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Tax Masters, Inc. (TAXS.OB) filed a Current Report on Form 8-K on Wednesday, July 7, 2010 to report that Patrick Cox, Tax Masters' founder, CEO and majority shareholder, voluntarily entered into a Financial Reorganization Agreement in which Mr. Cox deposited 200 million shares of his Tax Masters common stock with Tax Masters transfer agent, Olde Monmouth Stock Transfer Co., Inc. These shares will be held in escrow by Olde Monmouth for a five year period ending June 30, 2015. During that time, Mr. Cox has waived his right to vote the escrowed shares and he has also waived his right to receive any dividends or other distributions by Tax Masters with respect to the escrowed shares. As a result of Mr. Cox's voluntary escrow of shares, there are now 139,676,105 shares of common stock that can be voted or can receive dividends or other distributions. The 139,676,105 shares will also be the number of shares used to calculate earnings per share for Tax Masters financial statements.
After each fiscal year during the five years that Mr. Cox's shares are being held in escrow, Mr. Cox may claw back a portion of the escrowed shares based on a formula linked to the financial performance of Tax Masters. Any shares Mr. Cox does not claw back prior to June 30, 2015 will be turned over to Tax Masters for cancellation.
As a result of the Financial Reorganization Agreement, shareholders will have an increased voting power in their stock. For example, a shareholder owning 1,000,000 shares of Tax Masters common stock will have an increase of the voting power of such stock from 0.3% of the voting power to 0.7% of the voting power.
"I'm excited to be in a position to offer existing and potential shareholders greater stake in TaxMasters," said Mr. Cox. "After looking at our market cap and our earnings per share, I wanted to be able to offer TaxMasters investors a bit more. Voluntarily placing some of my shares in this type of escrow achieves that."
Tax Masters, Inc., the IRS tax relief company, is the first publicly traded tax representation firm in the United States. Started by Patrick R. Cox in 2001, Tax Masters offers services and counsel to taxpayers across the country facing seemingly insurmountable tax problems, and relief from substantial federal tax debt. Employing over 300 people, TaxMasters leverages the expertise of ex-IRS agents, enrolled agents, attorneys, CPAs, and seasoned tax consultants ready to counsel and assist every day people with their specific tax problems today.
Westway Group, Inc. (Nasdaq:WWAY) this week reported that Westway has commenced a tender offer to purchase up to 45,999,900 of its publicly traded warrants, which entitle the holder to purchase shares of its common stock. The offer to purchase the warrants is at a price of $0.13 per warrant. The tender offer commenced and will expire, unless extended, at 12:00 midnight, New York City time, on Friday, September 3, 2010. Tenders of warrants must be made on or prior to the expiration of the tender offer and may be withdrawn at any time on or prior to the expiration of the tender offer.
Westway will purchase all warrants properly tendered and not properly withdrawn in the tender offer, as specified in the Offer to Purchase document relating to the tender offer that was filed with the Securities and Exchange Commission (the "SEC") and distributed to warrant holders. Westway anticipates that the purchase will be financed from its available cash reserves and/or available borrowings under its revolving credit facility.
As of August 9, 2010, there are 52,614,186 warrants outstanding (including 1,400,000 warrants included in units which representatives of underwriters in Westway's initial public offering have an option to purchase (the "Underwriter Warrants") and 5,214,286 warrants issued to Westway's founders in a private placement in connection with Westway's initial public offering (the "Founder Warrants"), both of which are not subject to the tender offer). The tender offer is subject to certain conditions as described in the Offer to Purchase document, including there being validly tendered and not withdrawn before the expiration of the tender offer a number of warrants representing at least 80% of the total number of warrants outstanding (excluding the Underwriter Warrants or the Founder Warrants). Westway currently intends that this will be its only tender offer to purchase Westway's warrants prior to their expiration on May 24, 2011.
