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"This reoffer prospectus has been prepared for the purposes of registering the common shares under the Securities Act to allow for future sales by selling shareholders on a continuous or delayed basis to the public without
restriction."
==========================================================
"TO ALLOW FOR FUTURE SALES"
Why R U depressed?
Is ENHD not "overdue" for another S1/A??
Not filing another means???
GLTA.
As RAIN said, the value of the ENHD shares will provide some support. Whenever ENHD shares become free trading, perhaps the upward march will resume.
Support at .005 would be nice.
GLTA.
Gunther, it just may be that SIVC cannot reveal any substantive info at this time. If so no amount of pressure,
whining, whatever, from us will change that.
What really frustrates me is:
1. They "promised" updates from the China trip, and have not delivered ( shouldn't have promised ).
2. This business with ENHD and the SEC.. not SIVC's fault,
just frustrating.
GLTA.
ONEV is not a leopard, it's a high-tech startup, of which many fail. Rather than failing, ONEV appears to us longs to be turning the corner toward a huge success.
PATIENCE.
GLTA.
RAIN, I would not be concerned too much about the lack of PRs,
except :
1. the market expects PRs as "promised".
2. I would hate to see us drop out of the "V" recovery.
Also this buying opportunity helps me not as I am tapped out.
GLTA.
RAIN, is my memory correct, or did IR not tell you to expect an update on the China trip last week, and the week before?
Maybe nothing much took place, but I think we are overdue
for some kind of update.
Maybe you were told to expect a PR, we have 2 regarding the
investor conference.
GLTA.
I disagree. I've seen these things take months. This is not a one item procurement it's a major deal. TELMEX restructuring alone throws variables into the mix, plus ONEV principals
have alot going on, lawyers can and do drag things out.
Plus it's not just US law, it's International.
I wish it was done as much as anyone, but I'm not really surprised at the time it's taking.
GLTA.
Interesting.....
For more on the dual listing(Dubai/Nasdaq), see today's WSJ pg 1
"Oil States Sprout Financial Hubs".
GLTA.
I doubt if the "prospective clients" had to sign
NDAs, therefore whatever "updates" were given is now public knowledge and should be made available to us, IMO.
GLTA.
From the PR...
=============================================
During and around the forum, three current Redwood Capital clients presented updates on their operations and progress towards their developed and agreed APO timelines, which were developed and agreed upon with Redwood management.
===================================
Shouldn't we have this info available to us???
Today???
GLTA.
Hands-free players await demand..............
http://www.thestreet.com/_yahoo/newsanalysis/hardware/10421569.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
Press Release Source: Motorola, Inc.
Motorola WiMAX Accelerates the Delivery of Personal Media Experiences at WiMAX Forum Global Congress 2008
Monday June 16, 6:09 am ET
Broad ecosystem of WiMAX devices enables live real-world experiences
AMSTERDAM, Netherlands, June 16 /PRNewswire-FirstCall/ -- WiMAX Forum Global Congress -- Motorola, Inc. (NYSE: MOT - News) will demonstrate its global WiMAX leadership with a showcase of its wi4 WiMAX portfolio and compelling WiMAX-enabled experiences at stand 3.37 during the WiMAX Forum Global Congress 2008, in Amsterdam, 17-18 June.
"For service providers, WiMAX is primed to deliver an economical wireless broadband network that will enable service providers to offer applications that meet demands of consumers and enterprise customer both today and tomorrow," said Fred Wright, senior vice president, cellular networks and WiMAX, Motorola Home & Networks Mobility. "Motorola's early investment and development in WiMAX ensures that our customers benefit from a comprehensive portfolio of WiMAX access points and devices designed to deliver fixed, nomadic and completely mobile personal media experiences."
For consumers, access to rich media experiences both at home and on the move is becoming a 'must-have'. Recent research* from Motorola revealed that amongst 1,000 members of the Millennial Generation (ages 16-27), 76 percent believe that their personal lifestyle would change dramatically without the Internet. Motorola will demonstrate the ability of WiMAX to support compelling consumer applications, via its live gaming demonstration, inviting visitors at the stand to challenge members of the Millennial Generation on- site and virtually via the online gaming server.
Motorola will also demonstrate a broad ecosystem of WiMAX solutions and devices, with Motorola infrastructure, such as the WAP 400 access point, interoperating live with devices from a variety of third party providers, as well as Motorola devices. The showcase of experiences such as VoIP, bandwidth-hungry applications such as video streaming, and mobility, will be displayed using devices with embedded chipsets including low-cost WiMAX- enabled laptops, fixed devices including the CPEi 750, PC cards such as Motorola's PCMw 200, and USB dongles for 'plug-and-play' connectivity.
