In Florida overlooking the Intercoastal Waterway..
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Why is the term paint used only when it goes down and the 10,000 share trades to the upside cause several posts about how many are left..??? If it was the same as upside PAINT it would only be for 10,000 shares.. I think I'm correct.. Maybe one of the longs needed money to do thier laundry this week end,, or they wanted to take thier wife to Denny's for dinner.. What difference does it make..?? hank
SILC $64.11.. .. Added again today.. I have now 1564 LT and 1076 ST in the trading account.. My target is $85.00 ST and $110.00 LT.. hank
02/07/14 2:29 PM EST Buy 200 SILC Executed @ $64.3 Details | Edit
02/07/14 2:27 PM EST Buy 300 SILC Executed @ $64.1845 Details | Edit
02/07/14 9:39 AM EST Buy 300 SILC Executed @ $63.9245 Details | Edit
02/06/14 2:41 PM EST Buy 288 SILC Executed @ $62.9655 Details | Edit
02/05/14 12:01 PM EST Buy 300 SILC Executed @ $62.375 Details | Edit
02/05/14 12:00 PM EST Buy 288 SILC Executed @ $62.375 Details | Edit
02/05/14 11:01 AM EST Buy 288 SILC Executed @ $62.3555 Details | Edit
02/05/14 11:01 AM EST Buy 100 SILC Executed @ $62.3555 Details | Edi
01/27/14 1:14 PM EST Buy 200 SILC Executed @ $60.6832 Details | Edit
01/27/14 1:08 PM EST Buy 100 SILC Executed @ $59.99 Details | Edit
01/27/14 12:24 PM EST Buy 188 SILC Executed @ $59.144 Details | Edit
01/27/14 12:21 PM EST Buy 88 SILC Executed @ $58.39 Details | Edit
ACGX.. $0.0018.... Now that is about the only way anyone W/O any understanding of the market would buy.. Because as it was stated the stock was brought back to even because of the ask SLAPPERS.. I'm sure all converters thank you for getting them more money and if not for others thinking just like you all would be able to bid sit and buy ACGX in the $0.000's..
There are a total of almost 9.5 million sitting on the bid at present.. That is more shares wanted than the whole outstanding shares less than 2 years ago.. Because of those that must bid walk and slap the ask the converters have been able to sell into the market almost 500 Million shares during that 2 year period..
If there were no bid walkers or Ask Slappers this stock could not of diluted as it has W/O a massive P&D as was done just 3 Mo's ago.. Take a reality check on ACRG.. Each time the Ask Slappers slow down the bids are wacked with 1,000,000 or more shares.. Today that has happened at least 5 times with a volume that approaches 60% of total volume.. That is not including how many shares were sold on the offer..
ACGX is a printing company and at present it's insiders and debt holders print shares for cash..
And while I was typing the fake bids for 9 Million have almost all but dissapeared again pulling the security blanket away from the longs.. You have been had and if you don't believe me buy more shares,, because they can print them faster than you may buy them.. take it to $0.003 and see the wall that not only comes from the converters but the longs that will take any opp. just to get out whole....
Does anyone really think that ACGX is worth $0.05 as it is posted here daily..?? If that were true the insiders would be buyers and the stock would be at least selling for $0.03.. That $0.05 number W/O any backup was projected by a pen for hire just to make a press release for the longs to encourage them to buy,,buy,, and buy some more.. There are no fundimental facts to support such a price.. How many times Rev, would the market cap be at that price..?? you do the math.. But each move upwards is confronted with shares that seem to come from nowhere while the company has it's TA gagged and doesn't release as promised updated share counts.. hank
ACGX..$0.002 Today is Friday and it will be the third Friday that share updates have not been done.. It looks as though all the conversions that have been Avil. have NOT been taken so the price will have to come down to make the convertions more appealing to the coverters...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=96821834
Right now ACGX is trading thru recent $0.0014 conversions IMO.. Until the new share amounts are released as promised each week I suspect that conversions are going on and a lid at the current level wil be maintained until the longs again become discouraged buying and ACGX then may fall to a level more acceptable to the converters..
From past experence they seem to want at least a double for thier efforts.. The last time ACGX traded at $0.001 the conversion rate was $0.0007.. It appears that the move back to $0.003 flushed most of those shares from the hands of the converters.. But until ACGX does as promised start giving weekly updates the only conclusion is they are again trying to convert more at lower prices.. GLTA..
Watch for the 1,000,000 share blocks as they are most likely from the converters and they usualy come right after uptic's that have no follow thru in size.. This creates a willingness on the part of the coverters to sell and there usually is a race to see which one of them can get out first.. I could be all wrong but until share updates occur ..???
Remember the shares outstanding and in the float have increased 63 times in the past 22 Months.. But as one reminded us that is/could be good because it provides more liquidity.. hank
ACGX 0.002..
As I have pointed out unless the ask keeps getting slapped,, the converters will hit the bid.. 2 bid wacks of 1.0 mil. are exactly what I am posting about.. You gotta keep buying or else the converters will fall all over themselves to hit bids.. The latest round of conversion price was below $0.0014 just a couple of days ago.. As I also pointed out the weekly share updates will stop when ever new conversions are made and usually disposed of..
Think about it did you get any updates last week..???
You gotta keep buying to keep the converters off the bids.. hank..
http://photos.aaca.org/files/6/0/3/3/4/1956_ford_f100_pickup_-_beige_-_fvl-med.jpg
http://www.autotraderclassics.com/scaler/632/473/images/b/2011/05/03/66239799/0_1935FordPhaetonConv.Chambers.1.jpg
namerawoundedwarriorsproject.com/images/Resized/18.jpg
namerawoundedwarriorsproject.com/images/Resized/18.jpg
AVGG.. $0.026.. Right on schedule..
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 15
CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER SECTION 12(G) OF
THE SECURITIES EXCHANGE ACT OF 1934 OR SUSPENSION OF DUTY TO FILE REPORTS UNDER
SECTIONS 13 AND 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934.
Commission File Number 0-30987
Advanced Technologies Group, Ltd.
(Exact name of registration as specified in its charter)
331 Newman Springs Rd., Bld. 1, 4 Fl., Suite 143, Red Bank, NJ 07701
(Address, including zip code, and telephone number, including area
code, of registrant's principal executive offices)
Common Stock, $0.0001 par value
(Title of each class of securities covered by this Form)
None
(Titles of all other classes of securities for which a duty to file
reports under section 13(a) or 15(d) remains)
Please place an X in the box(es) to designate the appropriate rule provision(s)
relied upon to terminate or suspend the duty to file reports:
Rule 12g-4(a)(1) [X]
Rule 12g-4(a)(2) [ ]
Rule 12h-3(b)(1)(i) [X]
Rule 12h-3(b)(1)(ii) [ ]
Rule 15d-6 [ ]
Approximate number of holders of record as of the certification or notice date:
150
Pursuant to the requirements of the Securities Exchange Act of 1934, Advanced
Technologies Group Ltd. has caused this certification/notice to be signed on its
behalf by the undersigned duly authorized person.
