ICEQUITY
14 years ago
$ZRVT Zurvita Holdings Closes Technology Transfer Deal With OmniReliant Holdings
(RTTNews) - Zurvita Holdings, Inc. (ZRVT.OB) Thursday said that on December 2, 2010, it has completed a technology transfer deal with OmniReliant Holdings, Inc., fully securing a place in the trillion dollar online advertising and search directory services market.
Under the deal, OmniReliant will transition its local advertising internet search engine technology, including all software and records, exclusively to Zurvita.
Mark Jarvis, Co-Chief Executive Officer of Zurvita said "Our purchase and enhancement of this technology is a key strategic element of our long-term growth plans and allows us to offer a proprietary, best-in-class, online, fully turn-key, and geo-targeted marketing solution within Zurvita's network marketing channel. As online advertising grows, we believe ZLinked is a powerful tool to help small- and medium-sized businesses to unlock their vast potential."
For comments and feedback: contact editorial@rttnews.com
Read more: http://www.nasdaq.com/aspx/company-news-story.aspx?storyid=201012090747rttraderusequity_0479&title=zurvita-holdings-closes-technology-transfer-deal-with-omnireliant-holdings#ixzz19rkvf0Tz
ZRVT Details
Zurvita Holdings, Inc. operates as a network marketing company primarily in the United States. It markets residential gas and electricity energy rate plans, discount healthcare benefits, and discount benefits on various retail products and services. The company also markets ancillary products, such as home warranty, legal assistance, and restoration services for identity theft and consumer credit.
Its products include Zurvita Protection, a service that protects members against common legal issues and security concerns; Zurvita Health, a discount medical program that combines benefits and services to help mitigate the cost of everyday healthcare needs; Zurvita Tech, a membership plan that provides member discounted rates on computer and technology support needs; and Zurvita Care Saver, a membership program offering members cell phone concierge service and various retail shopping, dining, travel, and recreational discounts.
The company also offers Zurvita Choice, a program for the deregulation of electric and natural gas industries in certain states giving consumers the option to choose where they may purchase their energy; ZurTel, a program that provides its customers various products and services in the telecommunications industry; Zurvita Mobile, which gives customer choices and the ability to choose from various carriers for cellular service; and LocalAdlink, a online search directory that pushed ads to an internal local advertising network, as well as third party search engines.
Zurvita Holdings sells its products directly to consumers through a network of independent marketing representatives, as well as through nationally recognized companies that offer membership and/or subscription programs or services. The company is based in Houston, Texas.
http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=ZRVT:US
Mr. Mark Jarvis
Founder, Co-Chief Executive Officer, Director...
Age: 50
Total Annual Compensation: $480.0K
Mr. Jay Shafer
Co-Chief Executive Officer, Director and Chie...
Age: 50
Total Annual Compensation: --
Mr. Jason Post
Chief Financial Officer, Secretary and Member...
Age: 35
Total Annual Compensation: --
BOARD MEMBERS AFFILIATED WITH Mark Jarvis *
Mark Jarvis Return to ZURVITA HOLDINGS INC
Senior Vice President
Age Total Annual Compensation
50 --
Keith William Hughes
Vicis Capital, LLC
Board Affiliations
Zurvita Holdings, Inc.
Shadron Lee Stastney
Vicis Capital UK Ltd.
Board Affiliations
Zurvita Holdings, Inc.
Guy Norberg
The Amacore Group, Inc.
Board Affiliations
Zurvita Holdings, Inc.
Richard J. Diamond
Apogee Financial Investments, Inc., Investment Arm
Board Affiliations
Zurvita Holdings, Inc.
Jay Shafer
The Amacore Group, Inc.
Board Affiliations
Zurvita Holdings, Inc.
*Data is at least as current as the most recent Definitive Proxy
Vicis Capital, LLC
SnapshotPeople
Company Overview
Vicis Capital, LLC is an employee owned hedge fund sponsor. The firm provides its services to pooled investment vehicles. It invests in the public equity markets of the United States. The firm employs a multi strategy as a hedging technique to make its investments. Vicis Capital was founded in 2001 and is based in New York, New York.
