ETLC - .075 x .08 - issues progress report on audit, full filing, going to OTC BB. Big thing on this stock is merger with a title company that claims $100 million in revenues. Definitely a speculative one for those who want to gamble on the deal going forward.
I figure the o/s will be about 300 million and the float about 100-150 million after the deal closes.
eTelcharge.com Provides Update of Status of Audited Financials
Auditors to Complete All Requisite Financials by Friday, November 11 to Effectuate Relisting on the Over-the-Counter Bulletin Board
Nov 4, 2005 9:30:00 AM
DESOTO, TX -- (MARKET WIRE) -- 11/04/05 -- eTelcharge.com, Inc. (the "Company"), (OTC: ETLC), www.etelcharge.com a financial diversified merchant services company, today announced that the Company's auditors have informed management that they will complete the filings of all outstanding financial statements by Friday, November 11th. The Company will then take action to file a Form 15c-211 with the NASD for re-listing on the Over-the-Counter Bulletin Board.
Delays in completing the audit occurred due to Hurricane Rita as the auditors reported a lack of access to their offices for a few days.
The merger with American Home Market Corporation is expected to be consummated shortly after the filing of the financial statements. The receipt of eTelCharge's audited financials represent the final steps in completing the due diligence process to close the transaction.
"Although we are disappointed in not meeting the dates set forth in the October 7th, 2005 press release, we are committed to regaining status on the Over-the-Counter Bulletin Board and to consummating the merger with American Home Market Corporation," stated Carl Sherman, CEO.
"American Home Market's sales infrastructure and ingenious marketing strategies, we contend, will bring significant value to our shareholders. Finally, the addition of David Young and the progress he has made in less than one month toward our goal of launching the eTelCharge alternative payment mechanism, in a world-class, merchant-accepted manner, are moving ahead with great momentum," Sherman concluded.
About eTelcharge.com
eTelcharge.com (OTC: ETLC) offers the traditional credit card merchant services, checks and other existing financial infrastructure offered by banks, as well as the proprietary new online currency that provides online shoppers the exclusive choice to charge items to their telephone bill. Designed to reduce the risk of identity fraud and identity theft by providing an Internet credit option for online shoppers to charge a number of items sold over the Internet. This payment option is a perfect match for the 70 million Americans who do not own a credit card. eTelcharge.com started as the only company with the ability to charge a variety of products to the home phone bill. Clearly, past electronic commerce solutions have not employed effective security and privacy techniques that adequately address consumer concerns about privacy and security on the Internet today. The release of the latest version of the proprietary phone billing option is scheduled to be launched soon. For more information, go to etelcharge.com.
About The American Home Market Corporation
The American Home Market Corporation (AHM) and its subsidiaries are a Fee Office of Title Texas (Formerly Safeco Land Title of Dallas). We have assembled one of the most experienced commercial and residential closing teams in the State of Texas, if not the nation. The combined expertise of our escrow officers, in-house attorney closers, support legal staff and escrow support staff is unequaled in the business. A strong and widely diversified repeat customer base (individual, developer, lender, attorney) is a powerful testimony to our success. We are Certified Closing Agents for the United States Department of Housing and Urban Development (HUD) and as such we are the closing agents for any home sold by HUD in 42 counties throughout the State of Texas. With over 100 million dollars in yearly revenues, we are strongly committed to providing the finest products and services available.
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements involve a number of known and unknown risks and uncertainties that may cause eTelcharge.com, Inc. and actual results or outcomes to be materially different from those anticipated and discussed herein. These include its historical lack of profitability, limited working capital, the need for additional capital, end-use customers' acceptance of new products and actual demand, the need for eTelcharge.com, Inc. to manage its growth, and other risks associated.
Contact:
Cynthia DeMonte
DeMonte Associates
212-605-0525
cdemonte@aol.com |
