class members in directing the
litigation. Although your ability to share in any recovery is not affected by
the decision whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall recovery
for class members, including decisions concerning settlement. The securities
laws require the Court to consider the class member(s) with the largest
financial interest as presumptively the most adequate lead plaintiff(s).
Therefore, if you believe that you have a large loss, you may wish to seek to
be a lead plaintiff.
For more information about the case, its claims, and your rights, please
contact Schatz & Nobel toll-free: (800) 797-5499, or by e-mail:
sn06106@aol.com. To view a copy of the lawsuit initiating the class action,
or for more information about class action cases and Schatz & Nobel, please
visit our website: http://www.snlaw.net.
CONTACT: Nancy A. Kulesa
Tel.: (800) 797-5499
Chitwood & Harley, LLP Announces Securities Fraud Class Action Suit for Purchasers of ITT Securities with Expanded Class Period
ATLANTA--(BUSINESS WIRE)--March 31, 2004--Chitwood & Harley announces that it has filed a class action lawsuit in the United States District Court for the Southern District of Indiana against ITT Educational Services Inc. ("ITT" or the "Company")(NYSE: ESI). The suit alleges claims on behalf of a class consisting of purchasers of the publicly traded securities of ITT between October 17, 2002 and March 9, 2004, inclusive (the "Class Period"). Previously, an investor filed suit alleging a class period from April 17, 2003 through February 24, 2004. Although different class periods are alleged, the cases will likely be consolidated. After a lead plaintiff is appointed, a consolidated amended complaint will be filed. When the consolidated amended complaint is filed, Lead Plaintiff and Lead Counsel will allege the class period that will be operative in the consolidated proceeding, based on the facts then available from their continuing investigation.
The suit is brought against ITT, Rene R. Champagne, Omer E. Waddles, and Kevin M. Modany. The civil action number is 1:04-CV-0380DFH-TAB. The deadline for filing lead plaintiff papers is April 26, 2004. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, you may contact Cleo Anderson at 1-888-873-3999 (toll-free) or by e-mail at csa@classlaw.com who will attempt to answer your questions without cost or obligation. You may also contact us through our website, www.classlaw.com by clicking on "ITT." Any member of the purported class may move the Court to serve as lead plaintiff through counsel of his or her choice, or may choose to do nothing and remain an absent class member. A copy of the complaint is available from the court and can be viewed on our website.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period. The Complaint alleges that the defendants Class Period statements were materially false and misleading because the Company failed to disclose and/or misrepresented: 1) that the Company falsified vital statistics submitted to the federal government in support of its eligibility under Title IV of the Higher Education Act of 1965; 2) that the Company derived a material portion of its revenue from federal grants and financial aid payments secured through false information submitted to the government; and 3) that the Company's reported financial results were not prepared in accordance with Generally Accepted Accounting Principles and did not fairly present the Company's financial condition and results of operations. Additionally, the Complaint alleges that the Company failed to disclose that the State of California was conducting an investigation of the Company since October 2002, which was unrelated to a previously disclosed investigation of recruitment compensation that was conducted by the Department of Education.
On February 24, 2004, ITT shocked the market by announcing that it had been served with a search warrant and related grand jury subpoenas. The Company reported that the search warrant and subpoenas relate to information and documentation concerning placement, retention, graduation and attendance figures, as well as recruitment and admissions materials, student grades, graduate salaries and transferability of credits to other institutions. Trading in ITT stock was halted for about two hours pending release of this news. After trading resumed, the market reacted swiftly to the news in the following days, pushing the price of ITT stock down nearly 35% to close at $37.26 on February 26, 2004 on extremely heavy trading volume. Moreover, on March 9, 2004, the Company disclosed in an SEC filing, for the first time, that it had been under investigation by the California Attorney General since October 2002. ITT stock dropped another 6% after this news was released.
Chitwood & Harley LLP is a class action firm that concentrates its practice in representing victims of securities fraud and corporate mismanagement, as well as other complex litigation. Chitwood & Harley has been appointed lead counsel in major actions throughout the United States and has been instrumental in recovering billions of dollars on behalf of its clients. Clients and courts alike have praised the results achieved by Chitwood & Harley. Recently, the federal judge in In re BankAmerica Securities Litigation, which resulted in the highest recovery in 2002 in a securities class action, commented favorably on counsel's performance stating: "Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients," and, "(a)s the Court has remarked throughout this litigation, class counsel ... have performed at exceptionally high levels, and all parties have been exceedingly well represented."
For more information about Chitwood & Harley, please visit our website at www.classlaw.com or contact Cleo Anderson at 1-888-873-3999 (toll-free), by e-mail at csa@classlaw.com, or at 1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309.
Contacts
Chitwood & Harley, Atlanta
Cleo Anderson, Esq., 888-873-3999
404-873-3900 ext. 6829
csa@classlaw.com
www.classlaw.com
Class Action Lawsuit Commenced Against Datatec Systems, Inc. by Bernstein Liebhard & Lifshitz, LLP
NEW YORK, NY -- (MARKET WIRE) -- 03/31/2004 -- A securities class action lawsuit was commenced on behalf of all persons who acquired securities of Datatec Systems, Inc. ("Datatec" or the "Company") (NASDAQ: DATCE) between June 26, 2003 and December 16, 2003, inclusive (the "Class Period"). A copy of the Complaint is available from the Court or from Bernstein Liebhard & Lifshitz, LLP. Please visit our website at http://www.bernlieb.com or contact us at (800) 217-1522 or by email at DATCE@bernlieb.com.
The case is pending in the United States District Court of New Jersey against Defendants Datatec, Isaac Gaon, Mark Hirschhorn, and Raymond Koch.
The Complaint charges that Datatec and certain officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of Datatec's securities. Specifically, the Complaint alleges that while CEO Isaac Gaon told investors that Datatec was on track to earn $0.14 to $0.16 per share for fiscal 2004, Datatec hid its true financial condition so that it could maintain financing from IBM Credit.
On December 5, 2003, Datatec surprised investors with the news that CEO Isaac Gaon had stepped down as Chairman and CEO. Then on December 17, 2003, the Company revealed that it would suffer a $10 million loss for the fiscal quarter ended October 31, 2003, and that Datatec's Audit Committee had hired outside counsel to review Datatec's valuation of its long-term contracts. IBM Credit has since refused to waive Datatec's non-compliance with financial covenants. As a result, Datatec's stock price fell substantially on large volume.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Datatec securities during the Class Period. If you purchased or otherwise acquired Datatec securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than April 6, 2004.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard & Lifshitz, LLP, or other counsel of your choice, to serve as your counsel in this action.
Bernstein Liebhard & Lifshitz, LLP has been retained as one of the law firms to represent the class. The attorneys at Bernstein Liebhard & Lifshitz, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. For more information about Bernstein Liebhard & Lifshitz, LLP, please visit our website at http://www.bernlieb.com.
If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact the Shareholder Relations Department at Bernstein Liebhard & Lifshitz, LLP, 10 East 40th Street, New York, New York 10016, (800) 217-1522 or (212) 779-1414 or by e-mail at DATCE@bernlieb.com.
--------------------------------------------------------------------------------
Contact:
Shareholder Relations Department
Bernstein Liebhard & Lifshitz, LLP
10 East 40th Street
New York, New York 10016
(800) 217-1522
(212) 779-1414
DATCE@bernlieb.com
Metris announces broadened SEC inquiry
Associated Press
MINNETONKA, Minn. - Metris Companies Inc., which issues credit cards to people with poor credit histories, announced the Securities and Exchange Commission has widened an investigation into its accounting.
Analysts and at least one major investor remained optimistic that Metris will emerge unscathed from the investigation. Metris shares closed up 8 cents to $8.04 on the New York Stock Exchange on Wednesday.
The SEC is exploring the way Metris values its ownership stake in bonds secured by pools of credit card loans, also known as asset-backed securities. Metris was told of the expanded inquiry in December and is cooperating fully, according to an annual report filed Tuesday by Metris Master Trust, a lending subsidiary of Metris.
In August, Metris said the SEC was examining its loan-loss allowance, the cash the company keeps on hand to cover bad loans, and a 2001 program in which Metris increased credit lines to its best borrowers. In November, the company's outside auditor, KPMG LLP, cited a "material weakness" in Metris' financial statements.
But analysts who follow the company said they do not expect any surprises from the investigation, largely because Metris has already taken steps to correct its financial statements.
Beginning in November, the company reviewed every one of its financial statements filed between 1998 and the third quarter of 2003. The company determined that it had overstated profits by $8 million, which represented just 1.5 percent of the total profits earned by the company over that period. Total shareholder equity in the company declined by just 3 percent.
As part of that re-statement, Metris changed the way it accounted for securitized loans. Like most credit-card issuers, Metris sells its credit-card loans to large financial institutions that bundle them into bonds sold to the public. Metris then keeps a small ownership stake in these bonds. On March 2, Metris valued this stake at $830 million, up from $630 million in September.
Many Wall Street analysts expected a bigger restatement, and investors began pouring into the company's stock. They were rewarded in mid-March when the company reported its first quarterly profit in five quarters. Metris earned $35 million in the fourth quarter, partly because of a decline in loan losses related to the strengthening economy.
Shares of Metris hit a 52-week high Tuesday of $7.96 after the announcement, and the company's stock price has more than doubled since the SEC probe began in August.
"This company has spent an immense amount of time and energy restating its numbers and making sure they are accurate," said Scott Link, a portfolio manager at Disciplined Growth Investors of Minneapolis, which owns 2.9 million shares of Metris. "I would be very surprised at this point if the SEC is not satisfied with the steps (Metris) has taken."
---
Information from: Star Tribune, http:// WWW.STARTRIBUNE.COM
Deloitte Brazil Employee Raised Parmalat Red Flag
Nearly three years before Parmalat SpA's collapse, an auditor at Deloitte Touche Tohmatsu in Brazil raised an alarm about a unit of the dairy group that has since been found to be at the heart of the Italian company's multibillion- dollar fraud, Monday's Wall Street Journal reported.
In March 2001 and again in early 2002, the auditor voiced worries to partners in Deloitte's Italian arm about financial transactions connected to a Parmalat subsidiary in the Cayman Islands, Bonlat Financing Corp., according to e-mail messages from employees of the accounting firm seen by The Wall Street Journal. "I am very concerned about this," the auditor said in one e-mail.
Despite these warnings, Deloitte & Touche SpA in Italy failed to spot the fraud at Parmalat, where it was lead auditor from 1999 to early 2004. Indeed, Deloitte Italy expressed concerns that an attempt by Deloitte Brazil to raise a red flag over transactions involving Bonlat could endanger its relationship with Parmalat.
One Italian partner wrote to the U.S.-based head of Deloitte's international network to warn that the questions raised in 2002 by the Brazilian auditor might prompt Parmalat to sever its "multimillion-dollar world-wide engagement" with Deloitte, according to a Deloitte memo seen by The Wall Street Journal.
The documents raise the possibility that the accounting firm missed an opportunity to expose one of Europe's biggest-ever corporate frauds and save investors billions of dollars. The Italian unit of Deloitte continued to sign off on Parmalat's finances.
Bonlat emerged late last year as a key to Parmalat's fraud. On Dec. 19, 2003, Parmalat announced that a 3.9 billion euro ( $4.73 billion) bank account purportedly held by Bonlat was fake. Within six days, Parmalat sought bankruptcy protection.
More than 10 billion euros of Parmalat's money still is unaccounted for.
Wall Street Journal Staff Reporters Alessandra Galloni in Milan and David Reilly in London contributed to this report.
Quovadx: SEC Probes Restatement Decision
ENGLEWOOD, Colo. (AP)--Software firm Quovadx says the Securities and Exchange Commission is looking into its decision to restate 2003 financial results because it booked revenue before receiving any cash.
The Englewood-based company said the informal investigation centers on the March 15 announcement to restate third quarter results and revise fourth quarter preliminary results.
The company said its moves were the result of sales to Infotech Network Group.
``The company has determined that revenue on prior shipments of software product to Infotech Network Group will be recognized only when cash is received,'' Quovadx said on March 15. ``The restatement removes all revenue associated with contracts between the company and Infotech Network Group from its published financial reports for 2003. To date, Quovadx has been unsuccessful in collecting funds from this customer.''
At least six lawsuits have been filed against Quovadx on behalf of shareholders upset by the Infotech deals. Attorneys for the plaintiffs say that booking the revenue improperly boosted the price they paid for Quovadx stock.
Quovadx helps more than 20,000 customers worldwide develop, extend and integrate software applications. It has more than 600 employees.
In trading Tuesday on the Nasdaq Stock Market, Quovadx shares were down 4 cents to close at $3.62.
___
On the Net: http://www.quovadx.com
SEC investigates SportsLine.com
SportsLine.com, the sports website company, continues to feel the repercussions from an accounting move announced last year.
BY BEATRICE E. GARCIA
bgarcia@herald.com
The Securities and Exchange Commission is investigating SportsLine.com and its disclosure last September that it would restate financial results for the past 2 ½ years.
The Fort Lauderdale-based company, which provides online sports information, said in its annual 10K filing Monday that the SEC had begun its informal investigation in December. The company said it was cooperating with the securities regulators and had provided the documents.
The restatement stemmed from an error in the way SportsLine accounted for employee stock-option grants. It involved about 8.4 million options, of which less than 2 percent were exercised, the company said last September. Costs associated with correcting the error will lower earnings by $8 million, the company said.
SportsLine restated its loss for 2001 to $66.1 million from $61.1 million; the loss for 2002 was amended to $50.5 million from $48.2 million; and the loss for the first six months of this year was changed to $22.9 million from $22.2. million.
The company said in its 10K filing that because the SEC investigation is an informal one, it couldn't say when it would be completed.
Occupational fraud costly
Small businesses easy targets
By Nell Luter Floyd
nlfloyd@clarionledger.com
WorldCom, Enron and Global Crossing are synonymous with fraud, but small businesses are vulnerable, too.
