Thursday, December 14, 2000 8:34:05 PM
http://www.geocities.com/crystal_comet_2000/
Greetings, fellow investors.
ONE thing is "Certain" about the stock market, and that is the market
HATES "Uncertainty!" And uncertainty is what we have been experiencing as
we suffer through this madness, called "Election 2000." But now the GOOD
news: We have a winner! There WILL be a bull rally. The time to buy
quality stocks is now at the beginning of the bull rally! We anticipate
record volume on FEVI today and also anticipate excellent news in a few
days or even sooner.
We present for your consideration a company involved in a recently
announced reverse merger transaction, which will yield, we believe, a
newly public telecom and prepaid long distance company: NICO Telecom, Inc.
(OTCBB: FEVI). The application for the name NICO Telecom has been
submitted to the SEC. Currently, the legal name of the Corporation is Far
East Ventures, Inc. NICO Telecom wholly owns Sophisticated
Communications, Inc. (SCI), a formerly private, industry-leading supplier
of prepaid calling cards. SCI currently has a distribution network active
in 42 states with approximately 50,000 locations, as well as rapidly
growing international operations.
According to the Company, SCI is an "up and running" concern, with several
million dollars of bottom line profits expected this year, and is
currently on track to generate $75,000,000 in revenues in fiscal 2000.
The current market cap of this issue is approximately $5,000,000.
Amongst the turmoil and carnage of the recent telecom sector market
activity, and the apparent tax-loss selling of the former company, Far
East Ventures, Inc., this reverse merger transaction has gone virtually
unnoticed on Wall Street. We see no reason why this Company, after
successful completion of its reverse merger and announced financial
audits, would not apply for a listing on one of the major exchanges. We
believe the merger and the consolidated audit may be complete as soon as
December 2000 or January 2001
In September 2000, SCI announced the closing of a $100 million, three year
agreement including, among others, Global Telemedia International (OTCBB:
GTMI). We believe The Street is asleep at the wheel, and believe FEVI is
worth serious consideration at a current valuation of 1/15X (
yes...1/15!) projected fiscal 2000 gross revenue. The stock currently
trades at about $0.14: putting a P/E ratio of 10 on projected fiscal 2000
profits would yield a price of about $1.00. We believe a 10 P/E is
reasonable and conservative for a company like SCI, which has grown
revenues from $3,000,000 to a projected $75,000,000 over the last 4-5
years.
As always, DiabloStocks.com believes a thorough due diligence effort,
including a thorough review of SEC filings, should be completed prior to
investing.
NICO Telecom Inc. (application for name change from Far East Ventures,
Inc. submitted to the SEC December 2000)
OTCBB: FEVI (symbol change pending, Cusip # change pending)
Price: $.14 (12-10-00)
Shares Outstanding: 34.8M (approx. post reverse merger)
Float 6.0M (approx.)
Market Cap: $4.9M (approx.)
WEBSITE: www.sciphonecards.com
THE COMPANY
NICO Telecom, Inc. (OTCBB: FEVI)(Nico) is an industry leading pre-paid
phone card provider active in 42 states through 50,000 sales locations.
Nico's wholly owned subsidiary, Sophisticated Communications, Inc., has
been in the Telecom business since 1995, growing revenue from less than
$3,000,000 per year to a projected $75,000,000 in fiscal 2000, according
to the Company.
In order to continue to successfully implement its growth plans,
Sophisticated Communications, Inc., through Nico, is in the process of
completing a reverse merger with Far East Ventures, Inc., a fully
reporting OTCBB company formerly engaged in the acquisition of horseracing
and gaming facilities. This merger, we believe, should be complete in
2000 or early January 2001.
Mr. Michael Fletcher, founder and current CEO of SCI, began the business
by soliciting small retail outlets in the Miami, Florida area in the early
to mid 1990's. Through the use of innovative marketing techniques and
beneficial exclusivity agreements with suppliers and vendors, Mr. Fletcher
has led SCI through a period of outstanding growth...a period which, we
believe, continues today.
The persistence of this vision, and depth of industry knowledge, led to
the revenue growth expected, this fiscal year, to reach $75,000,000.
Current and new aggressive marketing plans, ad campaigns, new strategic
relationships such as the Global Telemedia International agreement, and a
planned entry into IP telephony lead us to believe that this phenomenal
growth can continue.
SCI, using this this reverse merger transaction to become a public
company, now plans to implement and fund its next-generation growth plans
with the aid of the capital markets. We believe the Company plans to
announce several significant and probably accretive acquisitions within a
very short time period. In addition, we believe the company will continue
to garner new strategic relationships with top-notch telecom players.
Global Telemedia International Agreement
FEVI announced in December 2000 that it had reached an agreement with GTMI
(Global Telemedia) for international phonecard and smart-card
distribution. Though FEVI is a leading distributor of phonecards in the
United States, it has not had the availability of a financial services
card with international origination such as GTMI's BentleyTel
Smart-e-Card.
The BentleyTel Smart-e-Card has foreign termination to 223 countries and
foreign origination in 107 countries and this innovative card will be
integrated into our distribution network. Under the agreement, GTMI will
develop a BentleyTel Phonecard, which will be distributed by FEVI as a
stepping-stone to the full service Smart-e-Card. The BentleyTel Phonecard
will be sold through FEVI's existing outlets. In addition, the BentleyTel
full service Smart-e-card will be promoted and a marketing study completed
to qualify as many of the estimated 55,000 locations as possible for
introduction of the BentleyTel Smart-e-Cash machines.
President Jonathon Bentley-Stevens of GTMI said, ``The distribution
agreement is a significant achievement for GTMI, partnering with a
corporation with the depth of industry experience and strong nationwide
distribution such as FEVI should mean immediate revenues while
establishing the BentleyTel brand here in the USA. We are committed to
working with the management of FEVI to identify and qualify as many of
their outlets as possible as potential locations of the Smart-e-Cash
machines. We see the distribution of the BentleyTel International
Phonecard as an introduction to the distribution of our proprietary
Smart-e-Card. Once locations are identified as having the correct
demographics for the placement of a Smart-e-Cash machine GTMI and FEVI
will jointly market through customer education, product integration and
telemarketing to promote the BentleyTel Smart-e-Card and also direct
clients to the stores which sell Smart-e-Cards or locations which have the
Smart-e-Cash machines. This agreement will make FEVI a leading provider of
Smart-e-Cards and able to take advantage of the growth in the check
cashing industry which is reportedly growing at 15% per annum.
The BentleyTel Smart-e-Card is a Visa/MasterCard/debitcard/International
Phonecard/ international funds-transfer card and is targeted for the
estimated $6 billion dollar Smart Card market.
The international and domestic growth opportunities for FEVI are, we
believe, outstanding. The Company anticipates that fiscal year 2001
revenues could exceed $105 Million. With Far East Ventures, Inc.'s
pending reverse merger and pending name and symbol change, hardcore
value-style multiple and outstanding future prospects, it indeed appears,
with the stock at $.014, that Wall Street is asleep at the wheel!
IP Telephony
SCI has recently announced that they plan to enter what is arguably the
hottest sector in telecommunications today: IP Telephony. The voice-over
IP network allows callers to place long distance calls for as little as 4
cents per minute over the Internet. Consumers and businesses are drawn to
this technology due to the tremendous cost savings over traditional long
distance carriers.
