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Good Morning,
Got a couple of investors insight emails. I don't pay much attention to them anymore though. Let me know if you want to see the whole thing. I will save them for the day, just in case.
-- CareDecision Corp. (OTCBB:CDED)
-- The Bauer Partnership, Inc (OTCBB: BUER)
So true Josh,,I like their take on the markets also.....
Rick...
To the scammers,,,I salute,,,
A place to report scum,,,errrrrrrr I mean scams......
http://www.investorshub.com/boards/board.asp?board_id=610
I like the general market news and the earnings release calender. I don't pay much attention to the individual company coverage.
Disclaimer
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Morning josh,I get this one email also, Some are good some are not.
Rick...
To the scammers,,,I salute,,,
A place to report scum,,,errrrrrrr I mean scams......
http://www.investorshub.com/boards/board.asp?board_id=610
DTMG (OTCBB) DataMeg Corp. Announces Stock Dividend
MONDAY , DECEMBER 16, 2002 09:30 AM
BOSTON, Dec 16, 2002 (BUSINESS WIRE) -- DataMeg Corp. (OTCBB:DTMG) announced today that a ten percent stock dividend will be payable to shareholders of record as of Wednesday, January 8, 2003.
All shareholders of record following the close of trading on January 8, 2003 will receive a 10% stock dividend payable in common shares of the Company stock. Shareholders of record will be required to send their certificates to the Company's transfer agent in order to receive the dividend. The dividend is not payable unless the certificate is exchanged with the transfer agent. Shareholders should contact their brokerage firm to determine how the exchange process may be executed. The transfer agent is: Fidelity Transfer, 1800 S. West Temple Street, Suite 301, Salt Lake City, UT 84115, #801-484-7222.
Andrew Benson stated: "There is an apparent short position which has been suffocating the share price despite the high trading volumes in the stock. We want to issue this dividend to reward DTMG shareholders for their loyalty and patience, and to correct obvious problem which has diminished shareholders value."
The dividend is subject to a pending authorized share increase being executed by the Company. If you have questions please contact the Company at their website, www.Datameg.com and/or Rich Kaiser, Investor Relations, YES INTERNATIONAL at 800-631-8127.
Except for the historical information contained herein, this press release contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended that involve a number of risks and uncertainties. These forward-looking statements may be identified by reference to a future period by use of forward-looking terminology such as ``expect,'' ``anticipate,'' ``could,'' "would," "will," and ``may'' and other words of similar nature. There are certain important factors and risks that could cause results to differ materially from those anticipated by the statements herein. Such factors and risks include the successful completion of the CAS technology development, the successful completion of projects underway at North Electric Company and the business conditions and growth in related areas of telecommunications, wireless and digital transmission areas, and in the economy in general. Competitive factors include the rapid pace of alternative technology advancements and the Company's ability to gain market acceptance of its evolving products. Other risks may be detailed from time to time in our filings with the Securities and Exchange Commission. Neither DataMEG Corp. nor its subsidiaries undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: YES INTERNATIONAL
Rich Kaiser, 800/631-8127; www.Datameg.com
URL: http://www.businesswire.com
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ITEX (OTCBB) ITEX CORPORATION
ITEX Corporation Announces Third Consecutive Quarter of Profitability
MONDAY , DECEMBER 16, 2002 09:06 AM
SACRAMENTO, Calif., Dec 16, 2002 (Canada NewsWire via COMTEX) -- ITEX Corporation, (OTC Bulletin Board: ITEX) a leading business services and trading company, today announced the operating results for its first quarter ending October 31, 2002.
First Quarter Results
For the quarter ending October 31, 2002, the Company generated net income of $122,000 compared to a net loss of $725,000 for the same period last year. This marks the third consecutive quarter the Company has shown profitability. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter were $266,000 compared to a loss of $441,000 for the same period last year. Revenue from the trade exchange increased $158,000, or 6.3% from the same period last year.
The significant improvement in the financial performance for the first quarter is primarily the result of the comprehensive corporate restructuring program initiated in November 2001. The Company embarked on a targeted program of cost reduction, trimmed the number of management, indirect, and non-essential support staff in both the corporate and regional offices, and eliminated the Corporate Trade Department. The Company also sold several regional offices to ITEX Independent Licensed Brokers, further reducing expenses, while maintaining a substantial interest in the revenue stream generated from those offices through trade transaction and association fees.
ITEX Corporation First Quarter Operational Highlights:
-- Corporate SG&A expenses decreased $681,000 as compared to the first
quarter fiscal 2002. This decrease of 44.2% includes the reduction in
wages, salaries, and benefits of $540,000 from the first fiscal quarter
2002.
-- The Company completed the applications for franchise registration in 50
States within the U.S.
-- The first U.S. ITEX Franchise was sold and placed in Florida.
-- TEAM (Trade Exchange Account Management program), an industry-leading
proprietary software platform, was launched and implemented.
-- The Company was accepted as a member of the International Franchising
Association (IFA).
-- The Company was the Gold Sponsor of the International Reciprocal Trade
Association (IRTA) International Convention, in St. Petersburg,
Florida.
Lewis "Spike" Humer, ITEX President and Chief Executive Officer stated, "ITEX Corporation is a 'new' corporation -- restructured, refocused, and revitalized. In the last nine-months where we completed the majority of the restructuring, we have shown a profit of $409,000 compared to the loss of $2,512,000 for the nine-months preceding the initiation of the restructuring program. This is a bottom-line improvement of almost three million dollars in an incredibly short period of time."
He continued, "During the first quarter of fiscal year 2003, we continued to invest in our franchise initiatives and our training and support systems. In addition, we launched an industry-leading proprietary software platform for our 20,000-member trade exchange. We implemented numerous customer service and member retention programs, and continued to reduce short-term debt and other cash drains, such as miscellaneous legal fees related to matters of the Company's past. It is our hope and expectation to continue to build upon the performance of our recent quarters. In the second quarter FY2003, we are planning to embark upon an aggressive path of future revenue growth through the placement of new franchises, the enrollment of additional members into the ITEX Trade Exchange, and the increased trading volumes within our extensive business network."
Humer concluded by stating, "The turnaround of the last year was balanced between the need to rebuild our infrastructure and the necessity to immediately stabilize the financial position of the corporation through prudent cost reductions. In the forthcoming quarters, we will be aggressively marketing to add new members, sell and place additional franchises, and increase the ITEX brand awareness. While our growth will be tempered by our projected cash flows, we are working diligently to increase our revenues throughout fiscal year 2003. Overall, the next twenty-four months will be focused on profitable and effective growth in the business services market and the expansion of the ITEX Trade Exchange through organic growth and systematic acquisitions."
ITEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
October 31, July 31,
2002 2002
(unaudited)
ASSETS
Current assets 1,477 1,190
Long-term assets 1,410 1,517
Total assets $2,887 $2,707
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities 2,591 2,518
Long-term liabilities 134 149
Stockholders' equity 162 40
Total liabilities and
stockholders' equity $2,887 $2,707
ITEX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE QUARTERS ENDED
OCTOBER 31, 2002 AND 2001
(In thousands, except per share amounts)
Three Months Ended October 31,
2002 2001
(unaudited) (unaudited)
Trade exchange revenue $2,662 $2,504
Costs and expenses:
Costs of trade exchange revenue 1,510 1,353
Selling, general and administrative 859 1,540
Costs of regulatory and litigation matters 27 175
Depreciation and amortization 136 251
2,532 3,319
Income (loss) from operations 130 (815)
Other (expense) income (8) 90
Net income (loss) $122 $(725)
Earnings (loss) per common share
- basic and diluted $.01 $(0.05)
Weighted average common shares
Basic 17,725 15,989
Diluted 18,081 15,989
FSTI (OTCBB) FreeStar Technologies Announces Details of $200 Million Processing Agreement
MONDAY , DECEMBER 16, 2002 07:31 AM
Dec 16, 2002 (Hugin via COMTEX) -- Monday December 16 --(www.FinancialNewsUSA.com)-- FreeStar Technologies, Inc. (OTCBB: FSTI), a company providing one of the world's first live, operational debit and ATM solutions with PIN-authenticated payment solution on the Internet, PaySafeNow, and a leading Northern European Processing subsidiary, Rahaxi Processing Oy, is pleased to announce details of a major processing agreement providing the foundation for substantial revenue growth in fiscal year 2003. The agreement, between Rahaxi's previous owner, Heroya Investments Limited and Settlement Services Limited, provides for a strategic alliance between FreeStar's subsidiary, Rahaxi Processing, and Settlement Services, a company specializing in global high margin payment processing aggregation and advanced fraud screening services. The agreement terms outline the rapid deployment of Rahaxi's online operations over an 18-month period, leveraging Settlement Services' established client base and substantial high-margin turnover to yield a gross processing volume of $200 million per month to Rahaxi. Paul Egan, President and Chief Executive Officer of FreeStar, stated, "The agreement with Settlement Services Limited illustrates the tremendous opportunity inherent in our long-term processing strategy. Indeed, the $200 million per month volume of high-margin business provides a very solid base from which to launch our global sales and marketing campaign in the near term." Continuing, Egan added, "We anticipate swift completion of preparations necessary to accommodate Settlement Services' volumes, including the implementation of our Internet Payment Gateway - due for launch in early January - and acquiring bank contracts. We are also revising our earnings projections to reflect the full impact of this deal; based on preliminary calculations, we expect the Settlement Services' account alone to contribute approximately $1.6 million to FreeStar's bottom line per month [i.e. approximately $20 million per annum] when volumes stipulated by the agreement are flowing through our system, with no significant increase in the existing infrastructure of Rahaxi, which translates to approximately $0.40 earnings per share on the number of shares currently outstanding as stated in the company's recent quarterly report. Graham Gilmour, President and Chief Executive Officer of Settlement Services, stated, "We are very pleased to be associated with FreeStar Technologies. Our commitment to the processing deal, originally relating to Rahaxi's proven 10-year track record and competitive strengths, is additionally bolstered by the wealth of synergies readily available to us through this relationship. We are excited about FreeStar's product suite, especially the proprietary PaySafeNow system, which we feel has great potential in the global marketplace." Rahaxi Processing Oy, acquired by FreeStar Technologies from Heroya Investments in September 2002, is a payment service provider based in Helsinki, Finland, offering full, card present, payment processing; transaction authorization, data capture and settlement facilities for Visa, MasterCard, American Express, Diners Club and all bank-issued domestic debit cards. Rahaxi also provides specialist value-added processing applications for fleet, fuel and loyalty card schemes. Approximately US$10 million has been invested in the development of Rahaxi's hardware, software and brand name, to date. Rahaxi provides a wide range of robust payment solutions that support sophisticated, integrated point-of-sale systems to meet the ever changing, complex needs of a wide array of industry sectors. The Company currently processes approximately one million transactions per month, but is capable of handling an additional seven million transactions per month without significant upgrades or technical enhancements. For more information, please visit the company's web site at www.rahaxi.com. About FreeStar Technologies, Inc. With Corporate headquarters in Santo Domingo, Dominican Republic, Dublin, Ireland, and Helsinki, Finland. FreeStar Technologies is focused on exploiting a first-to-market advantage for enabling ATM and debit card transactions on the Internet. FreeStar Technologies' Enhanced Transactional Secure Software ("ETSS") is a proprietary software package that empowers consumers to consummate secure e-commerce transactions on the Internet using credit, debit, ATM (with PIN) or smart cards. It sends an authorization number to the e-commerce merchant, rather than the consumer's credit card information, to provide a maximum level of security. For more information, please visit the Company's Web sites at www.freestartech.com, www.Rahaxi.com and www.epaylatina.com About Settlement Services Limited Settlement Services, a privately held sister company of Storms Commerce Limited, UK, with offices in the United Kingdom and British Virgin Islands, specializes in advising high risk industries on payment solutions. Being a recognized leader in the provision of fraud scrubbing technologies and services, the Company has close relationships with a number of major banks focused on high risk transaction processing. Settlement Services Limited is an independent company which partners with major financial institutions to provide its global client base with fast access to comprehensive payment methods through a single technical connection. For more information, please visit the Company's web site at www.settlementservices.info Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. FOR MORE INFORMATION, PLEASE CONTACT: AT FREESTAR TECHNOLOGIES, INC. Paul Egan, President / CEO 809-503-5911 or via email at pegan@freestartech.com OR Frank Schoonbaert, COO Fax: +353.21.4832262 Ph: +353.86.8338000 Email: f.schoonbaert@rahaxi.com HEROYA INVESTMENTS Lars-Erik Bengtsson Phone: +41 22 818 0280 Fax: +41 22 818 0299 Email: lars-erik@margauxgroup.ch AT SETTLEMENT SERVICES LIMITED Graham Gilmour / President and Founder 011 44 134 488 7630 or via email at gsg@stormscommerce.co.uk
Financial News USA Tel: +1 626 961 8041 Email: info@financialnewsusa.com Web: http://www.financialnewsusa.com
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CEOcast Volume 61
Was it a pullback, or the end of a bear-market rally? That question is at the forefront of investors’ minds after the three indices turned in disappointing results this week. The Dow declined 211 points, or 2.5% and is down 15.8% for the year. The Nasdaq relinquished 60 points, or 4.2% as it is off 30.1% on the year and the S&P 500 lost 23 points, or 2.5% to stand 22.5% below the level it started the year. Rising global tensions cast a pall over the market.
Profit-taking was relatively orderly, as the week’s downward move came amid relatively light volume. The issue for investors is whether the recent pullback represents a buying opportunity, or whether it foreshadows the indices ultimately re-testing their October lows. This week should serve as a key test, as each of the past two years has seen the indices post solid gains during the final two weeks of the year, as favorable seasonal factors helped offset otherwise dismal results for the year. If there is any risk, it is likely to occur this week, as earnings warning season gets underway in earnest. Normally, few companies issue profit warnings during the Christmas season, as many executives are already on vacation. Analysts expect fourth-quarter earnings at companies in the Standard & Poor's 500 to rise 14.9 percent from the year-ago period. However, that is down from expectations of a 19.9 percent climb at the beginning of October.
Of course, the "wild card" is likely to be geo-political events. Increasing concerns about terrorism, the possibility of war with Iraq, heightened tensions with North Korea helped contribute to rising oil prices and a declining dollar this week. This seemed to roil the markets, which more than offset positive earnings news from Sprint (NYSE: FON), Amgen (NASDAQ: AMGN), and Procter & Gamble (NYSE: PG). What should investors expect this week? The earnings calendar is surprisingly busy, as retailers Circuit City (NYSE: CC) and Best Buy (NYSE: BBY) post results Tuesday morning before the market opens. After the close, Micron (NYSE: MU) releases results. Wednesday morning, Bear Stearns (NYSE: BSC), General Mills (NYSE: GIS) and FedEx (NYSE: FDX) post earnings. After the close, Oracle (NASDAQ: ORCL) and Bed, Bath & Beyond (NASDAQ: BBBY) announce earnings. Oracle is expected to earn $.08 for the quarter according to analysts. Thursday morning, the brokers will take the spotlight, as Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MWD) and Lehamn Brothers (NYSE: LEH) release results. After the close, contract manufacturers Jabil Circuit (NYSE: JBL) and Solectron (NYSE: SLR) announce quarterly results.
While we mentioned earlier that earnings warnings could contribute to volatility, Friday is triple witching day, marking the expiration of options and futures. As if this was not enough, the Nasdaq 100 Index will be rebalanced on Friday. Watch for companies such as Dentsply International (NASDAQ: XRAY) to get a boost if it is added to the Index. As if this were not enough, the S&P 500 Index is also rebalanced at this time, and Friday could also be the day that the Index makes its own changes. This is likely to cause additional volatility, as fund managers required to mimic the performance of the indices are required to buy the stocks of those companies added and sell the stocks of those companies removed. Celera Genomics (NYSE: CRA) holds an investor meeting on Monday in a calendar otherwise devoid of scheduled corporate events.
On the economic front, Tuesday’s release of the CPI is expected to show that inflation remains tame. Later that day, November housing starts are likely to show an improvement to 1.69 million homes on an annualized basis from the previous month. Also, November Industrial Production is expected to increase by 0.2% versus a decline of 0.8% during the prior month. Finally, November Leading Indicators are expected to increase to 0.6% from October’s unchanged levels. Fed Chairman Alan Greenspan provides a local economic outlook in his speech at the Economic Club of New York on Friday.
Approximately seven months ago we initiated coverage on Penn Octane (NASDAQ: POCC), the leading supplier of LPG, used in propane, to Northeast Mexico. We felt there were several reasons why the stock was likely to soar, and that the company had turned its operations around and was ready to rapidly grow revenues and earnings. Our editors were so confident in the company’s prospects that they purchased over $200,000 of stock in the open market. We believed that the company would be able to generate substantial cash flow and the company showed for the past two quarters solid and steady earnings improvement. This week, the company reported breakout first quarter earnings for the period ended October 31 and the stock responded with its strongest gains of the year. The company exceeded its own guidance by three cents, earning $1.2 million, or 8 cents per share. Penn Octane delivered 49.6 million gallons of LPG, up 10.4% versus last year, to its largest customer, a subsidiary of Pemex. How dramatic has the company’s turnaround been? Last year, it lost 10 cents during its first quarter. Penn Octane has now earned 46 cents per share for its previous 12 months, meaning that it still trades at just 7 times trailing 12-month earnings.
The company, which is now entering the two strongest quarters of its year, expects to more than double last year’s second quarter earnings of 5 cents, as it announced it expects EPS of between 10 and 13 cents. There is even more upside potential for investors as Mexico is expected to open its markets to foreign imports during the first half of next year. This would enable the Company to sell to customers beyond Pemex, and likely cause a dramatic increase in earnings. We believe the company is capable of earning 65-70 cents per share this year, even without a change in the Mexican market. The stock ended the week at $3.30, up an eye-catching 42% this week.
eResearchTechnology (NASDAQ: ERES), a leading e-research technology and services provider, and the subject of a Special Situations newsletter two weeks ago, continues to increase in price. The company’s stock advanced for the fourth consecutive week, helped by the announcement that another major pharmaceutical company had selected its technology to accelerate their clinical development program. ERES’s technology continues to penetrate new markets and major pharmaceutical companies (it has 10 of the top 15 pharmaceutical companies as clients) and we believe that the stock will be significantly higher than current levels before year-end. Because the short-interest in the stock is so high (53% of the float when the numbers were last reported), we feel that any major news announcement could be a catalyst for a substantial move higher. The stock ended the week at $15.05, up 71 cents.
Last week we initiated coverage on Health Sciences Group, Inc. (OTCBB: HESG), a provider of innovative products and services in the nutraceutical, pharmaceutical, and cosmeceutical industries. This week, the company announced its most significant acquisition to date, as it signed a definitive agreement to acquire privately-held Quality Botanical Ingredients, Inc. (QBI). The acquisition dramatically changes the prospects of the company and enables it to rapidly scale revenues, as QBI, a leading purchaser, manufacturer and contract processor of bulk botanical materials and nutritional ingredients supplied to buyers in the pharmaceutical, nutraceutical and cosmetic industries, generates $15 million annually in revenue. QBI has a strong reputation in the functional food and beverage industry, and the synergies from the deal should be significant. Energy bars and sports drinks appear to be much more than a fad, and with the industry growing so rapidly, the combination of QBI’s products with HESG’s resources and ability to make further acquisitions should be the recipe to scale revenues and earnings rapidly. HESG is now expected to generate over $20 million in revenue this year, impressive for a company with a market capitalization of approximately $7 million. The stock ended the week at $0.78.
One of our favorite investment ideas this year has been gold. Not only have all of our selections soared in value, but we believed that the recent consolidation in price created yet another buying opportunity. Now, that appears to be materializing, The metal's spot price Friday morning reached $336 an ounce, the highest since Oct. 5, 1999, when the price briefly touched $339 after central banks in Europe and the U.S. agreed to limit their auctions of the metal. This positions junior mining companies such as Golden Eagle International (OTCBB: MYNG) to capitalize on a run-up in gold prices. The company, through its gold recovery plant at Cangalli, Bolivia recently began production, and has rapidly increased both the capacity and production at its plant. The company is now processing at least 2,000 tons per day at its plant, in an area that is known to have produced over 32 million ounces of gold in its history. The stock, like the price of gold, has recently consolidated around the $0.25 level, giving it a valuation of approximately $60 million, but we feel that it is now poised to break-out to new highs. It ended the week at $0.26.
Another promising junior mining company that has lined investors’ pockets with profits this year has been Silverado Gold Mines Ltd. (OTCBB: SLGLF), a junior mining company with a promising mine in Alaska. Savvy investors who bought this stock at the beginning of the year have seen their profits increase 570%. Many investors have sent us e-mails asking whether they should "chase" the stock higher, or whether there was still room for the price to increase further. The good news is that the recent pull-back in the price (hit a new 52-week intra-day high of $0.76 on December 6) provides an excellent entry point. The stock ended the week at $0.68, down 2 cents as a result of profit-taking and we believe that with the recent increase in the price of gold that the stock is likely to establish a new 52-week high this week. The stock is up 66% since we began coverage.