Minimal procedures for small businesses to prevent fraud
Do not allow the same employee to keep books, collect funds, write checks and reconcile the bank account.
Have the monthly bank statement delivered unopened to the owner, who should review it for unusual transactions such as declining deposits and unfamiliar payees.
Consider an annual independent review of the cash accounts and bank statements by an anti-fraud specialist.
Source: 2002 Report to the Nation on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners
"Almost every small business you walk in, there's opportunity for the business to be defrauded and the owner not to find out," said Charlie Rafferty, a certified public accountant, certified fraud examiner and certified valuation analyst at GranthamPoole in Jackson.
The average scheme in a small business causes $127,500 in losses, compared to the average scheme in a large company that causes $97,000 in losses, according to the Association of Certified Fraud Examiners. Certified fraud examiners are CPAs trained to detect fraud and assist in procedures that could prevent it.
Last year, occupational fraud and abuse cost businesses an average of six percent in lost revenue, according to the association. It amounted to $600 billion a year, double the amount it was six years ago.
Owners of small businesses often consider their employees as family and find it difficult to believe they could be tempted to steal petty cash, abuse an expense account or set up a phony bank account to embezzle money, said Bryan McDonald, a certified public accountant, certified fraud investigator and certified valuation analyst at Horne CPA Group in Jackson.
Fraud typically occurs when an employee has a need for extra money, finds an opportunity at work to secure the cash and, many times, rationalizes taking the money with the idea of paying it back before the loss is detected, he said.
Many small businesses lack adequate employees to segregate their duties, but controls to prevent abuse are still possible — and they're not expensive to implement. Preventive measures range from not letting a bookkeeper use a stamped signature on checks to having customers send payments to a bank lockbox and having the bank handle deposits.
"You can reduce your risk dramatically if you keep the cash away from people who have responsibility for customer accounts and reconciling bank statements," Rafferty said.
Walt Clark, owner of Clark's Cleaners, with seven locations in the metro area and 42 employees, said he's had employees steal money — and that's not uncommon in small businesses.
"Usually when you bring it to their attention, they'll quit and not file unemployment or a grievance," he said.
Clark said he's tried to put checks and balances in place to curb fraud and he also pays for small business employee theft insurance.
Rafferty said he once did a surprise count of petty cash at a business with no particular suspicions in mind. "Before we conducted the count, someone confessed to taking $500," he said.
Ralph Ross, senior tax partner at Smith Turner & Reeves in Jackson, said his firm once found a situation where a bookkeeper wrote a check to pay American Express for the business — and also wrote a check to pay her own American Express. It went undetected until the business owner opened the bank statement and began questioning the two checks, he said.
Rafferty said there are more schemes to defraud a business than he could name, but a certified fraud examiner can suggest preventive measures and also perform audits when there is suspected wrongdoing. The Association of Certified Fraud Examiners lists 15 members in Mississippi on its Web site.
Many accounting firms will have at least one certified fraud examiner and typically combine that person with a team of CPAs to detect fraud, Ross said. A CPA can suggest measures to prevent fraud but many times may focus on one particular aspect of a financial picture such as income tax, he said.
Communication is key to prevent fraud, McDonald said.
"You want to have an environment where employees feel comfortable communicating with management," he said. "Another key is asking employees during annual review time, 'Are you aware of potential misuse of the firm's resources?' There are employment law issues with that."
Many times employees do report fraud suspicions after another employee suddenly begins spending money in lavish ways and they can't determine where it came from, Rafferty said.
McDonald said he suggests businesses investigate the possibility of using a fraud telephone tip line so employees can anonymously report wrongdoing.
"The studies show that the overwhelming majority of occupational fraud is suspected by someone in the organization," he said. "The difficulty is you have to consider the motives of the person reporting, and some may not be legitimate. You may have someone out for revenge."
Preventive measures can go a long way, Rafferty said. "Usually, we get a call from someone saying, 'I know I should be making more money, but I don't know what's happening. My bookkeeper just left me after being with me 15 years.' "
When fraud is suspected, many businesses want to rush in immediately but that's the wrong way to proceed, McDonald said. "You want to gather information and confirm a pattern of behavior and then move forward," he said.
Rafferty said it's not uncommon for fraud examiners to encounter employee resignations.
"I walked into an office at 9:30 one morning and at lunch time the office manager left a resignation letter and never came back," he said. "They knew we were there to look at the internal fraud structure and check the exposure risk because someone might be taking money from them."
http://www.clarionledger.com/news/0403/27/b01.html
SEC to Take Hard Look at Off-Balance-Sheet Disclosures
AccountingWEB.com - March 24, 2004 - Off-balance-sheet transactions, once abused by Enron to hide debt and overstate profits, will be closely scrutinized as regulators look for ways to improve financial disclosures.
That warning came from Donald T. Nicolaisen, chief accountant of the Securities and Exchange Commission, according to the Wall Street Journal. Nicolaisen said at a Financial Accounting Standards Advisory Council meeting Tuesday that the agency will study the details about off-balance-sheet activity that companies provided in their latest filings. The SEC will provide Congress with a report on the issue later this year, he said.
In the past, companies have not been required to report how their current or future financial conditions might be affected by off-balance-sheet arrangements, which often involve entities formed to diversify risk and issue securities, leasing arrangements and other contractual obligations, the Journal reported.
Companies are beginning to report on their connection to an unconsolidated entity, including nature, size and amount of risk in SEC filings, but studies have shown that not all companies are embracing the requirements.
Nicolaisen also told the advisory council that the SEC will continue helping companies disclose more useful, understandable financial information. For example, the SEC issued guidance late last year intended to improve disclosures in the "management discussion and analysis" section, or MD&A, in companies' stockholder reports.
The advisory council, which acts as a "sounding board" to the Financial Accounting Standards Board, also heard a report from FASB Chairman Robert Herz. In the next few days, FASB is expected to reveal its plan to require companies to recognize employee stock-option compensation as an expense on income statements. The board then plans to hold public roundtable discussions in late June before it enacts a final rule, Herz said.
In recent weeks, executives of technology firms and other options-dependent companies have stepped up their lobbying campaign to persuade lawmakers to intervene.
Auditors Are Getting Skittish
By Rich Smith
March 30, 2004
During the go-go years of the late 1990s, it often seemed that America's auditors were willing to rubber stamp any kind of accounting shenanigan rather than risk offending a client. But ever since the Enron scandal broke, taking former Big Five auditor Arthur Andersen down with it, the auditors' focus has shifted from keeping their clients happy at all costs to staying out of trouble with the Securities and Exchange Commission (SEC).
A few months ago, Grant Thornton quit its job auditing DHB Industries (AMEX: DHB). Not long after, KPMG had a falling out, with client Lancer (AMEX: LAN) over "likely illegal activities," that quickly developed into an SEC investigation. And a couple weeks back, The Wall Street Journal reported that antivirus software maker Network Associates (NYSE: NET) had fired PricewaterhouseCoopers (PwC) as its auditor, hiring Deloitte & Touche to replace the firm.
Network Associates fired PwC on the same day that it announced an earnings restatement for 2003. This was the latest in a string of such restatements; Network Associates had already restated its earnings for every year from 1998 through 2001. Moreover, PwC was making noises about problems with Network Associates' "internal controls." While the company said that PwC's firing was unrelated to PwC's suggestion that Network Associates practiced sloppy accounting, one has to wonder about that.
The situation was similar with DHB. Grant Thornton had pointed out that the company needed to disclose certain related-party transactions that had inexplicably been left out of its SEC filings, plus -- and here we go again -- Grant Thornton suggested that DHB's internal accounting controls were not up to snuff. While Grant Thornton left on its own instead of being fired, this could well have been a case of "You can't fire me; I quit!"
Likewise with KPMG. With the SEC already taking aim, this auditing firm did not stick around to risk getting impaled on the Lancer investigation. So KPMG, too, fired its client.
While their details vary, these three cases do suggest that a trend is forming. Auditors are more aggressively questioning their clients' accounting practices, even at the cost of losing the client. This trend may not bode well for auditors' finances, but the more aggressively our nation's auditors monitor their immediate clients, the safer investors -- the ultimate beneficiaries of the auditors' services -- can sleep.
http://www.fool.com/News/mft/2004/mft04033009.htm
The Four Horseman-What, Who, and When?
Who are the four horseman? or the Book with Seven Seals?
What most people remember about the SEVEN SEALS, Or The BOOK OF LIFE in Revelation 6 is the FOUR HORSEMAN, or the first four seals of The Book of Life...
First, understanding that the BOOK OF LIFE is the Book that is sealed with the seven seals is a must. (There are also other "BOOKS", which are the books of DEEDS (plural) . The purpose for this book, the book sealed with the 7 seals, the book that has every name of every person who recieves eternal life in it because they LISTENED to what the information within the book revealed about Jesus Christ, at certain times in history, gives the seven seals their importance and focus. References to the Book of Life: Psalms 139:16; Dan.12:1; Phip. 4:3; Rev.3:5; Rev. 13:8; Rev. 17:8; Rev. 20:12,15; Rev. 21:27.
More here:
http://members.aol.com/godrulzunivrs777/Four/fourhors.htm
Yep, it sure has a lot of crazies out there. EM
What are those people smoking over there, Janjaweed, or "men on horseback," ????????????
The report, "Darfur in Flames: Atrocities in Western Sudan," accused Khartoum of recruiting and arming over 20,000 Muslim militiamen, called Janjaweed, or "men on horseback," to carry out attacks on civilians from the Fur, Masaalit, and Zaghawa ethnic groups who, while also Islamic, are of African origin and make up the majority of the region's settled population.
http://story.news.yahoo.com/news?tmpl=story&cid=655&ncid=655&e=1&u=/oneworld/2004040...
Fair volume today...nothing out of the ordinary...
http://www.investorshub.com/boards/read_msg.asp?message_id=2759902
PRICES
Date Open High Low Close Volume Adj Close*
1-Apr-04 0.03 0.04 0.03 0.03 3,845,110 0.03
31-Mar-04 0.03 0.03 0.03 0.03 4,368,800 0.03
30-Mar-04 0.03 0.03 0.00 0.03 1,305,540 0.03
29-Mar-04 0.03 0.03 0.03 0.03 460,800 0.03
26-Mar-04 0.03 0.03 0.03 0.03 1,098,100 0.03
25-Mar-04 0.03 0.03 0.03 0.03 2,469,160 0.03
24-Mar-04 0.03 0.03 0.03 0.03 807,900 0.03
23-Mar-04 0.03 0.03 0.03 0.03 288,214 0.03
22-Mar-04 0.03 0.03 0.03 0.03 1,058,450 0.03
19-Mar-04 0.03 0.03 0.03 0.03 1,710,250 0.03
18-Mar-04 0.03 0.03 0.03 0.03 824,050 0.03
17-Mar-04 0.03 0.03 0.03 0.03 262,700 0.03
16-Mar-04 0.03 0.03 0.03 0.03 1,893,010 0.03
15-Mar-04 0.03 0.03 0.03 0.03 64,500 0.03
12-Mar-04 0.03 0.03 0.03 0.03 6,464,120 0.03
11-Mar-04 0.03 0.03 0.02 0.03 4,508,800 0.03
10-Mar-04 0.03 0.03 0.03 0.03 1,981,860 0.03
9-Mar-04 0.03 0.03 0.03 0.03 2,838,110 0.03
8-Mar-04 0.03 0.03 0.03 0.03 675,550 0.03
5-Mar-04 0.03 0.03 0.03 0.03 103,000 0.03
4-Mar-04 0.03 0.03 0.03 0.03 735,574 0.03
3-Mar-04 0.03 0.03 0.03 0.03 633,120 0.03
2-Mar-04 0.03 0.03 0.03 0.03 934,750 0.03
1-Mar-04 0.03 0.03 0.03 0.03 456,700 0.03
27-Feb-04 0.03 0.03 0.03 0.03 1,846,260 0.03
26-Feb-04 0.03 0.03 0.03 0.03 1,563,900 0.03
25-Feb-04 0.03 0.03 0.03 0.03 535,021 0.03
24-Feb-04 0.03 0.03 0.03 0.03 724,743 0.03
23-Feb-04 0.03 0.03 0.03 0.03 705,500 0.03
20-Feb-04 0.03 0.03 0.03 0.03 2,094,100 0.03
19-Feb-04 0.03 0.03 0.03 0.03 2,023,500 0.03
18-Feb-04 0.03 0.03 0.03 0.03 4,081,280 0.03
17-Feb-04 0.04 0.04 0.03 0.03 1,645,550 0.03
13-Feb-04 0.03 0.03 0.03 0.03 553,861 0.03
12-Feb-04 0.03 0.03 0.03 0.03 731,400 0.03
11-Feb-04 0.03 0.04 0.03 0.03 1,468,200 0.03
10-Feb-04 0.03 0.03 0.03 0.03 3,052,870 0.03
9-Feb-04 0.03 0.03 0.03 0.03 4,100,040 0.03
6-Feb-04 0.03 0.03 0.03 0.03 3,315,380 0.03
5-Feb-04 0.03 0.04 0.03 0.03 1,048,560 0.03
4-Feb-04 0.04 0.04 0.03 0.04 1,624,680 0.04
3-Feb-04 0.03 0.04 0.03 0.04 3,844,790 0.04
2-Feb-04 0.03 0.04 0.03 0.03 5,777,930 0.03
30-Jan-04 0.03 0.04 0.03 0.03 1,535,060 0.03
29-Jan-04 0.03 0.04 0.03 0.03 1,913,910 0.03
28-Jan-04 0.03 0.03 0.03 0.03 2,508,940 0.03
27-Jan-04 0.03 0.03 0.03 0.03 1,147,350 0.03
26-Jan-04 0.03 0.03 0.03 0.03 1,642,700 0.03
23-Jan-04 0.03 0.03 0.02 0.03 1,433,300 0.03
22-Jan-04 0.03 0.03 0.02 0.03 10,960,000 0.03
21-Jan-04 0.03 0.03 0.03 0.03 5,884,790 0.03
20-Jan-04 0.03 0.04 0.03 0.03 3,572,710 0.03
16-Jan-04 0.04 0.04 0.03 0.03 6,802,770 0.03
15-Jan-04 0.03 0.04 0.03 0.04 8,290,640 0.04
14-Jan-04 0.03 0.03 0.03 0.03 2,323,200 0.03
13-Jan-04 0.02 0.03 0.02 0.03 606,500 0.03
12-Jan-04 0.02 0.03 0.02 0.03 2,018,960 0.03
9-Jan-04 0.02 0.03 0.02 0.03 793,160 0.03
8-Jan-04 0.03 0.03 0.02 0.02 3,176,230 0.02
7-Jan-04 0.02 0.03 0.02 0.03 1,863,220 0.03
6-Jan-04 0.02 0.03 0.02 0.02 3,644,800 0.02
5-Jan-04 0.03 0.03 0.02 0.02 2,589,260 0.02
2-Jan-04 0.03 0.04 0.02 0.03 6,054,100 0.03
31-Dec-03 0.03 0.03 0.02 0.03 3,080,650 0.03
30-Dec-03 0.03 0.03 0.03 0.03 2,515,510 0.03
29-Dec-03 0.03 0.03 0.03 0.03 656,464 0.03
American Commerce Solutions, Inc. Announces New Chariot Trailers Website Design
Thursday April 1, 1:02 pm ET
BARTOW, Fla., Apri1 1 /PRNewswire-FirstCall/ -- American Commerce Solutions, Inc.'s (OTC Bulletin Board: AACS - News) wholly owned subsidiary, Chariot Manufacturing Company, Inc., today launched a newly constructed website at www.chariot-trailer.com.
