Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
NanoSignal Corp. to Issue Special 20% Restricted Stock Dividend
10/6/2004 1:24:00 PM
LAS VEGAS, Oct 6, 2004 (BUSINESS WIRE) -- NanoSignal Corp. (Pink Sheets: NNOS) has determined, after an extensive review of a detailed shareholder audit, conclusive and stunning documented proof of the market making activity involving the approximately 7,000 mystery names of various DTC and NOBO lists obtained by the company document that many names obtained by the company are not shareholders.
To address this very troubling issue, NanoSignal Corp. called a special meeting of legal, accounting and forensic experts together with litigators to discuss this problem and how to resolve this dramatic event. One conclusion approved by the board of directors is to issue a special one time 20% restricted stock dividend to our known shareholders as of Nov. 3, 2004.
The results of this special 20% restricted stock dividend, when issued to proven shareholders who actually do tender their recognized and verified certificates to the company's transfer agent, should prove that although the company can identify approximately 240,000,000 issued shares, other records tend to indicate that there are an additional 500,000,000 shares allegedly held in Street and retirement accounts that regrettably are not recorded shareholders of ours at our transfer agent. To resolve this presumed imbalance of sales to the unsuspecting, NanoSignal Corp. will be issuing a special 20% restricted stock dividend to those actual verified shareholders of record at the transfer agent only.
Details of the pending distribution of restricted shares will be filed in sufficient time to allow newly designed certificates to be issued along with new restricted dividend share certificates from the transfer agent to the actual proven owners of record. "We wish to reward real shareholders while also keeping in mind our desire to provide better security for our real shareholders we are redesigning our share certificates and issuing new ones in conjunction with this special dividend," stated Sir Rupert Perrin, chairman of NanoSignal.
About NanoSignal Corp.
NanoSignal Corp. is a medical technology company introducing its patented Slices(TM) technology to the MRI industry, allowing radiologists and technologists to perform advanced imaging features beyond the capabilities of the standard MRI computer.
Information about NanoSignal Corp. is available at www.nanosignalcorp.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the lead-in "Looking Forward." These statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results may vary materially from those in the forward-looking statements as a result of the effectiveness of management's strategies and decisions, general economic and business conditions, new or modified statutory or regulatory requirements, and changing price and market conditions. No assurance can be given that these are all the factors that could cause actual results to vary materially from the forward-looking statement.
SOURCE: NanoSignal Corp.
NanoSignal Corp.
investor@nanosignalcorp.com
or
Princeton Research Inc. for NanoSignal
Mike King, 702-650-3000 (Investor Relations)
Copyright (C) 2004 Business Wire. All rights reserved.
Wolf,
Your will be proven incorrect I suspect.
However, as the last "Q" stated I did not receive a dime either.
As to my earning for you the investor[s]a dime well just where do you think BitMicro, WorldScape, StormCompany, LSI, South Korea, Schwartz, Linton, Juan, Stanford Medical, Baltmore General, UCLA Medical and events yet disclosed would come from ?
Oh, I know!
John Kerry
World Series.
Assume a baseball stadium holds 100,000 seats [ NNOS outstanding shares] but thanks to counterfeiting an additional 300,000 game tickets [ DTC and market makers] people show up with visually perfect tickets printed in cyber space.
The only proper cause of action is to check the serial numbers authorized [transfer agents] from the Stadium [ the Company ] and cross check the authorized tickets at the gate with those who are waiting to be seated.
When more than one ticket with the identical serial number appears [transfer agent], then the simple thing to do is freeze all in that serial number, until the original ticket has been authenticated.
It may be discovered after extensive investigation that the box office selling the authentic tickets was not at fault but that one of the original tickets was mass produced again and again at a Kinko's type outlets to sell to a waiting baseball market.
The continuing problem is that a sports event is at a defined date and time and with enough security at the turnstile most counterfeit tickets are plucked from the crowd.
However with a moving event like electronic trading, the counterfeit ticket not only gets traded, it multiplies over and over.
Now if you owned the baseball team and wanted revenue receipts, what would you do when the bad guys counterfeit tickets.
For the bad guys their is no pain in what they do and it is 100% profitable to them and when they finally get caught it costs them maybe a fine of 10%, leaving 90% for their efforts.
Play ball !
What is truly amazing is how many people dislike Gary W. Walters.
With few exceptions, it seems very strange that a collection of bashers would spend what appears to be entire days doing nothing productive and choose to post hours upon hours about unsubstantiated opinions about his activity, his past, his girls, his cars etc. but no one remembers his generosity or his successes.
Naturally all of us, I suspect, wish from time to time that we could change a decision or two we made in life and perhaps zap ourselves back in time to just seconds before the decision and take the other road, similar to a Monday morning quarterback reviewing the past weekends football game.
Heck, each of us could win every decision we make, if we had hindsight as a guide on Monday morning.
Even the famous Nastradamus was not without mistakes.
Gary W. Walters is focused much of the time on creating value for others. He is all over the place creating ideas, mixing and matching concepts and doing what "if" type exercises regarding dozens of opportunities. Sometimes he appears like "a kid in his first candy store" not really knowing which piece of candy looks the most appealing to eat.
He does have a heart as big as the Grand Canyon and often it is for that reason that folks previously associated with him want to take advantage of his generosity, rather than make something of their life.
Unfortunately none of us have that option to "take back a bad decision" but we all can at least try and make something improve moving forward.
The guy found Slices by accident due to a personal medical condition, decided it was revolutionary and went about efforts to possess the opportunity to bring it to the World.
This is not a warning but an observation, Gary nor anyone else has a perfect strategy on exactly what each and every hurdle will be or which road or person to take every time. We all tend to make decisions in retrospect based upon previous events that worked out.
Really guys, if this product development had been so easy to bring to market the first time then it would not have been buried in Pennsylvania for 10 years and failed to be commercialized. When GW acquired all rights, title and interest in MicroSignal of PA. he got the good with the bad and is doing all possible to fight those demons and move forward.
The Bashers are probably a lot more concerned about his possibility of success, knowing full well that anyone can fail, if they don't try, or simply give up on each and every opportunity when it appears at the doorstep.
We all are in a "buffet" of life with zillions of choices each second.
All of us no doubt try and "not" make the same mistakes twice in life. Some are successful and some are not.
Gary will succeed with his vision, heck, he already has figured out how to monitor blood flow with SLICES[tm], apply the algorithms to home land security and much more in military applications.
The Bashers and sabotages against NanoSignal aren't against the Company.
They are afraid that this time, he will succeed !
That is what scares the bashers and the Companies and market makers that employ them.
Granted some seem to continue along roads of self destruction but each day is a new day !!!
NanoSignal is forbidden by agreement from mentioning WorldScape by name in any PR, unless they specifically in writing allow it.
This may be because of their DOD, DOE and Home Land Security NDA agreements and is NOT an option.
NONE of the consultants got S 8 shares!
The Press Release means that the "unauthorized" press release by Princeton Research claiming $4,000,000 in their press release did not correlate with the audited numbers for Q4 of 2003 and that along with subtle calls from a dissident litigant / former consultant probably slowed down the completion of the year end audit and created immeasurable pain for shareholders and management.
Let their be no mistake, the former consultant[s] have done everything humanly possible to tank NNOS with the help of some very greedy followers, perhaps to cover positions or perhaps out of spite and or jealously for progress going forward.
The chance of actually naming the Hospital or Clinic under contract for delivery of SLICES[tm] or seminars, presentations or whatever are slim and none according to management. With the destructive nature of some well paid bashers and plane old malicious followers of GW the Company will "not" take the chance of providing a road map to aid and abet the former consultant in destroying a wonderful life saving product and a bright future for shareholders.
Several years back a startup tech outfit also listed on the BB made the mistake of announcing a contract under negotiations with a large Fortune 100 Company. Within 1 week over 400 calls to that Company's legal Department were placed and resulted in no deal due solely to the grief the legal depart received from paid bashers.
There are many stages to product implementation of SLICES[tm] and no longer will road maps be placed for some to bash and some to kill. Many loyal supporters with dreams and visions similar to management won't take the future risk of some "loose cannons on deck" disrupting the orderly progress.
Manufacturing of the software / hardware product will began once contracts are finalized with BitMicro or equal regarding intellectual property protection.
ALBUQUERQUE, New Mexico (Reuters) - President Bush on Friday proposed 2007 as the goal for universal availability of high-speed Internet access to keep America competitive and innovative.
Speaking at length on the subject for the first time since August 2002, Bush discussed broadband while highlighting home ownership in the critical state of New Mexico -- a state he narrowly lost in the 2000 presidential election.
"We ought to have universal, affordable access to broadband technology by the year 2007," Bush said. "And then we ought to make sure as soon as possible thereafter consumers have plenty of choices."
"It's important that we stay on the cutting edge of technological change, and one way to do so is to have a bold plan for broadband," he said. Bush did not elaborate on how he would accomplish the 2007 goal.
Policymakers in Washington have been debating how to accelerate the rollout of high-speed Internet service. Some 20.6 million homes and small businesses already subscribe to it either from a telephone or cable television company.
Federal Communications Commission Chairman Michael Powell has pushed an agenda to reduce the regulations on telephone companies, which in the past have had to share their networks with rivals because of their dominance in serving homes.
"I look forward to working with my commission colleagues, Congress and the administration to deliver on this vision for the American people," Powell said in a statement.
Last year the agency decided that the dominant local telephone companies like BellSouth Corp. (BLS.N) did not have to offer rivals access to new fiber optic lines -- key for full broadband deployment -- at low, government-mandated rates.
Cable companies do not have to share their networks with rivals but some permit subscribers to have an alternative Internet service provider.
Minutes after the president spoke, Democratic presidential contender John Kerry mentioned broadband as a key growth area during a campaign speech laying out his economic policy.