Key developments for Vicis Capital, LLC
Vicis Capital, LLC Presents at The Bloomberg Markets Global Hedge Fund & Investor Summit, May-04-2010
05/3/2010
Vicis Capital, LLC Presents at The Bloomberg Markets Global Hedge Fund & Investor Summit, May-04-2010 . Venue: Stephan Weiss Studio, 711 Greenwich Street (Entrance on 124 Charles Street), New York, NY 10014, United States. Speakers: Shad Stastney, Partner.
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=21008658
AMACORE GROUP INC/THE
(ACGI:OTC US)
LAST $0.0012 USD
CHANGE TODAY +0.0002 20.00%
VOLUME 664.3K
ACGI On Other Exchanges
As of 8:10 PM 12/31/10 All times are local (Market data is delayed by at least 15 minutes).
SnapshotNewsChartsFinancialsEarningsPeopleOwnershipTransactionsOptions
text size: T | T
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Company Description
Contact Info
Maitland Promenade 1
485 North Keller Road Suite 450
Maitland, FL 32751
United States
Phone: 407-805-8900
Fax: 407-805-0045
www.amacoregroup.com
The Amacore Group, Inc. engages in the provision and marketing of healthcare-related products, including limited and major medical insurance programs, supplemental medical insurance and discount dental and vision programs for individuals and families. The company distributes these products and services through various distribution methods, such as its agent network, inbound call center, in-house sales representatives, network marketing and affinity marketing partners, as well as through third-party direct response marketers. It utilizes various means, such as Direct Response TV, Internet advertising, database mining, and third-party leads as well as affiliate marketing partners’ lead sources. The company’s secondary line of business is to provide and market lifestyle membership programs through these same marketing channels. It also markets its administrative services, such as billing, fulfillment, patient advocacy, claims administration and servicing. Divisions LifeGuard Benefit Services Division: This division engages in the sale of healthcare benefit membership plans and provides product fulfillment, customer support, membership billing, claims administration, provider membership network maintenance and information technology. The company operates this division through its wholly owned subsidiary, LifeGuard Benefit Services, Inc.
Zurvita Holdings Inc.: This is a network marketing company that is a provider of products and benefits through the use of a multi-level marketing distribution channel which consist of independent business operators. The products marketed include residential gas and electricity energy rate plans, discount healthcare benefits and discount benefits on various retail products and services, and online advertising.
Zurvita Holdings, Inc. (Zurvita) also markets various ancillary lifestyle membership products, such as home warranty, legal assistance, and restoration services for identity theft and consumer credit. Zurvita is a variable interest entity, and the company is the primary beneficiary of Zurvita.
JRM Benefits Consultants Division: This division historically marketed various financial services and healthcare products through its telemarketing center and agent distribution network to individuals, families, and employer groups. The company operates this division through its wholly owned subsidiary, JRM Benefits Consultants, LLC.
Products and Services The company’s products consist of membership products and services, non-membership products and services and insurance products. Its products are generally sold directly to consumers, and can also be sold wholesale or private labeled.
The company’s principal membership products include: Health Options, SmartHealth Gold, Health Advance Silver, Amacore Dental, Amacore Vision, Amacore Protection, Preferred Shopping, Zurvita Protection, Zurvita Health, and Zurvita Care Saver.
Its principal non-membership products and services include Benefit Administration, Billing, Member Service, Fulfillment, Zurvita Choice, ZurTel, Zurvita Mobile, and LocalAdlink, Powered by Zurvita.
The company’s principal insurance products include: SmartHealth Diamond, Health Advance, Elite Dental, Mortgage Protection Life, Critical Illness Life, Final Expense Life, and FlyShield. Competition The company’s major competitors include BlueCross Blue Shield companies and Affinion Group, Inc.