Daniel L. Hefner, President and Chief Executive Officer of American Commerce Solutions, Inc. announced, "Today marks the launch of the long- awaited upgrade to the Chariot Trailers website. Sales of our Chariot Trailers will be enhanced by this improved internet presence, as well as a clearer presentation of the customizing capabilities of our staff. The new site launched today is hosted by Argon Studios. Argon technical personnel and subsidiary President Steven Smith have worked diligently to produce an informative and user-friendly source for our potential clients as well as our stockholders."
The next few days will be a "shake-out" period for any glitches or bugs. Users are encouraged on the site to contact the company with any performance issues, so that they may be explored and corrected.
In a recent press release it was announced that two new elements to the Sales and Marketing program were "on the way." The updated website was the first and ads in upcoming Florida publications was the other. The publications are scheduled for release in the next two months and will mirror content from the website and company marketing material, according to Smith.
Smith, President of Chariot Manufacturing Company, Inc., stated, "Yesterday, Mr. Hefner announced that as of that date, Chariot had a sales backlog of $108,000. Additionally, verbal commitments, without specified delivery dates, total another $63,000. However, the most exciting statistic of all is that outstanding proposals still in the negotiation stage now top $350,000. While this is exciting and factual, if there is nothing continuing to bring prospects into the sales pipeline, we would soon lose our momentum and opportunity. We do not intend to let that happen. The steps that we are now taking will be foundational and we all know that a strong foundation is essential to corporate health."
Aggressive marketing is planned to make Chariot Trailers the industry leader in quality, value and return on investment.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release that are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause results to differ materially from those expressed in the forward- looking statements, including but not limited to, certain delays and risks detailed from time to time in the company's filings with the Securities and Exchange Commission.
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Source: American Commerce Solutions, Inc.
American Commerce Solutions, Inc. ( OTCBB: AACS ): is a fully reporting public company traded on the Over the Counter Bulletin Board under the trading symbol OTCBB:AACS. American Commerce Solutions, Inc is incorporated under the laws of the State of Delaware. Within this Business Plan, any reference to the ‘company’ or ‘ACS’ will allude to American Commerce Solutions and its subsidiary operations. American Commerce Solutions, Inc. currently represents two operations. The first is the wholly owned subsidiary, International Machine and Welding, Inc. and the second is the business of running the parent public company.
Website: http://www.smallcapresources.com/aacs/
Stock Quote: http://www.pcquote.com/stocks/QuoteDirect.php?ticker=aacs
http://www.investorshub.com/boards/board.asp?board_id=1855
Excel....what think ye of this one:
http://www.investorshub.com/boards/read_msg.asp?message_id=2759822
Put this under your matrix...is that you up front?
"THE FOUR HORSEMAN OF THE APOCALYSE"
(The Waves of Asension)
Picture By Keith English
Poem by Jodieanne
What is the thunder that i hear?
It is my destiny!
The Riders of the Prophecy-
The Angels of Apocalpse-
I turn my eyes, in dread of the darkest night
God's Riders of the Light!
First Horseman
You lead the souls called "Chosen"
Who ride with the White Horse
Adorned with Heaven's Crown
Earth Child
Your highest aspect rides the White Horse
And already knows the grandeur
That is waiting to be found
Follow on, Lord Micheal
Holding high the Sword of Truth!
The Red Horse gallops on........
Cutting away the cords that keep us tied
Held fast to this earth
And unable to ride
Black Steed of the Subconscious
Reveal your secrets
And let this cloud of darkness lift
To multi-faceted light
Balance, at last, the Scales of Karma.
No more secrets
No more hiding
No more Night!
Pale rider
Free will gone wild?
The plan gone mad?
Rebellious Child.....
What is the thunder that i hear?
It is my destiny!
The Riders of the Prophecy-
The Angels of Apocalypse-
I turn my eyes, expecting darkest night.....
My heart cries out a welcome
To God's Riders of the Light!
Interesting long detailed study:
http://www.arlingtoninstitute.org/library/A%20Strategy%20-%20Moving%20America%20Away%20from%20Oil.pd...
LOL...that's a relief...this one?
My Jihad"
American mujahedin Aukai Collins was a passionate convert to Islam. But his new memoir makes it clear that nothing got him more excited than the sound of a rocket-propelled grenade and the look in an enemy's eyes as he slit his throat.
- - - - - - - - - - - -
By Laura Miller
July 17, 2002 / What provokes a young American man to leave his comfortable and relatively peaceful homeland to fight for Islam in a miserable, war-ravaged nation halfway around the world? In the case of John Walker Lindh, who on Monday pled guilty to felony charges related to his involvement with the Taliban, it was reportedly the end result of his disillusionment with what he saw as America's profane, materialistic culture. For Aukai Collins, whose new book "My Jihad" provides a fascinating account of the trajectory of a Western mujahid, it was the guns.
To be scrupulously fair, Collins is an observant member of the faith he converted to during a stint in the California Youth Authority while a teenager in the late '80s and early '90s; in the course of his various adventures and misadventures in such dangerous places as Pakistan, Afghanistan, Kashmir, Azerbaijan, Kosovo, Chechnya and the wilds of Arizona, he often found occasion to fault his fellow warriors for drinking, eating pork and "screwing around." Nevertheless, "My Jihad" is not the work of a deeply spiritual or reflective man.
Rather, it's the work of a guy who frankly professes his "long-standing love for weapons," who can describe a Russian T-72 tank as "one really neat toy" and write: "I have always enjoyed the sound of an RPG. It makes a tremendously loud, hollow boom as the rocket leaves the tube, like a shotgun but ten times louder. Then the rocket makes a shrieking sound as it flies through the air, which is followed by a sharp boom at impact." Ordnance is far more lovingly detailed here than the particulars of faith.
So "My Jihad" doesn't provide much insight into the appeal of Islam or the religion's many subtleties and elaborations. What it does offer, though, is a self-portrait of a man of violence, someone who seeks out mortal peril and who wants to look his victim in the eyes as he's cutting his throat. Since the people who write books are very seldom men of violence, and the ones who are usually don't care to admit it, this makes "My Jihad" a rare thing indeed. On top of that, Collins offers a grunt's-eye view of the underground world of the mujahedin: the training camps, the motley platoons fighting away in various global hot spots, the smooth-talking organizers gathering fighters, funds and arms in Western cities. Then there's the FBI and the CIA; finally repelled by Islamist terrorism, Collins wound up working for both agencies for several years during which they earned his implacable contempt.
"My Jihad"
By Aukai Collins
The Lyons Press
257 pages
Nonfiction
As a holy warrior, Collins picked his battles well, at least by his own (unverified) account. Except for a very brief interlude on the Pakistan/Kashmir border, he fought in places where Muslims were clearly the abused parties at the hands of non-Muslim persecutors: in Kosovo and, especially, in Chechnya, where he witnessed the horrific price the Russian army exacted from the republic for its efforts to achieve independence. (His description of the nearly ruined city of Grozny -- dark, silent and haunted by hungry now-wild dogs -- is especially chilling.) He sees himself as a "have gun, will travel" figure who heads out to battle whenever "a Muslim land is being attacked and Muslims are being killed."
In Collins' version of Islam, fighting jihad is not just the duty of every able-bodied Muslim, but the ultimate fulfillment of the faith. There is, of course, disagreement among Muslims about the precise nature of jihad -- many define it as an internal struggle rather than armed conflict -- just as Christianity encompasses a spectrum that ranges from St. Francis to David Koresh. Collins deplores the Sept. 11 attacks and maintains that "being an Islamic fundamentalist does not mean that you support or engage in terrorism. Fighting jihad as a mujahid doesn't mean that you kidnap people or murder civilians."
During his first expedition overseas in 1993, Collins trained at the Khalid Bin Whalid camp just over the Pakistani border in Afghanistan. The camp was sponsored by Osama bin Laden, among others, and was leveled by U.S. cruise missiles in 1998, in retaliation for the bombing of two U.S. embassies in Africa. Collins never met bin Laden, but he had an invitation to do so when he was working for the CIA and the agency forbade him to do it.
At Khalid Bin Whalid, Collins befriended and, much to the annoyance of the camp's leaders, perpetrated countless frisky and potentially lethal pranks with a man he calls Umar, also known as Ahmed Omar Saeed Sheikh, who was recently convicted and sentenced to death for his role in the killing of Wall Street Journal reporter Daniel Pearl. Back in the day, Omar invited Collins to join him in a "hostage operation" involving British "tourists or journalists" in Kashmir. Collins declined because "the idea of taking hostages ... didn't appeal to me." In short, he kept some nasty company, but says he steered clear of terrorism and concentrated on getting into Chechnya, where civilians were being wantonly bombed and used for target practice by the Russians.
Eventually, Collins became exasperated with the mujahedin organizers he got mixed up with. While cooling his heels in Baku, Azerbaijan, and trying to get back to the action, he was double-crossed, given the runaround and otherwise exposed to the "shady side" of the cause. (Collins attributes much of this shade to Arabs, of whom he has almost as low an opinion as he does of U.S. intelligence agencies.) Collins, who insists he only fought against military targets, was also disgusted by a series of Islamist terrorist attacks on tourists in Egypt in the mid-1990s. Feeling compelled to "defend Islam" against "a bunch of cowards [who] were killing old ladies and kids in the name of jihad," he offered his services to the CIA. He was transferred to the FBI and returned to the U.S., where, according to him, both agencies wasted his time, bogged him down in red tape, disregarded his informed suggestions, endangered his life and wrecked his marriage. (His first marriage. At 21, Collins married a second wife, a 16-year-old Chechen woman, whom he spends much of the book trying to extract from the republic.)
Did Collins' sense of religious devotion compel him to go to war, or did Islam give him a channel for his martial fervor? The latter, I think. "My Jihad" is an ode to the intoxication of battle; "I'd never felt so alive," he writes many times in describing the thrill of it. "This was real. There wasn't any other way than this." Patrolling in Kosovo, he feels "aware of every sound and movement. Everything becomes sharper and clearer ... Most fools love war until they experience it. On that day I realized that I was among the strange few who knew war and loved it nonetheless." Many of the mujahedin Collins meets fall into this category, and Islam gives him and them a moral framework for consummating that love.
http://www.salon.com/books/review/2002/07/17/myjihad/
Or is that the same guy as the other one?
US Corp Bonds-Spreads narrow after jobs report
Friday April 2, 6:12 pm ET
By Dan Wilchins
NEW YORK, April 2 (Reuters) - U.S. corporate bond spreads tightened on Friday, after a blowout jobs report gave investors hope that the economy was in full recovery mode, and that corporate profits should continue to grow at a strong pace.
The Labor Department said on Friday that payrolls outside of the agricultural sector surged by 308,000 jobs in March, the biggest increase in nearly four years and well above the 103,000 expected on Wall Street.
The report slammed bond prices in general, leading the 10-year Treasury yield (US10YT=RR) to stage its biggest one-day rise since the Long-Term Capital Management crisis in 1998.
But corporate bonds spreads tightened, and stocks rose, as investors focused on the extent to which rising employment should help spur spending and boost profits.
Spreads opened dramatically tighter, but gave back a good part of their initial gains during the session as investors fretted more about how soon the Federal Reserve would hike rates.
"This report is still good news for corporates," said Edward Marrinan, a high-grade corporate bond strategist at J.P. Morgan in New York.
If the Fed raises rates in November, as J.P. Morgan economists are forecasting, corporate spreads could still have a few quarters of solid performance, as investors focus on the likelihood of improving profits, Marrinan said.
In the new issue market on Friday, NTL (NasdaqNM:NTLI - News), Britain's largest cable operator, sold an 800 million sterling equivalent deal with dollar, euro, and sterling tranches.
The $425 million 10-year note, which cannot be bought back for five years, was priced at par to yield 8.75 percent. The notes are being issued through a subsidiary, ntl Cable Plc.
In the secondary market, spreads on Sun Microsystems Inc.'s (NasdaqNM:SUNW - News) notes maturing in 2009 with a 7.65 percent coupon jumped as high as 2.2 percentage points, before coming back in to 2 percent, about unchanged on the day.
The company announced on Friday that its quarterly loss would be wider than current Wall Street estimates, but also announced that it had resolved its bitter anti-trust battles with Microsoft Corp. (NasdaqNM:MSFT - News), and planned to cooperate more closely with the Redmond, Washington-based behemoth.
