*TrueProduct ID Inc. (TPDI) die "kleine" von SSTY*
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13-Feb-2007
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
On January 17, 2007 the Company closed an initial bridge financing with a private investor for $500,000; a portion of these proceeds will go to fulfill orders in China and to enhance the ability of the Company and its Chinese joint venture partner and their facilities and staff to address growing opportunities for our products and services in China and elsewhere.
On a related front, the Company took a step in its restructuring efforts by entering into the January 4, 2007 Restructuring Agreement with Sure Trace Security Corporation, Sure Trace Asia Limited, and William Chan. This initial restructuring effort resulted in the Company's acquisition of an initial 40% interest in our Chinese joint venture, which strengthens the Company's operations and revenue recognition ability, and which will enable East and West to develop stronger working relationships. Further, it completes the steps envisioned months ago whereby the Company is not and can now grow separate and totally independent from Sure Trace Security Corporation and Sure Trace Asia Limited. The Company is continuing to further its restructuring efforts in China.
Given the strategic alliances already formed there, China and its tremendous market remain the immediate focus and priority for the Company. The Company however is also cultivating the United States and European markets and is pursuing similar government and industry strategic alliances in the U.S. and Europe. The Company continues to take the necessary precautions to protect our intellectual property through patent applications and to make certain that our technology continues to evolve and be state of the art.
Among the industries/applications in China which the Company and its Chinese joint venture partner have been approached to use our technology are: (1) automobile, motorcycles, and automobile/motorcycle parts and auto insurance policies and other documentations; (2) cigarettes; (3) currency, checks, and other financial documentation; (4) computer software, hardware, and other electronics; (5) national welfare and sports lottery tickets; (6) government records and other items, such as property records, official invoices, and military uniforms; (7) sports tickets; (8) soft drink, liquor, and other beverages; (9) art and antiques; and (10) building-related materials.
Our cash balance as of December 31, 2006 was $528. This was obviously before the receipt of the initial bridge financing discussed above. Since the change in control of the Company on March 16, 2006 the employees of the Company have not received any payroll. It is the Company's intention to seek strategic partnerships that result in an infusion of cash into the Company.
Based upon our business plan for the current year, we do not expect that significant expenditures for the purchase of plant and equipment or research and development as our existing products are not labor intensive. We expect that our existing cash balances and cash flows from operations (as of December 31, 2006) will be not be sufficient to finance our working capital and capital expenditure requirements through Fiscal 2007. We intend to seek capital via the sale of shares in the equity markets or from cash generated from product licensing transactions. However, if events occur or circumstances change such that we fail to meet our operating plan as expected, we may require additional funds to support our working capital requirements or for other purposes and may seek to raise additional funds through public or private equity or debt financing or from other sources. If additional financing is needed, we cannot be assured that such financing will be available on commercially reasonable terms or at all.
In March 2006, we entered into a Services Agreement with James MacKay ("MacKay"), where MacKay will serve as our Chairman of the Board of Directors for a three-year term, with annual compensation of $300,000. At December 31, 2006 Mr. MacKay is owed $237,500 representing all compensation earned by him since he joined us. On November 13, 2006 Mr. MacKay vested 39,559,961 shares of our common stock as part of the aforementioned Services Agreement. Our common shares closed trading on November 13, 2006 at $0.07 per share resulting in a valuation of $2,769,197, which was expensed in the quarter ending December 31, 2006. Mr. MacKay's common shares vested to him prior to the vesting of common shares to Mr. Bendis.
In March 2006, we entered into an Executive Employment Agreement with Richard A. Bendis ("Bendis"), where Bendis will serve as our President and Chief Executive Officer for a three-year term, with annual compensation of $500,000. At December 31, 2006 Mr. Bendis is owed $395,833 representing all compensation earned by him since he joined us. Additionally, accrued liabilities include $60,078 representing unreimbursed employee expenditures primarily for travel.
