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PNDR filed yesterday
There was/is some unrelated PNDRE showing quote 5.XX
That was happening even before the filing that avoids E.
PNDR filing discussed the CAN hotel deal and some share
selling deal at $4 range.
ICAN PR near Graceland
Wednesday, May 25, 2005 18:24 ET
IBAC Corporation (PINK SHEETS:ICAN) today announced that the company was the successful high bidder for the 127 room Ramada Airport Hotel in Memphis, Tennessee (Two Miles From Elvis Presley's Graceland) along with a separate parcel that includes a free standing restaurant (5000 square feet) as one package, the winning bid was $1,725,000 plus auctioneer's fees to be paid in cash, the company will take possession on June 28, 2005.
"We are very excited about the addition of this Memphis property to our portfolio, the location and proximity to the Memphis airport and Graceland is simply wonderful along with being located only two hours from our Pine Bluff location it is a very manageable situation." Said Gary Becker President The Royal Arkansas Hotel & Suites
"I am very happy with the win at this auction as we were able to obtain a property that we coveted substantially below market value, we were determined to bring this prime property into our portfolio and we did, this property will add significant additional revenues and exposure in a major market." Edward W Hayter President IBAC Corporation
About IBAC Corporation
IBAC Corporation, a food and beverage services/restaurant/hotel/entertainment holding company based in New York, NY. Operating through its subsidiaries, The Sanibel Restaurant Group / National Hospitality Management Service/ Monarch Entertainment Group Worldwide and The Royal Arkansas Hotel & Suites IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments.
Forward Looking Statements: This information includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel as related to the restaurant industry. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE: IBAC Corporation
IBAC Corporation
Investor Relations, 800-275-8201
IR@Ibaccorp.com
Copyright Business Wire 2005
WNHL liking & BLYC too
Watching ADVC for entry at 0.0002 if gets there on
news of its subsid BK. ADVC itself is ok so neat to
pickup on any drop.
VNLB weak too. Where's Green Baron on it now? Has
tendency to pop/drop out of nowhere like WFTV CNES did.
At least didn't get mailed glossy pumps! Careful.
Oh throw in WNHL on news at 7 am. Hey 0.0001 so...
lota Es BHWK BUGS FMLY PNDR TENG
FGWC MMIC VIVI ATVE DDYI DFLR IWWD USUR
Can't any of these BB wasters afford a spreadsheet and a
high school bookkeeper? jeez
Outsource books to China. Oh right first there'd have to
actually be some books! LOL
http://www.otcbb.com/dailylist/
3Q Sales $11M but huge PMIC Loss
http://biz.yahoo.com/e/050524/advc.ob10qsb.html
Overview of Third Quarter Results
For the three months ended March 31, 2005, we recorded consolidated sales of $11.4 million relating to the repair, service and warranty and exchange of various electronic office equipment and the sale and distribution of various computer components, parts and accessories realizing a consolidated gross profit of $1.1 million or 9.2 % of sales for the quarter. For the three months ended March 31, 2005, CTI generated a net profit from operations of $112,000 or 5.5% of sales, while PMIC generated a consolidated net loss of $800,000, net of minority interest, on gross margins of 4%.
For the three months ended March 31, 2005, we reported a consolidated loss from operations of $1.2 million because of consolidated overhead costs inclusive of CTI and PMIC's operations versus a $82,000 loss for the three months ended March 31, 2004. Consolidated overhead costs for the three months ended March 31, 2005 amounted to $2.3 million and include $216,000 of amortization of deferred compensation and depreciation and $1.8 million of general and administrative costs. For the three months ended March 13, 2005, our overall consolidated net loss for the quarter increased an additional $400,000 from investment activities and net interest expense as compared to a $200,000 increase in other income from investment income for the comparative three-month period ended March 31, 2004.
BLYC.ob Revs +2196% 9 Months
SARASOTA, FL, May 24, 2005 (MARKET WIRE via COMTEX) --
Bentley Commerce Corporation (OTC BB: BLYC) (www.bentleycommerce.com), the leader in Internet and point of purchase barter and trade, announced financial results for its third quarter ended March 31, 2005, of fiscal year 2005. Revenue for the nine months was $379,744 (2196% higher), Operating Expenses were $1,978,442 (43% lower) and Operating Loss was $1,598,698 (53% lower) than the same period in the prior year.
For the three months ended March 31, 2005, Bentley Commerce's revenues were $103,628, an increase of 599.2% as compared to $17,293 for the three months ended March 31, 2004. The increase was due to an increase in trade volume among its affiliated exchanges that resulted in the Company earning more fees during this period, as well as obtaining and utilizing earned trade dollars to offset expenses that would otherwise be paid in cash.
Operating expenses for the three months ended March 31, 2005, were $703,315, a decrease of 69.6% as compared to $2,316,383 for the three months ended March 31, 2004. This decrease was primarily attributed to consolidating and centralizing the Company's operations at one facility, enabling the company to provide a higher level of customer service while significantly reducing operational costs.
The increase in revenue and the decrease in operating expenses resulted in a 73.9% decrease in the loss from operations that was $599,687 for the three months ended March 31, 2005, compared to $2,299,090 for the three months ended March 31, 2004.
For the nine months ended March 31, 2005, revenues were $379,744 compared to $17,293 for the nine months ended March 31, 2004, a 2195.9% gain. Operating expenses for the nine months ended March 31, 2005, were $1,978,442, down 42.7% compared to $3,452,200 for the nine months ended March 31, 2004. Loss from operations for the nine months ended March 31, 2005, was $1,598,698 a 53.4% decrease compared to $3,434,907 for the nine months ended March 31, 2004.
"Earning revenue in fiscal 2004 in a company that in prior years had none, is one of the key milestones we attained," said Bruce Kamm, Bentley Commerce's CEO. "Being able to do this while substantially decreasing operating expenses is indicative of our management's focus. Couple this with about $500 million in product and service offers in our Internet-based global trade marketplace, and we anticipate a very promising future for Bentley Commerce."
About Bentley Commerce Corporation:
Bentley Commerce Corp. has created the world's largest online collaborative barter marketplace. Through the Company's development of seamlessly integrated online barter services, barter transactions can be processed over the Internet or at a merchant terminal at the point of purchase in real time, using the Company's proprietary "VirtualBarter" software. Bentley intends to serve as a clearinghouse for barter trades for Fortune 500 trading partners; scores of barter exchanges that serve companies of all sizes; corporate barter companies that serve large multinational corporations, trade associations, chambers of commerce and their member companies.
