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UTVG >
Outstanding Shares: 30,450,000 as of 2006-08-09
UTVG -- Universal Travel Group
Com ($0.001)
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
Universal Travel Group Projects 114% Annual Revenue Growth in FY '07
Projects $21.4M Revenue in FY '07
LOS ANGELES and SHENZHEN, China, March 28, 2007 /PRNewswire via COMTEX/ -- Universal Travel Group (OTC Bulletin Board: UTVG) through its wholly-owned subsidiary, Shenzhen Yu Zhi Lu Aviation Service Company Ltd., a leading air travel agency in Southern China, announced today it projects $21.4 million in revenue for 2007, up 114% from $10.01 million in 2006.
Net income for the year 2007 is expected to be $6.56 million, or $0.19 in earnings per share, an increase of 157% from $2.55 million in 2006. For the first quarter of 2007, the company expects to generate revenue of $3.95 million, up 386% from $813,300 in the first quarter of 2006. Net income projections are $1.1 million, up 140% from $457,000 in the comparable quarter last year. The company projects $0.03 EPS for the first quarter of 2007.
First quarter and full year projections include the remainder of the stock based compensation expense related to the company's equity incentive plan that was not recognized in the fourth quarter of 2006.
Chairman and CEO, Ms. Jiangping Jiang, said, "Fiscal year 2007 projections are based on the operating results for the company last year and our expectations for growth for the upcoming year. The company expects customer membership to rise based on the increased success of its hotel booking service and air cargo transportation divisions. The projections are also based on increased call center and Internet volume, which surpassed 30% last year. We also expect growth from our plans to consolidate our existing market share of the Southern China region. We will develop a comprehensive member service and expand to Beijing, Chengdu, Chongqing, Shanghai and other regions. Our goal is to become China's leading full-service travel agency, providing superior service to customers and maximizing returns for shareholders."
About Universal Travel Group
Universal Travel Group, through its wholly-owned subsidiary, Shenzhen Yu Zhi Lu Aviation Service Company Ltd., is engaged in providing reservation, booking, and domestic and international travel and tourism services throughout China. The company's core services include booking services for air tickets, hotels and restaurants, as well as tour routing for customers. The company's goal is to become China's leading travel services provider. For more information, visit http://www.chutg.com .
A profile for investors can be accessed at
http://www.hawkassociates.com/utvgprofile.aspx . For investor relations
information regarding Universal Travel Group, contact Jacalyn Guo at (310)
443-4151, e-mail Jacalyn@chutg.com, or contact Frank Hawkins or Julie
Marshall, Hawk Associates, at (305) 451-1888, e-mail info@hawkassociates.com.
An online investor kit including press releases, current price quotes, stock
charts and other valuable information for investors may be found at
http://www.hawkassociates.com and http://www.americanmicrocaps.com . To
receive these releases via e-mail, subscribe at
http://www.hawkassociates.com/email.aspx .
Forward-looking Statement:
The statements in these news releases contain forward-looking information within the meaning of the Private Securities Litigation Act of 1995. Such forward-looking statements involve certain risks, assumptions and uncertainties. In each case actual results may differ materially from such forward-looking statements. Any statements regarding targets for future results are forward-looking and actual results may differ materially. These are the company's targets, not predictions of actual performance.
10940 Wilshire Blvd. Suite 1600
Los Angeles, CA 90024
Contact: Jacalyn Guo
E-mail: Jacalyn@chutg.com
Phone: (310) 443-4151
http://www.chutg.com
Investor Relations Contact:
Hawk Associates, Inc.
Frank Hawkins and Julie Marshall
Phone: (305) 451-1888
E-mail: info@hawkassociates.com
http://www.hawkassociates.com
SOURCE Universal Travel Group
CONTACT: Jacalyn Guo of Universal Travel Group, +1-310-443-4151, jacalyn@chutg.com; or Frank
Hawkins and Julie Marshall of Hawk Associates, +1-305-451-1888,
info@hawkassociates.com, for Universal Travel Group
URL: http://www.chutg.com
http://www.hawkassociates.com/utvgprofile.aspx
http://www.hawkassociates.com
http://www.americanmicrocaps.com
http://www.hawkassociates.com/email.aspx
http://www.prnewswire.com
www.prnewswire.com
Copyright (C) 2007 PR Newswire. All rights reserved
ASPZ >
Outstanding Shares: 9,829,028 as of 2007-03-26
Float: 3,213,607 as of 2007-03-26
ASPZ -- Asia Properties, Inc.
Com ($0.001)
CORRECTION: CORRECTION: Asia Properties, Inc. Begins Financial Reporting News Releases (Press Release)
Bellingham, WA, Mar 29, 2007 (Pink Sheets News Service) — BELLINGHAM, WA., March 29, Asia Properties, Inc. or "API" (Pink Sheets:ASPZ) a developer of resorts and prime real estate in Thailand and Southeast Asia, announced today it is in the process of bringing all of the Company's financial statements up-to-date with the intention of becoming a fully reporting full disclosure issuer. The audited financial statements now posted on pinksheets.com are the first of a number of such public releases.
Asia Properties, Inc. was established to invest in resorts and prime real estate in Thailand and Southeast Asia. Asia Properties currently operates as the only listed U.S. public company focusing on S.E. Asian real estate investments, where investors can invest in Asian real estate and hold the investment in the form of a security trading on a U.S. securities market. API is a Nevada corporation and trades on the Pink Sheets under the symbol "ASPZ." There are currently 9,856,778 fully diluted shares consisting of 3,213,601 free trading and 6,643,177 restricted. The transfer agent is Computershare, Inc. of Golden, Colorado.
Over the past year, the company has made progress toward fulfilling a number of key moves toward the realization of its business goals. In May, 2006 API hired Ms. Shananporn Lerlertkul (Jill) as its Sales Manager. Ms. Lerlertkul is responsible for managing all the sales functions for the company and its subsidiaries. Further, she is responsible for International marketing promotions and sales campaigns, magazine and internet ads, and for redesigning API's web site into a marketing and sales site. Ms. Lerlertkul is based out of the Company's Phuket, Thailand office. Ms. Lerlertkul, a Thai citizen, went to high school in the USA and received her MBA from the London School of Business Administration.
In late February, 2007 API, announced that Mergent's Editorial Board (formerly Moody's) had approved API for a listing in Mergent Manuals and News Reports(tm). This listing helps API toward achieving its goal of full public disclosure. The Company's corporate profile, which includes descriptive text data as well as news and financial statements, is continuously accessible via Mergent's online and print products.
As part of Mergent's listing services, the new description is highlighted separately on www.mergent.com with an active hyperlink back to API's website.
The Mergent Industrial Manual and News Reports(tm) is a recognized securities manual in 38 states for purposes of Blue Sky Manual Exemption. First published in 1918, and formerly known as Moody's(tm) Manuals and News Reports, the publication was rebranded as Mergent Manuals and News Reports when Mergent, Inc. acquired Moody's(tm) Financial Information Services division in 1998. API's listing will aid the brokerage community in making a market for the company's stock. However, it is recommended that brokers confirm with their compliance/legal department concerning "Blue Sky" laws in specific states and other regulatory laws that might affect them.
In March of 2007, API reported the title transfer of fourteen homes, since the beginning of the year, in the Phase I section of the Company's Baan Naiyang Resort in Phuket, Thailand. The Baan Naiyang Resort subdivision offers five styles of homes, all of which are designed to blend traditional Thai architecture with a contemporary Balinese look. Home sizes vary from 1,582 sq. ft.(147 sq.m.) to 3,337 sq. ft. (310 sq.m.) and land parcels sizes are up to 5,167 sq. ft. (480 sq.m.) with prices starting from US$112,000.00 up to US$260,000.00
Just 10 minutes South of Phuket airport, Baan Naiyang Resort, is an international gated community located near the Naiyang beach. The site borders a national forest and is framed by a tropical jungle with rolling green hills nearby. As no building or development is allowed on national forest land, the resort will always retain its natural surroundings.
API appointed My Trusted House, a leading international property marketing company, to market its Baan Naiyang Resort subdivision. My Trusted House, is marketing the resort project on an exclusive basis in the following countries: The Netherlands, Belgium, Luxemburg, Germany, Denmark, Sweden and Finland. My Trusted House markets and promotes through its associate company, Liberty TV Netherlands via infomercials and on travel TV stations in Germany. Interested buyers are flown to Phuket as a part of specialized Thailand Property Tours, which are offered via a large number of tour operators in Europe. These property seminars are free and empower foreigners with all necessary information needed to purchase property in Thailand.
At the end of February, 2007 Asia Properties announced that it had acquired, through its wholly owned subsidiary, Hertz Controller Technologies Corporation (HCTC), a significant Hertz controller electrical patent for US$12 million in Hertz Controller Technologies Corporation shares. HCTC was incorporated in the State of Wyoming on April 8, 2005.
The Hertz Controller technology has breakthrough applications in audio, video, electrical appliance, and power conditioning devices, among others. One of the many unique and powerful benefits that the technology offers to the A/V and electrical appliance industries is a low-cost chipset solution that significantly suppresses conducted noise in electrical appliances, resulting in improved sound and picture quality as well as reduced power consumption.
The patent can be viewed at: http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fne...
On March 13, 2007 API followed up its report concerning the acquisition of the Hertz Controller Patent and announced that its Board of Directors has declared a dividend in the form of its shares in the Hertz Controller Technologies Corporation (HCTC).
All ASPZ shareholders of record as of April 15, 2007 are to receive one (1) HCTC share for every two (2) ASPZ shares they own. The distribution of the HCTC dividend shares will take place as soon as possible after April 15, 2007.
Please see www.hertzcontroller.biz
HCTC plans to apply for several new patents covering the latest technology developments by the inventor of the Hertz Controller, Dr. Page Huie, to add to the intellectual property base of the subsidiary. The company is currently talking to several global consumer companies about employing the use of its technology into their products.
Forward Looking Statements:
Statements which are not historical facts are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.
IDGN >
(Outstanding Shares: 4,916,802 as of 2007-03-26)
updated on pinksheets now
was TSFY
IDGN -- Inca Designs, Inc.
Address:
1285 Baring Blvd.
No. 250
Sparks, NV 89434
USA
Phone: 406-667-2332
Primary State of Incorporation: Nevada
Country of Incorporation: USA
Officers:
Mark Smith, President
Edgar Filing Status: Non-Current EDGAR Filer
CIK: 0001084702
Outstanding Shares: 4,916,802 as of 2007-03-26
Estimated Market Cap: 393,344 as of 2007-03-27 (based on Outstanding Shares as of 2007-03-26)
Authorized Shares: 50,000,000 as of 2007-02-16
Number of Shareholders of Record: 510 as of 2007-02-16
Current Capital Change:
shs decreased by 1 for 10 split
Ex-Date:
Record Date:
Pay Date: 2007-03-26
Dividends:
Company Notes:
Formerly=Accident Prevention Plus, Inc. until 12-04
Formerly=Transportation Safety Technology, Inc. until 3-07
Class Notes:
Capital Change=shs decreased by 1 for 10 split. Pay date=11/26/2001.
Capital Change=shs increased by 2 for 1 split. Ex-date=4-10-02. Rec date=4-9-02. Pay date=4-10-02
Transfer Agent:
Continental Stock Transfer & Trust Company, New York, NY 10004
Court Case May Impact Shareholder Suits
Wednesday March 28, 3:27 am ET
By Marcy Gordon, AP Business Writer
Case Before Supreme Court Wednesday Could Make It Harder for Shareholders to Win Suits
WASHINGTON (AP) -- Echoes of the 2002 business scandals reverberate through a case before the Supreme Court that could make it tougher for shareholders to win lawsuits against public companies.
It also pits the Bush administration and corporate America against public pension funds, investor advocates and 32 states and territories.
At stake: untold billions of dollars in shareholders' suits against corporations, executives and directors for alleged fraud.
"It would put a padlock on the courthouse doors for shareholders," said Chris Mather, a spokeswoman for the American Association of Justice, a group representing trial lawyers.
The Securities and Exchange Commission has come into the case on the side of the Bush Justice Department and business interests, a move that prompted criticism from shareholder advocates who questioned the market watchdog agency's commitment to investor protection. SEC Chairman Christopher Cox has insisted that the agency's stance is in the best interest of investors because it seeks to restrict what he calls "fraudulent lawsuits."
Worthy suits against companies by investors "are an essential supplement" to the government's prosecutions, the Justice Department and the SEC say in their brief filed in the case.
At the same time, they say, "Congress has recognized a potential for such actions to be abused in ways that impose substantial costs on companies that have fully complied with the applicable laws. The United States has a strong interest in seeing that the principles applied in private actions promote the purposes of the securities laws."
The opposing sides were making their case before the high court Wednesday, at a time when business interests are pushing for restraints on class-action suits against companies and executives. They contend that laws and rules that came in response to the wave of corporate scandals nearly five years ago -- Enron Corp., WorldCom Inc. and the rest -- are onerous and costly and hurt the competitiveness of U.S. financial markets.
Shareholders have received billions of dollars in suits against those companies and others, which also have been sued by the SEC.
The court will decide the case, Tellabs Inc. v. Makor Issues & Rights Ltd., later this year. It sits atop a pyramid of other closely watched cases involving class-action securities litigation by shareholders seeking damages.
On Monday, for example, the Supreme Court agreed to consider whether shareholders of companies that commit securities fraud should be able to sue Wall Street investment banks, lawyers, auditors and others that allegedly participated in the fraud.
And Tuesday, the court heard arguments in a case stemming from a suit by a group of shareholders seeking damages from 16 investment banks. The shareholders charged that the banks violated antitrust laws in the late 1990s by conspiring to artificially inflate the prices of newly issued shares in nearly 900 companies that went public.
The Tellabs case calls on the Supreme Court to resolve a split among federal appeals courts over how stringent a legal standard shareholders must meet in showing an intent to deceive on the part of companies or executives.
The Justice Department and the SEC say their brief supports the stricter standard upheld by the greatest number of appeals courts, and that a 1995 law governing securities litigation requires shareholders to demonstrate "a high likelihood" of intent to deceive.
Tellabs, a manufacturer of fiber optic equipment, was sued by shareholders over statements made in 2001 by its then-chief executive about its sales that turned out to be false. Shareholders lost millions when the stock price dropped after Tellabs corrected the CEO's statements.
A number of public employee pension funds from several states, with an estimated $1 trillion in assets, intervened in the case in support of the Tellabs shareholders, as did the 32 states and territories and state securities regulators.
On the other side, with the government, are the U.S. Chamber of Commerce and Wall Street's biggest lobbying group.
The 32 states and territories are Alaska, American Samoa, Arkansas, California, Connecticut, Delaware, Idaho, Illinois, Iowa, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Tennessee, Utah, Vermont and West Virginia.
The case is Tellabs Inc. v. Makor Issues & Rights Ltd., No. 06-484.
Supreme Court: http://www.supremecourtus.gov/
PLNU / NGPX - Plastinum Corp. Starts Trading as 'PLNU'; New Generation Holdings, Inc. Continues to Trade as Shell Company
NEW YORK, March 26, 2007 (PRIME NEWSWIRE) -- Plastinum Corp. (OTCBB:PLNU) announced that its common stock began trading today on the Over the Counter Bulletin Board under the symbol "PLNU." As previously announced, Plastinum, a former subsidiary of New Generation Holdings, Inc. (OTCBB:NGPX), was "spun off" by New Generation Holdings on February 20, 2007 and is now an independent entity and is not affiliated with New Generation Holdings.
New Generation Holdings also announced that its common stock will continue to trade on the Over the Counter Bulletin Board under the symbol "NGPX" as a "shell" company with no assets or business operations. Investors in New Generation Holdings should be aware that, as previously announced, New Generation Holdings has been a "shell" company since February 20, 2007.
Certain statements in this news release, including statements that we "believe," "expect," "intend" or words of similar import, are 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 PLNU and NGPX, 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. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in the Securities and Exchange Commission filings of Plastinum Corp. and New Generation Holdings, Inc. available at http://www.sec.gov.
CONTACT: New Generation Holdings, Inc.
Jacques Mot
(212) 792-4030
info@ngpx.co
Source: PrimeNewswire (March 26, 2007 - 11:18 AM EDT)
News by QuoteMedia
www.quotemedia.com
DKSC - Dakshidin Corporation Enters Renewable and Sustainable Energy Markets
Friday March 23, 10:13 am ET
LAS VEGAS, NV--(MARKET WIRE)--Mar 23, 2007 -- Dakshidin Corporation (Other OTC:DKSC.PK - News) has completed the purchase of RESTEC International Inc., owner of the world's most powerful water pumping windmill.
RESTEC windmills, through an innovative design, pump more water at a lower cost, at any depth, in any wind speed than any other windmill in the world. This design enables the Company to pump other fluids such as crude oil, thus potentially opening major markets for Dakshidin.
The RESTEC windmill, although primarily used to draw water, can in addition purify water, desalinate water, aerate water, push water to distances in excess of 10 kilometers, produce direct mechanical energy and generate electricity.
Dakshidin intends to distribute windmills around the world to provide fresh, pure water for drinking and irrigation -- solely by using the available wind," stated Nick Laroche, President and CEO of Dakshidin Corporation. "In fact, the RESTEC windmill works in wind speeds as low as 4 MPH to provide coverage to over 90% of the globe."
The installation of the Prescott, Arizona windmill will be filmed and available for viewing on our website. RESTEC will also be selecting distributors for the windmills in the U.S., Africa, Italy and the Caribbean during the next few weeks and plans to have over 25 distributors by the end of the third quarter 2007.
Between 1860 and 1930, there were 6.2 million water-pumping windmills in the western United States, when the GNP was 45% agriculture and the population was about 25 million. The number of windmills declined after 1930 as government-subsidized electricity was distributed in the West.
In Developing Countries that have 100 times the pre-1930 U.S. population, GNPs of more than 80% agriculture and no low wind-speed windmills, the Windmill potential is virtually unlimited. There are 215 countries in the UN Atlas and each country could support a Joint Venture and produce more than 100 windmills annually. This represents a market potential in the millions.
Dakshidin Corporation is focusing primarily on acquiring companies in the renewable and sustainable energy markets and welcomes all companies to send us their business plans for evaluation.