International Data Corporation (IDC) predicts a global IP Telephony market
of $24 billion by the year 2002, and $80 billion by the year 2003. VOIP
(Voice-Over Internet Protocol) or telephone-to-telephone calling over the
internet, we believe, will eventually be the standard in
telecommunications: the market is still wide open, with only a few well
known players, such as Net2Phone (NASDAQ: NTOP) and Vocal-Tec
Communications (NASDAQ: VOCL).
MANAGEMENT
MR. MICHAEL FLETCHER, CHAIRMAN and CEO, Has successfully guided every
aspect of SCI's growth from the development stage through its expected
$75,000,000 revenue achievement of fiscal 2000. He has inked agreements
with well known market and niche players and developed significant
international and domestic market presence for SCI.
MR. MARK HERNANDEZ, CFO, brings extensive experience and background to the
company in corporate finance and sales, including a tenure as CFO for
another Miami-based public company, Cigarette Racing Team. His knowledge
as a CPA combined with his professional experience in contributing to the
corporate growth at the various companies with which he has been employed,
make him an ideal addition to SCI's management team.
According to Michael S. Fletcher, Chairman of the Board of Far East
Ventures, ``We are extremely pleased to have been able to bring a
professional of Mr. Hernandez' caliber to our management team. This is
especially important at this point in our corporate development as we make
the transition from serving only the pre paid calling card market to
expanding into related services in efforts to become a more diversified
international communications services company. Mr. Hernandez has already
taken the lead in negotiating the purchase of a new switch, as well as in
structuring the terms of our current acquisition, which we announced on
October 19, 2000.''
LINKS TO CHARTS AND FINANCIALS
Charts: http://finance.yahoo.com/q?s=fevi.ob&d=b
Financials: http://biz.yahoo.com/e/l/a/fevi.ob.html
SELECTED PRESS RELEASES
Thursday December 7, 10:11 am Eastern Time
Press Release
FEVI Announces Name Change to Nico Telecom
New CUSIP Number, Trading Name, Symbol Change to Follow
MIAMI--(BUSINESS WIRE)--Dec. 7, 2000--Far East Ventures, Inc. (OTCBB:
FEVI), today announced that the new name of Far East Ventures, Inc. shall
be Nico Telecom, Inc. An application has been filed for a new CUSIP number
and the official trading name and symbol change is expected to be
effective shortly.
An announcement will be made as soon as the change is effective.
Confirmation of these items is consistent with a recent board of
director's resolution which stated that the name of the company should
remain consistent with the nature of the company's current business as
well as future expansion and acquisition plans which are currently being
implemented by management.
Michael Fletcher, chairman of the Board of Far East Ventures Inc., stated,
``This is the closing of the chapter on operations under the name Far East
Ventures, which in the past has pursued business opportunities in numerous
industries, and the opening of the era of Nico Telecom, Inc., which will
focus on providing services and products in the most rapidly expanding
areas of fixed line and wireless communications. Since our merger with Far
East, we have better defined and focused our business plan to pursue
opportunities that we believe are consistent with that plan. These
opportunities include our pending acquisition of a major competitor in the
prepaid calling card business and the distribution agreement we recently
announced with Global Telemarketing Inc., which allows us to expand the
money transfer services to our domestic and international customer base
coupled with the cross selling of our prepaid communication products to
clients that we have not sold to before or to whom we have only been able
to offer one product.''
Michael Fletcher continued, ``The company is continuing to expand its
cross-selling opportunities and line extensions through its relationship
with Global Media (GTMI). This relationship should allow us to expand our
customer base even further, which should result in additional revenues by
targeting new markets and providing a broader product line to our
customers.''
Since SCI's reverse merger with Far East, management reiterated its
commitment to remain focused solely on the communications business. The
post merger transition period is now complete and management believes that
this is the appropriate time to change its name to reflect the company's
direction and its expanded line of services and products. Mr. Fletcher
added, ``We are obviously disappointed in our present stock price and
believe that it does not recognize our business direction and our
management talent. We are hopeful that our name will better inform the
investing public of the direction that present management is taking the
company.''
The Company is committed to taking the necessary steps to enhance
shareholder value, and is planning to retain a well-known public relations
firm with expertise into the communication area to handle its investor and
public relations. The company anticipates announcement of further details
in the near future. Management reiterated it's committed to getting the
exciting story of Nico Telecom, Inc. out to the public and to our
shareholders.
Nico Telecom/Far East Ventures' subsidiary, Sophisticated Communications,
Inc., has been an innovator in the prepaid calling card business since
1995, and is now one of the industry's leaders in sales and distribution.
The company specializes in providing private label cards for master
distributors, and will soon move from being a switchless re-seller to a
facilities based provider. Because of senior management's extensive
experience in telecommunications, the company provides a well blended
product mix with competitive international rates and a wide variety of
calling cards, which benefits its network of distributors and end users in
maximizing market potential. FEVI management is dedicated to increasing
its shareholder value as it expands its business plan. On November 3,
2000, the company established its web presence, as part of its efforts to
raise its corporate profile. This move into e-commerce will take SCI into
a new arena, adding internet sales and business to business trade to its
well diversified product and marketing mix.
The Private Securities Reform Act of 1995 provides a ``safe harbor'' for
forward-looking statements. Certain information included in this Press
Release (as well as information included in oral statements or other
written statements made or to be made) contains statements that are
forward looking, such as those relating to consummation of transactions,
anticipated future revenues and/or success of current product offerings.
Such forward looking information involves important risks and
uncertainties that could significantly affect anticipated results in the
future and, accordingly, such results may differ materially from those
expressed in any forward looking statements.
Tuesday December 5, 11:35 am Eastern Time
Press Release
SOURCE: Global TeleMedia International Inc.
GTMI and Far East Ventures Inc. Sign National Distribution Deal For
BentleyTel Cards
BentleyTel Cards to be Distributed Through 55,000 Locations in 42 States
NEWPORT BEACH, Calif., Dec. 5 /PRNewswire/ -- Global TeleMedia
International (OTCBB: GTMI) announced that it had executed a distribution
agreement with Far East Ventures Inc. (OTC Bulletin Board: FEVI) for
distribution the Proprietary BentleyTel Smart-e-Card throughout FEVI's
wholesale distribution network which has approximately 55,000 locations in
42 states.
Michael Fletcher, FEVI Chairman said, ``FEVI, through its wholly owned
subsidiary SCI, has been an innovator in the prepaid calling card business
since 1995, with projected revenues for 2001 at $105 million, is now one
of the industry's leaders in sales and distribution. The company
specializes in providing private label cards for master distributors, and
will soon move from being a switchless re-seller to a facilities based
provider. Because of senior management's extensive experience in
telecommunications, the company provides a wide variety of calling cards,
which benefits its network of distributors and end users in maximizing
market potential.
