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SR means Shortsale restricted I think eom
Monk, yes please!!!! eom
HRSH quietly having a good day eom
jaw, cant tell you much about their tech. However, look at the chart and see what happened after their last CC on August 26th, 2003 (announced at Aug 19th). It ran into the call, then sold off. Looks like .62/.63 is an important resistance. It pops to that level, than retraces. However, if breaks this resistance, it has some blue sky.
http://stockcharts.com/def/servlet/SC.web?c=EAG,uu[w,a]daclyyay[dc][pb50!d20,2!f][vc60][iUb14!La12,2...
Just a heads up, so you might take some profits before the CC if it fails to break that resistance.
Concerning the technology, it looks interesting to me. While Iridium never made a real "breakthrough" with their satellite network in my eyes (by serving only small market segments, the failure to remove remaining limitations to their network, and high expenses for the consumer), this innovation by EAG seems to provide a superior solution which could enhance the value of the network and make it available for some new attractive applications (e.g. alowing broadband access from in flight aircrafts as mentioned in the PR). But I am not an expert.
GL!
HRSH 1.19
prolly again buyers and sellers involved in this...? j/k
Have a nice weekend. Hope it stays up til close. Good chart.
EEC: HOD of .35 here ?! eom
Ok, as I said, system down, I was blind. Was looking at Yahoo intraday, couldn´t figure if bid or ask were hit, that´s why I asked. Thanks anyway.
Buzz/HRSH saw that. Read the company was/is buying at 1.08. The block went thru at that level. Can´t see t&s, system is down. Was it a buy? TIA
HRSH... snatched some at 1.11 ... what a goodie. Thanks for the DD, I almost fell in love with it at first sight. What a steal.... Getting some volume this morning... GL!
EAG/JW That´s the point about it. Ppl bagholding from the last run on promised news which turned out to be fluff. Now, they are selling on every uptick. Hope it still flies for you. GL
TRAC/DATA Hard to tell... I see them many times when big momentum comes in, and they mostly play together on the OTC (follow each others bid). On the Naz, they just behave like "normal" MMs. Hardly saw them as regular MM at an OTC stock.... they come when there is action, and then they disappear............
VIVI Viva International to Commence Ticket Sales for Flight Services
Thursday October 23, 7:31 am ET
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Oct. 23, 2003--Viva International, Inc. (OTCBB:VIVI - News) announced today that it has completed negotiations and entered into a formal letter of intent with Turaser of Brazil to provide flights twice a week from Punta Cana, Dominican Republic to San Paulo Brazil starting December 1st.
Oscar Hasan President of Viva Air Dominicana was quoted as saying, "Our inaugural flight represents our plan of building tourism in the Dominican Republic." He went on to say, "Growth and expansion is now our number one goal." This contract represents over one million dollars a month in gross revenues for Viva Dominicana.
In other news Royal Aruban Airlines announced today that it has entered into an agreement to provide service from Aruba to Surinam in a code share agreement with Air Holland starting the first week of December. Revenues based on current demands from this route are in excess of one million dollars per quarter.
Stuart Carnie, President and CEO of Viva International was quoted as saying: "I am very happy about the inauguration of Dominican operations. Mr. Hasan has worked very hard to make this happen." He went on to say, "With the anticipated rapid growth of both Viva Dominicana and Royal Aruban Airlines I expect that we will quickly become a driving force in the Caribbean, Latin American, and United States market place."
Additionally, Viva International recently announced that its wholly owned subsidiary Hardyston Distributors, Inc. was acquiring a 49% interest in Royal Aruban Airlines. Under the terms of that agreement, Hardyston will be spun-off under a plan that will give Viva shareholders one share of Hardyston common stock for every three shares of Viva International, Inc common stock owned.
In conjunction with the provision of the "Safe harbor" section of the Private Securities Litigation Reform Act of 1995, this release may contain forward-looking statements pertaining to the future anticipated projected plans, performance and developments, as well as other statements relating to future operations. All such forward-looking statements are necessarily only estimates of future results and there can be no further assurance that actual results will not materially differ from expectations. Further information on potential factors that could affect Viva International, Inc. is found in the Company's Form 10-K and other documents filed with the U. S. Securities and Exchange Commission.