Could chocolate actually lower your cholesterol? Forbes Medi-Tech (NASDAQ: FMTI), a biopharmaceutical company focused in the cardiovascular area, published extremely positive results in the British Journal of Nutrition. The study of 70 participants with mild hypercholesterolemia found that the company’s phytosterol-enriched chocolate reduced their LDL cholesterol by 10.3%. Participants consumed three 10-gram servings of the phytosterol ( Reducol)-enriched chocolate a day that provided 1.8 grams of unesterified phytosterols. The implications of these results could be substantial, as high cholesterol is a problem affecting millions of people. Forbes is now waiting for a response from regulatory authorities in the U.S., European Union and Canada regarding a health claim supporting the health benefits of phytosterols related to cholesterol. If the company is able to successfully utilize this data in marketing Reducol, it could be a catalyst for a major increase in revenues. It ended the week at $0.40.
Orphan Medical (NASDAQ: ORPH), the maker of treatments for uncommon diseases, announced this week that it had received notification that the Committee for Orphan Medicinal Products had recommended Orphan Designation in Europe for Xyrem® (sodium oxybate) oral solution for the treatment of narcolepsy. The designation is significant, as it provides a 10-year period of market exclusivity in the European Community once a medication is approved for marketing. If this designation is endorsed by the Evaluation of Medicinal Products, which is expected to occur within 45 days, it should significantly increase the likelihood that the company will find a major European marketing partner. The company launched the product in the U.S. through its own specialty sales force in October. The stock ended the week at $9.00, up slightly from the time we initiated coverage.
Cepheid (NASDAQ: CPHD), a leading manufacturer of genetic assessment systems, announced Friday that the Northrop Grumman Corporation-led team had received a contract award from the U.S. Postal Service to expand and continue testing of the Bio-Agent Detection System. Cepheid is part of the consortium. Under the pre-production contract, systems will be installed and tested at 14 USPS facilities. This will enable the postal service to validate performance of the final Bio-Agent Detection System, which incorporates Cepheid's GeneXpert® modules as its detection and identification system and utilizes Cepheid's test cartridges. Ultimately, the System could be utilized at postal service facilities throughout the country. The stock ended the week down 19 cents at $5.84, as investors took profits on the news. The stock is up 48% since we began coverage two months ago.
Investors who like the energy sector have already reaped profits from Contango Oil & Gas Company (AMEX:MCF), an independent natural gas and oil exploration company. Since we started coverage four weeks ago the stock has moved from $3.00 to $3.25. Contango is expert in using hedging as a method of protecting its gains. Last week, the company announced it had purchased $4.00 per MMBtu natural gas puts covering 10 MMBtu per day for the period of January 2003 through December 2003 at a cost of $0.29 per MMBtu. In addition, the Company entered into a natural gas swap agreement covering 8 MMBtu per day at $4.62 per MMBtu for the period of January 2003 through March 2003. The puts will provide a floor against declines in natural gas prices on almost two-thirds of estimated year 2003 production. The swaps guarantee a $4.62 per MMBtu on approximately 45% of first quarter 2003 production. The company also withdrew the possible sale of its South Texas Exploration Program producing properties. Does this mean that Contango sees energy costs soaring and needs this production to meet demand or does it believe that the value of this property will reach historically higher levels? We believe that Contango’s sophistication offers great upside for investors with minimal downside as we continue to see energy prices rising.
Tri-Valley Corporation (OTCBB: TRIL), a California-based junior exploration and production company, has intrigued us since we began coverage of the company in July when the stock was $1.25. Its stated objective is to explore for high-impact oil and gas prospects through its Opus I Drilling Fund. The stock had been up handily this year, until the company announced this week that it would abandon activities at its Aurora prospect in California. In fact, the company lost 23% of its value on the news. We think this presents an extraordinary opportunity for those investors looking for oil and gas investments, as the sell-off shows the confusion that the investment community has about the company. Aurora’s 18-million barrel target represents less than 1% of the aggregate targets estimated in the company’s inventory and cost to drill the dry hole represents less than 1% of the Opus drilling budget. Put another way, the company has 26 drilling prospects in its fund. It abandoned Aurora, one of its smallest, after spending a nominal amount of money to drill it (likely under $100,000) and lost nearly $8 million in market capitalization on the news. The company continues working on the completion of its Sunrise-Mayel No. 2H natural gas well near Delano, California. The stock ended the week at $1.31, down 46 cents.
CareDecision Corp. (OTCBB: CDED), an e-health technology developer and medical PDA innovator, announced this week that it had signed an agreement with Netcare Health Group to acquire its wholly owned subsidiary, Netcare Health Services, Inc. The agreement is significant, as it gives the company immediate access to Netcare's 800 existing physicians that will be an excellent base for the deployment of its MD@Rx™ PDA device. The transaction will also result in an investment by Netcare in CDED and annual revenues of $5 million. The stock was up 20% this week, and we believe that this news could be the catalyst for the stock to substantially increase from current levels.
BIO-key International (OTCBB: BKYI), an emerging biometric company, continues to see growing interest in its advanced fingerprint identification algorithms. This week SAFLINK® Corporation, a marketer of biometric security solutions, announced that it would include BIO-key's "one-to-many" fingerprint matching algorithm in its product line and will work with the company to jointly offer custom integration solutions for enterprises that require highly specialized one-to-many fingerprint identification capabilities. The company has already formed relationship with Intel and Oracle among others. The stock ended the week at $0.61, up approximately 60% since we began coverage.
Flight Safety Technologies (OTCBB: FLST), an innovator in the development of advanced technologies aimed at enhancing aviation safety and efficiency, announced this week that former U.S. Senator Larry Pressler had joined its Board of Directors. Pressler served for 18 years in the Senate where he was Chairman of the Commerce, Science and Transportation Committee and Chairman of the Aviation subcommittee. Ressler’s relationships should help the company further expand the applications for its highly-promising SOCRATES technology, which monitors "wake vortex turbulence" at airports. The company has already been working with the FAA and NASA, among others. The stock ended the week at $1.80, up 12.5% since we began coverage, less than 2 months ago.
Ballistic Recovery Systems (OTCBB: BRSI) announced this week record results for its fiscal year ended September 30. The company, which designs, manufactures and markets unique and proprietary ballistic parachute systems that lower aircraft to the ground in the event of an in-flight emergency, posted sales of $5 million, up 34% from the year earlier period, and earnings of $604,000, or $.10 per share. The company has principally relied on revenues from Cirrus Design, its largest customer to date, but is now pursuing agreements with other aircraft builders. The company has been able to significantly grow revenues despite a sharp downturn in business aircraft sales, and if it is successful in penetrating new manufacturers, it could substantially increase its revenues. The stock ended the week at $1.00.
According to the NIDA (National Institute of Drug Abuse), the cost of drug and alcohol abuse is in excess of $160 billion dollars. Of this amount, $110 billion account for lost productivity. PHC (OTCBB: PIHC) is a national health company that we have mentioned in previous newsletters. The company specializes in helping the gaming and transportation sector deal with this huge problem. We examined the clientele of PIHC and discovered that many of their relationships were more than 10 years old. Included were such companies as Union Pacific Railroad , CSX , Canadian Pacific , Boyd Gaming , PacifiCare, MGM and Station Casinos. As we have mentioned previously, PIHC for the first time, has put together eight consecutive quarters of profitability. Its second quarter ended December 31 is usually breakeven. We believe there is a high probability that the profitability streak will continue and on a comparative basis, the current quarter will beat that of the prior year significantly. The stock closed Friday at $0.70 and we reiterate our views on accumulating for the long-term, particularly since the company is expanding into smoking cessation programs, and will now be increasing its consumer market as well.
Global Business Services Inc. (OTCBB: GBSS), a company that owns and franchises retail postal and business services centers, announced this week that it had reached an agreement with a franchisee for the Portland, Oregon and surrounding areas for its Postal Connections postal centers. The company now has 44 locations in 12 states and has already opened up eight new locations in the current quarter. The stock ended the week at $0.33.
SPECIAL SITUATIONS:
SCP Pool Corporation (NASDAQ: POOL) $30.77
Many investors will recall that the debate around eResearchTechnology (NASDAQ: ERES) centers around its ability to sustain current growth rates. The stock has a heavy short-position as naysayers believe that it will not meet its growth estimates. A similar scenario has occurred with SCP Pool Corporation, the world's largest distributor of swimming pool supplies and related products. The company has parlayed its rapid growth rate into sales of $824.2 million for the first nine months of the year, an increase of $101.6 million, or 14% versus 2001. The company also reported EPS for the first nine months of $1.73 per diluted share on net income of $44.7 million, up 18% compared to $1.46 per diluted share on net income of $39.3 million in the comparable 2001 period.
The company has a significant short position, with approximately 32% of the float pledged to shortsellers. We believe that this group believes that the company’s stock will decline as a result of a drop-off in sales of new swimming pools. This reasoning fails to understand the nature of the swimming pool industry, where most of the sales come from the maintenance and repair of existing pools, rather than new sales. This creates a recurring revenue model, and makes SCP less likely to be impacted by an economic downturn. The company’s dominant position in the sector enables it to maintain superior margins to its smaller competitors.
SCP has generated impressive organic growth, as well as completed 20 acquisitions during the past eight years. These acquired companies further benefit from SCP’s buying power and systems. The pool industry has grown at a 4-5% annual rate for years, but SCP has been growing at a faster rate through acquisitions and by selling complimentary products that its customers have typically been buying from other distributors. The company also opens 5 to 10 new locations annually. As a result, SCP has grown at twice the industry’s rate. The company believes that this strategy will allow it to grow operating income at a 12 to 15 percent rate. The company has also pursued international opportunities, through an acquisition in France, the second largest market outside the U.S. for pools. Since its acquisition, it has also opened up additional offices there.
The company has remarkably been able to expand the distribution of more than 63,000 national brand and private label products to over 34,000 customers through 199 service centers in North America and Europe without cannibalizing existing operations. In fact, same-store sales grew 10% for the first nine months of the year, suggesting that there is plenty of room for additional growth. The company recently acquired Fort Wayne Pools in August. The deal contributed $14.3 million in revenue to its third quarter results. We expect that the company will earn between $1.95 to $2.00 per share next year.
Shareholders have been rewarded as the company continues its strong performance. Barring a late sell-off, the stock will post its seventh consecutive yearly increase in price, a claim that few companies can make in this environment. The stock is up 12.1% this year, and is up 358% since 1999. These gains have attracted a large contingent of short-sellers. However, if the company meets its guidance and our estimates for next year, it would trade for just 16 times 2003 estimated earnings, an inexpensive multiple for a company growing operating results at a 15% clip. It currently trades for less than 20 times trailing 12-month results. We find the current valuation attractive, and believe that companies such as SCP Pool, that have delivered strong earnings and share price appreciation in both strong and weak economic markets deserve to trade at premium valuations. Based upon its current valuation of approximately $770 million, we believe that the company is likely to turn in yet another year of price appreciation for investors in 2003.
SVI Solutions Inc. (AMEX: SVI) $0.62
Since the holiday season is the critical time of the year for retailers, when stocks in the sector often rise, we thought now was the ideal time to begin coverage of SVI Solutions, a leading global provider of multi-channel application software technology and services for the retail industry. Inventory management is a critical part of success for retailers. In fact, Wal-mart’s inventory-tracking systems are often hailed as an integral part of the retailer’s success. SVI’s applications are designed to reduce the effort required to develop, test and maintain mission critical retail information software. Its Island Pacific division offers a complete suite of software applications to provide retailers with the ability to efficiently, effectively and profitably manage their corporate merchandising business processes. Island Pacific also provides direct to consumer e-commerce applications that support mail order, catalog and Internet channel retailing as retailers increasingly embrace multi-channel marketing.
The company, founded in 1988, has over 1,200 customers, including a "Who’s Who" of major retailers such as Home Depot, OfficeMax, The Limited, JCPenney, The Disney Stores, Victoria's Secret, and Toys "R" Us, among others. The company continues to pursue a strategy to become the leading global supplier of enterprise software solutions for the retail industry and a prominent developer of cutting-edge PC training courseware and testing tools. Through both organic growth and acquisition, the company has developed a comprehensive suite of industry-leading end-to-end solutions and has become more than a single source for retailers. Through acquisition, it has expanded beyond North America to Asia-Pacific and Europe. The company now has a variety of products to cross-sell to multiple customer bases, significantly increasing revenue potential.
SVI's solutions help to reduce operational costs at a time when leading retailers have come under unprecedented pressure due to a sluggish economy. Its solutions range from front-end Store Systems to back-office Merchandise Management Systems, as well as e-commerce and Customer Relationship Marketing applications. The recent evolution from a brick-and-mortar industry into a multi-channel environment with consumer access points ranging from stores and catalogs to web sites and kiosks has created the need for retailers to manage the full spectrum of transactions emerging from this new environment.
The company’s stock, which traded as high as $14.88 in November, 1999 started its decline after its founder Barry Schechter decided to step back from day-to-day operations by appointing new management in January, 2001, a decision that led to horrendous results for the company. SVI posted revenues for the first nine months of its fiscal year ended December 31, 2000 of $26.7 million. Since then, the company has posted declining sales and losses. For the first six months of its fiscal year ended September 30, 2002, the company reported net sales of $9.5 million, down from $15.5 million the year earlier. It also lost $4.3 million or $(0.15) per share, compared to a net loss of $7.1 million or $(0.19) per share recorded for year earlier time frame. Most importantly, Mr. Schechter has returned to spearhead the company’s operations as its CEO. The company decreased its operating loss by reducing costs and improving its balance sheet.
The company’s stock has traded in a relatively narrow range, although it is currently down 32% for the year. This gives the company a market capitalization of approximately $18 million, which means that the company trades at less than one times revenues. By contrast, JDA Software Group (NASDAQ: JDAS), which generated revenues of $166 million for the first nine months of its fiscal year, trades at approximately 1.5 times estimated 2002 revenues, despite issuing several severe profit warnings this year. JDAS’s stock has lost more than half of its value this year. We think that based upon current valuation, the return of the company’s founder and the company’s guidance that it will achieve significant second-half revenue growth and profitability by the end of its fiscal year makes the risk/reward equation quite attractive at current valuations.
PCTEL, Inc. (NASDAQ: PCTI) $7.04
There have not been many communications companies that have successfully maintained revenues and earnings in the current environment. However, PCTEL, a leading provider of innovative and cost-effective Internet access solutions is an exception. Its products include analog soft modems, DSP-based modems and WLAN software products that simplify installation, roaming, Internet access and billing. The company’s customers include Dell Computer, Toshiba, Sharp, Panasonic, Texas Instruments and Hewlett Packard, among others.
The company has been able to diversify its customer base this year, despite the challenges in the sector. Last year, 47% of its revenues came from one customer, creating significant risks for investors. This year, 82% of its revenues to date have come from six customers. It recently completed its first 802.11 software sale and has three additional contracts in place, creating a potentially lucrative new market for the company. Perhaps the best example of the turnaround that has occurred in its business can be seen in its third quarter results, where revenues increased to $12.5 million from $4.7 million in the quarter ended September 30, 2001. The company was able to achieve this despite employing 22% fewer people than last year. For the first nine months of its fiscal year, the company generated revenue of $32.4 million, down just 3% from the year earlier period. The company has earned $3.5 million for the first nine months of its year, a substantial improvement from a loss of $52.1 million during the 2001 period.
The company’s performance is even more impressive when it is compared with its competitors. Its gross margin of 60.2% is the highest in the industry, far exceeding competitors such as Conexant (44.8%), BroadCom (44.2%) and Agere Systems (14.3%). All three companies currently post substantial losses, while PCTEL is profitable. The company has achieved this result because it was able to execute its transition to the wireless market seamlessly. It has also been able to grow its modem business significantly. It realized that in order for it to stay in the commodity modem business that it would have to reduce costs dramatically, and it has done so. Its Segue™ solution has created a significant growth opportunity in the emerging area of 802.11 technology. The company’s strong patent portfolio should also give rise to significant licensing opportunities.
The company’s third quarter results substantially exceeded analysts’ estimates, as it earned 16 cents per share, much better than estimates for a 7 cent loss. The company has a strong balance sheet, with over $112 million in cash and cash equivalents. This gives the company an enterprise value of less than $30 million, when its cash position is subtracted from its market capitalization of approximately $141million. Other companies such as Conexant carry valuations nearly triple that of PCTEL, despite a 29% decline in revenue and substantial losses. Despite its relatively strong performance, PCTEL’s stock has declined 27.6% this year, hardly good news for investors. However, when compared with Conexant (down 88%), Broadcom (down 60%) and Agere Systems (down 77%), it has significantly outperformed its peers. Despite this, all three of these companies still trade for valuations that substantially exceed their cash positions.
We believe that PCTEL, which has rallied 58% since its mid-October low, provides investors with an attractive way to participate in the communications equipment sector. Since this area is likely to be the beneficiary of an improving economy, PCTEL, which has significantly outperformed its peers from both an operating performance and stock perspective, appears to be the best way to play this sector. We think that a combination of a recovering economy as well as the company’s continued improvement in operating results reflecting its transition to wireless makes this company an attractive investment candidate at current levels.
Cymat Corp. (TSX: CYM) $1.15
The current economic environment has been brutal for small companies, as a challenging economy and a lack of funding has made it difficult for these companies to execute their business models. This is why when a company with nominal revenues is able to raise $5 million ($8.35 million Canadian) we take notice. Cymat, a materials technology company that has exclusive worldwide rights for producing Stabilized Aluminum Foam, completed this capital raise last month. The company uses a process that combines alloyed aluminum with a metal matrix composite to create strong lightweight panels and shapes. The benefits of the technology include a high strength-to-weight ratio, mechanical energy absorption, recyclability and low cost of production.
How is the technology employed? It is used in a broad array of industries, including automotive, architectural and design, rail, defense, marine, truck and oil and gas. The company has principally focused on the automotive industry, where there is the potential for over 150 pounds of its Cymat SmartMetal™ material per vehicle. It already has developed significant relationships with OEM’s such as Valeo for Crash Boxes, Decoma for bumper systems and PSA Peugeot for Structural 3D casting. In total, it has agreements with 13 OEMs and forty Tier 1 companies, including DaimlerChrysler, General Motors, Fiat and Ford. The company has already completed testing with Valeo and has a targeted launch of the 2004 model year for its platform.
The company also has a development agreement with Decoma International, Inc. (NASDA: DECA), the world’s leading supplier of automotive exterior components and systems, to develop a new bumper system using Cymat’s proprietary technology. The bumper system will be designed to reduce the weight, provide for greater design freedom and improve the ability of vehicles to withstand crashes at varying speeds. The companies anticipate that full commercialization will occur by 2005. NASCAR also recently announced that it would use the company’s technology to improve driver safety. Such an agreement is likely to further increase the visibility of the company’s technology.
Cymat has also formed an agreement with PSA Peugeot Citroen, the second largest carmaker in Europe, to develop 3D aluminum foam casting targets to enhance the energy absorption of automotive structural components. PSA plans to incorporate Cymat’s technology to replace a sand core in a casting. The goal is to enhance the energy absorption of the component in a crash. However, the company’s technology goes beyond just automotive applications. It has focused on other areas as well, such as sound attenuation in mining, blast protection, road safety and clean rooms/security. One example is the relationship it has developed with Ceco Door Products. Under a three-year supply agreement, its aluminum foam panels will be used in positive pressure doors. It is working with Dynatec (TSX: DY), a leader in mining services, to develop accoustic dampening products.
Although the company’s revenues have been nominal to date, its Alusion division is expected to generate $1.5 to $3 million in revenues during the company’s fiscal 2003 year. Its near-term opportunities include wall cladding, furniture, shelving, fixtures and other design and architectural applications. It has already had installations in retail, entertainment complexes, condos and in the World Trade Center Memorial.
Despite the company’s stock losing 70% of its value this year, it recently completed a $5 million financing at a price of $1.25, slightly above where the company’s stock trades today. This values the company at approximately $53 million Canadian, on a fully-diluted basis. Many leading Canadian institutions participated in the transaction, suggesting that the company’s technology has significant potential. We agree, and believe that at the current level, upside returns for investors dwarf potential risks. We will have more on this promising company next week, after it announces its second quarter results for the period ended October 31, on October 18th.
Do you know of a company that deserves more coverage? Contact us at new@ceocast.com.
