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Major
News On Envoy Communications |
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We know a lot of you own Envoy
Communications (TSE: ECG) and may have going back as far as August
of last year. Although the stock did not participate in the last
bull market in a meaningfull way, it looks as if this stock's time may
have come.
We have published a number of features
on the company in the last month because we felt that the timing was perfect
to take a position. Today the company revealed that Envoy will begin
trading on the NASDAQ tomorrow. We were expecting this event to
occur around November originally, and then it was pushed back to March.
The time has finally arrived, and the stock is behaving very well on the
news. Sometime tomorrow the stock will open for trading under the NASDAQ
symbol ECGI. Don't be surprised if your quote service takes
a day or two to pick it up, but it will be on our scrolling ticker on this
newsletter.
We had an opportunity to speak with
Geoff Genovese, the CEO at his home last night about pending events. Envoy
has numerous acquistions and alliances in the pipeline that the company
has not been able to act on. The process of getting their 20F approved
by the SEC forced them into a mode where they had to put any acquistitions
on the back burner until they got through the regulatory process. Now that
this laborious process is over they can move forward. Look for some exciting
fundamental developments at this company in coming weeks.
When the stock trades on the NASDAQ
tomorrow it will be quoted in US dollars for the first time, which is about
40% below the Canadian quote. However, the additional exposure of being
traded on the most liquid market in the world will pay off for the company.
The stock will begin trading on the NASDAQ small cap, but once it trades
above $5 for 30 days it will move to the NMS.
Look for a lot of exciting events
upcoming on this one. The stock is already above $9 Canadian as we write
this newsletter. A break out above $10 would put the stock at a new all-time
high. We believe that this stock is going a lot higher.
Here is the complete text of the
news release for your review:
Envoy to Commence Trading
on the NASDAQ Tuesday June 6, 2000
-- $10 million European Financing Closes --
Toronto, ON, June 5, 2000 – Geoff
Genovese, President and CEO of Envoy Communications Group (NASDAQ:ECGI)
(TSE:ECG) today announced that Envoy Communications will commence trading
on the NASDAQ Tuesday June 6, 2000. Envoy’s symbol will be ECGI.
Mr. Genovese stated, “I am excited
about our NASDAQ listing as it will allow us to access one of the world’s
largest markets, biggest pools of capital and large investor base.”
As well, Envoy Communications
today announced it has closed a $10 million public offering underwritten
by Canaccord Capital Corp. (Europe). The offering was subscribed
by institutions in the United Kingdom, France, Switzerland and Denmark.
The financing consisted of 1,428,571 million shares issued at CDN $7.00,
for gross proceeds of approximately $10 million. The financing is
subject to all regulatory approvals.
“These funds will be used to continue
Envoy’s acquisition strategy, specifically in Europe and North America,”
stated Mr. Genovese.
Envoy recently released their
second quarter financial results with revenues up 59.1%, gross margin up
53% and EBITDA increasing 54% for the second quarter ending March 31, 2000.
A new breed company, Envoy (www.envoy.to)
is an integrated e-Marketer, digitally driven and committed to building
global brands both off and on-line. Envoy owns leading advertising and
e-Marketing agencies, Communiqué, Devlin Applied Design, US based
Hampel/Stefanides, in addition to The Watt Group and FUSIONcreative, the
branding and identity specialists.
Envoy’s client list includes leading
dot.coms like Juno Online Services, Inc., National Discount Brokers, PhoneFree,
CDNOW, Internet Sports Network Inc. and Procurenet.com as well as e-Marketing
clients FedEx, MAC Cosmetics and Toshiba America. Other major
clients include adidas, BASF, Benjamin Moore, Bermuda Telephone, Bridgestone/Firestone,
Castrol Motor Oil, Canada Life, Honda, LCBO, PetSmart, Ontario Realty Corporation,
Revy home Centres Inc., Safeway, Sprint Canada, Steelcase, and Wal-Mart.
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