MBHC- Has deals with Strong Fund and Clarke-Bartis. They have reduced debt from $4 million to $300K from March til sept and should break even or be profitable by year end. MM's have shorted this thing down since Sept. from 0.25 to 0.10 on 3.5 million more buys than sells. The financials are due out within 30 days and they will be SEC compliant. They have just started with a PR firm and have just opened a website. www.nicoa.com. Here are notes from the shareholders meeting which most has never been released in PR because they were changing companies. At 0.10 little risk and big upside potential.
Here is website info from PR firm that opened yesterday.
market-pulse.com
1) MBHC will be changing its name to National Institute Companies of America in January (NICA) - only mentioned because of its signficance in some announcements.
2) MBHC has been signed on by Strong Funds Mutual Funds to be the sole provider of estate planning for its customers with a net worth of over $250,000.
- strong-funds.com
- Stong Funds is a mutual fund managing over $30
billion in assets (go to there website to verify
I'm going by what was said at meeting and haven't
had a chance to check. I have no reason to doubt
what Maloney has said. Link is above.
- They had their first seminar with them on Tuesday
Sept. 28 which resulted in 23 people out of 78
people have asked to go to the next level. Without
going into too much detail, the next two levels are
where money comes in. Based on my notes, 50% of
those people will go to the next level at $1500
each minimum and of those another 50 % will go to
final step which averages $17,000 in Annualized
premiums. Results is $17,250 from next level and
$97,750 from the last level (based on either 15 or
30 year average) $115,000 total commission for this.
I spoke with Maloney after the meeting and he said
these are basically "consulting fees" and
therefore mostly profit. Makes sense to me.
3) On Oct. 7-8 MBHC will be giving the same presentation to 300 banks. Each bank would average 2.5 customers that make it to the final step. I didn't catch how many of those banks would sign.
4) MBHC is endorsed by the state banking associations in 7 states so far and should get approval for "two of the largest US States within a month"
5) MBHC expect to present 200 seminars in 2000 and genearte $15 Million dollars in commissions from these. I come up with $23 million if the results are same as Strong Fund ($115,000 x 200) but either is good by me since mostly profit. These revenues are from NICA alone.
6) MBHC is putting on a seminar for Oklahoma banks on Nov. 3 (sorry I didn't catch the number of banks that will be there)
7) These $15,000,000 in revenues are from the NICA portion of MBHC which is only one part. There is one division that has somethjing to do with software, and E-commerce division, and one that "could possibly" set up an E- loan type of business. My notes are vague on these but these divisions are not included in the $15 Million.
8) MBHC has signed a "non-binding letter of intent" to merge with Boomers.com (may or may not happen) which "would makes shareholders very happy" if it occurs. Boomers is getting 25,000 hits per day and is being compared to AARP for that age group. ( I personally think its a done deal but only my gut feeling)
9) The debt has been reduced from $3.229 Million when Kevin and Dennis took over to $452,000 ( not bad 6 months IMHO). There is still a $1.2 million debt from "Junk bonds" issued by previous management and the company expects to "break even or a littlke better" in 1999 (don't know what he date is)
10) The company will be fully reporting to the SEC and reports will be available on EDGAR.
11) I point blankly asked "do you expect to be NASDAQ listed or remain OTCBB" answer "we are hoping to be NASDAQ listed by the end of 2000 which requires a $5 per share price. We will be NASDAQ 30 days from when that occurs. I cannot tell that will or will not happen." ( my opinion is they feel that it will happen - others who were there comment as well.)
12) One other note that Maloney ouched on was his influx of capital into MBHC which he did not elaborate on. After the general Q & A session was over, I asked him and about that and he has invested $300,000 of his money into this company. It is not a loan but will show up in the financials which they hope to have in Oct. (primary holdup is getting GFP audited financials from them). Others were trying to ask him questions as well so I don't know if he is receiving stock, stock options, or what for his investment. Ramach and RobEm may have been there when asked as well so may have more insight. Botton line in my opinion is if he's willing to put $300,000 of his own money in there, I am willing to leave my $50,000 in there (he knows more than I do!!).
13) Financials are being worked on an "should be ready by end of Oct." |
