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OTCPicks.com: OTCPicks.com Daily Market Movers Digest Midday Report for Tuesday, August 12th MGRN, PYTO, EMGP, SPNG
Aug 12, 2008 (M2 PRESSWIRE via COMTEX) -- Our Stocks to Watch today include Monogram Energy Inc. (OTC: MGRN), PhytoMedical Technologies Inc. (OTCBB: PYTO), Emergent Group Inc. (OTCBB: EMGP), SpongeTech Delivery Systems Inc. (OTCBB: SPNG)
Visit http://www.otcpicks.com to register for our Daily Market Mover's Digest Newsletter and Email Stock Watch Alerts.
MONOGRAM ENERGY INCORPORATED (OTC: MGRN)
Detailed Quote: www.otcpicks.com/quotes/MGRN.php
Company Profile: www.otcpicks.com/monogram-energy/monogram-energy.htm
Monogram Energy, Inc. is an independent energy company engaged in the acquisition, development, and exploitation of oil and gas properties. The company specializes in acquiring oil & gas leases with proven reserves that have the potential for increased production.
MGRN News:
August 11 - Monogram Energy Inc. to Workover Three Wells
Monogram Energy Inc. (OTC: MGRN) announced that the workover of three wells on the T.W. Martin lease is scheduled to begin today. Upon completion, the Company expects to see a substantial increase in the production of these wells.
Mr. Billy King, Chief Executive Officer of Monogram Energy, Inc., stated, "We're anxious to get this completed, as we are anticipating some very positive results."
Mr. King became interested in the production of oil & gas during his ten years of employment as an attorney for the Halliburton Company, and with his representation of independent oil companies during his years as a private practitioner. Monogram Energy's goal is to maintain a high risk/reward profile, thereby enabling them to return the most value to its shareholders.
PHYTOMEDICAL TECHNOLOGIES INCORPORATED (OTCBB: PYTO) "Up 29.00% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/PYTO.php
PhytoMedical Technologies, Inc. (OTCBB: PYTO) (Frankfurt Stock Exchange: ET6), together with its wholly owned subsidiaries, is a pharmaceutical company focused on research, development and commercialization of pharmaceutical products. For additional information, visit www.PhytoMedical.com.
PYTO News:
August 11 - PhytoMedical Acquires Worldwide License Rights to Patented Novel Anti-Cancer Compounds from Dartmouth College
Patented anti-cancer compounds kill difficult-to-treat human cancer cells, including glioblastoma (brain cancer), colon cancer, and small cell lung cancer, in ongoing in vitro tests
PhytoMedical Technologies, Inc. (OTCBB: PYTO) (FWB: ET6), announced that it has entered into an exclusive worldwide license agreement with Dartmouth College to develop, market and distribute new anti-tumor bis-acridines, bis-ellipticines and bis-carbazoles known as intercalating agents developed by leading researcher, Dr. Gordon Gribble, of Dartmouth College.
Under terms of the agreement, PhytoMedical agreed to pay an undisclosed license fee and milestone payments to Dartmouth. The Company plans to develop these innovative anti-cancer compounds as a new class of compounds for cancer treatment, unique among existing pharmacological treatments. A series of ongoing tests on human cancer cells have demonstrated the anti-tumor capability of these compounds, prompting the Company to undertake further testing and development.
"We are very pleased to enter into this agreement with Dartmouth College," stated Mr. Greg Wujek, President and CEO of PhytoMedical Technologies, Inc. "Dr. Gordon Gribble, who developed these intercalating agents and leads the research project, has been a chemistry professor at Dartmouth for over three decades and currently holds an endowed Chair as "The Dartmouth Professor of Chemistry." The development Dr. Gribble's compounds holds promise as a potentially entirely new class of compounds to help fight cancer."
These anti-cancer compounds are designed to bind more tightly to cancer cell DNA than many conventional anticancer drugs by a process called bis-intercalation or "double binding," much like a molecular staple. Because the DNA is the blueprint of life for the cancer cell, such binding stops the replication of the DNA, which prevents the growth of the cancer cell and it dies.
EMERGENT GROUP INCORPORATED (OTCBB: EMGP) "Up 25.53% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/EMGP.php
Emergent Group Inc., through its wholly owned subsidiary, PRI Medical Technologies Inc. ("PRI Medical"), provides mobile laser and surgical equipment on a per procedure basis to hospitals, out-patient surgery centers, and physicians' offices. Surgical equipment is provided to customers along with technical support personnel to ensure that such equipment is operating correctly. PRI Medical currently offers its services in five states in the western United States and eleven states along the eastern seaboard. For product and other information, visit PRI Medical's website at www.primedical.net.
