Monthly Archives: April 2015

Coastal Banking Company Reports First Quarter 2015 Earnings, Declares Preferred Stock Dividend

BEAUFORT, SC / ACCESSWIRE / April 30, 2015 / Coastal Banking Company Inc. (OTCQX: CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., and Fernandina Beach, Fla., today reported net income of $1,171,000, or earnings per diluted common share of $0.35, for the quarter ended March 31, 2015. This represents a $970,000 improvement from the net income of $201,000, or earnings per diluted common share of $0.01, for the first quarter of 2014.

On a linked-quarter basis, net income in the first quarter of 2015 represents an increase of $173,000, or earnings per diluted common share of $0.06, from net income of $998,000, or earnings per diluted common share of $0.29, in the final quarter of 2014.

On April 22, 2015, the Board of Directors of CBCO declared a dividend of $22.50 per share of its outstanding Series A Cumulative Perpetual Preferred Stock. The dividend will be payable on May 15, 2015, to shareholders of record on May 5, 2015. The dividend rate of 9% annually results in a total quarterly dividend payment of $223,875.

For the full text of the earnings release and complete unaudited interim financial results, please visit the company’s website at http://www.coastalbanking.com/pdf/CBCO_1Q15_Earnings_Release.pdf.

For More Information: 

Paul R. Garrigues
Chief Financial Officer
Coastal Banking Company Inc.
904-491-9833

Michael G. Sanchez
Chief Executive Officer
Coastal Banking Company Inc.
904-321-0400

SOURCE: Coastal Banking Company Inc.

ReleaseID: 428379

Single-Tenant Net-Leased Auto Parts Stores: The Alternative Retail Investment, According to Hanley Investment Group Thought-Leader Jeremy McChesney

Single-Tenant O’Reilly Auto Parts Store Closes at Lowest Cap Rate of 2015

IRVINE, CALIF. – According to Senior Vice President Jeremy McChesney at Hanley Investment Group, a nationally-recognized boutique real estate brokerage and advisory firm specializing in retail property sales, single-tenant net-leased auto parts stores are a viable alternative retail investment to fast-food and bank single-tenant net-leased investments.

In the last 10 months, McChesney has negotiated the sale of five single-tenant net-leased O’Reilly Auto Parts stores with an average cap rate of 5.62 percent. His most recent sale of a single-tenant net-leased O’Reilly Auto Parts, located in Northern California at 548 Grass Valley Highway in Auburn, sold for $2.6 million, representing a 5.31 percent cap rate, the lowest cap rate for an O’Reilly Auto Parts store to close in 2015 (per CoStar). The single-tenant absolute NNN O’Reilly Auto Parts store had 12 years remaining on the primary term of the lease. McChesney represented both the buyer and seller in the Auburn transaction. The other O’Reilly Auto Parts NNN single-tenant sales that McChesney closed were located in Montrose, CO; Texarkana, TX; Fort Payne, AL; and Evansville, IN.

“Due to our national network of investors and effective marketing strategies, we have been able to outperform the market for the sale of O’Reilly Auto Parts stores by nearly 60 basis points. The national O’Reilly Auto Parts stores average closing cap rate forthe last 10 months,” said McChesney.

In the same 10-month period, McChesney closed four single-tenant net-leased AutoZone stores with an average cap rate of 5.78 percent. The properties are located in Raleigh, NC; Minooka and St. Louis, IL; and Fort Wayne, IN. “We have also been able to outperform the market for the sale of single-tenant net-leased AutoZone stores by nearly 30 basis points. The national AutoZone average closing cap rate for 2014 was 6.06 percent,” said McChesney.

“The auto parts store category continues to do well as many Americans are holding onto their cars longer,” said McChesney. “The average age of cars and trucks in operation in America hit a new all-time high of 11.4 years, up slightly from 11.3 years in 2013, according to a study by IHS Automotive. IHS forecasts that the average age of vehicles is expected to rise to 11.7 years by 2019.”

McChesney added, “Not only is the average vehicle in America getting older, the study also found that the country has a record number of vehicles in operation as the total topped 252.7 million in 2014, an increase of 3.7 million vehicles from 2013. The continued increase in the number of older vehicles explains why after-market auto parts retailers like O’Reilly Auto Parts and AutoZone have done so well in the last few years.”

McChesney also reports that as there are limited investment grade options priced below $2 million outside of dollar stores and quick-serve restaurants. “Auto part store properties remain in high demand among savvy net lease investors but values are quickly increasing,” McChesney added.

McChesney noted that he has a single-tenant net-leased 5,892-square-foot single-tenant net-leased O’Reilly Auto Parts store in Craig, CO, listed for sale for $787,000, with 10 years remaining on the primary term of the lease. He also has a 7,746-square-foot single-tenant net-leased AutoZone in Beloit, WI, listed for sale for $827,000 with 10 years remaining on the primary term of the lease; and a single-tenant 9,000-square-foot Goodyear Tire store available for sale for $3,120,000 in Port Jefferson Station, NY with 8 years remaining on the primary term of the lease.

About Hanley Investment Group

Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved.

