Halo Companies, Inc. (OTCBB:HALN), announced today that it has
issued its 2010 Annual Letter to Shareholders.
Dear Fellow Shareholders:
With the completion and public filing of the 2009 year-end
financials, we are pleased to report Halo Companies, Inc. has
achieved key milestones essential to executing Halo's aggressive
business strategy. However, even though several of Halo's verticals
do thrive in a down economy, Halo, like many other companies,
encountered its own economic hurdles in achieving its overall
growth plan for 2009.
The most important achievement of 2009 was taking the company
public through a triangular reverse merger; Halo Companies, Inc.
currently trades on the Over-the-Counter Bulletin Board under the
symbol "HALN". In addition, though not exactly at the pace we had
planned, Halo achieved this feat while producing an exceptional
year in sales strengthening its position as a leader in the
consumer financial services industry.
A contributing factor to Halo's success can be attributed to the
diligence with which we've continued to build the Halo brand,
adding three new subsidiaries to our suite of consumer financial
tools. The new additions are ones that we believe enhance
shareholder value over the long term. While we did not anticipate
these new subsidiaries to hit their stride until 2010, the
companies contributed a great deal to Halo's marketability and lead
share generation.
The most significant trend we are seeing is a B2B market for
Halo's bundled services. Halo Portfolio Advisors, LLC was chartered
in 2009 to meet this demand. Careful research and
consideration to the needs of the market have laid the groundwork
for what will become a catalyst to drive Halo Companies to the next
level of growth.
Looking forward to the coming fiscal year, we see strong demand
for our products and expect to grow revenue and profitability to
levels which will demonstrate that Halo Companies is well
positioned to thrive long term in the consumer financial services
industry. But first let's take a look at some of Halo's
accomplishments in 2009.
Financial Accomplishments
Halo had a record year, achieving a total $9.1 million in
revenue up 183% over 2008 and up 730% over 2006 total
revenue. Although we took a loss overall of $1.8 million in
2009, $1.4 million of that loss is attributed to a one time soft
cost (non-cash) expense due to stock option compensation expenses
taken in Q3 at the time of the merger. On an adjusted EBITDA basis,
after adding back in the paper loss and the non-recurring expenses
for the public transaction, Halo's net loss was only around $56
thousand.
A Year in Recognition
Halo was continually recognized in 2009 for its unprecedented
growth and achievements. Inc. Magazine recognized Halo in
their annual Inc. 500/5000 issue ranking the fastest growing
private companies in America. Inc. Magazine ranked Halo Group, Inc.
as 23rd in the financial services industry and 533rd overall out of
5000 named companies.
Halo's Vice Chairman & Chief Financial Officer, Paul
Williams was honored this year as the recipient of the CFO of the
Year award by Dallas Business Journal in their annual award issued
October 23rd. The honoree was chosen from 90 nominations received
in North Texas. The panel of judges was comprised of prior winners
of the award, Dallas CPA Society and Financial Executives
International.
The SMU Cox School of Business honored Halo November 4th as the
45th fastest growing company in the Metroplex at a ceremony held to
announce the recipients of the 2009 Dallas 100. The Dallas 100 is a
prestigious list published annually by the SMU Cox School of
Business that recognizes privately held companies that have
experienced significant growth and success.
Capital One Bank honored Halo with the Celebration of Enterprise
award. The award is designed to recognize entrepreneurial spirit
and reward those who saw significant economic growth and overcame
daunting obstacles to achieve that growth. Halo was selected as the
winner of the $5 - $10 million category.
Comerica Bank honored Halo as the "Third Fastest Growing Company
in Collin County" in the Comerica Bank Collin 60, June
2009. The Collin 60 includes some of the largest cities in
North Texas including Frisco, Allen, McKinney, Plano, Richardson
and others. Collin County is the fastest growing county in Texas,
and is recognized as one of the top growth counties in the nation.
With many businesses relocating to the area each month, we were
very honored to win this award amongst such fierce competition.
Certifications and Regulations
Halo continues to stay ahead of the curve supporting regulation
in the industry and pursuing certifications that set Halo apart
from the competition. In 2009, Halo laid the foundation to achieve
ISO 9001:2008 Certification. In order to obtain certification, Halo
spent six months designing and implementing a quality management
system to regulate all operations of the company, culminating with
on-site audits by BSI Group, a provider of independent third-party
certifications of management systems. Halo began the application in
accordance with their initiative to continue to set the highest
standards in the industry and serve more consumers. Several
key states have adopted strong debt settlement laws with increased
consumer protections, such as the Uniform Debt Management Services
Act (UDMSA). The tough statutory compliance and accreditation
requirements exclude the majority of settlement companies from
operating in those states. The ISO 9001:2008 certification,
however, meets the accreditation requirements of the UDMSA. By
obtaining the ISO certification, Halo Debt Solutions, LLC will be
able to operate in more states, increasing the number of consumers
eligible for Halo's debt settlement program.
Officers of Halo support the legislative process by meeting
regularly with legislators and lobbyists in Austin and elsewhere to
assist in determining the regulatory needs of the industry. As
a leader in the debt relief industry, Halo has a responsibility to
help craft any legislation that may transpire, ensuring adequate
consumer protections balanced by reasonable business regulations.
Such regulations act to weed-out bad actors in the industry that do
little to uphold a desirable reputation in the market place.