Motorola is a leading provider of WiMAX solutions, delivering both the infrastructure and devices for consumers and enterprises. With 19 contracts for commercial 802.16e WiMAX systems in 16 countries, Motorola has already shipped more than 3,600 access points and 120,000 CPEs and PC cards.
About Motorola
Motorola is known around the world for innovation in communications. The company develops technologies, products and services that make mobile experiences possible. Our portfolio includes communications infrastructure, enterprise mobility solutions, digital set-tops, cable modems, mobile devices and Bluetooth accessories. Motorola is committed to delivering next generation communication solutions to people, businesses and governments. A Fortune 100 company with global presence and impact, Motorola had sales of US $36.6 billion in 2007. For more information about our company, our people and our innovations, please visit http://www.motorola.com.
*Click here for Motorola's millennial generation study.
MOTOROLA and the stylized M Logo are registered in the US Patent & Trademark Office. All other product or service names are the property of their respective owners. © Motorola, Inc. 2008. All rights reserved
--------------------------------------------------------------------------------
Source: Motorola, Inc.
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I disagree, I think the traders help us to move to new levels.
Continued news updates will help us stay at new levels and move up further.
When any co. promises news updates and then fails to deliver they get hammered.
DesertSon, I would put it this way....
The pullback is not surprising considering the lack of
(expected) news.
Some solid SIVC news first would be great, then whenever ENHD
comes in that would be a nice thick batch of icing on our cake. Yum.
GLTA.
I understand that ENHD trading is out of JB's hands...
it's in the hands of the bureaucracy(SEC) which is why I think it's disingenuous for anyone to be promoting this as "any day now".
IMO it could be tomorrow, or it might drag on all summer.
Hopefully tomorrow :)
GLTA.
RAIN, are we really expecting news this week,
or just hoping?
They must be pretty busy, with some folks tied up with the
conference on top of the "normal" dealings, but JB got back
from China 2 weeks ago. Seems some kind of update is well
overdue.
TIA for any thoughts.
GLTA.
http://biz.yahoo.com/bw/080611/20080611005999.html?.v=1
SEE Speech Interfaces below...........
Press Release Source: Intel Corporation
Intel 'Show and Tell' Highlights 70 Projects, Offers Glimpse of Computing Future
Wednesday June 11, 1:15 pm ET
CTO: History Shows Research Investment Makes Big Impact on Future Innovation
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--At the Computer History Museum today, Intel Corporation unveiled more than 70 futuristic projects and concepts underway in its labs in the areas of the environment, healthcare, visual computing, wireless mobility and more, reflecting areas where the company is investing some of its annual $6 billion in research.
ADVERTISEMENT
Chief Technology Officer and Senior Fellow Justin Rattner outlined dramatic ways today’s research investments will impact technology coming in the next 5 years, reshaping how people interact with computers and improve the environment.
Rattner also said the company’s priority of investing in research helps shape Intel’s products and the industry at-large. For example, the dawn of the Intel Atom processor stemmed from a small project inside Intel’s labs called “Snocone” that explored the feasibility of designing an ultra-low-power processor based on Intel architecture. Several technologies inside the company’s Intel® vPro™ processor technology for business platforms came from the labs as did 1990s research that helped create the Universal Serial Bus (USB) connection to the PC for music players, keyboards, video cameras and more.
“Hundreds of researchers inside Intel, and our close work with other technology companies, scientists, universities and governments will bring dramatic change over the next 5 years,” Rattner said. “The sampling of projects on display here, and the doubling of our R&D investment over the past 10 years, will speed scientific discovery, improve health care, better the environment, advance visual computing and bring a rich and wireless Internet experience from the device of your choice, anywhere in the world.”
Visual Computing, Many Cores Will Change Computers
As future Intel chips scale from a few cores to many, the transition to mainstream parallel computing in which multiple computer tasks are handled simultaneously will result in an explosion of visual computing capabilities including life-like 3-D environments, immediate, real-world analysis of video feeds and more natural ways for people to interact with their devices.
Intel, together with Neusoft, demonstrated a future car application with cameras as eyes and multi-core processor-based computers as the brain. Future cars will be able to much more accurately identify other vehicles and pedestrians that are getting too close and alert drivers or take its own safe actions to prevent accidents.
This type of visual computing requires much more computing power, and in turn poses parallel (multiple and simultaneous processor requests) programming challenges. The car demonstration took advantage of Intel’s Ct programming research, a C/C++ language extension created in Intel’s labs, which enabled the program to seamlessly scale from 2 to 8 cores to conduct its accident prevention work without writing additional software code or compilers.
Technology Advancing the Environment
Researchers are looking at ways to significantly improve the environment and energy efficiency of Intel-based products and systems with plans to continue improving a computer’s performance but at dramatically reduced levels of power consumption and electricity needs. Intel researchers are exploring a new power management technique that could redefine the behavior and power management needs of future Intel-based computers.
