|By Marketwired .||
|April 3, 2014 03:00 PM EDT||
MONTVALE, NJ -- (Marketwired) -- 04/03/14 -- Beneficial Holdings Inc. (OTC Pink: BFHJ) (PINKSHEETS: BFHJ) today announced preliminary unaudited results for the year ended December 31, 2013, updates to corporate developments and the date and time for an investor conference call.
UNAUDITED FINANCIAL RESULTS FOR THE TWELVE MONTHS AND FINAL QUARTER ENDED DECEMBER 31, 2013
The Company has prepared unaudited financial statements for the years ended December 31, 2013 and 2012. These financial statements will be examined by the Company's independent public accountants and posted on the Company's web site at www.beneficial-holdings.net.
For the twelve months ended December 31, 2013 the Company recorded revenues of $293,369 and a net loss for the twelve month period of $1,738,226, equal to a loss of eight cents per share. Approximately $1.3 million of such net loss (six cents per fully diluted share) was attributed to the effects of recording stock-based compensation in accordance with Generally Accepted Accounting Principles. The weighted average number of fully-diluted common shares for the twelve months ended December 31, 2013 was 22,180,917. All such amounts are unaudited. The Company recorded $83,950 of revenue for the three months ended December 31, 2013. The net loss for the period was $1,415,761, equal to a loss of six cents per share (fully diluted). Approximately $1.3 million of such net loss (six cents per fully diluted share) was attributed to the effects of recording stock based compensation in accordance with Generally Accepted Accounting Principles. The weighted average number of fully-diluted common shares for the three months ended December 31, 2013 was 22,285,543. All such amounts are unaudited.
Revenues for the three- and twelve-month periods were generated from the Company's asset management and development activities.
No member of management or their beneficiaries has engaged in any sale or purchase of the Company's common shares or equity-related securities during the twelve months ended December 31, 2013.
Operating results for the comparable periods in 2012 are not relevant due to the previously-announced discontinuance of certain operations and changes in accounting methods.
2013 ACTIVITY SUMMARY
Summing up 2013 activity, Gregory N. Senkevitch, Beneficial's Chairman, President and CEO said: "Our Project Solutions business provided all of the Company's revenues for 2013. The Company recorded revenue from our co-development assignment at 1355 First Avenue and from our asset management engagements. Aside from the effects of recording stock based compensation in accordance with GAAP, the Company recorded a loss of two cents per fully diluted share. Additionally, it should be noted the Company has not recorded a credit for federal and state income taxes to offset such losses on a GAAP basis."
Senkevitch added: "These initial activities of our Project Solutions operation have uniquely positioned the Company to be recognized as an innovative service provider within the 'built' environment. Over the past year, our most significant project, 1355 First Avenue (www.charlesnyc.com) -- one of the few new construction projects on Manhattan's highly desired Upper East Side -- has garnered accolades for its design, sales activity and unique market positioning. Our BFHJ Project Solutions management team is proud to have originated this ground breaking development back in 2007 and is privileged to be playing a role in its delivery. The Company's role in this project is small; however, it indicates the business that Project Solutions is pursuing."
Commenting on 2013's acquisition activity, Senkevitch said: "Restructuring the Green RG transaction to a licensing arrangement recognizes the synergies that we can create within our existing management team and its extended network of professional contacts. During our due diligence process, we recognized that both Beneficial's and Green RG's interests were better served by obtaining access to Green RG's technology on a favorable pricing basis and accessing proprietary situations where the technology could be utilized to maximize our Company's profits. Over the next several weeks we expect to conclude the Green Econometrics acquisition (www.greenecon.net) and to further outline our plans to staff up our Energy Solutions business and roll out its business plan."
INVESTOR CALL SET
Senkevitch also announced the Company's second investor call: "With the scope of the changes to the Company's capital structure and business platform during 2013 and the expectation that we will be able to announce one or more potential acquisitions and management team additions over the next several weeks, a second investor call is warranted. This call will provide an interactive forum that will allow for the continued discussion of the Company's strategy and communicate management's accomplishments and expectations."
The investor call will start promptly at 11:00 AM EDT on Wednesday, April 23, 2014. The toll free dial in number for United States and Canada is (888) 481-2844. The international toll number is (719) 325-2144 (not toll free). For either number please enter pass code 6980950 when prompted. Allow at least 15 minutes prior to the call for the registration process. Investor questions will be answered as time allows.
"We are building a company that combines experienced, principal-based talent with cutting edge technology and capital-based solutions. Over the next several weeks we will continue to outline additional service platforms and management talent that will expand our basket of services for the 'built' environment. We believe that this basket of services greatly exceeds those provided by traditional real estate service providers, will allow us to target unique value-added situations in the 'built' environment and will enable us to achieve enhanced revenue streams from multiple engagements with repeat clients and customers. This is how we will 'Create Value from Market Knowledge,'" Senkevitch concluded.
