subject: Taxs Reaches A Financial Reorganization Agreement! Brought To You By Pennytobuck.com [print this page] Lexicon United Incorporated, through its subsidiary, ATN Capital e Participacoes Ltd., engages in purchasing, managing, and collecting defaulted consumer receivables for financial institutions in Brazil. The company collects distressed debt by entering into non-binding agreements with financial institutions to collect their debt. Its portfolio of consumer receivables include charged-off receivables, semi-performing receivables, and performing receivables.
Lexicon United Incorporated (OTC: LXUN.ob), a financial services holding company specializing in collections and credit recovery, announced that its subsidiary, ATN Capital e Participacoes Ltd. ("ATN"), a Brazilian company which specializes in debt recovery, announced that it saw significantly improved results for its fiscal quarter ended March 31, 2010.
Revenues for the quarter ended March 31, 2010 were $1,168,175, an increase of approximately 44.2% over the comparable period in 2009. At the same time, Lexicon's Net Loss for the quarter ended March 31, 2010 narrowed to $35,288 compared to a Net Loss of $193,028 for the comparable period in 2009. This was a reduction in Net loss from period-to-period of approximately 81.7%. The company also saw an over three-fold increase in cash generated by its operating activities over the comparable period last year.
TaxMasters, Inc. (OTC Bulletin Board:TAXS.ob) filed a Current Report on Form 8-K on Wednesday, July 7, 2010 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 TAXS common stock with TAXS 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 TAXS with respect to the escrowed shares. As a result of Mr. Coxs 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 TAXS financial statements.
TaxMasters, Inc. (OTC Bulletin Board: TAXS.ob), the IRS tax relief company, is the first publicly traded tax representation firm in the United States. Started by Patrick R. Cox in 2001, TaxMasters offers services and counsel to taxpayers across the country facing seemingly insurmountable tax problems, and relief from substantial federal tax debt.
Employing over 300 people, TAXS leverages the expertise of ex-IRS agents, enrolled agents, attorneys, CPAs, and seasoned tax consultants ready to counsel and assist every day people with their specific tax problems today.
For more information about TaxMasters, Inc. and its commitment to help taxpayers in the United States solve tax problems, please visit www.txmstr.com
