180 Connect Inc
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Q1 2008 Advance Auto Parts Earnings Release - After Market Close (CCBN)
biz.yahoo.com | May 15, 2008
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DIRECTV in agreement to acquire 180 Connect Inc
c.moreover.com | Apr 21, 2008
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DirecTV Buys An Installer
www.multichannel.com | Apr 21, 2008
Looking to gain control of its installation network, DirecTV is acquiring 180 Connect Inc., one of North America's largest providers of installation, integration and fulfillment services, in a $105 million deal, officials said last Friday. Under the terms of the agreement, DirecTV will acquire 100%
http://www.multichannel.com/article/CA6553061.html?rssid=212
DirecTV buying 180 Connect (at bizjournals.com)
losangeles.bizjournals.com | Apr 18, 2008
DirecTV Group Inc., the country's biggest satellite television network, is buying a large media installation and home integration business, taking control of a part of its business it has outsourced. The purchase of Englewood, Colo.-based 180 Connect Inc. (OTCBB: CNCT) will cost up to $45.
http://losangeles.bizjournals.com/losangeles/stories/2008/04/14/daily39.html?ana=yfcpc
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CVAS: Receives $5.6M Cash from Sale of 180 Connect to The DirecTV Group - Zibb.com
www.zibb.com
By Fain Hughes, fhughes@knobias.com Creative Vistas, Inc. (CVAS) has realized approximately $5.6 million in cash from the recently-completed sale of its nearly 12% stake in the cable-servicing firm 180 Connect Inc. to The DirecTV Group, Inc. (DTV). KNOBIAS DISCLAIMER: All statements made in this
http://www.zibb.com/article/3598805/CVAS+Receives+M+Cash+from+Sale+of+Connect+to+The+DirecTV+Group
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Creative Vistas Reports 32% Increase in Second Quarter Revenues, Driven by U.S. Expansion - Zibb.com
WHITBY, Ontario & LOS ANGELES, Aug 14, 2008 (BUSINESS WIRE) --
Creative Vistas, Inc. (OTCBB: CVAS), a leading provider of broadband-related services as well as surveillance and security solutions, today reported financial results for the second quarter ended June 30, 2008. Following are key highlights for the quarter:
-- Booming Dependable HomeTech division helps drive revenues up 32% for second quarter and 35% for first half
-- Company projects positive EBITDA for third quarter and second half of 2008
-- U.S. sales rise from zero at start of 2008 to $1 million in second quarter
-- US Sales expected to continue to increase significantly over the next two quarters. US Revenues expected to grow to an annual run rate of $15 to $18 Million a year by year end.
-- Capital infusion of $5.6 million from 180 Connect sale to finance accelerated growth beginning in third quarter
For the second quarter ended June 30, 2008, the Company's revenues totaled $12.59 million, up 32% from $9.58 million in the second quarter of 2007. The increase was primarily due to sharply increased sales in the Company's Dependable HomeTech division (formerly Cancable Inc.), which performs installation, repair and other services for major broadband providers in Canada and the U.S. Revenues from the U.S. expansion, which began earlier in 2008, reached $1 million in the second quarter and are projected to growth to an annual run-rate of at least $15 million to $18 million by the end of the current fiscal year.
Net loss for the second quarter of 2008 was ($2.95 million), or ($0.08) per fully diluted share, compared to net income of $191,726, or $0.01 per fully diluted share, in the second quarter of 2007. As expected, the shift to a loss reflected higher general and administrative expenses, which rose to $3.95 million from $2.00 million a year earlier, primarily because of non-recurring costs related to the Company's U.S. expansion strategy. It also included a non-cash adjustment for the issuance of stock-purchase warrants and common stock.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were negative in the second quarter of 2008, at ($831,600), compared to positive EBITDA of $974,800 a year earlier. As in prior quarters, the net income and EPS results for the second quarter of 2008 have been affected substantially by adjustments related to Creative Vistas' capital structure. For that reason, the Company believes EBITDA provides a useful tool, in conjunction with measures recognized under generally accepted accounted principles ("GAAP"), for gauging the ongoing performance of its operating units. However, CVAS does not consider EBITDA an adequate substitute for GAAP-recognized measures.
On the balance sheet, CVAS reported cash and cash equivalents totaling $2.54 million on June 30, 2008, compared to $1.96 million on December 31, 2007. Long-term liabilities on June 30, 2008 totaled $21.12 million, compared to $18.79 million at the end of 2007.
