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Greetings all. Rocky05, can you (or anybody) possibly elaborate on the AD-the-art communication co. references to AdvancedID? Could it be the way in which Advanced ID Corp translates into Chinese, or maybe the way to which the company is referred in Schenzen? Anyone? Although there are some seeming missed references of AIDO in the article, I am grateful for the translations nonetheless. Thanks in advance.
And, thanks too, Rocky05 for sharing your diligence with the board.
fwiw:
ADVANCED ID CORP Files SEC form 10-Q, Quarterly ReportEDGAR Online
Form 10-Q for ADVANCED ID CORP
--------------------------------------------------------------------------------
19-Nov-2008
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The following discussion is intended to assist in understanding the financial condition and results of operations of Advanced ID. You should read the following discussion along with our financial statements and related notes included in this Form 10-Q. The following discussion contains forward-looking statements that are subject to risks, uncertainties and assumptions. Our actual results, performance and achievements in 2008 and beyond may differ materially from those expressed in, or implied by, these forward looking statements.
Overview.
Advanced ID is a complete solutions provider in the Radio Frequency Identification business with a focus on the tire management industry. Advanced ID is also involved in the tire inspection business through its UK based Pneu-Logic subsidiary. Advanced ID is active in the pet recovery business through its AVID Canada subsidiary in Calgary, Alberta and has developed a UHF RFID reader product line for global supply chain applications. Recently Advanced ID has expanded to other countries in Europe, China and is currently evaluating setting up a minority owned subsidiary in Brazil to address the rapidly growing RFID market in South America.
Results of Operations for the Nine Months Ended September 30, 2008 and September 30, 2007.
The net loss of $1,856,354 for the nine months ended September 30, 2008 was lower by $376,917 compared to last year due to a larger impairment of goodwill in the previous year.
Revenues
Revenues of $934,250 during the nine months ended September 30, 2008 increased by $265,096 or 39.62% from last year. This increase can be attributed to higher bulk tag, reader and revenues from the recently acquired wholly owned subsidiary, Pneu-Logic. These sales increases are attributed to increased sales focus on animal shelters and broadening of sales of readers and sale of newly developed RFID reader, PR500.
We are actively promoting the ISO microchip throughout Canada and Asia. Of the total revenues earned of $934,250 for the nine months ended September 30, 2008, $729,120 or 78.04% were from our companion
14 animal/biological sciences division in Canada and the remainder $205,130 or 21.96% were comprised from our ultra high frequency division with sales throughout the world.
Cost of Revenues
Cost of Revenues of $517,989 for the nine months ended September 30, 2008 increased by $172,945 or 50.12% over same period in the previous year. The increase in Cost of Revenues is attributed to higher sales levels. Gross profit of $416,261 increased by $92,151 from the corresponding nine month period end September 30, 2007. The gross profit margin decreased from 48.44% to 44.56%, reflecting a change in product mix.
Research and Development
Research and development expenses of $34,630 for the nine months ended September 30, 2008 decreased by $162,363 or 82.42% from last year's comparable period. This was a result of the completion of the development of one of Advanced ID's products.
General, administrative and selling expense
For the nine months ended September 30, 2008, general and administrative and selling expenses of $2,104,173 were higher by $369,497 or 21.30% than last year due mainly to the fair value charge to income for options issued in the amount of $273,241 as well as a general increase in operating expenses.
Interest income (expense)
During the nine months ended September 30, 2008, interest expense was $11,344 as compared to income of $521 during the same period last year.
Liquidity and Capital Resources
As at September 30, 2008, we had cash and cash equivalents of $182,217.
During the nine months ended September 30, 2008, net cash used in operating activities of $917,369 was higher by $436,903 or 90.93% as compared to the quarter ended September 30, 2007. The increase in cash used by operating activities during 2008 resulted primarily from an overall increase in cash general and administrative expenses offset in part by lower cash generated from non-cash working capital amounts.
During the nine months ended September 30, 2008, net cash used in investing activities was $93,989 compared to cash used in investing activities of $30,153 for the nine months ended September 30, 2007. The increase of $63,836 was mainly a result of an advance to DDCT for $80,000 during the quarter ended September 30, 2008.
15 During the nine months ended September 30, 2008, net cash provided by financing activities of $1,138,019 was higher by $796,660 or 233.38% as compared to the nine months ended September 30, 2007. The higher cash generated is a result of higher proceeds from sales of stock.
Results of Operations for the Three Months Ended September 30, 2008 and September 30, 2007.
The net loss of $533,255 for the three months ended September 30, 2008 was lower by $492,764 compared to last year due higher research and development costs as well as impairment of goodwill of $486,488 and loss from discontinued operations of $152,194 in the three months ended September 30, 2007.
Revenues
Revenues of $222,229 during the three months ended September 30, 2008 decreased by $65,145 or 22.67% from last year. This decrease can be attributed to declining sales for animal tags due to lack of sales staff, and timing of new orders for tire tags.
Cost of Revenues
Cost of Revenues of $115,613 for the three months ended September 30, 2008 decreased by $34,957 or 23.22% over same period in the previous year. The decrease in Cost of Revenues is attributed to slight changes in the product sales mix, slightly lower sales and the recognition of net revenues on the sales of PLL. Gross profit of $106,616 decreased by $30,188 from the corresponding three month period end September. The gross profit margin increased slightly from 47.60% to 47.98%, reflecting the change in product mix.
Research and Development
Research and development expenses of $224 for the three months ended September 30, 2008 decreased by $94,682 or 99.76% from last year's comparable period.
General, administrative and selling expense
For the three months ended September 30, 2008, general and administrative and selling expenses of $508,796 were comparable to general and administrative and selling expenses of $428,970 for the three months ended September 30, 2007. The difference was mainly due to the cost of the addition of staff in Asia.
Other income (expense)
During the three months ended September 30, 2008, interest expense was $8,383 as compared to $265 during the same period last year.
Liquidity and Capital Resources
Our internal and external sources of liquidity have included cash generated from the exercise of options and warrants, proceeds raised from subscription agreements and private placements, and advances from related parties. We are currently not aware of any trends that are reasonably likely to have a material impact on our liquidity. We are attempting to increase the sales to raise much needed cash for the remainder of the year, which will be supplemented by our efforts to
16 raise cash through the issuance of equities securities. It is our intent to secure a market share in the livestock and inanimate identification industry which we feel will require additional capital over the long term to undertake sales and marketing initiatives, further our research and development, and to manage timing differences in cash flows from the time product is manufactured to the time it is sold and cash is collected from the sale. Our capital strategy is to increase our cash balance through financing transactions, including the issuance of debt and/or equity securities.
Additionally, we will require additional cash resources of $70,000 to fund the remainder of our acquisition of Pneu-Logic as well as $4,800,000 to provide working capital to DDCT as part of the term sheet if the transaction closes, both of which we expect to fund through the issuance of stock.