Date: February 5, 2014 By: /s/ Abel Raskas
------------------------------------
Abel Raskas, President
Instruction: This form is required by Rules 12g-4, 12h-3 and 15d-6 of the
General Rules and Regulations under the Securities Exchange Act of 1934. The
registrant shall file with the Commission three copies of Form 15, one of which
shall be manually signed. It may be signed by an officer of the registrant, by
counsel or by any other duly authorized person. The name and title of the person
signing the form shall be typed or printed under the signature.
"Yeah, I have sold the last few shares today which I didn't sell yday when it approached the 008's. It's always impossible to judge how much more absurdity comes into any given stock but one has to go with some facts and some logic and both things tell me to sell here. Everything else is impossible to assess in the stock market. "
Some would think you were wrong.. I posted on the ACGX board that shares outstanding went from 8.5 Million to almost 500 Million in 2 years and this is called dilution and this was the responce.. Some seem to dance to a different drum beat.. But this is one toughh market and even raising cash is hard.. on the other hand JBII spiked 300% in less than a week on no news.. .. Go figure.. Just buying one stock in size lately.. SILC,, it has liquidity..hank
DRAD.. hits $3.03 on a market order.. Someone getting sold out.. hank
I sold out almost 2 years ago so I didn't have the pleasure of the 96% mark down.. Those that bought recently have a 75% mark down on the latest P&D just 3 months ago.. That day over 300 Mil. traded and some still believe that they are all still short.. When the 1,000,000 plus trades start to appear it's conversion and they are starting to appear on a more regular basis during the past few days.. Watch and Learn.. Don't fight the converters,, they want to reload at or below $0.001 so they at a 30% discount will pay $0.0007.. It's the Chicago way..
Only 10,000 bid for at $0.0017 and then the next bid is $0.0001.. hank
I gave congrats to all and said I hope you made your tics.. besides on the quick way down I saw no reason to post because if you hadent fighured it out by now wny should I.. I have posted recently for the obvious.. Golf 2 is back and it appears that he has always had the inside track.. hank
I dug this up from the past (Exactly Two years ago..).. Interesting,, almost like it was written yesterday but the shares have increased 63 fold since.. Thats a big price to pay for liquidity.. ACGX was trading for 20 Times it's current price and projected $0.12 per share in earnings.. Market Cap was almost the same as were revenues so any investor that rode the wave was/is down 97% on his investment but he has liquidity.. hank
Quote:
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basothopony Thursday, 07/12/12 05:13:01 AM
Re: golf4uto post# 19465
Post # of 32245
Thanks for your reply.
The company does find itself in a bit of a catch 22 at the moment.
Although the current float is a low % of the number of authorised shares, management could think about buying back shares at these levels, while they generate cash from operations and wait for the right acquisition to come along. At some point in the future the stock will trade at higher than the intrinsic value of the company and then they can use the un-issued shares to fund expansion from that point.
However, buying back stock will reduce liquidity of the remaining float and make this harder to trade, which is already problematic for a company of this small size.
Yet, if the fundamental earnings of the company are genuine, this may be one of the best value opportunities on offer for some time and long-term investors who stick around for a few years should see substantial return on investment eventually.
--------------------------------------------------------------------------------
I dug this up from the past (Exactly Two years ago..).. Interesting,, almost like it was written yesterday but the shares have increased 63 fold since.. Thats a big price to pay for liquidity.. ACGX was trading for 20 Times it's current price and projected $0.12 per share in earnings.. Market Cap was almost the same as were revenues so any investor that rode the wave was/is down 97% on his investment but he has liquidity.. hank
The SEC is starting to crack a whip..
http://www.sec.gov/litigation/suspensions/2014/34-71465.pdf
That is a statement that reflects the views of many here.. Possibly I missed that part of the course that explained that ownership of any company not based upon the percentage you own but how many shares you may own.. Very Interesting..
That is true that I missed the brief period of the P&D and I could not use it as credential that gave me the right to say I told you so.... But that same day ACGX traded 6X the outstanding shares and all were reported as short.. But anyone that mentioned conversion of debt or dillution were burned at the stake for passing along falsehoods.. 8.5 Million was the number all maintained and locking up the float surely would propell ACGX 10 fold.. But each time it got close to moving the shares increased by 9.9%.. Then the PR's came out and the longs beat thier chests proud of the forward movement in the stock.. I was and still am not a cheer leader for Sorkin.. hank
Your prior post was interesting.. Since the shares outstanding were all reported to be all locked up.. hank
golf4uto Tuesday, 08/21/12 04:23:08 AM
Re: $ B.M.F.$ post# 19631
Post # of 32231
there are many here that believe this is the direction we are heading. Concerns over preferred, DTC chill, low volume all keep an overhang currently, however, imho, we are close to leaving those behind. Accumulation over the last 7 months has locked up most of the float and the Q numbers continue to improve with projected revs over #$10mm and EPS of 0.12 for this year.
St. Louis and Sorkin have spent a lot of effort to maintain current share structure while growing revenues and it would not be in their best interest, nor ours, to increase o/s at this time and that is why I believe your pps estimates are valid.
Lots of great things happening now with ACGX and the risk of not being in at these levels far outweighs the potential rewards.
gl, hope to see again, golf
ACGX two years ago.. Seems a little like today except for the shares,,, They have increased from 8.5 million to almost 500,000,000 shares outstanding..
==================================================
10 bagger Thursday, 11/01/12 11:13:11 AM
Re: slugo1 post# 19801
Post # of 32229
ACGX.. $0.01.. Thanks.. Pulled the 155K bid and it missed me.. 731,000 shares trades today and with what is reported to be held by this board,, that is 38% of what was left of the float today before the trading started.. Now we have a compensated person aboard.. that's not surprising since they still need to buy 3.3 million shares to corner the market as then there will be no float left.. Wonna buy a bridge,, remember this stock traded the Chicago way just like thier politics.. .. Watch the huge $55.00 bids for 15,000 shares stack before the next dump.. I trade 75 stocks and this one has the most angles of any.. Really they need a compensated advisor to gather bids.. How pathetic .. hank
This guy seems to work for bus fare,, but should be respected,, at least he is not on welfare..
His current records reveal.. ..