The CEOcast Newsletter is an electronic publication committed to providing our readers with factual information on selected publicly traded companies. All statements and expressions are the sole opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein. The profiles, critiques, and other editorial content of CEOcast may contain forward-looking statements relating to the expected capabilities of the companies mentioned herein. THE READERSHOULD VERIFY ALL CLAIMS AND DO ITS OWN DUE DILIGENCE BEFORE INVESTING INANY SECURITIES MENTIONED. INVESTING IN SECURITIES IS SPECULATIVE AND CARRIESA HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS NEWSLETTER IS PROTECTEDBY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCEDIN ANY WAY WITHOUT THE EXPRESSED, WRITTEN CONSENT OF THE EDITORS OF CEOcast. Moreover, as detailed below, this publication accepts compensation from certain of the companies that it features. To the degrees enumerated herein, this newsletter should not be regarded as an independent publication. The profiles, critiques, and other editorial content of CEOcast may contain forward-looking statements relating to the expected capabilities of the companies mentioned herein. This information has not been independently verified by CEOcast. The reader should use caution, as a result. The following companies, featured in this newsletter, have compensated CEOcast: Silverado Gold Mines, forty-thousand dollars and one hundred sixty thousand shares of stock for a five-month program, BIO-Key International, seventy-five hundred dollars per month, plus options to purchase two hundred thousand shares at forty-two cents, Cepheid, seven thousand five hundred dollars, Orphan Medical, seven thousand five hundred dollars, Golden Eagle International, six thousand dollars per month, plus fifty thousand shares of stock per month, eResearchTechnology, seven thousand five hundred dollars, plus warrants to purchase twelve thousand shares at thirteen forty, Tri-Valley Corporation, six thousand dollars per month, Health Science Corporation, eighty thousand dollars for a two month program, Forbes Medi-Tech, seven thousand five hundred dollars, Penn Octane Corporation, six thousand dollars per month, twenty thousand shares of stock and warrants to purchase twenty thousand shares of stock at three dollars fifty five cents (our editors own sixty-four thousand shares as well), CareDecision, eight hundred thousand shares of stock from a third party, Flight Safety Technologies, seven thousand five hundred dollars, Ballistic Recovery Systems, seven thousand five hundred dollars, Contango Oil and Gas, seven thousand five hundred dollars, PHC, seven thousand five hundred dollars, Global Business Services, seven thousand five hundred dollars, SCP Pool, seven thousand five hundred dollars, SVI, Inc. twenty-two thousand five hundred dollars and fifty thousand shares of stock for a three-month program, PCTEL, seven thousand five hundred dollars and Cymat, seven thousand five hundred dollars.
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John
Park your Sub at the iHub - Bub; .....the experience might just "...float your boat..." !!!
Morning josh,,,,, 12/10/02
Bush said to name Donaldson as SEC chairman By Matt Andrejczak
The White House is expected to name William H. Donaldson as chairman of the Securities and Exchange Commission, the Associated Press reported Tuesday, citing unidentified Republican sources. Donaldson, who founded investment bank Donaldson, Lufkin & Jenrette, is expected to be officially named later in the day. Donaldson was chairman of the New York Stock Exchange from 1990 to 1995 and was dean of the Yale school of management. He would replace Harvey Pitt, who resigned last month.
http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?guid={06297C49-B2D0-4AAB-A40F-9B6F417CBF50}&...
Rick...
To the scammers,,,I salute,,,
A place to report scum,,,errrrrrrr I mean scams......
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HUNN (OTCBB) Hunno's New MagicPass 4600 Fingerprint Access Control Security System Delivers Unsurpassed Protection Against Threats to Businesses and Professionals
TUESDAY , DECEMBER 10, 2002 08:31 AM
SAN FRANCISCO, Dec 10, 2002 (BUSINESS WIRE) -- Hunno Technologies Inc. (OTCBB:HUNN), a world leader in the development of fingerprint recognition technology, today announced the introduction of its new MagicPass 4600, a fully integrated fingerprint access control security system and log enrollment application suite for businesses, professionals, and corporate users.
Hunno's MagicPass 4600 Fingerprint Access Control Security System focuses on the security needs of small business and corporate professionals, with advanced protection against unauthorized access by personnel or visitors combined with a state-of-the-art time and attendance enrollment process for a comprehensive package solution.
The MagicPass 4600 includes Hunno's complete biometrics-based identification technologies, and can function in a stand-alone mode without the need of a host PC, or can easily integrate with a PC via the use of Hunno's RS232 ports. The MagicPass 4600 is also physically stronger than many other optics-based fingerprint identification systems in terms of shock-resistance, scratch-resistance, and environment-resistance.
In addition to introducing an integrated time and attendance function and a simplified user interface, Hunno's MagicPass 4600 Fingerprint Access Control Security System features next-generation optics-based technology, advanced LCD on-screen menus, enhanced audible indicators, low power consumption, sophisticated stand-alone or networked operation, and an updated enrollment application program to enable businesses to maximize their security while registering authorized users.
"Businesses require security solutions that are reliable, comprehensive, and easy to install and use," said Sang Gyun Kim, President of Hunno. "Our new MagicPass 4600 Fingerprint Access Control Security System answers these needs by providing everyday protection against unauthorized access as well as time and attendance enrollment to maximize productivity and enhance profitability. We intend to market the MagicPass 4600 globally, utilizing strategic distribution partners with strong business networks. The MagicPass 4600 should be a strong sales driver for us in 2003."
Hunno's MagicPass 4600 is designed for easy installation, and provides various practical functions such as maximizing the number of enrollees and minimizing the time of enrollment. In addition, it strengthens the time and attendance function, providing various log data formats and connections to other access control devices. The MagicPass 4600 can also communicate with other devices through RS232, 485, Weigand 26 output, 36 outputs. For better communication speed, the MagicPass 4600 is equipped with protocol version 3.x and includes a FAT system to quickly and easily record and manage users. For complete compatibility and connection with other devices, the MagicPass 4600 has input/output connectors built-in, along with an embedded TCP/IP function.
About Hunno Technologies Inc.
Hunno Technologies Inc., a Delaware corporation ("Hunno"), is engaged in the discovery, development and commercial application of proprietary fingerprint identification technology through its majority-owned subsidiary, Hunno Technologies Inc., a Republic of Korea corporation ("Hunno Korea").
Organized in 1997, Hunno Korea produced the world's first CMOS-based fingerprint identification module in 1998 and an optics-based fingerprint identification module in 2001. Now a world leader in its field, with units of several Fortune 500 companies among it customers, Hunno Korea brings to the global marketplace highly sophisticated and effective fingerprint authentication solutions, offering state-of-the-art biometrics-based security products for both consumer and commercial applications, including fingerprint identification modules, PC security solutions, physical access control systems (including time and attendance control solutions), and web-based authentication solutions. For more information, please visit www.hunno.com/.
Important Information About Forward-Looking Statements
All statements in this press release that are other than statements of historical facts are forward-looking statements, which contain Hunno's current expectations about its future results. Forward-looking statements involve numerous risks and uncertainties. Hunno has attempted to identify any forward-looking statements by using words such as "anticipates," "projects," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although Hunno believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
A number of factors may affect Hunno's future results and may cause those results to differ materially from those indicated in any forward-looking statements made by, or on behalf of, Hunno. Such factors include Hunno's limited operating history; Hunno's need for significant capital to finance internal growth; Hunno's ability to attract and retain key employees and strategic partners: Hunno's ability to achieve and maintain profitability: political and economic risks inherent in the ownership and operation of international businesses; fluctuations in the trading price and volume of Hunno's stock: and other unanticipated future events and conditions.
For further information concerning risks and uncertainties that may affect Hunno's future results, please review the disclosures contained in its latest filings with the SEC, especially Hunno's Form 10-QSB report filed on November 8, 2002 and its Form 8-K12G3 report filed on August 12, 2002. Other than as required by federal securities laws, Hunno undertakes no obligation to publicly update or revise any of its forward-looking statements, whether as a result of changed circumstances, new information, future events, or for any other reason occurring after the date of this press release.
CONTACT: Affiliated Holdings AP, Inc.
Boaz Yung, 415/788-1168
pr@affiliatedap.com
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WLIV (OTCBB) Whole Living Reports 85% Increase in Gross Profits
MONDAY , DECEMBER 09, 2002 10:56 AM
PROVO, Utah, Dec 9, 2002 (BUSINESS WIRE) -- Whole Living Inc. (OTCBB:WLIV) announced today that gross profits increased 85% in the third quarter versus the second quarter of 2002.
The Company reported gross profits of $1.24 million for the third quarter of 2002 compared to $669,839 in the second quarter of this year. This 85% is the second such surge in gross profits that the Company realized in 2002. The second quarter results increased 80% over first quarter gross profits which were $371,856.
These results are a strong indication of the year the Company is experiencing, including the third quarter revenues, which exceeded the first and second combined.
"Whole Living is a Company with a simple message and a burning desire to deliver it. We want to be a Company that educates and aids individuals in becoming healthier and smarter consumers. We are enhancing our marketing focus, as we previously announced with Healthy Connections, increasing manufacturing capacity, taking all necessary steps to enrich shareholder value, and including considering more merger and acquisition activity," stated Doug Burdick, Senior Management of Whole Living. "We will grow The Brain Garden into a leader of convenient primary nutrition, and Vestrio will be responsible for educating thousands of potential investors with their state-of-the-art educational tools. We believe the 2003 results can multiply our fiscal accomplishments in 2002."
About Whole Living, Inc.
Whole Living was created as a holding company to assist and develop companies in the direct sales industry. At the present time they have two wholly-owned subsidiaries, The Brain Garden, Inc. and Vestrio Corp.
The Brain Garden is a primary nutrition company in the direct-selling industry, with premium products reaching consumers throughout the US, Canada, Japan, Korea, Australia, Mexico, New Zealand, and the United Kingdom.
Vestrio Corp. offers proprietary investment and stock analysis software products which are designed to educate investors on the financial markets, and to combine financial health with primary health. Vestrio operates in the United States as well as fifty other countries.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby.
Investors are cautioned that certain statements in this release are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors. Such uncertainties and risks include, among others, certain risks associated with the operation of the company described above.
The Company's actual results could differ materially from expected results.
CONTACT: Whole Living Inc.
Corporate Contact:
Carrie Bona, 801/772-3300
or
Brokers and Analyst:
Summit Resource Group
Investor Relations, 800/400-1290
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IGSTF (OTCBB) Imagis Technologies Proposes Acquisition of Briyante Software Corp. Acquisition would provide Imagis with Briyante's Justice Information Server technology to facilitate law enforcement, public safety, and homeland security information sharing
MONDAY , DECEMBER 09, 2002 09:05 AM
VANCOUVER, Canada, Dec 9, 2002 (BUSINESS WIRE) -- Imagis Technologies Inc. ("Imagis") (OTCBB:IGSTF)(TSX VENTURE:NAB) (Germany:IGY), a leading developer of law enforcement software and biometric systems using advanced facial and image recognition technology, and Briyante Software Corp. ("Briyante") (TSX VENTURE:BSC) announced today that the two companies have signed a Letter of Agreement ("Letter of Agreement") whereby Imagis proposes to acquire all issued and outstanding shares of Briyante in consideration for Common Shares of Imagis. Under the terms of the Letter of Agreement, Imagis proposes to offer Briyante shareholders one (1) Common Share of Imagis for each 3.5 Common Shares of Briyante that they hold (the "Exchange Ratio"). The calculation of the Exchange Ratio was done on the basis of Imagis having 19,375,875 Common Shares outstanding (24,179,919 on a fully diluted basis) and Briyante having 10,684,504 Common Shares outstanding (12,557,004 on a fully diluted basis).
The complete agreement for the acquisition will be documented by a definitive agreement ("Definitive Agreement") that is to be negotiated and which will contain the usual representations and warranties for similar transactions. Imagis and Briyante intend to complete the Acquisition pursuant to a plan of arrangement to be adopted under the Company Act (British Columbia) by the shareholders of Briyante. The completion of the Acquisition is subject to a number of customary conditions, including the entering into of the Definitive Agreement as well as regulatory and shareholder approval. Closing of the Acquisition is expected to occur by the end of the first quarter of 2003.
Briyante is a developer and marketer of information sharing solutions and custom software applications, including their patent-pending Justice Integration Server (JIS). The JIS solution uses Microsoft(R) .NET architecture and XML Web Services to enable data sharing between all aspects of the justice and public safety markets. For example, officers and detectives can retrieve information in real-time (such as names, arrest records, warrant details, license plate numbers, suspect descriptions, or particular words or phrases in police reports) from any county, state, federal, or international agency. This ability to access information across disparate and incompatible data sources regardless of the database type or location has been identified as a critical need by both the law enforcement community and by many of the agencies involved in Homeland Security.
It is the rights to and capabilities of Briyante's JIS technology-and its potential when combined with Imagis' face and image recognition capabilities-that makes this such an important acquisition for Imagis. Once the JIS is a part of Imagis' product line, Imagis will be able to provide existing and future customers with a Microsoft .NET-centric information sharing solution that facilitates both data and image sharing between disparate databases. This will enable informational intelligence queries based solely on a person's digitized photo, tattoo, or other distinguishing mark.
"Following the passing of the Homeland Security Information Sharing Act in June of 2002, which legislated the sharing of information between the Federal intelligence and law enforcement communities, President Bush called upon the private sector to develop solutions that help link the vast amounts of knowledge resident within each agency and at all levels of government," says Buck Revell, Chairman of Imagis Technologies Inc. and the former Associate Deputy Director of the FBI. "At Imagis we heeded that challenge. This acquisition positions Imagis as the only vendor currently capable of enabling regional information sharing for all text, imagery, and facial information between divergent justice agencies and their respective database and intelligence systems."
"Microsoft has been working closely with Briyante and Imagis to develop their information sharing systems built on Windows .NET technology. From a technology standpoint, the acquisition of Briyante by Imagis is a perfect match," says Jeff Langford, .NET Technology Specialist, Justice & Public Safety Solutions, Microsoft Corporation. "Not only does the combined offering allow a user to access textual information from any records management system database or legacy system, but now the same user can query other local, state, and national image databases using only a digital photo, composite drawing, or mug shot. The combined expertise of the two companies results in a more robust end-user application as well as incorporating Microsoft.NET technology into the Imagis product line."
Imagis has also agreed, subject to regulatory approval, that commencing February 1, 2003 it will provide Briyante with non-refundable financing to cover its monthly operating expenses until the Acquisition is completed or cancelled. Furthermore, both parties have agreed that that if either party chooses not to complete the Acquisition for any reason other than one outside their control, or as a result of material information acquired as a result of due diligence, then the party choosing not to complete the transaction will reimburse the other party for the expenses it incurred in connection with all matters relating to the Acquisition (not to exceed $100,000). The signed Letter of Agreement was the result of arms-length negotiations and has been approved by the boards of the two companies.
The Imagis Common Shares to be issued pursuant to the proposed plan of arrangement have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act.
About Briyante Software Corp.
Briyante Software Corp. (TSX-VEN:BSC) is the developer and marketer of the Justice Integration Server (JIS). The JIS allows all agencies within the Justice and Public Safety arena to share information with one another in a safe and controlled manner. Through the JIS's patent-pending visual metaphors, agencies with disparate systems (RMS, CAD, JMS, CMS, etc) can publish or access relevant data without the need for programming. Agencies are free to share as much or as little data with their partners in a highly-secure manner and without having to give up ownership of the data. Built on Microsoft .NET, the JIS is a completely standards-based product utilizing WEB Services and UDDI to create complex Regional Information Sharing System (RISS) networks easily and quickly. The JIS client software can currently be used as both a standard desktop application and as a Web-based service. Mobile versions of the client software can be used on a number of systems, including any Microsoft Pocket PC-based computing device.
To learn more about Briyante Software Corp., please visit http://www.briyante.com.
About Imagis Technologies Inc.
Imagis Technologies Inc. (OTCBB:IGSTF; TSX-VEN:NAB; Germany:IGY) develops and markets identification systems and database applications based on advanced biometric face and image recognition technologies. This includes identification and security solutions for use in law enforcement and public safety, airports, customs and immigration, driver's licenses and passports, and other government agency and private-sector initiatives.
The Company, whose Chairman is Oliver "Buck" Revell, the former Associate Deputy Director of the FBI, has over 140 installations of its software located across the United States, the United Kingdom, Canada, Latin America, and Asia-Pacific. This includes one of the UK's national police agencies; more than 50 RCMP detachments and police departments across Canada; over 50 police departments across the United States; New Zealand Customs; and Toronto's Pearson International Airport.
For more information about Imagis Technologies, please visit http://www.imagistechnologies.com
ON BEHALF OF ON BEHALF OF
THE BOARD OF DIRECTORS THE BOARD OF DIRECTORS
"Iain Drummond" Al Kassam
President & CEO, President & CEO,
Imagis Technologies Inc. Briyante Software Corporation
Forward Looking Statements: This press release may contain statements that constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include the risks and uncertainties described in our Form 10-KSB filed with the United States Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Imagis Technologies Inc.
Michael O'Connor, 604/684-2449
michaelo@imagistechnologies.com
or
Typhoon Capital Consultants
Sanjay Sabnani, President, 310/349-2245
sanjay@typcap.com
or
Briyante Software Corp.
Sandy Buschau, 604/731-8584
sandy@briyante.com
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Dec. 9th CEOcast Weekly Newsletter
VOLUME 60
After eight weeks of euphoria, fear returned. The Dow lost 250 points, or 2.8% as investors took profits. The Nasdaq declined 56 points, or 3.8% and the S&P 500 dropped 24 points, or 2.6%. Concerns about a struggling economy and weak corporate earnings dashed any remaining hopes that one of the major indices might avoid a third consecutive yearly decline. The Russell 2000 lost 2.4%. Only the Dow, down 13.7% for the year, appears to even have a chance of avoiding a double-digit decline.
After a wild ride upward over the past two months, which even saw the Dow briefly top its August high on Monday, investors paused to take some profits. Why this week? Certainly, the corporate news was not very favorable. Disappointing earnings/sales forecasts from industry leaders AOL Time Warner (NYSE: AOL), Walt Disney (NYSE: DIS) and Hewlett-Packard (NYSE: HPQ) did not help. United Airlines’ (NYSE: UAL) seemingly imminent bankruptcy was another reminder of how weak the airline industry is. Sluggish same-store sales numbers from retailers, a soft manufacturing report and rising unemployment levels all served as a reminder of how fragile the nascent economic recovery is. Valuations, many believe, have gotten ahead of themselves.
The news is not all negative. While many investors have realized substantial gains during this rally, this week’s pullback was reasonably orderly and did not do much technical damage. In fact, the Nasdaq closed Friday at a key technical support level in the 1,419 to 1,423 range, which represents its 20-day moving average, the September 11th reaction low and the top of the rally during the Summer. Thus, we believe that the bias remains higher for the Nasdaq, because of favorable seasonal factors. This week’s pullback may mean nothing more than the indices working off some of the over-bought conditions that occur when stocks rise too far too fast.
We have not spent much time discussing geo-political events and their impact on the market, because they are hard to forecast. Clearly, the Iraq situation will remain at the forefront of investors’ minds. It is likely that there will be continued rhetoric out of Washington this week as President Bush continues to push for Iraqi dictator Saddam Hussein to "fess up" to the weapons violations that have been ongoing in Iraq for years. This could prove to be a bit of a distraction to the markets, although few expect any military action before next year. In the interim, investors will turn their attention to a relatively slim list of corporate earnings announcements, led by retailers Albertson’s (NYSE: ABS) on Monday morning , Kroger (NYSE: KR) on Tuesday morning and HJ Heinz (NYSE: HNZ) on Thursday morning. Homebuilders Hovnanian (NYSE: HOV), on Monday morning, and Toll Brothers (NYSE: TOL) on Wednesday will also report results. Look for strong results out of each company. Thursday evening, Adobe Systems (NASDAQ: ADBE) will announce earnings.
As the year comes to a close, many companies will hold mid-quarter updates and analyst meetings this week. On Monday, Pharmacia (NYSE: PHA) holds its annual shareholder meeting. Tuesday morning Agilent Technologies (NYSE: A) holds an Analyst Day. Merck (NYSE: MRK), Oxford Health Plans (NYSE: OXHP) and Unisys (NYSE: UIS) also host similar events. The same day, Nokia (NYSE: NOK) will provide a mid-quarter update, as will semiconductor company Xilinx (NASDAQ: XLNX) and medical giant Medtronic (NYSE: MDT). On Wednesday after the market closes, Amgen (NASDAQ: AMGN) will hold a call to update 2003 guidance.
The economic calendar is a bit more active than the corporate one, highlighted by the Federal Reserve Open Market Committee’s meeting on Tuesday. Investors expect that Chairman Alan Greenspan will leave the fed funds rate unchanged and will continue to maintain a neutral bias. Tuesday, October Wholesale Inventories will also be announced. Thursday, retail sales for November will be released, which are expected to show a slight increase from the prior month. Finally, Friday brings the November Producer Price Index which should remain steady from October’s level. On Friday, the December Michigan Sentiment, which is expected to increase to approximately 85 from 84.2 the previous month, will be announced.
