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I posted that comment almost 15 months ago. What I remember is an article saying that Brachytherapy services had bought out all the assets of NASM. However, I looked into this and found that NASM is working on medical devices but what they now own I don't know. I did a quick check and found this on Brachytherapy's website:
Brachytherapy Services, Inc. has its roots in a company known as North American Scientific, Inc., which started manufacturing industrial radioactive sources back in 1990.
It appears the Brachytherapy feels it came out of NASM but obviously NASM is still doing something. It appears that NASM filed for Chap 11 because the Banks reduced their line of credit and they needed to protect their assets. Hope this helps you.
Looks like they're finally serious about finding a company. I like the very low float <500,000. Hope it can stay low when the new company takes over this shell.
Thanks EarnestDD. I couldn't locate where I read that figure but I can see from Janniebgood's collection of info (301133) that a lot of money was being shifted around. I remember that the night of the "big announcement" right before the crash PV was on another blog talking about buying up houses and land and possibly building a mall. Don't know how true any of it was but maybe some money went into those "projects" as well.
I read somewhere that PV got $11.5 Million out of SLJB.
This stock is dead. Read the following:
Marco Community Bank is 17th to close in 2010
LOS ANGELES (MarketWatch) -- Marco Community Bank (OTC:MCBN) of Marco Island, Fla., became the 17th bank shut down in 2010, the Federal Deposit Insurance Corp. said in a press release issued late Friday. The FDIC entered into a purchase and assumption agreement with privately held Mutual of Omaha Bank. Mutual of Omaha will assume all the deposits of Marco. Marco Community had $119.6 million in assets and $117.1 million in deposits as of Dec. 31. Mutual of Omaha entered into a loss-share agreement on $104.8 million of Marco's assets, the FDIC said. Marco depositors can access their money via checks or debit cards Friday night and over the weekend, the agency added.
My congradulations to all who have held for a year. A truely great investment.
Are you refering to the amended agreement where Abbott turned over the distribution rights to GE? Don't have the time to look for the source now but I'm fairly certain that's what I read.
Haven't looked into them yet. If CGMCQ doesn't cancel shares this will take off but like all BK plays it's high risk/high reward.
I've just started looking into this company. It seems that there is still something in place with Abbott. This is from their FORM S-1/A - EX-10.4 - December 2, 2009
Read more: http://www.faqs.org/sec-filings/091202/BIOCUREX-INC_S-1.A/c58919_ex10-4.txt#ixzz0e4EZduHw
2.6 Other Licensees. Inverness is aware and understands that BioCurex has already signed an agreement with Abbott Labs (the "Abbot Labs Agreement") which (a) limits to three (3) the number of licensees for manufacturing RECAF tests to be used in the Field and (b) grants Abbott Labs the exclusive right to sublicense certain Licensed Materials and Technology. The licensing agreement with Abbott Labs includes the field of lateral flow chromatography (also known as rapid tests) on a non-exclusive basis, that is, the limitation in the number of licensees in the Field does not apply to lateral flow chromatography. If Abbott Labs ceases to be a BioCurex licensee, then, subject to the limitations in Section 0 below, BioCurex shall have the right to replace such licensee. In addition, if Abbott Labs ceases to be a BioCurex licensee, then it is understood that Abbott Labs will assign to BioCurex all of Abbott Labs' rights and obligations contained in each sublicense agreement between it and its sublicensees, provided that the applicable sublicensee provides its consent thereto
Thank you. I thought it looked too similar but I couldn't find anything to connect it to BioCurex. Are you certain that Abbott is out of this picture?
Just be aware that their plan all along was to cancel common shares and it seems to be a critical part of their restructuring to issue new shares to take care of things. I don't know if this settlement will change anything or not but I have to think that the company probably had a good idea that they would win and yet still wrote up the BK in this way. $100 Million is a lot until you apply it to $512 Million in claims and realise you're still $412 Million short. The money's got to come from somewhere.
Someone else is looking for a Universal Cancer Marker. This is from Technology Park.