"I will focus on raising American competitiveness. By spurring the growth of new industries like the broadband technology that will dominate the future," Kerry said during his speech in Detroit.
Bush also urged that broadband access be tax free. "The Congress must not tax access to broadband technology if we want to spread it around," he said.
Congress has so far been unable to renew a ban on taxing the monthly fees that Internet providers like EarthLink Inc. (ELNK.O) charge customers. The ban lapsed in November, but states have not moved to impose new taxes.
More consumers have signed up for the broadband from cable companies, with about 13.7 million lines compared to roughly 7.7 million using telephone companies' digital subscriber line (DSL) services.
"I think it's certainly consistent with the idea of where tomorrow's jobs will be and he's obviously showing a commitment to technological advancements," said Paul Glenchur, an analyst at Schwab Soundview Capital Markets in Washington.
"Given that you haven't seen this issue talked a lot about on the campaign trail, it's interesting that it's creeping in now," he said. "I don't know whether you can read much into it based on what you heard."
NY Times
March 13, 2004
An M.R.I. Machine for Every Doctor? Someone Has to Pay
By REED ABELSON
YRACUSE — This aging city is an unexpected epicenter for a high-tech medical arms race. But employers and insurers here say that is just what they are paying for, as doctors, their traditional sources of income squeezed, discover a new one: diagnostic imaging.
Instead of sending patients to a radiologist or one of four local hospitals, doctors in Syracuse have been particularly aggressive about installing imaging equipment — particularly M.R.I. machines — in their own offices.
Nationally, diagnostic imaging, which also includes CT and PET scans, is approaching a $100-billion-a-year business, according to a recent report by the Blue Cross and Blue Shield Association, using estimates from the consultant Booz Allen Hamilton, up about 40 percent just since 2000.
Indeed, while insurers have long paid the greatest attention to the rising costs of drugs and hospital stays, they are becoming increasingly concerned about imaging. "There's so much entrepreneurship here that is superseding what is truly needed," said Dr. Allan Korn, the chief medical officer for the Blue Cross and Blue Shield Association. "It's becoming a huge problem."
In the Syracuse area, the number of magnetic resonance imaging machines has grown by a third over the last three years. In the 12 months ended last June alone, use of M.R.I. scans in the area increased 23 percent, according to National Imaging Associates, a company that works with insurers to manage costs.
Competing hospitals and radiologists complain that the imaging upstarts — orthopedic surgeons, cardiologists, neurologists and others — are performing services that the radiologists say they do better and that the hospitals say they already provide. They also point to a regulatory environment, on the state and federal levels, which restricts their business but, they say, gives the new competitors free rein to expand.
No one disagrees that much of the recent growth in diagnostic imaging is a result of medical advances that allow doctors to better discover what is wrong with a patient or to avoid more invasive procedures, like exploratory surgery. And many patients prefer not having to leave their doctor's office to get an M.R.I.
"This is nothing more than changing times — we have to change," said Dr. I. Michael Vella, the president of Syracuse Orthopedic Specialists, the largest orthopedic surgery practice here, with 23 doctors in eight offices across Syracuse.
In a building at the edge of a shopping mall that the practice renovated last summer into its main office, the doctors have installed two M.R.I. machines and a nuclear camera, equipment made by General Electric that costs millions of dollars.
That is part of a proliferation of M.R.I. machines here, whether in the hospital, at free-standing imaging centers or in doctors' offices. The five counties surrounding Syracuse have 27 M.R.I. machines, up from 20 just three years ago, according to Excellus BlueCross BlueShield, the area's major insurer. Four more are said to be in the works.
"There is just too much equipment," said Dr. Patrick J. Lynch, a local radiologist who complains that many specialists are investing in the machines as a way to increase their incomes.
Employers are also concerned. "Unfortunately, it's the business community that pays for these," said John P. Driscoll, who heads a task force on health care set up by the Metropolitan Development Association of Syracuse and Central New York, a group of business leaders here.
Scans, of course, are not inexpensive. While prices vary widely, a typical PET might cost $2,000, while an M.R.I. would cost $700 to $900 and a CT, or computed tomography, scan would cost $500 to $700, according to National Imaging Associates. The tests are frequently covered by insurance, however, so patients would often pay much less, depending on their plan.
There are signs that more machines may translate into too much imaging. Excellus points to data that suggest use of M.R.I.'s in Syracuse is two-thirds higher than in Rochester, for example, and higher than the national average.
"There tends to be more self-referral in the Syracuse market," said John J. Donahue, the chief executive of National Imaging Associates, based in Hackensack, N.J.
But the phenomenon is national. Imaging is the fastest-growing component of physician services in the Medicare program, according to research by the Medicare Payment Advisory Commission, an independent federal body that helps Congress evaluate care. Average use per Medicare beneficiary for imaging rose at nearly three times the rate of overall use of doctors' services from 1999 to 2002. And the program's spending on imaging is up about 50 percent over the last five years, versus a 30 percent rise in Medicare's overall costs.
"We share the concern about the possibility for overutilization in imaging technology," said Dr. Sean Tunis, the chief clinical officer for Medicare. In a departure from previous policy, Medicare has approved positron emission tomography — or PET — scans, which take images using radioactive compounds, for only certain uses, like the diagnosis of thyroid cancer. Medicare is conducting a pilot program before deciding whether to cover scans for the diagnosis of Alzheimer's disease.
Policy analysts say that doctors have strong financial incentives to provide diagnostic imaging and other so-called ancillary services, like lab tests.
"A lot of the impetus comes from the financial pressure physicians are feeling," said Dr. Hoangmai H. Pham, a senior health researcher at the Center for Studying Health System Change and one author of a study on physician entrepreneurship that appears in the current issue of Health Affairs, an academic journal. "Physicians' strategies threaten to raise costs for public and private payers through increased use," the study warns.
Both specialists and primary care doctors are offering more imaging services, according to research by the Medical Group Management Association, an Englewood, Colo., group that represents large medical practices. Doctors' billings for radiology services climbed 75 percent among family practice groups from 1998 to 2002, while doubling for cardiology groups, the association found.
"There are a lot of forces creating this trend," including the desire to offer patients convenient and efficient care, said Dr. William F. Jessee, the chief executive of the association. Being able to make a diagnosis and develop a plan for treatment while the patient is still in the office also saves physicians' time, he said.
As the price of even high-end equipment has come down in recent years, doctors, especially those in large groups, are finding it easier to afford an M.R.I. machine. A typical unit might cost $1.4 million, but doctors can often borrow the money or lease the equipment. Some save money by buying smaller machines that can scan a knee, for example, or purchase used equipment. While payments vary widely, doctors often collect $500 to $700 for a typical M.R.I. done on an outpatient basis in this area.
In Syracuse, there have been attempts to discourage the purchase of imaging equipment. In July 2000, Excellus put a moratorium on paying new providers for M.R.I. services. "We did have some impact on capacity," said James R. Smith, Excellus's regional president for central New York.
But what makes the city particularly vulnerable to a proliferation in equipment is New York's regulatory structure. While hospitals and licensed centers must petition for approval to purchase imaging equipment under the state's certificate-of-need laws, physicians who want to operate the same machines in their offices face no such restrictions.
And in some cases, physicians may be in a better position to buy the equipment than the hospitals, as many of the institutions struggle to make ends meet. For example, Crouse Hospital here, which recently emerged from bankruptcy, formed a partnership with the area's largest provider of M.R.I. services, Magnetic Diagnostic Resources of Central New York, to offer M.R.I.'s on hospital grounds.
"You either fight them or joint- venture with them," said David Speltz, the former chief executive of Crouse, who was brought in to turn the hospital around and remains an adviser. In this case, the hospital could not afford the full cost of the equipment by itself.
But some executives voice concern about the migration of imaging and other money-making services from their hospitals to physicians' offices. Syracuse hospitals have already felt the impact of doctors and others opening up free-standing surgical centers; the four hospitals experienced an 11 percent drop in ambulatory surgeries from 2001 to 2003, according to the Hospital Executive Council, a local planning group.
The competition, some executives acknowledge, fuels duplication of services.
"You have to stay in the race; you have to do it," said Ben Moore III, executive director of the University Hospital in Syracuse.
State officials have been studying some of these concerns. But because the activities of doctors are largely outside the state health department's purview, regulators do not even know how many M.R.I. machines there are in New York.
"We recognize that is, was and will continue to be an issue that we need to deal with and the health care system in New York needs to deal with," said Wayne Osten, a state health official. As part of a review of the state's Medicaid system ordered by Gov. George E. Pataki, a working group has begun looking at the migration of services from hospitals to outpatient centers and doctor's offices.
But radiologists and others are also troubled by the potential conflict that arises when doctors make money from every test they recommend. Radiologists perform scans on referrals from other doctors.
While federal regulations, under the so-called Stark Law, generally forbid doctors from sending patients to imaging centers or labs in which they have a financial interest, doctors are allowed to own and operate equipment in their offices.
"There is nothing they can do about the office," said Jean M. Mitchell, a professor and health economist at Georgetown Public Policy Institute who has studied the possible conflicts.
Efforts in Syracuse to address the continuing buildup in the medical arms race focus largely on having hospital executives, doctors, insurers and others communicate among themselves about the region's needs. But Dr. Vella of Syracuse Orthopedic Specialists, for one, is uneasy about a community planning process that would allow access to technology for some providers but not others.
"I don't think that you should limit the use of technology, limit competition," he said.
Mr. Driscoll, the business leader, expects significant resistance from other doctors, as well.
"The doctors have the most to lose," he said.
NEW YORK (Dow Jones)--Taking most market participants by surprise, the
National Association of Securities Dealers has drastically tightened one of
its rules governing short selling.
