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Great question..... which will also be addressed by another entity coming to the aid of all PayPro / Panamersa / PDR Exchange Share Holders.
There are many on this board that will be called upon whether they would like to be or not.
Look back and remember how many times individuals have been sent mass emails from Theresa....many of those emails included numerous names and email addresses (not blocked) of other Share Holders. Bad move on Theresa's part; great for all involved in this mess.
Start looking at some of those emails and start the process of contacting those individuals. Nonetheless, they will be contacted regardless from one Federal entity.
No one should send them anything. These Goons have proven time and time again they cannot be trusted. All Share Holders should contact the SEC in addition to entering into a combined Class Action Lawsuit.
"TF or Pedro-where do we send this info to?"
To the SEC....... Why the hell would anyone send this info to the same group that has ripped you off.
This is nothing but another excuse to delay payment.
What happened, I thought today was the big day?
Today's volume was 3,939 under AVNE however, in the Scottrade account it will not allow me to trade seeing it's still listed as WNSH. Who may have been trading this and how were they able to do this?
Why is it that when I click on AVNE in my Scottrade account, this info comes up?
Avnet Inc AVT:NYSE
Sector: Technology Industry: Electronic Instr. & Controls
17.04 0.30 1.79% 1,983,981 Last Trade as of 4:03 PM ET 11/3/08 Trade Add to Watchlist
Last Change / % Change Volume S&P Ranking
Set AlertsSummary News Charts Options Fundamentals Insiders Earnings Financials SEC Filings Avnet to Offer EMC's Global Financial Services Leasing Solutions to Reseller Partners
Friday 10/31/2008 5:14 PM ET - Businesswire
Related Companies
Symbol Last %Chg
AVT 17.04 1.79%
TSCC 2.52 -3.84%
As of 3:57 PM ET 11/3/08
Avnet Technology Solutions, an operating group of Avnet, Inc. (NYSE: AVT), announced it has signed an agreement with EMC Corporation to provide leasing services to its value-added reseller (VAR) partners through EMC Global Financial Services. With this new leasing program, partners can help their customers afford EMC technology with lower upfront costs, while allowing them to take advantage of future technology advancements.
Avnet's partners will save time and money with contract and portfolio management services from Avnet and EMC, which include developing terms of the lease for their customers. The Avnet and EMC leasing solutions enable partners to increase their revenue because customers will be able to purchase more technology and services. They can also benefit from lower upfront costs and scheduled monthly payments that make purchasing decisions easier. Additionally, the leasing solutions are designed to improve partners' cash flow and minimize their financial risks.
"Avnet is committed to helping its EMC partner base continue to achieve exceptional growth," said Gavin Miller, vice president and general manager, Technology Infrastructure Solutions, Avnet Technology Solutions, Americas. "These financial services offer yet one more way for our partners to expand their businesses with less effort and risk."
"EMC is pleased to provide financing support to Avnet's reseller network," said Gregg Ambulos, EMC's vice president of Americas Channel Sales. "These attractive new financial options are designed to help Avnet's reseller partners to continue to grow in this tough economic environment by making it easier for them to offer their customers EMC products today and accelerate EMC product refreshes in the future."
VARs can begin working now with Avnet's staff of financial and leasing experts to incorporate leasing options into their sales opportunities.
About Avnet Technology Solutions
Avnet Technology Solutions is an operating group of Phoenix-based Avnet, Inc. As a global technology sales and marketing organization, Avnet Technology Solutions has sales divisions focused on specific customer segments and a select line card strategy enabling an exceptional level of attention to the needs of its customers and suppliers. For fiscal year 2008, the group served customers in more than 30 countries and generated US $7.6 billion in annual revenue. The group's Web site is www.ats.avnet.com.
Avnet, Inc. (NYSE:AVT), a Fortune 500 company, is one of the largest distributors of electronic components, computer products and embedded technology in the world. Avnet accelerates its partners' success by connecting the world's leading technology suppliers with a broad base of more than 100,000 customers and providing cost-effective, value-added services and solutions. For the fiscal year ended June 28, 2008, Avnet generated revenue of $17.95 billion. For more information, visit www.avnet.com.
SOURCE: Avnet Technology
Most likely will be a couple days....
This has gone on way too long. Enough of Pedro's story lines. It's time we pull the blankets back to reveal who is in the same bed on this scam.
"The rest of the story is why/what we investigate today…what happened to the PNMS shares"
Is he for real? We all know where the PNMS shares were sent...........the CERTS were sent to Dallas, and I'm sure as most, I have a US Post Office "Return Receipt" signature from the Dallas office PERIOD!
Let's get real here. Someone will be responsible for making this right, I can guarantee you that!
ITEM 3.03-MATERIAL MODIFICATIONS TO
RIGHTS OF SECURITIES
HOLDERS
Aventura Equities, Inc. (formerly Winsted Holdings,
Inc.) (the ?Company?) effective October 31, 2008,
payable to shareholder on November 3, 2008, all
issued and outstanding shares of Common Stock shall
be consolidated on the basis of one (1) post-
consolidated share of common stock for every 7,500
pre-consolidated shares of common stock outstanding
on the effective date (1 new for 7,500 old). Pre-
consolidated shares outstanding totaled 3,620,241,722
shares. Post-consolidation shares outstanding are
estimated at 525,784.