We are pleased to enter into an agreement of this type with GTMI. Though
FEVI has major distribution of phonecards in the United States, it does
not have the availability of a financial services card with international
origination such as the BentleyTel Smart-e-Card. The BentleyTel
Smart-e-Card has foreign termination to 223 countries and foreign
origination in 107 countries and we are keen to integrate this innovative
card into our distribution network. Under our agreement GTMI will develop
a BentleyTel Phonecard, which will be distributed by FEVI as a
stepping-stone to the full service Smart-e-Card. The BentleyTel Phonecard
will be sold through our existing outlets while we simultaneously promote
the BentleyTel full service Smart-e-card and qualify as many of our
locations as possible for introduction of the BentleyTel Smart-e-Cash
machines.``
President Jonathon Bentley-Stevens said, ``The distribution agreement is a
significant achievement for GTMI, partnering with a corporation with the
depth of industry experience and strong nationwide distribution such as
FEVI should mean immediate revenues while establishing the BentleyTel
brand here in the USA. We are committed to working with the management of
FEVI to identify and qualify as many of their outlets as possible for
potential locations of the Smart-e-Cash machines. We see the distribution
of the BentleyTel International Phonecard as an introduction to the
distribution of our proprietary Smart-e-Card. Once locations are
identified as having the correct demographics for the placement of a
Smart-e-Cash machine GTMI and FEVI will jointly market through customer
education, product integration and telemarketing to promote the BentleyTel
Smart-e-Card and also direct clients to the stores which sell
Smart-e-Cards or locations which have the Smart-e-Cash machines. This
agreement will make FEVI a leading provider of Smart-e-Cards and able to
take advantage of the growth in the check cashing industry which is
reportedly growing at 15% per annum.
The BentleyTel Smart-e-Card is a Visa/MasterCard/debitcard/International
Phonecard/ international funds-transfer card and is targeted for the
estimated $6 billion dollar Smart Card market
PR inquiries: GTMI direct on 949-253-9588.
Global TeleMedia International, Inc., located in Newport Beach,
California, through its BentleyTel.com subsidiary, is a leading developer
of interactive software for complex Smart-e-Card and E-commerce solutions,
Voice over IP, LAN VPN (Virtual Private Network), ISP and Virtual ISP.
GTMI also owns manufacturing, telecom, ISP, and software development
facilities in the USA, Australia, Malaysia and the Philippines.
This press release contains forward-looking statements. All such
statements involve risks and uncertainties, including, without limitation,
the risks detailed in Global TeleMedia's filings and reports with the
Securities and Exchange Commission. Such statements are only predictions
and actual events or results may differ materially.
Monday December 4, 9:43 am Eastern Time
Press Release
FEVI's Board of Directors Approves a $10 Million Purchase Price for
Intended Acquisition
MIAMI--(BUSINESS WIRE)--Dec. 4, 2000--Far East Ventures, Inc. (OTCBB:
FEVI) today announced that at its board of directors meeting held on
November 27, 2000, the board approved a total acquisition price of $10
million for the previously announced acquisition which was recently
reviewed by the company's auditors. The $10 million figure would be
reached through a combination of cash, stock, and earned out subordinate
notes, which ties a portion of the purchase price to the revenues and
profits of the acquisition to be generated in the future.
According to Michael S. Fletcher, Chairman of the Board of Far East
Ventures, ``Based upon a review by our auditors, and as evidenced by the
company's historical annual gross revenues of $25,000,000 and net profits
of approximately $2,500,000, our board of directors has approved an offer
of $10 million for 100% of the shares of the outstanding stock of the
acquisition candidate under consideration. Management of both companies
agreed that it can be anticipated that the acquisition will add a minimum
of $0.10 per share to FEVI's earnings for 2001, without additional
consideration of the cost savings from the combination of the two
companies. We are extremely pleased with these figures and Far East
Ventures is hopeful of completing negotiations with the acquisition and
entering into a definitive agreement on or before December 15, 2000. Based
on this time frame, the closing should occur during the early first
quarter of 2001. At the time of execution of the definitive acquisition
agreement, the acquisition candidate will be released from its
confidentiality agreement and names of the parties and final terms of the
acquisition can be made public.''
Far East Ventures' subsidiary, Sophisticated Communications, Inc., has
been an innovator in the prepaid calling card business since 1995, and is
now one of the industry's leaders in sales and distribution. The company
specializes in providing private label cards for master distributors, and
will soon move from being a switchless re-seller to a facilities based
provider. Because of senior management's extensive experience in
telecommunications, the company provides a well blended product mix with
competitive international rates and a wide variety of calling cards, which
benefits its network of distributors and end users in maximizing market
potential. FEVI management is dedicated to increasing its shareholder
value as it expands its business plan. On November 3, 2000, the company
established its web presence, as part of its efforts to raise its
corporate profile. This move into e-commerce will take SCI into a new
arena, adding internet sales and business to business trade to its well
diversified product and marketing mix.
The Private Securities Reform Act of 1995 provides a ``safe harbor'' for
forward-looking statements. Certain information included in this Press
Release (as well as information included in oral statements or other
written statements made or to be made) contains statements that are
forward looking, such as those relating to consummation of transactions,
anticipated future revenues and/or success of current product offerings.
Such forward looking information involves important risks and
uncertainties that could significantly affect anticipated results in the
future and, accordingly, such results may differ materially from those
expressed in any forward looking statements.
November 20, 2000
FAR EAST VENTURES INC (FEVI.OB)
Quarterly Report (SEC form 10QSB)
Management's Discussion and Analysis of Financial Condition and Results of
Operations
GENERAL
The following discussion and analysis should be read in conjunction with
our consolidated financial statements and related footnotes for the year
ended December 31, 1999 included in our Annual Report on Form 10-KSB. The
discussion of results, causes and trends should not be construed to imply
any conclusion that such results or trends will necessarily continue in
the future.
OVERVIEW
Our initial focus after acquiring Churchill Resources, Inc. was to develop
a management team and a corporate identity. Business offices were leased
in Las Vegas, Nevada and management was secured, including a Chief
Executive Officer and Chief Financial Officer who were knowledgeable in
the gaming and horse racing industries.
We also focused on the development of what was to be our core business,
horse racing and gaming. To that end we entered into an agreement to
purchase the Fraser Downs Raceway assets in Surrey, British Columbia,
Canada. We also signed a letter of intent to purchase the Sandown Raceway
assets on Vancouver Island, British Columbia.
We, since our inception, have incurred net losses of $5,524,620. We may be
unable to continue in existence unless we are able to arrange financing to
fund our acquisitions and our new business strategy. We have not yet
generated any revenues and are still considered in the development stage.
PLAN OF OPERATION
In August 2000, we changed our corporate focus from that of acquiring
gaming and horse racing establishments to acquiring telecommunication
companies. On August 28, 2000 we entered into a Restated Stock Transfer
and Exchange Agreement with Sophisticated Communication, Inc. ("SCI"). As
a result of pending acquisition, we have reorganized the board of
directors and management team to focus on the telecommunications industry.
This reorganization resulted in the removal of certain board members and
our recently hired Chief Executive Officer and Chief Financial Officer. We
have also withdrawn our agreements to purchase Fraser Downs Raceway and
Sandowns Raceway.
At the closing of this transaction with is to occur by the end of 2000, we
will issue 12,400,000 shares of our common stock to the former shareholder
of SCI which represents approximately 50% of our issued and outstanding
common stock. SCI is a telecommunications company based in Florida that
distributes prepaid calling cards in 42 states through approximately
50,000 locations. Cards are sold in increments of $5, $10 and $20.
FORWARD LOOKING STATEMENTS
This report contains certain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Stockholders are
cautioned that all forward-looking statements involve risks and
uncertainty, including without limitation, the ability of us complete
acquisition of telecommunication companies and execute our business plan.