OFF-BALANCE SHEET ARRANGEMENTS
We have no off-balance sheet arrangements.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
Certain information set forth in this report contains "forward-looking statements" within the meaning of federal securities laws. Forward looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, and financing needs and other information that is not historical information. When used in this report, the words "estimates," "expects," "anticipates," "forecasts," "plans," "intends," "believes" and variations of such words or similar expressions are intended to identify forward-looking statements. Additional forward- looking statements may be made by us from time to time. All such subsequent forward-looking statements, whether written or oral and whether made by us or on our behalf, are also expressly qualified by these cautionary statements.
Our forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and are believed by us to have a reasonable basis, including without limitation, our examination of historical operating trends, data contained in our records and other data available from third parties, but there can be no assurance that our expectations, beliefs and projections will result or be achieved or accomplished. Our forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward- looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
There are a number of risks and uncertainties that could cause actual results to differ materially from those set forth in, contemplated by or underlying the forward-looking statements contained in this report. Those risks and uncertainties include, but are not limited to, our history of operating losses, lack of liquidity in our common stock, our
17 dependence on key personnel, the expression by our auditors of uncertainty as to our ability to continue as a going concern, and the fact that we face substantial competition. Those risks and certain other uncertainties are discussed in more detail in our 2007 Annual Report on Form 10-KSB and our subsequent filings with the SEC. There may also be other factors, including those discussed elsewhere in this report that may cause our actual results to differ from the forward- looking statements. Any forward-looking statements made by us or on our behalf should be considered in light of these factors.
Thanks MAC. Are the muzeclothing movie tees being supplied by Lyric Culture, or is it a similar idea to Lyrics'?
sabregold1999, fwiw:
*
Estimated Market Cap
$7,466,055 as of Oct 24, 2008
*
Outstanding Shares
64,922,217 as of Aug 11, 2008
*
Number of Share Holders of Record
1,819 as of Apr 15, 2008
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=aido#getCompanyInfo
Hi all. I'm surprised that no one has posted the release of the
Form 10QSB yet. GLTA
http://biz.yahoo.com/e/080829/lthu.pk10qsb.html
Form 10QSB for LITHIUM TECHNOLOGY CORP
29-Aug-2008
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis should be read together with the financial statements and the accompanying notes thereto included elsewhere in this Report.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This report contains certain forward-looking statements and information that are based on the beliefs of management as well as assumptions made by and information currently available to management. The statements contained in this Report relating to matters that are not historical facts are forward-looking statements that involve risks and uncertainties, including, but not limited to, the successful commercialization of our batteries, future demand for our products, general economic conditions, government and environmental regulation, competition and customer strategies, technological innovations in the battery industries, changes in our business strategy or development plans, capital deployment, business disruptions, our ability to consummate future financings and other risks and uncertainties, certain of which are beyond our control. Additional factors that could affect the Company's forward-looking statements include, among other things: the restatement of the Company's financial statements for the fiscal year ended December 31, 2004, and the delay in filing financial statements and periodic reports with the Securities and Exchange Commission for the fiscal years ended December 31, 2005, December 31, 2006 and December 31, 2007; negative reactions from the Company's stockholders, creditors, customer or employees to the results of the review and restatement or delay in providing financial information and periodic reports; the impact and
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result of any litigation (including private litigation), or of any investigation by the Securities and Exchange Commission or any investigation by any other governmental agency related to the Company; the Company's ability to manage its operations during and after the financial statement restatement process; and the Company's ability to successfully implement internal controls and procedures that remediate any material weakness in controls and ensure timely, effective and accurate financial reporting. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those described herein as anticipated, believed, estimated or expected.
Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in those statements.
GENERAL
We are engaged in continuing contract development and limited volume production, in both the United States and Germany, of large format lithium-ion rechargeable batteries used as power sources in advanced applications in the national security, transportation and stationary power markets. We have moved from a development and pilot-line production company to a small production business with our lithium-ion rechargeable batteries.
RESULTS OF OPERATIONS
NINE AND THREE MONTHS ENDED SEPTEMBER 30, 2007 COMPARED TO
NINE AND THREE MONTHS ENDED SEPTEMBER 30, 2006
REVENUES FROM PRODUCTS SALES decreased by $473,000 or 19% to $2,024,000 in the nine months ended September 30, 2007 from $2,497,000 in the same period in 2006. For the three months period ended September 30, 2007 and 2006, revenues from product sales decreased by 24% or $262,000 from $1,105,000. The decrease in sales revenues is a result of some delays in projects that we were involved with and our focus on developing the iron-phosphate product line. As we are still in initial manufacturing stage enterprise, our mission continues to be to become a leading manufacturer of rechargeable lithium power solutions for advanced national security, transportation and stationary power applications. We can also license our technology and have the capability to enter into other collaborative efforts with third parties.
COST OF GOODS SOLD was $2,602,000 and $1,805,000 for the Nine months ended September 30, 2007 and 2006, respectively. For the three months periods ended September 30, 2006 and 2007, cost of goods sold increased from $546,000 to $1,034,000, respectively. We continue to look for cheaper sources of raw materials and more efficient production processes. We anticipate costs to decline substantially as we achieve larger economies of scale.
ENGINEERING, RESEARCH AND DEVELOPMENT EXPENSES during the nine months ended September 30, 2007 decreased by 11% to $2,320,000 from $2,603,000 in the same period in 2006. For the three months period ended September 30, 2007 and 2006, engineering, research and development expenses decreased by 33% from $1,034,000 to $690,000, respectively. These expenses are primarily from our advancement of technology in large high rate battery applications. These expenses relate to material consumed in the continued refinement of production process, as well as increased engineering and development time dedicated to advancement of manufacturing processes as well as time associated with the installation of new production equipment.
GENERAL AND ADMINISTRATIVE EXPENSES during the nine months ended September 30, 2007 decreased by $1,504,000 or approximately 28% to $3,930,000 from $5,434,000 in the same period in 2006. For the three months period ended September 30, 2007, general and administrative expenses decreased by 50% from $2,241,000 to $1,130,000 in the same period in 2006. This decrease is attributed to lower financing related efforts and costs and cost cutting measures.
SALES AND MARKETING EXPENSES were $318,000 for the nine months ended September 30, 2007 and $311,000 in the same period in 2006. For the three months period ended September 30, 2007 and 2006, sales and marketing expenses were $115,000 and $118,000, respectively. Sales and marketing expenses represent costs incurred from sales associates and participation in trade shows relating to the sale of cells and/or batteries.
DEPRECIATION AND AMORTIZATIONduring the nine months ended September 30, 2007 decreased by $762,000 or 52% to $693,000 from $1,455,000 in the same period in 2006. The decrease is mostly related to amortization of deferred financing costs, which was approximately $812,000 in the first nine months of 2006. For the three months period ended September 30, 2007 and 2006, depreciation and amortization expense was $235,000 and $355,000, respectively.
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INTEREST EXPENSE, NET OF INTEREST INCOME Interest expense, net of interest income for nine months ended September 30, 2007 decreased by $611,000 or 28% to $1,588,000 from $2,199,000 in the same period in 2006. For the three months period ended September 30, 2007, interest expense decreased by $701,000 to $252,000 from $953,000 in the same period in 2006. Interest expense mainly represents interest accrued on the loans from the European subsidiary debt financing, which was settled in the second quarter of 2007.