For more information, visit www.hanleyinvestmentgroup.com

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Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Anne Monaghan / Monaghan Communications
Email: anne@MonaghanPR.com
Phone: (949) 585-7671
City: Irvine
State: California
Country: United States
Website: http://www.hanleyinvestment.com

Source: ABNewswire

ReleaseID: 27538

KTGY-designed Capri Collection Opens at Hidden Canyon in Orange County

Robust Sales at New Community Built by Three-Time “Builder of the Year,” Toll Brothers; Luxury Living for Executive Families in Irvine

IRVINE, CALIF. – Toll Brothers, Inc., (NYSE:TOL), the nation’s leading builder of luxury homes, recently announced the opening of The Capri Collection at Hidden Canyon in Irvine, Calif. Designed by national award-winning architecture and planning firm, KTGY Group, Inc., The Capri Collection at Hidden Canyon is a collection of single-family luxury homes surrounded by open space and canyon views in the new staff-gated community of Hidden Canyon. According to Toll Brothers, over 3,000 people attended the model Grand Opening of Hidden Canyon held on April 11, 2015.

Located on Lake Forest Drive between California State Route 133 and Bake Parkway, just 7.5 miles from the renowned coastline of Laguna Beach and nestled adjacent to the Laguna Coast Wilderness Park, Hidden Canyon provides an exclusive, gated Irvine address offering a coveted balance of natural majesty and convenience. With its private recreation amenities, top Irvine Unified Schools and easy access to upscale shopping, dining and entertainment destinations, Hidden Canyon is a unique opportunity to enjoy the comforts of gated living and the splendor of canyon life, according to KTGY Principal David Obitz.

“Move-up buyers will have the opportunity to personalize their new home at The Capri Collection community to fit their needs and lifestyle,” noted Obitz. The Capri Collection offers five expansive floor plans situated on estate-sized home sites up to 19,000 square feet – many with views and room for a pool. There are four architectural styles to choose from and the homes range from approximately 4,468 to 4,915 square feet, including 5 to 7 bedrooms and 4.5 to 7.5 bathrooms. The homes are priced from the low $2 millions.

“The Capri Collection at Hidden Canyon has redefined elegance in home design,” Obitz said. “Buyers are drawn to the five innovative floor plans that offer dozens of options and upgrades to choose from to make each home unique, personal and semi-custom. The homes sites offer evening city light views, seamless indoor-outdoor living, perfect for entertaining and enjoying this coastal community’s beautiful year-round weather.”

Residents of Hidden Canyon are also close to a host of major employers including Irvine Spectrum, Kaiser Permanente, major highways and the toll roads, Irvine Transportation Center and numerous retail centers including Quail Hill Shopping Center and Irvine Spectrum Center? with a variety of nearby retail, recreation and entertainment destinations.

Hidden Canyon is part of the Villages of Irvine, created by Irvine Company Community Development and recently named the “Top Selling Master Planned Community in the West” for the third consecutive year. The highly-acclaimed master-planned community is renowned for allowing residents to enjoy a unique lifestyle unmatched in the region, including some of the best schools in the state; America’s safest city for 10 straight years; abundant open space, parks and recreational opportunities; and world-class dining, entertainment and employment.

“We have had a fantastic response to the design of these homes and the home sites,” said Obitz. “Pre-model sales and opening weekend results have been tremendous at The Capri Collection at Hidden Canyon.” Toll Brothers has 120 home sites slated for The Capri neighborhood.

KTGY, the project designer and architect of The Capri Collection at Hidden Canyon, is working with Toll Brothers in many markets around the country. “We are thrilled to be working with award-winning Toll Brothers. Their unwavering commitment to quality and customer service has earned them national recognition as America’s Most Trusted Home Builder™ based on a study of 43,200 new home shoppers in the nation’s top 27 housing markets.” Toll Brothers received the highest numerical score among the largest 133 home builders in the country according to the study by Lifestory Research. The study measures, among other things, perceptions of quality, price, reputation and trust. Toll Brothers was also recently recognized as Builder of the Year by BUILDER magazine, and was twice named national Builder of the Year by Professional Builder magazine.

For more information about The Capri Collection at Hidden Canyon, visit www.VillagesofIrvine.com or Toll Brothers at www.TollBrothers.com

About Toll Brothers

Toll Brothers, an award-winning Fortune 1000 company founded in 1967, embraces an unwavering commitment to quality and customer service. Toll Brothers is currently building nationwide and is a publicly owned company whose stock is listed on the New York Stock Exchange (NYSE: TOL). The Company was named America’s Most Trusted Home Builder™ 2015* by Lifestory Research, receiving the highest numerical score among the largest 133 home builders in the country in a study that measures, among other things, perceptions of quality, price, reputation, and trust. Toll Brothers was also recently named National Builder of the Year by BUILDER magazine, and was twice named national Builder of the Year by Professional Builder magazine.

Toll Brothers received the highest numerical score in the United States in the proprietary Lifestory Research 2015 America’s Most TrustedTM Home Builder study. Study based on 43,200 new home shoppers in 27 markets. Proprietary study results are based on experiences and perceptions of consumers surveyed between January and December 2014.

For more information about Toll Brothers, visit www.TollBrothers.com

About KTGY Group

Celebrating more than 23 years, KTGY Group, Inc., Architecture and Planning, is a national award-winning firm providing comprehensive planning and award-winning architectural design services for residential communities, retail, hospitality, mixed-use and related specialty developments. KTGY delivers innovative solutions that reflect clear understanding of development, market and consumer trends, and financial performance. KTGY serves clients worldwide from offices in Irvine, Los Angeles and Oakland, Calif., Denver, Colo., and Tysons, Va.