--------------------------------------------------------------------------------
Contact:
Viva International, Inc., Fort Lauderdale
Stuart Carnie, 954/359-4141
or
Mirador Consulting
Casey Burt, 877/Mirador or 877/647-2367
OGLE Oglebay Norton Reports Third Quarter 2003 Results
Wednesday October 22, 7:29 pm ET
CLEVELAND, Oct. 22 /PRNewswire-FirstCall/ -- Oglebay Norton Company (Nasdaq: OGLE - News) reports its results for the third quarter and first nine months ending on September 30, 2003. Results include:
(Logo: http://www.newscom.com/cgi-bin/prnh/19990901/CLW017 )
- Revenues for the quarter were $121.5 million compared to $123.7 million
in the year-earlier period. Revenues for the nine-month period were
$300.9 million compared to $298.6 million in the prior-year nine-month
period.
- Operating income for the quarter was $6.0 million compared to operating
income of $14.5 million in the third quarter of 2002. For the 2003 nine-
month period, the company reported an operating loss of $2.4 million
compared to operating income of $31.5 million for the 2002 nine-month
period. Results for the 2003 nine-month period include a $13.1 million
asset impairment charge taken in the second quarter to reduce the net
book value of the Performance Minerals segment's Specialty Minerals
operation.
- Net income for the quarter, including an income tax benefit of
$5.2 million, primarily from a reversal of 1999 tax-year reserves, was
$325,000, or $0.06 per diluted share. That compares to net income of
$2.0 million, or $0.40 per diluted share, for the third quarter last
year. Net loss for the nine months, including the impact of the second-
quarter 2003 asset impairment charge and the $1.4 million after-tax
cumulative effect charge for asset retirement obligations, was
$23.3 million, or $4.57 per share, compared to net income of $74,000, or
$0.01 per share, for the same period last year.
- Earnings before interest, taxes, depreciation and amortization (EBITDA)
were $18.8 million compared to $24.7 million in the third quarter 2002.
EBITDA for the nine-month period was $39.3 million compared to
$55.8 million in the year-earlier nine-month period. (See attached
financial tables for GAAP reconciliation.)
Oglebay Norton President and Chief Executive Officer Michael D. Lundin commented: "We took two critical steps during the third quarter that are intended to help us reach our goal of restructuring our debt and better positioning us for the future. First, we entered into agreements with our bank group and senior secured note holders to amend the company's credit agreements. These amended agreements provide us with relief on restrictive covenants, restore our ability to draw on our credit facility to fund operations, and enable us to focus on a longer-term restructuring plan. Second, as part of this restructuring, management announced its intention to focus on a smaller set of core businesses -- our limestone and limestone fillers operations. We believe these operations offer the most significant business development opportunities. As part of that decision, management announced its intention to sell the company's lime and mica operations."
Commenting on the third quarter results, Lundin said, "Revenues for the quarter were down slightly, primarily reflecting continued weak demand for limestone and shipping services from our Great Lakes Minerals segment. This decrease was partially offset by increases in sales from our Performance Minerals and Global Stone segments. The decrease in the company's operating income for the quarter reflects lower income from the Great Lakes Minerals segment, as well as increased general, administrative and selling expenses."
The increase in general, administrative and selling expenses for the quarter and the year to date is a result of higher retirement costs, legal and consulting fees related to operational restructuring and negotiations with the company's senior secured lenders and bad debt reserves. Legal and consulting fees totaled $1.7 million for the quarter and $2.6 million for the first nine months of 2003.
The Great Lakes Minerals segment's revenues for the quarter decreased to $52.0 million from $58.5 million in the third quarter 2002. Excluding the addition of Erie Sand & Gravel, the segment's revenue declined 21% quarter over quarter. The decrease was primarily due to lower limestone shipments from the segment's quarries and decreased shipments on the segment's fleet resulting from reduced demand. Operating income for the third quarter decreased to $3.3 million in 2003 from $8.5 million in the prior year. The decrease in operating income was primarily a result of reduced revenues and the effect of lower volumes on gross margin.
