Tesoro Enterprises
News
Company Releases Annual Report For the Twelve Months ending December 31, 2017.
March 23. 2018
Tesoro Enterprises, Inc. (TSNP) has released its Annual Report for the twelve month period ending December 31, 2017. Net income for the twelve month period ending December 31, 2017 was $ 891 compared to a net loss of ($36,378) and a net loss of ($13,845) for the periods ending December 31, 2016 and December 31, 2015 respectively. The financial statements for the periods ending December 31, 2017, December 31, 2016 and 2015 are embedded below.
Company CEO, Henry Boucher, stated that he was pleased that the Company was able to hold on to it's net income position through Year-End, since the forth quarter in the northeast is the weakest from a sales perspective. He explained that the increase in on-line sales through Wayfair has helped mitigate the seasonality of the business. The company now has over forty different collections available on the Wayfair customer portal (www.wayfair.com) and has just recently processed it's 1,200th order. He mentioned that he expects the on-line business to become a more dominate line of business for the Company in the future.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
24 Danbury Road
Wilton, CT 06897
203/763-1169
Company Releases Third Quarter Report For the Nine Months ending September 30, 2017.
March 1. 2018
Tesoro Enterprises, Inc. (TSNP) has released its Third Quarter Report for the nine month period ending September 30, 2017. Net income for the nine month period ending September 30, 2017 was $ 2010 compared to a net loss of ($22,000) and a net loss of ($7,000) for the periods ending September 30, 2016 and September 30, 2015 respectively. The financial statements for the periods ending September 30,2017, December 31, 2016 and 2015 are embedded below.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
24 Danbury Road
Wilton, CT 06897
203/763-1169
Company Releases Semi-Annual Report For the Six Months ending June 30, 2017.
September 30, 2017
Tesoro Enterprises, Inc. (TSNP) has released its Semi-Annual Report for the six month period ending June 30, 2017. Net income for the six month period ending June 30, 2017 was $ 20,786 compared to a net loss of ($ 30,243) and a net loss of ($ 19,621) for the periods ending June 30, 2016 and June 30, 2015 respectively. The financial statements for the periods ending June 30,2017, December 31, 2016 and 2015 are embedded below.
Company CEO, Henry Boucher stated that " improved margins and reduced operating expenses, have turned the Company's earnings positive. He also confirmed that Tesoro continues to discuss potential business combinations with potential business partners, under existing NDA's, that could bring additional revenues to the company.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
24 Danbury Road
Wilton, CT 06897
203/763-1169
Company Releases Annual Report For the Twelve Months ended December 31, 2016.
Tesoro Enterprises, Inc. (TSNP) has released its 2016 Annual Report.
The financial statements for the periods ending December 31, 2014,2015 and 2016 are embedded object below.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
24 Danbury Road
Wilton, CT 06897
203/763-1169
Company Reports that Its Subsidiary, Fashion Floor Covering & Tile, has signed a new lease and reduced its retail foot print.
Tesoro Enterprises, Inc. (TSNP) reports that, as reported on December 23rd, its retail subsidiary, Fashion Floor Covering & Tile, has signed a new lease and reduced the size of its foot print. The new space, located at 24 Danbury Road in Wilton CT, will become Tesoro's new home as well. As the company focuses more on its internet business, the need for showroom space has been reduced.
On February 15th, the company signed an additional Non- disclosure agreement with a potential business partner. This agreement facilitates the discussions relating to a potential business arrangement. The results of these discussions are speculative and non-binding between the parties.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
24 Danbury Road
Wilton, CT 06897
203/763-1169
Company Reports continuing improvement in its marketing and sale relationship with Wayfair.
Tesoro Enterprises, Inc. (TSNP) reports that its conversion rate for marketing programs on Wayfair.com reached 34 % in December 2016, up from 17% in November 2016. The Company also stated that it will be reducing the size of its retail footprint, eliminating unnecessary overhead, to concentrate more on its online business.
On December 22, 2016, the company signed a Non- disclosre agreement with a potential business partner. This agreement facilitates the discussions relating to a potential business arrangement. The results of these discusions are speculative and non-binding between the parties.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
426 Danbury Road
Wilton, CT 06897
203/763-1169
Company Releases Annual Report For the Twelve Months ended December 31, 2015.
Tesoro Enterprises, Inc. (TSNP) has released its 2015 Annual Report.
The company reported Net Sales for the twelve months ended December 31, 2015 of approximately $ 351,000 down from approximately $ 391,000 for the twelve months ended December 31, 2014. Gross profit for the twelve months ended December 31, 2015 was approximately $143,000 up from approximately $98,000 for the twelve months ended December 31, 2014. Income from operations (EBITDA) was approximately $71,000 up from approximately $5,000 for the twelve months ended December 31, 2014. Income (Loss)before income tax for the twelve months ended December 31, 2015 was approximately $ (14,000) down from approximately $(0) for the twelve months ended December 31, 2014. The decrease in Income before Income Tax was primarily due to interest cost.
The financial statements for the periods ending December 31, 2013,2014 and 2015 are embedded in the link below.
Tesoro%20Enterprises,%20Inc.%20Annual%20Report%202015
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
426 Danbury Road
Wilton, CT 06897
203/763-1169
Company signs Non Disclosure and Non Circumvention Disclosure Agreements
Tesoro Enterprises, Inc. (TSNP) announced that it has signed two agreements. A Non Disclosure Agreement and a Non Circumvention Disclosure Agreement. The Non Disclosure Agreement provides for the confidntial sharing of corporate information with a potential business partner for the purpose of evaluating a possible mutual business transaction. The Non Circumvention Disclosure Agreement provides protection for the signing parties durning the evaluation period for potential business combinations. These agreements are not overlapping and are independent transactions.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
426 Danbury Road
Wilton, CT 06897
203/763-1169
Company announces expansion of its product offerings on the Wayfair e-commerce site.
September 21, 2016Tesoro Enterprises, Inc. (TSNP) announced that it has entered into an agreement with Graber Blinds, Shades and Shutters to market and sell the branded products on the Wayfair e-commerce platform. The products will be listed under " Tesoro Shades, Blinds and Shutters by Graber". These new products will join the over 21 lines of tile currently offered on the Wayfair site (www.wayfair.com/tesoro). The Company recently processed its 500th order from Wayfair. While a majority of the purchase orders are still for samples, the conversion rate has reached 10% with an ultimate target rate of 40%.
Company publishes second Quarter Financial Statements
August 8, 2014Tesoro Enterprises, Inc. (TSNP) today published it's Financial Statements for the six month period ended June 30, 2014. The results of operations were generally in line with the preliminary results issued on July 25, 2014. The complete filing can be viewed at www.otcmarkets.com/TSNP.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/763-1169
Company publishes preliminary earnings report for three month period ended June 30, 2014
July 25, 2014Tesoro Enterprises, Inc. (TSNP) issued preliminary financial performance information for the second quarter of 2014. Revenue for the three months ended June 30, 2014 was approximately $72,500, an increase of approximately $53,000, or 200%, over the revenue reported for the three months ended March 31, 2014 of $18,962. Net Income, before income tax, for the three months ended June 30, 2014 was approximately $3,900, an increase of approximately $26,758 over the Net Loss of ($22,858) for the three months ended March 31, 2014.