December 2011
THWI--Received $100 from Blaque Capital Stocks
January 2012
SLTZ--Received $100 from Blaque Capital Stocks
CTCC--Received $100 from third party
TBSS---$50.00 in cash compensation paid by promoter Stockmench Promotion, LLC
SPAH---$50.00 in cash compensation paid by promoter Stockmench Promotion, LLC
PSRU---$50.00 in cash compensation paid by promoter Stockmench Promotion, LLC
The SEC is starting to crack a whip..
http://www.sec.gov/litigation/suspensions/2014/34-71465.pdf
ACGX.. $0.0018.. Here is a quote and link to the reason I first invested in ACGX.. Reading the link will enlighten all.. Item 12 will allow one to see how little progress if any ACGX has made in the past few years.. The only thing that really has changed is the explosion in shares.. You and I were there then and now for some reason we are back posting again.. AT THAT TIME THE SHARES OUTSTANDING WERE 8,500,000... Same positive post,, ,, just a different date..hank
IT'S NOT THE MM'S BUT THE CONVERTERS PUTTING THE STOCK DOWN TO RELOAD.. THEY NOW MAY CONVERT AT $0.00105.. IF IT CLOSES AT $0.0015.. HAS ANYONE SEEN THE SHARES OUTSTANDING RELEASED AS USUAL LAST WEEK.. WASH AND RINSE.. ..
GOLF 4 HAS THE INSIDE TRACK.. ASK HIM.. Watch the 1,000,000 plus trades for direction..If they smother the ask slaps guess who is the seller..
I'm out of here for the rest of the day.. Watch and learn.. Also the lack of posting by some frequent posters seem strange since the last pop to $0.003..Ever Wonder why..?? GLTA..HANK
In Reply to 'golf4uto' on 'Alliance Creative Group, Inc. (ACGX)'
Nice to see you posting again,, I guess you didn't sell enough in the pop to $0.003.. hank
Bids thin to $0.0001 on L2..
If I'm wrong where are are the sales comming from and where are the shorts.. The longs have been been had over and over again just as the last pump to $0.003.. .. ACGX went from 8.5 million shares to almost 500,000,000 in less than 2 yeaars and some think that is not dilution..
IMO any buys here will be harmful to your portfolio values as the longs are wore out hearing and seeing the same boiler plate day after day,, Especally that ACGX is worth $0.05 BUT,, the company doesn't buy a share but,, spends $25,000.00 to sponser a pump conference that was touted to have possibly have 1000 money managers and wealty investors showing up.. That conference had so few attend that ACGX had no new faces at it presentation.. It was even touted that the Gov. of fla. was invited.. A week before XMAS and 99% of those invited had to fly in.. If thats what was believed I have a bridge for sale to the believers.. hank
ACGX.. $0.0022.. No posts for almost 2 hours.. Has every one finally relised that the PR's are not in the best interests of shareholders that own the common.. Those that were looking for the $0.003's today might just be seeing the $0.0003's sooner than they thought.. Did all the pumpers sell and go away on the last flash to $0.003..?? If so GLTA to those holding the bag,, I mean ACRG stock.. .. hank..??
" And Never Show up on an UP Day!!! "
10 bagger Thursday, 01/30/14 10:44:55 AM
Re: makemoney18 post# 31590
Post # of 32149
ACGX.. $0.003.. Congrats to all tthe longs,, But I hope some made thier tics.. I calculate that today's announcement was worth less than $22,000.00.. But enloy the run and remember when you stop buying at the ask the converters will get you.. They still have stock left from the massive dilution left from last year but,, now they have profits.. GLTA.. hank..
==================================================
There was a SHOOTING STAR BAGGER!!!
This will Rebound after this!!! And you will SHUT UP and go away after the next OTCUPDATE HIT AGAIN with all your Idiotic Talk of Conversion is Shammed Again!!! Technical is Technical on a Chart!!! Big Runs Bring Downs, and if this Touches 18 as I suspect, it GOES Back Up and makes Another High!!! Your Always around on a Technical Down Day!!! And Never Show up on an UP Day!!! subs
ACGX.. $0.002.. Thats what I said yesterday as my favorite team Denver,, couldn't score.. Sad but I lost as it appears the mighty Casey blues were taken a hold.. Now does any one who reads charts think this chart has a bullish formation.. Bet you don't see a share update while the shares are being hit by the converters and all this will be blamed on nervious longs.. If I were long I would be not nervious but had been selling and making my tic's as I posted all the way up to the $0.03's.. ??
ACGX has and always will have the Mighty Sorkin attacts on the longs.. The last release for the 3 million order if printed on paper could be as low as $21.00 per box of 5,000 sheets.. You do the math as they will not show you.. I'm sure if some in a paid for pump prediction it was worth it could/ would be worth $1,000,000 they would do a pess release and put it on thier website,, just like the one where someone wrote ACGX was worth $0.05.. BTW did anyone bother to look how many shares were outstanding when they made that paid for worth..
Shares matter and they know how to print them.. It's down time again so the converters may have reload.. At $0.002 it costs them but $0.0014.. Nice profit it seems.. Where did the $0.0021 bids go..?? They were never hit.. Today might be the day where we see $0.002 wall broken again and the longs hung out to dry as always they have been had.. Watch and Learn as one poste has posted many times over.. Sorkin and the Saint win and as usual the longs loose..
Walking it up as before will become harder each time the longs get burnt on hopes and not facts and become wery of where did all the shares come from and whatever happened to all the shorts as again ACGX posted on it's website as third party info.. There are no shorts,, never had been and never will be as long as Sorkin and friends still control.. .. .. hank
There you go again spreading falsehoods.. You know very if I was selling it would of been yesterday at the $0.003's and bought back today at the $0.0023,, $0.0022 and all the way down to the $0.002's ... But like the post on my board yesterday it is something I don't do..
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=96512027 hank
Thats why the stock fell apart ,, because there were no bids.. If every one pays the ask and no one is willing to wait to buy on the bid..?? Well all know the rest of that story.. And those that bid walk are falling right into the coverters arms.. They don't have to buy in order to suck any one/some in.. They move up on false ,, low volume sales and then are surprise when they get bid Wacked .. If you must,, buy smart and let the stock come to you.. The coverters have no interest in hitting $100.00 bids.. .. They will let you walk it up on $100.00 BIDS ANY DAY OR TIME YOU TRY.. THOSE BIDS ARE WACKED BY NERVIOUS NEWBEE RETAIL.. hank
ACGX.. $0.002.. You could be very well right but that does not help because it looks like the converters want it down to convert more shares.. That phoney bid of 10 Mil. sure went away quick as soon as the buyers stopped paying.. That's really no surprise.. As to which market maker represents who.. NITE,, CDEL,, and ARCA represent most firms withe the majority of orders going to NITE.. But if NITE is offering at one price the next order will go to CDEL and so on.. ATDF represents the fewest,, while PERT is the Broker of record for APROX, 75 member firms of the NYSE that clear thru them..
Today's selloff while severe is to be expected because most seem to buy at the offer and supporting bids are lacking due to this fact.. It helps the converters the most because downdrafts allow them to reload are much quicker.. Converters may at $0.002 reload at $0.0014 giving them an edge over all buyers.. My guess is that they will wait for $0.0013 so they can reload at $0.0088..