The Global Stone segment's revenues for the quarter were $45.8 million, up from $43.1 million in the 2002 third quarter. The increase in revenues and operating income is attributable to strong demand for all product lines. Operating income in the quarter was $5.1 million compared to $4.5 million in last year's third quarter.
The Performance Minerals segment's revenues for the quarter were $25.4 million compared to $23.2 million in the same period last year. The increase in revenues reflects increased demand for frac sand from oil service companies in the California market. Operating income for the quarter was down slightly to $3.5 million due to higher FAS 143 reclamation costs.
Lundin added: "We continue to identify and implement measures to contain costs, increase productivity and improve working capital efficiency, especially inventory management. Some of the measures we have taken have improved our cash position but have had a negative effect on operating income."
Lundin concluded: "Obtaining the support of our senior lenders to amend the company's credit agreements last month has given us the opportunity to now move forward with our business plans. We are actively seeking buyers for certain company assets and continue to develop restructuring alternatives with our financial advisors. We are encouraged by the options we have identified that would enable us to restructure our debt and execute our business plan. Ideally, we would hope to find a solution that creates value for all stakeholders. We believe such a resolution is possible, but it is, of course, only one of several possible outcomes."
Oglebay Norton Company, a Cleveland, Ohio-based company with a 149-year heritage, provides essential minerals and aggregates to a broad range of markets, from building materials and home improvement to the environmental, energy and metallurgical industries. The company's website is located at www.oglebaynorton.com .
A Note re EBITDA: EBITDA numbers are presented here to provide additional information and are not a measure of financial performance under accounting principles generally accepted in the United States (GAAP). Management believes that EBITDA information is useful to the readers of its financial statements because it is a primary measure used by its banking group to assess the performance of the Company and to set covenant levels. A reconciliation of EBITDA to operating (loss) income, the most directly comparable GAAP-based measure of financial performance, may be found in the attached financial tables.
Mr. Lundin will host a conference call at 11:00 a.m. Eastern Daylight Time on Thursday, October 23, 2003 which will be webcast live in listen only mode via the Oglebay Norton Company website. It also will be available for replay starting at 2:00 p.m. EDT, October 23, 2003 until 8:00 P.M. EDT, Thursday, November 6, 2003 on the website and via MCI WorldCom conferencing services. To access the live or taped webcast, go to the Oglebay Norton Company website at www.oglebaynorton.com and click the conference call button on the investor relations home page. To access the replay via telephone, dial 1-800-964-3380. The access code is: LUNDIN.
Certain statements contained in this release are "forward-looking" in that they reflect management's expectations and beliefs regarding the future performance of the Company and its operating segments. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. There can be no assurance that a successful restructuring and/or sale of assets can be accomplished, and that it will provide adequate liquidity for the Company to sufficiently improve its financial position. Weather, particularly in the Great Lakes region, water levels, energy, fuel and oil prices, steel production, changes in the demand for the Company's products due to changes in technology, Great Lakes and Mid-Atlantic construction activity, the California economy and population growth rates in the Southwestern United States, the outcome of negotiations of labor agreements, the loss or bankruptcy of major customers or insurers, changes in environmental law, and changes in asbestos or silica product liability litigation filed in the United States and determinations by a court or jury against the Company's interest all can impact revenues and earnings. Some of our customers have filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. We do not expect that these reorganizations will have a material impact on the Company's financial condition. Please refer to the Company's current and subsequent SEC filings under the Securities and Exchange Act of 1934, as amended, for further information.
Detailed earnings link (scroll down)
http://biz.yahoo.com/prnews/031022/clw081_1.html
Gins, I second that. Since the immense buying power of the board became known among others, the quality of posts went down steadily. Nothing against subs or pinks, just the quality of content provided in some posts...... OTC are hot lately, and the board had a couple great plays. I think you raised a justified concern, and I am confident the Board Admins will take steps if it further deteriorates.
Good trading!
CIRT/CollegeKid.... I like it, got in yesterday on news and the damn thing did nothing. Even with Nite pushing... no volume... will wait for todays action. GL!
calm down. think first then post. noone is responsible for you missing an exit, and noone has the duty to tell you. Just opinions on stocks, gotta play em by yourself.