The Microsoft settlement will result in payments of $2 billion to Sun Micro, which exceeds the size of Sun's outstanding debt.
Tyco International Ltd. (NYSE:TYC - News) debt, meanwhile, was little moved by news that the corruption trial of two former executives ended in a mistrial.
Spreads on most of the company's bonds narrowed about 0.05 percentage points, in line with the market, traders said.
"People care about the company, not the trial," a trader said.
Hands-Down Gamble With FuelCell
Tuesday March 9, 1:18 pm ET
By Seth Jayson
Investing in the future requires a great degree of "intestinal fortitude," as our high-school gym teacher used to refer to it. Though FuelCell Energy (Nasdaq: FCEL - News) is taking baby steps forward, it takes gutsy investors to hang on to a firm with a market cap approaching $700 million and trailing sales of $37 million.
The company released first-quarter numbers today, and fans of simple investing metaphors will be happy to know that the glass is half empty and half full. On the full side, FuelCell made a smart move acquiring Global Thermoelectric, which expands the range of FuelCell's power technology. FuelCell continues to fill orders for interesting applications, including plants to power wastewater treatment facilities, which can run on the local methane. In other good news, fourth-quarter revenues were up 29% over the same period last year.
On the empty side: Half of revenue came in as a result of the recent acquisition. Without that increase, sales would have sagged 28%. The red ink at the bottom line totaled $0.59 per share, a bigger loss than last year's $0.41. However, management pointed out that, disregarding the November acquisition of Global Thermoelectric, the loss would have been a narrower $0.33 per share. (Of course, if acquisitions become a regular thing, investors might want to rewrite these as normal costs in their mental accounting.)
Of course, you can't sustain operating losses and buy complimentary companies without some cash or stock to swap, so FuelCell pulled a few million shares off the paper-towel dispenser (Remember that Simpson's Internet-stock bit?), diluting the existing share pool by 21%.
While fuel cell stocks are off their sky-high valuations at the turn of the millennium (what stocks aren't?), FuelCell is nearly a triple today off the one-year low. And there's plenty of competition, including other small outfits like Plug Power (Nasdaq: PLUG - News) and Ballard Power (Nasdaq: BLDP - News), though their recent results were nothing to write home about. Possibly more dangerous is the fact that the smell of money has awakened sleeping giants, among them Dow Chemical (NYSE: DOW - News) and General Motor (NYSE: GM - News).
Given the increasing competition and continued cash burn, FuelCell investors would be wise to view the stock as a calculated speculation and place their chips accordingly.
Plug Power Fizzles
By Brian Gorman
February 26, 2004
Investors continued to bid down shares of Plug Power (Nasdaq: PLUG) today, with shares off more than 9% on top of yesterday's 7% drop. The fuel-cell developer reported Wednesday that its revenues ran out of juice in the fourth quarter, declining to $3 million -- a 12% year-over-year drop.
Like the shares of competitors Ballard Power Systems (Nasdaq: BLDP) and FuelCell Energy (Nasdaq: FCEL), Plug Power's stock has had quite a ride over the years. After spiking to around $150 in 2000, the stock plummeted to about $3 in 2002, before bouncing back to its current level of around $7. It's clear that investors continue to wrestle with the proper valuation for this company. Its technology seems to hold promise, but its ultimate success is far from certain.
One of the more telling aspects of Plug Power's results was that while total revenues for full-year 2003 grew 6%, product and service revenue actually declined 20%. Increased research and development contract revenue from government partners and Honda Motor Co. (NYSE: HMC) made up the difference and accounted for the rise in the top line.
Plug Power's alliances are important for the company's long-term success. But the revenue mix suggests that the firm is becoming more reliant on alliance money, rather than moving toward greater independence and eventual profitability from increased product sales.
Plug Power also went to lengths to stress that it improved its cash position, and that it's reducing cash used in operating activities. While more cash is certainly good, and the firm should strive to operate as efficiently as possible, cutting back on operating expenses when sales are flagging seems odd. Of course, the market for fuel cells is still very limited, so any sales increase would be small and largely symbolic of future market share. Still, Plug Power needs to spend ample sums to stay visible and carve out as large a position as possible, so when fuel cells do take off, it can be a leader.
In fact, success in this industry will probably require lots of spending over many years. Plug Power currently has approximately 10 years' worth of cash based on its current burn rate, but even this may not be enough. Utilities don't appear ready to give up on the traditional power grid system anytime soon, and the rise of hybrid vehicles makes it likely that a true "hydrogen economy" is at least a decade, and probably two or more, away.
These factors, coupled with the emergence of automakers and other established firms as competitors, mean Plug Power and other fuel-cell outfits need to be big and cash-rich to survive and compete. Consolidation seems to be the best way to achieve these ends, and Plug Power took a stab at this by buying competitor H Power. Nonetheless, this sector seems ripe for more M&A.
By W.D. Crotty
February 17, 2004
Today's earnings report out of Ballard Power (Nasdaq: BLDP) did little to further hopes that fuel cell companies will soon recapture their past glory. Revenue decreased and net losses increased from last year's fourth quarter. The company also forecast declining revenue and increased cash consumption for 2004.
If there was a bright side to 2003, it's that Ballard shipped fuel cell engines to partners DaimlerChrysler (NYSE: DCX) and Ford (NYSE: F), and fuel cells to Honda (NYSE: HMC). It is that momentum that keeps investors interested.
The company also cut its cash burn to $39.9 million for the year -- a 66% decrease. Even with $278 million on the balance sheet, cash consumption will be closely watched because profitable fuel cell commercialization is still years away.
Meanwhile, the fervor over fuel cell stocks has flickered, and Ballard, a high-flier that peaked at $144.94 in March 2000, opened at $11.55 today. Even financial partners have lost their lust for fuel cells. Last March, FirstEnergy (NYSE: FE) exchanged its interest in Ballard's stationary power generator business for Ballard stock.
As Alyce Lomax reported last week, General Motors (NYSE: GM) is developing a stationary fuel cell to power a manufacturing plant. GM is also focusing on the transportation market that once powered Ballard's stock into the stratosphere. Clearly, Ballard has to contend with some big-name competition.
As it stands, Ballard owes its $1.3 billion market cap largely to the strength of its partnerships and its strong patent position. All the same, without profits on the horizon, waiting for Ballard to return to glory requires a leap of faith.
Dow and GM's Power Play
By Alyce Lomax
February 11, 2004
Ready to party like it's 1999? A news item hit the wires yesterday evening that might remind investors of a different place and time. Dow Chemical (NYSE: DOW) and General Motors (NYSE: GM) announced they'd joined forces to power a plant using fuel-cell technology. It's being touted as the largest commercial venture of its kind to date.
Conspicuously missing are the companies that were once the usual suspects in fuel cells -- names like FuelCell Energy (Nasdaq: FCEL) and Plug Power (Nasdaq: PLUG). While those stocks generated excitement several years ago, the possibility loomed that bigger companies with a financial incentive toward development would really make the sector move.
Through the deal, Dow provides the hydrogen -- a byproduct of its chemical plant -- while GM provides the fuel cells to generate electricity. The initial fuel cell will generate 75 kilowatts of power, which is enough to power up 50 homes. Going forward, the two companies plan to install 400 such fuel cells to generate 35 megawatts of electricity -- enough for 75,000 homes, or 2% of the energy needed to power Dow's Texas site.
The interest in fuel-cell technology should come as no surprise. The Bush administration's fiscal 2005 budget included more funds allocated to hydrogen fuel initiatives, in a nod to the idea of reducing the need for foreign oil.
It's important to GM, though, given the company's interest in developing fuel-cell technology for cars. Most of the big auto makers see the writing on the wall when it comes to the traditional internal combustion engines. Ford Motor (NYSE: F), Toyota Motor (NYSE: TM), and DaimlerChrysler (NYSE: DCX) are all working on using fuel cells in automobiles.
The deal is expected to bring the cost of fuel cells down, as GM tries to reach its goal of producing such a car by 2010. However, as W.D. Crotty said recently, GM's work in fuel cells and hybrids may be interesting to follow, but won't garner much of a financial benefit for a long time to come.
In other words, while building for the future is always smart, the future isn't now, yet. We may all see the "hydrogen economy" in our lifetimes, but there's still plenty of time to watch the space.
DHS HOSTS TWO-DAY WORKSHOP ON
Strategies for the Detection of Low Vapor Pressure Chemicals
The Homeland Security Advanced Research Projects Agency (HSARPA) is sponsoring a two-day workshop to discuss Detection Strategies for Low Vapor Pressure Chemicals. HSARPA is looking for input in a dialogue which will help HSARPA refine a potential solicitation in this area, which is anticipated to be announced shortly after the workshop.
To this end, we invite potential attendees to submit a one-page abstract providing the following information: (1) your name and what organization you are representing; (2) what your special contributions to this discussion might be; and (3) why you should be considered for participation. Based upon these one-page submissions, HSARPA will then select potential speakers for the workshop. These speakers will be asked to submit a two-page speaker's abstract summarizing their presentation. Depending on the level of interest, HSARPA may need to limit the number of presentations.
Areas of interest during this workshop include, but are not limited to:
• Pre-concentration of samples prior to analysis
• Large Volume Samplers
• Short Range Detectors (range<3 m.)
• Long range (Stand-off) Detection (range>3m.)
PLEASE NOTE: Abstracts and presentations will be shared among the attendees and the general public. It is the responsibility of the speaker to ensure that the submitted material covers only information suitable for sharing with a general audience. The organizers of this workshop are not responsible for safeguarding any proprietary information that appears in the abstracts and presentations.
In addition, the submission deadline for abstracts has been extended to 5 March. Please contact Chad Sokolowski or Donna Blanger for any further questions.
Hosts: William S. Rees, Ph.D. (william.rees@dhs.gov)
When: April 6-7, 2004
(this event which was originally scheduled for March 11-12, 2004 was postponed due to scheduling conflicts)
Where:
Sheraton National Hotel
900 S. Orme Street
Arlington, Virginia 22204
Phone: (703) 521-1900
Fax: (703) 271-6626
Reg Fee: $100.00
Register On-Line at https://eNSTG.com/Signup/passthru.cfm?RT123=DHS59480
Abstract Submission: Submission instructions can be found on-line at registration website (see link above).
For additional information: Administrative Contact:
Donna Blanger, CMP
Phone 703-465-5717
Fax 703-525-3754
blanger_donna@bah.com
Technical Contact: Chad Sokolowski
Phone: 202-772-9567 or 703-465-2626
Fax: 202-772-9720
E-mail: sokolowski.chad@bah.com or Chad.Sokolowski@associates.dhs.gov
Ballard Power Systems and Sanmina-SCI Announce Intent to Commercialize Fuel Cell-Based Backup Power Systems for the Telecommunications Industry
For Immediate Release – March 24, 2004
Vancouver, Canada - Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) and Sanmina-SCI Corporation, one of the world’s premier enclosure contract manufacturers, have entered into a Sales, Marketing and Product Development memorandum of understanding. Ballard and Sanmina-SCI will work together to commercialize and sell fuel-cell based backup power systems for the telecommunication industry. The system comprises Ballard’s Nexa® RM Series fuel cell modules in a Sanmina-SCI manufactured outdoor enclosure. Ballard and Sanmina-SCI introduced their relationship at CTIA Wireless 2004, the largest telecommunications tradeshow in North America, in Atlanta, Georgia from March 22 – 24.
“A recent New York State Department of Public Utilities report recommended that wireless carriers examine the use of fuel cells for backup power as a result of the power blackout of August 2003. That blackout saw 30 per cent of cell sites lose backup power within 12 hours,” said Ross Witschonke, Ballard’s Vice President, Sales and Marketing. “The Nexa® RM Series fuel cell system has strong performance attributes, such as extended run capability, that add tremendous value to the telecommunication industry for backup power applications. Ballard and Sanmina-SCI are able to deliver fuel cell solutions today.”
Fuel cell backup power offers several advantages over incumbent backup power technologies:
• Lower life cycle costs due to long design life and limited maintenance
• Few moving parts, automated exercising and remote monitoring enable improved reliability and durability
• A wide operating temperature range (-40 to +460C) in comparison to batteries
• Extended run capability during lengthy blackout periods
• Reduced footprint and weight
• A modular configuration – power outputs in 1 kW, +/- 24 V DC increments
• Safe environmental operation and zero harmful emissions
• N+1 redundancy capability for specific market requirements
The outdoor enclosure manufactured by Sanmina-SCI makes it easy to site Ballard’s fuel cell power system outdoors, thereby freeing up revenue generating indoor footprint. The enclosure is designed to withstand the rigours of harsh environments while providing the optimal internal operating conditions and by-product management.
“This arrangement truly leverages the strengths of our companies – Ballard’s fuel cell technology with Sanmina-SCI’s enclosure expertise and market presence. We are excited about the potential of this team,” said Robert Bergey, Senior Vice President, Global Manufacturing and Technology, Sanmina-SCI.
For investor information,
For media information,
For product information,
Ballard Power Systems Inc.
please contact:
please contact:
please contact:
4343 North Fraser Way
Michael Rosenberg
Media Relations
Marketing Department
Burnaby, British Columbia
t) 604.412.3195
t) 604.412.4740
t) 604.453.3520
Canada V5J 5J9
f) 604.412.3100
f) 604.412.3100
f) 604.412.3100
t) 604.454.0900
investors@ballard.com
media@ballard.com
marketing@ballard.com
f) 604.412.4700
www.ballard.com
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The Nexa® RM Series is based on Ballard’s Nexa® power module platform. Ballard commercially launched the Nexa® power module in 2001 and since then has delivered hundreds of units to customers in 20 countries. The Nexa® power module has proven its reliability through hundreds of thousands of hours of operation. For more information on the Nexa® RM Series, please visit Ballard’s website at www.ballard.com.
This release contains forward-looking statements that are based on the beliefs of Ballard’s management and reflect Ballard’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. When used in this release, the words “estimate”, “project”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may”, “should”, “will”, the negative of these words or such other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of Ballard with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in those forward-looking statements.
