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Prospector
Profile
07.1605
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| SendTec, Inc. |
NAICS |
541613 |
| 877 Executive Center Drive West, Suite 300
St. Petersburg, FL 33702 |
Description |
Marketing Services |
| (727) 576-6630 |
Employees |
131 |
| http://www.sendtec.com/default.aspx |
Revenue |
(mil) |
35.8630 |
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Income |
(mil) |
-42.5100 |
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Assets |
(mil) |
58.4120 |
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Liability |
(mil) |
34.4110 |
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(for the year ended 2006-12-31) |
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Category:
Default
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Event:
As of Sept. 30, 2007, SendTec, Inc. was required to have a minimum cash balance of $3,500,000 pursuant to the financial covenants the company is required to maintain under the modified terms of the Securities Purchase Agreement with the Debenture holders. As of Sept. 30, 2007, the company was not in compliance with this requirement. In addition, the company did not make a required interest payment of $502,000 due on Nov. 1, 2007. The company's failure to meet the financial covenants and to make interest payments are events of default under the Debentures. If the company is not able to restructure the Debentures or negotiate a further forbearance, holders of 75% of the principal amount of the Debentures may elect to declare the company in default of the Debentures. If the company is declared in default, this would have a material adverse effect on the business, operating results, and financial condition. In such event, the company may be forced to restructure, file for bankruptcy, sell assets, or cease operations.
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Intellectual Property:
The Company has filed applications for registration of the trademarks SearchFactz™ and iFactz™. The Company's proprietary technologies allow advertisers and publishers to track, report, and optimize online campaign activity. The Company has developed a proprietary software application, iFactz™, which provides a competitive advantage in marketing offline advertising services. [SEC Filing 10-KSB 03-29-07]
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Description:
The Company provides various direct marketing products and services to customers in various industries to help market their products and services on the Internet, as well as through traditional media channels, such as television, radio, and print advertising.
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Officers:
Eric Obeck (Pres.); Paul Soltoff (CEO & Dir.); Donald Gould (CFO); Steven Morvay (EVP); Daniel G. Hall (SVP, Sec. & Gen. Counsel); Robert G. Beauregard (Dir.); Vincent Addonisio (Dir.); Anthony Abate (Dir.); Robert F. Hussey (Dir.)
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Auditor:
Marcum & Kliegman LLP
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Securities:
Common Stock-Symbol SNDN.OB; OTC BB;
53,102,334 common shares outstanding as of November 12, 2007.
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