I play exits as my own business on this board. Can´t hold someone responsible for it imo. But I know how you feel, been there and learned. Still good play, and remeber, Buzz bailed HETC 1/2 at .96 or so and it went to 1.13 the nextday.
No offense to anybody in this post. Good trading all-
in CIRT .030 eom
CIRT news: CirTran Receives Important Follow-Up Orders From Parvus Corporation
Jump to first matched term
SALT LAKE CITY, UT -- (MARKET WIRE) -- 22-10-2003 -- Electronics manufacturer, CirTran Corp. (OTC BB: CIRT), today announced that it has received follow-up orders from Parvus Corporation®, a U.S.-based member of the EuroTech group of companies. The latest orders are for both the manufacture of circuit board assemblies, as well as cables and harnesses and continue CirTran's recent string of strategic, revenue-enhancing contracts.
On August 21, 2003, Parvus® Corporation and EuroTech SpA announced the successful completion of a cross-border merger between the two enterprises in a transaction designed to capture greater global market share for embedded computer products and systems integration services. The merger establishes a global leader in products for embedded PC/104 computers, which are increasingly used in aviation, industrial, medical, military, and transportation electronics equipment.
Iehab Hawatmeh, President and CEO of CirTran Corporation, commented, "We are pleased to be expanding our relationship with Parvus. With their recent merger completed, CirTran looks forward to a long and productive partnership with this latest global leader. Our continued success in winning follow-on orders is a direct result of our fast turn around times and ability to produce high yields at a low cost, and our strong service support. Additionally, CirTran's ability to provide local production and support gave us a big competitive edge."
About Parvus Corporation
For 20 years, Parvus Corporation® has served industry-leading Original Equipment Manufacturers in the aerospace, defense, energy, industrial, medical, and transportation fields, providing complete electronic and mechanical design, board level components and systems development/integration services. For further information about Parvus, please visit the Company's website located at www.parvus.com.
About CirTran Corporation
Founded in 1993, CirTran Corporation (OTC BB: CIRT) has established itself as a premier full-service contract electronics manufacturer by building printed circuit board assemblies, cables, and harnesses to the most exacting specifications. CirTran is headquartered in Salt Lake City, Utah, with a state-of-the-art 40,000 sq. ft. facility. CirTran also provides "just-in-time" inventory management techniques that minimize the OEM's investment in component inventories, personnel and, related facilities, thereby reducing costs and ensuring speedy time-to-market. For further information about CirTran, please visit the Company's website located at www.cirtran.com.
Safe Harbor Statement
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the company's periodic filings with the Securities and Exchange Commission.
Contact:
Trevor M. Saliba
CirTran Corporation
Voice: 818-788-2033
www.cirtran.com
Ronald L. Garner,
Communications Director
Equitilink, LLC
Voice: 877-788-1940
www.equitilinkpr.com
It´s a great place to learn. Watch and figure out who is who, educate yourself. Learn from the best... they are here.
Good luck & good trading.
Thanks for the DD eom
HIBNY $1 from .85 and still hot. Follow-up PR. GL
HIBNY goes BOOM - nice call, nice news. $1 today?
Sorry swamp, looks like I always miss em. np.
OT: DW
a bit late here.... would be better to get his alerts before they run. Where is he anyway?
USXP - .11 and no stopping... bailing soon eom
Chipped ... sorry to hear.... always the problem with chasing.. I made my experiences for sure. Hope it didn´t hurt you to bad. Seems to be firming now. Anyway, good trading to you and lots of moolah!
Buzz / TRAC & DATA ... yes, they always come together. And, I got aware of the fact that they always come to the bid when the big action is on. Seems like they play for $$$$$ on the OTCBB. Good to watch those too, they are "Momo-MMs" lol... they hardly lose.
BTW, I have seen them on UNSP collecting shares for a long time now (2 weeks or so)....
GL
USXP / Chipped - Nites a shaker for sure... agree it has more in it. GL !!
