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ahhh they finally took my 5k at .385 Beer for all!!! Z
Multiple rounds! lol! )))) Z
I've been flipping it...bought 5000 again this morning at .305 (filled 4800 and two 100 trades) trying to sell at .385. When that's done that will be the 4th flip. Z
I've had mine set at .385 and they haven't taken that either. Z
WSTL news after the bell.... ConferencePlus(TM) Builds Industry`s First Billing Solution for In-House VoIP Bridges for American Express Client
August 24, 2006 16:35:07 (ET)
SCHAUMBURG, Ill., Aug 24, 2006 (BUSINESS WIRE) -- Conference Plus, Inc. (ConferencePlus), a subsidiary of Westell Technologies, Inc. (WSTL, Trade) and a leading global provider of audio, web, and videoconferencing services, has created the industry's first billing solution for an American Express(R) Corporate Purchasing Card client utilizing in-house audio conferencing bridges.
The solution allows the client to send their call data records (CDRs) to ConferencePlus for processing, and it allocates and distributes charges internally via the client's American Express Corporate Purchasing Card program. ConferencePlus built the new allocation and billing solution based on its proprietary ConferencePlus Conference Reservation and Billing System (CRBS).
The cost allocation solution was developed for a Fortune 50 technology company that moved its automated conferencing services from a conferencing service provider to in-house VoIP (Voice Over Internet Protocol) conferencing bridges. However, in making this change, the company had no way to allocate the costs to employees, departments, or business units - in order to better manage its telecom costs internally.
The CDR processing solution provides for daily, automated allocation of charges, as well as bill processing. In addition, the client receives "level 2" data, as well as enhanced supplier information, on procurement spend via its American Express Corporate Purchasing Card program. Such information improves visibility of spend, which leads to greater control over expenditures and more purchasing power.
ConferencePlus is the world's largest processor of VoIP based conferencing CDRs, processing over 350,000 third-party CDR transactions every month. ConferencePlus has developed a complete set of services to meet the demands of companies that want to leverage their internal VoIP networks to significantly reduce their teleconferencing costs.
"We take great pride in the flexibility of our systems and our ability to provide completely new solutions to very large conferencing users," Gary Ratkiewicz, Senior V.P., Sales, Conference Plus, Inc. said. "We can purchase the bridge, install it, maintain it, service it, manage it and provide customer support, technical support, and any necessary cost allocation and billing. We don't know of anyone else in the industry that is offering a comprehensive service like this" Ratkiewicz added.
To learn more about the ConferencePlus bridge management and billing solutions, contact Gary Ratkiewicz, at 847-413-3428, or email at gratkiewicz@conferenceplus.com or by visiting http://www.conferenceplus.com.
About American Express Global Corporate Services
Through its Global Corporate Services group, American Express provides expense management services to more than 100,000 firms worldwide through its Corporate Card program, Corporate Purchasing Solutions and Business Travel Services.
It is both the leading issuer of commercial cards and the largest corporate travel management company in the U.S., serving nearly two-thirds of the Fortune 500, along with tens of thousands of mid-sized companies. More information on expense management tools from Corporate Services can be found at http://www.americanexpress.com/corporateservices.
The American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a leader in charge and credit cards, Travelers Cheques, travel and international banking.
About Conference Plus, Inc.
Conference Plus, Inc., a leading global provider of audio, web and videoconferencing services is dedicated to providing high quality, reliable conferencing services that customer's trust with their most important events. ConferencePlus is leading the way in providing innovative IP-based collaboration solutions that are backed by proven technology and exceptional customer service. Headquartered in Schaumburg, Illinois with an international headquarters in Dublin, Ireland, ConferencePlus is a subsidiary of Westell Technologies, Inc. (WSTL, Trade). Additional information about ConferencePlus can be obtained by visiting http://www.conferenceplus.com.
About Westell
Westell Technologies, Inc., (WSTL, Trade) headquartered in Aurora, Illinois, is a Tier-1 provider of intelligent, carrier-class broadband access products manufactured using a TL9000 registered quality management system. Westell offers high-speed broadband/DSL technology products for carriers, service providers and business enterprises around the world. For more information visit http://www.westell.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act 1995:
Certain statements contained herein including, without limitation, statements containing the words "plans," "believe," " on track, " "anticipate," "committed" "expect," "estimate", "await," "continue," "intend," "may," "will," "should," and similar expressions are forward looking statements that involve risks and uncertainties. These risks include, but are not limited to, product demand and market acceptance risks, need for financing, the economic downturn in the U.S. economy and telecom market, the impact of competitive products or technologies, competitive pricing pressures, product development, excess and obsolete inventory due to new product development, commercialization and technological delays or difficulties (including delays or difficulties in developing, producing, testing and selling new products and technologies), the effect of Westell's accounting policies, the need for additional capital, the effect of economic conditions and trade, legal social and economic risks (such as import, licensing and trade restrictions) and other risks more fully described in Westell's Annual Report on Form 10-K for the fiscal year ended March 31, 2006 under the section "Risk Factors". Westell undertakes no obligation to release publicly the result of any revisions to these forward looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE: Conference Plus, Inc.
KGT Communications Group
Kenneth Trantowski, 630-469-8765
kennethg_trantowski@msn.com
Copyright Business Wire 2006
whoops...nope. Z
that was quick. lol! Z
ya and next they'll be changing Uranus to the more polite Urdariare.