ACGX.. $0.0025.. OFFER It looks like the concerters are falling all over themselves to sell.. Should see rise in shares outstanding next week if they are still transparent.. It will not show up this week.. $0.002's are close at hand.. Hope every one made thier Tic's .... GLTA.. hank
Cases matching "Wellnx Life Sciences, Inc"
View as TableCases 1 - 10 of 31
JACOBS-POLES et al v. WELLNX LIFE SCIENCES, USA et al
Filed: April 10, 2013 as 2:2013cv01884
Plaintiff: KAREN JACOBS-POLES , DWAYNE POLES
Defendant: GLOBAL HEALTH TECHNOLOGIES, WELLNX LIFE SCIENCES, USA, WELLNX LIFE SCIENCES, INC. and others
Cause Of Action: Diversity-Product LiabilityCourt: Third Circuit > Pennsylvania > Pennsylvania Eastern District Court
Type: Torts - Injury > P.I.: Personal Inj. Prod. Liability
Unilever Supply Chain, Inc. et al v. Global Health Technologies Inc et al
Filed: April 21, 2008 as 1:2008cv03775
Plaintiff: Unilever Supply Chain, Inc., Conopco, Inc.
Defendant: Global Health Technologies Inc, Wellnx Life Sciences Inc., Nxcare Inc. and others
Cause Of Action: Federal Question
Court: Second Circuit > New York > New York Southern District Court
Type: Intellectual Property > Plaintiff
Fruhrman et al v. NxCare, Inc. et al
Filed: October 10, 2007 as 1:2007cv11909
Plaintiff: Lauren D. Fruhrman, Lauren D. Fruhrman, Tisha Cathcart
Defendant: NxCare, Inc., NxLabs, Inc., WellNx Life Sciences, Inc. and others
Cause Of Action: Diversity-FraudCourt: First Circuit > Massachusetts > Massachusetts District Court
Type: Torts - Property > Fraud or Truth-In-Lending McCoy et al v. NxCare, Inc. et al
Filed: October 9, 2007 as 1:2007cv11899
Plaintiff: Annie McCoy, Classie Franklin, Laura D. Butler and others
Defendant: NxCare, Inc., NxLabs, Inc., WellNx Life Sciences, Inc. and others
Cause Of Action: Diversity-FraudCourt: First Circuit > Massachusetts > Massachusetts District Court
Type: Other Statutes > Other Statutory Actions
Sarnelli v. NxCare, Inc. et al
Filed: October 9, 2007 as 1:2007cv11905
Plaintiff: Laura Sarnelli
Defendant: NxCare, Inc., NxLabs, Inc., WellNx Life Sciences, Inc. and others
Cause Of Action: Diversity-FraudCourt: First Circuit > Massachusetts > Massachusetts District Court
Type: Torts - Property > Fraud or Truth-In-Lending Quillen et al v. NxCare, Inc. et al
Filed: October 9, 2007 as 1:2007cv11906
Plaintiff: Arthalea Quillen, Arthalea Quillen, Candace Robin Smith and others
Defendant: NxCare, Inc., NxLabs, Inc., WellNx Life Sciences, Inc. and others
Cause Of Action: Diversity-Product LiabilityCourt: First Circuit > Massachusetts > Massachusetts District Court
Type: Other Statutes > Constitutional - State Statute
Scott v. NxCare, Inc. et al
Filed: October 9, 2007 as 1:2007cv11901
Plaintiff: Natika Scott
Defendant: NxCare, Inc., NxLabs, Inc., WellNx Life Sciences, Inc. and others
Cause Of Action: Diversity-FraudCourt: First Circuit > Massachusetts > Massachusetts District Court
Type: Torts - Property > Fraud or Truth-In-Lending Yeager et al v. NxCare, Inc. et al
Filed: October 9, 2007 as 1:2007cv11904
Plaintiff: Jacqueline Yeager, Candace Gravil, Martrece Leroy
Defendant: NxCare, Inc., NxLabs, Inc., WellNx Life Sciences, Inc. and others
Cause Of Action: Diversity-FraudCourt: First Circuit > Massachusetts > Massachusetts District Court
Type: Torts - Property > Fraud or Truth-In-Lending Cobb v. NxCare, Inc. et al
Filed: September 5, 2007 as 1:2007cv11654
Plaintiff: Mary Cobb
Defendant: NxCare, Inc., NxLabs, Inc., WellNx Life Sciences, Inc. and others
Cause Of Action: Diversity-FraudCourt: First Circuit > Massachusetts > Massachusetts District Court
Type: Torts - Property > Fraud or Truth-In-Lending In Re: Wellnx Marketing and Sales Practices Litigation Filed: September 5, 2007 as 1:2007md01861
Consolidated Plaintiff: Diandra Johnson, Diandra Johnson, Crystal Gillespie and others
Consolidated Defendant: NxCare, Inc., NxCare, Inc., NxCare, Inc. and others
Cause Of Action: Diversity-FraudCourt: First Circuit > Massachusetts > Massachusetts District Court
Type: Torts - Property > Fraud or Truth-In-Lending
ACGX.. $0.0027.. If you Google Wellnex you will find it has an F rating with BBB which is the lowest you may have and the following appears below,, But it sure moves a lot of stock..
Wellnx Strikes Deal In Diet Products Marketing Fraud MDL
Law360, New York (August 03, 2011, 7:57 PM ET) -- Dietary supplement developer Wellnx Life Sciences Inc. and other defendants in multidistrict litigation over alleged false labeling and advertising reached a settlement with consumers Wednesday in Massachusetts, agreeing to refund purchasers of the weight loss products at issue.
Seeking conditional approval of a settlement that would resolve all cases in the MDL, consumers said that Wellnx and certain manufacturers of its products would pay a $14 per unit refund, up to a maximum of two units, to each member of a proposed settlement class who submits a valid claim.
The plaintiffs had accused Wellnx and others of making unsubstantiated, false and misleading statements on labeling and advertising for the products in violation of the consumer protection laws of 16 states and common law. They additionally claimed that the products didn’t contain certain key, stated ingredients.
The proposed settlement class includes all those who purchased Wellnx SlimQuick, NV or Liquid Hoodia Extreme products in the U.S. from Jan. 1, 2003, through Aug. 5, 2011, and there is no cap on the amount of refunds that would be paid, which could exceed “many millions of dollars,” according to the motion.
“Plaintiffs' counsel have concluded that not only is the proposed settlement a fair and just resolution of the class claims against the defendants, but indeed the settlement is likely to provide the class with far more financial benefits than it could ever hope to achieve from the defendants even after years of protracted litigation,” the motion said.
The proposed settlement also includes certain labeling changes.
Among other terms, Wellnx agreed not to market any products containing hoodia gordonii, a natural appetite suppressant, unless the company “possesses competent and reliable scientific evidence that the hoodia gordonii used in any product is authentic,” the motion said. Additionally, the company agreed to not make claims about its products that weren’t supported by reliable scientific evidence.
