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Scrooge. Here are some paragraphs from the filing that will explain the administative expenses. It looks to me like that isn't the problem. From what I can see, they make alot more money on their medical sales than on their dental sales because they can get the medical supplies at cheaper prices which means larger profits. This Quarter their dental supplies sales was much greater than their medical supply sales so that means they had to pay higher prices to the suppliers. Last Quarter the medical supply sales were greater which meant less expenses.
Here is parts of the filing.
General and administrative expenses for the nine months ended June 30, 2003 increased by $173,328 or 14.7% over the nine months ended June 30, 2002. Total compensation including payroll taxes increased by approximately, $123,700 which included a bonus of $268,000 for one of the officers for attaining sales levels included in his employment agreement. Without this bonus, employment expenses would have decreased by approximately $144,200 which includes the reduction of two employees and voluntary salary reductions by the three officers of the Company. Other increases included consulting fees which increased by $77,582, as the Company was exploring the possibilities of an acquisition or merger. The consulting agreements have been cancelled and this nonrecurring item will be eliminated in the future. Professional and financing expenses decreased by approximately $21,900 as legal expenses in defending the litigation decreased by approximately $40,000 while the cost of the new financing agreement increased financing costs by approximately $20,000. All other general and administrative expenses decreased by approximately $6,000.
For fiscal 2003, the Company has reduced its budget for both selling and general and administrative expenses by approximately $255,000 eliminating unnecessary expenses and revising some of the operations. In addition the Company expects that consulting and other professional fees will be reduced by approximately $150,000 which it estimated were non-recurring items. The above reductions would provide the Company with income from operations based on the current sales volume.
Effective October 1, 2001, the Company has entered into a three-year employment agreement with its chief executive officer that provides for a minimum annual salary of $250,000 with incentives based on the Company's attainment of specified levels of sales and earnings as defined in the agreement. The employment agreement expires September 30, 2004 and shall be automatically renewed for successive periods of one year unless either party gives written notice to terminate the agreement
The gross margin for the three months ended June 30, 2003 was $735,402 or 4.23% compared to $549,177 or 6.53% for the three months ended June 30, 2002. The decrease in the gross profit margins are a result of increased revenue from wholesale products which have significantly lower profit margins than retail sales and the decrease in revenue from retail dental sales. Medical supply sales which have a higher gross profit margin than the wholesale products have increased but have not yet made up for the decrease in the dental sales. The Company expects that the increases in sales of medical supplies will make up for the loss in dental sales and increase the Company's overall gross profit margin.
Scrooge. RE: APOA
Revenues for the 3 months ending 6/30/03 were $17,367,339 which is an increase of $8,958,289 (over 106%) from the same quarter of 2002. Unfortunatly, their expenses also grew a great deal, so even with such great revenues they only netted $59K. So this is the 3rd consecutive quarter that the company is profitable which is rare for an OTC company, but they need to work on cutting some of the expenses. Their cash flow has gone from a positive $365K last year to a negative $425K this year, which isn't good. From what I can see, they are paying to much for the supplies and charging to little. The company is taking steps and has set goals for itself to make it closer to 50/50 wholesale/retail and once they can do that the gross margins will improve a great deal. This is an OTC company that has a low float, they are profitable, and they have great revenues (estimated at $70-80M annually based on the last 3 quarters), so IMO they are undervalued at .14 and should be trading at at least .30. With those kind of revenues, a very small increase in gross margin will add a substantial amount to the bottom line figures.
The filing also says that they recently terminated some consulting contracts in which they were paying cash and re-negotiated the terms so the consultants were paid in shares. This put over 5M shares in the hands of consultants which originally was to get cash and they are not restricted so they can dump the shares at any time, so that may explain some of the selling. I believe these shares were issued within the last month.
There is also a lawsuit going on right now and from what I can see it is pretty frivolous, but still a lawsuit none the less. Money is going towards paying the legal fees and any chances of mergers or buyouts are probably put on hold until the legal issues are dealt with. Everyone is hoping that the case will either just be thrown out or the courts will say the indemnity insurer is responsible if any payments that are to be made. But, if judgement would be decided against the company then it would be up to the court to decide the dollar amount. If the judgment is for a single violation the maximum dollar amount would be $1500.00, but if they find the company fully responsible for everything then the dollar amount could be much greater.