Known as affirmative determination, the NASD rule stipulates that brokers
and dealers engaged in a short sale transaction must make sure that shares
can be delivered by settlement time, three days later.
"We closed a loophole," said Steve Luparello, executive vice president of
Market Regulation at NASD.
Until now, non-NASD members, like specialists, option markets and foreign
brokers, weren't covered under the affirmative determination rule. That
means that non-NASD members didn't have to represent to the NASD broker
through which they conducted a short sale order that they would be able to
deliver the stock by settlement date.
A short seller typically borrows stock from a broker to sell it into the
market, betting that the share price will fall so that he can buy the stock
back at a lower price and pocket the difference.
The amended NASD affirmative determination rule, which was recently approved
by the Securities and Exchange Commission, will particularly affect short
sales conducted through foreign brokers, most specifically Canadian brokers
which have often been used by investors to sell short the stock of small
U.S. companies trading on the Over-the-counter Bulletin Board or OTCBB.
Because it's often impossible to borrow the shares of companies trading on
the OTCBB, investors and hedge funds looking to take negative bets on these
often-overvalued development-stage companies have traditionally been trading
through Canada where it's not required to borrow stock before selling it
short. The practice is known as naked shorting.
That trading avenue has now been effectively closed.
The new NASD rule doesn't cover Canadian brokers, since most are not members
of the association, instead it makes it the responsibility of U.S. brokers
trading with non-members to make sure that their counterparts will be able
to settle a transaction before completing a short sale.
"It's part of (a broker's) supervisory responsibilities," NASD's Luparello
said, adding that a non-member's previous failures to deliver should be a
good indication of whether or not it will in fact be able to complete the
transaction by the settlement date.
Market makers engaged in bone fide market making activities will continue to
be exempt from affirmative determination.
Luparello said that, unlike a parallel SEC initiative to tighten short
selling rules on the small-cap markets, the new NASD rules did not originate
from worries over mounting failures to deliver stock into the national
clearing system. But Luparello said the amended NASD rule fits nicely with
the new short selling regulations now under consideration by the SEC.
"I think it addresses a gap and (shows) that we, like the SEC, are looking
at a variety of things in this area," Luparello said.
The NASD proposal was first submitted to the SEC in November 2001, well
before alleged abuses of naked shorting became the focal point of a campaign
lead by some OTCBB companies in the U.S that say they have been victimized
by the practice.
While some investors argue that short sellers provide a needed service to
the markets, others have called for the complete abolition of short selling
because of the undue pressure its puts on the shares of companies.
While market participants in the U.S. and abroad are well aware of the new
short selling regulations being put forward by the SEC, known as Regulation
SHO, most said they knew nothing of the NASD's plan before it became final.
"It's taken us by surprise," said Richard Thomas, head of compliance at
Canadian brokerage firm Pacific International.
Although separate from it, the amended NASD rule fits tightly within the
SEC's SHO which is now under review by the SEC staff after a period during
which market participants were invited to comment on it.
As it stands, the new SEC short selling rules will make it easier to short
large-cap stocks since they would do away with the "uptick" rule, which bans
short selling on a stock when the price is falling.
But it when it comes to the small-cap markets, where it's often impossible
to borrow stock, the impact of SHO will be the opposite, making it harder to
short sale stock.
The new SEC rule sets a predetermined level of so-called clearing fails -
cases in which a broker or investor cannot deliver stock within two days
after settlement - which will trigger a 90-day blackout whereby the customer
will not be allowed to short sell that security. That 90-day exemption would
affect trading of U.S. securities in and outside the U.S.
The new NASD affirmative determination rule will take effect on Feb. 20. ( NOW-- NASD Delays New Short Selling Rule to April 1 )
(2) Need time to reprogram their computers"...need time to cover is what they mean...LOL
http://tinyurl.com/2frnp
NASD Delays New Short Selling Rule to April 1
By Carol S. Remond, Of Dow Jones Newswires
NEW YORK (Dow Jones)--The National Association of Securities Dealers said Wednesday that it has delayed the implementation of a new stricter rule governing short selling to April 1.
The NASD surprised most market participants last month when it announced that it expanded its affirmative determination rule to cover broker and dealers which are not NASD members, such as foreign brokerage firms and specialists.
The affirmative determination rule stipulates that brokers and dealers engaged in a short sale transaction must make sure that shares can be delivered by settlement time, three days later.
The new rule was scheduled to take effect Feb. 20. The NASD said in a notice to members Wednesday that it delayed its implementation to provide members with additional time to "make technological changes to their systems to comply with the new requirement."
Some members "needed time to reprogram their systems in order to create this interim step before accepting orders," said Steve Luparello, executive vice president of Market Regulation at NASD.
Under the current affirmative determination rule, non-NASD members do not have to represent to the NASD broker through which they conduct a short sale order that they are able to deliver the stock by settlement date.
A short seller typically borrows stock from a broker to sell it into the market, betting that the share price will fall so that he can buy the stock back at a lower price and pocket the difference.
The amended NASD affirmative determination rule will particularly affect short sales conducted through foreign brokers, most specifically Canadian brokers which have often been used by investors to sell short the stock of small U.S. companies trading on the Over-the-counter Bulletin Board or OTCBB.
Because it's often impossible to borrow the shares of companies trading on the OTCBB, investors and hedge funds looking to take negative bets on these often- overvalued development-stage companies have traditionally been trading through Canada where it's not required to borrow stock before selling it short. The practice is known as naked shorting.
The new NASD rule doesn't cover Canadian brokers, since most are not members of the association, instead it makes it the responsibility of U.S. brokers trading with non-members to make sure that their counterparts will be able to settle a transaction before completing a short sale.
Market makers engaged in bone fide market making activities will continue to be exempt from affirmative determination.
While some investors argue that short sellers provide a needed service to the markets, others have called for the complete abolition of short selling because of the undue pressure its puts on the shares of companies.
Although separate from it, the amended NASD rule fits tightly within a new short selling rule, known as Regulation SHO, currently under review by the SEC staff.
As it stands, the new SEC short selling rules will make it easier to short large-cap stocks since they would do away with the "uptick" rule, which bans short selling on a stock when the price is falling. But it when it comes to the small-cap markets, where it's often impossible to borrow stock, the impact of SHO will be the opposite, making it harder to short sale stock.
The new SEC rule sets a predetermined level of so-called clearing fails - cases in which a broker or investor cannot deliver stock within two days after settlement - which will trigger a 90-day blackout whereby the customer will not be allowed to short sell that security. That 90-day exemption would affect trading of U.S. securities in and outside the U.S.
-By Carol S. Remond, Dow Jones Newswires; 201 938 2074; carol.remond@ dowjones.com
NEW YORK (Dow Jones)--Taking most market participants by surprise, the
National Association of Securities Dealers has drastically tightened one of
its rules governing short selling.
Known as affirmative determination, the NASD rule stipulates that brokers
and dealers engaged in a short sale transaction must make sure that shares
can be delivered by settlement time, three days later.
"We closed a loophole," said Steve Luparello, executive vice president of
Market Regulation at NASD.
Until now, non-NASD members, like specialists, option markets and foreign
brokers, weren't covered under the affirmative determination rule. That
means that non-NASD members didn't have to represent to the NASD broker
through which they conducted a short sale order that they would be able to
deliver the stock by settlement date.
A short seller typically borrows stock from a broker to sell it into the
market, betting that the share price will fall so that he can buy the stock
back at a lower price and pocket the difference.
The amended NASD affirmative determination rule, which was recently approved
by the Securities and Exchange Commission, will particularly affect short
sales conducted through foreign brokers, most specifically Canadian brokers
which have often been used by investors to sell short the stock of small
U.S. companies trading on the Over-the-counter Bulletin Board or OTCBB.
Because it's often impossible to borrow the shares of companies trading on
the OTCBB, investors and hedge funds looking to take negative bets on these
often-overvalued development-stage companies have traditionally been trading
through Canada where it's not required to borrow stock before selling it
short. The practice is known as naked shorting.
That trading avenue has now been effectively closed.
The new NASD rule doesn't cover Canadian brokers, since most are not members
of the association, instead it makes it the responsibility of U.S. brokers
trading with non-members to make sure that their counterparts will be able
to settle a transaction before completing a short sale.
"It's part of (a broker's) supervisory responsibilities," NASD's Luparello
said, adding that a non-member's previous failures to deliver should be a
good indication of whether or not it will in fact be able to complete the
transaction by the settlement date.
Market makers engaged in bone fide market making activities will continue to
be exempt from affirmative determination.
Luparello said that, unlike a parallel SEC initiative to tighten short
selling rules on the small-cap markets, the new NASD rules did not originate
from worries over mounting failures to deliver stock into the national
clearing system. But Luparello said the amended NASD rule fits nicely with
the new short selling regulations now under consideration by the SEC.
"I think it addresses a gap and (shows) that we, like the SEC, are looking
at a variety of things in this area," Luparello said.
The NASD proposal was first submitted to the SEC in November 2001, well
before alleged abuses of naked shorting became the focal point of a campaign
lead by some OTCBB companies in the U.S that say they have been victimized
by the practice.
While some investors argue that short sellers provide a needed service to
the markets, others have called for the complete abolition of short selling
because of the undue pressure its puts on the shares of companies.
While market participants in the U.S. and abroad are well aware of the new
short selling regulations being put forward by the SEC, known as Regulation
SHO, most said they knew nothing of the NASD's plan before it became final.
"It's taken us by surprise," said Richard Thomas, head of compliance at
Canadian brokerage firm Pacific International.
Although separate from it, the amended NASD rule fits tightly within the
SEC's SHO which is now under review by the SEC staff after a period during
which market participants were invited to comment on it.
As it stands, the new SEC short selling rules will make it easier to short
large-cap stocks since they would do away with the "uptick" rule, which bans
short selling on a stock when the price is falling.
