Monthly Archives: May 2011

Automotive

Renault Megane CC Convertible Top Comfort Module Now Comes at a Lower Price and Includes a Plug-N-Play Wiring Adapter

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The SmartTOP Comfort Top Controller offered by Mods4cars for the Renault Megane CC (II) is now bundled with a Plug and Play wiring adapter for even easier and faster installation. Additionally the kit now retails for 50,00 Euro less.

Ocean, NJ, May 12, 2011 — The SmartTOP Convertible Top controller offered by Mods4cars ( http://www.mods4cars.com ) for the Renault Megane CC (II) now ships with a custom designed plug-in-between wiring harness which uses the original Renault plugs and sockets. This ensures an even easier and quicker installation of the kit. The previous version required cutting and splicing into wires.

“This new wiring adapter provides a dead simple connection between the car electronics and our after market module by simply plugging it in.” says PR manager Sven Tornow. “Now it is possible for anyone to install the kit quickly and without hassle.”

Additionally, just in time for the start of the convertible top season the retail price was reduced to 209,00 Euro + tax. “The price reduction means a wider range of customers will now be able to enjoy the added convenience of our product.” Sven Tornow concludes.

The module allows opening and closing the top at the touch of a button. A quick tap is enough and maximum speed settings (up to 28mph/40kmh) amongst other features can be programmed by the end user. The car can be used top-down more often, now that it is not necessary to pull over and hold down the switch. Another feature worth mentioning is one-touch operation for the all-windows switch in the center console.

Like other products by Mods4cars, this module comes with a standard USB connector for quick and easy configuration of all settings as well as firmware updates (available free for life) by the end user. All features can be individually turned on or off and the entire module can be completely disabled, if desired.

But not just Renault owners get to enjoy this summer even more: Mods4cars offers kits for Alfa, Audi, Bentley, BMW, Ferrari, Ford, Infiniti, Mazda, Mercedes, Mini, Opel, Peugeot, Porsche, Renault, Volvo and VW – There is a convenience mod for almost every convertible or roadster on the market today.

The Top Down Fun for Renault Megane CC is available for 209,00 Euro + tax.

Renault Megane owners can get a preview here:

Further details and purchasing information:
http://www.mods4cars.com

About Mods4cars:
Mods4cars ( http://www.mods4cars.com ) was founded in 2002 with the idea to add a highly demanded feature to the otherwise almost perfect Porsche Boxster: Comfort One-Touch roof operation while driving at slow speeds. The resulting product offered not only that, but also allowed quick and easy installation by just swapping out a relay box, thus leaving no traces and no permanent changes on the vehicle. The first SmartTOP roof controller was born.

The success of their first products in Germany and Europe prompted them in late 2004 to move operations to the USA, to be able to serve the American market as well as all other English speaking countries such as Australia, UK and South Africa from one central location. Their business has grown to a full-fledged international corporation with an office in California and a full line of innovative products as well as distributors and installation partners all over the globe.

Being highly specialized in the development and distribution of aftermarket roof- and comfort controllers since 2002 allows them to offer an unsurpassed level of competence and product quality. Their main goal is optimization of each individual product to a maximum in compatibility, usability and intuitive operation. They put greatest effort into development and quality checks of all their products to achieve this goal and meet all expectations of their customers.

The extraordinary success of their products is also based on the great communication with their customers, which usually already starts for each new product during the development and prototyping phase.