So, right now I think the gains in expenses, the consultants selling their shares, the looming lawsuit and the lack of PR's is what is making the price drop right now. Once the consultants get done selling and the lawsuit is out of the way and they can start merger talks again, then I think we will see this really take off.
I honestly think this company has huge potential and the low float, high revenues, and the fact that they are profitable makes it even more attractive. Right now they have some murky water they need to get through and then I think it will be clear sailing. They made the list of the top 100 companies in Long Island (number 62 on the list), so they are gaining respect for the work they do. This isn't your typical OTC company, they seem to have their priorities in order and strong goals set to become more profitable. Even the negatives here that are holding the price down right now ie: lawsuit, increased expenses etc. aren't the same BS problems that you find with so many OTC companies, like major dilution or outrages salaries and bonus's paid out with little or no revenue. The CEO is more focused on the company growing then just the shareprice, and that says alot to me. I think once the lawsuit is out of the way then we will be seeing more PR's regarding buyouts and mergers and then the PPS will start to go up. That is my opinion anyway.
Hope this helps.
APOA taking a hit right now. em
KFL news.
Lifestream Receives Another Key Patent from the United States Patent and Trademark Office
Lifestream continues to strengthen Intellectual Property Portfolio
POST FALLS, Idaho-August 20, 2003 -- Lifestream Technologies, Inc. (AMEX:KFL), a leading developer and marketer of consumer cholesterol monitors and professional screening instruments, has received a key patent from the Patent and Trademark Office, which further strengthens Lifestream's IP portfolio that may be key to current and future product developments.
"Lifestream was awarded U.S. Patent No. 6,602,469 on August 5, 2003," stated Jackson B. Connolly, Lifestream's Vice President of Product Development. "This patent covers Lifestream's hand-held cholesterol testing device, including the display of the tester's cardiac age based on the cholesterol test performed by the device and additional diagnostic information, such as lifestyle and family history information entered directly into the device. Also covered is the use of security codes to ensure that the device activates only for an authorized cholesterol test strip used prior to the test strip expiration date."
"The Company's goal is to secure our IP assets in order to maximize shareholder value," stated Christopher Maus, Lifestream's President and CEO. "Our creative technical team has played a key role in our success, and we will continue to protect our technologies going forward."
About Lifestream Technologies:
The Company developed and currently markets a line of cholesterol monitors to consumers and healthcare professionals that provide test results in three minutes.
The Company's product line aids the health conscious consumer in monitoring their risk of heart disease. By regularly testing cholesterol at home, individuals can monitor the benefits of their diet, exercise and/or drug therapy programs. Monitoring these benefits can support the physician and the individual's efforts to improve compliance. Lifestream's products also integrate a smart card reader further supporting compliance by storing test results on an individual's personal health card for future retrieval, trend analysis and assessment.
The Lifestream Cholesterol Monitor is an affordable, hand-held device, which provides users with accurate results in less than three minutes. The product line has been designed to accommodate The Data Concern(tm) smart card allowing multiple users the ability to store their personal results. Lifestream's products are now available in pharmacy and retail outlets nationwide. To find out which retailers carry Lifestream's products, go to "Store Locator" on www.knowitforlife.com. For Company information, visit www.lifestreamtech.com.
That pretty much says it all Scrooge. If it does stay it could hold. I think alot of people really don't want to or like to hold a Penny stock unless they know something is going to happen soon. So I would say some of those sellers sold yesterday and some will sell today. Also their old IR firm is suspected of selling the company has said because their shares were unrestricted. So it will be interesting to see if APOA can hold her ground today or not.
Scrooge, thats about what it boils down to. It is refreshing to see a company is more worried about running the company than what the stock price is. There isn't really new news besides their profit groth and they are working on Mergers or Aquisistions which is something everyone who has been following the company knows. So thats where it stands right now, I would imagine and hope to hear something from them in the future on all of this.
Re: APOA There doesn't look like there is going to be a PR for APOA. According to someone who said they spoke with the company. They told the person they don't feel the need for there to be a PR and would rather let the numbers speak for themselves. Scrooge? How did those charts know that..lol(;0)
I can't believe APOA didn't come out with a PR on those results from their 10-Q. There is alot of speculation as to why. Are they coming out with other news along with the PR that isn't good? There has been some selling but it isn't a ton of selling.. So we just have to sit and wait.
Very interesting PPHM news
DJ Peregrine Pharm To Raise Authorized Shrs To 200M Vs 175M
08/18/2003
Dow Jones News Services
(Copyright © 2003 Dow Jones & Company, Inc.)
