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Enterprise aka Endeavour.
"I'll bet that's one of the many comments they got from the SEC on the Ibiz, Inc filing,..."
Which probably explains why they keep on re-issueing revised 10KSBs. The latest one on 3/16 had more details on the VKB license. I was surprised to see that Enterprise owns the license to the VKB. The company must want to get the spinoff going but is being delayed by the SEC, thus, the 10KSB revisions. The section below is the first I've seen on the VKB license plus it was the first indication of how important (or powerful might be a better word) Enterprise is in this relationship.
Anyone care to decipher or give analysis of the 10KSB statements below?
" Currently the virtual keyboard license, owned by Enterprise, allows the
design and development of a virtual keyboard product line, and the manufacturer
and sale of that product line worldwide. The license of Light Key will provide
iBIZ, Inc. the worldwide rights to manufacture and market a virtual keyboard
developed by Enterprise based on licensed technology developed by VKB Inc. (with
whom we have no relationship) by transferring of the license, and the developed
product from Enterprise. The Light Key will be an accessory product to
appliances such as PDA's, hand-held, cell-phones, laptops, etc and will provide
the Company a unique product for world-wide distribution.
This proposed license will be for a five year period, with a royalty
free to be paid for the initial 100,000 units sold, with subsequent (beyond
100,000 units) royalty payments to be determined. This license will also enable
iBIZ, Inc. to develop its own intellectual properties in design and engineering
for its exclusive products without the need to invest massive capital for "core
technology" development. Through Enterprise, iBIZ, Inc. plans to enhance the
Light-Key product line by adding complimentary technologies, and product
enhancements.
As a complimentary input device, iBIZ, Inc. will introduce a virtual
pen, the E-Pen, capable of storing and sending any hand writing or
written-on-paper image to a PDA, hand held or any computer, as a very high
resolution image. Currently, the electronic pen license, owned by Enterprise,
allows the design and development of a virtual pen product line, and the
manufacturer and sale of that product line worldwide.
This proposed license is intended to be in perpetual in nature, meaning
there will be stated termination date. Royalty payments are intended to be 50%
of net profit for sales of this specific product. The first 100,000 pieces are
to be royalty free. The license of E-Pen will provide iBIZ, Inc. an exclusive
worldwide rights to manufacture and market an electronic pen developed by In
Motion E-Pen Inc. (with whom we do not have any relationship) and licensed by
Enterprise as an accessory to appliances such as PDA's, hand-held, cell-phones,
laptops, etc. This license is also intended to enable iBIZ, Inc. to develop its
own intellectual properties in design and engineering including the core
technology."
Bashers are not welcome on this board, especially the kind that Rocketred represents. Don't get me wrong. I welcome all news good or bad. But to post something from 2002 is the worst kind of bashing.
Let's see now, if Rocketred was not a basher, why would he post the same message in different boards within minutes of each other....hmmmmmmm.....my god its a basher!
Looks like Seimens beat IBZT to the punch Archie's Corner
3/20/2004 11:37:19 PM (ET)
Looks like Seimens beat IBZT to the punch Firefight4, Keepin it Real!
3/20/2004 11:36:35 PM (ET)
Looks like Seimens beat IBZT to the punch Break Out Trading (Bill Panetta)
3/20/2004 11:32:57 PM (ET)
Looks like Seimens beat IBZT to the punch BB's Penny Haven
3/20/2004 11:32:25 PM (ET)
Looks like Seimens beat IBZT to the punch IBIZ Technology Corp
3/20/2004 11:31:54 PM (ET)
Free Nebula...THANKS... that did the trick!
I have never called Jim a basher. You my friend, are one. You don't need to lecture me as I have done my own DD. You continue to hammer your same point over and over. You even dare publish old news about Seimens as if it were current news. If that aint bashing, I don't know what is. Better pray that Art doesn't kick you out.
Thanks, I have not been able to find the ignore feature. Do you have to be a paying subscriber to have that feature?