Universal Cancer Detection Test
Case for a Universal Test
Current cancer markers are not used as the sole method to diagnose cancer due to the following limitations that prevent tests for these markers from functioning as wholly effective screens for many cancers:
(1) Currently available markers are not 100% specific to a particular type of cancer, indicating that other, non-cancerous conditions can also cause an increase in certain cancer markers which results in a false positive
(2) Many markers are restricted to only certain cancers
(3) The same marker is not always expressed on every patient’s cancer, even if it is related to the same organ, indicating that the marker does not have a high sensitivity for detecting a particular cancer
(4) The detection of “normal” levels of a cancer marker can occasionally be ambiguous
(5) At present, there is a perceived lack of effective cancer markers for many cancer types. For example, elevated levels of the prostate-specific antigen (PSA), a marker for prostate cancer, do not always signal a malignant condition. The National Cancer Institute (NCI) reports that only 25% to 30% of men who express higher-than-normal amounts of PSA in the blood actually have prostate cancer, as benign prostate conditions, such as inflammation, can also cause an increase in PSA levels.
Our client believes that the ideal cancer marker, yet to be commercialized, would be a molecule that is expressed on all cancer cells regardless of type, but not in healthy or benign tumor cells.
The Cancer Marker
This new cancer marker is found to be present on cancer cells, but not on most healthy or benign tumor cells. As a result, this marker is less likely to return a false positive test result. False positives cause patients to undergo unnecessary and potentially costly biopsy tests.
Types of Tests Available
Our client has two types of tissue tests which have been developed and serum tests which uses ELISA, chemiluminescence immunoassay or radioimmunoassay. The company is also developing a rapid, point-of-care cancer detection system for doctor's office and for developing countries such as India and China.
Market Opportunities
The global annual oncology market is currently estimated at around $52 billion dollars and growing at around 5% per year.
Global annual diagnostics market is estimated at around $26 billion annually. Within the diagnostics market, cancer testing is estimated to be at roughly over $2 billion per year. Cancer testing is dominated by serum-based cancer markers, which accounts for about half of the total cancer testing markets, with roughly 100 million serum screening tests being performed each year. Cancer testing is one of the fastest growing amongst the diagnostics testing market.
Next Steps
Our client is seeking licensing, strategic, and development partners around the world to get these tests approved and marketed in various parts of the world.
This is from page i of their Bankruptcy filing which is on their website under investor relations:
THE SECOND AMENDED JOINT PLAN ALSO PROVIDES FOR THE ISSUANCE OF
50.1% OF THE SHARES OF NEWLY CREATED CONGOLEUM COMMON STOCK TO THE TRUST,
AND 49.9% OF THE SHARES OF NEWLY CREATED CONGOLEUM COMMON STOCK TO THE
HOLDERS OF ALLOWED SENIOR NOTE CLAIMS.
This starts on page 86, same document:
8.22.
Cancellation of Existing Securities and Agreements of the Debtors/Discharge of the Indenture Trustee. Except as set forth in the Plan, upon the Effective Date, the Existing Securities shall be cancelled and the holders thereof shall have no further rights or entitlements in respect thereof against the Debtors except the right to receive any Distributions to be made to such holders under the Plan. To the extent possible, Distributions to be made under the Plan to the beneficial owners of the Senior Notes shall be made through the Depository Trust Company and its participants. The Confirmation Order shall authorize and direct the Indenture Trustee to take whatever action may be necessary or appropriate, in its easonable discretion, to deliver the Distributions, including, without limitation, obtaining an order of the District Court. On the Effective Date, the Indenture Trustee and its agents shall be discharged of all their obligations associated with (i) the Senior Notes, (ii) the Indenture, and (iii) any related documents, and released from all Claims arising in the Reorganization Cases. As of the Effective Date, the Indenture shall be deemed fully satisfied and cancelled; provided, however, that the Indenture shall continue in effect solely for the purposes of: (1) allowing holders of the Senior Note Claims to receive distributions under the Plan, (2) allowing and preserving the rights of the Indenture Trustee to (a) make distributions in satisfaction of Allowed Senior Note Claims, (b) exercise its charging liens against any such distributions, and (c) seek compensation and reimbursement for any fees and expenses incurred in making such distributions. Upon completion of all such distributions, the Senior Notes and the Indenture shall terminate completely. From and after the Effective Date, the Indenture Trustee shall have no duties or obligations under the Indenture other than to make distributions pursuant to the Plan.
What's the point of this? Why don't they want us to know what was said?
