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

No Sign That I am wrong

I've been quiet for a year. Trying to give them a chance to produce something.

It's still all bullshit and bluster.

Sound and fury signifying that they don't have a clue or a product.

Customers? Oh, sure.

CEO Haigh and the Transfund guys are long on talk and short on detail when it comes to customers.

They keep citing the same "twelve customers."

But never a name. Never.

The logical thing for them IF they actually have a customer is to talk about it. It would certainly make for a lot more credibility than the hype and flackery they've issued about "authorizing" some kind of meaningless alliance.

See "SVC Authorizes New Partner, Alliance Group International for Outbound Marketing, Data Mining, and Email Campaign Support" for the sort of tripe they have been putting out instead of announcing REAL customers.

This just makes one wonder ...

After ousting me from Pocketpass, the new CEO, Chris Haigh did not contact our existing customers or a ranking executive at Prudential Securities who had people interested in investing.

This makes me wonder why?

Why did Haigh and the Transfund investors NOT want customers and investors that were beyond their own tight circle?

Greater Fool Theory

I have been on a road trip for the past 10 days signing books, visiting book stores and media and so have not been posting substantial stuff. That will resume next week.

However, I was looking at the 16,000 shares of SVCX purchased yesterday at $0.45 and can't help wondering just what would make someone toss almost $8,000 on a stock based on no credible news, no product, no visible customers and no current SEC filings.

Fast Talking and Fancy Dancing

Either:

Something exists, or it doesn't;

Something works, or it doesn't;

Customers exist or they don't;

Commitments are honored, or they're not.

All the fast talking and fancy dancing in the world may obscure reality but will never change it.

SEC Filings?

Other than ownership filings and those mysterious auditor filings, there has been nothing from SVCX since January 2004.

In the absence of SEC filings, audited financials and solid data (which the CEO and CFO must legally stand behind) there is no credible information from the company.

No credible information means that all of the trades which have taken place this year are either purely speculative or insider trading.

And that means that the listed stock price is NOT based on value, but is just a sucker's bet.

Blue smoke, mirrors and excuses ...

Seems to be ALL that SVC Financial has to show.

While CEO Chris Haigh claims to have a working product, he is incapable of showing it to anyone outside the company. I'd say that means he does NOT have the working product he claims.

He also claims he has 12 "customers." But he won't name them. Could that be because no customers exist? And by customer, I mean someone using the system for "REVENUES" that SVCX would get a share of.

Pocketpass had paying customers a year ago -- Wine Market Report and Olive Software/Active paper. And we had many others evaluating it because a year ago, anybody with a web connection could download Tibanna and use it ... it was a complete product ... rules, wrapper and payment processing system. Tibanna was its own sales vehicle until Transfund choked it to death.

Further, from what I have been able to tell, the "Mazarin" product sounds like an application tool kit rather than a product that is ready-to-use "out of the box" as Tibanna was. Sure, the first tibanna was for .pdf, but each supported format was going to cost $5K or less.

Tibanna's target market was not simply the technically adept (which is what you have to use an apptoolkit) but to expand far, far beyond that and migrate to the content creator.

If what I have heard is true, then it is VERY dismaying, because there are other companies offering toolkits ... nobody needs another tool kit ... and the transaction processing side is the CORE of the system and the profit model. without the back-end, the product is useless.

So, there's no credible proof of real customers and nothing other than a few "strategic alliances" that are just hype.

Fired Auditors Cover Their Assets?

I'll make no comment on this until after this Friday (8/13/04) other than to say it makes me wonder just what the heck really is going on.

From FORM 8-K/A Filed By SVC Financial Services With The SEC August 9, 2004

Exhibit 16.1

August 6, 2004

Securities and Exchange Commission

450 Fifth Street, N.W.

Washington, D.C. 20549

Re: SVC FINANCIAL SERVICES, INC.

Commission File No. 000-26969

Ladies and Gentlemen:

We have read Item 4 of SVC Financial Services, Inc.'s Form 8-K/A dated August 3, 2004, and we agree with such statements, except that [emphasis added]

(1) in reference to item (a)(iii), we are not in a position to confirm that the change was ratified by the Board of Directors of SVC Financial on December 18, 2003 as no formal written communication was received by us regarding the change, and

(2) we are not in a position to confirm that SVC Financial Services, Inc. engaged new principal accountants on December 18, 2003, and therefore, during the fiscal years ended December 31, 2002 and 2001, and the subsequent interim period to the date hereof, SVC Financial Services, Inc. did not consult Weinberg regarding any of the matters or events set forth in Item 304(a)(2)(i) and (ii) of Regulation S-B.

Very truly yours,

/s/ Lichter, Weil & Associates

Lichter, Weil & Associates

Waiting ....

A bit more than a week now and...nothing. Not a product, not a word.