Rocket, curous where you found this info. This is not in the latest 10QSB filing. If this was your personal opinion, please state so.
"Currently the virtual keyboard license, owned by Enterprise, allows the design and development of a virtual keyboard product line, and the manufacturer and sale of that product line worldwide. The license of Light Key will provide iBIZ, Inc. the worldwide rights to manufacture and market a virtual keyboard developed by Enterprise based on licensed technology developed by VKB Inc. (with whom we have no relationship) by transferring of the license, and the developed product from Enterprise. The Light Key will be an accessory product to appliances such as PDA's, hand-held, cell-phones, laptops, etc and will provide the Company a unique product for world-wide distribution."
(I suspect that since it says "currently" that they mean as of that writing, "We currently have a backlog of orders totaling $650,000".)
I agree. Actually, this first showed up in the 3/10 amendment to the 10KSB. I didn't spot that in the amendments that followed (Who has time to decipher what changed between the amendments.)
Still like that they are more upbeat about their cashflow situation for the year. Good runup today...let's see how it holds up.
"$96,345 of revenues for the 3-months ended 1/31/04 were to Compusa. No mention of maddog. I think that press release for Circuit City was after 1/31."
The Circuit City order was announced on 2/12 and it was for $536,910. This is all speculation on my part, but if the C-C order was not included in the 10QSB report of $650,000 in backorders, total backorder then would be roughly $1.2 million.
I still think it was bold of IBZT to announce in the filing that they are confident cash flows will be positive in 2004. Could be because the orders are coming in. Now all they have to do is deliver the damn product. Hopefully, April is the right date.
I thought it was also a positive to see the Company state that "we are confident that our cash flows will be positive in 2004."
$96,345 of revenues for the 3-months ended 1/31/04 were to Compusa. No mention of maddog. I think that press release for Circuit City was after 1/31.
From 10QSB as of 1/31/2004
New date for VKB delivery is April, 2004. There is also a backlog of orders totaling $650,000.
"Cash Flows from Operations - Our cash flow from operations used $478,963 in 2004 compared to $225,339 in 2003. The increase in cash used is primarily due to decreased receivables in 2004 versus 2003, partially offset by the decrease in accounts payable and accrued liabilities and taxes resulting from the ability to pay these amounts with cash received from the exercise of options. Based on the initial reception of our new product, the "Virtual Keyboard" (set to be delivered to Retailers in April 2004) and the continued success of our Pocket Radio product, we are confident that our cash flows will be positive in 2004. We currently have a backlog of orders totaling $650,000. As with other technology-related products, our success depends on acceptance of our products in the market and introduction of new products. If our products do not continue
to receive acceptance in the market, our cash flows can quickly turn negative."
Haven't we beaten the x-div date thing to death by now? We could have a more lively discussion about what happens after the spinoff? Which of the two companies will benefit (stock price) from the spinoff? The latest 10ksb stated that Ibiz Inc will utilize Enterprise Capital's infrastructure. What do they mean by "infrastructure"? Is financing included? Does this resurrect the prospects of utilizing CDs to fund the spinoff operations? With close to 2.6billion O/S, is there any venture capital funds out there that would even dare touch IBZT today even if CDs was a possibility? I believe IBZT's only creditor currently is Enterprise Capital.
Anyone care to jump in a give ther 2 cents worth?
Yet another revision to the 10KSB filed today...I noticed a revision in the explanation for the spinoff.
"iBIZ Technology Corp. will continue to distribute its product line in the North
and South America providing sub-licenses for all products to iBIZ, Inc. for
worldwide distribution, except in North and South America. iBIZ, Inc. and iBIZ
Technology Corp. are in the process of negotiating the license and distribution
agreements for distribution of its products in the United States. It is
currently planned that iBIZ, Inc. will support iBIZ Technology Corp. in
engineering, production, and business development, through synergetic agreements
(to be negotiated) using Enterprises Capital AG and its affiliates
infrastructure in Europe and Israel."