236 1/4/2010 Transcript regarding Hearing Held 12/18/2009 RE: DIP. Remote electronic access to the transcript is restricted until 4/5/2010. The transcript may be viewed at the Bankruptcy Court Clerks Office. [For information about how to contact the transcriber, call the Clerks Office] or [Contact the Court Reporter/Transcriber Veritext Reporting Company, Telephone number 212-267-6868.] Notice of Intent to Request Redaction Deadline Due By 1/11/2010. Redaction Request Due By 1/25/2010. Redacted Transcript Submission Due By 2/4/2010. Transcript access will be restricted through 4/5/2010. (related document(s)[190]) (JNP) Debtor: Champion Enterprises, Inc. Related: 190
I don't like this part:
304 1/22/2010 Subpoena /Notice of Subpoena for Rule 2004 Examination Directed to Credit Suisse AG, Cayman Islands Branch. Filed by Official Committee of Unsecured Creditors. (Attachments: # (1) Exhibit 1 - Subpoena) (Chipman, William) Debtor: Champion Enterprises, Inc.
Related: none
Check out this article:
24 BILLION DOLLAR LAWSUIT AGAINST CREDIT SUISSE
A group of property owners from four luxury resorts -including Tamarack Resort in Idaho - has filed a $24 billion class-action lawsuit against Credit Suisse, alleging that the big Swiss bank engaged in a “predatory” lending scheme designed to force all four resorts into foreclosure and acquire the pricey properties for pennies on the dollar, while raking in “enormous” fees. The lawsuit, filed in federal court in Boise, alleges racketeering, conspiracy, fraud, money laundering and more, and seeks billions in damages, including $150 million each for the states impacted by the failed resort projects. The resorts, in addition to Tamarack, are Lake Las Vegas in Nevada; the Yellowstone Club in Montana; and the Ginn Sur Mer resort in the Bahamas.
Seven attorneys from California, Nevada, Texas and Idaho are listed in the complaint; none are commenting on the case, but the group issued a press release accusing Credit Suisse of “naked greed,” and said the bank’s scheme artificially inflated the value of the resort properties with the intention of then foreclosing on the debt-saddled owners. Also named as a defendant is Cushman & Wakefield, the real estate services firm that appraised properties for Credit Suisse, using a “total net value” appraisal methodology. Incidentally, the “naked greed” phrase in the press release is a quote from a federal bankruptcy judge in Montana, who wrote in a May 2009 court order that the bank’s actions in the Yellowstone Club case “shocks the conscience of this court,” adding, “Credit Suisse lined its pockets on the backs of the unsecured creditors.”
I'm not certain how they figure into all of this but I don't think it's good news.
Some info to help make sound decisions:
Chapter 11
Who Can File a Plan
The debtor (unless a "small business debtor") has a 120-day period during which it has an exclusive right to file a plan. 11 U.S.C. § 1121(b). This exclusivity period may be extended or reduced by the court. But, in no event, may the exclusivity period, including all extensions, be longer than 18 months. 11 U.S.C. § 1121(d). After the exclusivity period has expired, a creditor or the case trustee may file a competing plan. The U.S. trustee may not file a plan. 11 U.S.C. § 307.
A chapter 11 case may continue for many years unless the court, the U.S. trustee, the committee, or another party in interest acts to ensure the case's timely resolution. The creditors' right to file a competing plan provides incentive for the debtor to file a plan within the exclusivity period and acts as a check on excessive delay in the case.
Acceptance of the Plan of Reorganization
Only the debtor may file a plan of reorganization during the first 120-day period after the petition is filed (or after entry of the order for relief, if an involuntary petition was filed). The court may grant extension of this exclusive period up to 18 months after the petition date. In addition, the debtor has 180 days after the petition date or entry of the order for relief to obtain acceptances of its plan. 11 U.S.C. § 1121. The court may extend (up to 20 months) or reduce this acceptance exclusive period for cause. 11 U.S.C. § 1121(d). In practice, debtors typically seek extensions of both the plan filing and plan acceptance deadlines at the same time so that any order sought from the court allows the debtor two months to seek acceptances after filing a plan before any competing plan can be filed.
If the exclusive period expires before the debtor has filed and obtained acceptance of a plan, other parties in interest in a case, such as the creditors' committee or a creditor, may file a plan. Such a plan may compete with a plan filed by another party in interest or by the debtor. If a trustee is appointed, the trustee must file a plan, a report explaining why the trustee will not file a plan, or a recommendation for conversion or dismissal of the case. 11 U.S.C. § 1106(a)(5). A proponent of a plan is subject to the same requirements as the debtor with respect to disclosure and solicitation.
