So here are the answers to the questions, the ballyhooed grilling that HeVy was going to be doing. Read them and weep. (Please, no eating or drinking while reading the report. For your own safety.)
Hello PABNers,
Well, here it is....some of the answers to your questions. John has been in meetings all day so he was not able to email me the answers but we talked at length today about your questions and below are his answers.
FINANCIALS:
At this time PABN is amidst preparation of their financials which, when completed, will be put through a strenuous banking audit in order to satisfy thrift requirements. Keep in mind they are consolidating all five divisions into one set of financials which includes the financials for Teachdaq. The acquisition of Teachdaq meant they had to revamp any financial draft previously being prepared. In order to survive the bank audit, John needs to be sure his financials are flawless and he has to be prepared to supply proper paper work to back all statements up.
I can confirm that the financials will not be released before the August 24th Meet the Management meeting. They will not be complete and PABN does not want to release incomplete and unaudited numbers.
Bear in mind that PABN does not officially have to be fully reporting until March of 2000.
In regard to the typo in the proforma it was merely a typo when the person inputting the data was typing it onto the website.
TEACHDAQ & IT
Teachdaq was acquired with stock for the purpose of training investors as well as franchisees how to correctly daytrade using IT. They are offering classes to investors at a cost $1,495.00 with approximately 30 people in attendance per month. The classes are five days long and teach people how to daytrade using IT and incorporate trading strategies to make the IT online investor successful. Clients are allowed to trade in class, while being monitored, to be sure they understand the techniques given to them.
Franchisees of IT also must take training courses that are approximately four weeks long. Included in the training is a one day Windows course for those not familiar with Windows or who need a refresher. At the end of the class they are required to pass a test. If they fail the test they are offered the course again, at no charge, and are given the test again.
Teachdaq's primary function is that of teaching and support of IT.
Currently they are only running courses but hope to eventually offer CD's and online references for daytrading using IT. IT itself is 100% up and running and it's broker Goldcoast is almost fully licensed in all states.
Healthcorp and Digibill
I would like to clear up some confusion on what Healthcorp does in relation to Digibill. Healthcorp professionals assist doctors in submitting paperwork to insurance companies and in retrieval of funds from the said insurance companies. Digibill is the software that Healthcorp employees use to effectively submit the paperwork for payment. Digibill does not belong to PABN. It is currently in it's testing stages and being used in a controlled environment in order to work out any bugs. Any medical facility can use Digibill whether a Healthcorp employee is working there or not.
Videophone:
PABN does not own any patents for videophones. They are currently
interested in using video phones as tools for training, support and
communication. It is possible that they may in the future look into being a distributor for video phones.
DEAO
One thing to recognize is that there are two pieces of the DEAO puzzle. The first is dial up access which is basically being used as a tool right now to assist Healthcorp and Digibill customers for transmittal of documents. The second piece is DEAO as a portal which is not full operational yet. DEAO as a dial up system was never meant to be the type of system to compete with an AOL.
Thrift
Let me disparage any rumor that Morgan Stanley Dean Witter & Co. is
financially backing the PABN thrift. This is an untrue assumption. Some of the larger brokers do not sell pennies and John feels this is the case with Morgan Stanley Dean Witter & Co. John is currently hoping to have the thrift up and running by the end of the year upon completion of all the regulatory requirements. He is hoping to start the thrift using approximately 3-5 million from various investors. This thrift is to be revolutionary in it's function as they are planning to have the first internet based full service bank serving all accounts, except checking, and also offering mortgages. They are hoping to use the previously mentioned video phones to assist in these transactions.
General
John's vision is to become a major financial services company. He plans to accomplish this by taking all the current divisions including the up and coming thrift and form one large financial company that does it all. He is hoping to be off the BBB by the time their reporting is officially due in March of 2000. He feels that as this all comes together the price of the stock will arise in accordance to the performance of the company. Soon he will be hitting the road to show the analysts what he has to offer.
As far as news releases, he plans do a "Letter from the desk of John
Schmitz" approximately every two weeks in order to keep us all up to date on the happenings of the company. He has mentioned that his first letter will be coming in the next few weeks and will more than likely address financial issues. His main goals currently are to capitalize each division, get rid of redundancy within the divisions and basically build the foundation for a larger unified financial services type of company.
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REPORT" IS BASED ON HEVYTRADER'S INDEPENDENT ANALYSIS AND JUDGEMENT, BUT RELIES ON MATERIAL SUPPLIED BY THE SUBJECT COMPANY AND OTHER SOURCES BELIEVED TO BE RELIABLE. EXCEPT AS OTHERWISE INDICATED HEVYTRADER HAS MADE NO INDEPENDENT VERIFICATION AND DOES NOT GUARANTEE THE INFORMATION'S ACCURACY OR COMPLETENESS. THE INFORMATION IN THIS REPORT IS SUBJECT TO CHANGE WITHOUT NOTICE, AND HEVYTRADER ASSUMES NO RESPONSIBILITY TO UPDATE THE INFORMATION CONTAINED IN THIS REPORT. THIS REPORT SHOULD NOT BE USED AS A COMPLETE ANALYSIS OF THE COMPANY, INDUSTRY OR SECURITY DESCRIBED IN THIS REPORT. THE INFORMATION CONTAINED IN THIS REPORT IS NOT INTENDED TO BE, AND SHALL NOT CONSTITUTE AN OFFER TO BUY ANY SECURITY. THE SECURITIES OF THE SUBJECT COMPANY MAY INVOLVE A HIGH DEGREE OF RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS. INVESTORS ARE ADVISED TO CONSULT THEIR PERSONAL BROKER OR INVESTMENT ADVISOR BEFORE MAKING ANY INVESTMENT DECISION CONCERNING THE SUBJECT COMPANY. THIS REPORT CONTAINS FORWARD LOOKING STATEMENTS MADE PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES ACT OF 1995. THIS INFORMATION MAY INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE FORWARD LOOKING STATEMENT. HEVYTRADER AND/OR ITS OWNERS, OFFICERS, EMPLOYEES AND/OR MEMBERS OF THEIR FAMILIES MAY HOLD A POSITION IN AND/OR ENGAGE IN TRANSACTIONS WITH RESPECT TO THE SECURITIES OF THE COMPANIES MENTIONED HEREIN.
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HEVYTRADER ALL RIGHTS RESERVED.
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