Discontinued Operations On July 21, 2010, The Amacore Group, Inc. shut down its U.S. Health Benefits Group Division. History The Amacore Group, Inc. was founded in 1993.
http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=ACGI:US
January 02, 2011 4:17 AM ET
Capital Markets
Apogee Financial Investments, Inc., Investment Arm
SnapshotPeople
OverviewBoard MembersCommittees
EXECUTIVE PROFILE
Richard J. Diamond Return to AMACORE GROUP INC/THE
President and Chief Executive Officer, Apogee Financial Investments, Inc., Investment Arm
5
5
Age Total Annual Compensation This person is connected to 1 Board Members in 1 different organizations across 3 different industries.
See Board Relationships
47 --
BACKGROUND
Mr. Richard J. Diamond is the President and Chief Executive Officer at Apogee Financial Investments, Inc., Investment Arm and Apogee Financial Investments, Inc. Prior to being promoted to these positions in January 2008, Mr. Diamond served as a Senior Vice President at the firm since its inception in February 2004. He is a Co-Founder of the firm and his areas of responsibility include administration, due diligence, document preparation and review, and assisting clients ... with corporate filings and compliance. Mr. Diamond has a vast knowledge of reverse mergers and assisting private companies in going public via reverse merger transactions. He served as a Vice President and Managing Member of Apogee Business Consultants, LLC, from April 2000 to December 2005, working primarily on reverse mergers and acquisitions. Mr. Diamond previously served as the Founder, President, and Sole Director of RJ Diamond Consulting, Inc., specializing in financial and public company consulting from October 2001 until December 2005. He served as the President of Sabre Marketing, Inc. from July 2003 to December 2003. From January 1995 until February 2000, Mr. Diamond served as a Director and President of Treasure Rockhound Ranches, Inc. He served as the sole officer of Conus Holdings, Inc. from August 2001 to August 2002. Mr. Diamond has been a Director of Willowtree Advisor, Inc. since November 30, 2006. He served as a Director of Sabre Marketing, Inc. from July 2003 to December 2003. From August 2001 to August 2002, Mr. Diamond served as a Director of Conus Holdings, Inc. He graduated from Florida Southern College in Lakeland Florida in 1987 with a B.Sc. Degree in Finance and a minor concentration in Marketing.
Read Full Background
CORPORATE HEADQUARTERS
4218 West Linebaugh Avenue
Tampa, Florida 33624
United States
Phone: 813-885-5200
Fax: 813-885-5911
Board Members MEMBERSHIPS
Director
Zurvita Holdings, Inc.
2006-2010
Former Director
OmniReliant Holdings, Inc.
2008-2009
Former Director
Net Talk.Com, Inc.
EDUCATION
There is no Education data available.
OTHER AFFILIATIONS
OmniReliant Holdings, Inc.
Zurvita Holdings, Inc.
Net Talk.Com, Inc.
OMNIRELIANT HOLDINGS INC
(ORHI:OTC BB)
ORHI Details
OmniReliant Holdings, Inc., a development stage company, engages in the creation, design, distribution, and sale of luxury products. It focuses on the Kathy Hilton ‘Private Beauty Spa’ product line, which would include skincare, perfumes, spa wellness, cosmetics, scented candles, and fragrances and related products.
The company also has the right to market and distribute the HOT-COLD SPA formula under its own brand name in the United States and Canada, as well as owns the right to market and distribute the Kathy Hilton Personal Beauty Spa Collection in other countries. In addition, the company, through Abazias, Inc., operates as an online retailer of loose diamonds and fine jewelry settings for diamonds. It showcases approximately 150,000 diamonds.
OmniReliant Holdings plans to market its products to the United States and international consumers through direct response infomercials, live shopping networks, e-commerce, direct mail, and retail channels. The company was founded in 2006 and is headquartered in ClearWater, Florida.