In a chapter 11 case, a liquidating plan is permissible. Such a plan often allows the debtor in possession to liquidate the business under more economically advantageous circumstances than a chapter 7 liquidation. It also permits the creditors to take a more active role in fashioning the liquidation of the assets and the distribution of the proceeds than in a chapter 7 case.
NEWS: Scroll down to the bolded parts.
Bankruptcy judge approves sale of Penn Traffic to Tops
By Bob Niedt / The Post-Standard
January 25, 2010, 5:31PM
Stephen D. Cannerelli / The Post-StandardA Tops Friendly Markets store is located on West Genesee Street in Auburn. More Syracuse stores will sport the Tops sign soon, because federal bankruptcy court Judge Peter J. Walsh approved the sale of Penn Traffic's assets to Tops.
By staff writers Bob Niedt and Mark Weiner
Syracuse, NY -- U.S. Bankruptcy Court Judge Peter J. Walsh has approved the sale of bankrupt The Penn Traffic Co. to Tops Markets, a spokeswoman for Tops said tonight. The approval came just minutes ago.
Walsh told Penn Traffic lawyers he would sign a modified sale agreement when they present it to him around 5 p.m. It is now signed.
Tops officials said the closing on the acquisition of Syracuse-based Penn Traffic will take place by the end of the week.
"We are very pleased that the court has approved our comprehensive bid,'' said Frank Curci, president and CEO of Tops. "We look forward to the upcoming closing and the opportunity to bring the Tops Friendly Markets shopping experience to our new neighbors and customers."
Tops victory will more than double the size of the resurging private grocer. It also marks the end of The Penn Traffic Co., a grocer whose roots go back to 1854, when it started selling groceries to stagecoaches.The Pennsylvania company, growing rapidly through leveraged buyouts, bought P&C Foods in the 1980s. It moved its corporate headquarters to Syracuse and kept different banner names on all of its supermarket divisions.
Today's hearing ended in victory for Tops, but at a higher cost for the Buffalo-based chain: Lawyers say the deal furiously modified in court today means Tops will likely pay more than the $85 million it offered for Syracuse-based Penn Traffic and its 79 supermarkets.
Foreman said outside of court that the Penn Traffic stores would become Tops stores effective with the closing on Friday. He said it will be business as usual as the stores convert to Tops. "It will all be transparent to the consumer," said Foreman.
Throughout the late afternoon, one signed order after another was filed in U.S. Bankruptcy Court records, showing a last-minute flurry of negotiations to get the Tops offer sealed and signed.
Those deals and compromises of claims include those signed off by the Teamsters, C&S Wholesale Grocers, creditors and others were signed by Walsh.
Walsh approved cash borrowing by Penn Traffic to complete transactions, and approval for going-out-of-business sales for the unnamed stores Tops says it doesn't want.
One by one during the hearing hours earlier, lawyers representing interest parties to the agreement went before Judge Peter J. Walsh in U.S. Bankruptcy Court in Wilmington, Del., to say they were on board with the new agreement.
Last-minute dealmaking delayed the start of today's bankruptcy court hearing that decided the future of the remains of Penn Traffic.
Foreman said some all involved in the new agreement expect an upward adjustment of the purchase price after an inventory of the Penn Traffic stores. Foreman said he also believes all of the objections to the final agreement have now been resolved.
\
Penn Traffic chat
» Chat transcript: Reporter Bob Niedt on today's Penn Traffic court hearingHe also told the judge the agreement calls for keeping the list of stores to be closed under seal.
Foreman said the deal-closing process would begin Thursday and be concluded by Friday.
Leaseholders will be notified next week about the future of the stores they have agreements with. A schedule also will be filed next week that sets out what reserve fund money will be set aside for particular landlords.
For now, the parties want to keep private which stores will be closed and the number of stores still on the bubble. David Nier, a lawyer for Tops, said it is assumed Tops will pick up the leases for profitable stores and may renegotiate leases for other stores.
At around 12:30 p.m., Foreman was detailing key aspects of the sale agreement. He said the centerpiece is the $85 million cash offer from Tops. In addition, C&S Wholesale Grocers has agreed to reduce claims of more than $25 million. All claims to the estate will be reduced by about $100 million, said Foreman. Under the proposal, said Foreman, all claims against Penn Traffic would be reduced from $300 million to $200 million. That includes a $25 million concession from C&S.
