Monthly Archives: April 2014

GEICO Tempe Reminds Drivers About Dangers Related to Distracted Driving

GEICO Tempe, the local office of the country’s second-largest private passenger auto insurer, is reminding drivers during Distracted Driving Awareness Month to reduce distractions and pay additional attention to the road.

“We understand the challenges of driving in today’s technological age,” said Jack Chumadevsky, local GEICO insurance agent in Tempe, “and we know teens are particularly drawn to distractions like cell phones and texting. That’s why we want to remind parents in particular to talk to their young drivers to get them off to a safe driving start.”

The National Highway Transportation Safety Administration says that distracted driving is a dangerous epidemic on America’s roadways. In 2012 alone, 3,328 were killed in distracted driving crashes.

According to the National Safety Council when people talk on a cell phone while driving, even when they talk hands-free, a condition called “inattention blindness” occurs where your brain absorbs only half of what is happening on the road, dramatically increasing the likelihood of a crash.

GEICO offers the following recommendations to help avoid distractions:

• Stop perpetuating the myth of multitasking. Accept it. You can’t do two things at one time.

• Protect your life and the lives of others by not driving distracted.

• Turn off cellphones and other electronic devices and put them out of reach before starting to drive.

• No texting while you’re driving. Ever.

• Set the example for passengers and young drivers by not driving distracted.

Chumadevsky adds that there’s more that drivers can do to help stay safe during Distracted Driver Awareness Month and every month:

• If your driver uses a cellphone, offer to make the call so the driver can direct full attention to driving.

• Plan ahead and eat any meals before driving.

• Know how to get around and know where you’re going, so your attention is not on a GPS device.

• Attend to any personal grooming before driving.

• Always wear your safety belt as this is your best defense against unsafe drivers

“In addition to providing excellent service, GEICO remains dedicated to making the roads safer, one driver at a time,” Chumadevsky continued. To read more about GEICO’s tips to avoid distracted driving visit https://www.geico.com/information/safety/ andwww.geicoteendriving.com

ABOUT GEICO, TEMPE

Jack Chumadevsky leads the GEICO Tempe, Arizona, local insurance agency, that serves Phoenix’s East Valley’s cities including Mesa, Casa Grande, Chandler, Gilbert, Higley, Mesa, Paradise Valley, Queen Creek, Scottsdale, Apache Junction and many more. His office can provide residents with insurance quotes on cars, trucks, motorcycles, all-terrain vehicles (ATVs), travel trailers and motorhomes (RVs), boats, homeowners, renters, identity theft and other coverages.

To reach GEICO, please contact Jack Chumadevsky at 480-827-JACK or jchumadevsky@geico.com. For more information on GEICO Tempe visit https://www.geico.com/insurance-agents/arizona/phoenix/jack-chumadevsky/ or feel free to walk in at 815 East Baseline Road, Suite 105, Tempe, AZ 85283.

GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the second-largest private passenger auto insurance company in the United States. GEICO, which was founded in 1936, provides millions of auto insurance quotes to U.S. drivers annually. The company is pleased to serve more than 12 million private passenger customers and insures more than 20 million vehicles (auto & cycle).

 

CONTACT INFORMATION

Jack Chumadevsky

480-827-JACK

jchumadevsky@geico.com

 

SOURCE: GEICO Tempe

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New Jersey Community Bank Reports First Quarter 2014 Results

New Jersey Community Bank (OTCQB: NJCB) (the “Bank”) reported net loss of $8 thousand for the three months ended March 31, 2014, compared with a net income of $90 thousand, or $0.05 per common share, for the same period in the prior year. The earnings for the quarter were negatively impacted due to increased levels of non-accruing loans, which in turn affected the interest income on loans. Net interest margin decreased 16 basis points year over year largely due to a decline of 23 basis points in yield of interest-earning assets.

Robert D. O’Donnell, Chairman and CEO, commented that, “The Bank has experienced growing pains, it is no secret that the asset quality and the loan administration issues facing us over the last several months required a continued attention to address these issues. In response to this dilemma, the path chosen by management was not the “quick-fix” but a sustained strategy to identify and repair. I have witnessed our staff respond to these challenges by working harder and smarter at every level in our institution to responsibly produce the results that will ultimately allow us to make our way out of these issues.”