On November 13, 2006 Mr. Bendis vested 30,329,303 shares of our common stock as part of the aforementioned Executive Employment Agreement. Our common stock closed trading on November 13, 2006 at $0.07 per share resulting in a valuation of $2,123,051, which was expensed in the quarter ending December 31, 2006.
Thursday March 8, 2:00 pm ET
BEIJING & PHILADELPHIA--(BUSINESS WIRE)--True Product ID, Inc. (TPID) (OTCBB:TPDI - News) announced today that its Chinese joint venture affiliate, True Product ID Technology (Beijing) Limited, has signed a groundbreaking agreement with the China Painting & Calligraphy Organization (the "Organization"), a Chinese national organization of artists composed of approximately 5 million dues-paying members.
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To safeguard China's rich cultural heritage, the Chinese Ministry of Culture has decreed that each member artist must obtain their own unique identification/authentication tag and apply it to every piece of artwork the artist produces during his or her career. The Ministry's decree is part of the Chinese Government's efforts to implement its Law on the Protection of Intangible Cultural Heritage and is part of the Chinese Government's initiative to maintain a comprehensive inventory of China's artwork and other cultural relics. The Organization has chosen TPID's anti-counterfeiting technology (now registered with the Chinese National Industrial and Commercial Bureau) as the exclusive intellectual property protection tool for its members.
The exclusive sales agreement term is 5 years. Under this agreement, the Organization is required to make minimum sales in the amount of approximately (US) $100 million over the next 5 years. Additionally, there will also be minimum quarterly and annual sales requirements for the Organization. TPID anticipates the fulfillment of this agreement will begin in April 2007. This guaranteed amount is based only on approximately 1% of the Organization's 5 million membership, who will pay a fee to use TPID's proprietary nationally registered technology. The total agreement amount could increase as more members utilize TPID's technology. For more information and pictures of the contract signing ceremony, go to http://www.trueproductid.com/.
Richard Bendis, TPID's US CEO, and Mr. Li Ning, President, of TPID Technology Beijing Limited, commented, "With a culture and heritage over 5,000 years old, China maintains many of the world's greatest cultural artwork, relics, and artifacts. We humbly and respectfully thank the Chinese for the honor and privilege of being part of their laws and initiatives to safeguard China's grand cultural heritage."
For additional information related to the factual basis of China's Government and Ministry's laws and their efforts to safeguard cultural heritage, see: http://www.china.org.cn/e-news/news060525-3.htm
About True Product ID
True Product ID produces integrators for anti-counterfeiting and security surveillance applications and is a provider of integrated tracking devices. The Company delivers turnkey solutions for governments, armed forces, and industry, through its own proprietary technology and through aggregating the technology, products, and services of third parties via licensing agreements and or joint ventures. For more information go to: http://www.tpid.net for TPID US / http://www.trueproductid.com/ for TPID Beijing.
SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that our products may not achieve customer acceptance or perform as intended, that we may be unable to obtain necessary financing to continue operations and development, and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
Contact:
True Product ID, Inc. (TPID)
Richard Bendis, 215-496-8102
rbendis@tpid.net
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Source: True Product ID, Inc. (TPID)
dieses ding wird jetzt nur noch steigen. ich hoffe ihr habt das lager voll *ggggg*
True Product ID, Inc. (TPID) (OTCBB:TPDI) announced that the French Ambassador to the US has invited TPID CEO and President, Richard A. Bendis, to be an expert at meetings dedicated to fighting counterfeiting and piracy in France, which will be conducted with French ministers, other French government officials, leading French anti-counterfeiting organizations, and elite French luxury brands and fashion designers from February 20 to 26, 2007 in Paris and Marseilles. The purpose of the meetings is to build a coalition of leading government, non-governmental, industry, and technological resources in France and the United States to help fight counterfeiting and piracy in France. According to Union des fabricants, counterfeiting costs France approximately US$7.8 billion and 38,000 jobs a year. French luxury goods are among the most counterfeited products in the world.
