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Not all shares are muitplied by 10. Only the ones held for two years according to what was posted.
In any case, the 48 milion or so mentioned elsewhere is probably in the ballpark.
True. I missed it. The 367 million just jumped out at me. However the number of shares being multiplied by 10 has not been stated I don't believe.
Thanks for clarifying. I didn't think or say there was anything sinster, I just didn't understand the discrepancy in the numbers.
It would be good if the company clarified the exact numbers.
Huh?
Why wuld you say this? "Looks like your right. Gerry Lenfest is deluting because he needs the money. "
He's taking shares for the money he's putting into the company. Protecting his investment, but at the same time diluting other shareholders' interest.
That's how companies normally raise money - by issuing shares and unfortunately diluting.
That appears to be happening here. Only difference is that the money is coming from one individual rather than the public and institutions through private placements.
Makes no difference to other shareholders. The dilutive effect is the same.
Happy 4th of July to all from Canada.
The count is copied from the company's own filing. Do you think the SEC went and changed it just to bug you or undermine the company?
That's why I asked if the company perhaps had five typos in a row.
Perhaps the shares represent the money owed to Lenfest until the loans are repaid.
This is taken from the previous Quarterly.filed in November 2009.
"Funding
Since November 2, 1989, TelVue has funded its expansion and operating deficit
from the proceeds of the sale of shares of TelVue's common stock and Preferred
Stock (as defined below) to Mr. Lenfest and from loans from Mr. Lenfest."
http://www.sec.gov/Archives/edgar/data/839443/000116169709001130/form10q.txt
Looks like some of the loans are in fact purchases of shares issued by the company.
I can't think of any other explanations.
You are the expert. Just asking what's going on.
Here is the share count.
H.F. Lenfest 367,232,672
That's 367 million.
Did the company make a mistake in their filing?
How many shares has the company issued?
I thought it was around 50 million yet at the last sharehoder meeting last month it appears that there were over 360 million unless it's a typo. What's going on?
http://www.sec.gov/Archives/edgar/data/839443/000116169710000540/form8k.htm
ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
TelVue Corporation (the “Company”) held its Annual Meeting of Stockholders on June 10, 2010. Holders of 41,490,951 shares of the Company’s common stock were present in person or by proxy, representing attendance by at least 85.47% of the outstanding shares eligible to vote. The following are the results of the two proposals voted upon at this meeting.
(a) Proposal 1, Election of Directors. Each of the nominees for election to the Company’s Board of Directors was elected to serve until the expiration of their term at the 2011 Annual Meeting of Stockholders and until their respective successor is duly elected and qualified. The number of shares cast in favor and withheld of each nominee was as follows:
Name For Withheld
H.F. Lenfest 367,232,672 90,205
Jesse Lerman 367,232,672 90,205
Joy Tartar 367,292,672 30,205
Robert Lawrence 367,232,672 90,205
I came back for a visit after a few months and just went back to our last exchange in February where you said that you expected earnings that quarter or the next. It didn't happen (yet, perhaps)
I just checked the latest quarterly results and here is what the company said about revenues. http://www.sec.gov/Archives/edgar/data/839443/000116169710000444/form10q.txt
Doesn't sound like they expect much change in the next year.
What do you think?
Revenues
TPS revenues increased $7,136 for the three months ended March 31, 2010,
compared to the same period of 2009. The majority of the revenue increases were
attributed to an increase in PEG.TV(TM) revenue, in addition to an increase in
TelVue Princeton(TM) support revenue. These increases were offset by declines in
sponsorship revenue related to the WEBUS(R) service, in addition to lower TelVue
Princeton(TM) equipment sales and lower consulting revenue when comparing the
three months ended March 31, 2010 to the three months ended March 31, 2009.
TelVue Princeton(TM) sales growth was slowed largely due to reduced municipal
budgets impacting PEG and K-12 educational market sales. TelVue believes that
government and K-12 educational markets have seen a delayed reaction to the
economic downturn that began in 2008 due to the nature of their budget approval
cycles. Additionally, growth in reseller and Original Equipment Manufacturer
sales to these markets was similarly impacted. The Company expects to see a
modest increase in government and K-12 educational sales as new budgets are
approved for fiscal year 2010-2011. TelVue also expects to offset slower growth in PEG and K-12 educational sales through increased sales to cable, Telco and
professional broadcasters as the Company has seen an increased interest in new
Internet Protocol ("IP") broadcast server products such as the TelVue
Princeton(TM) B100 and B3000 IP models. IP-based broadcast servers eliminate the
cost of encoders, improve quality and allow for higher density solutions for
hyperlocal channel origination.