Subsequent to the end of the second quarter of 2008, CVAS realized proceeds of approximately $5.6 million from the sale of its stake in 180 Connect Inc., a major U.S. provider of services to the cable and satellite industry. The acquisition of 180 Connect by DirecTV Group, Inc. (Nasdaq: DTV) was completed on July 9, 2008.
CEO Projects Sharp U.S. Growth, Positive EBITDA in 2008
Dominic Burns, CEO of Creative Vistas, commented, "The big story for Creative Vistas in the second quarter of 2008, as in the first, was our rapid expansion in the U.S., driven by the superior field services of our Dependable HomeTech division. DHT is just beginning to take advantage of the competitive edge provided by its proprietary business intelligence software, which gives cable-system operators an unparalleled analysis on customer contacts, fuel costs and other critical operational data."
Mr. Burns continued, "Our rapid growth south of the Canadian border has temporarily impacted net income and EBITDA with non-recurring costs. However, we expect that the negative EBITDA trend will reverse in the third quarter and second half, generating positive EBITDA excluding non-cash expenses for the last two quarters of 2008.. Helping boost our growth in the second half will be the infusion of $5.6 million in working capital that we gained in July 2008 from the sale of our stake in 180 Connect. Ultimately, we expect our new U.S. operations, which should grow from zero to nearly $15 to $18 million a year run rate in less than 12 months, to also become a key source of revenues for the company in the future."
First Half Revenues Rise 35%
For the six months ended June 30, 2008, Creative Vistas reported revenues of $23.38 million, up 35% from $17.37 million a year earlier. As in the second quarter, the increase was due largely to rising sales at Dependable HomeTech, both in the U.S. and Canada.
Net loss for the first six months of 2008 was ($9.33 million), or ($0.25) per fully diluted share, compared to a net loss of ($340,372), or ($0.01) per fully diluted share, in the first six months of 2007. The increase in net loss was due to expansion-related general and administrative costs, financing expenses and non-cash adjustment for the issuance of stock purchase warrants and common stock.
If you would like to be added to Creative Vistas' investor email lists or have additional questions, please contact Haris Tajyar with Investor Relations International at htajyar@irintl.com. For further information on Creative Vistas, please visit www.creativevistasinc.com.
About Creative Vistas
Creative Vistas Inc. is a leading provider of broadband-related services as well as security technologies and systems. Through its subsidiary Dependable HomeTech, formerly known as Cancable Inc., Creative Vistas provisions the deployment and servicing of broadband technologies to the commercial and residential market in Canada and the U.S. Through its subsidiaries AC Technical Systems Ltd. and Iview Digital Video Solutions Inc., it offers proprietary and non-proprietary technologies to the integrated electronic security and surveillance market. Its growing list of customers for broadband-related services include major cable-system operators in Ontario, Canada and U.S. metropolitan markets including New Orleans and Baton Rouge, La., and Charlotte, N.C. Its security and surveillance systems are used by numerous high-profile clients including government, school boards, retail outlets, banks and hospitals. Creative Vistas is based in Ontario, Canada.
Forward-Looking Statements: Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from expected results for reasons described from time to time in the Company's public filings. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events.
(1) EBITDA represents, for any relevant period, income (loss) before income taxes, depreciation of property, plant and equipment, interest expense (including amortization of debt issuance costs) and amortization of intangible assets.