Company CEO, Henry J. Boucher, said that the improved performance of the company is the result of the replacement of the closed retail store in Wilton, CT with the acquisition of JZM electrical contractors, the increased in sales in the New Canaan, CT store and the reduced overhead of the retail store.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/763-1169
Company announces restructuring of Bank Credit Facility
New Canaan, CT - Tesoro Enterprises, Inc. (TSNP:PK) announced today that it had successfully renegotiated its commercial bank Credit Facility.
Company CEO, Henry J. Boucher, said that the company had replaced its former revolving line of credit with a permanent commercial term loan. The new ten year conventional loan will carry a fixed interest rate replacing the variable rate included in the old facility. He also stated that the new fixed rate, approximately half of the old adjustable rate, will help cash flow and protect the company from expected future interest rate increases.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/763-1169
Company announces signing of Non-disclosure Agreements
February 5, 2013New Canaan, CT - Tesoro Enterprises, Inc. (TSNP:PK) announced today that it had signed two non-disclosure agreements with potential acquisition candidates in the home products, sales an installation, and services market place.
Company CEO, Henry J. Boucher said while the discussions are preliminary, the candidates fit very well with the growth strategy of Tesoro. However, there is no guarantee that these transactions will close.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/763-1169
Company Issues Estimate of Forth Quarter 2012 Financial Performance
January 30, 2013New Canaan, CT - Tesoro Enterprises, Inc. today released estimates of its financial performance for the three and twelve months ended December 31, 2012.
Net Sales for the three months ended December 31, 2012 were approximately $102,000 compared to $160,000 for the three months ended December 31, 2011, a decrease of approximately $58,000 or 36%. Net sales for the twelve months ended December 31, 2012 were approximately $339,000 compared to $601,000 for the twelve months ended December 31, 2011 or a decrease of approximately $262,000 or 43%.
Tesoro's CEO, Henry J. Boucher, said that forth quarter 2012 Net Sales suffered from the business slow down in the summer and fall, previously reported. The company saw some strengthening toward the end of the quarter and that appears to be holding in the early part of 2013 as the company has a good backlog of projects.
While the company has experienced a decrease in net sales in the forth quarter ended December 31,2012, Mr. Boucher added that the continued emphasis on cost reduction should produce a modest net profit for the quarter ending December 31, 2012. However it will not be large enough to offset the net loss recorded through the first nine months of 2012. The first quarter of the years is traditionally the slowest for the company; therefore, it may be difficult to sustain a net profit into early 2013.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/763-1169
Company Engages Internet Marketing firm to place advertising in on-line magazines.
January 17, 2013New Canaan, CT- Tesoro Enterprises, Inc. announced the engagement of Vertical Search Works, Inc. an online marketing and advertising company to design and place ads for Fashion Floor Annex's ("FFA") products. The online campaigns began in late December and link the customer directly to FFA's e-commerce web site, www.stone-tile-showroom.com. The current set of ads run on two markets, the entertainment and the home and garden markets.
CEO, Henry Boucher said that, "while we are still embedding the company in this market strategy, the number of clicks we are receiving is three time that of the historical average of the company". Mr. Boucher added that since the beginning of the exercise we have received over one thousand clicks on a base of over 2.7 million impressions for a click through rate (CTR) of nearly .5%.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/763-1169
Company Subsidiary, Fashion Floor Covering & Tile, Receives Award
FOR IMMEDIATE RELEASE
Fashion Floor Covering Receives 2012 Best of New Canaan Award
New Canaan Award Program Honors the Achievement
NEW CANAAN November 9, 2012 -- Fashion Floor Covering has been selected for the 2012 Best of New Canaan Award in the Retail Floor Materials category by the New Canaan Award Program.
Each year, the New Canaan Award Program identifies companies that we believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and our community. These exceptional companies help make the New Canaan area a great place to live, work and play.
Various sources of information were gathered and analyzed to choose the winners in each category. The 2012 New Canaan Award Program focuses on quality, not quantity. Winners are determined based on the information gathered both internally by the New Canaan Award Program and data provided by third parties.
About New Canaan Award Program
The New Canaan Award Program is an annual awards program honoring the achievements and accomplishments of local businesses throughout the New Canaan area. Recognition is given to those companies that have shown the ability to use their best practices and implemented programs to generate competitive advantages and long-term value.
The New Canaan Award Program was established to recognize the best of local businesses in our community. Our organization works exclusively with local business owners, trade groups, professional associations and other business advertising and marketing groups. Our mission is to recognize the small business community’s contributions to the U.S. economy.
SOURCE: New Canaan Award Program
CONTACT:
New Canaan Award Program
Email: PublicRelations@awardprogram.org
URL: http://www.awardprogram.org
Company Releases Third Quarter 2012 Financial Statements
New Canaan, CT- Tesoro Enterprises, Inc. announced today the publishing of its Third Quarter 2012 Financial statements. The report included, among other things, the following summary of Management's Discussion and Analysis of the Results of Operations for the nine months ended September 30, 2012.
"Net Sales for the nine months ended September 30, 2012, were $251,824 compared to $440,905 for the nine months ended September 30, 2011, a decrease of $189,081. The decrease in Net Sales is primarily attributable to the slowdown in economic activity in the region served by the companies' retail stores. While disappointing, the decrease represents revenues consist of ordinary sales activity, and are consistent with recent history.
Gross profit, generated primarily by FFC&T, for the nine months ended September 30, 2012 was $38,050 compared to $131,264 for the nine months ended September 30, 2011, a decrease of $93,214. The
decrease is primarily due to the decrease in Net Sales discussed above. Store #2 operates in a more affluent economic area and markets higher price point and margin products. Gross Margin for the nine month ended September 30, 2012 is 15% compared to the Gross Margin for the nine months ended September 30, 2011 of 30%, a decrease of 15%. The company recognized a onetime adjustment to cost of goods sold of $50,000 for the nine months ended September 30, 2012.
Operating expense for the nine months ended September 30, 2012 was $171,955 compared to $345,169 for the nine months ended September 30, 2011, a decrease of $173,214. The decrease, in operating expenses, is due to, lower basic operating costs and reduced corporate overhead. Operating expense consist primarily of general and administrative expenses.
Net loss for the nine months ended September 30, 2012 was $(150,770) compared to $(223,079) for the nine months ended September 30, 2011, an improvement of $72,309. The primary contributor to the improvement in Net Loss was the decrease in operating expense. Management expects improvement in Net Income/ (Loss) as the economy improves."
