QUSA: Cash merger; QUSA acquired by Educational Testing Service, a private entity; for every 1 share of QUSA shareholders have the right to receive $2.7276 in cash.

FINRA deleted symbol at 10:30 A.M.

http://otce.finra.org/DLDeletions

What the heck happened here up 700% today... company is dark

$QUSA recent news/filings

bullish
bull flag breakout



http://www.questarai.com/


## source: finance.yahoo.com

Thu, 27 Aug 2015 13:00:00 GMT ~ Questar Assessment Inc. Launches Its Next-Generation Assessment Platform Designed Around the Needs of 21st Century Educators

[PR Newswire] - MINNEAPOLIS, Aug. 27, 2015 /PRNewswire/ -- Questar Assessment Inc., a K–12 assessment provider focused on building a bridge between learning and accountability, announces the release of Nextera, its next-generation assessment system that combines cutting-edge technology insights with decades of test delivery success into an intuitive, easy-to-use interface. Built for exceptionally high levels of scalability, responsiveness and reliability — and audited by two outside experts to validate its efficacy — Nextera's core technology has been put to the test by multiple states, including the 10-state ELPA21 English Language Learner consortia. Earlier this year, the core technology upon which the Nextera delivery platform was built received the APIP v1 Content Package Conformance and the APIP v1 Delivery Conformance by the IMS Global Learning Consortium's QTI (Question and Test Interoperability)/APIP (Accessible Protocol) Alliance certifications, based on the system's number of student accommodations and its level of compatibility with third-party test items.

read full: http://finance.yahoo.com/news/questar-assessment-inc-launches-next-130000185.html
*********************************************************

Wed, 15 Jul 2015 13:00:00 GMT ~ State of Mississippi Awards Questar Assessment Inc. a Multi-Year Contract to Provide State Summative Assessments

[PR Newswire] - MINNEAPOLIS, July 15, 2015 /PRNewswire/ -- The Mississippi State Board of Education has chosen Questar Assessment Inc. as its statewide summative assessment provider for grades 3–8 and several End-of-Course ...

read full: http://finance.yahoo.com/news/state-mississippi-awards-questar-assessment-130000185.html
*********************************************************

Fri, 10 Jul 2015 04:17:14 GMT ~ N.Y. Education Department Moves to End Use of Some Tests by Pearson


read full: http://www.wsj.com/articles/n-y-education-department-moves-to-end-use-of-some-tests-by-pearson-1436457286?ru=yahoo?mod=yahoo_itp
*********************************************************

Thu, 09 Jul 2015 20:41:25 GMT ~ Questar to take over development of New York assessments


read full: http://sg.finance.yahoo.com/news/questar-over-development-york-assessments-204125141.html
*********************************************************

Thu, 09 Jul 2015 20:41:25 GMT ~ Questar to take over development of New York assessments


read full: http://finance.yahoo.com/news/questar-over-development-york-assessments-204125241.html
*********************************************************

$QUSA charts

basic chart ## source: stockcharts.com



basic chart ## source: stockscores.com



big daily chart ## source: stockcharts.com



big weekly chart ## source: stockcharts.com



$QUSA company information

## source: otcmarkets.com

Link: http://www.otcmarkets.com/stock/QUSA/company-info
Ticker: $QUSA
OTC Market Place: OTC Pink No Information
CIK code: 0000726603
Company name: Questar Assessment, Inc.
Company website: http://www.questarai.com
Incorporated In: DE, USA

Business Description:

$QUSA share structure

## source: otcmarkets.com

Market Value: $1,127,897 a/o Sep 08, 2015
Shares Outstanding: 3,133,046 a/o Mar 01, 2008
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.0001

$QUSA extra dd links

Company name: Questar Assessment, Inc.
Company website: http://www.questarai.com

## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=QUSA+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=QUSA+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=QUSA+Industry

## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/QUSA/news - http://finance.yahoo.com/q/h?s=QUSA+Headlines

## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/QUSA/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/QUSA/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=QUSA+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/QUSA
DTCC (dtcc.com): http://search2.dtcc.com/?q=Questar+Assessment%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Questar+Assessment%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Questar+Assessment%2C+Inc.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.questarai.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.questarai.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.questarai.com

## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/QUSA
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000726603&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/QUSA/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/QUSA/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=QUSA&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=QUSA
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/QUSA/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=QUSA+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=QUSA+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=QUSA
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=QUSA
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=QUSA+Cash+Flow&annual

## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/QUSA/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=QUSA+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/QUSA.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=QUSA
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/QUSA/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/QUSA/insider-transactions

## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/QUSA
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/QUSA
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/QUSA:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=QUSA
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=QUSA



$QUSA DD Notes ~ http://www.ddnotesmaker.com/QUSA

It's basically should be like DNRG with the way it should run.

Not only that though, it beaten a 20 Billion dollar company for a contract. I don't think many companies can possibly compare...

Going up.

Beating out Pearson on this deal is huge for Questar.

This only needs a few more eyes.
The news is also featured on Pearson PLC's feed, a 15.8 Billion dollar company (PSO)
This has HUGE potential

It is hard to believe QUSA isn't trading at a couple of bucks a share with this news. They also have other deals in other states.

Current market cap is $1.2 million.

BUX

http://www.questarai.com/
Check out the website. It has all the information.
It's the same company!

Now actual amount out by the state of NY
$44 Million.

$QUSA Wow 44 MILLION $ DEAL!

N.Y. Education Department Moves to End Use of Some Tests by Pearson
3 days 13 hours 1 minute ago - DJNF
By Leslie Brody
After years of complaints about confusing questions and scoring errors on some tests, New York education officials announced plans Thursday to drop Pearson PLC as the vendor of state exams for grades three to eight.

The state Education Department said it intends to award a roughly $44 million, five-year contract to Questar Assessment Inc., to devise new annual exams for language arts and math in those grades.

The switch follows an unprecedented surge of parents who chose to have their children skip the federally mandated tests last spring, saying they ate up too much class time and were often too complex. Critics of Pearson ridiculed some of its questions, such as a famous 2012 passage about a talking pineapple.

Laura Howe, a spokeswoman for the London-based company, said Pearson was disappointed it didn't get a new contract but that it had an "unwavering" commitment to the state.

"We will continue to serve the people of New York through our other assessment work along with learning materials and higher-education services," she said.

Pearson had contracts for New York exams for language arts and math totaling $38.8 million, ending next June, according to the state comptroller's website.

Questar is based in Minneapolis. Jeanne Beattie, an Education Department spokeswoman, said it beat three other bidders for the contract, which requires it to develop computer-based versions of the test for districts that want them.

"Our students deserve the best, most accurate assessments we can give them," Board of Regents Chancellor Merryl H. Tisch said in a statement.

Assessments from the new vendor will start in the coming school year, but questions created by Pearson won't disappear: Ms. Beattie said they were the state's property and could still be used.

While New York teachers were involved in developing test questions under the Pearson contract, the Education Department said the new deal will add steps for local educators to have input. It wasn't clear how teachers would have more say.

The department didn't make the new contract public, saying it must still be approved by the attorney general and comptroller.

Even so, New York State United Teachers President Karen Magee expressed optimism that teachers will have more influence than in the past.