The technique’s technologies, collectively called “ Platform Power Management,” operate by continually monitoring changes in a computer’s operation and intelligently reducing power, or turning off altogether, to portions of the system that are not in use such as the radio or USB ports. Early demonstrations of this work have shown power savings of more than 30 percent when a system is idle or lightly active. In the next few years, Intel researchers anticipate to extend these advancements and demonstrate reductions in power consumption of 50 percent whether the computer is idle or in heavy use. Platform power management could someday benefit the full range of Intel products, from mobile Internet devices (MIDs) all the way to high-performance servers.
Connecting People, Heath and Health Care
For nearly 10 years, Intel has focused on people-centered research that leads to innovative technologies to improve the care of aging and chronically ill individuals in the home. Personalized technologies based on this research can help address the rising costs of chronic disease and the aging population, while also allowing people to become more actively engaged in managing their health.
One example of Intel’s commitment to multidisciplinary research is its involvement in the Technology Research for Independent Living (TRIL) Centre, a groundbreaking research collaboration jointly funded by Intel Corporation and the Irish government to explore technologies that will enable people of any age to live independent lives. One of the TRIL Centre’s recent innovations is BioMOBIUS™, a low-cost research computing platform that can be easily tailored to quickly build a research tool in a simple way by those with limited technical knowledge.
Another example of Intel’s research-driven solutions demonstrated today is a gait analysis system that reveals the key factors in people's gait (the manner or rate of movement on foot) and determines their risk of falling. While currently a research project, concepts like this would improve quality of life and reduce the burden on the country’s health care system.
Ultra-fast Yet Shrinking Wireless World; Speech Recognition
While Intel processors and mobile devices continue to shrink, demand for continuing the performance and Internet experience worthy of a fully loaded, larger laptop or desktop computer is ever increasing. Researchers at Intel are looking at technologies that will allow small Mobile Internet Devices to be aware of and interact with their surroundings, so that the consumer’s experience is not limited by the small size of the device.
Speech interfaces, for example, are particularly suitable for small mobile devices because of the limitation of the physical input and output channels. Intel researchers demonstrated a speech interface controlling the task of creating connections between two mobile devices and a wireless display with the goal of sharing resources and services. For example, consumers can speak commands in a natural manner to synch their mobile device with a large screen television to share recent photos of their children with grandparents.
For full multimedia coverage of Research@Intel Day 2008 including video, photography, blog discussions and more, visit www.intel.com/pressroom/research.
About Intel
Intel (NASDAQ:INTC - News), the world leader in silicon innovation, develops technologies, products and initiatives to continually advance how people work and live. Additional information about Intel is available at www.intel.com/pressroom and http://blogs.intel.com.
Intel and the Intel logo are trademarks of Intel Corporation in the United States and other countries. Other names and brands may be claimed as the property of others.
Contact:
Intel Corporation
Megan Langer, 503-712-4305
megan.e.langer@intel.com
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Source: Intel Corporation
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Thanks,guys(EOM).
Rain or anyone, is there a price level requirement for SIVC
to get back to the OTCBB? before their move to the NASDAQ :)
GLTA.
luck has nothing to do with it....let's get a new higher base going.... 009 or 0095
Scoob, I want to thank you again for the heads-up message that brought me back here. I, as others, got killed by the dilution, and would not have come back without your reminder.
In at an average under .005, and enjoying the ride.
GLTY/GLTA.
Who will rule the new Internet?..........
http://www.time.com/time/business/article/0,8599,1811814-1,00.html
Do Not Take Counsel of Your Fears
"Do not take counsel of your fears."
General George S. Patton
Fear is perhaps the greatest stumbling block to achieving success; but many of us do not flee from fear...we embrace it.
Are you afraid of doing something? Do you let your fear of the unknown alter your course? Are you afraid of failure, or success, or death, or life? Are you so afraid of financial ruin that you ignore the things that would deter it? Are you so concerned about gaining weight, that it makes you eat nervously?
Few of us will ever totally get rid of fear from our lives. Some of us will allow it to totally consume every waking hour. All of us can learn better how to control fear.
George Patton was talking about war in the quotation that starts this week's Monday Motivation; certainly, few of us are involved in war, but we're still involved in fear.
"Do not take counsel of your fears," Patton said. Do you believe your fears? Do you allow yourself to stay awake deep into the evening, worrying about things that will never come to pass? Do you look on your enemies as bigger, stronger, and smarter than yourself, even if it isn't the truth? Do you make your decisions in the midst of your most fearful times, or when you're more coherent, and more positive?
Patton also said the following: "The person in contact with the enemy invariably overestimates their strength to himself."
When you look at the enemies you have in your life, whether we're talking about competitors in your business, or the troubles that keep you from succeeding to your utmost ability, you're likely to overestimate the strength of your enemy, and underestimate your ability to do anything about it. Certainly, Patton didn't make his reputation by underestimating the ability of the troops who served with him...he constantly demanded that they measure up to what he knew they were capable of.