(MORE) Dow Jones Newswires
08-18-03 1813ET
DJ Peregrine Pharma -2: Additional Shrs Needed To Raise Cap
WASHINGTON (Dow Jones)--Peregrine Pharmaceuticals Inc. (PPHM) is seeking shareholder approval to increase its authorized common stock to 200 million shares from 175 million, according to a preliminary proxy statement released by the Securities and Exchange Commission Monday.
The company said the additional shares will facilitate its efforts to raise additional capital to fund primarily its research and development and the expansion of unit Avid Bioservices Inc.'s contract manufacturing operations.
The company currently has about 163 million common shares outstanding or reserved for issuance under convertible debentures and option and warrant agreements, the proxy said.
Shareholders will vote on the proposal Oct. 14 in Irvine, Calif.
Tustin, Calif.-based Peregrine Pharmaceuticals is a research and development biotechnology company.
-Dan Lowrey; Dow Jones Newswires; 202-862-1345; dan.lowrey@dowjones.com
If they come out with a PR I should say they will break resistance..lol Sure it is just my opinion of course but I was hoping to see a PR today from APOA to let people know what they have done. I hope they don't come out with one after closing today. It would be nice to see tomorrow morning..lol
Scrooge. I agree, resistance has been sitting at.15 for a few weeks on this one. However I would be surprised if this didn't break resistance. We will have to wait and see what happens.
I imagine APOA should release a PR since they have done well this past Quarter. That should bring in the buying.
I bought that MBTT a couple of weeks ago roughly and it has slid down steady. I still believe it will go back up but I found out it was a lebed pump. I asked some of the people that use his site what price he was pumping it at and the one said $2.00 the stock is down to .50
I feel sorry for these people. These paid pumpers should be ashamed of themselves. He got paid to pump it. It wasn't one of his picks to go up. It was a paid pump. Thats part of the problem with this market. So many people get stuck in the middle of a pump.
One more thing with OMEX. This is all based on hype right now. They have not found anything but the ship. This is all based on the expectations of what is down there with the ship. Chances are it is something good but this is all based on hype. Can't wait to see what happens when they actually start reporting what they do find.
secure. I agree, there were alot of people that were holding alot cheaper prices and are doing some profit taking. They would be crazy not to. If I got in the stock at .60 and could have sold it for 5.00 this morning I would have been out before anyone could have blinked. Even at 2.00, If I got in and it opened at 5.00 I would have sold like it was a hot potato. So many times yu see the MM's uptick in the morning before it opens and then they suck it down right after the bell.
Now I am sitting here royaly kicking myself for talking myself out of buying OMEX at 2.00 I just can't believe I did that..lol
Odyssey Discovers Sidewheel Steamship
Business Wire - August 18, 2003 09:08
TAMPA, Fla.--(BUSINESS WIRE)--Aug. 18, 2003--Odyssey Marine Exploration, Inc. (OTCBB:OMEX), a leader in the field of deep ocean shipwreck exploration, believes that it has located the SS Republic, the target shipwreck of the project code-named "Bavaria" after one of the longest and most expansive shipwreck searches ever accomplished. During the last 12 years, over 1,500 total square miles have been covered in the search for this elusive target, with Odyssey searching over 1,000 square miles during the past two years alone. A total of 24 targets were inspected with a remotely operated vehicle (ROV), during 2002 and 2003 after an exhaustive search operation using advanced Edgetech Chirp side-scan sonar and integrated Seaspy Overhauser magnetometer technology.
The SS Republic was a sidewheel steamer that was lost in deep water in 1865 after battling a hurricane for two days. All the crew and passengers made it safely off the vessel, although a number of passengers eventually died on one of the rafts before they could be rescued. The ship, en route from New York to New Orleans, was reportedly carrying $400,000 in gold coins to New Orleans to help finance post-Civil War reconstruction efforts. Dr. Donald Kagin, considered one of the nation's foremost experts on American gold coins from that period, has estimated that the potential retail value of these coins in today's market could reach $150 million or more.
"With a cargo of at least 20,000 Twenty Dollar gold pieces, I would expect that the coins would fetch an average of between $6,000 and $9,000 each based on the sale of the coins from the shipwrecks of the Central America and Brother Jonathan, and the enhanced value from the amazing story of this particular ship," Kagin stated. "That value would depend on the ultimate quality of the specimens, but if their condition proves to be comparable to other shipwreck coins from the period, it would make this the most valuable documented cargo ever recovered from a shipwreck."
