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Was EGMI FORMALLY delisted from the OTC due to the HALT OR not?
The trader Thirsty Tiger wrote
"Simply speaking, whoever you talked to was blowin smoke up your behind and further it is not a slamdunk that once the 10K is out that EGMI is right back being QUOTED on the OTCBB. It will take some time for EGMI to file a Form 15 and above all for a MM to sign on as a sponsor. Being a sponsor is by no means free and especially with a company that was just suspended by SEC it does carry a huge risk."
THE INVESTOR wmthecommoner wrote
"What has happened due to the SEC Halt, is that NO Market Maker has been willing to make a market in the stock until the Financial Statements are audited and the non reliance issue is resolved.
Once that issue is resolved, the MM have to do some review and DD and then are likely to make a market in EGMI.
But as I understand it, EGMI was not formally delisted from OTC.
Maybe a mute point in the short run, but it means the trading on the OTC will be quickly restored with audited financials. So in meantime Grey market sales only."
Who is blowin smoke?
5.3M VOLUME on Friday?
Our average volume was approximately 500K shares a day before halt.
So who is buying?
EGMI? ROTH? MERRIMAN?
Shareholders?
HuB
A Few Tweets FYI
$EGMI. I am a big risk taker, won a lot, lost a lot, never had it stolen until this POS management robbed us. Want the US team OUT!!!!!!! 27 minutes ago via web
$EGMI Auditor and whistleblower should rot in hell. Ripley would not believe this story with real bad people in charge. 32 minutes ago via web
$EGMI with new management, shareholder watch dogs, we can come back a long way, if SEC stops trading until everything is out. 38 minutes ago via web
$EGMI shareholders should throw management out, US co-chairmen were hiding under the covers when the chit hit the fan, nowhere to be found. 40 minutes ago via web
$EGMI I have seen it all now. This disaster was caused by the 3 people in the US offices, should hang. One should not have been there. 41 minutes ago via web
$EGMI the management has raped their shareholders, need to tarred and feathered. I hope they get crushed. They conspired to screw us. 42 minutes ago via web
$EGMI from what I hear the money is there, the management sucks, the two chairmen are empty suits and have to go. 43 minutes ago via web
A new National Nigerian oil company
By Yemie Adeoye
IN anticipation of the passage of the Petroleum Industry Bill, PIB, currently before the National Assembly, the management of the Nigerian National Petroleum Corporation, NNPC, has concluded plans to formally kick-off its transformation agenda.
NNPC’s spokesman, Dr. Levi Ajuonuma, said this in a statement in Lagos, Wednesday.
“In readiness for the unprecedented reforms that the Petroleum Industry Bill is expected to bring about in the entire oil and gas industry when it is passed into law, we are formally unveiling what will constitute the NNPC transitional transformation agenda and its timeline.”
I am speculating that the restructuring bill will break up NNPC into a handful of autonomous units and allow its new national oil company to raise funds by investing in capital markets, instead of relying on government revenues.
The reforms envisage a Nigerian oil company operating like former Brazilian oil monopoly Petrobras, Malaysia's government-owned Petronas, which has dozens of subsidiaries or Saudi Arabian state oil giant Saudi Aramco.
SNP will buyout ERHE VERY soon...IMO
THE HuB
THE HuB
A large investor in ERHE!
ERHC to expand operation in Nigeria’s onshore.
NNPC unveils transformation agenda
National News Mar 3, 2010
By Yemie Adeoye
IN anticipation of the passage of the Petroleum Industry Bill, PIB, currently before the National Assembly, the management of the Nigerian National Petroleum Corporation, NNPC, has concluded plans to formally kick-off its transformation agenda.
The launch, which is holding Friday at the corporation’s head office will signal the commencement of activities aimed at transforming NNPC from a government corporation into an incorporated public limited liability company that is commercially focused and profit-driven.
NNPC’s spokesman, Dr. Levi Ajuonuma, said this in a statement in Lagos, Wednesday.
It reads in part, “In readiness for the unprecedented reforms that the Petroleum Industry Bill is expected to bring about in the entire oil and gas industry when it is passed into law, we are formally unveiling what will constitute the NNPC transitional transformation agenda and its timeline.”
It will be recalled that the transformation agenda was set in motion last year, leading to a N27.5 billion savings in costs of operation for the corporation.
The formal launch of the transformation agenda is expected to get all workers of the corporation to key into the reform programme with a view to making a success of it.
Losingmoney, Good Advise
"I am going to shed some light, the shorts are going to come in here and already have, because they want nothing more than panic selling, etc. when this stock resumes trading."
The only people that matter right now are the auditors!