In compliance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, DKSC notes that statements contained in this announcement that are not historical facts may be forward-looking statements that are subject to a variety of risks and uncertainties. Accordingly, DKSC wishes to caution readers of this announcement that its future actual results may differ materially from those that any forward-looking statements may imply. There is no assurance the above-described events will be completed. There can be no assurance of the ability of the company to achieve sales goals, obtain contracts or financing, consummate acquisitions or achieve profitability in the future. The above and additional factors are discussed in detail in the company's filings with the U.S. Securities and Exchange Commission. These may be viewed at www.sec.gov and many other Web sites without charge.
Contact:
For Investor Relations contact:
David Putnam
Email: ir@dakshidin.com
(647) 477-8440
--------------------------------------------------------------------------------
Source: Dakshidin Corporation
rrrrrrrrrrr !!!!!!!! simply amazing.
MZTI started .152, .53 ask now...sweet
FFBU - Fit For Business Announces the Closing of the Acquisition of Footfridge Pty Ltd.
Friday March 23, 9:41 am ET
NEW YORK and BRISBANE, Australia, March 23, 2007 (PRIME NEWSWIRE) -- Fit For Business International Inc. (OTC BB:FFBU.OB - News) announces the closing of the acquisition of Footfridge Pty Ltd. on March 23, 2007. The transaction was completed in a deal valued at US$1,000,000 in cash and shares. Footfridge Pty Ltd. is now a wholly owned subsidiary of Fit For Business. The deal gives Fit For Business the patent held by Footfridge for its coolant filled innersoles.
The patented innersoles are filled with a paste which cools and insulates the foot. The innersole was originally developed for workers who wear steel toe boots. Steel toe boots are warmer than other shoes and wearers may have foot problems associated with the elevated temperature within the boot. Product development has taken seven years and countless product revisions to get the product right.
The innersole will be marketed through infomercials and other advertising mediums to anybody that may have tired, sore, or aching feet. Test marketing has already been completed and the selected campaign will commence as soon as possible.
``This acquisition will provide a tremendous boost for the sales and distribution of the innersoles,'' said Peter O'Brien, inventor. ``We are looking forward to having support for our new product development in the medical supply industry and the horse racing industry.''
Although the innersoles were not developed for it, they were found to provide relief to diabetics with poor circulation and sore feet. Further testing by the American Diabetic Association showed improved circulation and a reduction in foot temperature. The innersoles are now approved to be sold as a therapeutic aid to diabetics. This opens up a new market as there are more than 40 million diabetics in America alone.
``This acquisition has changed the dynamics of Fit For Business and we are looking forward to developing new markets,'' said Mark Poulsen, CEO.
About Fit For Business Inc.
Fit For Business International Inc. (OTC BB:FFBU.OB - News) is a corporate health company providing a wide range of corporate wellness programs and products. The programs incorporate nutritional supplements, physical activity programs with monitoring and reporting, all which support a healthy workforce. The results help the profits of each company by proactively dealing with the increasing epidemic of poor health, which equates to increased absenteeism and lower levels of productivity. Fit For Business has invested to qualify for the ISO 9001:2000 standards to ensure the highest quality of service for its programs.
Statements made in this press release that express the Company's or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements.
For further information on Fit For Business Inc., please visit http://www.fitforbusiness.com.au
Contact:
Fort Street Equity
Mitchell Stough
(949) 903-3461
--------------------------------------------------------------------------------
Source: Fit For Business International Inc.
SRSR - Sarissa Resources, Inc. Announces Symbol Change to SRSR
Friday March 23, 9:04 am ET
BAY CITY, MI--(MARKET WIRE)--Mar 23, 2007 -- Sarissa Resources, Inc., formerly Michigan Gold Mining Investments, Inc. (Other OTC:SRSR.PK - News), is pleased to announce that the Company has changed their ticker symbol to SRSR. The change will streamline investors' search for the Company's information, charts and press releases while it reasserts Sarissa's move forward following their recent name change from Michigan Gold Mining Investments, Inc.
Sarissa Resources is moving forward with two potential prospect areas in Northern Ontario, Canada, totaling nearly 3,000 acres. The Company has outlined potential target areas for mineral deposits and has employed a team of experts to conduct site explorations.
"The name change and new ticker symbol are big steps forward for us and for our investors. We foresee Sarissa Resources, Inc. as a valuable holding company in both mineral resources and in companies with great potential," stated Ben Fuschino, CEO of Sarissa Resources, Inc.
Sarissa Resources, Inc. also explores minority investments in unrelated and promising companies that show above average potential for growth and success. The Company recently purchased five percent of Botanic Oasis, Inc. Botanic Oasis distributes Botanic Pax, a biodegradable natural product used to increase crop yield, decrease drought losses, and reduce labor and mechanical costs in agriculture.
About Sarissa Resources, Inc.:
Sarissa Resources, Inc., formerly Michigan Gold Mining Investments, Inc., is an American junior exploration company involved in the development of mineral assets in North America. Currently, the Company retains a one hundred percent (100%) title to a Platinum/Palladium prospect in Shillington Township named the 'Deadmoose Lake' property. The Company also retains a seventy per cent (70%) interest in the St. Nicholas property, a Uranium/Copper prospect in the Elliot Lake mining camp. The Mike White Group (WVW Associates) retains a thirty per cent interest in the St. Nicholas property.
This press release contains "forward-looking statements." Forward-looking statements are statements concerning plans, objectives, goals, plans, strategies, expectations, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. These forward-looking statements are only predictions. No assurances can be given that such predictions will prove correct. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, our comparatively limited financial resources, and other factors that may adversely impact us. These or other risks could cause actual results to differ materially from the future results indicated or implied in such forward-looking statements. We undertake no obligation to update or revise such statements to reflect events, circumstances, or new information after the date of this press release or to reflect the occurrence of unanticipated or other subsequent events.
To automatically receive instant updates, press releases, and other information on this and other Big Apple Consulting USA companies, please visit www.bigappleconsulting.com/compro.php and download your FREE copy of Big Apple ComPro.
Contact:
Contact:
For more information, please visit:
http://sarissaresources.com
or Call
Investor Relations
1-866-THE-APPL(E)
--------------------------------------------------------------------------------
Source: Sarissa Resources, Inc
MZTI - Mizati Luxury Alloy Wheels, Inc. Initiates Trading
Friday March 23, 9:15 am ET
LOS ANGELES, March 23 /PRNewswire-FirstCall/ -- Mizati Luxury Alloy Wheels, Inc. (OTC: MZTI - News), a distributor of high-quality luxury alloy wheels for passenger cars, sport utility vehicles, vans and light trucks, announced today that it was assigned the stock symbol "MZTI." The Company's common stock is now quoted on the Over-the-Counter Pink Sheets.
Hazel Chu, CEO of Mizati Luxury Alloy Wheels ("Mizati"), was excited with this development, "The commencement of trading is a significant step for Mizati and may provide us with an enhanced ability to raise capital for its planned expansion into the Specialty Automotive Equipment marketplace. Mizati has achieved an average annual revenue growth rate of 102% since 2003. Our success can be attributed to consistent implementation and execution of strategic expansion plans. We are committed to delivering unique custom-designed wheels at affordable prices to automobile lovers around the globe. The initiation of trading on the public market sets the stage for increasing the exposure of our brands and products to further Mizati's growth and expansion."
Ms. Chu continued, "Our decision and dedication in completing all the necessary applications and filings with the 15c2-11 information statements demonstrates our continuous effort to enhance shareholder value and our commitment to building transparency in an open information exchange to sustain shareholder confidence."
About Mizati Luxury Alloy Wheels, Inc.
Mizati Luxury Alloy Wheels, Inc. ("Mizati") designs, markets and distributes high-quality custom alloy wheels for passenger cars, sport utility vehicles, vans and light trucks. Incorporated in 2001, the company operates from its 18,000 square foot warehouse and office space in Walnut, California. Mizati currently markets and distributes three separate and unique brands, "Mizati®", "Hero(TM)" and "Zati(TM)", through a network of 300 dealers and distributors. Mizati has achieved an average annual revenue growth rate of 102% for the past three years, and has total revenue of $4,162,754 in 2006.
For more information about Mizati Luxury Alloy Wheels, Inc. (OTC: MZTI - News), visit our website at http://www.mizatiwheels.com.
--------------------------------------------------------------------------------
Source: Mizati Luxury Alloy Wheels, Inc.
AMIV - AmeriVestors' Justice by the People, Inc. Commences Legal Preparation for Franchise Offerings
Mar 20, 2007 10:14:00 AM
Copyright Business Wire 2007
HOUSTON--(BUSINESS WIRE)--
AmeriVestors, Inc.'s (Pink Sheets:AMIV) wholly-owned subsidiary - Justice by the People, Inc., is pleased to announce that the company has commenced the preparation of legal documents to be filed with State and Federal Government agencies in order to offer franchise opportunities. The company anticipates the completion and filing of all necessary documents to be completed in the near future.
Justice by the People's management, along with corporate counsel, has elected to file the Uniform Franchise Offering Circular (UFOC). This document is the latest acceptable form meeting both State and Federal Government agency requirements. Upon filing of the UFOC, the company will file notice and fees with the Texas Secretary of State, so that it may commence the sale of franchise opportunities in the State of Texas.
The completion of the company's proprietary software and legal documents offering allows the company to further its progression of its business model. Justice by the People will commence franchise opportunities in Texas and will continue the opening of future franchise units in other states in the US.
About Justice by the People, Inc.
Justice by the People, Inc., a wholly owned subsidiary of AmeriVestors, Inc., serves the burgeoning number of consumers that wish to save hundreds, even thousands of dollars, in their simple, uncontested legal matters. The US legal industry is a $184 billion sector. The company offers approximately 80 legal documents for uncontested legal issues such as uncontested divorce, living trusts, incorporation, etc. The company has designed a model to create a national franchise chain providing high quality, accurate and affordable legal document preparation services for simple, uncontested legal matters. Justice by the People does not offer legal advice in the preparation of its clients' uncontested legal documents.
For more information please visit www.amerivestors.com or www.justicebythepeople.net.
"Safe Harbor" Statement: Certain statements in this release are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the Company's ability to meet the terms and conditions required to obtain its project financing, risks and delays associated with product development, risk of market acceptance of new products, risk of technology or product obsolescence, competitive risks, reliance on development partners and the need for additional capital.
Source: AmeriVestors, Inc.
----------------------------------------------
For AmeriVestors
Inc.
Houston
The Catalyst Group
Inc.
Lauren Falato
727-796-2555
UPDA / CNDI - UPDA Enters Agreement to Sell Trading and Storage Subsidiaries for $7.5 Million
Friday March 16, 6:29 am ET
SAN ANTONIO--(BUSINESS WIRE)--Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News; FWB:UP1)(BCN:UP1)(GER:UP1)(MUN:UP1)(STU:UP1), has entered into an agreement with Continental Fuels, Inc. (OTCBB: CNDI - News) to sell its trading and storage subsidiaries for $7.5 million.
The sales price, to be paid in cash and convertible debentures, represents a significant gain on UPDA's investment of approximately $1.25 million in the subsidiaries. The sale also represents an opportunity for UPDA to additionally enhance its shareholder value through an investment in Continental while utilizing the cash to be paid to continue to expand UPDA's exploration and production operations.
"With the pending acquisition of one million acres of coalbed methane leases in Kansas, UPDA has committed to a sharpened focus on exploration and production," said Chris McCauley, UPDA Vice President. In addition, we are very impressed with Continental's business plan and management. Continental is well positioned to take advantage of the relationships we have created in these subsidiaries and UPDA will benefit in the short term by the cash payment of $2.5 million required by the agreement and in the long term through the potential of its investment in Continental. We expect Continental to expand rapidly and successfully in the trading arena, a market that our experiences have convinced us has substantial possibilities. This transaction allows us to apply those experiences to monitor and assist in Continental's progress, to concentrate UPDA's resources on its core business and still to reap the rewards of both."
The Closing Date for the transaction has been scheduled for April 2, 2007.
About UPDA
Universal Property Development and Acquisition Corporation (OTC BB: UPDA - News) focuses on the acquisition and development of proven oil and natural gas reserves and other energy opportunities through the creation of joint ventures with under-funded owners of mineral leases and cutting-edge technologies.
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
Contact:
Universal Property Development and Acquisition
Corporation
Investor Relations
Jack Baker, 561-630-2977
info@updac.com
--------------------------------------------------------------------------------
Source: Universal Property Development and Acquisition Corporation
CNSO - CNS Response Completes Reverse Merger Into Strativation
Friday March 9, 11:59 am ET
Raises $7 Million in Private Placement
COSTA MESA, Calif., March 9 /PRNewswire-FirstCall/ -- CNS Response, Inc. ("CNSR") today announced the completion of its reverse merger into publicly held Strativation, Inc. (OTC: STVT - News). The combined company will operate as CNS Response, Inc. under the leadership of the CNSR management team and will trade on the Over-the-Counter Stock Market under the symbol "CNSO."
The merger creates a publicly traded company uniquely focused on the first proven neurophysiologic biomarker system for psychiatric treatment and CNS drug development. CNSR's business is focused on the commercialization of a patented statistical probability system that aids physicians in the identification of effective medications for patients with certain behavioral (mental or addictive) disorders. This methodology is called "Referenced-EEG" or "rEEG."
CNSR also announced that it raised approximately $7 million in gross proceeds through a private placement of 5.84 million units at $1.20 per unit. Each unit consists of one share of common stock and a five-year non-callable warrant to purchase three-tenths of a share at an exercise price of $1.80. As a result of the private placement, CNS Response will have approximately 25 million basic shares outstanding.
Leonard Brandt, Chief Executive Officer of CNS Response, said, "Our merger into Strativation and simultaneous capital raise provides the public vehicle and funds to continue to pursue the validation and commercialization of our core Referenced-EEG (rEEG) technology. Reported open-label, retrospective and blinded prospective studies have shown rEEG to have successfully guided physician treatments of patients between 70% and 90% of the time. Most of the patients in these studies were considered treatment-resistant based on failure to respond to previous medication efforts. rEEG also affords numerous applications in CNS drug discovery and development, a field which has been plagued by the same lack of physiologic markers as clinical psychiatric care."
Under terms of the transaction, CNS Response has committed to use its best efforts to register the privately placed shares by filing a Registration Statement with the U.S. Securities & Exchange Commission (SEC) within the next 45 days.
Brean Murray, Carret & Co., LLC served as financial advisor to CNS Response on the reverse merger and acted as sole placement agent in the $7 million capital raise.
About CNS Response
CNS Response is the first company to commercialize an objective system for matching mental and addiction patient physiology to treatment outcome (a biomarker system) thereby fundamentally altering the treatment of neuropsychiatric illness. Referenced-EEG (rEEG) is a patented technology that utilizes common electroencephalography (EEG) in conjunction with a normative database and a proprietary clinical (symptomatic) database to identify abnormal patient physiology. Appropriate medications are then selected specifically based upon proprietary treatment algorithms that correlate treatment to identified abnormalities. CNS Response has developed this technology to assess the presence of individual neurophysiologic abnormalities and to guide subsequent psychiatric treatment. Retrospective and prospective studies of treatment-resistant patients in managed care, outpatient psychiatric and residential substance abuse clinical settings have reported treatment success of 70% or greater. rEEG can also be used to stratify study populations to improve the success of FDA clinical trials, to provide insight on effective therapeutic dosing of investigational drugs, to identify additional indications for psychiatric medications, to provide insight into effective drug combinations, and to identify psychiatric indications for non- psychiatric medications.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Except for the historical information contained herein, the matters discussed are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements involve risks and uncertainties as set forth in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein.
Contacts:
The Ruth Group
John Quirk / Sara Ephraim (investors)
(646) 536-7029 / 7002
jquirk@theruthgroup.com
sephraim@theruthgroup.com
Janine McCargo / Jason Rando (media)
(646) 536-7033 / 7025
jmccargo@theruthgroup.com
jrando@theruthgroup.com
--------------------------------------------------------------------------------
Source: CNS Response, Inc.
SURG - Synergetics USA, Inc. Announces Record Revenue and Announces Net Income for the Second Quarter of Fiscal 2007
Thursday March 8, 4:45 pm ET
O'FALLON, Mo., March 8 /PRNewswire-FirstCall/ -- Synergetics USA, Inc. (Nasdaq: SURG - News), a leading manufacturer of precision-engineered, microsurgical instruments, capital equipment and devices primarily for use in vitreoretinal surgery and neurosurgical applications announced its operating results for the second quarter of fiscal 2007 which ended January 30, 2007.
Synergetics reported record sales of $11.4 million for the quarter, representing a 15.0 percent increase over the comparable quarter of the prior year. Synergetics reported an operating income of approximately $182,000 for the second quarter of fiscal 2007 as compared to an operating income of approximately $1.5 million for the second quarter of fiscal 2006. Operating income for the second quarter of fiscal 2007 was impacted by increased research and development costs of approximately $223,000 and increased selling, general and administrative ("SG&A") expenses of approximately $1.3 million. SG&A expenses were impacted by increased selling expenses due to higher royalties on an increasing amount of sales and an investment we have made in our ophthalmic sales force as we expand both domestic and international distribution. We also recorded compensation expense of $119,000 on options granted to independent directors during the second quarter of fiscal 2007. Options granted in fiscal 2006 were recorded in the first quarter of that fiscal year. In addition, expenses associated with legal costs and Sarbanes-Oxley consulting and compliance costs increased $197,000 and $111,000, respectively, compared to the second quarter of fiscal 2006. Net income for second quarter of fiscal 2007 was approximately $182,000, or $0.01 per basic and diluted share, compared to net income of approximately $858,000, or $0.04 per basic and diluted share, for the second quarter of fiscal 2006.
Synergetics reported record sales of $21.3 million for the six months ended January 30, 2007, representing a 24.9 percent increase over the comparable period of the prior year. Synergetics reported an operating income of approximately $900,000 for the six months ended January 30, 2007, compared to an operating income of approximately $2.2 million for the comparable period of fiscal 2006. Operating income for the first six months of fiscal 2007 was impacted by increased research and development costs of approximately $494,000 and increased SG&A expenses of approximately $2.4 million. SG&A expenses were impacted by increased selling expenses due to higher royalties on a higher sales volume. The Company also made an investment in our ophthalmic sales force as we expand both domestic and international distribution. In addition, expenses associated with legal costs, Sarbanes-Oxley consulting and compliance costs and additional expense associated with the former Valley Forge Scientific Corp. as it is included in the full six month period this year increased $331,000, $291,000 and $650,000, respectively. Net income for the six months ended January 30, 2007 was approximately $558,000, or $0.02 per basic and diluted share, compared to net income of approximately $1.3 million, or $0.08 per basic and diluted share, for the six months ended January 30, 2006.