See www.KTGY.com

Logo: http://www.abnewswire.com/pressreleases/wp-content/uploads/2015/04/1430402057.jpeg

“The Portofino Model”

Media Contact
Company Name: KTGY Group, Inc., Architecture + Planning
Contact Person: Anne Monaghan / Monaghan Communications
Email: anne@monaghanpr.com
Phone: 888-456-KTGY
City: Los Angeles
State: CA
Country: United States
Website: http://www.ktgy.com

Source: ABNewswire

ReleaseID: 27536

Benetone Films distributing first film Pernicious

James Cullen Bressack wrote and directed June release

Benetone Films will release horror pic Pernicious, the new film from popular genre filmmaker James Cullen Bressack, June 19 in US theatres and On Demand.

The movie, starring Emmy-nominated Emily O’Brien, Ciara Hanna, and Jackie Moore, is “a carnival for the eyes” (Dread Central) and “sexy, bloody, and heinous” (Horror News). The movie tells of three young girls, holidaying in Thailand, who unleash the spirit of a murdered child with only one thing on her mind – revenge.

Film is written by Bressack and Taryn Hillin.

Producers are Rachvin Narula, Kulthep Narula, and Daemon Hillin, with Rajpal Narula, Deepak Simhal, Ajay Vasu, Farid Khan, and Albert Sandoval as executive producers.

Official Synopsis : Three young, beautiful girls arrive in Thailand to teach English for the summer, some with noble intentions and some just wanting an adventure, but none were prepared for the massacre that awaited them. The nightmare begins when their new friends go missing, vivid bloody dreams haunt their sleep and a stolen statue leads them down a dark path into Thai folklore and magic that has been long forgotten. Their situation continues to become worse once they realize it’s not WHAT that is haunting them but WHO: an eight-year girl, brutally murdered and sacrificed by her family decades ago who wants nothing more than to watch them bleed. This is not a story about redemption. This is not a story about good versus evil. This is not a story about the will to survive. This is a story about Vanida – a child viciously tortured by her own family, who will stop at nothing for revenge – one appendage at a time.

Image: http://www.abnewswire.com/uploads/edd4097a543386c8c9527957c727e7dc.jpg

Logo: http://www.abnewswire.com/pressreleases/wp-content/uploads/2015/04/1430373090.jpeg

“A scene from “Pernicious””

Media Contact
Company Name: OCTOBER COAST PR
Contact Person: James Simmons
Email: office@octobercoast.net
Phone: 0011 +61 3 99996034 ext. 314
City: LOS ANGELES
State: CA
Country: United States
Website: http://www.perniciousthemovie.com/

Source: ABNewswire

ReleaseID: 27533

Executive Marketing Services Announces Fuego Messenger App

The new application allows you message all your matches with the exact same message all at once on Tinder

San Diego, California – April 30, 2015 – Dating apps take the convenience of online dating to a whole new level. Tinder is a free app that anonymously finds nearby matches and connects them if they are interested in each other. It lets users quickly say yes or no to potential matches by showing you people who are near them, and letting users anonymously “like” them or “pass” on them. If you and a potential match “like” each other, Tinder makes an introduction and lets you message each other through the app.

To save users of this location-based mobile application the stress of liking profiles or messaging users one at a time, Executive Marketing Services LLC has just announced the new Tinder plug in, Fuego Messenger that allows users of this exciting mobile dating app to message all matches at the same time with the same message.

“We have written a new app that is a plug in for tinder (dating app) that allows users to message all their matches with the same message at the same time,” stated, Brad McLaughlin, CEO of Executive Marketing which created Fuego Messenger. He added. “We developed this plug in for Tinder users to eliminate the stress of having to message users one by one.”

Fuego Messenger provides Tinder users the benefit to ask all their matches if they can hang out at exactly the same time without having to message them one after the other. It eliminates the stress of copying and pasting the same message to hundreds of matches. This is helpful for everyone, especially the busy ones.

For more information about the application, kindly visit – http://www.fuegomessenger.com or https://play.google.com/store/apps/details?id=com.saraz.msgr&hl=en

About Executive Marketing Services

The company was founded in 2013 by Brad McLaughlin to develop software programs to better the use of other applications and websites available on the market. The company now has 10 full time employees and multiple best selling software programs and apps.

For more information about the company, please contact Brad via 760-696-5811 or brad@executivemarketingservicesllc.com

Media Contact
Company Name: Executive Marketing Services LLC
Contact Person: Brad McLaughlin, CEO
Email: brad@executivemarketingservicesllc.com
Phone: 760-696-5811
City: San Diego
State: California
Country: United States
Website: http://www.fuegomessenger.com

Source: ABNewswire

ReleaseID: 27530

Falcon Crest Energy Acquires Vertically Integrated Construction Company, Restructures

FT WORTH, TX / ACCESSWIRE / April 30, 2015 / Falcon Crest Energy (OTC: FCEN) (the “Company”), a development stage oil and gas exploration and production company, is pleased to announce that it has acquired the membership interests in Cherubim Interests, LLC. Pursuant to an Agreement and Plan of Reorganization dated April 27, 2015, the Company acquired all of the membership interests of Cherubim Interests, LLC, a limited liability company, from Victura Construction Group, Inc.