Z
probably....brig...oh you mean actc...maybe...out also...maybe a flip play possible though...we'll see. Z
sweeeeeet! )) Z eom
getting? U R dizzy. Z
weeeee! EZM .... EuroZinc and Lundin Mining to merge in stock deal
Reuters - August 21, 2006 2:53 AM ET
NEW YORK, Aug 21 (Reuters) - EuroZinc Mining Corp. EZM.TO and Lundin Mining Corp. LUN.TO on Monday agreed to merge in a stock deal that will create a copper and zinc producer with a market capitalization of about $3 billion (C$3.3 billion).
Under terms of the deal, which will be executed through a plan of arrangement, all EuroZinc common shares will be automatically exchanged at a ratio of 0.0952 Lundin Mining common shares for each EuroZinc common share.
Lundin shareholders will continue to hold their existing common shares, the companies said.
Existing EuroZinc shareholders will own about 56.9 percent and Lundin holders will own about 43.1 percent of the combined company, which will be called Lundin Mining Corp.
The deal is conditional upon EuroZinc and Lundin shareholders approving the deal by 66.7 percent and 50.1 percent respectively, as well as other approvals.
Both sides agreed to pay a break fee to the other party of $40 million under certain circumstances and each company has granted the other a right to match a competing offer.
Lundin family interests, who hold about 19.9 percent of Lundin Mining, and Resource Capital Funds, which owns about 9.9 percent of EuroZinc, support of the deal, the companies said.
Colin Benner, who is chief executive officer of EuroZinc, will become vice chairman and CEO of the combined company and remain based in Vancouver. Karl-Axel Waplan, CEO of Lundin, will become president and chief operating officer of the combined company and remain based in Stockholm.
Both EuroZinc and Lundin Mining will be equally represented on the board, the companies said.
LOL! What did he do this time? Spamming? eom Z
CHTR another weeee!
EZM weeee!
PACT news.....PacificNet Selected to Join the NASDAQ Global Market
PR Newswire - August 18, 2006 2:20 PM (EDT)
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BEIJING, Aug 18, 2006 /Xinhua-PRNewswire via COMTEX/ -- PacificNet Inc. (Nasdaq: PACT), a leading provider of Customer Relationship Management (CRM) and telemarketing services, call center, e-commerce, and Value-Added Services (VAS) in China, announced today that it was recently selected by The NASDAQ Stock Market to become a member of the newly established NASDAQ Global Market. PacificNet's trading symbol will be NasdaqGM:PACT.
Bruce E. Aust, Executive Vice President of NASDAQ, stated in a letter to PacificNet: "It gives me great pleasure to welcome PacificNet Inc. to the new NASDAQ Global Market. By renaming the NASDAQ National Market, NASDAQ is driving visibility and recognition of the international reach and leadership of the world-class companies that list on NASDAQ. NASDAQ strives to help its issuers be the best public companies they can be by exploring new business opportunities and innovative services that public companies need."
"We are delighted to be invited to join the new NASDAQ Global Market," said PacificNet President, Victor Tong. "Our move from the Small Cap to the National Market in 2005 and now to the prestigious NASDAQ Global Market is a testament to our continued positive growth. This move is significant for both the company and its shareholders as we continue to move forward giving us increased liquidity and visibility. We believe the NASDAQ Global Market listing will increase our access to institutional investors which will broaden our shareholder base and ultimately benefit our investors."
About NASDAQ Global Market
The NASDAQ Global Market consists of over 1,450 companies that have applied for listing, having met and continued to meet stringent financial and liquidity requirements and agreed to meet specific corporate governance standards. Formerly called The NASDAQ National Market, this market was renamed in 2006 to reflect the global leadership and international reach of this market and the companies whose securities are listed here. For more information on the requirements to be included on The NASDAQ Global Market, please see Listing Standards & Fees at http://www.nasdaq.com/about/nasdaq_listing_req_fees.pdf
About PacificNet
PacificNet Inc. ( http://www.PacificNet.com ), through its subsidiaries, invests in and operates companies that provide outsourcing and Value-Added Services (VAS) in China, such as call centers, telemarketing, direct response television (DRTV) marketing, CRM, interactive voice response (IVR), mobile applications, and communications product distribution services. PacificNet's clients include the leading telecos, banks, insurance, travel, marketing, and business services companies, and telecom consumers, in Greater China. PacificNet's corporate clients include China Telecom, China Mobile, Unicom, PCCW, Hutchison Telecom, Bell24, SONY, TCL, Huawei, American Express, Citibank, HSBC, Bank of China, Bank of East Asia, DBS, TNT, and Hong Kong Government. PacificNet employs over 2,300 staff in its various subsidiaries throughout China with offices in Hong Kong, Beijing, Shenzhen, Guangzhou, and branch offices in 26 provinces in China, and is headquartered in Minneapolis, USA and Hong Kong.
Contact:
PacificNet USA office: Jacob Lakhany, Tel: +1-605-229-6678
http://www.PacificNet.com
PacificNet Beijing office: Ada Yu, Tel: +86 (10) 59225000
Room 2309, Building A, TimeCourt, No.6 Shuguang Xili, Chaoyang District,
Beijing, China 100028
SOURCE PacificNet Inc.
Jacob Lakhany of PacificNet USA office, +1-605-229-6678, or Ada Yu of PacificNet
Beijing office, +86-10-59225000
http://www.prnewswire.com
Copyright (C) 2006 PR Newswire. All rights reserved.
Have a good time Buzz
actually glad I didn't get filled....hate to hold a flip overnight. We'll see what tomorrow brings
Z
dang missed that dip...tried but didn't get my order set in time and the bid/ask moved right back up....there will be more opportunties (I think). Like the big swings this takes....so far.