We have received numerous inquiries about our Special Newsletter coverage of eResearchTechnology (NASDAQ: ERES), a leading e-research technology and services provider for clinical applications. We anticipated that there would be a major short squeeze this week as short-sellers would begin to cover their positions, driving the price dramatically higher. This did not occur -- yet -- disappointing many of the investors who bought in expecting it to move rapidly higher. In fact, many investors bought the stock after it gapped higher on Tuesday, even reaching a high of $16.75. We hope investors have patience, as the fundamentals of the company are tremendous. The company actually raised its fourth and first quarter guidance this week, as it now expects to report revenue of $11.5 to $11.7 million. This translates, in our view, into 14 cents per share, or 43 cents per share for the 2002 year. It also increased its first quarter guidance by another 2 cents per share. Analysts, all with price targets of at least $21 on the company, expect the company to earn 65 cents per share for 2003. We believe the company is capable of doing much better, possibly earning as much as $0.70 to $0.73. This would represent earnings growth of as much as 75% from 2002’s results, and a P/E multiple of just 20 times ’03 estimates. Based upon current valuations, we believe the stock is cheap at current levels. A short squeeze can occur at any time, as investors in Neoware (NASDAQ: NWRE) and J2 Global Communications (NASDAQ: JCOM) will attest to. Still, ERES was up 4% for the week and 84% for the year. We encourage our readers to continue to accumulate positions.
Penn Octane Corporation (NASDAQ: POCC), a leading supplier of Liquefied Petroleum Gas (LPG) to Mexico, is expected to announce its first quarter results, for the period ending October 31, on Monday. The company is also likely to update investors on its plans to transition the company to a Master Limited Partnership at the time. The company continues to dramatically improve its operating results. Penn Octane has generated 38 cents per share in earnings for the past nine months, and expects to report EPS of 5 cents for its first quarter, compared to a loss of 10 cents per share last year. This would mean that the company trades for approximately 6 times trailing 12-month results. Even better, for investors, is that the company is now entering the strongest period of the year, as LPG for propane is used at a much higher rate during the winter months. The stock ended the week at $2.32.
Quanex Corp. (NYSE: NX), a maker of materials used for automobiles and building products, posted record net income of $15.1 million, or 97 cents per share, in its fourth quarter ended Oct. 31, compared with $11.2 million, or 77 cents per share, a year earlier. The company earned $2.07 per share for the year on a diluted basis. Despite coming off record results, the company expects fiscal 2003 to be even better, as a result of value-added products at both its MACSTEEL and Nichols Aluminum divisions, improved pricing of raw materials and new programs at its Engineered Products division. The company expects to earn 39 cents per share for its quarter, and to post improved sequential results for each of the subsequent quarters. This is a great way to play an economic recovery. The stock ended the week at $32.55, up 6.3%, meaning the company trades at less than 16 times earnings trailing 12-month earnings.
REX Stores Corporation (NYSE: RSC), a specialty retailer of consumer electronic products and appliances, reported third quarter results for the period ending October 31 this week. The company had net income of $4.3 million, or $0.31 per diluted share, compared to $4.4 million, or $0.33 per diluted share, in the third quarter of fiscal 2001. For the first nine months of the year, net income rose 21% to $13.8 million, or $0.95 per diluted share, from $11.4 million, or $0.86 per diluted share, in the first nine months of fiscal 2001. Net sales in the third quarter of fiscal 2002 were $95.7 million compared to $107.3 million in the year-ago period. Fiscal 2002 third quarter comparable store sales fell 8% from the third quarter of fiscal 2001. Net sales in the first nine months of fiscal 2002 were $282.3 million compared to $312.7 million in the first nine months of fiscal 2001, while comparable store sales for the period declined 7%. While the company’s third quarter sales declined, other large retailers such as Best Buy and Circuit City posted sluggish results as well. We believe that at its current P/E multiple of less than 7 times trailing 12-month earnings that the company represents an excellent way to play an economic turnaround. The stock ended the week at $11.57, up 12% from when we began coverage.
Cepheid (NASDAQ: CPHD), a leading developer, manufacturer and marketer of fully integrated systems that enable genetic assessment, announced this week the next-generation of its real-time DNA analysis system, the Smart Cycler® II. The Smart Cycler® system, which has become a standard real-time analysis instrument for DNA sequence detection, has been up-graded to meet the rapidly evolving needs of today's molecular biology labs. Molecular biologists have demanded growing applications and expanded capabilities of today's amplification and detection chemistries. The Smart Cycler® II real-time, multiplexed optical detection system has been enhanced to give users more flexibility and more choice in the use of next generation fluorescent detection dyes, chemistries, and techniques. The stock hit another 52-week high this week, before closing at $6.03, up 53% in two months since we began coverage.
Another stock we like quite a bit that has broken out to a new 52-week high this week is Wireless Facilities (NASDAQ: WFII). The stock is up 47% in the three months since we began coverage, as the leader in the management of wireless telecommunications networks, continues to be one of the few wireless companies that has been able to growing revenues sequentially and to post bottom-line earnings. The company has no debt and continues to generate impressive cash flow. The stock ended the week at $6.93.
We continue to believe that all investors should own gold stocks today as a hedge against geo-political events and an economic recovery that has been inconsistent at best. We have tended to focus on the junior gold stocks. Silverado Gold Mines (OTCBB: SLGLF) is a company we highlight every week. The stock is an excellent way for investors to get tremendous leverage to a price increase in gold. The company continues to develop its Nolan Mine in Alaska, and its stock seems to establish a new 52-week high virtually every week. This week was no exception. Despite a lack of an appreciable upward move in the price of gold during the past seven weeks, the stock is up 80% from the time we began coverage. Is now too late to establish a position? We think not. When a gold stock rises significantly without price appreciation in the metal, it often means that the stock is being accumulated by "smart money". In this case, savvy investor David Tice, manager of The Prudent Bear Fund, has been a recent buyer. The price increases have come on significant spikes in volume, also a bullish sign. The stock ended the week at $.705, and is up 700% for the year! Still, we think that the advance is only gaining momentum.
Golden Eagle International, Inc. (OTCBB: MYNG) is another junior mining company with rapidly improving fundamentals. This week, the company announced that it had achieved record production at its gold recovery plant at Cangalli, Bolivia. The company’s open pit operations produced 3,859 tons. While it is currently unable to sustain these production levels, it can now consistently produce at 2,000 tons per day. The company expects to be able to shortly assess its gold grade, and will likely issue a report within two weeks. We believe that investors should consider increasing positions ahead of this report, as a favorable announcement would have significant implications for future revenues. The stock has tremendous support at $0.25, and has been another big winner, up 86% in the five months we have covered it. Volume increased this week, indicating that it could be under accumulation, a bullish signal.
BIO-key International (OTCBB: BKYI), announced this week the signing of an OEM agreement with Monarch Medical International Ltd. This marks a new application for the company’s "True User Identification™" software, which enables finger-based one-to-many positive biometric identification in a wide variety of commercial and governmental applications for information security and access control. Monarch is an Information Manager, providing the key component for clinical and financial healthcare administration. Since HIPAA regulations have increasingly focused on securing medical records, this market could represent a significant opportunity for the company. The stock ended the week at $0.67, up 1 cent on the week.
Orphan Medical (NASDAQ: ORPH), the maker of treatments for uncommon diseases, reiterated its previous 2002 sales guidance of $15.5 million to $16 million, supported by a strong response to its cataplexy treatment since its launch Oct. 7. The company announced that 552 prescriptions were written for its Xyrem sodium oxybate oral solution through Nov. 29, exceeding the company's expectations. Xyrem is the first and only approved medication for the treatment of cataplexy, a debilitating symptom of narcolepsy. Investors have been watching results closely, as the drug is expected to be a catalyst for the company’s future sales growth. The U.S. cataplexy market is estimated to be in excess of $125 million annually. The stock ended the week at $9.91, up 10.3% since we began coverage in October.
Investors who have followed Aceto Corporation (NASDAQ: ACET) a global distributor of Pharmaceuticals and Specialty Chemicals, have done well since we initiated coverage in our March 17th newsletter. The stock was selling for $10.93 at that time and closed Friday at $14.72, a 34.6% increase. We expect further growth as the company gave earnings guidance for the first time in its history. The company announced at its annual shareholders meeting that it expects earnings for its fiscal year ending June 30, 2003 to be in excess of $1.11 per diluted share, before giving effect to any non-cash goodwill impairment charges, that represents an increase of $0.36 per diluted share and a 48% increase in earnings over the previous year. The company also announced a 3 for 2 stock dividend and an 8% increase in the annual cash dividend payable on its common stock. The annual cash dividend will increase to 23 cents per common share from 21.3 cents (both adjusted for the stock dividend), and will continue to be paid semi-annually. Both the stock dividend and the cash dividend will be paid to holders of record as of the close of business on December 18, 2002 and will be paid on January 2, 2003. Few companies can boast of significant increases in both stock appreciation and dividends. The stock ended the week at $14.72.
America Online Latin America Inc. (NASDAQ: AOLAC), a leading interactive services provider in Latin America, announced this week an interactive marketing agreement between its subsidiary AOL Mexico S. de R.L. de C.V. and American Express Mexico. The American Express card is being prominently promoted across the AOL Mexico service, in conjunction with an integrated marketing communications campaign with online promotions, direct mail marketing materials through bill inserts, and various consumer advertising initiatives. We believe that additional agreements such as these could indicate that the advertising business is slowly beginning to return. Since AOLAC has a leading brand name, it is likely to be one of the biggest beneficiaries of this trend in Latin America. The stock ended the week at $0.49.
Tri-Valley Oil & Gas Co. (OTCBB: TRIL) announced this week that it had begun drilling the Aurora No. 1-19, a new field wildcat some six miles southeast of McFarland, California. The Company is hoping to discover a potential now estimated in the range of 18 million barrels of oil. The Aurora prospect is one of the 26 separate prospects comprising the TVOG Opus I Drilling Program L.P. that the Company has underway. Tri-Valley expects to reach a total depth of 5,800 feet to test the primary objective of the Aurora Prospect before the end of December. The company has 20,000 line miles of digitized California seismic data and a proprietary geologic library with 700 leads and prospects in California that is more than all the other independent companies combined. Aurora is just one of many high-impact prospects it is pursuing. The stock ended the week at $1.78.
SmartServ Online, Inc. (NASDAQ: SSOL) announced this week that the Nasdaq had informed it that it had maintained its listing on the Exchange. The company continues to expand the distribution of its wireless financial content, as most recently ALLTEL will begin offer its digital wireless customers with BREW-enabled phones the ability to preview and subscribe to the Forbes.com Wireless, powered by SmartServ™. The stock ended the week at $1.28.
International Hi-Tech Industries Inc. (OTCBB: IHITF), an emerging company whose principal business is the development and commercialization of a new building system, jumped 8% this week after announcing improved operating results. The company is positioning itself to receive a large order from a joint venture with Saudi Arabia. The company lost approximately $600,000 on an operating basis for the third quarter, although because its revenues currently come from licensing deals, revenues and earnings are still lumpy, impacted by key customer wins. The stock ended the week at $0.27.
SPECIAL SITUATIONS:
Health Sciences Group Inc. (OTCBB: HESG) $0.80
One of the fastest growing areas in healthcare is nutraceuticals. In fact, 74% of Americans surveyed said that they consumed nutraceuticals regularly. Over half of the country has used nutraceuticals at one time or another. Experts estimate that the nutraceutical industry could be as large as $50 billion. Servicing this highly fragmented industry are numerous companies, many of which have unrealized value potential often stemming from inadequate capital resources, limited management experience, and unexploited intellectual property. Identifying this as an opportunity, Health Sciences Group, Inc. has embarked on a plan to acquire and vertically integrate these companies to efficiently provide value-added products and services.
The Company has wasted little time in aggressively pursuing this strategy. In December 2001, only forty days after announcing its intentions, Health Sciences successfully acquired its first two companies. Then it proceeded to successfully expand the appraised value of the acquired intellectual property portfolio by over $4.0 million. Within approximately three months thereafter, the Company announced its intentions to acquire Quality Botanical Ingredients, Inc. (QBI), a leading purchaser, manufacturer and contract processor of bulk botanical materials and nutritional ingredients. Its largest announced target to date, QBI will give the Company a sizeable presence in the nutraceutical market. QBI is expected to post revenues this year of approximately $15 million.
The Company’s current businesses include XCEL Healthcare, Inc. and BioSelect Innovations, Inc. XCEL operates a specialty pharmacy, which delivers pharmacological products and services to clients with chronic illnesses. Typically, XCEL clients spend $20,000 to $50,000 per year on treatment. XCEL has built a powerful network of referral sources through its affiliations with many of the leading medical institutions such as UCLA Medical Center and Cedars Sinai Hospital. BioSelect develops and wholesales its private-label proprietary products to a global network of customers who manufacture and distribute compounded pharmaceuticals, nutraceuticals and skin care products. The acquisition of BioSelect provided Health Sciences with a portfolio of proprietary (patents pending) combinations of over-the-counter (OTC) pharmaceutical and nutraceutical products that address very large consumer markets. Health Sciences is expected to post revenues this year of approximately $5.2 million.
Health Sciences’ revenues have been relatively small to date. For the nine months ended September 30, the Company generated revenues of approximately $4.2 million, posting a loss of 56 cents per share, or nearly $3.2 million. This should all change, however, once the Company concludes its acquisition of QBI. The dietary supplements market at the retail level is estimated at $17 billion with herbs and botanicals representing about one fourth of this total.
The Company’s strategy of acquiring companies in the healthcare sector is not a new one. However, what makes Health Sciences unique is that it is acquiring companies that, when put together, provide all of the necessary components required to produce value-added nutraceutical/pharmaceutical products from start to finish. These products include nutritional supplements, functional foods & beverages, and skin care products, which are sold typically to wholesale customers. By producing products for wholesale distribution, the Company is generally less susceptible to retail market fluctuations. The less dollars the Company has to spend on marketing and advertising to retail consumers, the more it can drop to the bottom line. Health Sciences expects to aggressively grow its revenue base internally through operational improvements and by making additional accretive acquisitions.
We often like to say that it is more important to bet on the jockey than the horse when selecting micro-cap companies. This is where the Company’s management experience should be invaluable. Its CEO was formerly the Sr. Manager of Investments & Acquisitions for DIRECTV, Inc., a wholly-owned subsidiary of Hughes Electronics Corporation. Its current President was the founder and Chief Executive Officer of Worldwide Financial Group, Inc., a boutique investment bank servicing the needs of public and private companies operating in health-related areas. Other executives retained from the XCEL and BioSelect acquisition have notable qualifications and operating experience.
The stock has fallen from approximately $3 in January to today’s levels as a result of investors’ frustrations with the Company not having yet completed the QBI acquisition. Thus, with a market valuation of approximately $7 million today, much of the risk has been taken out of the stock. We think that the Company is now closer to closing the QBI transaction, and that such an announcement could be a catalyst for the stock to move higher. Lately, the Company’s trading volume has been increasing, a sign that a breakout could be forthcoming. Since the stock is currently just about its 52-week low, we believe that an upcoming QBI announcement could be just what the doctor ordered to create a sharp near-term increase in Health Sciences.
Pharmos Corporation (NASDAQ: PARS) $1.32
One of the most severely depressed sectors has been biotech. Pharmos Corporation is a bio-pharmaceutical company that discovers and develops new drugs to treat a range of inflammatory and neurological disorders such as traumatic brain injury and stroke. The company considers major research & development projects to be those projects that have reached at least Phase II level of clinical development. The Company's major project is the development of dexanabinol for the treatment of traumatic brain injury, which is currently involved in Phase III testing in Europe, Australia and Israel. During the third quarter of 2002, the gross cost of the project was $4.0 million. Total costs since the project entered Phase II development in 1996 through September 30, 2002 are $22.8 million, that are certainly in line with other research projects.
Brain injury treatment has a large unmet need. There is no drug for people that have been hit on their head or have had a serious car or other vehicle accident. In the U.S. alone there are 300,000 brain injuries each year. Approximately 50,000 die and another 80,000 suffer long term disability. Based on a number of models the potential for treatment is in the $500 million range.
Although the company does not currently have any approved products it has sold two successful ophthalmic products to Bausch & Lomb, and continues to receive milestone payments which can be as high as $12 million over the next two years. These funds should contribute a significant amount to allow the company to finish its Phase III trials.
Pharmos' chemical library consists of two chemically distinct cannabinoid platforms, tricyclic dextrocannabinoids and bicyclic cannabinoids. The two classes of synthetic cannabinoids have different mechanisms of action, but there is considerable overlap in their therapeutic potential for treating neurological, cardiovascular, autoimmune and inflammatory disorders.
The tricyclic dextrocannabinoids, for which dexanabinol is the prototype, do not bind to either of the two known classes of cannabinoid receptors. Therefore, this family of compounds does not show the psychotropic and other negative side effects seen with naturally occurring cannabinoids. Drug candidates in this family display biological activity by blocking the activation of specific channels in nerve cells and/or
inhibiting several major inflammatory mechanisms. Both activities may reduce the amount of sudden and programmed cell death caused by certain disorders.
Dexanabinol has potential in another significant area, which occurs after cardiac bypass surgery. It is estimated that 25 percent of all patients going through bypass surgery have cognitive impairments. Currently there is a Phase II trial underway to determine whether the drug will work. It is estimated that one in four patients have this problem and are waiting for a drug treatment. In the U.S there are about one million cases per year.
Finally, Pharmos has a large early stage program for the treatment of pain. This program has three main candidates which will be targeting such things as multiple sclerosis, inflammatory bowel disease and rheumatoid arthritis. We believe that Pharmos, with its proprietary technology and a past record in drug development bears close watching for investors who understand the long term horizon needed to bring a drug to market.
Forbes Medi-Tech Inc. (NASDAQ: FMTI) $0.41
One of the areas that has received the greatest focus in the healthcare sector has been the cardiovascular area. As heart disease is one of the leading killers in the country today, many companies have attempted to develop solutions, including cholesterol-lowering products. Forbes Medi-Tech appears to have a promising portfolio of cholesterol-lowering pharmaceutical products. Its lead compound FM-VP4 has been approved for a Phase II clinical study. In addition, it already has a product on the market which has demonstrated promising revenue growth.
The company’s platform is based upon core sterol technology. Plantsterols, also known as phytosterols, are lipid-like compounds found in the cells and membranes of oil-producing plants, grains and trees. Plant sterols have attractive commercial applications as cholesterol-lowering agents in the nutraceutical, dietary supplement and pharmaceutical market. The company has acquired exclusive worldwide commercialization rights to these patented technologies. Forbes has refined the original licensed technology as well as developed improved technologies in the area of wood sterols, where phytosterols are obtained from tall oil pitch. Obtaining phytosterols from oil pitch rather than oil soap has proven to be more cost efficient utilizing the improved extraction technology.
As we mentioned in the profile on Health Sciences, nutraceuticals are one of the most promising areas in healthcare. Forbes has developed Phytrol™, a proprietary functional food ingredient, derived from wood-pulping byproducts that has been clinically proven to significantly lower "bad" cholesterol when consumed in different foods such as margarine, chocolate and dairy products. Phytrol™ is marketed under the brand name Reducol™. The results of a pivotal Forbes-sponsored clinical study on Reducol™ were published in the American Journal of Clinical Nutrition in June, 1999. The key finding showed a 24.4% reduction in LDL cholesterol in the test group with Reducol™ - enriched margarine in their diet compared to an 8.9% reduction for the group on a standardized diet alone. The study, conducted at McGill University in Montreal, took place over a 30-day period on 32 mildly hyperlipidemic (higher than average cholesterol levels) individuals.
The company has made major investments in manufacturing of phytosterols. It currently has a 50-50 joint venture with Chusei (USA) Inc. to manufacture the product from a plant in Pasadena, Texas. The company recognizes approximately 60 to 70 % of the revenue from the joint venture. Approximately 800 tons of Phyto-Source's 1,000-ton annual production capacity has been secured by these new and existing contracts. The company has also secured sterols supply agreements for up to $40 million over a two-year period based on customer forecasts. Forbes expects to generate revenue this year of $5 million, of which direct sales and royalties will be approximately $4.5 million. Sales volumes of phytosterols for calendar 2002 for the company and its joint venture are anticipated to be 350 tons, compared with 180 tons for the previous year. Based on existing sales contracts, and assuming that forecasted supply requirements will be ordered, the company is projecting its share of revenue from sterol sales for 2003 will be $12 million. This figure represents its share of the $20 million projected revenue of the combined sales contracts of the company and the Phyto-Source joint venture. Forbes is in discussions with several other companies regarding possible new major sterol contracts.
The second opportunity for the company is a clinical one, as VP4 is a water and lipid-soluble analogue of phytostanols, which has demonstrated dramatic cholesterol-lowering and anti-atherosclerotic properties in pre-clinical studies. The safety and effectiveness of this cholesterol transport inhibitor are currently being investigated in a combined Phase I and Phase II protocol at the Academic Medical Center in Amsterdam, one of the world's leading centers for the management and research of dyslipidaemia. The revised Phase II protocol does not change the investigation of the four groups of 25 hypercholesterolemic volunteers who will be treated daily for 28 days with either a placebo or escalating doses of FM-VP4. The company believes that the release of the Phase I results on safety in early January could lead to substantive discussions with partners.