Henry Boucher, Company CEO said that the decrease in Net Sales for Q3 '12 over Q3 '11 represents a weakening in the economy in the areas served by the company's retail locations. He also noted a significant reduction in operating expense and net loss. The balance sheet has been strengthened by the conversion of a majority of debentures to common stock.
The complete financial statements are available on the OTC web site: www.otcmarkets.com, under the company symbol, TSNP:PK.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/763-1169
Company releases estimate of Third Quarter 2012 financial Performance
October 26, 2012New Canaan, CT- Tesoro Enterprises, Inc. (TSNP:PK) today released estimates of its financial performance for the three and nine months ended September 30, 2012.
Net Sales for the three months ended September 30, 2012 were approximately $50,000 compared to $176,000 for the three months ended September 30, 2011, a decrease of approximately $126,000 or 72%. Net sale for the nine months ended September 30, 2012 were approximately $252,000 compared to $440,905 for the nine months ended September 30, 2011 a decrease of approximately $189,000 or 42%.
Tesoro's CEO Henry J. Boucher said that the company had not yet begun to experience the reported improvement in home sales reported in the news media. He also said that consumers are still seeing reductions in disposable income caused by fuel costs and general upside pressure on other costs. Firming of home values and the availability disposable income are the most significant determining factors in the remodeling decision.
Mr. Boucher also stated that despite the softening in Net Sales, the company expects to see a significant improvement in its operating loss due to reductions in operating expenses. Net Income (Loss) for the nine months ended September 30, 2012 was approximately $(130,000) compared to $(224,000) for the nine months ended September 30, 2011 an improvement of approximately $94,000 or approximately 42%.
In addition, the Company announced that in accordance with its published resolution, it had purchased 21,000,000 shares of its common stock from the market. This activity has resulted in the temporary reduction of the Outstanding Shares from a high of 4,548,379,108 on June 30, 2012 to a current Outstanding Shares of 4,527,379,108 as reported on the pink sheet web page for TSNP.
Forward-Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company’s current expectations regarding future events. Actual events could differ materially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises, Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on the forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, those factors that are disclosed under the heading “Risk Factors” and elsewhere in documents filed by the Company from time to time with the Securities and Exchange Commission.
Contact Information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Company regains Current Information status on OTC Markets Exchange
September 20, 2012
New Canaan, CT- Tesoro Enterprises, Inc. (TSNP:PK) today announced that OTC Markets, Inc. had completed its review of the Attorney Letter with Respect to Current Information and returned the Company to OTC Pink-Current Status.
Henry J. Boucher, Tesoro's CEO, explained that, as previously stated, the company's long time securities attorney had retired from practice before the SEC, she is remaining an advisor to the company. The process of engaging a new attorney required a review of historical data that has now been successful completed. Mr. Boucher also references shareholders to the OTC Market's information sight for a full explanation of the meaning of the Attorney's Letter contents.
Forward-Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company’s current expectations regarding future events. Actual events could differ materially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises, Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on the forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, those factors that are disclosed under the heading “Risk Factors” and elsewhere in documents filed by the Company from time to time with the Securities and Exchange Commission.
Contact Information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Company opens corporate brokerage account
September 19, 2012Tesoro Enterprises, Inc. (TSNP:PK) today announced the opening of a corporate brokerage account.
The Board of Directors of Tesoro Enterprises, Inc. (TEI) has authorized management to open a brokerage account for the purpose of reacquiring the Company’s common stock. The Board has authorized the repurchase of up to $100,000.00 worth of stock over the next 18 months. The primary reason for this reacquisition program is to establish a fund of free trading shares that can be used for acquisitions and consultant services. Any shares, acquired through this program, will be held as Treasury Stock in the equity section of the company’s balance sheet. The effect on the company’s common stock, of any reacquisition, will be to temporarily reduce the total shares outstanding and the float as reported on the company’s OTC Markets’ (TSNP:PK) web site.
Company CEO, Henry Boucher, said that “The program will be coordinated with the availability of acquisition candidates and the availability of working capital”.
Forward-Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company’s current expectations regarding future events. Actual events could differ materially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises, Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on the forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, those factors that are disclosed under the heading “Risk Factors” and elsewhere in documents filed by the Company from time to time with the Securities and Exchange Commission.
Contact Information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Company Releases preliminary estimate of Second Quarter 2012 Financial performance
New Canaan, CT - Tesoro Enterprises, Inc. (TSNP:PK) today released estimates of its financial performance for the three and six months ended June 30, 2012.
Net Sales for the three months ended June 30, 2012 were approximately $117,000 compared to $170,131 for the three months ended June 30, 2011, a decease of approximately $53,000 or 31%. Net sales for the six months ended June 30, 2012 were approximately $216,000 compared to $263,920 for the six months ended June 30, 2011, a decrease of approximately $47,000 or 18%.
Tesoro's CEO, Henry J. Boucher, said that "The decrease in Net Sales was caused by a general weakening of the economy in the areas served by the Company's retail stores. This weakness is magnified by the uncertainty surrounding the up coming Federal and State Tax Law changes and their impact on the consumers' disposable income, the primary source of the funds used to upgrade personal residences." In order to mitigate the weakness in flooring sales, the Company has added The Hunter Douglas line of window treatments to its New Canaan store.
Mr. Boucher further stated that while the Company is disappointed in the sales figures, he does not believe that the shortfall in net sales year-to-date is insurmountable; and, that the company has a reasonable chance to recover and match or exceed 2011 net sales.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Company Releases First Quarter 2012 Financial Statements
New Canaan, CT- Tesoro Enterprises, Inc. announced today the publishing of its First Quarter 2012 Financial statements. The report included, among other things, the following summary of Management's Discussion and Analysis of the Results of Operations for the first quarter of 2012.
"Net Sales for the three months ended March 31, 2012, was $98,335 compared to $93,789 for the three months ended March 31, 2011, an increase of $4,546. The increase in Net Sales is primarily attributable to the Net Sales from the second store. Revenues consist of ordinary sales activity, and are consistent with recent history.
Gross profit, generated primarily by FFC&T, for the period ended March 31, 2012 was $29,254 compared to $30,844 for the three months ended March 31, 2011, a decrease of $1,590. The decrease is primarily due to increases in material and labor costs. The increases in material and labor costs resulted in a reduction in Gross Margins to 30% for the three months ended March 31, 2012 from 33% for the three months ended March 31, 2011.
Operating expense for the period ended March 31, 2012 was $53,691 compared to $156,701 for the three months ended March 31, 2011, a decrease of $103,010. The decrease, in operating expenses, is due to the elimination of start-up costs of Store #2 and reduced corporate overhead; and, consists primarily of general and administrative expenses.
Net loss for the period ended March 31, 2012 was $(28,956) compared to $(129,044) for the period ended March 31, 2011, a decrease of $100,088. The primary contributor to the decrease in Net Loss was the decrease in operating expenses discussed above. Management expects improvement in net Income/ (Loss) as the weather improves, as Store #2 continues to gain market share in its new territory and the expansion of the company’s commercial flooring operations."