Z
PACT news...PacificNet Subsidiary Acquires Leading Macau Gaming Technology Provider
PR Newswire - August 16, 2006 2:36 PM (EDT)
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* PacificNet Games Limited Completes Acquisition of Able Entertainment Technology Ltd. - Leading Electronic Gaming Machine Developer in Macau Focusing on Chinese Games Acquisition to be Accretive to 2006 Earnings
HONG KONG, Aug 16, 2006 /Xinhua-PRNewswire via COMTEX/ -- PacificNet Inc. (Nasdaq: PACT), a leading provider of Customer Relationship Management (CRM) and telemarketing services, call center, e-commerce, and Value-Added Services (VAS) in China, announced today that its subsidiary, PacificNet Games Limited has acquired Able Entertainment Technology Limited, a leading electronic gaming technology provider based in the Macau Special Administrative Region of China.
On August 3, 2006, PacificNet's wholly owned subsidiary PacificNet Games Limited (PacGames) completed the acquisition of 100% of Able Entertainment Technology Ltd., by exchanging 65% of the share ownership of PacificNet Games Limited and by the issuing of 200,000 restricted shares of PacificNet Inc. Upon completion of this transaction, PacificNet Inc. owns 35% of PacificNet Games Limited. Under the purchase agreement, Able Entertainment Technology Ltd. has committed to generate an audited annual profit of USD$1,600,000 and will provide for an adjustment to the purchase price if it does not achieve an annual net profit of USD$1,600,000 during the first 12-month period and USD$3,000,000 during the second 12-month period.
The consideration was paid as follows:
The purchase consideration for the entire amount of issued shares in Able Entertainment, i.e. 100,000 shares which represents 100% of the equity interest of Able Entertainment Technology Ltd., is 650 shares (representing 65% of the ownership interest in PacificNet Games Limited) of PacificNet Games Limited, a Special Purpose Vehicle (SPV) company registered in the BVI, plus the issuance of 200,000 restricted shares of PacificNet Inc. Able Entertainment Technology Ltd. has represented that it expects to generate USD$1,600,000 and will provide for an adjustment to the purchase price if it does not achieve an annual net profit of USD$1,600,000 during the first 12-month period and USD$3,000,000 during the second 12-month period. The purchase consideration is payable 100% in restricted shares of PACT, equivalent to 200,000 restricted PACT shares.
"We are very impressed by the experience of Able Entertainment Technology's founders and their team of electronic gaming machine designers and developers and their expertise in Macau's Chinese casino and gaming market," said Tony Tong, Chairman and CEO of PacificNet. "Able Entertainment's electronic gaming technology design and distribution services network and R&D center have a strong relationship and presence covering Macau, Zhuhai, and other emerging gaming cities in Asia. Their presence represents an opportunity to enhance PacificNet's CRM and value added services network to the new booming casino town of Macau and other emerging new Asian gaming and casino markets. The acquisition is expected to expand PacificNet's position as a leading provider of value-added technology services, customer services and CRM in China and increase our overall value-added revenues, profits, and our technology service coverage."
As a result of the acquisition of Able Entertainment Technology Limited, PacificNet Games Limited will become a leading provider of Chinese electronic gaming machines, gaming technology solutions and gaming related maintenance, IT, and distribution services for the leading hotel and casino operators based in the Macau Special Administrative Region of China and other Asian gaming markets. Able Entertainment Technology's electronic gaming machines are one of the few Chinese games approved by the Macao Gaming Commission of the Macao SAR Government. Macau is expected to surpass Las Vegas in total revenues by 2007. Currently, table games make up the bulk of Macau casino revenues, which is in sharp contrast to other areas such as Las Vegas. Able Entertainment Technology plans to pursue electronic versions of these popular table games which are less expensive to run resulting in higher casino profits. Further, the growing market in Macau is for Asian table games such as Baccarat, Fan Tan, and Sic Bo as these games have wider acceptance with the Asian market than Western games such as poker or slots. The development, manufacturing, maintenance, and service of electronic Asian table games are underserved areas which are predicted to grow considerably as Macau's gaming market matures.
About PacificNet
PacificNet Inc. (http://www.PacificNet.com ), through its subsidiaries, invests in and operates companies that provide outsourcing and Value-Added Services (VAS) in China, such as call centers, telemarketing, direct response television (DRTV) marketing, CRM, interactive voice response (IVR), mobile applications, and communications product distribution services. PacificNet's clients include the leading telecos, banks, insurance, travel, marketing, and business services companies, and telecom consumers, in Greater China. PacificNet's corporate clients include China Telecom, China Mobile, Unicom, PCCW, Hutchison Telecom, Bell24, SONY, TCL, Huawei, American Express, Citibank, HSBC, Bank of China, Bank of East Asia, DBS, TNT, and Hong Kong Government. PacificNet employs over 2,300 staff in its various subsidiaries throughout China with offices in Hong Kong, Beijing, Shenzhen, Guangzhou, and branch offices in 26 provinces in China, and is headquartered in Minneapolis, USA and Hong Kong.
Safe Harbor Statement
This Company's announcement contains forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Potential risks and uncertainties include, but are not limited to, PacificNet's historical and possible future losses, limited operating history, uncertain regulatory landscape in China, fluctuations in quarterly operating results. Further information regarding these and other risks is included in PacificNet's Form 10K and other filings with the SEC.
Contact:
PacificNet USA office: Jacob Lakhany, Tel: +1-605-229-6678
PacificNet Beijing office: Ada Yu, Tel: +86 (10) 59225000
Room 2309, Building A, TimeCourt, No.6 Shuguang Xili, Chaoyang District,
Beijing, China 100028
SOURCE PacificNet Inc.
