IBM is the subject of a probe by the U.S. Securities and Exchange Commission into how it reports revenue related to its cloud computing business, the vendor revealed Wednesday. …read more
Tag Archives: Exchange Commission
IBM says SEC is investigating how it reports cloud revenues
IBM is the subject of a probe by the U.S. Securities and Exchange Commission into how it reports revenue related to its cloud computing business, the vendor revealed Wednesday.
“In May 2013, IBM learned that the SEC is conducting an investigation into how IBM reports cloud revenue,” the company said in a filing with the SEC. “IBM is cooperating with the SEC in this matter.”
“IBM’s reporting of cloud revenue is the result of a rigorous and disciplined process,” IBM spokesman Ed Barbini said via email on Wednesday. “We are confident that the information we have provided has been consistently accurate.”
Further details of the investigation weren’t available.
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Source: FULL ARTICLE at PCWorld
Microsoft discloses weak Surface revenue
Microsoft’s Surface tablet has earned the company less in revenue than it paid to write down unsold stocks of the device.
The company said in a regulatory filing with the U.S. Securities and Exchange Commission that the Surface had earned revenue of US$853 million in its fiscal year ended June 30. The Redmond, Washington, software company did not disclose how many units of the tablet it had shipped during the year.
Microsoft announced earlier this month it took a charge for Surface RT inventory adjustments of approximately $900 million. The company also saw a $898 million increase in advertising costs, associated mainly with the Windows 8 operating system and Surface, according to the filing.
Aimed to compete with Apple’s iPad and other tablets, the Surface RT built around a ARM-based processor and running Windows RT operating system was generally available from October. The Surface Pro, which runs Windows 8 on an Intel processor, became available in February.
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Source: FULL ARTICLE at PCWorld
SEC charges Texas man with running Bitcoin Ponzi scheme
A Texas man was charged on Tuesday in U.S. federal court with allegedly running a Bitcoin Ponzi scheme, allegedly siphoning the virtual currency from victims to pay for rent, food and gambling.
Trendon T. Shavers of McKinney, Texas, ran the Bitcoin Savings and Trust (BTCST), an investment scheme that promised 7 percent weekly returns from bitcoin trades intended to profit from market price differences in the virtual currency, according to a news release from the U.S. Securities and Exchange Commission.
Instead, the 30-year-old Shavers, who went by the “Pirate” and “pirateat40,” on the popular Bitcoin Forum — is alleged to have used bitcoin investments from new investors to pay interest to early entrants to the scheme and cover withdrawals, the SEC said. He has been charged with violating parts of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Exchange Act Rule.
Shavers allegedly collected 700,000 bitcoins from investors, which the SEC calculated was worth more than US$4.5 million based on an average of bitcoin’s market price in 2011 and last year. At Wednesday’s market price, 700,000 bitcoins would be worth about $66 million.
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Source: FULL ARTICLE at PCWorld
Yahoo confirms departure of media chief Mickie Rosen
Mickie Rosen, head of global media at Yahoo, who was responsible for properties including Yahoo News, Sports and Finance, is leaving the company effective Sept. 1, Yahoo revealed Monday in a regulatory filing.
The change was announced just hours after Yahoo disclosed the resignation of three board members: Daniel Loeb, Harry Wilson and Michael Wolf, effective July 31, bringing the size of the company’s board down to seven. “The remaining directors are committed to revisiting the board’s size and composition,” Yahoo said in a statement. However, the two events are believed to be unrelated.
The board members’ resignations were disclosed alongside Yahoo’s announcement of its repurchase of 40 million shares of Yahoo common stock owned by hedge fund Third Point, at a purchase price of US$29.11 per share. Loeb is CEO at Third Point; the hedge fund had nominated Wilson and Wolf as Yahoo board members.
In a separate filing with the U.S. Securities and Exchange Commission, Yahoo said that Rosen, who had served as senior vice president, global media and commerce since 2011, would receive severance benefits specified in her existing agreement with the company. A Yahoo spokeswoman declined to comment further on Rosen’s departure or provide information about a replacement.
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Source: FULL ARTICLE at PCWorld
SEC Heads to Court Against Ex-Goldman Sachs Bond Trader
By Reuters
Filed under: Goldman Sachs, SEC, Scandals and Lawsuits, Securities, Investing
By Nate Raymond
NEW YORK — The U.S. Securities and Exchange Commission heads to trial Monday against a former Goldman Sachs bond trader in a case it says highlights what went wrong on Wall Street in the financial crisis.
