Beach Business Bank (BBBC) stock jumps on takeover
Posted on: August 31st, 2011Written by:
Beach Business Bank (OTCBB: BBBC) shares vaulted 45% Wednesday to $8.60, on word it was a takeover target. Volume for the stock approached 80,000 shares by noon ET.
A news release out August 31 mentioned that First PacTrust Bancorp (NASDAQ: FPTB), the holding company for Pacific Trust Bank, and Manhattan Beach, California-based Beach Business Bank today jointly announced that they have entered into a definitive agreement pursuant to which Beach Business Bank will merge into a wholly owned subsidiary of First PacTrust.
The transaction is initially valued at approximately $37.4 million, or $9.07 per diluted share, to Beach Business Bank shareholders, representing a 53% premium relative to its most recent closing stock price. The FirstPacTrust and Beach Business Bank boards of directors have unanimously approved the transaction, which is expected to close in the first quarter of 2012.
Beach Business Bank CEO was Robert Franko quoted in the release, “This transaction is great news for Beach Business Bank shareholders, customers, employees and the communities we serve. By joining forces, our talented management team, along with our diversified business mix of commercial and industrial (C&I), commercial real estate, SBA and residential lending offerings, will result in a stronger bank with the capital strength and scale to continue to expand into new markets, offer attractive products to customers and enhance shareholder value.”
Headquartered in Manhattan Beach, California, with branches in Manhattan Beach, Long Beach, and Costa Mesa, and a loan production office in Torrance, Beach Business Bank provides a full range of deposit and loan services tailored to meet the needs of small to mid-sized businesses, professionals and individuals.
Forex International Trading Corp. (FXIT) promising quarter propels shares
Posted on: August 22nd, 2011Written by:
Forex International Trading Corp. (OTCBB: FXIT) shares rocketed 21.7% to seven cents Monday, on word of strong quarterly results. Volume for the stock totaled 136,500 shares, rapidly catching up on a full-day average of around 152,000.
A news release issued August 22 reported that total revenues for the three months ended June 30, 2011 were $3.93 million and for the six months ended June 30, 2011, $7.12 million. Net income for the three months ended June 30, 2011 was $264,416 and for the six months ended June 30, 2011 a loss of $163,348.
“We are very pleased with the results of the first six months of the fiscal period. The subsidiary unit continues to grow and experience multi-digit, year-to-year growth in trading volume and customer deposits and we believe that they are on track to do between $12 and $14 million in revenue for the whole year,” CEO Darren Dunckel was quoted in the same release as saying.
Headquartered in New York, Forex International Trading Corp. operates an offshore advanced online trading platform for Forex markets to non-U.S. residents. The Company focuses on providing individual and institutional investors with a platform for buying and selling currencies, precious metals and commodity futures.
Atlas Capital Holdings (ALCL) stock higher on shareholder okay
Posted on: August 16th, 2011Written by:
Atlas Capital Holdings (OTCBB: ALCL) rocketed 73.1% higher to 45 cents, on Monday, after the announcement of shareholder approval of a preferred class of stock. Volume for the stock was nearly 25,000 shares.
A news release out August 15 stated that shareholders approved 1,000,000 preferred shares to be authorized par value $0.001.
“Our future growth plans to implement our GreenTech business strategy are aggressive and we are analyzing several funding sources. By creating a preferred class of stock, we believe we can attract long-term investors seeking to invest in our stock based on its potential to reach a premium share price in the green marketplace,” the release quoted CEO Christopher Davies as saying.
Atlas Capital Holdings, Inc. was incorporated in Nevada on September 13, 2006. The Company was formerly known as Micro Mammoth Solutions, Inc. and operated as such until January 25, 2010. On January 26, 2010, the Board of Directors of the Company approved a Stock Purchase Agreement between the Company and all of the shareholders of Atlas Capital Partners, LLC. Following the acquisition of Atlas Capital Partners, the shareholders approved an amendment to the Company’s Articles of Incorporation changing the Company’s name from Micro Mammoth Solutions, Inc. to Atlas Capital Holdings, Inc.
ProGreen Properties Inc. (PGEI) in the green after annual results
Posted on: August 3rd, 2011Written by:
ProGreen Properties Inc. (OTCBB: PGEI) watched its shares soar 140% to six cents Wednesday, on strong end-of-fiscal-year results. Volume for the stock registered 15,000 shares.