The Tops deal will include the transfer of $10 million cash on hand.
Foreman said the decision on which stores to close "is in a state of movement and will not be firmed-up until closing."
Foreman said there are antitrust issues that also must be reviewed by the Federal Trade Commission before anyone can determine how many stores to close.
Bill Sullivan, a lawyer for the Teamsters pension fund, objected to the list of stores being kept under seal. He said they don't need the list today but would like the information under a confidentiality agreement.
Walsh had no immediate ruling on his objection.
The Post-Standard has learned at least three Penn Traffic stores will close if Tops buys the assets. One of those stores is in Norwich, employees have been told.
As the hearing started, Foreman began by explaining the reason for the delay. "We have been getting comments on a revised sale order throughout the morning," said Foreman. He said the final paperwork is on the way. Foreman said they anticipate that items one and two on the agenda will be adjourned.
Those items include paying some expenses to C&S Wholesale Foods and hiring an outside firm as a business consultant on the sale. They don't directly involve the Tops offer.
During today's hearing, Penn Traffic's lawyer told Walsh said no qualified bids were received since the last hearing. The employee group never submitted anything in writing and notified him they would not attend the court hearing today.
A few Penn Traffic employees had organized a movement to buy Syracuse-based Penn Traffic using a financial advisement firm and an investor from India. The group informed the court in an informal letter that the process was under way. However, there was never a formal bid filed in bankruptcy court by that group. Bids were taken through Jan. 19 for the company's assets.
Penn Traffic filed for Chapter 11 bankruptcy protection from its creditors on Nov. 18. It was the third such filing for the grocer in 10 years. In this filing, Penn Traffic informed the court it wanted to sell all of its assets.
The 68 days that followed that filing were packed with tension and drama for the 5,700 employees of Penn Traffic, as well as its creditors, suppliers, customers and others.
Early court filings and bids showed signs of desperation. The company informed the court it wanted to be out of business completely by mid-February. Filings showed Penn Traffic was bleeding multi-million dollar losses at a frightening pace.
Liquidators stepped in, fronting for an unknown buyer, bidding a lowball $36.5 million company worth easily double that amount.
Schenectady-based Price Chopper came in later in December with a $54 million offer to buy 22 P&C stores, including 13 in the Syracuse area.
That would have left the remainder of Penn Traffic's stores to go to liquidators or other supermarket companies who might have bid on one or just a few of the stores.
Throughout the filing, Tops sources kept insisting a bid from Tops was imminent. It came at the 11th hour as Walsh was close to making a decision Jan. 8 whether Price Chopper would get its wish.
Early that day, hours before the court hearing, Tops filed its bid: $85 million, plus other financial incentives, for all of Penn Traffic. That bid became the lead offer.
However, Tops executives said, some stores -- a handful, the CEO says -- will close.
Employees at the P&C store in Norwich have been told that store is one of three that will close.
Keep up the good fight janniebgood. I want to see Black Pete in jail for a long time. I know with you after him It'll happen.
Thanks for the info. I can't find the source. Do you have a link?
Here's a good summary of the last year:
Hudsons Grill International Inc. Announces Auditor Change
01/21/2010
Hudsons Grill International Inc. announced that on January 21, 2010, its Board of Directors approved the termination of Whitley Penn, LLP as its independent registered public accounting firm. Concurrent with this action, its Board of Directors appointed Stan J.H. Lee, CPA, as its new independent certified public accounting firm.
Hudsons Grill International Inc. Auditor Raises 'Going Concern' Doubt
03/24/2009
Hudsons Grill International Inc. filed its 10-K on March 24, 2009 for the period ending December 31, 2008. In this report its auditor, Whitley Penn, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Hudsons Grill International Inc. Announces Management Changes
01/6/2009
Hudsons Grill International Inc. announced that Mr. Joseph Meuse resigned as the company's sole officer and director on December 22, 2008. Their resignations were not the result of any disagreement with the company on any matter relating to the company's operations, policies or practices. Mr. David Roff was appointed President, Treasurer and Secretary as well as to the company's Board of Directors effective as of December 22, 2008. David Roff is the co-president of a private consulting and investment firm. David specializes in consulting to small cap public companies.