Cherubim Interests is a subsidiary of Victura Construction Group Inc., (OTC: VICT) which has twelve vertically-integrated subsidiaries in the construction industry. Victura has a dynamic pipeline of activity that includes new, well-defined opportunities as well as the potential for uncovering new business development opportunities and relationships. Current relationships provide for a solid, calculable, recession-proof business with multiple Fortune 500 insurance companies. Cherubim Interests focuses on alternative construction projects, as well as mixed- use, single, and multi-family real estate development, management, and investment opportunities in North America.

Charles Everett, CEO of Victura Construction, stated, “Victura is extremely excited about adding the new entity into our growth model. This further enhances our overall vision and timetable in industry specific development and construction being integrated into our portfolio. The immediate impact of the new relationships and the open doorway to higher level projects and the partner relationships that come with this realm are virtually unlimited in scope and breadth. Our management and stockholders are thrilled that what we saw as a future is quickly becoming the present.”

In the restructure, the company effected a 1-for-15 reverse stock split, such that the 83,626,881 outstanding shares of common stock will be reclassified as 5,575,125 shares of new common stock, issued 60 million shares of new common stock to Victura Construction Group in the exchange, amended the Articles of Incorporation to change the name of the Company to “Cherubim Interests, Inc.,”, accepted the resignation of director and officer Terry Lynch, and appointed new directors and management to work alongside CEO Patrick Johnson. The company intends to file for a symbol change. Additional information regarding the corporate restructure can be found in the company’s Current Report on Form 8-K.

“We are excited at Cherubim Interests to be affiliated with Victura Construction Group and all of our sister companies. We feel that by entering into industry-specific specialized construction sectors as well as tried and trusted real estate development opportunities, we can offer stable, sustainable value for our shareholders establishing a solid foundation with unlimited growth potential.” said CEO Patrick Johnson.

About Victura Construction Group, Inc.

Victura Construction Group, Inc., (OTC:VICT), is a holding company focused on strategic acquisitions within the construction industry that service restoration and re-building needs following catastrophic events. Victura deploys good business practices and management, sound ethics, financial resources, and utilizes strategic industry relationships to help ensure success to any acquired company(s).

For more information, visit www.victuraconstruction.com.

About Cherubim Interests Inc.

More than a buyer, Cherubim Interests is led by highly experienced directors and a notable management team who are experts in their specific disciplines of property management, construction, and finance. We are determined to build on our initial success and fulfill our vision to be a leader in alternaltive construction, and multi-family real estate development, management, and investment.

For more information, visit http://www.cherubiminterests.com/.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: oil and gas prices, general economic or industry conditions, nationally and/or in the communities in which our company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our access to capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting our company’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

Contact:

Cherubim Interests, Inc.
Patrick J. Johnson
Chief Executive Officer
(844) 842-8872
IR@cherubiminterests.com

SOURCE: Cherubim Interests, Inc.

ReleaseID: 428384

Kids in the House Reveals Finding Success With Learning Disabilities

Having a child who has been diagnosed with a learning disability can be a frustrating experience for parents as they try to support their children. There is a lot of conflicting information for parents to weed through as they look for ways to encourage their children to be successful both in school and in life. Kids in the House interviewed psychiatrist Dr. Ned Hallowell and clinical psychologist Karen Schiltz, both specialists in helping children with learning disabilities, to find effective strategies for both parents and kids.

Dr. Hallowell finds that one of the most difficult steps in working with a child with a learning disability is explaining their diagnosis to them. It is important to use language that the child can understand. For example, when explaining ADHD, Dr. Hallowell tells the child that they have a great brain, a “Ferrari engine for a brain,” but that they have “bicycle brakes” which makes it difficult for them to stop. This type of description often leaves a child feeling more optimistic.

The bedrock of Dr. Schiltz’s method in working with children with learning challenges is helping them and their parents see beyond the label of a learning disability. By emphasizing a child’s strengths and building on the confidence that follows, you can create a pattern of success. This allows children to see their disability as an alternative route instead of a roadblock.

Learn more about finding success with learning disabilities at Kids in the House:
http://www.kidsinthehouse.com/special-needs/learning-disabilities/finding-success-with-learning-disabilities

About Kids in the House

Kids in the House is the world’s largest parenting video library with over 8,000 videos from 450 experts, including physicians, psychologists, researchers, educators, best-selling authors, and other celebrated voices in our culture. This website contains videos that feature parenting tips from parents who have dealt with particular issues and can share their hard-earned wisdom.

Kids in the House is a place where parents have the opportunity to hear and share different perspectives and get solutions for parenting challenges that range from pregnancy to getting into college. The videos aim to help parents and caregivers become better at parenting by educating, inspiring, and entertaining. The videos are split into the following categories: All Parents, Pregnancy, Adoption, Baby, Toddler, Preschool, Elementary, Teen, and Special Needs.

Leana Greene, founder and CEO of Kids in the House, is a parenting trends expert and one of the top female entrepreneurs in the United States. She aims for this website to be the most comprehensive resource of parenting advice available—one that respects the fact that there is no one-size-fits-all solution.

Logo: http://www.abnewswire.com/pressreleases/wp-content/uploads/2015/04/1430347476.jpeg

Media Contact
Company Name: Kids in the House
Contact Person: Yan Huang
Email: office@kidsinthehouse.com
Phone: 3108996026
Country: United States
Website: http://www.kidsinthehouse.com

Source: ABNewswire

ReleaseID: 27527

Kids in the House Expert Cara Natterson Shares Tips for Dealing with Teenage Acne

For teens dealing with acne, it can be one of the major stressors of their lives. For most, it primarily affects the facial area, which is the last place you want to look less than your best. Regardless of why they have acne, the only thing teenagers want to know about acne is how to get rid of it!