"Synergetics had a good second quarter in fiscal 2007," said Gregg D. Scheller, Chief Executive Officer and President of Synergetics. "Although we are pleased with 15.0 percent revenue growth, we know that we can do better. Both Domestic and International Neurosurgery grew strongly on our continued increase in Omni(TM) sales and on the initial shipment of customer Malis® Advantage(TM) units near the end of the quarter. Our product offering and products will continue to evolve. I am excited about the future products that we are working on."
Mr. Scheller further commented, "Ophthalmology is about one quarter behind where we thought it would be at this time. Ophthalmology is undergoing a major change in both domestic and international distribution. Five new independent territories have been added and two territories internationally have recently transitioned from independent agent distributors to direct sales. The Vitra(TM) laser and PHOTON(TM) II started to be sold in earnest near the end of the quarter, but the UL approval on PHOTON(TM) II did not occur until February 8, 2007. Sales of both products are strong. New products in research and development ('R&D') include continuations of existing product lines and some entirely new lines. I remain excited about the future prospects in this business. We have a lot of opportunities to improve both our products and our distribution channels."
Net Sales
The following table presents net sales by category (dollars in thousands):
Quarter Ended January 30
2007 2006 % Increase
(Decrease)
Ophthalmic $5,958 $5,805 2.6%
Neurosurgery 4,357 3,156 38.1%
Other 1,038 907 14.4%
$11,353 $9,868 15.0%
Ophthalmic sales growth was 2.6 percent from the second quarter of fiscal 2006. Although sales in most areas grew effectively, the recovery from the disruption of distribution in a major European market continued to have an impact during the quarter as domestic sales grew 5.7 percent while international sales fell 2.8 percent. The recent restructuring of the domestic sales organization is almost complete, although there are still a few open territories and the Company continues to train its new territory managers.
Neurosurgery net sales of Synergetics during the second quarter of fiscal 2007 were 38.1 percent greater than the second quarter of fiscal 2006, primarily attributable to the sales in the core technology area of power ultrasonic aspirators, the Malis® Advantage(TM) and their related disposables. The Company expects that sales of these products will continue to have a positive impact on net sales for the remainder of fiscal 2007.
Other net sales during the second fiscal quarter of 2007 were 14.4 percent greater than in the second fiscal quarter of 2006, primarily attributable to sales to Stryker in the pain control market and sales of the BiDent(TM) electrosurgical generator and its related disposables.
The following table presents national and international net sales (dollars
in thousands):
Quarter Ended January 30
2007 2006 % Increase
United States $8,856 $7,768 14.0%
International (including Canada) 2,497 2,100 18.9%
$11,353 $9,868 15.0%
Domestic and international sales growth was primarily attributable to the sales in the core technology areas of power ultrasonic aspirators, the Malis® Advantage(TM) and their related disposables. The Omni® power ultrasonic aspirator received the CE ("Conformity European") mark during the second quarter of fiscal 2006, thus allowing the Company to begin selling these medical devices internationally into European countries that require the CE mark registration.
Gross Profit
Gross profit as a percentage of net sales was 56.2 percent in the second quarter of fiscal 2007 compared to 62.2 percent for the same period in fiscal 2006. Gross profit as a percentage of net sales from the second quarter of fiscal 2007 to the second quarter of fiscal 2006 decreased 6.0 percentage points, primarily due to the change in mix toward higher Synergetics' neurosurgery sales and additional costs experienced in manufacturing some of the Company's new and yet to be introduced products and product redesigns. The Company anticipates that margins will improve as experience is gained in manufacturing recently added products and product redesigns since initial production runs for new products typically involve a learning curve.
Operating Expenses
R&D as a percentage of net sales was 5.6 percent and 4.2 percent for the second quarter of fiscal 2007 and 2006, respectively. R&D costs increased to $640,000 in the second quarter of fiscal 2007 from $417,000 in the same period in fiscal 2006, reflecting an increase in costs associated with product redesigns and an increase in spending on active projects focused on areas of strategic significance. Synergetics' pipeline included approximately 72 active, major projects in various stages of completion as of January 30, 2007. The Company has strategically targeted R&D spending as a percentage of net sales to be consistent with what management believes to be an average range for the industry. The Company expects over the next few years to invest in R&D at a rate ranging from approximately 4.0 percent to 6.0 percent of net sales.
SG&A increased by $1.3 million to approximately $5.6 million during the second quarter of fiscal 2007 compared to approximately $4.3 million during the second quarter of fiscal 2006. The percentage of SG&A to net sales increased from 43.2 percent for the second quarter of fiscal 2006 to 48.9 percent for the second quarter of fiscal 2007. Selling expenses, which consist of salaries, commissions and royalties, the largest component of SG&A, increased approximately $473,000 to $2.6 million, or 23.3 percent of net sales, for the second quarter of fiscal 2007, compared to $2.2 million, or 22.0 percent of net sales, for the second quarter of fiscal 2006. This increase was not only due to increased royalties on a higher level of sales but was also due to an investment Synergetics made in its ophthalmic sales force as it continues to expand both domestic and international distribution. Selling headcount increased by 29.5 percent from January 30, 2006 to January 30, 2007. General and administrative headcount increased approximately 26.7 percent over that same timeframe, which resulted in an increase in general salaries and benefits of approximately $202,000 in the second quarter of fiscal 2007, compared to the second quarter of fiscal 2006. The Company also recorded compensation expense of $119,000 on options granted to independent directors during the second fiscal quarter of 2007 in accordance with Statement of Financial Accounting Standards No. 123 (Revised 2004), "Share-Based Payment." Options granted in fiscal 2006 were recorded in the first quarter of that fiscal year as the options were granted on September 22, 2005, or the day following the consummation of the Company's merger with Valley Forge Scientific Corp. The Company's legal expenses increased by $197,000 during the second quarter of fiscal 2007 compared to the second quarter of fiscal 2006. In addition to the internal costs associated with the Company's Sarbanes-Oxley compliance efforts, the Company also recorded an additional amount of approximately $111,000 in consulting expense.
Other Expenses
Other expenses for the second quarter of fiscal 2007 increased 55.8 percent to $243,000 from $156,000 for the second quarter of fiscal 2006. The increase was due primarily to increased interest expense on a note payable to the estate of Dr. Leonard Malis and increased borrowings on the Company's working capital line due to working capital needs during the first quarter of fiscal 2007.
Operating Income, Income Taxes and Net Income
Operating loss for the second quarter of fiscal 2007 was $61,000 as compared to an operating profit of $1.3 million in the comparable 2006 fiscal period. The decrease in operating income was primarily the result of a 6.0 percent decrease in gross profit margin on 15.0 percent more net sales, an increase of $223,000 in research and development costs and an increase of $1.3 million in SG&A expenses.
The Company recorded a $23,000 provision on a pre-tax loss of $61,000 due to the state tax impact on a small pre-tax loss in the second fiscal quarter of 2007, compared to a 34.0 percent tax provision for the second fiscal quarter of 2006. In addition, the Company recorded an income tax credit for re-enactment of a research and experimentation credit of $266,000 during the second quarter. The impact of this credit was due to the continuation of the research and experimentation credit in January, 2007 which had not been recorded during fiscal 2006 or the first quarter of fiscal 2007.
Net income decreased by $676,000 to $182,000, or 78.8 percent, from $858,000 for the second quarter of fiscal 2007, compared to the same period in fiscal 2006. Basic and diluted earnings per share for the second quarter of fiscal 2007 decreased to $0.01 from $0.04 for the second quarter of fiscal 2006. Basic weighted average shares outstanding increased from 23,934,251 to 24,214,322.
Financial Highlights
For the three months ended For the six months ended
Jan 30, 2007 Jan 30, 2006 Jan 30, 2007 Jan 30, 2006
(in thousands, except share and per share data)
Net sales $11,353 $9,968 $21,259 $17,016
Gross profit 6,378 6,134 12,581 10,973
Selling, general and
administrative expenses 5,556 4,261 10,493 8,063
Research and development
expenses 640 417 1,188 694
Operating income 182 1,456 900 2,217
Other income (expense) (243) (156) (399) (180)
Provision for income taxes 23 442 209 692
Provision for re-enactment
of the research &
experimentation credit (266) -- (266) --
Net income 182 858 558 1,344
Basic income per share $0.01 $0.04 $0.02 $0.08
Diluted income per share $0.01 $0.04 $0.02 $0.08
Common shares
outstanding:
Basic 24,214,322 23,934,251 24,212,531 17,196,651
Diluted 24,410,302 24,148,395 24,412,642 17,413,406
Reconciliation of Non-GAAP Financial Measurements to GAAP Financial Measurements
The non-GAAP financial comparisons utilized above are the measurement of earnings per share for Synergetics USA, Inc. prior to utilizing the 4.59 conversion ratio agreed to in the merger agreement with Valley Forge Scientific Corp. for the six months ended January 30, 2007. Management believes this measurement gives a more accurate comparison of how the Company is performing versus the comparison to Synergetics Missouri pre-merger. The following is a reconciliation between the GAAP measures and the non-GAAP measures:
Six Months Ended
Net income and share information
Net Income for the period ended January 30, 2006: $1,344,000
Pro Forma Shares Outstanding (as if Valley Forge
shares and shares issued in the acquisition were
outstanding for entire quarter 23,008,600
Basic Earnings Per Share $0.06
About Synergetics USA, Inc.
Synergetics USA, Inc. resulted from the September 2005 combination of Valley Forge Scientific Corp. and Synergetics, Inc., bringing together their respective unique capabilities in bipolar electrosurgical generators and design, and manufacture of microsurgical hand instruments. Synergetics USA, Inc. designs, manufactures and markets medical devices for use primarily in ophthalmic surgery and neurosurgery and for other healthcare applications. Its products are designed and manufactured to support micro or minimally invasive surgical procedures. In addition to its surgical devices and equipment, it designs and manufactures disposable and non-disposable supplies and accessories for use with such devices and equipment. It also manufactures and sells bipolar electrosurgical generators and other generators, based on its DualWave(TM) technology, and complementary instrumentation and disposable products for use in neurosurgery, spine surgery, pain control and in dental applications. Synergetics sells its products primarily to hospitals, clinics and surgeons in approximately 70 countries.
Forward-Looking Statements
Some statements in this release may be "forward-looking statements" for the purposes of the Private Securities Litigation Reform Act of 1995. In some cases forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important facts that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These facts, risks and uncertainties are discussed in our Annual Report on Form 10-K for the year ended July 31, 2006, as updated from time to time in our filings with the Securities and Exchange Commission.
Company Contact:
Pamela G. Boone, Executive Vice President & CFO
Phone: (636) 939-5100
http://www.synergeticsusa.com
--------------------------------------------------------------------------------
Source: Synergetics USA, Inc.
JLNY - Propalms USA, Inc. Signs a Membership Agreement With Leading Software Developer Hewlett Packard
Tuesday March 6, 8:31 am ET
NORTH YORKSHIRE, UK--(MARKET WIRE)--Mar 6, 2007 -- Propalms USA, Inc. (Other OTC:JLNY.PK - News) is pleased to announce the Company has signed a membership agreement with Hewlett Packard to join the Developer and Solution Partner Program. This membership is a worldwide program for independent software vendors, developers, system integrators, and consultants.
The Hewlett Packard Developer and Solution Partner Program offers members aggressive equipment discounts, technical assistance, program support centers, remote and on-site access to systems for porting, testing, optimizing and debugging applications, education & training discounts, advertising discounts, technical white papers & porting guides, and more. The agreement will provide sales, marketing, and technical resources that will enable Propalms USA, Inc. to develop, demonstrate, and deploy the TSE software using Hewlett Packard's industry-leading technologies.
"We are delighted about our new relationship with Hewlett Packard. It is an important step for our Company to create new alliances with recognized integrators around the world," stated Owen Dukes, CEO of Propalms USA, Inc.
About Propalms USA, Inc.:
Propalms USA, Inc. is a leading global provider of application delivery solutions for the server based computing market. The Company develops and sells, via its worldwide reseller channel, the award-winning solution, Propalms TSE. Propalms TSE (formally Tarantella) is a complete Server Based Management solution that extends Microsoft Terminal Services 2000/2003, offering features such as Application Publishing to Users, Groups, and OUs, Seamless Windows, Resource based Load balancing, Web based management console, Session management, Server Health Monitoring, Reporting, Single Port Relay, Universal Print Driver, Application Access via Desktop shortcut, Windows Start Menu or Browser-based via Application LaunchPad. Propalms' vision is to focus on its award-winning TSE software, and continue to develop innovative products for the server based global market, from the SMB to the large enterprise.
For more information about Propalms or our solutions please visit http://www.propalms.com
Statements contained in this news release, other than those identifying historical facts, constitute 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
To automatically receive instant updates, press releases, and other information on this and other Big Apple Consulting USA companies, please visit www.bigappleconsulting.com/compro.php and download your FREE copy of Big Apple ComPro.
Contact:
Contact:
For more information, please visit:
http://www.propalms.com
or Call Investor Relations
+ 1-866-THE-APPL(E)
--------------------------------------------------------------------------------
Source: Propalms USA, Inc.
END - Endeavour Reports 470 Percent Increase in Reserves and 2006 Fourth-Quarter and Year-End Financial Results
Monday March 5, 6:22 pm ET
HOUSTON, March 5 /PRNewswire-FirstCall/ -- Endeavour International Corporation (Amex: END - News) announced today fourth-quarter and full-year financial and operational results that included a 470 percent increase in proved plus probable reserves.
The company's oil and gas proved plus probable reserves increased to 29.6 million barrels of oil equivalent (BOE) as of December 31, 2006 from 6.3 million BOE at year-end 2005. The increase was driven by both acquisitions and successful exploration during the year.
"Endeavour was transformed in 2006 from a start-up entity to a balanced exploration and production company with substantial growth in production and cash flows expected in 2007," said William L. Transier, chairman, chief executive officer and president. "Our reserve base increased almost five-fold with the acquisition of interests in UK fields and two exploratory discoveries during the year. We will launch our 2007 exploration campaign in the second quarter and anticipate aggressively moving forward with four development projects."
Revenues for the fourth quarter were $31.3 million compared to revenues of $11.0 million for the same period in 2005. Production for the quarter was 595,000 BOE, an increase from 205,000 BOE for the fourth quarter of 2005. Revenues for full-year 2006 were $54.1 million, up from $38.7 million the previous year. Production for the year increased 33 percent from 760,000 BOE in 2005 to 1.01 million BOE. The increase was primarily due to two months of production from the purchase of interests in seven producing fields in the United Kingdom in the fourth quarter of 2006.
The company reported a fourth-quarter operating profit of $5.4 million compared to an operating loss of $17.2 million for the same quarter in 2005. For the full-year 2006, Endeavour recorded an operating loss of $4.3 million compared to an operating loss of $28.0 million for 2005.
A net loss to common stockholders of $6.7 million or $0.06 per diluted share was recorded in the fourth quarter compared to a loss of $25.6 million or $0.34 per diluted share in the same period of 2005. For the full-year 2006, the company recorded a net loss to common stockholders of $8.8 million or $0.10 per diluted share as compared to a loss of $31.5 million or $0.42 per diluted share for the full-year 2005.
Significant events for the company include:
Increased production from acquisition of interests in the United Kingdom - Endeavour gained a position in seven producing oil and gas fields in the Central North Sea with a purchase of assets during the fourth quarter. Combined with production from its Njord and Brage interests in Norway, the company is currently producing approximately 10,000 barrels of oil equivalent per day (BOEPD).
Exploration success and ongoing progress with exploration campaign - Endeavour participated in the drilling of three wells during 2006, two of which were discoveries. Drilling will commence for the 2007 exploration program in the second quarter.
* Cygnus, Block 44/12, Southern Gas Basin -- The well successfully
tested as a gas discovery in one fault block of a potential multiple
fault block accumulation. The well extended northward the limit of
gas-bearing sands in the Leman sandstone in the Rotliegend formation.
Endeavour holds a 12.5 percent interest in the well.
* Columbus, Block 23/16f, Central Graben -- During the fourth quarter,
the company drilled the Columbus prospect and encountered a material
gas column that tested at 17.5 million cubic feet of gas and 1,060
barrels of condensate per day. Endeavour operated the drilling and
testing of the well and holds a 25 percent interest in the license.
* Bacchus, Block 22/6S (N), Central Graben -- Endeavour also
participated in the drilling of an appraisal well on the Bacchus
prospect in the fourth quarter near the Forties Field. The results of
the well were not definitive and evaluations are continuing to
determine commerciality of the field. Endeavour holds a 10 percent
interest in the license.
* Howgate, Block 9/4a, North Viking Graben -- The company has elected
not to exercise its right to take an interest in the Howgate prospect
in Block 9/4a, incurring no capital expenditures for the drilling of
the well.
* Balgownie, Block 30/23b, Central Graben -- The 2007 exploration
program will commence in the second quarter with the drilling of the
Balgownie prospect that will target a Fulmar sand objective.
Endeavour is the operator.
Moved four projects toward development - Endeavour is in final stages of development of the Enoch Field on Block 16/13a that is expected to contribute initial production of 1,000 barrels of oil equivalent per day (BOEPD) in the second quarter of the year. Endeavour holds an eight percent interest in the field. Three other projects are moving toward development that the company estimates will add approximately 4,000 net BOEPD by late 2009.
* Columbus discovery -- Plans for commercialization include the drilling
of an appraisal well during the summer to extend the limits of the
field and establish its production rate potential.
* Cygnus discovery -- The first development well is slated for drilling
at the Cygnus gas discovery around year end.
* Rochelle development -- The company expects to drill a development
well in 2008 at the undeveloped Rochelle discovery. Plans call for
the well to tie-back to a nearby floating production unit. Endeavour
is operator of Rochelle and holds a 55.62 percent interest.