Westway's officers and directors will not tender any warrants pursuant to the tender offer. None of Westway, Westway's board of directors, the depositary or the information agent makes any recommendations to warrant holders as to whether to tender or refrain from tendering Westway's warrants pursuant to the Offer to Purchase document. Warrant holders must decide how many warrants they will tender, if any. The information agent for the tender offer is Morrow & Co., LLC. The depositary for the tender offer is Continental Stock Transfer & Trust Company. The Offer to Purchase, Letter of Transmittal and related documents are being mailed to warrant holders of record and will be made available for distribution to beneficial owners of Westway's warrants.
Westway is a leading provider of bulk liquid storage and related value-added services and a leading manufacturer and distributor of liquid animal feed supplements. Westway operates an extensive global network of 62 operating facilities providing approximately 354 million gallons of total bulk liquid storage capacity and 37 facilities producing approximately 1.5 million tons of liquid feed supplements annually. Westway's bulk liquid storage business is a global business with infrastructure that includes a network of terminals offering storage to manufacturers and consumers of agricultural and industrial liquids, located at key port and terminal locations throughout North America and in Western Europe and Asia. Westway's liquid feed supplements business produces liquid animal feed supplements that are sold directly to end users and feed manufacturers, primarily supplying the beef and dairy livestock industries.
Innotrac Corporation (Nasdaq:INOC), a leading full-service provider of product fulfillment, order processing and Customer Care services for direct-to-consumer marketers, yesterday released that Innotrac has signed a multiyear warehouse distribution agreement with Direct Holdings Americas Inc., a leading direct-to-consumer retailer of entertainment and media products. Direct Holdings Americas Inc. is the exclusive marketer of Time Life-branded music and video products in the United States. Direct Holdings Americas Inc. uses the Time Life trademark under license from Time Warner Inc. and Time Inc., with which it is not affiliated. Direct Holdings Americas Inc. utilizes multi-channel marketing to reach a wide variety of customers. Direct Holdings Americas Inc. multi-channel strategy includes Direct Response TV (DRTV); E-commerce; Direct Mail; Telemarketing; Traditional Retail; and, Special Markets.
"DHAI and Innotrac partnered to complete the transfer of our music and video warehouse operations and the entire process has exceeded our expectations. We have seen immediate benefits in service relating to efficient order fulfillment and returns processing, which translates into an improved customer experience and reduced costs," said Lange Johnson, Vice President of Operations, Direct Holdings Americas Inc.
"Other benefits include better packaging quality and having our shipments processed and delivered faster," added Jamie Ciferno, Innotrac's Director of Operations. "We have also added the ability to track packages, which has improved our ability to handle calls from our customers. This is really a huge improvement and we are very excited about the change."
"Direct Holding Americas Inc.'s decision to entrust Innotrac with their brand, a brand that stands for the highest quality, is a reflection of Innotrac's strong service reputation and proven expertise in supporting multi-channel partners. We are pleased with our ability to partner with Direct Holdings Americas Inc. and make the necessary investments, process and technical changes to improve their warehouse operations. The success is a testament to our continued investment in infrastructure and the flexibility we've built throughout our organization," commented Jim McMurphy, CIO of Innotrac. "The addition of this new world-class brand as a partner confirms and strengthens Innotrac's position as a leading fulfillment provider for multi-channel marketers across the U.S."
Innotrac Corporation, founded in 1984 and based near Atlanta, Georgia, is a technology-based integrated fulfillment and Customer Care solutions provider serving enterprise clients and world-class brands. Innotrac employs sophisticated order processing and warehouse management technology and operates seven fulfillment centers and one call center spanning all time zones across the continental United States.
Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment (read more) Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings Inc. (CRWE.OB) has previously received twenty four thousand dollars from Tax Masters Inc.(TAXS.OB) for 30 days of advertisement services. Crown Equity Holdings Inc. (CRWE.OB) has received four thousand dollars from a third party (Marshall Curtis) for 30 days of advertisement for services for Tax Masters Inc.(TAXS.OB) which has expired. Crown Equity Holdings Inc. has received an additional four thousand dollars from the same third party (Marshall Curtis) for an additional 30 days of advertisement services.
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