(( After 2 days of NO-posts ~ call 502~574~2111 )) >
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IMCC - Fitch Ratings places Fairbanks Capital Corp's (Fairbanks) residential primary servicer ratings of 'RPS1'for subprime,'RPS1-'for Alt-A and Home Equity (closed-end seconds and HELOCs) and the 'RSS1'residential special servicer rating on Rating Watch Negative, pending Fitch's determination of the impact of certain of their reporting and remittance practices.
Fairbanks changed its servicing procedures with regard to certain transactions, including IMC Mortgage Company and ContiMortgage Corp. issuances, to allow for the charging of interest on advances paid by Fairbanks. Industry participants have questioned whether this practice is considered reasonable and customary for the industry.
To better determine its opinion regarding the above and as a continuation of its efforts to monitor and assess Fairbanks'servicing performance in light of recent events Fitch's Operational Risk Group has scheduled a targeted on-site review. The servicer review phase is scheduled to be completed within the next 30 days and will include visits to Fairbanks'four servicing facilities which are located in Utah, Texas, Florida and Pennsylvania.
The servicer reviews will also focus on the numerous allegations and lawsuits filed against Fairbanks by consumers citing predatory and deceptive business practices, as well as the HUD and FTC Reviews. In addition, the reviews will address Fairbanks practices with regard to the charging of fees, timely posting of payments, timely resolution of customer service complaints, and collection and foreclosure procedures, some of which have been recently changed as a result of the company's efforts to proactively confront these allegations.
If at any time Fitch determines that Fairbanks has not fully met the requirements of a servicer at their current level Fitch will take immediate and definitive action with regard to their servicer ratings.
For more information on Fitch's residential mortgage servicer rating program, please see Fitch's report, 'Residential Mortgage Servicer Ratings', dated Feb. 21, 2003 and available on the Fitch Ratings web site at 'www.fitchratings.com'.
SOURCE: Fitch Ratings
Fitch Ratings, New York Kathleen Tillwitz, 212/908-0239 Diane Pendley, 212/908-0777 Matt Burkhard, 212/908-0540 (Media Relations)
http://www.businesswire.com
gRRReeaat ... !! .. Bring-em-on ... !!
Got EVERY minit of Franpton, WannaB, and that's a KEEPER ... Tnx ...!!
For th-LADIES .... ( and me ) .... !!
... This is my FAVORITE SONG ....
... Read and sing along w/Etta ....
........ http://www.minibite.com/ebony/atlast.htm
Ain't nuttin-BAD on this one .. !!
A good start ( POKE SALAD ANNIE ) Tony Joe White
......... http://tinyurl.com/aece
A BIG congrats from me, also ... Capt-rick ...!!
Susie .... I got this in email overnite ... !!
after I sent a female friend 'one-of-those-men's' poems ...
jus n case ya haven't seen-it ...
Being A Woman
Everyday I give thanks to the Goddess,
I have two mounds upon my bodice.
I shave my legs, I sit down to pee.
I can justify any shopping spree.
Not to a barber, but a beauty salon
Can get a massage without a hard on.
Can balance the checkbook, pump my on gas.
Can talk to my friends about the size of my ass.
I always save money by using coupons.
Can admit to others when I am wrong.
Don't drive in circles at any cost,
So I don't have to admit when I am lost.
Don't act like I'm in a timed marathon
Every time I go to the john.
Let me tell you men, listen to me boys...
Those things in your pants that you treat as toys...
You love them more then we ever will.
We would rather suck on a cold pickled dill.
I spend two hours preparing for a date,
Only to find you're two hours late.
I don't watch movies with lots of gore.
Don't need instant replay to remember the score.
I won't lose my hair, I don't get jock itch And just cause I'm assertive, don't call me a bitch.
I don't wear the same underwear everyday. The food in my fridge has no sign of decay.
I don't go to Sears to look at the tools. I don't cheat at poker, I follow the rules.
I don't smoke cigars.
Don't pay for drinks at bars.
I don't punch my friends just to say "Hi" And it's o.k. for me to cry.
I know all you men
Think that you're "IT",
But compared to a woman
................ You just ain't SHIT!
A squad of American soldiers was patrolling
along the Iraqi border.
To their surprise, they found the badly mangled dead body of an Iraqi soldier in a ditch along side the road.
A short distance up the road, they found a badly mangled American soldier in a ditch on the other side of the road, who was still barely alive.
They ran to him, cradled his blood-covered head and asked him what had happened.
"Well," he whispered,
"I was walking down this road, armed to the teeth.
I came across this heavily armed Iraqi border guard.
I looked him right in the eye and shouted,
"Saddam Hussein is an unprincipled, lying piece of trash!"
He looked me right in the eye and shouted back,
"Bill Clinton, Tom Daschle, Ted Kennedy and most of your Democrats are unprincipled, lying pieces of trash too!"
"We were standing there
shaking hands
....................... when a truck hit us." !!
A squad of American soldiers was patrolling
along the Iraqi border.
To their surprise, they found the badly mangled dead body of an Iraqi soldier in a ditch along side the road.
A short distance up the road, they found a badly mangled American soldier in a ditch on the other side of the road, who was still barely alive.
They ran to him, cradled his blood-covered head and asked him what had happened.
"Well," he whispered,
"I was walking down this road, armed to the teeth.
I came across this heavily armed Iraqi border guard.
I looked him right in the eye and shouted,
"Saddam Hussein is an unprincipled, lying piece of trash!"