Kidsinthehouse.com interviewed pediatrician Cara Natterson, MD about teenage acne and her message was clear, it is caused by the fluctuation of hormones during puberty. In other words, it’s not the teen’s fault and the best remedy is to start a good cleansing routine that includes a gentle cleanser and moisturizer or sunscreen used twice daily.

One of the most frustrating things for teens dealing with acne is the feeling that they have no control. Dr. Natterson stresses that there is one area where teenagers do have control over their acne and that is not picking the pimples. Picking can not only cause visible scarring to the face, it also makes the outbreak worse as bacteria enters the open wounds.

Learn more tips for dealing with teenage acne at kidsinthehouse.com:
http://www.kidsinthehouse.com/article/teen/health-and-development/acne/tips-for-dealing-with-teenage-acne

About Kids in the House

Kids in the House is the world’s largest parenting video library with over 8,000 videos from 450 experts, including physicians, psychologists, researchers, educators, best-selling authors, and other celebrated voices in our culture. This website contains videos that feature parenting tips from parents who have dealt with particular issues and can share their hard-earned wisdom.

Kids in the House is a place where parents have the opportunity to hear and share different perspectives and get solutions for parenting challenges that range from pregnancy to getting into college. The videos aim to help parents and caregivers become better at parenting by educating, inspiring, and entertaining. The videos are split into the following categories: All Parents, Pregnancy, Adoption, Baby, Toddler, Preschool, Elementary, Teen, and Special Needs.

Leana Greene, founder and CEO of Kids in the House, is a parenting trends expert and one of the top female entrepreneurs in the United States. She aims for this website to be the most comprehensive resource of parenting advice available—one that respects the fact that there is no one-size-fits-all solution.

Logo: http://www.abnewswire.com/pressreleases/wp-content/uploads/2015/04/1430347082.jpeg

Media Contact
Company Name: Kids in the House
Contact Person: Yan Huang
Email: office@kidsinthehouse.com
Phone: 3108996026
Country: United States
Website: http://www.kidsinthehouse.com

Source: ABNewswire

ReleaseID: 27525

Accretive Capital Partners Expresses Grave Concerns Relating to Actions Semiconductor; Will Explore Extraordinary Corporate Transactions

NEW HAVEN, CT / ACCESSWIRE / April 30, 2015 /

An Open Letter to the Board of Directors of Actions Semiconductor Co., Ltd 

Mr. Hsiang-Wei Lee
Mr. Chin-Hsin Chen
Mr. Jun Tse Huang
Mr. Yu-Hsin Lin
Mr. Nan-Horng Yeh
Actions Semiconductor Co., Ltd.
No. 1 Ke Ji Si Road
Technology Innovation Coast of Hi-Tech Zone
Zhuhai, Guangdong, 519085
People’s Republic of China

To the Board of Directors of Actions Semiconductor:

As you know, we received your correspondence-written by the Corporate Secretary to Actions Semiconductor (NASDAQ: ACTS), delivered more than four months after making our director nominations, sent to us by the Company’s IR representative instead of you, and informing us of your extraordinary decision to reject the Accretive Capital Partners director nominees. We find your behavior utterly despicable and blatantly conflicted–yet perfectly consistent with your abusive behavior towards shareholders of Actions Semiconductor, including the largest shareholder of the Company. We cannot fathom how any one of you can possibly claim to be acting in the best interest of the Company or its shareholders.

For more than eight long and excruciating years, Accretive Capital Partners and its affiliates have been among the largest and most supportive shareholders of Actions Semiconductor Co., Ltd. (“Actions” or the “Company”). We own over 33.3 million ordinary shares (or approximately 5.6 million ADS shares) held by our fund and its affiliates.

SEC Documents here: http://www.sec.gov/Archives/edgar/data/1118118/000106299315002251/sc13da.htm

Our ownership now equates to approximately 15.6% of the outstanding shares (based on 213,530,033 ordinary shares outstanding, as reported by the Company in its Form 20-F filing on April 24, 2015), as compared to less than 1% held by the entire Board of Directors and management combined.

Despite your total disinterest in purchasing ownership and your failure to provide management with any direction to build or even to preserve value at Actions, we nevertheless take pride in being value-added partners to the Company and our fellow shareholders. We have worked hard to provide constructive advice during the past eight years, despite the extraordinary destruction of shareholder value authorized by you, as directors of our Company.

We believe that investment firms like ours serve an important societal role in identifying outstanding business managers and supporting them as they turn their visions of fulfilling market needs into realities of new products or better services, improving life for everyone. We strive to achieve our professional responsibilities by investing in and partnering with exceptional CEOs who have demonstrated their success at allocating assets as they build superior businesses. And we are committed to allocating the funds entrusted to us by our investors intelligently, honorably, and just as rationally.

It is with these responsibilities in mind that we come to the disheartening conclusion that the Board of Directors at Actions Semiconductor shares none of our values.