Jury selection begins in federal court in New York in the civil fraud case against Fabrice Tourre, 34, who the SEC says misled investors in an ill-fated mortgage-securities investment called Abacus 2007-AC1.
It is the highest-profile trial to date stemming from the SEC’s investigation of the events leading up to the 2008 crisis and, legal experts say, presents a chance for the SEC to hold an individual responsible at trial.
The SEC’s case, as summed up by U.S. District Judge Katherine Forrest last month, is that Tourre “handed Little Red Riding Hood an invitation to grandmother’s house while concealing the fact that it was written by the Big Bad Wolf.”
According to the SEC, the wolf in question is John Paulson, a hedge fund billionaire whose bet against the subprime mortgage market was chronicled in “The Greatest Trade Ever” by Gregory Zuckerman.
In 2006, Paulson’s hedge fund, Paulson & Co., turned to Goldman Sachs Group (GS) for help betting against subprime mortgages, the SEC said.
They began discussing Abacus, which would give Paulson a role in picking the underlying portfolio of mortgage securities, the SEC said. Paulson could then short, or bet against, it through an insurance product called a credit default swap.
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At the time, Tourre, a French national, was 28 years old and working at Goldman Sachs in New York. He became the bank’s principal employee working on what became Abacus, known in the financial industry as a synthetic collateralized debt obligation.
The SEC said Abacus’s marketing materials failed to disclose Paulson’s role in picking the underlying assets, instead saying that a subsidiary of ACA Capital Holdings selected them.
Tourre’s goal, the SEC contends, was to deceive investors into buying the liabilities of Abacus.
In a much-cited email sent on Jan. 23, 2007, to his girlfriend at the time, Tourre said of the financial markets: the “whole building is about to collapse anytime now.”
“Only potential survivor, the fabulous Fab … standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstrosities!!!”
When the underlying mortgage securities turned sour, investors including IKB Deutsche Industriebank AG and ABN AMRO Bank NV, now owned by Royal Bank of Scotland Group (RBS), lost over $1 billion, the SEC said.
Paulson, meanwhile, netted …read more
Source: FULL ARTICLE at DailyFinance
Those Evil Naked Short-Sellers Actually Trade On Fundamentals, Study Says
By Daniel Fisher, Forbes Staff
Naked short-selling has always driven the conspiracy theorists nuts, and after the financial crash the Securities and Exchange Commission slapped strict new limits on the practice of selling shares you don’t, er, actually own. …read more
Source: FULL ARTICLE at Forbes Latest
Microsoft to pay departing CFO Klein $2M for non-compete, secrecy promises
Microsoft’s chief financial officer, Peter Klein, will receive $2 million in the year after he retires from the company, according to documents filed Thursday with the U.S. Securities and Exchange Commission.
SEC's Settlement With SAC Capital Draws Judicial Scrutiny
By Michael Bobelian, Contributor
In another high-profile settlement, a federal judge again scrutinized the Securities and Exchange Commission‘s willingness to settle charges with defendants without requiring the company to admit to any wrongdoing.
Eco-Trade Provides Shareholders with an Update Regarding Trading Halt – Company Working with FINRA t
By Business Wirevia The Motley Fool
Filed under: Investing
Eco-Trade Provides Shareholders with an Update Regarding Trading Halt – Company Working with FINRA to Resolve
GREAT FALLS, Mont.–(BUSINESS WIRE)– Eco-Trade Corp. (OTCQB: BOPT), an independent oil and gas exploration company (the “Company”), today commented on its recent trading halt by informing shareholders of its communications with FINRA, and that Company has been taking a proactive stance and has been in direct contact with FINRA regarding short activities and solutions to protect shareholder value.
The halt was conducted under FINRA Rule U3 – Trading Halt – Extraordinary Events – Trading is halted due to FINRA‘s determination that an extraordinary event has occurred or is ongoing that has had a material effect on the market for the OTC Equity Security or has caused or has the potential to cause major disruption to the marketplace and/or significant uncertainty in the settlement and clearance process.
The Company maintains that the recent market activity has been a coordinated effort to short the common stock. As such, attorneys for the Company have spoken with representatives from FINRA and are supplying them with documentation regarding the trading activity in an effort to see an immediately lift of the trading halt.