Forward-Looking Statements:
With the exception of historical information, this news release and accompanying information may include forward-looking statements that involve a number of risks and uncertainties. Actual results could differ materially from those anticipated as a result of various risks. There are numerous factors that could contribute to such differences, therefore such projected events and anticipated results are not warranties or guaranties that such events will occur or that the Company will achieve such results. For more information about this corporation and risks involved in the investment of their publicly traded shares, please see the company's website(s), and/or documents filed with the SEC, which are easily accessible in the EDGAR database system.
Contact: Bentley Commerce Corporation Bruce Kamm 941-870-4952 bkamm@bentleycommerce.com http://www.bentleycommerce.com http://www.bentley.vbarter.com
SOURCE: Bentley Commerce Corporation
mailto:bkamm@bentleycommerce.com http://www.bentleycommerce.com http://www.bentley.vbarter.com
Copyright 2005 Market Wire, All rights reserved.
Lists Capt, haha got NWWV.OB glossy
After getting the NAUC 2 weekends today I get one from
a Houston TX pump. They own 1.2M and got cash for pump
of $15K per month paid to Luminary Ventures.
HiTech Fortunes produced the glossy.
Stock had a sudden Vol spike & pop today. Thin before
and flat 1.50 +/- Close 1.72
Think this is called "salting" in 42 St shell games.
Or in men's room when hat has $1 tip hints sticking out.
Usually I wait til guy steps out for a puff & grab a few!
Getting that 'ol 90s feeling?
ACSJ thoughts hard at 0.0001
Well had above Lim GTC AON for just 1 Mil since 5/10.
Finally got it today. Prob means a Sell gets 0.00005
on Tues. LOL
Watched this one since 0.01 days. At least it has Vols
and is still .OB not Pinky. Fill was late in day 3 pm so
a close of 0.0001 not so bad. Usually prefer 0.0002 just
to indicate some interest.
We'll see. 0.0005 looks like most could see unless dump
it sooner.
Looking for some ADVC if news drives it to 0.0002 Doubt
it tho since actually generates some money unlike most pf
these bottom kissers that are shell fronts.
g/l
maybe in CA. no real Vol surge yet
Had a mini pop but no crater to 0.0001 on sky high Vol.
See how goes Tues after news gets around & dust settles.
Given that looks like those two clowns looted the place
maybe some will chuck it all and bargain buy at .0002
for brief entry? Company seems like it will protect the
price so any crash likely short one.
On nice thing is all the hot attention is AMRE-NAUC so
those who missed a run may swing over to this hurt puppy.
Awfuk cheap for the revs and such that it has. See debt
ridden pigs >.01
g/l
Chinese folly PMIC BK "for cause"
ADVC/PMIC Advanced Communications and Pacific Magtron Announce Business Reorganization And Voluntary Bankruptcy Filing for Pacific Magtron
PR Newswire - May 23, 2005 2:16 PM (EDT)
Transaction Will Provide Protection and Means to Operate While Filing is Pending Approval by the Court
NEW YORK, May 23, 2005 /PRNewswire-FirstCall via COMTEX/ -- Advanced Communications Technologies, Inc. (OTC Bulletin Board: ADVC), a technology and services holding company that specializes in the repair of computers, peripherals and consumer electronics, and its majority owned subsidiary, Pacific Magtron International Corp. (OTC Bulletin Board: PMIC), announced today that Pacific Magtron International Corp. and its wholly owned subsidiaries have filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court in the District of Nevada. Pacific Magtron is a California-based distributor and reseller of computer systems, components, peripherals and software.
In conjunction with the bankruptcy filing, Pacific Magtron, Inc., a wholly owned operating subsidiary of Pacific Magtron International Corp., is negotiating a proposed Interim Management Agreement with a privately held, California-based supplier of computer hardware, components and software. Under the terms of the proposed agreement, and with interim approval by the bankruptcy court, this company will manage the operations of Pacific Magtron's business for a period of 60 days or as determined by the court pending approval of a proposed joint venture (described below). This will enable the company to continue distributing computers, peripherals and components to its customers from its current location in Milpitas, California. In return for providing management to Pacific Magtron, the manager will receive a fee in the form of a percentage of the gross margin generated by Pacific Magtron's sales.
The manager, which currently primarily distributes to customers in Mexico, will have an opportunity to expand its U.S. customer base by joining forces with Pacific Magtron.
Pacific Magtron and the manager are also negotiating to enter into a proposed binding joint venture, to be named Pacific Connections, LLC, which will be structured under a proposed Limited Liability Company Operating Agreement. Under the terms of the proposed joint venture, Pacific Magtron will receive 50% of the profits generated by Pacific Connections during its first two years of operations in return for its trademarks, goodwill, customer relationships and access to staff. Pacific Magtron's profits generated through Pacific Connections will be used to satisfy creditors of Pacific Magtron and its subsidiaries. In addition, Pacific Connections will assist in selling Pacific Magtron's remaining inventory and collecting its accounts receivables without additional fees.
Martin Nielson, chairman and chief executive officer of Pacific Magtron, said, "This bankruptcy filing is necessary to the future success of Pacific Magtron and for our strategy for growth. Since the company could not sustain itself and continue operations under the circumstances, we were determined to find an operating partner to manage PMIC's legacy business and protect our creditors. I am confident that our methodology will lead to new and exciting developments for the company over the near term."
At the time of this announcement, the parties were finalizing both the Interim Management Agreement and the joint venture Limited Liability Company Operating Agreement, which will be subject to bankruptcy court approval.
The bankruptcy filing and proposed joint venture initiative was precipitated by a rapid decline in Pacific Magtron's financial condition caused in part by the draw back of vendor lines of credit. Pacific Magtron was eventually unable to replenish its inventory and forced to reduce its payroll costs, shut down its Georgia operation and liquidate certain assets in order to pay creditors. These unforeseen events followed the closing of the acquisition of a 62% majority interest in Pacific Magtron by Advanced Communications in December 2004.
When Advanced Communications acquired control of Pacific Magtron, its strategy was to use Pacific Magtron as a self-sustaining distribution and sourcing engine to support its expansion in the integrated supply of end-of- life-cycle technology products and services. Pacific Magtron's plan is to implement the same strategic initiatives in fields other than Pacific Magtron's historic business such as service parts distribution, asset recovery and electronics-waste recovery, while it seeks court approval to complete the reorganization. Announcements regarding these initiatives are expected to follow.