Balance Sheet Summary

At March 31, 2014, total assets were $139.7 million, a decline of $4.8 million from December 31, 2013. Total cash and cash equivalents declined $4.5 million compared to year end 2013, offsetting a similar decline in total deposits. Due from banks — time deposits decreased $1.7 million offset by increases in investment securities of $394 thousand and loans receivable of $786 thousand compared to year end 2013.

Total deposits decreased $4.8 million compared to the levels at year end 2013. Majority of the decrease resulted from the maturing time deposits which were paid off utilizing the excess levels of cash and cash equivalents during the first quarter of 2014. During the quarter, non-interest bearing deposits declined $1.4 million while savings, NOW and money market deposits declined $188 thousand compared to year end 2013.

Shareholders’ equity totaled $14.3 million at March 31, 2014, increasing moderately from year-end 2013. The Bank’s capital ratios remain strong and exceed the regulatory requirements to be deemed a well capitalized financial institution.

Results of Operations

For the quarter ended March 31, 2014, net interest income totaled $1.1 million, decreasing marginally over the same period in the prior year. At March 31, 2014, net interest margin was 3.40%, a decrease of 16 basis points compared to the same period a year ago resulting from continued low levels of interest rates. At March 31, 2014, yield on average earning assets declined 23 basis points to 4.16% while the cost of interest-bearing deposits declined 7 basis points to 0.90%, compared to the same period in the prior year primarily due to low interest rates.

The provision for loan loss was $60 thousand for the first quarter 2014, an increase of $25 thousand compared to a year-ago quarter. The allowance for loan loss at period-end was $1.7 million, or 1.76% of total loans. The asset quality deteriorated during the quarter that resulted in increasing the provision for loan loss for the quarter, the current level of the allowance for loan loss is considered to be adequate.

Non-interest income increased $45 thousand to $131 thousand for the quarter ended March 31, 2014, compared with $86 thousand for the same quarter in the prior year. Majority of such increase is directly related to the increase in loan fees as well as fees and service charges on deposit accounts and all other income.

Non-interest expense totaled $1.2 million for the quarter ended March 31, 2014, an increase of $159 thousand, from a year-ago quarter. Of the total increase in non-interest expense, salaries and employee benefits increased $59 thousand as a result of increases in staff compensation and health costs. The professional fees and federal insurance assessment each increased $31 thousand due to increase in cost of professional services utilized by the Bank and the changes in insurance assessment rates. Occupancy and equipment expense increased $27 thousand as a result of increases in lease rentals and routine building maintenance.

About the Bank
New Jersey Community Bank is a state-chartered commercial bank headquartered in Freehold, New Jersey. The Bank opened for business in July 2008 and operates three full-service banking offices in the central New Jersey counties of Monmouth and Middlesex. The Bank provides traditional commercial and retail banking services to small businesses and consumers. For additional information about New Jersey Community Bank, please visit www.njcbk.com or call 732-431-2265.

Forward-Looking Statements
This release contains forward-looking statements relating to present or future trends or factors affecting the banking industry, and specifically the financial condition and results of operations, including without limitation, statements relating to the earnings outlook of the Bank, as well as its operations, markets and products. Actual results could differ materially from those indicated. Among the important factors that could cause results to differ materially are interest rate changes, change in economic climate, which could materially impact credit quality trends and the ability to generate loans, changes in the mix of the Bank’s business, competitive pressures, changes in accounting, tax or regulatory practices or requirements, resolution of tax reviews, and those risk factors detailed in the Bank’s periodic reports. The Bank undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.

 

 

 

Contacts at New Jersey Community Bank:

Robert D. O’Donnell 
Chairman and CEO 
rodonnell 

Terry H. Thompson 
President and COO 
tthompson 

Naqi A. Naqvi
Executive Vice President & CFO
nnaqvi

 

 

SOURCE: New Jersey Community Bank

Premier Holding Corporation CEO Update From Randall Letcavage April 30, 2014

Premier Holding Corporation (OTCQB: PRHL)

As we move forward I believe it is important to provide a short history for current and prospective shareholders here is a recap of our management history including commentary relating to the recent annual filing:

Current Management took control of the public company Premier Holding Corporation (PRHL) in the fourth quarter of 2012. At that time new management believed it was crucial that we derive immediate revenue to gain investor and shareholder interest and support. We revamped our operating subsidiary WePower Ecolutions by changing both its name and focus to Energy Efficiency Experts (or E3). We were excited about E3’s long-term prognosis and plans to market our proprietary technology (The E-Series) along with other innovative green solutions, but we would have to withstand the long sales cycles associated with this business, we felt it was critical to acquire a company with a corresponding customer base that could affect sales quickly (daily/weekly) and also provide prospects for E3 and its product array. The company needed a shot of adrenalin that would not only jump start the business but also become the catalyst and foundation for what management hopes will be a much bigger build out of Premier. We believed we found a perfect company — The Power Company LLC (TPC).