Any fractional shares, or shares issued below one-
hundred (100) shares will be rounded up to the
nearest one-hundred (100) round-lot share minimum.
The one-hundred share minimum was to adjust and amend
all prior reverse stock splits that have cause many
shareholders? holdings in the Company to fall below
the 100 share round lot. Because of prior reversals,
many shareholders hold only one pre-consolidated
share. The new stock symbol is AVNE.PK.
The Company felt it was in the best interest of all
shareholders to enact the above change. The Company?s
efforts in attracting and acquiring related business
entities would require the exchange of new Common
Stock, and the pre-consolidated outstanding shares
would be considered unattractive to potential merger
candidates.
PayChest, Inc. Prepares for New President
Thursday 10/30/2008 8:49 PM ET - Market Wire
Related Companies
Symbol Last %Chg
PYCT 0.0001 0.00%
As of 9:31 AM ET 10/31/08
PayChest, Inc. (Arizona) (PINKSHEETS: PYCT) -- As previously announced, a stock dividend is pending dependant on some final corporate and regulatory steps. This will create a change in the Company name and new stock symbol going forward. Upon completion of the anticipated dividend, the Company intends to carry out a series of steps that will start a new way forward for the newly named Company.
First, a new President & CEO will step in to guide the Company forward. The person has already agreed to step into this role and is waiting completion of the dividend prior to completing the handover from Mr. Lawson Pillay.
Second, the new President is expected to provide an outline plan that will indicate the path forward for the Company, and some of its major activities, some of which have already started.
Third, a series of steps are expected to follow that will progress the Company and Flushaway and be the first steps in the development of this new business.
Current and future management have been working to prepare and put in place the relationships necessary for taking this business forward.
More detailed news releases will be provided as each of the steps unfolds.
No reverse split is planned for the foreseeable future.
About PayChest (Arizona)
PayChest, a global marketing company and developer of technology solutions and its strategic partner companies, market and distribute select products and services worldwide, which provide an increased public awareness to conserve and preserve the world's limited resources.
About the dividend PayChest (Oregon)
PayChest and its strategic partner companies are developing integrated commerce processing solutions utilizing cutting edge technologies to deliver in store, online and mobile solutions globally. These include turnkey point of sale solutions, gift and loyalty portal systems, ACH electronic systems, online and mobile payment platforms and rewards-based platforms to integrate into an existing business system.
Safe Harbor Statement
The foregoing press release contains forward-looking statements. For this purpose any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "estimate," "continue," "can" or comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties and actual results may differ materially depending on a variety of factors.
Contact:
PayChest, Inc.
Investor Relations
1-877-525-5170
ir@paychest.com
I'm new here........Did MNKD get FDA approval?
"First of all, the government owns 80% of the company and isn't going to lose its investment. Period. It isn't going to happen."
Exactly...
And what does that have to do with NutriPure Beverages, Inc.?
China Bio Energy Holdings Group Announces Financing and Exercise of Warrants
Thursday 10/16/2008 11:32 AM ET - Pr Newswire
Related Companies
Symbol Last %Chg
CBEH 4.49 9.51%
As of 2:13 PM ET 10/16/08
China Bio Energy Holdings (OTC Bulletin Board: CBEH) ("China Bio Energy" and the "Company"), an energy company engaged in the distribution of heavy oil and finished oil products and the production and distribution of bio-diesel fuel, announced that it has completed a $9,000,000 financing by issuing a non-interest bearing debenture that is convertible into 2,465,753 shares of Series B Convertible Preferred Stock at $3.65 per share. The Company also received an additional $5,113,635 from the exercise of roughly 1.7 million issued and outstanding warrants at a strike price of $3.00.
"We are pleased to receive the continued support of our shareholders," stated Gao Xincheng, Chief Executive Officer of China Bio Energy, "With this $14 million cash injection, we believe we are in a strong position financially to expand our bio-diesel production and also to take advantage of possible acquisition opportunities that may arise related to bio-diesel assets in China. Now that our bio-diesel facility is producing at near full capacity we believe we have demonstrated the strength of our technical capabilities. We also think that the rapid rate at which we were able to grow our bio-diesel business demonstrates the significant advantage our distribution network represents. This injection of capital demonstrates yet another competitive advantage of ours relative to companies in China-the ability to access capital markets to support continued growth. We believe that these competitive advantages, combined with the tremendous growth potential of the bio-diesel market in China, provide us with a firm foundation for accelerated growth in the years ahead."
The debenture agreement includes a number of other important provisions. First the agreement includes a "make-good" provision which stipulates that the Company achieve net income and fully diluted earnings per share in 2008 of $28 million and $0.73, respectively. Should the make-good targets not be met, the purchaser of the debenture will receive up to 2.5 million shares from the Company's largest shareholder. Note that this share transfer would have no impact on the total number of shares outstanding. Secondly the debenture agreement provides for an escrow hold back of $250,000 until the Company meets the corporate governance standards set by the Nasdaq exchange which is consistent with the Company's existing goal of transitioning to the Nasdaq at the earliest date possible.