He looked me right in the eye and shouted back,
"Bill Clinton, Tom Daschle, Ted Kennedy and most of your Democrats are unprincipled, lying pieces of trash too!"
"We were standing there
shaking hands
................. when a truck hit us." !!
HOW TO SPEAK ABOUT WOMEN AND BE "POLITICALLY" "CORRECT": (new 2003 version)
1. She is not a BABE or a CHICK - She is a BREASTED AMERICAN.
2. She is not a SCREAMER or MOANER - She is VOCALLY APPRECIATIVE.
3. She is not EASY - She is HORIZONTALLY ACCESSIBLE.
4. She is not DUMB - She is a DETOUR OFF THE INFORMATION SUPERHIGHWAY.
5. She has not BEEN AROUND - She is a PREVIOUSLY ENJOYED COMPANION.
6. She is not an AIRHEAD - She is REALITY IMPAIRED.
7. She does not get DRUNK or TIPSY - She gets CHEMICALLY INCONVENIENCED.
8. She does not have BREAST IMPLANTS - She is SURGICALLY ENHANCED.
9. She does not NAG YOU - She becomes VERBALLY REPETITIVE.
10.She is not a #### - She is SEXUALLY EXTROVERTED.
11.She does not have MAJOR LEAGUE HOOTERS - She is PECTORALLY SUPERIOR.
12.She is not a TWO-BIT ##### - She is a LOW COST PROVIDER.
HARRRR ... !! . aaaz a goodern ... Whaz he eat, eh ?
trky .... ( a yuk ) ... !!
http://www.mikeleo.com/beer/beer.swf
FLXI - SHELTON, CT, Apr. 23, 2003 (INTERNET WIRE via COMTEX) --
FlexiInternational Software, Inc. ('Flexi') (OTC BB: FLXI), a leading designer, developer and marketer of Internet enabled financial and accounting software and services, today announced its results for the quarter ended March 31, 2003.
Financial Results
For the first quarter 2003, total revenues were $1.8 million compared to total revenues of $2.3 million for the first quarter 2002 which includes $500,000 from the sale of the dodge.com URL to DaimlerChrysler Corporation. Net income for the first quarter 2003 was $334,000 or $0.02 per share, compared to $547,000 or $0.03 per share for the corresponding period of 2002.
First quarter 2003 software license revenue increased 321% from the comparable period last year and included $450,000 of one-time revenue related to an arbitration settlement with a reseller.
Comments from Management
Stefan R. Bothe, Chairman and Chief Executive Officer said, 'We are pleased to report our twelfth -- out of the last thirteen -- profitable quarter. Equally important, we increased our license revenue over prior year's first quarter by 321% and over fourth quarter 2002 by 241%. While 2003 first quarter license revenue included the $450,000 from an arbitration settlement with one of our resellers, new license revenue excluding the one-time settlement increased 51% and 22% respectively. We are pleased with the increased activities from our Flexi Industry Partners in 2003, and we will continue to focus much of our efforts in 2003 on signing software partners which will either resell our standard financial software or include FlexiFinancials as part of their own industry specific solutions. We are also pleased to report that our arbitration with our reseller McKesson has been settled and that our partnership shows renewed strength and improved communication at all levels.'
GTEC - Press ReleaseSource: Genesis Technology Group, Inc.
Genesis Technology Group Launches "DBA China"
Wednesday April 23, 7:00 am ET
Program to Address Travel Safety and Health Concerns
BOCA RATON, FL--(INTERNET WIRE)--Apr 23, 2003 -- Genesis Technology Group, Inc. (OTC BB: GTEC ) announced today that it was formally launching a parallel business strategy to be known as "Doing Business Abroad, China" or simply "DBA China." This program, weeks in development to address current travel safety and health concerns, is directed at current and future clients planning initiatives in China.
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Kenneth Clinton, Executive Vice President of Business Development, explained, "We must be sensitive to the possible hesitancy that Westerners may feel in traveling abroad with uncertain world conditions, now exacerbated by the severe acute respiratory syndrome, or SARS, outbreak.
"In no way are we altering our successful business model that encourages Western companies to travel to China to witness, first hand, the explosive growth of the economy and unbridled enthusiasm of the Chinese people, but, while SARS captures the headline, we are impelled to devise a parallel strategy: DBA China.
"This is a very detailed program that will enable clients to assign Genesis the entire task of achieving success in China, without their leaving home. Here is how the program works:
1. Contract clients engage Genesis to complete specific goals in China from manufacturing to technology transfers to joint venture creation to sourcing Chinese products, the whole array of Genesis services. Costs will be precise and under the structure currently designed for all Genesis clients; only the expense of international travel will be eliminated.
2. Genesis then names a project manager from our U.S. offices and a project manager from our Shanghai office expressly selected to advance those designated goals. The Western-based manager then travels to the place of business of the client whether in North America or Europe for in-depth training and orientation over a period of days. Simultaneously, the Shanghai-based manager will be screening candidates as partners, distributors or manufacturers based on an explicit profile designed by the client. Governmental and Shanghai Technology Stock Exchange officials also will be lined up to secure whatever approvals and backing may be required.
3. The client will always have ready access to the bilingual Chinese- and U.S.-based project managers to discuss developments, progress or problems. Designated telephone and email contact information will be provided so that the client can conveniently contact either manager in both time zones.