Best Regards,
HuB
junewong, Winter Storm Hits New York City
February 26, 2010: Winter Storm Hits New York City On February 26, 2010, a slow-moving storm is parked over the city and up to 20 inches of snow is expected by Saturday. Schools are closed and subways are running with delays on some lines. In Brooklyn, pedestrians struggle to get through the snow and homeowners shoveled their sidewalks.
Lord Leonard Steinberg
Founder Of Stanley Leisure Ltd. Agrees To Become Chairman Of The Board Of Electronic Game Card, Inc.
By Anna Ohlden | June 6th 2008 07:30 AM
NEW YORK and LONDON, June 6 /PRNewswire/ --
- On June 6, 2008, Lord Steinberg filed as a 5 percent owner of Electronic Game Card, Inc.
Electronic Game Card, Inc. (OTC Bulletin Board: EGMI) ("EGC"), announced today that Lord Leonard Steinberg has agreed to join the Board of Directors as Chairman.
Lord Steinberg is one of Britain's most successful businessmen and one of the most well known personalities in the gaming industry. He founded Stanley Leisure in Belfast in 1958 with one licensed betting shop. Stanley Leisure plc became the largest casino operator and fourth largest retail bookmaker with 600 shops in the United Kingdom.
In 2005 Stanley sold its retail bookmaking operations for 504m pounds Sterling (approx US$1billion) and returned 327m pounds (approximately US$650million) to shareholders. In 2006, Stanley then sold the 45 casinos to Genting International for approximately US$1.3billion
During Lord Steinberg's tenure, Stanley Leisure grew both organically and through acquisition. In the last five years as publicly quoted company Stanley Leisure generated total shareholder returns at a compound annual growth of more than 25 per cent.
The acquired businesses were cultivated by adding seasoned management, structural renovations, synergistic business-lines, and improved locations. Some acquired businesses were relocated into special purpose built facilities, such as the Circus Casino Birmingham Star City, which is the largest casino in the United Kingdom.
In addition to his highly successful business career, Lord Steinberg was made a Conservative Life Peer in 2004 and is an active member of the House of Lords in the United Kingdom. He is a well known philanthropist and is a member of the Board of Directors of Medgenics, a U.S. incorporated biopharmaceutical company, L Sports Investments Ltd., Stanley Bet Holdings Ltd., and Stanley Bet Overseas Investments Ltd.
Commenting on Lord Steinberg's involvement, a company spokesperson said, "It is with great pleasure that we will welcome Lord Steinberg to our Board of Directors as its Chairman. His highly successful career is reflective of his business acumen and drive to achieve excellence in whatever he undertakes. Lord Steinberg's experience is well suited to meet, and exceed the strategic vision of EGMI as it expands in international markets and pursues further market share gains with superior, well positioned products." The spokesperson continued, "We believe that the fact that an accomplished business leader of Lord Steinberg's caliber has agreed to become chairman of the company is validation of the company's business. In addition, as the company enters the next stage of its development having an accomplished Chairman with a track record of large public company leadership will be invaluable. We especially welcome his leadership in the selection process for new members of the company's management." Lord Steinberg commented, "Electronic Game Card is an innovative product that addresses an extremely large potential market. I am a strong believer in this technology and have thus recently purchased in excess of 5 percent of the stock in the open market. With the addition of my established contact base and business and industry experience I believe that this company has extremely exciting prospects and I look forward to taking the company and the product range to the next level."
In addition to Lord Steinberg, the Electronic Game Card, Inc. Board of Directors has also nominated Eugene Christiansen and Anna Houssels to serve as non executive directors. Mr. Christiansen has been active as an executive and consultant to the commercial gambling and entertainment industries since 1976 through New York based Christiansen Capital Advisors. Mr. Christiansen has conducted studies of the economics, taxation, financial structure, and regulation of casino gaming, pari-mutuel wagering, and lotteries, and has counseled Manhattan and Washington, D.C. law firms in legal proceedings regarding gaming issues. Mr. Christiansen is the author of numerous articles dealing with casinos, horse racing, greyhound racing, jai alai, off-track betting, lotteries and related activities in trade, professional, and academic publications. He prepares authoritative statistical reports that are widely used domestically and abroad recognized throughout the world as the most comprehensive and authoritative description of the gambling industries of the U.S. Mr. Christiansen has co-authored an influential academic study of gambling, The Business of Risk: Commercial Gambling in Mainstream America (University Press of Kansas, 1985), and is a member of the advisory boards of the National Council on Problem Gambling and the Institute for the Study of Gambling and Commercial Gaming at the University of Nevada, Reno.