"The practitioner's voice has been respected, and we're starting to shift the conversation to where it should be, with experts in the field weighing in," Ms. Magee said.

The change in vendors also drew applause from High Achievement New York, an advocacy group that promotes the Common Core, a set of rigorous academic standards adopted by most states. The tests are supposed to reflect what students learn through these guidelines.

"This vendor doesn't have the lightning rod attached to it," said the group's executive director, Stephen Sigmund. "We're hopeful that opt-outs will be reduced...and people generally will become more comfortable with assessments."

At least one promoter of boycotting tests said dropping Pearson wouldn't tamp down the opt-out movement. Lisa Rudley, a founding member of New York State Allies for Public Education, said she was glad to see Pearson go and hoped the new vendor would be more transparent. But she said state testing will still drain money, waste time and narrow the curriculum.

"As long as tests are tied to teacher and principal evaluations, it will still impact what happens in the classroom," Ms. Rudley said. Her group estimates at least 200,000 students sat out testing in the spring, though state officials haven't released data to confirm that number.

A spokesman for Questar didn't respond to a request for comment.

Write to Leslie Brody at leslie.brody@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

July 09, 2015 21:57 ET (01:57 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.

Wow, QUSA just signed a $44 million deal with New York.

No, I don't really follow them anymore.

Mike, do you still follow QUSA? Contract out this am with state of FL, but doesn't list amount. Not a lot of info on yahoo.

Questar Assessment, Inc. Announces Its Intention to Terminate SEC Registration and Reporting Obligations
Friday June 13, 2:51 pm ET


BREWSTER, N.Y., June 13 /PRNewswire-FirstCall/ -- Questar Assessment, Inc. (OCT Bulletin Board: QUSA) announced its intention to voluntarily file a Form 15 with the United States Securities and Exchange Commission to terminate the registration of its shares of Common Stock under Section 12(g) of the Securities Exchange Act of 1934 (the "Exchange Act"), and to terminate its reporting obligations under Sections 13(a) and 15(d) of the Exchange Act. Under the rules promulgated under the Exchange Act, a company is eligible to terminate its reporting obligations if it has less than 300 record stockholders. The Company has approximately 70 record stockholders, many of whom are officers, directors, employees and affiliates of the Company. Under applicable SEC rules, the Company's SEC reporting obligations will be suspended immediately upon the filing of the Form 15, and the deregistration of its securities will become effective 90 days after filing, barring any objections from the SEC.

The Company's Board of Directors decided to terminate the registration of its securities under the Exchange Act in order to reduce the administrative burdens and costs associated with being a public reporting company. The costs of maintaining reporting company status have greatly increased over the last several years, especially in light of the additional requirements imposed by Sarbanes-Oxley.

After the deregistration becomes effective, the Company's Common Stock will move from the OTC Bulletin board to the Pink Sheets. Mr. Andrew Simon, Chairman of the Company, stated that, "In the long term, we believe that our stockholders will benefit from our decision to dedicate management's time and corporate funds to the growth of our company instead of on SEC reporting."

ABOUT QUESTAR ASSESSMENT, INC.

Questar Assessment, Inc. headquartered in Brewster, N.Y., offers a comprehensive suite of educational assessment solutions to states, schools, school districts and to third parties. As one of the nation's leading providers, Questar provides products and services that range from test design, development, calibration, and psychometric services through print production, distribution, scanning, scoring, reporting, and data analysis services, as well as readability analysis of written materials. To meet the requirements in electronic assessment, Questar offers on-line testing services to schools and educational entities in the K-12 market as well as customized assessment engines for curriculum providers. For more information, visit the company's website at www.QuestarAI.com.

Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to risks and uncertainties, which are enumerated in the company's reports filed with The Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from those projected or implied in the forward-looking statements.




--------------------------------------------------------------------------------
Source: Questar Assessment, Inc.

Shares Up 8.57 Percent Friday; as Company Rated with "BUY" Rating from Dutton Associates

In a recent Research Note; the Analyst noted that the Dutton fiscal 2007 revenue estimate remains $45.8 million.

However, Dutton has raised its expense projection to include one-time costs associated with the closing of a seasonal scoring center and downsizing activity as a result of the expiration of a large contract at the end of July. Dutton estimates that will contribute approximately $8 million to $9 million to fiscal 2007 revenue.
In fiscal 2008, Dutton projects a modest revenue decline year over year due to the contract expiration. We expect much of the lost revenue to be offset by revenue contributions from new contract wins, but we are not assuming incremental revenue beyond that.

However, the Company’s bidding activity is, and we believe will continue to be, high, and it has had notable contract wins so far this year.
Despite our projection of lower revenue in fiscal 2008, we expect the year’s earnings per share to increase significantly for three reasons. First, management projects that amortization of intangible assets acquired from Questar Educational will decline roughly $1.7 million to $960,000 in fiscal 2008 from approximately $2.6 million in fiscal 2007.

Second, we expect expenses to be well controlled as management takes advantage of significant opportunities to eliminate redundancies, hold down costs, and achieve greater operating efficiencies.

And, third, we expect Questar Assessment’s operations to generate cash in excess of capital requirements in fiscal 2007 and fiscal 2008 and look for some of this cash to be used to repay debt, reducing interest expense.
Management’s four-year goals include revenue of $100 million. It projects that approximately 70% of growth during the coming four years will be internal, with the balance contributed by acquisitions.

"Please see the disclaimers on the QualityStocks.net website."

I've requested iHub to change the board to Questar Assessment (QUSA) to reflect the name change done by TASA.

Mike

Note that the ticker changed from TASA.ob to QUSA.ob.

I currently have no position in QUSA.

Mike

Touchstone Applied Science Associates Reports 212% Revenue Growth for Q1 Fiscal 2007
Monday March 19, 7:00 am ET
-- Revenue Growth from both Core Operations and Questar Acquisition
-- Year-Over-Year Q1 Pro Forma Revenue Grows 16%
-- Posts EBITDA of $442,000 or Nine Cents Per Diluted Share
-- Amortization Expense Affects Bottom Line
-- Company to be Renamed Questar Assessment, Inc.


BREWSTER, N.Y., March 19 /PRNewswire-FirstCall/ -- Touchstone Applied Science Associates, Inc. (OTC Bulletin Board: TASA - News) today reported strong increases in revenue for the first quarter of fiscal 2007. The increase came from both the impact of Questar Educational Systems, acquired on May 31, 2006 and from core operations (revenue sources previous to the Questar acquisition). Revenues in the first quarter ended January 31, 2007 increased 212% to $9.6 million from $3.1 million in the first quarter of 2006.
ADVERTISEMENT


"We achieved a solid first quarter performance," said Andrew L. Simon, President and CEO. "Questar added $5.9 million in revenue to the first quarter. Equally significant, we experienced 20% growth in revenues, excluding the contribution from Questar. The growth came from the addition of new projects along with performing incremental scope work within our existing contracts."