I found this in the MERUELO MADDUX PROPERTIES, INC DEBTOR-IN-POSSESSION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2009
We have the exclusive right to file a Chapter 11 plan or plans prior to November 22, 2009 and the exclusive right to solicit and obtain acceptances thereof until January 21, 2010. Pursuant to Section 1121 of the Bankruptcy Code, the exclusivity periods may be expanded or reduced by the Bankruptcy Court, but in no event can the exclusivity periods to file and solicit acceptance of a plan or plans of reorganization be extended beyond 18 months and 20 months from the petition date, respectively.
This is the code:
11 U.S.C. §§ 1121. The disclosure statement is a document that must contain information concerning the assets, liabilities, and business affairs of the debtor sufficient to enable a creditor to make an informed judgment about the debtor's plan of reorganization
Can't be a coincidence that they're soliciting BK acceptances from creditors until 1-21-2010 and then the stock takes off today. I'd say this is good news.
Please Note:
Stephen Krill, Treasurer (Apr 23, 2009 9:28)
The website, telephone number and fax number listed for this company are for Dewey Electronics Corp. who IS NOT affiliated with this company. Please post a correction.
Found this at the bottom of the Pink Investing Website under DBTX.
North American Scientific's assets were bought out by Brachytherapy Services. There's nothing left here but a shell and maybe some debt.
My congradulations to all who have held on to this stock and seen it grow. May this next year prove to be just as bountiful. Happy New Year!
Anyone going to be nearby that can give us a report?
China Recycling Energy Corp. to Present at Roth Capital Partners' 'China Comes to Vegas' Conference November 19-21, 2008
XI'AN, China, Nov. 10 /Xinhua-PRNewswire-FirstCall/ -- China Recycling Energy Corp. (OTC:CREG) (BULLETIN BOARD: CREG) ("CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced that it will attend Roth Capital Partners' "China Comes to Vegas" investor conference, to be held on November 19-21, 2008, at the Wynn Hotel in Las Vegas.
The management is currently scheduled to present at 9:30 a.m. PST on November 21, 2008 in Palmer I, Track I of the Wynn Hotel. The management will be available for one-on-one meetings throughout the conference.
Dedicated to the U.S.-listed Chinese companies, the "China Comes to Vegas" conference will offer investors a look at opportunities in emerging markets that might offer growth despite economic downturns in more mature markets. The conference is an information-rich, time saving program featuring presentations from CEOs and CFOs of more than 70 companies with an average market cap of $160 million. One of the highlights of the conference is a keynote speech, on November 19, 2008, by global investing guru Jim Rogers, author of the best-selling book "A Bull in China: Investing Profitably in the World's Greatest Market."
About China Recycling Energy Corp.
China Recycling Energy Corp. (OTC:CREG) (BULLETIN BOARD: CREG) ("CREG" or "the Company") is based in Xi'an, China and provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China. Byproducts include heat, steam, pressure, and exhaust to generate large amounts of lower-cost electricity and reduce the need for outside electrical sources. The Chinese government has adopted policies to encourage the use of recycling technologies to optimize resource allocation and reduce pollution. Currently, recycled energy represents only an estimated 1% of total energy consumption and this renewable energy resource is viewed as a growth market due to intensified environmental concerns and rising energy costs as the Chinese economy continues to expand. The management and engineering teams have over 20 years of experience in industrial energy recovery in China.
For more information about CREG, please visit http://www.creg-cn.com/ .
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Recycling Energy Corp. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov/ . All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
In China: Mr. Zhigang Wu Investor Relations China Recycling Energy Corp.
Tel: +86-29-8765-1096 Email:
In the U.S.: Mr. Valentine Ding Investor Relations Grayling Global Tel: +1-646-284-9412 Email:
DATASOURCE: China Recycling Energy Corp.
CONTACT: In China: Mr. Zhigang Wu, Investor Relations of China Recycling
Energy Corp., +86-29-8765-1096, or ; Or In the U.S.: Mr.
Valentine Ding, Investor Relations of Grayling Global, +1-646-284-9412, or
Web site: http://www.creg-cn.com/
http://www.creg-cn.com/
Abbott has remained strong despite the economic turn down. A good sign of how good this stock is.
Good news Marine, things are starting to roll forward.
China Recycling Energy Corp. Retains Sarbanes-Oxley Section 404 Consultant
XI'AN, China, Sept. 2 /Xinhua-PRNewswire-FirstCall/ -- China Recycling Energy Corp. (OTC:CREG) (BULLETIN BOARD: CREG) ("CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced it has retained SEC AuditPrep Limited ("SEC AuditPrep") to provide consulting services related to the Company's Sarbanes-Oxley Section 404 ("SOX 404") compliance efforts, effective immediately.