Ms. Houssels is currently Vice President of VIP Sales for CityCenter in Las Vegas, an US$8 billion mixed use real estate project developed as a joint venture between MGM Mirage and Dubai World. In this capacity she focuses on expanding the sales network through VIP customers and referrals, and liaising with MGM MIRAGE key executives plus international and domestic casino marketing teams. Her responsibilities include leading event sales nationally and internationally, and developing new sales leads through "business to business" channels, as well as professional and social personal network associations.
Prior to Las Vegas CityCenter, Ms. Houssels worked for The Mark Company and RLM West Luxury Real Estate in California as well as Ezra International Realty in Las Vegas. Her experience also includes buying, renovating, and selling luxury high rises in Australia and the United States. She most recently owned and operated Houssels Properties; a Las Vegas real estate firm specialized in selling exclusive residences, many of them high rises, to local and a large international network.
Guesstimate
is an informal English portmanteau of the words guess and estimate, first used by American statisticians in 1934 or 1935.
It is defined as an estimate made without using adequate or complete information, or, more strongly, as an estimate arrived at by guesswork or conjecture.
Like the word estimate, guesstimate may be used as a verb or a noun (with the same change in pronunciation).
A guesstimate may be a first rough approximation pending a more accurate estimate, or it may be an educated guess at something for which no better information will become available.
Losing, My Guesstimate
My guess is that EGMI will head north to the $3-$4 range within the next 3 months following a CC financial update by management on China & another new contract...
Then we can buy one of those walkaways or foreclosures up there in N.Scottsdale with our shares. Shorts & Bashers will become toast...
wmthecommoner, CHINA Guidance thoughts for 2010
"What is needed is some indication that Management is ready to be focused and working like a team to go forward and execute their business plan. Remember Lee Cole came back from China, gotta be a report on the results of that trip."
1. China: We have a MOU with China LotSynergy which Kevin stated he hoped to have closed by now.
2. China LotSynergy is the ONLY player in the China Welfare Lottery system.
3. 9 billion scratch/win lottery tickets are sold annually in China.
4. Half are welfare lottery tickets (4.5 billion) and the other half are Sports lottery tickets. IGT/GTECH a couple years back invested in China LotSynergy (own 15-20% I believe) so they would have an avenue to market their gaming products in China.
5. Kevin stated that China LotSynergy would like to have our product ready by the World Fair 2010 (April 2010) where over 100 million tourists are anticipated to visit Beijing. China LotSynergy feels that our electronic game cards will have a material effect on expanding the lottery system in China.
6. So what does material mean? Do we penetrate 10-20-30%. All I know is this. We are teaming up with the ONLY player in the Chinese Welfare Lottery System so our chances of penetrating the market are very good.
7. Let’s say that the Chinese Welfare Lottery market grows to 6 billion cards/annually by the time our product is launched by April of next year.
8. Let’s say we penetrate 5% of the market or 300 Million cards.
9. I don’t know how much we will get per card, but let’s say we just get 10c per card. That is $30 Million in additional revenue and who knows how much of that could hit the bottom line.
10. The point is that the potential for China to completely blow out EGMI’s 2010 expectations is very real.
BRIG,
Glad that you made a ton of money on EGMI already...
I suppose we will know on Frbruary 25th if your main concern is true or not...
"My main concern at this point is new contracts with new customers....in other words growth."
"I’m pretty confident we will be looking at a much higher stock price in 2010"...Ian Cassel
For all our complaining, we still have a company that grew revenues and net income by almost 40% sequentially Q2 2009 – Q3 2009, with an “in the bank” record quarter upon us in Q4 2009.
In my estimation the company is currently on a 12-13c AFTER TAX EPS run rate, with almost $13m in cash and virtually no debt. We are all but guaranteed 100% year/year growth in Q4 2009, Q1 2010, and Q2 2010 when compared to the previous year.
We have Thomas the Tank hitting retail stores in the UK in late Q1, and China Lottery and FMM Moscoe staged for second half 2010.
This in itself should warrant a much higher stock price given these growth rates, and this is without any contribution from POKEN, any new lottery market(s) opening up in Europe and/or Kevin closing a deal(s) between now and end of Q2 2010.
I don’t know what tomorrow will bring but I’m pretty confident we will be looking at a much higher stock price in 2010".
Reply to sweet1516
Many posters have spent these last few days & weeks lambasting management...
EGMI management was said to be incompetent...isn't informing investors...at least some posters would have you think so.
It's time to decide who is the problem here.
EGMI management? Or message board posters with agendas?
This is important BECAUSE it makes a difference.
It determines investors faith within themselves to be able to tell the difference between fact...and fiction...right...and wrong.
