Well lookie here - we got a "warrenwhite" post too (7/11). Just like RB and All Stocks and just like the last PR TSBB(oops TSBI) issued at 4:30 today (see bottom). Read his two posts-don't they just REEK with enthusiasm.
Updated: 04:14 PM EDT
TS&B Holdings, Inc. Capital Restructuring Underway and Symbol Change and Updates
ORLANDO, Fla.--(BUSINESS WIRE)--08/16/2004--TS&B Holdings, Inc. ("Company" or "TS&B") (OTCBB:TSBI), capital restructuring is underway, consisting of:
-- 40 to 1 reverse split
-- Recently completed $250,000 funding via a Debenture
-- Additional offerings and fund raising planned
-- $25 Million PPM drafted for funding acquisitions
The CEO of TS&B, Jim Jenkins stated, "The reverse of the common shares was crucial to create and maintain a sensible capital structure. The bridge loan and additional offerings will fund the Company's business plan. Management continues to believe in its BDC business plan and will continue to improve the performance of current portfolio companies and raise capital to acquire operational companies."
James Sadrianna, the CFO of TS&B stated, "With the addition of Cummings Financial, the market value of the Company will increase the Company's net earrings before taxes substantially over the last quarter net earnings of $474,000."
For those with questions about the effect of a reverse split, the Company refers shareholders and investors to the SEC website at http://www.sec.gov/answers/reversesplit.htm
Further, the Company did not request a symbol change and apparently this was done unilaterally by NASD. An investigation is underway by the Company regarding this matter. Management believes there are some shareholders that are not aware of the symbol change and those shareholders believe they have lost their investment.
Lastly, the Company has not received approval from the SEC for its Proxy Statement.
About TS&B Holdings Inc.
TS&B Holdings Inc., is a Business Development Company under the Investment Act of 1940 aggressively seeking opportunities in emerging and fast growth industries.
TS&B Holdings Inc. has a financial services subsidiary, TS&B Financial Services, Inc. that provides investment and merchant banking services and strategic planning to both the public and private sectors.
Safe Harbor
The statements made in this release constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, changing economic conditions, interest rates trends, continued acceptance of the Company's products in the marketplace, competitive factors and other risks detailed in the Company's periodic report Filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
CONTACT:For TS&B Holdings Inc., Orlando Warren White, 386-216-5248 (temporary phone) Fec2010@yahoo.com
SOURCE: TS&B Holdings Inc.