We acquired 80% of The Power Company in February of 2013. TPC is a reseller of energy (electricity and gas) that can operate in all deregulated states — One of the reasons that the acquisition of TPC makes sense is that this potential deregulated market is estimated to be 7 to 10 times larger than telecom deregulation. TPC resells power from multiple suppliers in order to offer a “one stop shopping” model. This model has resulted in the Company’s first ever substantial revenue, totaling $1,804,980 last year. Please note that this is only 10 months of revenue and that these contracts/sales generate renewals that are equal to the initial commission payout. More importantly it has resulted in over 1500 commercial accounts sold by TPC (the accounts now become additional prospects for E3). TPC has over 40,000 residential accounts as well. These contracts traditionally have high industry renewals beyond the contract termination and we should continue to receive revenue for multiple terms on these contracts. In the meantime we continue to grow our sales, literally adding thousands more contracts each month. Again, the stated revenue for 2013 represents approximately 10 months of revenue. While we have not yet provided the market forecasts or Market Guidance for our financial expectations from this operation, we believe that the market conditions that led us to acquire this business opportunity are only improving. The current position of TPC, along with general market conditions and our position in the marketplace, gives us the expectation that we will continue to grow our business rapidly. Following are some of the salient items to consider:

• TPC plans expansion of deregulation into more states, and at the same time more states themselves are instituting deregulation models. In Q1 of 2014 we opened an office in Maryland and have streamlined the process allowing us to rapidly expand to new states with a goal of 3-4 more offices by year end.

• Competitive advantage provided by our energy portal “National Energy Services Transactor” or NEST (see press release of November 12, 2013 for more details). The further development of NEST, a scalable web-based automated sales and compliance tool that reduces the time to make a sale to a matter of minutes. NEST also records sales calls and 3rd party verification, and provides accounting modules for rapid expansion that will include channel partners, affinity groups and even charities that can offer deregulated power through TPC.

• We are also pleased with the growth of the underlying contracts that provide The Power Company with an expanding base of recurring revenue. While these contracts will eventually expire, our experience and that of the industry is that they generally last beyond the contract dates with renewal rates expected to be 70% or more. This means that our cost of acquisition for a customer will decrease, and the ultimate returns are potentially greater than the original contract.

• More states will be opening up to deregulation as the federal government would like each state to have a plan for deregulation by 2020.

• Industry acceptance — the market is both expanding and maturing and customers are beginning to realize they can change their power provider to suit their needs and achieve lower cost power and/or budget certainty.

Energy Efficiency Experts: We have mentioned The Power Company’s marketing success and potential and this year we hope to use that to benefit E3.

• We recruited a new President for E3, Mark Dunnett (Started in Jan 2014) with over 35 years’ experience. Not only is E3 approaching the 1,500 plus commercial accounts supplied by TPC as planned, but he is bringing his own client list to E3 (and many of these become leads for TPC as well). Mr. Dunnett is expected to have success with E3 as he is approaching clients we have already saved money for or created budget certainty. Now E3 can now offer these price conscience customers energy efficiency strategies through E3 by lowering their actual usage.

Plans to become a Supplier: This is all in light of our recent announcement regarding EB5 funding we expect to obtain and our strategy to become a power provider/supplier. To be named “Kratos Power” would immediately grow our current business in numerous ways and have already started the process and believe that within the next few months we can have FERC (Federal Energy Regulatory Commission) approvals in place. While TPC operates as an energy broker or reseller and as we garner accounts, only the sales commission is booked as revenue. As a supplier we will book the customers entire energy supply bill as revenue (estimated to be 8 to 12 times higher than the commission). In addition to the current revenue to TPC, as the supplier we would also gain the difference between the wholesale and retail cost of energy (estimated to be 2 to 3 times what we currently earn).

