WESTON, Fla., March 16, 2005 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: LitFunding Corp. (OTCBB:LFDG), Ask Jeeves, Inc. (Nasdaq:ASKJ), Texas Instruments Incorporated (NYSE:TXN) and Citigroup Inc. (NYSE:C).
Aggressive investors and day traders should be watching LitFunding Corp. (OTCBB: LFDG) this morning! Yesterday after the markets closed the company, a holding company specializing in the funding of litigation primarily through plaintiffs' attorneys, issued a press release announcing that it has exceeded its initial goal of $1,000,000 in potential receivables by March 31. The company also announced that it had received $211,250 in principal and fee payments resulting from its initial advances.
This should be good news for investors! "The Company's growth to date has exceeded management's expectations," said the company's Chief Executive Officer, Morton Reed, PhD. "From what we are seeing, the market for our product appears to be growing robustly. Management is confident in the Company's ability to continue to grow with the healthy demand."
Investors continue to watch this company's progress! Since September 2004, the Company has advanced 41 fundings totaling $862,500, divided among three, separate, Limited Liability Corporations (LLC), and its wholly-owned subsidiary, LitFunding USA. The Company has formed two additional LLCs and expects to process approximately $200,000 in advances to attorney's from them in the near future, in all the company is currently evaluating a total of $3 million in requested advances.
Mr. Reed also stated, "There is no guarantee that the Company will actually realize the potential receivables described herein. The potential receivables are management's estimate of the amount that could potentially be realized from the Company's litigation advances. However, actually collecting the anticipated level of receivables will be subject to several different factors, some of which are outside of management's control, including, but not limited to, the outcome of any particular matter and fees actually collected."
According to the press release, for the purposes of this press release, the term potential receivables describes those advances made to attorney's and the corresponding portion of fees inherent in those advances that are not yet recognizable under generally accepted accounting principles until the underlying cases are settled.
For more in-depth coverage of LitFunding, visit http://www.backissuesofnewsalerts.us/LFDG0315.html
Prior to yesterday's press release, the stock closed yesterday at $1.31 a share.
In case you are not familiar with the company: LFC through it's wholly owned subsidiary LitFunding USA remains one of the nations largest public company's specializing in the funding of litigation primarily through plaintiff's attorneys. The company is in the litigation funding business making advances to plaintiff's attorneys primarily in the areas of personal injury. A fee is earned when the lawsuits so funded are settled or otherwise concluded by a court ruling. At that time both the funds advanced and the fee contractually agreed to are repaid to the company.
Stocks showing interesting activity yesterday at the close of the regular trading day were: Ask Jeeves, Inc. (NASDAQ: ASKJ) up 3.8% on 3.6 million shares traded, Texas Instruments Incorporated (NYSE: TXN) down 2% on 15.4 million shares traded and Citigroup Inc. (NYSE: C) down 0.8% on 10.6 million shares traded.
Commentary: "The New York and the Philadelphia Reserve Bank released data regarding manufacturing in their areas. Both reported increases of inventories at manufacturing facilities," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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