Press & Media Contact:
Anja Lehmann
Mods4cars
21 Nottingham Rd
Ocean, NJ 07712 USA
+1-310-9109055
lehmann@mods4cars.com
http://www.mods4cars.com

Healthcare

Elder Pharma Posts Higher Net Revenue of Rs. 302.71 Cr for Q4 Ended March 2010-11 – Up By 60%

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* PAT grows by 11% in FY2011
* Shelcal K and Shelcal HD gaining traction
* Completes NCD program of Rs. 118.80 Cr and Rs. 73.00 Cr in two separate Tranches
* Launches I-Vit Plus; Launches Somazina Plus

Mumbai, India, May 11, 2011 — Elder Pharmaceuticals Ltd (NSE- ELDERPHARM) ( http://www.elderindia.com ) an integrated pharmaceuticals company headquartered in Mumbai has posted robust results for the fourth quarter ended March 2011 (Q4 FY2011). As per the consolidated unaudited provisional results taken on record on May 10th, 2011, the income from operations has gone up to Rs 3,027.14 Crore for Q4-FY2011 as compared to Rs. 1,896.94 Crore during the corresponding quarter in the previous year. The consolidated operating profit (PBIDT) too has gone up to Rs. 523.52 Crore for Q4 FY2011 reflecting a growth of 40% over the previous corresponding quarter’s figure of Rs. 374.86 Crore. The consolidated Net Profit for Q4 FY2011 stood at Rs. 172.76 Crore. The consolidated EPS on a non – annualized basis stood at Rs. 8.41 for Q4 FY2011 and at Rs. 30.03 for FY2011.

For the twelve months ended March 2011, the unaudited consolidated sales turnover is Rs. 9,592.03 Cr (previous 12 months- Rs. 7,208.98 Cr – audited) up by 33% and the unaudited Net Profit is Rs. 616.76 Cr (previous 12 months – Rs 553.92 Cr – audited) up by 11%.

During the quarter under review, the Company completed its NCD raising program to augment medium to long term resources including regular capital expenditure. First tranche of Rs. 118.80 Crore and Second Tranche of Rs. 73.00 Crore were completed on 23rd Dec’2010 and 31st March 2011 respectively.

The Company launched I-Vit Plus and Somazina Plus during the quarter under review.

* I-Vit Plus is a blend of micro-nutrients helpful in providing adequate mineral/vitamin and essential nutrient supplementation for correcting suboptimal vitamin/mineral intake.

* Somazina Plus is a unique combination of Citicholine with Piracetam that improves brain function and stimulates the central nervous system thus offering neuroprotection and enhancing cognition.

Elder Pharmaceuticals has presence in niche therapeutic segments like Women’s healthcare, Wound care, Nutraceuticals /vitamin Supplements, Cardiology, Diabetes, Dermatology, Antibiotics and neurology. It is the market leader in calcium supplements (Shelcal), wound healing and injectable B12 vitamin. The company has a judicious mix of drug formulations, and active pharma ingredients (APIs). It has 6 manufacturing plants in India located in Maharashtra, Uttarakhand & Himachal Pradesh. The company has a state-of-the-art Research & Development Centre at Navi Mumbai which is recognized by the Department of Scientific & Industrial Research, Ministry of Science & Technology. ( http://www.elderindia.com ).

Press & Media Contact:
Mitesh M Kapadia
Sentinel Public Relations Pvt Ltd / Sentinel Advertising Services
B-603, Samajdeep, Near Bhanu Park/Seasons Restaurant
Adukia Road, Off S V Road
Kandivli (W), Mumbai 400 067 India
Mob: +91 98205 03876
Tel: (022) 28625131/32
Fax: (022) 28625133
mitesh@publicrelationindia.com
http://www.publicrelationindia.com
http://www.elderindia.com

Apparel & Fashion, Internet & Online, Retail, Shopping

Compact Footwear Category Showing Huge Growth as Footzyrolls Surpasses $1M mark after only one year in business, New Boho Summer Line is a Best Seller

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NEW YORK – Footzyrolls, the rollable shoe, the leader in the compact Footwear market with over $1M in Sales their first year, has leaped into fashion with their new collection, Bohemian Chic.

Debuting May 10, 2011, it has made a trend setting impact on compact flats. As Footzyroll’s summer collection, it features vibrant tie-dye colors, as well as chic corals and denim with flower piping in different styles. The collection showcases the classic Mary Jane style shoe with a striking look that is perfect for walking around the city or the shore during those hot summer days.