TPID is the only non-French industry expert which is dedicated to providing anti-counterfeiting technology and solutions to be invited for these meetings. Accompanying TPID from the US will be a director of the US Copyright Office in Washington D.C., the Senior Advisor-IP Coordinator, US Department of Commerce, the President of the French-American Foundation, the President of International Intellectual Property Institute, the President of the American Intellectual Property Law Association, the president of BuySAFE, a bonded on-line shopping site, representatives from leading US designers Anna Sui and Kevan Hall, and members of the US press, including Harper´s Bazaar and BusinessWeek.
Among the French ministers TPID will meet are the Minister of Budget, who is also in charge of Customs Agency; the Ministry of Industry; and the Trade Minister. TPID will also meet with officials from the Institut National pour la Protection Intellectuelle, French Patent and Trademark Office and customs officials from Marseilles. TPID will also meet with France´s most elite anti-counterfeiting organizations including Comite Colbert, a leading association of 70 of France´s elite luxury brands and service companies; Union des fabricants, a major trade association founded in 1877 dedicated to fighting counterfeiting and piracy in France; the French Federation of Women´s Ready to Wear; the Federation Francaise de la Couture; and the National Committee on Counterfeiting. Among the French luxury brands TPID will meet are the Louis Vuitton Moet Hennessy (LVMH) Group (which includes such elite fashion lines, wines and spirits, perfumes and cosmetics, and watches and jewelry as Louis Vuitton, Fendi, Donna Karan, Dior, Guerlain, Dom Perignon, Moet & Chandon, Hennessy, and TAG Heuer); Hermes; Baccarat; Le Printemps Luxe (one of Paris´ most famous luxury department stores); Chanel; PPR (which owns the Gucci, Yves Saint Laurent, Boucheron, and other elite brands); and leading French designers.
TPID CEO, Richard Bendis, stated: "TPID is honored to be invited by the French Government as an expert in these important global anti-counterfeiting initiatives. Combined with our initiatives in China, where most goods are manufactured, and in the US, the world´s leading consumer market, we believe that these initiatives in France, the home of the most elite luxury goods, are an important step in our efforts to develop a leading comprehensive anti-counterfeiting solution worldwide."
True Product ID Enters into Letter of Intent to Acquire Majority Ownership and Control of Its Chinese Joint Venture Affiliate
Monday March 12, 2:35 pm ET
BEIJING & PHILADELPHIA--(BUSINESS WIRE)--True Product ID, Inc. (TPID US) (OTCBB:TPDI - News) announced that it has signed a letter of intent which will result in TPID US's owning 60% of the Chinese joint venture, True Product ID Technology (Beijing) Limited. Under the letter of intent, one of the Chinese partners in the Chinese Joint Venture will transfer a 20% ownership interest in the Chinese Joint Venture to TPID US, which will then have majority control and ownership of the Chinese Joint Venture. The acquisition is part of TPID US's continuing restructuring efforts to consolidate financial reporting and control of its global operations, which in turn should enhance shareholder value. Upon closing of the acquisition, TPID US should be able to recognize 100% of the revenues generated by the Chinese Joint Venture.
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The significance of signing this letter of intent extends well beyond revenue recognition. Its Chinese partner's agreement to authorize TPID's majority ownership of the Chinese joint venture reflects a critical step in the growing respect, appreciation, and partnership between TPID US and its Chinese partners and their strategic allies within China. TPID Beijing CEO Li Ning stated: "The signing strengthens the marriage between East and West. With our expertise, contacts, and resources combined as one, together we can best maximize opportunities for our leading technology not just in China but throughout the world." TPID US CEO Richard Bendis stated: "The respect, support, and partnership of our Chinese partners are paramount to us. For that, we are deeply honored and grateful. Along the vision of 'One World, One Dream,' we believe that combined we can help establish a global standard in the fight against counterfeit goods."