Besides Wellnx, MDL defendants Swiss Caps USA Inc.; Garden State Nutritionals Inc., a division of Vitaquest International LLC; AHD International LLC; Robinson Pharma Inc.; and Nutraceuticals International LLC are also part of the proposed settlement.
The Wellnx defendants introduced SlimQuick, a green tea-based weight loss dietary supplement, in the U.S. around 2004 and 2005, according to court documents. Soon after, the companies launched other weight loss products in the SlimQuick line, as well as NV, another green tea weight loss product, and Liquid Hoodia, the documents said.
The motion said that NV and Liquid Hoodia had been discontinued, but SlimQuick products were still being sold.
The plaintiffs argued that there was no scientific evidence that any of the products caused weight loss and that the defendants knew that, but nonetheless made the alleged false claims about their effectiveness.
Wellnx denied the allegations and contended that its advertising and labeling practices did not violate any state consumer protection statutes or other laws.
Representatives for the parties did not immediately respond to requests for comment Wednesday.
The plaintiffs are represented by attorneys including David A. Barry of Sugarman Rogers Barshak & Cohen PC, Thomas B.K. Ringe of Duane Morris LLP, Wade Tomlinson of Pope McGlamry Kilpatrick Morrison & Norwood LLP, Dennis Kennedy of Bailey Kennedy and Rod Loomer of Turner Reid Duncan Loomer & Patton PC.
Wellnx is represented by Edward P. Boyle and Michael C. Hartmere of Venable LLP and Eric Neyman of McCarter & English LLP. Swiss Caps is represented by Amy M. McCallen of Rubin & Rudman LLP. Garden State is represented by Kelly S. Crawford of Riker Danzig Scherer Hyland & Perretti LLP. AHD is represented by Benjamin G. Chew and Edward D. Gehres III of Patton Boggs LLP. Robinson is represented by William F. Burke and Jeffrey T. Rotella of Adler Pollock & Sheehan PC. Nutraceuticals is represented by Peter Horstmann of Partridge Ankner & Horstmann LLP.
The case is In re: Wellnx Marketing and Sales Practices Litigation, case number 1:07-md-01861, in the U.S. District Court for the District of Massachusetts.
--Editing by Elizabeth Bowen.
ACGX.. $0.003.. Congrats to all tthe longs,, But I hope some made thier tics.. I calculate that today's announcement was worth less than $22,000.00.. But enloy the run and remember when you stop buying at the ask the converters will get you.. They still have stock left from the massive dilution left from last year but,, now they have profits.. GLTA.. hank..
OTC Markets Group Reports 2013 Trading Statistics and Highlights
NEW YORK, Jan. 29, 2014 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, today announced its trading statistics and highlights for 2013 as well as its plans for 2014.
2013 Highlights:
The total dollar volume of OTCQX®, OTCQB® and OTC Pink® securities increased 48% in 2013 to $201.2 billion.
The total dollar volume of trading on the OTCQX marketplace, the best marketplace for qualified companies, increased 29% in 2013 to $29.5 billion, and represented 15% of the total dollar volume of trading in all marketplaces last year. The aggregate market capitalization of the 370 OTCQX companies as of December 31, 2013 was over $1.7 trillion, a 34% increase from the prior year.
Achieved over 1,500 American Depositary Receipts ("ADRs") trading on OTCQX, OTCQB and OTC Pink, an increase of more than 500% since 2003.
OTC Markets Group continued to expand its distribution network, announcing agreements with MSN Money, SNL Financial, Seeking Alpha and tradeMONSTER™ to bring OTCQX, OTCQB and OTC Pink market data to a wider group of market participants.
OTCQX and OTCQB were designated as "established public markets" by the U.S. Securities and Exchange Commission ("SEC").
OTC Markets Group made significant enhancements to its OTC Disclosure & News Service® by expanding its relationship with PR Newswire, integrating with Marketwired and adding company videos and investor presentations to www.otcmarkets.com.
Total Dollar Volume Increased 48% in 2013
The total number of securities trading on OTCQX, OTCQB and OTC Pink marketplaces as of December 31, 2013 was 10,011 in 2013, totaling $201.2 billion in dollar volume, a 48% increase in dollar volume from the prior year.
During 2013, the total dollar volume of trading in OTCQX securities increased 29%, to $29.5 billion, representing 15% of total trading. The average dollar volume per security on OTCQX was $78.7 million, 3.4 times the average dollar volume per security on OTCQB and 2.5 times the average dollar volume per security on OTC Pink Current Information, reflecting investors' preference for engaged and shareholder-friendly companies that make high quality financial information widely available.
As of December 31, 2013, the OTCQX marketplace had a total market capitalization of over $1.7 trillion. New additions during 2013 included: Commercial International Bank Ltd. (OTCQX: CIBEY) with a $4.1 billion market capitalization[1], Fresenius SE & Co. KGaA (OTCQX: FSNUY) with a $27.8 billion market capitalization, Minerva S.A. (OTCQX: MRVSY) with a $0.6 billion market capitalization, OCI N.V. (OTCQX: OCINY) with a $9.3 billion market capitalization, Royal DSM NV (OTCQX: RDSMY) with a $14.3 billion market capitalization, TransForce Inc. (OTCQX: TFIFF) with a $2.2 billion market capitalization and Wacoal Holdings Corp. (OTCQX: WACLY) with a $1.5 billion market capitalization.
Also during 2013, eight OTCQX companies graduated to the NYSE and NASDAQ stock exchanges, using OTCQX as a successful first step toward a U.S. exchange listing. The companies included Altisource Asset Management Corp., American Eagle Energy Corp., B2Gold Corp., Empire Resources Inc., Energy Fuels Inc., LiqTech International Inc., Organovo Holdings Inc. and Tiptree Financial Inc..
Companies that provided current information on the OTCQX, OTCQB marketplaces and the OTC Pink Current marketplace tier represented $189.6 billion, or 94%, of the total dollar volume traded across all OTCM marketplaces in 2013.
Over 1,500 ADRs Trade on OTCQX, OTCQB and OTC Pink Marketplaces
The OTCM ADR Index (Bloomberg/Reuters: OTCDR; Thomson: DFCDR), powered by BNY Mellon Indices and comprised of more than 600 ADRs trading exclusively on the OTCQX, OTCQB and OTC Pink marketplaces, rose 18.7% in 2013.
In 2013, OTC Markets Group achieved over 1,500 ADRs trading on the OTCQX, OTCQB and OTC Pink marketplaces, a 500% increase in the past 10 years. The over 1,500 ADRs trading on the OTCM marketplaces represent approximately 75% of the entire ADR market. ADRs and foreign ordinaries are the largest asset class of OTCQX, OTCQB and OTC Pink securities, representing 63% of the total dollar volume on all marketplaces.