INTEREST EXPENSE RELATED TO BENEFICIAL CONVERSION Charge for beneficial conversion feature was $1,633,000 and $1,718,000, respectively, for the nine months ended September 30, 2007 and 2006. For the three months period ended September 30, 2007 and 2006, interest expense related to beneficial conversion was $58,000 and $7,000, respectively. For more information concerning this please refer to the Notes to Financial Statement contained herein.
DISCOUNT EXPENSE RELATED TO BENEFICIAL CONVERSION Charge for beneficial conversion feature with regards to the issuance of Series C Convertible Preferred share was $11,274,000 and $0, for the nine months ended September 30, 2007 and 2006, respectively. For the three months period ended September 30, 2007 and 2006, discount expense related to beneficial conversion was $137,000 and $0, respectively. For more information concerning this please refer to the Notes to Financial Statement contained herein.
WARRANTS EXPENSE Charges for warrants were $(16,242,000) and $2,096,000 in the nine months periods ended September 30, 2007 and 2006, respectively. For the three months period ended September 30, 2007 and 2006, warrant expenses related to warrant valuation were $(875,000) and $(91,000) for the respective periods. Warrants valuation is marked to market every reporting period using Black-Scholes valuation model. Fluctuation of the valuation of the warrants' liability are reflected in the Income Statement.
NET LOSS TO COMMON SHAREHOLDERS was $38,652,000 or $0.03 per share for the nine months ended September 30, 2007 as compared to a net loss of $11,058,000 or $0.02 per share for the nine months ended September 30, 2006. Net loss for common shareholders was $3,668,000 or $0.00 per share for the three months ended September 30, 2007 as compared to a net loss of $4,283,000 or $0.01 per share for the three months ended September 30, 2006.
ACCUMULATED DEFICIT Since inception, we have incurred substantial operating losses and expect to incur substantial additional operating losses over the next few years. As of September 30, 2007, our accumulated deficit was $133,988,000.
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LIQUIDITY AND FINANCIAL CONDITION
GENERAL
On September 30, 2006, cash and cash equivalents were $1,525,000. Total liabilities on September 30, 2006 were $30,979,000 consisting of all current liabilities. On September 30, 2006, assets included $1,154,000 in inventories, property and equipment, net, of $5,633,000, and prepaid expenses and other assets of $438,000. As of September 30, 2006, our working capital deficit was $27,536,000. On September 30, 2007, cash and cash equivalents were $279,000. Total liabilities on September 30, 2007 were $39,669,000 consisting of all current liabilities. On September 30, 2007, assets included $2,504,000 in inventories, property and equipment, net, of $7,134,000, and prepaid expenses and other assets of $348,000. As of September 30, 2007, our working capital deficit was $36,044,000 as compared to $27,528,000 at December 31, 2006. We expect to incur substantial operating losses as we continue our commercialization efforts.
Our debt and other liabilities as of September 30, 2007, December 31, 2006 and September 30, 2006 were as follows:
September 30, December 31, September 30,
2007 2006 2006
Current debt is summarized as follows:
July 2007 10% Convertible Deb., net of
discount $ 2,980,000 $ - $ -
March 2005 12% Convertible Deb., net of
discount - - 2,000,000
October 2005 8% Debenture, net of discount - 1,425,000 3,000,000
Portfolio Lenders II, LLC Convertible Note - - 200,000
8% Convertible Note - - 5,000
2006 GAIA and Dilo Debt Financing - 9,910,000 9,516,000
May 2006 12% Convertible Debenture, net of
discount 500,000 500,000 215,000
Loans From Financial Institutions 112,000 130,000 133,000
Silent Partner loans-TBG 2,189,000 2,027,000 1,946,000
Sub total current debt $ 5,781,000 $ 13,992,000 $ 17,015,000
Related party debt:
Subordinated Loans from related party $ 5,549,000 $ 4,665,000 $ 4,012,000
Promissory Notes 105,000 105,000 60,000
Sub total Related party debt $ 5,654,000 $ 4,770,000 $ 4,072,000
Warrant liability $ 21,789,000 $ 5,575,000 $ 4,119,000
Current Debt $ 33,224,000 $ 24,337,000 $ 25,206,000
For more detailed information on long-term liabilities, see Note 7 to our financial statements contained herein.
FINANCING TRANSACTIONS
We have financed our operations since inception primarily through equity and debt financings, loans from shareholders and other related parties, loans from silent partners and bank borrowings secured by assets. We have recently entered into a number of financing transactions and are continuing to seek other financing initiatives. We will need to raise additional capital to meet our working capital needs and to complete our product commercialization process. Such capital is expected to come from the sale of securities. No assurances can be given that such financing will be available in sufficient amounts or at all. If such financing is not available there can be no assurance that Arch Hill Capital or any other major shareholder will provide any further funding.
The following is a general description of our financing transactions through September 30, 2007. See also the Notes to Consolidated Financial Statements included with this Report.
JULY 2007 10% CONVERTIBLE DEBENTURE
On July 11, 2007, the European Subsidiaries Debt and accrued interest was satisfied with the payment of �6 million and the issuance of a Company convertible note in the principal amount of U.S. $3,247,106 (the "Convertible Note"). The Convertible Note is convertible into shares of Company common stock at $0.10 per share. The Convertible Note accrues interest at 10% per annum and is due and payable on September 1, 2008. The Company has the right to repay the Convertible Note at any time prior to maturity without penalty. The Convertible Note will be secured by 90 million shares of Company common stock. The Company did not pay any underwriting discounts or commissions in connection with the issuance of the Convertible Note in this transaction. Issuance of the Convertible Note was exempt from registration under Section 4(2) of the Securities Act. The Convertible Note was issued to an accredited investor in a private transaction without the use of any form of general solicitation or advertising. The underlying securities are "restricted securities" subject to applicable limitations on resale. As of September 30, 2007, December 31, 2006 and September 30, 2006, $3,247,106, 0, and 0 was outstanding under the convertible debenture, respectively. As of September 30, 2007, December 31, 2006 and September 30, 2006, accrued interest of $73,062, 0, and 0, respectively, was outstanding under the Convertible Note. Upon issuance the Company recorded a discount from beneficial conversion feature of $324,721 that is amortized over the life of the note using the effective interest method.
BRIDGE NOTES
The bridge notes were issued under a Bridge Financing Agreement, as amended, between LTC, Arch Hill Capital and related parties (the "Bridge Financing Agreement"). As of September 30, 2007 and 2006, $105,000 and $60,000 of advances were outstanding under the Bridge Financing Agreement, respectively. The Bridge Financing Agreement does not contain a maximum amount of funding that may be advanced under such Agreement. The amount of any additional notes provided will be related to the working capital requirements of the Company.