Key developments for OMNIRELIANT HOLDINGS INC (ORHI)
OmniReliant Holdings, Inc. Board Approves Amendment to Bylaws; Approves Change in Fiscal Year
12/28/2010
OmniReliant Holdings, Inc. announced that on December 17, 2010, the board of directors approved amendment to bylaws of the Company and approved the amendment and restatement of the Series G Convertible Preferred Stock removing certain anti-dilution provisions and including certain restrictions on the future sale of the Company's common stock. On December 17, 2010, the board of directors of the Company approved a change in the fiscal year end of the Company from June 30 to December 31.
Zurvita Holdings, Inc. Completes Technology Transfer Agreement with OmniReliant Holdings, Inc. for Search Engine Software
12/9/2010
Zurvita Holdings, Inc. announced that on December 2, 2010, it has completed a technology transfer agreement with OmniReliant Holdings, Inc., fully securing a place in the trillion dollar online advertising and search directory services market. Under the agreement, OmniReliant will transition its local advertising internet search engine technology, including all software and records, exclusively to Zurvita. The technology will be used to power 'ZLinked,' Zurvita's proprietary local search advertising and search engine directory, which allows small- and medium-sized businesses to effectively connect with consumers on the internet by combining a suite of effective turn-key advertising solutions, such as professionally managed PPC (pay-per-click), search engine optimization (SEO) and organic rankings, interactive landing pages with video, pictures, maps, and coupons, as well as comprehensive third-party performance metrics, statistics and reporting software to track results and measure online business advertising success.
OmniReliant Holdings, Inc. expected to report Fiscal Year 2011 results on October 9, 2011. This event was calculated by Capital IQ (Created on December 4, 2010).
12/4/2010
OmniReliant Holdings, Inc. expected to report Fiscal Year 2011 results on October 9, 2011. This event was calculated by Capital IQ (Created on December 4, 2010).
Tickers Mentioned: ZRVT, ACGI, ORHI
'provencial' $ZRVTE Changed to $ZRVT, on Dec. 9, 2010
http://www.nasdaq.com/aspx/flashquotes.aspx?symbol=ZRVT&selected=ZRVT
/marketstate/country/us
Zurvita Hldg Inc
Dec 30, 2010, 10:33 a.m.
ZRVT $0.04
Change-0.01 -12.50%
Volume 10,000
Previous close $ 0.04
Change -0.01 -12.50%
Day low /Day high $0.04
52 week low $0.03
52 week high $1.74
http://www.marketwatch.com/investing/stock/zrvt/profile
Source:EQUITIES IRHub
http://t.co/BKeu6Bo
ICEQUITY
14 years ago
$ZRVT Zurvita Holdings, Inc. Reports Fiscal Year 2010 Financial Results
Financial Results Driven by Growth in Representative Base and New Revenue Streams
HOUSTON, TX -- (MARKET WIRE) -- 12/07/10 -- Zurvita Holdings, Inc. (OTCBB: ZRVT) (OTCBB: ZRVTE) ("Zurvita" or the "Company"), a dynamic direct-to-consumer network marketing company offering turn-key solutions for high-quality consumer and business products and services, today announced its financial results for the 2010 fiscal year ended July 31, 2010.
Fiscal 2010 Highlights
-- Full year fiscal 2010 revenues reached $6.3 million.
-- Full year fiscal 2010 gross profit rose to $1.7 million.
-- Gross margin for full year fiscal 2010 was 26.7%.
-- Net loss for full year fiscal 2010 was $11.5 million, or $0.20 per diluted share.
-- Held "Champions Weekend" and "Freedom Crusade" national conferences, drawing over 1000 in combined attendance.
-- Launched national online business advertising campaign and introduced enhancements to proprietary local search advertising and search engine directory, "ZLinked."
-- Introduced a series of enhanced business tools to capitalize on major market growth opportunities.
-- Increased total number of sales representatives by approximately 100%.