About China Bio Energy Holdings Group
CBEH is a distributor of petroleum-related products including gasoline, diesel, and heavy oil, and a manufacturer and distributor of bio-diesel fuel. CBEH's bio-diesel fuel is made at its 100,000-ton capacity facility in Shaanxi province. Feedstock consists of naturally growing non-edible seeds and waste oil from restaurants. CBEH's bio-diesel can be used as a complete substitute for petro-diesel and can be blended with petro-diesel at any ratio. The Company's products are sold via its own distribution network, which includes four fuel depots in Shaanxi that have both road and rail access.
Safe Harbor Statement
This press release contains certain statements that may include "forward- looking statements". All statements other than statements of historical fact included herein are "forward-looking statements". These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Dan Joseph
ICR, Inc.
Tel: +86-21-6122-1077
Bill Zima
ICR Inc. (US)
Phone: +1-203-682-8200
SOURCE China Bio Energy Holdings
WASHINGTON (Dow Jones)--Acting Chairman Walter Lukken of the U.S. Commodity Futures Trading Commission acknowledged on Wednesday that more regulatory oversight is needed for over-the-counter derivatives products.
Lukken's statements come at a time when unregulated derivatives are coming under greater scrutiny as lawmakers struggle to understand what role they played in helping to topple some of the most powerful firms on Wall Street.
Lukken, a Republican, helped craft the legislation that barred the CFTC from regulating most swap products during his days as a congressional staffer in 2000.
But times have changed, and in his testimony before the House Agriculture Committee, he said that federal regulators, including the CFTC and the Securities and Exchange Commission, need the authority to police these opaque markets for fraud and manipulation.
"I think it's very clear that the over-the-counter markets have developed significantly over the eight-year period of time," Lukken said later when asked if it was a mistake to exclude swaps from CFTC regulation. "It will require us to take a fresh view on how we should regulate this."
Of particular interest to lawmakers and regulators are credit derivatives like the credit-default swap, a private insurance-like contract that lenders use to protect against borrowers who can't pay their debts.
Both the House and Senate agriculture committees held hearings on these types of derivatives this week, and the chairmen of those committees put the industry on notice that new regulations will soon be under way.
"Your folks need to get real if they don't think they are going to be regulated," House Agriculture Committee Chairman Collin Peterson, D-Minn., warned the International Swaps and Derivatives Association Wednesday.
Lukken's call for regulatory reform is just one of many voices, but as a new president prepares to take office soon, it is possible that congressional leaders may develop even more sweeping reforms than the ones Lukken proposed Wednesday.
On Tuesday, for instance, Senate Agriculture Committee Chairman Tom Harkin, D-Iowa, said he plans to introduce legislation to force OTC derivatives onto exchanges and possibly even ban certain kinds of credit default swaps.
Questions also remain over which agency should regulate these derivatives. SEC Chairman Christopher Cox has asked for new regulatory powers, and Erik Sirri, the director of trading and markets, testified Wednesday that the SEC would like to see mandatory recordkeeping and reporting for all credit default swaps.
Lukken, meanwhile, called on federal agencies to work in tandem. Still, some of his suggestions for expanding the oversight of OTC products would involve CFTC jurisdiction, including a proposal to create a law modeled after the farm bill. That bill expanded the CFTC's powers to oversee energy swaps traded on electronic exchanges if those swaps establish a price reference for other contracts.
He also suggested that lawmakers should either encourage or require centralized clearing for certain OTC products; some of those clearinghouses are overseen by the CFTC.
"There is a public good, and I think that is the key here," Lukken said. "There is less risk involved in putting this through a regulated clearinghouse than there currently exists in the system. What it's probably going to be is 'sticks and carrots' to get these things onto clearinghouses."
Witnesses at both agriculture committee hearings this week all agreed that putting CDS onto centralized clearing platforms is the first step toward minimizing risk and increasing transparency.
Already there are five different companies, including CME Group Inc (CME) and IntercontinentalExchange (ICE), that plan to launch competing CDS-clearing services.
But those proposals could take some time to launch, and they would be regulated by different federal agencies, depending on how they are structured.
Rep. Peterson said he fears that a turf battle between the SEC, the CFTC and the Federal Reserve is starting to brew, and he worries that industry groups hoping to keep regulations to a minimum will try to exploit it.
"I'm afraid the industry may try to divide and conquer here by trying to get this thing split up between three, four different groups and then avoid regulation," he said.
