Category Archives: Market News

PHI Group, Inc. (PHIL: OTCQB) | PHI Group Forms Strategic Alliance with Tho Xuan Duong JSC, a Vietnamese Traditional Medicine and Herbal Company with Nearly 400 Years’ History

NEW YORK, Aug. 22, 2017 (GLOBE NEWSWIRE) — PHI Group, Inc., (www.phiglobal.com) (OTCQB:PHIL), a company focused on mergers and acquisitions and investments in natural resources, energy, agriculture, healthcare and special situations, announced today that it has signed a Master Business Cooperation Agreement with Tho Xuan Duong Joint Stock Company (“TXD”), a Vietnamese company recognized by Guinness World Records with nearly four centuries of history in Vietnamese traditional medicine and herbs.

According to the Agreement, PHIL will assist TXD to promote and advertise TXD’s history, brand and traditional medicinal products and treatments on a global basis; set up manufacturing facilities and/or establish strategic alliances with pharmaceutical production and distribution companies in Europe, the United States, the Middle East, Central and South America, Africa and other selective geographical areas; and access funding sources to implement TXD’s business plan.

In addition, PHIL considers acquiring an equity interest in TXD and/or exchange of ownership between the two companies by way of stock swap to form a strategic alliance.   PHIL will cooperate with TXD to build and develop raw material areas, preliminary and full-scale processing facilities for herbal medicines, and herbal medicine tourism area in Sapa, Lao Cai Province, Northern Vietnam.   PHI will also assist TXD to obtain special medical devices using Low Level Laser Light Therapy technologies developed by American Laser Healthcare Corp., a US company, which has been cleared by the U.S. FDA for pain treatment, needleless acupuncture, and other diseases.

Dr. Giang Tuan Phung, Chairman and CEO of Tho Xuan Duong, stated, “We are excited to collaborate with PHI Group to develop additional raw material areas, modernize our processing capabilities, and broaden our reach to selective international markets to make our precious herbal healthcare products and services available to users on a global basis.”

Henry Fahman, CEO of PHI Group, said, “We are delighted to work with TXD and confident that our cooperation will greatly benefit not only shareholders of both companies but also many people all over the world by making TXD’s products more accessible.”

On another note, PHI Group is in the process of acquiring a 20-year old pharmaceutical and medical device distribution company in Europe as a platform to provide Tho Xuan Duong’s products to European countries.

About PHI Group
PHI Group (www.phiglobal.com) primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value.  PHI Group also provides MA and consulting services through its wholly owned subsidiary, PHI Capital Holdings, Inc. (www.phicapitalholdings.com)

About Tho Xuan Duong
Following the tradition of nearly four centuries through sixteen generations, starting with Mr. Phung Van Duong at the Le Dynasty Medical Institute in Vietnam, Tho Xuan Duong is the oldest traditional medicine company in Vietnam, recognized by Guinness World Records. The Company provides prized herbal medicinal products and treatments for a wide variety of diseases.  It has treated patients from over a hundred countries around the world. TXD is in the process of developing additional raw material areas, preliminary and full-scale processing facilities for herbal medicines, and herbal medicine tourism area in Sapa, Lao Cai Province, Northern Vietnam. Website: www.thoxuanduong.com

Safe Harbor
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995.

Press Contact:
Henry Fahman
+1-702-475-5430
henry@phiglobal.com

Article source: http://www.otcmarkets.com/stock/PHIL/news?id=167886

Blow & Drive Interlock Corp. (BDIC: OTCQB) | BDIC Reports Record Revenues: Announces Second Quarter 2017 Results

BDIC Reports Record Revenues: Announces Second Quarter 2017 Results

Aug 22, 2017

OTC Disclosure News Service

– BDIC Reports Record Revenues: Announces Second Quarter 2017 Results

BDIC Reports Record Revenues: Announces Record Breaking Second Quarter 2017 Results

LOS ANGELES, CA–(Marketwired – Aug 22, 2017) – Blow and Drive Interlock Corporation (OTCQB: BDIC), yesterday announced results for the fiscal quarter ended June 2017. BDIC is pleased to announce record breaking revenues during the second quarter of 2017.

• Second quarter revenue increased 227% year-over-year.
• Second quarter gross profit increased 212% year-over-year.
• BDIC Eclipses over $1,000,000 worth of BDI-747 Monitoring Units leased and on reoccurring billing model.

Blow Drive
Consolidated Statements of Operations

 
Three Months Ended June 30,
 
2017
 
2016
 
 
 
 
 
 
Monitoring revenues
$
204,738
 
$
95,176
Distributorship revenues
 
106,719
 
 

Total revenues
 
311,457
 
 
95,176
 
 
 
 
 
 
Monitoring cost of revenue
 
46,085
 
 
11,163
Distributorship cost of revenues
 
2,500
 
 

Total cost of revenues
 
48,585
 
 
11,163
Gross Profit
 
262,872
 
 
84,013

Commenting on the results, Laurence Wainer, BDIC’s chief executive officer said “I am pleased to report a record breaking quarter. BDIC grew faster than the market across all geographies driven by success with our wireless ignition interlock product. Our phones continue to ring off the hook as we continue to generate significant sales growth in California, Oregon and Arizona; the 3 states where we have significant infrastructure and aggressive marketing campaigns. As funds for our production become more available, all we need do is turn on the marketing tap in the other nine states where we are approved and we could easily capture significantly more market share, putting thousands of more units on the road.

As we move into the second half of the fiscal year, we plan to refine our manufacturing process and increase our marketing and even more aggressively pursue sales; I believe we are well positioned to continue posting strong results both in revenues and market share. It has been 18 months since we leased our very first BDI-747 to our very first court ordered client and today we have own over 3400 units, $1,000,000 worth of BDI-747’s manufactured, delivered, sold and installed on the road collecting over $100,000 per month in reoccurring revenue and we are well on our way to establishing ourselves as a leading nationwide BAIID manufacturer and provider.

