Wednesday, May 24, 2006

SVCX is Dead

I was right all along. The Board fired Chris Haigh on April 25.
Now the company has gone belly-up owing me more than $120,000.

All the stockholders can thank the putsch which forced me out of the company after we had launched one product (the prepaid card) and as we were actually launching another product -- the virtual Pocketpass account with our first customer, the Arizona Republic newspaper's online premium article archives.

It was clear to those who forced me out that I would not issue false and deceptive press releases nor claim to have contracts or deals that we did not have.

Those responsible know who they are and bear the blame for the dishonest and deceptive actions that led directly to the failure of this company which I founded and whose main products, Pocketpass and Tibanna were so masterfully programmed by Eric Harold.

=========================

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
May 17, 2006
Date of Report (Date of earliest event reported)
Commission File Number: 000-26969
-----------------------------------
SVC FINANCIAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
Colorado 84-1343219

(State or other jurisdiction of (I.R.S. Employer

incorporation or organization) Identification No.)


235 Montgomery Street, Suite 956, San Francisco, California 94104

(Address of principal executive offices)


(866) 370-9600

(Issuer's telephone number, including area code)

if changed since last report)

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

Item 8.01 Other Events


Effective May 17, 2006, SVC Financial Services, Inc. ("SVC" or the "Company") accepted the resignation of Christopher Sorenson as Interim President and Chief Executive Officer of the Company. Additionally, the Company has ceased operations pending additional financing.





SIGNATURES


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


Dated: May 23, 2006

SVC FINANCIAL SERVICES, INC.

/s/ Robert Gold

Robert Gold

Chairman of the Board of Directors

==================================

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION



WASHINGTON, D.C. 20549



FORM 8-K


CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934




April 25, 2006

Date of Report (Date of earliest event reported)



Commission File Number: 000-26969

-----------------------------------


SVC FINANCIAL SERVICES, INC.

(Exact name of registrant as specified in its charter)


Colorado 84-1343219

(State or other jurisdiction of (I.R.S. Employer

incorporation or organization) Identification No.)


235 Montgomery Street, Suite 956, San Francisco, California 94104

(Address of principal executive offices)


(866) 370-9600

(Issuer's telephone number, including area code)

if changed since last report)





Item 1.02 Termination of a Material Definitive Agreement

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers



Effective April 25, 2006, SVC Financial Services, Inc. ("SVC" or the "Company") cancelled all services agreements with The Tyburn Group, which has been providing the services of Christopher Haigh as the President and Chief Executive Officer of the Company. The Board of Directors engaged the services of Christopher Sorensen as interim President and Chief Executive Officer, effective April 25, 2006.



Mr. Sorensen, Age 45, is a management consultant with extensive experience providing interim executive services to early stage companies. He has served as the Company's Vice-President of Operations since October 2003. Previously, Mr. Sorensen was a founding member of the Advanced Technology Group at Andersen Consulting (now Accenture), and has worked with numerous financial services firms, including Northern Trust and Allstate, to design and implement mission critical applications. Sorensen holds a Bachelor's Degree in Economics and an MBA with a concentration in Finance from the University of Illinois, and a Master's of Computer Science Degree from Northwestern University.





SIGNATURES


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


Dated: May 1, 2006

SVC FINANCIAL SERVICES, INC.

/s/ Christopher Sorensen

Christopher Sorensen

Interim President and Chief Executive Officer

1 Comments:

Blogger STD Area Telephone Dialling Codes List India said...

I have not expected such a move. But now this has happened then I would say that company has to get prepared for the future.
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11:56 AM  

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