But it when it comes to the small-cap markets, where it's often impossible
to borrow stock, the impact of SHO will be the opposite, making it harder to
short sale stock.
The new SEC rule sets a predetermined level of so-called clearing fails -
cases in which a broker or investor cannot deliver stock within two days
after settlement - which will trigger a 90-day blackout whereby the customer
will not be allowed to short sell that security. That 90-day exemption would
affect trading of U.S. securities in and outside the U.S.
The new NASD affirmative determination rule will take effect on Feb. 20. ( NOW-- NASD Delays New Short Selling Rule to April 1 )
(2) Need time to reprogram their computers"...need time to cover is what they mean...LOL
http://tinyurl.com/2frnp
NASD Delays New Short Selling Rule to April 1
By Carol S. Remond, Of Dow Jones Newswires
NEW YORK (Dow Jones)--The National Association of Securities Dealers said Wednesday that it has delayed the implementation of a new stricter rule governing short selling to April 1.
The NASD surprised most market participants last month when it announced that it expanded its affirmative determination rule to cover broker and dealers which are not NASD members, such as foreign brokerage firms and specialists.
The affirmative determination rule stipulates that brokers and dealers engaged in a short sale transaction must make sure that shares can be delivered by settlement time, three days later.
The new rule was scheduled to take effect Feb. 20. The NASD said in a notice to members Wednesday that it delayed its implementation to provide members with additional time to "make technological changes to their systems to comply with the new requirement."
Some members "needed time to reprogram their systems in order to create this interim step before accepting orders," said Steve Luparello, executive vice president of Market Regulation at NASD.
Under the current affirmative determination rule, non-NASD members do not have to represent to the NASD broker through which they conduct a short sale order that they are able to deliver the stock by settlement date.
A short seller typically borrows stock from a broker to sell it into the market, betting that the share price will fall so that he can buy the stock back at a lower price and pocket the difference.
The amended NASD affirmative determination rule will particularly affect short sales conducted through foreign brokers, most specifically Canadian brokers which have often been used by investors to sell short the stock of small U.S. companies trading on the Over-the-counter Bulletin Board or OTCBB.
Because it's often impossible to borrow the shares of companies trading on the OTCBB, investors and hedge funds looking to take negative bets on these often- overvalued development-stage companies have traditionally been trading through Canada where it's not required to borrow stock before selling it short. The practice is known as naked shorting.
The new NASD rule doesn't cover Canadian brokers, since most are not members of the association, instead it makes it the responsibility of U.S. brokers trading with non-members to make sure that their counterparts will be able to settle a transaction before completing a short sale.
Market makers engaged in bone fide market making activities will continue to be exempt from affirmative determination.
While some investors argue that short sellers provide a needed service to the markets, others have called for the complete abolition of short selling because of the undue pressure its puts on the shares of companies.
Although separate from it, the amended NASD rule fits tightly within a new short selling rule, known as Regulation SHO, currently under review by the SEC staff.
As it stands, the new SEC short selling rules will make it easier to short large-cap stocks since they would do away with the "uptick" rule, which bans short selling on a stock when the price is falling. But it when it comes to the small-cap markets, where it's often impossible to borrow stock, the impact of SHO will be the opposite, making it harder to short sale stock.
The new SEC rule sets a predetermined level of so-called clearing fails - cases in which a broker or investor cannot deliver stock within two days after settlement - which will trigger a 90-day blackout whereby the customer will not be allowed to short sell that security. That 90-day exemption would affect trading of U.S. securities in and outside the U.S.
-By Carol S. Remond, Dow Jones Newswires; 201 938 2074; carol.remond@ dowjones.com
'Zero Environmental Impact’
Micro Bio-Medical Waste Systems Adds Technology Improvement
Creation of Closed System Protects the Environment from Medical Waste
LAS VEGAS, NEVADA, MARCH 2, 2004: Micro Bio-Medical Waste Systems, Inc. (OTCBB: MBWS-News) announced today that the Company has improved its existing environmentally friendly medical waste processing technology. The enhanced second-generation system, NanoMed TD04, incorporates the already proven, affordable and cost effective microwave waste reduction technology with an effective fully closed and filtered waste ionization or NWI unit. “The addition of our patent pending NWI technology now provides the Company with the ability to cost effectively break down medical waste streams while eliminating all DNA and the need for land filling residual waste said CEO & President Scott A. Ervin. “Our mission and focus has always been ‘Zero Environmental Impact’ medical waste remediation. Our first generation processing technology has proven itself and addressed a serious environmental issue that affects every living organism on the Globe--the incineration of medical waste. Heretofore land filling was the dominant method used to dispose of residual waste. With the development of NanoMed TD04, we are now strategically positioned to set a new global standard in medical waste remediation, and to take advantage of a superior marketing platform.”
As previously announced, Micro Bio-Medical Waste Systems is developing three proposed new medical waste treatment facilities similar to the plant the Company is operating in Hawaii. Currently, the Company has signed contracts with a number of Hawaii-based companies as well as several private doctors' and dentists' offices and clinics. The proposed expansion is the first of many planned steps in a planned national program that the company anticipates will include a national medical SHARPS[tm] sales team and additional new global sites by year-end.
About Micro Bio-Medical Waste Systems Inc.
Micro Bio-Medical Waste Systems Inc. has international marketing capabilities and employs proprietary technology to provide environmentally responsible management of regulated medical waste for governments and the health care and hospital industries. The services include waste collection, transportation and treatment.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the lead-in "Looking Forward." These statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results may vary materially from those in the forward-looking statements as a result of the effectiveness of management's strategies and decisions, general economic and business conditions, new or modified statutory or regulatory requirements, and changing price and market conditions. No assurance can be given that these are all the factors that could cause actual results to vary materially from the forward-looking statement.
Contact
Scott A. Ervin 702-227-5111
Micro Bio-Medical Waste Systems
or
CEOcast
Ken Sgro, 212-732-4300 x224
kensgro@ceocast.com
"The new NanoSignal sales office address in Bombay, India is
201 Cannon
23rd Road TPS III
Bandra,
Mumbai 400050
and will be supervised by Dr. Vivian DeSouza who will oversee a local staff of medical technicians. He can be found representing the interests of NanoSignals SLICES[tm] technology in this State of over 1 Billion potential patients / customers.
There was simply to many sales leads to process and demonstrations to be arranged and questions answered in a responsible manner to handle inquiries half a world away."
Very nice looking Board.
Friends,
Well it almost happened. We almost got to a point of recognition where the Securities regulators were going to take responsibility and action against those that have violated our trust. But then they flinched. Today it was the National Association of Securities Dealers (NASD) who flinched on behalf of the member firms.
Today the NASD, in an action inexcusable to every investor who has put money into the 3500 Bulletin Board and Pink Sheet stocks, provided an extension to their proposed regulation change that would plug a “Loophole” used to manipulate our stocks (http://www.nasdr.com/pdf-text/0408ntm.txt) . They extended the time allotment for the member firms to be in compliance with a Reg. 3340 change that would prohibit offshore shorting abuses highlighted in SEC Regulation SHO proposal ( http://www.nasdr.com/pdf-text/0403ntm.txt ). The result of this “extension from February 20th to April 1st was an abrupt change to the Market and massive selling on these stocks. Many stocks dropped their market caps by 20% within the first hour of this notice being published.
Now what was this loophole? The NASD, in 2001 submitted a regulation change that required all member firms to be responsible for the affirmative determination of all short sales executed by non-member firms. Affirmative determination being the ability to locate and borrow a share for settlement on a short sale. Member firms have always been required to meet affirmative determination but non member firms (offshore firms) have never had this obligation and have thus “naked shorted” US stocks into oblivion without US regulatory protection. Shorting that the SEC, in Regulation SHO proposal, has accounted for short sale settlement failures that exceed the total number of shares registered by the company. Canadian compliance officers admit that not only is this very lucrative to the offshore firms but is a “huge problem” in the US (http://globeinvestor.com/servlet/ArticleNews/story/GAM/20040216/RREG16/stocks/news?ba ) .
So, we ask why this extension is so important.
First, the extension allows the loophole to continue to persist for an additional 45 days. The NASD has elected that it was better to allow the fraud to continue, for the loophole to exist, than to deal with some minor back office issues that may arise by those firms that did not react to their compliance requirements. The NASD wants the member firms protected over the rights of the investors who continue to be abused by a loophole that was identified in 2001.
Second. The extension provides additional evidence of the conflict of interest that exists between SRO and the member firms of Wall Street. The SEC, NASD, Department of Justice, US Postal Service, North American Securities Administration association (NASAA), Senate Banking Committee, and House Financial Services have all admitted this problem is huge. The naked shorting issue and the settlement failures on the books of our broker dealers have created such problems that settling the books could put some firms out of business. The NASAA, in a comment letter to the SEC for Regulation SHO (http://www.sec.gov/rules/proposed/s72303/nasaa010504.htm), has identified that investors and companies have been victimized by this abuse. The Senate Banking Committee has identified that the SEC and NASD have created a joint task force to address the issue. The DOJ and USPS have issued arrest warrants against stock manipulators and have recorded tapes of these manipulators bribing brokers to collapse stocks (http://www.rgm.com/articles/sedona.html) . To it all, each has failed to move reforms or stop the abuse. No member firm, no broker, has ever paid a fine or been charged for their actions. Instead the NASD provides extensions to allow them time. Time that works against the investor and for the member firm.
Chairman Donaldson claims he has a pulse on the issues and his team is working hard to correct them. The NASD has claimed that they are well managed and are not conflicted between member interests and investor interests. Both are deceiving us as their actions speak louder than their words. This problem demonstrates the values that the NASD and SEC put on the small investor when it comes to protecting the small investor at the expense of Big Business Wall Street. Big Business Wall Street that runs the NASD and big Business Wall Street that Chairman Donaldson came from.