Expanded exploration leasehold position - Endeavour continues to be successful in annual offshore licensing rounds held in the UK and Norway. Total leasehold position held by the company is approximately 2.4 million acres in the UK and Norwegian sectors of the North Sea and in the Irish Sea.
* UK 24th Seaward Licensing Round - The UK Department of Trade and
Industry awarded the company eight licenses covering 10 blocks, five
of which will be operated by Endeavour.
* Awards in Predefined Areas (APA Round) - Endeavour was awarded five
production licenses on the Norwegian Continental Shelf in the license
round conducted by the Ministry of Petroleum and Energy. It will serve
as operator of two licenses with a non-operated ownership in the three
other licenses.
* Slyne-Erris-Donegal Bid Round - The Department of Communications,
Marine and Natural Resources in Ireland granted Endeavour a frontier
exploration license covering an area in the Donegal Basin of the Irish
Sea.
Guidance on Year 2007 Estimates
The table below sets forth the current estimates of the company's operating statistics for the full year ending December 31, 2007. These estimates are based on the historical operating performance and trends, estimates of oil and gas reserves as of December 31, 2006 and planned capital and operating budget for 2007.
2007 Estimated Average Production (A)
Daily Production (boepd) 8,800 to 9,200
Oil Price Differentials (B) $(3.00)
Gas Percentage of Total 38%
Gas Price Differentials (B) $(0.35)
Lease operating expense (per barrel) $12-13
(A) Actual results may differ materially from these estimates.
(B) For purposes of the 2007 estimates, assumptions of price
differentials are based on location, quality and other factors,
excluding the effects of derivative financial instruments. Gas
price differentials are stated as premiums (discounts) from National
Balancing Point pricing, and oil price differentials are stated as
premiums (discounts) from Dated Brent pricing.
Earnings Conference Call Tomorrow, Tuesday, March 6, at 9:00 A.M. CST (10:00 A.M. EST)
Endeavour will host an analyst conference call tomorrow at 9:00 a.m. Central Standard Time (10:00 a.m. EST) to discuss 2006 financial and operational results and update business plans for 2007. To participate and ask questions during the conference call, dial 1-800-811-0667 (U.S., toll- free) or 913-981-4901 (international), pass code: 6402450. To listen only to the live audio web cast via the Internet access Endeavour's internet home page at http://www.endeavourcorp.com . A replay will be available by dialing toll free 1-888-203-1112 (U.S.) or 719-457-0820 beginning at 12:00 p.m. Central time on March 6 through 12:00 p.m. Central time on March 13, 2007.
Endeavour International Corporation is an international oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea. For more information, visit http://www.endeavourcorp.com .
Certain statements in this news release should be regarded as "forward- looking" statements within the meaning of the securities laws. These statements speak only as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially.
The Securities and Exchange Commission has generally permitted oil and gas companies in their filing to disclose only proved reserves a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The use of the term "probable" reserves is prohibited in SEC filings as these volumes are only potentially recoverable through additional drilling or recovery techniques. These estimates are by their nature more speculative than estimates of proved reserves and are subject to substantially greater risk of being realized by the company.
Endeavour International Corporation
Comparative Condensed Statements of Operations
(Amounts in Thousands, Except per Share Data)
Quarter Year
Ended December 31, Ended December 31,
2006 2005 2006 2005
Revenues $31,284 $11,011 $54,131 $38,656
Cost of Operations:
Operating expenses 7,856 4,047 15,568 11,990
Depreciation, depletion
and amortization 12,262 2,477 20,164 9,337
Impairment of oil
and gas properties --- 17,723 849 27,116
Equity loss from entities
with oil and gas properties --- --- --- 79
General and administrative 5,728 3,967 21,924 18,223
Total Expenses 25,846 28,214 58,505 66,745
Operating Profit (Loss) 5,438 (17,203) (4,374) (28,089)
Other (Income) Expense:
Unrealized gain
on derivative instruments (17,380) --- (34,531) ---
Interest expense 4,558 1,207 7,941 4,322
Litigation settlement expense
--- 5,265 --- 5,265
(Gain) loss on sale of oil
and gas interests --- --- --- (14,966)
Other (income) expense 6,587 (465) 5,141 (2,868)
Total Other (Income) Expense (6,235) 6,007 (21,449) (8,247)
Income (Loss) Before
Minority Interest
11,673 (23,210) 17,075 (19,842)
Minority Interest --- --- --- (470)
Income (Loss) Before Income Taxes 11,673 (23,210) 17,075 (20,312)
Income Tax Expense 16,526 2,346 23,913 11,061
Net Loss (4,853) (25,556) (6,838) (31,373)
Preferred Stock Dividends (1,873) (39) (1,991) (158)
Net Loss to Common Stockholders $(6,726) $(25,595) $(8,829) $(31,531)
Net Loss Per Common Share -
Basic and Diluted $(0.06) $(0.34) $(0.10) $(0.42)
Weighted Average Number of
Common Shares Outstanding -
Basic and Diluted 107,726 75,471 86,636 74,433
Endeavour International Corporation
Comparative Condensed Consolidated Balance Sheets
(Amounts in Thousands)
December 31,
2006 2005
Assets
Current Assets:
Cash and cash equivalents $39,814 $76,127
Accounts receivable 61,104 4,876
Prepaid expenses and other current assets 27,650 8,070
Total Current Assets 128,568 89,073
Property and Equipment, Net 319,315 59,084
Goodwill 291,752 27,795
Restricted Cash --- 2,304
Other Assets 34,835 8,710
Total Assets $774,470 $186,966
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $36,928 $18,194
Current maturities of debt 2,410 ---
Accrued expenses and other 41,799 21,240
Total Current Liabilities 81,137 39,434
Long-Term Debt 303,840 81,250
Deferred Taxes 115,155 19,185
Other Liabilities 32,510 6,753
Total Liabilities 532,642 146,622
Convertible Preferred Stock 100,657 ---
Stockholders' Equity 141,171 40,344
Total Liabilities and Stockholders' Equity $774,470 $186,966
Endeavour International Corporation
Comparative Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands)
Year Ended
December 31,
2006 2005
Cash Flows from Operating Activities:
Net loss $(6,838) $(31,373)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation, depletion and amortization 20,164 9,337
Impairment of oil and gas properties 849 27,116
Deferred tax expense 13,038 3,243
Amortization of non-cash compensation 11,573 7,070
Unrealized gain on derivative instruments (34,531) ---
Litigation settlement expense --- 5,265
Gain on sale of assets --- (14,966)
Other operating activities 6,408 567
Increase (decrease) in net assets
and liabilities (24,763) 21,703
Net Cash Provided by (Used in)
Operating Activities (14,100) 27,962
Cash Flows From Investing Activities:
Capital expenditures (55,496) (47,552)
Acquisitions, net of cash acquired (376,915) (1,437)
Proceeds from sale of assets --- 19,465
Other investing activities 5,293 (5,448)
Net Cash Used in Investing Activities (427,118) (34,972)
Cash Flows From Financing Activities:
Proceeds from (repayments of) borrowings, net 225,000 77,244
Issuance of common and preferred stock, net 184,624 ---
Financing costs paid (9,565) (3,661)
Proceeds from common and preferred
stock issued and issuable 3,310 ---
Other financing --- 1,828
Net Cash Provided by Financing Activities 403,369 75,411
Net Increase (Decrease) in Cash
and Cash Equivalents (37,849) 68,401
Effect of Foreign Currency Changes on Cash 1,535 (1,249)
Cash and Cash Equivalents, Beginning of Period 76,127 8,975
Cash and Cash Equivalents, End of Period $39,813 $76,127
Endeavour International Corporation
Operating Statistics
Quarter Year
Ended Ended
December 31, December 31,
2006 2005 2006 2005
United Kingdom:
Oil and condensate sales (Mbbl) 209 --- 209 ---
Oil and condensate price,
before hedging ($ per Bbl) 49.88 --- 49.88 ---
Oil and condensate price,
after hedging ($ per Bbl) 49.88 --- 49.88 ---
Gas sales (MMcf) 1,539 --- 1,539 ---
Gas price, before and
after hedging ($ per Mcf) 9.38 --- 9.38 ---
Norway:
Oil and condensate sales (Mbbl) 119 196 508 726
Oil and condensate price,
before hedging ($ per Bbl) 59.43 57.78 64.89 54.92
Oil and condensate price,
after hedging ($ per Bbl) 49.88 53.74 54.12 51.74
Gas sales (MMcf) 60 52 203 184
Gas price, before and
after hedging ($ per Mcf) 8.06 8.83 8.75 6.06
Total:
Oil and condensate sales (Mbbl) 328 196 717 726
Oil and condensate price,
before hedging ($ per Bbl) 53.33 57.78 60.51 54.92
Oil and condensate price,
after hedging ($ per Bbl) 49.88 53.74 52.88 51.74
Gas sales (MMcf) 1,599 52 1,742 184
Gas price, before and
after hedging ($ per Mcf) 9.33 8.83 9.30 6.06
--------------------------------------------------------------------------------
Source: Endeavour International Corporation
PNWIF - PhotoChannel Networks Inc. Signs Agreement with Kmart for Online Photo Service
Monday March 5, 6:20 pm ET
Kmart deploys PhotoChannel's PNI Digital Media Platform integrated with Kodak's Qualex production facilities
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 5, 2007 -- PhotoChannel Networks Inc. (CDNX:PN.V - News)(OTC BB:PNWIF.OB - News) ("PhotoChannel" or "Company") the leading innovator in online digital media solutions for retailers announces it has signed an agreement with Sears Holdings Corporations' Kmart division and has launched Kmart's online photo service, located at www.kmart.com. Using the PNI Digital Media Platform, the service enables Kmart customers to place photo orders online and pick them up in Kmart locations across the United States.
"We are very excited to have Kmart as a partner," says Peter Fitzgerald, Chairman and CEO of PhotoChannel. "Our alliance with Kodak's Qualex subsidiary has allowed us to deploy the system and seamlessly integrate online photo ordering into Kmart's photo business with no service disruptions."
About PhotoChannel- Founded in 1995, PhotoChannel operates PNI Digital Media to provide services for major retailers, wireless carriers and content providers. The PNI Digital Media Platform connects consumer ordered digital content with retailers that have on demand manufacturing capabilities for the production of merchandise. Currently PNI Digital Media generates transactions for retailers and their thousands of locations across North America, including Wal-Mart Canada, CVS/pharmacy, Eckerd Drugs and Costco Canada. For more information please visit www.pnidigitalmedia.com.
Contact:
Contacts:
PhotoChannel Networks Inc.
Ms. Niti Maini
(604) 893-8955 ext. 313
Email: nmaini@PhotoChannel.com
PhotoChannel Networks Inc.
Investor Information
1-800-261-6796
Website: http://www.pnidigitalmedia.com
--------------------------------------------------------------------------------
Source: PhotoChannel Networks Inc.
MRKL - As of December 4, 2006, Markland had issued and outstanding all of its authorized common stock of 500 million shares. No more common stock can be issued without a shareholder vote approving an increase in authorized common stock. As of December 4, 2006, the balance of Series D Preferred Stock was cancelled and there are no more shares of Series D Preferred Stock outstanding. As of December 4, 2006, there were no longer any shares of preferred stock outstanding that are convertible into an indeterminate amount of common stock.
Markland Technologies Provides Update on Dividend of Technest Holdings Common Stock
Monday March 5, 5:07 pm ET
Revised Dividend Registration Statement to Be Submitted to SEC
WARWICK, RI--(MARKET WIRE)--Mar 5, 2007 -- Markland Technologies, Inc. (Other OTC:MRKL.PK - News), a company transforming advanced laboratory technology into real-world products, has issued the following update on its planned dividend of shares of Technest Holdings Inc. common stock:
On May 1, 2006, the record date for the dividend distribution, there were 485,944,539 shares of Markland common stock outstanding (determined on an as-converted basis, taking into consideration the conversion of all Markland Series D Preferred Stock outstanding on such date, which by its terms was entitled to participate in such distribution). The planned dividend payout ratio is one (1) share of Technest common stock for every 194 shares of Markland common stock outstanding at the close of business on the record date. No fractional shares will be paid out and holders with fewer than 194 shares will receive no dividend stock. Of the 2,500,000 Technest shares to be issued as part of the dividend distribution, approximately 325,743 shares will be reserved for holders of Markland Series D Preferred Stock outstanding on the record date. As of December 4, 2006, Markland had issued and outstanding all of its authorized common stock of 500 million shares. No more common stock can be issued without a shareholder vote approving an increase in authorized common stock. As of December 4, 2006, the balance of Series D Preferred Stock was cancelled and there are no more shares of Series D Preferred Stock outstanding. As of December 4, 2006, there were no longer any shares of preferred stock outstanding that are convertible into an indeterminate amount of common stock.
As previously announced, the issuance of the Technest dividend shares must be registered with the Securities and Exchange Commission. A registration statement covering the issuance of the Technest dividend shares was originally filed by Technest with the SEC on June 29, 2006. Since then the SEC has been reviewing Technest on another unrelated registration statement. That review has just recently been successfully completed.
Technest is currently working diligently to revise the dividend registration statement to incorporate all comments provided by the SEC with respect to the other registration statement and to include updated financial information and we believe that the revised registration statement for the dividend will be submitted to the SEC within the next week. The SEC then has the right to comment further on the dividend registration statement. Once all SEC comments have been cleared, the registration statement can be declared effective and the dividend distribution can occur.
Furthermore, once the Technest dividend shares are registered with the SEC and a payout date is determined (which is expected to be approximately two business days after the effective date of the registration statement), the NASD will establish the ex-dividend date. The ex-dividend date is the date on or after which a security is traded without the right to receive a specific dividend or distribution. According to the NASD, the ex-dividend date in this case will most likely be the day after the payout date.
Because the NASD has not yet declared an ex-dividend date, any shares of Markland common stock outstanding on the record date (May 1, 2006) that are (or have been) traded after the record date but before the ex-dividend date are (or have been) traded with the right to receive the Technest dividend shares. Shares of Markland common stock traded on or after the ex-dividend date shall be traded without the right to receive any Technest dividend shares.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The distribution will be made only by means of the written prospectus forming part of the effective registration statement.
About Markland Technologies
Markland Technologies, Inc. is engaged in the identification of advanced technologies currently under development in laboratories, universities and in private industry, and in the transformation of those technologies into next-generation products. Markland's solutions support military, law enforcement and homeland security personnel to protect the nation's citizens, borders and critical infrastructure assets from the threat of terrorism and other dangers. Through strategic development, Markland focuses on the creation of dual-use technology and products with applications in both the defense market and civilian homeland security and law enforcement fields. For more information about the company and its products, please visit the Markland home page at http://www.marklandtech.com.
"Forward-Looking Statements"
Investors are cautioned that certain statements contained in this press release, including those related to the issuance of Technest dividend shares, as well as some statements in periodic press releases and some oral statements of Markland Technologies officers and directors during presentations about Markland Technologies, are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by management, are also forward-looking statements as defined by the Act. Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to, the timing of the effectiveness of the registration statement covering the issuance of the Technest dividend shares. Forward-looking statements are based upon current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about Markland Technologies, its products, economic and market factors and the industries in which Markland Technologies does business, among other things. These statements are not guarantees of future performance and Markland Technologies has no specific intention to update these statements. More detailed information about those factors is contained in Markland Technologies filings with the Securities and Exchange Commission. http://www.sec.gov.
Contact:
Contact:
Investor Relations
Consulting For Strategic Growth 1 Ltd.
Stanley Wunderlich
CEO
Tel: 800-625-2236
Fax: 212-337-8089
Email: info@cfsg1.com
--------------------------------------------------------------------------------
Source: Markland Technologies, Inc.
RVGC now RVNG - Raven Gold Corp. Announces Symbol Change
Monday March 5, 4:52 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 5, 2007 -- Raven Gold Corp. (OTC BB:RVGC.OB - News) (the "Company") announces that the symbol will change to (OTC BB:RVNG.OB - News). This change of symbol will take effect at the open on March 6th 2007.
The Corporation would like to announce that all regulatory filings have been accepted by NASDAQ: This is in regard to news release dated March 2nd 2007, titled "Raven Gold Corp. Announces Two for One Stock Split".
About Raven Gold Corp.
Raven Gold Corp. is an international gold mining company, with advanced exploration and development projects. Raven's mandate is to initiate an aggressive acquisition policy, focusing on under-explored to advanced stage exploration gold deposits in North and South American Countries. Raven is focused on becoming a low cost gold producer in the next two years, as it puts the La Currita Mines into production in Mexico.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Contact:
Contacts:
Raven Gold Corp.
Jesse Keller
Investor Relations
(250) 807-2971 or Toll Free: 1-877-31-RAVEN (1-877-317-2836)
Email: ir@ravengold.com
Website: http://www.ravengold.com
--------------------------------------------------------------------------------
Source: Raven Gold Corp.
VTBD - VitalTrust Business Development Company Plans Stock Dividend
Monday March 5, 9:26 am ET
Company Plans to Spin Off Client Companies in the Healthcare, Energy and Services Sector
TAMPA, FL--(MARKET WIRE)--Mar 5, 2007 -- VitalTrust Business Development Corporation ("VitalTrust" or the "Company") (OTC BB:VTBD.OB - News) today announced the Company had completed its organizational Board Meeting and approval of its business model.
Held at the Company's headquarters in Tampa, Florida, the Company's Directors held a Special Formation Meeting on Friday, March 2, 2007 during which three outside and two inside Directors were appointed. In addition, the Company created its Audit, Compensation, Investment and Governance Committees and will be making Committee Member appointments in the coming weeks. During this Special Formation Meeting, the Board also approved the Company's operating business model. Initial Members of the inside Board include Chairman of the Board and Chief Executive Officer Charles Broes, Director and Chief Operating Officer Mark Clancy. Initial Outside Board Members include Mr. Robert Snibbe, Mr. David Hood and Ms. June Nuckols. The Company intends to have a total of five outside and four inside Directors.
The VitalTrust business model foresees the Company providing management and finance to small, primarily private US companies. As a part of the compensation, client companies will issue 10% ownership to VitalTrust plus investment equity. At a point in time when the client company achieves positive earnings and cash-flows, VitalTrust will distribute 5% of its holding to the Company's shareholders of record and will retain 5% in the Company's portfolio. In a format typically referred to as a spin-off, VitalTrust will register the stock issued to shareholders as well as any shares owed as a result of financing and initiate trading through an NASD registered firm. Typically, VitalTrust will seek to accept client companies which can be spin-out candidates within a six to eight month window.