USXP - .09 thinning :) eom
USXP - in at .084.... was at .12 and higher at monday, filled gap now... GL
USXP news Transportation Logistics Company Universal Express -USXP- to Capitol Hill on Tuesday: Presenting Transportation Security Plan to Members of Congress
Friday October 17, 12:04 pm ET
NEW YORK--(BUSINESS WIRE)--Oct. 17, 2003--Universal Express (OTCBB: USXP - News), a transportation logistics company, announces CEO Richard Altomare will make a formal presentation on Capitol Hill to members of the House and Senate and congressional staff on Tuesday October 21. Mr. Altomare is proposing a plan expected to resolve the luggage check-in security problems inherent in the airline industry and reduce the exorbitant ongoing costs when the Federal Government took over the air transportation network. Implementation by Congress of the USXP plan can enhance the security of travelers, decrease the time spent in airports, improve the airlines financial health, and create an estimated 250k jobs in a new $22 billion parcel carrier industry segment.
"The USXP transportation security plan we are recommending to Congress will significantly reduce the amount of luggage carried by the airlines and the subsequent possibility of terror attacks. It is expected to save taxpayers up to $1.4 billion yearly in screening costs. Among other things, when rolled out, it also allows for the assignment of guards at train stations and bus terminals. USXP has extensive transportation industry knowledge and years of operating experience. Our proposal will boost confidence in the overall security of the travel industry, and dramatically improve the financial health of the airlines," stated Richard A. Altomare, President & C.E.O.
Altomare will present his plan to members of Congress on Tuesday October 21.
For a copy of the White Paper contact Mr. Ron Garner/Equitilink 877-788-1940
Universal Express, Inc. owns and operates several subsidiaries including Universal Express Capital Corp. (USXP Cash Express division), Universal Express Logistics, Inc. (The Virtual Bellhop, LLC and Luggage Express) and the WorldPost(TM) Private Postal Network, Inc. These subsidiaries and divisions provide the private postal industry and customers with value-added services and products, logistical services, equipment leasing, and cost-effective delivery of goods worldwide.
More information and website locations are available at www.usxp.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies or products delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Contact:
Equitilink
Ron Garner, 877-788-1940
--------------------------------------------------------------------------------
Source: Universal Express
Email this story - Set a News Alert
ARSW /Vlisp - more of those, please eom
HETC in the .90s as exspected...... Dollar today? It´s due imo.
HETC wants to run today eom
Yayaa, thanks but we all knew it already. No R/S will happen if price get over $1.
HETC .93 AH trade on Island last nite.....
Island Alert:
HETC Last Trade of $0.93 at 19:56:36.77
didn´t watch, just got that alert at night.
DGIT - DG Systems Provides Outlook for Second Half of 2003
Thursday October 16, 6:06 pm ET
DALLAS--(BUSINESS WIRE)--Oct. 16, 2003--DG Systems, Inc. (Nasdaq: DGIT - News), the leading digital technology provider for managing and delivering short- and long-form audio and video content to broadcasters, today provided a preliminary review of the three-month period ended September 30, 2003 and provided an outlook for the fourth quarter ending December 31, 2003.
Due to a continuation of the soft economic and advertising environments reported by the Company earlier this year, DG Systems expects revenues totaling approximately $13.0 million to $13.5 million for the 2003 third quarter compared to revenues of $16.4 million in the third quarter of 2002. Despite challenging market conditions which include weaker-than-anticipated television advertising, lower levels of year-over-year political ad spending and competitive pricing pressures as well as sluggish discretionary technology spending which impacts the Company's StarGuide division, DG's ad delivery business maintains a strong competitive position with both agencies and brands due to its network reach, breadth of products, and reputation for dependable and attentive customer service.
The Company continues to actively implement cost-containment measures and anticipates a double-digit reduction in third quarter operating expenses. As a result, DG anticipates another quarter of positive EBITDA (earnings before interest, taxes, depreciation and amortization) and net income for the quarter ended September 30, 2003. In the 2002 third quarter DG reported earnings per diluted share of $0.02.
Importantly, DG continues to generate positive organic free cash flow and expects to report net debt of approximately $1.3 million in the 2003 third quarter, a decrease of more than 65% from the net debt of $3.8 million reported on June 30, 2003. The Company anticipates being net debt-free at year-end.
Further details of DG's third quarter results will be provided when the Company reports its third quarter results in the first week of November.