We are writing you once again to advise you of our:

1. Grave concerns relating to your conflicts of interest and related-party transactions at Actions Semiconductor and our continued questions which have gone unanswered by the Board of Directors for over six months;

2. Intention to consider extraordinary corporate transactions with Actions, including but not limited to a merger, reorganization, liquidation, or offer to purchase the outstanding securities of the Company;

3. Amendment to our Schedule 13D filing with the U.S. Securities and Exchange Commission to report these developments;

4. Recommendation that you replace your director nominations with the candidates nominated by Accretive Capital Partners on December 8, 2014; and

5. Interest in hearing from other concerned shareholders, who may contact as at the following email or phone number: info@accretivecapital.com or 203.794.6360.

We are extremely troubled by the obvious conflicts of interest and related-party transactions with Nan-Horng Yeh (“Mr. Yeh”) and Yu-Hsin Lin (“Mr. Lin”), and we are shocked that other Board members do not understand the risks of providing continued support to these two directors.

Specifically: Mr. Yeh is Chairman of the Board and substantial owner of Realtek Semiconductor Corporation (“Realtek”), which has received significant investment capital from Actions; moreover, Mr. Yeh’s elder brother is President of GMI Technology (“GMI”), which is one of the largest distributors of semiconductors for Actions and was sold product for $9.2 million in 2014; and Mr. Lin is Director and Chief Financial Officer of a semiconductor wafer manufacturer, United Microelectronics Corporation (“UMC”), which sells Actions almost all of its semiconductor wafers.

Each of these related-parties stands to lose substantial profits if Actions were to sell the Company to a third party or even to eliminate certain unprofitable product lines so that Actions shareholders could benefit from a profitable business of their own. Meanwhile, Mr. Yeh continues to serve as a director at Actions, charged by our Company with fiduciary duties to Actions-and not to Realtek or GMI. Amazingly, Mr. Lin serves as Chairman of the Audit Committee for Actions, entrusted with the responsibility and power to approve these related party transactions.

In each of the last six (6) years since 2008, Actions has hemorrhaged an operating loss totaling a staggering $102.7 million. Last year alone, under the direction of this Board, Actions destroyed $39.5 million of Company assets with its operating loss.

1. Did Realtek, GMI, or UMC suffer any of these operating losses?

2. What products were sold to GMI for $9.2 million in 2014 and were they sold at a loss or had they been previously written down?

3. How is it that these related parties to Mr. Yeh and Mr. Lin can enjoy profits from Actions when we shareholders must endure these extraordinary losses?

4. How is it that Mr. Yeh and Mr. Lin are acting in the best interest of Actions shareholders by authorizing ongoing operating losses to the benefit of Realtek, GMI, and UMC?

5. How does Mr. Yeh fulfill his fiduciary duties as a director when he is personally conflicted in significant related party transactions with Realtek and GMI?

6. How does Mr. Lin fulfill his fiduciary duties as Chairman of the Audit Committee when he is personally conflicted in significant related party transactions with UMC?

Mr. Yeh and Mr. Lin are unwilling to authorize additional Company stock repurchases, have purchased no Actions stock for themselves, and are unwilling to consider a sale of the Company. We believe the sole purpose for continuing this money-losing business at the expense of Actions shareholders is to enrich the related parties of Mr. Yeh and Mr. Lin.

We are also perplexed by the transactions approved by this Board on behalf of shareholders. The following investments, as reported in the Company’s Form 20-F filings since 2005, have resulted in an astounding loss of more than $35.9 million, or 46% of the invested capital:

Beijing Actions Microelectronics Co., Ltd.

On November 17, 2005 Actions established a subsidiary, Actions Microelectronics Co., Ltd. (“Beijing Actions”) which served as a holding company for its research and development center for imaging and video technology. On September 22, 2009, Beijing Actions introduced a group of new shareholders and Actions further invested $1.5 million. The Company subsequently invested an additional $2.6 million on January 25, 2011. Actions total investment reached $6.1 million as of January 25, 2011, and the Company held a minority stake of 46% equity interest in Beijing Actions. The carrying value as of December 31, 2014 was only $3.3 million, a 45% decline in value. (2005 Form 20-F and 2014 Form 20-F)

7. Who owns the other 54% of Beijing Actions?

8. Why is this minority investment in a business controlled by another party that has lost 45% of its value in the best interest of Actions shareholders?

AMC Holdings Limited

In 2007, Actions acquired a minority stake of 5% equity interest in AMC Holdings Limited (“AMC”), which has somehow grown to a total investment of $27.0 million. AMC was established in Taiwan and engages in manufacturing printed circuit board (PCB) laminate and providing other related sub-contractor service. Actions’ investment in AMC is now worthless, with a reported carrying value of $0.0 as of December 31, 2014. (2007 Form 20-F and 2014 Form 20-F)

9. Who owns the other 95% of AMC?

10. Why is a minority investment in a Taiwanese company unrelated to Actions’ core business that lost an astounding $27.0 million in the best interest of shareholders?

Bizlink Holdings Inc.

In 2007, Actions made a $1.0 million investment in Bizlink Holdings Inc. (“Bizlink”), a manufacturer of interconnectivity solutions such as cable, wire and connectors. In 2008, the equity value of this investment was wiped out, resulting in a $0.0 carrying value as of December 31, 2008. (2007 Form 20-F and 2008 Form 20-F)

11. Who were the other investors in Bizlink?

12. Why is this investment, which lost its entire value in 1 year, in the best interest of shareholders?

Unitech Electronics Co., Ltd.

