Shadow, according to the 1998 Audit, B & B Associates only accounted
for 20% of the loss. That means that continuing operations had almost
$1.5 million in losses. Furthermore, according to the PR on 9/22/98,
B & B had annual sales of approximately $1.2 million. That would mean
that LTGL, without B & B, had about $1.7 million in revenue. But the
PR dated 8/16/99 states that the first 7 months revenue for 1998 was
about $1.6 million. They obviously overstated B & B's sales. Even
worse is the fact that the acquisition was reported on 9/22/98, and
then it's reported as a discontinued operation in the 1998 Audit! Why
did they make this acquisition only to discontinue operations in less
than 3 months? It would seem that they are either extremely stupid, or
whoever owned B & B got a fantastic Christmas gift! After Spencer's
massive dilution, perhaps this was the method used to funnel money out
of LTGL and into someone's pockets. This is just a "what if", but it
would seem that someone made out like a bandit. Or maybe Spencer is a
complete idiot. Either way, something really stinks!!! JMO.
fast.quote.com
Liteglow Industries Inc. Announces 1998 Audit
BusinessWire, Monday, June 07, 1999 at 12:07
POMPANO BEACH, Fla.--(BUSINESS WIRE)--June 7, 1999--Michael
Lomnitzer, CFO of Liteglow Industries Inc. (BB:LTGL) announced that
their audit for the year ending 12-31-1998 has been completed.
The final numbers for 1998 will show:
Gross Revenues for 1998 of $2,890,513.
The company will show a net loss of ($1,917,540) for the year.
This loss will include the discontinued operations of subsidiary
B & B Associates, with a loss from operations of ($43,111) and an
estimated loss on the disposal of B & B Associates including provision
of operating losses during the phase out period of ($383,889).
Liteglow is a manufacturer, designer, and importer of products
for the automotive and electronics specialty markets. The U.S.
automotive and electronic after markets are expected to exceed
$300 billion in combined revenues this year.
Requests for an investor information package should be made by
calling Liteglow Industries Inc. at 800/801-GLOW (4569), or e-mail at
spencer@liteglow.com. Fax number is 954/971-5117. Don't forget to
visit our websites at: www.liteglow.com or www.lowglow.com.
CONTACT: Liteglow Industries Inc., Pompano Beach
Spencer Krumholz, C.E.O., 800/801-GLOW
KEYWORD: FLORIDA
INDUSTRY KEYWORD: AUTOMOTIVE RETAIL
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
Copyright 1999, Business Wire
Message 5813977
Tuesday September 22, 4:13 pm Eastern Time
Company Press Release
Liteglow Industries Inc. Announces New Acquisition
POMPANO BEACH, Fla.--(BUSINESS WIRE)--Sept. 22, 1998--Spencer
Krumholz, president of Liteglow Industries Inc. (OTC BB:LTGL)
announced Tuesday that Liteglow has just signed an agreement to
acquire B & B Associates of Van Nuys, Calif.
B & B is the manufacturer of 'Baretta' and 'Force' automotive
security systems. The product line consists of remote control
automotive security products, remote door lock and trunk release
systems, remote car starters, and motorcycle alarms.
B & B has been in the security business for over 15 years, and has
many established customers throughout the United States, and also
exports to Latin America and Europe. B & B's product line will be
included with Liteglow's and Lowglow's and be exhibited at the
upcoming SEMA / APAA automotive trade show in Las Vegas in November.
B & B has annual sales of approximately $1.2 million, and with
Liteglow's marketing assistance and infusion of capital, should
show tremendous growth in 1999. The acquisition is in line with
Liteglow's continued growth in the automotive and electronics
aftermarkets. Sales of automotive security products in 1998 are
projected to be over $500 million annually.
Requests for an investor information package should be made by
calling Liteglow Industries Inc. at 800/801-GLOW (4569),
or e-mail at spencer@liteglow.com. Fax number if 954/971-5117. Don't
forget to visit our website at: www.liteglow.com.
Contact:
Liteglow Industries Inc., Pompano Beach
Spencer Krumholz, C.E.O., 800/801-4569
biz.yahoo.com
Monday August 16, 4:15 pm Eastern Time
Company Press Release
Liteglow Industries Inc. Reports Sales & Earnings for the Month &
7-Months Ended July 31, 1999
POMPANO BEACH, Fla.--(BUSINESS WIRE)--Aug. 16, 1999--Lou Wiener, COO
of Liteglow Industries Inc. (Bulletin Board Symbol:LTGL), announced
record sales and profits for both the month of July 1999, and for the
first seven months of 1999.
Seven-month sales through July 31, 1999 showed a 91 percent increase
over the comparable period in 1998.
During the month of July 1999, Liteglow reported the following results
and improvements vs. July 1998.
July '99 Sales July '98 Sales July '99 Profit July '98 (Loss)
-------------- -------------- --------------- ---------------
$420,885 +58% $265,705 $60,120 $(19,949)
For the seven months ended July 31, 1999, the cumulative sales and
earnings and improvements are as follows, in comparison with the seven
months ended July 31, 1998.
1999 Sales y.t.d. 1998 Sales y.t.d. 1999 Net y.t.d. 1998 Loss y.t.d.
----------------- ----------------- --------------- ----------------
$3,094,414 +91% $1,621,658 $386,061 $(386,947)
Wiener stated: ``Based upon the 3,931,087 shares outstanding,
Liteglow's 7-month net income represents 9.8 cents per share, which is
in line with our projection of 15-20 cents per share earnings for the
year! The reason for the increase in sales and profits is attributed
to better products and distribution, and to tighter control of
expenses.' Wiener added: ``Liteglow's vastly improved operating
results in 1999 have also benefited the balance sheet. At 7-31-99
(unaudited): net working capital exceeded $700,000; shareholders'
equity approached $1,000,000; and the current ratio was a comfortable
1.8 to 1.0.'
Liteglow's products can be found throughout the country in many
leading automotive and electronics retailers. For more information or
an investor information package contact Liteglow Industries Inc. at
800-801-GLOW (4569), or e-mail at spencer@liteglow.com. Fax number is
954/971-5117. Don't forget to visit our websites at: www.liteglow.com
or www.lowglow.com
------------------------------------------------------------------------
Contact:
Liteglow Industries Inc., Pompano Beach
Spencer Krumholz, 800/801-4569
e-mail: spencer@liteglow.com |