The Company is working as quickly and as diligently as possible, keeping the interests of its shareholders as a core concern.
Safe Harbor
The information in this release includes forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. You should carefully review the information disclosed within the section entitled “Risk Factors” contained in the Company’s Report on Form 10Q filed on November 13 2012, as well as the information contained in this release, and amended risk factors to investment that may be found at http://www.ecotradecorporation.com/contact/safe_harbor.html when assessing the Company and its business. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We
From: http://www.dailyfinance.com/2013/04/17/eco-trade-provides-shareholders-with-an-update-reg/
Phillips 66 to Host Inaugural Meeting of Stockholders
By Business Wirevia The Motley Fool
Filed under: Investing
Phillips 66 to Host Inaugural Meeting of Stockholders
HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYS: PSX) will host its First Annual Meeting of Stockholders on Wednesday, May 8 at 9:00 a.m. CDT in Houston. The meeting is open to current Phillips 66 stockholders and will be held at the Marriott Houston Westchase at 2900 Briarpark Drive, Houston 77042. Stockholders must present an admission ticket or proof of ownership of Phillips 66 stock, as well as valid picture identification, to enter the meeting.
Phillips 66 also encourages company employees to attend the meeting. Employees should present their Phillips 66 employee badge to enter the meeting.
Phillips 66 will hold a press briefing with Chairman and CEO Greg Garland at 8:00 a.m. CDT prior to the start of the meeting. Media access will be provided to authorized representatives of recognized news organizations who pre-register before Friday, May 3, 2013, by contacting one of the media representatives listed below.
Employees, stockholders and media representatives who are unable to attend in person can access the webcast of the meeting by going to the Phillips 66 Investors site, www.phillips66.com/investors, and clicking on “Presentations and Conference Calls.” You should begin this procedure at least 15-20 minutes prior to the start of the webcast. A replay of the webcast will be archived on Phillips 66’s Investors site approximately two hours after the live webcast. A transcript also will be available on the Investors site at a later date.
Final voting results from the stockholder meeting will be reported on Form 8-K, which will be filed with the Securities and Exchange Commission.
About Phillips 66
Headquartered in Houston, Phillips 66 is an advantaged downstream energy company with segment-leading Refining and Marketing (R&M), Midstream and Chemicals businesses. The company has 13,500 employees worldwide. Phillips 66’s R&M operations include 15 refineries with a net crude oil capacity of 2.2 million barrels per day, 10,000 owned or supplied branded marketing outlets, and 15,000 miles of pipeline systems. The Midstream segment includes Phillips 66’s 50 percent interest in DCP Midstream, LLC, one of the largest natural gas gatherers and processors in the United States, with 7.2 billion cubic feet per day of gross natural gas processing capacity. Phillips 66’s Chemicals business is conducted through its 50 percent interest in Chevron Phillips Chemical Company LLC, one of the world’s top producers of olefins and polyolefins with more than 30 billion
From: http://www.dailyfinance.com/2013/04/17/phillips-66-to-host-inaugural-meeting-of-stockhold/
ValueClick to Announce First Quarter 2013 Financial Results on May 7
By Business Wirevia The Motley Fool
Filed under: Investing
ValueClick to Announce First Quarter 2013 Financial Results on May 7
WESTLAKE VILLAGE, Calif.–(BUSINESS WIRE)– ValueClick, Inc. (NAS: VCLK) today announced it will release its first quarter 2013 financial results on Tuesday, May 7, after the close of the market. At 4:30 p.m. ET, president and chief executive officer John Giuliani and chief financial officer John Pitstick will host a conference call and Webcast to discuss the Company’s results.
The live conference call can be accessed by dialing (888) 329-8893 or (719) 325-2494. Please dial in approximately ten minutes prior to the start time and provide the operator with the pass code 2102101. A replay of the conference call will be available from Tuesday, May 7 at 7:30 p.m. ET through Tuesday, May 14 at 7:30 p.m. ET at (888) 203-1112 and (719) 457-0820 (pass code: 2102101).
The live and archived Webcast of the conference call will be available on the Investor Relations section of www.valueclick.com.
About ValueClick
ValueClick, Inc. (NAS: VCLK) is one of the world’s largest digital marketing companies. Through a unique combination of data, technology and services, ValueClick increases brand awareness and drives customer acquisition at scale for the world’s largest advertisers, and maximizes advertising revenue for tens of thousands of online and mobile publishers. The Company is based in Westlake Village, California, and has offices in major advertising markets worldwide. For more information, please visit www.valueclick.com.