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OCTOBER 2005 8% CONVERTIBLE DEBENTURE (CORNELL CAPITAL)
On October 7, 2005, the Company entered into a securities purchase agreement with Cornell Capital pursuant to which the Company issued a convertible debenture in the principal amount of $3,000,000, with an original maturity date of October 1, 2006 and a conversion price of $0.06. The debenture was repayable in ten equal monthly installments with accrued interest at 8% per year commencing January 1, 2006 and ending October 1, 2006. Commissions to Cornell Capital in connection with this transaction included 7.5% cash compensation in the form of a discount to the purchase price of the debentures, or $225,000, and five-year warrants to purchase 20,000,000 shares of common stock at the following exercise prices: 10,000,000 at $0.06 per share, 5,000,000 at $0.07 per share and 5,000,000 at $0.10 per share (the "Warrants"). We also paid structuring fees to Yorkville Advisors Management of $10,000.
We entered into a pledge and escrow agreement pursuant to which we agreed to issue to Cornell Capital 250,000,000 shares of common stock in the event of default under the debenture as security for our obligations thereunder. We also granted Cornell Capital a security interest in the assets of LTC. In the event of default, Cornell Capital, in addition to any other remedies, may convert any or all of the outstanding principal of the debentures into common stock at a fixed conversion price equal to $0.0128 per share.
The Cornell Capital debenture was recorded using the guidance of EITF No. 00-27, "Application of Issue No. 98-5 to Certain Convertible Instruments", which involved allocation of the proceeds received between the convertible debenture and the warrants issued to the debenture holder. The Company measured the intrinsic value of the embedded conversion option using guidance of EITF No. 98-5, "Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios". The value of the beneficial conversion is recorded as a discount on the debt with the offset to additional-paid-in capital and has been amortized to interest expense using the effective interest method.
On January 31, 2006, we entered into an amendment of the debenture (the "First Amendment") which provided that all payments of principal and accrued interest on the Debenture otherwise due on or before March 15, 2006 were due on March 15, 2006. The First Amendment also provided that in the event we close on any debt or equity financing, we must use fifty percent of the proceeds of the new financing (net of placement fees and commissions) to repay principal and interest outstanding under the Debenture. The First Amendment further provided that in the event we did not repay all outstanding principal and accrued interest on the Debenture on March 15,2006, (i) we must repay $900,000 of principal and accrued interest on March 15, 2006 and repay the balance of the outstanding principal and interest on the Debenture over seven equal payments commencing April 1, 2006 until October 1, 2006, and (ii) the exercise price of the 20,000,000 Warrants would be reduced to $0.0128 on a pro-rata basis in relation to the amount of principal of the Debenture not repaid by us as of March 15, 2006. The First Amendment also provided that at any time prior to March 15, 2006 we could at our option with three business days advance written notice redeem a portion or all amounts outstanding under the Debenture in an amount equal to the principal amount outstanding and accrued interest being redeemed. No redemption premium was due by us for redemption of the Debenture prior to March 15, 2006. The Debenture was not convertible from January 31, 2006 through March 15, 2006 provided we were current on our payment obligations under the Debenture.
In the First Amendment we amended the provision that was contained in the registration rights agreement entered into in connection with the debenture modifying the date by when we must file a registration statement covering the shares of our common stock issuable upon conversion of the debenture and upon exercise of the warrants with the Securities and Exchange Commission by January 6, 2006, and to provide that such registration statement must be filed on or before February 10, 2006. We filed such registration statement on February 3, 2006.
In consideration of the First Amendment of the debenture and related agreements, we paid Cornell Capital a fee of $100,000.
On March 21, 2006, we entered into a second amendment with Cornell Capital (the "Second Amendment") whereby we amended the following provisions of the Debenture. All payments of principal and accrued interest on the Debenture otherwise due on or before March 15, 2006 are due on June 15, 2006. In the event we close on any debt or equity financing we must use fifty percent (50%) of the proceeds of the new financing (net of placement fees and commissions) to repay principal and interest outstanding under the Debenture. In the event we do not repay all outstanding principal and accrued interest on the Debenture on June 15, 2006, we must repay $1,800,000 of principal and accrued interest on June 15, 2006 and repay the balance of the outstanding principal and interest on the Debenture over four equal monthly payments commencing July 1, 2006 until October 1, 2006.
The Second Amendment further provides that Debentures are convertible from March 21, 2006 with four business days advance written notice (the "Advance Conversion Notice") after June 15, 2006, the Debentures are convertible without delivery of an Advance
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Conversion Notice. The conversion price of the Debenture is reduced from $0.06 to $0.03 and per share provided, however, if there is an Event of Default under the Debenture the conversion price will be reduced to $0.0128. At any time from March 21,2006, including after receipt of an Advance Conversion Notice and before the expiration of the four business day advance notice period, we may, at our option, redeem a portion or all amounts outstanding under the Debenture in an amount equal to the principal amount outstanding and accrued interest being redeemed and a payment of a premium by us equal to fifteen percent (15%) of the redemption amount subject to two (2) business days' advanced written notice for any redemption on or before June 15, 2006 and subject to three (3) business days' advanced written notice for any redemption after June 15, 2006.
In the Second Amendment, we amended the Warrants as follows. The Warrants will be exercisable to purchase an additional 20,000,000 shares of common stock for a total of 40,000,000 shares. The exercise price of the 40,000,000 Warrant Shares is $0.03 per share, provided, however that in the event we do not repay all outstanding principal and accrued interest on the Debenture on June 15, 2006, then on June 15, 2006 the exercise price of the Warrants will be reduced to $0.0128 on a pro-rata basis in relation to the amount of principal of the Debenture not repaid by us as of June 15, 2006. (By way of example, if $1,500,000 in principal of the Debenture has not been repaid by us by June 15, 2006, the exercise price of 50% of the Warrants shall be reduced to $0.0128 per share and the exercise price of the remaining 50% of the Warrants shall remain at $0.03 per share.)
In the Second Amendment we amended the provision that was contained in the Registration Rights Agreement, as amended, entered into in connection with the Debenture. We must file an amendment to the registration statement covering the shares of our common stock issuable upon conversion of the Debenture and Warrants with the Securities and Exchange Commission by April 20, 2006.
On November 9, 2006, the Board of Directors of the Company approved a third letter of amendment with Cornell Capital effective as of October 31, 2006 (the "Third Amendment") whereby the Company amended the following provisions of the Debenture and the Warrants. All payments of principal and accrued interest on the Debenture otherwise due on or before March 15, 2006 are due on or before March 1, 2007. The conversion price at which Cornell Capital may convert the outstanding principal and interest due to Cornell Capital under the Debenture into shares of the Company's common stock is reduced to $0.0128. The Warrants are amended to provide that the exercise price is reduced to $0.0128 per share. The balance due and owing under the Debenture as of October 31, 2006 was $3,257,096. In the Third Amendment the Company also agreed to pay Cornell Capital a forbearance fee of $375,000.
The Third Amendment also provides that: (i) the Company shall become current by February 1, 2007 on its required SEC periodic reporting filings; (ii) the Company shall obtain listing on the Over the Counter Bulletin Board (the "OTC BB") by March 1, 2007; (iii) the Company shall seek and receive an extension or deferral, in writing by December 15, 2006, of its obligation to repay the approximately $9.5 million in debt due in December 2006, until March 1, 2007; and (iv) Cornell Capital may not exercise its right to conversion under the Secured Debenture unless (a) the price of the Company's common stock is equal to or greater than $0.03 per share; or (b) the Company breaches any condition or requirement under the Third Amendment.