VitalTrust currently has active projects in the healthcare, energy and services business sectors. During the coming two weeks, VitalTrust will introduce the Company's initial slate of client companies and indicate which are spin-out candidates during the current calendar year.
About VitalTrust Business Development Corporation:
VitalTrust, a registered Business Development Company under the Investment Company Act of 1940, provides management and finance primarily to private companies that desire to become publicly traded during the course of their business cycle. The Company invests and manages enterprises in the healthcare, energy, internet and services sectors. The Company's business model foresees the finance and management of client companies through the point of profitable operations and positive cash-flows and concludes with a spin-out distribution to the VitalTrust shareholders of record. The Company's annual forecast envisions two to four spin-off distributions to the VitalTrust shareholders.
Investors are cautioned that certain statements contained in this document are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects" and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future US Energy Initiatives actions, which may be provided by management, are also forward-looking statements as defined by the act. These statements are not guarantees of future performance.
Contact:
For information at the Company contact:
Charles Broes
Chief Executive Officer
813-287-5787, extension 222
Mark Clancy
Chief Operating Officer
813-287-5787, extension 226
--------------------------------------------------------------------------------
Source: VitalTrust Business Development Corporation
TCNH - Technest Holdings Awarded $9.0 Million in Funding for Existing Projects With the U.S. Army's Night Vision and Electronic Sensors Directorate
Thursday March 1, 5:54 pm ET
EOIR Technologies Receives Approximately $3.0 Million to Fund a New Remote Sensor Project Under its NVESD Omnibus Contract
BOSTON, March 1, 2007 (PRIME NEWSWIRE) -- Technest Holdings, Inc. (OTC BB:TCNH.OB - News), a defense and homeland security company, announced today that its wholly owned subsidiary, EOIR Technologies, received new funding awards totaling approximately $9.0 million in additional funding for labor, materials and the purchase of equipment on 15 existing delivery orders under the U.S. Army's Night Vision and Electronic Sensors Directorate (``NVESD'') omnibus contract.
Additionally, EOIR received a funding award for a new project totaling approximately $3.0 million, of which $217,000 was funded at the time of award, to provide support developing network sensor models and simulations and perform systems performances analysis. The contract has an 18-month performance review. Additional detail regarding the funding award is considered classified and cannot be disclosed by the Company.
``These latest funding awards are further evidence in the continued confidence shown by the U.S. Army in our capability to deliver strong results,'' stated Larry Bramlette, Division Director for EOIR Technologies. ``We have developed a strong track record of results over our six year relationship with the NVESD. Further, the technologies we have helped develop alongside the Department of Defense allows the U.S. Armed Forces to better equip themselves with technology in the area of ground combat systems, air systems, countermining and enemy surveillance.''
This increase in funds brings the total funding for the current performance award year under our NVESD omnibus contract, which was awarded on July 19, 2006, to $40.2 million and the total funds for this contract to $290 million.
About EOIR Technologies, Inc.
EOIR Technologies, Inc. has been providing innovative sensor engineering products and services to customers within the Department of Defense for nearly 25 years. For more information, please visit the company's website at http://www.eoir.com.
About Technest Holdings, Inc.
Technest Holdings, Inc. is a provider of: advanced remote sensor systems, chemical detectors, intelligent surveillance and advanced 3D imaging technology solutions to the defense and homeland security marketplaces. Technest is committed to setting next-generation standards in defense and security through the provision of innovative emerging technologies and expert services. Technest's solutions support military, law enforcement and homeland security personnel. Through strategic development, Technest focuses on the creation of dual-use technology and products with applications in both the defense market and civilian homeland security and law enforcement fields. For more information, please visit the company's website at http://www.technestholdings.com.
Investors are cautioned that certain statements contained in this press release are ``forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the ``Act''). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as ``expects,'' ``anticipates,'' ``intends,'' ``plans,'' ``believes,'' ``estimates,'' or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, applicability, benefit and use of our product and services, and possible future actions, which may be provided by management, are also forward-looking statements as defined by the Act. Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to: the functionality of our product; our capabilities; a rejection of the Company's products and technologies by the marketplace; and disputes as to the Company's intellectual property rights. Forward-looking statements are based upon current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about Technest Holdings, its products, economic and market factors and the industries in which Technest Holdings does business, among other things. These statements are not guarantees of future performance and Technest Holdings has no specific intention to update these statements. More detailed information about those factors is contained in Technest Holdings' filings with the Securities and Exchange Commission. http://www.sec.gov
This document is available on the KCSA Worldwide Website at http://www.kcsa.com.
Contact:
KCSA Worldwide
Todd Fromer
(212) 896-1215
tfromer@kcsa.com
Garth Russell
(212) 896-1250
grussell@kcsa.com
--------------------------------------------------------------------------------
Source: Technest Holdings, Inc.
MRMT - Monster Motors Signs Co-Venture Agreement with Viamedia
Thursday March 1, 4:02 pm ET
Viamedia to Brand Monster Motors' Online Auto Auctions to National Cable Audience
NAPLES, Fla.--(BUSINESS WIRE)--Monster Motors, Inc. (Pink Sheets:MRMT - News) announces signing a co-venture agreement with Viamedia, Inc. According to the agreement Viamedia is now utilizing the Monster Motors public on-line auto auction listing service in its regional and metropolitan automotive advertising markets with thousands of localized directed cable commercials. Viamedia is the cable advertising sales representative of markets for Cable and FiOS television service and is the industry's leading independent cable rep firm.
Dan Enright, President of Monster Motors states, "Viamedia is helping bring the thousands of car dealers, and those buyers looking for the excitement of bidding for a lower price, together at our online auctions. The Viamedia sales and advertising team will encourage them to participate in the local Monster Motors online auto auction in their specific communities. We look forward to a long and fruitful relationship."
Monster Motors.com provides for value added and complementary automotive placement and advertising to Viamedia clients and their cable television affiliates, which include Verizon FiOS (NYSE:VZ - News), Surewest (NASDAQ:SURW - News), RCN (NASDAQ:RCNI - News) and Knology (NASDAQ:KNOL - News).
About Monster Motors
Monster Motors, Inc. - www.MonsterMotors.com - is a public online auto auctioneer that facilitates the buying and selling of vehicles from dealers and private parties to the public. The Company's immediate focus is the localization of the used car online auction market.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Contact:
Monster Motors, Inc., Naples
Investor Relations Contact:
Technology Partners
Jonas Olmsted, 877-289-6768
jonas@techpartners.cc
--------------------------------------------------------------------------------
Source: Monster Motors, Inc.
BRW (16.21) Bristol West Holdings, Inc. To Be Acquired by Farmers Group, Inc. for $22.50 Per Share in Cash
Friday March 2, 1:30 am ET
DAVIE, Fla., March 2 /PRNewswire-FirstCall/ -- Bristol West Holdings, Inc. (NYSE: BRW - News) announced today that BRW has agreed to be acquired by Farmers Group, Inc. (FGI), a wholly-owned subsidiary of Zurich Financial Services Group (Zurich). Under the terms of the agreements, the holders of BRW common stock will receive $22.50 per share in cash for their shares, which represents a 38.8% premium above the March 1, 2007 closing price of $16.21. The transaction is valued at $712 million, excluding the assumption of certain debt obligations of BRW pursuant to the acquisition, and exclusive of fees.
Commenting on the announcement, Mr. Jeffrey J. Dailey, Chief Executive Officer and President of BRW, said, "We are delighted that Zurich and Farmers have recognized the strength of the company we have built over the last several years and see it as a way of enhancing Farmers' non-standard auto insurance business through their own highly successful distribution network. Bristol remains committed to its constituents, including our distribution network, and we look forward to joining the Zurich and Farmers family."
"Adding Bristol's non-standard auto insurance business as an additional product line in the Farmers platform is a great fit and contributes to increase our reach," said FGI Chief Executive Officer Paul Hopkins. "Their innovative product capabilities combined with Farmers distribution breadth and focus on operational excellence, will benefit the Exchanges, our customers, our agents and all Farmers stakeholders. This is another important step in expanding the product range offered by the Exchanges and sustaining the positive growth and profit trends we have created in the last few years."
The agreement allows BRW until March 31, 2007 (the "go shop period end date") to actively solicit other possible bidders and, thereafter, subject to certain conditions, to respond to unsolicited inquiries by other persons interested in acquiring the Company. Should a superior offer be received and accepted, BRW may, subject to certain conditions (including payment of a termination fee), terminate the agreement with FGI. In connection with such termination, the Company must pay a fee of $14 million to FGI, unless such termination is in connection with a proposal received after the go-shop period end date, in which case the Company must pay a fee of $21 million to FGI.
Investment partnerships formed at the direction of Kohlberg Kravis Roberts & Co. which holds approximately 42.18% of the stock of BRW have agreed to vote in favor of the merger.
BRW was advised by the investment banking firm of JPMorgan and the law firm of Simpson Thacher & Bartlett LLP. FGI was advised by the investment banking firm of Goldman, Sachs & Co. and the law firm of Willkie Farr & Gallagher LLP.
In connection with the proposed acquisition, BRW will prepare a proxy statement for the stockholders of the Company to be filed with the SEC. Before making any voting decision, the Company's stockholders are urged to read the proxy statement regarding the merger carefully in its entirety when it becomes available because it will contain important information about the proposed transaction. The Company's stockholders and other interested parties will be able to obtain, without charge, a copy of the proxy statement (when available) and other relevant documents filed with the SEC from the SEC's website at http://www.sec.gov. The Company's stockholders and other interested parties will also be able to obtain, without charge, a copy of the proxy statement and other relevant documents (when available) by directing a request by mail or telephone to Bristol West Holdings, Inc. 5701 Stirling Road, Davie, FL 33314, telephone: (954) 316-5200, or from the Company's website, http://www.bristolwest.com.
About Zurich
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 55,000 people serving customers in more than 120 countries.
Farmers Insurance Group of Companies® is the nation's third-largest Personal Lines Property & Casualty insurance group. Headquartered in Los Angeles and doing business in 41 states, the insurers comprising the Farmers Insurance Group of Companies provide Homeowners, Auto, Business, Life insurance and financial services to more than 10 million households through 17,000 exclusive and independent agents and district managers. The Farmers Exchanges are three reciprocal property and casualty insurers, including their subsidiaries and affiliates owned by their policyholders and operating mainly under the Farmers brand and in 2006 had USD 15 billion in gross written premiums. For more information about Farmers, visit our Web site at www.farmers.com.
About BRW
BRW began its operations in 1973, and provides private passenger automobile liability and physical damage insurance exclusively through independent agents and brokers in 22 states. Bristol West is traded on the New York Stock Exchange under the symbol, BRW.
Forward-Looking Statements
This press release contains 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. These forward-looking statements include statements regarding expectations as to the completion of the merger and the other transactions contemplated by the merger agreements. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from those referred to in a forward-looking statement. Such risks include, but are not limited to, the ability of the parties to the merger agreement to satisfy the conditions to closing specified in the acquisition agreement. More information about the Company and other risks related to the Company are detailed in the Company's most recent annual report on Form 10-K for the fiscal year ended December 31, 2005, and its quarterly reports on Form 10-Q and current reports on Form 8-K as filed with the SEC. The Company does not undertake an obligation to update forward-looking statements.
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Source: Bristol West Holdings, Inc.
Prosecutors Crack Insider-Trading Ring
Friday March 2, 5:33 am ET
By Larry Neumeister, Associated Press Writer
Prosecutors Break Up What They Call One of the Biggest Wall Street Insider-Trading Rings
NEW YORK (AP) -- The defendants included husband-and-wife lawyers, registered representatives, compliance personnel and hedge fund portfolio managers who improperly relied on hundreds of tips during five years of illegal trading.
Investigators have broken up what they call one of the biggest Wall Street insider-trading rings since the 1980s -- a sweeping, $15 million scandal that involved power brokers at some of the nation's top financial firms and two lawyers.
In announcing the case Thursday, authorities described a criminal operation that used insiders at Morgan Stanley and Co. and UBS Securities LLC to steal valuable secrets from the companies. Prosecutors also alleged a Banc of America Securities LLC broker accepted cash kickbacks and two former representatives of Bear Stearns & Co. obtained UBS inside information.
"This conduct didn't occur in obscure boiler rooms -- but rather at what are commonly considered `top tier' Wall Street firms," said Linda Chatman Thomsen, director of the Division of Enforcement for the Securities and Exchange Commission.
She said "there is hardly a duty on Wall Street that the defendants charged today didn't breach."
U.S. Attorney Michael Garcia said Wall Street professionals repeatedly traded on secrets revealed to them by insiders at UBS and Morgan Stanley.
The case alleges that people were tipped off about stock upgrades and downgrades by UBS and impending corporate acquisitions involving Morgan Stanley clients, allowing investors to cash in before the news hit the market.
The SEC said the ringleaders of the UBS part of the scheme went to great lengths to hide their illegal conduct, with tactics including a clandestine meeting at Manhattan's famed Oyster Bar and eventually the use of disposable cell phones, secret codes and cash kickbacks.
In all, 13 people have been arrested in the criminal case. The SEC brought civil charges against 11 individuals and three entities.
Among financial professionals charged criminally in U.S. District Court in Manhattan was Mitchel Guttenberg, an executive director and institutional client manager at UBS.
Garcia said Guttenberg, who worked in UBS's equity research department, accepted hundreds of thousands of dollars as he sold nonpublic information to two men regarding upcoming upgrades and downgrades by UBS analysts.
The men, David Tavdy and Erik Franklin, used the UBS inside information to each earn more than $4 million by executing profitable trades in various brokerage accounts they controlled, Garcia said.
Guttenberg pleaded not guilty in federal court in Manhattan Thursday and was released on $500,000 bail. He declined to comment afterward.
The husband-and-wife attorneys, Randi Collotta, 30, a former employee of Morgan Stanley in Manhattan, and her husband, Christopher Collotta, 34, who worked in private practice, were also among those criminally charged. They pleaded not guilty and each were released on $250,000 bail. Their lawyer, Brian Rafferty, declined to comment.
In an indictment, prosecutors said Randi Collotta was an associate in Morgan Stanley's global compliance division when she passed inside stock tips to her husband, who gave it to others, resulting in illegal profits of hundreds of thousands of dollars between September 2004 and August 2005.
After others made money from the tips, they paid Christopher Collotta cash that represented a portion of their profits, the indictment said.
Guttenberg, Tavdy, Franklin and the Collottas all were charged with conspiracy to commit securities fraud and securities fraud, which carry potential penalties of up to 25 years in prison. Franklin pleaded guilty earlier this week to conspiracy, securities fraud and commercial bribery and awaits sentencing. Tavdy was expected to make an initial court appearance in federal court in Miami.
A lawyer for Tavdy, who was being arraigned in Florida, did not immediately return a telephone message. Five others were released on bail after pleading not guilty.
Three additional criminal defendants have pleaded guilty to conspiracy, securities fraud and commercial bribery charges, prosecutors said.
Thomsen said it was "one of the most pervasive Wall Street insider trading rings" since Ivan Boesky and Dennis Levine carried out their notorious insider-trading schemes in the 1980s.
The SEC said in a complaint that Guttenberg's trading scheme began in 2001 when he met Franklin at the Oyster Bar at a time when he owed Franklin $25,000. The SEC said Guttenberg proposed paying off that debt by giving him nonpublic UBS analyst recommendations.
Mary Claire Delaney, a Morgan Stanley spokeswoman, said, "We are outraged that a former employee allegedly stole confidential information from the firm, and we have cooperated and will continue co-operating fully with the authorities.
Bear Stearns said in a statement that "the actions described in the complaints are clear violations of our policies and procedures. We have and will continue to cooperate fully with the investigation."
Shirley Norton, a spokeswoman for Bank of America Corp., the parent company of Banc of America Securities, said: "We're aware of the indictment and we're cooperating with authorities."
A call to UBS was not immediately returned.
Thomsen said original tippers in both insider schemes, Guttenberg and Randi Collotta, took steps to evade detection including not trading in their personal accounts and accepting kickbacks in cash.
"Some defendants may have thought they were flying `under the radar' by making modest profits on individual transactions, secure in the knowledge that, over hundreds of tips, they would reap millions of dollars in illicit trading profits," she said. "And yet, despite their best efforts to avoid detection, we caught them."
SOBM (was CDCX) CDoor Corp. Completes Acquisition of Wanxin Bio-Technology Limited and Changes Name to Sinobiomed Inc.
Friday March 2, 3:15 am ET
SHANGHAI, CHINA--(MARKET WIRE)--Mar 2, 2007 -- CDoor Corp. ("CDoor" or the "Company") (OTC BB:CDCX.OB - News) (which is now named "Sinobiomed Inc.") is pleased to announce that on January 12, 2007, the Company completed a Share Purchase Agreement, dated December 21, 2006, entered into between the Company, Wanxin Bio-Technology Limited ("Wanxin") and all the shareholders of Wanxin (the "Share Purchase Agreement") whereby the Company acquired 100% of the issued and outstanding shares in the capital of Wanxin, through the issuance of 1,750,000 shares of our common stock in aggregate to the shareholders of Wanxin.
Wanxin is the sole shareholder Manhing Enterprises Limited, a company organized under the laws of Hong Kong, and Manhing Enterprises Limited is the registered owner of 82% of the capital of Shanghai Wanxing Bio-pharmaceuticals Co., Ltd. In addition, Shanghai Wanxing Bio-pharmaceuticals Co., Ltd. is the registered owner of 50.33% of the capital of Shanghai Wanxing Bio-science Cosmetic Co., Ltd.
Shanghai Wanxing Bio-pharmaceuticals Co., Ltd. ("Shanghai Wanxing") specializes in the development of genetically engineered recombinant protein drugs and vaccines, and currently has 10 products approved or in development, which respond to a wide range of diseases, including malaria and hepatitis. The development of Shanghai Wanxing's malaria vaccine candidate is supported by the World Health Organization (WHO) and the Program for appropriate Technology in Health's (PATH) Malaria Vaccine Initiative (MVI), which to date has received more than $250 million in funding from the Bill and Melinda Gates Foundation. Malaria threatens some two billion people and kills and estimated one million annually worldwide; there is currently no vaccine. Shanghai Wanxing's candidate vaccine received a US patent in September 2006.