Although we believe the assumptions underlying the forward-looking
statements contained herein are reasonable, any of the assumptions could
be inaccurate, and therefore, there can be no assurance that the
forward-looking statements contained in the report will prove to be
accurate.
Wednesday November 1, 11:57 am Eastern Time
Press Release
Far East Ventures Announces Results of Third Quarter Financing Activities
MIAMI--(BUSINESS WIRE)--Nov. 1, 2000--Far East Ventures, Inc. (OTCBB:
FEVI), and its wholly owned subsidiary, Sophisticated Communications,
Inc., (``SCI'') today announced the results of its quarterly financing
activities for the third quarter ending September 30, 2000.
According to Michael S. Fletcher, Chairman of Far East Ventures, ``During
the past fiscal quarter, we have made significant progress in working
toward our goal of consolidating our debt, converting a significant
portion of debt to equity, and moving forward on strategic industry
acquisitions. Positive developments in each of these areas has moved SCI
and Far East Ventures closer to realizing its recapitalization and growth
objectives, and we are pleased with the results.''
As part of the company's recapitalization plan, Sophisticated
Communications received new debt financing facilities from General
Electric and Copelco totalling $527,944. The proceeds were utilized for
additional facility equipment. After the completion of the company's
consolidated audit by the end of the fourth fiscal quarter, and after the
closing of the pending, previously announced acquisition, management plans
to consolidate its total outstanding debt into one overall senior debt
facility during the first quarter of 2001. The consolidated line should
increase the company's available working capital as well as reduce
interest expense and administrative costs.
Also during the past fiscal quarter, management finalized a letter of
intent to acquire a Florida-based switched reseller and national
wholesaler of premium prepaid phone card products. The company's
investment bankers are proceeding with due diligence, valuation, and in
arranging and structuring acquisition financing. Completion of due
diligence and a definitive contract for closing is anticipated within 30
to 45 days.
Since 1995, SCI has been an innovator in the prepaid calling card
business, and is now one of the industry's leaders in sales and
distribution. The company specializes in providing private label cards for
master distributors, and will soon move from being a switchless re-seller
to a facilities based provider. Because of senior management's extensive
experience in telecommunications, the company provides a well blended
product mix with competitive international rates and a wide variety of
calling cards, which benefits its network of distributors and end users in
maximizing market potential. FEVI management is dedicated to increasing
its shareholder value as it expands its business plan.
The Private Securities Reform Act of 1995 provides a ``safe harbor'' for
forward-looking statements. Certain information included in this Press
Release (as well as information included in oral statements or other
written statements made or to be made) contains statements that are
forward looking, such as those relating to consummation of transactions,
anticipated future revenues and/or success of current product offerings.
Such forward looking information involves important risks and
uncertainties that could significantly affect anticipated results in the
future and, accordingly, such results may differ materially from those
expressed in any forward looking statements.
August 21, 2000
FAR EAST VENTURES INC (FEVI.OB)
Quarterly Report (SEC form 10QSB)
Management's Discussion and Analysis of Financial Condition and Results of
Operations
GENERAL
The following discussion and analysis should be read in conjunction with
our consolidated financial statements and related footnotes for the year
ended December 31, 1999 included in our Annual Report on Form 10-KSB. The
discussion of results, causes and trends should not be construed to imply
any conclusion that such results or trends will necessarily continue in
the future.
OVERVIEW
Our initial focus after acquiring Churchill Resources, Inc. was to develop
a management team and a corporate identity. Business offices were leased
in Las Vegas, Nevada and management was secured, including a Chief
Executive Officer and Chief Financial Officer who were knowledgeable in
the gaming and horse racing industries.
We also focused on the development of what was to be our core business,
horse racing and gaming. To that end we entered into an agreement to
purchase the Fraser Downs Raceway assets in Surrey, British Columbia,
Canada. We also signed a letter of intent to purchase the Sandown Raceway
assets on Vancouver Island, British Columbia.
We, since our inception, have incurred net losses of $3,206,398. We may be
unable to continue in existence unless we are able to arrange financing to
fund our acquisitions and our new business strategy. We have not yet
generated any revenues and are still considered in the development stage.
PLAN OF OPERATION
In August 2000, we changed our corporate focus from that of acquiring
gaming and horse racing establishments to acquiring telecommunication
companies. On August 10, 2000 we entered into a Stock Transfer and
Exchange Agreement with Sophisticated Communication, Inc. ("SCI"). As a
result of this acquisition, we have reorganized the board of directors and
management team to focus on the telecommunications industry. This
reorganization resulted in the removal of certain board members and our
recently hired Chief Executive Officer and Chief Financial Officer. We
have also withdrawn our agreements to purchase Fraser Downs Raceway and
Sandowns Raceway.
To acquire SCI, we will issued 7,000,000 shares of our common stock to the
former shareholder of SCI which represents approximately 40% of our issued
and outstanding common stock. SCI is a telecommunications company based in
Florida that distributes prepaid calling cards in 42 states through
approximately 50,000 locations. Cards are sold in increments of $5, $10
and $20.
FORWARD LOOKING STATEMENTS
This report contains certain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Stockholders are
cautioned that all forward-looking statements involve risks and
uncertainty, including without limitation, the ability of us complete
acquisition of telecommunication companies and execute our business plan.
Although we believe the assumptions underlying the forward-looking
statements contained herein are reasonable, any of the assumptions could
be inaccurate, and therefore, there can be no assurance that the
forward-looking statements contained in the report will prove to be
accurate.
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Investment Advisor, Financial Planning Service or a Stock Brokerage Firm
and in accordance with such CC is not offering investment advice or
promoting any investment strategies. CC is not offering securities for
sale or solicitation of any offer to buy or sell securities. An offer to
buy or sell can be made only with accompanying disclosure documents and
only in the states and provinces for which they are approved. The
owner/management of this e-mail alert has received three hundred thousand
free trading shares of FEVI from a third party for the dissemination of
this stock
profile/advertisement. Since we have an interest in FEVI there is an
inherent conflict of interest in our statements and opinions and such
statements and opinions cannot be considered independent. We will benefit
from any increase in the share price of FEVI. We retain the option of
liquidating all or part of our compensation before, during or immediately
after the dissemination of this report, a custom we often engage in. Safe
Harbor Disclosure: This
stock profile/advertisement contains or incorporates by reference
"forward-looking statements," including certain information with respect
to plans and strategies of the featured company. As such, any statements
contained herein or incorporated herein by reference that are not
statements of historical fact may be deemed to be forward-looking
statements. Without limiting the foregoing, the words "believe(s),"
"anticipate(s)," "plan(s),"expect(s)," "project(s)" "anticipate(s)" and
similar expressions are intended to identify forward-looking statements.
There are a number of important factors that could cause actual events or
actual results of the Companies profiled
Greetings, fellow investors.
ONE thing is "Certain" about the stock market, and that is the market
HATES "Uncertainty!" And uncertainty is what we have been experiencing as
we suffer through this madness, called "Election 2000." But now the GOOD
news: We have a winner! There WILL be a bull rally. The time to buy
quality stocks is now at the beginning of the bull rally! We anticipate
record volume on FEVI today and also anticipate excellent news in a few
days or even sooner.
We present for your consideration a company involved in a recently
announced reverse merger transaction, which will yield, we believe, a
newly public telecom and prepaid long distance company: NICO Telecom, Inc.