Wayne Danson, president and chief financial officer of Advanced Communications, said, "While we did not expect these series of events to occur, management has implemented a carefully planned crisis management strategy designed to preserve our investment and create future value to our business enterprise. We are committed to seeing the bankruptcy process through and taking whatever action is necessary to protect our investment and secure the financial stability of Pacific Magtron's business."
Immediately prior to the bankruptcy filing, Pacific Magtron terminated, for cause, Ted Li, chief financial officer, and Cynthia Lee, senior vice president.
Advanced Communications and Pacific Magtron will be announcing developments surrounding this bankruptcy transaction as information becomes available.
About Advanced Communications Technologies Inc.
Advanced Communications Technologies, Inc. is a publicly traded New York City-based technology and services holding company that, through its majority owned subsidiary Pacific Magtron International Corp., is a distributor of hardware components, computer systems and software products, and through its wholly owned subsidiary and principal operating unit Encompass Group Affiliates, Inc., is a provider of board-level repair of technical products to third-party warranty companies, OEMs, national retailers and national office equipment dealers. Service options include advance exchange, depot repair, call center support, parts and warranty management for office equipment, fax machines, printers, scanners, laptop computers, monitors and multi-function units, including high-end consumer electronics such as PDAs and digital cameras. Additionally, through its wholly owned investment subsidiary Hudson Street Investments, Inc., Advanced Communications makes strategic minority investments in public and private companies. For more information, visit Advanced Communications' website at http://www.advancedcomtech.net .
A profile for investors on Advanced Communications may be found at the website http://www.hawkassociates.com/advancedcommunications/profile.htm .
An online investor relations kit containing Advanced Communications' press releases, SEC filings, current Level II price quotes, interactive Java stock charts and other useful information for investors can be found at http://www.hawkassociates.com and http://www.hawkmicrocaps.com .
This release and oral statements made from time to time by the company's representatives concerning the same subject matter may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plans," "intends," "should," "believes," "will," "estimates," "forecasts," "projects" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Many factors may cause actual results to differ from forward- looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by the company with the Securities and Exchange Commission, which should be considered together with any forward-looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements.
Contact Information
Hawk Associates, Inc.
Frank N. Hawkins, Jr. or
Julie Marshall
Phone: (305) 852-2383
E-mail: info@hawkassociates.com
SOURCE Advanced Communications Technologies, Inc.
Frank N. Hawkins, Jr. or Julie Marshall, both of Hawk Associates, Inc.,
+1-305-852-2383, or info@hawkassociates.com, for Advanced Communications Technologies
http://www.prnewswire.com
Copyright (C) 2005 PR Newswire. All rights reserved.
Broker wouldn't sell BB orders LOL
Former Stockbroker Admits Role In $7 Million Fraud
POSTED: 11:03 am EDT May 20, 2005
NEWARK, N.J. -- A former stock broker pleaded guilty Thursday to participating in a stock manipulation and kickback scheme that federal agents said cost investors more than $7 million.
The investigation into brokerages where Joseph Ferragamo worked from 1999 to 2002 is continuing, federal prosecutors said.
Ferragamo, 36, of Staten Island, N.Y., worked at L.H. Ross & Co. in Manhattan; Valley Forge Securities of Staten Island and Manhattan (also known as Bryn Mawr Investment Group); and Yankee Financial in Brooklyn, N.Y.
In pleading guilty to three charges -- wire fraud, securities fraud and conspiracy -- Ferragamo admitted that while at each of the firms he got commissions ranging from 30 percent to 70 percent of the prices to sell certain bulletin-board stocks, low-priced stocks that are thinly traded.
Tactics used by Ferragamo and others included exaggerating the expected profits from the stocks, using money in clients' brokerage accounts to buy the stocks without permission and refusing requests to sell the stocks, prosecutors said.
Ferragamo remains free on $1 million bail pending Sept. 14 sentencing before U.S. District Judge William H. Walls. The mail fraud count carries the harshest penalty, up to 20 years in prison and a fine of up to twice the profits to himself or loss to victims.
The investigations were conducted by federal prosecutors in Newark, Manhattan and Brooklyn, along with the Securities and Exchange Commission, the FBI and the New Jersey Bureau of Securities.
© 2005 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Capt USTI going Private RS/FS & offer 0.10
Scheduled RS to go private. Got 0.10 offer. Rejected it
here while might still consider the dime. Translation:
Raise the offer to like 0.15 ?? Odd stock. Low AS OS for
its size. Takeover CN outfit appears to have it in its
sights as a good fit. They might raise offer.
USTI seems to have NO DEBT, Revs & even cash flow!
Traded 5X Friday. OS 56M but Float 47.4M 15.6% Insiders.
42 trades vs ave, of 4 Friday. Sum cooking?
Wish had a tiny Float but hey, a fight's a fight.
Go Private RS/FS was-is 1:10K 10K:1 3/3/05
After 3/3 it stuck at 0.06 +/- until the big Candle Fri.
Be interesting to monitor. 0.10 offer 92% Premium so
squeezing more takes some real solid round ones!
Well off to SNL end of season.
----------------------
TORONTO, ON, May 19, 2005 — On May 11, 2005, Constellation Software Inc. ("Constellation") delivered to Thomas Gibbs, Chairman of the Board of United Systems Technology, Inc. ("USTI"), the letter attached hereto, expressing an interest in acquiring all of the issued and outstanding shares of Common Stock of USTI for a price of US$.10 per share, subject to due diligence and the other terms and conditions contained in the letter.
The Constellation cash offer represents a 92% premium over the closing price of the Common Stock on May 11, 2005, which was $.052 per share. The offer also represents a 72% premium over the valuation of the Common Stock of $.058 per share by the accounting firm of Weaver and Tidwell, L.L.P. ("W&T") in its valuation report dated March 3, 2005 and effective as of December 31, 2004, prepared for the Board of Directors of USTI in connection with USTI's proposed "Reverse/Forward Stock Split". The USTI Board of Directors presented the W&T valuation report to shareholders in a Transaction Statement respecting the Reverse/Forward Stock Split filed March 7, 2005 with the United States Securities and Exchange Commission.