In our lives, we are more likely to be mired down in our fear of what "might be" than we are to be stopped by "what is."
You may be familiar with the quote of Samuel Clemens. Clemens, better known as Mark Twain, said he was an old man who had gone through many troubles in his life, most of which had never happened.
Our fears can paralyze us just as much as any mortar shell. Our fears can spread to our co-workers, our families, and our employees. They can turn a small problem into a big catastrophe.
And by catering to our fears, we often bring about the thing we fear the most, through our own inaction.
Do not listen to your fears. Spit in their eye, and move on!
It's up to the SEC. Anyone can hazard a guess, but that's all it would be.
GLTA.
I agree, BUT...
regarding ENHD............
it seems that every little change in the BID/ASK, thus far,
does not necessarily signal "free trading is eminent"
GLTA
I hope you have a panic button close by, sounds like you're
gonna need it. Try a couple of deep breaths.
GLTA.
Nvidia going the MID(WIMAX) way.....
http://www.thestreet.com/_yahoo/markets/smooth-growth-stocks/10419317.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
interesting.................
http://us.ft.com/ftgateway/superpage.ft?news_id=fto060120081301452581&page=2
More Intel..sorry Dumo, but I think this stuff is relevant........
AP
Intel CEO: Smaller gadgets will expand market
Wednesday May 28, 4:53 pm ET
By Peter Svensson, AP Technology Writer
Intel CEO Otellini: Smaller Intel-powered gadgets will expand the market
NEW YORK (AP) -- Intel Corp.'s push to create and boost new categories of small, cheap Internet-connected devices is taking the world's largest chip maker in some unusual directions.
It's investing in wireless networks, or even buying them outright. It's relying on software that isn't from Microsoft. And it's looking at making processors cheaper and smaller rather than faster and faster.
To Chief Executive Paul Otellini, it's all part of bringing the Internet to new places and people, and computer makers are responding.
"I've not seen energy like this from our customers in a long, long time," Otellini told The Associated Press on Wednesday. "Everyone views this as being sort of hyperexpansive to the existing market."
A centerpiece of the strategy is the Atom processor, which packs the power of a PC-class processor from six years ago into the smallest space yet -- 25 Atoms will fit on a square inch. It's intended for Mobile Internet Devices -- iPhone-like tablets that provide a "full" Internet experience, better than that available on cell phones.
Somewhat larger than the MID is what Intel calls the "netbook," a small, cheap laptop. Taiwan's AsusTek has had a breakout hit in this category with its eeePC, which starts at $300 and uses an Intel chip. Other manufacturers, like Hewlett-Packard Co., are entering the space too, though HP is using a chip from Via Technologies Inc.
Otellini isn't concerned that low-power processors could "cannibalize," or steal, sales from Intel's high-end, high-margin products.
"If a higher-priced notebook isn't substantially better and doesn't offer more utility, shame on us," he said. "If there's cannibalization, I'd rather be the cannibal than someone else."
Bill Hughes, an analyst at the research firm In-Stat, noted that a relatively small group is behind the demand for netbooks, which some stores have had trouble keeping in stock.
"It's growing fast because it's very small," Hughes said. "It will continue to be a niche for the foreseeable future."
As for MIDs, Hughes said the firm's surveys indicate that consumers are much more likely to want a "smart" phone rather than carry another gadget along with a cell phone.
"Mobile Internet Devices are going to struggle in the U.S., but that doesn't mean they aren't going to be wildly popular in other markets," he said.
To connect these portable gadgets to the Internet, Intel is backing WiMax, a wireless technology sometimes described as a long-range version of Wi-Fi. Like Wi-Fi, it has its roots in the PC industry, but it's really a competitor to cellular wireless technologies.
Most major wireless carriers are skipping WiMax, planning instead to build out networks using Long Term Evolution, a successor to current cellular technology. To keep WiMax in the running, Intel is contributing $1 billion to a $14.5 billion venture controlled by Sprint Nextel Corp. that will build a WiMax network across the U.S., with a commercial launch sometime this year in a few markets.
Intel is also a minority investor in a consortium that bought a Japanese WiMax license. And in May, it paid $26 million to buy a wireless broadband license in Sweden. It did that without a partner, but Otellini suggested that the company is looking for one.
"You won't see Intel per se becoming a network operator. That's not our competency," he said. "But as a means to enable hundreds of millions of high-performance mobile devices that access the Internet -- both notebooks and smart phones -- I think it's a good investment for us."
Even though mobile WiMax has a head start on LTE, which won't be along until perhaps 2010, Otellini acknowledged that its success isn't a sure thing.