(OTCBB: FEVI). The application for the name NICO Telecom has been
submitted to the SEC. Currently, the legal name of the Corporation is Far
East Ventures, Inc. NICO Telecom wholly owns Sophisticated
Communications, Inc. (SCI), a formerly private, industry-leading supplier
of prepaid calling cards. SCI currently has a distribution network active
in 42 states with approximately 50,000 locations, as well as rapidly
growing international operations.
According to the Company, SCI is an "up and running" concern, with several
million dollars of bottom line profits expected this year, and is
currently on track to generate $75,000,000 in revenues in fiscal 2000.
The current market cap of this issue is approximately $5,000,000.
Amongst the turmoil and carnage of the recent telecom sector market
activity, and the apparent tax-loss selling of the former company, Far
East Ventures, Inc., this reverse merger transaction has gone virtually
unnoticed on Wall Street. We see no reason why this Company, after
successful completion of its reverse merger and announced financial
audits, would not apply for a listing on one of the major exchanges. We
believe the merger and the consolidated audit may be complete as soon as
December 2000 or January 2001
In September 2000, SCI announced the closing of a $100 million, three year
agreement including, among others, Global Telemedia International (OTCBB:
GTMI). We believe The Street is asleep at the wheel, and believe FEVI is
worth serious consideration at a current valuation of 1/15X (
yes...1/15!) projected fiscal 2000 gross revenue. The stock currently
trades at about $0.14: putting a P/E ratio of 10 on projected fiscal 2000
profits would yield a price of about $1.00. We believe a 10 P/E is
reasonable and conservative for a company like SCI, which has grown
revenues from $3,000,000 to a projected $75,000,000 over the last 4-5
years.
As always, DiabloStocks.com believes a thorough due diligence effort,
including a thorough review of SEC filings, should be completed prior to
investing.
NICO Telecom Inc. (application for name change from Far East Ventures,
Inc. submitted to the SEC December 2000)
OTCBB: FEVI (symbol change pending, Cusip # change pending)
Price: $.14 (12-10-00)
Shares Outstanding: 34.8M (approx. post reverse merger)
Float 6.0M (approx.)
Market Cap: $4.9M (approx.)
WEBSITE: www.sciphonecards.com
THE COMPANY
NICO Telecom, Inc. (OTCBB: FEVI)(Nico) is an industry leading pre-paid
phone card provider active in 42 states through 50,000 sales locations.
Nico's wholly owned subsidiary, Sophisticated Communications, Inc., has
been in the Telecom business since 1995, growing revenue from less than
$3,000,000 per year to a projected $75,000,000 in fiscal 2000, according
to the Company.
In order to continue to successfully implement its growth plans,
Sophisticated Communications, Inc., through Nico, is in the process of
completing a reverse merger with Far East Ventures, Inc., a fully
reporting OTCBB company formerly engaged in the acquisition of horseracing
and gaming facilities. This merger, we believe, should be complete in
2000 or early January 2001.
Mr. Michael Fletcher, founder and current CEO of SCI, began the business
by soliciting small retail outlets in the Miami, Florida area in the early
to mid 1990's. Through the use of innovative marketing techniques and
beneficial exclusivity agreements with suppliers and vendors, Mr. Fletcher
has led SCI through a period of outstanding growth...a period which, we
believe, continues today.
The persistence of this vision, and depth of industry knowledge, led to
the revenue growth expected, this fiscal year, to reach $75,000,000.
Current and new aggressive marketing plans, ad campaigns, new strategic
relationships such as the Global Telemedia International agreement, and a
planned entry into IP telephony lead us to believe that this phenomenal
growth can continue.
SCI, using this this reverse merger transaction to become a public
company, now plans to implement and fund its next-generation growth plans
with the aid of the capital markets. We believe the Company plans to
announce several significant and probably accretive acquisitions within a
very short time period. In addition, we believe the company will continue
to garner new strategic relationships with top-notch telecom players.
Global Telemedia International Agreement
FEVI announced in December 2000 that it had reached an agreement with GTMI
(Global Telemedia) for international phonecard and smart-card
distribution. Though FEVI is a leading distributor of phonecards in the
United States, it has not had the availability of a financial services
card with international origination such as GTMI's BentleyTel
Smart-e-Card.
The BentleyTel Smart-e-Card has foreign termination to 223 countries and
foreign origination in 107 countries and this innovative card will be
integrated into our distribution network. Under the agreement, GTMI will
develop a BentleyTel Phonecard, which will be distributed by FEVI as a
stepping-stone to the full service Smart-e-Card. The BentleyTel Phonecard
will be sold through FEVI's existing outlets. In addition, the BentleyTel
full service Smart-e-card will be promoted and a marketing study completed
to qualify as many of the estimated 55,000 locations as possible for
introduction of the BentleyTel Smart-e-Cash machines.
President Jonathon Bentley-Stevens of GTMI said, ``The distribution
agreement is a significant achievement for GTMI, partnering with a
corporation with the depth of industry experience and strong nationwide
distribution such as FEVI should mean immediate revenues while
establishing the BentleyTel brand here in the USA. We are committed to
working with the management of FEVI to identify and qualify as many of
their outlets as possible as potential locations of the Smart-e-Cash
machines. We see the distribution of the BentleyTel International
Phonecard as an introduction to the distribution of our proprietary
Smart-e-Card. Once locations are identified as having the correct
demographics for the placement of a Smart-e-Cash machine GTMI and FEVI
will jointly market through customer education, product integration and
telemarketing to promote the BentleyTel Smart-e-Card and also direct
clients to the stores which sell Smart-e-Cards or locations which have the
Smart-e-Cash machines. This agreement will make FEVI a leading provider of
Smart-e-Cards and able to take advantage of the growth in the check
cashing industry which is reportedly growing at 15% per annum.
The BentleyTel Smart-e-Card is a Visa/MasterCard/debitcard/International
Phonecard/ international funds-transfer card and is targeted for the
estimated $6 billion dollar Smart Card market.
The international and domestic growth opportunities for FEVI are, we
believe, outstanding. The Company anticipates that fiscal year 2001
revenues could exceed $105 Million. With Far East Ventures, Inc.'s
pending reverse merger and pending name and symbol change, hardcore
value-style multiple and outstanding future prospects, it indeed appears,
with the stock at $.014, that Wall Street is asleep at the wheel!
IP Telephony
SCI has recently announced that they plan to enter what is arguably the
hottest sector in telecommunications today: IP Telephony. The voice-over
IP network allows callers to place long distance calls for as little as 4
cents per minute over the Internet. Consumers and businesses are drawn to
this technology due to the tremendous cost savings over traditional long
distance carriers.
International Data Corporation (IDC) predicts a global IP Telephony market
of $24 billion by the year 2002, and $80 billion by the year 2003. VOIP
(Voice-Over Internet Protocol) or telephone-to-telephone calling over the
internet, we believe, will eventually be the standard in
telecommunications: the market is still wide open, with only a few well
known players, such as Net2Phone (NASDAQ: NTOP) and Vocal-Tec
Communications (NASDAQ: VOCL).
MANAGEMENT
MR. MICHAEL FLETCHER, CHAIRMAN and CEO, Has successfully guided every
aspect of SCI's growth from the development stage through its expected
$75,000,000 revenue achievement of fiscal 2000. He has inked agreements
with well known market and niche players and developed significant
international and domestic market presence for SCI.
