Kyodo USA, our trading company, has been performing well since we acquired it. Over the past months we have been working very hard to increase the company’s product line and the territories. Shortly, we will be introducing a new line of product and announce the new countries that we are targeting.
Our partner from China just returned to America and we had a long meeting yesterday. There are a number of major projects that we have in the works in China. Some of them are related to the 2010 World Expo that will be held in Shanghai, China. The Expo is scheduled to begin May 1st and will run for 6 months. It is estimated that 70 million people from around the world will attend. You can read more about the 2010 World Expo at en.expo2010.cn. I will keep you updated about OBN’s activities as things progress.
I am happy to say that OBN Holdings has finally moved back to the Over-The-Counter Bulletin Board (”OTC: BB”). It has been a long process. We originally planned to move back in 2007, but had to put it on hold because we had just began working on our first acquisition in China. Now that we are back, we are working even harder to increase the value of the company and the price of the stock. I believe that the move back will result in increased interest by both institutional and retail investors. My goal is to move to the NYSE Amex Equities Exchange by next year.
I am happy to report that we just filed our first quarter financial statements for 2010. Everything is now up to date. No more filings until January. Now, we can focus on the job of building up the company.
Since we are now fulling reporting, a market maker has submitted our paperwork so we can move from the Pink Sheets back to the Over-The-Counter Bulletin Board (OTC:BB). We expect it to take no more than 30 days, but it depends on the amount of time it takes FINRA to approve the application.
Finally, our 10-K was completed and will be filed today. It has taken a bit longer than expected because, in part, there were new regulations imposed by the government. Our auditors wanted to make certain that we were in total compliance. We plan to file the 10-Q very soon.
Yesterday I was interviewed by the Wall Street Reporter. The interview can be heard at www.wallstreetreporter.com/2009/10/obn-holdings-otc-obni-ceo-interview. During the interview I talked about our plans for growing the company and our plans for moving back to the OTC Bulletin Board and the NYSE Amex Equities Exchange (formerly the American Stock Exchange).
As promised, our 3rd quarter financial statements were filed on Wednesday. The numbers show that we now have a book value of $7.1 million, which is 35 cents per share. Since our stock is currently trading about 17 cents per share, the 10-Q shows that our stock is extremely undervalued.
I am happy to announce that we will be filing our 3rd Quarter 2009 financial statements on Wednesday. This is important because it means that we will be fully reporting and can begin our move back to the OTC Bulletin Board. It is also good because the results show an increased value in the company, positive earnings for the period and increased revenue.
Our subsidiary Eclectic Entertainment is currently working on an entertainment project in China that will occur in December. As soon as the last approval is received from the Chinese government, I plan to make an official announcement. However, since there is a holiday in China now, it will probably take a week or two to get the final approval.