What is naked shorting?
Naked shorting is a process where unregistered shares are floated into the market on a short sale. The sale is never settled as the seller has no way or intention of finding a share for settlement. In 1996 – 2000 the SEC and FBI investigated an offshore firm that was deeply involved in money laundering US organized crime money (http://www.rgm.com/articles/cornucopiaofcrooks.html) through naked shorting. To remedy this problem the SEC and NASD spoke in front of Congress in September of 2000 (http://www.sec.gov/news/testimony/ts142000.htm , http://www.nasdr.com/1420/goldsmith_04.asp ) but to find the regulatory or enforcement actions taken off these sessions would find you remiss as NONE have taken place.
The Senate Banking Committee, in 2003, started to come down hard on the SEC for evidence they were provided on this issue. An issue the SEC had no intention of addressing. The result of 1 year of prodding was a reform package 9regulation SHO0 that sits idle in the hands of SEC rule makers. The need to address an issue that steals from US investors and places those monies into the hands of criminal elements and member firms is not high on the priority list of an agency dedicated to “Big Business”. Instead of addressing the issue the SEC has allowed it to get further out of control. A problem grown to proportions no longer manageable.
The remedy to fraud is simple. Provide restitution to those that commit the crimes and put that restitution directly into the hands of the abused. Find a way to do it where the lawyers are not the winners but the abused are. That remedy is simply. FORCE SETTLEMENT of all trades and clean up the books that have gotten so out of control. Those firms with really bad books will pay the most in forced buy-ins and those that stayed relatively clean will come away unfazed. The buy-ins will drive stock values up and those abused will convert their losses into recovery and/or profits. What better way to provide restitution to the proper parties? The problem is, The SEC and NASD would rather protect the Brokers and the criminal elements that drive revenues to the Wall Street firms. The investors are the collateral damage in all of this.
Wall street is once again embroiled in corruption. This time the question is, are Wall Street regulators covering up this crime and should they be held criminally liable for their actions? Where is the indictments against the Wall Street firms bribed to abuse these stocks and where are the actions against firms that profit on commissions for trades they never settle?
www.investigatethesec.com
Where is the $40 Million the Board of Directors told us about earning from SIL at the last shareholder meeting I recorded on videotape in Portland?
``Step Into Liquid'' An International Triumph
2/11/2004 8:05:00 AM
SAN DIEGO, Feb 11, 2004 (BUSINESS WIRE) -- New Visual Corporation (NVEI) a 50 percent owner of Top Secret Productions LLC ("TSP"), announces that "Step Into Liquid" has generated revenues and rave reviews in its first two months of international theatrical release. New Visual reiterates its guidance that the film will generate gross revenues of at least $20 million, and that New Visual will receive distributions from Top Secret Productions of at least $3.8 million in 2004.
CBS MARKETWATCH TOP NEWS
Focus on the FOMC's 2004 economic projections
Justice lawyers may sue to block Oracle bid
Energy secretary: 'Let the market work'
Aide says Stewart altered log of broker's message
Oil ends at one-week high on OPEC's move to cut output
Sign up for FREE e-Newsletters
TRACK THESE TOPICS
My Portfolio Alerts
Company: New Visual Corp Add
Create
Get Breaking News sent directly to your inbox
Edit My Portfolio / Edit Alerts
Making its Australia and New Zealand debut, Liquid has generated approximately US$400,000 in three weeks of release. Called, "the summer's most purely joyful film" by The Sydney Morning Herald, Liquid has already exceeded box-office expectations.
On the other side of the world, Liquid is set to open in Brazil in mid-March. Like all other foreign distribution deals that TSP has signed, this contract calls for and advance license fee payment up front, plus a substantial share of theatrical box office proceeds.
Back in Asia, Liquid debuts in Japan in early August. The outlook is bright, as it will play in major theaters across the country. Top Secret Productions is also in late-stage negotiations for distribution rights in other international markets.
By Carol S. Remond A Dow Jones Newswires Column
NEW YORK (Dow Jones)--Taking most market participants by surprise, the National Associations of Securities Dealers has drastically tightened one of its rules governing short selling effective 2/20/04
Known as affirmative determination, the NASD rule stipulates that brokers and dealers engaged in a short sale transaction must make sure that shares can be delivered by settlement time, three days later.
"We closed a loophole," said Steve Luparello, executive vice president of Market Regulation at NASD.
Until now, non-NASD members, like specialists, option markets and foreign brokers, weren't covered under the affirmative determination rule. That means that non-NASD members didn't have to represent to the NASD broker through which they conducted a short sale order that they would be able to
deliver the stock by settlement date.
A short seller typically borrows stock from a broker to sell it into the market, betting that the share price will fall so that he can buy the stock back at a lower price and pocket the difference.
The amended NASD affirmative determination rule, which was recently approved by the Securities and Exchange Commission, will particularly affect short sales conducted through foreign brokers, most specifically Canadian brokers which have often been used by investors to sell short the stock of small
U.S. companies trading on the Over-the-counter Bulletin Board or OTCBB.
Because it's often impossible to borrow the shares of companies trading on the OTCBB, investors and hedge funds looking to take negative bets on these often-overvalued development-stage companies have traditionally been trading through Canada where it's not required to borrow stock before selling it short. The practice is known as naked shorting. That trading avenue has
now been effectively closed.
The new NASD rule doesn't cover Canadian brokers, since most are not members of the association, instead it makes it the responsibility of U.S. brokers trading with non-members to make sure that their counterparts will be able to settle a transaction before completing a short sale.
"It's part of (a broker's) supervisory responsibilities," NASD's Luparello said, adding that a non-member's previous failures to deliver should be a good indication of whether or not it will in fact be able to complete the transaction by the settlement date.
Market makers engaged in bone fide market making activities will continue to be exempt from affirmative determination.
Luparello said that, unlike a parallel SEC initiative to tighten short selling rules on the small-cap markets, the new NASD rules did not originate from worries over mounting failures to deliver stock into the national clearing system. But Luparello said the amended NASD rule fits nicely with
the new short selling regulations now under consideration by the SEC.
"I think it addresses a gap and (shows) that we, like the SEC, are looking at a variety of things in this area," Luparello said.
The NASD proposal was first submitted to the SEC in November 2001, well before alleged abuses of naked shorting became the focal point of a campaign lead by some OTCBB companies in the U.S that say they have been victimized by the practice.
While some investors argue that short sellers provide a needed service to the markets, others have called for the complete abolition of short selling because of the undue pressure its puts on the shares of companies.
While market participants in the U.S. and abroad are well aware of the new short selling regulations being put forward by the SEC, known as Regulation SHO, most said they knew nothing of the NASD's plan before it became final.
"It's taken us by surprise," said Richard Thomas, head of compliance at Canadian brokerage firm Pacific International.
Although separate from it, the amended NASD rule fits tightly within the SEC's SHO which is now under review by the SEC staff after a period during which market participants were invited to comment on it.
As it stands, the new SEC short selling rules will make it easier to short large-cap stocks since they would do away with the "uptick" rule, which bans short selling on a stock when the price is falling.
But it when it comes to the small-cap markets, where it's often impossible to borrow stock, the impact of SHO will be the opposite, making it harder to short sale stock.
The new SEC rule sets a predetermined level of so-called clearing fails - cases in which a broker or investor cannot deliver stock within two days after settlement - which will trigger a 90-day blackout whereby the customer will not be allowed to short sell that security. That 90-day exemption would affect trading of U.S. securities in and outside the U.S.
The new NASD affirmative determination rule will take effect on Feb. 20. 2004
(Carol S. Remond is one of four "In The Money" columnists who take a
sophisticated look at the value of companies and their securities and
explores unique trading strategies.)
-By Carol S. Remond; Dow Jones Newswires; 201 938 2074;
carol.remond@dowjones.com
U.S. Securities and Exchange Commission
Proposed Rule: Short Sales
Securities and Exchange Commission
17 CFR PARTS 240 and 242
[Release No. 34-48709; File No. S7-23-03]RIN 3235-AJ00
SEC gathered comments on implementing new rules regarding Naked Shorting by Jan. 5, 2004.
"The proposed rule would specify that for short sales of any security meeting this threshold, the selling broker-dealer must deliver the security no later than two days after the settlement date."
Naked short sellers typically did not deliver the security or pressed the price down to get a discount from the market price of the security at the time of the debenture conversion. These illegal activities have been a common exercise conducted by certain brokers, not by retail investors.
In section II, they acknowledged the presence of naked short sellers who committed crimes especially on OTC.BB stocks. These criminal activities orchestrated by so-called bashers on bulletin boards; Yahoo, Stockhouse, Raging Bull Boards using off-shore accounts.
Prior to implementation of rules, there will be unexpected uprise of share prices in many OTC.BB stocks.
Funding announced!
Growling Bears will awake!
Most of us have seen TV documentaries from National Geographic showing Alaskan Polar Bears swatting at salmon as they try and navigate the fast streams in the wilderness on the travels to spawn. This reminds me of the giant beast awakening from its hibernation, hungry and rested.
What is the comparison with MSGL?
Well now, shortly after beta testing and field trials for SLICES[tm] are successfully completed, confirmed contracts announced and cash for deposits of software received in the Bank account of Nano Signal, Inc., a major new BEAST will awaken the entire World in many different languages, hungry for shorters, hungry for markets to conquer and yes, hungry to dominate the DOT.COMS.
We will witness the birth and dominance of the brand new "GROWLING BEAR MARKETS trading platform", a hungry baby bear that grows by attention to detail, attention to customer inquiries and attention to trading patterns outside of the Market Maker manipulations of electronic platforms as we know it today. This beast will eat the negative shorters alive and leave nothing in its path but bones.
I have seen the presentation !
