0001013762-11-001150.txt : 20110425 0001013762-11-001150.hdr.sgml : 20110425 20110425134505 ACCESSION NUMBER: 0001013762-11-001150 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110425 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110425 DATE AS OF CHANGE: 20110425 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: 11776960 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):  April 25, 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))
 
 
1

 
 
Item 8.01 Other Events.

On April 25, 2011, Forex International Trading Corp. (the “Company”) issued a press release announcing that its Board of Directors has approved a share repurchase program as of April 25, 2011.  Under the program, the Company is authorized to purchase up to 1,000,000 of its shares of common stock in open market transactions at the discretion of management.  All stock repurchases will be subject to the requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and other rules that govern such purchases.  A copy of the press release is included as exhibit 99.1 of this report.

Item 9.01 Financial Statements and Exhibits.

 
(a)
Financial statements of business acquired.

Not applicable.

 
(b)
Pro forma financial information.

Not applicable.

 
(c)
Shell Company transactions.

Not applicable.

 
(d)
Exhibits.
 
Exhibit Number
 
Exhibit Description
     
99.1
 
Press Release dated April 25, 2010
 

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, Secretary, Treasurer and Director
 
       
 
Date: April 25, 2011
New York, New York
 
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EX-99.1 2 ex991.htm EXHIBT 99.1 ex991.htm
EXHIBIT 99.1
 
FOREX INTERNATIONAL TRADING CORP. ANNOUNCES REPURCHASE PROGRAM
 
New York, NY – April 25, 2011 – Forex International Trading Corp. ("Forex”, OTCBB: FXIT) announced that it is adopting a share repurchase program. The Company's Board of Directors designated a program to repurchase, from time to time, at management's discretion, up to 1,000,000 shares of the Company's common stock in the open market and continuing through December 31, 2011 at prevailing market prices.
 
Darren Dunckel, Chief Executive Officer of Forex International Trading, stated, “As part of our company’s long-term strategy to grow both organically and through acquisitions, we have evaluated the recent price levels and we believe that our common stock represents an attractive investment opportunity for our company.  It is our position that our company is fundamentally sound and the decision to initiate the share repurchase program illustrates the confidence we have in the long-term value of our company. We will continue to pursue initiatives from an operational standpoint that are key to our development as well as investments that are in the best interest of our company and our stockholders.”

There can be no assurance as to how many common shares will be purchased. In addition, the repurchase program may be suspended or discontinued at any time.  Common stock acquired though the repurchase program will be held as treasury shares and may be used for general corporate purposes, including reissuances in connection with acquisitions, employee stock option exercises or other employee stock plans.  Repurchases will be made under the program using our own cash resources and will be in accordance with Rule 10b-18 under the Securities Exchange Act of 1934 and other applicable laws, rules and regulations.   The Vertical Group will act as agent for the Company stock repurchase program.

About Forex International Trading Corp.
 
Headquartered in New York, NY, Forex International Trading Corp. operates an offshore advanced online trading platform for Forex markets to non U.S. residents. For US residents the company operates an online currency trading platform and online futures trading platform under its Beam Financial Group of companies. The Company focuses on providing individual and institutional investors with a platform for buying and selling currencies, precious metals and commodity futures. The company’s platforms allow self-directed, broker-assisted, and managed accounts. Through the platforms, customers have access to over 20 currencies and bullion deliveries. 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 platforms.

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

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