Creative Vistas, Inc. June 30, December 31,
Condensed Consolidated Balance Sheets 2008 2007
----------------------------------------------------------------------
(Unaudited)
Assets
Current Assets
Cash and bank balances $2,540,203 $1,960,340
Accounts receivable, net of allowance
for doubtful accounts of $469,980 and
$405,432 6,266,791 6,187,551
Income tax receivable 293,602 448,126
Inventory and supplies 976,646 1,043,815
Prepaid expenses 622,479 270,930
Due from related parties 2,530 2,581
----------------------------------------------------------------------
Total current assets 10,702,251 9,913,343
----------------------------------------------------------------------
Property plant and equipment, net of
depreciation 8,862,756 6,352,014
Deposits 329,500 125,498
Goodwill 3,097,485 3,101,598
Intangible assets 1,323,267 1,717,003
Other investments - available for sale
securities 5,530,200 -
Restricted cash - 53,430
Deferred financing costs, net 621,423 551,747
Deferred income taxes 37,315 37,547
----------------------------------------------------------------------
$30,504,197 $21,852,180
----------------------------------------------------------------------
Liabilities and Shareholders' (Deficit)
Current Liabilities
Bank indebtedness $2,853,108 $-
Accounts payable and accrued liabilities 6,428,880 6,074,212
Current portion of obligations under
capital leases 1,673,482 1,195,366
Deferred income 181,761 91,900
Deferred income taxes 25,858 25,858
Current portion of term notes 1,750,000 2,240,356
Current portion of other payable 297,030 303,030
Due to related parties 7,601 8,143
----------------------------------------------------------------------
Total current liabilities 13,217,720 9,938,865
----------------------------------------------------------------------
Term notes 14,811,219 13,565,421
Notes payable to related parties 1,500,000 1,500,000
Obligations under capital lease 4,575,296 3,184,103
Other payables - 303,030
Due to related parties 228,584 233,203
----------------------------------------------------------------------
34,332,819 28,724,622
----------------------------------------------------------------------
Shareholders' (deficit)
Share capital
Authorized
50,000,000 no par value preferred
shares undesignated, none issued or
outstanding
100,000,000 no par value common
shares 37,224,926 and 34,494,623
issued and outstanding
Common stock 6,488,137 1,439,307
Deferred compensation (636,372) -
Additional paid-in capital 13,757,869 4,958,871
Accumulated (deficit) (21,780,236) (12,445,468)
Accumulated other comprehensive (losses)
Foreign currency translation
adjustment (741,371) (825,152)
Unrealized loss on available for sale
securities (916,649) -
----------------------------------------------------------------------
(3,828,622) (6,872,442)
----------------------------------------------------------------------
$30,504,197 $21,852,180
----------------------------------------------------------------------
Creative Vistas, Inc.
Condensed Consolidated Statements of Operations and Comprehensive
Losses
(Unaudited)
Three months ended Six months ended
----------------------------------------------------------------------
June 30 June 30
----------------------------------------------------------------------
2008 2007 2008 2007
----------------------------------------------------------------------
Contract and
service revenue
Contract $1,786,195 $1,534,017 $3,265,514 $2,861,264
Service 10,803,125 8,023,515 20,095,102 14,477,444
Other 5,541 19,049 15,600 31,493
----------------------------------------------------------------------
12,594,861 9,576,581 23,376,216 17,370,201
----------------------------------------------------------------------
Cost of sales
Contract 1,083,059 889,505 1,983,766 1,811,501
Service 8,669,381 5,735,967 16,076,602 10,345,667
----------------------------------------------------------------------
9,752,440 6,625,472 18,060,368 12,157,168
----------------------------------------------------------------------
2,842,421 2,951,109 5,315,848 5,213,033
----------------------------------------------------------------------
Operating expenses
Project 266,018 323,637 592,073 605,303
Selling 261,382 211,726 479,979 387,570
General and
administrative 3,954,241 1,996,591 7,536,495 3,747,547
----------------------------------------------------------------------
4,481,641 2,531,954 8,608,547 4,740,420
----------------------------------------------------------------------
Income (Loss) from
operations (1,639,220) 419,155 (3,292,699) 472,613
----------------------------------------------------------------------
Interest and other expenses
Net financing
expenses 1,383,466 740,091 5,816,383 1,299,289
Amortization of
deferred charges 45,700 46,575 89,915 91,851
Foreign currency
translation gain
(loss) (119,459) (559,237) 135,775 (578,155)
----------------------------------------------------------------------
1,309,707 227,429 6,042,073 812,985
----------------------------------------------------------------------
Income (loss)
before income
taxes (2,948,927) 191,726 (9,334,772) (340,372)
Income taxes - - - -
----------------------------------------------------------------------
Net income (loss) (2,948,927) 191,726 (9,334,772) (340,372)
----------------------------------------------------------------------
Other comprehensive income
(loss):
Unrealized gain
(loss) -
available for
sale securities 1,941,633 - (916,649) -
Foreign currency
translation
adjustment (96,891) (407,810) (452,498) (452,498)
----------------------------------------------------------------------
Comprehensive
(loss) $(1,104,185) $(216,084) $(10,703,919) $(792,870)
----------------------------------------------------------------------
Basic weighted-
average shares 37,147,384 33,576,678 36,667,096 33,475,041
Diluted weighted-
average shares 37,147,384 39,132,316 36,667,096 33,475,041
----------------------------------------------------------------------
Basic earnings
(loss) per share $(0.08) $0.01 $(0.25) $(0.01)
Diluted earnings
(loss) per share $(0.08) $0.01 $(0.25) $(0.01)
----------------------------------------------------------------------
SOURCE: Creative Vistas, Inc.