Despite the potential of this large market, the company has a valuation of less than $10 million. Recently, it raised approximately $975,000, which should avert any short-term liquidity concerns that investors may have. The company recently completed a restructuring designed to further reduce its cash consumption. It believes that it currently has sufficient capital to achieve profitability, although it continues to seek additional financing. The stock, like many other small pharmaceutical companies, has been impacted by the downturn in the sector, as it is off 78% this year. However, we believe that the large market opportunity in cholesterol-lowering products, nominal valuation and potential for significant growth in the sale of phytosterols make the company an attractive investment candidate at current levels.
Let us know what you think about our coverage. You may reach us at news@ceocast.com.
The CEOcast Newsletter is an electronic publication committed to providing our readers with factual information on selected publicly traded companies. All statements and expressions are the sole opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein. The profiles, critiques, and other editorial content of CEOcast may contain forward-looking statements relating to the expected capabilities of the companies mentioned herein. THE READERSHOULD VERIFY ALL CLAIMS AND DO ITS OWN DUE DILIGENCE BEFORE INVESTING INANY SECURITIES MENTIONED. INVESTING IN SECURITIES IS SPECULATIVE AND CARRIESA HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS NEWSLETTER IS PROTECTEDBY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCEDIN ANY WAY WITHOUT THE EXPRESSED, WRITTEN CONSENT OF THE EDITORS OF CEOcast. Moreover, as detailed below, this publication accepts compensation from certain of the companies that it features. To the degrees enumerated herein, this newsletter should not be regarded as an independent publication. The profiles, critiques, and other editorial content of CEOcast may contain forward-looking statements relating to the expected capabilities of the companies mentioned herein. This information has not been independently verified by CEOcast. The reader should use caution, as a result. The following companies, featured in this newsletter, have compensated CEOcast: Silverado Gold Mines, forty-thousand dollars and one hundred sixty thousand shares of stock for a five-month program, BIO-Key International, seventy-five hundred dollars per month, plus options to purchase two hundred thousand shares at forty-two cents, Rex Stores, seven thousand five hundred dollars, Cepheid, seven thousand five hundred dollars, Orphan Medical, seven thousand five hundred dollars, Quanex, seven thousand five hundred dollars, Golden Eagle International, six thousand dollars per month, plus fifty thousand shares of stock per month, eResearchTechnology, seven thousand five hundred dollars, plus warrants to purchase twelve thousand shares at thirteen forty, Tri-Valley Corporation, six thousand dollars per month, AOL Latin America, seven thousand five hundred dollars, Health Science Corporation, eighty thousand dollars for a two month program, Forbes Medi-Tech, seven thousand five hundred dollars, SmartServ Online, seven thousand five hundred dollars, Wireless Facilities, seven thousand five hundred dollars, Penn Octane Corporation, six thousand dollars per month, twenty thousand shares of stock and warrants to purchase twenty thousand shares of stock at three dollars fifty five cents (our editors own sixty-four thousand shares as well), Pharmos Corporation, seven thousand five hundred dollars, Aceto Corporation, ten thousand dollars.
Disclaimer
http://www.investorshub.com/boards/read_msg.asp?message_id=135097
APLL getting jiggy, up 18% so far! Nice gold play!
Ron
G/M muell, Joshua, et al !!!!!!!!
Happy Friday !! :)
ez2
Good morning Josh and all, might want to look at ANZA today it's in a buy range!
Ron
SEVU (OTCBB) PRE 14A: SEVU Seeks 160% Auth Shares Increase
FRIDAY , DECEMBER 06, 2002 08:49 AM
SeaView Video Technology Inc (OTCBB: SEVU) released a PRE 14A on Thursday, after the market closed, announcing the Special Meeting of Stockholders to be held on yet unscheduled date.
Among other things, shareholders will be asked:
- To amend the Company's certificate of incorporation to increase the authorized amount of capital stock from 100,000,000 shares to 260,000,000 shares, of which 250,000,000 shall be common stock and 10,000,000 shall be preferred stock.
As of 11/19/2002, there were 37,136,548 shares of the Company's common stock outstanding.
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CESY (OTCBB) CELERITY SYSTEMS INC
--------------------------------------------------------------------------------
PRE 14A : CESY Seeks to Boost Auth Shares to 5 Bln
FRIDAY , DECEMBER 06, 2002 08:35 AM
Celerity Systems Inc (OTCBB: CESY) released a PRE 14A on Thursday, after the market closed, announcing the Special Meeting of Stockholders to be held on December 30, 2002, at 10:00 a.m.
Among other things, shareholders will be asked:
- To amend the Company's Certificate of Incorporation to increase the authorized common stock from 250,000,000 to 5,000,000,000 shares.
As of 11/19/2002, there were 129,841,741 shares of the Company's common stock outstanding.
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ENPO (OTCBB) 8-K:Entreport Announce Termination of Merger with MFlex
FRIDAY , DECEMBER 06, 2002 06:30 AM
Entreport Corporation (OTCBB: ENPO) filed an 8-K Thursday after the market closed to announce that on November 25, 2002, the Company received a notice from Multi-Fineline Electronix, Inc. (MFlex) that it was terminating the previously executed Agreement and Plan of Merger dated August 28, 2002 between the Company and MFlex.
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A Few Reasons to Own FSTI:
1. FSTI has currently deployed 2500 units and has projected orders for more than 30,000 units with Banco Nacional de Credito; which will derive revenue of approx $1.8 million once the units have been deployed.
2. FSTI has a $900,000 deposit to offset production costs on the first 66,000 units with Asia Pacific Micro, who are capable of producing 200,000 units per month.
3. FSTI has acquired privately held Rahaxi Processing a leading Northern European on line Processing enterprise headquartered in Helsinki Finland, which currently provides processing services for over 1300 merchants. Rahaxi currently supports a network serving over 5000 point of sale devices that generate over one million transactions each month and produces revenue of over $100,000 per month and is expected to increase exponentially.
4. FSTI's payment solution opens the doors for over 40million Americans who are deemed uncreditworthy, to be able to purchase goods and services on the internet with their ATM cards.
5. The only solution to enable the use of ATM cards for Internet transactions, dramatically increasing the consumer market for online merchants and enabling cash-only industries to capitalize on the Internet for instant, low-cost transactions.
6. Unparalleled security via card-present transactions, two factor authentication and the separation of sensitive financial and personal data.
7. Strategic relationships with National Financial Group and its divisions (Banco Nacional de Credito, EnelPuntoNet.com and Tricom), La Nacional de Envios.
8. Banco Nacional de Credito fully endorsed and certified the PaySafeNow System; allowed developers the opportunity to work behind the bank's security screens to produce the most advanced and compatible software available.
9. Re-occurring revenue streams from transaction and licensing agreements, low burn rate and ready to ship hardware and software solution.
10. Vertical market potential: e-commerce, gaming, securities industry, insurance and bill payment, and global money transfer.
11. Easy, low cost integration into existing systems; complete compatibility with all banking systems; and transactions cleared on ATM backbone.
12. FSTI's revenue model provides for the Company to generate income from both sales of the ePayPad device and from fees charged each time a user makes an online transaction. Currently, the Company is collaborating or in negotiation with established global financial institutions, major online merchants and advertisers, technology resellers and other potential strategic partners to gain rapid market acceptance of the PaySafeNow system.
ONEV (OTCBB) One Voice, Microsoft and InterActual Collaborate to Showcase Interactive DVD-ROM Content On Nationwide Press Tour
Microsoft to Showcase the Digital Experience of DVD on Windows XP
THURSDAY , DECEMBER 05, 2002 09:15 AM
SAN DIEGO, Dec 5, 2002 (BUSINESS WIRE) -- One Voice Technologies Inc. (OTCBB:ONEV), developer of 4th Generation voice solutions for the Wireless, Telematics, TV/Internet appliance and Interactive Multimedia markets and InterActual Technologies Inc., the leading provider of DVD-ROM solutions for major motion picture studios, today announced a collaboration with Microsoft Corp. to showcase the digital experience of DVD on Windows XP, highlighting leading edge multimedia applications from both One Voice and InterActual.
Microsoft will begin a nationwide press tour on December 9 with the focus on the benefits of PC-based DVD viewing, which highlights the wealth and richness of DVD-ROM content for PCs.
InterActual Player 2.0 allows movie lovers of all ages to use the power of their PC to interact through voice with all of the latest multimedia content being developed by the movie industry and enhance their DVD experience. PC-based DVD-ROM viewing goes far beyond traditional DVD players by allowing viewers to interact with their favorite DVD titles in fun and exciting new ways. Today's blockbuster DVD's contain the latest in interactive technology including: Flash animation, Shockwave and voice recognition all experienced through the InterActual Player. Over the past year, One Voice and InterActual have worked closely with major motion picture studios on several blockbuster hits to create the industry's first Voice Interactive DVD-ROM. Now, viewers can play DVDs on their computers and enjoy an amazing digital multimedia experience combining video, audio, graphics and voice recognition. This new digital experience is fulfilling the industry vision of DVD.
"Watching a DVD on your Windows XP PC opens up a whole new world of entertainment choices," said John Pinette, director of Windows Product Management at Microsoft Corp. "Building on Windows technologies, One Voice and InterActual greatly enhance the DVD experience and actually change the relationship between you and your movie. With seventy percent of DVD's containing extra PC content, you can now talk to your favorite character, play interactive games and so much more, all with voice recognition. These `enhanced DVD experiences' leverage the strengths of Windows XP and are available today on DVDs you probably already own."
"Consumers get excited about DVDs with compelling bonus features like voice recognition," said Clint Ludeman, VP of Marketing at InterActual. "InterActual Player provides users new ways to experience their favorite movies."
"We see tremendous growth for interactive DVD-ROM content," said Dean Weber, president and CEO at One Voice. "PCs running Windows XP are a natural fit for people looking to experience the ultimate in DVD technology. Our voice recognition integrated with the InterActual Player gives the viewer an amazing interactive experience."
About InterActual Technologies Inc.
InterActual Technologies Inc. (http://www.interactual.com/) is the leading provider of software and services that connect DVD and the Internet. InterActual's PCFriendly(TM) and InterActual Player software have enabled millions of connected viewers to enjoy exclusive special features with Hollywood movies when played in an Internet-connected DVD player or DVD-ROM computer. By integrating the experience of Web browsing with the highly-interactive capabilities of DVD, InterActual is connecting the audience to a new dimension of entertainment and information. InterActual also maintains an online, subscription-based community (http://inventor.interactual.com/) for professional developers interested in more fully exploiting the features of the InterActual platform for entertainment and marketing content.
About One Voice Technologies Inc.
One Voice Technologies Inc. is the world's first developer of 4th Generation voice solutions for the telecom, telematics, TV/Internet appliance and Interactive Multimedia markets. Our Intelligent Voice(TM) solutions employ revolutionary, patented technology that allows people to send messages (Email, SMS, Instant Messaging and paging), purchase products, get information and control devices -- all by using their voice. The company has headquarters in San Diego. For more information, visit http://www.onevoicetech.com.
Forward-Looking Statement Disclaimer
Some of the statements made in this press release discuss future events and developments, including our future business strategy and our ability to generate revenue, income and cash flow, and should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements can generally be identified by words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," and similar expressions. These statements involve a high degree of risk and uncertainty that exists in the company's operations and business environment and are subject to change based on various factors that could cause actual company results, performance, plans, goals and objectives to differ materially from those contemplated or implied in these forward-looking statements. Actual results may be different from anticipated results for a number of reasons, including the company's new and uncertain business model, uncertainty regarding acceptance of the company's products and services and the company's limited operating history.
Other product and service names mentioned herein are the trademarks of their respective owners.
CONTACT: One Voice Technologies Inc.
Brenda Choo, 858/552-4466 x151
Fax: 858/552-4474
pr@onevoicetech.com
or
Nick Fuller, (44) 20 7256 5204
Fax: (44) 20 7256 5201
nfuller@onevoicetech.com
or
Clint Ludeman, 408/392-7149
Fax: 408/436-6700
cludeman@interactual.com
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APTA (OTCBB) Apta Holdings, Inc. to Acquire Convergix, Inc.
THURSDAY , DECEMBER 05, 2002 07:35 AM
MAPLE SHADE, N.J., Dec 5, 2002 /PRNewswire-FirstCall via COMTEX/ -- Harry J. Santoro, President of Apta Holdings, Inc. (OTC Bulletin Board: APTA) today announced that pursuant to a share exchange agreement entered into on November 22, 2002 Apta Holdings, Inc. will acquire Convergix, Inc., a Canadian corporation which provides a comprehensive software solution, custom programming, and hosting services to mid-sized airlines and aircraft fleet operators.
Apta will acquire Convergix by issuing 25,000,000 shares of its common stock to the shareholders of Convergix in exchange for their Convergix shares.
Change of Management
Simultaneously with the closing of the transaction, all of the directors and officers of the Company shall resign and the shareholders of Convergix shall designate the new board of directors and the officers of the Company. It is anticipated that the new Board of Directors of the Company will consist of Ralph Eisenschmid, Jock English and Malcolm Little. The new executive officers of the Company shall be: Ralph Eisenschmid, President and CEO; Jock English, V.P. Sales and Marketing; and Malcolm Little, Chief Technology Officer.
Name Change
After closing, the Company will change its name to "Intelisys Aviation Systems U.S.A. Inc." or another suitable name, to better reflect the new business.
Business of Convergix
Convergix is a provider of integrated software solutions for regional, mid-sized airlines and fleet operators. The principal software suite of Convergix is the Amelia software solution which consists of four fully integrated product-suites that address the operational needs of mid-size airline and fleet operations:
* Flight Operations
* Reservations and Scheduling
* Human Resources
* Maintenance
Amelia also assists airline operators in key areas such as record keeping, regulatory compliance, capacity planning and resource allocation while managing maintenance requirements to seamlessly optimize operations.
Convergix is incorporated under the laws of the Province of New Brunswick, Canada. The address and telephone number of its main office is:
815 Bombardier Street
Shediac, New Brunswick
Canada, E4P 1H9
(506) 532-8515 or 1-877-532-8515
For more complete information concerning this transaction and Convergix, see the Information Statement filed by the Company on December 3, 2002.
Certain statements made in this Press Release are "forward-looking statements." Without limiting the generality of the foregoing, such information can be identified by the use of forward-looking terminology such as "anticipate", "will", "would", "expect", "intend", "plans to" or "believes", or other variations thereon, or comparable terminology. Actual results, performance or developments may differ materially from those expressed or implied by such forward-looking statements as a result of market uncertainties or industry factors. Some important factors that may cause actual results that differ materially from those in any forward-looking statements may include the availability of future financing when needed, competitive pressures, and the ability to attract and retain key executive sales and management personnel. Apta disclaims any obligation or responsibility to update any such forward-looking statements.
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SOURCE Apta Holdings, Inc.
CONTACT: Harry J. Santoro, President of Apta Holdings, +1-856-667-0600,
or fax: +1-856-727-0218
(APTA)
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WTEL (OTCBB) WilTel Communications Stock to Begin Trading on Nasdaq Today
THURSDAY , DECEMBER 05, 2002 08:07 AM
TULSA, Okla., Dec 5, 2002 /PRNewswire-FirstCall via COMTEX/ -- WilTel Communications Group, Inc. (Nasdaq: WTEL) today announced that its common stock will begin trading on the Nasdaq National Market today, Dec. 5, 2002, under the trading symbol WTEL. Since WilTel Communications emerged from its financial restructuring on Oct. 15, the company's stock has been trading on the over-the-counter bulletin board.
About WilTel Communications (formerly Williams Communications)
WilTel Communications, through its operating subsidiary Williams Communications, LLC, provides data, voice and media transport solutions to a growing carrier-class customer base with complex communications needs. Such customers include leading global telecommunications and media and entertainment companies -- companies where bandwidth is either their primary business or a core component of the products and services they deliver. WilTel's advanced network infrastructure reaches border-to-border and coast- to-coast with international connectivity to accommodate global traffic. For more detailed information, visit www.wiltelcommunications.com .
This press release may contain "forward-looking statements" as defined by federal law. Although the Company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the "safe harbor" protections provided under the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update those statements to reflect actual results, changes in assumptions and other factors. The forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those projected. Additional information that could lead to material changes in performance is contained in filings with the Securities and Exchange Commission made by the Company.
Contact: Jeff Pounds (Media) Lindsay Hurley Fick (Investors)
WilTel Communications WilTel Communications
918-547-8920 866-800-7020
jeff.pounds@wcg.com lindsay.hurley.fick@wcg.com
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SOURCE WilTel Communications Group, Inc.
CONTACT: media, Jeff Pounds, +1-918-547-8920, or jeff.pounds@wcg.com ,
or investors, Lindsay Hurley Fick, +1-866-800-7020, or
lindsay.hurley.fick@wcg.com , both of WilTel Communications Group, Inc.
/Company News On-Call: http://www.prnewswire.com/comp/875550.html
URL: http://www.wiltelcommunications.com
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I don't like this one, at least for the short term. They just raised $2.5 million through a private placement of common shares and debentures were recently converted to equity. Knobias had the outstanding at 29 million but in a recent PR, the company said after the private placement and debenture conversion, the OS was around 58 million. Then again, if you are interested in buying, you might get a good opportunity over the next month or two because 19 million new shares can't be good for the share price.
From the most recent 10Q
During the nine months ended September 30, 2002, the Company had the
following transactions:
In exchange for the extension of principal payments on four notes payable,
the Company modified expiration dates of certain warrants previously held
by the note holders and issued an additional 125,000 such warrants. The
fair value of the modification of the warrants totaled $46,582 and has been
recorded as financing costs.
A note payable of $250,000 was converted into a convertible debenture with
1,000,000 warrants also being issued under the same terms of the Company's
private placement offering of convertible debentures.
19,774,572 of warrants issued with convertible debentures valued at
$811,559 were initially recorded as a discount on the debentures. At
September 30, 2002, the full amount of the discount had been amortized and
recorded as financing costs.
In-the money conversion features on convertible debt valued at $3,880,035
were recognized as financing costs ($3,746,285) and consulting expenses
($133,750).
The Company issued warrants in connection with related party notes payable
of $450,000 and $50,000. The warrants were valued at $156,781 and recorded
as financing costs.
The Company issued $267,500 of convertible debentures with 1,070,000
warrants valued at $14,250 for a total amount of $281,750. Prepaid
consulting services of $70,437 remained at September 30, 2002.
400,000 warrants were issued to a consultant for services valued at
$84,532. Prepaid consulting of $80,305 related to future quarters in 2003
and 2004.
20,000 shares of stock were issued to a consultant for services valued at
$10,000.
500,000 warrants issued with a note payable valued at $150,616 were
initially recorded as a discount on the debentures. At September 30, 2002,
$100,011 of the discount had been amortized and recorded as financing
costs.
$4,661,143 of debentures and accrued interest of $227,075 were converted
into 21,101,929 shares of stock with $466,771 being paid as a premium at
conversion and recorded as financing costs.
Approximately $515,000 of capital expenditures for oil and gas properties
was included in accounts payable at September 30, 2002.
During the nine months ended September 30, 2001, the Company had the
following transactions:
44,000 shares of common stock valued at $16,500 were issued for consulting
services.
A $1,050,000 note payable to was assigned from Teton Petroleum to its
subsidiary Goltech. Goltech paid off the note from the repayment of
intercompany notes payable by Goloil, which received the funds through
advances under notes payable from affiliate. The Company recorded the net
reduction of debt of $525,000 ($1,050,000 note payable less 50% share of
the $1,050,000 advances from affiliate) as a reduction to oil and gas
properties.
TTPT Business Summary
--------------------------------------------------------------------------------
CURRENT BUSINESS INFORMATION: Teton Petroleum Company is engaged in oil and gas exploration, development, and production. The Company, through its consolidated subsidiaries, has been developing an oil field in Siberia for the past four years. The Company owns 50% interest in Goltech Petroleum, LLC, a Texas limited liability company. Goltech owns 70.59% of the Russian closed joint stock company, Goloil, which owns the Eguryak oil field license. The oil and gas activities are conducted by Goloil, the Company's subsidiary, and not by the Company directly. Based on the current structuring of Goloil and the development agreements with Mediterranean Overseas Trust (MOT), until Goltech has been repaid its investments in Goloil, Goltech receives 100% of the production and revenues from Goloil (after the production payment to MOT).
Goltech Petroleum LLC is a limited liability company organized under the laws of Texas. Petromed Oil Limited, a Cyprus limited liability company, holds the remaining 50% interest in Goltech. Currently, Petromed is the sole manager. The manager cannot take certain actions without the Company’s approval. These include: liquidating, merging or reorganizing Goltech; selling or otherwise disposing of shares or ownership interests; selling or disposing of receivables, including loans to Goloil; distributing or reinvesting profits; modifying the terms and conditions of the oil field development/lease agreement; deciding matters which cause substantial change to the capital structure of Goltech; or deciding voting matters at a Goloil general meeting of shareholders or board members. Petromed has the deciding vote in the event of a 50-50 split. Until The Company and Petromed have received aggregate distributions from Goltech of $1.25 million and $1 million respectively, profits and losses of Goltech are allocated 55% to Teton and 45% to Petromed. After each member has received its required distribution, Goltech’s profits and losses will be allocated 50% to the Company and 50% to Petromed.