Henry Boucher, Company CEO said that the growth in Net Sales for Q1 '12 over Q1 '11 represents a 5% growth rate. He also noted a significant reduction in operating expense and net loss. The balance sheet has been strengthened by the conversion of a majority of debentures to common stock.
The complete financial statements are available on the OTC web site: www.otcmarkets.com, under the company symbol, TSNP:PK.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Company announces an agreement to absorb the operations of regional commercial flooring company
April 23, 2012New Canaan, CT - Tesoro Enterprises, Inc. (TSNP:PK) announced today that it has reached agreement to absorb the operations of a regional commercial sales and installation flooring company. Effective May 1, 2012, the commercial sales and installation operations will be absorbed into Tesoro's wholly owned subsidiary, Fashion Floor Covering & Tile, Inc. and managed as a third outlet.
Tesoro's CEO, Henry J. Boucher, said that the absorption of a commercially focused operation should have a positive impact on net sales and profitability. He also noted that there is a historical relationship between these operations and the consolidation is a natural event.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Company announces first international export sale
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Company Releases preliminary estimate of First Quarter 2012 Financial performance
April 13, 2012New Canaan, CT - Tesoro Enterprises, Inc. (TSNP:PK) today is releasing estimates of its first quarter 2012 financial performance. Net Sales for the three month ended March 31, 2012 were approximately $99,000 compared to $94,000 for the three months ended March 31, 2011. The increase of $5,000 for the three months ended March 31, 2012 over the three months ended March 31, 2011 represents a 5.2% Net Sales improvement. Tesoro's CEO, Henry J. Boucher, said he was pleased with the Net Sales figure for the first quarter for several reasons. First, the first quarter is the weakest quarter for the company due to the winter slow down in construction activity in the Northeast; second, the improvement for 2012 over 2011 represents a reversal of the decrease in Net Sales for the same period from 2010 to 2011.
Mr. Boucher mentioned the recent conversion of debentures, leaving only $4,500 worth of Convertible Debentures on the books of the company, as a factor that should strengthen the up coming balance sheet. In addition, the company continues reduce its operating expenses, moving closer to profitability.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Company Announces Conversion of Debentures
New Canaan, CT - Tesoro Enterprises, Inc. (TSNP:PK) announced that it had received and processed a request for the conversion of $18,000 worth of convertible debentures from the debenture holder. The conversion request was received on March 22, 2012 and was in accordance with the terms and conditions of the debenture contract. The Company received confirmation from its transfer agent that the converted shares were issued on April 2, 2012.
Tesoro's CEO, Henry J. Boucher, said that "with this conversion, the company will have only $4,500 worth of convertible debentures remaining on the balance sheet". Mr. Boucher added that it has been a long process to convert these CD's most of which have been on the company books for several years.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Company Announces Upgrades to Web Sites
New Canaan, Ct � Tesoro Enterprises, Inc. (TSNP:PK) today announced upgrades to its retail store web site. The web site, www.fashionfloorcoveringandtile.com, is designed and hosted by The FloorForce, Inc. of Boca Raton, FL. The newly designed site offers customers an increased number of product displays, video supported professional interior design ideas and suggestions from a nationally known decorator and a 3-D rug shopping experience offering over 250 different hand knotted rugs to choose from and view in a lighted and furnished room. While the site remains an information site with the primary objective of attracting the customer to the retail stores to make selections, it has an e-commerce link for the direct purchase of the hand knotted rugs. Henry Boucher, Tesoro’s CEO, said that “the internet has become a major component of our marketing strategy. Many of our local customers shop first on the internet before coming to the store and together with our larger web presence with our global e-commerce site, www.stone-tile-showroom.com, which now also has the 3-D rug experience, we expect this channel to assist with the continued growth of the Company.”
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Company Releases 2011 Financial Statements
New Canaan, CT � Tesoro Enterprises, Inc. (TSNP:PK) today announced the publishing of its Fiscal 2011 Financial Statements. Net Sales for the twelve months ending December 31, 2011 were $599,002 compared to $341,514 for the twelve month period ended December 31, 2010, an increase of $257,788 or 75%.
Gross margin for the twelve months ended December 31, 2011 was $152,763 compared to $115,360 for the twelve months ended December 31, 2010 an increase of $37,402 or 32%. Operating expenses for the twelve months ended December 31, 2011 were $407,917 compared to $410,876 a decrease of $2,959 relatively unchanged despite the doubling of our retail space with the addition of a second store in January 2011. Net loss for the twelve months ended December 31, 2011 was $(279,289) compared to $(309,032) for the twelve months ended December 31, 2010 a decrease of $29,743or 9.6%. The loss for the twelve months ended December 31, 2011 reflects primarily the start up time for the new retail location.
Henry Boucher, Tesoro’s CEO, said he is pleased that the company finished the year with strong sales momentum. He added that net sales for the three months ended December 31, 2011 were $158,002 compared to $63,514 for the three months ended December 31, 2010 an increase of $94,488 or 150%. Mr. Boucher also stated that, even though the winter is our slowest time, if the sales momentum holds, we should be close to breakeven in the first quarter of 2012. We look for improving sales in the retail locations and added contribution from our e-commerce business.
Forward-Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company’s current expectations regarding future events. Actual events could differ materially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises, Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on the forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, those factors that are disclosed under the heading “Risk Factors” and elsewhere in documents filed by the Company from time to time with the Securities and Exchange Commission.
Company announces activation of E-Commerce Site
New Canaan, CT - Tesoro Enterprises, Inc. (“TEI”) (TSNP:PK) Announced today that their new E-Commerce site, http://stone-tile-showroom.com is now live. Henry Boucher, President and Chief Executive Officer of Tesoro, stated, “The site, supported by an aggressive online marketing campaign, should allow Tesoro to tap into the $20 Billion national floor covering market beyond the geographical boundaries of its current retail store operations. The online site will also allow the company to participate more broadly in the Do-It-Yourself (DIY) market for flooring materials. TEI’s subsidiary, The Fashion Floor Annex, Inc., will operate the site. In most cases, the manufacturer or distributor of the products sold on the site will ship directly to the customer. He added that the DIY space is a growing segment of the industry and that the stone, tile and rug products, sold by the Company, are particularly well suited for the DIY customer. In line with the slow and steady market recovery, our two retail stores have already experienced a 75% year over year revenue increase with projected revenue of $600,000 for the twelve months ended December 31, 2011. The company plans to utilize the new revenue stream from our e-commerce site and any funds we may receive from private investors to fund the expansion of its retail store operations. This year’s primary objective is to sustain our revenue growth rate and the new e-commerce site will be a major catalyst in helping achieve that goal”.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Company releases preliminary estimate of forth quarter revenues
New Canaan, CT - Tesoro Enterprises, Inc. today released estimates of forth quarter and annual revenues for the Year ending December 31, 2011. Revenues for the twelve months ending December 31,2011 are estimated to be $600,000 compared to $342,000 for the twelve months ended December 31, 2010. The increase of $258,000, for the twelve months ending December 31, 2011 over the same period of 2010, represents a 75% revenue improvement.