Unlike some of Odyssey's other projects, it will not be necessary to seek permits for the excavation of this shipwreck, which will be accomplished pursuant to the company's Admiralty arrest of the site. This is because the company believes that neither the ship nor the cargo are subject to any government or sovereign claims and she was lost beyond the territorial waters of the United States. Archaeological excavation of the site is planned to begin in September following the mobilization of the company's ship, the Odyssey Explorer and new ZEUS ROV system.
"At approximately 500 meters depth, this site is well within the range of our archaeological excavation technology, which is capable of operations to 2,500 meters," commented John Morris, Odyssey CEO. "Its proximity to the US, the location of our equipment and the comparative weather windows between the Mediterranean and Atlantic make the choice to do the SS Republic prior to our other major project, the Sussex, an easy one."
The SS Republic has been dubbed the "Forrest Gump of the Civil War Era," because of the interesting series of historical events in which it participated. Among the noteworthy events in its life:
-- She participated in the transport of Gold Rush passengers to
and from California via the Central American route;
-- Provided the first regularly scheduled steamship service to
South America;
-- Provided transportation for the "soldiers" of William Walker;
the man who captivated the public's imagination with his
exploits. After leading a ragtag army of "filibusters" to a
failed invasion of Mexico, he successfully conquered and made
himself President of Nicaragua with a colorful band of
sharpshooters and misfits known as the "immortals";
-- Pressed into service as a Blockade runner for the Confederacy
during the early days of the Civil War, carrying much needed
supplies from Cuba;
-- Captured by the Union Navy, armed heavily and then ironically
used to chase and capture Confederate Blockade Runners;
-- Used as a Flagship by the renowned Union Admiral David
Farragut in battles up and down the Mississippi. The ship was
also part of the Union fleet in the battle of Mobile Bay,
where Farragut exclaimed, "Damn the torpedoes, full speed
ahead!"
-- After the Civil War, the ship, now owned by private investors,
played an important role in the South's reconstruction, making
repeated trips to New Orleans with supplies and money to help
relieve the post-war misery. She was lost while carrying a
load of much needed gold and supplies.
"The story that this shipwreck tells will certainly be one of the most colorful nautical tales in history," said Greg Stemm, Odyssey co-founder. "The archaeological excavation we are planning will focus on bringing the story of this amazing ship back to life. I have never seen a site with such an amazing array of artifacts."
The preliminary video inspection of the site revealed the starboard paddlewheel partially buried in sediment, the ship's rudder sheathed in copper, and a large field of personal artifacts and bottles, including preserved bottles of fruit with corks still intact. Additional information about the SS Republic, including pictures and video clips of the shipwreck site, is available at http://www.shipwreck.net.
Odyssey is currently preparing the most advanced deep ocean archaeological system ever mobilized to begin excavation of the site. Operations are planned to begin in September utilizing the Odyssey Explorer, the company's new 251 foot Class II dynamically positioned (DP) ship and ZEUS, Odyssey's seven ton, 205 horsepower remotely operated vehicle (ROV). ZEUS is rated to 2,500 meters (8,200 ft.) and has two Schilling seven-function Conan Force-Feedback manipulators, which provide for exceptional dexterity and fine control of delicate archaeological procedures.
Odyssey Marine Exploration has several shipwreck projects in various stages of development throughout the world, including the Sussex and SS Republic projects. The company has signed an exclusive partnering agreement with the Government of the United Kingdom for the archaeological excavation of the British warship HMS Sussex. Operations on the Sussex are planned to begin following the excavation of the SS Republic.
Additional information about Odyssey, the SS Republic and HMS Sussex projects, ZEUS and the Odyssey Explorer is available at http://www.shipwreck.net.
The Company believes the information set forth in this Press Release may include "forward-looking statements." Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors," and "Business" in the Company's annual report on Form 10KSB for the year ended February 28, 2003, which has been filed with the Securities and Exchange Commission.
CONTACT: Odyssey Marine Exploration, Tampa
Laura Barton, 813-251-6269 or 813-244-7399
llb@shipwreck.net
New York Times article on OMEX huge find.
Far Beneath the Waves, Salvagers Find History Laden With Gold
By WILLIAM J. BROAD
It sailed from New York on Oct. 18, 1865, carrying 59 passengers and a cargo of hope bound for a once-confident New Orleans now recovering from Civil War traumas. The storm hit off Georgia. For two days, the steamship battled hurricane winds and giant waves. Then the engine failed and the paddle wheels went dead. The crew and passengers heaved cargo overboard to lighten the ship. But the pumps failed and seawater poured into the hold.