EMGP News:
August 12 - Emergent Group Inc. Reports Record EPS of $0.12 on Record Sales for Second Quarter
Profit Nearly Double 2007 Level
Emergent Group Inc. (OTCBB: EMGP), a leading provider of mobile medical lasers and surgical equipment, announced results for the second quarter ended June 30, 2008. Revenues for the quarter increased 13% to a record $4,901,549 compared to revenues of $4,331,488 for the same period in 2007. Net income increased 97% to $711,368 or $0.12 per basic share for the second quarter as compared to net income of $361,204 or $0.07 per basic share for the same period in 2007.
"Our strong financial performance in the second quarter of 2008 represents our eleventh consecutive quarter of year over year sales growth,'' said Bruce J. Haber, Emergent Group Chairman and CEO. "Particularly satisfying is the nearly doubling of our quarterly profit on the eve of expanding our business model into eleven new states following the recently announced purchase of the assets of PhotoMedex Surgical Services ('PSS'), a division of PhotoMedex, Inc.,'' added Mr. Haber.
"On August 8, 2008, we closed the PSS asset purchase. The PSS division recorded sales of $7,667,000 for the year ended December 31, 2007, equal to 43% of Emergent's sales of $17,662,000 for the same period,'' added Mr. Haber. "We expect the division to be accretive to Emergent Group's earnings for 2008 and represent a large future growth opportunity.''
He further remarked, "Our confidence in our business and prospects is reinforced by our continued strong cash generation and demonstrated by the payment of a $0.30 per share cash dividend in January, 2008, an increase of 50% over the prior year.''
SPONGETECH DELIVERY SYSTEMS INCORPORATED (OTCBB: SPNG) "Up 22.22% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/SPNG.php
Spongetech Delivery Systems, Inc. engages in the design, production, marketing, and distribution of hydrophilic polyurethane sponge cleaning and waxing products primarily for vehicular use in the United States. The company utilizes patented technology relating to sponges containing hydrophilic, which are liquid absorbing, foam polyurethane matrices. Its product portfolio comprises specially configured sponges containing an outer contact layer and an inner matrix; children's bath foam sponge with a safe mesh coating, which prevents tearing; and household cleaning sponges infused with anti-bacterial bath and kitchen soaps. The company was founded in 1999 and is based in New York, New York.
SPNG News:
August 12 - SpongeTech Delivery Systems, Inc., President and CEO, Michael L. Metter; Clarification Statement to Our Shareholders and All Interested Parties
SpongeTech's President and CEO Releases Statement
SpongeTech Delivery Systems, Inc. (OTCBB: SPNG) President and CEO of SpongeTech , Michael L. Metter, states, "The last audited financials for our 2007 fiscal year, which ended May 30, 2007, shows very clearly that we did under $100,000 in revenue. The 2008 year that has just ended May 31, 2008, which we will be reporting on shortly, will show in excess of $5.3 million and will be very profitable. Respectfully, what bank, or investment-banking source, would lend us significant capital to grow our business with such a short track record without major dilution, especially with the horrible credit crunch that the American economy has suffered over the last eight months?
The officers, directors, and key investors of SpongeTech have lent the business, interest free, approximately $5 million. SpongeTech , as our numbers will confirm, will grow rapidly during the 2009 fiscal year, and we are right on target to meet or even exceed projections in excess of $30 million. We are growing SpongeTech for all our shareholders and, as we have stated in a recent 8K Filing, we expect to buy back the stock that has been issued for financing and advertising purposes within 18 months. These shares are definitely restricted and cannot be sold. I hope this answers some of the questions that have been directed to the company. I want to thank all shareholders for their continued support." Sincerely, Michael L. Metter, President and CEO SpongeTech Delivery Systems, Inc.
For more information, contact Investor Relations at 1-877-SPONGE-T, and/or visit the Company's website at www.spongetech.com.
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OTCPicks.com is an Internet destination for investors seeking information on smallcap and microcap companies. The web site features companies in Profile Campaigns, Executive Interviews and Profile Research Reports authored by our financial writers. We publish a daily Newsletter to subscribers, and we publish our Daily Market Movers Digest which is sent out on the M2 Presswire several times daily highlighting hot OTC and OTCBB stocks. To feature a company on our web site or in our daily Newsletter or Market Mover's Digest, please contact our publisher, Brian Dean at 972-546-3740, or via email at publisher@otcpicks.com.
Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. This disclaimer is to be read and fully understood before using our site, or joining our email list. PLEASE NOTE: The OTCPicks.com employees are NOT Registered as an Investment Advisor in any jurisdiction whatsoever.
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