4. Video- and teleconferencing will commence after candidates are reviewed and selected by the Genesis team and the contract client. In-depth discussions will cover all opportunities and issues. Genesis may have a Chinese attorney and GAP-trained accountant present to answer any legal and accounting questions. Similar conferences may be arranged with STSE to discuss the prospect of funding, auctioning of patented technologies, or taking a future Sino-Western entity public.
5. Documents will be formulated and exchanged. Upon completion of negotiations, Genesis will nominate an in-China permanent project manager to report to the client on a frequent basis; this representative will be an employee of the Western client. Most transactions and activities can be Web-based and monitored off site. The client may keep travel activities to a minimum.
"Frankly, we see this DBA China program as a stop-gap measure to ward off the temporary concerns of traveling abroad. There is no substitute for being there, and we are confident that areas of comfort and safety will return to normal levels in the not-too-distant future.
"Genesis has never been more confident about the future of doing business in China. The growth continues to amaze the world, and with the accession to WTO and prospects of the 2008 Beijing Olympics and the 2010 Shanghai World Expo, the eyes of the world are fixated on China," Mr. Clinton concluded.
l & clear ... !
Heeey Grrreat ... !! .. Good site ...
IBZT - Press ReleaseSource: iBIZ Technology Corp.
dMarc Networks and iBIZ Technology Corp. Partner to Bring Data Services To 20,000,000+ Users of PDAs and Pocket PCs - Launching dMarc Into a New Market Segment
Wednesday April 23, 4:30 am ET
In Addition to dMarc Reaching 20 Million Cars Through dRDS's Visual 'Radio Text' Technology, dMarc and iBIZ's First-Of-Its-Kind Partnership Will Provide Relevant and Personalized Data to PDA Users
NEWPORT BEACH, Calif., April 23 /PRNewswire-FirstCall/ -- dMarc Networks, Inc. (dMarc), a data services management and wireless data distribution firm, today announced a strategic partnership with iBIZ Technology Corp. (OTC Bulletin Board: IBZT - News), the nation's first provider of Secure Digital Expansion Card (SD) and Compact Flash FM radios for personal digital assistants (PDAs). Through this partnership, dMarc will integrate its intelligent wireless data broadcasting network, dMarcNet(SM) (sending data over FM and AM subcarrier spectrum radio signals) with iBIZ's exclusive PDA FM radio receiver cards. The technology offered through this partnership translates into the currently installed base of 20,000,000+ PDA and Pocket PC users being able to receive continuous and customized real-time content-rich information to Palm and PocketPC PDAs via the iBIZ Pocket Radio at no extra cost. The proposed initial data services, personalized and viewable by consumers will include multiple channels of local and national information such as sports, weather, news, traffic, text messages, advertisements, and in certain markets Amber Alert.
Because the technology offers customization capabilities, PDA users will be able to receive data that is directly relevant to them. For example, in addition to obtaining the latest scores from favorite sports teams, users will be able to receive the latest weather and traffic data no matter their geographic location; automatically downloaded based on the location of the PDA user. In addition, the increased processing power and storage capacity of PDAs will enable dMarc to deliver rich programming and advertising in color depending on the PDA model.
The partnership with iBIZ builds on dMarc's established dynamic radio data service (dRDS) technology that provides visual "Radio Text" broadcasts of news, traffic, weather, sports, the current song title and artist information as well as customized station content to RDS-enabled car radio receivers. Because seventy-five percent of all new cars offer this technology as a standard feature, dMarc is currently reaching 20 million vehicles through viewable text on car radio LCD and LED screens.
"Building on our successfully deployed dRDS program delivering data services to in-car radio receivers and other devices, this partnership with iBIZ will enable dMarc to expand its data distribution and consumer reach to include the 20,000,000+ PDA devices currently deployed in the United States," said Ryan Steelberg, dMarc President. "Our open platform, IP-based dMarcNet data network enables dMarc to deliver content and data services to remote devices through various protocols, including FM & AM radio broadcasts."
Ken Schilling, iBIZ President and CEO adds, "The Pocket Radio SD Card & Compact Flash Card now integrated with dMarc's data broadcasting network equips a standard PDA with a supporting expansion slot into both a high quality FM tuner and multi-media communication device. The feature rich software enables you to personalize the information you receive, including news, weather, sports, and traffic information, etc. The Pocket Radio is multitasking so users can perform other PDA functions while receiving and processing dMarcNet data services."
As with the dRDS technology, the ability to send rich data to PDA users additionally expands the reach and revenue generation for participating radio stations. Radio stations are invited to contact dMarc Networks directly to contract support of the iBIZ and dMarc service offering.
About dMarc Networks, Inc.
dMarc Networks is a privately held software and service company providing subcarrier management, data delivery, and sales solutions for radio broadcasters, marketers and advertisers, and content and data service providers. Its patent-pending solutions enable cost-effective and reliable delivery of content and data services to remote devices, car radio receivers, telematics systems, and other endpoints. Additional information can be found at www.dmarcnetworks.com .
VCSY - - Press ReleaseSource: Vertical Computer Systems, Inc.
Globalfare.com and Its Partner, Picasso Travel, Agree to Provide Leisure Travel Fulfillment to the Government Client Base of Zegato Solutions
Tuesday April 22, 10:01 am ET
LOS ANGELES, April 22 /PRNewswire-FirstCall/ -- Globalfare.com, Inc. (Globalfare), a wholly-owned subsidiary of Vertical Computer Systems, Inc. (OTC Bulletin Board: VCSY - News), today announced it has entered into a services agreement with Zegato Solutions, Inc. to provide leisure travel fulfillment for the governmental client base of Zegato Solutions, Inc. Globalfare has also entered into an arrangement with Picasso Travel, Inc. whereby Picasso Travel will provide air, hotel and other travel options through Globalfare to Zegato Solutions, Inc.