News posted yesterday...Ken interview
http://www.investorshub.com/boards/quotes.asp?ticker=IBZT
"iBIZ is prohibited from declaring or paying dividends while certain debentures or warrants are outstanding."
Jim, sounds like you are hinting that there still is some form of CD notes leftover.
"Convertible Debentures
During the period from November 1, 2003 through January 15, 2004, the convertible debenture holders converted $1,033,404 of principal and $80,104 of accrued interest for 819,302,914 shares.
During January 2004, the Company's remaining principal balances of its convertible debentures were acquired by Enterprise Capital AG."
From another section...
"In September and October 2003, the Company received an advance of funds from Enterprise Capital AG totaling 90,000. The loan is unsecured, bears no interest and has no due date."
Enterprise acquired the debenture on Jan 12, 2004 from 2 CD holders: "$5,000,000 Convertible Debenture" and "Laurus Master Fund".
I'm not smart enough to say that the remaining $90,000 is a CD or just a loan. It is listed in the balance sheet under "Loan Payable".
What's interesting is why the company chose Enterprise Capital AG? This excerpt from the filing regarding the spinoff may explain it.
"IBIZ Technology Corp. will continue to distribute its product line in the United States of America providing sub-licenses for all products to IBIZ, for worldwide distribution. IBIZ, Inc. will sign distribution agreements with IBIZ Technology Corp. for distribution of its products in the United States. IBIZ will support IBIZ Technology Corp. in engineering, production, and business development, through synergetic agreements using Enterprises Capital AG and its affiliates infrastructure in Europe and Israel."
Let me clarify my statement
"It isn't a loan, however, it's more dilution (350 million shares)."
I meant it doesn't show up under liabilities in the balance sheet. It still is a loan, no matter how you look at it.
I'm not sure about the 1 remaining CD holder, however, the note below caught my interest...
It isn't a loan, however, it's more dilution (350 million shares). The last 2 bullets is effective even today, the other effective 11/4. Without much cash or a line of credit to pay their suppliers, this move does not at all surprise me.
"As of February 4, 2004, the Company has received approximately $1,098,000 cash as a result of the Company's Option holders exercising their options to purchase shares of common stock.
- On November 1, 2003, the Company granted an individual the option to purchase 200,000,000 shares of common stock at the exercise price of the average closing price for the three days prior to exercise less a 40% discount. The option is exercisable commencing November 1, 2004 and expires after January 15, 2004.
- During December 2003, the Company granted an individual the option to purchase 50,000,000 shares of common stock at the exercise price of market value at the date of exercise less a 40% discount.
- On January 28, 2004, the Company granted Pangea Investments GmbH the option to purchase 100,000,000 shares of common stock at the exercise price of market value at the date of exercise less a 50% discount. The option is exercisable commencing January 28, 2004 and expires after January 28, 2014."
Jim, I may have found the reference (in the 8-K) to the retirement of the CDs. but it is more in generalities rather than specifics, ie, doesn't name debtors, etc. Bottom line, it does say all CD debt has been retired.
Its under section (c) of 5.8 Capitalization...
(c) Except as set forth in this Section, there are no outstanding (i) shares of capital stock or voting securities of iBIZ, (ii) securities of iBIZ convertible into or exchangeable for shares of capital stock or voting securities of iBIZ or (iii) options or other rights to acquire from iBIZ, or other obligation of iBIZ to issue, any capital stock, voting securities or securities convertible into or exchangeable for capital stock or voting securities of iBIZ
(the items in clauses (i), (ii) and (iii) of this Section 3.08(c) being referred to collectively as the "iBIZ Securities"). There are no registration rights and there is no voting trust, proxy, rights plan, anti-takeover plan or other agreement or understanding to which iBIZ or any of iBIZ's Subsidiaries is a party or by which it is bound with respect to any iBIZ Securities. There are no outstanding obligations of iBIZ or any iBIZ Subsidiary to repurchase, redeem or otherwise acquire any iBIZ Securities.
Wccawa, I thought the 11/12 PR clarified the spinoff in regards to ownership of assets. It said...