Footzyrolls are transforming comfort and style, and women have come to rely on these stylish flats to provide relief after a long day at work, summer travel, running around with the kids, or a night out on the town. The new Bohemian Chic shoe line embraces the “free spirited” iconic woman of any age. The Bohemian Chic collection will be available at high end boutiques across the country and at www.footzyrolls.com.

Footzyrolls’ innovative design allows them to be rolled up and fit practically everywhere: from the glove compartment in your car, to a tiny evening bag, Footzyrolls are conducive to providing instant relief for your aching feet! The trend for compact footwear was started by Footzyrolls, and this new collection elevates the fashion aspect of this functional flat. Every woman will eventually have at least one pair for every handbag!

Photos of the new collection can be viewed at http://bit.ly/mumpgA and this amazing and vibrant collection is priced from $25 to $30.

Celebrities who have gotten their hands (and feet) on Footzyrolls include: Beyonce, Blake Lively, Brittany Snow, Catherine Zeta Jones, Christina Ricci, Cynthia Nixon, Kendra Wilkinson, Kim Kardashian, Kristen Bell, Molly Ringwald, Rachel Bilson, Rachel Weisz, Rashida Jones, Rihanna, Susan Sarandon, Tinsley Mortimer, Whitney Port and up and coming singer Matisse.

Footzyrolls and the Footzyrolls Luxe Collections are currently sold in major department stores such as Bloomingdales, Macys and Lord & Taylor, as well as over 2,500 other retail stores. Additionally, they recently infiltrated the Las Vegas luxury market, and are now offered at hotels such as the Aria, Bellagio, Luxor, Mandalay Bay, Mirage, MGM, and the New York, New York. Footzyrolls is a registered Trademark of Rollashoe, LLC. Rollashoe, LLC is the creator of the Footzyrolls rollable shoe and Footzyroll flip-flops. Rollashoe is the world leader in the compact footwear accessories market and strives to make women’s lives fashionable yet functional. The company focuses on the ever changing needs of women.

Contact Details: Jenifer Caplan
1688 Meridian Ave Suite 418
Miami Beach, FL 33139
646-827-0673786-693-8978

Apparel & Fashion, Art, Retail, Shopping

Emporio Armani S/S 2011 Collection Available at TheWatchHut.co.uk

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May 10, 2011 /RTPR/– Make sure you spend your time stylishly this summer with a watch from the new Emporio Armani Spring/Summer 2011 collection, available now at the Watch Hut.

New Emporio Armani watches are just waiting to give your wrist a style overhaul, over at the UK’s largest watch website.

Famed for its sexy and youthful appeal, Giorgio Armani’s Emporio Armani brand is one of the most recognised fashion labels on the worldwide market today. Its clothing and accessories output is trendy, smart and cool – and its watches are no exception.

This season’s brand new Emporio Armani watches don’t fix what isn’t broken, providing the brand’s fashion-conscious followers with an extensive choice of sexy, sophisticated designer timepieces that complement the existing collection.

Key trends include the continuing popularity of black and white ceramic models, sporty yet smart chronograph bracelet watches, and contemporary takes on classic leather strap dress watches.

All-new Emporio Armani watches can be viewed on the Watch Hut’s dedicated brand section or within the ‘Latest New Models’ category.

The UK’s largest watch website is home to some of the world’s leading designer watch brands, including another hot Armani off-shoot, Armani Exchange. With over 6000 watches available from more than 60 popular watch brands, the Watch Hut is a one-stop destination for the best in wrist style.

To view Emporio Armani watches, visit the Watch Hut at http://www.thewatchhut.co.uk.

For further information, please contact Luke McNaney at luke.mcnaney@thbaker-watches.co.uk or on 01384 467592.