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According to David Rezaieh, President of Globalfare, "This is an exciting opportunity for all parties. Zegato Solutions provides a sizeable client base that enables Globalfare.com and its partner Picasso Travel to provide exceptional travel packages for government leisure travel."
About GLOBALFARE.com, Inc.
Globalfare.com, Inc. ("Globalfare") is a wholly-owned subsidiary of Vertical Computer Systems, Inc. Globalfare and its partners provide travel fulfillment services for air and land packages.
About ZEGATO SOLUTIONS, Inc.
Zegato Solutions, Inc. is an information technology company based in metropolitan Washington D.C., that brings more than 14 years of corporate experience in the delivery of software development and systems integration services to the U.S. Government. The company developed the first automated travel and expense solution for the U.S. Department of Health and Human Services. In 1998, the company focused development resources on a new Internet-native hosted solution, which today is Zegato Travel Service, the company's primary offering. This premier end-to-end solution automates all travel related processes from on-line booking to expense reimbursement to payment. Zegato has evolved into a leader in automated travel management and currently has contracts with the Department of Defense, Department of Veterans Affairs Department of Justice, the International Trade Commission and other Federal and non-federal entities.
About PICASSO TRAVEL, Inc.
Picasso Travel, Inc., is an airline Consolidator (wholesaler) in business since 1979 based in Los Angeles, with offices in NYC, San Francisco, Chicago, Boston, Washington D.C., Dallas and Fort Lauderdale. Picasso Travel has over 50 contracts with major domestic and international carriers, which allow Picasso Travel to sell tickets to every major destination worldwide. Picasso Travel is fully automated with SABRE computers and PATHEO system. Picasso Travel services over 12 thousand travel agents all over the United States with over 120 employees nationwide speaking 24 languages. Picasso Travel is one of the leading wholesalers of air tickets in the United States. In addition to its air products, Picasso Travel has a tour department consisting of Picasso Tours, Nordique Tours/Norvista & Splendida Italia selling tours to Italy, Eastern Europe, Scandinavia, Russia, the Baltic States, Turkey & Greece.
MCTR - Mercator and Strategic Software Reach Agreement; Proxy Contest Terminated
WILTON & WESTPORT, Conn.--(BUSINESS WIRE)--April 21, 2003--Mercator Software, Inc. (Nasdaq: MCTR) and Strategic Software Holdings ("SSH") today announced that they have reached an agreement pursuant to which SSH will immediately terminate its pending proxy contest against Mercator and Rodney Bienvenu of SSH will be appointed a special advisor to Mercator's Board of Directors on strategic matters.
On March 14, 2003, SSH announced its intention to nominate a slate of directors to replace Mercator's current Board. Subsequently, on March 31, 2003, SSH announced a proposal to acquire all of Mercator's outstanding shares for $2.17 per share in cash. In addition to terminating the pending proxy contest, SSH has agreed that it will not pursue its previously announced proposal to acquire Mercator.
"We are pleased to have reached this settlement with SSH and strongly believe that it is in the best interest of all of our stockholders, partners and employees," said Roy C. King, Mercator's Chairman of the Board, CEO and President. "With this matter behind us, customers should have no doubt that Mercator remains on a steady course to serve their enterprise integration needs, and we can focus exclusively on the execution of our strategic plan to deliver value to all of Mercator's stakeholders."
Rodney Bienvenu, Chairman and CEO of SSH said, "We believe this settlement makes sense for both SSH and Mercator and I look forward to advising Mercator's Board of Directors on ways to increase shareholder value."
Under the terms of the agreement, Mr. Bienvenu will be compensated at a rate of $1,500 for each occasion that he is asked to present advice and recommendations to the Board. Mercator has agreed to reimburse SSH $300,000 for expenses related to the proxy contest and SSH has agreed that it will not initiate another proxy contest or make an unsolicited offer for the Company until at least January 15, 2004.
CHINA - - CDC Software Achieves Settlement With Sagent
Monday April 21, 8:51 am ET
HONG KONG, April 21 /PRNewswire-FirstCall/ -- CDC Software Corporation, a subsidiary and software unit of chinadotcom corporation (Nasdaq: CHINA; website: www.corp.china.com) today announced that, it has closed upon a settlement agreement with Sagent Technology, Inc. (Nasdaq: SGNT - News), with respect to the occurrence of certain events of default under Sagent's US$7 million asset-based senior secured loan to CDC Software. CDC Software has been repaid in full together with an agreed upon sum related to the termination of its warrants and other rights. As a result of this settlement, mutual releases have been exchanged and all litigation between CDC Software and Sagent has been discontinued.
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About CDC Software
CDC Software is the software unit of chinadotcom corporation (Nasdaq: CHINA - News), a leading integrated enterprise solutions company in Asia. CDC Software integrates a series of chinadotcom's self-developed products developed in the two software development centers in China, which include PowerBooks, PowerHRP (Human Resources and Payroll), PowerATS (Attendance Tracking System), Power-eHR, PowerPay+, PowerCRM and Power eDM (a double-byte e-mail marketing technology). In addition, the company also broadens its serving offerings in software arenas by establishing strategic partnerships with leading international software vendors to localize and resell their software products in the Greater China region.
chinadotcom's software arm currently has 600+ enterprise software customers in the Asia Pacific region with over 1,000 installations. Selected multinational and domestic customers include ACNeilsen, Carrefour, Legend Computer, Microsoft (China) Co., Ltd., Shenzhen Airlines, Swire Beverages and Shangri La Hotels and Resorts.