-----------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
--------------------------
May 20, 2005
(Date of Earliest Event Reported)
United Systems Technology, Inc.
(Exact name of registrant as specified in its charter)
Iowa 0-9574 42-110279
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) file number) Identification Number)
1850 Crown Road, Suite 1109
Dallas, Texas 75234
(Address of principal executive offices)
(972) 402-8600
(Registrant's telephone number, including area code)
<PAGE>
Item 8.01. Other Items
On May 20, 2005, United Systems Technology, Inc. issued a press release
responding to a press release issued by Constellation Software, Inc. on May 19,
2005. The press release is attached as Exhibit 99.1 to this Form 8-K, which is
incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release dated May 20, 2005
This Report and the Exhibit are furnished to and not filed with the Commission.
2
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
United Systems Technology, Inc.
Date: May 20, 2005 By: /s/ Randall L. McGee
--------------------
Randall L. McGee, Secretary
and Treasurer (Principal Financial
and Accounting Officer)
Exhibit 99.1
PRESS RELEASE
For Immediate Release May 20, 2005
Contact Mr. Randy McGee
Vice President - Finance
(972) 402-8600
UNITED SYSTEMS TECHNOLOGY, INC. RESPONDS TO CONSTELLATION SOFTWARE, INC.
Dallas, TX: United Systems Technology, Inc. (OTC - USTI) announced today
that its Board of Directors held a special meeting at which it reviewed the
press release issued by Constellation Software, Inc. ("Constellation") on May
19, 2005, whereby Constellation announced the delivery of its unsolicited May
11, 2005 indication of interest letter (the "Letter") to the Company regarding a
possible acquisition of all of the issued and outstanding shares of the
Company's Common Stock for a price of US $0.10 per share, subject to conditions,
including, among others, a directors' shares voting "lock-up" and a $500,000
"break-up" fee.
Contrary to the assertion made in the Constellation press release, the
Company did respond to the Letter. Specifically, at the direction of the
Company's Board of Directors, Thomas E. Gibbs (the Company's Chief Executive
Officer and Chairman of the Board) communicated by teleconference to Bernard
Anzarouth (Constellation's Vice President, Business Development) on May 18, 2005
that the Company's Board of Directors, after careful consideration over multiple
meetings, had (i) rejected Constellation's indication of interest, (ii)
confirmed that the Company was not currently for sale, and (iii) confirmed that
the Company would proceed with its going private transaction (as discussed in
the Company's preliminary Transaction Statement filed with the United States
Securities and Exchange Commission on March 7, 2005).
Although the Company's Board of Directors has rejected the indication of
interest embodied in the Letter, the Company's Board of Directors has determined
to take such indication of interest into consideration in the context of the
cash consideration being offered to Cashed-Out Shareholders in the
Reverse/Forward Stock Split (as such terms are defined in the preliminary
Transaction Statement). The Company's Board of Directors has also instructed the
accounting firm of Weaver and Tidwell, L.L.P. to revisit its independent
valuation of the Company's Common Stock for purposes of the going private
transaction, taking into consideration the contents of the Letter.
<PAGE>
The Company's Board of Directors continues to believe that a going private
transaction is in the best interest of the Company and the Company's
shareholders, and is consistent with the Board of Directors' long-term plan to
maximize shareholder value. As discussed in the preliminary Transaction
Statement, the Company is expected to accrue significant benefits, including
substantial cost savings and management time savings, as a result of no longer
being a public reporting company.
This Press Release contains forward-looking statements, other than
historical facts, which reflect the view of Company's management with respect to
future events. Such forward-looking statements are based on assumptions made by
and information currently available to the Company's management. Although
management believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations will
prove to have been correct. Important factors that could cause actual results to
differ materially from such expectations include, without limitation, the
ability of the Company i) to generate levels of revenue and adequate cash flows
from its operations to support and maintain its current cost structure and ii)
to develop and deliver products that are competitive, accepted by its markets
and are not rendered obsolete by changing technology. The forward-looking
statements contained herein reflect the current views of the Company's
management with respect to future events and are subject to these factors and
other risks, uncertainties and assumptions relating to the operations, results
of operations and financial position of the Company. The Company assumes no
obligation to update the forward-looking statements or to update the reasons
actual results could differ from those contemplated by such forward-looking
statements.
About the Company:
USTI develops, markets and supports application software for select
vertical markets in both the for profit and not for profit sectors. The software
applications operate in IBM midrange, network and single user PC platforms. USTI
and its subsidiaries have over 2,100 installations in the United States and
Canada.
StarInvest Adds Net2Auction to Its Portfolio
11 pm EST
NEW YORK, NY -- (MARKET WIRE) -- 05/20/2005 -- StarInvest Group, Inc. (OTC BB: STIV) today announced that they have added Net2Auction, Inc, to its Portfolio of Investments. Based on the Private Placement StarInvest invested $100,000 and will receive 1,000,000 restricted shares of NAUC.
http://www.marketwire.com/mw/iwpr?id=87216&cat=Re
painted agree 166k pissy last
Yup throw in a tiny EoD and yippie. MMs lite this up green
in pre Open then jerked it all day.
Still....lot of work for essentially nuth' and
Mr Market don't play dat. So maybe something there.
g/l tho next week looks to be soft catch up in major
markets. But lately really doggy pennies-subs have
moved opposite the majors.
See all the old played out one dribble lower when Dow
runs 100+. WNMIE example. Bunch .OB went Pink today
IBXGe BIKOe BMOOe SCTCe MMICe
Take care.
PAX .64 dn no buyer? eom
BPUR dn MOBL & CVM up eom
PDVN twitching up thin Vol eom
VIX spiked 14 eom
SBWL: share dilution is an expense LOL
(OTCBB: SBWL) SkyBridge Wireless, Inc recently filed their 10QSB reporting a Net Loss decreased by $67,487 (12 %) from a net loss of $564,478 for the three months ended March 31, 2004 to a net loss of $496,991 for the three months ended March 31, 2005. We attribute a major portion of the Net Loss to consulting and professional fees, namely the booking of the issuance of shares to certain consultants for services to us. Some of the services provided by consultants include public and investor relations services, management services and legal services.
LEI and Yuan stories
American Capitalist newsletter this am.
www.redzoneprofits.com
That much-needed three day rally on Wall Street took a break this morning as many awaited news from the economic front. They weren’t too disappointed on jobs. Leading indicators – that’s a whole other story.