This release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, the risk that market demand for on-line advertising in general, and performance based on-line advertising in particular, will not grow as rapidly as predicted, and the risk that legislation and governmental regulation could negatively impact the Company’s performance. Actual results may differ materially from the results predicted, and reported results should not be considered an indication of future performance. Important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are detailed under “Risk Factors” and elsewhere in filings with the Securities and Exchange Commission made from time to time by ValueClick, including, but not limited to: its annual report on Form 10-K filed
From: http://www.dailyfinance.com/2013/04/17/valueclick-to-announce-first-quarter-2013-financia/
Cass Information Systems, Inc. Declares Regular Quarterly Dividend
By Business Wirevia The Motley Fool
Filed under: Investing
Cass Information Systems, Inc. Declares Regular Quarterly Dividend
ST. LOUIS–(BUSINESS WIRE)– Cass Information Systems, Inc.(Nasdaq: CASS),the nation’s leading provider of transportation, energy, telecom and environmental invoice payment and information services, is maintaining its 79-year tradition of paying regularly scheduled cash dividends.
On April 15, 2013, the company’s board of directors declared a second quarter dividend of $.18 per share payable June 14, 2013 to shareholders of record June 4, 2013. Cass has continuously paid regularly scheduled cash dividends since 1934.
“This action reflects the company’s solid capital base, its strong performance and the board’s continuing optimism about our future,” said Eric H. Brunngraber, Cass president and chief executive officer.
About Cass Information Systems
Cass Information Systems, Inc. is the leading provider of transportation, energy, telecom and environmental invoice payment and information services. The company, which has been involved in the payables services and information support business since 1956, disburses over $33 billion annually on behalf of customers from locations in St. Louis, Mo., Columbus, Ohio, Boston, Mass., Greenville, S.C., Wellington, Kansas, and Jacksonville, Fla. The support of Cass Commercial Bank, founded in 1906, makes Cass Information Systems unique in the industry. Cass is part of the Russell 2000® Index.
Note to Investors
Certain matters set forth in this news release may contain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. For a discussion of certain factors that may cause such forward-looking statements to differ materially from the company’s actual results, see the company’s reports filed from time to time with the Securities and Exchange Commission including the company’s annual report on Form 10-K for the year ended December 31, 2012.
Casey Communications, Inc.
Kenn Entringer, 314-721-2828
kentringer@caseycomm.com
KEYWORDS: United States North America Missouri
INDUSTRY KEYWORDS:
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From: http://www.dailyfinance.com/2013/04/17/cass-information-systems-inc-declares-regular-quar/
j2 Global to Announce First Quarter Earnings on May 8, 2013
By Business Wirevia The Motley Fool
Filed under: Investing
j2 Global to Announce First Quarter Earnings on May 8, 2013
LOS ANGELES–(BUSINESS WIRE)– j2 Global, Inc. (NasdaqGS:JCOM), the Internet services company, invites the public, members of the press, the financial community, stockholders and other interested parties to listen to a live audio Webcast of its First Quarter 2013 Conference Call at 5 p.m. Eastern Time on Wednesday, May 8th, 2013.
Hemi Zucker, chief executive officer, Scott Turicchi, president, and Kathy Griggs, chief financial officer, will host the call. Materials presented during the call will be posted on the Company’s website at http://www.j2global.com at least thirty minutes prior to the call and filed with the Securities and Exchange Commission pursuant to Regulation FD.
| What: | j2 Global, Inc. First Quarter 2013 Earnings Call | |||
| When: | 5 p.m. Eastern Time on Wednesday, May 8th, 2013 | |||
Ex-UGA coach Jim Donnan charged in Ponzi scheme
Federal prosecutors have charged former University of Georgia football coach Jim Donnan and a business partner with operating a Ponzi scheme.
U.S. District Attorney Michael J. Moore in Macon announced the 85-count indictment that was unsealed Tuesday. The indictment says Donnan and Gregory L. Crabtree of Proctorville, Ohio, ran the scheme between 2008 and 2010.
Lawyers for Donnan and Crabtree did not immediately respond to calls and emails seeking comment. They were set to appear in federal court in Macon Tuesday afternoon.