-By Sarah N. Lynch, Dow Jones Newswires; 202-862-6634; sarah.lynch@dowjones.com
BestDay Video for Tuesday, Oct. 14: About Half of Respondents in BestWeek Survey Think AIG Bailout a Good Thing
14 minutes ago - Ambest
Related Companies
Symbol Last %Chg
AIG 2.56 -0.39%
As of 9:48 AM ET 10/14/08
Tuesday: Washington Bureau Manager Ray Lehmann explains a BestWeek survey that shows about half of respondents think the recent bailout of American International Group Inc. was a good thing to do. John Weber hosts.
http://www.ambest.com/newsroom
Open Energy Closes $4.7 Million Financing with The Quercus Trust
35 minutes ago - Businesswire
Related Companies
Symbol Last %Chg
OEGY 0.06 0.00%
As of 9:30 AM ET 10/9/08
Open Energy Corporation (OTCBB:OEGY), a developer of clean energy solutions and innovative energy management applications and products, today announced it has closed the final portion of its previously announced $4.7 million financing with The Quercus Trust, one of the leading cleantech venture funds in North America.
Quercus invested a total of $4.7 million in Open Energy in this financing, consisting of $4.2 million in cash, and $500,000 of forgiveness of accrued interest and restructuring fees relative to other obligations to Quercus. In exchange, Open Energy issued to Quercus warrants to purchase a total of 235,000,000 shares of common stock, at a price of $0.02 per warrant, with an exercise price of $0.067 per share.
Open Energy also announced that the previously-disclosed management and board changes became effective with the closing of the remainder of the Quercus investment. Following the closing of the financing, the Board of Directors consists of five members, three of whom were appointed by Quercus, and two of whom were existing members of the board. David Field, the current president and chief operating officer, is leading the board as Chairman and will assume the role of chief executive officer effective November 1, 2008.
Quercus is recognized as one of the leading cleantech venture funds in North America with strategic investments in the clean technology areas of solar, water, biofuels, wind and batteries. Quercus is known to provide more value than just funding and take a longer-term view of invested capital combined with their industry expertise and relationships.
About Open Energy Corporation
Open Energy is a renewable energy company focused on development and commercialization of a portfolio of solar technologies capable of delivering power and related commodities on a global basis. Open Energy offers award-winning, building-integrated photovoltaic (PV) roofing systems for residential, commercial and industrial applications. Marketed under the trade name SolarSave(R), the product line includes PV tiles, roofing membranes, and custom architectural glass panels, as well as integrated inverters and web-based monitoring systems. The Company's mission is to harness the power of the sun to deliver complete renewable energy solutions to its customers. For more information on Open Energy, please visit www.openenergycorp.com.
Safe Harbor for Forward-Looking Statements
Except for statements of historical fact, the information presented in this release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance, achievements or financial condition of the Company to be materially different from any future results, performance, achievements or financial condition expressed or implied by such forward-looking statements. These statements are based on the Company's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "may," "would," or "will" or variations of such words and similar expressions may identify such forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements are not guarantees of future performance. Factors which may impact them include, but are not limited to, general economic and business conditions, customer demand for the Company's products, the Company's ability to scale up manufacturing to meet demand, the Company's ability to execute on its business plan, the downturn in the real estate market in the United States, the Company's need for additional financing and its ability to continue as a going concern, the Company's ability to commercialize its Solar Communities initiative and new products under development or recently introduced and other factors over which the Company has little or no control. All such statements are therefore qualified in their entirety by reference to the factors specifically addressed in the sections entitled "Risk Factors" in the Company's Annual Report on Form10-K and its Quarterly Reports on Form10-Q. New risks can arise and it is not possible for management to predict all such risks, nor can management assess the impact of all such risks to the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements speak only as of the date thereof. The Company undertakes no obligation to revise or update publicly any forward-looking statements in order to reflect any event or circumstance that may arise after the date hereof, other than as required by law.
SOURCE: Open Energy Corporation
Open Energy Corporation
Investor Relations
Integrated Corporate Relations
John Mills, 310-954-1100
jmills@icrinc.com
or
Open Energy Corporation
Corporate Contact
David Field, President
858-794-8800
dfield@openenergycorp.com
SectorWatch.biz Issues MarketStats on Alternative Fuel Companies AFTC, SSTP, CBEH, CLNE, BP and HES.
Last update: 6:30 a.m. EDT Oct. 9, 2008
IRVINE, Calif., Oct 09, 2008 /PRNewswire via COMTEX/ -- SectorWatch.biz announces the availability of MarketStats for Alternative Fuel equities in the news and driving markets today. MarketStats offers a perspective on the aforementioned equities and the opportunity for investors to respond with articles, blogs and opinions.
Investors can view MarketStats by visiting: http://www.SectorWatch.biz -- a division of FiSpace.net, a dynamic social networking site for investors.
Today's MarketStats for Alternative Fuel companies include Alternative Fuel Technologies, Inc. (Pink Sheets: AFTC), Sustainable Power Corp. (Pink Sheets: SSTP), China Bio Energy Holdings (CBEH:china bio energy hldg group com
News, chart, profile, more
Last: 4.00-0.05-1.23%
3:59pm 10/08/2008
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Sponsored by:
CBEH 4.00, -0.05, -1.2%) , Clean Energy Fuels Corp (CLNE:clean energy fuels corp com
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Last: 10.40+0.62+6.34%
4:00pm 10/08/2008
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CLNE 10.40, +0.62, +6.3%) , BP plc (BP:BP p.l.c.
