|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
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 20, 2017 06:30 PM EST Reads: 5,448
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 20, 2017 05:30 PM EST Reads: 1,472
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. 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 developm...
Jan. 20, 2017 05:15 PM EST Reads: 3,533
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Jan. 20, 2017 05:15 PM EST Reads: 4,949
An overall theme of Cloud computing and the specific practices within it is fundamentally one of automation. The core value of technology is to continually automate low level procedures to free up people to work on more value add activities, ultimately leading to the utopian goal of full Autonomic Computing. For example a great way to define your plan for DevOps tool chain adoption is through this lens. In this TechTarget article they outline a simple maturity model for planning this.
Jan. 20, 2017 03:30 PM EST Reads: 513
As the race for the presidency heats up, IT leaders would do well to recall the famous catchphrase from Bill Clinton’s successful 1992 campaign against George H. W. Bush: “It’s the economy, stupid.” That catchphrase is important, because IT economics are important. Especially when it comes to cloud. Application performance management (APM) for the cloud may turn out to be as much about those economics as it is about customer experience.
Jan. 20, 2017 02:45 PM EST Reads: 4,719
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 20, 2017 02:30 PM EST Reads: 1,126
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 20, 2017 01:30 PM EST Reads: 5,235
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Jan. 20, 2017 01:30 PM EST Reads: 3,595
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Jan. 20, 2017 01:00 PM EST Reads: 2,577
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Jan. 20, 2017 12:15 PM EST Reads: 5,839
Thanks to Docker, it becomes very easy to leverage containers to build, ship, and run any Linux application on any kind of infrastructure. Docker is particularly helpful for microservice architectures because their successful implementation relies on a fast, efficient deployment mechanism – which is precisely one of the features of Docker. Microservice architectures are therefore becoming more popular, and are increasingly seen as an interesting option even for smaller projects, instead of being...
Jan. 20, 2017 11:45 AM EST Reads: 2,532
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
Jan. 20, 2017 11:30 AM EST Reads: 775
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Jan. 20, 2017 10:45 AM EST Reads: 3,705
2016 has been an amazing year for Docker and the container industry. We had 3 major releases of Docker engine this year , and tremendous increase in usage. The community has been following along and contributing amazing Docker resources to help you learn and get hands-on experience. Here’s some of the top read and viewed content for the year. Of course releases are always really popular, particularly when they fit requests we had from the community.
Jan. 20, 2017 10:30 AM EST Reads: 1,148
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Jan. 20, 2017 09:45 AM EST Reads: 2,936
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
Jan. 20, 2017 09:15 AM EST Reads: 6,399
Here’s a novel, but controversial statement, “it’s time for the CEO, COO, CIO to start to take joint responsibility for application platform decisions.” For too many years now technical meritocracy has led the decision-making for the business with regard to platform selection. This includes, but is not limited to, servers, operating systems, virtualization, cloud and application platforms. In many of these cases the decision has not worked in favor of the business with regard to agility and cost...
Jan. 20, 2017 09:00 AM EST Reads: 444
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 peeled 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 enviro...
Jan. 20, 2017 08:15 AM EST Reads: 4,958
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
Jan. 20, 2017 08:00 AM EST Reads: 4,314