Strongly indicating a stronger job market, initial jobless claims fell by as much as 20,000 – its biggest drop in a month – to 321,000. The Street was only looking for a drop by 10,000. The four-week moving average came in at a one-month high of 329,750. But anything below that 350,000 mark still indicates job growth.
Unfortunately, it looks as if the economy has lost some of its “forward momentum” after the index of leading indicators fell for the fourth month. It fell 0.2% after falling 0.6% in March. While the number does show a continuation of economic growth, it also shows a loss of forward momentum. In short, we’re starting to lose steam.
As for oil, after rising to US$47.50, crude pulled back this morning to US$47.20. The dollar is continuing to gain momentum on speculation that the Fed rate will continue to raise as the ECB does nothing. The dollar is already up about 6.6% this year on indications that the Fed bosses are upping the borrowing costs.
We’re gaining on the yen, which continues to fall on news that foreign investors sold Japanese stocks. Overseas investors, in the week ended May 14, sold 36.5 billion yen, or US$341.2 million, worth of stocks. However, any further decline in the yen could be limited after the Hong Kong Monetary Authority “set a ceiling for its currency, spurring speculation the city is preparing for China to let yuan trade more freely,” according to Bloomberg.
nice selection - LLLI pumps
Strong selection there. Any or all could do blast up.
Regarding LLLI. Yes they do use a lot of pumps.
Oh right I got a paid MAILED pump on it. Along with the
glossy Bullish Report NAUC to $10.50 paid ad shares too.
Why is WGFL throwing so many false down spikes on Streamer
today. Bunch of 0.0003 ones. Hate that. Often means a
long long decline ahead! Trades 0.003 so they make it look
like a fat finger but I see these as 'signals'. lol
from pennypicks.com today 9am est
Other stocks showing interesting activity on Wednesday were;
Lamperd Less Lethal, Inc. (OTCBB: LLLI)
Shares of Lamperd Less Lethal, Inc. traded on above average volume of over 3.2 million shares Wednesday. The supplier of less-lethal weapons and safety equipment to police, government, and military agencies announced Tuesday that the company had received a $200,000 Military equipment order through their US and Canadian distributors for a broad range of the company's 250 products, including protective gear and training equipment.
LLLI closed Wednesday's trading session at $2.42, up 30 cents, or 14.15 percent.
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EPYH yeah outa nowhere RE hot
Thursday , May 19, 2005 10:00 ET
HOUSTON, May 19, 2005 (BUSINESS WIRE) --Empyrean Holdings Inc. (OTCBB:EPYH), a national real estate holding firm, initiated a $20 million joint venture between its subsidiary Tradewinds International Corp. and United Construction Group LLC, a national construction company specializing in single and multi-family homes, commercial developments, and renovations. This will allow Empyrean to develop newly acquired properties throughout the country in the most efficient, effective, and most profitable manner possible, and this union brings the firm even closer to attaining its goals for 2005.
CEO Robert L. Lee added, "The joint venture with United Construction Group will unveil profit opportunities for us that were previously unattainable without a construction arm of our operations. This is just a snapshot of what is to come in the near future of our maturing firm. We now have a powerful competitive edge in the national real estate market as we anticipate significantly reduced costs related to construction through this venture."
In keeping with its plan to aggressively pursue consistent growth, Empyrean plans to initiate several more strategic relationships over the next five months. Another affiliation with a property management company is already in development, and by vertically integrating Empyrean management has already forecasted the achievement of very profitable results this fiscal year.
Note: "Safe Harbor" Statement Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.
SOURCE: Empyrean Holdings Inc.
"big rat" responsible LOL
BIRMINGHAM, Ala., May 18 - As federal prosecutors sought on Wednesday to portray Richard M. Scrushy as a "pied piper" who led more than a dozen executives at HealthSouth to a sweeping $2.7 billion accounting fraud, defense lawyers pointed to another HealthSouth executive as the "big rat" responsible for the wrongdoing.
Employing a folksy and colorful Southern style that he has used throughout this nearly four-month criminal trial, Jim Parkman, one of the defense lawyers, told the jury in closing arguments that Mr. Scrushy was a victim of a far-ranging conspiracy by his underlings. Mr. Parkman even displayed a poster-size cartoon of a rat with a piece of cheese to attack the credibility of one of the government's main witnesses, William T. Owens, a former HealthSouth chief financial officer who testified that Mr. Scrushy was behind the fraud.
"It looks just like him," Mr. Parkman said of the rat drawing, referring to Mr. Owens.
http://www.nytimes.com/2005/05/19/business/19scrushy.html
Bullish Report mail too free NAUC
Got same glossy in mail last Sat in NYC. Just my name on
it and no return addy. Guess w/ bar code they don't need
one. Postal regs might be dif if cancel is from a company.
hmmm Just got pulled from Freetrade into Izone AMTD.
Might be they are selling addresses!?
Post 9-11 most private stuff needs return addy.
But did you see the small print about number of shares
Bullsh got for the pump "that need to be sold".
So yes, don't be last one out the door. Glossy also used
the example about how many times revs could grow if they
expand locations. Which of course the PR just stated
yesterday - 75 locos EoY. Pyramids!
But have they never heard of Crazy Eddie or Boston Chicken
over-expanding. Enjoy the ride. Just beware.
Cause the pump won't work if it's got no handle...
g/l
SOSO delays again
This line is just too damn precious! Jeez even a $20 hooker
knows how to arrange herself! Amateurs turned Pro...ouch.
Grow a new set guys.
officials responded by saying that previous quarters were
"repositioning" quarters,
News for 'SOSO' - (Nashua, N.H.-based computer storage software company delays earnings report)
May 17, 2005 (The Telegraph - Knight Ridder/Tribune Business News via COMTEX)
-- NASHUA -- Storage Computer Corp., a provider of computer storage software
systems, announced Monday that it is postponing reporting its financial results
and filing required documents with the Securities and Exchange Commission
because it cannot afford to finish its audit process. It is the second straight
year the company has delayed its report.
The company is delaying the filing of its Form 10-Q, which would contain its
quarterly financial report, for the first quarter that ended March 31.
The company did the same thing a year ago. On March 31, 2004, the company
announced a delay in announcing audited financial results for the quarter and
year ending Dec. 31, 2003. The delay resulted from the company's inability to
secure new financing and the resulting lack of financial resources to complete
the 2004 audit.