Simon noted that first quarter revenue and net income were both in line with management's expectations. "Typically the first quarter is when we see our client project workload begin to accelerate. Our fiscal second and third quarters are typically when we realize a majority of our revenue and earnings." The Company's second quarter ends April 30, 2007. Simon added that, "We have a full plate of projects to complete over the next few months. Given our anticipated workload, we felt it was important to complete our re- branding and staff realignment as early as possible. That allows us to focus our attention on serving our customers, project performance and business development." The Company has announced that, effective March 19, 2007, it will be renamed "Questar Assessment, Inc."

Simon further stated, "We recorded a net loss of $455,000, or $.09 per share, in the first quarter. However, we believe our net cash generated or EBITDA * (earnings before interest, taxes, depreciation and amortization) is a good indicator of our financial performance. Our EBITDA in the first quarter was approximately $442,000."


* -- EBITDA is not a measure of financial performance under accounting
principles generally accepted in the U.S. or GAAP, and should not be
considered an alternative to net income, or any other measure of
performance under GAAP, or to cash flows from operating, investing or
financing activities as an indicator of cash flows or a measure of
liquidity.

As previously announced the company recorded amortization expense associated with the intangible assets acquired from Questar. This non cash expense was approximately $650,000 during the first quarter. This amounted to a $.08 per share reduction in earnings.

PRO FORMA RESULTS

On a comparative pro forma basis, after giving effect to the Questar acquisition as of May 31, 2006, EBITDA increased to $442,000 in the current quarter from approximately $260,000 in the first quarter of last year. Comparative pro forma revenues increased to $9.6 million this period from $8.3 million in the first quarter a year ago. EBITDA per share for the first quarter fiscal 2007 was $.09 versus a pro forma $.05 for the first quarter a year earlier.

GROSS MARGINS / OVERHEAD COSTS

"Gross margin in the first quarter was 46%," Simon stated. "This was in line with our expectations and up from 36% in the first quarter of fiscal 2006. The increased gross margin was attributable to both the inclusion of the Questar projects in the current quarter as well as an increase in the gross margin experienced on projects undertaken previous to the Questar acquisition. Although margins will vary from period to period as our project mix changes, we are beginning to achieve greater efficiency in our overall business due to the streamlining of certain cost structures. We have also been able to leverage our existing capacity over a larger project and revenue base."

MANAGEMENT COMMENTS

"Our combined operations are working well together. The first several months after any major acquisition are filled with challenges but I am pleased with the progress we have achieved to date. We expect our new identity as Questar Assessment, Inc. to complete the melding of what had been two distinct organizations into a single, more vibrant entity. It will also be an important tool in our business development efforts. Although our new identity will be formally rolled out today, you will note we have begun using our new name at the end of this news release," Simon stated.

"We still have work to do in terms of securing additional projects that will allow us to make optimal use of our assets. We are also accelerating our business development activities to ensure that customers are fully aware of the scope of our capabilities and to realize our full potential. The market for assessment services is robust. Although we must still compete for new business, our new identity, combined with the breadth of our product offerings the depth of our management expertise and our tradition of outstanding service provide us with greater ability to compete for -- and win -- new contracts."

CONFERENCE CALL Monday March 19, 2007 at 10:00 a.m. EDT

Management will host a conference call this morning to discuss first quarter fiscal 2007 results. The call is scheduled to begin at 10:00 a.m. EDT. Participants may dial: 1-201-689-8470 for the live call. The call will also be web cast live and archived for three months. The web cast can be accessed at: http://viavid.net/dce.aspx?sid=00003BF5 .

ABOUT QUESTAR ASSESSMENT, INC. (formerly TASA)

Questar Assessment, Inc. headquartered in Brewster, N.Y., offers a comprehensive suite of educational assessment solutions to states, schools, school districts and to third parties. As one of the nation's leading providers, Questar provides products and services that range from test design, development, calibration, and psychometric services through print production, distribution, scanning, scoring, reporting, and data analysis services, as well as readability analysis of written materials. To meet the requirements in electronic assessment, Questar offers on-line testing services to schools and educational entities in the K-12 market as well as customized assessment engines for curriculum providers. For more information, visit the company's website at http://www.tasa.com .

Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to risks and uncertainties, which are enumerated in the company's reports filed with The Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from those projected or implied in the forward-looking statements.



Tables Follow ...

                 TOUCHSTONE APPLIED SCIENCE ASSOCIATES, INC. 
                                AND SUBSIDIARIES 
  
                          CONSOLIDATED BALANCE SHEETS 
  
                                                     January 31,   October 31, 
                                                       2007           2006 
     ASSETS                                         (Unaudited) 
  
     Current assets: 
       Cash and cash equivalents                     $895,533       $789,288 
       Restricted cash                                 21,849         20,307 
       Accounts receivable, net of allowance for 
        doubtful accounts of $33,000 and $33,000, 
        respectively                                6,858,949      8,611,587 
       Inventories                                    476,293        545,362 
       Prepaid expenses and other current assets      666,942        496,509 
       Deferred income taxes                          392,094        364,031 
  
         Total current assets                       9,311,660     10,827,084 
  
     Property and equipment -- net of accumulated 
      depreciation of $1,262,000 and $1,013,000, 
      respectively                                  3,518,193      3,734,227 
  
     Other assets: 
       Test passage bank and test development, 
        net of accumulated amortization of 
        $4,580,000 and $4,509,000, respectively     2,389,189      2,335,670 
       Non Compete Covenants, net of accumulated 
        amortization of $70,000 and $44,000, 
        respectively                                  289,354        315,659 
       Customer contracts, net of accumulated 
        amortization of $1,005,000 and $377,000, 
        respectively                                3,494,684      4,122,678 
       Goodwill                                    13,647,586     13,647,586 
       Deferred income taxes                        1,584,984      1,325,379 
       Other assets                                   331,209        349,832 
  
         Total assets                             $34,566,859    $36,658,115 

                 TOUCHSTONE APPLIED SCIENCE ASSOCIATES, INC. 
                                AND SUBSIDIARIES 
  
                    CONSOLIDATED BALANCE SHEETS (Continued) 
  
                                                     January 31,    October 31, 
                                                       2007           2006 
     LIABILITIES AND STOCKHOLDERS' EQUITY           (Unaudited) 
  
     Current liabilities: 
       Revolving credit agreements                         $-     $1,774,819 
       Current maturities of long-term debt         1,744,044      1,459,502 
       Accounts payable                             2,003,145      2,794,301 
       Income tax payable                             208,319        204,319 
       Accrued expenses                             3,398,653      1,996,161 
       Other liabilities                                  ---        470,490 
       Deferred gain on sale of building - 
        current portion                               125,438        125,438 
  
         Total current liabilities                  7,479,599      8,825,030 
  
     Long-term debt: 
       Long-term debt, less current portion        11,946,821     12,405,735 
       Interest Rate Swap Devaluation                  35,960         77,155 
       Deferred gain on sale of building, net of 
        current portion                               679,458        710,817 
  
         Total liabilities                         20,141,838     22,018,737 
  
     Commitments and contingencies 
  
     Stockholders' equity: 
       Preferred stock, $.0001 par value, 
        5,000,000 shares authorized, issued and 
        outstanding 1,888,888, respectively               189            189 
       Common stock, $.0001 par value, 
        20,000,000 shares authorized, 3,021,561 
        and 2,946,047 shares issued and 
        outstanding, respectively                         302            295 
       Additional paid-in capital                  15,310,527     15,069,034 
       Accumulated deficit                           (885,997)      (430,140) 
  