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Last: 44.70+0.28+0.63%
4:03pm 10/08/2008
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Sponsored by:
BP 44.70, +0.28, +0.6%) , and Hess Corporation (HES:hess corp com
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Last: 62.28+0.99+1.62%
4:03pm 10/08/2008
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HES 62.28, +0.99, +1.6%) .
For more information on Alternative Fuel Technologies, Inc. visit the following link:
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FiSpace.net is the premiere Internet destination for stock market readers and writers, allowing individuals to post blogs, articles, messages and more in organized sector channels, creating the effective exchange of ideas. By posting content on FiSpace.net individuals can acquire F.A.N.S. (Financial Networked Subscribers) who help increase the author's influence and standing on the site in an unprecedented way.
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Statements herein may contain forward-looking statements and are subject to significant risks and uncertainties affecting results. SectorWatch.biz, FiSpace.net and StockUpTicks.com are properties of Market Pathways Financial Relations Inc. (MP). MP provides no assurance as to the subject company's plans or ability to effect proposed actions and cannot project capabilities, intent, resources, or experience. The subject companies have not always approved the statements made in this report.
This report is neither a solicitation to buy nor an offer to sell securities but is for information purposes only and should not be used as the basis for any investment decision. MP is not an investment advisor, analyst or licensed broker dealer and this report is not investment advice. MP has been paid $1500 by SmallCapVoice.com for preparation and distribution of this report and other advertising services. This constitutes a conflict of interest as to MP's ability to remain objective in its communication regarding the subject company. Market Pathways' analyst Brian Kelly holds CRD #2880975.
SOURCE SectorWatch.biz
http://www.SectorWatch.biz
Copyright (C) 2008 PR Newswire. All rights reserved
"When I find the s.o.b. that talked me into this, I'm gonna stab his cheese. There, it felt good to say it. He knows who he is. It was $16,000.00 you s.o.b.
I hope this is a good lesson to "Joe stock picker"
Hell, I have someone like that as well...........just about the same amount of cash on another stock.
Has anyone noticed that there is no longer a value by the PPS line and total shares value line in their account?
FOCUS: Crunch Heightens Capital Concerns On UK Insurers
0 minutes ago - Dow Jones News
Related Companies
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AIG 3.33 -13.73%
FRDPY 16.15 0.00%
ODMTY 10.16 0.00%
PUK 16.45 0.00%
As of 12:00 AM ET 10/3/08
By Vladimir Guevarra
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--U.K. insurers are facing growing concerns that their solvency capital is depleting as the credit crunch erodes the value of their investments. But there is hope - for now - that the capital they have stocked in good years will help them ride out the current market turmoil.
The development of risk-management structures over the past six years has been "so far, so good," Merrill Lynch said in a recent report.
"But previously comfortable capital buffers have been eroded by markets, and further significant tests lie ahead as corporate bond defaults start to emerge and counterparty risks increase," it said, adding that a relaxed mood among many investors regarding capital positions "provides more downside than upside risks."
A.M. Best Research said that most U.K. life insurers are "being negatively impacted by declining share prices and increasing interest rates" despite their minimal exposure to structured financial instruments.
"The revaluation of shares and write-downs in fixed-interest assets have significantly reduced life insurers' financial performance and are expected to continue doing so for the remainder of the year," A.M. Best said.
It said 13% of U.K. life insurers are falling short of capital requirements being hammered out under Solvency II guidelines, to be implemented in 2012.
Since the start of the year, the FTSE 350 Insurance index has fallen 26%. Hardest hit among the bigger insurers are Old Mutual PLC (OML.LN), whose shares have fallen some 55%; and Friends Provident PLC (FP.LN), which has fallen 50%.
Key executives have already warned that capital buffers may fall should the equity markets they invest in fall further.
Prudential PLC (PRU.LN) said in July that it had a "very strong" capital surplus of GBP1.4 billion at the end of June, lower than the GBP1.6 billion it had at end-2007.
Prudential CEO Mark Tucker told reporters: "If there's a 40% decrease in markets, then we expect to fall about GBP200 million-GBP220 million."
Aviva, the U.K.'s biggest insurer by market capitalization, said in July that its excess solvency has dropped 38% to GBP1.8 billion in June from GBP2.9 billion in end-2007 due to the market downturn.
Aviva said a 20% fall in equity markets would wipe GBP700 million off its capital buffer, the Sunday Times reported. The report said Standard Life PLC (SL.LN) and Friends Provident would see 2% and 4% drops in their respective capital surpluses if markets fell by around 20%.
Capital Buffers Likely Down
Indeed, cuts are likely to happen as markets have worsened since the recent reporting season.
Since the end of June, the Dow Jones Industrial Average has fallen 9%, while the FTSE 100 has lost 12%.
Despite the recent bailouts, the Federal Reserve rate cuts and bans on short-selling to placate the markets, "it's impossible to say if any of these measures actually worked," Merrill Lynch economist David Rosenberg said.
"Every attempt by the (U.S.) government to support the financial system...has resulted in less enthusiastic responses on the part of the equity market," Rosenberg said.