Nothing like it in our World, imho.
Company's like MSGL and other BB's will finally get the World wide platform attention they deserve with multiple language search engines each communicating in cross platform traffic communication with each other and yes, for NanoSignal, capable of transmitting images from MRI films electronically to places outside local borders within a nano-second to Radiologists with similar platforms and software.
I confess to the same opportunity as several GTC buys were executed while I was at the other office.
Happy Holoday to all!
Scott
Tom Cooper resigned one year ago, according to my notes..Anyone remember ?
WHP03--where is the money going?
Dilt--Excellent observations from the East..
Each day it seems, EmbarqT could be the phone companies salvation, once deployed.
Plan for portable numbers faces unreasonable static
Thu Nov 13, 8:00 AM ET Add Op/Ed - USATODAY.com to My Yahoo!
Anyone who has been to a college campus lately has seen the future. Phones that actually plug into walls are as passé as ABBA records and cartridge typewriters. Today's students have disentangled themselves from land lines and are attached - surgically it seems at times - to their cell phones.
This brave new wireless (news - web sites) world is coming to more traditional communities as well. Some 5 million Americans have unplugged their local phone companies, and consumer surveys have shown millions more would do so if they could transfer their numbers to cell phone accounts. For these wireless wannabes, Monday's decision by the Federal Communications Commission (news - web sites) (FCC (news - web sites)) to force phone companies to provide such "number portability" is a positive development.
It could be good news for phone companies, too - if they would join the FCC and their customers in embracing the future. Instead, several are threatening lawsuits to prevent the rule from taking effect Nov. 24.
By fighting the change, many companies not only hurt consumers, they also jeopardize the stakes they have in wireless communication. Trying to keep customers trapped in a less-competitive, but shrinking, land-line market is a shortsighted strategy.
The wireless industry has grown almost 200-fold during the past 18 years and is continuing to expand at a phenomenal rate. Some industry analysts estimate the number of subscribers will double again in the next five years. Conventional telephone service, by contrast, is declining, as consumers replace lines with cell phones and high-speed cable connections.
All four "Baby Bell" companies - Verizon, Qwest, BellSouth and SBC - have at least some presence in the wireless market, which gives them a chance to benefit from the FCC rule. With their established customer bases, expertise and financial clout, these companies have the resources to adapt to number portability and remain competitive in the phone market.
The advantages of seeing the rule change as a blessing and not a bane include:
•Grateful customers An estimated 19 million households are expected to drop their land-line service in the next few years as a generation of wireless-dependent students becomes a larger portion of the population, according to the Management Network Group, a consulting firm. Companies could win over consumers by helping them make the transition to cell phones.
•Package deals Local phone companies are uniquely positioned to capture wireless customers by combining land-line and cell phone service in one account, according to a study by the Yankee Group, a Boston-based consulting firm.
Apart from Verizon, which supports the rule, local Bells complain that the FCC is not playing fairly. They cite the fact that the portability rule works only one way; wireless firms would not be required to switch cell phone numbers back to land-line phones.
The FCC concedes technical problems stand in the way of such two-way number portability. But as a practical matter, demand for switching a wireless number to a land-line phone is virtually non-existent. By fighting an inevitable migration to wireless, the Baby Bells risk angering customers already determined to cut their cords.
Stock-Market Gains Led by News on Technology Front
By Erin Schulte
Techs were in the spotlight Wednesday, with a number of upgrades, positive profit reports and a bullish forecast for chip sales next year [waiting for EmbarqT we bet ] helping revive the languishing Nasdaq composite.
34Simmons
He has been in the wrong more than most but this does show value in the last mile.
Go EmbarqT
Guilty of Loving Cable
By James J. Cramer 11/12/2003 10:30 AM EST
I plead guilty to loving cable stocks.
I plead guilty because that pipe into the home is worth so much more to these cable companies than any of the other pipes into the home, including the gas pipe, the electric pipe and the phone pipe.
I plead guilty to liking Comcast (CMCSA:Nasdaq - commentary - research), Charter (CHTR:Nasdaq - commentary - research) and Time Warner (TWX:NYSE - commentary - research) because of that pipe. I plead guilty to buying all of them repeatedly because I think that voice over the Internet makes too much sense not to happen and video on demand makes too much sense not to happen.
One of the reasons I say I "plead guilty" is because obviously, with the exception of Comcast, these companies are poorly run. Heck, you are probably surprised I'm not pleading guilty to liking Cablevision (CVC:NYSE - commentary - research), but I have to draw the line somewhere.
The weird thing is how this market is willing to pay anything for the companies that make devices for a one-time gain that help the cable become all of these great things. People want Cisco (CSCO:Nasdaq - commentary - research) because it makes the Vonage box. People loved Nortel (NT:NYSE - commentary - research) and Lucent (LU:NYSE - commentary - research) because they had something to do with this stuff -- I don't want to be more specific because the companies weren't either!
Yet the only real long-term winners are the cable companies themselves. So I own them. I own the good in Comcast, because it really is an excellent company and could break out here now that it has integrated AT&T's properties, which, by the way, were well on in integration when Comcast bought them.
I own the bad in Time Warner, because what's keeping back this stock is the bad taste in people's mouths from AOL, not the cable, movie or print properties, which actually are doing very well.
At the time of publication, Cramer was long Time Warner, Charter Communications, Comcast and Nextel.
James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to jjcletters@thestreet.com. Listen to Cramer's RealMoney Radio show on your computer; just click here. Click here to buy Cramer's latest book, "You Got Screwed!" Click here to order Cramer's autobiography, "Confessions of a Street Addict."
Speeds climb. My Cox high speed does 2.7 Mbps most of the time.
Broadband briefs:
• Comcast bows 'Teleworker' service in Dallas
Comcast has launched the MSO's "Teleworker" service in Dallas. The service targets businesses with large numbers of employees who work remotely.
The service offers download speeds of 1.5 Mbps or 2.5 Mbps for employees who connect to their corporate sites via a virtual private network. The Teleworker service also features a Web-based tool for simplified service ordering and management.
Pressure is mounting againt Bells.
Cablevision takes VoIP wide Jeff Baumgartner, CED
Cablevision Systems Corp. has launched its flagship IP telephony service, Optimum Voice, throughout the MSO's Long Island, N.J., Connecticut, Westchester and New York City service area. The expansion makes the service available to more than 4 million homes, the company said.
The launch follows a trial Cablevision conducted in Long Island earlier this year.
The service will tap the broadband backbone of Optimum Online, Cablevision's residential high-speed data service. Cablevision currently has more than 1 million cable modem customers.
"The integration of Optimum Voice with Optimum Online...will create a superior new information service far beyond anything available today from traditional voice or data providers," said Tom Rutledge, Cablevision's president of cable and communications.
Cablevision will offer Optimum Voice for a flat rate of $34.95 per month, a fee that includes unlimited local, regional and long-distance calling across the U.S. and Canada. The service also features traditional calling features such as E-911, caller ID, call waiting, call return, three-way calling and call forwarding.
Cablevision also reported third quarter financial results, posting net revenues of $975.8 million, up 12 percent from a year ago, and a net loss of $104.6 million (36 cents per share), widened from a net loss of $79.5 million in the same-year period. Cablevision noted that it would restate financials for 2003 to account for $15 million of expenses that were improperly recorded in 2002 and earlier, Dow Jones reported.
On the service front, Cablevision said revenue generating units rose 23 percent to 4.71 million versus a year ago. The MSO signed up 157,700 new digital video customers in the quarter, giving it a total of 755,300. Cablevision still managed to lose 8,900 basic video subs in the quarter, most of them in New York City.
FCC plans formal review of VoIP services
By George Leopold
EE Times
November 6, 2003 (5:48 p.m. EST)
WASHINGTON — Voice-over-IP technology is about to get a full hearing before government regulators.
The Federal Communications Commission said Thursday (Nov. 6) it has scheduled a Dec. 1 hearing on regulatory issues raised by the emerging voice technology. Shortly after the forum, FCC officials said, the agency will launch a review into the migration of voice services to IP-based networks.
The VoIP push comes in response to congressional pressure to speed the deployment of IP networks that have been resisted by politically powerful incumbent carriers who have millions of dollars invested in traditional public-switched networks. Many carriers view cheap IP-based voices services as a major threat to their businesses.
In a Nov. 5 letter to Sen. Ron Wyden, D-Ore., a ranking member of the Commerce, Science and Transportation Committee and a proponent of VoIP technology, FCC Chairman Michael Powell said the agency has been studying VoIP issues for several years. Added Powell, "But things have greatly accelerated over the past year and, thus, so have the FCC's actions to address the complex issues that arise."
Powell said the FCC is "currently considering several petitions involving different flavors of VoIP."
Companies like Cisco Systems and Avaya Inc. have been promoting VoIP services for several years, and government agencies seeking to kick start the struggling U.S. telecommunications industry have seized on VoIP services as the next big thing.
While industry watchers are split on the likelihood that VoIP can gain ground on the installed telecom base, chip industry analysts have said it could soon help propel sales of components like DSPs.
The technology has been slow to catch on in the United States. One reason is that large businesses have been reluctant to rip out their existing telecom networks and replace them with a largely untested IP-based services that experts agree offers more functionality. Incumbent carriers seeking to protect their installed base have also resisted VoIP.
Proponents of the technology said VoIP should be deployed as if the public-switched network never existed. That way, innovative technology won't be transferred to an existing network, according to Jeff Pulver, president and chief executive of pulver.com, which promotes IP-based voice services.
"There is new growth on the horizon," Pulver told an earlier Commerce Department forum on VoIP services.
Another possible clue that BK's statement about off shore manufacturing is indicated by R&D expenses for GSPN announcement.