Company: The Watch Hut
Website: http://www.thewatchhut.co.uk Street address: 95 High Street, Brierley Hill, West Midlands

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Biotech, Business, Financial, Healthcare, Religion, Science, Society

Advanced Cell Technology has pioneered a solution to the ethical, moral & legal debate raging in regards to protection of a human embryo

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May 10, 2011 /RTPR/– Advanced Cell Technology with laboratory facilities in Marlborough Massachusetts has pioneered a solution to the ethical, moral & legal debate raging in regards to protection of a human embryo. ACT has developed the “single-blastomere” technique. Patent Number 7,893,315 a non-destructive alternative for deriving human embryonic stem cell (hESC) lines.

This achievement in Regenerative medicine is a ground breaking feat for both Catholic and U.S. law.

• The 1995 encyclical The Gospel of Life, of which Pope John Paul II wrote: “Human embryos obtained in vitro are human beings and are subjects with rights; their dignity and right to life must be respected from the first moment of their existence. It is immoral to produce human embryos destined to be exploited as disposable ‘biological material'” (1,5 )
• The Dickey Amendment (also known as the Dickey-Wicker Amendment) is the name of an appropriation bill rider attached to a bill passed by United States Congress in 1995, and signed by former President Bill Clinton, which prohibits the Department of Health and Human Services (HHS) from using appropriated funds for the creation of human embryos for research purposes or for research in which human embryos are destroyed.

The single-blastomere technology uses a one-cell biopsy approach similar to pre-implantation genetic diagnosis (PGD), which is widely used in the in vitro fertilization (IVF) process and does not interfere with the embryo’s developmental potential. The stem cells generated using this approach are healthy, completely normal, and differentiate into all the cell types of the human The safety record for one-cell biopsy as part of PGD now has a 15-year track record, and is carried out routinely as part of IVF processes around the world. ACT’s technique of protecting the human embryo from harm can be expounded to the smallest blood transfusion in the world. As does a human being give millions of blood cells in a pint of blood so does ACT’s “single blastomere” process take but “one cell” from a 2 day old embryo. As the blood removed from a human donor “regenerate” the removed pint of blood so does the human embryo “regenerate” the one cell. Both of these procedures leave the human body & two day old embryo healthy. Both procedures are similar in that they both provide life saving material to those whom need them most to due to disease and other aliments of a medical nature.

Advanced Cell Technology has been granted by the US Food and Drug Administration (FDA) a Phase I/II multicenter clinical trial using retinal cells derived from human embryonic stem cells for both Stargardt’s Macular Dystrophy (SMD), one of the most common forms of juvenile macular degeneration in the world and Dry Age-Related Macular Degeneration (AMD) the most common form of macular degeneration in the world affecting an estimated 150 million people. ACT is using RPE cells developed from the patented (SCB) technique for this trial. The trial will take place at UCLA’s Jules Stein Eye Institute in California. Because of the biological nature of the human eye the trial will be able to provide a 100% irrefutable proof that the (hESC) derived RPE cells used attached to the Bruch’s membrane. Before and after state of the art imaging will take place.

Raymond Lund, Ph.D., a scientific collaborator with ACT, and considered one of the world’s foremost experts in retinal cell physiology and vision restoration, commented, “The study results of ACT’s RPE cells implanted in the various animal models of macular degeneration was phenomenal. If ACT observes even a fraction of that benefit in humans, it will be nothing short of a home run.”

FDA validation will occur for (hESC) medicine in less than 12 months. Will those that dictate law and morality to others lead? Will those suffering from disease all over the world finally have conclusive proof that (hESC) work? Life is filled with multifaceted choices and in a rare occurrence a quantum leap shows itself to the world. Human flight, computers and now regenerative medicine.

Disclosure: Stem Cell Media LLC nor its Companies was compensated by “any” entity for this article.www.investorstemcell.com is bringing investors and stakeholders together to participate in the world’s only online discussion forum dedicated to regenerative medicine.