The Dow is still expected to fall some 6% in the near term to 9,750 points, based on technical analysis from CIMB Research.
In the U.K., "there's a 99% chance that the FTSE 100 will close below 5,400 by year-end, and I actually see it struggling to be above 5,000," BUPA head of investments Simon Warren said. At the end of June, the FTSE 100 was at 5625. It's now around 4,716.
Already, the credit crunch is making some insurers lose their appetite for acquisitions.
"In 2008, we will stay away from any deals while waiting to see how the situation evolves. We prefer to keep our funds," Aviva CEO Andrew Moss said in a report Monday in France's La Tribune newspaper.
Not As Bad
Still, analysts said the situation for insurers isn't as bad as some might see it, or at least not as bad as what banks have suffered recently.
Also, there are options created by the credit crunch that insurers can take advantage of.
"While banks are always exposed to the risk that customer withdrawals can exceed available liquidity, the risk of a liquidity shortfall is minimal for insurance companies," said Axel Lehmann, chief risk officer at Zurich Financial Services.
"One main reason for this is the difference in financing models. Insurance companies are essentially financed by premiums paid in advance and payments are subject to the occurrence of insured events," Lehmann said.
"As long as the insurance company has built up reserves and investments are calibrated to match the statistically anticipated claims payments, there is no liquidity risk," he said.
Keefe, Bruyette & Woods said in a report that "the post-2003 solvency regime and associated change in risk culture have left these companies relatively well-capitalized, with any exposure to the toxic asset classes manageable and transparent, and, importantly, stronger competitive positions in a number of markets."
The near-collapse of American International Group Inc. (AIG) means other insurers can boost their positions in the market.
The weakening of AIG should help Prudential in Asia and the U.S., and RSA Insurance Group PLC (RSA.LN) in Asia and U.K.'s commercial sector, KBW said.
-By Vladimir Guevarra, Dow Jones Newswires, Tel. +44 (0) 2078429486, vladimir.guevarra@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=p6N7fvxBgNVlFcXE2xeYCg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
10-06-08 0751ET
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Notice From The Securities Law Firm of Klayman & Toskes to All Investors Who Held Large, Concentrated Positions in Washington Mu
NEW YORK, Oct. 3 /PRNewswire/ -- The Securities Law Firm of Klayman & Toskes, http://www.nasd-law.com/, announced today that a class action lawsuit, Case No. 08-cv-09801, has been filed on behalf of purchasers of Washington Mutual (OTC:WAMUQ) securities. Potential class members should consider whether they should participate in the class action or file an individual securities arbitration claim.
Klayman & Toskes represents retail and institutional investors who have sustained investment losses as a result of holding large, concentrated positions in a single stock or a specific sector. Many full-service brokerage firms recommended the purchase of Washington Mutual securities to both retail and institutional accounts. However, brokers and financial advisors may have purchased an unsuitable amount of Washington Mutual securities in their clients' accounts, thereby creating a significant over-concentration. Over- concentration exists when 10% or more of the investment portfolio is invested in a single security or sector.
Klayman & Toskes reminds investors of the benefits of filing an individual arbitration claim, as opposed to participating in a class action lawsuit. By participating in a class action lawsuit, an investor will most likely recover only pennies on the dollar. However, if one has experienced substantial losses as a result of being over-concentrated in Washington Mutual securities, it may be more beneficial for them to file an individual securities arbitration claim. In 2003, Klayman & Toskes conducted a detailed study of securities arbitration versus class action. The study concluded that investors who file a securities arbitration claim traditionally obtain an overall higher rate of recovery as opposed to participating in a class action lawsuit. To view the full results of the comparison, please visit our web-site: http://www.nasd-law.com/documents/classvr.pdf.
The attorneys at the Law Firm of Klayman & Toskes are dedicated to aggressively pursuing claims on behalf of investors who have suffered investment losses. Klayman & Toskes, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you have experienced substantial losses as a result of being over- concentrated in Washington Mutual securities and you wish to discuss your legal options at no obligation, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at http://www.nasd-law.com/.
DATASOURCE: The Securities Law Firm of Klayman & Toskes
CONTACT: Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire, both
of Klayman & Toskes, P.A., 1-888-997-9956
Web site: http://www.nasd-law.com/
http://www.nasd-law.com/documents/classvr.pdf
"In the past, rumors haven't been difficult to come by. Now, you can't buy a rumor. Interesting."
Stand by, they may offer to sell you a vowel.
Southern Sauce Company, Inc. Announces Annual 2008 Financial Results
Tuesday 09/30/2008 11:00 AM ET - Pr Newswire
Related Companies
Symbol Last %Chg
SOSA 2.50 42.86%
As of 9:59 AM ET 9/30/08
Southern Sauce Company, Inc. (OTC Bulletin Board: SOSA) (the "Company") (Southern Sauce Company, Inc. and Tianjin Shengkai Industrial Technology Development Co., Ltd., the entity through which the Company operates its business, are herein referred to as "Shengkai"), a market leader in the design, manufacturing and sales of ceramic valves, the manufacturing and sales of high-tech ceramic materials, technical consultation and services, and the import and export of ceramic valves and related technologies, announced annual 2008 financial results ended June 30, 2008.