Closing for the Acquisition is expected to occur within the next 30 days. As part of TPID US's continuing restructuring efforts, TPID US President and CEO Richard Bendis will replace current interim Chairman, James MacKay, as Chairman of TPID US this week. Mr. MacKay expects to issue a video to shareholders this week.
About True Product ID
True Product ID produces integrators for anti-counterfeiting and security surveillance applications and is a provider of integrated tracking devices. The Company delivers turnkey solutions for governments, armed forces, and industry, through its own proprietary technology and through aggregating the technology, products, and services of third parties via licensing agreements and or joint ventures. For more information about True Product ID, Inc., go to http://www.tpid.net. For more information about True Product ID Technology (Beijing) Limited, go to http://www.trueproductid.com/.
SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that our products may not achieve customer acceptance or perform as intended, that we may be unable to obtain necessary financing to continue operations and development, and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
Contact:
True Product ID, Inc. (TPID)
Richard Bendis, 215-496-8102
rbendis@tpid.net
Source: True Product ID, Inc. (TPID)
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15-Mar-2007
Change in Directors or Principal Officers, Other Events, Financial Statemen
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
On March 12, 2007, the Company issued a press release announcing, among other things, that James MacKay has resigned as the interim Chairman of the Board and a director of the Company and that the Company's Chief Executive Officer and President, Richard A. Bendis, has replaced Mr. MacKay as the Chairman of the Board. Mr. MacKay will continue to support the Company's initiatives in China and elsewhere. A copy of this press release is attached as Exhibit 99.1hereto. The reader is advised to read the press release in its entirety.
Item 8.01. Other Events.
In its March 12, 2007 press release (attached hereto as Exhibit 99.1, the Company further announced:
TRUE PRODUCT ID ENTERS INTO LETTER OF INTENT
TO ACQUIRE MAJORITY OWNERSHIP AND CONTROL OF ITS CHINESE JOINT VENTURE AFFILIATE
BEIJING & PHILADELPHIA, March 12, 2007--(BUSINESS WIRE)--True Product ID, Inc. (TPID US) (OTCBB:TPDI - News) announced that it has signed a letter of intent which will result in TPID US's owning 60% of the Chinese joint venture, True Product ID Technology (Beijing) Limited. Under the letter of intent, one of the Chinese partners in the Chinese Joint Venture will transfer a 20% ownership interest in the Chinese Joint Venture to TPID US, which will then have majority control and ownership of the Chinese Joint Venture. The acquisition is part of TPID US's continuing restructuring efforts to consolidate financial reporting and control of its global operations, which in turn should enhance shareholder value. Upon closing of the acquisition, TPID US should be able to recognize 100% of the revenues generated by the Chinese Joint Venture.
The significance of signing this letter of intent extends well beyond revenue recognition. Its Chinese partner's agreement to authorize TPID's majority ownership of the Chinese joint venture reflects a critical step in the growing respect, appreciation, and partnership between TPID US and its Chinese partners and their strategic allies within China. TPID Beijing CEO Li Ning stated: "The signing strengthens the marriage between East and West. With our expertise, contacts, and resources combined as one, together we can best maximize opportunities for our leading technology not just in China but throughout the world." TPID US CEO Richard Bendis stated: "The respect, support, and partnership of our Chinese partners are paramount to us. For that, we are deeply honored and grateful. Along the vision of 'One World, One Dream,' we believe that combined we can help establish a global standard in the fight against counterfeit goods."
Closing for the Acquisition is expected to occur within the next 30 days. As part of TPID US's continuing restructuring efforts, TPID US President and CEO Richard Bendis will replace current interim Chairman, James MacKay, as Chairman of TPID US this week. Mr. MacKay expects to issue a video to shareholders this week.
Item 9.01. Financial Statements, Pro forma Financial Information and Exhibits.
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(c)
Exhibits
Exhibits
Description
99.1
Press Release dated March 12, 2007.