"Working with professionals to comply with SOX 404 will help ensure CREG meet the appropriate standards for financial reporting," said Mr. Guangyu Wu, CEO of CREG. "SEC AuditPrep will provide us with independent internal control risk consulting. We are privileged to use their knowledge of finance and accounting and we are committed to establishing and maintaining an effective system of compliance with applicable SEC regulations and SOX 404 rules."
SEC AuditPrep is a Corporate Financial Services Company based both in Hong Kong and the United States. It provides clients with SOX 404 Compliance, Financial Reporting Process, SEC Regulatory Reporting and Financial Advisory Services. Its clients are mainly U.S.-listed Chinese companies.
Getting close to the 52 week high. Abbott keeps putting out positive news releases. Lots of info concerning help for HIV and Crones Disease.
From latest filing, CFO Rong resigns, CFO Xinyu Peng hired.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 29, 2008, China Recycling Energy Corporation (the “Company”) received the resignation of Mingda Rong, Chief Financial Officer, effective immediately.
Mr.
Rong also resigned as a member of the Company’s Board of Directors.
On August 4, 2008, the Board of Directors approved the appointment of Xinyu Peng, age 40, as Chief Financial Officer of the Company to replace Mr. Rong, effective August 4, 2008. Prior to joining the Company, Mr. Peng served as Vice President of Tavistock Group Asia from January 2008 to July 2008. From November 2006 to July 2008, Mr. Peng served as Chief Financial Officer and Director of MOD3 Cabinets & Home LLC. From July 2003 to July 2008, he served as Chief Financial Officer of Creative Hospitality Concepts LLC. In connection with his appointment as Chief Financial Officer, the Company entered into an employment agreement with Mr. Peng. The employment agreement provides that Mr. Peng will receive compensation in the amount of $11,666 per month. The term of the employment agreement is for two years.
A press release announcing Mr. Peng’s appointment as Chief Financial Officer is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
China Recycling Energy Corp. Appoints New Chief Financial Officer
XI'AN, China, Aug. 4 /Xinhua-PRNewswire-FirstCall/ -- China Recycling Energy Corp. (OTC:CREG) (BULLETIN BOARD: CREG) ("CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced the appointment of Mr. Xinyu Peng as Chief Financial Officer, effective immediately.
Mr. Peng joins CREG from the Asia offices of Tavistock Group, a global private equity firm founded by the British billionaire Joe Lewis. While at Tavistock Group (Asia), Mr. Peng was a vice president engaged in investment and financing in Greater China. In the past five years, Mr. Peng held CFO positions at Mod3 Cabinets & Home LLC in Tampa, Florida, a manufacturer of wood kitchen cabinets, and at Creative Hospitality Concepts LLC in Tampa, Florida. From 2002 to 2003, Mr. Peng was CFO and chief representative of Sino Agri-Tech Inc., under Asia Capital Group (U.S.). Prior to that, from 1990 until 2001, Mr. Peng was a manager in asset management at Bank of China in Henan province and then in Cayman Islands.
Mr. Peng holds an MBA from the University of Miami in Coral Gables, Florida, and a bachelor's degree in international finance from Fudan University in Shanghai.
"We are very pleased to welcome Mr. Peng to join our senior management team," said Mr. Guangyu Wu, Chief Executive Officer of CREG. "Mr. Peng brings over 18 years of investment, corporate finance and financial reporting experience. He has worked in the financial services, manufacturing and technology industries and has a proven track record of treasury and financial management functions. We look forward to drawing upon Mr. Peng's expertise in financial reporting and his extensive contacts in corporate finance."
About China Recycling Energy Corp.
China Recycling Energy Corp. (OTC:CREG.OB) (BULLETIN BOARD: CREG.OB) ("CREG" or "the Company") is based in Xi'an, China and provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China. Byproducts include heat, steam, pressure, and exhaust to generate large amounts of lower-cost electricity and reduce the need for outside electrical sources. The Chinese government has adopted policies to encourage the use of recycling technologies to optimize resource allocation and reduce pollution. Currently, recycled energy represents only an estimated 1% of total energy consumption and this renewable energy resource is viewed as a growth market due to intensified environmental concerns and rising energy costs as the Chinese economy continues to expand. The management and engineering teams have over 20 years of experience in industrial energy recovery in China.