ANI services revenue decreased $43,309 for the three month period ended March
31, 2010, when compared to the same period of 2009. As expected, pay-per-view
buy revenue decreased $1,738 for the three months ended March 31, 2010, and
pay-per-view plus revenue decreased $5,813 for the three months ended March 31,
2010 when compared to the same periods of 2009. These decreases were mainly due
to a reduction in the number of subscribers served during this period when
compared to 2009 (as discussed below). Additionally, there were decreases in
feature revenue and data link revenue of $26,769 and 10,117, respectively, when
comparing the three months ended March 31, 2010 to the three months ended March
31, 2009. These declines were offset by an increase of $1,723 in program number
revenue. TelVue believes there is a loss of focus by cable operators on the
pay-per-view product line, primarily because of the amount of time cable
operators are spending on promoting new product lines such as digital service
and high-speed Internet access.
As of March 31, 2010, the TelVue ANI service was serving approximately 3.7
million full-time cable subscribers compared to approximately 4.1 million
full-time cable subscribers served as of March 31, 2009. The subscriber decline
is the result of cable operators moving to two-way digital services which limit
the number of analog pay-per-view channels available for content and allow the
cable operator's customers to order digital pay-per-view or video on demand via
the set top box, eliminating the need for the TelVue ANI service. Management
believes the long-term effects of deployment of digital two-way service will
continue to negatively impact the TelVue ANI service. As a result of the cable
and satellite subscriber cancellations noted above, TelVue expects to continue
to experience a decrease in its revenue and operating income indefinitely for
its ANI segment.
The question is what do we stand to gain? We should assume that the company's products are now pretty much worthless.
What is a grey sheet shell worth?
Would it even cover the cost of getting a lawyer involved?
I will ask a young Bay Street lawyer family friend working in securities to see if he has something to add.
Any idea why they are not interested?
The other possibility is to try to force a shareholder meeting. As I posted earlier I believe that if 10% of shareholders call for such a meeting it has to be held.
Perhaps a new board can be elected and new management installed (if it's worthwhile) even just to sell the shell, or at least find out what if anything there is of value.
Chilar,
About a month ago you wrote
"TO ALL FELLOW BAGHOLDERS: I'M GOING TO CONTACT A COMPANY THAT HAS A RECORD OF TAKING OVER SHELLS VIA COURT PROCEEDINGS TO SEE IF THERE IS ANY INTEREST IN THIS SHELL.
WILL KEEP THE BOARD POSTED."
Any interest from that company in taking over the shell?
No response to my call to Kanno last week. Looks like he's definitely gone to ground.
What frankie said.
No question about it - you have a clear understanding of what has happened.
I left him a message in December to which he didn't respond. Left another message just now. Let's see what happens.
At least the old cell number still works.
I'm not sure what the number is but 10% to 15% of shareholders can demand a shareholders meeting. A year ago we had around 500 million shares held by posters here. I still have many of the names.
Getting those shareholders to agree to demand a meeting and then forcing one might be the first step. One or two people to attend the meeting along with a lawyer having proxies of the others may help get this resolved.
Nice find. Too bad they don't talk about the details of the iPackets dealings.
You don't need to be a high falutin' investor to check the share price.
It was probably driven up for a day or two by people like you buying in. lol
By the way, now many shares does it have?
EKWX is trading at .0003
What's so exciting about that?
You're clearly living in dreamland. No wonder you've been clamoring for a sale of the shell.
With four billion shares out half a cent would put a value of 20 million on the shell. And you think a shell is worth less than a couple of hundred thousand.
So where does the $19+ million in value suddenly come from?
Don't you think Kanno would have sold long ago if he could have got even a couple of million out of this thing.
Wake up boyo.
Well bud..
What do you think a grey sheet shell is worth? No more than a few hundred thousand at most. That's about what we would be reduced to with a reverse split of a hundred to one.
After paying debts (probably owed to Kanno) we'd probably get next to nothing if the shell was sold.