A press release issued August 3 noted that the company, based in Birmingham, Michigan, declared revenues increased to $253,063 from $7,718 for the year ended April 30, 2011, an increase of $245,345 from the prior-year ended April 30, 2010.
The Company reported a net loss for the year ended April 30, 2011 of $661,029, or a loss of $0.01 per share, compared to a net loss of $273,280 for the year ended April 30, 2010. The fiscal year 2011 net loss includes general and administrative costs of $233,311, legal and professional fees of $230,740, depreciation expense of $5,329 and interest expense of $110,613.
Jan Telander, CEO of ProGreen Properties, Inc., was quoted in the same release thus: “I am very encouraged with the progress we have made over the last 12 months. We have enhanced our property offerings and have increased revenues more than 3,000%.”
Telander continued, “Beginning with the new 2012 fiscal year, we are looking to focus on revenue growth, as we leverage the groundwork we laid in 2010 and 2011 and look to enter the market for larger multi-family apartment complexes, subject to the availability of financing, and, of course, continue our current property acquisitions strategy.”
Only two years old, ProGreen is engaged in the business of acquiring, refurbishing and upgrading potential income-producing residential real estate. ProGreen believes that Michigan offers some of the best investment opportunities in the presently distressed U.S. property market.
Northway Financial Corp. (NWYF) publishes Q2 numbers, shares jump
Posted on: July 28th, 2011Written by:
Northway Financial Corp. (OTCBB: NWYF) shares spiked 7.3% to $11.00, on the release of second-quarter results. Volume for the stock was a scant 3,300 shares, still trouncing an all-day average of only 242.
The company, based in Berlin, New Hampshire, announced in a news release July 28 that, for the quarter ended June 30, 2011, net income amounted to $2,605,000 compared to net income of $1,210,000 for the quarter ended June 30, 2010, an increase of $1,395,000.
Moreover, on July 27, the Board of Directors of the Company declared a semi-annual common stock cash dividend of $0.15 per share. This dividend is payable on August 15, 2011 to stockholders of record on August 8, 2011.
At June 30, 2011, the Company had total assets of $783,194,000 compared to $816,376,000 at June 30, 2010, a decrease of $33,182,000. Cash and due from banks and interest-bearing deposits decreased $18,162,000 to $46,993,000 at June 30, 2011 compared to $65,155,000 at June 30, 2010.
Northway Financial, Inc., is a bank holding company. Through its subsidiary bank, Northway Bank, the Company offers a broad range of financial products and services to individuals, businesses and the public sector from its 17 full-service banking offices.
CMSF Corp. (CMSF) rides merger news to higher stock price
Posted on: June 1st, 2011Written by:
CMSF Corp. (OTCBB: CMSF) saw its stock climb 129.2% Wednesday to 2.75 cents, on word of a merger. Volume for the stock was nearly 980,000 shares.
CMSF Corporation claims to have no significant operations. Its stated purpose has been to seek a merger with an operating company. Today, CMSF announced that it has entered into such an agreement to merge with Plures Technologies, Inc.
Plures, through its 95%-owned subsidiary, Advanced MicroSensors Corporation, is a semiconductor foundry with unique expertise and capabilities to develop and fabricate high-quality, high-margin micro-electro-mechanical-systems (MEMS) and spintronics solutions.
On May 23, RENN Universal Growth Investment Trust PLC and RENN Global Entrepreneurs Fund, Inc. purchased $1,500,000 and $500,000 Plures promissory notes, respectively. At the same time, CMSF agreed to a merger with Plures. The merger will be consummated in the coming months. Simultaneous with the consummation of the merger, RENN Universal and RENN Global will convert their debt to equity in the combined Plures-CMSF entity, which will be called Plures Technologies, Inc.
After the closing of the merger (and upon conversion of debt to equity), 72.5% of the combined entity’s outstanding common stock will be owned by the current stockholders of Plures, 20.5% of the stock will be owned by RENN Universal, 6.8% will be owned by RENN Global and 0.2% will be owned by existing CMSF shareholders unrelated to Plures, RENN Universal or RENN Global.
Stephen Crosson, Chief Executive Officer of CMSF commented, “After a long, thorough search for a merger partner, we believe our patience has been rewarded. We are fortunate to have found a growing technology company like Plures with which to merge and we are eager to see the company succeed.”