PacificNet USA office - Jacob Lakhany, +1-605-229-6678, or PacificNet Beijing office
- Ada Yu, +86-10-59225000
http://www.prnewswire.com
Copyright (C) 2006 PR Newswire. All rights reserved.
SEHO news....Sense Holdings Receives Multiple Orders From U.S. Army for Advanced Biometric Homeland Security Product Line; Company's Proprietary ISO-TRACK Biometric ID Technology Addresses Key Military and Homeland Security Demands
Business Wire - August 16, 2006 11:40 AM (EDT)
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FORT LAUDERDALE, Fla., Aug 16, 2006 (BUSINESS WIRE) -- Sense Holdings, Inc. (OTCBB:SEHO) (FWB:OUP), a developer of next-generation biometric and explosive detection security technologies for government and commercial security markets, announces that it has received multiple new orders from the United States Army for its proprietary biometric identification solution ISO-TRACK(TM).
Sense's ISO-TRACK security solution was purchased by the U.S. Army to strengthen security at a military facility based in Fort Carson, Colorado. The order was comprised of seven complete systems for identifying military personnel and additional security measures.
"We designed ISO-TRACK to assist all branches of the defense and Homeland Security industry by streamlining and automating what has always been a labor intensive process," said Dore Perler, Chief Executive Officer of Sense Holdings. "We expect to continue working closely with the U.S. Army and other government agencies to provide the cutting-edge technology they need to secure valuable assets in these times of conflict."
Sense has combined its DTU-100, a biometric fingerprint reader, signature recognition pad, USB digital camera, and the company's custom ISO-TRACK software. The ISO-TRACK technology will replace current hand-written registration procedures, incorporating the Company's proprietary ISOPREP 1833 software with state-of-the-art digital fingerprint imaging devices, digital photography and signature analysis tablets.
The complete system provides precise electronic captures made of this vital biometric information, while speeding up the registration process and creating more trustworthy data analysis. In addition, Sense's proprietary technology uses filed validations, look-up tables, drop down boxes and intelli-sense look ahead menus to provide one of the most advanced biometric devices available in the market.
Sense's other homeland security product initiatives include its work with Oak Ridge National Laboratory (ORNL), a division of the U.S. Department of Energy, to develop and optimize a complete line of advanced handheld detectors for explosives and other dangerous threats applying the Company's proprietary Micro Electro-Mechanical Systems (MEMS) technology. These devices are being designed to provide airports, homeland security agencies, corporate America and other customers with superior detection of TNT, PETN, RDX and a wide array of other explosives and/or dangerous substances at a fraction of current costs.
SENSE is the sole commercialization partner with exclusive rights acquired from ORNL for the manufacture, sale and distribution of MEMS-based handheld devices. The technology to date has been funded by several government agencies, such as the Department of Energy (DOE); Department of Alcohol, Tobacco, and Firearms (ATF); Federal Aviation Administration (FAA); Transportation Security Administration (TSA), and others.
Sense created the turnkey solution for the U.S. military under a long-term contract and is currently marketing its ISO-TRACK authentication solution, and its MEMS-based line of detection products to other U.S. government agencies throughout out the United States and globally.
About SENSE Holdings, Inc.
SENSE Holdings is a developer of next-generation biometric identification systems, and nanotechnology-based micro-sensor technologies for government, military and commercial security marketplaces. The Company's wholly owned subsidiary, SENSE Technologies, deploys proprietary biometric technology based on advanced fingerprint technology and biometric integration to create a range of solutions for prisoner identification, time and attendance, access control applications and other markets. SENSE's major customers include the U.S. Army, the U.S. Department of Corrections, American Airlines and others. A second wholly owned subsidiary, MSTI, is an emerging nanotechnology-based explosives detection technology development division developing a pipeline of advanced bomb detection technologies, including a prototype handheld explosive detection wand device for homeland security applications in airports and other security checkpoints. This handheld detection alternative is designed to be a cost-effective solution with extremely high detection sensitivity and real-time operability. Currently, a proof-of-principle prototype is undergoing further research and development at the U.S. Oak Ridge National Laboratory. For investor-specific information about SENSE Holdings, including recent share price data and news announcements, please visit http://www.trilogy-capital.com/tcp/sense. To view or download an Investor Fact Sheet about the Company, please visit http://www.trilogy-capital.com/tcp/sense/factsheet.html. SENSE is also listed on the Frankfurt Stock Exchange under the ticker symbol, OUP. For other information, please visit http://www.senseme.com.
Cautionary Statement
This presentation includes statements that may constitute "forward- looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, the ability of the Company to develop effective new products and receive governmental approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's filings with the U.S. Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
SOURCE: Sense Holdings, Inc.
Sense Holdings, Inc., Fort Lauderdale
Dore Perler, 954-726-1422, x101
dore@senseme.com
or
Investor Relations:
Trilogy Capital Partners
Paul Karon, 800-592-6067
paul@trilogy-capital.com
Copyright Business Wire 2006
tried for more aagh at .20 and .205 didn't get'm...day is young we'll see. Z
that's me... Richer Chicken Shit! lol! ) eom Z
out of aagh at .21 ))) eom
lol! He's really not all that....only most.
JK!