"We are excited by the results we achieved in fiscal 2010 as we continued to increase our revenue by introducing compelling new products that no one else has, such as commercial energy sales, which represents a multi-billion dollar market and is a true innovation in our industry," said Zurvita Co-Chief Executive Officer Jay Shafer. "Our 100% increase in sales representatives is clear indication that our product mix and sales focus are well on track. Sales in fiscal 2010 were driven by new revenue streams from advertising sales and commissions relating to energy sales as well as increases in marketing fees and administrative website sales. As we head into our next National Conference in February, 2011, we continue to refine our proven strategies to capitalize on growth in trillion dollar industries such as internet services and commercial energy deregulation with cutting edge tools. We continue to see strong upside for our business going into 2011 and beyond as we provide our consultants leading products and services as well as revolutionary new tools needed to create financial freedom."
Fiscal Year 2010 Results
Revenue for the twelve months ended July 31, 2010, was approximately $6.3 million, an increase of $3.5 million compared to revenue of $2.8 million for the seven months ended July 31, 2009, which represents a short fiscal year period due to a change in the Company's fiscal year end from December 31st to July 31st. The increase in total revenue is primarily a result of new advertising and energy revenue streams.
Administrative websites sales and marketing fees were approximately $2.1 million and $1.9 million for the year ended July 31, 2010, respectively, as compared to approximately $514 thousand and $1.3 million, respectively, for the seven months ended July 31, 2009. The increase in administrative website sales and marketing fees was approximately $1.5 million and $642 thousand, respectively. The increase was a direct result of the growth in the total sales representatives to approximately 5,100 as of July 31, 2010, from approximately 2,600 as of July 31, 2009. The Company was able to attract and retain more representatives as a result of greater product offerings in fiscal year 2010 than in the comparable short fiscal year ending July 31, 2009. Advertising sales related to the Company's Local Search Engine directory and commissions related to energy sales were new revenue streams between the periods that both contributed to an aggregate increase of $1.4 million of new revenue for the fiscal year ended July 31, 2010 as compared to the seven months ended July 31, 2009.
Gross profit for the fiscal year ended July 31, 2010, was approximately $1.7 million as compared to gross profit of approximately $697 thousand for the short fiscal year ended July 31, 2009. The Company realized an increase in gross profit due to less non-traditional compensation measures used to compensate consultants. This was achieved by having a greater product offering with improved margins.
Operating expenses for the twelve months ended July 31, 2010, were approximately $8.8 million, compared to $4.3 million for the seven months ended July 31, 2009. Operating expense to revenue ratio decreased to 1.36% for the fiscal year ended July 31, 2010 from 1.51% for the short seven month fiscal period ended July 31, 2009. Operating loss increased to approximately $7.1 million for the fiscal year ended July 31, 2010, from approximately $3.6 million for the short fiscal year ended July 31, 2009.
The Company reported a net loss of approximately $11.5 million, or $0.20 per diluted share, for the fiscal year ended July 31, 2010, compared to a net loss of approximately $3.5 million, or $0.07 per diluted share for the seven months ended July 31, 2009. The increase in net loss was attributable to non-cash amortization and impairment of the Company's advertising and marketing agreements in the amounts of approximately $657 thousand and $2 million, respectively, as well as non-cash unrealized losses recognized on the Company's marketable securities and outstanding liability warrants in the amounts of $290 thousand and approximately $4.0 million, respectively. Diluted earnings per share were calculated using a weighted average share count of 56.7 million for the fiscal year ended July 31, 2010, compared to 49.3 million for the short fiscal year period ended July 31, 2009.
Financial Condition
As of July 31, 2010, the Company had cash and cash equivalents of $289 thousand and working capital of approximately $1.3 million. Net cash used in operating activities for the twelve months ended July 31, 2010, was approximately $3.1 million, down from $3.2 million for the seven months ended July 31, 2009. Total liabilities and stockholders' deficit was $3.4 million as of July 31, 2010 versus total liabilities and stockholders' deficit of $3.5 million for the period ended July 31, 2009.