The Republic went down a week after it set sail. Most made it into lifeboats and a raft; 42 men, women and children survived. But the cargo of money, $400,000 in coins as described in newspapers of the day, went down with the ship.
Now, 138 years later, after a decade-long hunt in secrecy, a private company of sea explorers says it has found the wreck of the Republic in deep waters some 100 miles southeast of Savannah, Ga.
Ghostly video images from the seabed show a rudder, a paddle wheel buried in sediments, parts of a giant steam engine and hundreds of glass bottles and other artifacts.
The team's aim is to retrieve the money — perhaps 20,000 gold coins that experts say may now be worth up to $150 million. If so, they add, the recovery would be the richest salvage of a ship to date.
The team says it also wants to resurrect history by pulling up cultural artifacts and displaying them.
"If we wanted to, we could go out with grab buckets and get all the gold in three days," said Greg Stemm, a founder of Odyssey Marine Exploration of Tampa, Fla., which found the wreck. Instead, he said, the company is planning an archaeological recovery.
The ship's identity was confirmed in the past few weeks, the explorers say, and recovery operations are to begin in September. The site is beyond the State of Georgia and the federal government's authority over cultural artifacts. State authority reaches 3 nautical miles and the federal government 24 nautical miles from shore.
In its dozen years at sea, the Republic was reinvented several times as it changed hands. It was a commercial ferry to Central America, a blockade runner for the Confederacy, a warship for the Union and a link to New Orleans after the war.
Mr. Stemm said that this history was probably unique for a 19th-century steamship. Resurrecting as much of that as possible, he added, "will enhance the value of the collection" of coins the company hopes to bring to market. "It's enlightened self-interest that compels us to do good scientific work," he said.
Some scholars may doubt that, saying for-profit archaeology can fail to illuminate the past.
"Everybody says they're going to do the right thing, but often it doesn't work out that way," said John D. Broadwater, a marine archaeologist for the National Oceanic and Atmospheric Administration.
"Field work and recovery are the fun part," he said. "It's the years of analysis and conservation and preparation of a detailed report that usually trip people up. It's hard to get the commitments of time and funds to do all those things."
Discovery of the wreck, which lies about a third of a mile down in cold Atlantic waters, is part of a trend in which new technologies are opening up the sea's dark recesses. Almost anything lost at sea can now be found, given enough time, money and talent.
The Republic was built in the transitional age between sail and steam. Launched in Baltimore in 1853, it was 210 feet long and bore two masts, sails and a steam engine. The single piston, more than 6 feet wide, turned side wheels 28 feet across.
Historians say the steamship could carry up to 100 passengers and 5,000 barrels of cargo and began its career along the Atlantic seaboard in merchant trade.
In 1856, it hauled passengers to Nicaragua, according to "American Steamships on the Atlantic" (Associated University Presses, 1981). They included soldiers of fortune as well as would-be miners eager to join the California gold rush. The miners sought quick passage across the isthmus to waiting Pacific ships.
In 1861, the Confederates seized the ship as a blockade runner. When Union forces took New Orleans in 1862, they discovered it at the dock heavy with cotton. The North put in big guns. Vice Adm. David G. Farragut, using it as his flagship, sailed it up the Mississippi in his successful campaign to split the Confederacy in two.
After the war, back in New York, the ship was sold to a Northern steamship entrepreneur, who named it the Republic.
Advertisements for the fateful voyage ran repeatedly in The New York Times before it sailed. "For New-Orleans Direct," they read. Passage "with unsurpassed accommodations," cost $60.
After the hurricane struck, reports of the sinking trickled in.
Disaster at Sea," read the Times headline of Oct. 30, five days after the sinking. A follow-up article on Nov. 3 quoted the Republic's captain, Edward Young, as saying the cargo had included "$400,000 in specie," or coins. "Everything on board, except what the passengers stood in, went down with the ship."
Some 130 years later, in the early 1990's, Mr. Stemm of Odyssey and his business partner, John Morris, were approached by a researcher who said he had good information on where the Republic lay. That sparked an intense search in shallow coastal waters, to no avail.