Contact Details: icell@investorstemcell.com
www.investorstemcell.com

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Biotech, Business, Financial, Healthcare, Pharmaceuticals, Science

NASDAQ:GERN & OTC:ACTC – A David & Goliath Comparison

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May 09, 2011 /RTPR/– Regenerative medicine is a highly complicated and vastly misunderstood science. Investor Stem Cell is dedicated to bringing investors and stakeholders together in thoughtful discussion to educate and publicize the incredible advancements unfolding in the regenerative medicine sector. A quantum leap in health care is upon the world. Will you profit from this emerging sector & help bring cures to millions? Find out now what the street thinks at www.investorstemcell.com.

Side by side comparison of Advanced Cell Technology & Geron Corporation:

Geron Corporation (NASDAQ:GERN), Approved by the FDA to use human embryonic stem cell (hESC) treatments to treat spinal cord injuries. The research Goliath is a well-funded machine employing the top minds in the world working on everything from mid-stage oncology trials to promising (hESC) drugs for spinal cord injuries, heart disease & cancer.

Snap shot of Goliath: Geron Corpoartion-(NASDAQ:GERN)-
• Seven oncology Phase 2 trials currently underway, and has several big Pharma joint venture agreements in oncology animal and human trials
• Five hESC areas of investigation underway. GRNOPC1 is the lead candidate. Geron destroys the human embryo through its (hESC) R&D, of which the company uses the blastocyst embryo formation at day five after fertilization from IVF clinics
• Cash, restricted cash, cash equivalents and marketable securities: $221,274.000.00
• Total operating expenses in 2010: $114,730,000.00
• 175 employees; over 100 hold PhD or MD degrees
• Geron Corporation was founded in 1990 and is based in Menlo Park, California
• Trades on the NASDAQ providing liquidity & large institutional investors
• Corporate financial statements:http://www.geron.com/investors/reports/GeronAnnualReport2010.pdf

Advanced Cell Technology not too long ago was the predominant leader in the field of regenerative medicine. It fell from that distinction in part due to executive management hubris and ultimately the credit crisis in mid-2008. ACT was able to resurrect itself from near bankruptcy in June 2008 and now has the distinction of holding two out of the three FDA approved (hESC) trials. ACT is led by a competent executive management team and employs several of the most predominant regenerative researcher(s) in the world.

Snap shot of David: Advanced Cell Technology-(OTC:ACTC)-
• Retinal Pigment Epithelial Cell Program is their lead program-(HESC) trials for both SMD/AMD are expected to start in week(s) Jules Stein Eye Institute at the University of California, Los Angeles (UCLA ) will conduct the 2 (hESC) trials for Stargardt’s Macular Dystrophy (SMD) and Dry Age-Related Macular Degeneration (AMD)
• Filed a European Clinical Trial Application for Phase 1/2 study using (hESC) to treat macular degeneration
• Issued a broad patent for hESC-derived RPE cells in China
• Seeking funding & joint venture partner for Myoblast program for the treatment of cardiovascular disease Phase 2 approved by the FDA
• Joint ventured with Korean medical giant CHA to form “Stem Cell & Regenerative Medicine International” (SCRMI). This partnership expected to file an investigational new drug application (IND) with the FDA in Q-4 of this year. CHA biotech is waiting for final approval from the Korea Food and Drug Administration for (hESC) trial for AMD
• Issued patent on its “single-blastomere” technique. Patent Number 7,893,315 broadly covers ACT’s proprietary single-blastomere technology that provides a non-destructive alternative for deriving hESC lines. This “Embryo-Safe” one-cell biopsy approach similar to pre-implantation genetic diagnosis (PGD), which is widely used in the in vitro fertilization (IVF) process and does not interfere with the embryo’s developmental potential
• 22 full-time employees, six hold PhD or MD degrees-Formed in 1994, HQ in Menlo Park, California with laboratory facilities in Marlborough, MA
• Total operating expenses in 2010: $22,044,701
• Cash, restricted cash, cash equivalents and marketable securities: $34,889,409
• Trades on the OTC:BB ACTC is a Sarbanes–Oxley Act SEC reporter
• Corporate financial statements:http://www.sec.gov/Archives/edgar/data/1140098/000101376211000631/form10k.htm