Goloil is a closed joint stock company structured under the laws of Russia. The outstanding interests in Goloil are owned by two unaffiliated Russian entities. Russian joint stock companies are corporate entities with limited liability. As a Russian resident entity, Goloil is subject to all applicable Russian taxes.
HISTORICAL BUSINESS INFORMATION: The Company was originally incorporated in Ontario, Canada, on November 13, 1962 under the name of Magnesite Mines Limited and, in August 1989, changed its name to EQ Resources Ltd.
Prior to November 1998, the Company essentially was inactive and lacked sufficient funds to carry on meaningful exploration of its mineral properties.
American Tyumen Exploration Company (ATCO) was incorporated in Colorado in November, 1996. Prior to the November 1998 Merger, ATCO's business was conducted through its wholly-owned subsidiary, Goltech Petroleum LLC, a Texas limited liability company, which, in turn, operated through ownership of a majority interest in Goloil, a Russian joint stock company
In November 1998 the Company reincorporated in Delaware to facilitate a Merger with ATCO. Upon the merger of ATCO into EQ, the Company was renamed Teton Petroleum Company. Upon completion of the Merger, shareholders of ATCO owned approximately 90% of the Company. At the time of the merger, the Company’s holdings consisted of licenses for the exploration of gold in Ghana, licenses for oil and gas in Dagestan, Russia, and the Goloil license. Following the merger, the Company disposed of their interest in the Ghana gold licenses and focused on the Goloil license.
April 1999, Goltech purchased an additional 9.59% interest in Goloil. The added interest increased Goltech's stake in Goloil to 70.59% of the issued and outstanding shares of Goloil.
June 2000, the Company, Goltech, and Fenlex Nominee Services Limited, as sole trustee of the Mediterranean Overseas Trust, entered into a Master Agreement. The Master Agreement considered the following transactions: purchase of 50% of the interest in Goltech in exchange for $1,000,000; additional investment by MOT, of up to $5,600,000, through an oil field development and leasing arrangement, paid on an as needed basis to cover certain costs related to the pipeline, processing facility, and drilling of five additional wells; payment of leasing fees and repayment of amounts advanced by MOT through a production payment in the form of crude oil; additional work, as agreed to by the parties.
August 2000, the Company entered into a transaction agreement selling a 50% equity interest in Goltech in exchange for $1,000,000 cash, which was loaned to Goloil for further oil field development and pipeline construction. The acquirer obtained the right to name 50% of the board of managers and became the general manager of Goltech.
During 2000, the Company issued 1,000,000 warrants to the Company's president for services, which exercise prices range from $0.40 to $1.00 with an expiration date of October 31, 2005. The Company repriced 1,962,400 outstanding stock purchase warrants, reflecting an exercise price of $0.40.
May 2001, the Company disposed of its subsidiary Teton Oil, Inc., which held the remaining DCD Dagestan Licenses. The shares of Teton Oil, Inc. were dispersed to two of the Company’s stockholders and the stockholders assumed any related obligations associated with the licenses. No gain or loss was recorded on the distribution, as the net assets of Teton Oil, Inc. were zero due to the licenses being written down to zero in 1998.
November 30, 2001, the Company listed for trading on the Frankfort Stock Exchange under the symbol TP9.
December 2001, four additional wells were drilled and completed on the license area, bringing the total number of producing wells on the license area to seven. At the end of 2001, the field was producing approximately 2,500 barrels of oil per day, 625 barrels of oil per day net to the Company. The construction of a 40-kilometer (25-mile) pipeline was also completed.
During 2001, the Company issued 3,466,772 warrants in association with private placement offerings, with an exercise price of $0.41, with expiration dates between May 15, 2006 and August 15, 2006. In addition, the Company issued 100,000 warrants to a third party for consulting services with an exercise price of $0.41 with an expiration date of September 9, 2006. The warrants were valued at $15,958.
January 9, 2002, the Company voluntarily ceased trading on the Canadian Venture Exchange.
MISCELLANEOUS BUSINESS INFORMATION: As of June 30, 2002, Teton Petroleum Co. had an accumulated deficit of $16,849,408.
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VYST (OTCBB) Colorado Court System Purchases Five SecureScan Concealed Weapons Detection Systems. SecureScan Concealed Weapons Detection Systems Continues to Protect Government Facility in Denver, Colorado
THURSDAY , DECEMBER 05, 2002 07:01 AM
BALTIMORE, Dec 5, 2002 (BUSINESS WIRE) -- View Systems, Inc. (OTCBB:VYST), a world leader in concealed weapons detection and digital surveillance technologies, today announced that the Arapaho County Courthouse in Denver, Colorado has placed an order for five SecureScan(TM) Concealed Weapons Detection (CWD) systems to protect a local government facility.
"This order, valued close to six figures, extends the County's initial order of a single SecureScan system, delivered earlier this fall for evaluation. We also appreciate their agreement to participate in our evaluation program that will help guide the development of new system features from an institutional and end user perspective. Arapaho County is a distinguished facility and we look forward to complementing their security program with our excellent technology, service and support", said Paul Reep, President of View Systems, Inc.
About View Systems, Inc.
View Systems, Inc. (OTCBB:VYST), a world leader in concealed weapons detection and surveillance technology, provides a broad range of products to law enforcement professionals, military, government agencies, educational facilities, event and sport venues, commercial businesses, corporate and residential customers.
The SecureScan Concealed Weapons Detection System incorporates a safe, sensing technology with video and image recognition capabilities. The walk-through portal can detect and accurately pinpoint the location, size and number of concealed weapons, such as knives, box cutters and guns, while allowing personal items like pocket change, keys, pens to pass without alarming the system.
SecureScan's proprietary software technology makes it possible for personnel at security checkpoints to better manage foot traffic and flow as persons are scanned for weapons.
SecureScan pinpoints and places a colored dot (alarm) within a few inches over the on-screen image of a person carrying a concealed weapon through the portal, significantly reducing false alarms and greatly improving security checkpoint screening efficiency.
Located at 1100 Wilso Drive, Baltimore, MD 21223, View Systems has an extensive network of distributors, licensees and strategic alliance affiliates worldwide. For more information call 410.646.3000 or visit www.viewsystems.com.
CONTACT: View Systems, Inc., Baltimore
Tom Cloutier, 410/646-3000
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TTPT (OTCBB) Teton Petroleum Expects 2003 Revenues to Rise Substantially Due to Successful Negotiation Increasing its Export Quota
THURSDAY , DECEMBER 05, 2002 06:30 AM
STEAMBOAT SPRINGS, Colo., Dec 5, 2002 /PRNewswire-FirstCall via COMTEX/ -- Teton Petroleum Company (OTC Bulletin Board: TTPT; Frankfurt: TP9) announced the Company has successfully negotiated with its joint venture partner to substantially increase Teton's share of the export quota in 2003. Based on current production and the current drilling program, Teton will have sales revenue of more then $12 million in 2003.
The increased revenues are direct results of Teton doubling the amount of oil it exports from Russia to Western Europe. This will enable the company to increase its current projected 2002 revenue of $6 million to over $12 million in 2003. This projection is based on average oil price of $20 per barrel.
"We are pleased with the progress of Teton in Russia. As a small independent, we are able to continue to improve our financial results due to the improved investment climate in Russia and to the continued support of our Russian partners", said H. Howard Cooper, President and CEO of Teton.
Teton Petroleum is an independent oil and gas exploration and production company, with its principal operations in Russia. Additional information about Teton is available at its web site, www.tetonpetroleum.com .
This press release may make forward-looking statements, which are subject to various uncertainties and risks that could affect their outcome. Factors, which could cause or contribute to differences include, but are not limited to, economic conditions, product demand and sales, interest rates, foreign currency exchange rates, competition and competitors' actions, and changes in the petroleum industry. Please refer to the company's 10-K, 10-Qs and other SEC filings for a more detailed discussion of the risks. This press release does not constitute an offer to sell or solicitation of an offer to buy Teton Petroleum securities.
For further information, please contact: USA, Greg Powell, General Manager, greg@ctapr.com, or Bevo Beaven, Vice President, both of CTA Public Relations, +1-303-665-4200; or CANADA, John Robinson of Current Capital, +1- 416-860-0211, john@currentcapital.com; or H. Howard Cooper, president of Teton Petroleum Company, +1-970-870-1417, hcooper@tetonpetroleum.com.
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SOURCE Teton Petroleum Company
CONTACT: USA, Greg Powell, General Manager, greg@ctapr.com, or Bevo
Beaven, Vice President, both of CTA Public Relations, +1-303-665-4200, for
Teton Petroleum Company; or CANADA, John Robinson of Current Capital,
+1-416-860-0211, john@currentcapital.com; or H. Howard Cooper, president of
Teton Petroleum Company, +1-970-870-1417, hcooper@tetonpetroleum.com
URL: http://www.tetonpetroleum.com
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ENCU (OTCBB) eNucleus Announces Agreement to Acquire Assets of Strategic Business Group, Inc.
WEDNESDAY, DECEMBER 04, 2002 10:12 AM
CHICAGO, Dec 4, 2002 (BUSINESS WIRE) -- eNucleus, Inc. (OTCBB: ENCU) a next generation application delivery and managed hosting company today announced its agreement to acquire the assets of Strategic Business Group, Inc. ("SBG").
SBG is a leading solution provider in the home healthcare industry servicing the multitude of companies providing DME, home health and home infusion services. Clients include Option Care, Caremark, University of Michigan and the Henry Ford Health Systems.
Under the terms of the acquisition eNucleus' subsidiary Health ASPx will acquire software rights, client contracts, and all other assets of SBG for the consideration of eNucleus common stock and the assumption of certain liabilities. The transaction is based upon SBG maintaining a revenue run rate of $725,000 and a projected net income of $200,000.
Stock and debt consideration will be paid out over a 24-month period with stock payments priced at market at the close of each monthly interval. Monthly payments are set at 50% of net income.
"We are thrilled to welcome Dave Hodges and all of the SBG team members to the eNucleus family," stated Scott Voss, eNucleus president. "The skill set, industry knowledge and proven methodologies of SBG fit perfectly with our objective of helping home healthcare agencies migrate to an Internet based business model."
"The innovative direction of eNucleus opens significant business opportunities in the home healthcare industry. We are extremely excited to be a part of their business plan," said Dave Hodges, president of SBG.
About eNucleus
eNucleus (www.enucleus.com) is a next generation business process hosting company that delivers software solutions from reliable application platforms via our national data center network. Our primary focus is to deliver vital software applications to companies in specific market verticals that exponentially enhances the flow of information within their organization as well as with their customers, suppliers and partners. The seamless and immediate exchange of critical business information provided by our software solutions allows clients to run their businesses with maximum efficiency and profitability.
The information contained in this press release, including any "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 contained herein, should be reviewed in conjunction with the Company's annual report, financial filings and other publicly available information regarding the Company, copies of which are available from the Company upon request. Such publicly available information sets forth many risks and uncertainties related to the Company's business and such statements, including risks and uncertainties related to that are unpredictable and outside of the influence and/or control of the Company.
CONTACT: eNucleus, Inc.
John Paulsen, 708/444-7300
www.enucleus.com
or
Corporate Image Bureau
Juan Ferreira, 407/774-9949
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DBBD (OTCBB) Digital Broadband Networks Announces Stock Repurchase Program
WEDNESDAY, DECEMBER 04, 2002 10:00 AM
FLEMINGTON, N.J., Dec 4, 2002 (BUSINESS WIRE) -- Digital Broadband Networks, Inc. (OTCBB:DBBD)(www.dbni.net) announced today that its Board of Directors has approved a stock repurchase program for up to 10 million shares from its present public float of approximately 42.7 million shares which may be repurchased from time to time. Duration of the repurchase program is up to twelve months. Under the program, DBBD can purchase shares of common stock through open market and/or privately negotiated transactions at prices deemed appropriate by management. The timing and amount of any repurchase transaction under this program will depend on market conditions and corporate and any regulatory consideration. As of November 15, 2002, DBBD had 98,950,899 shares of common stock outstanding.
About Digital Broadband Networks
Digital Broadband Networks, Inc., a Delaware corporation, (www.dbni.net) is the parent company of EyStar Media Inc. and Malaysian-based Animated Electronic Industries (AEI), and its subsidiary, Perwimas Telecommunications. AEI is involved in the development of value added Internet Protocol services and marketing of office/home automation devices. Perwimas is licensed to operate VISIONET, a national, digital, wireless broadband network that will support high speed Internet access, video on demand, multimedia applications and services targeted towards both business and residential markets.
Safe Harbor Statement
Investors should carefully consider the preceding information, as well as other information contained herein before making an investment in the common stock of the Company. Information contained herein contains forward-looking statements and information that are based upon beliefs of, and information currently available to management, as well as estimates and assumptions made by management. Forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "expects", "is expected", "intends", "may", "will", "should", "anticipates", "plans" or the negative thereof. Such forward-looking statements involve knows and unknown risks, uncertainties and other factors that could cause actual results to vary materially from historical results or from any future results expressed or implied in such forward-looking statements. Digital Broadband Networks does not undertake to update, revise or correct any forward-looking statements.
L.G. Zangani, LLC provides financial public relations service to the Company, As such L.G. Zangani, LLC and/or its officers, agents and employees, receives remuneration for public relations and or other services in the form of moneys, capital stock in the Company, warrants or options to purchase capital in the Company.
CONTACT: L.G. Zangani, LLC
Leonardo Zangani, 908/788-9660
leonardo@zangani.com
or
Digital Broadband Networks, Inc.
Valerie Looi
valerie.looi@dbni.net
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TVIN Info:
Authorized: 45,000,000*
Issued and Outstanding: 26,424,336*
Book Value: .12*
*Source- 11/14/2002 10Q
CURRENT BUSINESS INFORMATION: TVI Corporation is an integrated specialty products manufacturer which designs, fabricates, and markets final products and systems directly for end users. The Company's principal product groups are designed to serve counter-terrorism, military, HazMat, and hospitality applications. Product groups include various framed, fabric structures for tentage, signage, and promotion; supporting utilities such as gensets, lights, heaters, and showers; and associated accessories and supplies.
All fabric structures employ an articulating frame covered by one or more patents. The company also has a thermal products group which includes targets, IFF devices, beacons and markers, and decoys.
The company's product strategy is to enlarge each product family by both internal and external means, and to modify and create versions which will have utility for clients in all of its major market segments.
The Company distributes its products directly for domestic sales. Marketing is done by in-house employees, largely by written offers in response to Government announced purchases. The Company employs in-country agents for international sales on a limited basis.
HISTORICAL BUSINESS INFORMATION: Tvi Corp. was incorporated as a for-profit corporation under laws of Maryland on January 28, 1977. Tvi Corp. was formed primarily for the exploitation of a patent portfolio acquired from one of the founders. The two principal patents of the portfolio covered an electrically conductive coating and a light-weight cellular concrete.
Tvi Corp. voluntarily filed a Bankruptcy Petition under the provisions of Chapter 11 of the U. S. Bankruptcy Code on March 21, 1991. Its Plan of Reorganization was confirmed by the Court on April 15, 1993, and was essentially implemented by June 30, 1993. Tvi Corp. remained in bankruptcy until it filed Final Reports and Certification during 1996. They were discharged from bankruptcy by the Court on October 3, 1996.
February 6, 2002, Tvi Corp. was selected to provide tentage, signage, and accessory products to support the 2002 National Safe Kids Campaign's Safe Kids Buckle Up program. Safe Kids Budkle Up is sponsored by the International Union, UAW and the General Motors (GM) Corporation.
May 9, 2002 ManTech Advanced Systems International, Inc. recently signed a resale agreement with Tvi Corp. to carry its products on its GSA Schedule. MASI is a business unit of ManTech International, a professional and services company specializing in designing, developing, and maintaining advanced systems. MASI provides a range of engineering and technical services to government and industry.
June 13, 2002, Fisher Safety now markets Tvi Corp. Products. Fisher Safety, a business unit of Fisher Scientific, is a distributor of occupational safety products, supplies and services, providing access to over 54,000 safety, cleanroom, and domestic preparedness products for the most demanding applications. Fisher Safety employs over 100 professional Safety Sales Representatives nationwide.
July 24, 2002, the State of Massachusetts has selected Tvi Corp. Mass Casualty Decontamination Systems for state-wide application of all decontamination systems. The first two orders for 28 Decontamination Systems total more than $1,500,000. The patented system was designed with the Massachusetts Emergency Management Agency (MEMA) to allow First Responders to rapidly decontaminate victims of a Weapons of Mass Destruction attack, such as a nuclear, biological, or chemical weapon. Massachusetts is one of the first states to develop a statewide program for the decontamination of its citizens.
August 15, 2002, the State of Maine purchased sixteen Mass Casualty Decontamination Shelter systems. This purchase will equip the first 16 State Civil Support Teams, which have been recently formed, to respond to nuclear, biological or chemical events within the state. In addition to the Maine award, the Washington DC Fire Department has placed an order for several similar decontamination shelter systems. These will be prepositioned throughout the city with the Fire Department. This recent buy will allow the department to respond quickly to a WMD event anywhere in the city.
October 8, 2002, TVI Corporation reported that Delaware, Rhode Island and South Carolina have purchased TVI's Rapidly Deployed Decontaminations Systems as part of their Homeland Defense/Anti-terrorist initiatives. The systems will be used to protect their citizens from nuclear, biological or chemical (WMD) events.
October 28, 2002, the State of Massachusetts has purchased ten additional TVI Rapid Deploy Decontamination(TM) Systems and the State of Maine has purchased 40 additional TVI Mass Casualty Decontamination(TM) Systems. These systems are used to protect their citizens from nuclear, biological or chemical weapons of mass destruction (WMD) events. The decontamination units purchased by Massachusetts will augment the 28 systems purchased earlier this year.
MISCELLANEOUS BUSINESS INFORMATION: As of September 30, 2002 the company had an accumulated deficit of $9,509,107 and total stockholder's equity of $3,175,435.
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These decontamination systems are starting to sell at a pretty brisk pace. The next couple of quarterly reports should be interesting.
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TVIN (OTCBB) Massachusetts Awards TVI $3 Million Order
WEDNESDAY, DECEMBER 04, 2002 07:30 AM
GLEN DALE, Md., Dec 4, 2002 (BUSINESS WIRE) -- TVI Corporation (OTCBB: TVIN) is pleased to announce that Massachusetts has purchased an additional 55 Rapidly Deployable Decontamination Systems valued at $3 million as part of their Homeland Defense/Anti-terrorist initiatives bringing their total year-to-date purchases to 92 systems. Delivery of the systems will begin immediately.
The systems have been purchased by the Massachusetts Emergency Management Agency and are being distributed to fire departments throughout the state. The fire departments will use the decontamination systems to protect the citizens from nuclear, biological or chemical contamination caused by acts of terror and natural disasters. The systems will be deployed both at the incident site and at the local emergency room, insuring full citizen access and helping the hospitals remain operational throughout any crisis.
Each system stores ready for use in a customized 12 foot trailer, and deploys in less than 15 minutes into a 12 foot wide by 45 foot long shelter with separate male, female, and non ambulatory decontamination lines. The system is fully man-portable with independent hot water, surfactant systems, waste water control, heat and power enabling it to operate nearly anywhere and under nearly any conditions.
TVI CEO Richard Priddy stated "Massachusetts is the first state to receive federal approval of their statewide homeland defense plan, which allows them to utilize Department of Justice funds. Their choice to standardize on TVI's Rapidly Deployable Decontamination Systems is a testament to the quality of our products, our programs, and our commitment to offering an unequaled standard of excellence in Decontamination Systems for Mass Casualty. Additionally, we remain indebted to the Commonwealth of Massachusetts for challenging us to continuously improve our product and our offering. It is with the active involvement of our customers that we maintain our leadership in this industry."
TVI utilizes material containing DuPont (DD) products in its shelters.
About TVI Corporation:
TVI Corporation, located in Glenn Dale, Maryland, is a leading supplier of rapid deployment shelters and signage, chemical/biological decontamination systems for the military, public health, and first response agencies. TVI additionally is a primary source to the military for thermal targets and thermal decoys. Its stock trades on the OTC Bulletin Board under the symbol "TVIN."
Information in this release involves expectations, beliefs, plans, intentions or strategies regarding the future, and we assume no obligation to update any such forward-looking statement. These forward-looking statements involve risks and uncertainties and are not guarantees of future performance, as actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences, including, but not limited to, those set forth in the Company's Annual Report to Stockholders, 10-KSB, 10-QSB, and other SEC filings.
For more information concerning TVI, please visit us at: www.tvicorp.com.