As of September 30, 2007, December 31, 2006 and September 30, 2006 $0, $3,000,000 and $3,000,000 were outstanding under the debenture, respectively.
The October 2005 Debenture was settled in five tranches in May and June of 2007. Settlement of the debenture consisted of issuance of a total of 77,228,495 shares of common stock and payment of $2,011,475 plus approximately $770,000 cash payment of accrued interest.
The Company recorded the conversions by debiting the note payable and crediting the common stock at par value with the balance of the credit recorded in additional paid in capital. The Company applied the accounting guidance of SFAS
140 "Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities - A Replacement of FASB Statement 125" to account for the settlement of the transaction.
2006 GAIA AND DILO DEBT FINANCING
GAIA and Dilo Trading AG ("Dilo Trading"), subsidiaries of the Company, closed bridge financings with a European lender for a total of Euros 7.5 million (approximately $9.5 million upon issuance). The loan principal and accrued interest is due and payable on December 31, 2006. The loans are secured by a pledge of all of the assets of GAIA and Dilo Trading. The nonconvertible note bears an annual interest of 20%.
Table of Contents
A portion of the proceeds was used to repay the mortgage on the GAIA facility in Nordhausen, Germany and to repay existing loans on GAIA equipment. The remaining proceeds were used for the purchase of machinery and equipment to increase the production of lithium-ion cells and batteries in Germany, for working capital and partial repayment of debt.
MAY 2006 12% CONVERTIBLE DEBENTURES
On May 4, 2006, the Company sold $500,000 of equity units (the "2006 Units") in a private placement. The 2006 Units consist of (i) a 12% convertible debenture in the principal amount of $500,000 (the "12% Debentures"), (ii) 500,000 warrants to purchase Company common stock at an exercise price of $0.20 per share (the "0.20 Warrants"), (iii) 500,000 warrants to purchase Company common stock at an exercise price of $0.25 per share (the "0.25 Warrants"),
(iv) 1,000,000 warrants to purchase $0.10 per share (the "0.10 warrants"), and
(v) 250,000 warrants to purchase Company common stock at an exercise price equal to the Conversion Price (as defined below) of the 12% Debentures (the "Conversion Price Warrants"). The 12% Debentures are entitled to receive a 12% annual interest payment payable semi-annually at the option of the Company in . . .
Hi all. Wow, I haven't seen such an extended lull in dialogue on this board like it has been for the last week or more. I must admit that some very strong negative points have been made by some posters here. However, I still believe in the ultimate success of this company. WHY, you might ask? GlobeTel continues to operate today, despite the many woes and obstacles thrown into its developmental path. HOW does it keep going after a exchange de-listment and SEC investigation? Why were the fines that have been imposed thus far so small? Many posters have accused GTEM to be a scam... for how long now? But yet, GTEM continues on. There is obviously something intriguing about the company that we do not know and is not being shared with us commoners. There has to be a reason for GTEM's continuance. Because GTEM continues on, I'm inclined to follow through with the company; win or lose. GLTA.
here's an interesting site:
http://lyramag.blogspot.com/2008/05/lyric-culture-lifestyle-brand-for-ages.html
...dated May 10th. Sorry if it's been posted already and I missed it.
Hi all. trumpster, I say, imho it's the impatient traders who are selling or will be selling. They are the ones who made a very bad play in choosing AIDO, to trade; no quick money here, just yet. This one is a long term play for now. But when she does start moving, it's going to be like an eruption (please pardon the pump). Most investors are going no where for now; all imo. glty and all investors.
Destan, see nilremerlin's post # 101336. that will probably answer your question. The symbol information most likely has not been updated; my guess.
I concur with you ZaneyMan; and I like the approach taken by Hanna and Co. That is, by exposing the clothing line to those celebrity/upscale personalities first, making the Lyric Culture name common in their circles. From there, a natural progression in name recognition will proceed amongst the masses; their fans. Of course that progression is indeed a slow one, but the speed of ultimate success is subjective depending on the investor. My second year as a shareholder is approaching. I'm giving the company five years to accomplish its task. Then, I will cheer or b*#ch about the company's success or failure. I'm hoping that success will come sooner, and in another three years, we'll all be cheering. All IMHO. GLTU, all Lyricists, and LYJN.
Thanks tachoman. It's odd though, that the company did not issue a news release for the same event. GLTA
thanks MAC. i found that site and here's the link: http://www.jorgemoreno.com/arte.htm all links are active; sections of site are still under construction.
cheers!
Q-reus
An LTC honorable mention from the motorcycle race event:
http://infineonraceway.com/news/529291.html
Thanks NYBob. It would be really nice if the metals' market movements hitch up with the stock price. Cheers.
Q-reus
check this out; a proud moment.
... for me anyhow.
http://www1.pressdemocrat.com/apps/pbcs.dll/section?Category=MEDIA&bcpid=770169275&bclid=769464397&bctid=1432753810
Q-reus
Photo of race event; scroll to bottom image:
http://www.nedra.com/100mph_club.html
Also, note that a couple of other vehicles (2004 & 2006) are powered by Exide Batteries. Interestingly, I wonder if LTC and Exide are still collaborating.
Cheers.
Found on yahoogroups discussion board; posts by Brian Hall of ThunderStruck Motors:
http://sports.groups.yahoo.com/group/NEDRA/messages/421
Just back from one of the most fun days to date, Our twin motor AC drag Bike powered by LTC batteries (86.4 volts) running
in the 96 volt motorcycle class.our time was 7.169 @ 92.51 mph this bets Shawn Lawless (AGNS) time of 8.667@78.167
further our 1/4 mile time was 11.728 @101.19 mph. This is faster than all the other MT records except for Bills Killacycle records and it was done at a very low voltage.
Thanks to LTC for their sponsorship, making this all possible.
Oh we also made it into the 100mph club.
--
Brian D. HAll
Thunderstruck-ev.com
3200 Dutton Ave #319
Santa Rosa, Ca 95407
707-575-0353 voice
707-544-5304 fax
...and then an earlier discussion; my bold...
http://sports.groups.yahoo.com/group/NEDRA/message/422
Re: [NEDRA] Re: How to get down the 1/8 mile
I'm happy with the 96 volt record we set
Still have a few tricks if any one breaks our record
Hope to bring ac bike and race against you am shawn
Mainfuse
Sent from my iPhone
On Mar 1, 2008, at 8:55 AM, "Darin Gilbert" <badfishracing@...> wrote:
> Brian,
>
> I plan on sticking with 96V for this year. I don't see shattering
> your
> time as a possibility, but might be able to better what Lawless did
> with AGNuS. I don't think 48V wrings out the full potential of the
> Etek motors. Still curious what it's capable of at higher voltages.
>
> I guess if my 48V time gets topped, I don't have a plan yet. But
> brute force will be applied to the problem. As a wise man once
> said, "If force doesn't work, you're not using enough of it."