The U.S. Securities and Exchange Commission last year filed a complaint against Donnan in federal court in Atlanta. It said Donnan used his influence to get high-profile college coaches and former players to invest $80 million into a pyramid scheme. That case is still pending.
From: http://feeds.foxnews.com/~r/foxnews/national/~3/05fSX90T-ro/
Few Steps Remain in American Airlines, US Airways Merger
Filed under: Company News, Mergers & Acquisitions, Aerospace & Defense, Travel Industry, Stocks
By DAVID KOENIG
DALLAS — US Airways began studying a potential merger with American Airlines several months before American filed for bankruptcy protection in late 2011, according to papers filed Monday by the two companies.
The documents give a blow-by-blow account of how the merger was negotiated, including the thorny issues of how to share ownership of the merged company and who would run it.
The companies also revived a proposed $20 million severance deal for Tom Horton, the CEO of American parent AMR Corp. A federal judge had declined to approve the payout, finding that it violated a 2005 bankruptcy law, but he had left open the possibility that a payment could be reconsidered later.
US Airways Group Inc. (LCC), whose CEO, Doug Parker, will run the combined company, played up the importance of Monday’s filings with the bankruptcy court in New York and the U.S. Securities and Exchange Commission.
“With these materials filed, we are one step closer to completing the merger, which we expect to occur in the third quarter of this year,” US Airways officials said a memo to employees.
The bankruptcy court has already signaled approval for the merger, which would create the world’s largest airline. The deal faces only a few more hurdles, including approval from the U.S. Justice Department and US Airways shareholders.
AMR will have 60 days to win support among creditors for its reorganization plan. Major creditors were closely involved in negotiations leading to the merger announcement in February, so it seems unlikely that they would derail the plan that will be considered by U.S. Bankruptcy Judge Sean Lane.
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It’s less clear whether antitrust regulators in the Justice Department will impose major conditions on the deal. Regulators approved other big airline mergers — Delta and Northwest, United and Continental, Southwest (LUV) and AirTran — so industry analysts expect them to let this deal pass.
The Justice Department, however, could require the American-US Airways combination to give up takeoff and landing slots at Washington’s busy Reagan National Airport, where it would be the dominant carrier, and possibly slots in New York, too.
The company will be called American Airlines Group Inc. It is expected to operate more than 6,700 flights a day to 336 destinations in 56 countries and have about 100,000 employees. Based on current figures, American will emerge slightly bigger than United Airlines (UAL) and Delta Air Lines (DAL) in the number of miles flown by passengers, the usual standard for ranking carriers.
Parker will be chairman and CEO after Horton steps down as chairman in 2014. Parker would get $19.5 million if he is terminated by the new company for a reason other than misconduct, according to a separate filing
From: http://www.dailyfinance.com/2013/04/16/american-airlines-us-airways-merger/
Report: Verizon wants to buy Clearwire spectrum
Verizon Wireless reportedly has offered US$1 billion to $1.5 billion for some of Clearwire’s spectrum leases, possibly complicating Sprint Nextel‘s attempt to buy out the company in conjunction with its acquisition by Softbank.
Clearwire is struggling financially but owns broad swaths of spectrum, the lifeblood of wireless networks. The April 8 bid from “Party J,” which Clearwire disclosed in a Securities and Exchange Commission filing on Friday, is the latest in a series of offers for its spectrum licenses. Unnamed people familiar with the matter identified “Party J” as Verizon Wireless, according to a report in The Wall Street Journal.
Clearwire is a key part of a complicated set of possible transactions that could make a much stronger competitor out of Sprint, the country’s third-largest mobile operator. Sprint already owns roughly half of Clearwire and is bidding about $2.2 billion to buy the rest of its stock. That deal depends on Softbank’s planned $20.1 billion offer for 70 percent of Sprint, which is still undergoing regulatory review.
Dish Network has also offered to buy Clearwire, and on Monday, Dish made an unsolicited $25.5 billion bid for Sprint that would include Clearwire.
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SunTRUST or UNTRUSTWORTHY For SEC Chair Mary Jo White
By Bill Singer
With the recent confirmation of Mary Jo White as the new Chair of the Securities and Exchange Commission (the ?SEC?), much has been made of her considerable credentials as a former prosecutor and veteran litigator ? Wall Street purportedly has a new pit bull on the beat, but how much of that feistiness is bark and how much is bite? We may soon find out. See, “Securities And Exchange Commission Revolving Door Spins For Mary Jo White” (Street Sweeper, January 22, 2013).