COMPANY BACKGROUND AND HISTORY
Beneficial Holdings, Inc., a Nevada Corporation, was incorporated on December 20, 1990. The Company is currently engaged in the real estate services and energy management sectors. The Company's focus is on the 'built' environment: real estate and infrastructure owned by public, institutional and private sector entities. The Company seeks to work with select customers on a long-term basis providing a multiplicity of services and solutions affording the Company potential multiple revenue streams.
DEVELOPMENT STAGE ACTIVITIES
Through year-end 2013, the Company was classified as a development stage company with no significant revenues from operations. Accordingly, all of the Company's operating results and cash flows are related to development stage activities and represent the cumulative from inception amounts from its development stage activities reported pursuant to Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 915-10-05, Development Stage Entities.
As a developmental stage company, the Company has limited access to the capital markets; and the Company's ability to continue in business is dependent upon obtaining sufficient financing or attaining profitable operations. There can be no assurance that the Company will be successful in obtaining additional funding or in attaining profitable operations.
The Company had 898,992 common shares outstanding as of December 31, 2013. Additionally, the Company has 2,000,000 Series "B" Convertible Preferred Stock outstanding. On December 12, 2013 the Company affected a 1:5,000 reverse split of its common shares (with a provision that no shareholder will have less than 100 shares after the reverse split). As a result of this reverse split, the Company's outstanding common shares decreased from 4,099,099,952 to 848,992.
The Series "B" Preferred Stock is at all times convertible into no less than 51% of the aggregate amount of outstanding Common Stock, inclusive of the Common Shares to be issued to the Series "B" Preferred Stock, assuming all the Series "B" Preferred Stock is converted (but not less than 2,000,000 shares).
After the 2013 reverse split, the Company issued 50,000 common shares to its outside counsel for legal services. Additionally options and warrants were issued to employees and consultants allowing for the purchase of up to 4,175,000 common shares at a per share price of 25 cents.
During 2013, the Company commenced an offering of its two-year 9% Series "A" Convertible Notes. The notes have a conversion price of $1.43 per share and each $25,000 note includes a warrant to purchase 17,500 shares at $2.00 per share. Through the date of this news release, a total of $175,000 of the Series "A" Convertible Notes has been placed.
In April 2012, the Company granted the Company's Chief Executive Officer an option to acquire up to 10,000,000 shares of the Company's for three cents per share.
At December 31, 2012, the Company entered into a line of credit arrangement with an affiliate of its management. The credit agreement, as amended, allows the Company to borrow up to $30,000 through December 31, 2015 when the credit agreement matures and is due and payable. The credit agreement bears interest at a rate of 12% per annum, compounded monthly. Substantially all of the Company's assets are pledged to secure borrowings under the credit agreement, subject to subordination to the Series "A" Convertible Notes.
In February of 2013, certain members of the Company's management contributed real estate management contracts to the Company for which they received no direct compensation.
At December 31, 2013, the Company was authorized to issue up to 200,000,000 shares of Common Stock at $0.00001 par value per share and up to 2,000,000 shares of Series "B" Preferred Stock at $0.00001 par value per share.
ABOUT BENEFICIAL HOLDINGS, INC.
Beneficial Holdings, Inc. is a holding company seeking to acquire and invest in operating service-oriented businesses in the real estate, financial services and energy management sectors. For more information on the Company please visit our web site at www.beneficial-holdings.net.
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. As a general matter, forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be identified by the use of forward-looking terminology such as "may", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "outlook" and similar expressions.
The forward-looking statements contained in this news release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; our projected operating results; estimates relating to our ability to make distributions to our stockholders in the future and economic trends and economic recoveries.
All information in this release is as of April 3, 2014. The Company does not undertake a duty to update forward-looking statements, including its projected operating results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company may, in its discretion, provide information in future public announcements regarding its outlook that may be of interest to the investment community.
GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews
The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential. The DevOps Summit at Cloud Expo – to be held June 3-5, 2015, at the Javits Center in New York City – will expand the DevOps community, enable a wide...
May. 22, 2015 03:00 PM EDT Reads: 1,827
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
May. 22, 2015 02:30 PM EDT Reads: 1,393
Cloud Expo, Inc. has announced today that Andi Mann returns to DevOps Summit 2015 as Conference Chair. The 4th International DevOps Summit will take place on June 9-11, 2015, at the Javits Center in New York City. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at ...