"Whatever happens with WiMax, the consumer will benefit, because it makes LTE happen faster," he said.
As Intel is looking for partners for WiMax, it's drifting away from an old friend. For two decades, Intel processors and Microsoft Corp.'s Windows software were so closely associated that the joint platform was called "Wintel," much like celebrity couples TomKat and Brangelina.
But the union has been looser in the last few years, with Intel-based servers increasingly being used with the upstart Linux operating software. On the consumer side, Apple Inc., which has its own operating system, adopted Intel processors in 2006.
The push into smaller gadgets is set to take Intel further away from Microsoft. "Netbooks" generally run Linux or Windows XP, which Microsoft has been trying to discontinue in favor of its flagship, Vista.
"Vista has a larger memory footprint, a larger graphics requirement and a higher price point. This is all about low-cost computing," Otellini said.
He noted that Microsoft has an operating system for smart phones, but it runs only on chips designed by Intel competitor ARM Holdings PLC.
"I see much of the activity in Mobile Internet Devices, sort of the evolution of the handset, being centered around Linux," he said.
http://www.intel.com
Sprint WiMax venture: http://www.xohm.com
http://www.arm.com
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AP Photo: Paul Otellini, President and CEO of Intel, gives an interview at The Associated Press, Wednesday, May 28, 2008 in New York.
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If the latest S1/A reflects minor changes only, perhaps we'll see ENHD trading by next Monday.
GLTA.
Rally , any indication of when they will return?
TIA.
OT..PMN, are you Scottish?....
Scotch is something one drinks.
MMMMMMMM.
:)
full filing here......................
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=5951491
RAIN, got it off Yahoo...........
hope this works, I'm having trouble posting links with my
new DELL PC (Windows Vista).
http://biz.yahoo.com/e/080520/enhd.ob10-q.html
Form 10-Q for ENERGROUP HOLDINGS CORP
-------------------------------------------------------------------------------
20-May-2008
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
Note Regarding Forward-Looking Statements
This quarterly report on Form 10-Q and other reports filed by Registrant from time to time with the Securities and Exchange Commission (collectively the "Filings") contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, Registrant's management as well as estimates and assumptions made by Registrant's management. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. When used in the filings, the words "anticipate", "believe", "estimate", "expect", "future", "intend", "plan", or the negative of these terms and similar expressions as they relate to Registrant or Registrant's management identify forward-looking statements. Such statements reflect the current view of Registrant with respect to future events and are subject to risks, uncertainties, assumptions, and other factors (including the risks contained in the section of this report entitled "Risk Factors") relating to Registrant's industry, Registrant's operations and results of operations, and any businesses that Registrant may acquire. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.
Although Registrant believes that the expectations reflected in the forward-looking statements are reasonable, Registrant cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Registrant does not intend to update any of the forward-looking statements to conform these statements to actual results. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this quarterly report, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations, and prospects.
In this Form 10-Q, references to "we", "our", "us", "our company", "Energroup" or the "Registrant" refer to Energroup Holdings Corporation, a Nevada corporation.
OVERVIEW
We are a meat processing company specializing in pork and pork products. We have a unique wholesale and retail distribution model and sell directly to over 7,600 retail outlets, including supermarkets and hypermarkets, across Northeast China.
Dalian Precious Sheen Investments Consulting Co., Ltd., or Chuming WFOE, is our holding company established in the People's Republic of China (the "PRC" or "China") for our three PRC operating subsidiaries, collectively referred to elsewhere in this report as the "Chuming Operating Subsidiaries":
1. Dalian Chuming Slaughter and Packaging Pork Company Ltd. (also referred to in this report as "Meat Company"), whose primary business activity is acquiring, slaughtering and packaging of pork and cattle;
2. Dalian Chuming Processed Foods Company Ltd. (also referred to in this report as "Food Company"), whose primary business activity is the processing of raw and cooked meat products; and
3. Dalian Chuming Sales Company Ltd. (also referred to in this report as "Sales Company"), which is responsible for our sales, marketing and distribution operations.
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The Chuming Operating Subsidiaries are spin-off constituents of a former parent company, Dalian Chuming Group Co., Ltd., or the "Group." Our primary business activities is the production and packing of fresh pork and production of processed meat products for distribution and sale to clients throughout the PRC. Chuming WFOE was incorporated in China as wholly foreign owned enterprise on in December 2007. Chuming WFOE's parent company is Precious Sheen Investments Limited ("PSI"), a holding company established in the British Virgin Islands in May 2007. We are headquartered in the City of Dalian, Liaoning Province of China.
Recent Events in 2007 - Reverse Acquisition and Financing Transaction
On December 31, 2007, Energroup acquired all of the outstanding shares of PSI in exchange for the issuance by Energroup of 16,850,000 restricted shares of our common stock to the shareholders of PSI, which represented approximately 97.55% of the then-issued and outstanding common stock of Energroup (excluding the shares issued in a concurrent financing transaction). As a result of this share exchange transaction, PSI became Energroup's wholly owned subsidiary, and Energroup acquired the business and operations of Chuming WFOE.