Continued Expansion of Market Data Distribution Network
OTC Markets Group continued to expand its distribution network in 2013, announcing agreements with MSN Money, SNL Financial, Seeking Alpha and tradeMONSTERTM to bring real-time data on OTCQX, OTCQB and OTC Pink securities to a broader group of investors.
OTC Markets Group made significant enhancements to its OTC Disclosure & News Service during 2013, making it easier for SEC and non-SEC reporting companies to distribute their news and information to investors and meet regulatory and disclosure requirements. As of December 31, 2013, more than 1,000 companies are using the OTC Disclosure & News Service to publish news and financial reports; over 90% use the OTC Disclosure & News Service as their primary method of financial disclosure in the U.S. Enhancements that were rolled-out during 2013 included:
Expanded relationship with PR Newswire to offer international distribution to news and online media outlets in the U.K., Singapore and Canada, as well as streamlined filing for SEC reporting companies through PR Newswire's secure Edgar filings service, Vintage Filings
Worked with Marketwired, a global newswire and social communications company, to integrate Marketwired's news distribution service with the OTC Disclosure & News Service
Added videos and investor presentations to the OTC Disclosure & News Service, providing companies with additional investor relations tools.
OTCQX and OTCQB Established Public Markets Recognition
On May 16, the SEC updated its Compliance and Disclosure Interpretations to recognize the OTCQX and OTCQB marketplaces as "established public markets" for the purposes of establishing a public market price in equity line financings. As a result, companies may use their OTCQX or OTCQB marketplace trading to establish a public market price for an equity line financing registration statement.
Plans for 2014
In 2014, OTC Markets Group plans to continue making its marketplaces better informed and more efficient.
Beginning in the first quarter 2014, OTC Markets Group plans to streamline the OTCQX marketplace qualifications to better meet the needs of banks, SEC reporting and other U.S. companies. "Banks and SEC reporting companies are among the most highly regulated entities trading on our marketplaces, so it makes sense to leverage their existing regulatory reporting requirements to provide them with an easier way to distinguish investor-focused banks and companies with established operations from the many development stage companies, shells and penny stocks trading on the OTCQB marketplace," said R. Cromwell Coulson, OTC Markets Group's President and CEO.
In addition, OTC Markets Group plans improvements to its OTCQB marketplace to make it a better venture stage marketplace with premium corporate services, company verification and management certifications to provide a higher quality information experience for investors. For the first time, OTC Markets Group plans to make OTCQB available to venture-stage international companies that are listed on a qualified non-U.S. stock exchange and are current in their disclosure under U.S. Securities and Exchange Commission Rule 12g3-2(b).
Companies will receive notification about these changes in the coming months.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates Open, Transparent and Connected financial marketplaces for 10,000 U.S. and global securities. Through our OTC Link® ATS, we directly link a diverse network of broker-dealers that provide liquidity and execution services for a wide spectrum of securities. We organize these securities into marketplaces to better inform investors of opportunities and risks – OTCQX®, The Best Marketplace with Qualified Companies; OTCQB®, The Venture Stage Marketplace with U.S. Reporting Companies; and OTC Pink®, The Open Marketplace with Variable Reporting Companies. Our data-driven platform enables investors to easily trade through the broker of their choice at the best possible price and empowers a broad range of companies to improve the quality and availability of information for their investors. To learn more about how we create better informed and more efficient financial marketplaces, visit www.otcmarkets.com.
OTC Link® ATS is operated by OTC Link LLC, member FINRA/SIPC and SEC regulated ATS.
Subscribe to the OTC Markets RSS Feed
[1] All market capitalizations are presented as approximate as of December 31, 2013.
SOURCE OTC Markets Group Inc.
OTC Markets Group Reports 2013 Trading Statistics and Highlights
NEW YORK, Jan. 29, 2014 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, today announced its trading statistics and highlights for 2013 as well as its plans for 2014.
2013 Highlights:
The total dollar volume of OTCQX®, OTCQB® and OTC Pink® securities increased 48% in 2013 to $201.2 billion.
The total dollar volume of trading on the OTCQX marketplace, the best marketplace for qualified companies, increased 29% in 2013 to $29.5 billion, and represented 15% of the total dollar volume of trading in all marketplaces last year. The aggregate market capitalization of the 370 OTCQX companies as of December 31, 2013 was over $1.7 trillion, a 34% increase from the prior year.
Achieved over 1,500 American Depositary Receipts ("ADRs") trading on OTCQX, OTCQB and OTC Pink, an increase of more than 500% since 2003.
OTC Markets Group continued to expand its distribution network, announcing agreements with MSN Money, SNL Financial, Seeking Alpha and tradeMONSTER™ to bring OTCQX, OTCQB and OTC Pink market data to a wider group of market participants.
OTCQX and OTCQB were designated as "established public markets" by the U.S. Securities and Exchange Commission ("SEC").
OTC Markets Group made significant enhancements to its OTC Disclosure & News Service® by expanding its relationship with PR Newswire, integrating with Marketwired and adding company videos and investor presentations to www.otcmarkets.com.
Total Dollar Volume Increased 48% in 2013
The total number of securities trading on OTCQX, OTCQB and OTC Pink marketplaces as of December 31, 2013 was 10,011 in 2013, totaling $201.2 billion in dollar volume, a 48% increase in dollar volume from the prior year.
During 2013, the total dollar volume of trading in OTCQX securities increased 29%, to $29.5 billion, representing 15% of total trading. The average dollar volume per security on OTCQX was $78.7 million, 3.4 times the average dollar volume per security on OTCQB and 2.5 times the average dollar volume per security on OTC Pink Current Information, reflecting investors' preference for engaged and shareholder-friendly companies that make high quality financial information widely available.
As of December 31, 2013, the OTCQX marketplace had a total market capitalization of over $1.7 trillion. New additions during 2013 included: Commercial International Bank Ltd. (OTCQX: CIBEY) with a $4.1 billion market capitalization[1], Fresenius SE & Co. KGaA (OTCQX: FSNUY) with a $27.8 billion market capitalization, Minerva S.A. (OTCQX: MRVSY) with a $0.6 billion market capitalization, OCI N.V. (OTCQX: OCINY) with a $9.3 billion market capitalization, Royal DSM NV (OTCQX: RDSMY) with a $14.3 billion market capitalization, TransForce Inc. (OTCQX: TFIFF) with a $2.2 billion market capitalization and Wacoal Holdings Corp. (OTCQX: WACLY) with a $1.5 billion market capitalization.
Also during 2013, eight OTCQX companies graduated to the NYSE and NASDAQ stock exchanges, using OTCQX as a successful first step toward a U.S. exchange listing. The companies included Altisource Asset Management Corp., American Eagle Energy Corp., B2Gold Corp., Empire Resources Inc., Energy Fuels Inc., LiqTech International Inc., Organovo Holdings Inc. and Tiptree Financial Inc..