Z
back in aagh @ .165 ...c what happens. eom Z
CXTI reports....China Expert Technology Reports Financial Results for Second Quarter of 2006
PR Newswire - August 14, 2006 4:01 PM (EDT)
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- Second Quarter 2006 Revenue Increases 69% - Gross Margins For the Quarter Increase Over 8% to 52% - Operating Income Increases 100% to $6.4 million - Proforma EPS Increases 20% versus Last Year to $0.12 for the Quarter
HONG KONG, Aug 14, 2006 /Xinhua-PRNewswire-FirstCall via COMTEX/ -- China Expert Technology, Inc. (OTC Bulletin Board: CXTI), an emerging leader in providing large scale network infrastructure construction mainly for e-government projects for communities and municipal governments in China, today announced financial results for the second quarter ended June 30, 2006.
Second Quarter and Recent Highlights:
- Revenues for the quarter increased 69.2% to $14.1 million as compared
to $8.3 million in 2Q05.
- Gross Profit increased 101.2% to $7.3 million from $3.6 million last
year.
- Operating margins increased 6.9% to 45.5% versus 2Q05.
- The Company signed an $18.3 million new e-Government contract in Nanan
City within the Fujian Province. This represents the second phase of
business and implementation commenced this month.
- Through the first six months of the year, China Expert Technology was
awarded eight new e-Government contracts with a total contract sum of
$113.3 million, including:
--Jinjiang (4th Phase) worth $5.4 million
--Dehua (3rd and 4th Phases) worth a combined $20.5 million
--Licheng City $31.2 million
--Shishi City $37 million
--Yinzhou Ningbo City $0.3 million
--Dehua (Unified Command System) $0.6 million
--Nanan (2nd Phase) $18.3 million
- Backlog on August 14, 2006 is $125.7 million and consists of 12
contracts compared to $121.4 million on May 15, 2006 which is up
3.5 percent sequentially and 217.4% from the end of the year on
December 31, 2005.
Financial Results
Revenue for the quarter ended June 30, 2006 increased 69.2 percent to $14.1 million compared to $8.3 million for the second quarter of last year. The increase in revenue is attributable to the commencement of several projects with both existing and new customers, namely Jinjiang (4th Phase), Dehua (3rd and 4th Phases), Nanan (1st Phase) and Huian. Approximately 94% of the revenue for the period was derived from the deployment of e-Government projects, with the balance derived from application training service and the initiation of system maintenance for one customer. Cost of revenue was $6.8 million for the three months ended June 30, 2006 as compared to $4.7 million for the three months ended June 30, 2005. Gross profit increased 101.2 percent to $7.3 million, or 51.6 percent of revenue, compared to $3.6 million, or 43.4 percent for the 2005 second quarter. The increase in gross profit percentage was a result of better utilization of the Company's internal work force to deliver services, especially in the areas of training and system maintenance, with less reliance on subcontractors for projects underway.
Total operating expenses for the second quarter were $0.9 million which increased 114.4 percent from $0.4 million last year. Certain non-cash expenses, specifically the amortization of prepaid expenses for a consulting agreement with a five-year term initiated in February 2004 was responsible for $0.5 million of the year over year increase. Additionally, other costs such as legal and professional fees, payroll expenses, and audit fees rose slightly compared to the year ago period. Despite the increase in expenses, operating income for the quarter increased 99.6 percent to $6.4 million as compared to $3.2 million reported for the second quarter of 2005.
"Given several significant non-cash expenditures directly related with our convertible debentures issued in October 2005, management believes that operating income should be utilized as a key performance metric for the balance of 2006. Once the debentures mature and these associated income statement adjustments are eliminated, our reported net income will begin to be more reflective of the Company's true earnings power," commented Simon Fu, the Company's Chief Financial Officer.
The Company incurred several significant non-cash expenditures during the second quarter which negatively impacted reported pretax income. These expenses were directly related to the convertible debentures issued in October 2005 and were not incurred in the year ago period. First, a $3.8 million non- cash charge associated with the change in fair value of derivatives, which includes both the warrants and embedded conversion features of the convertible debentures, which increases as the share price increases, and second, $1.2 million in non-cash interest expenses and finance costs which were mainly derived from amortization of debenture discount. Collectively, these non-cash costs amounted to approximately $5.1 million.
Chart Reconciling Non-Cash Items for 2006
Non Cash Expenses 1Q06 2Q06 First Six Months
Change in fair value of
derivatives 170,000 3,824,000 3,994,000
Expenses compensated by
common stock 2,464,423 0 2,464,423
Employees' compensation by
common stock 1,672,000 0 1,672,000
Interest expenses and
finance costs 260,269 1,238,022 1,498,291
Amortization of prepaid
expenses 125,000 576,250 701,250
Total 4,691,692 5,638,272 10,329,964
Income before income tax was $1.4 million for the three months ended June 30, 2006 compared to $3.2 million in the second quarter of last year. Income tax expense for the second quarter was $1.1 million compared to $0.7 million for the year ago quarter. As a result of the previously mentioned non-cash charges, net income for the quarter was $0.3 million, or $0.01 per fully diluted share, based on 35 million shares, compared to net income of $2.6 million, or $0.10 per fully diluted share for the second quarter last year, based on 24.4 million shares. On a proforma non-GAAP basis, by excluding the change in fair value of derivatives, net income would have increased 60.7% to $4.1 million or $0.12 earnings per share.
The Company completed the quarter on June 30 with $13 million in cash and equivalents, an increase of $5.8 million from $7.2 million as of the end of the first quarter of 2006. The current ratio at the end of the second quarter was 2.3 to 1 and the Company continues to remain in a strong financial position. Despite the inclusion of the short term warrants into the fully diluted share count, the Company has yet to recognize approximately $6 million in cash proceeds under current assets.