I talked to a lawyer a year and a half ago before the announcement of the failure of the SWS sale. He felt there was nothing to be done at the time since Kanno had not run off with our money or sold the company without sharing the proceeds.
He had and still has simply failed to succeed with the company (so far) and has failed to communicate with us in a timely manner.
That normally is not cause for a suit. Unfortunately there are many more failed pink/grey sheet companies than successful ones.
We are the ones who should all be sued - for stupidity. I don't think one can use oneself and hope to collect.
Thanks, butI don't have the makeup of a cop, jailer or censor - so no moderating for me.
Frankie has given up his moderator role and suggested that I take it over.
I have no interest in that whatsoever.
Why do we need a moderator? I see no need.
And what does that have to do with China?
You're two years too late with that question.
What does the mine disaster have to do with iPackets?
Before they can do anything they must first get their product approved by MSHA. That hasn't happened yet, if it's ever going to happen.
Wi-Fi http://www.xrftech.com/solutions.html is supposed to be working with iPackets (see Mine Solutions - supposedly coming soon).
We shall see if anything actually happens.
Why don't the Koreans write their news releases then?
The last two news releases are confusing as to carbon nanotube or Li-ion.
As well the test report is extremely vague. Why not provide some values?
Has anyone seen a picture of their battery?
How big is it?
Very strange. That's why the unchanged share price.
What is there to take care of? Stocks generally take care of themselves. Sounds like you're just bored and playing games here.
qt, why don't you just wait for the company to declare some real earnings and the stock price will take care of itself?
Thanks.
I don't see an address or phone number for their IR person. Do you have it?
I did write to the site developer asking for feedback.
As long as the company does well I can live with the site, but if it takes only a little effort (and I know there are lots of great Chinese programmers), I've taught many of them, why not improve the site.
Do those red rectangles float on the side? What for?
Did you try clicking on Join Us and
a. Corporate Post Office? This is what you get
http://mail.cmechina.com.cn/ It's all in Chinese
b. Download Centre? This is what you get
Unusual regret! Has not conformed to the condition data temporarily!
And no financial information.anywhere, including their News.
It's not me. The site works, just works badly.
If
A company with a maket cap over $300 mill and listed on the Amex has no excuse for having an unintelligle, non-working web site.
1. Here is an example of what you get when you click on "Join Us" at the top and "Download Centre" on the left
"Unusual regret! Has not conformed to the condition data temporarily!"
I think it's supposed to mean "Under development".
Those damn red rectangles, one saying "Notice" and the other "Story of Chinese New Year" block some of the text that's on the page. Why are these there?
My other comments still stand. How can a media company expect to get away with shoddy work like this?
If the 1-800 number has been disconnected then the number should be removed from the site.
Why can't they show annual and quarterly reports? One shouldn't have to search through some discussion forum to find them.
This is literally the worst site for a Chinese company, although I've only looked at a dozen or so.
I just became a shareholder and I'm wondering if I'm doing something wrong or there's something seriously wrong with their website.
1. What are those two floating red tectangles on the side for? On my settigs the cover up text.
2. I can't find financials anywhere.
3. The 1-800 toll free number does not work, but perhaps that's because I'm in Canada.
4. When you try to contact the company you get a page that's all in Chinese
5. They need a native English speaker to clean up some of the odd non-idiomatic uses of English.
Just wondering what's going on, especially seeing as this is a media company.
Looking forward to a great year!
Oh well, just a thought.
I got it!
Why don't you buy the shell? You seem obsessed by the idea.
Ammo, thanks for your e-mail which indicated that Kanno was working somewhere in the US.
You said "If my info is correct he's not even in B.C any more.
I'd post where he's working and living at but why bother it would just get deleted"
The info was from 2005, from before iPackets days. The company name listed was correct, but the company was not in the states but in Vancouver.
He is also not working at the Vancouver company, but it sounds like he may have been there prior to iPackets. (The company business and the title he had still exists - but not with him as the holder of any position in the company).
So the info you had is dated and incorrect as of today.
I believe Kanno continues to try to make a go of it with some partner with money and supporting technology and so all is not lost.
DO NOT SHRED YOUR SHARES JUST YET.
I don't have your e-mail any more, but you can e-mail me at gabeh99@gmail.com
Gabe