Sanmina-SCI Corporation (NASDAQ: SANM) is a leading electronics contract manufacturer serving the fastest-growing segments of the global electronics manufacturing services (EMS) market. Recognized as a technology leader, Sanmina-SCI provides end-to-end manufacturing solutions, delivering unsurpassed quality and support to large OEMs primarily in the communications, defense and aerospace, industrial and medical instrumentation, computer technology and multimedia sectors. Sanmina-SCI has facilities strategically located in key regions throughout the world. Information about Sanmina-SCI is available at www.sanmina-sci.com.
Ballard Power Systems is recognized as the world leader in developing, manufacturing and marketing zero-emission proton exchange membrane fuel cells. Ballard is commercializing fuel cell engines for transportation applications and fuel cell systems for portable and stationary products. Ballard is also commercializing electric drives for fuel cell and other electric vehicles and power conversion products, and is a Tier 1 automotive supplier of friction materials for power train components. Ballard’s proprietary technology is enabling automobile, bus, electrical equipment, portable power and stationary product manufacturers to develop environmentally clean products for sale. Ballard is partnering with strong, world-leading companies, including DaimlerChrysler, Ford, EBARA, ALSTOM and FirstEnergy, to commercialize Ballard® fuel cells. Ballard has supplied fuel cells to Honda, MGE UPS SYSTEMS, Mitsubishi, Nissan, and Volkswagen, among others.
Ballard, the Ballard logo, Nexa and Power to Change the World are registered trademarks of Ballard Power Systems Inc.
http://www.sec.gov/Archives/edgar/data/933777/000110465904008458/a04-3870_1ex99d1.htm
NOTE 5: COMMON STOCK
During January 2003, the Company issued 520,000 shares of its common stock
to unrelated third parties in exchange for public relations and business
planning services. The market value of the common stock on the transaction
date was $.08 per share. Stock-based compensation expense of $41,600 was
recognized in the accompanying financial statements for the three and nine
months ended September 30, 2003.
On January 17, 2003, the Company sold 285,715 shares of its common stock
for $10,000 ($.035 per share).
On January 30, 2003, the Company sold 500,000 shares of its common stock
for $20,000 ($.04 per share).
On February 21, 2003, the Company sold 395,358 shares of its common stock
for $15,000 ($.04 per share).
On March 18, 2003, the Company sold 125,000 shares of its common stock for
$5,000 ($.04 per share).
On March 31, 2003, the Company sold 333,333 shares of its common stock for
$10,000 ($.03 per share).
On April 15, 2003, the Company sold 2,000,000 shares of its common stock
for $50,000 ($.025 per share).
On April 23, 2003, the Company sold 666,664 shares of its common stock for
$20,000 ($.03 per share).
On April 30, 2003, the Company sold 333,333 shares of its common stock for
$10,000 ($.03 per share).
During April 2003, the Company issued 219,000 shares of its common stock to
unrelated third parties in exchange for public relations and other
consulting services. The market value of the common stock on the
transaction date was $.03 per share. Stock-based compensation expense of
$6,570 was recognized in the accompanying financial statements for the
three and nine months ended September 30, 2003.
On May 28, 2003, the Company sold 500,000 shares of its common stock for
$15,000 ($.03 per share).
During May 2003, the Company issued 25,000 shares of its common stock to an
unrelated third party in exchange for consulting services. The market value
of the common stock on the transaction date was $.03 per share. Stock-based
compensation expense of $750 was recognized in the accompanying financial
statements for the three and nine months ended September 30, 2003.
On June 6, 2003, the Company sold 799,997 shares of its common stock for
$23,500 ($.03 per share).
On June 30, 2003, the Company sold 283,332 shares of its common stock for
$8,500 ($.03 per share).
During June 2003, the Company issued 25,000 shares of its common stock to
an unrelated third party in exchange for consulting services. The market
value of the common stock on the transaction date was $.03 per share.
Stock-based compensation expense of $750 was recognized in the accompanying
financial statements for the three and nine months ended September 30,
2003.
7
<PAGE>
On July 22, 2003, the Company sold 250,000 shares of its common stock for
$5,000 ($.02 per share).
During July 2003, the Company issued 216,375 shares of its common stock to
unrelated third parties in exchange for web development and other
consulting services. The market value of the common stock on the
transaction date was $.04 per share. Stock-based compensation expense of
$8,655 was recognized in the accompanying financial statements for the
three and nine months ended September 30, 2003.
On September 23, 2003, the Company sold 1,050,000 shares of its common
stock for $22,500 ($.02 per share).
http://www.sec.gov/Archives/edgar/data/1081260/000120095203000974/her_10qsb-31205.txt
NOTIFICATION OF LATE FILING
(Check One): [X] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[ ] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: December 31, 2003
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
-------------------------
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS
VERIFIED ANY INFORMATION CONTAINED HEREIN.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates: (Not applicable).
PART I -- REGISTRANT INFORMATION
HYDRO ENVIRONMENTAL RESOURCES, INC.
-------------------------------------------------------------------------------
Full Name of Registrant
Former Name if Applicable
2903 N.E. 109th Street, Suite D
Address of Principal Executive Office
Vancouver, Washington 98682
City, State and Zip Code
Tylko kiedy beda pieniadze?
W piatek 17 stycznia 2003, Najwyzszy Sad Prowincji British Columbia w Wiktorii, Kanada, decyzja sedziego SN Allena Melvina, uznal w calosci zadania polskiej spoldzielni rolniczej Hod Impex, wzgledem Advance Capital Services Corp. i jej wlascicielowi Robertowi Palmowi. Suma odszkodowania wynosi US 37 milionow dolarow, chociaz polskiej spolce przysluguje wiecej niz 50 milionow.
Orzeczenie zamyka ponad dziesioletnia sprawe, wytoczona w 1993 przez Hod Impex, tyczaca oszustwa jakiego dopuscil sie Palm i jego firma, wzgledem polskiej spolki. Ze wzgledu jednak na fakt, ze Jason Dallas, jego wspolpracownik, rownoczesnie wspolwlasciciel firmy odsiadywal wyrok w Polsce, wyrok zostal orzeczony tylko w stosunku do Roberta Palma, z tytulu odpowiedzialnosci cywilnej za popelnione oszustwa.
W 1991 roku, Robert Palm- jako duchowny pentakostalny , wystepujacy w imieniu "grupy chrzescijanskich biznesmenow" i Jason Dallas, wystapili do Hod Impex z oferta eksportowa do Rosji polskich produktow rolnych w ramach akcji humanitarnej, na ogolna sume US 300 milionow. Na pokrycie swojej oferty zakupu, Palm przedlozyl dokumenty bankowe z United National Republican Bank, wykazujace pokrycie bankowe w wysokosci US 188 miliardow dolarow. Na sam poczatek, Hod Impex wyeksportowal produktow rolnych za sume 37 milionow, co mialo byc poczatkiem umowy. Przez kolejne dwa lata, spolka nie otrzymala ani centa zaplaty za dokonany eksport. W 1993 roku, oddano sprawe do sadu.
Jak wykazaly pozniejsze dochodzenia, wspomniany bank istnial tylko na papierze, zas jego szefem byl sam Palm. Okazalo sie nadto, ze zaledwie po roku istnienia banku, nie mozna bylo znalezc ani grosza, zas Palm nie potrafil wiarygodnie udowodnic znikniecia wkladow. Nadto bank nie posiadal zadnej licencji uprawniajacej do jego dzialanosci.
Sedzia w slownym uzasadnieniu wyroku, kilkakrotnie podkreslil "sliskosc, kretactwo, klamstwo, wszystko wystepujace na porzadku dziennym u Roberta Palma....Sluchanie wywodow lub tlumaczen Palma, oraz branie ich za dobra monete, bylo niczym innym, jak proba z jego strony ponizenia czyjejs inteligencji. Robilo sie niedobrze"- zakonczyl sedzia.
Jerzy Winski, prawnik Hod Impex, nie jest jednak az tak zadowolonym z orzeczenia. "Przede wszystkim nie jest wiadomym dokladnie, gdzie jest w tej chwili Palm, jego telefon nie znajduje sie na liscie abonentow Victorii, nie wiadomo tez, czy Palm jest wyplacalna osoba"--konczy polski prawnik. [The Province,19/01/2003]
(W. Głowacki,Prawy.pl)
http://www.iyp.org/forum/read.php?f=1&t=4846&a=1
Form 10QSB for HYDRO ENVIRONMENTAL RESOURCES INC
--------------------------------------------------------------------------------
19-Aug-2003
Quarterly Report
ITEM 2. PLAN OF OPERATION
HYDRO ENVIRONMENTAL RESOURCES, INC.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of federal securities laws. These statements plan for or anticipate the future. Forward-looking statements include statements about our future business plans and strategies, statements about our need for working capital, future revenues, results of operations and most other statements that are not historical in nature. In this Report, forward-looking statements are generally identified by the words "intend", "plan", "believe", "expect", "estimate", "could", "may", "will" and the like. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statues or regulations, the Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise. Because forward-looking statements involve future risks and uncertainties, these are factors that could cause actual results to differ materially from those expressed or implied.
We plan to satisfy our cash requirements, over the next twelve months, through cash infusions from our officers and principal shareholders, in exchange for restricted stock. However, we will need to raise additional capital in the next twelve months. Our management is considering the following options:
(a) a private offering and sale of our common stock; (b) a public offering and sale of our common stock; (c) a combination of private and public sale of our common stock; (d) debt financings from officers, shareholders and unrelated third parties.
As of June 30, 2003, all cash infusions from the former president and other related parties have been classified as liabilities in the accompanying condensed balance sheet.
A summary of our product research and development for the term of the plan is as follows:
We have performed research on the recovery and reconstruction of compounds used by the ECHFR to produce hydrogen. It is estimated that over 40 percent of these patented-formula compounds can be reused, possibly lowering the cost of production by as much as 25 percent. In addition, there are several potentially profitable by-products created by the ECHFR that we could market worldwide, such as:
(a) An on-site power plant could possibly be designed for particular needs where electricity and/or gas are necessary to process cooking oil; and
(b) In the treatment of wastewater at abandoned mine sites and other wastewater dumps or quarries, the ECHFR could possibly operate the process by creating power from the actual wastewater to be treated
Subject to the implementation and success of one or more of the financing options discussed above, we plan to expand our capabilities to include commencing production during 2002. Once we have commenced production, we plan to hire two to three additional technical personnel.
PART 1. FINANCIAL INFORMATION
ITEM 3. CONTROLS AND PROCEDURES
HYDRO ENVIRONMENTAL RESOURCES, INC.
(a) Evaluation of disclosure controls and procedures
We maintain controls and procedures designed to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Based upon their evaluation of those controls and procedures performed within 90 days of the filing date of this report, our chief executive officer and the principal financial officer concluded that our disclosure controls and procedures were adequate.
(b) Changes in internal controls
There were no significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the date of the evaluation of those controls by the chief executive officer and principal financial officer.
Form 10QSB for HYDRO ENVIRONMENTAL RESOURCES INC
--------------------------------------------------------------------------------
5-Dec-2003
Quarterly Report
ITEM 2. PLAN OF OPERATION
HYDRO ENVIRONMENTAL RESOURCES, INC.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of federal securities laws. These statements plan for or anticipate the future. Forward-looking statements include statements about our future business plans and strategies, statements about our need for working capital, future revenues, results of operations and most other statements that are not historical in nature. In this Report, forward-looking statements are generally identified by the words "intend", "plan", "believe", "expect", "estimate", "could", "may", "will" and the like. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statues or regulations, the Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise. Because forward-looking statements involve future risks and uncertainties, these are factors that could cause actual results to differ materially from those expressed or implied.
We plan to satisfy our cash requirements, over the next twelve months, through cash infusions from our officers and principal shareholders, in exchange for restricted stock. However, we will need to raise additional capital in the next twelve months. Our management is considering the following options:
(a) a private offering and sale of our common stock; (b) a public offering and sale of our common stock; (c) a combination of private and public sale of our common stock; (d) debt financings from officers, shareholders and unrelated third parties.
As of September 30, 2003, all cash infusions from the former president and other related parties have been classified as liabilities in the accompanying condensed balance sheet.
A summary of our product research and development for the term of the plan is as follows:
We have performed research on the recovery and reconstruction of compounds used by the ECHFR to produce hydrogen. It is estimated that over 40 percent of these patented-formula compounds can be reused, possibly lowering the cost of production by as much as 25 percent. In addition, there are several potentially profitable by-products created by the ECHFR that we could market worldwide, such as:
(a) An on-site power plant could possibly be designed for particular needs where electricity and/or gas are necessary to process cooking oil; and
(b) In the treatment of wastewater at abandoned mine sites and other wastewater dumps or quarries, the ECHFR could possibly operate the process by creating power from the actual wastewater to be treated
Subject to the implementation and success of one or more of the financing options discussed above, we plan to expand our capabilities to include commencing production during 2004. Once we have commenced production, we plan to hire two to three additional technical personnel.
PART 1. FINANCIAL INFORMATION
ITEM 3. CONTROLS AND PROCEDURES
(a) Evaluation of disclosure controls and procedures
We maintain controls and procedures designed to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Based upon their evaluation of those controls and procedures performed within 90 days of the filing date of this report, our chief executive officer and the principal financial officer concluded that our disclosure controls and procedures were adequate.
(b) Changes in internal controls
There were no significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the date of the evaluation of those controls by the chief executive officer and principal financial officer.
HyperDynamics Raises over $5.5MM This Quarter
Monday March 29, 9:01 am ET
Company Files 8K Disclosing Material Event
HOUSTON--(BUSINESS WIRE)--March 29, 2004--HyperDynamics Corporation (OTCBB:HYPD - News) announced that since January 1, 2004, the company has raised $5,545,614 by agreeing to issue 7,172,090 restricted 144 shares to private accredited investors. The Company has filed form 8K with the Securities and Exchange Commission disclosing this material event. These restricted shares have no registration rights and can only be sold under Rule 144 after a one-year holding period. The shares were sold at a discount to market ranging approximately from 30 to 50 percent discount on the date of commitment. The private subscriptions also included 3,105,900 warrants for restricted common stock with an option price of $2.00 per share. Exercise of these warrants would produce $6,211,800 in additional capital for the company.