The criticizer's will continue to criticize...so...it's all of us that have to decide who we believe in...EGMI...or message board posters we will never know?
At some point you have to choose...
HuB
Something positive is brewing...
EGMI Update: Some excerpts from The Sun will Come Up Tomorrow
Posted in December 15, 2009 by iancassel
Administrative blunders...it has been a feeding frenzy for bashers and shorts as they have had plenty of ammo to drive down the stock to ridiculous levels with little to no rebuttal from EGMI.
Shorts are a lot like cockroaches, when you see one there are fifty others under the rug and the thing you have to do is just put on the shit kickers and step on them.
The stock is back to trading at 10x the current after tax EPS run rate, with $13m in cash, no debt, and on the verge of a record Q4 2009 which will likely show 40%+ sequential improvement from Q3 2009. A normal stock would trade at a 20-30 PE with this type of revenue and EPS growth combined with a Fort Knox balance sheet.
But all the administrative blunders have drawn scrutiny to the numbers themselves and I would like to nip that in the butt.
Something positive is brewing. I have no idea what it is or could be, but I met a lot of the old regime that turned this company around back in 2007.
My male intuition tells me (male intuition= 50/50) the company is working on something else which is the real reason for the proxy delay (ie they need to include it in the proxy).
I believe his because I’ve met Lee Cole before, and he is not one to sit by and let administrative blunders take down the company he created. If it were just administrative BS, I think we would have had a new CFO/new directors weeks ago.
Something positive is brewing...
GWMAN, The China Deal
The bottom line was not about KD but "to kick off our relationship as we establish our joint company and launch strategy plans into the first three provinces in China".
IC posted in October his thoughts about this relationship. His bottom line was "This China deal alone could add $0.10+ in after tax net income in the second half of 2010. EGMI will likely report $16 million in revenues and 14c EPS for FY 2009. I expect EGMI will have a breakout year in 2010 as revenues and net income could increase dramatically from 2009 levels".
You seem to be very disappointed with EGMI. Correct,the management has disappointed shareholders by "a lack of transparent & honest communication"...but what about the China deal, one that could add tremendous revenue and net income in 2010.
Electronic Game Card, Inc (EGMI) signed a definitive agreement to partner with China LotSynergy to enter the Chinese Lottery Market. China LotSynergy has partnered with International Game Tech (IGT), Lottomatica (used to be GTECH), and now EGMI.
This is a very material event for the company and one that could add tremendous revenue and net income in 2010.
China sold 9 billion lottery tickets in 2008, which is government mandated to double by 2010. The Welfare lottery makes up approximately 50% of the lottery tickets sold (4.5 billion tickets). China LotSynergy is the only player in the Chinese Welfare Lottery System, so it is logical to assume China Lot/EGMI can capture as big a piece of the welfare lottery market as they choose.
International Game Tech (IGT) recently (10/12/2009) invested another $9.8 million in China LotSynergy to further develop the lottery system in China. This further validates IGT’s vision to advance one of the hottest lottery markets in the world, while also making IGT an indirect partner with EGMI.
In addition to the People's Republic of China territory, once a joint venture between the companies is established, the joint venture will have the right of first refusal for further distribution expansion into the Asia Pacific region including Hong Kong, Macau, Taiwan, Malaysia Vietnam, Singapore, Philippines, Cambodia, North Korea, Indonesia, Thailand, Laos, Brunei, Fiji, and Federated States of Micronesia, excluding Japan and South Korea. This China LotSynergy agreement could lead to infinite profit centers for EGMI.
The deal with China LotSynergy is expected to be a 50/50 JV, so all revenues and profit would likely be split evenly. Let’s say the JV sells 100 million electronic lottery game cards in China in second half 2010 which would represent a 1% market penetration. The potential price per card will likely be $1-1.50/card with gross margins of 20-30c per card. EGMI’s take could be $50-75 million in revenues, and $10-15 million in Gross Profit in the second half of 2010.
This China deal alone could add $0.10+ in after tax net income in the second half of 2010. EGMI will likely report $16 million in revenues and 14c EPS for FY 2009. I expect EGMI will have a breakout year in 2010 as revenues and net income could increase dramatically from 2009 levels.
The Chinese welfare lottery market currently sells approximately 9 billion scratch tickets annually...
"During my recent visit with Lee Cole to China Lot Synergy at their office in Beijing we met with their Chairman, CEO, COO, and several other senior level executives in marketing, operations, and logistics. They are a first-class, high-knowledgeable, and well-run organization. I plan to be in China again in the next three weeks with Lee Cole to kick off our relationship as we establish our joint company and launch strategy plans into the first three provinces in China". KD