Year Ending June 30, 2008 Financial Results
Revenue for the year ended June 30, 2008 was $32,355,693, an increase of $9,230,945 or 39.9% from $23,124,748 for the comparable period in 2007. The increase was primarily attributable to customer base expansion. Similar to the last two fiscal years, majority of revenue in fiscal year 2008 came from customers in the electric power, petrochemical and chemical and metallurgy industries.
Gross profit for the year ended June 30, 2008 was $19,144,085, an increase of $5,263,929 or 37.9% compared to $13,880,156 for the comparable period in 2007. The gross profit margin for the year ended June 30, 2008 decreased slightly to 59.2% from 60.0% for the comparable period in 2007. This was primarily attributable to costs related to the provision of sample products and promotional discounts to new customers to increase their confidence in Shengkai's products, as well as to increases in raw material costs.
Selling expenses for the year ended June 30, 2008 was $2,951,888, an increase of $312,639, or 11.8%, from $2,639,249 for the comparable period in 2007. The major selling expense was commission paid to the agents for introducing new customers to Shengkai which was approximately $2.6 million in the year ended June 30, 2008, an increase of approximately $0.4 million or 18.2% from approximately $2.2 million in the year ended June 30, 2007. Another major selling expense was traveling expense which was $76,907 in the year ended June 30, 2008, an increase of $35,346 from $41,561 in the year ended June 30, 2007. This increase was mainly attributable to more frequent travel to meet new local and oversea customers.
Income tax for the year ended June 30, 2008 was $4,138,860, an increase of 26% or $854,031 from $3,284,829 for the comparable period in 2007. The increase was primarily attributable to the increase in sales. The PRC government decreased the income tax rate on enterprises from 33% to 25% since January 1, 2008, which reduced income tax expenses by nearly $0.6 million from those expenses that would have been incurred if the previous tax rate was applied.
The Company had approximately $21.3 million in cash and cash equivalents on June 30, 2008. Stockholders' equity was approximately $37.2 million, with total assets of approximately $39.8 million and total liabilities of approximately $2.6 million. For the fiscal year of 2008, the Company generated approximately $9.9 million in cash from operations.
About Southern Sauce Company, Inc.
Southern Sauce Company, Inc. operates its business through Tianjin Shengkai Industrial Technology Development Co., Ltd. ("Shengkai"). Shengkai is engaged in the design, manufacturing and sales of ceramic valves, the manufacturing and sales of high-tech ceramic materials, technical consultation and services, and the import and export of ceramic valves and related technologies. These industrial valve products are used by companies in the electric power, petrochemical, metallurgy, and environmental protection industries as high-performance, more durable alternatives to traditional metal valves.
Shengkai develops ceramic products with more than 700 types and specifications in 32 series, under nine categories. Of these, Chinese patents have been obtained for 12 products, and applications for nine more are pending. Shengkai's products have won the title of "National Key New Product" in China four times from 1999-2003 and won a silver medal at the Shanghai International Industry Fair in 2002.
Shengkai's products are exported to North America, the Asia-Pacific region and all provinces, cities and autonomous regions in China except Tibet. Totaling over 300 customers, after a six-year application process, Shengkai became a supplier of China Petroleum & Chemical Corporation in 2005 and a member of the PetroChina supply network in 2006.
SOURCE Southern Sauce Company, Inc.
http://www.shengkai.com
AIG Notice
Date : 09/26/2008 @ 5:04PM
Source : Business Wire
Stock : American International Group, Inc. (AIG)
Quote : 3.15 0.13 (4.30%) @ 7:57PM
AIG Notice
On September 23, 2008, American International Group, Inc. (“AIG”) announced that it had signed a definitive agreement with the Federal Reserve Bank of New York for a two-year, $85 billion revolving credit facility. Under the agreement, AIG will issue a new series of Convertible Participating Serial Preferred Stock to a trust that will hold the Preferred Stock for the benefit of the United States Treasury. The Preferred Stock will hold approximately, but not in excess of, 79.9% of the aggregate shareholder voting power. The issuance of the Preferred Stock, which will be convertible into Common Stock of AIG following a special shareholders meeting to amend AIG’s restated certificate of incorporation, would normally require approval of shareholders according to the Shareholder Approval Policy of the New York Stock Exchange (the “NYSE”).
The Audit Committee of the Board of Directors of AIG has determined that delay necessary in securing shareholder approval prior to the issuance of the Preferred Stock would seriously jeopardize the financial viability of AIG. Because of that determination, the Audit Committee, pursuant to an exception provided in the NYSE’s Shareholder Approval Policy for such a situation, expressly approved AIG’s omission to seek the shareholder approval that would otherwise have been required under that policy. The NYSE has accepted AIG’s application of the exception.
AIG, in reliance on the exception, is mailing to all shareholders a letter notifying them of its intention to issue the Preferred Stock without seeking their approval. AIG will proceed to issue the Preferred Stock when it has received all material approvals of governmental authorities required for the issuance.
