Due to the Company’s strategic shift to Visitalk Capital in 2004, necessitated by the Company’s fading and limited net operating loss carry forwards (“NOLs”), Aztoré Holdings has a very limited portfolio. Almost all the Company’s identifiable value is in its debt and equity positions in Visitalk Capital Corporation. Therefore, this portfolio section links gives information on VCC and provides a link to VCC’s web site where more detailed information is available.

As of June 30, 2008 VCC has notes due the Company of about $2,700,000 which includes substantial accrued but unpaid interest (more than $700,000).

The Company also owns 2,599,309 shares of VCC’s common stock. These shares represent approximately 40.3% of VCC’s common stock outstanding.

The Company does hold other portfolio interests which are highly speculative. None of these major positions are trading. This information is provided in more detail in the Company’s June 30, 2008 financial balance sheet. These interests could have value in the future if the Company can find an interested buyer who wants control of these non trading entities and the Company can negotiate an acceptable deal to transfer control. We transferred control of two of these portfolio companies, TSI Services and TSI Vision on October 30, 2005 and we know they have been seeking to acquire companies but we are currently just a passive shareholder.

Visitalk Capital Corporation, dba Aztoré Capital (“Aztoré Capital”) was organized in January 2001 as a Nevada corporation to succeed to the business and a majority of the assets of visitalk.com, Inc. (“Visitalk”) under Visitalk’s Chapter 11 Reorganization Plan (the “Visitalk Plan”).  VCC could also be considered the successor to the business of Aztoré Holdings, Inc. (“Aztoré Holdings”), its largest shareholder; Bulldog Investment Company, L.L.C. (“Bulldog”) which preceded Aztoré Holdings, and an even earlier informal partnership between its two senior officers, Michael S. Williams and Lanny R. Lang which can be traced back to 1987.  Aztoré Holdings was active between 1996 and 2004 and Bulldog was active between 1993 through 1995. 

Upon confirmation of the Visitalk Plan in September 2004 and the Court approved merger of Visitalk into Aztoré Capital, VCC began to operate as a non-diversified, closed-end, management investment company.  VCC has several hundred holders of its common stock and warrants.  Because of its bankruptcy antecedents, even though it has more than 100 shareholders, it can operate as an “exempt” investment company.  This means that it is exempt from regulation under the Investment Company Act of 1940 (the “40 Act”).  This exemption allows VCC to “mark to market” its investment portfolio as an investment company, yet does not constrain its concentration in any single investment or subject it to other complex regulatory restrictions and reporting requirements of the 40 Act.

Visitalk, like The Company, deploys creative and active merchant banking and financial advisory services using its own resources.  VCC also acts as an investment banker for its portfolio companies assisting them in raising money from third parties.  Through its consulting division, it provides managerial, financial and operational consulting to companies in both emerging growth situations and in complex troubled-company situations.  VCC specializes in bankruptcy reorganizations, bridge financing, “seed” funding and merger and acquisition activities.  Its primary targets are public companies or companies committed to an early public offering.