Business Outlook
"We are excited going into 2011 as we continue to bring together the brightest professionals and the best performing products to help Zurvita independent representatives take their businesses to the next level," said Mark Jarvis, Zurvita Co-Chief Executive Officer. "Zurvita is committed to the growth and success of our consultants and we are focusing our resources on bringing bold, new products to market as we prepare for our next National Conference, the 2011 'Freedom Crusade,' being held February 18th to February 21st in Houston, Texas at the Westin? Galleria. Going forward, we are confident that we have the right team in place to position Zurvita for significant increases in sales and profits."
About Zurvita Holdings, Inc.
Zurvita is a dynamic direct-to-consumer marketing company offering high-quality products and services targeting individuals, families and small businesses. The company's highly differentiated services feature best in class consumer products and small business solutions through a growing network of independent sales consultants. Zurvita has rapid growth potential due to its experienced sales management team and its unique business-to-business strategy offering turnkey solutions for commercial and residential energy, advertising, telecommunications and financial services. For more information, please visit http://www.zurvita.com.
Follow Zurvita on Twitter at: http://twitter.com/Zurvita and on Zurvita's Facebook Fan Page at: www.facebook.com/Zurvita
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
- FINANCIAL TABLES FOLLOW -
ZURVITA HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the For the Seven
Year Ended Months Ended
July 31, July 31,
2010 2009
----------- -----------
REVENUES
Administrative websites $ 2,055,060 $ 513,908
Advertising sales 936,230 -
Commissions 479,225 65,876
Marketing fees and materials 1,911,851 1,269,768
Membership fees 923,654 964,897
----------- -----------
Total revenues 6,306,020 2,814,449
COST OF SALES
Benefit and service cost 1,577,858 412,676
Sales commissions 3,042,922 1,704,331
----------- -----------
Total cost of sales 4,620,780 2,117,007
GROSS PROFIT 1,685,240 697,442
OPERATING EXPENSES
Depreciation 35,555 19,722
Impairment loss on marketing agreement 2,000,000 -
Office related expenses 412,587 124,239
Payroll and employee benefits 1,887,185 758,164
Professional fees 1,276,437 1,409,565
Selling and marketing 2,949,708 1,878,349
Travel 206,967 66,285
----------- -----------
Total operating expenses 8,768,439 4,256,324
----------- -----------
Loss from operations before other income
(expense) (7,083,199) (3,558,882)
OTHER (EXPENSE) INCOME
Gain on change in fair value of share conversion
feature 131,413 -
Gain on settlement of liability - 38,700
Interest expense (270,919) (3,014)
Interest income 11,741 -
Loss on change in fair value of marketable
securities (290,000) -
Loss on change in fair value of warrants (3,980,580) -
Loss on debt restructure (50,000) -
----------- -----------
Total other (expense) income (4,448,345) 35,686
----------- -----------
Loss before income taxes (11,531,544) (3,523,196)
Income taxes (19,629) 19,144
----------- -----------
Net loss (11,511,915) (3,542,340)
=========== ===========
Basic and diluted loss per share $ (0.20) $ (0.07)
=========== ===========
Basic and diluted weighted average number of
common shares outstanding 56,711,644 49,307,924
=========== ===========
ZURVITA HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
July 31, July 31,
2010 2009
----------- -----------
ASSETS
Current assets
Cash $ 289,442 $ 1,390,953
Marketable securities (at fair value) 480,000 -
Note receivable - related party 1,702,000 -
Accounts receivable 137,123 47,732
Agent advanced compensation 448,553 927,002
Deferred expenses 127,351 -
Deferred marketing costs - 657,400
Other assets 41,173
----------- -----------
Total current assets 3,225,642 3,023,087
Property, plant and equipment (net) 94,965 112,036
Agent advanced compensation - 271,344
Merchant account deposit 115,333 115,333
Other assets - 24,126
----------- -----------
Total assets $ 3,435,940 $ 3,545,926