Financial Information: This growth and execution on our strategy was not without some cost. Our Operating Costs increased by $5.5 million, and while $2.0 million of our Operating Costs were based on non-cash expenses (shares issued for services), much of the rest of our spending was to build a software platform that positions us as a leader and innovator in the deregulated power industry, pay for prospecting and lead generation, and build out the infrastructure for future growth.

• Our cash balance at the end of the year was approximately $780,000, compared with $44,311 in 2012. We believe that without expansion we could be profitable in the TPC subsidiary but we have made an internal management decision that is supported throughout the company that we need to build up marketing and get as many contracts in place as fast as we can as we believe that customer base will increase our enterprise value going forward. We also expect that should we be successful in becoming a supplier there is additional value in moving as many of those client to Kratos Power (anticipated to become a subsidiary of PRHL).

• Our Company operates various subsidiaries which have different operating metrics. For example, TPC receives revenue on a “net” basis therefore it has no COGS, whereas E3 delivers products and services and does report COGS.

• A list of the more relevant operating costs summarized in the 10K are:

o CONTRACT LABOR: $830,500.00 paid to over 30 contractors who performed prospecting and lead generation services; $203,000 paid to 7 individual contractors for direct costs of running and reporting for a public company, not counting additional legal fees; $288,000 for nine entities performing operational services. This is important to note as there were virtually no employees in 2013, all functions were performed by consultants and contract labor, much of it lays the groundwork, both operationally, and in prospecting, that will pay off over the next two to three years.

o Legal fees: $154,996.06; Accounting fees: $100,279.38

o G&A totaled $248,710.35 including some items listed above.

All above items are taken from the audited financials summarized in the 10K.

As you can see from our recently filed 10k, the company has made substantial progress in the last year, and Q1 of this year continues that growth. The investment we have made in the company is starting to show results and 2014 ought to be an impressive year of continued growth and accomplishments.

We appreciate the support we have had from our shareholders and hope to add many more in the years to come!

Randall Letcavage, President and CEO

Premier Holding Corporation

 

CONTACT INFORMATION

Connie Absher

949-260-8070

 

SOURCE: Premier Holding Corporation

Simshabs Capital Partners Expects Decision Shortly as to R&D Facility

Simshabs Capital Partners, Ltd. is pleased to announce its intention to develop a facility for a major pharmaceutical company within the state of New Jersey. 

The location, still to be finalized, would be either in central, northern or southern New Jersey. Factors that will determine its location will include level of interest on the part of communities, conclusion as to the ease or difficulty of the approval process and the amount of time and requisites for receiving approvals.

Employment creation is expected to be, in the aggregate, 200 to 250 primary and ancillary jobs.

For more information, please do not hesitate to contact us at info.

 

SOURCE: Simshabs Capital Partners Ltd.

ReverTech Solutions Adds Industry Veteran

 ReverTech Solutions, LLC announced today that industry veteran Russell Joly will assume full operational responsibility for the entirety of the organization, inclusive of the MA, NJ, and TX locations as well as all operational programs.

Russell joins ReverTech with over 25 years of progressive experience and leadership in the repair, remanufacture, reverse logistics and aftermarket industry. Notably, Russell led the operations for both RadioShack and Circuit City. Each of these roles entailed the leadership, growth and profitable execution of dynamic, multi-facility, multi-disciplinary organizations supporting both internal retailer constituencies, as well as significant and diverse 3rd party customers such as warranty companies, OEM’s, and direct support customers for a multitude and wide variety of consumer and enterprise electronics. In addition to these experiences, Russell has been involved in numerous consulting engagements, providing strategic guidance, business advisory, and management services to a wide range of companies, both large and small.

“I’ve spent my career in the service industry creating innovative solutions to meet the demand of a wide range of clients and customers. I look forward to continuing that tradition at ReverTech,” says Russell. “I admire what the team at ReverTech has accomplished and feel they are poised to lead the industry in many traditional and emerging services. Given my passion for the business, the capabilities at ReverTech and the Company track record it was easy for me to say ‘yes!'”