CONTACT: TVI Corporation, Glenn Dale
Richard Priddy, 301/352-8800
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BSYI (OTCBB) BioSyntech, Inc. - Cerebragel: A Potentially Breakthrough Product for Treatment of Brain Cancer
WEDNESDAY, DECEMBER 04, 2002 07:30 AM
LAVAL, Quebec, Dec 4, 2002 (BUSINESS WIRE) -- The Therapeutics Delivery division at Biosyntech (OTCBB:BSYI) today announced the results of its pilot pre-clinical efficacy studies using Cerebragel (a unique formulation based on Biosyntech's platform BST-Gel technology) on rat glioblastoma tumor model (C-6) implanted orthotopically (in the normal position) and stereotactically (spatially controlled implantation in the brain using a stereotaxic apparatus) into Wistar rats intracranially. This work was conducted at Montreal General Hospital, McGill University.
Brain cancers are the third leading cause of death in men and the fifth in women in North America. These tumours can form at any age. Gliomas, tumors that arise from the glial (supportive) tissue of the brain, are the most common form of primary brain tumors. Conventional treatments for gliomas include combinations of surgery, radiation and chemotherapy. Gliomas infiltrate the brain surrounding the tumor. Therefore, even the most successful surgery leaves tumor cells deep inside the brain adjacent to the area that had contained solid tumor. In patients with high-grade (more malignant) gliomas, post surgical treatment often includes different combinations of radiotherapy and chemotherapy.
Systemic chemotherapy of brain tumors is limited by the blood-brain barrier impenetrability for many agents at therapeutic concentrations. As a result, effective concentrations are difficult to achieve in the brain without causing systemic adverse effects. The course of action, therefore, is to search for ways of applying the chemotherapeutic agent locally.
In the pilot project conducted at Montreal General Hospital, McGill University, C-6 glioma was used. C-6 glioma is a clonal cell line developed from a rat glioblastoma chemically induced in the brain of a Wistar rat. Transplantation of C-6 cells by stereotactic procedures produced intra-cerebral tumors presenting some of the characteristic features of spontaneous gliomas with good reproducibility. The tumors were initiated by stereotactic injection of C-6 cells into the mid striatum of anaesthetized adult rats. 12-14 days after tumor implant, Cerebragel was injected by a stereotactic procedure through the same burr hole that was used for implantation of the tumor.
Since the brain tumor was not accessible for measurement of tumor size, progress was assessed on the basis of behavioral, neurological signs and survival time of the animals. Animals were sacrificed when simultaneous expression of several of these signs indicated that the tumor had grown beyond a certain size.
In the pilot study, the animals were randomized into two groups: untreated and treated with Cerebragel. Tumor growth was monitored over a period of time. All the control untreated animals died within 25 days. However, the animals treated with Cerebragel survived beyond 5 months, and are still surviving, with no signs of any systemic toxicity or neurotoxicity. No loss in body weight and no signs of any neurological disorder were observed in animals treated with Cerebragel for a period exceeding 5 months.
Dr. Ajay Gupta, Executive Vice-President, Therapeutics Delivery at Biosyntech Inc. commented: "The initial in-vivo results for the treatment of glioblastomas using our Cerebragel product are very exciting and indicate that not only our product is potentially safe, but also has been shown to be potentially effective in inhibiting the growth of glioblastomas. Our Cerebragel product is the first ever injectable implant that can infiltrate the solid brain tumors and inhibit their growth effectively. Large scale pre-clinical trials are currently underway at Montreal General Hospital, McGill University to evaluate the potential of our revolutionary Cerebragel product for the treatment of glioblastomas".
About BioSyntech
BioSyntech Inc. is an ISO 9001:2000 certified, advanced biomaterials company specializing in tissue repair and in the delivery of therapeutic products. BioSyntech is composed of two operating divisions: tissue repair and therapeutic delivery. The Company's patented platform technology BST-Gel(TM), is a multifunctional injectable thermo-sensitive and self-forming hydrogel that can be used for tissue repair or for targeted delivery of therapeutic agents. These biomaterials are biocompatible, biodegradable, muco adhesive and provide significant advantages in specialized medical fields including, Oncology, Orthopedics, Rheumatology, Reconstructive Surgery, Tissue Engineering, Vaccines and many other therapeutic areas. For additional information, visit www.biosyntech.com.
This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Potential risks and uncertainties include timeframes and expectations for completing clinical trial research, receiving positive results from the various clinical trials, submitting results to various regulatory authorities, receiving approval for products and successfully marketing products to potential customers. These risks and factors are detailed from time to time in the company's SEC filings.
CONTACT: BioSyntech, Inc.
Alain Geahchan, 450/686-2437 ext. 312
Cell: 514/232-2213
alain.geahchan@biosyntech.com
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MKMV (OTCBB) Make Your Move, Inc. Files Patent Application on Unique Game Console
WEDNESDAY, DECEMBER 04, 2002 07:01 AM
RENO, Nev., Dec 4, 2002 (BUSINESS WIRE) -- Make Your Move, Inc. (OTCBB:MKMV) today announced that the Company has filed the first patent application on the Company's unique game console. "The Company's research and development team has been working on the development of a unique game console for the past two years," states Henry Rolling, Make Your Move's President. "This patent application is the result of the Company's extensive research into game console technology. The Company's unique patent pending game console has been developed as a medium to bridge the gap between the more traditional board game market and the current video game console market. The new game console targets all age groups. In one delivery platform, the game users can enjoy more traditional games, upgraded with a unique new dimension that will expand the player's gaming experience. The game console is designed to be highly advanced, yet it interfaces easily with the average game user. The ease of operation and user friendliness is an important feature of the game console and provides customers with a uniquely different, entertaining and comprehensive game experience."
Make Your Move, Inc. ("the Company") is an innovative, interactive entertainment, game company. The Company's business objectives are focused on the design, development and marketing of a wide range of games using game technologies that are user friendly, diverse and scalable. The Company applies proven technologies to games to advance and enhance the entertainment quality and experience of game play. The Company's current product line spans traditional board games and computer game software. The Company plans to provide games for existing game consoles in the market, (e.g. the Playstation, XBox and GameCube) and online games through a subscription based online game site. The Company plans to expand its current product line to include a new series of proprietary game systems already under development by the Company. Because the features of the new game system will make it user friendly, diverse and scalable the Company believes its entire product line will appeal to age groups from 6 years to adult.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward looking matters discussed in this news release are subject to certain risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, product liability, the dependence on third parties for manufacturing and marketing, patent risk, copyright risk, competition, and the early stage of products being marketed or under development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission, such as the Company's Form 15C211 for the fiscal year ended September 30, 2001. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
CONTACT: Make Your Move, Inc.
Henry Rolling, 775/322-5567
Company web site: www.makeyourmoveinc.com
or
Redwood Consultants, LLC.
Paul DeRiso, 415/884-0348 (Investor Relations)
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FMLY (OTCBB) Family Room Finds Neve Campbell & Sam Shepard on the 'Blind Horizon'
WEDNESDAY, DECEMBER 04, 2002 07:01 AM
LOS ANGELES, Dec 4, 2002 (BUSINESS WIRE) -- Emmett/Furla Films, a wholly owned subsidiary of Family Room Entertainment Corporation (NASDAQ OTCBB Symbol: FMLY), in conjunction with Newman/Tooley Films, is pleased to announce that principal photography began on December 2, 2002 for the motion picture "Blind Horizon." "Blind Horizon" stars Val Kilmer ("Red Planet"), Neve Campbell (all three "Scream" films) and Sam Shepard ("Black Hawk Down"). Amy Smart ("Varsity Blues") and Gil Bellows (TV's "The Agency") co-star in the Picture.
Neve Campbell plays "Chloe," the wife of a gunshot amnesia victim, played by Val Kilmer, who warns a small town sheriff, "Sheriff Kolb" (Sam Shepard), about an assassination plot against the President during his campaign tour, and must uncover a conspiracy and his role in the plot. The screenplay was written by F. Paul Benz and Steve Tomlin. Randall Emmett, Heidi Jo Markel, Vincent Newman and Tucker Tooley will produce the picture. George Furla will executive produce the picture. Nancy Lanham, Chris Bender, J.C. Spink, M. Dal Walton, III and Dale Poniewaz are also attached as co-executive producers. Michael Haussman is set to direct.
Kilmer will next be seen in "Wonderland," which is being executive produced by Emmett and Furla for Lions Gate. Kilmer recently completed "Mindhunters" for Intermedia.
Campbell, who is famous not only for her roles in the three "Scream" pictures but also for a body of work which includes six seasons on Fox's "party of Five," recently completed shooting "The Company" on location in Chicago for director Robert Altman. Campbell, who brought the idea to and developed the script with Barbara Turner ("Pollack"), stars with James Franco and Malcolm McDowell. Campbell most recently appeared opposite Jeremy Irons in the telefilm "Last Call."
Shepard will next be seen in "Leo," which is directed by Mehdi Norowzian. Shepard is currently shooting "The Notebook" for director Nick Cassavetes.
Haussman, who hails from the world of commercials and music videos, has garnered attention for his spots for Levi's, Dockers, and Phillips, as well as his music videos such as Madonna's "Take a Bow." He is also attached to direct "Takedown" for Jerry Bruckheimer Productions and Disney.
Emmett/Furla Films recent credits include: "Half Past Dead" starring Steven Seagal, which bows in theaters on November 15th for Screen Gems; and "Narc," starring Ray Liotta and Jason Patric which Paramount Pictures releases in theaters on December 20th. Emmett and Furla served as executive producers on both pictures.
Newman/Tooley Films is in post-production on the "A Man Apart" starring Vin Diesel, which will be released by New Line Cinema on April 4th, 2003. Scheduled next for Newman/Tooley is "The Courier," directed by Dominic Sena for Splendid Pictures, and "Mexicali" for Screen Gems.
Forward Looking Statement
Safe Harbor: Statements contained in this news release which are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause results to differ materially from those projected. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "expect," "intend to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.
CONTACT: Emmett/Furla Films
M. Dal Walton, III, 323/850-2868
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It traded up as high as 16.80 but then closed around 15.30. I'm getting this from the chart as I forgot to watch it yesterday. LOL! Missed my own tip this time!!! Looks like it opened at 15.60 so it was a tradable run. Looking at the three month chart, I am seeing a range from low to high of 10.85 to around 19.00. A triple top for resistance and a double bottom for support. Right now it is about midway between and it looks like it needs a little breather to me. I think I am going to go ahead and add it to my watchlist. That is one hell of a trading range and maybe I can map it out and make some money trading.
EDIT:
If it goes below 14.60 over the next couple of days, look for a big move down to around 12.60. There are two up trend lines but the first one is too steep. It is the 14.60 support right now but I expect it will fail. The 12.60 is at an up trend line that has a more reasonable slope. FYI- These numbers will move up as the days move forward.
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Did this trade for you? Busy at work and have not watched the markets for a week now.
Just trying to get through the emails and boards before work, LOL
HQNT (OTCBB) H-Quotient, Inc., Announces Earnings Target Revised Upward; Doubling Projected for 2003
TUESDAY , DECEMBER 03, 2002 09:08 AM
VIENNA, Va., Dec 3, 2002 (BUSINESS WIRE) -- H-Quotient, Inc., (OTC Bulletin Board:HQNT) confirmed that its earnings target of $.10 to $.12 for the year ending December 31, 2002, (earnings for the nine months ending September 30, 2002 were $.07 per share) has been revised upward to $.11 to $.13 per share.
Earnings for 2003 are projected to be more than double this number.
All divisions are profitable. DataQual II and LinkQuotient continue to show strong growth. Quotient Capital, the company's investment division, is witnessing steady gains. The Financing/Factoring/Distribution Division has booked substantial sales, which are reflected in the company's increased receivables.
The company's new products, LabQuotient and BloodQuotient, continue on track, with significant sales of the former being posted.
CEO and President Douglas A. Cohn said, "Once again, H-Quotient is having a record year, and next year is conservatively projected to more than double this year. This is a result of a business plan that emphasizes highly qualified employees, outsourcing to renowned contractors, cost controls, new products and markets, a light debt load, and broad diversification. The company's base has been solidified and we are preparing to make a quantum leap."
This announcement may contain, in addition to historical information, certain forward-looking statements that involve risks and uncertainties. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from the assumptions currently anticipated.
For more information visit the H-Quotient web site at www.hquotient.com.
CONTACT: H-Quotient, Inc.
Kathryn Kennard, 703/821-3434
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AAMI (OTCBB) American Ammunition Announces 43% Total Bank Debt Reduction in 2002
TUESDAY , DECEMBER 03, 2002 08:06 AM
MIAMI, Dec 3, 2002 (BUSINESS WIRE) -- American Ammunition, Inc. (OTCBB:AAMI) announced today it reduced its bank indebtedness an additional $100,000.00. This latest payment represents an additional 15% reduction in the bank line of credit and 43% total bank debt reduction in calendar year 2002.
In addition to the debt reduction, AAMI recently signed two (2) separate sales agency agreements in November 2002 with Laylock & Associates of Edmond, Oklahoma, and Donaldson & Associates of Pinley Park, Illinois. These sales agencies complement and support additional increases in AAMI's fourth consecutive quarter of sales and revenue growth. AAMI anticipates increased sales and revenue growth in its fourth quarter ending December 31.
Andres Fernandez, President and CEO of AAMI stated: "We are excited at our ability to reduce outstanding debt and to further expand our business. We are in a unique position that we can sell cheaper because we don't have the high labor costs and some of the other high overhead of our competitors. We are pleased with our prospects for 2003."
AAMI was the subject of a recent news article (12/1/02) in the Miami Herald, Miami, Florida. The article can be found at the Miami Herald website.
About American Ammunition, Inc.- AAMI is an autonomous manufacturer of ammunition, with the technology and equipment to take advantage of the growing market. It has an excellent reputation within the industry. The ammunition industry has experienced a 28% average increase in revenues annually between 1991 through 1998, and the trend is expected to continue through the year 2005 and beyond. For further product information, please call 1-305-835-7400 or visit the website at: http://www.a-merc.com For Investor Relations information, please call: 1-305-446-4800 or e-mail: CISintr@netscape.net.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
CONTACT: American Ammunition, Inc., Miami
Media Contact:
Andres Fernandez, 305/835-7400
or
Investor Relations:
Capital Investment Services Inc., 305/446-4800
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CARA (OTCBB) Caraco Pharma Signs New R&D Agreement for 25 New Drugs
TUESDAY , DECEMBER 03, 2002 08:00 AM
DETROIT, Dec 3, 2002 /PRNewswire-FirstCall via COMTEX/ -- Caraco Pharmaceutical Laboratories Ltd. (OTC Bulletin Board: CARA) signed an R&D agreement, which has been approved by its independent Directors, for development of up to 25 new generic drugs, with Sun Pharma Global Inc. (Sun Global), a wholly owned subsidiary of Sun Pharmaceutical Industries Ltd (Sun Pharma), Narendra N. Borkar, Chief Executive Officer, announced today.
Detroit based Caraco Pharmaceutical Laboratories Ltd. develops, manufactures and distributes generic prescription drugs to some of the nation's largest wholesalers, distributors, drugstore chains and healthcare systems. Sun Pharma (Reuters: Sun.BO), a major Caraco stockholder, is India's fifth largest pharmaceutical company. Sun Pharma operates eight manufacturing locations and two world class R&D Centers in India. A public company, Sun Pharma is ranked among India's top 50 companies by market cap and holds a leading rank among specialty customers such as psychiatrists, cardiologists, neurologists, etc. in the country.
The key purpose of the new agreement is to provide for direct transfer of R&D-based intellectual property in the form of drug technologies to Caraco, in order to quickly and efficiently expand Caraco's product line.
According to terms of the agreement, Sun Global will provide up to 25 new generic drugs to Caraco over a five-year period. In return, Sun Global will receive 544,000 shares of a newly created preferred Caraco stock for each new drug transferred. These preferred shares are convertible after three years, on one-to-one basis, to Rule 144 common shares.
Under a previous agreement with Sun Pharma, Caraco received technology for two DESI products and 11 ANDA products from Sun Pharma and has received FDA approval for seven of these generic drugs over the past five quarters. These are clozapine, a generic form of Novartis' Clozaril; metformin hydrochloride, a generic form of Bristol Myers Squibb's Glucophage; oxaprozin, a generic form of G.D. Searle's Daypro; carbamazepine (chewable), a generic form of Novartis' Tegretol; clonazepam, a generic form of Roche's Klonopin; tramadol hydrochloride, a generic form of R.W. Johnson Pharma Research Institute's Ultram; and ticlopidine hydrochloride, a generic form of Hoffman LaRoche's Ticlid.
Buoyed by the introduction of new products, Caraco reported record third- quarter sales and the Company's first ever net profit. It raised its sales guidance from $16-18 million to $21 million for calendar year 2002.
The Company has four drugs pending FDA approval and expects to receive the go-ahead to market one of these by year-end.
Mr. Borkar said, "This is a decidedly accretive step for our Company and shareholders. The new R&D agreement is expected to provide us with the resources and platform to expand our product line, grow sales, and improve our earnings picture."
This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of risk factors and uncertainties which could cause results to differ materially from those described in the forward-looking statements. These risk factors are contained in the Corporation's filings with the Securities and Exchange Commission, available free via EDGAR. The Company assumes no responsibility to update or clarify forward looking statements.
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SOURCE Caraco Pharmaceutical Laboratories, Ltd.
CONTACT: Narendra Borkar of Caraco Pharmaceutical Laboratories, Ltd.,
+1-313-871-8400; or Mike Marcotte of Marcotte Financial Relations,
+1-248-656-3873, for Caraco Pharmaceutical Laboratories, Ltd.
(CARA)
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Got this in an email from CEOCAST.com late last night. Lets see if it actually happens today.
SPECIAL TRADING OPPORTUNITY
We have never published a newsletter focused exclusively on one company. Nor, have we seen a trading opportunity this compelling in 2002. Normally, we are not prone to hyperbole. However, we believe we have identified an extraordinary situation for investors to make money…in fact, a most unique Special Situation. The company will not be new to readers of this newsletter, as we have covered it previously. Now, though, we feel that recent events make this company a strong candidate to rise 40-50% THIS WEEK, because of a combination of fundamental and technical factors.
The company is eResearchTechnology (NASDAQ: ERES), a leading provider of centralized electrocardiographic (ECG) collection and interpretation services. The stock ended Monday’s trading session at $14.87, up 86 cents for the day. Tuesday morning, the company will issue a major announcement. In a letter to shareholders (see press release below), the company announced that it was prepared to take aggressive action against short-sellers of its stock. These letters often create "short squeezes", where investors, who have bet that the stock will decline in price so that they can replace the shares that they have borrowed at lower prices, often buy stock to cover their positions. In this case, however, we feel that several technical and fundamental factors are likely to create an even more dramatic increase in the stock’s price.
The fundamental case: eResearchTechnology has already demonstrated dramatic growth this year. The company has increased revenues for the first nine months of 2002 at a 45.5% clip, generating $29.4 million in revenues versus just $20.2 million for the comparable 2001 period. It has also reported net income of $3.2 million, or $0.29 per diluted share, versus a net loss of $100,000 or $0.01 per share for the same period in the prior year. Last year’s results exclude an extraordinary charge of $5 millionThe company’s strong recurring model has enabled it to increase revenues and earnings (excluding one-time gains) sequentially for seven consecutive quarters.
Its balance sheet and accounting are impeccable. The company had $21.4 million in cash and cash equivalents available as of September 30, 2002, up $3 million from the end of last year. Since it has generated $3.2 million in earnings for the first nine months, this tells us that GAAP earnings are also cash earnings, an important distinction in light of this year’s events. The company announced in Tuesday’s release that "We have a strong balance sheet, which affords us many options." To us, this suggests that the company might soon announce a stock buyback, or an acquisition, utilizing its strong cash position. Either event would likely be a catalyst for a higher stock price.
Its clients include 10 of the top 15 pharmaceutical companies, including Johnson & Johnson, Pfizer, Aventis, Novartis, GlaxoSmithKline and 3M Pharmaceuticals. Its management team has over 150 years of experience in the sector. The company has announced that it expects to post fourth quarter results of at least $11.1 million in revenue and $0.12 per share in diluted EPS. The company has exceeded its guidance every quarter this year.. The company has given guidance for 2003 of at least $53 million in revenue and EPS of at least $0.62. If history is any indication, it should handily beat those estimates.
The company is covered by four analysts. Analysts at both Raymond James and Roth Capital have recently upgraded the company’s stock to a Strong Buy, with price targets of $21. Neither brokerage firm does any banking business with the company. The analysts, on average, expect the company to earn 65 cents per share next year, which would represent a 57% increase from their fiscal 2002 EPS expectation of 41 cents per share.
The technical case: Although the stock is already up 90% for the year, it is well below its 52-week high of $19.35 established on October 1. This, despite the company beating analysts’ estimates for its third quarter and receiving two analysts upgrades, the stock has lost 23% during the past two months. During this period, the Nasdaq has increased 21.8%. The company announced in its letter to shareholders that it "knows of no reason for the decline in its share price." However, we do. Short-sellers have been attempting to manipulate the price of the stock because of the small float (just 6.4 million shares) and the mistaken belief that the company will not continue to grow as rapidly as analysts and the company believe. The short sellers are wrong! We feel that the company has provided extremely conservative forward guidance, but even based upon that forward guidance the stock is highly undervalued. During the past four months, the stock’s short interest, which represents the number of shares borrowed by short sellers, has increased to nearly 3.5 million shares. This means that as of November 8th, approximately 50% of the float was borrowed by short sellers.