China's Bird Flu A Problem For Yum! Brands, Co Says
By Kenneth Rapoza, Contributor
China‘s latest bout with a new strain of avian influenza does not bode well for Yum! Brands, the company said in its 8-K filing with the Securities and Exchange Commission on Wednesday. March same-store sales declined an estimated 13% for their China operations. This included an estimated decline of 16% at KFC and a 4% growth at Pizza Hut. Within the past week, publicity associated with bird flu in Shanghai and surrounding areas has had a negative impact on KFC sales, the company said. “Historically in these situations, we have educated consumers that properly cooked chicken is perfectly safe to eat, and we will continue to do so,” the company said in its filing. Further updates regarding Yum! Brands’ China sales will be released with first quarter earnings on April 23, 2013. April same-store sales for China will be released on May 10 after market hours. So far, the share price of Kentucky-based Yum! Brands has held up okay from the scare. The stock is up around 0.8% over the last five days but down 1.82% over the last month. China is Yum’s most lucrative market. According to its third quarter report, China accounted for more than half of its overall revenue of $3.57 billion, and the country also generated around 40% of Yum’s profit. Since opening its first KFC branch on the Chinese mainland in 1987, Yum has nearly 5,000 restaurants in more than 800 Chinese cities. Over the last month, 43 people from Anhui, Jiangsu and Zhejiang provinces and Shanghai have been diagnosed with the new H7N9 strain of bird flu. Eleven people have died, most of them in Shanghai, the World Health Organization said Friday. New cases are popping up daily. On Friday, Beijing News reported that people carrying the H7N9 virus may have entered Beijing in recent days from East China due to an increased flow of tourists, but no cases of bird flu have been reported there as of Friday. While this is a new strain of bird flu, WHO said there has been no evidence of human to human transmission. And even though the disease does not survive in cooked meats, many restaurants in Shanghai have outright banned selling poultry dishes in an attempt to curb fears by the public.
From: http://www.forbes.com/sites/kenrapoza/2013/04/12/chinas-bird-flu-a-problem-for-yum-brands-co-says/
Ireland Inc. Provides Technical Program Update
By Business Wirevia The Motley Fool
Filed under: Investing
Ireland Inc. Provides Technical Program Update
Company to Host Investor Conference Call on Tuesday, April 16, 2013
HENDERSON, Nev.–(BUSINESS WIRE)– Ireland Inc. (OTCBB: IRLD) today provided an update to its technical program at the Columbus Project, located in Esmeralda County, Nevada. Ireland is continuing the process of transferring its gold and silver extraction process from AuRIC Metallurgical Laboratories facility in Salt Lake City, Utah, to its on-site pilot plant in Nevada. Concentration, leach and extraction tests are scheduled to commence shortly under the supervision of AuRIC. Upon the successful completion of a series of five ton batch leach tests, Ireland intends to begin operating the pilot plant on a continuous basis and then commence its Phase Four Drill Program, with the goal of improving the geological definition of the North Sand Zone.
Ireland also announced that it will host an investor conference call and webcast at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) on Tuesday April 16, 2013 (details provided below). Ireland plans to file its 2012 operating results and its Annual Report on Form 10-K with the Securities and Exchange Commission on April 15, 2013.
Technical Program Update
In the first quarter of 2013, Ireland continued the process of transferring its successful gold and silver extraction process from its test location at AuRIC’s facility in Salt Lake City to Ireland‘s on-site pilot plant in Nevada. The goal of this technology transfer is the continuous operation of the on-site pilot plant.
During the quarter, Ireland‘s technical program focused on upgrading the on-site water supply to improve its compatibility with thiosulphate leaching. Work included comparative analyses of the municipal water supply utilized by AuRIC at its Salt Lake City laboratory and the water provided by the on-site well at the Columbus Project. Based upon information derived from these comparative analyses, Ireland recently completed the installation of a new water conditioning circuit at the Columbus Project in order to supply process water to the leach circuit that is similar in character to the water that was utilized for all of the successful leach tests conducted at AuRIC’s Salt Lake City facilities.
In addition, during the quarter Ireland completed an upgrade to the on-site gravity concentration circuit in an effort to improve efficiency and reduce potential abrasive wear on the equipment. Ireland experienced a six week delay in
From: http://www.dailyfinance.com/2013/04/12/ireland-inc-provides-technical-program-update/