“Our customers demand operational excellence and the hiring of Russell is further evidence of the Company’s leadership in the industry,” says Jeffrey Harrison, SVP of Corporate Development. “Russell brings a wealth of reverse logistics experience and proven operational execution to ReverTech. His confidence and intimate knowledge of the business will enable the Company’s continued service delivery, growth and harmonizing of the various Operation Centers.”

“This is an exciting and positive inflection point in the ReverTech story,” says Joseph Bradley, President and CEO of ReverTech. “Russell shares our Core Values and has demonstrated himself to be an extraordinary leader throughout his career.”

ReverTech Solutions, LLC (www.ReverTech.com) is a leading provider of reverse logistics services for consumer and enterprise electronics. ReverTech has nearly 30 years of experience in a diverse array of customized solutions, including returns management, electronic repair, remanufacturing, service parts fulfillment, and remarketing, for OEM’s, warranty companies, retailers and direct support customers.

 

Contacts
Jeffrey Harrison
jharrison
978-203-1144

 

SOURCE: ReverTech Solutions, LLC

Hop-on CEO Negotiates $7 Million Reduction in Debt

Hop-on, Inc. (OTC Pink: HPNN) (PINKSHEETS: HPNN) is pleased to announce that today it has received executed Debt Exchange Agreements from two major debt holders. The reduction in debt with these Debt Exchange Agreements will be $7,162,000.00. This means there will be no dilution of shareholders from debt conversions for over a year and a positive $7.1 million paid in capital on the balance sheet.

 

These Debt Exchange Agreements remove $7,162,000 in debt from Hop-on’s balance sheet. Not only will the long term debt be removed from the balance sheet, but the conversion to preferred equity provides a boost to the stockholders’ equity portion of the balance sheet, and this amount can now be booked as additional paid in capital. This positive financial move will be reflected in the next financial statement filed by the company.

 

Peter Michaels, Hop-on CEO, stated, “As promised, Hop-on is not diluting the current shareholders. Further, there is no reverse split on the horizon. The debt could have been converted into common shares that would dilute the shareholders’ positions. However, these agreements stipulated the preferred shares must be held for at least one year. This is positive for current and future shareholders, as the value of their investment should not be diluted, adding value to their commitment to Hop-on. These agreement prepare Hop-on’s balance sheet for significant increase in stockholders’ equity moving forward.”

 

About Hop-on, Inc.

Hop-on, Inc. is a global ODM and OEM manufacturer of electronics, based in the United States. Over the past 20 years, Hop-on has successfully secured essential patents for mobile communications and computing technologies, and is respected for developing the world’s first disposable cell phone. Hop-on’s focus on smartphones and innovative mobile device applications is bringing cost friendly solutions to today’s demanding world market. Hop-on is also diversified in nutraceutical and cannabinoid technologies through its subsidiary Re-Medical, Inc. For more information, please visit www.hop-on.com

 

Forward-Looking Statements

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and are subject to Rule 3B-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.

 

For additional information, please contact
Shareholder Services
(949) 756-9008

 

 

SOURCE: Hop-on, Inc.

 

Active Health Foods Gears Up for 1st Quarter Growth

Active Health Foods, Inc. (OTCQB: AHFD) – With a close eye on the retail market, success is measured by how many grocery shelves your products are available on and our National Broker is moving forward quickly to get the exposure we expect.

 

Another medium for growth is in the world of technology, computers, the internet, and social media.

 

Active Health Foods, Inc. realizes there are still other means for growth and has launched a new company under the Active Health Foods, Inc. umbrella called Tandem.

 

Tandem has created a revolutionary and proprietary system with plans for a roll out in the 1st quarter of 2014. The system has been Beta Tested and is ready to be implemented.

 

Annually Direct Sales in the United States are in the billions of dollars. Until now Direct Sales Companies have had to generate their own leads using any means possible.

 

Tandems system will take the burden of finding leads off of the Direct Sales Companies by supplying them with customers and distributors giving them more time for selling and increasing volume.

 

Tandem already has individuals and companies committed to their system and about 2000 ready to sign up in the next 15 days. The fee for each individual to sign up for Tandems system is $299.00 each month and has to be renewed monthly at the same rate of $299.00, the initial roll out is expected to bring in $600,000.

 

For Information please call:
Greg Manos
951-360-9970
Visit our WEB SITE: www.tandemsuccess.com

 

 

SOURCE: Active Health Foods, Inc.