"We continued the momentum established in the first quarter, by improving our margins and successfully executing against our contract schedules for both existing and new customers. In addition, we secured additional contracts primarily in the Fujian Province which significantly increased our customer base, backlog and visibility," commented Mr. Zhu Xiaoxin, the Chief Executive Officer of China Expert Technology.
For the six months ended June 30, 2006 revenues increased 71.6% to $29.2 million compared to $17 million reported during the first six months of 2005. The increase is directly related to the commencement of several new projects. Gross profit increased by 96.4 percent to $15.1 million with resulting gross margins increasing to 51.6% from 45.1% in the comparable period last year.
Advertising and marketing expenses were $2.5 million for the six months of 2006 with no such expenses in the year ago period. This expense was primarily non-cash in nature and directly related to the issuance of 1.2 million shares of the Company's stock to an independent consultant for sourcing the Licheng city e-Government contract. General and administrative expenses were $2.9 million for the first six moths of 2006 compared to $0.6 million in the year ago period, the majority of the increase which was related to a one-time issuance of common stock for employee benefits and increase in amortization of prepaid expenses previously mentioned. Inclusive of these non-cash expenses operating income still rose 40.8% to $9.7 million from $6.9 million in the year ago period.
The change in the fair value of derivatives for the six months period was $4 million with non-cash interest expenses and financing costs totaling $1.5 million. Collectively, these $5.5 million non-cash charges were not present in the year ago period. Net income totaled $2.0 million or $0.06 per fully diluted share as compared to $5.5 million or $0.22 last year. On a proforma non-GAAP basis excluding the change in fair value of derivatives related to the convertible debentures of $4 million, net income was $6 million for the six month period, or $0.17 per share.
About the e-government project:
The e-government project is aimed to establish a national electronic government system, in which the existing and expecting government networks and applied systems can be combined to form united technology standard and regulation and consequently a united national government service platform. The term e-government is a process in which the government is able to take advantage of modern information and communication technologies to integrate the management and service on Internet, optimize and reform the government structures and working processes, and provide good and standard international administration and service to the society beyond time and space limit.
About China Expert Technology, Inc:
CHINA EXPERT TECHNOLOGY, INC. ("CXTI") is a company listed on the OTC Bulletin Board in the USA (Trading Symbol: CXTI), with its subsidiaries (collectively the "Group") situated in Hong Kong and China. The group is specialized in providing large-scale network infrastructure construction (mainly e-government projects) for communities and municipal governments in China. The Group also utilizes its network with experts from various universities in China to deploy business and IT consultancy services to corporations in Hong Kong and China. The Group's existing major clients includes municipal governments, government authorities and other technology firms in China. Its income is derived mainly from four areas, e-government, technology achievement appraisal, expert consultation and project database.
Safe Harbor under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company's filings with the Securities and Exchange Commission.
Use of Non-GAAP Measures: This press release includes financial measures for net income (loss) and diluted earnings per share calculations which excludes certain non-cash costs not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management's and investors' ability to evaluate the Company's net income and income per share and to compare it with historical net income and income per share prior to the adoption of SFAS 123R by the Company effective January 1, 2006.
For more information, please contact:
For the Company: Investors:
Phoebe Lam Matthew Hayden
China Expert Technology, Inc. Hayden Communications, Inc.
Tel: +852-2802-1555 Tel: +858-704-5065
Fax: +852-2583-9222 E-mail: Matt@haydenir.com
Email: phoebe@chinaexpertnet.com
CHINA EXPERT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2006 2005
US$ US$
(unaudited)
ASSETS
Current assets
Cash and cash equivalents 13,009,519 7,326,595
Account receivables, net of allowance
for doubtful accounts of nil and nil
at June 30, 2006 and December 31, 2005,
respectively 25,367,305 15,423,852
Cost and estimated earnings in excess of
billings 3,569,895 1,082,969
Amount due from a director - 609
Amount due from a former officer 173,975 24,229
Prepayments, deposits and other receivables 5,654,192 9,797,938
Deferred finance costs 215,902 539,756
Deferred tax assets 32,021 -
Current portion of prepaid expenses 690,000 500,000
Total current assets 48,712,809 34,695,948
Property and equipment, net 23,410 28,999
Prepaid expenses 1,121,250 1,062,500
Total assets 49,857,469 35,787,447
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable 1,407,874 644,470
Accrued payroll and employees' benefits 10,875 49,115
Other payables and accruals 389,147 687,837
Amount due to a director 96,960 97,115
Amount due to a former officer 1,336,272 850,172
Amount due to shareholders - 730
Income taxes payable 1,422,713 1,514,217
PRC business tax payable 1,351,259 641,793
Deferred tax liabilities - 97,783
Convertible debentures, net of discount of
US$2,749,772 and US$3,665,439 at
June 30, 2006 & December 31, 2005,
respectively 1,648,667 733,000
Embedded derivatives 3,961,000 3,631,000
Warrants 9,368,000 5,532,000
Total current liabilities 20,992,767 14,479,232
Stockholders' equity
Common stock, par value US$0.001,
authorized 200,000,000 shares; issued
and outstanding June 30, 2006:
27,964,501 shares; December 31, 2005:
25,902,996 shares 27,965 25,903
Additional paid-in capital 17,361,319 12,101,755
Accumulated other comprehensive income 774,392 450,641
Retained earnings 10,701,026 8,729,916
Total stockholders' equity 28,864,702 21,308,215
Total liabilities and stockholders'
equity 49,857,469 35,787,447
CHINA EXPERT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three months ended June 30, Six months ended June 30,
2006 2005 2006 2005
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
US$ US$ US$ US$
Revenue 14,085,672 8,327,038 29,193,851 17,009,596
Cost of revenue (6,817,461) (4,714,908) (14,140,042) (9,343,586)
Gross profit 7,268,211 3,612,130 15,053,809 7,666,010
GM 51.6% 43.4%
Advertising and
marketing expenses (20,727) - (2,485,627) -
Depreciation and
amortization (3,777) (5,241) (8,077) (9,804)
General and
administrative
expenses (833,643) (298,654) (2,878,015) (586,832)
Intangible assets
amortization - (96,401) - (192,802)
Income from
operations 6,410,064 3,211,834 9,682,090 6,876,572
OM 45.5% 38.6%
Other income (expenses)
Interest income 21,121 6,080 34,641 10,017
Change in fair value
of derivatives (3,824,000) - (3,994,000) -
Interest expenses
and finance costs (1,238,022) - (1,498,291) -
Other expenses - (6,221) - (6,221)
Income before
income tax 1,369,163 3,211,693 4,224,440 6,880,368
Income tax expense (1,088,167) (657,580) (2,253,330) (1,410,707)
Net income 280,996 2,554,113 1,971,110 5,469,661
Other comprehensive income
Foreign currency
translation
adjustment 109,066 - 323,751 -
Comprehensive income 390,062 2,554,113 2,294,861 5,469,661
Net income per share
- basic US$0.01 US$0.10 US$0.07 US$0.22
- diluted US$0.01 US$0.10 US$0.06 US$0.22
Weighted average common stock
Outstanding
- basic 27,944,425 24,414,679 27,665,665 24,414,679
- diluted 35,028,842 24,414,679 34,801,991 24,414,679
SOURCE China Expert Technology, Inc.