Concurrently with the closing of the share exchange transaction, on December 31, 2007, we raised $17,000,000 in a private placement by issuing 3,863,635 shares of our common stock to fifteen accredited investors at $4.40 per share.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our management's discussion and analysis of our financial condition and results of operations are based on our combined financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported net sales and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates and assumptions. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
While our significant accounting policies are more fully described in Note 2 to our combined financial statements included in this report, we believe that the following accounting policies are the most critical to aid you in fully understanding and evaluating this management discussion and analysis:
Method of Accounting
We maintain our general ledger and journals with the accrual method accounting for financial reporting purposes. The financial statements and notes are representations of management. Accounting policies adopted by us conform to generally accepted accounting principles in the United States of America and have been consistently applied in the presentation of financial statements, which are compiled on the accrual basis of accounting.
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Principles of Consolidation
The consolidated financial statements, which include the Company and its subsidiaries, are compiled in accordance with generally accepted accounting principles in the United States of America. All significant inter-company accounts and transactions have been eliminated. The consolidated financial statements include 100% of assets, liabilities, and net income or loss of those wholly owned subsidiaries.
Our three operating subsidiaries, the Meat Company, Food Company and Sales Company, were incorporated and have been in existence since December 2004. The Company also owns two intermediary holding companies. As of December 31, 2006, the detailed identities of the consolidating subsidiaries are as follows:
Attributable
Place of Equity
Name of Company Incorporation Interest Registered Capital
Precious Sheen Investments Limited BVI 100 % USD 10,000
Dalian Chuming Precious Sheen
Investment Consulting Co., Ltd. PRC 100 % RMB 29,400,682
Dalian Chuming Slaughtering & Pork
Packaging Co. Ltd. PRC 100 % RMB 10,000,000
Dalian Chuming Processed Foods Co. Ltd. PRC 100 % RMB 5,000,000
Dalian Chuming Sales Co. Ltd. PRC 100 % RMB 5,000,000
The consolidation of these operating subsidiaries into a newly formed holding company (i.e. the Company) is permitted by United States GAAP: ARB51 paragraph 22 and 23.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes these estimates using the best information available at the time the estimates are made; however, actual results could differ materially from these estimates.
Accounts Receivable
We extend unsecured, non interest bearing credit to our customers; accordingly, we carry an allowance for doubtful accounts, which is an estimate, made by management. Management makes its estimate based on prior experience rates and assessment of specific outstanding customer balances. Management must approve credit extended to new customers who have met the criteria of our credit policy. It is typically the case that new customers must make payments in advance before we sell our products to them. For our premier customers such as supermarkets, we do typically extend 30-45 days of terms to them.
In order for us to minimize bad debt, we exercise control over both the length of the receivables, and the quantity of products shipped to our customers to whom we have extended credit, such as those who pay on a monthly basis. In exercising control over order quantities, on a product by product basis, we set maximum limits that will be shipped to those customers. If in the event, the customer is near their maximum and has an outstanding balance, we will request payment even if it is outside of the normal payment cycles of our customers.
Inventory Carrying Value
Inventory, consisting of raw materials in the form of livestock, work in progress, and finished products, is stated at the lower of cost or market value. Finished products are comprised of direct materials, direct labor and an appropriate proportion of overhead. Periodic evaluation is made by management to identify if inventory needs to be written down because of damage, or spoilage. Cost is computed using the weighted average method.
We observe and evaluate the value of inventory on a product by product basis. For our fresh meat products which are typically sold as carcasses (hogs sliced in half), we typically carry zero inventory as these products are sold immediately. We use a just in time model for fresh meat products. Our customers require fresh meat so we do not carry any excess inventory beyond the hogs that we slaughter each day. Current market conditions have also influenced our inventory across the board. For our products that we require additional processing such as hams and sausages we typically, carry two days' worth of inventory. For meat that has been separated into smaller packaged portion, we typically carry one weeks' worth of inventory. The PRC is currently facing a pork shortage, so as a result, presently we are able to sell all the fresh pork that we slaughter. Accordingly, we have not been required to write down inventory for spoilage. Also, if the hogs do not meet our requirements for quality they are disposed of, and charged off immediately to our cost of sales, and they will not enter our inventory.
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Property, Plant, and Equipment
Property, plant, and equipment are stated at cost. Repairs and maintenance to these assets are charged to expense as incurred; major improvements enhancing the function and/or useful life are capitalized. When items are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gains or losses arising from such transactions are recognized.