The Company's annual meeting of stockholders was held on March 1, 2007, where the shareholders of the Company among other actions approved the name change from CDoor Corp. to Sinobiomed Inc. Effective March 2, 2007, the Company will begin trading on the OTCBB under the name SinoBiomed Inc. and new symbol "SOBM".
In addition, to the name change, the Company has effected a forward stock split of its issued and outstanding shares on a basis of 40 new shares for each one (1) old share, which is effective March 2, 2007.
Also on March 1, 2007, the shareholders of the Company elected the following individuals as directors: Mr. Ka Yu, Mr. Ban-Jun Yang, Mr. Robert Ip, Mr. Chris Metcalf and Dr. Kim Kiat Ong. The new board of directors then appointed Mr. Ban-Jun Yang as the President and CEO, Mr. Ka Yu as the Secretary and Treasurer and Mr. Asher Zwebner as the CFO.
The acquisition of Wanxin Bio-Technology Limited will fit into the overall strategy of the Company as it shifts strategic focus towards the rapidly expanding Chinese biopharmaceutical industry. The new management of the Company as well as the management of Shanghai Wanxing is well qualified to lead the Company towards further expansion in the rapidly expanding Chinese and global biopharmaceutical industries. Some of the key management of Shanghai Wanxing includes:
- Mr. Ban-Jun Yang, newly appointed President of the Company, is the President and CEO of Shanghai Wanxing. He has led Shanghai Wanxing since 1996, bringing together a world-class research team and establishing an integrated R&D and production facility that meets global standards.
- Dr. Tom Chen, Chief Medical Officer of Shanghai Wanxing, also serves as a consultant on PATH's process development and manufacturing programs for Shanghai Wanxing's malaria vaccine. He has also served as the Director of process Development for Plasma Derivatives for the American Red Cross.
- Dr. Zhifang Cao, Director and Deputy General Manager of Shanghai Wanxing, integrates an extensive clinical background with a market-driven approach to identifying and developing bio-pharmaceuticals with strong therapeutic as well as profit potential. He has extensive international experience and is leading Shanghai Wanxing's clinical trials of the malaria vaccine.
- Dr. Weiqng Pan, Advisor of Shanghai Wanxing, is an internationally recognized researcher and the inventor of the patented plasmodium fusion antigen that Shanghai Wanxing is developing and testing as a blood-stage malaria vaccine.
ABOUT SHANGHAI WANXING BIO-PHARAMCEUTICALS CO., LTD.
Shanghai Wanxing is a leading Chinese developer of genetically engineered recombinant protein drugs and vaccines. Based in Shanghai, Shanghai Wanxing currently has 10 products approved or in development: two on the market, one awaiting approval, four in clinical trials and three in research and development. The Company's products respond to a wide range of diseases and conditions, including malaria, hepatitis, surgical bleeding, cancer, rheumatoid arthritis, diabetic ulcers and burns, blood cell regeneration.
Shanghai Wanxing has proven expertise in recombinant protein drug development. This category of drugs - developed using biotechnology -- are valued for their safety, lower cost of production and efficacy compared to chemical drugs. These biopharmaceuticals are becoming one of the fastest growing segments in the global pharmaceutical industry.
China is projected to become one of the world's major biotech players in the next 15 years. The country's biopharmaceutical industry has witnessed rapid growth since the late 1980s and is continuing to expand with more than 30 percent annual revenue growth, according to Advances in Biopharmaceutical Technology in China, September 2006, a report from BioPlan Associates (www.bioplanassociates.com) and the Society for Industrial Microbiology.
Shanghai Wanxing also has proven expertise in recombinant protein manufacturing technology and a patented low-cost, high-yield production process to enhance bioactivity and guarantee the highest levels or purity. It also has one of China's largest capacities for the manufacture of recombinant bio-products. Shanghai Wanxing also has strong strategic alliances with leading Chinese research hospitals and institutes for collaborative development of patented and patentable techniques and treatments. This domestic strength is complemented by established relationships with internationally recognized health researchers and organizations.
For further information please refer to the Company's filings with the SEC on EDGAR available at www.sec.gov.
FORWARD LOOKING STATEMENTS This news release may include "forward-looking statements" regarding CDoor Corp., and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where CDoor Corp. expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. CDoor Corp. does not undertake any obligation to update any forward looking statement, except as required under applicable law.
Contact:
Contacts:
SinoBiomed Investor Relations
Toll Free: 1-866-588-0829
Email: info@sinobiomed.com
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Source: Cdoor Corp.
MPPC was HPNG interesting....
"As a condition of this reverse merger, Hampden Group had to be free of all debt and liability."
HPNG Hampden Group, Inc. Completes Reverse Merger with Color Genesis, Inc.
Business Wire - October 6, 2006 5:30 AM (EDT)
Color Genesis, Inc., (DBA MyPhotopipe.com, Inc.) Goes Public by Acquiring Hampden Group, Inc. in a Reverse Merger Stock Exchange
SCOTTSDALE, Ariz., Oct 06, 2006 (BUSINESS WIRE) -- Hampden Group, Inc., (OTC PK: HPNG), a financial services company specializing in sub-prime loan programs, today announced that it has completed a share exchange with Color Genesis, Inc., a Georgia corporation currently doing business as MyPhotopipe.com, Inc. Going forward, Hampden Group, Inc. stock will be traded under the new symbol "MPPC" on the Pinksheet Exchange and the company will change its name to MyPhotopipe.com, Inc., a Nevada corporation.
MyPhotopipe.com, Inc., a Georgia-based on-line photo processing lab, provides a variety of services and tools through their website to ensure the high level of quality expected by serious amateur and professional photographers alike. With 25 years of experience and millions of pictures processed, MyPhotopipe.com's website serves the processing needs of over 2,400 studios, and professional photographers.
Under the terms of the merger, all of the outstanding shares of MyPhotopipe.com common stock were transferred to Hampden Group for 220 million shares of Hampden Group common stock. Hampden Group shareholders received certificates for new shares in MyPhotopipe.com, Inc., at a 10 to 1 reverse split in exchange for their original Hampden Group shares. Former Hampden Group board members resigned their positions after electing new board members selected from the management of MyPhotopipe.com, Inc.
As a condition of this reverse merger, Hampden Group had to be free of all debt and liability. To accomplish this task and clear the way for this merger, the assets and substantial liabilities of Hampden Group, Inc. were acquired by Hampden Group Holdings, Inc., a privately-held, Nevada Corporation representing former Hampden Group, Inc. debt-holders.
"When we took over the company in September of last year, it was with the understanding that it would be properly funded to execute our vision for a viable and profitable business. After a year of executing on a shoe-string budget, it became very clear that continuing on this path would not yield a successful result," said Randy Humphrey, CEO of Hampden Group, Inc. "We see this as a great opportunity for Hampden Group investors to realize some return on their original investment."
About Hampden Group, Inc.
Hampden Group, Inc. (HGI) (OTC PK: HPNG) founded in 2004, is a publicly traded financial services company headquartered in Scottsdale, Arizona. HGI owns and operates several Internet websites providing short-term financing in the lucrative sub-prime loan market. The Hampden Group is currently engaged in the business of funding payday loans/cash advances, auto title loans, providing 3rd party financing programs for independent auto dealerships, and cash advance outsourcing for Professional Employer Organizations (PEOs), employers, and payroll processing companies.
Safe Harbor for Forward-Looking Statements:
Certain statements made in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the plans and objectives of management for future operations and anticipated results of operations. For this purpose, any statements contained herein or incorporated herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "believes", "anticipates", "proposes", "plans", "expects", and similar expressions are intended to identify forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements made in this press release are based on current expectations that involve numerous risks and uncertainties, including but not limited to those that might be described herein. Although the Company believes that its assumptions are reasonable, any of the assumptions could prove inaccurate.
SOURCE: Hampden Group, Inc.
Hampden Group, Inc., Scottsdale
Randy Humphrey, 480-607-5750
rhumphrey@hampdengroupinc.com
Copyright Business Wire 2006
MPPC - myPhotopipe.com Wins Contract from Department of Homeland Security
Thursday March 1, 3:37 pm ET
Company to Provide Photographic Printing and Design Support Services to DHS
ATLANTA, March 1 /PRNewswire-FirstCall/ -- myPhotopipe.com, Inc. (OTC: MPPC.PK - News), a web-based online provider of digital photo processing and related services, today announced that it has been awarded a contract from the U.S. Department of Homeland Security (DHS). The award calls for myPhotopipe.com to provide photographic printing and design support services to the DHS Office of Public Affairs. The Office of Public Affairs chronicles the agency's responders, documents incident response teams, travels with Secretary Michael Chertoff, and provides photographic prints to the agency's internal users as well as to the media and the general public.
ADVERTISEMENT
(Logo: http://www.newscom.com/cgi-bin/prnh/20061006/CLF033LOGO )
"This is a milestone event in our Company's history, and a real credit to our focus on the professional segment of the fast-growing digital photo processing market," stated L. Douglas Keeney, Chief Executive Officer of myPhotopipe.com, Inc. "We are pleased to make this announcement, especially given the fact that we were competing against 12 other companies, including a number that were much larger than us. Homeland Security has told us that a significant factor in their decision to select myPhotopipe.com involved recommendations from our current customers. They were also pleased with our use of digital templates, our digital photo tools and our Internet resources."
"The importance of this contract extends beyond the very significant revenue potential it represents, because it dramatically illustrates why the digital camera and the photographic print are enjoying such a renaissance. No matter where DHS operates, a digital camera is available, and our online photo processing tools allow the federal government to effectively document its response to a natural disaster or other incident with a photo montage, or to record a visit from the Secretary with an autographed photograph. We are thrilled, and at the same time honored, to help one of the largest branches of the United States government accomplish its mission."
The Department of Homeland Security, which was created in 2002, has 180,000 employees and includes the following agencies, among others: Transportation Security Administration (TSA), U.S. Customs and Border Protection, U.S. Citizenship and Immigration Services, U.S. Immigration Customs Enforcement, U.S. Secret Service, Federal Emergency Management (FEMA), and the U.S. Coast Guard.
About myPhotopipe.com, Inc.
myPhotopipe.com, Inc. is a web-based (2.0) online provider of digital photo processing, photo finishing, photo sharing, and related services. The Company's unique blend of 94 print options, combined with manual print inspections and professional color management, have positioned myPhotopipe.com as one of the fastest-growing providers of digital photography services for professionals and serious amateurs.
The Company is headquartered in Atlanta, Georgia, and its common stock is listed on the OTC Pink Sheets under the symbol "MPPC". Additional information is available on the Internet at www.myPhotopipe.com.
Contact:
L. Douglas Keeney, CEO, at (502) 419-5837 or via email at
dougk@myphotopipe.com
or
R. Jerry Falkner, CFA, RJ Falkner & Company, Inc., Investor Relations
Counsel at (830) 693-4400 or via email at info@rjfalkner.com
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Source: myPhotopipe.com, Inc.
On watch, (.14) HABE Haber Inc. Using Its Environmentally Friendly Gold Recovery Process to Recover "Green Gold" From Ores and E-scrap in US Without the Use of Cyanide or Mercury - Market Wire
nice flip on CBRP after all.
CBRP moving ...no fill by TDA big surprise NOT (pos)
NCSH - Revolutionary NanOil(TM) From Green Bio-diesel Prepares for Retail Sales
Wednesday February 28, 4:05 pm ET
Nano Chemical Systems Holding, Inc. Selects Automotive Marketing & Sales Agency to Execute Aggressive Retail Launch With High Performance Environmentally Friendly Product!
SEAFORD, Del., Feb. 28 /PRNewswire-FirstCall/ -- Nano Chemical Systems Holdings, Inc. (OTC Bulletin Board: NCSH - News), announced today NanOil(TM), a two-cycle engine oil that is "smokeless" operating, environmentally friendly "Green" product, performs as a "moly" oil and can be made from by-products of one type of Green Palm Biodiesel production. NanOil(TM) is the first commercially offered organic synthetic oil.
(Photo: http://www.newscom.com/cgi-bin/prnh/20070228/LAW089)
Also today, the Company reached agreement with Marketiquette, Inc. for marketing and sales of NanOil(TM) to the $4.7 billion automotive products segment of the automotive aftermarket, working with their recently appointed COO & VP Sales Louis Petrucci who has significant experience with developing structure for a large consumer products distribution network.
"NanOil(TM) is the first in a pipeline of innovative products and our collaboration with Marketiquette will provide us a true convergent approach to getting the products to market while the focus on development is not compromised," says Mr. Petrucci.
From concept to shelf to consumer, Marketiquette Inc. (www.marketiquette.com) focuses on marketing and sales within the automotive chemicals categories, creating a branding strategy, a go-to-market plan and sales through its nationwide sales representative network consisting of 100 plus industry professionals. This multi-channel, national retail and wholesale representative network provides access to the automotive chemical decision makers throughout North America representing 100,000 retail locations, including AutoZone, Advance Auto Parts, CSK Auto, O'Reilly's Auto Parts, Strauss Auto Parts, Pep Boys, NAPA, Carquest, Costco and Wal-Mart ... all within 90 days.
Source: Nano Chemical Systems Holdings, Inc.
· Nano Chemical Systems Holdings NanOil(TM).
· Click Here to Download Image
"'GREEN' is in its infancy and to date, there has been plenty of 'talk' about the environment, but very few products are available at retail for concerned consumers to do 'their' part," says Jeffrey Loch, President & CEO of Marketiquette. He then went on to say, "NanOil(TM), a smokeless environmentally friendly all purpose two-cycle motor oil, will satisfy these needs and we believe will quickly be the choice of environmentally concerned consumers everywhere ... we're excited to partner with NCSH to offer the consumer a product with increased performance while fulfilling their inner values of global responsibility."
NanOil(TM) patent pending process immerses nano-sized molybdenum metal ball bearings to support the oil made from the byproducts of one type of the Palm Bio-diesel production process. Implementing nano-technology to make nano-sized ball bearings allows the use of only trace amounts of "moly" to achieve or exceed performance specifications because the performance is dependent on the surface area of the ball bearings and not on the total weight of "moly" where a nano-meter size ball has 2,000 times as much surface area per unit weight as a 10,000 times larger micron sized ball. The "moly" in NanOil(TM) puts the racetrack advantages of performance and wear resistance under high temperature operation into the hands of consumers at a low price.
About the Product:
NanOil(TM), universal two-cycle engine oil, is separated from the competition because it is a "smokeless" and environmentally friendly "Green" product. NanOil(TM) doesn't smoke because of the high temperature stability associated with modified fatty-acids used rather than crude oil hydrocarbon. It's like cooking chicken on the stove in corn oil produces no smoke instead of cooking in butter and producing smoke, or following an old car that needs a ring job on the freeway that billows out smoke as it leaks motor oil into the combustion chamber. Because NanOil(TM), two-cycle engine oil is made from renewable materials of organic origin and not from crude oil the exhaust has less impact on the environment because of its superior biodegradability and possibly less impact on the lungs of the operator of the machine.
NanOil(TM) for two cycle engines is available in three sizes, to eliminate the need to measure, ready-to-mix with 1, 2.5 and 5 gallons of fuel. Point of sale displays are a floor mounted bilingual 1/4 pallets for larger stores and hanging shelf strips for the smaller retail locations. There are a number of testing, process, specification, approval, supply channel and distribution channel issues that need to be overcome before these four products can be offered for sale.
About The Company:
In this age of "virtual companies" that rely on technology thinly veiled in contract manufacturing and outsourcing, Nano Chemical Systems stands apart with in-house nano-research, development and a manufacturing plant, proven efficient against foreign competition, used as a spring board to inject world- class technology to be a "real company" with high growth and high profitability in Nanotechnology enhanced chemical materials markets worldwide. Nano Chemical Systems Holdings, Inc. has a wholly owned subsidiary, Sea Spray Aerosol, Inc. that produces aerosol products for its own formulas and does private labeling for various customers. Sea Spray operates a 36,000 square foot facility that contains offices, research, warehouse and manufacturing operations.
Forward Looking Statements:
Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including market acceptance of the Company's services and projects and the Company's continued access to capital and other risks and uncertainties outlined in its filings with the Securities and Exchange Commission, which are incorporated herein by reference. The actual results the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.
For more information on Nano Chemical Systems Holdings visit: http://www.nanochemicalsystems.com
For Investor Relations please contact:
Redwood Consultants, LLC
415-884-0348
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Source: Nano Chemical Systems Holdings, Inc.
FGBF - 1st Global Financial Subsidiary Signs New Independent Sales Office and Increases Current Annual Card Processing Volume by $4.8 Million
Wednesday February 28, 4:05 pm ET
LAS VEGAS, NV--(MARKET WIRE)--Feb 28, 2007 -- 1st Global Financial Corporation's (Other OTC:FGBF.PK - News) (XETRA:ZUM.DE - News) wholly owned subsidiary, 1st Federal Financial, Inc. has reached an agreement with Austin, TX-based, "A Business Store", to become its 8th new Independent Sales Office (ISO). "A Business Store" will immediately add over 50 merchant accounts to 1st Federal's portfolio, which are currently processing about $4.8 million annually in card transactions.
"This is huge for 1st Global," says T.A. "Gil" Gillis, President of 1st Global. ""A Business Store" is exactly the type of sales office we seek for building our ISO base." Gillis continued, "With their customer commitment and their growing merchant portfolio, "A Business Store" is a much welcomed addition to the 1st Global family, and provides an immediate benefit to our processing revenue."
"With 1st Federal's support, this new relationship will enable us to expand our operations to additional parts of the U.S. We at "A Business Store" see this agreement with 1st Federal as a way to quickly expand our sales by allowing us to sell new products and services not presently in our portfolio. We are hoping to double the growth of our company over the next twelve months as a result," said Belinda Rodriguez, founder and President of "A Business Store."
About 1st Global Financial Corporation
Information on 1st Global Financial can be accessed at (http://www.1stglobalfinancial.com). 1st Global Financial Corporation has two operating subsidiaries: 1st Federal Financial, Inc. is the sales and marketing arm of 1st Global's products, providing merchant bankcard and payment processing for merchants http://www.1stfederalfinancial.com and 1st Federal Advanced Funding, Inc. which provides working capital, through an innovative program, to meet needs of small and mid-sized businesses http://www.1stfederaladvancefunding.com.