Phoebe Lam of China Expert Technology, Inc., +852-2802-1555, fax, +852-2583-9222,
phoebe@chinaexpertnet.com; or Investors - Matthew Hayden of Hayden Communications,
Inc., +858-704-5065, Matt@haydenir.com
http://www.prnewswire.com
Copyright (C) 2006 PR Newswire. All rights reserved. ********************************************************************** As of Thursday, 08-10-2006 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated an UPTREND on 06-20-2006 for CXTI @ $2.60. For more information on Comtex SmarTrend® Alert, contact your market data provider or go to CSTADirect.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright © 2004-2006 Comtex News Network, Inc. All rights reserved.
agreed. eom
this is the part where I see a little weakness in their report...I'd have thought that with the growth in revenue that this would have been no problem getting that funding...imho. But I shit about this stuff.
We are in the process of seeking additional financing to forward our business plan, but have not entered into any agreements to obtain such financing. There is no assurance that such financing will be available, or if available, that such financing will be available on reasonable terms. Even if we do obtain such financing, there is no assurance that we will be able to generate profitable operations.
Because we have not yet raised the funding management believes is required to rollout our complete business plan, we have taken, and are continuing to take, steps to reduce our operating costs. We have decided to move a significant portion of our U.S. operations to China where we can benefit from lower overhead costs and further capitalize on the growth potential and success we have already experienced in our Media and Advertising business in Hong Kong and China. Some management and marketing operations will remain in the U.S. In addition, we have suspended operations and development of our consumer portals, RateandSave and More2Save, in our Media and Advertising division.
out of AAGH at .21... I'm weak. Z
DATA weeeeee!
Multi-Billion Dollar North American Pharmaceutical Company Becomes the Fourth Client in 2006 Choosing to Standardize on the DATATRAK eClinical(TM) Unified Platform
PR Newswire - August 14, 2006 7:30 AM ET
Related Quotes
Symbol Last Chg
DATA Trade 6.40 +0.45
Real time quote.
DATATRAK International, Inc. (Nasdaq: DATA), a technology company focused on global eClinical solutions for the clinical trials industry, today reported that its unified platform has been selected by a multi-billion dollar North American clinical trial sponsor with the objective of standardizing their international product development efforts on this single architecture. This relationship represents another new client for DATATRAK and is the fourth customer in 2006 that has decided to exclusively deploy the Company's product suite for an entire multi-year pipeline of clinical trials. The selection of DATATRAK eClinical(TM) was made following an extensive evaluation of the world's leading clinical trial technology providers which lasted several months and culminated in a detailed technology audit of DATATRAK's capabilities and compliance with regulatory guidelines.
Work on the first 8 projects is to begin in 2006. This group of trials together with process consulting by DATATRAK has a combined initial budgetary value estimated to exceed $1 million. This client has also stated goals of initiating a large number of additional clinical trials during 2007 and beyond, some of which represent larger-sized projects. The expected number and budgetary estimates of the additional trials will be finalized in the coming quarters, at which time, more details will be provided. A Master Agreement is currently being finalized by both parties that will serve as the template for all future statements of work for individual clinical trial awards.
As another positive sign of the existence of a long-term commitment and working relationship with DATATRAK, this sponsor has stated a willingness to employ DATATRAK's consulting capabilities with its eMerge Program in order to design the proper workflows and Standard Operating Procedures for a complete eClinical trial program. DATATRAK is also working closely with the sponsor on the most efficient processes and workflows that can be used with Contract Research Organizations (CROs) that the sponsor may select to provide additional services in conjunction with eClinical deployments as part of their clinical trial programs.
DATATRAK eClinical(TM) was chosen because of its unique position in the market of having the broadest and the most unified platform of capabilities existing under one software architecture obviating the need for expensive and risky integration procedures involved with databases residing in unrelated applications. It represents the only clinical trial technology that can collectively house information obtained from electronic case report forms, electrocardiographic- and/or image-generated media associated with increasingly important cardiac safety initiatives and also can facilitate critically important and timely workflow priorities under one interrelated platform.
