BGI Updates Information
17 April 2008 - 2:18AM
Business Wire
BGI, Inc. (Pink Sheets: BGII) today announced that since December
4, 2006 the following significant events have transpired: In
response to the Alabama Supreme Court ruling issued in the case of
Barber v. Jefferson County Racing Association, Inc., Docket No.
1050857 (Ala., Dec. 1, 2006) becoming a final, enforceable judgment
BGI ceased operations in Alabama. On December 6, 2006 the Board of
Directors of BGI met and authorized the retention of outside
counsel to file a claim for the return of the $892,054.14 seized by
the United States Government. The Board also put in place policies
and procedures to insure that there would be no violation of the
reporting requirements of 31 U.S.C. �5313(a) for cash deposits into
financial institutions. On August 27, 2007 a one-count indictment
was filed in the United States District Court in the Western
District of Oklahoma, charging Pre-Paid Plus, Inc., a wholly owned
subsidiary of BGI, with knowingly and for the purposes of evading
the reporting requirements of 31 U.S.C. �5313(a), structuring cash
deposits into financial institutions. On March 3, 2008, Pre-Paid
Plus, Inc., agreed to plead guilty to the one count indictment,
forfeit the seized funds and pay a fine of $100,000.00 and a final
judgment was entered by the court. On March 29, 2007 BGI was served
with a summons in a civil case styled Cyberdyne Systems, Inc., v.
BGI, Inc. case number CV06-02954-PHX-ROS, filed in the United
States District Court, District of Arizona. The principal claim of
the complaint is copyright infringement and breach of the Cyberdyne
Exclusive Distribution Agreement. BGI has retained outside counsel
and is vigorously defending the suit and has filed breach of
contract counterclaims against Cyberdyne. This litigation is in the
discovery phase and the parties anticipate a jury trial of the
issues before year end. On July 12, 2007 the Board of Directors of
BGI accepted the resignation of William Schwartz as a member of the
Board and as BGI�s President and Chief Executive Officer. The Board
retained Reid Funderburk as the new Chief Executive Officer and he
was elected to the Board. Mr. Funderburk has been associated with
BGI for over 13 years, having served BGI in many positions of
responsibility including Chief Executive Officer. Mr. Funderburk
brings a vast amount of institutional knowledge to his new
positions. On September 19, 2007 the Board of Directors deemed it
in the best interests of the Company to purchase One-Cool Product,
Inc. One-Cool Product produces and distributes a product branded
under the name Bottle-It used as an attachment to canned drinks to
prevent spillage. The Bottle-It is sold with logos imprinted such
as a major university or a company name. One-Cool Product was
previously owned by Reid Funderburk and he agreed to sell the
company to BGI for his original cost. The Bottle-It products can be
viewed at www.onecoolproduct.com. On December 11, 2007 the Board of
Directors authorized the creation of a wholly owned subsidiary
limited liability company in Texas to be named Clippl, LLC. The
Board also authorized the purchase from Kevin Dill of the
technology and the web site domains associated with Clippl,
including clippl.com and clippl.mobi. The purchase price included
both equity and cash. Clippl is new streaming mobile technology
allowing the user to send an instant video message to the recipient
using a cell phone or the web. Clippl technology can be viewed at
www.clippl.com. On January 11, 2008 BGI sold its phone switch and
associated assets to Switch Dynamics, LLC. The management of Switch
Dynamics, LLC has many years of experience in the telephonic
communications industry. On January 15, 2008 BGI sold 350 Cyberdyne
phone card dispensers and all the rolling stock and assets located
in Oklahoma to Roland Leasing, LLC. The management of Roland
Leasing, LLC has a long history of doing business in Oklahoma with
experience in both the bingo industry and the sweepstakes industry.
BGI feels certain that Roland Leasing will continue to serve the
customers of BGI in the manner to which they have become accustomed
and deserve. On January 18, 2008 BGI invested in SnapPages, LLC.
SnapPages is an online SaaS (Software as a Service) provider that
caters to a mainstream audience. SnapPages offers a suite of online
applications that allow the average person to perform several
different tasks online. Users can upload and share photos, organize
a calendar, keep in touch with friends, and even build an entire
website all online. The goal of SnapPages is to create online
applications so simple and intuitive that anyone can use them
regardless of their technical expertise. SnapPages is currently in
a beta testing phase with plans to launch this summer. You can
visit snappages.com to try out all the applications online. BGI�s
interest represents a fifteen percent member interest in SnapPages,
LLC. The SnapPages technology can be viewed at www.snappages.com.
The management of BGI is excited about the continued opportunities
associated with the Cyberdyne Exclusive Distribution Agreement and
the new ventures being pursued by BGI in the areas of software
development and green technologies. This press release may contain
forward-looking statements including BGI�s beliefs about its
business prospects and future results of operations. These
statements involve risks and uncertainties. Among the important
additional factors that could cause actual results to differ
materially from those forward-looking statements are risks
associated with the overall economic environment, changes in
anticipated earnings of the company and changes in the competitive
marketplace. In addition, the factors underlying company forecasts
are dynamic and subject to change and therefore those forecasts
speak only as of the date they are given. The company does not
undertake to update them; however, it may choose from time to time
to update them and if it should do so, it will disseminate the
updates to the investing public. About BGI, Inc. BGI, Inc.,
(http://www.bgicorp.com) is engaged in new business development
concentrating its efforts on companies with growth potential in
software and web 2.0 technologies as well as companies with green
forward thinking technologies while continuing to strengthen its
position in the sweepstakes industry. BGI holds an exclusive
distribution license for the States of Alaska, Alabama, Washington,
Texas, Oklahoma, Kansas, and North Dakota for distribution of the
Cyberdyne Charity Station promotional sweepstakes machine and the
Lucky Strike Prepaid Phone Card Dispenser. BGI, Inc. was founded in
1994 and has offices in Austin, Texas. The Company currently trades
on the Pink Sheets under the symbol BGII.
BGI (GM) (USOTC:BGII)
Historical Stock Chart
From Jun 2024 to Jul 2024
BGI (GM) (USOTC:BGII)
Historical Stock Chart
From Jul 2023 to Jul 2024