Construction in progress represents the direct costs of design, acquisition, and construction of buildings, building improvements and land improvements. Capitalization of these costs ceases when substantially all activities necessary to prepare the assets for their intended use are completed. At such point, construction in progress is transferred to its respective asset classification. No depreciation is provided until it is completed and ready for intended use.
Property and equipment are depreciated using the straight-line method over their estimated useful life with a 5% salvage value. Their useful lives are as follows:
Fixed Asset Classification Useful Life
Land Improvements 10 years
Buildings 20 years
Building Improvements 10 years
Manufacturing Machinery & Equipment 10 years
Office Equipment 5 years
Furniture & Fixtures 5 years
Vehicles 5 years
Land Use Rights
We believe our estimation of useful life of our fixed assets has significant bearing on our cost of sales. The related depreciation is a factor of cost that cannot be ignored in assessing our profits. We believe we have used a conservative approach to assessing their useful lives. In our determination of useful life and depreciation methodology we coincidentally adhere to PRC GAAP standards in addition to U.S. GAAP. PRC GAAP standards provide a valuable and reasonable basis for determining useful life because the PRC government documents and records all forms of manufacturing equipment and provides guidance on what is considerable acceptable in terms of depreciation expense. We do also believe based on the quality and nature of the maintenance we regularly perform on our equipment, it is possible that our equipment could significantly outlive their stated estimated useful lives.
Customer Deposits
Customer deposits represents money we have received in advance for purchases of pork and pork products. We consider customer deposits as a liability until products have been shipped and sales revenue is earned.
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Statutory Reserve
Statutory reserve refers to the amount appropriated from the net income in accordance with laws or regulations, which can be used to recover losses and increase capital, as approved, and, are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit, must appropriate, on an annual basis, from its earnings, an amount to the statutory reserve to be used for future company development. Such an appropriation is made until the reserve reaches a maximum equaling 50% of the enterprise's capital.
Earnings Per Share
Basic earnings per share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the sum of the weighted average number of ordinary shares outstanding and dilutive potential ordinary shares during the years. During the years ended 2004, 2005, and 2006, no dilutive potential ordinary shares were issued.
We compute earnings per share ("EPS") in accordance with Statement of Financial Accounting Standards No. 128, "Earnings per share" ("SFAS No. 128"), and SEC Staff Accounting Bulletin No. 98 ("SAB 98"). SFAS No. 128 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.
In connection with our reverse acquisition completed on December 31, 2007, a total of 3,863,636 shares of our common stock held by a trust, the beneficiaries of which include our CEO Mr. Shi Huashan and his family, were deposited into a make good escrow account. See "Strategic Financing" beginning on page 4. We accounted for this deposit of escrow shares as "contingent shares," and accordingly reduced the number of shares deemed outstanding for accounting purposes from 21,136,392 to 17,272,756 . Accordingly, our "basic" weighted average shares outstanding is 17,272,756 and our "diluted" weighted average shares outstanding after giving effect for potential dilution from warrants outstanding is 21,182,756. If and when the make good escrow shares are released to their original owners or to investors, our "basic" weighted average shares outstanding will be increased accordingly. The effect of this accounting treatment of the make good escrow shares, is that our reported basic net income per share will be higher than our diluted net income per share, during the period in which the make-good shares are held in escrow.
Recent Accounting Pronouncements
In July 2006, the FASB issued FIN 48, Accounting for Uncertainty in Income Taxes-an Interpretation of FASB Statement No. 109, which clarifies the accounting for uncertainty in tax positions. This Interpretation requires that the Company recognizes in its consolidated financial statements the impact of a tax position if that position is more likely than not of being sustained on audit, based on the technical merits of the position. The provisions of FIN 48 are effective for the Company on January 1, 2007, with the cumulative effect of the change in accounting principle, if any, recorded as an adjustment to opening retained earnings.
In September 2006, the FASB issued SFAS 157, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. SFAS 157 applies under other accounting pronouncements that require or permit fair value measurements, where fair value is the relevant measurement attribute. The standard does not require any new fair value measurements. SFAS 157 is effective for financial statements issued for fiscal year beginning after November 15, 2007, and interim periods within those fiscal years.
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In September 2006, the SEC issued SAB No. 108, which provides guidance on the process of quantifying financial statement misstatements. In SAB No. 108, the SEC staff establishes an approach that requires quantification of financial statement errors, under both the iron-curtain and the roll-over methods, based on the effects of the error on each of the Company's financial statements and the related financial statement disclosures. SAB No.108 is generally effective for annual financial statements in the first fiscal year ending after November 15, 2006. The transition provisions of SAB No. 108 permits existing public companies to record the cumulative effect in the first year ending after November 15, 2006 by recording correcting adjustments to the carrying values of assets and liabilities as of the beginning of that year with the offsetting adjustment recorded to the opening balance of retained earnings.