         Total stockholders' equity                14,425,021     14,639,378 
  
     Total liabilities and stockholders' 
      equity                                      $34,566,859    $36,658,115 

                 TOUCHSTONE APPLIED SCIENCE ASSOCIATES, INC. 
                                AND SUBSIDIARIES 
  
                       CONSOLIDATED STATEMENTS OF INCOME 
                              FOR THE THREE MONTHS 
                        ENDED JANUARY 31, 2007 and 2006 
  
                                                       2007          2006 
                                                                  (Restated) 
  
     Net revenue earned                            $9,592,013     $3,074,014 
  
     Cost of goods sold                             5,203,142      1,963,479 
  
     Gross profit                                   4,388,871      1,110,535 
  
     Operating expenses: 
       Selling                                        581,959        349,717 
       Depreciation and amortization                  928,591         61,769 
       General and administrative                   3,440,105        983,505 
  
     Total operating expenses                       4,950,655      1,394,991 
  
     Loss from operations                            (561,784)      (284,456) 
  
     Other income (expense): 
       Gain on sale of assets/leaseback of building    63,996         31,360 
       Interest income                                    369          3,902 
       Interest expense                              (242,107)       (24,106) 
  
     Loss before income taxes                        (739,526)      (273,300) 
  
     Income tax benefit                              (283,669)      (103,452) 
  
     Net Loss                                       $(455,857)     $(169,848) 

Touchstone Applied Science Associates Reports Strong Revenues For Fiscal 2006
Monday March 12, 7:00 am ET
-- Growth Fueled by Core Operations and Large Acquisition
-- Non-Cash Charges Affect Bottom Line but EBITDA Reaches 27 Cents per Diluted Share
-- Pro forma Revenues Grow 19% to $45.1 Million
-- Pro forma EBITDA $1.29 per Diluted Share
-- Company Re-Branding to be Completed in Early 2007
-- Outlook for Fiscal 2007 Promising


BREWSTER, N.Y., March 12 /PRNewswire-FirstCall/ -- Touchstone Applied Science Associates, Inc. (OTC Bulletin Board: TASA - News) today reported strong increases in revenues for both its fiscal year and fourth quarter ended October 31, 2006. The increases came from both core operations and the May 2006 acquisition of Questar Educational Systems. Revenues in the fourth quarter increased 135% to $8.7 million from $3.7 million in the fourth quarter of 2005. For the year, revenues rose to $23.7 million from $11.7 million, an increase of 103%, the Company said.

"We saw significant increases year over year, due primarily to the acquisition of Questar but we achieved an 18% revenue increase from the business we had prior to June 1, 2006," said Andrew L. Simon, President. "The jump in revenue is a strong sign that TASA's strategic plan is working. We expanded our service offerings both before and after the acquisition of Questar. That has allowed us to bid and win more and larger contracts." He added that, "The year over year revenue increase was in line with our projections."

Simon noted that fiscal 2006 results also reflect the impact of charges against earnings recorded in the fourth quarter. "We made certain organizational changes to better align our staff with its strategic direction. These moves resulted in $413,000 in non-recurring charges. Additionally, the impact of adopting FAS 123R accounting for stock options expense was $198,000. With the acquisition of Questar and a shift in the nature of customer needs in our industry, we are adjusting our suite of products and services. Demand has softened for some of the products that formerly were a key revenue source. They have become a relatively insignificant part of our business. As a result, we wrote off certain non-cash items in the proprietary side of the business. These write-offs total $748,000."

"Finally, while valuing Questar we identified several intangible assets that according to Generally Accepted Accounting Principles must be capitalized and amortized over their useful lives. These intangible assets were valued at $4.86 million as of June 1, 2006 and resulted in a fiscal 2006 non-cash amortization charge of approximately $421,000.

"The combined financial impact of all these events was to reduce income from operations by approximately $1,780,000 on a pre-tax basis," he explained.

Simon stated that he considers these costs an investment in the future of TASA. "Although the actions we took resulted in a loss for both the quarter and the year, we expect them to yield benefits, both operationally and financially, that will more than offset the charges we've taken." Simon added, "We believe that the best indication of our current and future performance will be from cash flow generation. Our earnings before interest, taxes, depreciation and amortization (EBITDA) for fiscal 2006 amounted to $1,301,000 or roughly $.27 per diluted share."



* EBITDA FISCAL 2006

Net Loss: ($1,125,000)

Adjusted for:
Questar Intangible Asset Amortization 421,000

Other Depreciation & Amortization 1,769,000

Interest & other income (net) 485,000

Taxes (benefit) (249,000)

EBITDA Fiscal 2006 $1,301,000

* EBITDA is not a measure of financial performance under accounting
principles generally accepted in the U.S., or GAAP, and should not be
considered an alternative to net income, or any other measure of
performance under GAAP, or to cash flows from operating, investing or
financing activities as an indicator of cash flows or as a measure of
liquidity. EBITDA has its limitations as an analytical tool, and you
should not consider it in isolation or as a substitute for analysis of our
results as reported under GAAP.


The chief executive stated that after all these charges, on an after tax basis, the Company posted a $1,125,000 net loss or 23 cents per diluted share for the year on 4,802,826 fully diluted weighted average shares outstanding. This compares with earnings of 14 cents per share in fiscal 2005 on 3,023,262 fully diluted weighted average shares outstanding.

Simon further added, "Since the acquisition of Questar in May we have focused much energy to ensure we are making optimal use of our combined corporate assets whether they are in staff, management, brand recognition or IT systems. The inherent value within our new organization will be based on its ability to execute as a uniform and focused resource that delivers both an industry leading customer experience and value proposition. To ensure this happens, we feel the efforts to unify our organization at all levels have been a paramount priority."




PRO FORMA RESULTS


On a pro forma basis, after giving effect to the Questar acquisition as of May 31, 2006 and the acquisition of ADI on July 31, 2005, EBITDA for the year would have been $6.5 million based upon pro forma revenues of $45.1 million. This compares to pro forma EBITDA of $6.3 million and a pro forma revenues of $37.6 million in the prior year. Simon noted that current year pro forma EBITDA was basically level with the prior year primarily because of the charges described above. Pro forma EBITDA per share for the past year was $1.29 versus $1.26 for the year earlier.

GROSS MARGINS / OVERHEAD COSTS

"While gross margin in dollar terms increased by almost 70 percent last year, it decreased as a percentage of revenues to 41 percent from 49 percent. A major factor is that the old TASA business has been evolving from selling proprietary products to custom projects. Margins on custom projects are traditionally lower than proprietary products. Because of that difference we have been aggressive in our bidding to offset the lower margins by building volume and leveraging our capacity," Simon stated.

The executive said Selling, General & Administrative expenses have doubled year-over-year. Yet as a percentage of revenue these expenses were essentially flat at 44.4% in fiscal 2006 vs. 43.3% in fiscal 2005. "While we have achieved economies of scale on selling expenses, our G&A expenses in dollar terms increased significantly due to one-time realignment expenses, the implementation of FAS 123 R, accounting for stock options expense and additional amortization charges from intangible assets. Going forward we believe we should begin to see operational G&A expenses decrease as a percentage of revenue. However this decrease will be offset by the inclusion of the intangible asset amortization annually for the next several years."