MR. MARK HERNANDEZ, CFO, brings extensive experience and background to the
company in corporate finance and sales, including a tenure as CFO for
another Miami-based public company, Cigarette Racing Team. His knowledge
as a CPA combined with his professional experience in contributing to the
corporate growth at the various companies with which he has been employed,
make him an ideal addition to SCI's management team.
According to Michael S. Fletcher, Chairman of the Board of Far East
Ventures, ``We are extremely pleased to have been able to bring a
professional of Mr. Hernandez' caliber to our management team. This is
especially important at this point in our corporate development as we make
the transition from serving only the pre paid calling card market to
expanding into related services in efforts to become a more diversified
international communications services company. Mr. Hernandez has already
taken the lead in negotiating the purchase of a new switch, as well as in
structuring the terms of our current acquisition, which we announced on
October 19, 2000.''
LINKS TO CHARTS AND FINANCIALS
Charts: http://finance.yahoo.com/q?s=fevi.ob&d=b
Financials: http://biz.yahoo.com/e/l/a/fevi.ob.html
SELECTED PRESS RELEASES
Thursday December 7, 10:11 am Eastern Time
Press Release
FEVI Announces Name Change to Nico Telecom
New CUSIP Number, Trading Name, Symbol Change to Follow
MIAMI--(BUSINESS WIRE)--Dec. 7, 2000--Far East Ventures, Inc. (OTCBB:
FEVI), today announced that the new name of Far East Ventures, Inc. shall
be Nico Telecom, Inc. An application has been filed for a new CUSIP number
and the official trading name and symbol change is expected to be
effective shortly.
An announcement will be made as soon as the change is effective.
Confirmation of these items is consistent with a recent board of
director's resolution which stated that the name of the company should
remain consistent with the nature of the company's current business as
well as future expansion and acquisition plans which are currently being
implemented by management.
Michael Fletcher, chairman of the Board of Far East Ventures Inc., stated,
``This is the closing of the chapter on operations under the name Far East
Ventures, which in the past has pursued business opportunities in numerous
industries, and the opening of the era of Nico Telecom, Inc., which will
focus on providing services and products in the most rapidly expanding
areas of fixed line and wireless communications. Since our merger with Far
East, we have better defined and focused our business plan to pursue
opportunities that we believe are consistent with that plan. These
opportunities include our pending acquisition of a major competitor in the
prepaid calling card business and the distribution agreement we recently
announced with Global Telemarketing Inc., which allows us to expand the
money transfer services to our domestic and international customer base
coupled with the cross selling of our prepaid communication products to
clients that we have not sold to before or to whom we have only been able
to offer one product.''
Michael Fletcher continued, ``The company is continuing to expand its
cross-selling opportunities and line extensions through its relationship
with Global Media (GTMI). This relationship should allow us to expand our
customer base even further, which should result in additional revenues by
targeting new markets and providing a broader product line to our
customers.''
Since SCI's reverse merger with Far East, management reiterated its
commitment to remain focused solely on the communications business. The
post merger transition period is now complete and management believes that
this is the appropriate time to change its name to reflect the company's
direction and its expanded line of services and products. Mr. Fletcher
added, ``We are obviously disappointed in our present stock price and
believe that it does not recognize our business direction and our
management talent. We are hopeful that our name will better inform the
investing public of the direction that present management is taking the
company.''
The Company is committed to taking the necessary steps to enhance
shareholder value, and is planning to retain a well-known public relations
firm with expertise into the communication area to handle its investor and
public relations. The company anticipates announcement of further details
in the near future. Management reiterated it's committed to getting the
exciting story of Nico Telecom, Inc. out to the public and to our
shareholders.
Nico Telecom/Far East Ventures' subsidiary, Sophisticated Communications,
Inc., has been an innovator in the prepaid calling card business since
1995, and is now one of the industry's leaders in sales and distribution.
The company specializes in providing private label cards for master
distributors, and will soon move from being a switchless re-seller to a
facilities based provider. Because of senior management's extensive
experience in telecommunications, the company provides a well blended
product mix with competitive international rates and a wide variety of
calling cards, which benefits its network of distributors and end users in
maximizing market potential. FEVI management is dedicated to increasing
its shareholder value as it expands its business plan. On November 3,
2000, the company established its web presence, as part of its efforts to
raise its corporate profile. This move into e-commerce will take SCI into
a new arena, adding internet sales and business to business trade to its
well diversified product and marketing mix.
The Private Securities Reform Act of 1995 provides a ``safe harbor'' for
forward-looking statements. Certain information included in this Press
Release (as well as information included in oral statements or other
written statements made or to be made) contains statements that are
forward looking, such as those relating to consummation of transactions,
anticipated future revenues and/or success of current product offerings.
Such forward looking information involves important risks and
uncertainties that could significantly affect anticipated results in the
future and, accordingly, such results may differ materially from those
expressed in any forward looking statements.
Tuesday December 5, 11:35 am Eastern Time
Press Release
SOURCE: Global TeleMedia International Inc.
GTMI and Far East Ventures Inc. Sign National Distribution Deal For
BentleyTel Cards
BentleyTel Cards to be Distributed Through 55,000 Locations in 42 States
NEWPORT BEACH, Calif., Dec. 5 /PRNewswire/ -- Global TeleMedia
International (OTCBB: GTMI) announced that it had executed a distribution
agreement with Far East Ventures Inc. (OTC Bulletin Board: FEVI) for
distribution the Proprietary BentleyTel Smart-e-Card throughout FEVI's
wholesale distribution network which has approximately 55,000 locations in
42 states.
Michael Fletcher, FEVI Chairman said, ``FEVI, through its wholly owned
subsidiary SCI, has been an innovator in the prepaid calling card business
since 1995, with projected revenues for 2001 at $105 million, is now one
of the industry's leaders in sales and distribution. The company
specializes in providing private label cards for master distributors, and
will soon move from being a switchless re-seller to a facilities based
provider. Because of senior management's extensive experience in
telecommunications, the company provides a wide variety of calling cards,
which benefits its network of distributors and end users in maximizing
market potential.
We are pleased to enter into an agreement of this type with GTMI. Though
FEVI has major distribution of phonecards in the United States, it does
not have the availability of a financial services card with international
origination such as the BentleyTel Smart-e-Card. The BentleyTel
Smart-e-Card has foreign termination to 223 countries and foreign
origination in 107 countries and we are keen to integrate this innovative
card into our distribution network. Under our agreement GTMI will develop
a BentleyTel Phonecard, which will be distributed by FEVI as a
stepping-stone to the full service Smart-e-Card. The BentleyTel Phonecard
will be sold through our existing outlets while we simultaneously promote
the BentleyTel full service Smart-e-card and qualify as many of our
locations as possible for introduction of the BentleyTel Smart-e-Cash
machines.``
President Jonathon Bentley-Stevens said, ``The distribution agreement is a
significant achievement for GTMI, partnering with a corporation with the
depth of industry experience and strong nationwide distribution such as
FEVI should mean immediate revenues while establishing the BentleyTel
brand here in the USA. We are committed to working with the management of
FEVI to identify and qualify as many of their outlets as possible for
potential locations of the Smart-e-Cash machines. We see the distribution
of the BentleyTel International Phonecard as an introduction to the
distribution of our proprietary Smart-e-Card. Once locations are
identified as having the correct demographics for the placement of a
Smart-e-Cash machine GTMI and FEVI will jointly market through customer
education, product integration and telemarketing to promote the BentleyTel
Smart-e-Card and also direct clients to the stores which sell
Smart-e-Cards or locations which have the Smart-e-Cash machines. This
agreement will make FEVI a leading provider of Smart-e-Cards and able to
take advantage of the growth in the check cashing industry which is
reportedly growing at 15% per annum.