Kent Watts, Chairman and CEO, said, "These new funds dramatically enhance our financial position. I believe that one result will be the elimination of the 'going concern' paragraph when the next audit is completed." He further stated, "Having these funds available gives us greater operating options and flexibility as we move forward."
About HyperDynamics
HyperDynamics is a provider of integrated information technology services. HyperDynamics' wholly owned subsidiary, SCS Corporation, develops geophysical data services for the oil and gas industry including its integrated SCS NuData(SM) services while its number one focused priority is exploring and developing new regions of Africa for energy production.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein that are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the company filings with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Contact:
HyperDynamics Corp.
Kent Watts, 713-353-9400
kent@hypd.com
or
Stock Enterprises, Inc. (Investor Relations)
Jim Stock, 702-274-5400
--------------------------------------------------------------------------------
Source: HyperDynamics Corporation
Official: Attash 'will know future al Qaeda plans'
Thursday, May 1, 2003 Posted: 6:58 AM EDT (1058 GMT)
The attack on the USS Cole killed 17 of its crew.
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Story Tools
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VIDEO
A top al Qaeda operative believed to have played roles in the September 11, 2001, attacks and the bombing of the USS Cole was arrested in Pakistan. CNN's David Ensor reports (May 1)
PLAY VIDEO
SPECIAL REPORT
• Interactive: The hunt for al Qaeda
• Audio slide show: Bin Laden's audio message, 2/03
• Terror warning system
• Special report: Terror on tape
• Special report: War against terror
WASHINGTON (CNN) -- President Bush Wednesday hailed what he called a "major, significant find" in the war against terrorism -- the arrest in Pakistan of a top al Qaeda operative believed to have played roles in the September 11, 2001, attacks and the bombing of the USS Cole.
Whalid ba Attash, also known as Tawfiq bin Attash or Khallad, was arrested Tuesday along with five other suspected al Qaeda members in a police raid in the port city of Karachi, Pakistan's Information Ministry said.
"He's a killer. He was one of the top al Qaeda operatives," Bush said at the White House. "He was right below Khalid Shaikh Mohammed on the organizational chart of al Qaeda. He is one less person that people who love freedom have to worry about."
A senior Pakistani officer, who did not want to be named, said that when authorities arrested the six men, they were planning to attack the U.S. consulate and other government installations in Karachi.
Pakistani authorities identified Attash as a Yemeni national and said his arrest averted a "major terrorist attack."
Police found 150 kilograms (330 pounds) of high explosives and a large quantity of guns and ammunition when he was arrested, the Information Ministry said.
Bush praised Pakistan for its role in apprehending Attash and said the coalition is winning the war on terror.
"When al Qaeda came and killed Americans, there was only one way to deal with them: That was to hunt them down, find them and bring them to justice," Bush said. "The war goes on."
U.S. officials also believe Attash was the mastermind of the Cole bombing, which killed 17 U.S. sailors October 12, 2000.
One U.S. official said Attash -- once a bodyguard to al Qaeda leader Osama bin Laden -- "will know about future al Qaeda plans."
Attash is believed to be "very close" to bin Laden and served as an intermediary between Khalid Shaikh Mohammed, the September 11 plot's mastermind, and some of the hijackers.
The September 11 attacks on New York and Washington and Pennsylvania killed more than 3,000 people and triggered the U.S. war to oust al Qaeda from Afghanistan, where Attash is believed to have lost a leg in combat.
No U.S. officials were present at the time of his capture, though officials in Washington said U.S. intelligence provided "information that may have been helpful" in the operation.
CNN National Security Correspondent David Ensor and Producer Syed Mohsin Naqvi contributed to this report.
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British Columbia Securities Commission
Chapter 2 - Hearing Decisions
Weekly Summary, Edition 89:125
Indexed as:
Greenwell Resources Corp. (Re)
IN THE MATTER OF the Securities Act, S.B.C. 1985, c. 83
AND IN THE MATTER OF Greenwell Resources Corporation
AND IN THE MATTER OF Harold Dale Baker and Thomas Rodney
Irving
Decision and Reasons
D.M. Hyndman, E.L. Lien, J.P.H. McCall
Heard: November 22, 1988
Decision: June 19, 1989
COUNSEL:
Boris W. Tyzuk, for the Superintendent of Brokers.
Kenneth W. Ball, for Harold Dale Baker.
Douglas R. Garrod, for Thomas Rodney Irving.
DECISION AND REASONS:-- The matters that were the subject of this hearing were first set out in a Notice of Hearing dated July 29, 1988. In this notice the Superintendent of Brokers sought an order under section 145 of the Securities Act (the "Act") to remove the trading exemptions of Harold Dale Baker ("Baker"), the corporate secretary of Greenwell Resources Corporation ("Greenwell"), and Thomas Rodney Irving ("Irving"), a director of Greenwell. The Commission was asked to determine whether, in connection with purchases of Greenwell's shares, Baker and Irving had breached section 68(1) of the Act, which prohibits a person in a special relationship with a reporting issuer from purchasing or selling securities of the issuer with knowledge of a material fact or material change in its affairs that he knows or ought reasonably to know has not been generally disclosed.
In an Amended Notice of Hearing dated October 26, 1988, the Commission was asked to consider whether a sale of Greenwell shares by Baker was also in breach of section 68(1). The Superintendent also sought additional orders in the Amended Notice, firstly, that Baker and Irving be prohibited from acting as directors or officers of an issuer under section 145.1 of the Act and, secondly, that they pay the costs of the hearing under section 154.2 of the Act. Sections 145.1 and 154.2 were added to the Act by an amendment which came into force in August 1988.
BACKGROUND
Greenwell was a reporting issuer listed on the Vancouver Stock Exchange ("the Exchange") throughout the period when the critical events took place between October 1986 and August 1987. Greenwell had completed a public financing in September 1986 to raise $194,000, of which $75,000 was spent on a Nevada gold property. Greenwell had three employees at that time.
On October 1, 1986 Greenwell issued a news release stating that a letter of intent had been signed for the acquisition of $100 million of assets in exchange for the issuance of convertible preferred shares (the "Acquisition"), subject to shareholder and regulatory approval. Further news releases confirming the Acquisition were issued on November 17, 1986 and February 12, 1987. These were followed up with a President's Message to Shareholders, dated March 2, 1987, issued in connection with Greenwell's annual meeting. This document provided no more detailed information about the Acquisition than the previous releases, other than to describe the assets as U.S. real estate.
Michael Gilley ("Gilley"), a listings officer at the Exchange, testified that on April 21, 1987 he advised Greenwell verbally that it was in breach of its listing agreement because it had failed to provide a Reverse Takeover Information Statement and back-up documentation in the required 30 days from the date of the letter of intent. This advice was confirmed in a letter from the Exchange dated May 12. Greenwell provided the required documentation to the Exchange on June 12.
The Acquisition contemplated the purchase of U.S. real estate assets, including a large ranch in Texas. Gilley reviewed the proposed transaction and was concerned about the value shown for the ranch. With Greenwell's agreement, the Exchange retained a consultant to review the appraisal reports. A report was received from the consultant on July 27,
In a letter dated July 28 Gilley posed to Greenwell a number of questions regarding the deficiencies he had identified in the Acquisition disclosure documents. Specifically he was concerned because the ranch had been appraised at a value which appeared to be excessive, it was not owned by Advance Capital ("Advance"), the proposed vendor, and it was encumbered with debt approximately equivalent to the appraised value.
Following further communications between Gilley and counsel for Greenwell, Gilley presented the Acquisition to the Exchange's Listings Committee on August 19. In a letter dated August 20 to Sobolewski Anfield, counsel for Greenwell, Don Gordon ("Gordon"), Manager of Policy and Planning for the Exchange, conveyed the Listings Committee's unanimous decision that the submission "be withdrawn from further review as the extent of the deficiencies that remain unresolved is so grave that it is impractical for further detailed comments to be issued by the Vancouver Stock Exchange." It was the Committee's opinion that Greenwell had failed to provide "full true and plain disclosure" of the Acquisition. Greenwell was instructed in the August 20 letter to immediately submit a news release disclosing that the Exchange had withdrawn the Acquisition and setting out Greenwell's plans to either proceed with or withdraw from the Acquisition. This decision is described as "the Initial VSE Position".
Gordon testified that it was the practice of Exchange personnel to phone when letters such as the August 20 letter were available for pick-up. He stated that Sobolewski - Anfield had offices two floors above the Exchange and had two pick-ups each day.
The price of Greenwell's common shares had remained close to $0.30 prior to March 1987. In March, when the annual meeting was held, there was a significant increase in volume and the price rose as high as $2.25. After increasing to $2.60 in May, it declined to $1.11 in June. However, by early August it had increased again to $2.80, dropping back to $2.40 when the Listings Committee held its meeting on August 19.
On August 21, by way of tickets time-stamped between 6:53 a.m. and 9:14 a.m., Baker sold 4,500 shares of Greenwell through his account at Levesque Beaubien Inc. at a price of $2.20 in four trades. According to Baker's August insider report filed with the Commission and dated September 15, these were the first shares he had sold since August 12 and were the last of some 7,500 shares he had owned at the end of July.
After the August 20 letter was issued, officers of Greenwell and Advance did not submit or issue the news release requested by the Exchange but instead contacted the Exchange to register their objection to the Initial VSE Position. As a result Gordon, who was then acting in the temporary capacity of Vice President, Listings, agreed to meet with Greenwell representatives to hear new information that he was told had become available.
The meeting took place during the afternoon of August 25 at the Exchange and was attended by Robert Palm of Advance, Alec Lenec, Baker and Irving from Greenwell and David Anfield of Sobolewski Anfield. Gordon was the only executive officer attending for the Exchange and was accompanied by a secretary to record the proceedings. At the meeting major problems were reviewed but no new information was presented, according to Gordon, who said a tense atmosphere developed and the Greenwell representatives threatened to delist Greenwell from the Exchange. Gordon then suggested an alternate approach which, if adopted, would permit the Exchange to give its approval. He suggested converting the deficiencies identified by the Exchange into risk factors to be included in the disclosure documents. This approach would have had the effect of reversing the decision of the Listings Committee but required the approval of the President of the Exchange. Gordon testified that he had said he would recommend this approach. The immediate response from those present, according to Gordon, was "an audible sigh of relief" and a reduction in tension. The effect of the August 25 meeting was to keep the file open and to breathe new life into the Acquisition. Gordon's alternate approach is described as "the Revised VSE Position."
On August 24 and 25, Greenwell's shares traded at prices between $2.21 and $2.50, closing at $2.30 on August 25. On August 26 the shares traded as high as $3.05 before trading was halted at 8:13 a.m. The last trade was at $2.95, an increase of $0.65 on the day, and 93,400 shares were traded during the short period before the stock was halted. This halt remained in effect until September 8.
One third of the trading on August 26 was accounted for by Baker and Irving. Levesque Beaubien Inc. entered a market buy order for Baker's account for 10,000 Greenwell shares at 6:25 a.m. The order was filled at prices between $2.40 and $2.60. At 6:58 a.m. West Coast Securities Ltd. entered a market buy order for Irving's account for 20,000 Greenwell shares. It was filled at prices ranging from $2.60 to $2.90. Baker reported the purchase of the 10,000 shares in his August insider report. Irving did not include his purchase of 20,000 shares in his August insider report filed September 23, nor in the September report filed on October 28, nor the October report filed on November 16.
Gordon documented the Revised VSE Position in a letter dated August 27 to Sobolewski Anfield. Greenwell subsequently prepared a draft news release dated August 31, which incorporated the elements of the Revised VSE Position. This draft news release was never issued.
When Gordon consulted the President of the Exchange about the Greenwell matter, the President advised him that he was not prepared to accept Gordon's recommendation and that the decision of the Listings Committee should stand. On September 8, 1987 Greenwell issued a news release stating that it had made application to have its shares voluntarily delisted from the Exchange and that it intended to proceed with the Acquisition. Greenwell also said that it was making application to list its shares on the Alberta Stock Exchange.
Trading in Greenwell's shares resumed at the market open on September 8, following the issue of the news release. During the four days of trading which remained in the week, trading volume was higher than it had been since the week ending July 31, 1987 and the closing price was $2.43, a decline of $0.52 from the pre-halt price. The price declined further over the following two weeks and closed at $1.85 on September 25.
DECISION
We have been asked to determine whether Baker and Irving have breached section 68(1) of the Act, which reads in part as follows:
"68(1) No person in a special relationship with a reporting issuer shall
(a) purchase or sell securities of the reporting issuer with knowledge of a material fact or material change in the affairs of the reporting issuer that he knows or ought reasonably to know has not been generally disclosed ..."
We must first determine whether Baker and Irving were in a special relationship with Greenwell.
Section 3(1) of the Act states:
"a person is in a special relationship with a reporting issuer where he ...
(b) is a director, officer or employee of
(i) the reporting issuer ..."
We find that Baker and Irving were in a special relationship with Greenwell, Baker as corporate secretary and Irving as a director.
We will next consider whether the Initial VSE Position was a material fact or material change and, if so, whether Baker contravened section 68(1) when he sold Greenwell securities on August 21. Material change and material fact are defined in section 1 of the Act as follows:
"material change" means, where used in relation to the affairs of an issuer, a change in the business, operations, assets or ownership of the issuer that would reasonably be expected to have a significant effect on the market price or value of any of the securities of the issuer and includes a decision to implement that change made by
(a) senior management of the issuer who believe that confirmation of the decision by the directors is probable, or
(b) the directors of the issuer;
"material fact" means, where used in relation to securities issued or proposed to be issued, a fact that significantly affects, or could be reasonably expected to significantly affect, the market price or value of those securities;
Mr. Tyzuk, counsel for the Superintendent, argued that the Initial VSE Position was a material change. Greenwell's listing agreement with the Exchange requires, in paragraph 6:
"That the Company shall give to the Exchange prompt notice of each proposed material change in the general character or nature or organization of its business, property or affairs, and, without limiting the generality of the foregoing, this shall include:
...
