TaxMasters, Inc. (OTCBB: TAXS) filed a Current Report to announce that Patrick Cox, its founder, CEO and majority shareholder, voluntarily entered into a Financial Reorganization Agreement in which Mr. Cox deposited 200 million shares of his TaxMasters common stock with TaxMasters' 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 TaxMasters 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 TaxMasters 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 TaxMasters. Any shares Mr. Cox does not claw back prior to June 30, 2015 will be turned over to the Company 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 TaxMasters 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.
For more information please visit www.txmstr.com
Jackson Hewitt Tax Service Inc. (NYSE:JTX), reported results for the 2010 fiscal year ended April 30, 2010. Jackson Hewitt reported a net loss of $272.3 million, or $9.52 per basic and diluted share for the 2010 fiscal year, versus net income of $19.5 million, or $0.68 per basic and diluted share for the 2009 fiscal year. On an adjusted basis, Jackson Hewitt's net income in the 2010 fiscal year was $7.5 million, or $0.26 per basic and diluted share, versus adjusted net income of $29.0 million, or $1.02 per basic and diluted share for the 2009 fiscal year. Jackson Hewitt's 2010 fiscal year reported results reflect the impact of a non-cash goodwill impairment charge of $274.1 million, and a non-cash tax valuation charge of $11.5 million. A schedule entitled Adjusted Results of Operations, which reconciles the reported and adjusted results, accompanies this earnings release.
For more information please visit www.jacksonhewitt.com
Competitive Technologies, Inc. (NYSE Amex:CTT) reported that the Securities and Exchange Commission (SEC) has declared its S-1 Registration statement effective. This will allow CTT to proceed with its sale of 2 million shares of CTT common stock to Crisnic Fund. The fund raise will provide CTT capital to more aggressively sell its non-invasive Calmare Pain Therapy Treatment device and to increase shareholder equity toward meeting the NYSE Amex listing requirement.
For more information please visit www.competitivetech.net
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