Creative Vistas, Inc. Sayan Navaratnam, Chairman, 905-666-8676 sayan@creativevistasinc.com or Investor Relations Intl Haris Tajyar, Partner, 818-382-9702 htajyar@irintl.com
Tags: bandwidth bank business intelligence canada ceo contract debt deficit earnings ebitda eps expansion finance financial results gaap government market nasdaq ontario plant property residential retail revenue sales satellite securities security software tax taxes technology
Companies: Creative Vistas, Inc. (CVAS)
Creative Vistas Realizes $5.6 Million from Sale of Cable-Servicing Firm 180 Connect to DirecTV -
WHITBY, Ontario & LOS ANGELES, Jul 15, 2008 (BUSINESS WIRE) --
Creative Vistas, Inc. (OTCBB:CVAS), a leading provider of advanced video security and surveillance solutions as well as broadband-related services, today announced that it has realized approximately $5.6 million in cash from the recently-completed sale of its nearly 12% stake in the cable-servicing firm 180 Connect Inc. (OTCBB:CNCT) to The DirecTV Group, Inc. (Nasdaq:DTV).
DirecTV acquired all of 180 Connect's common shares for approximately $46.7 million. The acquisition, which was completed on July 9, 2008, included 3.1 million shares that Creative Vistas had acquired in an all-stock transaction in January 2008 at approximately $2.25 per share. Creative Vistas noted that the proceeds from this sale will help accelerate its continued expansion into the U.S. cable industry. The Company noted that its revenues from the U.S. are expected to grow at a rapid pace in 2008. Revenues in the first quarter of 2008 from US sales were less than $300,000 and Creative Vistas is expected to grow this to $1 million in the second quarter of 2008. Creative Vistas is continuing to experience high demand in the US for its residential services.
"DirectTV's acquisition of 180 Connect provides Creative Vistas with a substantial cash infusion to fund its U.S.-focused growth strategy," said Creative Vistas CEO Dominic Burns. "We expect this new source of capital will help us accelerate the development of new business at our Dependable HomeTech Division in the U.S., which this year has begun providing broadband-related services such as installation and repair for major cable system providers serving the largest metropolitan markets in Louisiana and North Carolina."
If you would like to be added to Creative Vistas' investor email lists or have additional questions, please contact Haris Tajyar with Investor Relations International at htajyar@irintl.com. For further information on Creative Vistas, please visit www.creativevistasinc.com.
About Creative Vistas
Creative Vistas Inc. is a leading provider of broadband-related services as well as security technologies and systems. Through its subsidiary Dependable HomeTech, formerly known as Cancable Inc., Creative Vistas provisions the deployment and servicing of broadband technologies to the commercial and residential market in Canada and the U.S. Through its subsidiaries AC Technical Systems Ltd. and Iview Digital Video Solutions Inc., it offers proprietary and non-proprietary technologies to the integrated electronic security and surveillance market. Its growing list of customers for broadband-related services include major cable-system operators in Ontario, Canada and U.S. metropolitan markets including New Orleans and Baton Rouge, La., and Charlotte, N.C. Its security and surveillance systems are used by numerous high-profile clients including government, school boards, retail outlets, banks and hospitals. Creative Vistas is based in Ontario, Canada.
Forward-Looking Statements: Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from expected results for reasons described from time to time in the Company's public filings. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events.
SOURCE: Creative Vistas, Inc.