For more information about chinadotcom corporation and CDC Software, please visit the Web site http://www.corp.china.com.
VCSY - - NOW Solutions Supplies Municipal Government in the State of California With The Power of emPath(TM) 4/16/03
FORT WORTH, Texas, Apr 16, 2003 /PRNewswire via COMTEX/ --
Building upon 31 years of leadership in the HRMS marketplace, NOW Solutions, LLC, a majority owned subsidiary of Vertical Computer Systems, Inc. (OTC Bulletin Board: VCSY), today announced a large municipal government in the State of California has selected emPath(TM) 6.2 for in-house management of its human resources and payroll needs.
emPath(TM), a Web-based HRMS solution, is a clear expression of supreme efficiency and grand performance. Tightly integrating the organization's human resources and payroll functions, emPath(TM) provides comprehensive administrative and workflow capabilities, as well as employee empowerment via employee and manager self-service.
'This municipal government was seeking a strong partner who was able to meet the unique operational needs of their organization -- now and in the future,'said Carmelina Uggenti, Vice President Sales &Marketing, NOW Solutions. 'To be chosen by another government entity underscores NOW Solutions'commitment to public sector entities that are leveraging human resources management as part of their government strategies for tomorrow.'
By capitalizing on the power of emPath(TM), this municipal organization is maximizing the return on its investment by taking its IT strategy to the next level. NOW Solutions'continued success can be attributed to the robust, Web- based features and flexibility of their products. emPath(TM) provides a low total cost of ownership and a high return on investment while enabling users to improve decision-making capabilities with an integrated HR/payroll solution.
About NOW Solutions, LLC
NOW Solutions, LLC, a majority owned subsidiary of Vertical Computer Systems, Inc., is a best-of-breed HRMS and payroll software and business solutions provider. A pioneer in HRMS solutions, NOW Solutions provides the capabilities companies need to manage their ever-changing workplace in the face of today's complex requirements. NOW Solutions is a respected business partner serving hundreds of customers throughout the United States and Canada. NOW Solutions'presence can be found in industries including education, for profit services, healthcare, high technology and communications, insurance, manufacturing, natural resources, not for profit, public sector, retail, transportation, and utilities. NOW Solutions has offices in Fort Worth, San Francisco Bay Area, and Toronto to serve its customers. Information on NOW Solutions and its products can be obtained on the World Wide Web at www.nowsolutions.com .
Click on face ....
http://www.alterfin.com/dominique/index.html
IANR - - Press ReleaseSource: Interamerican Resources Inc.
Interamerican Resources Inc ("IANR")
Tuesday April 15, 9:01 am ET
TORONTO, April 15 /PRNewswire-FirstCall/ - Interamerican Resources Inc ("IANR") has the pleasure of announcing that it has acquired 100% of the capital of International Sport Fields Limited a Hong Kong company that specializes in marketing a full range of synthetic grass sports fields and leisure products.
ADVERTISEMENT
International Sport Fields Limited ("ISF") has the exclusive marketing rights for North America for Wimbledon Unreal Grass Pty Limited's synthetic grass products including its tennis courts, FIH approved hockey fields, golf and football fields.
ISF has recently also acquired the North American marketing rights for a new Chinese factory that will market its grass products under the brand name of AGL.
ISF has considerable experience in the international marketing of sports fields and its staff are able to offer full technical service to clients.
This acquisition will provide IANR with the base and expertise from which it can pursue its objective of establishing a major fully integrated international synthetic grass business.
Contact Mr Lawrence 416-410-3995
VLVT - - Veltex Corporation Publishes Audited Financials for 2001 &2002, Veltex Earns 3 Cents EPS for 2002 4/15/03
DIAMOND BAR, Calif., Apr 15, 2003 /PRNewswire-FirstCall via COMTEX/ --
Veltex Corporation (OTC: VLVT) has announced its results for the Year 2002. Total revenues for the Year 2002 were $13,770,987, up $3,816,105 from 2001, or up over 38%. Earnings per share were .03 based on roughly 35 million shares issued and outstanding. Veltex ended 2002 with a book value of approximately 23 cents per share. These financials represent results from all divisions of Veltex Corporation and have been audited by Aaron Sherman &Associates, Inc.
'The audit has produced no surprises and we expect our shareholders will be pleased with the results,'commented Javeed Matin, Chairman and CEO of Veltex Corporation. 'We are having a good experience reorganizing Veltex Transportation and future results should be in line with our projections. We expect 2003 revenue of $35 million, comprised of $5 million from apparel, $15 million from trucking, and $15 million from textiles. This revenue increase will be more than 100% from last year.'
Asked about plans for 2003, Matin said, 'We expect to continue good earnings in both trucking and apparel. Veltex Transportation will add 60 more trucks over the year to the current line of 40 in operation. Our experience has been profits of approximately 10% of revenue, or $2,000 a month per truck. Veltex Apparel is pursuing some excellent projects that will likely add significant revenues over the year. We are looking to hire experienced managers in all our divisions.'