NAME CHANGE; OUTLOOK POSITIVE

Simon noted that TASA will officially change its corporate name to Questar Assessment, Inc. effective during the second quarter of this year. Simon explained, "We performed an extensive marketing study and determined Questar Assessment is a perfect name on which to build our combined organizational foundation. We have created a detailed roll-out plan to ensure that all our customers, and prospective customers, will understand the transition and consolidation and will be comfortable knowing they will continue to receive the highest level of customer service to which they have been accustomed under our former brands."

Simon continued, "The Company continues to bid aggressively on new business. We are constantly receiving requests for proposals and continue to build our core proposal-writing capability. That effort has begun to yield results. We recently announced that we were awarded contracts valued at $9.5 million over the next several years starting in fiscal 2007. With the demand for assessment services continuing to expand, our ability to provide an integrated suite of assessment services, our reputation for outstanding service and our well-documented ability to customize testing to meet the specific needs of each customer are major competitive advantages. Our potential for growth is greater than ever. We have become a formidable force in our industry. We expect these factors, along with our strategically aligned brand strategy, will help us accelerate our growth and deliver increased value to our shareholders," Simon concluded.

CONFERENCE CALL Monday March 12, 2007 at 10:00 a.m. EDT

Management will host a conference call this morning to discuss fourth quarter and fiscal 2006 results. The call is scheduled to begin at 10:00 a.m. EDT. Participants may dial: 1-201-689-8470 for the live call. The call will also be web cast live and archived for three months. The web cast can be accessed at: http://www.viavid.net/dce.aspx?sid=00003BF4

ABOUT TASA

TASA, headquartered in Brewster, N.Y., offers a comprehensive suite of educational assessment solutions to states, schools, school districts and to third parties. As one of the nation's leading providers, TASA provides products and services that range from test design, development, calibration, and psychometric services through print production, distribution, scanning, scoring, reporting, and data analysis services, as well as readability analysis of written materials. To meet the requirements in electronic assessment, TASA offers on-line testing services to schools and educational entities in the K-12 market as well as customized assessment engines for curriculum providers. For more information, visit the company's website at http://www.tasa.com .

Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to risks and uncertainties, which are enumerated in the company's reports filed with The Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from those projected or implied in the forward-looking statements.


Tables Follow ...

                 TOUCHSTONE APPLIED SCIENCE ASSOCIATES, INC. 
                                AND SUBSIDIARIES 
  
                          CONSOLIDATED BALANCE SHEETS 
                           OCTOBER 31, 2006 and 2005 
  
                                                      2006           2005 
     ASSETS 
  
     Current assets: 
       Cash and cash equivalents                     $789,288     $1,289,630 
       Restricted cash                                 20,307         20,347 
       Accounts receivable, net of allowance for 
        doubtful accounts of $33,000 and $3,000 
        in 2006 and 2005, respectively              8,611,587      2,886,915 
       Inventories                                    545,362        467,762 
       Prepaid expenses and other current assets      496,509        397,420 
       Deferred income taxes                          364,031        571,417 
  
         Total current assets                      10,827,084      5,633,491 
  
     Property and equipment - net of accumulated 
      depreciation of $1,013,008 and $488,863 
      in 2006 and 2005, respectively                3,734,227        675,999 
  
     Other assets: 
       Test passage bank and test development, 
        net of accumulated amortization of 
        $4,508,983 and $3,579,751 in 2006 and 2005, 
        respectively                                2,335,670      2,750,239 
       Non compete covenants, net of accumulated 
        amortization of $44,000 in 2006               315,659             -- 
       Customer contracts, net of accumulated 
        amortization of $377,000 in 2006            4,122,678             -- 
       Goodwill                                    13,647,586      1,969,542 
       Deferred income taxes                        1,325,379        596,623 
       Other assets                                   349,832        252,931 
  
         Total assets                             $36,658,115    $11,878,825 

                 TOUCHSTONE APPLIED SCIENCE ASSOCIATES, INC. 
                                AND SUBSIDIARIES 
  
                    CONSOLIDATED BALANCE SHEETS (Continued) 
                           OCTOBER 31, 2006 and 2005 
  
                                                      2006            2005 
     LIABILITIES AND STOCKHOLDERS' EQUITY 
  
     Current liabilities: 
       Revolving credit agreements                 $1,774,819            $-- 
       Current maturities of long-term debt         1,459,502        166,750 
       Accounts payable                             2,794,301        489,428 
       Income tax payable                             209,314             -- 
       Accrued expenses                             1,996,161      1,687,829 
       Other liabilities                              470,490        317,529 
       Deferred gain on sale of building - 
        current portion                               125,438        125,439 
  
         Total current liabilities                  8,825,030      2,786,975 
  
     Long-term debt, less current portion          12,405,735      1,396,212 
     Deferred gain on sale of building, 
      net of current portion                          710,817        836,255 
     Interest Rate Swap Devaluation                    77,155             -- 
  
         Total liabilities                         22,018,737      5,019,442 
  
     Commitments and contingencies 
  
     Stockholders' equity: 
       Preferred stock, $.0001 par value, 
        5,000,000 shares authorized, issued and 
        outstanding 1,888,888 in 2006                     189             -- 
       Common stock, $.0001 par value, 20,000,000 
        shares authorized, 2,946,047 and 2,909,738 
        shares issued and outstanding in 2006 and 
        2005, respectively                                295            291 
       Additional paid-in capital                  15,069,034      6,164,387 
       Retained earnings (deficit)                   (430,140)       694,705 
  
         Total stockholders' equity                14,639,378      6,859,383 
  
     Total liabilities and stockholders' equity   $36,658,115    $11,878,825 

                 TOUCHSTONE APPLIED SCIENCE ASSOCIATES, INC. 
                                AND SUBSIDIARIES 
  
                       CONSOLIDATED STATEMENTS OF INCOME 
                     YEARS ENDED OCTOBER 31, 2006 and 2005 
  
                                                      2006           2005 
  
     Net revenue earned                           $23,686,213    $11,686,649 
  
     Cost of goods sold 
       Cost of revenue earned                      13,305,528      5,990,327 
       Impairment charges related to: 
         Development costs                            610,588             -- 
         Inventory                                    137,092             -- 
     Total Cost of goods sold                      14,053,208      5,990,327 
  
     Gross profit                                   9,633,005      5,696,322 
  
     Operating expenses: 
       Selling                                      1,801,973      1,432,287 
       General and administrative                   8,719,497      3,637,098 
  
     Total operating expenses                      10,521,470      5,069,385 
  
     Income (loss) from operations                   (888,465)       626,937 
  
     Other income (expense): 
       Gain on sale/leaseback of building             125,439        125,439 
       Interest income                                  2,538         20,347 
       Interest expense                              (613,149)       (44,416) 
  
     Income (loss) before income taxes             (1,373,637)       728,307 
  
     Income Tax Provision (benefit)                  (248,792)       295,778 
  
     Net Income (loss)                            $(1,124,845)      $432,529 

Touchstone Applied Science Associates Requires Additional Time to File Fiscal 2006 Form 10-KSB
Friday February 9, 4:30 pm ET
-- Acquisition, Other Factors Slow Audit Process
-- Financial Results To Be Announced After Audit Completed
-- Conference Call To Be Scheduled Later


BREWSTER, N.Y., Feb. 9 /PRNewswire-FirstCall/ -- Touchstone Applied Science Associates (OTC Bulletin Board: TASA - News) said today it has filed with the Securities and Exchange Commission notification that the Company will require additional time beyond the previously announced extension period to file its Annual Report on Form 10-KSB for the fiscal year ended October 31, 2006. The company cited the issues previously disclosed in its press release dated January 29, 2007 as the main cause for the delay. In its latest filing with the SEC, TASA indicated it will file its financial report as soon as certain accounting issues related to the valuation of identifiable intangible assets acquired during Fiscal 2006 can be finalized.