This release may include "forward-looking statements" from the company that may or may not materialize and recipients are cautioned not to place undue reliance upon them. It is important to note that actual results could differ materially from those in such "forward-looking statements" and "forward-looking statements" are inherently subject to risks and uncertainties.
Contact:
For Investor Relations:
Integrated Capital Partners, Inc.
908-204-0004
http://www.stockreportcard.com
Or
1st Global Financial Corporation
Las Vegas, NV
Gil Gillis
Phone: 866-418-1GFC (1432)
Fax: 775-588-2499
info@1stgf.com
http://www.1stglobalfinancial.com
--------------------------------------------------------------------------------
Source: 1st Global Financial Corporation
SOEN - Solar EnerTech Corp. Reports on Strategic Milestones -- Prepares to Commence Efforts at R&D Joint Lab
Wednesday February 28, 4:15 pm ET
MENLO PARK, CA--(MARKET WIRE)--Feb 28, 2007 -- Solar EnerTech Corp. (OTC BB:SOEN.OB - News) (the "Company") advises that upon the close of the Chinese New Year's holiday season and recommencement of business the Company wishes to notify it filed the requisite 10QSB and 10QSB/A regulatory reports just prior to the start of the holiday season.
The reports submitted to the U.S. Securities and Exchange Commission ("SEC") detail events for the critical growth period of October 1 to December 31, 2006, throughout which the Company has achieved the following milestones:
1) Start up of production line #1 rolled out the first batch of solar
modules on Nov. 23rd and concurrently launched SolarE as market
identity and brand name.
2) Successfully completed a $5.6 million financing.
3) Engaged Knight Capital Markets LLC as advisors.
4) Released beta version of proprietary Power Conditioning Software.
5) Inaugurated Joint R&D Lab with Shanghai University.
These strategic milestones in 2006 have set a solid foundation for the company's future development and have exceeded initial expectations by virtue of Management's ability to work closely with China's governmental systems. The Company quickly acquired both its license to conduct business as well as favored tax status from the Chinese government in late July, then went on to complete its facility infrastructure and installation of solar cell equipment culminating in its first product shipment within a mere 5 months. This accomplishment has been acclaimed by members of the local solar industry as "a small miracle" and has sent a healthy message to the Company's employees boosting their confidence in their own ability to transform future challenges into success.
Due principally to these achievements, Solar EnerTech's first sales contract was signed in January of this year, which will bring in $9.2 million of revenue. Additionally, the R&D Lab with Shanghai University has launched five significant research projects simultaneously. These developmental experiments are slated to begin in the Joint Lab as well as at Solar EnerTech's manufacturing plant during the first week of March. This will be the first test of the Joint Labs ability to fast-track R&D initiatives to commercialization.
In related news, an upsurge of visits by potential buyers from Asia, Europe, and North America has necessitated the Company open an in-house office offering a specially trained multi-lingual team to host visits to the Company's corporate office and manufacturing plant at Jin Qiao Modern Technology Park. Additionally, as the 2008 Beijing Olympic Games are less than 18 months away, the Company is actively seeking initiatives to assist Olympic organizers and other event stakeholders towards providing "green power" technology highlighting opportunities geared towards facility and equipment infrastructure, such as venue electrical power supplementation, hybrid vehicle support, lighting solutions, and portable toilet alternative energy sources.
About Solar EnerTech Corp. (OTC BB:SOEN.OB - News)
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise based in Shanghai, China where the Company has established a sophisticated 42,000-square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. This facility is capable of producing 25Mw of solar cells from its current production line and 50Mw when upon completion of the second line slated for Q4 of this year. Solar Enertech has also established a Joint R&D Lab at Shanghai University to research and develop higher efficiency cells and to put the results of that research to use immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company's R&D program will work to bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California's Silicon Valley.
Forward-Looking Statements
Except for statements of historical fact, the information presented herein may contain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Solar EnerTech Corp. has little or no control.
On Behalf of the Board
Solar EnerTech Corp.
Leo Shi Young, President
Contact:
Investor Relations Contact:
Boundary Point Investor Relations Inc.
1-866-378-7372
http://www.solarenertech.com
--------------------------------------------------------------------------------
Source: Solar EnerTech Corp.
HEC - Harken Energy Reports Higher Revenue, Higher Operating Margin and Repurchase of Common Shares Outstanding in 2006
Wednesday February 28, 5:24 pm ET
DALLAS, TX--(MARKET WIRE)--Feb 28, 2007 -- Harken Energy Corporation (AMEX:HEC - News) ("Harken") today reported its annual financial results for the year ended December 31, 2006. Harken's strategy is to enhance value for its stockholders through the development of a well-balanced portfolio of energy-based assets. Harken's Gulf Coast oil and gas assets and its coalbed methane prospects provide a large inventory of both high and low-risk exploitation projects and high-potential exploration opportunities. To develop these assets, in 2006, Harken invested approximately $10.9 million and $1.0 million, respectively, of capital expenditures into its Gulf Coast oil and gas properties and coalbed methane prospects. Consistent with its strategy previously reported in 2006, Harken diversified its holdings of oil and gas assets by acquiring an investment in a junior oil and gas exploration company in Canada. Also in 2006, Harken began engaging in the active management of investments in energy industry securities traded on domestic securities exchanges. Harken strives to obtain favorable investment returns by diversifying investment holdings within the energy sector and balancing risk exposures. During 2006, Harken held approximately $7.9 million outstanding in average notional value in a combination of exchange-traded options on futures contracts and common stock. Harken also strives to enhance the balance of its oil and gas portfolio through the acquisition or investment in additional energy-based diversified opportunities.
Financial Highlights
Significant financial highlights in 2006 include the following:
-- Increased pro-forma production and revenues generated by Harken's Gulf
Coast oil and gas properties of $23 million, 30% higher than 2005.
-- Increased pro-forma operating margin of $11 million, 69% higher than
2005 (Non-GAAP; see reconciliation below).
-- Decreased general and administrative expenses 19% to $5.6 million in
2006 compared to $7.0 million in 2005.
-- Repurchased 4.4 million common shares in 2006 reducing its shares
outstanding.
As previously disclosed, Harken deconsolidated the financial operations of Global Energy Development PLC ("Global") during the second quarter of 2006. Harken was required to reflect this deconsolidation prospectively. As a result of this treatment, Global's operations for the quarter ended March 31, 2006 are still included in Harken's consolidated financial statements at December 31, 2006.
Harken included pro forma results in its Annual Report on Form 10-K including an unaudited pro forma combined condensed balance sheet at December 31, 2005 along with the unaudited pro forma combined condensed statement of operations for the years ended December 31, 2004 and 2005 giving effect to the deconsolidation of Global's operations as if it had been effective for all periods presented. The combined condensed balance sheet at December 31, 2006 is presented as reported. The unaudited pro forma data is presented for illustrative purposes only and is not necessarily indicative of future operating results: (in thousands except for share and per share amounts)
Year Months Ended
December 31,
---------------------------------------------
2004 2005 2006
------------- ------------- -------------
Pro-Forma Pro-Forma Pro-Forma
(unaudited) (unaudited) (unaudited)
(restated) (restated)
Total Revenues and Other $ 18,840 $ 18,862 $ 25,170
Oil and Gas Operating
Expenses $ 5,382 $ 5,288 $ 8,332
General and Administrative
Expenses $ 6,562 $ 6,950 $ 5,649
Operating Margin (Non-GAAP;
see reconciliation below) $ 6,896 $ 6,624 $ 11,189
Depreciation, Depletion, and
Amortization $ 7,254 $ 5,936 $ 9,134
Increase in Lyford Warrant
Liability $ 13,301 $ 12,947 $ -
Gain on Sale of Global
Shares $ - $ 27,957 $ -
Gain on Exercise of Global
Warants $ - $ 28,341 $ -
Unrealized Gain (losses) on
Global Warrants $ 11,784 $ (14,407) $ -
Loss from Discontinued
Operations, net of taxes $ (897) $ (2,817) $ (1,223)
Net Income (Loss) $ (2,441) $ 25,819 $ 257
Net Income Attributed to
Common Stock $ (2,956) $ 25,232 $ (1,132)
Basic Net Income per Common
Share $ (0.01) $ 0.12 $ (0.01)
Basic Weighted Average
Common Shares Outstanding 201,702,235 219,369,798 222,941,410
Diluted Net Income per
Common Share $ (0.01) $ 0.11 $ (0.01)
Diluted Weighted Average
Common Shares Outstanding 201,702,235 243,634,909 222,941,410
Pro-Forma Balance Sheet Summary (in thousands)
December 31,
------------------------------
2005 2006
-------------- --------------
Pro-Forma As Reported
(unaudited)
(restated)
Current Ratio (1) 3.19 to 1 3.29 to 1
Working Capital (2) $ 33,480 $ 28,962
Cash and Short-Term Investments $ 29,269 $ 30,954
Total Debt $ - $ -
Cash and Short-Term Investments less Debt $ 29,269 $ 30,954
Stockholders' Equity $ 129,715 $ 105,115
Total Liabilities to Equity $ 0.16 to 1 $ 0.19 to 1
(1) Current ratio is calculated as current assets divided by current liabilities.
(2) Working capital is the difference between current assets and current liabilities.
Operating Summary
Harken's Gulf Coast oil and gas operations consist all of its exploration, development, production and acquisition efforts in the United States. The following table sets forth its oil and gas operating results for each of the years in the three-year period ended December 31, 2006:
(Thousands of dollars, except per-unit
amounts) 2004 2005 2006
---------- ---------- ----------
Oil and Gas Revenues $ 18,015 $ 17,854 $ 23,150
---------- ---------- ----------
Net oil sold (thousands of bbls) 181 135 167
Net gas sold (thousands of mcf) 1,739 1,266 1,712
Average price of oil sold (per bbls) $ 40.06 $ 52.62 $ 64.30
Average price of gas sold (per mcf) $ 6.18 $ 8.51 $ 7.23
Average production & transportation costs
(per mcfe) $ 1.90 $ 2.55 $ 3.07
---------- ---------- ----------
Harken's natural gas revenue increased 15% to approximately $12.4 million during 2006 as compared to $10.8 million during 2005. Although natural gas volumes increased 35% from 1,266,000 Mcf for 2005 to 1,712,000 Mcf for 2006, the prices realized for natural gas sales fell from $8.51 per mcf to $7.23 per mcf during 2006. The volume increase was attributed to new or improved production at Allen Ranch, Lapeyrouse, Raymondville and Lake Raccourci fields following the hurricanes from the prior year.
Harken's oil revenues increased 52% to approximately $10.8 million during 2006 from approximately $7.1 million during 2005. After fully recovering to pre-storm levels following the hurricanes of 2005, Harken experienced a 24% increase in oil production during 2006 compared to the prior year. Harken also realized an increase in oil prices received of 22% which averaged $64.30 per barrel in 2006 compared to $52.62 per barrel in the prior year.
Harken's oil and gas operating expense increased 58% to approximately $8.3 million during 2006 compared to approximately $5.3 million during 2005 primarily due to increases in the cost of insurance, continuing repair costs related to storms of 2005, demand-driven price increases for oilfield services and equipment associated with increased oilfield activity (particularly in offshore Louisiana), as well as remedial workovers performed in the normal course of business.
NON-GAAP FINANCIAL MEASURE
Reconciliation of Operating Margin to Net Income (Loss) (in thousands)
Year Ended
December 31,
-------------------------------
2005 2006
-------------- --------------
Pro-Forma Pro-Forma
(unaudited) (unaudited)
Net Income - GAAP $ 25,819 $ 257
Depreciation, Depletion, and Amortization 5,936 9,134
Increase in Lyford Warrant Liability 12,947 -
Accretion Expense 343 420
Interest Expense and Other, net 638 155
Gain on Sale of Global Shares (27,957) -
Gain on Exercise of Global Warrants (28,341) -
Unrealized Gain on Global Warrants 14,407 -
Income Tax Expense 15 -
Loss from Discontinued Operations, net of
taxes 2,817 1,223
-------------- --------------
Operating Margin $ 6,624 $ 11,189
============== ==============
Management believes the presentation of this non-GAAP financial measure, in connection with the results for the year ended December 31, 2006, provides useful information to investors regarding Harken's results of operations. Management also believes that this non-GAAP financial measure provides a picture of Harken's results that is comparable among reporting periods and provides factors that influenced performance during the period under the report. This non-GAAP financial measure should be considered in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.
Harken Energy Corporation is engaged in oil and gas exploration, development and production operations both domestically and internationally through its various subsidiaries and shareholdings. Additional information may be found at the Harken Energy Web site, www.harkenenergy.com. Please e-mail all investor inquiries to HECinquiries@ctapr.com.
Certain statements in this announcement, such as "strives for", "favorable investment returns" as well as other similar statements and inferences derived there from may be regarded as "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Management's current view and plans, however, are subject to numerous known and unknown risks, uncertainties and other factors that may cause the actual results, performance, timing or achievements of Harken to be materially different from any results, performance, timing or achievements expressed or implied by such forward-looking statements. The various uncertainties, variables, and other risks include those discussed in detail in the Company's SEC filings, including the Annual Report on Form 10-K filed on February 28, 2007. Harken undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.
Contact:
Please e-mail all investor inquiries to:
Harken Energy Corporation
Email Contact
http://www.harkenenergy.com
--------------------------------------------------------------------------------
Source: Harken Energy Corporation
UNOFF - (Uranium related) UNOR Establishes JV with Cameco for Baffin Island Uranium Exploration
Wednesday February 28, 5:36 pm ET
TORONTO, ONTARIO--(MARKET WIRE)--Feb 28, 2007 -- UNOR Inc. (CDNX:UNI.V - News)(Other OTC:UNOFF.PK - News) announced today that it has entered into a letter agreement with Cameco Corporation to establish a joint venture to explore for uranium on 27 Prospecting Permits currently held by Cameco covering 1,588,000 acres on Baffin Island, Nunavut, Canada. With its Nunavut uranium focus and expertise, UNOR now has 2,743,000 acres under uranium exploration within the territory.
The joint venture agreement includes the following provisions:
- The formation of a management committee comprised of two representatives from each party.
- UNOR will be the operator of the joint venture.
- The operator will be subject to the general control and direction of the Joint Technical Committee established pursuant to the Strategic Alliance Agreement dated June 19, 2006 between the parties.
- The initial participating interest of the parties will be Cameco 51% and UNOR 49%. Cameco has the right, exercisable within 90 days after the joint venture has either operated for four years or incurred $6.0 million of expenditures on the property, to increase its interest in the joint venture to 65% and reduce UNOR's interest to 35% by committing to incur an additional $6.0 million on exploration and development of the property during a two-year period following the date on which Cameco makes such election.
UNOR Inc. with its head office in Toronto, Ontario is a uranium exploration and development company with its principal mineral properties in Nunavut. UNOR's shares trade on the TSX Venture Exchange and Over-The-Counter in the United States.
Cameco, with its head office in Saskatoon, Saskatchewan, is the world's largest uranium producer. The company's uranium products are used to generate electricity in nuclear plants around the world, providing one of the cleanest sources of energy available today. Cameco's shares trade on the Toronto and New York stock exchanges.
To view the accompanying map, please click the link below:
http://www.ccnmatthews.com/docs/uni0228.pdf
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS RELEASE
Contact:
Contacts:
UNOR Inc.
George P. Bell
President & CEO
(416) 368-0114
UNOR Inc.
David Bent
Vice President Exploration
(416) 368-0114
Website: http://www.unorinc.com
--------------------------------------------------------------------------------
Source: UNOR Inc.
CCIX - Coleman Cable, Inc.'s Registration Statement Has Been Declared Effective by the SEC; Shares Will Begin Trading on NASDAQ Under the Symbol 'CCIX'
Wednesday February 28, 5:51 pm ET
WAUKEGAN, Ill., Feb. 28 /PRNewswire/ -- Coleman Cable, Inc. ("Coleman" or the "Company") announced today that its registration statement on Form S-1, which registers for resale from time to time by the selling shareholders named therein 8,400,000 shares of common stock sold by the Company in a private placement in October 2006 and all of Coleman's other outstanding shares of common stock, has been declared effective by the U.S. Securities and Exchange Commission. The registration statement covers resales from time to time of up to 16,786,895 shares of Coleman's common stock, which are all the shares of common stock currently issued and outstanding.
The shares of Coleman's common stock covered by the registration statement have been approved for listing on The NASDAQ Global Market, under the symbol "CCIX." NASDAQ will begin quoting bid and ask prices for Coleman's shares as trades occur on March 1, 2007.
A copy of the prospectus that is part of the registration statement may be obtained from the SEC via http://www.sec.gov or by sending a written request to Deborah A. Solie, Assistant to the Chief Executive Officer, Coleman Cable, Inc., 1530 Shields Drive, Waukegan, IL 60085.
Coleman's transfer agent is American Stock Transfer & Trust Company ("AST"). Any transfers of shares pursuant to sales under the registration statement on Form S-1 should be coordinated through Susan Silber at American Stock Transfer & Trust Company, 6201 15th Avenue, Brooklyn, NY 11219, phone number (718) 921-8217.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Coleman Cable, Inc. is a leading manufacturer and innovator of electrical and electronic wire and cable products for the security, sound, telecommunications, electrical, commercial, industrial, and automotive industries. With extensive design and production capabilities and a long- standing dedication to customer service, Coleman Cable, Inc. is the preferred choice of cable and wire users throughout the world. The company is located at 1530 Shields Drive, Waukegan, IL 60085. Visit our website at http://www.colemancable.com .
CCIX-G
--------------------------------------------------------------------------------
Source: Coleman Cable, Inc.
RYQG - (Uranium related) Royal Quantum Group, Inc. Updates Shareholders on Recent Developments
Wednesday February 28, 6:23 pm ET
CALGARY, AB--(MARKET WIRE)--Feb 28, 2007 -- Royal Quantum Group, Inc. (OTC BB:RYQG.OB - News) is pleased to provide shareholders with an update on recent developments within the corporation.
Royal Quantum Group, Inc. has reached an agreement, subject to completion of final due diligence, for the acquisition of several high potential Uranium projects located in the United States. Details of the acquisition will be announced within the coming days.