"We are very pleased to add the fourth customer to a growing list of companies that have selected DATATRAK eClinical(TM) as their platform for all future clinical trials," stated Dr. Jeffrey A. Green, President and Chief Executive Officer of DATATRAK International, Inc. "This is the type of market maturation that we highlighted in our recent conference call whereby clients are implementing blocks of clinical trials at a time from their pipeline. Such a process saves in repetitive contracting efforts and likely contributes to enhanced development productivity, but only occurs when a single standard platform is chosen rather than bouncing from vendor to vendor. This client is especially significant because of their size and the fact that they view DATATRAK as a service provider with an enterprise information platform that is capable of fulfilling their blueprints for growth. The ability to unify all clinical trial data is without a doubt the main reason for these commitments. This client adds to our already firm foundation for achieving our stated goals over the next several years of having four to five anchor clients that are capable of initiating 30-40 new clinical trials each year with DATATRAK eClinical(TM)."
DATATRAK International, Inc. is a worldwide technology company focused on the provision of multi-component eClinical solutions and related services for the clinical trials industry. The Company delivers a complete portfolio of software products that were created in order to accelerate clinical research data from investigative sites to clinical trial sponsors and ultimately the FDA, faster and more efficiently than manual methods or loosely integrated technologies. DATATRAK's eClinical software suite can be deployed worldwide through an ASP offering or in a licensed Technology Transfer model that fully empowers its clients. The DATATRAK software suite and its earlier versions have successfully supported hundreds of international clinical trials involving thousands of clinical research sites and encompassing tens of thousands of patients in 56 countries. DATATRAK International, Inc.'s product suite has been utilized in some aspect of the clinical development of 16 separate drugs that have received regulatory approval from either the United States Food and Drug Administration or counterpart European bodies. DATATRAK International, Inc. has offices located in Cleveland, Ohio, Bonn, Germany, and Bryan, Texas. Its common stock is listed on the NASDAQ stock Market under the ticker symbol "DATA". Visit the DATATRAK International, Inc. web site at http://www.datatrak.net .
Except for the historical information contained in this press release, the statements made in this release are forward-looking statements. Factors that may cause actual results to differ materially from those in the forward- looking statements include the ability of the Company to absorb corporate overhead and other fixed costs in order to successfully market its software; the development and fluctuations in the market for clinical trial technology; the degree of the Company's success in obtaining new contracts; the timing of payments from customers and the timing of clinical trial sponsor decisions to conduct new clinical trials or cancel or delay ongoing trials; governmental regulation; the early stage of the Company's business and operations; and general economic conditions. In addition, the Company's success depends on the outcome of various strategic initiatives it has undertaken, all of which are based on assumptions made by the Company concerning trends in the clinical research market and the health care industry.
SOURCE DATATRAK International, Inc.
Jeffrey A. Green, Pharm.D., FCP, President and Chief Executive Officer,
+1-440-443-0082 ext. 112, or Terry C. Black, Chief Financial Officer, +1-440-443-0082
ext. 110, both of DATATRAK International, Inc.; or Investor Relations, Neal Feagans
of Feagans Consulting, Inc for DATATRAK International, Inc., +1-303-449-1184
http://www.prnewswire.com
sweet...back in at .20 C what happens... Z
PACT weeee! ...UPDATE 1-TABLE-PacificNet Q2 earnings rise; sets Q3, 2006 view
August 14, 2006 08:38:17 (ET)
(Adds Q3, 2006 outlook, share movement)
Aug 14 (Reuters) -
PACIFICNET INC. (PACT,Trade)
Latest Forecast* No. of Yr ago
analysts qtr EPS (diluted, $/shr) 0.08 -- -- 0.06 Net^ ($ thousands) 952 -- -- 593 Revenue ($ million) 19.3 14.5 1 12.3
*Source: Reuters Estimates
^Available to common stockholders
--The company said its second-quarter net profit was partly offset by increased expenses of $500,000 due to added management expense, increased audit fees, and increased interest expense of $100,000 due to its recent convertible debenture.
--For the latest quarter, one analyst had expected the company to earn 10 cents a share, before special items, according to Reuters Estimates.
--For the third quarter, the call center and customer relationship management services provider forecast net income of between $900,000 and $1 million, or about 9 cents to 10 cents per basic share, on total revenue of $20 million to $21 million.
--One analyst expects third-quarter earnings of 11 cents a share, before exceptional items, on revenue of $16.4 million, according to Reuters Estimates.
--The company reiterated its fiscal 2006 earnings outlook of about 39 cents to 43 cents per basic share, on total revenue of between $74 million and $77 million.
--For fiscal 2006, two analysts on average expect the company to earn 43 cents a share, before special items, while the revenue view of one analyst is $65.2 million, according to Reuters Estimates.
--Shares of the company rose about 9.6 percent to $5.59 in morning trade on the Nasdaq. (Reporting by Satrajit Majumder and Aditi Samajpati in Bangalore)
Buzz...somewhere there's a bottom...watching and waiting...to bad they don't pump a little with some business news. oh well. Play'm as they come. ;)
Z
Happy Birthday! That's the way to filp it and then hold free shares! It may spike....I may buy again also.... I'm watching.
I'm thinking that just like HDSN...the run up was before the news was the play...when they announce it droppped...aagh may drop the same way....but we'll see.
Z
HDSN down a bunch...
Maybe time to start buy again....hmmmmmmm?
Z
out of aagh...sweet one...thanks timing. )) eom
TRPH - nice dip in at .13....