"We expect this process to be completed shortly. However, it would be difficult at this time to estimate a completion date," TASA's President and CEO Andrew Simon stated. Additionally, Simon reported, "While these issues are time-consuming to resolve, they do not affect company operations or cash flow," he clarified.

"During Fiscal 2006, TASA acquired a substantial asset in Questar," said Simon. "To be in compliance with GAAP, we are required to perform a complete evaluation of all assets, including intangibles. This process has involved hiring multiple third party appraisers to identify and value such assets. Because of the possible financial significance of this valuation to our balance sheet and to our statement of profit and loss (no cash flow effect), we are making sure that all the relevant work is being performed with a high level of diligence," Simon explained. "Further, our financial management team, along with our independent auditors and third party appraisers, is working expeditiously to finalize this work," he added.

About TASA

TASA, headquartered in Brewster, N.Y., offers a comprehensive suite of educational assessment solutions to states, schools, school districts and to third parties. As one of the nation's leading providers, TASA provides products and services that range from test design, development, calibration, and psychometric services through print production, distribution, scanning, scoring, reporting, and data analysis services, as well as readability analysis of written materials. To meet the requirements in electronic assessment, TASA offers on-line testing services to schools and educational entities in the K-12 market as well as customized assessment engines for curriculum providers. For more information, visit the company's website at http://www.tasa.com .

Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to risks and uncertainties, which are enumerated in the company's reports filed with The Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from those projected or implied in the forward-looking statements.




--------------------------------------------------------------------------------
Source: Touchstone Applied Science Associates

Name change from the PRE 14C from today....

To the Stockholders of Touchstone Applied Science Associates, Inc.:

We are writing to advise you that we intend to amend our Certificate of Incorporation to change our name to Questar Assessment, Inc. This action was approved on January 24, 2007 by our Board of Directors, and as of February 5, 2007, by the holders of a majority of our issued and outstanding voting securities who have executed a written consent in lieu of a special meeting in accordance with the relevant sections of the Delaware General Corporation Law, subject to compliance with the requirements of Rule 14c-2.

I really want to thank whoever bought my shares

Thought for sure my days loss would be much bigger than it actually was.

In the end I really didn't lose anything because I basically got what was the bid price before that news came out.

Thank you thank you thank you

I sold out of my position this morning due to this information in the NT 10-K:

"In its Annual Report for Fiscal 2006, the Company anticipates reporting that its income (loss) from operations decreased from income of approximately $627,000 in Fiscal 2005 to a loss from operations of approximately ($510,000) in Fiscal 2006. Fiscal 2006 Income (loss) from operations was negatively affected by charges to cost of goods sold for the write-off of capitalized costs associated with non-performing proprietary products, and by expenditures for the expansion of the sales force, certain reorganization expenses and transaction expenses incurred in connection with the acquisition of Questar Educational Systems, Inc. The Company had net income of approximately $433,000 in Fiscal 2005 versus a net loss of approximately ($899,000) in Fiscal 2006. The Company had diluted earnings per share of $0.14 in Fiscal 2005 versus diluted earnings (loss) per share of approximately $(0.19) in Fiscal 2006."

I was shocked to see this info.

I may repurchase after the dust clears.

Mike

Dutton Associates put out a research note on TASA. They have increased their target price to $8/share but are keeping their earnings estimate at $0.43. I think they are very low on their earnings estimate. I bet we see an update within a month with a new EPS and price target.

Here is a link:
http://www.jmdutton.com/research/tasa/notes/tasa_note_012307.pdf

I'm also adding this to the iBox.

Mike

means zilch....i like the contracts they are landing.....BRIG

This PR is a minor accounting adjustment and should not affect things. I thought I would post it here for reference.

Mike

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

Touchstone Applied Science Associates Records Non-Operating Liability for 2003-2005
Monday January 22, 4:25 pm ET


BREWSTER, N.Y., Jan. 22 /PRNewswire-FirstCall/ -- Touchstone Applied Science Associates, Inc. (OTC Bulletin Board: TASA - News) announced it will file an amended 2005 Form 10KSB/A to reflect a liability in connection with employees' earned but unused vacation time in fiscal 2003, fiscal 2004 and fiscal 2005. These adjustments are non-cash and non-revenue items and relate solely to employees of TASA prior to the acquisition of Questar Educational Systems, Inc. in fiscal 2006.

"Over the past several years, accrued but unused vacation for TASA employees accumulated; and such there was a need to reflect the company's liability to cover these costs. The costs were previously realized only when paid," explained Andrew L. Simon, president. "It relates to the entire TASA employee base which is approximately 70 employees."

These liabilities will reduce net income before tax in fiscal 2005 by $70,725, in fiscal 2004 by $33,602 and in fiscal 2003 by $155,539. The company will record a balance sheet liability of $189,141 for fiscal 2004 and $259,866 for fiscal 2005. Fiscal 2004 will incur an opening balance liability adjustment of $155,539 to include the accumulated unused vacation previous to fiscal 2004. The recording of the liability reduces fully diluted earnings per share in fiscal 2005 from $0.16 to $0.14, in fiscal 2004 from $0.29 to $0.28 and in fiscal 2003 from $0.20 to $0.17.

About TASA

TASA, headquartered in Brewster, N.Y., offers a comprehensive suite of educational assessment solutions to states, schools, school districts and to third parties. As one of the nation's leading providers, TASA provides products and services that range from test design, development, calibration, and psychometric services through print production, distribution, scanning, scoring, reporting, and data analysis services, as well as readability analysis of written materials. To meet the requirements in electronic assessment, TASA offers on-line testing services to schools and educational entities in the K-12 market as well as customized assessment engines for curriculum providers. For more information, visit the company's website at http://www.tasa.com .

Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to risks and uncertainties, which are enumerated in the company's reports filed with The Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from those projected or implied in the forward-looking statements.




--------------------------------------------------------------------------------
Source: Touchstone Applied Science Associates, Inc.

a bit more liquidity would help.....and a move off the otc.....liking this one.....BRIG

I just added charts to the iBox.

Mike

So far it has been a great day on this awesome PR. To put things in perspective, the revenue last quarter was $8.54M. New business of $9.5M is huge!

So far today we are up $0.25 to $6.75 on 22,092 in volume. The current bid/ask is $6.75 X $6.90.