The BentleyTel Smart-e-Card is a Visa/MasterCard/debitcard/International
Phonecard/ international funds-transfer card and is targeted for the
estimated $6 billion dollar Smart Card market
PR inquiries: GTMI direct on 949-253-9588.
Global TeleMedia International, Inc., located in Newport Beach,
California, through its BentleyTel.com subsidiary, is a leading developer
of interactive software for complex Smart-e-Card and E-commerce solutions,
Voice over IP, LAN VPN (Virtual Private Network), ISP and Virtual ISP.
GTMI also owns manufacturing, telecom, ISP, and software development
facilities in the USA, Australia, Malaysia and the Philippines.
This press release contains forward-looking statements. All such
statements involve risks and uncertainties, including, without limitation,
the risks detailed in Global TeleMedia's filings and reports with the
Securities and Exchange Commission. Such statements are only predictions
and actual events or results may differ materially.
Monday December 4, 9:43 am Eastern Time
Press Release
FEVI's Board of Directors Approves a $10 Million Purchase Price for
Intended Acquisition
MIAMI--(BUSINESS WIRE)--Dec. 4, 2000--Far East Ventures, Inc. (OTCBB:
FEVI) today announced that at its board of directors meeting held on
November 27, 2000, the board approved a total acquisition price of $10
million for the previously announced acquisition which was recently
reviewed by the company's auditors. The $10 million figure would be
reached through a combination of cash, stock, and earned out subordinate
notes, which ties a portion of the purchase price to the revenues and
profits of the acquisition to be generated in the future.
According to Michael S. Fletcher, Chairman of the Board of Far East
Ventures, ``Based upon a review by our auditors, and as evidenced by the
company's historical annual gross revenues of $25,000,000 and net profits
of approximately $2,500,000, our board of directors has approved an offer
of $10 million for 100% of the shares of the outstanding stock of the
acquisition candidate under consideration. Management of both companies
agreed that it can be anticipated that the acquisition will add a minimum
of $0.10 per share to FEVI's earnings for 2001, without additional
consideration of the cost savings from the combination of the two
companies. We are extremely pleased with these figures and Far East
Ventures is hopeful of completing negotiations with the acquisition and
entering into a definitive agreement on or before December 15, 2000. Based
on this time frame, the closing should occur during the early first
quarter of 2001. At the time of execution of the definitive acquisition
agreement, the acquisition candidate will be released from its
confidentiality agreement and names of the parties and final terms of the
acquisition can be made public.''
Far East Ventures' subsidiary, Sophisticated Communications, Inc., has
been an innovator in the prepaid calling card business since 1995, and is
now one of the industry's leaders in sales and distribution. The company
specializes in providing private label cards for master distributors, and
will soon move from being a switchless re-seller to a facilities based
provider. Because of senior management's extensive experience in
telecommunications, the company provides a well blended product mix with
competitive international rates and a wide variety of calling cards, which
benefits its network of distributors and end users in maximizing market
potential. FEVI management is dedicated to increasing its shareholder
value as it expands its business plan. On November 3, 2000, the company
established its web presence, as part of its efforts to raise its
corporate profile. This move into e-commerce will take SCI into a new
arena, adding internet sales and business to business trade to its well
diversified product and marketing mix.
The Private Securities Reform Act of 1995 provides a ``safe harbor'' for
forward-looking statements. Certain information included in this Press
Release (as well as information included in oral statements or other
written statements made or to be made) contains statements that are
forward looking, such as those relating to consummation of transactions,
anticipated future revenues and/or success of current product offerings.
Such forward looking information involves important risks and
uncertainties that could significantly affect anticipated results in the
future and, accordingly, such results may differ materially from those
expressed in any forward looking statements.
November 20, 2000
FAR EAST VENTURES INC (FEVI.OB)
Quarterly Report (SEC form 10QSB)
Management's Discussion and Analysis of Financial Condition and Results of
Operations
GENERAL
The following discussion and analysis should be read in conjunction with
our consolidated financial statements and related footnotes for the year
ended December 31, 1999 included in our Annual Report on Form 10-KSB. The
discussion of results, causes and trends should not be construed to imply
any conclusion that such results or trends will necessarily continue in
the future.
OVERVIEW
Our initial focus after acquiring Churchill Resources, Inc. was to develop
a management team and a corporate identity. Business offices were leased
in Las Vegas, Nevada and management was secured, including a Chief
Executive Officer and Chief Financial Officer who were knowledgeable in
the gaming and horse racing industries.
We also focused on the development of what was to be our core business,
horse racing and gaming. To that end we entered into an agreement to
purchase the Fraser Downs Raceway assets in Surrey, British Columbia,
Canada. We also signed a letter of intent to purchase the Sandown Raceway
assets on Vancouver Island, British Columbia.
We, since our inception, have incurred net losses of $5,524,620. We may be
unable to continue in existence unless we are able to arrange financing to
fund our acquisitions and our new business strategy. We have not yet
generated any revenues and are still considered in the development stage.
PLAN OF OPERATION
In August 2000, we changed our corporate focus from that of acquiring
gaming and horse racing establishments to acquiring telecommunication
companies. On August 28, 2000 we entered into a Restated Stock Transfer
and Exchange Agreement with Sophisticated Communication, Inc. ("SCI"). As
a result of pending acquisition, we have reorganized the board of
directors and management team to focus on the telecommunications industry.
This reorganization resulted in the removal of certain board members and
our recently hired Chief Executive Officer and Chief Financial Officer. We
have also withdrawn our agreements to purchase Fraser Downs Raceway and
Sandowns Raceway.
At the closing of this transaction with is to occur by the end of 2000, we
will issue 12,400,000 shares of our common stock to the former shareholder
of SCI which represents approximately 50% of our issued and outstanding
common stock. SCI is a telecommunications company based in Florida that
distributes prepaid calling cards in 42 states through approximately
50,000 locations. Cards are sold in increments of $5, $10 and $20.
FORWARD LOOKING STATEMENTS
This report contains certain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Stockholders are
cautioned that all forward-looking statements involve risks and
uncertainty, including without limitation, the ability of us complete
acquisition of telecommunication companies and execute our business plan.
Although we believe the assumptions underlying the forward-looking
statements contained herein are reasonable, any of the assumptions could
be inaccurate, and therefore, there can be no assurance that the
forward-looking statements contained in the report will prove to be
accurate.
Wednesday November 1, 11:57 am Eastern Time
Press Release
Far East Ventures Announces Results of Third Quarter Financing Activities
MIAMI--(BUSINESS WIRE)--Nov. 1, 2000--Far East Ventures, Inc. (OTCBB:
FEVI), and its wholly owned subsidiary, Sophisticated Communications,
Inc., (``SCI'') today announced the results of its quarterly financing
activities for the third quarter ending September 30, 2000.