If you are looking for maximum possible ROI in the short term and can tolerate high risk, then maybe Advanced Cell Technology (OTC:ACTC) is for you? If ACT is validated by the FDA, the (RPE) MA-09 “embryo-safe” cell lines would open up an annual $25,000,000,000.00 market treating (AMD). Yes that is (b) with an (illion) annual market share! No FDA approved treatment exist for (AMD) in the world. This disease effects 30 million in the USA & EU alone. Cell lines have potential to treat 200 retinal eye diseases. ACT has been approved for U.S. Orphan Drug status protection for (SMD). This status by the FDA provides ACT seven years of market protection. ACT is expecting EU-Orphan Drug status for (SMD) and if awarded would receive 10-years of market protection. The recent patent protection for ACT’s RPE cells in China firmly establish potential world dominance of the (AMD) market. What is the down side? One glaring red flag is that ACT has two years of operating capital and enough cash to fund both the SMD/AMD Phase-1/2 trials in the U.S. If ACT’s AMD/SMD trials are not validated, ACT would most likely be forced to institute a massive reverse split due to the O/S nearing its A/S. ACT has placed all of its eggs in one pipeline basket, choosing the low hanging fruit model. ACT is counting on the exceptional Casey Eye Clinic animal results. Dr. Raymond Lund Ph.D., considered one of the world’s foremost experts in retinal cell physiology and vision restoration. Dr. Lund recently said the following: “The study results of ACT’s RPE cells implanted in the various animal models of macular degeneration was phenomenal. If ACT observes even a fraction of that benefit in humans, it will be nothing short of a home run.”

Disclosure: www.investorstemcell.com is the world’s only online discussion forum dedicated bringing investors & stakeholders together in thoughtful discussion about stem cell & regenerative medicine. www.investorstemcell.com nor any of its Companies have been compensated by “any” party for this article. Before making an investment decision an investor should perform due diligences. Once completed find out what the street thinks at www.investorstemcell.com

Contact Details: www.investorstemcell.com
icell@investorstemcell.com

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Automotive, Marketing, Transportation & Logistics

RPM Auto Sales USA Has Grown Into One Of The Largest Used Car And Truck Dealers In Ocean County

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May 07, 2011 /RTPR/ — RPM Auto Sales USA located at 980 Route 9 in Bayville has grown it’s business into one of the largest used car and truck dealers in Ocean County by exceeding their customer’s expectations. RPM only inventories the highest quality of used cars and trucks so that customers who visit the Rpm 6 acre facility want to buy their vehicles hence, there is never any pressure to buy from their friendly staff.

RPM Autos has used vehicle buyers that have over 100 years of used car experience that purchase clean vehicles for RPM’s customers with clean
Carfaxes. Rpm has finance reps on location to get all loans approved for their clients on the spot with rates as low as 3.9%. Please call Rpm Auto Sales Usa at 800.622.7079 for more info or visit their website at www.rpmautosalesusa.com.

RPM Auto Sales…Your Friends in The Business!

Contact Details: RPM Auto Sales Usa
980 RT 9
Bayville, NJ, 08721
800.622.7079 www.rpmautosalesusa.com

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Business, Financial, International Trade, Software, Technology