Mike

TASA - TASA Signs Contracts Valued at up to $9.5 Million
PR Newswire - January 8, 2007 7:00 AM (EDT)

BREWSTER, N.Y., Jan 08, 2007 /PRNewswire-FirstCall via COMTEX/ -- Touchstone Applied Science Associates (OTC Bulletin Board: TASA.OB) announced today that it has signed contracts worth up to $9.5 million. Included in this figure is a one- year contract to administer the Indiana Core 40 End of Course testing program that contains 2 one-year options. In addition, TASA has been awarded a five- year contract for the English as a Second Language program in Montana, and a pilot writing-assessment program for the English Language Institute at the University of Michigan.

"One of the benefits of our recent acquisition activity is that we have been able to broaden the scope of our services," said Andrew Simon, CEO. "With the June 2006 acquisition of Questar Educational Systems and the purchase of Achievement Data, Inc. in 2005, we now are able to offer the full spectrum of assessment services and to bid on contracts that were previously beyond our capability. The Indiana program, for example, calls for the delivery of assessments electronically and performance (hand-scoring) scoring of student essays, which uses the capabilities of both subsidiaries."

"The Montana contract also calls for the performance scoring of student essays. Performance scoring is a real strength of Questar's. The addition of Questar is the reason our organization was able to bid and win these contracts.

"Another new avenue for TASA is a pilot study for the English Language Institute of University of Michigan in which we will be hand-scoring writing- aptitude essays produced by foreign-country examinees. We believe our performance on this pilot study could evolve into a larger piece of business," Simon noted.

About TASA

TASA, headquartered in Brewster, N.Y., offers a comprehensive suite of educational assessment solutions to states, schools, school districts and to third parties. As one of the nation's leading providers, TASA provides products and services that range from test design, development, calibration, and psychometric services through print production, distribution, scanning, scoring, reporting, and data analysis services, as well as readability analysis of written materials. To meet the requirements in electronic assessment, TASA offers on-line testing services to schools and educational entities in the K-12 market as well as customized assessment engines for curriculum providers. For more information, visit the company's website at www.tasa.com.

Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to risks and uncertainties, which are enumerated in the company's reports filed with The Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from those projected or implied in the forward-looking statements.

SOURCE Touchstone Applied Science Associates

Andrew L. Simon, President & CEO of Touchstone Applied Science Associates,
+1-845-277-8100, or asimon@tasa.com, or Mike Arneth or Tad Gage of The Investor
Relations Company, +1-312-245-2700, for Touchstone Applied Science Associates

http://www.tasa.com

Copyright (C) 2007 PR Newswire. All rights reserved

Nice buy SSKILLZ1. I think we will be rewarded nicely on TASA.

Mike

Just Brought a tiny position in TASA.ob Think $6.10 is going to be a good entry point. We will see if I'm right but I think when we see q4 results this stock will be ready to move, hopefully in an upward direction. I will obviously continue to add on weakness. All is just my opinion, and I could always be wrong though.

Volume was quite large today as we traded a total of 31,676 shares including one block of 10K shares. Here are the trades for today:

 
 6.37 10000    OBB 16:05:14  
 6.40   500    OBB 15:49:17  
 6.40  2000    OBB 15:47:52  
 6.40  3000    OBB 15:47:34  
 6.35  2000    OBB 15:47:13  
 6.22  5000    OBB 15:41:23  
 6.06  2000    OBB 15:00:34  
 6.25   500    OBB 14:57:46  
 6.25  2500    OBB 14:50:00  
 6.25  2000    OBB 14:39:42  
 6.00   500    OBB 12:12:16  
 6.00   500    OBB 12:11:59  
 6.00  1176    OBB 12:11:48 

History says its not a big rev producer

When there is meaningful revenue TASA lets you know. Still not a bad thing to see them making deals even if tehy are not immediate impact deals.

This is an interesting PR. I wonder what the revenue opportunity is. My guess is it will take a while for this to materialize.

Mike

Touchstone Applied Science Associates Forms Alliance With Understanding Corporation
Monday November 20, 7:00 am ET
-- Creates System to Align Communications With Audience Reading Ability -- New Application for Degrees of Reading Power(R) Tests


BREWSTER, N.Y., Nov. 20 /PRNewswire-FirstCall/ -- Touchstone Applied Science Associates, Inc. (OTC Bulletin Board: TASA - News) announced today it has formed an alliance with Understanding Corporation (UC), a new company whose mission is to provide organizations and individuals with the capability to align their text-based communications with the reading abilities of a target audience.

UC has developed a system that businesses and other organizations can use to increase the effectiveness of their internal and external communication, ultimately increasing productivity and improving overall results.

TASA brings to the alliance its extensive experience in literacy assessment. TASA has agreed to provide Degrees of Reading Power® tests that serve as the reading comprehension element of UC's Lit Master(TM) assessment. DRP® tests will be administered to the target audience, so reading levels can be determined. With that information, UC can use its system to help customers create optimally effective communications, such as proposals, manuals, reports and e-mails. TASA said it will also provide technical assistance in applying DRP technology.

UC will host the assessments on its website. Further, sales and marketing, administration and all other aspects of the alignment process will be handled by UC, TASA noted.

"This alliance provides TASA with an opportunity to utilize its trademark DRP technology in an area beyond traditional K-12 and postsecondary markets," said Andrew L. Simon, TASA president and chief executive officer. "The market for communications alignment services is very large. By making our well-developed DRP technology available to UC for incorporation into its offerings, we can play a significant role in developing that market.

"We believe organizations will quickly begin to understand the value of aligning communications with reading abilities. As that value becomes recognized, the market for alignment services should open wide," Simon noted.

"We are pleased to partner with TASA and to incorporate its outstanding reading assessments into our text alignment system that enables users to be better understood," said Thomas Quinn, UC CEO and President.

About Understanding Corp.

Understanding Corporation, based in Chapel Hill, North Carolina, provides organizations and individuals with the capability to align text-based communications with the reading abilities of a target audience. Additional information is available on the company's website, http://www.understandingcorp.com .

About TASA

TASA, headquartered in Brewster, N.Y., offers a comprehensive suite of educational assessment solutions to states, schools, school districts and to third parties. As one of the nation's leading providers, TASA provides products and services that range from test design, development, calibration, and psychometric services through print production, distribution, scanning, scoring, reporting, and data analysis services, as well as readability analysis of written materials. To meet the requirements in electronic assessment, TASA offers on-line testing services to schools and educational entities in the K-12 market as well as customized assessment engines for curriculum providers. For more information, visit the company's website at http://www.tasa.com .

Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to risks and uncertainties, which are enumerated in the company's reports filed with The Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from those projected or implied in the forward-looking statements.




--------------------------------------------------------------------------------
Source: Touchstone Applied Science Associates, Inc.

Ok Thanks.

SSKILLZ re: TASA insider action....

Andrew Simon's insider transaction was actually a cashless exercise. The 36,246 shares were remitted to the company to pay the exercise price and withholding tax. He purchased 55,460 and sold 36,246.

Linda Straley exercised 1,875 shares.

Mike

TASA.OB: Looks like there was some insider selling here. 36,246 sold at $6.10. All is just my opinion, and I could always be wrong though.