(c) every proposed acquisition or disposition (by one transaction or a series of transactions) of real or personal property at (i) a cost or for a price exceeding $50,000 where the cost or price requires payment in shares ...
The Company shall not proceed with any of the foregoing transactions without the prior acceptance of the Exchange."
The Acquisition certainly required Greenwell to give notice to the Exchange and it did so. Mr. Tyzuk submitted that the Exchange's acceptance or rejection of the Acquisition would affect the assets, operations, business or perhaps the ownership of the issuer and would reasonably be expected to have a significant effect on the market price of Greenwell's shares.
Mr. Tyzuk further submitted that the price of Greenwell's shares, since it began climbing from $0.30 in February to the $2.20 level prevailing in August, had become primarily a function of investor expectations of Greenwell's prospects after the Exchange's approval of the Acquisition. He argued that a rejection of the Acquisition would reasonably be expected to have a significant effect on price.
Mr. Garrod, counsel for Irving, argued that the Initial VSE Position was neither an acceptance nor a rejection of the Acquisition, since the Exchange simply requested Greenwell to withdraw its submission, nor was it a withdrawal on the part of the Exchange. We disagree, and find the meaning of the Exchange's letter of August 20 to be quite clear: "...it was unanimously decided... that the Company's submission be withdrawn from further review..." Although the wording does not accord with that used in Greenwell's listing agreement, which requires that Greenwell shall not proceed with a transaction of this type without the prior acceptance of the Exchange, the Initial VSE Position was clearly a decision not to accept the Acquisition.
Mr. Garrod further argued that the Initial VSE Position was not a material change since it did not result in the issuance of an Exchange notice nor did the Exchange halt trading in Greenwell's shares. No evidence was placed before us that an event such as the Exchange's decision to withdraw the Acquisition from review requires a notice to members. The Exchange's position on halting trading is set out in Greenwell's listing agreement in paragraph 12, which states that at any time and without notice the Exchange may suspend or halt trading in Greenwell's shares. It is evident that the Exchange chose not to exercise its discretion in this case and instead elected to order Greenwell to issue a news release. We do not consider the fact that the Exchange did not issue a notice or halt trading relevant to whether the Initial VSE Position was a material change in the affairs of Greenwell.
The Initial VSE Position was a decision of the Exchange to deny the required regulatory approval for a proposed transaction that was the major business interest of Greenwell. There can be no doubt that the Initial VSE position was a change in the business, operations and assets of Greenwell that would reasonably have been expected to have a significant effect on the market price of Greenwell's securities. We therefore find that the Initial VSE Position was a material change in the affairs of Greenwell.
The Initial VSE Position was communicated to Greenwell's solicitors, Sobolewski Anfield, by a letter dated August 20. By normal practice, the Exchange telephones to advise that such letters are available for pick up by the solicitors. Sobolewski Anfield has offices in the Exchange Tower and normally makes two pick-ups per day. On the morning of August 21, Baker sold all of his remaining shares of Greenwell.
Based on this evidence, we find, on a balance of probabilities that Sobolewski Anfield received the August 20 letter on August 20, that Baker learned of the Initial VSE Position from Sobolewski Anfield on August 20 and that Baker knew, or ought reasonably to have known, that the Initial VSE Position had not been generally disclosed.
We therefore find that, in selling Greenwell shares on the morning of August 21, while he was in a special relationship with Greenwell, Baker breached section 68(1).
Next, we will consider whether Baker and Irving breached section 68(1) when they purchased Greenwell shares on August 26.
The Revised VSE Position was developed by Gordon during the August 25 meeting to provide an alternative approach for dealing with the concerns raised by the Listings Committee. Unlike the Initial VSE Position it was not a decision of the Exchange. To become a decision, it would require the approval of the President of the Exchange.
The importance and potential impact of the Revised VSE Position is clear. Had it been subsequently approved as an Exchange decision it would have allowed Greenwell to proceed with the Acquisition, its major business interest, and would undoubtedly have had a significant effect on the price or value of Greenwell's shares. It is also important to note that Gordon's intention to recommend the Revised VSE Position to the appropriate levels of authority at the Exchange was perceived very positively by those attending the August 25 meeting. We have Gordon's evidence that there was a relaxation of the tension that had been present when the meeting began and a general air of relief. It was evident that the company representatives, Baker and Irving among them, perceived it to be a reversal of their misfortune or, as Gordon put it, as breathing new life into the Acquisition. That the Greenwell representatives saw it as a credible proposal is further evidenced by the draft news release which they proceeded to prepare. This was dated August 31 and contained full disclosure of the matters which Gordon had proposed should be dealt with as risk factors.
Gordon's decision to recommend the Revised VSE Position is critical to our determination. Even though the Revised VSE Position could not be implemented without further approval, the fact that it would be recommended by Gordon, a senior official of the Exchange, would undoubtedly be perceived by the market as a positive development in the attempt to get approval for the Acquisition. It was therefore a fact that could reasonably be expected to significantly affect the market price or value of Greenwell's shares. Accordingly, we find that Gordon's decision to recommend the Revised VSE Position, was a material fact in the affairs of Greenwell.
That Baker and Irving had knowledge of Gordon's decision there can be no doubt. They were in the room and it was the focus of the meeting. Nor can there be any doubt that they knew it had not been generally disclosed when they purchased Greenwell shares during the first hour of trading the very next day.
We therefore find that Baker and Irving, while in a special relationship with Greenwell, purchased its securities with knowledge of a material fact in the affairs of Greenwell which they knew had not been generally disclosed. As a result they breached section 68(1) on August 26.
The Superintendent of Brokers has requested that the Commission issue an order under section 145 of the Act to remove the trading exemptions of Baker and Irving for a period of between two and five years. The Superintendent has also requested that Baker and Irving be removed as officers and directors of all issuers and be prohibited from so acting for a similar period by way of an order under section 145.1 of the Act. In addition the Superintendent sought an order for costs under section 154.2 of the Act.
Counsel for the respondents argued against the imposition of orders under section 145.1 and 154.2 on the ground that the sections came into force after the events that were the subject of the hearing and after the original notice of hearing and, therefore, that the requested orders would be retrospective in effect. The Commission has previously addressed this question in a decision in the matter of Marathon Minerals et al. (British Columbia Securities Commission, Weekly Summary, March 17, 1989, pages 24 to 26). The panel in that hearing decided in similar circumstances to impose orders under section 145.1 on the basis that the purpose of such orders is to protect the public interest, not to penalize past actions. The panel did not impose orders under section 154.2, because it determined that such orders would be unfair in view of the fact that the hearing began before the enactment and coming into force of the new section. There is no such concern in this case, as the hearing began after the amendments came into force and the amended notice of hearing stated that orders would be sought under sections 145.1 and 154.2.
Section 68(1) is one of the key provisions of the Act. It is intended to make the market operate more fairly by prohibiting trading in securities by certain persons having possession of certain information that has not been disclosed to the public. We have found that there were two breaches of section 68(1) by Baker and one by Irving. Although their trading did not involve large sums of money, the violation of this fundamental prohibition requires that the Commission make appropriate orders to protect the public interest in a fair trading market. These orders should serve as a clear message to other participants in the marketplace about the activities the legislation is intended to prevent.
We order, under section 145(1), that the exemptions described in sections 30 to 32, 55, 58, 81 and 82 of the Act do not apply for a period of two years from the date of this decision to Baker or Irving, provided that, for a period of 30 days from the date of this order, Baker or Irving may trade, through a registered dealer, securities that they hold at the date of this order, for the sole purpose of liquidating their holdings, and all such trades shall be reported to the Secretary of the Commission.
We order, under section 145.1(1), that Baker and Irving resign any positions that they hold as directors and officers of reporting issuers and that they are prohibited from becoming or acting as directors or officers of any reporting issuers for a period of two years from the date of this decision.
We order, under section 154.2, that Baker and Irving pay prescribed fees or charges for the costs of or related to the hearing, the amounts to be determined following further submissions by the parties to be made within thirty days of the date of this decision.
D.M. HYNDMAN, Chairman
E.L. LIEN, Member
J.P.H. McCALL, Member
http://www.bcsc.bc.ca/Enforcement/eol/greenwellres.htm
HONG KONG A PORTLY FOREIGNER TURNED UP AT A BANK BRANCH IN NANNING
SOUTHERN CHINA LAST YEAR AND MADE A STARTLING OFFER HE WOULD LEND THE BANK
11 BILLION IN RETURN FOR A SIMPLE IOU
LIU MINSHAN PRESIDENT OF GUANGXI TRUST & INVESTMENT CORP ACCEPTED THE
OFFER IN CHINA'S BREAKNECK ECONOMIC ACCELERATION AN OPPORTUNITY TO LAY
HANDS ON FOREIGN CURRENCY WAS TOO GOOD TO PASS UP EVEN IF HIS COMPANY
WASN'T SUPPOSED TO BORROW FROM ABROAD HE ISSUED A MASSIVE PROMISSORY NOTE
BUT THE LOAN NEVER ARRIVED AND MR LIU RESIGNED LAST MONTH
HALFWAY AROUND THE WORLD MORE THAN 15000 POLISH POTATO FARMERS ARE STUCK
WITH THE NOTE MR LIU ISSUED THEIR AGENTS ACCEPTED IT AS PAYMENT FOR MOST
OF THEIR 1991 POTATO CROP ONLY TO FIND OUT THE NOTE WAS WORTHLESS
BEHIND BOTH DEALS SAY BUSINESSMEN IN CHINA AND POLAND IS A 45YEAROLD
CANADIAN BUSINESSMAN AND FORMER SMALLTOWN PREACHER ROBERT EARL PALM THEY
AND SOME OF THE PEOPLE HE DID BUSINESS WITH SAY MR PALM IS A REMARKABLE
PIONEER IN ONE OF THE HOTTEST TRADES TO TOUCH THE FASTEMERGING MARKETS OF
THE FORMER SOVIET BLOC AND CHINA FRAUD
IN THE CHAOS OF ECONOMIC REFORMS SWEEPING THE COMMUNIST AND EXCOMMUNIST
WORLD OPPORTUNITY FOR FRAUD ABOUNDS WESTERN DEMOCRACY HAS COST ME MY
LIVELIHOOD A POLISH POTATO FARMER COMPLAINED TO A CANADIAN TELEVISION CREW
IN FEBRUARY
OTHERS PUT THE BLAME ON MR PALM WHO IS THE TARGET OF AT LEAST THREE
LAWSUITS IN THE US AND CANADA MR PALM'S ACTIVITIES ALSO HAVE COME UNDER
THE SCRUTINY OF THE US FEDERAL BUREAU OF INVESTIGATION
THROUGH HIS LAWYERS AT ASHTON & LYON A BRITISH COLUMBIA FIRM MR PALM
REFUSED TO COMMENT FOR THIS ARTICLE
LAST MONTH IN WHAT APPEARS TO BE ONE OF THE LARGEST FRAUDS IN CHINA SINCE
THE COUNTRY LAUNCHED ITS ECONOMICREFORM PROGRAM IN 1979 THE COUNTRY'S
PUBLIC SECURITY BUREAU DISCLOSED THAT IT HAD ARRESTED TWO AMERICANS