Companies that provided current information on the OTCQX, OTCQB marketplaces and the OTC Pink Current marketplace tier represented $189.6 billion, or 94%, of the total dollar volume traded across all OTCM marketplaces in 2013.
Over 1,500 ADRs Trade on OTCQX, OTCQB and OTC Pink Marketplaces
The OTCM ADR Index (Bloomberg/Reuters: OTCDR; Thomson: DFCDR), powered by BNY Mellon Indices and comprised of more than 600 ADRs trading exclusively on the OTCQX, OTCQB and OTC Pink marketplaces, rose 18.7% in 2013.
In 2013, OTC Markets Group achieved over 1,500 ADRs trading on the OTCQX, OTCQB and OTC Pink marketplaces, a 500% increase in the past 10 years. The over 1,500 ADRs trading on the OTCM marketplaces represent approximately 75% of the entire ADR market. ADRs and foreign ordinaries are the largest asset class of OTCQX, OTCQB and OTC Pink securities, representing 63% of the total dollar volume on all marketplaces.
Continued Expansion of Market Data Distribution Network
OTC Markets Group continued to expand its distribution network in 2013, announcing agreements with MSN Money, SNL Financial, Seeking Alpha and tradeMONSTERTM to bring real-time data on OTCQX, OTCQB and OTC Pink securities to a broader group of investors.
OTC Markets Group made significant enhancements to its OTC Disclosure & News Service during 2013, making it easier for SEC and non-SEC reporting companies to distribute their news and information to investors and meet regulatory and disclosure requirements. As of December 31, 2013, more than 1,000 companies are using the OTC Disclosure & News Service to publish news and financial reports; over 90% use the OTC Disclosure & News Service as their primary method of financial disclosure in the U.S. Enhancements that were rolled-out during 2013 included:
Expanded relationship with PR Newswire to offer international distribution to news and online media outlets in the U.K., Singapore and Canada, as well as streamlined filing for SEC reporting companies through PR Newswire's secure Edgar filings service, Vintage Filings
Worked with Marketwired, a global newswire and social communications company, to integrate Marketwired's news distribution service with the OTC Disclosure & News Service
Added videos and investor presentations to the OTC Disclosure & News Service, providing companies with additional investor relations tools.
OTCQX and OTCQB Established Public Markets Recognition
On May 16, the SEC updated its Compliance and Disclosure Interpretations to recognize the OTCQX and OTCQB marketplaces as "established public markets" for the purposes of establishing a public market price in equity line financings. As a result, companies may use their OTCQX or OTCQB marketplace trading to establish a public market price for an equity line financing registration statement.
Plans for 2014
In 2014, OTC Markets Group plans to continue making its marketplaces better informed and more efficient.
Beginning in the first quarter 2014, OTC Markets Group plans to streamline the OTCQX marketplace qualifications to better meet the needs of banks, SEC reporting and other U.S. companies. "Banks and SEC reporting companies are among the most highly regulated entities trading on our marketplaces, so it makes sense to leverage their existing regulatory reporting requirements to provide them with an easier way to distinguish investor-focused banks and companies with established operations from the many development stage companies, shells and penny stocks trading on the OTCQB marketplace," said R. Cromwell Coulson, OTC Markets Group's President and CEO.
In addition, OTC Markets Group plans improvements to its OTCQB marketplace to make it a better venture stage marketplace with premium corporate services, company verification and management certifications to provide a higher quality information experience for investors. For the first time, OTC Markets Group plans to make OTCQB available to venture-stage international companies that are listed on a qualified non-U.S. stock exchange and are current in their disclosure under U.S. Securities and Exchange Commission Rule 12g3-2(b).
Companies will receive notification about these changes in the coming months.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates Open, Transparent and Connected financial marketplaces for 10,000 U.S. and global securities. Through our OTC Link® ATS, we directly link a diverse network of broker-dealers that provide liquidity and execution services for a wide spectrum of securities. We organize these securities into marketplaces to better inform investors of opportunities and risks – OTCQX®, The Best Marketplace with Qualified Companies; OTCQB®, The Venture Stage Marketplace with U.S. Reporting Companies; and OTC Pink®, The Open Marketplace with Variable Reporting Companies. Our data-driven platform enables investors to easily trade through the broker of their choice at the best possible price and empowers a broad range of companies to improve the quality and availability of information for their investors. To learn more about how we create better informed and more efficient financial marketplaces, visit www.otcmarkets.com.
OTC Link® ATS is operated by OTC Link LLC, member FINRA/SIPC and SEC regulated ATS.
Subscribe to the OTC Markets RSS Feed
[1] All market capitalizations are presented as approximate as of December 31, 2013.
SOURCE OTC Markets Group Inc.
FXNC.. $5.80.. As you can see from the 88's (6076 shares) I was able to sell my entire position.. I reported to the board the PR so if anyone that was hooked in FXNC because of me could get out.. I agree that the numbers were not all that great but the book went up because of it.. If it backs off 25% I would be a buyer.. Hope this helps.. Please when posting on this board use the symbol and price before any posting.. hank
FXNC.. $5.60... First National Corporation Announces Earnings...
STRASBURG, Va., Jan. 29, 2014 /PRNewswire/ -- First National Corporation (the "Company") (OTCBB: FXNC), the parent company of First Bank (the "Bank"), reported record annual and quarterly earnings. Net income totaled $10.0 million, or $1.85 per basic and diluted share, for the year ended December 31, 2013. For the fourth quarter of 2013, net income totaled $7.5 million, or $1.49 per basic and diluted share.
(Logo: http://photos.prnewswire.com/prnh/20120213/PH52225LOGO )
Operating Highlights for 2013
Earnings:
Net income of $10.0 million
Reversal of valuation allowance on net deferred tax assets decreased income tax expense by $4.8 million
Return on average assets 1.87%
Return on average equity 22.16%
Asset Quality:
Substandard loans (accruing) decreased 49%
Recovery of loan losses totaled $425 thousand
Capital:
Total shareholders' equity increased $8.8 million to $53.7 million
Book value per share increased from $6.22 to $7.98
Total risk-based capital increased from 15.34% to 18.25%
"We are pleased to announce record earnings for the year and the fourth quarter," said Scott C. Harvard, President and CEO of the Company and the Bank. "Thanks to the hard work of our entire team, the financial condition of the Bank has improved to the point that we were able to reverse the valuation allowance on deferred tax assets, resulting in a boost to fourth quarter and annual earnings of $4.8 million."
Fourth Quarter Earnings
Net income totaled $7.5 million for the fourth quarter of 2013, compared to $943 thousand for the same period of 2012. The significant increase in earnings was primarily a result of the reversal of the valuation allowance on net deferred tax assets which decreased income tax expense by $4.8 million. In addition, the Company recorded a recovery of loan losses totaling $3.0 million, compared to provision for loan losses of $100 thousand for the same quarter of 2012. Return on average assets was 5.65% compared to 0.72% for the fourth quarter of 2012. Return on average equity was 64.03% for the fourth quarter of 2013 compared to 8.37% for the fourth quarter of 2012.