>
> Darin
> BadFishRacing
>
> Losely related P.S. We lost Boyd Coddington(hot rod builder)
> wednesday at age 63.
>
> --- In NEDRA@yahoogroups.com, Brian Hall <bdhall53@...> wrote:
> >
> > Hi darin
> > Better start thinking about how you are
> > Going to hang on to your 48 volt record
> > Mainfuse ;@).
GLTA,
Q-reus
I was browsing the web for company info, typed in GAIA and ran across another power source entity that uses GAIA with its products. That just so happens to be the name of the company, however, but it also applies GAIA to its products. I'm wondering, is there an infringement issue here? LTC seems to have GAIA® registered for its battery product; but I guess GAIA for company name makes the difference. Plus, they have the double-dotted-I (¨) in its name. Any guidance will be appreciated. Nevertheless, what a coincidence.
Q-reus
http://www.gaia-converter.ca/index.php
http://www.thunderstruck-ev.com/jackal_home.htm
ThunderStruck site, although it pre-dates today's NR event and it hasn't been updated yet. I am confident that LTC will be added to the site with the newest results. IMHO
GLTA
Press Release Source: Advanced ID Corporation
http://biz.yahoo.com/bw/080225/20080225005699.html?.v=1
Advance ID's `Tiny Chip' Can Make a Difference in Protecting from Faulty Tire Recall System; Advanced ID CEO Interviewed by NBC Affiliate in Major Investigative Reporting TV Segment
Monday February 25, 8:00 am ET
CALGARY, Alberta--(BUSINESS WIRE)--Advanced ID Corporation (OTCBB: AIDO), a leading developer of radio frequency identification (“RFID”) technology for livestock tracking, pet recovery and supply chain applications focusing on the tire management industry, today announced that its Chief Executive Office Dan Finch was interviewed by KNBC, the NBC television affiliate in Los Angeles, California, in a major investigative reporting segment focusing on the faulty tire recall system.
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The KNBC report is the third major media story to profile the faulty tire recall system in recent months. In December 2007, CNN aired the story, “Recalled Tires Still on Road.” And in November 2007, The Wall Street Journal published an article, “Tire Recalls Show Flaws in the System.”
The KNBC television news report initially aired February 21, 2008, a prime rating period during one of the year’s sweeps weeks, and is available online at http://www.knbc.com/traffic/15340460/detail.html. The story’s lead-in states: “Taking the kids to school, going to work and back, a quick trip to the grocery store -- you trust the tires on your car to take you everywhere. But are you driving down a dangerous road?...Paul Moyer reports on drivers who may unwittingly have recalled tires on their vehicles. Those potentially deadly tires are still on the road across Southern California…Can anything be done? Can a tiny chip make a difference?”
Advanced ID’s Dan Finch commented in the story that the federal government may have to insist that for the recall system to become successful there must be a tire registry and a technology solution that can identify and track tires and integrate with the registry, such as the products available only from Advanced ID. Advanced ID’s tire tag and readers are available and working in the super high performance arena of NASCAR racing, and, therefore, utilization with other passenger type vehicles is presently available. Mr. Finch noted that he believes the cost for its RFID solution is possible for only $3 per tire and that this cost is essential to saving lives. The KNBC report profiles one of the fatalities resulting from the currently ineffective tire recall system.
With recall rates of approximately one per month, the majority of recalled tires is still on the road and pose threats to life and limb, according to the KNBC report. Sean Kane, a consumer safety advocate interviewed for the story, stated that to rectify the faulty tire recall system, it is incumbent upon the industry to make RFID standard in passenger tires to make consumer safer.
The RFID technology solution from Advanced ID is based on the Company’s RFID readers and providing both the RFID tire tag that is embedded in the tire during the tire curing (manufacturing) process and also the tire patch, which is cold vulcanized on the tire after manufacture or for tires already in the field.
About Advanced ID Corporation: Advanced ID Corporation (OTCBB: AIDO) is a complete solutions provider in the RFID market with a focus on the tire management industry. The company is also a major factor in the tire inspection business through its UK based Pneu-Logic subsidiary. The Company is active in the pet recovery business through its AVID Canada subsidiary in Calgary, Alberta, and has developed a UHF RFID reader product line through its Advanced ID Asia Engineering technical support and business development partner in Chiang Mai, Thailand.
Safe Harbor Statement: Statements in this press release other than statements of historical fact, including statements regarding the company’s plans, beliefs and estimate as to projections are “forward-looking statements”. Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company’s SEC filings, and actual results could differ materially from expected results. These forward-looking statements represent the company’s judgment as of the date of this release. Advanced ID Corporation does not undertake to update, revise or correct any forward-looking statements.
For further information visit Advanced ID Corporation at www.advancedidcorp.com
Contact:
Advanced ID
Dan Finch, 214-755-0932
President
danf@advancedidcorp.com
or
Investors:
Darrow Associates
Jordan Darrow, 631-367-1866
jdarrow@darrowir.com
Source: Advanced ID Corporation
Press Release Source: Lithium Technology Corporation
http://biz.yahoo.com/prnews/080225/nem071.html?.v=37
Lithium Technology Corporation Receives $4.7 Million Order For Hybrid Bus Application
Monday February 25, 8:00 am ET
PLYMOUTH MEETING, Pa., Feb. 25 /PRNewswire-FirstCall/ -- Lithium Technology Corporation (LTC) (Pink Sheets: LTHU - News), a leading manufacturer in the large rechargeable Lithium battery market, is pleased to announce the receipt of an order of approximately $4.7 million for hybrid bus application for a joint program with Kettering University and Transportation Techniques LLC ("TransTeq").
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"LTC is very pleased to be part of this outstanding team and the technology of choice for this hybrid bus project in Michigan," commented Dr. Klaus Brandt, CEO of LTC. "Today we demonstrate our ability to supply large batteries that meet the most stringent demands and that are safe and reliable."
Developing new drive train technologies as an alternative to the current diesel-powered buses is an important goal for the Mass Transportation Authority (MTA) of Flint, Michigan. Diesel-electric hybrids are receiving increased interest throughout the transit industry. Current hybrid buses provide approximately 15 to 20 percent improvement in fuel efficiency in the heavy-duty transit applications. TransTeq's hybrid technology, which will utilize LTC's batteries, also incorporates an enhanced set of control systems and more efficient components to provide an additional improvement of 15 to 20 percent. This equates to an overall improvement of up to 40 percent over standard diesel powered vehicles. Additionally, due to TransTeq's patented control configuration, this bus also has the capability to operate in a zero emission mode. This is particularly important in select areas of cities where combustion engines are not or will not be allowed in the future. This bus can go into zero emission mode, run its route through the sensitive part of the city while running on energy from the batteries alone, and then turn on its engine and generator once it leaves the area.