'We have made a few mistakes and have learned from those mistakes,' continued Matin, 'but we are also proud of the fact that we moved quickly to correct any problems. Most of all, we are grateful for our patient shareholders who have supported our every effort to grow our company. In the coming months we expect to start a share repurchase program which will demonstrate our gratitude.'
Fixed Assets at December 31, 2002 consisted of the following:
Land and Improvements $1,516,355
Buildings 1,053,783
Plant and Equipment 8,218,217
Trucks 263,248
Less accumulated depreciation (1,490,470)
$9,561,133
Depreciation expense for the years ended December 31, 2002 and 2001 was $816,967 and $673,503, respectively.
VELTEX CORPORATION
Statements of Cash Flows
For the Years Ended
December 31,
2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $1,138,713 $1,565,920
Adjustments to reconcile net loss
to net cash used by operating
activities:
Common stock issued for services
and contributions 78,400 --
Depreciation expense 816,967 673,503
Changes in operating assets and
liabilities:
(Increase) decrease - in accounts
receivable (380,513) (658,176)
(Increase) decrease - inventory (826,808) (446,621)
(Increase) decrease - prepaid expenses 47,359 59,198Increase (decrease) - in accounts
payable and accrued expenses 990,508 788,332
Net Cash Provided by
Operating Activities 1,864,626 1,982,156
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of other assets (13,070) 2,353
Purchase of fixed assets (1,710,744) (1,407,658)
Net Cash Used by Investing Activities (1,723,814) (1,405,305)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable 360,766 --
Payments on notes payable (12,520) --
Proceeds from notes payable -
related parties 611,436 66,719
Common stock issued for cash 397,760 --
Net Cash Provided by
Financing Activities 1,357,442 66,719
NET CHANGE IN CASH 1,511,324 643,570
CASH AT BEGINNING OF YEAR 541,696 867,764
CASH AT END OF YEAR 2,053,020 1,511,324
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION
Interest paid $6,397 $--
Income taxes paid $-- $--
SCHEDULE OF NON-CASH FINANCING ACTIVITIES
Common stock issued for services $78,400 $--
VELTEX CORPORATION
Statements of Operations
For the Years Ended
December 31,
2002 2001
REVENUE
Sales, net $13,770,987 $9,954,882
Cost of sales 9,705,986 7,024,418
Gross Margin 4,065,001 2,930,464
EXPENSES
General and administrative expenses 2,088,481 693,435
Total Expenses 2,088,481 693,435
INCOME FROM OPERATIONS 1,976,520 2,237,029
OTHER INCOME (EXPENSE)
Interest expense 6,397 --
NET INCOME BEFORE INCOME TAXES 1,970,123 2,237,029
INCOME TAX EXPENSE 831,410 671,109
NET INCOME $1,138,713 $1,565,920
BASIC EARNINGS PER SHARE
Earnings per share $ 0.032 $0.06
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 34,786,110 27,393,808
VELTEX CORPORATION
Statements of Stockholders'Equity
Additional
Common Stock Paid-In Retained
Shares Amount Capital Earnings
Balance
December 31, 2000 27,393,808 $27,394 $5,016,084 $1,414,470
Net income for the
year ended
December 31, 2001 -- -- -- 1,565,920
Balance
December 31, 2001 27,393,808 27,394 5,016,084 2,980,390
Common stock
issued for cash
at an average price
of $0.032 per share 12,334,604 12,334 385,426 --
Common stock
issued for services
at an average price
of $0.032 per share 2,450,000 2,450 75,950 --
Net income for the
year ended
December 31, 2002 -- -- -- 1,138,713
Balance,
December 31, 2002 42,178,412 $42,178 $5,477,460 $4,119,103
VELTEX CORPORATION
BALANCE SHEET
ASSETS
December 31,
2002
CURRENT ASSETS
Cash $2,053,020
Accounts receivable - trade, net 1,488,835
Inventory 2,815,145
Prepaid expenses 189,436
Total Current Assets 6,546,436
FIXED ASSETS, NET 9,561,133
OTHER ASSETS
Other assets 30,683
Total Other Assets 30,683
TOTAL ASSETS $16,138,252
LIABILITIES AND STOCKHOLDERS'EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $2,594,949
Current portion of long-term debt 97,518
LONG-TERM DEBT 2,692,467
Notes payable 250,728
Related party payable 3,556,316
Total Long-term Debt 3,807,044
Total Liabilities 6,499,511
Commitments and Contingencies --
STOCKHOLDERS'EQUITY
Common stock: $0.001 par value
70,000,000 shares authorized;
42,178,412 shares issued and
outstanding 42,178
Additional paid-in capital 5,477,460
Retained earnings 4,119,103
Total Stockholders'Equity 9,638,741
TOTAL LIABILITIES AND STOCKHOLDERS'EQUITY $16,138,252
Veltex Corporation is a diversified holding company composed of four divisions: Trucking; Distribution, specializing in caps, apparel and apparel accessories for the Promotional Products Industry; Manufacturing, specializing in the manufacture of high quality fabrics including velvets, 100% cotton twill, denim, sheeting for consumer and industrial products; and Marketing specializing in online marketing and promotions for the vacation ownership industry.
PIHC - - PEABODY, Mass., Apr 15, 2003 (BUSINESS WIRE) --
PHC, Inc., d.b.a. Pioneer Behavioral Health (OTCBB:PIHC), a leading provider of inpatient and outpatient behavioral health services, announced today that its Pioneer Pharmaceutical Research (PPR) division was awarded four new research contracts from major Pharmaceutical Companies during the Company's fiscal third quarter, which ended March 31st.