For the three months ended December 31, 2011 revenues are estimated to be $160,000 compared to $63,000 for the three months ended December 31, 2010. The increase of $97,000 for the three months ending December 31, 2011 over the same period of 2010 represents a 154% revenue improvement.
Henry Boucher, Tesoro's CEO, said he is pleased that the company will finish the year with strong sales momentum for 2012. The Company looks forward to continued growth, as the second location approaches its potential.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Company issues Third Quarter Financial Statements
New Canaan, CT - Tesoro Enterprises, Inc. (TSNP:PK) announced the publishing of its Third Quarter Financial Statements today. CEO, Henry Boucher said that "Revenue growth continues to be strong with sales reaching $177,000 for the three months ended September 30, 2011 compared to $96,000 for the three month period ended September 30, 2010; an increase of $81,000 or 84%. Revenue for the nine months ended September 30, 2011 was $441,000 compared to $278,000 for the nine months ended September 30, 2010; an increase of $163,000 or 59%". Mr. Boucher also said that he considered the continuing reduction in convertible debentures to be another sign of the improving financial health of the company.
The complete financial statements are available on the OTC web site: www.otcmarkets.com, under the company symbol, TSNP:PK.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Company CEO volunteers to engage in periodic live chats with Shareholders
New Canaan, CT- Tesoro Enterprises, Inc. (TSNP:PK) announced that the CEO, Henry Boucher, will respond to written and live shareholder questions in a chat room format. Mr. Boucher will answer questions submitted in advance to his company e-mail address, (hjb@tesoroenterprises.us), and then open the chat for a live interaction with shareholders. Mr. Boucher stated that the plan includes half hour sessions on Monday mornings (9:00 to 9:30), beginning on November 21st; and, thereafter, on a by-weekly basis. The chat will be hosted by Askblasters.com and a transcript of the program should be available on both the company's and Askblasters' site shortly after the conclusion of the session.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Tesoro Enterprises, Inc. responds to shareholder questions relating to the Share Reduction Program mentioned in its press release of November 2, 2011.
Tesoro Enterprises, Inc. issues a clarification of its press release of November 2, 2011 relating to the "Share Reduction Program" ("Program"). The program, the Company is considering, does not contemplate a reverse split ("RS") of the Company's outstanding common stock. The Company CEO said that "A reverse split is not needed nor planned in the foreseeable future".
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Company terminates Reverse Merger discussions with InPlays, Inc.
New Canaan, CT- Tesoro Enterprises, Inc. ("TEI"), trading symbol TSNP, announced today the termination of its Reverse Merger ("RM") discussions with InPlays, Inc. Henry J. Boucher, TEI's CEO said that while the transaction with InPlays had merit, it did not provide the best option for the shareholders of TEI. Mr. Boucher cited the Company's revenue growth of its operating subsidiary, the upcoming release of its redesigned e-commerce web site and the potential to expand the retail operations as reasons to continue the strategy put forth by the company over the last two years.
Furthermore, Mr. Boucher is happy to inform the shareholders that TEI is in talks with private investors to receive non-toxic financing for its retail consortium expansion. The financing could be used to push revenue into the million dollar range. Many have worried about a possible RM and Management wishes to set shareholders at ease by stating that there is no RM needed or planned in the foreseeable future. TEI is a fiscally conservative company and because operating capital has been limited, it has chosen not to issue press releases that do not address the underlying concerns for shareholders or properly express the direction of the company. Lastly management is discussing a possible share retirement program in order to reduce the current share structure to facilitate shareholder return and better reflect fair market value.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Tesoro releases preliminary estimate of third quarter revenues
New Canaan, Ct - Tesoro Enterprises, Inc. today released estimates of third quarter 2011 revenues. Revenues for the nine months ended September 30, 2011 are estimated to be $418,000 compared to $278,000 for the nine month period ended September 30, 2010. The increase of $140,000, for the nine months ended September 30, 2011 over the same period in 2010, represents a 50% improvement.
For the three months ended September 30, 2011 revenues are estimated to be $146,000 compared to $96,000 for the three months ended September 30, 2010. The increase of $50,000 for the three months ended September 30, 2011 over the same period in 2010, represents a 52% increase.
Henry Boucher, Tesoro's CEO, said that he believed that the continuing improvement in revenue is primarily due to the strengthening of demand in Tesoro's core business of home improvement and remodeling.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. and InPlays Sports Corp are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact information:
Tesoro Enterprises, Inc.
26 Cross Street
New Canaan, CT 06840
203/930-7427
Tesoro Signs letter of Intent for a Reverse Merger with InPlays Sports Corp.
New Canaan, CT � Tesoro Enterprises Inc (Trading Symbol: TSNP) today announced that it has signed a non-binding letter of intent (LOI) which contemplates a proposed reverse merger with InPlays Sports Corp. (InPlays), a privately held company specializing in online media and marketing targeting high school and college students.
Under the terms of the LOI, InPlays would acquire Tesoro Enterprises Inc., pursuant to the contemplated merger exchange agreement. Following the closing of the anticipated merger, InPlays would emerge as the surviving company with a name and symbol change to follow. The merger is subject to a number of conditions, including the signing of a definitive merger agreement by November 7, 2011.
Commenting on the potential merger, InPlays CEO Andrew Barwicki stated: "After significantly growing our business over the past few years, I strongly believe that the next logical step in our corporate development is having our stock quoted for sale in a public market. The greater access to capital and overall visibility afforded by operating as a publicly-traded organization should play an instrumental role in our ability to expand both through acquisition and the organic growth of our existing business."
Mr. Barwicki concluded, "My due diligence to date reveals strong evidence that a potential reverse merger with Tesoro represents a solid opportunity to take the InPlays business model to the next level. I look forward to updating the public on our progress with regard to pursuing this agreement in the very near future."
Tesoro CEO Bud Boucher added, "I believe that a merger with InPlays Sports Corp is the best option for our company. Upon a definitive merger agreement being signed, the Fashion Floor Covering and Tile Inc. stores will be spun off into a private company."
About InPlays Sports Corp
InPlays Sports Corp. (www.inplays.com), an online media & marketing company, utilizes the popularity of professional sports to award college scholarships to students. InPlays currently has 762,000+ students, referred to as Members, that participate in a daily sports ticket by competing to win a college scholarship. The company generates its revenues from advertisers, the sale and auction of goods to its Members and ancillary revenue streams.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Tesoro Enterprises Inc. and InPlays Sports Corp are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
Contact Information:
InPlays Sports Corp.
Andrew Barwicki
516-670-9083
andrew@inplays.com
Tesoro issues press release announcing preliminary discussions with InPlays Sports Corporation concerning potential reverse merger.