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
"Are you saying he has more money in this than all the i-hub shareholders combined?"
I really don't think so...........
Why is this stock tanking?
NBC News and news services
updated 11 minutes ago
WASHINGTON - Democrats and Republicans have made “tremendous progress” in negotiations over a $700 billion rescue plan for Wall Street, and a plan could be in place before financial markets open on Monday morning, according to a leading Democrat.
Paul Kanjorski, D-Pa., chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, told CNBC Thursday morning that a bailout plan package “is basically done,” and “hard issues are resolved.”
“This is almost a done deal, but I can’t announce it because that’s not my role,” Kanjorski said in an interview. “Just tell the American people the cavalry has arrived; we’re home,” he added.
"...unless the revenue is there. Isn't that why we buy stocks in the first place - potential?"
Theresa...is that you from over at PNMS?
Section 1 —Registrant’s Business and Operations
Item 1.01. Entry into a Material Definitive Agreement.
On September 18, 2008, American International Group, Inc. (“AIG”) made a filing on Form 8-K with respect to a revolving credit facility with the Federal Reserve Bank of New York (“NY Fed”).
This Form 8-K/A filing corrects certain errors in, and supersedes, yesterday's filing.
The summary of terms of the revolving credit facility provides that AIG may borrow up to $85 billion from the NY Fed. AIG’s borrowings under the revolving credit facility will bear interest, for each day, at a rate per annum equal to three-month Libor plus 8.50%. The revolving credit facility will have a 24-month term and will be secured by a pledge of assets of AIG and various subsidiaries. The revolving credit facility will contain affirmative and negative covenants, including a covenant to pay down the facility with the proceeds of asset sales.
The summary of terms also provides for a 79.9% equity interest in AIG. The corporate approvals and formalities necessary to create this equity interest will depend upon its form.
A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K/A and is incorporated by reference herein.
Section 9 —Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit 99.1 Press release of American International Group, Inc. dated September 16, 2008.
--------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 19, 2008 AMERICAN INTERNATIONAL GROUP, INC.
(Registrant)
By: /s/ Kathleen E.
Shannon
Name: Kathleen E. Shannon
Title: Senior Vice President and Secretary
--------------------------------------------------------------------------------
EXHIBIT INDEX
Exhibit No Description
99.1 Press release of American International Group, Inc.
dated September 16, 2008.
NutriPure Beverages, Inc. Delivers Initial Funding for "Fast Tracking" of Inka Grill Franchising Systems Rollout
Thursday 09/04/2008 12:33 PM ET - Businesswire
Related Companies
Symbol Last %Chg
NUBV 0.0001 0.00%
As of 3:59 PM ET 9/4/08
NutriPure Beverages, Inc. (Pink Sheets: NUBV), reported today that NutriPure has completed its first installment of funding for its wholly-owned subsidiary Inka Grill Franchising Systems (IGFS), which it just acquired on August 12, 2008. NutriPure CEO Kenyatto Jones explained, "We are very pleased that we were able to deliver this initial tranche of funding more quickly than we originally planned. The Inka Grill project has been fast-tracked by its franchising partner, Francorp, Inc., and stepping up the funding schedule will allow IGFS to maintain its planned rollout schedule without missing a beat. We believe that the Inka Grill franchise will be a huge success and we are eager to initiate franchise sales as soon as possible."
ABOUT NUTRIPURE BEVERAGES, INC.
NutriPure Beverages, Inc. is focused on growth and diversification in the healthy food / healthy water industries. NutriPure currently owns two subsidiaries that operate independently and synergistically: XND Technologies, Inc., which is bringing to market a complete line of nutrient-enhanced bottled using a revolutionary patented cold-filling process that enables the adding of organic nutrients while retaining the appearance and taste of pure water; Inka Grill Franchise Systems, which is franchising a highly successful Peruvian restaurant concept in partnership with franchising leader Francorp, Inc. NutriPure also has signed an LOI to acquire Jayger International, Ltd., an import/export company with strong ties and long-term relationships in Asian markets.
For more information, visit www.nutripurebeverages.com.
Safe Harbor Statement: This release contains forward-looking statements with respect to the results of operations and business of NutriPure Beverages, Inc., which involves risks and uncertainties. The Company's actual future results could materially differ from those discussed. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the "Safe Harbors" provision of the Private Securities Litigation Reform Act of 1995.
SOURCE: NutriPure Beverages, Inc.
NutriPure Beverages, Inc.
Kenyatto Jones, CEO
(866) 202-5256
900 shares and holding..........
I'm in the import/export business and I have to say this has to be the most risk free investment you could place your bets on in the industry.
My Cousin will be stopping by this address this weekend on his way to Big Bear to see if they are serving donuts at the drive through.....
19732 MacArthur Boulevard, Irvine, California 92612
(949) 260-1500
Who in the hell keeps buying into this pump?
6560 · Payroll Salaries 438,653.50
Theft~
PRICELESS
How did you arrive at a PPS of $1.75?
"is nmc, inc worth $1.75"
NO