The delay in announcing financial results and the filing of Form 10-Q for the
first quarter ended March 31, relates to the same lack of financial resources as
discussed above.
The company has previously received a "going concern opinion" from its auditors
due to recurring losses and negative cash flows from operations which raises
substantial doubt about the company's ability to continue as a going concern. A
going concern opinion means that an auditor has serious doubts about a company
being able to continue to operate, usually due to financial problems.
The company is continuing to pursue new financing sources, but company officials
said they don't know if they will be able to do so. Even if new financing is
obtained, company officials said, it could result in significant dilution to
existing shareholders.
"As previously reported, if we are not successful in obtaining new financing the
ability of the company to continue to operate as an independent company in
serious doubt," according to the company's statements released Monday.
The past few years have been difficult ones for the company. In November, the
company said its third-quarter revenues were less than $100,000. Storage
Computer has also had a number of layoffs and has made pay cuts over the past
few years.
In April 2004, auditors Sullivan Bille P.C. said Storage Computer was in
jeopardy based on its fourth-quarter results. Storage Computer's revenue took a
big hit and losses were up past the million-dollar mark during the quarter.
At the time, company officials responded by saying that previous quarters were
"repositioning" quarters, and that the company was in a position to grow as it
develops new products.
By Eileen Kennedy
To see more of The Telegraph, or to subscribe to the newspaper, go to
http://www.nashuatelegraph.com
Copyright (c) 2005, The Telegraph, Nashua, N.H.
W.I.P now Bullw! remember that
Yup, been there, done it. Wasn't fun. Bring back 90s!!
More Clinton. Less Ford.
New York to Washington...Get a Life.
g/l
yuan: new trading system launched
UPDATE 2-China extends currency trading in reform step
Tue May 17, 2005 08:47 PM ET
(Adds comments from bankers, economists, details)
By Edwin Chan and Lu Jianxin
SHANGHAI, May 18 (Reuters) - China launched a new foreign exchange dealing system on Wednesday that allows domestic trading in currencies other than the yuan, a milestone in the country's effort to reform its tightly controlled currency regime.
The system, allowing trade in China in eight more currency pairs, came as the U.S. Treasury warned that Beijing could be labelled a manipulative trading partner unless it took swift steps toward a more flexible yuan (CNY=CFXS: Quote, Profile, Research) .
The China Foreign Exchange Trade System (CFETS) said the new system hosted trading in the U.S. dollar against the euro, yen, Hong Kong dollar, British pound, Swiss franc, Australian dollar and Canadian dollar, plus the euro versus the yen.
Officials have assembled a strong line-up of pioneering foreign and local banks to launch the system, from ABN AMRO (AAH.AS: Quote, Profile, Research) (ABN.N: Quote, Profile, Research) to Bank of China [BOC.UL], but economists are divided as to whether the market will attract the business it needs to take off long-term.
Some analysts say trade will be lively so long as the opportunity exists to earn a profit but others say the system may be constrained by a lack of foreign participation.
Bankers said a number of trades went through the system within minutes of its launch.
"Our aim was just to test the waters, and try and grab a leading position in this," a Beijing-based bank dealer told Reuters shortly after the system went live.
"We don't know whether we can make any money though."
Financial markets had looked to the launch of the new system as a time when Beijing might make a long-anticipated move to allow the yuan to appreciate. But in a rare public denial last Friday, China's central bank governor dismissed such reports as incorrect.
The system sits alongside a decade-old platform that allows trading in the yuan against the euro, yen, Hong Kong dollar and U.S. dollar.
China, whose currency has been pegged near 8.28 per dollar since the 1997-98 Asian financial crisis, has faced pressure from the United States and other countries to let the yuan appreciate as they say it is unfairly cheap at its current levels.
Washington issued on Tuesday its harshest warning yet on China's rigid foreign exchange policy. The U.S. Treasury said in a semi-annual report on trading partners' currency practices current Chinese practices were "distortionary" and posed a risk to global economic growth.
MARKET MAKERS
Beijing has vowed to free up the yuan according to its own timetable and has said reform of its banking system -- sagging under more than $200 billion in bad loans and one of the weakest links in its economy -- is a key prerequisite.
Shanghai Securities and Futures Institute economist Jin Dehuan said in the longer term the system would help China find more effective ways to determine the yuan exchange rate.
The world's third-largest trading power and top foreign investment destination is struggling to ensure capital is doled out efficiently, to offer cash-strapped firms more money-raising avenues, and to move toward market-driven interest rates.
By allowing homegrown lenders to gain experience trading currencies other than the yuan, Beijing is preparing its banking community for a more flexible, market-based currency environment.
The new system offers an example that regulators can draw on before breaking the yuan's decade-old dollar peg, while Chinese lenders can try their hand in a volatile foreign exchange arena.
CFETS named seven foreign banks and three Chinese banks as market makers for the new system. They stand ready to step in and make trades when no other buyer or seller can be found.
"The launch will enrich trading products in the domestic forex market, encourage trading and expand the market," CFETS said in a statement published late on Tuesday on the Web site of the central People's Bank of China (www.pbc.gov.cn).
Speculation in recent weeks of a yuan policy change alongside the platform's launch has been intense, particularly after central bank chief Zhou Xiaochuan said last month there were no serious political or technical obstacles to a yuan change.
Chinese Premier Wen Jiabao on Monday said yuan reform was a sovereign matter and the country would not bow to foreign or speculative pressure.
Economists say CFETS's new platform essentially consolidates the current practice of numerous over-the-counter trades, providing a common forum for banks to execute currency trades.
"This is not a new business for banks in China," Standard Chartered economist Stephen Green wrote in a report last week.
The exchange commissioned news and information provider Reuters Group Plc. (RTR.L: Quote, Profile, Research) to help put in place the electronic platform across which the new currency pairs would be traded. ($1=8.276 Yuan)
© Reuters 2005. All Rights Reserved.
lj - can toke on this ICAN news
ICAN mgt buyout go private?
(Kinda late to release this? 11:28 pm EST Was this guy
talking about some outside offer while back >$0.01)
News for 'ICAN' - (IBAC Corporation Board of Directors to Explore Management Buyout)
NEW YORK, May 17, 2005 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:ICAN)
today after the bell announced that the Board of Directors has approved a
requested action to explore bringing the company private via a buyout and has
approved corporate counsel to pursue a management buyout that would return to
the company to the private sector.