The hybrid bus program is headed by Professor Mohamed El Sayed of Kettering University (formerly General Motors Institute). The MTA will provide the vehicles and facilities for carrying out the technology demonstration. The integration and the production of vehicles will be done by TransTeq and will be based on progress milestones. At a later stage, discussions will be held between Kettering University, Michigan based GR Investment Group (TransTeq's parent company), and LTC for the production of the batteries in the State of Michigan. The success of this venture would create significant high-tech job opportunities within the state of Michigan.
"We went to great lengths to find the right partner and the right battery technology, and we believe we found these qualities within LTC," commented Professor El Sayed. "This project is not only important to all the partners that participate, but most importantly to the health of all the inhabitants of large cities and the health of our planet."
"This project is part of our marketing efforts in the transportation market," said Dr. Brandt. "Buses and trucks represent a huge market opportunity for us, and a significant stepping stone into the consumer vehicle market. Currently, we have several programs running in this market, of which this is one of them."
About Lithium Technology Corporation: Lithium Technology Corporation (LTC) is a global provider of large format rechargeable power solutions for diverse applications, and offers the largest lithium-ion cells with the highest power of any standard commercial lithium ion cell produced in the western hemisphere. With more than 20 years of experience, LTC leverages its extensive expertise in high power and large battery assemblies to commercialize advanced lithium batteries as a new power source in the military and national security systems, transportation and stationary power markets.
LTC manufactures the GAIA® product line of large, high power hermetically sealed rechargeable lithium-ion cells and batteries. The Company's product portfolio includes large cells and batteries from 10 times the capacity of a standard laptop computer battery to 100,000 times greater. LTC manufactures a variety of standard cells that are assembled into custom large batteries complete with electronics (battery management systems) and electronics to communicate with other components of the system for performance monitoring.
LTC headquarters are located in Plymouth Meeting, PA and R&D in Nordhausen, Germany. LTC sales for the U.S. and European markets are managed out of each of the offices. For more information about LTC, its technology and products, please visit http://www.lithiumtech.com .
Safe Harbor for Forward-looking Statements:
The foregoing information contains forward-looking statements, which involve risks and uncertainties relating to such matters as financial performance, technology development, capital raising, business prospects, strategic partnering and similar matters. A variety of factors could cause LTC's actual results and experience to differ materially from anticipated results or other expectations expressed in these forward-looking statements. This notice does not constitute an offer of any securities for sale.
Source: Lithium Technology Corporation
SmallCapFundNYC, IMHO, you'd probably be better off with GTEM. Your company, that was mentioned, seems to have a very long history and its performance is no better than GTEM's. Of course a position here should be approached as a pure speculative play for now. GTEM does have collaborators and partners involved in the development of its venture. Besides that, ask yourself, "How can GTEM continue to stay alive in light of the adversity it has endured over the last couple of years"? There is still interest by the U.S. Gov't and major defense contractors; imaginary, or the real thing? The company you mentioned seems to favor acquisitions and do not seem to be involved in R&D towards their final product, and, their proposal is very limited in its ultimate scope, by comparison. Whatever you decide, GLTY. AMHO.
A mention of Sanswire...
http://www.unstrung.com/blog.asp?blog_sectionid=414&doc_id=146660
Broadband Unstrung
Google's Balloon Dreams
FEBRUARY 22, 2008
Discuss > Share >
9:30 AM -- Does Google (Nasdaq: GOOG - message board) have enough fingers for all the pies it's got them in?
The search giant is already involved in the mobile phone and applications business, municipal WiFi, made a lot of noise about the 700 Mhz auctions, and is rumored to be working on an undersea cable project. Oh, and let's not forget that little thing it dominates called the Internet search market.
Nonetheless, the firm is now rumored to be looking at yet another off-beat wireless technology: low-orbit balloons that can be used to beam wireless connectivity to rural communities where it would otherwise be difficult or unprofitable to set up cell-towers.
Specifically, a Wall Street Journal blog says that the firm has been looking into the work done in this area by Space Data Corp. , with one source claiming that Google has even mulled buying the company.
Space Data's approach is much more low-cost than some other rivals in this field: The firm uses disposable balloons and recycles the $1,500 transmitter for further missions. Other companies, such as Sanswire Technologies Inc. (OTC: SNWR - message board) have been far more ambitious, proposing the development of a new breed of zeppelins to deiver wireless from near-space. (See WiMax in Space?)
Seems like the quick and dirty approach may have paid off.
— Dan Jones, Site Editor, Unstrung
Thanks Doc. I consider your post an LTHU stress-relief-tonic. Best regards and GLTA.
Q-reus
Hi sabre. I imagine the reward (potential) here outweighs the risk by a long shot. I was googling rfid and ran across this Michelin article from last September. http://www.rfidsb.com/showthread.php?t=95
Last August the company announced a five-year contract for Advanced ID's Tire Inspection technology. My thought is that Michelin will use AIDO's Pneu-Logic Reader for its rfid'd (my word) goods. Look at Michelin's tag (image in link) and take a look at AIDO's tags(link); not that they're the same, but similar physical features. http://www.advancedidcorp.com/
The third link details the AIDO/Michelin collaboration. http://www.marketwire.com/mw/release.do?id=757874
And of course there are the Goodyear and Dunlop collaborations also. It seems that the company is doing a great job in establishing the ground work and is also setting the industry's benchmark, for rfid and associated technology. Of course, we HAVE TO WAIT for this one. A position in this company is not an overnight ride to profits and it is not a good one for flipping. AIMHO. GLTY.
Press Release Source: Lyric Jeans, Inc.
Lyric Culture Premieres New Collections at Coterie New York & Project Las Vegas
Monday February 11, 7:00 am ET
LOS ANGELES, CA--(MARKET WIRE)--Feb 11, 2008 -- Lyric Jeans, Inc. (Other OTC:LYJN.PK - News) today announced that Lyric Culture, its premium rock n' roll lifestyle brand, will introduce their Fall 2008 collections at Fashion Coterie in New York (February 10-12) and at Project Las Vegas (February 13-15).
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The new collections are inspired by the music of artists inducted into the Rock and Roll Hall of Fame including Johnny Cash ("I Walk the Line"); David Bowie ("Rebel Rebel"); Aretha Franklin ("R-E-S-P-E-C-T"); Lynyrd Skynyrd ("Sweet Home Alabama"); and Sly & the Family Stone ("Everyday People").
Lyric Culture, through its licensing agreement with Universal Music Publishing Group, will also premiere T-shirts driven by the most popular songs of legendary rock group KISS including "Rock n' Roll All Nite," "Detroit Rock City," "Calling Dr. Love," and "Love Gun."
"Our primary goal is to establish Lyric Culture as the pre-eminent rock n' roll lifestyle brand in the world," said Hanna Rochelle Schmieder, President of Lyric Jeans, Inc. "As such, we are always working hard to develop new and exciting products for our retailers and are privileged to have the rights to such legendary catalogues of music from which we draw inspiration," she continued.
"Artists who have been inducted into the Rock n' Roll Hall of Fame are a spectacular addition to the Lyric Culture line from a revenue perspective," said Ronny Halperin, CEO of Lyric Jeans, Inc. "The Fashion Coterie and Project Las Vegas are wonderful venues to introduce Lyric Culture to buyers from around the world," he continued.
