valcom inc (VLCO) Key Developments
SEC Orders Hearing On Registration Suspension Or Revocation Against Valcom
May 15 13
In conjunction with trading suspension, the Securities and Exchange Commission (SEC) also instituted a public administrative proceeding to determine whether to revoke or suspend for a period not exceeding twelve months the registration of each class of the securities of Valcom, Inc. for failure to make required periodic filings with the Commission. In this Order, the Division of Enforcement (Division) alleges that the company is delinquent in its required periodic filings with the Commission. In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the judge will hear evidence from the Division and the company to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and/or 13a-13 there under, are true. The judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of each class of the securities of the company should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in the proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceeding.
Valcom's My Family TV Signs San Antonio Affiliate
Jan 22 13
Valcom, Inc. announced that the company's My Family TV network will soon be carried in the San Antonio, TX market. My Family TV signed an affiliation agreement with KAXX-TV 35 and will launch this quarter on KAXX-TV's 35.2 digital channel.
ValCom To Consider A Potential Asset Sale
Nov 6 12
On August 23, 2012, the Board of Directors of ValCom, Inc. had voted to consider and evaluate potential strategic options to sell certain ValCom assets. Following the review of various options, the Board of Directors decided that an asset sale would help the company to reduce substantial company debt. ValCom has begun discussions with several parties to understand the possibility of a potential sale. Tim Harrington, Chief Executive Officer of ValCom, said, "After having thoroughly reviewed the various options open to move the company forward, the Board of Directors and I have come to the conclusion that it may be in the best interests of the company to monetize certain assets, and that such an option warrants further evaluation. In an effort to do this expeditiously, ValCom staff and consultants have been engaged in the refining and registration of copyrights held in our library of songs and movies. Unfortunately, much time and work has gone into unraveling the books, records and assets of ValCom which were in disarray when received by us following the dismissal of former management. However, we have made good progress in the past 5 months and are moving forward in evaluating those opportunities most appropriate for ValCom at this stage and with a view towards the future of the company."
Valcom, Inc. Signs an Agreement to Distribute a New Lifestyle Television Series
Aug 24 12
Valcom, Inc. announced that the company has signed an agreement to distribute a new lifestyle television series to television channels domestically and in the international marketplace. ValCom is the official distributor for Livin La Vida with Stella and Stuart. The program is a high energy ride with ‘The Colombian Goddess,’ Stella Vidal & ‘The Food Genius,’ Stuart Warren Dansby. In each episode Stella & Stuart travel to new cities & cultures where they take viewers on extreme, heart-pounding adventures; demonstrate dynamic & always out of the box fitness; and experience mind-blowing entertainment. The agreement provides ValCom with revenues derived via license fees, sponsorships, and advertising. The program will run on ValCom's My Family TV television network starting in September. ValCom will work with broadcasters, cable networks, satellite TV and IPTV systems to expand distribution and revenue related to the program.
Valcom, Inc. Names James J. Cosentino as Chief Financial Officer
Jul 18 12
Valcom, Inc. announced the appointment of James J. Cosentino as Chief Financial Officer effective immediately. Mr. Cosentino brings with him a broad range of experience in financial management. Mr. Cosentino began his career with Cooper Lybrand in public accounting. He then spent sixteen years in the publishing business with Macmillan Inc., Simon & Schuster and as CFO of Worth Publishers, Inc. Mr. Cosentino has held finance positions with both publicly and privately owned companies and has managed acquisitions and divestitures. Mr. Cosentino is a member of the New Jersey State Society of CPA's as well as the Financial Executive Institute.