The company announced in its letter to shareholders that it had begun to ask institutional investors to take the stock that they own out of "Street Name". This means that short sellers may no longer have access to shares that they borrowed, and will have to buy back the stock in the open market to cover their positions. Since institutions currently own over 90% of the float, this is likely to create a massive short squeeze, driving the price substantially higher. Since the float is so small, it could create panic buying by short-sellers, as they attempt to replace the shares that they have borrowed.
How big is the industry? The research and development portion of the healthcare industry itself is a $50 billion market, growing at a 11-14% rate annually. However, the markets that eResearchTechnology serves are increasing much faster. The money spent by pharmaceutical companies on cardiac safety evaluation is expected to exceed $1 billion by 2005, a dramatic increase from current levels. Companies also today spend less than $100 million today on the electronic data capture of clinical information, versus an expected increase to $1 billion in 2005. The company’s ability to transform cardiac data from paper to digital processing gives it a competitive advantage in a rapidly growing market. In addition, legislation is likely to accelerate adoption of the company’s solutions. The FDA's Center for Drug Evaluation and Research and Health Canada's Therapeutic Products Directorate have collaborated on a preliminary concept paper suggesting that cardiac safety testing should be performed for all new drugs entering the bloodstream and changes in use, dose or type of patient for old drugs. It also noted that the clinical ECG database should be recorded and stored as a digital signal, thus requiring sites to use digital validated ECG recorders often provided by the central ECG laboratory. If these suggestions become mandates, the company’s growth could accelerate even more rapidly.
What is the company worth? To determine this, we thought we would look at other small-cap high-growth companies with market caps below $500 million. Here is what we found:
Advanced Neuromodulation (NASDAQ: ANSI) 50% growth rate; 37 P/E multiple
Opnet Technology (NASDAQ: OPNT) 66% growth rate; 36 P/E multiple
Horizon Organic NASDAQ: HCOW 20% growth rate; 41 P/E multiple
EPS growth Rate represents 2003 or 12-month percentage growth estimates based on First Call data from analysts.
Based upon these companies, it appears that ERES should trade for a multiple of next year’s earnings of between 33 and 38 times. This would give the company a stock price of between $21.45 and $24.70, substantially above today’s levels. The company currently has approximately 11.4 million shares outstanding, giving it a valuation of approximately $169 million.
What should you do Tuesday morning? The stock has been extremely volatile, creating a tremendous trading opportunity. Neoware Systems (NASDAQ: NEOW), a company with approximately twice the number of shares in the float and just 31% of its shares short, might provide some insight. The stock opened for trading last Monday up 7.2% after a favorable news article, but then increased as much as 24% before ending the day at $20.91, up $3.16 or 17.8% for the day. Since eResearch has a much greater short position and a smaller float, we believe that the upward move could be much more dramatic. Therefore, we strongly encourage investors to purchase the stock as early as possible in the morning, as the limited float and short-covering could cause a spectacular move in the stock. We think that even a 50% move on Tuesday would not be out of the question. For those with a longer-term perspective, we think that short-covering will continue to provide a floor under the investment, and that the stock deserves to trade in the $23 range based upon its fundamentals. Any pullback would represent a buying opportunity.
The entire text of the company’s press release is below:
eResearchTechnology Issues Letter to Stockholders
PHILADELPHIA, PA December 3, 2002/PRNewswire/--eResearchTechnology, Inc. (eRT),(Nasdaq: ERES), a leading provider of technology and services for clinical research, announced today that it has sent the following letter to its stockholders in response to recent inquiries:
Dear eResearchTechnology Stockholder:
Let us begin by thanking you for your continued support of eResearchTechnology. As a stockholder of eResearchTechnology, you know that the last year has been an exciting one for the company. We recently announced our third quarter financial results, and are proud to report that we grew revenues for the first nine months of our year at a 45% rate compared to the first nine months of last year. This has enabled us to invest in the infrastructure to support the next phase of growth by hiring more sales and marketing professionals and to complete the enhancements and launch of our next generation Electronic Data Capture system and EXPeRT cardiac safety system. Despite investing in our future, we have reported net income of $3.2 million, or $0.29 per share for the year so far, a dramatic improvement from the year earlier. We have grown revenues and earnings on a sequential basis each quarter this year, and have exceeded our own guidance and the analysts’ estimates each quarter this year. Recently, we announced that our fourth quarter revenues are expected to exceed $11.1 million, marking our seventh consecutive quarter of sequential revenue growth and continuing our growth in excess of forty percent consistent with our guidance. We expect to earn at least $0.41 per share this year.
We also announced our expectations for next year. We expect to increase earnings per share by a minimum of 50% versus 2002, reflecting the scalability of our business model. This would result in approximately 62 cents per share in 2003 annualized earnings. The growing number of major pharmaceutical companies that are adopting our technology and services and our strong recurring revenue model makes us comfortable that we will achieve this objective. The Wall Street analysts seem to agree, as two firms covering us recently upgraded their ratings to Strong Buy Recommendations on the stock.
Our accounting is transparent. eResearchTechnology’s blue-chip customers include 10 of the top 15 pharmaceutical companies. The competitive challenges faced by many of the life sciences companies combined with the constant focus of our clients to lower costs makes our ability to transform paper to digital processing of cardiac safety and clinical data the path of the future. We estimate that the market for our cardiac safety evaluation and electronic data capture segments of our business will each exceed $1 billion by the end of 2005. The recent FDA/Health Canada concept paper (http://www.fda.gov/cder/wo rkshop.htn#upcoming) further reinforces the dramatic growth opportunities that will exist for centralized ECG labs that offer the technology and service required to enable drug sponsors to address the digital initiative being sponsored by the regulatory bodies. eResearchTechnology is the clear leader in cardiac safety monitoring, and continues to grow revenues and market share more rapidly than its competitors.
In summary, we have worked hard to create a rapidly growing, profitable, scalable business built on integrity. Wall Street has started to recognize our efforts. Our stock price has increased 90% year-to-date. Our trading volume has increased substantially. In fact, there has even been one day recently where almost 20% of the float traded. However despite recently receiving two analyst upgrades and exceeding our third-quarter guidance, our stock has declined 23% in the past two months. There is no reason we are aware of for the decline in our share price. However, management believes that a key factor in the recent decline of the stock price is attributable in part to heavy selling pressure from "short selling" in the marketplace. Therefore, let us take a minute to explain "short selling" and what you might consider doing to help.
We take stockholder value seriously and we continue to strive to ensure that shareholder value reflects the true fundamentals of the company. To us, this means continuing to rapidly grow our revenues and earnings, and ensuring that our stockholders are treated fairly in the market. We have a strong balance sheet, which affords us many options. There is something that you might consider which would help us, and in the process, help yourself.
Effect of Short Selling on a Company's Stock Price. In "short selling," traders sell stock they do not own by borrowing shares from a broker that need to be returned at a later date. If the stock price goes down, the short sellers buy stock in the market at a lower price, return the stock to the broker and make a profit. By selling first and buying later, short sellers benefit from stock prices going down instead of up. This makes their interest in our company directly opposite from what most of our stockholders want -- i.e., for the price of our stock to increase. If there is a lot of short selling, supply of our shares may exceed demand for our shares, causing the stock price to go down. In other words, short sellers can make money by selling enough stock short to artificially increase the volume of selling and drive down the market price.
Short Sellers Borrow Stock From Stockholders Like You. Where do the traders get the stock to borrow? Ironically, whether you know it or not, they probably have been borrowing shares from stockholders like you. If your shares are registered in your broker's name instead of yours or are held in a margin account, your broker may have lent your eResearchTechnology shares out to these "short sellers." In other words, if your eResearchTechnology shares are registered in your broker's name or being held in a margin account, the brokers are free to lend your shares out to short sellers. So, while short sellers may be borrowing your stock, they are actually working against your interest in recognizing the value associated with eResearchTechnology, a company that is executing well.
While many companies experience short selling in the marketplace, the amount of short selling compared to the trading volume in our stock has recently been unusually high. Currently, eResearchTechnology has one of the highest short interest percentages among stocks traded on the Nasdaq. We believe this is because certain institutions are attempting to manipulate the share price unfairly.
How Stockholders Can Help Combat Short Selling. To carry out short sales, traders need to borrow stock from brokers that are registered in "street name" or held in a margin account. However, if enough stock is taken out of street name or margin accounts, short sellers will have difficulty maintaining the current volume of short sales.
Therefore, our stockholders should consider calling their brokers and having their eResearchTechnology stock taken out of street name or put into a cash account. This only means that instead of their shares being registered in their broker's name or being held in a margin account, they would be registered in their name or placed in a cash account. Stockholders would still own the stock, and their ability to hold or sell the stock would not change.
What would change? A short seller would not be able to borrow stock for short sales without stockholder permission. So long as the stock is registered in the broker's name, the broker is the legal owner of record, and can lend stockholder stock to a short seller without the stockholder’s permission. Similarly, so long as you have stock in a margin account, it is available for loan by your broker. If the stock is registered in the stockholder’s own name or placed in a cash account, brokers will not be able to do this.
Would there be any downside for stockholders in having shares registered in their own names or held in cash accounts? From an economic point of view, the answer is no -- nothing will have changed. The only difference would be administrative including some possible paperwork and expenses you may incur in re-registering or moving your shares. When you want to sell, you may need to send your broker instructions to move the stock back into street name or into a margin account, and the broker may ask you to sign some transfer documents. We think this is a small price to pay for relieving the heavy short selling pressure on our stock.
When can shares be taken out of street name or a margin account? You can take shares out of street name or a margin account at any time. However, because of the heavy short selling pressure on our stock, stockholders’ immediate help would be desirable. Accordingly, stockholders should consider calling their brokers to have their shares promptly taken out of street name or a margin account. Several of our large institutional holders have already done so.
As we set out above, the company continues to pursue operational excellence that will better position us for the future. As a stockholder, you have the ability to help. We appreciate your consideration of this important matter and thank you for your continuing support of eResearchTechnology.
Very truly yours,
Joseph Esposito
President & CEO
Bruce Johnson
Sr. Vice President and CFO
Based in Philadelphia, PA, eResearchTechnology, Inc. (www.eRT.com) is a provider of technology and services to the pharmaceutical, biotechnology and medical device industries on a global basis. The company is a market leader in providing centralized core-diagnostic electrocardiographic (ECG) technology and services to evaluate cardiac safety in clinical development. The company is also a leader in providing technology and services to streamline the clinical trials process by enabling its customers to automate the collection, analysis, and distribution of clinical data in all phases of clinical development.
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the company's financial results can be found in the company's Reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission (SEC).
Have a short squeeze opportunity for our consideration? E-mail us at news@ceocast.com.
The CEOcast Newsletter is an electronic publication committed to providing our readers with factual information on selected publicly traded companies. All statements and expressions are the sole opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein. The profiles, critiques, and other editorial content of CEOcast may contain forward-looking statements relating to the expected capabilities of the companies mentioned herein. This information has not been independently verified by CEOcast. THE READERSHOULD VERIFY ALL CLAIMS AND DO ITS OWN DUE DILIGENCE BEFORE INVESTING INANY SECURITIES MENTIONED. INVESTING IN SECURITIES IS SPECULATIVE AND CARRIESA HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS NEWSLETTER IS PROTECTEDBY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCEDIN ANY WAY WITHOUT THE EXPRESSED, WRITTEN CONSENT OF THE EDITORS OF CEOcast. Moreover, as detailed below, this publication accepts compensation from certain of the companies that it features. To the degrees enumerated herein, this newsletter should not be regarded as an independent The reader should use caution, as a result. The following companies, featured in this newsletter, have compensated CEOcast: eResearchTechnology, $7,500 plus 12,000 warrants at $13.40.
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WLFO gapped up this morning. Last trade was at .035 on 17K volume. I'm thinking .04 is resistance and a close above that would be significant.
EDIT
Incidentally, they just moved the ask up to .04
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WPCS (OTCBB) WPCS Completes Financing For The Acquisition Of Invisinet Incorporated
MONDAY , DECEMBER 02, 2002 08:39 AM
EXTON, Pa., Dec 2, 2002 (BUSINESS WIRE) -- WPCS International Incorporated (OTCBB:WPCS) today announced it has completed a financing transaction, raising $1,000,000 in equity.
The shares issued are convertible into common stock at a conversion price of $1.25 per share. Andrew Hidalgo, Chairman & CEO stated, "WPCS International's ability to attract financing in a challenging and highly critical capital market environment shows confidence in both the market opportunity as well as the company's business model and execution abilities."
With the Invisinet acquisition, WPCS has strengthened its strategic network planning and consulting services while adding customers such as EDS, Associated Press International and Fidelity Investments to its growing clientele of Fortune 1000 companies.
In a recent article published by the Synergy Research Group, a company that provides quarterly market analysis for the industry, the worldwide wireless local area network market continued its strong growth in the third quarter 2002. WPCS International seeks to be a leading provider of end-to-end wireless solutions.
The company expects to continue to achieve its goals through internal organic growth and value-based, value-added acquisitions.
About WPCS International Incorporated:
WPCS is a provider of end-to-end fixed wireless solutions. WPCS is an assimilator and integrator of wireless technologies providing cost effective, best-of-breed solutions to meet the needs of the corporate, government and educational markets both domestic and international.
The WPCS product and service solutions cater to a diverse and growing customer base that includes Safeway, UPS, Schlumberger, Yellowstone National Park and the FAA.
Statements about the company's future expectations, including future revenue and earnings and all other statements in this press release, other than historical facts, are "forward-looking" statements and are made pursuant to safe harbor provisions of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties and are subject to change at any time. The company's actual results could differ materially from expected results. In reflecting subsequent events or circumstances, the company undertakes no obligation to update forward-looking statements.
CONTACT: WPCS International Incorporated, Exton
Carol Lindley, 610/903-0400
ir@wpcs.com
www.wpcs.com
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SCOH (OTCBB) Scores Holding Company Agrees to Buy Back Convertible Debt; Construction Begins for West Side of Manhattan Nightclub
MONDAY , DECEMBER 02, 2002 08:30 AM
NEW YORK, Dec 2, 2002 /PRNewswire-FirstCall via COMTEX/ -- Scores Holding Company Inc. (the "Company") (OTC Bulletin Board: SCOH) announced today that it would buy back outstanding convertible and nonconvertible debt in the principal amount of $1,850,000 held by a private equity fund. The convertible debt consists of $850,000 of debentures that are convertible into the Company's common stock with 1% interest on the outstanding balance. The nonconvertible debt consists of a $1,000,000 five-year loan with 6% interest on the outstanding balance. The Company also mutually agreed with a private investor to the termination of a previously announced proposed financing of $2,000,000 in convertible debt.
Richard Goldring, Chairman and CEO of the Company, said, "We believe that our shareholders long term interests will be served by eliminating this convertible debt. The conversion of this debt had the potential of causing substantial dilution in the future to our shareholders. We believe we can obtain financing that will be more beneficial for our needs."
Construction has begun at the Company's new adult nightclub, which will include a gourmet restaurant, to be operated under the "Scores" name at 533-535 West 28th Street, New York, NY. The nightclub is presently scheduled to open during the latter part of March 2003. The Company had previously announced that the nightclub would open in late 2002 but the start of construction was delayed due to the work required by the New York City Department of Buildings to ensure that the plans conformed to the recently enacted New York City zoning laws for adult use. The Company will own and operate the new club, which will have 10,000 square feet of space, the maximum permitted by New York City law, allocated for adult entertainment purposes.
"We are very pleased with the progress we have made to date and excited about the future of Scores Holding Company. We will continue to build strong earnings momentum with the acquisition of the Diamond Dollars(TM) and the anticipated opening of the new Scores on the West Side of Manhattan in early 2003. We have laid the groundwork for the growth and success of Scores Holding. With the commencement of construction, we are well on our way to making the new club a reality," said Mr. Goldring.
Safe Harbor Statement
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the Company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the Company's periodic filings with the Securities and Exchange Commission.
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SOURCE Scores Holding Company Inc.
CONTACT: Scores Holding Company, Inc., +1-212-421-8480,
info@scoresholding.com
(SCOH)
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TEXN (OTCBB) 21st Century's Innovative Weaponry Inc. Announces Success in Foreign Sales Effort
MONDAY , DECEMBER 02, 2002 08:04 AM
FORT WORTH, Texas, Dec 2, 2002 (BUSINESS WIRE) -- (OTCBB:TEXN) Arland D. Dunn, Chairman of the Board and Chief Executive Officer of 21st Century Technologies, Inc. announced recent foreign market penetration by Innovative Weaponry, Inc. "Scott Roberts, our sales director in Fort Worth, has been making a concerted effort to introduce IWI's PT Night Sights to foreign markets," said Mr. Dunn. "We are starting to see the products of his efforts. We have orders from Norway, Trinidad, The Philippines, Singapore and Venezuela."
Mr. Roberts said, "Most of these sales are to the various law enforcement agencies in these different countries. We think we have tapped into a great resource for expanding our market and by big numbers. Our initial successes represent but a small fraction of the potential world-wide market for our PT Night Sights. The order from Venezuela includes military applications. We are excited and energized by these early successes. The foreign sales we are announcing here will amount to well over $1 million in sales to the company within the year. These orders represent the kind of high-quality business that we like."
Mr. Dunn added that "Foreign markets represent a significant opportunity for continued and increasing sales of our IWI products. We offer high quality at unbeatable prices. Our foreign customers recognize value as does our American customer base. We believe that as our products become more and more known in foreign markets, our sales will increase dramatically. These foreign sales are important to the future of IWI."
Innovative Weaponry's PT Night Sights offer quick target acquisition and improved accuracy in low light situations by providing an illuminated sight picture to the user. Driven by tritium-excited phosphors, our "glow in the dark" sights contribute greatly to the safety of soldiers, law enforcement officers and the public they protect. The night sights require no external power source.
All statements other than statements of historical fact included in this report are "forward-looking statements." The forward-looking statements, including statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements (i.e., future operational results and sales) are subject to assumptions and beliefs based on current information known to the company and factors that are subject to uncertainties, risk and other influences, which are outside the company's control, and may yield results differing materially from those anticipated.
CONTACT: 21st Century Technologies, Inc.
Larry B. Bach, 818/707-9466
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PHGW (OTCBB) Phone1, Inc. Secures $5 Million Of Additional Working Capital
MONDAY , DECEMBER 02, 2002 06:30 AM
MIAMI, Dec 2, 2002 (BUSINESS WIRE) -- Phone1, Inc., wholly owned subsidiary of Phone1 Globalwide Inc. (OTCBB:PHGW.OB) announced today that GNB Bank (Panama) S.A., a large shareholder and provider of credit facilities to the Company, had loaned to it an additional $5 million.
Mr. Dario Echeverry, the Chief Executive Officer of Phone1, stated that the loan proceeds will be principally used in connection with the equipment, software implementation, and marketing necessary to implement the rollout by Verizon on its payphones of Phone1 services, as announced on November 18.
The loan is for a term of one year with interest at Citibank, NA prime plus 2% and permits the Bank to convert all or any portion of the loan into equity of Phone1 at the closing price of the stock of the Company on November 26, 2002.
About Phone1
Phone1, Inc., a wholly owned subsidiary of Phone1 Globalwide, Inc., headquartered in Miami, Fla., is engaged in international communications and is currently providing international commercial and wholesale telephony services. Phone1 has developed and operates a call management system routine with exclusive license of use for developed versions of proprietary software for the payphones that allows coin-operated international long-distance service with answer supervision and fraud detection. For more information on Phone1, Inc. visit www.phone1.com.
The discussion in this press release regarding business, any statement of future expectations, including, without limitation, future revenues and earnings (losses), plans and objectives for future economic performance, or expected operational developments and all other statements regarding the future are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1934, as amended, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that the forward-looking statements be subject to the safe harbors created hereby.
These forward-looking statements are based on the Registrant's strategic plans and involve risks and uncertainties that may cause actual results to differ materially for forward-looking statements. Factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements herein include (the "Cautionary Statements"), without limitation: the Company's ability to raise capital; the Company's ability to execute its business strategy in a very competitive environment; the company's degree of financial leverage; risks associated with acquisitions and the integration thereof; risks associated with rapidly developing technology and providing services over the internet; regulatory considerations and risks related to international economies; risks related to market acceptance of and demand for the Company's products and services; continued relations with and pricing dependence on third-party suppliers; the impact of competitive services and pricing; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements. The Company does not undertake any obligations to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
CONTACT: Phone1 Globalwide, Inc.
Syed A. Naqvi, 305/371-3300
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It looks like WLDI is going to rally again. It's a wild one. Anyone know when Itec will go back to IMTO from IMTOE?
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