The research projects, collectively valued at approximately $350,000, are expected to be completed over the next six months and are focused on clinical tests for new drugs, which treat a variety of disorders such as Alzheimer's disease and major depression. With the addition of these new contracts, the Company's PPR division is now conducting nine research studies, with three more expected to start in the next several weeks, and has a current backlog of approximately $553,000. As the backlog grows, there will continue to be variability in this division's quarterly revenue base relating to the specific timing of trials, which are dictated by the Sponsor or supporting Contract Research Organization (CRO). During the third quarter (ended March 31st) there was a sequential quarterly decline in revenue due to fewer contract awards industry wide in the second quarter; nonetheless, PPR management still expects to substantially exceed last year's revenue of $734,000 this fiscal year.
Lawrence Florin, Chief Executive Officer of the PPR division, commented, 'The signing of these new contracts is confirmation that our commitment to grow this area of our business is producing positive results with new and existing clients. We continue to perform well in our Detroit, MI, locations and have begun to ramp up activity in Salt Lake City, UT, with a challenging Alzheimer's project that is being conducted in three nursing homes. During the third quarter, PPR focused on improving its patient recruitment operations, resulting in marked improvement in enrollment across all active research studies. This is particularly important as enrollment of appropriate patients and the corresponding collection of quality data are the key criteria that sponsors and CROs evaluate when awarding new projects to research groups.'
Mr. Florin went on to say, 'In order to continue this positive momentum and growth we will continue to develop solid working relationships with pharmaceutical companies and CROs. To increase awareness of PPR, we also plan on having a presence at several annual industry meetings such as the Association of Clinical Research Professionals (ACRP), which took place last week in Philadelphia, PA, as well as the New Clinical Drug Evaluation Unit (NCDEU) meeting in Boca Raton, FL, in May and the Drug Information Association (DIA) meeting in San Antonio, TX, in June. Further, as PPR continues to execute well on new and ongoing projects, we will continue to be awarded more contracts, thereby further increasing the backlog and monthly revenue, providing more continuity and predictability in our revenue streams.'
In conclusion, Bruce A. Shear, Pioneer's CEO, stated, 'We will accelerate the growth of the PPR division, we also have begun to look for other partnerships, including potential acquisitions, and will formally engage an M&A group to help drive this effort. As PPR's revenue growth continues to increase in the fourth quarter and beyond, decisions regarding an additional sales and business development staff will be evaluated in order to further enhance our sales and marketing activities.'
BTLY - - BENTLEY COMMUN CPQuick Quote:
BTLY(no quote)
BarterCardUSA Strikes Strategic Alliance With Federal Chamber of Commerce 4/15/03
LOS ANGELES, Apr 15, 2003 (BUSINESS WIRE) --
Bentley Communications Corporation (OTCBB: BTLY) is pleased to announce today that BartercardUSA (www.bartercardusa.com) has entered into an agreement with the Federal Chamber of Commerce (www.federalchamber.org) to bilaterally offer business services to its membership bases.
The Federal Chamber of Commerce (FCOC) provides the strongest benefits and programs available to the business community and is a clearinghouse for American businesses to come together to create, produce and distribute the products, services, and ideas that have made America the strongest, greatest nation in the world. The FCOC provides services to tens of thousands of members who receive affordable health benefits, group rate discounts for communications services, legal benefits and travel &entertainment savings. The Federal Chamber of Commerce continues to leverage the Internet with web accessible self-service applications, delivering employer and employee news, and providing guidance to help companies meet the challenges of today's dynamic world business climate. 'This strategic alliance is very exciting because it offers our Chamber members an opportunity to engage in business with each other in a meaningful and cost effective manner. What's good for our members is good for the Chamber,'says Arnie Katz, Chairman FCOC.
BartercardUSA holds the American licensing rights for Bartercard International, which is the world's largest trade and barter company with franchises in 14 countries. Currently, the parent company is facilitating more than 1.2 billion dollars worth of trade each year and over 50 million dollars in earnings in 2002. BartercardUSA was launched in April 2002 and currently has 18 offices and more than 2,000 member businesses with projected growth to over 20,000 by '05.
The effect of this strategic alliance is twofold. BartercardUSA will build its trade platform wider and stronger in the US market and may become the dominant trade organization in the United States as well as the world trading community. These additional trade members will produce significant revenue streams for the company and accelerate BartercardUSA's ability to meet and exceed its business plan. This should add fundamental value to the shareholders equity in Bentley Corporation and add to the growth of the company and stock value.
'The synergy of this deal is phenomenal for BartercardUSA and for the Federal Chamber of Commerce,'says Mark Savoy, CEO of BartercardUSA. 'We have a robust trading system in place and can accommodate great numbers of new member that the FCOC is bringing us. Furthermore, the FCOC truly provides valuable services to its members that our organization will be able to benefit from. This deal is a true win/win!'
LNUX - - Press ReleaseSource: OSDN
Animation Factory Releases Templates to Go Software to Enhance Presentations
Tuesday April 15, 7:30 am ET
New CD Featuring More Than 500 Microsoft(R) PowerPoint(R) Presentation Templates and Design-Studio-Quality Animations Enables Users to Create Powerful Presentations Faster
BOSTON--(BUSINESS WIRE)--April 15, 2003-- Animation Factory (www.animationfactory.com), the leading image-content Web site for business, education, and consumer users, today unveiled the Templates to Go CD-ROM, delivering an unparalleled collection of more than 500 high-quality presentation templates for Microsoft® PowerPoint® users. Many of the presentation templates include 3D animations featuring the design-studio quality and style that has made Animation Factory a popular Internet resource for graphic artists and designers.