A Public Event
Providing an opportunity for investors to participate in an
early stage of Halo's growth and provide capital to accomplish our
aggressive business plan is central to Halo's overall growth
strategy.
On September 30, 2009 Halo Group, Inc. participated in a
triangular reverse merger transaction with GVC Venture Corp. in New
York. The transaction resulted in Halo shareholders with
controlling interest in GVC Venture Corp., the new parent company
of Halo and its eleven subsidiaries.
The first post event initiative was to issue a name and symbol
change for the new parent company. Accordingly, on December 11th,
the corporation issued an 8-K announcing the name change of the
parent company from GVC Venture Corp. to Halo Companies, Inc.
Subsequently to that action a new symbol was assigned to the
company and Halo Companies, Inc. is now traded on the Over the
Counter Bulletin Board under the symbol "HALN".
New Launches in 2009
In 2009, Halo expanded its family of services to continue to
meet a growing market demand. The first of these new additions
is Halo Financial Services, LLC. As traditional debt relief
programs are increasingly limited in the number of states in which
it can operate, Halo developed an alternative model that will allow
Halo to offer debt relief services to consumers in more
states. Halo Financial Services offers financial education as
well as an in-depth analysis that is designed to find the right
debt resolution solution for each consumer. The model requires a
minimal upfront fee and a small monthly service charge. A
success fee is assessed only after the accounts have been settled
and satisfied.
As Halo's extensive client base continues to grow, so has its
warm market. In 2009, Halo saw a need to provide these consumers
with low cost insurance services. Halo now provides these services
through Halo Choice Insurance Services, LLC. Halo Choice Insurance
is currently licensed in Texas and has access to numerous insurance
companies including, but not limited to, Travelers, State Auto and
Hartford. Therefore, Halo is not limited to the product and service
offerings of a single insurance underwriter, allowing Halo the
ability to identify the lowest cost alternative for clients. Halo
Choice Insurance offers Auto, Home, Commercial and various other
insurance products to meet the needs of existing and potential
clients. By adding a broad spectrum of insurance products to its
current product offering, Halo can now position itself before tens
of thousands of clients - clients who are already enrolled in
products and services offered by other Halo subsidiaries - and who
would welcome a value-added product offering from the company they
already know and trust.
As previously mentioned, Halo sees its future growth in
expanding to the business-to-business market. In today's economy,
lenders are experiencing an overflow of distressed assets. Halo
Portfolio Advisors, LLC was designed to leverage the complete
business-to-consumer suite of services to market turnkey solutions
to lenders. Halo's unique strategy deposits borrowers into an
intelligent, results-driven process that establishes affordable,
long-term mortgages while also achieving an improved return for
lenders and investors, when compared to foreclosure. Halo Portfolio
Advisors' operational support services allow endless opportunities
for strategic B2B relationships.
Looking Ahead
Halo Companies will continue to foster a growth culture with a
clear vision for the future. This future predicts a profitable
B2B business, as well as the emerging profitability from maturing
verticals in origination services.
Along with these successes the company will continue to work to
align our incentives with those of our shareholders. The company is
now keenly focused on growth, open communication, and leadership by
example, as it works diligently to expand its sales and deliver
shareholder value.
Investing in our growth is a nominal expense to ensure that Halo
is working to maximize the growth potential of this company. With
our past accomplishments of benchmarking our goals, we have learned
that extraordinary companies have extraordinary goals. The company
is presently strong and the future indicates strong potential.
Additional growth capital will be sought during 2010 to achieve
our long term growth and expansion goals. The capital will be
raised in a series of transactions, which could include
subordinated debt offerings and/or a private investment in public
equity (PIPE).
Halo has started 2010 on solid footing by achieving many of its
past goals. The executive committee would like to thank you, our
shareholders, for your support and continued confidence in our
management team and business model. We will continue to work to
achieve our objectives and position the company for a strong finish
in 2010, as well as a solid future for the years to come.
Warmest Regards, |
|
Cade Thompson |
Chairman & |
Chief Executive Officer |
|
Paul Williams |
Vice Chairman & |
Chief Financial Officer |
|
Tony Chron |
President & |
Director |
About Halo Companies, Inc.
Halo Companies, Inc. is a publically traded nationwide holding
company located in Allen, TX. Halo has eleven subsidiaries that
operate primarily in the consumer financial services industry
including debt, mortgage, real estate, credit, loan modification,
and insurance. Halo has been recently recognized by Inc. Magazine,
Comerica Bank's Collin 60, Capital One Bank Celebration of
Enterprise, and the SMU Cox School of Business Dallas 100. For more
information about Halo Companies, Inc., visit www.haloco.com.
Cautionary Language Concerning Forward-Looking Statements:
Information set forth in this press release contains financial
estimates and other forward-looking statements that are subject to
risks and uncertainties, and actual results might differ
materially. A discussion of factors that may affect future results
is contained in Halo Companies' filings with the Securities and
Exchange Commission. Halo Companies, Inc. disclaims any
obligation to update and revise statements contained in this news
release based on new information or otherwise.
CONTACT: Halo Companies, Inc.
Investor Relations:
General Counsel
Reif Chron
214-644-0065
rchron@haloco.com
Public Relations:
Meredith Recer, Brand Manager
214-644-0065
mrecer@haloco.com
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