May. 22, 2015 02:00 PM EDT Reads: 1,571
There is no question that the cloud is where businesses want to host data. Until recently hypervisor virtualization was the most widely used method in cloud computing. Recently virtual containers have been gaining in popularity, and for good reason. In the debate between virtual machines and containers, the latter have been seen as the new kid on the block – and like other emerging technology have had some initial shortcomings. However, the container space has evolved drastically since coming on...
May. 22, 2015 12:30 PM EDT Reads: 1,348
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers ...
May. 22, 2015 12:00 PM EDT Reads: 1,952
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, will discuss IoE and the enormous opportunities it provides to public and private firms alike. She will shar...
May. 22, 2015 12:00 PM EDT Reads: 2,001
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading in...
May. 22, 2015 11:30 AM EDT Reads: 2,528
SYS-CON Events announced today that EnterpriseDB (EDB), the leading worldwide provider of enterprise-class Postgres products and database compatibility solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. EDB is the largest provider of Postgres software and services that provides enterprise-class performance and scalability and the open source freedom to divert budget from more costly traditiona...
May. 22, 2015 11:00 AM EDT Reads: 1,531
How can you compare one technology or tool to its competitors? Usually, there is no objective comparison available. So how do you know which is better? Eclipse or IntelliJ IDEA? Java EE or Spring? C# or Java? All you can usually find is a holy war and biased comparisons on vendor sites. But luckily, sometimes, you can find a fair comparison. How does this come to be? By having it co-authored by the stakeholders. The binary repository comparison matrix is one of those rare resources. It is edite...
May. 22, 2015 11:00 AM EDT Reads: 1,560
With the advent of micro-services, the application design paradigm has undergone a major shift. The days of developing monolithic applications are over. We are bringing in the principles (read SOA) hereto the preserve of applications or system integration space into the application development world. Since the micro-services are consumed within the application, the need of ESB is not there. There is no message transformation or mediations required. But service discovery and load balancing of ...
May. 22, 2015 11:00 AM EDT Reads: 2,690
The integration between the 2 solutions is handled by a module provided by XebiaLabs that will ensure the containers are correctly defined in the XL Deloy repository based on the information managed by Puppet. It uses the REST API offered by the XL Deploy server: so the security permissions are checked as a operator could do it using the GUI or the CLI. This article shows you how use the xebialabs/xldeploy Puppet module. The Production environment is based on 2 tomcats instances (tomcat1 &...
May. 22, 2015 11:00 AM EDT Reads: 1,913
Do you think development teams really update those BMC Remedy tickets with all the changes contained in a release? They don't. Most of them just "check the box" and move on. They rose a Risk Level that won't raise questions from the Change Control managers and they work around the checks and balances. The alternative is to stop and wait for a department that still thinks releases are rare events. When a release happens every day there's just not enough time for people to attend CAB meeting...
May. 22, 2015 10:45 AM EDT Reads: 1,241
T-Mobile has been transforming the wireless industry with its “Uncarrier” initiatives. Today as T-Mobile’s IT organization works to transform itself in a like manner, technical foundations built over the last couple of years are now key to their drive for more Agile delivery practices. In his session at DevOps Summit, Martin Krienke, Sr Development Manager at T-Mobile, will discuss where they started their Continuous Delivery journey, where they are today, and where they are going in an effort ...
May. 22, 2015 10:30 AM EDT Reads: 1,163
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
May. 22, 2015 10:00 AM EDT Reads: 2,042
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize sup...
May. 22, 2015 10:00 AM EDT Reads: 5,869
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud en...
May. 22, 2015 10:00 AM EDT Reads: 1,835
I’ve been thinking a bit about microservices (μServices) recently. My immediate reaction is to think: “Isn’t this just yet another new term for the same stuff, Web Services->SOA->APIs->Microservices?” Followed shortly by the thought, “well yes it is, but there are some important differences/distinguishing factors.” Microservices is an evolutionary paradigm born out of the need for simplicity (i.e., get away from the ESB) and alignment with agile (think DevOps) and scalable (think Containerizati...
May. 22, 2015 09:45 AM EDT Reads: 1,339
In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, president of Intellyx, panelists Roberto Medrano, Executive Vice President at Akana; Lori MacVittie, IoT_Microservices Power PanelEvangelist for F5 Networks; and Troy Topnik, ActiveState’s Technical Product Manager; will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of ...
May. 22, 2015 09:45 AM EDT Reads: 1,469
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
May. 22, 2015 09:30 AM EDT Reads: 2,710
I’m not going to explain the basics of microservices, as that’s that’s handled elsewhere. The pattern of using APIs, initially built to cross application boundaries within a single enterprise or organization, is now being leveraged within a single application architecture to deliver functionality. Microservices adoption is being driven by two forces: the need for agility and speed; and the re-composing of applications enabling experimentation and demands to support new delivery platforms such as...
May. 22, 2015 09:00 AM EDT Reads: 1,596