Conexant-GlobespanVirata to invest $20 million more in India
By K.C. Krishnadas
EE Times
November 6, 2003 (10:03 a.m. EST)
BANGALORE, India — GlobespanVirata Inc., which is merging with Conexant Systems Inc., said it will expand a research and development center near New Delhi.
The company (Red Bank, N.J.) said it is investing another $20 million over the next two years in the R&D center at Noida. Employment at the center is expected to increase by about 400 workers to a total of 500 during the same period.
The center will effectively become part a Conexant Systems (Newport Beach, Calif.) once the merger of Conexant and GlobespanVirata announced earlier this week is completed.
Conexant plans to increase its Indian talent pool after completing the merger with GlobespanVirata. Conexant currently does not have a technology center in India, one of the few semiconductor companies without one. Hence, the merger with GlobespanVirata gives it a presence here.
Vivek Bansal, president of GlobespanVirata India, said the Indian center will be pivotal in research and development for the company's future products. Areas the center will work in include DVD-R, set-top boxes, Bluetooth, digital TV and MPEG-V.
The merged company is also looking at acquisitions in India and is already in talks with potential targets in the VLSI and system software business, he said. Bansal said takeover targets include small companies with staffs of between 25 and 100 engineers.
If I remember correctly our Embarq chip will reside in the set-top and in the CO..I could be misunderstanding my memory but perhaps not. We could certainly benefit from Asia where I believe we will deploy first.
Digital box shipments to hit 74.8 M by '08
Jeff Baumgartner, CED
Thanks to strong growth in the Asia Pacific region, shipments of digital set-top boxes will reach 74.8 million units by 2008, up from an estimated 36.4 million in 2003, forecasts IMS Research in a new report.
Though analog TV continues to rule the day, nearly 25 percent of all TV homes will opt for digital by 2008, the firm said.
"[The] successful rollout of free-to-air digital terrestrial services around the globe will drive growth of terrestrial set-top box shipments by about 45 percent CAGR, to reach over 17 percent of total worldwide shipments by 2008," said IMS Market Analyst Anna Hunt. "The take-up of DTT services will create a stronger demand for basic zapper boxes and low-cost mid-range set-tops, as well as integrated digital televisions."
Still, direct-to-home set-tops shipments, at 42 percent, will retain the lion's share of the market by 2008. By then, digital cable boxes will have a 39 percent share, IMS predicted.
Yet another reason for Rim to deliver!
Cell Customers Can Use Number From "Home Line"
By ANNE MARIE SQUEO, ALMAR LATOUR and JESSE DRUCKER
Staff Reporters of THE WALL STREET JOURNAL
Now, you can take it with you. Your home phone number, that is.
In a blow to local phone companies, the Federal Communications Commission plans to let consumers transfer their home phone numbers to alternative service providers -- including cellphone companies.
FCC Chairman Michael Powell and other commissioners are expected to reject arguments from local phone companies to limit what is known as "portability" of home phone numbers. Instead, they are expected to mandate that these "land-line" numbers be switched to any other carrier within the same geographic area at the customer's request, FCC officials said.
"At the end of the day, if there's no technical hurdle and the customer wants to port [their phone number] you should port," said Commissioner Kathleen Abernathy at a media briefing. "My own view is that we should allow it where geographic areas overlap and there's no technical obstacles."
Ms. Abernathy said the commission expects to release an order by next week that will go into effect Nov. 24, the same day rules go into effect that will allow customers to switch their wireless numbers to rival wireless carriers. Industry groups already are challenging the orders in court, though so far they've not gained much traction.
The nation's largest local phone companies -- Verizon Communications Inc., SBC Communications Inc., Qwest Communications International Inc. and BellSouth Corp. -- have been fighting the move, which threatens to accelerate the erosion of their core local telephone business. But their arguments were undercut in September when Verizon, seeing the handwriting on the wall, announced that its land-line customers would be able to switch their home numbers to their Verizon Wireless phones. (See article.)
For local phone companies, the order will spur a "cost spike and churn fest," said Scott Cleland of Precursor Group, a Washington telecom research firm. He estimates that traditional phone companies will be forced to invest hundreds of millions of dollars to upgrade their telecom equipment to enable the number transfers, while facing fierce pricing pressures from their wireless rivals. The new rule "gives consumers walk-away power" that allows them to "negotiate much better deals" with their phone-service providers, he said.
Customers, particularly people 18 to 24 years old, are increasingly switching to wireless phones for all their basic communication needs -- a trend that looks set to intensify if people can keep their land-line phone numbers in the process.
It's difficult to predict how many consumers will actually make the switch. But industry analysts say roughly five million land-line customers have hung up their local phone service in favor of a nationwide wireless calling plan over the past five years. According to Yankee Group, a technology consulting firm, about 4% of cellphone users don't have a land-line phone and 15% of all cellphone customers say they will jettison their wired phone in the next five years.
In addition, customers are abandoning second phone lines in favor of high-speed Internet connections while rivals such as AT&T Corp. and MCI offer cut-rate local and long-distance phone packages.
Mr. Powell has spoken strongly in recent weeks about the need for number portability. Last month, he called it "an absolute essential" and said phone carriers "ought to quit complaining about it and get ready to comply with it because they better be ready on the 24th." While wireless-number transfers can occur almost instantly, it likely will take about four days to switch a local phone number to a wireless phone. Companies that don't comply with the rules and the time frame will face penalties.
Local phone companies are hoping to stem the loss of land-line customers with their own wireless operations. Verizon controls Verizon Wireless, a joint venture with Vodafone Group PLC of Britain that is the largest wireless operator in the U.S. SBC and BellSouth share ownership of Cingular Wireless, the nation's second-largest cellular operator. Qwest owns a wireless operation in the states where it provides local service, which it is expanding by leasing wireless capacity from Sprint Corp.
But even if the Bells succeed in attracting the bulk of defecting land-line customers to their own wireless operations, they would still face a possible loss in revenue: Wireline customers on average spend more on their phone bill each month than wireless customers.
Write to Anne Marie Squeo at annemarie.squeo@wsj.com, Almar Latour at almar.latour@wsj.com and Jesse Drucker at jesse.drucker@wsj.com
Updated November 6, 2003 9:44 a.m.
Yep, A real investor..
Peregrine Pharmaceuticals is studying phosphatidylserine to target the blood supply of solid tumors. Dr. Thorpe's anti-PS had been used on laboratory mice, reducing tumors 50 to 90%. The treatment also induced remissions in 50% of mice with tumors related to connective tissue and 30% of mice with breast tumors.
Thorp's company has been touting its results to medical professionals at every opportunity, having presented at a Cambridge Mass. drug development conference September 30th that netted PPHM $784,000 from Melton Management, Ltd., an institutional investor
Spokeshave..I wonder what the possibility would be for the very same 2 parties might also be the same 2 who were evaluating Embarq?
"NVC acknowledges that ANI has previously granted non-exclusive licenses under the PowerStream IP in the Field to two parties with worldwide businesses headquartered in the United States, and the exclusivity given to NVC by this Section is subject to those licenses."
34Simmons
Aug 8–10 35 $135,985 - 5 - $27,197 $135,985 1
Aug 15–17 32 $201,387 +48.1% 16 +11 $12,586 $418,856 2
Aug 22–24 26 $372,013 +84.7% 50 +34 $7,440 $949,498 3
Aug 29–31 26 $442,716 +19.0% 76 +26 $5,825 $1,610,306 4
Aug 29–Sep 1 26 $608,156 +63.5% 76 +26 $8,002 $1,775,746 4
Sep 5–7 27 $334,490 -24.4% 83 +7 $4,030 $2,239,595 5
Sep 12–14 29 $261,810 -21.7% 90 +7 $2,909 $2,604,144 6
Sep 19–21 36 $191,816 -26.7% 91 +1 $2,107 $2,898,173 7
Sep 26–28 36 $148,259 -22.7% 87 -4 $1,704 $3,129,799 8
Oct 3–5 43 $96,960 -34.6% 80 -7 $1,212 $3,286,876 9
Oct 10–12 44 $84,919 -12.4% 67 -13 $1,267 $3,420,054 10
Oct 17–19 49 $56,940 -32.9% 60 -7 $949 $3,520,689 11
Oct 24–26 56 $38,134 -33.0% 46 -14 $829 $3,590,102 12
Oct 31–Nov 2 63 $26,531 -30.4% 43 -3 $617 $3,640,512 13
Dilt1-WELL DONE
Conexant and GlobespanVirata Announce Plan to Merge; Combination Will Create the Worldwide Leader in Semiconductor Solutions for the Broadband Digital Home
11/3/2003 6:30:00 AM
NEWPORT BEACH, Calif. & RED BANK, N.J., Nov 3, 2003 (BUSINESS WIRE) -- Conexant Systems, Inc. (CNXT) and GlobespanVirata, Inc. (GSPN) today announced the signing of a definitive agreement to combine the two companies in a strategic merger. The combined company will possess the world's most complete and most advanced portfolio of semiconductor solutions targeting the broadband digital home.
"Conexant has been focused exclusively on delivering the technology and products that are driving the digital home, one of the semiconductor industry's most exciting and highest-growth opportunities," said Dwight W. Decker, Conexant chairman and chief executive officer. "With the addition of GlobespanVirata's highly complementary product portfolio, we gain key end-to-end digital subscriber line connectivity with a leading position in central office applications worldwide. We also benefit by adding GlobespanVirata's leadership position in wireless local area networking, a critical technology for the digital home.
"From a financial perspective, we have the opportunity to capture significant operating efficiencies, and we anticipate that the merger will be accretive within six to nine months from the close of the transaction," Decker continued. "Together, we will have the scale and scope to make the necessary R&D investments for continued innovation leadership in wired and wireless communications and multimedia applications for the digital home."