Management believes at this point of poor market conditions for its securities
and shareholder discontent that a buyout from management and returning the
company to the private sector would be a solid business decision. The Company
will review all options and act accordingly, with the intent of the company
being a private entity.
"I believe that this is the best course of action at this point since I have a
major investment in this company and the share price has not performed the way I
thought it should. I have advised my counsel to explore all the ways to bring
the company private via buying any and all shares I need to. I respect all
shareholders that have invested in the company and hope they will realize that
this action is in the best interest of the Company," said Edward W. Hayter,
President.
About IBAC Corporation
IBAC Corporation, a food and beverage services/restaurant/hotel/entertainment
holding company based in New York, NY. Operating through its subsidiaries, The
Sanibel Restaurant Group / National Hospitality Management Service/ Monarch
Entertainment Group Worldwide and The Royal Arkansas Hotel & Suites, IBAC
intends to grow aggressively throughout the next three years through
acquisitions, mergers and the building of new establishments.
ICAN mgt buyout go private?
(Kinda late to release this? 11:28 pm EST Was this guy
talking about some outside offer while back >$0.01)
News for 'ICAN' - (IBAC Corporation Board of Directors to Explore Management Buyout)
NEW YORK, May 17, 2005 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:ICAN)
today after the bell announced that the Board of Directors has approved a
requested action to explore bringing the company private via a buyout and has
approved corporate counsel to pursue a management buyout that would return to
the company to the private sector.
Management believes at this point of poor market conditions for its securities
and shareholder discontent that a buyout from management and returning the
company to the private sector would be a solid business decision. The Company
will review all options and act accordingly, with the intent of the company
being a private entity.
"I believe that this is the best course of action at this point since I have a
major investment in this company and the share price has not performed the way I
thought it should. I have advised my counsel to explore all the ways to bring
the company private via buying any and all shares I need to. I respect all
shareholders that have invested in the company and hope they will realize that
this action is in the best interest of the Company," said Edward W. Hayter,
President.
About IBAC Corporation
IBAC Corporation, a food and beverage services/restaurant/hotel/entertainment
holding company based in New York, NY. Operating through its subsidiaries, The
Sanibel Restaurant Group / National Hospitality Management Service/ Monarch
Entertainment Group Worldwide and The Royal Arkansas Hotel & Suites, IBAC
intends to grow aggressively throughout the next three years through
acquisitions, mergers and the building of new establishments.
hey matt, we know nuthin but
Well when ADVC is coming into earnings season it tends to
do a little run. Unusual for it to have such a late day
pop. That's what is catching the eye.
In past it just slowly crept up sneaky like SMTR. Then
crowd jumped in.
ADVC has products & service so not a shell. Tends to
move with the overall market. Bit of a canary that way.
Dies like a bird too.
g/l
OTCBB News: delete posted, sorry eom
ADVC nice little Cup & Vol
Slope is up and the Vol he;ps picture. Rem the QBID and
such that had their runs when got 'discovered'. And that
Quill mouse thing TRBY along with previous FXGP (new RS symbol now).
ADVC is a biz so no shell-merger game.
Not much else around lately like this. Thin ones like that
runner NAUC. Sure do appreciate their glossy I got in mail
from The Bullish Report. Their Pick for 2005. Target 10.50
Course that's an arbitary target & they have 300K to unload.
Could drop on a dime.
Just been trading for 8 days after 'IPO'. Steady rise each day about same size range move per day. Averaged 300k vol per day from 0.97 to 1.36 - my earlier thoughts on NAUC. g/l
The pump flyer from The Bullish Report says they were given 300k shares by third party shareholder to pay for promotion and the 300k must be sold to pay for cost of ad.
Rather look for an ADVC to just smooth up for a % gain.
Who knows - if NAUC can make $10 maybe ADVC can do .005
Kinda far out to hope for a full penny?
ADVC have mine > 0.002
Holding for that earnings run again. Checked out their
SEC filing recently about some company they were dealing
with? Don't quite get it all but maybe a go. Looked
like they dumped some ex guys for something or other.
Price tick suggests wasn't a bad thing. g/l
Notice old CESY drop.
and her little dog too LOL eom
CNR 0.70 -.05 continues down
AMEX Exchange. Still falling. Energy play at some point.
UK outfit. Missed 1Q by 0.01
Seems to have cash tho and so so 200M OS, 300M AS.
AMEX is tough arena tho. Gotta DD it bit more.
Thru 0.70 here and could see 0.50 before $1 again.
Might need recover in overall oil-gas sector to
reverse it. b/a tight with usually more on bid as
price falls from $2 peak after prior launch at 0.75
Those $2 buyers gotta be pants wetters now tho so
might see that pressing on this.
Man IDVL on a rise all day. Even IIP (AMEX) sneaking up.
g/l
Colorado RCN TV station News
News for 'PRRM' - (Prime Rate Investors, Inc. Subsidiary to Establish Colorado TV Station)
AVON, Colo., May 16, 2005 (BUSINESS WIRE) -- Prime Rate Investors, Inc.
(OTC.PK: PRRM) announced its wholly owned subsidiary High Angle Media, Inc. has
signed a letter of intent with Comcast Corporation (NASDAQ: CMCSA, CMCSK) to
establish an RSN affiliate broadcast TV station in Steamboat, Colorado.
Steamboat is also known as "Ski Town, USA" and is home to Colorado's oldest ski
hill in continuous use. Coined "the Switzerland of America," and "playground for
the whole republic" by President Theodore Roosevelt, Colorado accounts for
twenty percent of all U.S. skier days, boasting seven of the nation's ten most
visited ski resorts.
"The RSN brand is very strong in Colorado; per capita it has the most RSN
affiliates of any state. The combination of this visibility, high visitor rate
and attractive market place provide the ideal opportunity for the growth of
Prime Rate Investors' network of affiliates," said Prime Rate Investors Director
Pierce Williams.
CNES gets Vols in am
no $ chg but heavy early play means??
follow up to NY State report
from a market newsletter
. While the miscues of large hedge funds are probably playing a role, the truth is that the stock market, especially the Blue Chips, is telling us that the economy is very fragile at this point and could slip to a greater degree than anyone is expecting. This notion is echoed or seconded with the results from the May Empire State manufacturing report that came out this morning. Shocking the pundits, the report showed contraction for the first time since April 2003, coming in at a decline of 11.1% from an increase of 2.0% in April. The news is a bit unnerving in the since that certain components bode ill for near-term developments for manufacturing within the region. Inventories grew to an annual rate of $80.2 billion, the highest level since the first quarter of 2000.