For more information about CREG, please visit http://www.creg-cn.com/ .
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Recycling Energy Corp. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov/ . All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
In China: Mr. Zhigang Wu Investor Relations China Recycling Energy Corp.
Tel: +86-29-8765-1096 Email:
In the U.S.: Mr. Valentine Ding Investor Relations Grayling Global Tel: +1-646-284-9412 Email:
DATASOURCE: China Recycling Energy Corp.
CONTACT: In China: Mr. Zhigang Wu, Investor Relations at China Recycling
Energy Corp. at +86-29-8765-1096 or ; In the U.S.: Mr.
Valentine Ding, Investor Relations at Grayling Global at +1-646-284-9412 or
for China Recycling Energy Corp.
Web site: http://www.creg-cn.com/
Very nice. I have a good feeling about this company. They appear to be doing everything right, slow and steady, no fluff PR's just good business practices.
I like the company, stock volume is low though. They need someone to get the news out about their business especially with the Olympics just around the corner.
From the May 1st filing:
On March 24, 2008, China Shoe Holdings, Inc.’s (the “Company”) entered into an Equity Line Agreement (the (ELA”) and a Registration Rights Agreement (“RRA”) with Magellan Global Fund, L.P., a Delaware limited partnership with offices in San Diego, California (“Magellan”). The ELA provides that he Company will receive up to $2,000,000 from Magellan in connection with the issuance to Magellan of Common Stock. The Company is required to file a registration statement (the “Registration Statement”) relating to the sale common stock to be issued to Magellan in connection with the funding of the Company and for other shares as set forth herein. The ELA provides for the purchase of shares included in the Registration Statement to Magellan in tranches of up to $60,000 as requested by the Company no more often that once every two weeks during the two week period following the effective date of the Registration Statement. The shares to be purchased by Magellan will be priced at an 8% discount tot the market price for the Company’s common stock on the over the counter bulletin board (“OTCBB”) during the two week period preceding each purchase pursuant to a formula set forth in the ELA. The ELA provides that the purchases by Magellan there under shall be at a minimum price of $0.07 per share. At the time the ELA was executed, the market price for the Company’s common stock on the OTCBB was $0.10 per share. Magellan was issued 571,429 shares of the Company’s common stock upon execution of the ELA and will be issued additional shares of the Company’s common stock (having a market value of $40,000 based on the closing bid price on the effective date of the registration statement on such effective date.
The RRA also provides that the resale of the 571,429 shares and the $40,000 shares to be offered will be included in the Registration Statement. Since the ELA was entered into, the Company, in discussion with Magellan, has been able to eliminate the Placement Agent Agreement with GLB Trading Inc, a registered broker dealer (the “PAA”). Accordingly, the Company will not be required to pay any of the compensation required under the PAA, which is void, and of no further force and effect. As a result the Company is not issuing the 142,857 shares of the Company’s common stock contemplated under the PAA. The Company is required by the RRA to bear all of the costs of preparing the Registration Statement and affecting any necessary registrations under applicable state laws. The ELA provides that Magellan and its affiliates shall not engage in hedging or short selling activities during the period that the Company is seeking financing under the ELA and for 90 days thereafter. As a result of the elimination of the PAA, the ELA and RRA were amended to eliminate all references to the PAA.
There's very little publicity for this stock. Someone sells at market and the only buyer has a limit in for $1.05 it makes the stock look like it's tanking when it really hasn't even taken off yet. A good buying opportunity though.
Sounds great! I'd like the company to put out a PR on how they're progressing. They could be planning to release a lot of stuff all at once.
It's looking pretty good. $3.5 million write off, getting all the details out to the public, new accountants working with them to make certain everything is right, looks like they're getting ready for a big announcement and are making certain that nothing from the past can spoil it for them.
Real nice upswing today. Could be the start of something big.
More good news. 14.5 % total growth. Here's the highlights:
Abbott Reports Double-Digit Sales and Earnings Growth in First Quarter and Reaffirms Full-Year Growth Outlook
- Worldwide Sales Growth of 13.8 Percent -
- Worldwide Pharmaceutical Sales Increased 14.3 Percent -
- Worldwide Medical Products Sales Increased 13.7 Percent -
- Five New Product Approvals in the First Quarter -
There's a lot more details in the PR but it's too long to post here.