FRANCISCO HUNG MOY AND RAYMOND LEE THEY ARE SUSPECTED OF PERSUADING
OFFICIALS OF A RURAL BRANCH OF AGRICULTURAL BANK OF CHINA TO WRITE 10
BILLION IN FRAUDULENT STANDBY LETTERS OF CREDIT THE COLLATERAL WAS ANOTHER
LETTER OF CREDIT ISSUED BY UNITED NATIONAL REPUBLIC BANK OF RUSSIA A
BANK THAT OFFICIALS IN MOSCOW SAY DOESN'T EXIST IN RUSSIA
AGRICULTURAL BANK SAYS THE MEN IDENTIFIED THEMSELVES AS WORKING FOR MR
PALM BY THE TIME MESSRS HUNG MOY AND LEE WERE ARRESTED THOUGH THE
LETTERS OF CREDIT WERE IN CIRCULATION SCOTLAND YARD UNCOVERED 22 OF THE
CHINESEISSUED LETTERS WITH A SUPPOSED TOTAL VALUE OF 1 BILLION
SUGGESTING THAT THE REST OF THE 9 BILLION IN WORTHLESS PAPER ARE FLOATING
THROUGH THE WORLD'S FINANCIAL SYSTEM CHINA HAS ISSUED AN INTERNATIONAL
WARNING TO BANKERS AGAINST HONORING THE NOTES
MR PALM BALDING WITH A FRINGE OF GRAY HAIR DOES BUSINESS FROM AN OFFICE
IN AN INDUSTRIAL AREA OF THE BRITISH COLUMBIA CAPITAL OF VICTORIA ON
CANADA'S PACIFIC COAST PEOPLE WHO HAVE MET HIM SAY HE SPEAKS INTENSELY
ABOUT WHAT HE CALLS THE RELIGIOUS NATURE OF HIS WORK INDEED HE USED TO BE
A PENTECOSTAL MINISTER
HIS FORMER PARTNERS IN EASTERN EUROPE SPEAK SOMEWHAT LESS INSPIRATIONALLY
ABOUT THEIR BUSINESS WITH HIM AMONG THEM IS A UKRAINIAN TRUST COMPANY
BATKIVSCHINA WHICH CLAIMS IN A LAWSUIT FILED IN A US DISTRICT COURT IN
CALIFORNIA THAT MR PALM AND TWO OTHER MEN OWE IT 311 MILLION IN PAYMENT
FOR RUSSIAN CURRENCY THE THREE MEN BOUGHT A FINNISH COMPANY IS SUING MR
PALM AND OTHERS IN THE SUPREME COURT OF BRITISH COLUMBIA IN VANCOUVER OVER
ANOTHER CURRENCY TRADE
THE OWNERS OF MOSCOW'S PARKLAGUNA HOTEL CLAIM THAT MR PALM'S COMPANY OWES
130000 FOR KEEPING AN OFFICE IN THEIR HOTEL BETWEEN AUGUST AND DECEMBER
1992 ONLY PROMISES WE HAVE SAYS SVETLANA LEPESHKOVA FRONT OFFICE
MANAGER AT THE HOTEL PROMISES PROMISES PROMISES THAT IS ALL WE
TRUSTED THEM BECAUSE AT FIRST THEY PAID
INDEED SOME OF HIS FORMER BUSINESS CONTACTS AND THEIR LAWYERS SAY THAT MR
PALM IN DEALING WITH EACH OF THEM PUT UP MONEY OR COLLATERAL TO ESTABLISH
TRUST THEN GOT CAPITAL ADVANCES FROM THEM APPROPRIATELY MR PALM'S
VICTORIABASED COMPANY IS NAMED ADVANCE CAPITAL SERVICES CORP
A 1992 PROFILE BY DUN & BRADSTREET CORP BASED IN PART ON INFORMATION FROM
ADVANCE CAPITAL DESCRIBES THE COMPANY'S PRINCIPAL BUSINESS TERRITORY AS
INTERNATIONAL ADDING THAT IT HAS 200 EMPLOYEES 20 BRANCHES AND 25
SUBSIDIARIES HALF THE COMPANY'S ANNUAL REVENUE OF 18 MILLION IS LISTED AS
COMING FROM FOOD WHOLESALING AND 40 FROM LUMBERBROKERING AND METALMINING
AND EXPLORATION MR PALM HAS BEEN WITH THE COMPANY OF WHICH HE OWNS 25
SINCE IT INCORPORATED IN 1985 SAYS DUN & BRADSTREET AND IS ITS ONLY
DIRECTOR
MR PALM FIRST CHECKED INTO MOSCOW'S PARKLAGUNA HOTEL IN AUGUST 1991 AS
RUSSIA WAS REELING FROM THE COLLAPSE OF MIKHAIL GORBACHEV'S GOVERNMENT THE
SUDDEN END TO CENTRAL PLANNING LEFT RUSSIAN CONSUMERS SCRAMBLING FOR FOOD
AND NEW RUSSIAN BUSINESSES SCRAMBLING FOR HARD CURRENCY UNDER SUCH
CIRCUMSTANCES A SEEMINGLY WEALTHY WELLCONNECTED WESTERN BUSINESSMAN MIGHT
EASILY FIND EAGER RUSSIAN PARTNERS
IN DEALING WITH THE UKRAINIAN TRUST BATKIVSCHINA MR PALM SHOWED OFF
LETTERS OF REFERENCE PURPORTEDLY FROM SENIOR RUSSIAN GOVERNMENT OFFICIALS
SAYS BATKIVSCHINA'S LAWYER PHILIP KAUFLER MR PALM ALSO BOASTED OF HIS
COMPANY'S TIES TO UNITED NATIONAL REPUBLIC BANK OF RUSSIA OR UNRB
BUT NO SUCH BANK EXISTS IN RUSSIA SAYS THE COUNTRY'S CENTRAL BANK UNRB
FINANCIAL STATEMENTS RECEIVED BY HODIMPEX LTD A POLISH CONCERN ARE
SIGNED AS AUDITED BY MCIVOR & ASSOCIATES THE VICTORIA ACCOUNTING FIRM THAT
AUDITS ADVANCE CAPITAL BUT CANADA'S OFFICE OF THE SUPERVISOR OF FINANCIAL
INSTUTITIONS SAYS THE BANK ISN'T AUTHORIZED TO CONDUCT ANY BUSINESS FROM
CANADA A BALANCE SHEET ISSUED BY THE BANK SEEMS ABSURDLY LARGE GIVEN UNRB'S
OBSCURITY ITS 18895 BILLION IN CLAIMED ASSETS AS OF NOV 1 1991 WOULD
PLACE IT AMONG THE WORLD'S 30 BIGGEST BANKS
A FINNISH COMPANY ENGINEERING OFFICE BERTEL ECKENGREN LTD ALLEGES IN ITS
LAWSUIT THAT IT CONTRACTED WITH MR PALM ADVANCE CAPITAL AND UNRB TO BUY
430 MILLION RUBLES IN EXCHANGE FOR 249 MILLION IN MAY 1992 BUT ECKENGREN
SAYS IT RECEIVED ONLY 71 MILLION RUBLES
SIMILARLY BATKIVSCHINA CLAIMS IN ITS LAWSUIT THAT IT AGREED WITH MR PALM
TO SELL 724 BILLION RUBLES TO A LICHTENSTEIN COMPANY CARTESA FINANCE
CORP FOR 311 MILLION IN DECEMBER 1991 WHEN THE DOLLARS HADN'T ARRIVED
AT BATKIVSCHINA'S BANK BY MID1992 THE UKRAINIAN COMPANY SAYS MR PALM
OFFERED IT 35 MILLION OF STOCK IN CARTESA A COMPANY THE UKRAINIANS SAY WAS
ALREADY IN LIQUIDATION BATKIVSCHINA IS SUING CARTESA ADVANCE CAPITAL AND
AN INDIANA COMPANY FOR 109 MILLION UNDER US PROVISIONS ALLOWING TRIPLE
DAMAGES IN SUITS THAT PROVE ELEMENTS OF RACKETEERING
BUT THE SCOPE OF THESE DEALINGS PALES IN COMPARISON TO ACTIVITIES LINKED TO
MR PALM IN CHINA SHORTLY AFTER HIS MEETING AT GUANGXI TRUST IN APRIL 1992
ADVANCED CAPITAL APPARENTLY TURNED TO AGRICULTURAL BANK OF CHINA ONE OF
CHINA'S FOUR NATIONAL BANKS WHICH HAS A BRANCH IN HENGSHUI A TOWN
SOUTHWEST OF BEIJING LIKE GUANGXI TRUST AGRICULTURAL BANK'S HENGSHUI
BRANCH ISN'T ALLOWED TO CONDUCT INTERNATIONAL BUSINESS BUT THE BANK SAYS
ITS HENGSHUI BRANCH MANAGER WAS OFFERED BY MESSERS HUNG MOY AND LEE A 10
BILLION STANDBY LETTER OF CREDIT FROM UNITED NATIONAL REPUBLIC BANK OF
RUSSIA IN EARLY 1993
IN RETURN MESSRS HUNG MOY AND LEE ASKED THE BRANCH TO WRITE 200 SMALLER
STANDBY LETTERS OF CREDIT WITH FACE VALUES TOTALING 10 BILLION THE
LETTERS WERE WRITTEN AND SIGNED APRIL 1 ALL THE LETTERS OF CREDIT WERE
LABELED AS BEING BACKED BY UNITED ASIA GROUP A NEW YORKREGISTERED
COMPANY OF WHICH MR HUNG MOY IS PRESIDENT ACCORDING TO AGRICULTURAL BANK
IN MAY AGRICULTURAL BANK WARNED BANKS WORLDWIDE NOT TO ACCEPT STANDBY
LETTERS OF CREDIT FROM ITS HENGSHUI BRANCH A MONTH EARLIER IT HAD WARNED
THEM NOT TO ACCEPT A STANDBY LETTER OF CREDIT FROM ITS BRANCH IN SANYA ON
THE ISLAND OF HAINAN THE SANYA LETTER OF CREDIT WAS VALUED AT 80 MILLION
WITH A VALIDITY OF 20 YEARS IT LISTED NO BENEFICIARY
BUT HODIMPEX A BUDDING FIRM OF POLISH FOOD BROKERS GOT THE WARNING TOO
LATE IT HAD STRUCK A DEAL IN FEBRUARY AND MARCH 1992 TO SELL ADVANCE
CAPITAL 316 MILLION OF POTATOES AND OTHER FOOD FOR DISTRIBUTION AS
HUMANITARIAN AID IN THE FORMER SOVIET UNION THIS WAS THE FIRST CASE FOR
OUR COMPANY TO BE INVOLVED IN SUCH BIG BUSINESS SAYS ANDRZEJ JANICKI
SENIOR ADVISER TO HODIMPEX'S MANAGEMENT BECAUSE HODIMPEX HAD NEVER HEARD
OF ADVANCE CAPITAL IT ASKED DUN & BRADSTREET TO INVESTIGATE ITS CORPORATE
AND PAYMENT HISTORY A COPY OF THE DUN & BRADSTREET REPORT RECEIVED BY
HODIMPEX INDICATED ADVANCE CAPITAL'S PAYMENTS TENDED TO BE SLOW BY ONLY 11
DAYS
SO BETWEEN MARCH 30 AND MAY 18 HODIMPEX SENT 373 MILLION OF FOOD TO THE
FORMER SOVIET UNION MAINLY TO BASES OF DEMOBILIZED SOVIET SOLDIERS IT THEN
STOPPED THE SHIPMENTS BECAUSE ADVANCE CAPITAL HAD STILL PAID NOTHING ON
JUNE 8 ADVANCE CAPITAL TOLD HODIMPEX IT COULD DRAW 125 MILLION FROM THE
GUANGXI TRUST PROMISSORY NOTE IT WAS LATER HANDED THE STANDBY LETTER OF
CREDIT FROM THE SANYA BRANCH OF THE AGRICULTURAL BANK THE FOOD BROKER LATER
DISCOVERED THAT BOTH DOCUMENTS ARE WORTHLESS
http://www.isip.msstate.edu/publications/courses/ece_8463/projects/1998_spring/data/lm_training/wsj9...
SEC OBTAINS $3 MILLION AND OTHER RELIEF AGAINST FOUR DEFENDANTS IN "PUMP AND DUMP" CASE
The Securities and Exchange Commission announced today that on August 13, 2001, the Honorable Earl H. Carroll, United States District Judge for the District of Arizona, having previously found that two undisclosed controlling shareholders of Garcis, U.S.A., Inc., Robert D. Poirier and Robert J. Palm, and their offshore nominee, James R. Vincent, had committed securities fraud, entered final judgments against the three, and ordered them to pay disgorgement and prejudgment interest in the amount of $2,660,161. The Court also ordered Poirier, Palm and Vincent to each pay a civil penalty of $100,000. In addition, the Court entered final judgment against Richard E. Wensel. Without admitting or denying the Commission's allegations, Wensel agreed to the entry of the order, which (1) permanently enjoins him from future violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, (2) requires him to pay a $25,000 civil penalty, and (3) bars him from serving as an officer or director of any publicly held company.
Previously, on March 29, 2001, the Court had entered summary judgment against Poirier, Palm and Vincent. The Court found that Poirier and Palm assumed substantial control over the operations of Garcis, a distributor of athletic supplies and apparel, obtained a controlling block of unregistered shares of Garcis and promoted Garcis and its securities to the public using materially false and misleading information. The Court also found that Poirier and Palm intentionally concealed their control over Garcis and caused press releases to issue that misstated revenue and sales and made false claims about non-existent business contracts.
The Court found that Vincent helped Poirier and Palm obtain control of a substantial block of unregistered Garcis shares, avoid the registration requirements of the federal securities laws and sell those shares into the market at a profit. In addition, the Court found that Poirier, Palm and Vincent failed to file with the Commission certain forms required of shareholders owning more than five and ten percent of a class of stock registered under § 12 of the Exchange Act, and obtained an extension of credit from their broker for purchases of Garcis when they had no intention of paying for the stock. In the settled action against Wensel, the Commission alleged that Wensel, who was an officer and director of Garcis, approved false and misleading promotional material.
After finding repeated egregious violations and that the defendants are likely to violate the securities laws in the future, the Court permanently enjoined Poirier, Palm and Vincent from future violations of Sections 5(c) and 13(d) of the Securities Act of 1933 ("Securities Act"), and Sections 7(f) and 16(a) of the Exchange Act of 1934 ("Exchange Act"), and Rules 16a-2 and 16a-3 thereunder. The Court also permanently enjoined Poirier and Palm from future violations of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act, and Rule 10b-5 thereunder. (See also Litigation Release No. 15091, Sept. 30, 1996).
http://www.sec.gov/litigation/litreleases/lr17111.htm
Forgive them all and ye shall live forever....
THE INTERVIEW WITH GOD
I dreamed I had an interview with God.
“So you would like to interview me?” God asked.
“If you have the time” I said.
God smiled. “My time is eternity.”
“What questions do you have in mind for me?”
“What surprises you most about humankind?”
God answered...
“That they get bored with childhood,
they rush to grow up, and then
long to be children again.”
“That they lose their health to make money...
and then lose their money to restore their health.”
“That by thinking anxiously about the future,
they forget the present,
such that they live in neither
the present nor the future.”
"That they live as if they will never die,
and die as though they had never lived.”
God’s hand took mine
and we were silent for a while.
And then I asked...
“As a parent, what are some of life’s lessons
you want your children to learn?”
“To learn they cannot make anyone
love them. All they can do
is let themselves be loved.”
“To learn that it is not good
to compare themselves to others.”
“To learn to forgive
by practicing forgiveness.”
“To learn that it only takes a few seconds
to open profound wounds in those they love,
and it can take many years to heal them.”
“To learn that a rich person
is not one who has the most,
but is one who needs the least.”
“To learn that there are people
who love them dearly,
but simply have not yet learned
how to express or show their feelings.”
“To learn that two people can
look at the same thing
and see it differently.”
“To learn that it is not enough that they
forgive one another, but they must also forgive themselves.”
"Thank you for your time," I said humbly.
"Is there anything else
you would like your children to know?"
God smiled and said,
“Just know that I am here... always.”
-author unknown
http://www.theinterviewwithgod.com/
Here, have some angels on me...
http://www.investorshub.com/boards/read_msg.asp?message_id=2755671