=========== ===========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities
Accounts payable $ 249,762 $ 471,081
Accounts payable - related party 127,733 -
Notes payable - current 284,967 787,237
Accrued expenses 332,217 148,001
Deferred revenue 808,957 934,321
Deferred compensation - related party 110,238 -
Income tax payable 2,628 35,276
----------- -----------
Total current liabilities 1,916,502 2,375,916
Notes payable - long term 1,639,268 284,967
Fair value of share conversion feature 462,013 -
Fair value of warrants 6,370,000 549,780
----------- -----------
Total liabilities 10,387,783 3,210,663
----------- -----------
Redeemable preferred stock 4,550,747 1,211,000
Stockholders' deficit
Common stock ($.0001 par value, 300,000,000
shares authorized; 69,497,713 and 64,440,000
shares issued and 61,497,713 and 56,440,000
shares outstanding as of July 31, 2010 and
July 31, 2009, respectively) 6,950 6,444
Treasury stock (210,000) (210,000)
Additional paid-in capital 9,978,738 9,094,182
Accumulated deficit (21,278,278) (9,766,363)
----------- -----------
Total stockholders' deficit (11,502,590) (875,737)
----------- -----------
Total liabilities and stockholders' deficit $ 3,435,940 $ 3,545,926
=========== ===========
ZURVITA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the For the Seven
Year Ended Months Ended
July 31, 2010 July 31, 2009
------------- -------------
Cash flows from operating activities
Net loss $ (11,511,915) $ (3,542,340)
Adjustments to reconcile net loss to net cash
used in operating activities:
Amortization of note payable discount 140,307 -
Amortization of deferred marketing costs 657,400 -
Depreciation 35,555 19,722
Share-based compensation 682,138 190,537
Gain on change in fair value of share
conversion feature (131,413) -
Gain on extinguishment of liabilities - 38,700
Loss on change in fair value of
marketable securities 290,000 -
Loss on change in fair value of warrants 3,980,580 -
Loss on debt restructure 50,000 -
Loss on impairment on marketing
agreement 2,000,000
Loss on legal settlement - 600,000
Changes in operating assets and
liabilities
Increase in accounts receivable (89,391) (36,771)
Decrease (increase) in agent advanced
compensation 749,793 (68,841)
Increase in legal retainer - 50,000
Increase in deferred expenses (127,351) -
Increase in other assets (17,047) (15,909)
Increase (decrease) in accounts payable
and accrued expenses 174,429 (269,558)
Decrease in deferred revenue (125,364) (151,355)
Increase in deferred compensation
related party 110,238 -
------------- -------------
Net cash used in operating activities (3,132,041) (3,185,815)
------------- -------------
Cash flows from investing activities
Purchase of promissory note (1,702,000) -
Purchase of property and equipment (18,484) -
Purchase of marketable securities (770,000) -
Funds obtained from reverse merger - 182
------------- -------------
Net cash provided by (used in) investing
activities (2,490,484) 182
------------- -------------
Cash flows from financing activities
Contributions of capital from The
Amacore Group, Inc. - 2,564,382
Net proceeds from borrowings - 523,190
Proceeds from exercise of warrants 30,282 -
Proceeds from sale of preferred stock 5,300,000 1,750,000
Proceeds from repurchase of common stock - (210,000)
Principal payments made on notes payable (809,268) (50,986)
------------- -------------
Net cash provided by financing activities 4,521,014 4,576,586
------------- -------------
Net change in cash balance (1,101,511) 1,390,953
Beginning cash 1,390,953 -
------------- -------------
Ending cash $ 289,442 $ 1,390,953
============= =============
Supplemental disclosure of cash flow
information
Cash paid for interest $ 33,435 $ 3,014
============= =============
Cash paid for taxes $ - $ -
============= =============
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Company Contact:
Zurvita Holdings, Inc.Jason Post
Chief Financial Officer
Phone: 407.805.8900
jason.post@amacoregroup.com
Investor Relations Contact:
Hampton Growth Resources, LLCAndrew W. Haag
Managing Partner
Phone: 877 368 3566
zrvt@hamptongrowth.com
Click here to find out more!
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