Lest anyone forget, the first quarter of 2000 was the peak for the market and the beginning of a realization that inventories were overblown (and that's putting it mildly); simply put it was the first and biggest wakeup call for the current generation of investors. The good news, if indeed one believes there is always a silver lining, is that stocks are already reflecting a slower economy, though they will continue to hit air pockets and speed bumps along the way.
Technically, this week has the potential to be significant as the Dow Jones is on the cusp of breaking vital support and must find a way to put the brakes on and turn it around. There is tremendous value abounded, but the –negative- moment is dictating results and direction.
Factory activity declines in New York
By Greg Robb, MarketWatch
Last Update: 5/16/2005 8:30:36 AM Data provided by
WASHINGTON (MarketWatch) -- Manufacturing activity in the New York area deteriorated sharply for the second straight month in May, the New York Federal Reserve Bank said Monday.
The bank's Empire State Manufacturing index fell to -11.1 in May from a revised 2.0 in April. This was the first negative, and lowest, reading since April 2003.
Readings below zero indicate contraction.
The drop was unexpected. Economists were forecasting the index to rebound to about 10.7 in May from the initial estimate in April of 3.1.
The new orders index dropped to -7.1 from 1.2 in April.
Unfilled orders fell to -17.3 from -8.2.
Shipments rose to 0.8 from -1.0.
The employment index fell to 0.2 in May from 8.5 in April. This is the lowest reading since September 2003.
The workweek index inched higher to -2.5 from -4.4.
The prices paid index slipped to 42.0 from 43.1 in April. The prices received index fell to 8.0 from 13.8. This is the lowest level since February 2004.
The Empire State index is of interest to traders primarily because it's seen as an early forecast of the national Institute for Supply management factory survey due out in two weeks. In April, the ISM manufacturing inched lower to 53.3% from 55.2% in the previous month.
Greg Robb is a senior reporter for MarketWatch in Washington.
SEC: new views on internal controls
DJ: Cos,Auditors To Get New Views On Internal Controls
By Judith Burns Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The Public Company Accounting Oversight Board staff will release guidance Monday to help public companies and their auditors comply with internal-controls requirements.
The staff guidance, in question-and-answer form, will be accompanied by a policy statement from the five-member oversight board which may have more of an impact, according to individuals familiar with the matter.
The Securities and Exchange Commission staff has drafted guidance as well, although final details - such as whether it will be issued by the staff or the SEC itself - are still being discussed.
"The most important thing is to get useful guidance to the issuers and the auditors," SEC Commissioner Roel Campos told reporters Friday.
Last month, oversight board Chairman William McDonough promised regulators would provide additional guidance quickly after hearing complaints at a public meeting at the SEC on the internal-controls reviews. Accountants, executives and corporate directors took part in the day-long session.
The PCAOB staff guidance will address some of the big stumbling blocks for companies, including the scope of internal-controls reviews, according to individuals familiar with the matter. The board's policy statement aims to put the technical guidance in context and reiterate the need for auditors to use a flexible, risk-based approach, avoiding a one-size-fits-all model.
"I think this will help," said former Commerce Secretary Barbara Franklin, who now heads her own company and sits on the board of five others, including Aetna Inc. (AET), Dow Chemical Co. (DOW) and MedImmune Inc. (MEDI). She hopes regulators give auditors more latitude to focus on controls that pose the biggest risk to financial reports.
Critics say the review process has been too detailed, and could result in auditors missing the big picture by focusing on insignificant items.
Cost is another issue. Large companies say they are spending millions of dollars to comply with the new requirement, and smaller companies fear they may be hard-pressed to foot such bills.
"We're particularly concerned about the cost," Campos acknowledged. He said the SEC's guidance will stress the need for "cost-benefit analysis," and said relying more on internal auditors and scaling back some testing could help keep costs in check.
Groups and companies have balked at the mounting audit costs. The American Bankers Association said one of its member banks paid $600,000 for its 2004 audit, more than three times the $193,000 it spent in 2003. Banks have been subject to internal-controls rules for years, but say the transition to the new requirements hasn't been smooth. The bankers' group has called for guidance that would encourage risk-based audits and eliminate unnecessary duplication by internal and external auditors.
Franklin said she expects "there will be cost reduction" if the scope of audit work on internal controls is cut back. She figures costs will decline in any case as companies and auditors get more familiar with the review process.
GenVec Inc. (GNVC) gave Franklin a close-up look at how costs can pinch smaller companies. She said the biotech company spent up to 5% of its annual cash "burn" on its internal-controls review, which she worries is "a little too much" for growing companies to bear.
"We should find a way to lighten their load," Franklin commented.
Whether guidance alone will suffice remains to be seen. Franklin said the PCAOB's standard on internal controls may need to be revisited, but noted that is a lengthy process that wouldn't provide immediate relief.
"Companies need the guidance now," said Franklin.
AFL-CIO associate general counsel Damon Silvers said SEC and oversight board officials worry that auditors are taking a "rigidly mechanistic approach" to the reviews and may view them as a way to "bill more hours."
Silvers, who serves on a PCAOB advisory group, said he would welcome additional guidance provided it doesn't undercut an independent, annual review of corporate internal controls. "I don't think they ought to be messing with the standard," he added.
Congress adopted stricter internal-controls requirements for public companies as part of the 2002 Sarbanes-Oxley Act, a sweeping reform package spawned by corporate-accounting scandals. By law, public companies must conduct an annual assessment of internal controls over financial reporting, subject to a further review by the company's outside auditor. Big flaws in controls must be reported to investors and the SEC. Controls can be as simple as requiring two signatures on checks for large sums, or involve complex computerized systems to track finances.
Larger public companies came under the internal-controls review requirement starting late last year. Smaller U.S. public companies and foreign companies whose securities are traded in the U.S. got a one-year delay until mid-2006.
-By Judith Burns, Dow Jones Newswires; 202-862-6692; Judith.Burns@dowjones.com
(END) Dow Jones Newswires
May 13, 2005 17:32 ET (21:32 GMT)- - 05 32 PM EDT 05-13-05