In 2007, Actions invested $100,000 in Unitech Electronics Co., Ltd. (“Unitech”), a manufacturer and designer of automatic identification and data collection products. Actions invested an additional $100,000 in 2008; since increasing its investment in Unitech to $200,000 in 2008, however, Actions has made no mention of this investment in its subsequent 20-F filings. (2007 Form 20-F and 2008 Form 20-F)

13. What has happened to Actions’ investment in Unitech and what is its current value?

14. Why is this investment in the best interest of shareholders?

Actar Limited

In 2008, Actions acquired a 7% minority stake in Actar Limited (“Actar”), which was established in the PRC and engages in the entertainment media industry, for $3.0 million. Since Actions made this investment, Actar has become fully impaired, completed a liquidation process, and has a carrying value of $0.0 as of December 31, 2014. (2008 Form 20-F and 2014 Form 20-F)

15. Who owns the other 93% of Actar?

16. Why is this $3 million minority investment, which resulted in a total loss of capital, in the best interest of shareholders?

Nann Capital Corporation

In August 2009, the Company’s Hong Kong subsidiary, Actions Enterprises (via its Shanghai subsidiary, Actions Technology), obtained land use rights to the Shanghai Zhangjiang High-Tech Park office building. Less than a year later, in July 2010, the Company transferred all ownership interest of Actions Enterprises to Nann Capital (“Nann”) for $1 and the Company further invested $4.4 million for a 40% ownership stake in Nann. The following year, in June 2011, Actions invested an additional $7.1 million in Nann. In April 2014, Actions invested another $3.7 million, and in May 2014, Actions invested an additional $9.0 million, for a total investment of $24.2 million. (2010 Form 20-F and 2014 Form 20-F)

17. Who owns and manages Nann?

18. Where is Nann domiciled?

19. What are the management fees paid by Actions to Nann?

20. What are Actions’ liquidity provisions for this investment?

21. Why is this minority investment in Nann in the best interests of Actions shareholders?

Grand Choice Investment Limited

In February 2010, Actions purchased a 20% minority interest in Grand Choice Investment Limited (“Grand Choice”) for $600,000. Grand Choice is a private company established in February 2010 which designs and manufactures software and hardware for electronic books. In December 2010, Actions invested another $600,000 to maintain its 20% interest, and in March and April 2011, Actions’ ownership was diluted to 15% and 12%, respectively, due to additional capital injection from other investors. In September 2012, Actions invested yet another $1.5 million in Grand Choice, increasing its total investment to $2.7 million and ownership to 19%. The carrying value of Grand Choice is only $819,000 as of December 31, 2014, a 70% loss on investment. (2010 Form 20-F and 2014 Form 20-F)

22. Who owns the other 81% of Grand Choice?

23. Why is this minority investment that has resulted in a 70% loss in the best interest of shareholders?

Hi-Trend Investment Holdings Co., Ltd.

In 2010, Actions acquired a 10% minority equity interest in Hi-Trend Investment Holdings Co., Ltd (“Hi-Trend”) for $800,000. Hi-Trend was established in the PRC and engages in developing and manufacturing of integrated circuits and chips. Actions made an additional $202,000 investment and its ownership was subsequently diluted to 9%. The carrying value of Hi-Trend was $1.1 million as of December 31, 2014. (2010 Form 20-F and 2014 Form 20-F)

24. Who owns the other 91% of Hi-Trend?

25. Why is this minority investment in the best interest of shareholders?

OCTT Asia Limited

In January 2011, Actions invested $13.7 million in OCTT Asia Limited (“OCTT”), a private equity fund incorporated in Mauritius for the stated purpose of investing in fabless semiconductor design companies in Taiwan that would provide M&A opportunities for the Company. Of the $70 million managed by OCTT, $30.6 million was invested in Realtek Semiconductor Corporation, whose Chairman and substantial owner is Actions Board member Mr. Yeh. Moreover, in your June 11, 2014 letter to shareholders you stated, “Our investment in the private equity fund OCTT Holding Co., Ltd. has been financially rewarding”; yet the December 31, 2014 carrying value of the OCTT is unchanged from Actions’ original 2011 investment. (2011 Form 20-F and 2014 From 20-F)

26. Who owns and manages OCTT?

27. How is OCTT’s investment in Realtek consistent with Actions’ stated purpose of investing in OCTT?

28. With no investment appreciation, how is the investment in OCTT financially rewarding for shareholders?

34. Why is this minority investment in OCTT in the best interests of Actions shareholders?

Shanghai Real Estate Project

In November 2014, Actions announced that it invested $10 million for a 40% minority stake in Shanghai real estate, which the CEO of Actions stated was “not the core business of Actions Semiconductor.” Yet, just one month later, in a Form 6-K filed with the U.S. Securities and Exchange Commission on December 9, 2014, Mr. Lee described cash as so “scarce” that the Company would not be using it “to buy back shares and, by so doing, limiting our operating flexibility and ability to act quickly, risk[ing] putting the Company at a competitive disadvantage and serv[ing] shareholders poorly.” (2014 Form 20-F)

35. How is a $10 million minority real estate investment more attractive than repurchasing $10 million of additional Company stock at $2.50/share and below, when the Company’s liquidation value is over $3.30/share?