PowerPoint is installed on more than 250 million computers and used in more than 30 million presentations daily. With its easy-to-use library of professionally designed templates, Templates to Go was created to help PowerPoint users produce more attractive presentations faster than ever before. Templates to Go saves time and money by offering access to ready-made, professional quality templates so that users can focus their resources on developing the most compelling content possible.
"Templates to Go offers a wide variety of presentation templates not available anywhere else. We expect it to be a tremendous resource to PowerPoint users in a variety of organizations--ranging from businesses to educational institutions to community groups," said Art Holden, co-founder of Animation Factory.
"Your animations and templates make my presentations seem more interesting. I've noticed that with the animation and the templates I can hold people's attention. It has been a very useful tool in my business," says Brandon Dunman of Proudmark Graphics, an early user of Templates to Go.
Most of the more than 500 templates featured in Templates to Go include:
One title master
One slide master
Four different backgrounds
Bonus 3D animations and images to further accent the presentation.
Templates to Go is available on CD-ROM for only $89.95, exclusively from Animation Factory at http://www.animationfactory.com/sales/ttg.html. Additional information on Templates to Go is available at the Animation Factory web site: http://www.animationfactory.com/.
About Animation Factory
Animation Factory (www.animationfactory.com) is part of the MediaBuilder Network (www.mediabuilder.com), a suite of image content websites and on-line graphics tools for business, education and consumer use. Founded in 1996, Animation Factory artists have been creating high quality animated clip art for CD-ROM and subscription products for over 6 years. With over 65,000 customers, Animation Factory has been rapidly expanding its product suite, and now provides content for the web, email, Microsoft® PowerPoint®, mobile phone and instant messenger markets; all based on an original library of more than 150,000 animations.
About the MediaBuilder Network
The MediaBuilder Network is the gateway to many great resources, helping ad agencies, educators, consultants and major companies improve their web sites, signage and visual personality. The MediaBuilder network includes some of the best tools available for creating, sharing and improving web graphics, web sites and presentations. Attracting a diverse audience of over 1 million consumers per month, MediaBuilder provides creative, original artwork and designs for users at all levels. MediaBuilder Network is wholly owned by the Open Source Development Network, Inc. (OSDN).
About Open Source Development Network, Inc.
Open Source Development Network, Inc. (OSDN), a subsidiary of VA Software Corp. (Nasdaq: LNUX - News), is the most dynamic community-driven media network on the web. OSDN publishes two world-renowned networks of web sites: the OSDN Network, which attracts every level of IT decision maker, influencer and buyer; and the MediaBuilder Network, which reaches graphic artists and web designers worldwide. Each month, OSDN delivers more than 160 million page views and reaches 9 million unique visitors.
Note to editors: Animation Factory, MediaBuilder and Templates to Go are trademarks or registered trademarks of the Open Source Development Network, Inc., in the United States and other countries. VA Software and OSDN are trademarks or registered trademarks of VA Software Corporation in the United States and other countries. All other trademarks are property of their respective owners.
Contact:
Access Communications
Runi Krishnamurty, 917/522-3507
runi@accesspr.com
Source: OSDN
NBEU - - Press ReleaseSource: National Beauty Corporation
National Beauty Corp Announces Additional Development in Las Vegas, Nevada
Monday April 14, 7:44 am ET
FT. LAUDERDALE, Fla., April 14 /PRNewswire-FirstCall/ -- National Beauty Corp (OTC Bulletin Board: NBEU - News) Management confirmed today, a letter of Intent has been submitted on behalf of Hairmax of Nevada, by Lucchesi and Associates of Las Vegas, Nevada, for the second of 10 planned locations in Las Vegas. The company recently announced that "Hairmax" will open its first location, during the second quarter of 2003. The planned second location is expected to be located in a heavily populated area, at a new shopping destination, that is currently under construction and is expected to anchored by a large grocery and a national drug store chain. The center is expected to be open by fourth quater 2003. The company plans to make further announcements in the next several weeks, concerning ongoing development in the Las Vegas area.
Yep ... ya got me alright .... These peaches & cottagecheese, I wuz eatin, go to the trash, tho ...
Janeane Garofalo will Apologize when Alec Baldwin moves to France.
Well, notholdingbreathK² ....
I'm more optimistic than that ...
But we probably won't confront N. K. til after the region we are in @ the moment is righted ...
It appears Syria has NOT gotten our msg. and are in it up-to-their-NECKS .... After that & if Iran is heeding msg. N.K. has a BIG prob ... !! All (imho) .
Wow .. !! . Just heard on Fox News that N. Korea wants to talk to the U.S. about their Nuclear program ... I hope I heard this right ...
Heeey, greg .... ar they good SMOKKIN ... ?? Never thot of that ... !! ... Good idea .... !!
Wellll ...... I got ALL the Dandelions sprayed this morn-n ...
Next year, I'm gonna mow-em, rake-em
Bale-em-UP ..... & ....
.......................... EAT-EM ..... !!
Saddam is-NOT dead ... !!
http://www.madblast.com/view.cfm?type=FunFlash&display=2186