I would also like to comment briefly on our general and administrative expenses as these financial statements are based on GAAP accounting principles. This increase would have been smaller except for we paid a settlement of $50,000 to an ex-employee as well as a preferred stock purchase agreement with myself for preferred, restricted, non-tradable stock in exchange for approximately $45,000 of debt owed to me by BDIC. This transaction was applied as an expense under general and administrative expenses at $350,000 but in reality didn’t cost BDIC a single penny.. In quarters that we do not have similar one-time transactions we expect our general and administrative expenses to drop around 65% to around $125,000 to $150,000 per quarter for the foreseeable future.

FORWARD-LOOKING DISCLAIMER
This report may contain certain forward-looking statements and information. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of mentioned company to be materially different from the statements made herein.

Laurence Wainer
Chief Executive Officer
5503 Cahuenga Blvd., #203 Los Angeles, CA 91601
www.blowanddrive.com
877 238-4492

Copyright © 2017 Marketwired. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/BDIC/news?id=167797

The game changer for end-to-end digital mortgages: eClosings

Nearly everything about the industry’s prized digital mortgage is streamlined expect for the final, and one of the most important, steps at the end.

The entire online process comes to an abrupt halt when it’s time to close a loan, forcing borrowers to still meet up and cross the T’s and dot the I’s on an official document with a notary present.

And while this process is evolving digitally, as noted here, it wasn’t until recently that the process truly became end-to-end thanks to a new company: Notarize.

Notarize took the current eClosing process and brought it to the next level by allowing buyers to never have to leave their home or wet sign a single document.

Compared to the previous option that requires either some in-person contact or a notary to eSign closing documents via a shared tablet, the company’s solution allows borrowers to FaceTime or Skype with the notary, making it the first eClosing borrowers can complete remotely, with a notary not having to physically be present.

The concept finally came to market earlier this month when Notarize closed the first of this type of loan with United Wholesale Mortgage.

Notarize also said it has partnerships with four other mortgage lenders, including Lenda, Mid America Mortgage, Eagle Home Mortgage, and WEI Mortgage.

In an interview with HousingWire, Notarize CEO and Founder Patrick Kinsel expanded on the process behind finally getting to a true eClosing and what the future looks like for eClosings.

Kinsel explained that mortgages aren’t the only type of notarization that the company does, but it did prove to have the most pain points when it comes to notarization.

“Mortgages make up 40% of the notary market,” said Kinsel, “And we think it’s where we can solve the strongest pain point. It’s a center of focus for us, and we can really innovate there. We are excited for the future and to really help borrowers and people understand the terms of their loan better.”

“The fact that only a fraction of 1% of the 10 million mortgage closings executed in the U.S. in 2016 were eMortgages, was a clear indicator that the industry lacked the right solution,” said Kinsel.

When Kinsel was first getting Notarize started about 19 months ago, he explained that Virginia was the only state so far that had passed a law to allow the presence of a notary to be established over video and audio. Since then, Texas, Nevada and most recently, Ohio, have passed legislation to bring remote notarization into the state.

And the list hopefully doesn’t stop there. Kinsel stated they’ve been at the forefront of getting the legal process going in states.

The key detail in these four states approving remote notarization is that the reach expands beyond the four states. The notaries in Virginia, Texas, Nevada and Ohio will be able to use Notarize’s platform to serve customers from all 50 states, regardless of where they’re located at the time of the signing.

For example, the first eClosing that Notarize executed actually happened in Illinois.

However, Kinsel added that the best model is for local notaries to perform local transactions.

Notarize is trying to get more bills passed across the country to expand its operations outside of Virginia, along with the three other states. 

When it comes to industry backing, Notarize already has the support of Fannie Mae and Freddie Mac. Notarize has been verified by both for eNotes, eClosing and eVaulting.

“Freddie Mac is focused on innovation as a medium to help lenders achieve their goals around efficiency and deliver a better customer experience. We see the digitization of the mortgage process as one way to reduce errors, speed the closing process and offer a complete solution to consumers,” said Samuel Oliver, vice president of strategic delivery for Freddie Mac’s Single-Family Business.

“Lenders have long sought the digital mortgage, and today the industry takes a big step forward with Notarize’s closing of the first ever fully online mortgage with electronic documents,” said Oliver. “With the vast majority of counties now accommodating eRecording of mortgages and more states adopting electronic notarization, we’re seeing a transformation across the industry. Freddie Mac intends to continue to support the digital mortgage space.”

Even though Notarize does have a lot of support behind it, it does face some challenges.

“A mortgage is a mission critical transaction,” said Kinsel. “You have a rate that’s approved for a limited period of time. Our technology has to work. We have made huge investments in what happens if a call drops or what happens if people are on different devices. You have to get it right. We are investing a ton of time and resources in this, and we want to tell a lender that we got it.”

The closing process involves a lot of parties, who all have to agree. And some people may even have to change their systems to accommodate the technology, Kinsel explained.

“Because this touches everybody, we are really investing in helping people make this transition. This change needs to be managed and helped along the way,” he said.  

And the overall process for eClosings to be the new normal isn’t likely to take long, according to a recent interview with UWM CEO Mat Ishbia.

Since a lot of other states are okay with remote notarization on non-mortgage-related things, Ishbia said they feel that many more states will come on very soon.

“eClosings will be more of a standard practice next year and I think the majority of closings will be done this way by the end of 2019,” said Ishbia.

Article source: https://www.housingwire.com/articles/41054-the-game-changer-for-end-to-end-digital-mortgages-eclosings

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