0001013762-11-000633.txt : 20110317 0001013762-11-000633.hdr.sgml : 20110317 20110317122221 ACCESSION NUMBER: 0001013762-11-000633 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110317 ITEM INFORMATION: Unregistered Sales of Equity Securities ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110317 DATE AS OF CHANGE: 20110317 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Forex International Trading Corp. CENTRAL INDEX KEY: 0001471781 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 270603137 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-161795 FILM NUMBER: 11694377 BUSINESS ADDRESS: STREET 1: 1061 1/2 N SPAULDING AVE. CITY: WEST HOLLYWOOD STATE: CA ZIP: 90046 BUSINESS PHONE: 323-822-1750 MAIL ADDRESS: STREET 1: 1061 1/2 N SPAULDING AVE. CITY: WEST HOLLYWOOD STATE: CA ZIP: 90046 8-K 1 form8k.htm FOREX INTERNATIONAL TRADING CORP. FORM 8-K form8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934

Date of Report (Date of earliest event reported):  March 17, 2011

Commission File Number 333-161795 
 
FOREX INTERNATIONAL TRADING CORP.
(Exact name of small business issuer as specified in its charter)
 
Nevada 
27-0603137
(State or other jurisdiction of incorporation or organization) 
(I.R.S. Employer Identification No.)

One Grand Central Place
60 E 42nd Street, Suite 5310
New York, New York 10165
(Address of principal executive offices)
 
888-333-8075
(Issuer’s telephone number)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

/_/ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
/_/ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

/_/ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

/_/ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
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Item 2.02                      Results of Operations and Financial Condition
Item 7.01                      Regulation FD Disclosure

On March 17, 2011, Forex International Trading Corp. (“Forex”) issued a press release regarding the financial results of Triple 8 Limited (“Triple”).  Forex owns approximately 45% of the outstanding securities of Triple.    A copy of Forex’s press release is attached hereto as Exhibit 99.1.
 
The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01                      Financial Statements and Exhibits
 
Exhibit Number
 
 Description
     
99.1
 
Press Release dated March 17, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  FOREX INTERNATIONAL TRADING CORP.  
       
 
By:
/s/ Darren Dunckel  
    Name:  Darren Dunckel  
    Title: CEO, President, CFO, Treasurer and Director  
       

 
Date: 
March 17, 2011
New York, New York
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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EX-99.1 2 ex991.htm EXHIBIT 99.1 ex991.htm
Exhibit 99.1
 
Forex International Trading Corp. Announces Fiscal Year 2010 Audited Results for Triple 8 Limited

NEW YORK, March17, 2011 (BUSINESS WIRE) -- Forex International Trading Corp. (the "Company") (OTCBB:FXIT), a company principally engaged in offering via affiliates a web-based foreign currency trading platform to non US residents, professionals and retail clients, announced for the year ended December 31, 2010, revenues for Triple 8 Limited, ("Triple"), which is approximately 45% owned by the Company. Triple’s revenue increased $5,128,421 or 221% to $7,450,811, compared to $2,322,390 for the corresponding prior year. Adjusted Pro Forma EBITDA for the year was $1,008,038, an increase of $1,450,647 compared to a loss of $442,609, for the prior year.
 
“Triple 8 Limited’s offshore trading platform delivered strong growth for the year – growing new accounts by 226%, revenue by 221% and going from an adjusted Pro Forma loss of over $440,000 to a profit of over $1 million,” said Darren Dunckel, Chief Executive Officer of the Company.“2010 was an exciting year for us as we strategically put together the components that we believe will enable us to become a power house Forex trading firm.”
 
“In addition, Triple 8 Limited’s UFX subsidiary’s office was relocated into a larger space and we added additional employees to support the growth that was not only experienced in 2010 but to also provide room for future growth.”
 
TRIPLE 8 LIMITED
AUDITED COMBINED STATEMENT OF OPERATIONS
   
Year ended
   
Year ended
 
   
December 31st
   
December 31st
 
   
2010
   
2009
 
   
U.S Dollars
   
U.S Dollars
 
Revenues
           
Net (losses) gain from foreign currency future operations
    7,444,909       2,322,390  
Consulting
    5,903       -  
Total Revenues
    7,450,811       2,322,390  
Operating Expenses
               
Direct costs
    647,190       513,089  
IT & System
    331,733       89,842  
Dealing
    293,359       206,663  
Sales
    1,039,181       495,583  
Marketing
    2,977,369       787,862  
Finance & Regulation
    218,928       88,764  
General and Administrative
    528,242       349,338  
Rent and office
    183,228       102,253  
Finance Expenses
    223,543       131,605  
Total Operating Expenses
    6,442,773       2,764,999  
Operating P&L
    1,008,038       (442,609 )
Depreciation
    348,209       45,370  
Financing Expenses
               
Interest income
    (44,964 )     -  
Financing P&L
    (44,964 )     -  
Profit & Loss before income taxes
    614,865       (487,979 )
Income tax expense
    (66,966 )     (68,522 )
Net Income (Loss)
    547,899       (556,501 )
 
 
 
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About Forex International Trading Corp.
Headquartered in New York, NY, Forex International Trading Corp. operates an advanced online trading platform for Forex markets to non U.S. residents. This platform allows self-directed, broker-assisted, managed accounts and accumulation programs. Through the platform, customers have access to over 20 currencies and bullion deliveries. In addition, the company is developing a trading platform for U.S. residents. The company provides education and training via the web as well as at its midtown Manhattan location. The Foreign Currency Market ("Forex" or "FX") is created by the global exchange of currencies. According to the Bank for International Settlements, the average daily turnover, or, volume in the Global FX market in April 2010 was $4 Trillion compared to only $1.2 Trillion in 2001 (Wall Street Journal, Sept. 1, 2010). Historically, access to the FX market was only available to governments, commercial banks, corporations, and other large financial institutions. The Company is now capitalizing on the growth of online currency trading through its state of the art web-based trading platform.

For more information, please visit: http://forex-international-trading.com

About Triple 8 Limited
Headquartered in Cypress, Triple 8 Limited which operates an advanced online trading platform for Forex markets to non U.S. residents. Triple operations run on a ParagonEX platform that includes: Trading & Risk Management; Marketing & Sales; Customer Service Support and Retention; and Back Office Compliance and Administration. Triple’s web based platform is available in 9 different languages. Triple has an experienced team of executives with strong backgrounds in online Forex Trading.

Forward-Looking Statements: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others, whether Forex International Trading Corp. can successfully execute its operating plan; its ability to integrate acquired companies and technology; its ability to retain key employees; its ability to successfully combine product offerings and customer acceptance of combined products; general market conditions; and whether Forex International Trading Corp. can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. Forex International Trading Corp. does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Investor Relations Contact
Paul DeRiso
Core Consulting Group
925-465-6088
paul@coreconsultingroup.com
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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