"Combining GlobespanVirata with Conexant allows us to complement our leadership in broadband communications capabilities with leadership in broadband media processing capabilities, including broadcast video encoders and decoders as well as digital set-top box system solutions for cable, satellite, terrestrial data and digital video networks," said Armando Geday, president and chief executive officer of GlobespanVirata. "I am confident that the new merged company will deliver stronger financial performance and create more value for our shareholders, customers and employees than either company could operating independently."
"This merger will result in the creation of a new company with the management expertise, talent resources, technology, market positions, and critical mass to succeed in an increasingly competitive industry," said Matt Rhodes, Conexant's president.
About the Combined Company
Armando Geday will serve as chief executive officer of the company and Matt Rhodes will be president. Dwight Decker will assume the role of chairman.
The board of directors of the combined company will have 12 members, with Conexant designating seven directors, including Decker, and GlobespanVirata designating Geday and four others.
Based on the market values of the individual companies on October 31, 2003, the merged company would be valued at approximately $2.8 billion, and it would have an annual revenue run-rate of approximately $1.2 billion. The combined company will retain the Conexant name and its stock will continue to trade on the Nasdaq national market under the ticker symbol "CNXT." The merged company will employ approximately 2,400 people worldwide and will be headquartered in Red Bank, New Jersey at GlobespanVirata's current headquarters.
About the Transaction
Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, GlobespanVirata shareholders will receive 1.198 shares of Conexant common stock for each share of GlobespanVirata stock. Based on the fully diluted share counts for the two companies as of market close on Friday, October 31, 2003, current Conexant shareholders will own 62.75 percent and current GlobespanVirata shareholders will own 37.25 percent of the combined company's shares. The transaction is subject to customary closing conditions, including shareholder and regulatory approvals, and is expected to be completed in the first quarter of calendar 2004.
About the Digital Home
With always-on broadband connections, the Internet becomes an integral part of everyday life, and the semiconductor products and technology that make the broadband digital home possible allow people to access, share and display information and entertainment on a variety of consumer electronics devices in a seamless fashion.
At the heart of today's digital home is a network that provides users with broadband Internet access and links devices such as personal computers, printers and game consoles cohesively and transparently, using both wired and wireless technologies. In the near future, information and entertainment networks will connect additional products including personal digital assistants, digital cameras, MP3 players, and other handheld appliances. With the commercialization of new technologies that enable the distribution of high-quality digital video and audio content, broadband digital home networks will expand to include stereos, set-top boxes, televisions, and home security and automation systems.
Note to Editors, Analysts and Investors
The Conexant and GlobespanVirata merger conference call will take place on Monday, November 3, 2003, at 8:30 a.m. EST. To listen to the conference call via telephone, please call 866-710-0179 (domestic) or 334-323-9854 (international); security code: Conexant. To listen via the Internet, please visit the investor relations section of Conexant's Web site at www.conexant.com/ir. Playback of the conference call will be available 30 minutes after the conclusion of the call on Conexant's Web site at www.conexant.com/ir or by calling 800-858-5309 (domestic) or 334-323-7226 (international); access code: 40983, pass code: 46324. Callers will need both the access code and pass code to listen to the replay.
About Conexant
Conexant's innovative semiconductor system solutions are driving digital home information and entertainment networks worldwide. The company has leveraged its expertise and leadership position in modem technologies to enable more Internet connections than all of its competitors combined, and continues to develop leading integrated silicon solutions for cable, satellite, terrestrial data and digital video networks.
Key products include digital subscriber line (DSL) and cable modem solutions, home network processors, broadcast video encoders and decoders, digital set-top box components and systems solutions, and dial-up modems. The company also offers a suite of wireless data and networking components solutions that includes HomePlug(R), HomePNA(TM) and WLAN (802.11) components and reference designs.
Conexant is a fabless semiconductor company and has approximately 1,400 employees. The company is headquartered in Newport Beach, Calif. To learn more, visit Conexant at www.conexant.com.
About GlobespanVirata
GlobespanVirata is a leading provider of broadband communications solutions for consumer, enterprise, personal computer and service provider markets. GlobespanVirata delivers complete system-level high-speed, cost-effective and flexible DSL and wireless networking chip sets, software and reference designs to leading global manufacturers of broadband access and wireless networking equipment. The company's products include broadband system-level solutions for modems, routers, residential gateways, and DSLAMs, as well as a wide variety of wireless networking chip sets and reference designs that are enabling a new generation of wireless connectivity in notebooks, PDAs, digital cameras, MP3 players and other handheld networking appliances.
GlobespanVirata applies the industry's longest history in DSL and wireless networking development and deployment to offer unparalleled support to its more than 400 customers in bringing its proven broadband and wireless networking solutions to market. GlobespanVirata is headquartered at 100 Schulz Drive, Red Bank, New Jersey 07701 and can be reached at +1-732-345-7500.
Safe Harbor Statement
This press release contains statements relating to future results of Conexant and GlobespanVirata (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. For each of Conexant and GlobespanVirata, these risks and uncertainties include, but are not limited to: the cyclical nature of the semiconductor industry and the markets addressed by the company's and its customers' products; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions; the availability of manufacturing capacity; pricing pressures and other competitive factors; changes in product mix; product obsolescence; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; the uncertainties of litigation; and, in the case of GlobespanVirata, the integration of its Wireless Networking Products Group, as well as other risks and uncertainties, including those detailed from time to time in Conexant's and GlobespanVirata's Securities and Exchange Commission filings. Such risks also include costs related to the proposed merger; failure to obtain the required approvals of Conexant and GlobespanVirata stockholders; risks that the closing of the transaction is substantially delayed or that the transaction does not close; and the risk that Conexant's and GlobespanVirata's businesses will not be integrated successfully. These forward-looking statements are made only as of the date hereof, and Conexant and GlobespanVirata undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information
Conexant and GlobespanVirata intend to file with the Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 that will include a joint proxy statement/prospectus and other relevant documents in connection with the proposed transaction. Conexant and GlobespanVirata will mail the joint proxy statement/prospectus to their respective investors and securityholders. Investors and securityholders of Conexant and GlobespanVirata are urged to read the joint proxy statement/prospectus and other relevant materials when they become available because they will contain other information about Conexant, GlobespanVirata and the proposed transaction. Investors and securityholders may obtain a free copy of these materials (when they are available) and other documents filed with the SEC at the SEC's website at www.sec.gov. A free copy of the joint proxy statement/prospectus when it becomes available may also be obtained by contacting Conexant Investor Relations at 4000 MacArthur Boulevard, Newport Beach, California 92660 and through Conexant's website at www.conexant.com, or by contacting GlobespanVirata at 100 Schulz Drive, Red Bank, New Jersey 07701 and through GlobespanVirata's website at www.globespanvirata.com.
Conexant, GlobespanVirata and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from their respective stockholders with respect to the proposed transaction. Information about the directors and executive officers of Conexant and their ownership of Conexant shares is set forth in the proxy statement for Conexant's 2003 Annual Meeting of Shareowners. A free copy of this document may be obtained by contacting the SEC or Conexant as indicated above. Information about the directors and executive officers of GlobespanVirata and their ownership of GlobespanVirata stock is set forth in the proxy statement for GlobespanVirata's 2003 Annual Meeting of Stockholders. A free copy of this document may be obtained by contacting the SEC or GlobespanVirata as indicated above. Investors and securityholders may obtain additional information regarding the interests of such directors and executive officers in the proposed transaction by reading the joint proxy statement/prospectus when it becomes available.
Conexant is a trademark of Conexant Systems, Inc. HomePlug is a registered trademark of the HomePlug Powerline Alliance, Inc. and HomePNA is a trademark of the Home Phoneline Networking Alliance. PRISM is a registered trademark and the GlobespanVirata name and logo are trademarks of GlobespanVirata, Inc. Other brands and names contained in this release are the property of their respective owners.
SOURCE: Conexant Systems, Inc.
Conexant Systems, Inc.
Gwen Carlson, 949-483-7363 (Editorial)
Bruce Thomas, 949-483-2698 (Investor Relations)
or
GlobespanVirata
Mariam Azzam, 732-345-6018 (Editorial)
Customize your Business Wire news & multimedia to match your needs.
Get breaking news from companies and organizations worldwide.
Logon for FREE today at
www.BusinessWire.com.
Copyright (C) 2003 Business Wire. All rights reserved.
Trading
Cos..I felt my comment was very intelligent.
So you are somewhere between not free and current salary, right?
At what point is the value /knowledge they hold fair to us as shareholders, $1000 per week, $1000 per day ?
I personally don't believe it is all that simple to get up day after day, week after week, month after month knowing about this potential new technology and not able to share / prove what I know from professional opinions from third parties that my instincts were correct Management must surely believe.
I don't know that if I were a mortgage broker [I am not] or investor in ideas like Ray that I could risk all my friends, my neighbors and all the people that I must sell my dream to day after day if my fellow believers / stockholders thought my sweat and efforts were reduced to a salary, which in and of itself I felt was low but Ray does all this.
This project we invested in, soon to be called Rim, certainly has had many turns along the road but I say, thank goodness our team didn't just say, screw it and fade into the sunset.
Let me be perfecetly clear on this, my investor group is not pleased nor is anyone I speak to about past dreams that have not yet materalized at NVEI. Just ask our wives for their opinion should we meet.
I personally turned down a sizable project just last week because the individual would not pay me what I felt I was worth. I told him no thanks. I flew to Vegas on a jet and not rode in on a mule nor will I leave that way.
I believe in value that both Brad and Ray bring to the table and what point is served by jewing down compensation 50% or whatever so we feel good or punish someone.
Heck, I bet they believe they are worth twice what they are collecting from shareholders right now.
Cos..no, not at all. Every stock is a gamble, depending on hind sight all of us may have chosen differently.
What is your suggestion Cos?
Have Management work for free?