36. Who owns and controls the other 60% of this Shanghai real estate project?

37. Why is this minority investment in real estate in the best interests of Actions shareholders?

We believe these decisions conflict directly with the Company’s Corporate Governance Guidelines transcribed below:

“Transactions with Directors and their Affiliates:

Except for employment arrangements with the CEO and other management directors, the Company does not engage in transactions with directors or their affiliates if a transaction would cast into doubt the independence of a director, would present the appearance of a conflict of interest, or is otherwise prohibited by law, rule or regulation. This includes, directly or indirectly, any extension, maintenance or renewal of an extension of credit to any director or member of management of the Company. This prohibition also includes significant business dealings with directors or their affiliates, substantial charitable contributions to organizations in which a director is affiliated, and consulting contracts with, or other indirect forms of compensation to, a director. The Board will conduct an appropriate review of all related party transactions on an ongoing basis.” – Page 3, Paragraph 3, Actions Semiconductor “Corporate Governance Guidelines”

We are profoundly concerned about the conflicts of interest among the Board of Directors at Actions and by the accelerating pace of extraordinary destruction in shareholder value of our Company and we demand answers to the questions contained in this letter. We remain resolute in correcting this situation and adamant that you follow through with your commitment to support the nomination of our two directors. The disproportionate research and development expenditure must be reduced immediately and the company should be sold to better custodians of capital.

For over eight long and painful years, Accretive remained a patient and supportive long-term investor in Actions, hoping that its Board of Directors would act in the best interests of shareholders. You have failed us and all of our fellow shareholders, and we are determined to stop the Board from destroying additional value of our assets at Actions Semiconductor.

ACCRETIVE CAPITAL MANAGEMENT, LLC

Regards,
Richard E. Fearon, Jr.
Managing Partner

About Accretive Capital Partners:
Accretive Capital Partners is an investment fund focused on value investing in small and micro-cap public companies in which its active partnership with management may help to build and unlock shareholder value.

With inquiries please contact:
Accretive Capital Management, LLC
16 Wall Street, 2nd Floor
Madison, CT 06443
email: info@accretivecapital.com
website: www.accretivecapital.com
phone: 203.794.6360

SOURCE: Accretive Capital Partners, LLC

ReleaseID: 428382

Advanced Medical Isotope Corporation Provides Additional Update on Strategic Plan

KENNEWICK, WA / ACCESSWIRE / April 30, 2015 / Advanced Medical Isotope Corporation (“AMIC”) (PINKSHEETS: ADMD), a late stage development company engaged in the development of brachytherapy devices for therapeutic applications, today provided an update on additional matters that will significantly simplify AMIC’s capital structure and improve its balance sheet.

In November and December of 2014, in connection with the conversion of certain convertible debt and exercise of warrants, there was an error in the calculation of common shares that should have properly been issued, resulting in significant excess issuances of common stock. The miscalculations were the result of conversions and exercises being executed below the Company’s stated par value of $0.001. The transfer agent erroneously issued excess freely tradable common shares based on defective legal opinions provided by the respective note and warrant holders.

In order to remedy the situation, the Company has notified all applicable convertible note and warrant holders of the excess issuance and has proposed specific solutions to facilitate compliance with the State of Delaware and federal securities laws. Specifically, the investors may either deliver to the transfer agent the excess shares they were issued, or they may offset any remaining convertible debt or warrants to satisfy proper consideration for the excess common shares issued.

AMIC believes that these actions will have a positive impact on the Company’s balance sheet, potentially eliminating up to $800,000 of convertible debt, potentially eliminating a substantial portion of the warrants outstanding and potentially eliminating a substantial amount of the nearly $11 million of derivative liabilities currently reflected on AMIC’s balance sheet. It is anticipated that these items will be reflected in the Company’s 2nd quarter 10-Q filing.

CEO James C. Katzaroff stated, “This is another important step in normalizing AMIC’s capital structure and significantly improving AMIC’s balance sheet. Following AMIC’s press release last week regarding the agreement of Cadwell and associated entities to convert $5 million of debt into preferred convertible stock with a fixed conversion price of $0.015 and the elimination of approximately $500,000 of seasoned trade payables without additional dilution, the initiatives announced today further demonstrate AMIC’s commitment to its recapitalization plan.” Katzaroff concluded, “As stated last week, AMIC remains focused on the commercialization of its Y-90 brachytherapy products that have been developed to offer new solutions for cancer treatment that improve on the safety, cost and efficacy of existing treatments. Today’s announcement is an important additional step in executing our strategic plan.”

About Advanced Medical Isotope Corporation

Advanced Medical Isotope Corporation (PINKSHEETS: ADMD) is a late stage development company engaged in the development of brachytherapy devices for therapeutic applications. AMIC’s focus is on transitioning to full operations upon receipt of FDA clearance for its patented brachytherapy cancer products. Brachytherapy uses radiation to destroy cancerous tumors by placing a radioactive isotope inside or next to the treatment area. The Company intends to outsource material aspects of manufacturing, distribution, sales and marketing for its products in the United States and to enter into licensing arrangements outside of the United States, though the Company will evaluate its alternatives before finalizing its plans. For more information, please visit our website, www.isotopeworld.com.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimates,” “projects,” “intends,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, AMIC’s ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods ofmarketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company’s control.

CONTACT:

Advanced Medical Isotope Corporation
James C. Katzaroff
(509) 736-4000
1021 N. Kellogg St.
Kennewick, WA 99336

SOURCE: Advanced Medical Isotope Corporation

ReleaseID: 428387