Tesoro Enterprises Inc. Announces Initial Discussions Regarding Reverse Merger With InPlays Sports Corp.
Date : 07/07/2011 @ 10:30AM
http://ih.advfn.com/p.php?pid=nmona&article=48358868
Tesoro Enterprises Inc. (PINKSHEETS: TSNP) is pleased to provide a corporate update by announcing that the company has entered and continues discussions regarding a reverse merger with InPlays Sports Corp.
Henry Boucher, President and Chief Executive Officer of Tesoro, stated, "Although we are in the early stages of discussions and negotiations, we believe it is sensible to provide Tesoro shareholders with a corporate update and information regarding the future of the company. We are very pleased with Fashion Floor Covering and Tile Inc. operations and the growth we are experiencing at this time, but in an effort to maximize shareholder value we have entered into discussions with InPlays regarding a reverse merger."
InPlays Sports Corp. (www.inplays.com), an online media & marketing company, utilizes the popularity of professional sports to award college scholarships to students. InPlays currently has 762,000+ students, referred to as Members, that participate in a daily sports ticket by competing to win a college scholarship. The company generates its revenues from advertisers, the sale and auction of goods to its Members and ancillary revenue streams.
Andrew Barwicki, Founder and CEO of InPlays, commented, "I am very pleased to have entered into discussions with Henry in pursuing a reverse merger that I believe will increase shareholder value for Tesoro shareholders and provide InPlays shareholders with a public market for our stock. The success at InPlays is attributed to the market and need for advertisers to reach students in an uninterrupted manner. The Sports Ticket offered at InPlays.com allows for high school and college students to participate in a contest through a Free Entry in which they can win a college scholarship."
"Furthermore, our database of 672,000 Members allows advertisers to sponsor a Sports Ticket and advertise in the two emails we send our students every day. Large and small companies, advertisers, as well as many organizations throughout the globe are constantly seeking ways to market their products and services to students throughout the United States. I am pleased to announce that InPlays has developed a safe and reliable marketing medium that protects the privacy of all students, yet allows advertisers a direct way to advertise directly to students," continued Mr. Barwicki.
"Henry and I have scheduled a number of additional meetings over the next 2 weeks to continue our current negotiations and finalize a deal that we believe will be fair and beneficial to Tesoro and InPlays shareholders," concluded Andrew Barwicki.
Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, our goals, plans and projections regarding our financial position, results of operations, market position, product development and business strategy. These statements may be identified by the use of words such as “will,” “may,” “estimate,” “expect,” “intend,” “plan,” “believe,” and other terms of similar meaning in connection with any discussion of future operating or financial performance or other events or developments. All forward-looking statements are based on management’s current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations.
Unless otherwise required by law, we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Tesoro signs agreement to evaluate the acquisition of developer of enhanced breathing apparatus for first responders
New Canaan, CT - Tesoro Enterprises, Inc. (TEI) has announced the signing of an agreement to evaluate the potential acquisition of First Responder Products Group. Tesoro Scientific, the division of TEI created to focus outside the current floor covering businesses, has located a company with significant emergency and fire service/first responder product experience that has completed the basic design for the next generation of breathing apparatus. This apparatus should be able to provide significantly longer operating time and/or lighter weight.
TEI CEO Henry Boucher said that it is an important part of Tesoro's role as a holding company to be open to opportunities to enhance shareholder value and that FRPG is one of those opportunities. However, he cautioned that the acquisition is subject to the completion of a definitive purchase and sale agreement that may or may not occur.
Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, our goals, plans and projections regarding our financial position, results of operations, market position, product development and business strategy. These statements may be identified by the use of words such as “will,” “may,” “estimate,” “expect,” “intend,” “plan,” “believe,” and other terms of similar meaning in connection with any discussion of future operating or financial performance or other events or developments. All forward-looking statements are based on management’s current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations.
Unless otherwise required by law, we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Company agrees to lease internet based sales system
New Canaan, CT- Tesoro Enterprises, Inc. announced the signing of a license agreement for an internet based kiosk marketing system. The kiosk system, including software and hardware, is built for the floor covering sales environment; and, the Company plans to use it in non-traditional floor covering stores customers, such as building material retail outlets. Henry Boucher, TEI's CEO, stated that "This package is intended to enhance our subsidiary's, The Fashion Floor Annex, efforts to open a new channel of distribution". The kiosk contains a powerful suite of front-end software; however, there is work to do on back-end fulfillment. The company intends to tie the kiosk into its existing e-commerce site (easyhomeupgrade.com). All purchases will be made and shipped through its existing retail stores. Mr. Boucher further stated that "While we expect delivery of the kiosk and software on or about February 15th, the integration of the back-end fulfillment and testing will take four to six weeks. During this time, the system will operate as a marketing tool within the existing retail store environment". Following the integration phase , the company plans to select a beta site for the complete system and run tests for 90 days. If successful, the company intends to roll out the package in the third quarter of 2011.
The company has hired a full time, experienced manage for its second store and moved the corporate office to this new location. The new address for TEI is 26 Cross Street, New Cannan, CT 06840, phone 203/930-7427 and Fax 203/534-1453.
Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, our goals, plans and projections regarding our financial position, results of operations, market position, product development and business strategy. These statements may be identified by the use of words such as “will,” “may,” “estimate,” “expect,” “intend,” “plan,” “believe,” and other terms of similar meaning in connection with any discussion of future operating or financial performance or other events or developments. All forward-looking statements are based on management’s current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations.
Unless otherwise required by law, we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Company leases space for second retail outlet
WESTPORT, CT. - Tesoro Enterprises, Inc. announced that its wholly owned subsidiary, Fashion Floor Covering & Tile, Inc. ("FFC&T"), has reached an agreement to open a second retail floor covering store. Company CEO, Henry Boucher said that "we have been looking for a second location that would be close enough to leverage off of the fine reputation of FFC&T for quality and service, but far enough away as not to cannibalize our current customer base".
The new location, which will open for business on or about November 15, 2010, will carry the same broad spectrum of product including carpet, wood, laminates, engineered wood and interior and exterior tile and natural stone.
Source
Tesoro Enterprises, Inc.
Investor Relations
Andrew Barwicki
516/662-9461 or andrew@barwicki.com
Company hires outside sales person
The Company's wholly owned subsidiary, Fashion Floor Covering & Tile, Inc. ("FFC&T"), announced the hiring of an outside sales person to expand its product sales effective August 30, 2010. The goal of the new sales person is to increase sales to the traditional specifier of flooring and wall covering materials, including natural stone. These specifiers include, architects, engineers, interior designers, builders and remodelers. Henry J. Boucher, company CEO, said that he expected the sales person to be able to leverage off of the 50 year reputation of FFC&T for quality and reliable service.
Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, our goals, plans and projections regarding our financial position, results of operations, market position, product development and business strategy. These statements may be identified by the use of words such as “will,” “may,” “estimate,” “expect,” “intend,” “plan,” “believe,” and other terms of similar meaning in connection with any discussion of future operating or financial performance or other events or developments. All forward-looking statements are based on management’s current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations.
Unless otherwise required by law, we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Source:
Tesoro Enterprises Inc
Investor Relations ContactAndrew Barwicki
516-662-9461 or andrew@barwicki.com
Company Increases Authorized shares of Common Stock
WESTPORT, CT. - Tesoro Enterprises, Inc. (TSNP) today announced that it has filed an amendment with the Secretary of State of Oklahoma to increase its authorized shares of common stock to 1.5 Billion (one billion five hundred million) from 500 Million (five hundred million) effective with the filing.
Henry J. Boucher, Tesoro’s CEO, said that the increase will provide the company with flexibility to facilitate future corporate activity including raising capital and potential merger or acquisition opportunities.
About Us: Tesoro Enterprises, Inc. was formed on November 12, 2010 through a reverse triangular merger that included Tesoro Distributors, Inc., formerly known as IWT Tesoro Corporation. The result of this merger was that the shareholders of Tesoro Distributors, Inc. became the shareholders of Tesoro Enterprises, Inc. on a one for one basis. Coincident with the merger Tesoro Enterprises, Inc. (Tesoro) acquired all of the outstanding shares of Fashion Floor Covering and Tile, Inc, a Connecticut corporation, in exchange for 500,000 shares of Tesoro. Fashion Floor Covering and Tile, Inc. (FFC&T) is a 25 year old retail flooring and hard wall covering dealer and installer. For a more detailed explanation of the effects of the transaction, interested parties are encouraged to visit our web site at www.tesoroenterprises.us or on the SEC web site at www.sec.gov.
The Company plans to grow through the acquisition of other companies in the floor covering space, the expansion of product offerings and the development of its retail web site, www.easyhomeupgrade.com; the addition of a direct sales force focused on builders, designers and developers and the acquisition of a manufacturing capability. The ultimate goal is to create a vertically integrated set of companies.
Tesoro is currently raising capital to support the implementation of these plans. Please see our website for information concerning the current form “D” arrangement.
Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, our goals, plans and projections regarding our financial position, results of operations, market position, product development and business strategy. These statements may be identified by the use of words such as “will,” “may,” “estimate,” “expect,” “intend,” “plan,” “believe,” and other terms of similar meaning in connection with any discussion of future operating or financial performance or other events or developments. All forward-looking statements are based on management’s current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations.
Unless otherwise required by law, we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Source:
Tesoro Enterprises Inc
Investor Relations ContactAndrew Barwicki
516-662-9461 or andrew@barwicki.com
Fashion Floor Covering expands product offering
Company engages DME Capital LLC
DME Capital LLC to Advise on Strategic Acquisitions and Business Alternatives
Westport, CT--May 19, 2010�Tesoro Enterprises, Inc. (Pink Sheets: TSNP), announced today that it has retained DME Capital LLC as the Company's exclusive advisor. DME will assist the Company in analyzing a wide range of strategic business alternatives, including acquisitions and expansion. The Company can give no assurance that a transaction of any kind will occur.
Henry Boucher, CEO of Tesoro, stated, “I look forward to working with DME to find the optimal scenario to maximize shareholder value. In choosing DME, we were very impressed with their reputation and positive track record, and we are confident that they will help us strategize the best course of action for Tesoro as we move forward.”
About DME
DME operations include DME Securities LLC & DME Capital LLC.
DME Securities is a licensed broker-dealer, Member Firm of the NYSE and FINRA. DME Securities raises capital for growth oriented public companies and handles trades for institutional investors.
DME Capital invests in public companies & issues unbiased BUY RECOMMENDATIONS to 910 institutional clients and 2,000+ retail clients. Unbiased meaning DME does not charge or accept any form of compensation (cash or stock) for their Buy Recommendations.
Additional information is available at www.dmecapital.com
Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, our goals, plans and projections regarding our financial position, results of operations, market position, product development and business strategy. These statements may be identified by the use of words such as “will,” “may,” “estimate,” “expect,” “intend,” “plan,” “believe,” and other terms of similar meaning in connection with any discussion of future operating or financial performance or other events or developments. All forward-looking statements are based on management’s current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations.
Unless otherwise required by law, we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Source: Tesoro Enterprises Inc
Investor Relations ContactAndrew Barwicki
516-662-9461 or andrew@barwicki.com
Company announces termination of acquistion
TESORO ENTERPRISES ANNOUNCES TERMINATION OF ACQUISITION
April 7, 2010 / Tesoro Enterprises Inc. [TSRD.PK) announced that it will not proceed with the acquisition of a natural stone fabricator and wholesale/retail distributor as previously announced in a February 5, 2010 press release.
"Due to extensive due diligence conducted by our financial advisor, a leading investment banking firm, we do not feel that this acquisition will be in the best interests of Tesoro and its shareholders." said Tesoro’s CEO Henry Boucher. "We will continue to explore business opportunities, including but not limited to mergers and acquisitions, organic growth, as well as expansion into new markets and sectors.”
No consideration relating to the proposed acquisition had been paid at the time of this cancellation and this cancellation will not result in any "broken deal" or other payments by any of the parties involved.
Company signs Letter of Intent to acquire fabricator and distributor of natural stone building products.
On February 4, 2010, Tesoro Enterprises, Inc. ("Tesoro") announced the signing of a non-binding Letter of Intent ("LOI") to acquire a long standing natural stone fabricator and wholesale/retail distributor. The acquisition is subject to due diligence, adequate financing, successful negotiation of a final price and the execution of definitive purchase and sale agreements. Tesoro's CEO, Henry Boucher said "While there is still a lot of work to do, we are excited about the opportunity and look forward to successfully completing this transaction; however, there is no guarantee that we will reach a mutually acceptable price nor that the financing will be available at a rate acceptable to Tesoro".
In addition to the operations of the target company, the acquisition would include land, buildings and equipment. Tesoro believes that the acquisition will add revenue, broaden the product base and expand the geographical coverage of its current operations. The target company has a long track record of stable revenue and positive EBITDA.
Some statements made in this press release are "forward-looking" and are not historical facts. For example, statements regarding financial position, our business strategy and other plans and objectives for future operations, and assumptions and predictions about future demand for our services and products, costs, marketing and pricing factors are all forward-looking statements. When we use words "intend", "would", "anticipate", "believe", "estimate", "plan" or "expect" or the negatives of these words and similar expressions, we are making forward-looking statements. You should be aware that these forward-looking are subject to risks and uncertainties. Additionally, our forward-looking statements speak only as of the date of this report or release. Other than as required by law, we undertake no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. Factors that may cause our actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statements included, among other things are changes are changes in the industry, energy costs, timing and level of capital expenditures and introduction of new products.
