PENNY STOCKS
- JenL_2
- investorquest
- Whirlwind
- BPyles
- 2win
- investorquest
- Tweeter
- Mike_8
- Whirlwind
- Mike_8
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» investorquest - Re: Re: Re: Re: Anyone Watching?
In response to message posted by Whirlwind:Thanks for the update, it is now on your page in the contest.
If anyone notices news or some other information on their company picks, please post it here and I will add the information to the page that is set up for eack stock picker.
Investorquest
-- posted by investorquest
» Whirlwind - Re: Re: avoid
In response to message posted by JenL_2:Duh, now I get it. Yes, I meant that I read InvestorQuest's thread regularly--thanks for pointing out the confusion.
I only posted the news release (which happened to be from Stockhouse) as an afterthought because I had neglected to do my part to update the thread here. Dave is right--lots of BS on stockhouse as well as useful info.
-- posted by Whirlwind
» investorquest - Contest - 2nd Month End
August closed with a whimper for our picks. Only one winner on the list Universal Express, still up 444%. NovaMed is recovering nicely and is now only down 5.6%. Internet Pictures, the only other company we had in the green, has consolidated 10 - 1 on Aug.23 and is now down $1.30 from our previous listing (adjusted).September should be an interesting month, everyone is back from holidays, it is time for our action, at least some excitement for the end of our first quarter.
Please remember to post any news or updates to your picks.
Have a great week.
Investorquest
-- posted by investorquest
» Mike_8 - CLST NEWS
Tuesday September 4, 8:32 am Eastern TimePress Release
SOURCE: CellStar Corporation
CellStar Files Exchange Offer Registration Statement for Convertible
Notes
CARROLLTON, Texas, Sept. 4 /PRNewswire/ -- CellStar Corporation (Nasdaq: CLST - news), a value-added
wireless logistics services leader, filed a registration statement today with the Securities and Exchange
Commission for a proposed exchange offer for its 5% Convertible Subordinated Notes due October 2002.
CellStar is offering to exchange up to 60,142,221 shares of its common stock and $20 million in cash for up
to $150 million of outstanding Convertible Notes. The 60,142,221 shares would represent 50% of CellStar's
outstanding common stock on a post-exchange-offer basis. For each $1,000 principal amount of Convertible
Notes holders tender in the exchange offer, they would receive approximately 400.94 shares of common
stock and $133.33 in cash. CellStar anticipates beginning the exchange offer in early to mid-October.
A registration statement relating to these securities has been filed with the Securities and Exchange
Commission but has not yet become effective. These securities may not be exchanged or sold nor may
offers to exchange or buy be accepted prior to the time the registration statement becomes effective. This
news release shall not constitute an offer to exchange or sell, or the solicitation of an offer to exchange or
buy, nor shall there be any exchange or sale of these securities in any State in which such offer, exchange,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any
such State.
When CellStar begins the exchange offer, it will file a tender offer statement and other related documents
with the Securities and Exchange Commission. Stockholders and noteholders are strongly advised to read
these documents when they are available because they contain important information. Stockholders and
noteholders may obtain a free copy of these documents, when they are available, from CellStar or at the
SEC's website, www.sec.gov.
Upon effectiveness of the registration statement and commencement of the exchange offer, copies of the
exchange offer materials may be obtained from Dresdner Kleinwort Wasserstein, the dealer manager for the
exchange offer, at 212-969-2744, and from the information agent, MacKenzie Partners, Inc., at 800-322-2885.
CellStar Corporation is a leading global provider of distribution and value-added logistics services to the
wireless communications industry, with operations in Asia-Pacific, North America, Latin America and
Europe. CellStar facilitates the effective and efficient distribution of handsets, related accessories and other
wireless products from leading manufacturers to network operators, agents, resellers, dealers and retailers.
In many of its markets, CellStar provides activation services that generate new subscribers for its wireless
carrier customers.
SOURCE: CellStar Corporation
-- posted by Mike_8
» Mike_8 - More Cellstar News
CellStar Hopes To Close Note Exchange Offer By End Of Yr Updated: Wednesday, September 5, 2001 08:18 AM ET
By DAN LOWREY
Dow Jones Newswires
WASHINGTON (Dow Jones)--CellStar Corp. (CLST, news, msgs) spokesman Steve Adams said the company
hopes to close an exchange offer for $150 million of its 5% convertible notes due 2002 by the end of the year.
"We would rather retire it than have it become current debt," Adams told Dow Jones Newswires Tuesday. He said the
status of the exchange offer at Nov. 30, the company's year end, would dictate how the company treats the debt in its
next financial report.
As reported, CellStar is making the exchange offer because it doesn't believe it will be able to refinance or pay off the notes when they come due in October 2002. However, they become a current liability in October 2001, hurting the company's balance sheet and its ability to finance operations.
Under the proposed offer, expected to begin in mid-October, CellStar would exchange 400.94 shares of common stock plus $133.33 in cash for each note
outstanding. The notes call for the issuance of 36.14 notes at a conversion price of $27.67.
Bear Stearns analyst Tom Sugiura said "versus Friday's close on the bonds and the common, it was a pretty good deal. But with the stock getting hit pretty hard, you have to be concerned with the dillution."
The company needs noteholders representing $135 million, or 90%, of the outstanding notes to consent to the deal.
"We cannot make a recommendation on this," Celltar's Adams said. "But we certainly think this is in the best interest of bondholders and stockolders and believe they will understand that and support it."
According to a regulatory filing released Tuesday, CellStar has been in discussions since March with a holder of about 45% of the notes concerning the exchange offer. Adams declined to identify the noteholder.
The filing said that if the exchange offer isn't completed and CellStar can't otherwise refinance or repay the notes, it faces the possibility of bankruptcy when the notes become due in October 2002, which could result in a liquidation or reorganization of the company.
According to Sugiura, the success of the offering will depend heavily on what happens to the compmpany's stock price in the future.
"With these things its a wait and see situation. It all depends what happens with the common. It's really early...There's more visability toward the end of the exchange offer," he said.
CellStar provides distribution and value-added logistics services to the wireless communications industry.
-Dan Lowrey; Dow Jones Newswires/Corporate Filings Alert; 202-393-7402
-- posted by Mike_8
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