MY FAVORITE, LOL->Penny King Holdings Proposes Buyout of Quintek and eKnowledge Group. PR Newswire, May 14, 2002
WASHINGTON -- Penny King Holdings Corporation, an affiliate of the Free and Clear Foundations of America, Inc., announced that it has formed a wholly owned subsidiary to facilitate financing for small cap and emerging growth companies in the United States.
Advanced Capital Services Corporation (ACSC) will invest in registered publicly traded securities, and provide equity lines of credit or facilitate the private placement of equity securities in joint ventures with various international investment funds.
One proposed transaction is to merge Quintek Technologies, Inc., with eKnowledge Group, Inc. both trading on the OTC BB. PKH has obtained a preliminary term sheet for $75,000,000 from Alexander Capital Markets Group LLC to provide a structured equity line of credit for the potentially merged companies. "We accepted the term sheet on May 9th, 2002 on behalf of ACSC," said Gabor Sandor Acs, Chairman of both PKH and ACSC.
PKH is preparing binding letters of intent, a Prospectus and a Registration Statement and plans to exchange with Quintek and eKnowledge stockholders, one (1) share of Penny King Holdings Corporation with a pegged value of $10.00 per share, for each share of Quintek and eKnowledge at a price of two times (2X) the previous five days average bid price, or three times (3x) net present tangible book value, whichever is greater, on the Effective Date of a Registration Statement as filed with the Securities and Exchange Commission. A registration statement for the structured financing will also be filed as part of the proposals initiated by PKH.
In a previous press release, PKH had announced a joint venture with EuroTrend Informatics Ltd. (ETL), a private Hungarian information technology and software company, an assignment of an exclusive distribution agreement for Quintek's products and technology, and to provide ETL with a $15 million revolving credit facility for 2 years for import financing to purchase Quintek products, technology and services through its Advanced Capital Services division, which is now a wholly owned subsidiary of PKH.
PKH had formally applied to the Export Import Bank of the United States for direct loans and loan guarantees to further expand product sales through Quintek acting as the master supplier of technology and products from the U.S. to Central Europe on behalf of ETL, however ETL has not supplied audited financial statements to the best of PKH's knowledge to date, and has effectively terminated its joint venture agreement, investment agreement, and financing plans with ETL.
The exclusive distribution agreement for Hungary and surrounding seven (7) nations however remains assigned to ETL and to the best of PKH's knowledge, management of Quintek is working directly with ETL management to complete any previously planned purchase orders, on a longer time frame, and lower quarterly volume than originally proposed. If ETL produces audited financial statements, Quintek and ETL must work directly with the Ex Im bank for export financing guarantees or direct loans for Quintek's products, technology and services.
An affiliate of PKH, The Free and Clear Foundations of America, Inc., has previously entered into a ten year, $50,000,000 Agency Agreement for web site development of the Foundations web sites with eKnowledge.
About Quintek
Quintek manufactures the patented Q4300 Universal Interface and the Q4305 Aperture Card Plotter. These two components operate together to provide a turn key system for producing complete back up data storage systems directly from digital image files.
Contact: Quintek Technologies, Inc. Chip Parrish, 888-577-6898 (Investor Relations) QTEK_PR@TwoTrades.com Corporate Web Site: quintek.com IR Web Site: twotrades.com About eKnowledge
eKnowledge takes other organizations' training, education, marketing, and other programs and custom builds them for delivery over the Internet or on CD- ROM. As one of the few providers of custom designed programs featuring video- streaming, eKnowledge handles all aspects of development which the client requires, from video production through hosting of the final products. Additionally eKnowledge owns intellectual property in training, education, and test preparation.
eKnowledge Group previously announced that it had received a non-binding letter of intent to a merger with International SynerG Communications USA Corporation, a wholly owned subsidiary of SynerG Communications, Ltd. (a Mauritius Corporation), which intends to reverse merge into eKnowledge Group. Stockholders of eKnowldge under the proposal would wind up with a 28.57% ownership of the new 'SynerG USA Corp.
PKH currently owns 3 million shares of eKnowledge and 2.2 million shares of Quintek.
Contact: eKnowledge Group, Inc. Investor Relations: Current Capital Robert Kennedy, 877/859-5200 eknowledge.com About Penny King Holdings Corporation
Penny King Holdings Corporation is a private Delaware Investment Holding Company owned and controlled by Hungarian born financier Gabor Sandor Acs who has 22 years' experience in finance, real estate, venture capital, and international markets. PKH is half owned and controlled by the Free and Clear Foundations of America, Inc., a non-profit public benefit development stage organization. Mr. Acs also serves as the Chairman of the Foundations worldwide. He is also the Chairman of Advanced Capital Services Corporation, a wholly owned financing subsidiary of PKH.
PKH is in the development process of facilitating certain technology exports through a diverse set of publicly owned companies in the United States, Canada and Hungary and exporting various technologies for the benefit of the greatest good for the greatest possible number to the best of its ability and resources.
