Conversion Solutions Holdings Files 10-KSB, Annual Report
Monday October 16, 8:43 pm ET
KENNESAW, Ga., Oct. 16 /PRNewswire-FirstCall/ -- Conversion Solutions Holdings Corp (OTC Bulletin Board: CSHD - News), a Delaware Corporation announces the following current events have taken place.
CVSU would like to announce that today we file our 10-KSB and a 10-KSB/A Annual Report.
The Filing highlights the company's strong growth and the large market expansion of its Asset Backed Portfolio. It also notes that the company will reveal the Assets that have been contracted since June 30, 2006, in the upcoming statements of financial results.
Net Income for the fiscal year ending of June 30, 2006 was $18,530,865.
Total Assets for the fiscal year end was $830,009,352. Total Shareholder equity for the fiscal year end was $789,508,292.
Total issued Shares as of year end was 62,489,721, given the corporation a calculated book value of $12.63 as of June 30, 2006.
With the addition of the Lehman Brothers Holdings PLC Bonds of $450,000,000 Euro ($564,092,494.32 USD as of October 16, 2006 at 7:26 pm), the Republic of Finland Sovereign Bonds of $749,000,000 Euro ($939,000,348.90 USD as of October 16, 2006 at 7:26 pm) and the Contract expansion with the Caracas Group of $5,000,000,000 USD the corporation currently has an asset portfolio of $7,292,601,135.22.
The total current issued share of the corporation after the merger as of today, October 16, 2006 close of business is 103,135,657 giving the corporation a current estimated book value of $70.71.
A typographic error in the 10-KSB under Item 5 Current Event-Driven Threshold Price Reset should have read as follows;
Current Event-Driven Threshold Price Reset
As a result of the Merger agreement between FrontHaul Group and CSHD [incorporated herein by this reference to 8-K/A Current report, item 2.01 Acc-no: 0001297077-06-000068 (34 Act)] Item 2.6 Average Closing Price Adjustment which reads a follows;
In the event that the Actual Average Closing Price is less than $15.00, the Surviving Holdings Company shall deliver written notice to the Company no later than the second (2nd) Business Day preceding the Closing Date pursuant to which the Surviving Holdings Company shall elect, in its sole discretion, to: (a) maintain the Average Closing Price at a price equal to the Actual Average Closing Price; (b) set the Average Closing Price at $15.00 and pay the holders of Company Shares receiving shares of Buyer's Stock as Merger Consideration (after giving effect to the allocation procedures set forth in Section 2.4) an amount in cash equal to $15.00 minus the Actual Average Closing Price per share of Buyer's Stock to be received by such holders of Company Shares; or (c) set the Average Closing Price at $15.00 and pay no additional consideration to the holders of Company Shares receiving shares of Buyer's Stock as Merger Consideration (after giving effect to the allocation procedures set forth in Section 2.4).
The Corporation hereby chooses option (c) to reset the Share value to an equivalent of $15.00 by issuing additional shares to each shareholder of record as of the close of business on October 16, 2006, the issuance date of the Reset shares is October 30, 2006 10 business days from the filing of this form 10-KSB.
The ratio of share issuance will use the following formula ($15.00 divided by the Actual Closing Price on October 16, 2006 (X) minus Actual Closing Price on October 16, 2006) (15 / X - X).
A 10-KSB/A was filed and accepted at 6:50PM and will show up on the Edgar System first thing tomorrow morning.
"The Threshold Price Reset means that for every share you owned as of the close of business today you will receive 6 additional share (no fractions will be issued and will be rounded down to the nearest whole) of CSHD on or around October 30, 2006. This transaction will take the total issued share number to 618,813,942 giving the corporation an estimated book value of $11.78," stated Rufus Paul Harris, Chief Executive Officer.
About Conversion Solutions Holdings Corp
CSHD is a diversified holdings corporation, which was formed to originate, fund and source funding for asset-based transactions in the private market. CSHD's main service will be to acquire, fund and provide insurance to target companies in the currently underserved $15,000,000 to $100,000,000 asset finance market. Our funding will enable our businesses to compete more effectively, improve operations and increase value. CSHD is headquartered in Kennesaw, Georgia, a suburb of Atlanta. For more information, please visit us at www.cvsu.us.
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