"IBZT will not move any of it's current business and or assets to iBIZ Inc."
The VKB is one of the assets of IBZT so my understanding of the PR meant that it stays with IBZT and it will not go to IBIZ. The PR also stated...
"IBIZ Inc. will acquire new technologies from Endeavour Capital AG and in doing so will issue IBZT an exclusive license to add these new products to the IBZT product line up."
Unless I'm missing something the PR pretty much says it all.
Here's a PR from 11/12 clarifying the spinoff...
iBIZ Technology Corp. Clarifies iBIZ Inc. Spin-Off
PHOENIX, Nov. 12 /PRNewswire-FirstCall/ -- iBIZ Technology Corp. (OTC Bulletin Board: IBZT) issues clarification on the iBIZ Inc. spin-off.
President and Chief Executive Officer, Ken Schilling stated, "In our efforts to acquire new technology and continue to grow iBIZ Technology Corp. (IBZT) without further diluting our shareholders, our board of directors authorized a spin of our wholly owned subsidiary iBIZ Inc. IBZT will not move
any of it's current business and or assets to iBIZ Inc. IBIZ Inc. will acquire new technologies from Endeavour Capital AG and in doing so will issue IBZT an exclusive license to add these new products to the IBZT product line up. Our shareholders in IBZT as of the record date September 25th will be issued shares in iBIZ Inc. at a predefined ratio, accordingly, and specifically, for every 500 shares owned in IBZT, each shareholder will receive one freely tradable share in iBIZ Inc. Shares held in IBZT will not be surrendered and or exchanged for iBIZ Inc, shares. The newly issued shares
are in addition to the iBZT shares owned. We view this spin-off as an opportunity and an ideal way to not only grow IBZT, but to also have a vehicle to continue to add new technologies to iBIZ Inc. bringing value to IBZT and our shareholders. "
Anyone have access to Feb 9 issue of Business week? Link says VKBs will be in Compusa on Thurs and refers to BW article...
http://hedge-hog.com/bbs/pennystockmessages/24099.html
WSJ article on 10K
"DOW JONES NEWSWIRES
WASHINGTON -- IBIZ Technology Corp. (IBZT) said Friday that
it won't be able to file its report for the fiscal year ended Oct. 31, 2003,
on time because it is still preparing its financial information for the
report.
According to a non-timely Form 10-K filed Friday with the Securities
and Exchange Commission, iBIZ Technology said that it couldn't complete its
financial information on time without incurring undue hardship and expense.
The company plans to file its annual report within 15 days.
IBIZ Technology is a leading manufacturer and distributor of
accessories for personal digital assistant and hand-held devices."
Mark and Ken each can sell up to 30,000,000 shares. I think this is in accordance with the stock incentive plan of IBZT. Bottom line is it is further dilution of up to 60 million. When they actually sell is really up to them. On Dec 8, 2003 IBZT increased the stock incentive plan from 22 million to its current 450 million.
It is further dilution but I don't see why it is necessarily bad. Normally, any insider sells is a bad sign but these guys have not been paid good salaries for some time. I would watch out for future S-4 filings to see how many shares each of them unload.
This is purely speculation on my part and I'm no expert on what the rules are in regards to timings of stock sales by insiders. If they start to dump a large percentage of their holdings at one time that might be a sign that the company is having a tough time. On the other hand, if they were confident of the financial direction the company is headed, then wouldn't it make more sense that they hang on for a better pps? Again, I'm not an expert in this area.
The key is in the 10K. They last quarterly came out in July. A lot has happened since then so I'm anxiously waiting for it. According to the WSJ it would be within 15 days. I don't know but until that time the pps might stay within a certain trading range. Unless of course some monstrous PR comes out.
Roadhome, you need to register a Lycos email address and it will work. Funny how it doesn't say that. I waited several days like you, but it worked instantly as soon as i entered the lycos email.
"But on RB there's been speculation about a RS, which makes me nervous."