PKH had acquired a 7% stake in Quintek in December of 2001 in a private transaction. PKH has vested interests in DStage.com, eKnowledge.com and PanaMed, Inc. and may increase its stakes in these companies in the future. The firm is aggressively pursuing additional strategic acquisitions of minority stakes in various publicly traded firms in the U.S., Canada and Hungary to further develop certain proprietary knowledge and technologies.
About the Free and Clear Foundations of America, Inc.
Under license from the Free and Clear Foundations of Earth, International, the Free and Clear Foundations of America, Inc. has been developing, applying, and testing the general theory and principals of Freenomics: The Modern Science of Free Economics. Originally developed by the Founder, Mr. Gabor Sandor Acs, the Foundations plan to publish the treatise as an eBook within the next year. Additionally, an online children's coloring eBook on the subject titled, "Billy Balloon and Friends," written by David Hargrave of Seattle, and "50 Ways to Leave Your Landlord," written by G! Alex Gabor, are being planned for release with the launch of the Foundations web site at freeandclearfoundations.org .
The Free and Clear Foundations of Tennessee, Inc. have officially obtained their charter from the National Association of Free and Clear Societies, a sister organization to the Free and Clear Foundations of America, Inc., an agency that has been delegated the authority and duty for establishing Charters for State run Foundations across America.
Under the terms of the Charter the Tennessee Foundations have named a Board of Trustees, recruited and hired a volunteer Executive Director, and have been authorized to establish a Penny Appreciation Fund, which will be used to buy pennies from students of the Foundations educational programs operating in Memphis.
Beginning in Portland in 1995, the Founder began teaching homeless people the value of saving their pennies by offering to buy them from them for a nickel each. On April 24, 2002, the Foundations launched its public education program, and through its Founder, have been offering to buy pennies from any person in the United States that earns less than $60,000 per year after taxes for a quarter each, encouraging Americans to "Save All Your Pennies" through the Penny Appreciation Fund.
The Foundations support the Free and Clear Policy Institute in Washington D.C., a lobbying organization that plans to introduce a Bill into the U.S. House and Senate to repeal the mortgage interest deduction on single family owner occupied homes and replace it with a tax credit for principal reduction.
The increased revenue to the U.S. Treasury under the proposed Bill will be first allocated to eliminating the $6 trillion national debt, and thereafter used to fund Zero Interest Mortgage Backed Securities to be issued by the Foundations for the benefit of all American owner occupied single family homeowners.
The Institute publishes The Free and Clear Intelligence Review, through its London virtual office. For subscription information send an email to freeandclearpress@yahoo.co.uk.
The Foundations have developed a proprietary mortgage product commonly called the Zero Interest Mortgage or ZIM, similar to a zero coupon bond, which it intends to license to various mortgage banks in the United States.
The Foundations support the Bank Activities Reform Commission (BARC) also in Washington D.C., which ferrets out and reports corruption in the banking, securities, and mortgage banking industries in the United States under license from the International Bank Activities Reform Commission (IBARC).
For More Information Contact: Gabor Sandor Acs Chairman Penny King Holdings Corporation Advanced Capital Services Corporation The Free and Clear Foundations of America, Inc. 928-447-1285 Voice and Fax Only email: (FreeandClearAmerica@thepennyking.com)
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates", "plans" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Penny King Holdings Corporation or any of its affiliates or public interests (the companies) to differ materially from those expressed or implied by such forward-looking statements (such factors include, among others, the risk factors contained in the company's Annual Reports and other filings with the Securities and Exchange Commission). Actual results could differ materially from those anticipated due to risk factors that include, but are not limited to, lack of timely development of products and services; lack of market acceptance of products, services and technologies; inadequate capital; adverse government regulations; competition; inability to earn revenue or profits; dependence on key individuals; inability to obtain or protect intellectual property rights; inability to obtain listings for the companies' securities; lower sales and higher operating costs than expected; technological obsolescence of the companies' products; limited operating history and risks inherent in the entertainment, telecommunications, technology and education industries. Nothing in this news release is intended as a solicitation of an offer to buy or sell any securities publicly or privately. All such offers must first be filed with the Securities and Exchange Commission and be Effective through proper registration accompanied by a prospectus.
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Contact: Gabor Sandor Acs, Chairman of Penny King Holdings Corporation, Voice and Fax Only: +1-928-447-1285, email: FreeandClearAmerica@thepennyking.com; Investor Relations: Chip Parrish, +1-888-577-6898, QTEK_PR@TwoTrades.com, for Quintek Technologies, Inc.; or Investor Relations: Robert Kennedy of Current Capital, 877/859-5200, for eKnowledge Group, Inc.
Website: thepennyking.com freeandclearfoundations.org quintek.com twotrades.com eknowledge.com |