Net interest income totaled $4.5 million for the quarter, compared to $4.7 million for the same period one year ago. Noninterest income increased $182 thousand, or 11% compared to the same period of 2012, primarily from a 17% increase in service charges on deposits and a 25% increase in wealth management fee income.
Noninterest expense totaled $6.0 million for the quarter compared to $5.1 million for the same period in the prior year. Noninterest expense, excluding lease termination costs of $655 thousand and pension settlement costs of $284 thousand, was unchanged at $5.1 million for the fourth quarter of 2013 compared to the same quarter in 2012. Other operating expenses increased $760 thousand compared to the same period of 2012, primarily from the decision to terminate a land lease, initially executed for branch expansion, which impacted current year earnings and eliminated expense in future periods. Salaries and employee benefits increased $503 thousand compared to the same period of 2012, primarily as a result of higher pension costs related to the retirement of several long time employees with years of service ranging up to 40 years. The reversal of the valuation allowance on net deferred tax assets resulted in income tax benefit totaling $4.3 million for the fourth quarter of 2013 compared to income tax expense of $76 thousand in the same period of 2012.
Pre-provision pre-tax earnings, excluding non-recurring items, increased 9% to $1.2 million for the quarter compared to $1.1 million for the same period in the prior year. Lease termination costs of $655 thousand and pension settlement costs of $284 thousand comprised the non-recurring items for the fourth quarter of 2013.
Annual Earnings
Net income totaled $10.0 million for year ended December 31, 2013 compared to $2.8 million for the same period one year ago. Return on average assets was 1.87% and return on average equity was 22.16% for the year ended December 31, 2013, compared to 0.53% and 6.80%, respectively, for the same period in 2012.
Net interest income totaled $18.4 million compared to $19.3 million for 2012. Noninterest income totaled $6.9 million for 2013 compared to $7.2 million for 2012. Noninterest income, excluding a gain on termination of a director retirement plan of $543 thousand in 2013, and gains on sale of securities of $1.3 million in 2012, increased 8% to $6.4 million compared to $5.9 million for the same period one year ago. The increase was primarily driven by wealth management fees and revenues from bank owned life insurance.
Noninterest expense totaled $20.6 million for the year compared to $19.1 million for the prior year. Noninterest expense, excluding lease termination costs of $864 thousand and pension settlement costs of $284 thousand, increased 1% to $19.4 million for the year ended December 31, 2013, compared to $19.1 million for the same period in 2012. Salaries and employee benefits, including pension expense, increased $836 thousand compared to the prior year. Other operating expenses increased $905 thousand compared to the same period one year ago. This increase was primarily attributable to the Bank's decision to terminate two land leases, initially executed for branch expansion, which impacted current year earnings and eliminated expense in future periods. Income tax benefit totaled $4.8 million for the year ended December 31, 2013, compared to income tax expense of $965 thousand for the prior year, primarily as a result of the reversal of the valuation allowance on the Company's net deferred tax assets.
Pre-provision pre-tax earnings, excluding non-recurring items and gains on sale of securities, totaled $5.4 million for the year compared to $6.0 million for the prior year. Lease termination costs of $864 thousand, pension settlement costs of $284 thousand, and a gain on termination of a director retirement plan totaling $543 thousand comprised the non-recurring items for 2013. Gains on sale of securities totaled $1.3 million in 2012.
Caution about Forward Looking Statements
Certain information contained in this discussion may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company's future operations and are generally identified by phrases such as "the Company expects," "the Company believes" or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. For details on factors that could affect expectations, see the risk factors and other cautionary language included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, and other filings with the Securities and Exchange Commission.
About the Company
First National Corporation, headquartered in Strasburg, Virginia, is the bank holding company of First Bank. First Bank offers loan, deposit, trust and investment products and services from 10 office locations located throughout the northern Shenandoah Valley region of Virginia, which includes Shenandoah County, Warren County, Frederick County and the City of Winchester. Banking services are also accessed from the Bank's website, www.fbvirginia.com, and from a network of ATMs located throughout its market area. First Bank also owns First Bank Financial Services, Inc., which invests in entities that provide investment services and title insurance.
DRAD.. $3.549.. Digirad Terminates Lease Agreement for Former Headquarters
Another Cost-Cutting Move Related to New, Profitable Imaging Services Business Model...
SUWANEE, Ga., Jan. 27, 2014 (GLOBE NEWSWIRE) -- Digirad Corporation (Nasdaq:DRAD), the leader in providing diagnostic imaging services and technology on an as needed, where needed, and when needed basis, announced today it favorably negotiated an exit from the lease of the former corporate headquarters in Poway, CA. In addition, the Company announced that management has identified much smaller alternative facilities in the San Diego area to house its ongoing camera and camera support services operations.
Digirad President and CEO Matthew G. Molchan noted that the Company no longer needed the large facility and had found a solution to terminate the lease that benefited Digirad and the landlord. As part of its new, expanding imaging services-oriented business model, the Digirad headquarters moved to the Atlanta area in mid-2013.
"Based on our strategic decision to focus on growing our Digirad Imaging Solutions business, outsourcing our manufacturing operations and moving our headquarters to Atlanta, we no longer needed the large manufacturing facility in Poway," Molchan said. "This is another important step in our ongoing effort to find savings in our new business model and right-size our business going forward. It will obviously benefit us in terms of cash flow and profits on a go-forward basis and it places our camera and camera support services operation in an appropriately-sized facility."
About Digirad Corporation
Digirad is one of the largest national providers of in-office nuclear cardiology imaging and ultrasound services to physician practices, hospitals and imaging centers, and also sells medical diagnostic imaging systems for nuclear cardiology and general nuclear medicine applications. For more information, please visit www.digirad.com. Digirad® and Cardius® are registered trademarks of Digirad Corporation.
Forward-Looking Statements
This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. Some of these forward-looking statements can be identified by the use of forward-looking words such as "believes," "expects," "may," "will," "should," "seek," "approximately," "intends," "plans," "estimates," or "anticipates," or the negative of those words or other comparable terminology, or in specific statements such as the Company's ability to deliver value to customers, the ability to grow and generate positive cash flow, the ability to execute on restructuring activities, and ability to successfully execute acquisitions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated with changes in business conditions, technology, customers' business conditions, reimbursement, radiopharmaceutical shortages, economic outlook, operational policy or structure, acceptance and use of Digirad's camera systems and services, reliability, recalls, analysis of potential impairment and restructuring charges, the conclusion of our audit and other risks detailed in Digirad's filings with the U.S. Securities and Exchange Commission, including the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports. Readers are cautioned to not place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Digirad undertakes no obligation to revise or update the forward-looking statements contained herein.
CONTACT: Jeffry Keyes
Chief Financial Officer
858-726-1600
ir@digirad.com