SmartCo opens London Office

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London, May 5, 2011
SmartCo announces its continued international expansion with the opening, in May 2011, of a London office to support its growing operations in the UK and Northern European markets.
SmartCo has seen an increase in the number of its international clients and as part of its internationalisation strategy, the Paris and Boston-based software company’s goal is to be present in the world’s leading financial centers, in order to best support its clients through such local presence. The establishment of operations in London will allow SmartCo to react quickly and efficiently to customer-led demand and coincides with an increased sales and account management footprint in the UK and Northern European markets.
Pascal Mougin, SmartCo’s CEO, comments: “We are very excited to have established a formal presence in London. By opening an office in the UK, we will ensure that we continue to provide the highest level of service and dedication to the UK and Northern European markets. SmartCo is fully committed to meeting the diverse needs of each of these marketplaces. While we are already the market leader in France and have achieved remarkable success in other countries around the globe, the UK has always been one of our most important target markets, as it has for any financial software company. Our presence in London will certainly influence our ability to further penetrate and understand the needs and requirements of our clients and prospects.”
About SmartCo:
Since 2004, SmartCo has helped financial institutions of all sizes to optimise their data management capabilities with a state-of-the-art software solution, the SmartCo DataHub. SmartCo is a fast growing and dynamic international company with its main headquarters in Paris, North American headquarters in Boston, a new office in London and consulting and integration partners in several North American and European cities.
Innovation and flexibility is our motto: In addition to the centralisation of securities and counterparties reference and market data and the ability to fully cover the operational data needs for any financial institution, SmartCo DataHub allows its clients’ core data management processes to seamlessly evolve with their business and market needs without any constraints from the software vendor.
Please feel free to contact our new London office at:
SmartCo
88 Wood Street
London EC2V 7RS
United Kingdom
+44 (208) 528 1531
For additional information about SmartCo, go to http://www.smartco.com or email us at info@smartco.com
Accounting, Financial, Government, Internet & Online, Non-Profit, Society

New Report Describes Poor Quality Tax Preparation In New Mexico

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LONGMONT, Colorado (May 6, 2011) – Between February 1 and April 18, 2011, First Nations Development Institute conducted 12 “mystery shopper” tests of paid tax preparers in New Mexico. These mystery shopper tests were conducted in communities with a high Native American population and close to Indian reservations. First Nations visited tax preparer sites in Gallup, Grants, Bernalillo, Farmington, and Albuquerque, New Mexico. The goal of the work was to assess the quality of tax preparation services and to test the hypothesis that the tax preparation firms are steering people toward expensive products, such as Refund Anticipation Loans or Refund Anticipation Checks.

This research uncovered several problems with inaccurate, unethical, or unprofessional behavior on the part of tax preparers. “In our small sample of mystery shoppers, it was shocking what we uncovered,” stated Shawn Spruce, a financial education consultant for First Nations. Spruce also shared,“Unfortunately, the companies that our mystery shoppers visited did a poor job preparing even basic tax returns and could have exposed them to serious tax liability. In general, we were startled by the low quality service and the fact that two of these companies automatically signed our shoppers up for expensive Refund Anticipation Checks, even though they could have directly deposited their tax returns into their own bank accounts.”

Michael E. Roberts, president of First Nations Development Institute, stressed the importance of conducting the mystery shopper tests and resulting research on tax preparers.

“This research reinforces what other studies have found,” stated Roberts. “There is a great need for better regulation of tax preparers so that low-income people can hold on to their hard earned tax refunds and avoid expensive and predatory products like Refund Anticipation Checks. It is unfortunate that tax time serves as an opportunity to exploit Native American taxpayers through high fees and unnecessary products that take money out of taxpayers’ pockets.”

On May 4, 2011, Spruce presented the findings in Tax Time Troubles, a First Nations Development Institute report that provides details about predatory, unprofessional, and inaccurate tax preparation firms serving often low income communities in New Mexico. Spruce was the evening keynote speaker at the Effective Asset Building Strategies in New Mexico conference being held at the Indian Pueblo Cultural Center in Albuquerque, New Mexico. This conference was sponsored by Prosperity Works, a nonprofit organization that works to reduce the impact of predatory lending and whose mission is to ensure that every New Mexican has the opportunity, knowledge and relationships to achieve economic prosperity.

For more information about the research report Tax Time Troubles, visit First Nations Development Institute’s website at www.firstnations.org.

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CONTACT:
Sarah Dewees, Senior Director of Research, Policy, and Asset-Building Programs
First Nations Development Institute
2217 Princess Anne Street, Suite 111-1
Fredericksburg, VA 22401
Tel/540.371.5615
Fax/888.371.3686
sdewees@firstnations.org

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