With yesterday's PR, and one that I found back from Nov. 12, two of my concerns have been answered. CD conversions have come to an end. The Nov 12 PR clarified my questions regarding the Spinoff.
"IBZT will not move any of it's current business and or assets to iBIZ Inc. IBIZ Inc. will acquire new technologies from Endeavour Capital AG and in doing so will issue IBZT an exclusive license to add these new products to the IBZT product line up."
The remaining concern is the O/S and many on this board have said that an R/S is bad. Why is it bad? I believe one of the major reasons behind an R/S is to avoid the BB or Pinksheets. We are already in BB so why is R/S bad. If anything it will moves IBZT out of the BB and on to the next level.
I would appreciate if someone explained the pros and cons of an R/S as it relates specifically to IBZT. Personally, I don't see any negatives.
The O/S is sitting at 2,132,956,988, an increase of 20 million from last Friday. I called the T/A this morning. More CD conversions is my guess.
I'm not sure the comparison to Calypte is fair. Total authorized shares for Calypte is 800 million, O/S at 136 million, and they have not been late with SEC filings. I am still waiting for the Oct 2003 10-K, and we all know what the O/S and authorized shares stand.
I still feel this stock is good for flipping and dangerous for any L/T outlook. JMO
As far as I'm concerned, this stock is only good for flipping at this time. The O/S, level of CDs, and the uncertainty over the spinoff is a big concern. Go through the last 10-Ks that the company filed and you will see how cash-squeezed they are. They haven't filed their Oct results yet and we're almost into Feb already. It makes you wonder if they are hiding something. Then they acquire this new company yesterday, without giving any details on how they acquired the company.
I'm currently out and am waiting for a good entry point again. I wish I had more time watch the pps but unfortunately like many here, I have a day job.
JMHO
Between the Oct. 02 and July 03 10-K filings, CDs went up by almost $600K. Still haven't seen the a 10-K for Oct 2003 and appears one should be coming out soon. Based on last year, they filed late...Oct 02 came out in Feb 03. Looks like they are on track to do the same. I'd sure like to know the CD levels when the 10-K comes out? They definitely do not have the cash to buy Synosphere...so how did they finance this purchase...more CDs?
What is the story behind the spinoff Jim? When the spinoff becomes effective, what happens to the holders of IBZT? IBIZ Inc will be responsible for distribution, sales of all their products.
Here's a picture of the blue dock
http://www.synosphere.com/gallery.htm
Has anyone had a chance to get the latest O/S and float? Did it increase from last Friday?
Thanks in advance.
That's a little over 3% of his total holdings. What do you make of it? He's probably done though, otherwise, he could be accused of putting out the PR last Friday to pump up the price.
Bruce/wccawa thanks for stepping in and straightening that out. Being new to this board makes it challenging to weed out the bashers. Level II lists IBZT with 361,485,000 shares outstanding, so I don't know where the 2 billion came from. Even if 2 billion was the correct number, that should be made public knowledge for the investors who put their hard-earned money into this stock. I for one increased my holdings last week which is why I've been spending the time to read through the SEC filings.
PennyDreamer, thanks for the info...
Their last balance sheet as of 7/31/03 (WSJ), has COnvertible Debentures Payable of $750K. I remember reading the RB post where they say Laurus Capital is owed $2 mil. It doesn't seem to add up. But $2 mil converted at .001 (very conservative) is 2 billion shares. That is alarming.
Can you point me to your source for the 2 Billion shares you claim to be outstanding and issued? I am aware authorized shares have been increased to 5 billion.
Thanks
List of IBIZ retailers from SEC filings...
IBIZ and IBIZ Technology Corp also distribute their products to
regional resellers and, to a lesser extent, national distributors and to retail stores such as CompUSA, Inc. and Fry's Electronics, Staples, Mobileplanet, Micro Center, RC Willeys, Baillios, Pdamart and Outpost.com.
Could be because they have not finalized the spin-off yet. Once they get a stock symbol and complete the transaction, the next step would be to issue the shares for the spin-off company.