Tesoro Distributors Reorganizes and Expands Through Acquisition
Tesoro Distributors, Inc. (TSRD:PK) entered into a statutory “A” reorganization whereby Tesoro effectuated a reverse triangular merger pursuant to Section 1081 of the Oklahoma statutes, the effect of which was that Tesoro’s shareholders became shareholders of a new corporation called Tesoro Enterprises, Inc. (“TEI”).
Immediately following the merger, Tesoro Enterprises entered in a share exchange agreement with Fashion Floor Covering and Tile, Inc., a Connecticut Corporation, whereby the sole stockholder of Fashion Floor received 500,000 shares of TEI restricted shares of common stock in exchange for all the outstanding shares of Fashion Floor. Fashion Floor is a full line; wood, carpet and tile retail dealer and installer of floor and wall covering materials. Fashion Floor has been in business for over twenty years under the same ownership and management. A majority of Fashion Floor's sales are through home improvement contractors and new home builders with the remainder sold directly to the end user. Nearly half of the sales are to commercial customers, including apartment complexes and small office managers. Installation services are included in a majority of the sales. Fashion Floor Covering and Tile Inc revenues for the past several years have been flat at approximately $550,000 and the company has sustained small loses during this period. TSRD management believes the flat sales during the past recession indicate the strength of the Fashion Floors products, services, and repeat customers and customer satisfaction levels. Additional information concerning the company is available on our website at www.tesorodistributors.com or by contacting us at 191 Post Road West, Westport, CT06880. Investor Relations Andrew Barwicki 516-662-9461 or andrew@barwicki.com
Company signs Agreement in Principal to acquire regional floor covering dealer
Tesoro Distributors, Inc. announced that it has entered into an agreement in principal to acquire a regional floor covering dealer in the north east, United States. While there is no guarantee that the transaction will be completed, both parties expect a successful culmination. If all due diligence can be completed in a timely manner, the parties anticipate a closing on or about November 1, 2009. Tesoro's President, Henry J. Boucher said; "The acquisition, if completed, of this established business would add a broader suite of products to our mix, some of which we plan to migrate to our web sales site on www.easyhomeupgrade.com, add installation services and increase direct sales to builders and remodelers. We expect to add a consistent source of revenue to our company".
Some statements made in this press release are "forward-looking" and are not historical facts. For example, statements regarding financial position, our business strategy and other plans and objectives for future operations, and assumptions and predictions about future demand for our services and products, costs, marketing and pricing factors are all forward-looking statements. When we use words "intend", "would", "anticipate", "believe", "estimate", "plan" or "expect" or the negatives of these words and similar expressions, we are making forward-looking statements. You should be aware that these forward-looking are subject to risks and uncertainties. Additionally, our forward-looking statements speak only as of the date of this report or release. Other than as required by law, we undertake no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. Factors that may cause our actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statements included, among other things are changes are changes in the industry, energy costs, timing and level of capital expenditures and introduction of new products.
Tesoro Distributors Engages Investor Relations Firm
Tesoro Distributors, Inc. announced that they have engaged a national investor relations firm to assist with the dissemination of company data, activities and public information. "Our investors have been asking for us to provide more information about the company's activities for some time" said Tesoro's President, Henry Boucher. He added that "We believe that this arrangement will meet our shareholders' desire for current information."
Corporation Upgraded to "Current Information" status by PinkSheets.com
Tesoro Distributors, Inc. posts financial data for the six-months period ended June 30, 2009. Tesoro's attorney issues opinion on the currency of information and company's status on pinksheets.com is increased to "Current Information" status.
Home Treasures, Inc. signs second dealer agreement
Home Treasures Inc., a subsidiary of Tesoro Distributors, Inc. (TSRD/PK) (formerly IWT Tesoro Corporation) announced that it had completed an agreement to represent a manufacturer of marble building materials. The products will include fireplace facings, door and window surrounds, fountains, stairway treads and bulusters and colums. This relationship will also add washbasins, sinks and additional natural stone tiles to HomeTreasures product suite. These new products will be available through the company's web site at www.easyhomeupgrade.com. Henry J. Boucher, the company's president said "The addition of these fine stone products moves the company closer to its goal of providing a full suite of stone products to enhance and beautify the residential and commerical investments of our customers
Home Treasures, Inc. announces activation of e-commerce website, www.easyhomeupgrade.com.
Home Treasures, Inc., a subsidiary of Tesoro Distributors, Inc., announced today the activation of its web site, www.easyhomeupgrade.com. Home Treasures, Inc. sells natural stone and porcelain building materials through the internet. The site currently contains approximately 130 products that range from floor and wall coverings to decorative accents. Future products are planned to include marble door and window surrounds, fireplaces, columns, balusters, fountains and washbowls and sinks. Customers can purchase products on line using Google Checkout, a trusted name in the internet.
Tesoro Distributors's Trading Symbol changed to "TSRD"
On June 16, 2009, Tesoro Distributors, Inc. received notice from the OTC corporate actions division of FINRA that its trading symbol has been changed to "TSRD", effective at the open of business on June 17, 2009. The change in symbol follows its corporate name change from IWT Tesoro Corporation to its current name of Tesoro Distributors, Inc. The Company's current stockholders will not to take any actions with respect to the name change or symbol change.
Home Treasures, Inc. signs dealer agreement
Home Treasures, Inc., a subsidiary of Tesoro Distributors, Inc., signed a dealer agreement with a major wholesale importer of hard floor and wall covering materials. Home Treasures will carry a full range of porcelain and natural stone products on its soon to be activated website at www.easyhomeupgrade.com.
Tesoro Distributors forms new subsidiary
Tesoro Distributors Corporation formed a new operating subsidiary, Home Treasures, Inc. Home Treasures Inc., an Oklahoma Company, will sell permanent and semi-permanent home improvement products through the internet.
IWT Tesoro Corporation changes its name
On March 10, 2009, IWT Tesoro Corporation (IWTT/PK) changed its name to Tesoro Distributors, Inc. and reincorporated as an Oklahoma corporation. Currently, its shares continue to trade under the symbol IWTT/PK.
IWT Tesoro Corporation posts supplemental information on PinkSheets.com
The purpose of this Information Statement is to inform the holders of record, as of the close of business on February 5, 2009 (the "Record Date"), of shares of common stock, par value $0.001 per share (the "Common Stock") of IWT Tesoro Corporation, a Nevada corporation ("the Company" or "Tesoro"), that our Board of Directors and holders of approximately 90% of our capital stock as of the Record Date have given written consent as of February 5, 2009, to the following proposals:
- Reincorporate as an Oklahoma corporation;
- Change our name to Tesoro Distributors, Inc.;
- Change our fiscal year end to March 31 when and if our Board of Directors deems appropriate;
- Permit our Directors to amend the Company�s articles and bylaws; and
- Conform the Company�s articles to opt out of the provisions of Oklahoma law relating to �Control Share� acquisitions and �Business Combinations with Interested Stockholders�.