At present, the Company anticipates that current economic, industry and competitive conditions will continue in the 2003 fourth quarter. The Company expects to again generate positive EBITDA and net income in the 2003 fourth quarter. Looking forward to 2004, results are expected to reflect improvements in the economy as well as advertising industry growth, including the cyclical return of political advertising during a presidential election year.
About DG Systems, Inc.
DG Systems and the Company's StarGuide division provide the standard in Digital Media Exchange services for the advertising and broadcast industries, featuring innovative satellite and Internet transmission technology solutions and a suite of digital media asset management tools. DG's extensive digital network is the largest in the advertising and broadcasting industries, reaching more than 5,000 advertisers and agencies, 7,500 radio stations, and over 1,850 broadcast and cable television destinations with innovative delivery and management solutions for short- and long-form audio and video content. More information is available at www.dgsystems.com.
This release contains forward-looking statements relating to the company, including the expansion of its digital distribution network, and the demand among certain clients for digital audio and video delivery services. These forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These and other risks relating to DG Systems' business are set forth in the company's Form 10-K filed with the Securities and Exchange Commission on March 27, 2003. The Company does not intend to update publicly any forward-looking statements except as required by law.
--------------------------------------------------------------------------------
Contact:
DG Systems, Inc.
Omar Choucair, 972/581-2000
or
Jaffoni & Collins Incorporated
Joseph N. Jaffoni
Stewart A. Lewack
212/835-8500
dgit@jcir.com
--------------------------------------------------------------------------------
Source: DG Systems, Inc.
HYTT 10Q Hy-Tech Technology Announces Financial Results for the Quarter Ended August 31, 2003
Thursday October 16, 4:43 pm ET
FORT MYERS, Fla., Oct. 16 (PRIMEZONE) -- Hy-Tech Technology Group, Inc. (the ``Company'') (OTC BB:HYTT.OB - News), today announced its results for its fiscal second quarter and first half ended August 31, 2003.
ADVERTISEMENT
During the three months ended August 31, 2003, the Company reported revenue of $3,354,614 compared to revenue of $7,397,311 during the three months ended August 31, 2003. This represents a decrease of approximately 54.7%. This decrease is principally attributed to limitations of working capital to fund inventory purchases to fulfill customer orders. The Company's loss from operations for the three months ended August 31, 2003 increased to $497,327 from $142,240 during the three months ended August 31, 2002. This increase is principally due to costs associated to fundraising and the Company's reverse acquisition into SRM Networks and its obligations as a reporting company under the securities laws during the three and six months ended August 31, 2003 with no expenses during the comparable 2002 Periods.
Net loss for the three months ended August 31, 2003 was $623,072, or $.02 per share compared to $252,142, or $.02 per share for the three months ended August 31, 2002.
Fiscal Half-Year Review
During the six months ended August 31, 2003, the Company reported revenue of $7,350,944 compared to revenue of $13,432,041 during the six months ended August 31, 2003. The Company posted net income for the six months ended August 31, 2003 of $41,186, principally attributed to the gain on settlement of debt compared to a net loss of $639,237 for the six months ended August 31, 2002.
In May 2003, Martin Nielson assumed full time responsibilities as CEO, brought new investors to the Company, and is attempting to transform Hy-Tech Technology Group, Inc. from a custom systems builder and an authorized distributor of the world's leading computer system and components to a solutions provider offering an expanding range of services and software to it client base. During the fiscal first quarter, the Company took steps necessary to design this new business strategy. This new business strategy is now being implemented and seeks growth by acquisition as well as organic growth.
Mr. Nielson stated, ``During this period, a number of significant steps were taken to prepare the Company for the launch of this new plan. Among the steps taken were construction of the details of the new plan; restructuring of the organization along with a re-alignment of personnel, including identifying new additions to management; reduction of costs and writing off unproductive assets; engagement of key professionals, including investment banking teams; negotiating with sources of new investment; and identifying and negotiating with acquisition targets. This plan is now being implemented and I would like to commend the hard work and dedication of the company's personnel, customers, and partners in working with us to make this plan achievable.''
During the first half of the fiscal year, the Company reduced its current liabilities by approximately $4.8M. This was principally attributed to the settlement of debt reached with its primary lender and accomplished via the sale of a convertible debenture to a private investor following an acquisition. Despite the additional issuance of shares, the Company believes it has shored up its balance sheet.