Once again we had nice volume today of 32,160 shares vs an average volume of 6,527 shares. We were up $0.40 to $6.40. Someone discovered this stock and is accumulating.

Mike

We had some nice volume today with 34,125 shares traded. A large block of 14,000 shares traded at 4:05 PM. The average daily volume is just over 6,000 shares. Someone decided that they wanted to buy TASA in a big way today.

Mike

Only 500 shares actually traded at $6.85.

Here are the trades for today:

 
 Price Size   Exch Time  
 6.85  500    OBB  14:36:37  
 6.00  250    OBB  14:36:34  
 6.00  250    OBB  14:36:33  
 6.00  500    OBB  14:35:31  
 6.00  125    OBB  14:35:31  
 5.99  300    OBB  14:35:28  
 6.00  500    OBB  14:35:18  
 6.00  500    OBB  14:35:17  
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TASA - Wow up $1.10 to $6.85!!!!!

There is no news that I can find. 16,125 shares were traded so far. It jumped up in the past 10 minutes or so. The bid/ask is currently $6.00 X $6.89.

Mike

gilead,

Thanks for the insight. I do agree that Questar is an excellent acquisition.

Mike

A bit of info on TASA

This was one of my favorites a couple years back. They were humming along and sort of ran into a buzz saw. Listening to them lately I believe the problem is they lacked the diversity to be a one stop shop and they lost out on contracts to bigger competitors.

They seem to think questar solves this problem for them.

Questar in and of itself seems to be a heck of a find and they seem to have acquired them on the cheap.

One other thing AEC was a trivial acquisition. I had talked to management in early 2005 I think and this was like a 2 guy outfit. They basically hired these guys for their expertise more than buying a company.

FWIW I am looking for 15 within 6-9 months

I picked up a few more shares today at $5.63. TASA is up $0.10 to $5.75.

Mike

Wade re: EPS estimate for the next four quarters...

I've been doing some further DD on this stock and I agree with your EPS estimate of $0.90-$1.00 in earnings for the next four quarters. I would probably make the range bigger and call it $0.80 to $1.20/share but I think we are in the same general ballpark. Some of the major drivers to the higher end include the following:

- They have been investing heavily in sales and marketing recently. In the conference call I heard that they are currently bidding on $100M worth of contracts which is huge for a company of their side.

- As they integrate Questar, they will be able to have some savings as they eliminate redundant operations. It will take some time for them to work this out and there could be some hits due to things like severance costs. However, in the long term it should lead to increased profitability.

- They have done 3 acquisitions since January of 2005. I would not be surprised if they do further acquisitions. In the near term I wouldn't expect another large acquisition as it will take some time to integrate Questar. However, I wouldn't be at all surprised to see another acquisition in 6 months time. How any future acquisitions impact the bottom line is hard to predict. One good thing is that from the looks of the Questar acquisition, they know how to make acquisitions that are acretive to EPS!

Mike

Looking at these numbers, Questar had 16.3% revenue growth so far in 2006 and 60% growth in taxable earnings. That is quite impressive.

If earnings continue to grow at that rate, Questar should earn about $4M after tax for this year.

Mike

Here is another interesting section from the last 10-K:

The No Child Left Behind (NCLB) legislation bodes well for TASA. NCLB provides funding of approximately $26 billion. Almost half of that amount is for Title I funding, which requires schools that use a portion of this funding to evaluate student progress in reading.

NCLB also provides almost one-half billion dollars for annual testing in reading and math; Title III allows for three-quarters of a billion dollars for bilingual and immigrant education and almost one billion dollars for early language literacy. The following chart illustrates that TASA is strategically positioned to take advantage of the funding opportunities under NCLB:

Section of NCLB Act            TASA Products & Services 
 -------------------            ------------------------ 
  
 Title I                        DRP/Signposts 
 -------------------            ------------------------- 
 Early Childhood Literacy       DRP/Signposts 
 -------------------            ------------------------- 
 Title III/ESL                  MAC II 
 -------------------            ------------------------- 
 Annual Testing                 DRP/BETA 
 -------------------            -------------------------

I've been reading over the past few quarterly reports and captured the following interesting pieces of information that I want to share:

- Over the past ten years, assessment revenues have increased from $2.1 million to $11.7 million, representing a compounded annual growth rate of approximately 15%.

- The Company has recently completed three acquisitions which have greatly expanded the types of services that the Company can offer to its clients and prospective clients in the assessment marketplace. In January 2005, the Company acquired all of the outstanding stock of Assessment and Evaluation Concepts Inc. ("AEC"), a firm with experience and relationships in the educational assessment field which complement the Company's experience and relationships. On July 1, 2005, the Company completed the acquisition of all of the outstanding stock of Achievement Data, Inc. ("ADI"). ADI provides on-line testing capabilities to state testing programs and also offers an electronic testing engine. Effective as of June 1, 2006, the Company acquired all of the outstanding stock of Questar Educational Systems, Inc. ("Questar"). Questar provides test delivery, scoring and score analysis capabilities to state testing programs.

- Since the first quarter of 2005, the Company has added three seasoned sales executives and a marketing director. The net result is that the Company has shifted, with little incremental expense, from an outside independent sales organization to an in-house staff. We believe this shift bodes well for the future.

- The Company as a whole is bidding on larger administration contracts that traditionally have lower margins, and as we undertake such large contracts, we have encountered higher start-up costs than we have traditionally seen. We anticipate costs of goods sold should decrease as a percent of sales as the number of contracts we administer increases and as our operations gain in efficiency.

- In July 2003, the Company sold its headquarters building to 26 Palmer LLC for $2,875,000. The building and related improvements had a net book value of $1,458,481. The Company reported a gain on the sale totaling $1,254,383, net of closing costs totaling $162,136. The building was then leased by the Company under a ten year lease agreement. As a result of the sale-leaseback of the building, the gain has been deferred and is being recognized as other income over the ten-year term of the lease at $125,439 per year.

- The process of writing and calibrating a test passage takes approximately two years, and all costs associated with the process are capitalized during this period. Amortization of these costs begins once the development period has elapsed, which in most cases, represents the point in time at which the new test passage is placed into the test passage bank and becomes available to be utilized within the Company's existing tests, or the point in time at which a newly developed test becomes available for sale. Costs capitalized in connection with the development of passages used in the Company's DRP Test have been estimated to have a useful life of eleven years and, accordingly, are being amortized over an eleven-year period. Such amortization costs are included in the costs of goods sold in that period. Costs capitalized in connection with the development of passages used in all other of the Company's tests have been estimated to have a useful life of seven years and, accordingly, are being amortized over a seven-year period. If these estimates of the useful lives of test passages prove to be shorter periods, the Company would be required to accelerate the amortization of these passages, resulting in a reduction in income.

- The results for the first six months of Fiscal 2006 show that the Company is beginning to earn revenues from non- traditional sources of business. For example, the Company's assessment products unit is now providing operational support for the Idaho ESL and Indiana Core 40 programs being run by the Company's proprietary assessment unit. The increased revenues in the custom assessment and services unit are due to the increased activity resulting from the combined strength and breadth of services provided by BETA and AEC together, as well as revenues attributed to ADI which the Company acquired in July 2005.

Mike