Creative Vistas, Inc. Sayan Navaratnam, Chairman, 905-666-8676 sayan@creativevistasinc.com or Investor Relations Intl Haris Tajyar, Partner, 818-382-9702 htajyar@irintl.com
Tags: acquisition bandwidth canada ceo earnings expansion finance government louisiana market nasdaq north carolina ontario residential retail securities security technology video
Companies: 180 Connect Inc (CNCT), 180 Connect Inc (CNCYE), Creative Vistas, Inc. (CVAS), DIRECTV Group Inc/The (DTV)
180 Connect Inc. Announces Record Date and Meeting Date for Special Stockholder Meeting - Zibb.com
TORONTO, and ENGLEWOOD, CO, Jun 4, 2008 (Canada NewsWire via COMTEX) --
Stock Symbols: OTCBB: CNCT.OB, CNCTU.OB, CNCTW.OB
180 Connect Inc. ("180 Connect" or the "Company") (OTCBB: CNCT.OB, CNCTU.OB, CNCTW.OB), announced today that its Board of Directors has approved July 8, 2008 as the date for a special meeting of stockholders to vote on the proposed acquisition of 180 Connect by DIRECTV Enterprises, LLC and has approved June 4, 2008 as the record date for the meeting. On May 16, 2008, 180 Connect filed a preliminary proxy statement in connection with the proposed transaction with the Securities and Exchange Commission and on June 4, 2008, filed the definitive proxy statement. The Company anticipates that the definitive proxy statement will be mailed together with a proxy card to 180 Connect stockholders of record as of the record date on or about June 6, 2008.
Important Additional Information will be Filed with the SEC
In connection with the proposed merger, 180 Connect has filed a proxy statement with the Securities and Exchange Commission. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE FINAL PROXY STATEMENT, BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES THERETO. Investors and security holders may obtain a free copy of the proxy statement and other documents filed by 180 Connect at the Securities and Exchange Commission's Web site at http://www.sec.gov. The proxy statement and such other documents may also be obtained for free from 180 Connect by directing such request to 180 Connect Inc., 6501 E. Belleview Avenue, Suite 500, Englewood, Colorado 80111, Attention: Chief Financial Officer.
Participants in the Solicitation
180 Connect and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its stockholders in connection with the proposed merger. Information concerning the interests of 180 Connect's participants in the solicitation, which may be different than those of 180 Connect stockholders generally, is set forth in 180 Connect's proxy statements and Annual Reports on Form 10-K, both previously filed with the Securities and Exchange Commission, and in the proxy statement relating to the merger.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on current 180 Connect management expectations. Those forward-looking statements include all statements other than those made solely with respect to historical fact. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. The following factors, among others, including those contained in 180 Connect's filings with the SEC, including its Annual Report on Form 10-K for its most recent fiscal year, especially in the Management's Discussion and Analysis section and its Current Reports on Form 8-K, could also cause actual results to differ materially from those described in the forward-looking statements: the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the outcome of any legal proceedings that may be instituted against 180 Connect and others following announcement of the merger agreement; the inability to complete the merger due to the failure to obtain stockholder approval or the failure to satisfy other conditions to completion of the merger; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the merger; the ability to recognize the benefits of the merger; and, the amount of the costs, fees, expenses and charges related to the merger. Many of the factors that will determine the outcome of the subject matter of this press release are beyond 180 Connect's ability to control or predict. 180 Connect undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
About 180 Connect Inc.
180 Connect Inc. is one of North America's largest providers of installation, integration and fulfillment services to the home entertainment, communications and home integration service industries. With more than 4,000 skilled technicians and 750 support personnel based in over 85 operating locations, 180 Connect is well positioned as the only pure play national residential service provider in the market. 180 Connect shares are traded under the name of 180 Connect Inc. on the OTCBB under the symbols CNCT.OB, CNCTU.OB and CNCTW.OB. For more information about 180 Connect Inc, please visit www.180connect.net.
About DIRECTV, Inc.
DIRECTV, Inc. (NASDAQ:DTV), the nation's leading satellite television service provider, presents the finest television experience available to more than 16.8 million customers in the United States and is leading the HD revolution with 95 national HD channels - more quality HD channels than any other television provider. Each day, DIRECTV subscribers enjoy access to over 265 channels of 100% digital picture and sound, exclusive programming, industry-leading customer satisfaction (which has surpassed cable for seven years running) and superior technologies that include advanced DVR and HD-DVR services and the most state-of-the-art interactive sports packages available anywhere. For the most up-to-date information on DIRECTV, please visit www.directv.com.
For information please contact the following or visit 180 Connect's
website at www.180connect.net.
%SEDAR: 00025856E
SOURCE: 180 Connect Inc.
Claudia A. Di Maio, 180 Connect Inc., TEL: 866-995-8888, DIRECT LINE: (416) 930-7710, EMAIL: cdimaio@180connect.net; Devlin Lander Integrated Corporate Relations, TEL.: (415) 292-6855
Tags: acquisition annual report art colorado communications entertainment executive legal merger nasdaq north america note programming satellite sec-8k security sports technology television web
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