The "Songs of Summer" collection and items from their "legacy catalogue" -- the Revolution (late 60s/early 70s music) and Fever (disco era) Collections will be available as well. Best sellers will be introduced in new fabrications such as cashmere and sherpa.
Lyric Culture is renowned for fusing music and fashion with their line of premium denim and sportswear that features the lyrics to numerous legendary songs made famous by The Beatles, Janis Joplin, Marvin Gaye, and many more. The music-driven premium apparel line involves lyrical content on jeans, denim wear, leather and accessories. Beyond the literal inclusion of lyrics on the pieces (some tees have lyrics on the inside "so you can wear them close to your heart" in the words of Lyric's Hanna Rochelle Schmieder), each item in the collection reflects the personality, style and flair of the artist and song through its design. Lyric Culture allows the wearer to express themselves through the words of a classic song.
Lyric Culture honors these artists and their timeless words by fusing high fashion and music in a groundbreaking way, allowing the wearer to express him or herself stylishly through the words of a classic song. Call it a modern twist on wearing your heart on your sleeve (and pant leg and belt buckle).
Included in this release are certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding Lyric Jeans Inc. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Lyric Jeans Inc. does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
Contact:
Contact:
Lyric Jeans, Inc.
publicity@lyricjeans.com
--------------------------------------------------------------------------------
Source: Lyric Jeans, Inc.
http://biz.yahoo.com/iw/080211/0359548.html
Stirrrthepot, I would think that the message from your link should be pretty clear. The low volume given this stock is difficult to figure. I guess there are a lot of spectators out there waiting for major announcements, despite the showing of active insider buying. Not a single insider sale since April 12, 2006... Hmmm
In reply, regarding the # of OS:
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=AIDO
GLTA
b9, I haven't visited Lyric's homepage lately, but I did visit the site a little while ago and saw a Lyrix/AI link in the lower left corner. A couple of clicks are required to get to the site that reflects the site that I pasted in my earlier post. It is indeed odd that the selection/price site isn't placed more prominently and more especially odd that I did not see it referenced at all on the AI website.
here's an interesting read from dec. 30 '07... fwiw
http://www.nanovip.com/node/4406
This is my first time seeing this page...
http://www.shoplyrix.com/index.php?manufacturers_id=8
Thanks, James E. I just want to be added to LTC's mailing list. I was disappointed that I did not receive a direct communique, as a share-holder, since the Dec. 5th release was addressed to the share-holders. Enough of my belly aching. Thanks again, and to DocS for sharing and keeping the rest of us updated. GLTY
Here's an interesting site that mentions LTC's ongoing development. There's a date of Dec 07 on the page... don't know if it's from this past Dec. or previous year(s). Has anybody here seen this before?
http://jcwinnie.biz/wordpress/?p=1929
PS - After reading through the article, I've concluded that it was released in 2006. Surprised there haven't been any follow-up(s), unless I missed it (them).
It would be nice if we were to see LTC's name/logo associated with an upcoming Battery Conference in Tampa, FL this May:
The 8th International
Advanced Automotive Battery and Ultracapacitor Conference
May 12-16, 2008, Tampa, Florida
http://www.advancedautobat.com/AABC/index.html
On another note, can someone direct me to an LTHU contact which might raise the possibility of some type of reply from the co./rep? I've made no less than three attempts through the info provided on the website to communicate, but never a reply. I've offered my personal info and investment position; all to no avail. Any reply is appreciated. GLTYA
Cole, in your reply, you said...
"I think some of them knew what was "really" going on, and some of them actually believed it would work."
Your words allege that a proven conspiracy/scam is at play with GlobeTel's executive staff, past and present. The SEC has taken action against only two peolpe. If there is or was a hidden agenda, where some "knew what was really going on", I think that the SEC would not have stopped with the names of Joe and Luis. Given that the SEC has not released any final findings, the possibility does indeed exists that other names could still be implicated before it is all said and done. We'll see. Maybe I am being naive, but I just can't believe that those other GlobeTel execs would deliberately tarnish their reputations and knowingly involve themselves with such an association. My thought is that they took on the task of delivering this company to the world, but the intricacies and unforseen obstacles associated with getting the final product to market have taken down some well intended people. I suspect that most of the hoops have been successfully jumped through, but other bugs are still lurking. We WILL eventually see some positive returns come from GlobeTel. WHEN, is anyone's guess. It all depends on the investors' patience and of course if it does not happen, our losses will be our own faults. Obviously no quick returns here. That's the nature of this beast. All imho. GLTYA
Cole, why do you think Dumas came aboard in the first place, considering the fact that a number of very high-profile individuals preceded him in different capacities within the ranks of GlobeTel, and moved along as well? What do you think drew him to GTE(M)?
TIA
Here's one more link from the LA Times (if you haven't seen them) which includes a variety of photos taken during the preparation of the young girls for the Lyrix photo shoot; 8 images:
http://www.latimes.com/features/lifestyle/la-ig-0120-idol1-pg,1,3802377.photogallery?index=2
Thanks, MAC & all for your diligence provided to this board during the lull state that LYJN has seen during the past months. Word of Lyric Culture, the company, is becoming widespread and excitement appears to be growing for the company with its Lyrix clothing line announcment. I've listed a number of links related to the AmericanIdol/Lyrix clothing line. There is some redundancy in articles of the given links, maybe listed in earlier posts... but a small reflection of the multitude of the websites and eyes that the news is now reaching. I'm hoping that this week shows some real positive movement with the stock. GLTYA.
http://idol-mania.com/american-idol-fan/2008/01/18/american-idol-the-clothing-line/
http://www.latimes.com/features/lifestyle/la-ig-idol20jan20,0,7160844.story?coll=la-headlines-lifestyle
http://www.idolstalker.com/lyrix-american-idol-clothing-collection/
http://www.americanidolist.com/ (scroll one-third of the way, down the page)
http://www.tmcnet.com/usubmit/2008/01/17/3216422.htm
http://www.daylife.com/article/02UKelF21G18J
http://www.yourbigoffer.com/americanidol/?p=26
http://www.newstin.com/tag/us/38588880
http://www.newgie.com/displaynewsitem.asp?ArticleID=6123413
http://buzzworthy.mtv.com/category/style/womens/page/3/ (scroll to middle of page - Sanjaya article)
A belated Happy New Year to you NYBob, and all. I plan to stay put, through this year anyway. The way things look right now, fiscally,2008 is going to very interesting indeed. The news reports are using the "R" word regularly now regarding the economy; and I'm hoping for CALVF to finally awaken to counter or offer some relief towards whatever trying times that result from the failing economy. GLTU and all.
Q-reus
P.S. Thanks for the updates too.
Lindy, timing is the name of the game; this game particularly. timing makes the difference for winners and losers. It will be interesting to see if, or when, the company will report the results of an independent NI 43-101. Until that time, one should be hesitant of considering long term position here. I'm long with this company now, LOL, to serve as a reminder to me of the potential pit-falls when dealing in the pinks' arena. Due Diligence cannot be overly emphasized. GLTY as well.