Financing / Business Outlook
The next phase of the Company's transformation plan requires new financing to increase working capital, to further reduce liabilities, and to help complete acquisitions. ``I remain confident of our ability to obtain new financing and our efforts are very focused in this area. These recent improvements in our balance sheet, plus the streamlining of our operations make me optimistic that the new wave of financing can help us attain profitability and provide a platform for growth'', said Nielson.
Nielson also added, ``We are already in advanced negotiations regarding acquisitions that, if closed, can produce substantial acceleration of our transformation plans. While there can be no assurance that we will close these, the acquisitions presently under negotiation could more than double the size of the Company. And each of them are profitable.''
About Hy-Tech Technology Group, Inc
Hy-Tech is transforming itself from a custom systems builder and an authorized distributor of the world's leading computer system and components to a solutions provider offering an expanding range of services and software to it client base. Founded in 1992; it has operations in Florida, Alabama, Tennessee, Kentucky, Wisconsin and Colorado. Hy-Tech presently supplies a full line of computer components and peripherals and has technicians capable of building and servicing systems that range in scope from basic desktop systems to very sophisticated server applications. The Company has adopted an aggressive growth strategy designed to leverage these existing operations through strategic acquisitions, by expanding into new commercial growth areas in software and services, by adding e-commerce channels of distribution, and by differentiating itself with proprietary technologies. Throughout its history, the Company has demonstrated its technical capability as an award-winning reseller of the industry's leading technology products and by earning a variety of accreditations such as Intel Premier Provider, Microsoft System Builder Gold Member, Symantec Authorized Education Reseller, and Iomega Premier Partner. For more information, please visit our website at http://www.e-hytech.com
Safe Harbor Statement
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as ``anticipate,'' ``believe,'' ``expect,'' ``future,'' ``may,'' ``will,'' ``should,'' ``plan,'' ``projected,'' ``intend,'' and similar expressions to identify forward-looking statements. These statements are based on the Company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the Company's periodic filings with the Securities and Exchange Commission.
HY-TECH TECHNOLOGY GROUP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
August 31, August 31,
------------------------- ------------------------
2003 2002 2003 2002
----------- ------------ ----------- -----------
Net revenues $ 3,354,614 $ 7,397,311 $ 7,350,944 $13,432,041
Cost of revenues 2,838,396 6,378,739 6,440,749 11,443,723
----------- ------------ ----------- -----------
Gross margin 516,218 1,018,572 910,195 1,988,318
General,
administrative
and selling 1,013,545 1,160,812 2,385,515 2,478,022
----------- ------------ ----------- -----------
Loss from
operations (497,327) (142,240) (1,475,320) (489,704)
----------- ------------ ----------- -----------
Other income
(expense)
Other income
(expense) 0 3,727 (6,288) 6,948
Gain on
settlement
of debt 0 0 1,655,601 0
Interest (125,745) (113,629) (132,807) (156,481)
----------- ------------ ----------- -----------
(125,745) (109,902) 1,516,506 (149,533)
----------- ------------ ----------- -----------
Net income
(loss) $ (623,072) $ (252,142) $ 41,186 $ (639,237)
=========== ============ =========== ===========
Net income (loss)
per share:
Net income
(loss) -
basic and
diluted $ (0.02) $ (0.02) $ 0.00 $ (0.04)
=========== ============ =========== ===========
Weighted average
shares
outstanding:
Basic and
diluted 31,946,290 16,000,000 30,092,182 16,000,000
============ ============ =========== ===========
Contact:
Equitilink
Ronald Garner
877-788-1940
ron@equitilinkpr.com
--------------------------------------------------------------------------------
Source: Hy-Tech Technology Group, Inc.
Lisp I hear you. I know your picks since back from old RB days and you had a lot of winners lately, actually only green this week (did I miss a red one? lol). I did some ARSW flippin on your call for a few hundred bucks, nice indeed. Don´t let that mini guy bother you, keep up good work and forget it.
I don´t see a reason why your post got deleted either, but for the peace of the board.... forget. There is a ignore option over here, too.
Good trading.