"It is management's goal to continue to build a strong company focused on increasing shareholder value. Royal Quantum has chosen to diversify into the Uranium sector as a result of the global demand for alternative, green power initiatives," stated Mr. Ruskowsky, President and CEO of Royal Quantum Group.
Royal Quantum will now focus its efforts on the acquisition and development of additional mineral resource properties throughout North America as well as on an international basis. The company is also in the process of a complete website redesign to reflect the new direction of the company.
Statements released by Royal Quantum Group, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions, and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental, and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q, and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
Visit the Royal Quantum Group, Inc. web site at www.royalquantum.com. Information included on the Company's website is not incorporated herein by reference or otherwise.
Contact:
For additional information please contact:
Royal Quantum Group, Inc.
Suite # 145, 251 Midpark Blvd S.E.
Tel: 403-288-4321
Fax: 403-201-5792
--------------------------------------------------------------------------------
Source: Royal Quantum Group, Inc.
SURG might surge imo
AMIV - AmeriVestors' Justice by the People, Inc. Introduces Next Fifteen Uncontested Legal Documents Available to the Public
AmeriVestors, Inc.’s (Pink Sheets:AMIV) wholly-owned subsidiary – Justice by the People, Inc., is pleased to introduce its next set of fifteen uncontested legal documents to its customers and future franchisees. These legal documents are available to meet cost-conscious customer’s needs that do not require an attorney or the costly fees associated with their preparation.
The uncontested legal document preparation services are readily available to customers in the Houston, Texas area. The following uncontested legal documents have been incorporated into the company’s proprietary software.
Divorce Civil Lawsuit
Citizenship Green Card
Homestead Power of Attorney
Residential Lease Emancipation of Minor
Living Trust Small Claims
Joint Trust Probate
Trademarks Visa
Non-Profit Corporation
Justice by the People, Inc. will incorporate the above documents along with future documents in its proprietary software for franchisees. The completed proprietary software will constitute a standard for the industry and a turnkey operation for franchisees.
About Justice by the People, Inc.
Justice by the People, Inc., a wholly owned subsidiary of AmeriVestors, Inc., serves the burgeoning number of consumers that wish to save hundreds, even thousands of dollars, in their simple, uncontested legal matters. The US legal industry is a $184 billion sector. The company offers approximately 80 legal documents for uncontested legal issues such as uncontested divorce, living trusts, incorporation, etc. The company has designed a model to create a national franchise chain providing high quality, accurate and affordable legal document preparation services for simple, uncontested legal matters. Justice by the People does not offer legal advice in the preparation of its clients’ uncontested legal documents.
For more information please visit www.amerivestors.com or www.justicebythepeople.net.
"Safe Harbor" Statement: Certain statements in this release are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the Company's ability to meet the terms and conditions required to obtain its project financing, risks and delays associated with product development, risk of market acceptance of new products, risk of technology or product obsolescence, competitive risks, reliance on development partners and the need for additional capital.
For AmeriVestors, Inc., Houston
The Catalyst Group, Inc.
Lauren Falato, 727-796-2555
Source: Business Wire (February 28, 2007 - 9:01 AM EST)
News by QuoteMedia
www.quotemedia
SURG - Court Rules Synergetics' Current Connector Design Does Not Infringe Iridex Patent
Wednesday February 28, 8:23 am ET
O'FALLON, Mo.--(BUSINESS WIRE)--Synergetics provides the following update to its shareholders on the status of the pending Iridex (NASDAQ: IRIX - News) patent infringement lawsuit, Synergetics USA, Inc. (NASDAQ: SURG - News).
In mid-2006, Synergetics switched to a new and current connector design based on infringement arguments made by Iridex. The Court issued an order today that has cleared Synergetics' current connector design. This ruling is significant in two respects. It caps Synergetics' potential liability to sales primarily predating mid-2006 and it allows Synergetics to continue selling probes and related products for use on Iridex lasers with the new connector system without threat of infringement under the Court's order.
The Court has also ruled that Synergetics' old product design infringes some claims of the Iridex patent, but not all. Thus, the broad issue remaining in the case is whether Iridex is entitled to any damages for the use of the old connector design. Synergetics still has what it believes to be substantial defenses to the damage claim, including defenses which would preclude Iridex from obtaining any damages or which would at least drastically reduce the amount of damages that Iridex could obtain.
These defenses include "laches" and "estoppel." Under laches, Iridex could only obtain damages from between the time the lawsuit was filed in October 2005 on, but only for sales with the old connector design. Under estoppel, Iridex would be precluded from obtaining any damages. Synergetics believes that the Court's ruling as to the new connector design further strengthens its position under the doctrines of laches and estoppel because had Iridex brought its suit in 1999 or in the early 2000 timeframe, Synergetics could have switched to its current connector design back then and avoided further potential liability. The Court has already ruled that a trial must be held on the laches and estoppel issues because facts are in dispute.
Synergetics also seeks to correct what it believes are several inaccuracies contained in the Iridex announcement relating to the Court's rulings of February 27, 2007. Nothing in the Court's rulings make the prospect of an injunction more likely to be granted as Iridex claimed in its release. In fact, the opposite is true. There is no chance under the Court's order that Synergetics could be enjoined from using its current connector system. Thus, Synergetics will be able to continue to sell its product lines with the current connector system moving forward. The vast majority of Synergetics' current laser probe sales utilize the current connector system. Likewise, the Court's ruling can only potentially affect one aspect of Synergetics' new motion for an antitrust counterclaim, but has no effect on that portion of the claim that relates to laches and estoppel fraud. Iridex has also misrepresented in its announcement that the issues of laches and estoppel may not be heard at trial. Those issues will indeed be heard and resolved at trial. (Case Number 4:05-cv-01916-CDP, Document #247 in the pleadings and #282 on the website.)
Synergetics also disagrees with Iridex's statement that it is more likely to prevail on the issue of treble damages for willful infringement. Synergetics obtained a competent opinion of counsel prior to selling its old connector product in 1999 and still believes that the non-infringement opinion is valid. Iridex has internal emails that confirm that even it did not think that Synergetics' old connector design infringed. The fact that Iridex knew about Synergetics' old connector design but did not sue for over six years underscores that Iridex had serious doubts about its infringement claim. Given how hard fought these issues have been, Synergetics believes it highly unlikely that it could be found a willful infringer or that damages would be increased given the circumstances of this case.
Finally, the Court has not ruled on the summary judgment briefing that encompasses the issue of invalidity. The invalidity issues also offer another potential complete defense to Iridex's claim for damages. The primary basis of Synergetics' invalidity defense rests on a pre-existing patent owned by a competitor that shows the essential features of Iridex's patent claims, namely the use of a resistor to encode attached instruments to the laser.
"Overall, I am pleased with today's developments," said Gregg D. Scheller, President and Chief Executive Officer. "The Judge's ruling that our current connector system does not infringe, either literally or under the doctrine of equivalents, ensures our continued presence in the marketplace without interference from Iridex. Any suggestion by Iridex that our current connector is a commercial failure is blatantly false. Tens of thousands of these connectors have been profitably sold into the marketplace. Our revenue numbers have not decreased. We continue to sell this product successfully and are now unencumbered into the future."
Mr. Scheller continued, "Synergetics may or may not appear before the jury as an 'adjudicated infringer.' There remains an issue of patent validity in front of the court. If we do appear as such, our strong defenses of laches and estoppel remain. The Judge recently ruled against both parties on summary judgment on laches and estoppel and directed this issue to trial."
"Synergetics views the Court's ruling as a significant victory," said Rudy Telscher, the Company's intellectual property attorney with Harness, Dickey and Pierce. "The Court's ruling removes any chance of an injunction against the sale of Synergetics probes and related products moving forward and limits any claim by Iridex for damages to products sold using the old connector design, subject only of course to either party's rights to appeal the decision. Synergetics still has substantial defenses to any damage claims and believes that it will either be liable to Iridex for no damages or damages far below what Iridex seeks. Synergetics claims against Iridex are still in the case and Synergetics believes that it will still obtain damages against Iridex for false advertising, defamation, and injurious falsehood. Synergetics also still has antitrust claims pending before the court as well, at least a portion of which is not affected by the Court's ruling."
About Synergetics USA, Inc.
Synergetics USA, Inc. resulted from the September 2005 combination of Valley Forge Scientific Corp. and Synergetics, Inc., bringing together their respective unique capabilities in bipolar electrosurgical generators and design, and manufacture of microsurgical hand instruments. Synergetics USA, Inc. designs, manufactures and markets medical devices for use primarily in ophthalmic surgery and neurosurgery and for other healthcare applications. Its products are designed and manufactured to support micro or minimally invasive surgical procedures. In addition to its surgical devices and equipment, it designs and manufactures disposable and non-disposable supplies and accessories for use with such devices and equipment. It also manufactures and sells bipolar electrosurgical generators and other generators, based on its DualWave(TM) technology, and complementary instrumentation and disposable products for use in neurosurgery, spine surgery, pain control and in dental applications. Synergetics sells its products primarily to hospitals, clinics and surgeons in approximately 70 countries.
Forward-Looking Statements
Some statements in this release may be "forward-looking statements" for the purposes of the Private Securities Litigation Reform Act of 1995. In some cases forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important facts that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These facts, risks and uncertainties are discussed in our Annual Report on Form 10-K for the year ended July 31, 2006, as updated from time to time in our filings with the Securities and Exchange Commission.
Contact:
Synergetics USA, Inc.
Pamela G. Boone, 636-939-5100
Executive Vice President & CFO
http://www.synergeticsusa.com
--------------------------------------------------------------------------------
Source: Synergetics USA, Inc.
ESMC - Escalon(R) to Receive $9.6 Million in Settlement Agreement With IntraLase Corp.
Wednesday February 28, 8:30 am ET
WAYNE, Pa., Feb. 28 /PRNewswire-FirstCall/ -- Escalon Medical Corp. (Nasdaq: ESMC - News) today announced that it has entered into an agreement with IntraLase Corp. (Nasdaq: ILSE - News) to settle all outstanding disputes and litigation between the parties.
Under the settlement agreement, IntraLase will make a lump sum payment to Escalon of $9.6 million, in exchange for which all pending litigation between the parties will be dismissed, the parties will exchange general releases, full ownership of all patents and intellectual property formerly licensed to IntraLase from Escalon will be obtained by IntraLase, and all obligations under the parties' license agreement will terminate. In addition, the payment from IntraLase satisfies all outstanding past, current and future royalties owed or alleged to be owed by IntraLase to Escalon.
"We are pleased to have settled this dispute and, through the terms of the agreement, we've enhanced the value of our business by strengthening our balance sheet and providing additional liquidity that solidifies our current portfolio of businesses," said Richard J. DePiano, Chairman and CEO of Escalon. "We believe the $9.6 million payment will enhance our ability to strategically expand our businesses and also provide the means to selectively pursue opportunities for synergistic growth."
The settlement is expected to have a material effect on Escalon's third quarter financial statements because the entire $9.6 million will be recorded as a gain on sale in the current period. The settlement also marks the end of any future royalty payments to be received under the License Agreement which is expected to have a material effect on earnings in subsequent periods. This effect will be partially offset by the elimination of legal fees related to this matter.
Founded in 1987, Escalon develops markets and distributes ophthalmic diagnostic, surgical and pharmaceutical products as well as vascular access devices. Drew, which operates as a separate business unit, provides instrumentation and consumables for the diagnosis and monitoring of medical disorders in the areas of diabetes, cardiovascular diseases and hematology, as well as veterinary hematology and blood chemistry. The Company seeks to utilize strategic partnerships to help finance its development programs and is also seeking acquisitions to further diversify its product line to achieve critical mass in sales and take better advantage of Escalon's distribution capabilities. Escalon has headquarters in Wayne, Pennsylvania and manufacturing operations in Long Island, New York, New Berlin, Wisconsin, Dallas, Texas, Oxford, Connecticut and Barrow-in-Furness, U.K.
Note: This press release contains statements that are considered forward- looking under the Private Securities Litigation Reform Act of 1995, including statements about the Company's future prospects. They are based on the Company's current expectations and are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include whether the Company is able to implement its growth and marketing strategies, improve upon the operations of the Company's business units, including the integration of Drew's and MRP's operations and any acquisitions it may undertake, if any, of which there can be no assurance, implement cost reductions, generate cash and identify, finance and enter into business relationships and acquisitions, uncertainties and risks related to new product development, commercialization, manufacturing and market acceptance of new products, marketing acceptance of existing products in new markets, the continuity of royalty revenue, litigation and non-recurring expenses, research and development activities, including failure to demonstrate clinical efficacy, delays by regulatory authorities, scientific and technical advances by Escalon or third parties, introduction of competitive products, third party reimbursement and physician training as well as general economic conditions. Further information about these and other relevant risks and uncertainties may be found in the Company's report on Form 10- K, and its other filings with the Securities and Exchange Commission, all of which are available from the Commission as well as other sources.
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Source: Escalon Medical Corp.
PGPM - Pilgrim Petroleum Announces: Strategic Fit with General Energy Leads to Attractive Competitive Advantage
Wednesday February 28, 2:30 am ET
IRVING, Texas--(BUSINESS WIRE)--Pilgrim Petroleum Corporation (PINK SHEETS: PGPM - News; FWB: PHV) is pleased to announce the benefits of the strategic fit relationship with General Energy Corporation. The recently signed Letter of Intent to purchase 80% of Pilgrim's working interest's highlights opportunities for cost sharing, skill transfer and enhanced corporate performance. General Energy, a Texas Railroad Commission fully-bonded operator, has been working and supporting Pilgrim Petroleum to comply with RRC's regulations and to re-establish oil production on inactive leases. Since 2006, both companies have been building a great and successful business relationship. General Energy's intent to purchase Pilgrim's working interest in its North Texas positions will contribute by opening up new acquisitions objectives, exposure to private equity and by begining the first phase of an exploration and drilling program among other things.
Financial Highlight
Based on the total price of the transaction, $41,640,000. At the end of the transaction, Pilgrim will record a gain on sales of $35,230,800 in retained earnings after deductions on asset investments and deferred income taxes. Likewise, Pilgrim will maintain its "free of Debt" condition, while sharing the costs and risks of its exploration program.
Operational Level Highlight
General Energy's access to high quality rigs and low cost technical resource expertise will contribute by maximizing savings and boosting the expected timing of drilling and completion in Pilgrim's lease positions. The first phase of the North Texas Drilling Program is expected to access over $102,370,000 in probable reserves and over 1.8 million barrels of oil potentially recoverable and economic. Mapping and 3D seismic surveys on Pilgrim's two largest positions are expected to commence by the end of March 2007.
Pilgrim's Chief Executive, Rafael Pinedo, commented, "The year 2006 was an excellent year for Pilgrim in terms of production levels by reactivating its shut-in wells and building up acreage acquisitions. This year, General Energy and Pilgrim`s combined resources will boost growth and shareholder value to the next level."
About Pilgrim Petroleum Corporation.
Pilgrim Petroleum Corporation (PINK SHEETS: PGPM - News; FWB:PHV) is an independent oil and gas company based in Irving, Texas. The company is acquiring oil and gas leases, producing properties, mineral rights, and surface interests primarily on marginal fields. Once acquired, the company intends to redevelop each property in order to maximize the income from each property by refurbishing and improving the existing production. Forward-Looking Statements: The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.The information herein is subject to change without notice. Pilgrim Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein.
Contact:
Pilgrim Petroleum Corporation,
Irving
Eddie Monet, 619-864-0166
www.apetroleum.com
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Source: Pilgrim Petroleum Corporation
wow surprised SBSH trying to kill SPRL...N O T
BPYT - Bioponic Phytoceuticals Announces European Union (EU) Distribution of its Flight Spray(R) Products with King Events Int'l
Tuesday February 27, 8:49 am ET
KULA, Hawaii, Feb. 27 /PRNewswire-FirstCall/ -- Bioponic Phytoceuticals, Inc. ("Bioponic" or "the Company") (OTC: BPYT - News) today announced European Union (EU) distribution of its Flight Spray product with an exclusive agreement signed with King Events International (KEI.scrl) of Brussels, Belgium.
(Photo: http://www.newscom.com/cgi-bin/prnh/20070227/NYTU010 )
Flight Spray® is the first nasal hydration product designed for airline travelers. Used to moisten the nasal passages and alleviate nasal dryness, Flight Spray supports health and well-being. This natural nasal spray is formulated by combining two of the most effective herbal ingredients (Turmeric root and Spearmint) used in the treatment of nasal ailments. Effective at the first signs of nasal dryness, Flight Spray can be used while traveling, in a crowd, or any time natural nasal relief is desired.
King Events International (KEI.scrl) (http://www.kingevents.be) is a Brussels, Belgium based provider of specialized marketing services to the European Union. KEI.scrl is a support marketing company with expertise in sales support, incentives and reward actions, seminars, symposiums and events, worldwide. "Our professionalism and worldwide experience assists in every stage of a project development to make a marketing success, including product launches." KEO.scrl will provide marketing and product distribution services for the introduction of Flight Spray into the EU.
"Bioponic's Flight Spray fits in well with KEI.scrl's travel specialty and product marketing business. We are excited to introduce Flight Spray to European customers, expanding its availability into the substantial European Union market," said Steven M. Schorr, Chairman & CEO -- Bioponic Phytoceuticals, Inc.
Bioponic Phytoceuticals is engaged in the development, production and distribution of Bioresonant Phytotherapeutic(TM) products (a new healing modality) for sale in the Complementary Alternative Medicine ("CAM") and natural products markets. The Company has developed several branded product lines in distribution (including the nationally recognized natural nasal spray: Flight Spray, http://www.flightspray.com). Bioponic is focused on the production of natural products that are used to promote health and well-being. http://www.bioponic.com Contact: Steven M. Schorr/ CEO, Bioponic Phytoceuticals, info@bioponic.com, ph: 808-876-1711
All statements other than statements of historical fact included in this press release are "forward-looking statements" within the meaning of federal securities laws. Such forward-looking statements are subject to a number of risks and uncertainties, some of which are beyond the Company's control that could cause actual results or events to differ materially from current expectations.
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Source: Bioponic Phytoceuticals, Inc.
SPRL, gapping...nibbled some yesterday fwiw
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