According to Michael S. Fletcher, Chairman of Far East Ventures, ``During
the past fiscal quarter, we have made significant progress in working
toward our goal of consolidating our debt, converting a significant
portion of debt to equity, and moving forward on strategic industry
acquisitions. Positive developments in each of these areas has moved SCI
and Far East Ventures closer to realizing its recapitalization and growth
objectives, and we are pleased with the results.''
As part of the company's recapitalization plan, Sophisticated
Communications received new debt financing facilities from General
Electric and Copelco totalling $527,944. The proceeds were utilized for
additional facility equipment. After the completion of the company's
consolidated audit by the end of the fourth fiscal quarter, and after the
closing of the pending, previously announced acquisition, management plans
to consolidate its total outstanding debt into one overall senior debt
facility during the first quarter of 2001. The consolidated line should
increase the company's available working capital as well as reduce
interest expense and administrative costs.
Also during the past fiscal quarter, management finalized a letter of
intent to acquire a Florida-based switched reseller and national
wholesaler of premium prepaid phone card products. The company's
investment bankers are proceeding with due diligence, valuation, and in
arranging and structuring acquisition financing. Completion of due
diligence and a definitive contract for closing is anticipated within 30
to 45 days.
Since 1995, SCI has been an innovator in the prepaid calling card
business, and is now one of the industry's leaders in sales and
distribution. The company specializes in providing private label cards for
master distributors, and will soon move from being a switchless re-seller
to a facilities based provider. Because of senior management's extensive
experience in telecommunications, the company provides a well blended
product mix with competitive international rates and a wide variety of
calling cards, which benefits its network of distributors and end users in
maximizing market potential. FEVI management is dedicated to increasing
its shareholder value as it expands its business plan.
The Private Securities Reform Act of 1995 provides a ``safe harbor'' for
forward-looking statements. Certain information included in this Press
Release (as well as information included in oral statements or other
written statements made or to be made) contains statements that are
forward looking, such as those relating to consummation of transactions,
anticipated future revenues and/or success of current product offerings.
Such forward looking information involves important risks and
uncertainties that could significantly affect anticipated results in the
future and, accordingly, such results may differ materially from those
expressed in any forward looking statements.
August 21, 2000
FAR EAST VENTURES INC (FEVI.OB)
Quarterly Report (SEC form 10QSB)
Management's Discussion and Analysis of Financial Condition and Results of
Operations
GENERAL
The following discussion and analysis should be read in conjunction with
our consolidated financial statements and related footnotes for the year
ended December 31, 1999 included in our Annual Report on Form 10-KSB. The
discussion of results, causes and trends should not be construed to imply
any conclusion that such results or trends will necessarily continue in
the future.
OVERVIEW
Our initial focus after acquiring Churchill Resources, Inc. was to develop
a management team and a corporate identity. Business offices were leased
in Las Vegas, Nevada and management was secured, including a Chief
Executive Officer and Chief Financial Officer who were knowledgeable in
the gaming and horse racing industries.
We also focused on the development of what was to be our core business,
horse racing and gaming. To that end we entered into an agreement to
purchase the Fraser Downs Raceway assets in Surrey, British Columbia,
Canada. We also signed a letter of intent to purchase the Sandown Raceway
assets on Vancouver Island, British Columbia.
We, since our inception, have incurred net losses of $3,206,398. We may be
unable to continue in existence unless we are able to arrange financing to
fund our acquisitions and our new business strategy. We have not yet
generated any revenues and are still considered in the development stage.
PLAN OF OPERATION
In August 2000, we changed our corporate focus from that of acquiring
gaming and horse racing establishments to acquiring telecommunication
companies. On August 10, 2000 we entered into a Stock Transfer and
Exchange Agreement with Sophisticated Communication, Inc. ("SCI"). As a
result of this acquisition, we have reorganized the board of directors and
management team to focus on the telecommunications industry. This
reorganization resulted in the removal of certain board members and our
recently hired Chief Executive Officer and Chief Financial Officer. We
have also withdrawn our agreements to purchase Fraser Downs Raceway and
Sandowns Raceway.
To acquire SCI, we will issued 7,000,000 shares of our common stock to the
former shareholder of SCI which represents approximately 40% of our issued
and outstanding common stock. SCI is a telecommunications company based in
Florida that distributes prepaid calling cards in 42 states through
approximately 50,000 locations. Cards are sold in increments of $5, $10
and $20.
FORWARD LOOKING STATEMENTS
This report contains certain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Stockholders are
cautioned that all forward-looking statements involve risks and
uncertainty, including without limitation, the ability of us complete
acquisition of telecommunication companies and execute our business plan.
Although we believe the assumptions underlying the forward-looking
statements contained herein are reasonable, any of the assumptions could
be inaccurate, and therefore, there can be no assurance that the
forward-looking statements contained in the report will prove to be
accurate.
............................................................ Disclaimer:
CC is an electronic advertisement providing information on selected
companies. All statements and expressions are the opinion of CC and are
not meant to be either investment advice or a solicitation or
recommendation to buy, sell, or hold securities. Readers of this e-mail
message, stock profile, are cautioned that small and micro-cap stocks are
high risk investments and that some or all investment dollars can be lost.
We suggest you consult a professional investment advisor before purchasing
any stock. All opinions expressed by us are the opinions of CC. All
information is received directly from the companies profiled and/or
outside interviews conducted by CC. While CC believes its sources to be
reliable, CC, its officers, directors, employees or any affiliated parties
make no representation or warranty as to the accuracy of the information
provided. Readers should not rely solely on the information contained in
this publication, but should consult with their own independent tax,
business and financial advisors with respect to any investment
opportunity, including any contemplated investment in the advertised
Company(s). We recommend you use the information found here as an initial
starting point for conducting your own research and conduct your own due
diligence (DD) on the featured companies in order to determine your own
personal opinion of the company before investing in these or any other
companies. CC assumes all information to be truthful and reliable;
however, we cannot warrant or guarantee the accuracy of this information.
All statements contained herein are deemed to be factual as of the date of
this report and as such are subject to change without notice. CC is not an
Investment Advisor, Financial Planning Service or a Stock Brokerage Firm
and in accordance with such CC is not offering investment advice or
promoting any investment strategies. CC is not offering securities for
sale or solicitation of any offer to buy or sell securities. An offer to
buy or sell can be made only with accompanying disclosure documents and
only in the states and provinces for which they are approved. The
owner/management of this e-mail alert has received three hundred thousand
free trading shares of FEVI from a third party for the dissemination of
this stock
profile/advertisement. Since we have an interest in FEVI there is an
inherent conflict of interest in our statements and opinions and such
statements and opinions cannot be considered independent. We will benefit
from any increase in the share price of FEVI. We retain the option of
liquidating all or part of our compensation before, during or immediately
after the dissemination of this report, a custom we often engage in. Safe
Harbor Disclosure: This
stock profile/advertisement contains or incorporates by reference
"forward-looking statements," including certain information with respect
to plans and strategies of the featured company. As such, any statements
contained herein or incorporated herein by reference that are not
statements of historical fact may be deemed to be forward-looking
statements. Without limiting the foregoing, the words "believe(s),"
"anticipate(s)," "plan(s),"expect(s)," "project(s)" "anticipate(s)" and
similar expressions are intended to identify forward-looking statements.
There are a number of important factors that could cause actual events or
actual results of the Companies profiled
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