In February 2007, the Financial Accounting Standards Board issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities-Including an Amendment of SFAS 115 (SFAS No. 159), which allows for the option to measure financial instruments and certain other items at fair value. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The objective of SFAS 159 is to provide opportunities to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply hedge accounting provisions. SFAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities. This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007. The Company is currently evaluating the impact of SFAS No. 159 on our consolidated financial statements.
In December 2007, the FASB issued SFAS 141 (revised 2007), Business Combinations, (''SFAS 141(R)''). SFAS 141(R) retains the fundamental requirements of the original pronouncement requiring that the purchase method be used for all business combinations, but also provides revised guidance for recognizing and measuring identifiable assets and goodwill acquired and liabilities assumed arising from contingencies, the capitalization of in-process research and development at fair value, and the expensing of acquisition-related costs as incurred. SFAS 141(R) is effective for fiscal years beginning after December 15, 2008. In the event that the Company completes acquisitions subsequent to its adoption of SFAS 141 (R), the application of its provisions will likely have a material impact on the Company's results of operations, although the Company is not currently able to estimate that impact.
In December 2007, the FASB issued SFAS 160, Noncontrolling Interests in Consolidated Financial Statements - an amendment of ARB No. 51. SFAS 160 requires that ownership interests in subsidiaries held by parties other than the parent (previously referred to as minority interests), and the amount of consolidated net income, be clearly identified, labeled and presented in the consolidated financial statements. It also requires once a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary be initially measured at fair value. Sufficient disclosures are required to clearly identify and distinguish between the interests of the parent and the interests of the noncontrolling owners as components of equity. It is effective for fiscal years beginning after December 15, 2008, and requires retroactive adoption of the presentation and disclosure requirements for existing minority interests. All other requirements are applied prospectively. The Company does not expect the adoption of SFAS 160 to have a material impact on its financial condition or results of operations.
We do not anticipate that the adoption of the above standards will have a material impact on our consolidated financial statements.
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RESULTS OF OPERATIONS
Comparison of Three Months Ended March 31, 2008 and March 31, 2007.
The following table sets forth the results of our operations for the periods
indicated as a percentage of net sales:
Quarter Ending Quarter Ending
March 31, % of March 31, % of
2008 Sales 2007 Sales
Sales $ 43,507,098 100.00 % $ 23,187,994 100.00 %
Cost of Sales (36,474,424 ) 83.84 % (19,025,632 ) 82.05 %
Gross Profit 7,032,674 16.16 % 4,162,362 17.95 %
Selling Expenses 1,825,277 4.20 % 229,419 0.99 %
General & Administrative Expenses
492,973 1.13 % 305,136 1.32 %
Total Operating Expense 2,318,250 5.33 % 534,555 2.31 %
Operating Income / (Loss) 4,714,423 10.84 % 3,627,807 15.65 %
Other Income (Expense) (306,465 ) 0.70 % (618,423 ) 2.67 %
Earnings Before Tax 4,407,562 10.13 % 3,009,384 12.98 %
(Income Tax Expense) / Deferred
Tax Benefit (166,345 ) 0.38 % - 0.72 %
Net Income $ 4,241,217 9.75 % $ 3,009,384 12.98 %
Earnings Per Share
Basic 0.25 0.22
Diluted 0.20 0.17
Weighted Average Shares
Outstanding
Basic 17,272,756 13,409,120
Diluted 21,182,756 17,272,756
Sales. Our sales include revenues from sales of our fresh pork, frozen pork, and processed food products. During the quarter ended March 31, 2008, we had sales of $43,507,098 as compared to sales of $23,187,994 for the quarter ended March 31, 2007, an increase of approximately 88%. Our sales for our various product categories in the first quarter of 2008 are summarized as follows:
% of increase
Sales by product category, First Quarter % of First Quarter % of from
in dollars: 2008 (amount) Total Sales 2007 Total Sales 2007 to 2008
Fresh Pork $ 36,384,986 83.63 % $ 17,653,019 76.13 % 106.11 %
Frozen Pork 2,358,085 5.42 % 1,595,334 6.88 % 47.81 %
Processed Food Products
4,764,027 10.95 % 3,939,640 16.99 % 20.92 %
Total Sales $ 43,507,098 100 % $ 23,187,994 100 % 87.63 %
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Sales by product category, First Quarter First Quarter % of change
by weight of product 2008 % of 2007 % of from
(metric tons): (Weight in tons) Total Sales (Weight in tons) Total Sales 2007 to 2008
Fresh Pork 13,997 79.92 % 10,306 73.75 % 35.81 %
Frozen Pork 1,086 6.20 % 878 6.28 % 23.69 %
Processed Food Products
2,430 13.88 % 2,791 19.97 % -12.93 %
Total Sales 17,513 100 % $ 13,975 100 % 25.32 %
. . .
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