After a long pause in the hunt, the team did its own research, calculating how far survivors might have drifted in the Gulf Stream and where the ship most probably went down. A decision was made to expand the search area, and a new, more powerful kind of sonar, Mr. Stemm recalled, aided the renewed hunt.
Then, early last month, off Georgia, the sonar produced a tantalizing image. The team returned a week later with a high-resolution sonar for a closer look. The target appeared to be a sunken steamer, its side wheels casting eerie shadows.
On Aug. 2, the team returned to the site with a tethered underwater robot bearing lights and a video camera. After two days of frustration, the robot was finally moving across the seabed when it passed a big copper-clad rudder. Then a side wheel appeared and, finally, a view of the whole deteriorating hulk .
"It matches all the things we were looking for," said Ernie Tapanes, the project manager. "All the dimensions are right — the engine configuration, the double boilers, the size of the paddle wheels. I have no doubt whatsoever that this is our ship."
In all, the search had covered more than 1,200 square miles of the Atlantic seabed.
To assert a claim, the team took a bottle recovered from the site to a federal courthouse in Tampa. Mr. Stemm said the court on Aug. 6 granted Odyssey exclusive salvage rights.
He added that Odyssey was talking to the company that insured the money shipment about how the profits from the recovery would be divided. The salvagers say they expect to retain most of it.
Donald H. Kagin, a coin expert in Tiburon, Calif., who is advising Odyssey, said the Republic's shipment might be worth $150 million to collectors if the mix includes many $20 gold pieces. "That would make it the greatest treasure ever recovered" from an old shipwreck, he said.
Mr. Stemm said recovery of the money might take from days to two months, depending on how the coins were packed. The archaeology, he added, would take another month or two.
After the Republic, Odyssey plans to move its recovery ship to the Mediterranean to reclaim what is thought to be the wreck of the warship H.M.S. Sussex, doing so in partnership with the British government. Experts estimate its cargo of coins might fetch as much as $4 billion.
The explorers say few scholarly teams have the financial resources to find and retrieve such deep wrecks. And they insist their work will meet or exceed academic standards. "Our actions will speak very loudly to critics who say the private sector can't do good archaeology," Mr. Stemm said.
Wise, glad all is well. It was a very slow day Friday. I am looking foreward to a better week.
secure. I am glad you enjoy the board as much as I do. It is nice to be on a board you can talk some off topic and nobody is bothered by it. So many boards are dry and only want to talk stock. I think we have a good bunch of people here on this board as I have said in the past. I like this board far more than alot of the other boards I read.
Chuck
You guys remember OMEX that I mentioned @ 2.00 and thought it may go down? Well it hit 3.00 the other day (Friday) Well here is the final kick in the tail to me for not buying it..lol They found a ton of gold they feel. Here is a article that was posted in the NY Times. and The AP Wires This stock should fly on Monday...
Shipwreck Discovery May Yield $180M
Aug 17, 8:52 AM (ET)
By MITCH STACY
TAMPA, Fla. (AP) - Explorers believe they have found the sunken remains of an 1860s steamer that could yield the richest cargo ever recovered from a shipwreck: thousands of gold coins worth as much as $180 million.
The S.S. Republic was carrying 59 passengers and 20,000 $20 gold coins from New York to New Orleans when it sank in a hurricane off Savannah, Ga., on Oct. 25, 1865, according to newspaper accounts and other historical records.
All the passengers boarded life boats and got off alive, but the coins - intended to help pay for reconstruction of the South after the Civil War - went to the bottom of the Atlantic Ocean with the Republic. An expert has estimated they would be worth $120 million to $180 million today.
After searching for 12 years, Greg Stemm and John Morris of Odyssey Marine Explorations Inc. said Saturday that they found the wreck last month in 1,700 feet of water about 100 miles southeast of Savannah.
Documentation and excavation of the site using remotely operated robotic equipment is set to begin next month. Stemm said the Tampa-based company recently bought a 250-foot ship and a special robotic "remotely operated vehicle" to carry out the project.
"It's almost like having a hand down there," Stemm said of the apparatus. "You can literally feel the pressure when you're picking things up and moving them around."
Because the wreck is so far out in international waters, the company doesn't need a permit to begin work at the site. It has, though, been granted federal "admiralty arrest" of the site to make it illegal for others to lay claim to it.
Odyssey crews combed 1,500 square miles of ocean using a robotic vehicle, sonar and magnetometer technology to before finding the wreck they believe is the Republic, a side-wheel steamer that had once served in the Union fleet.
"After all the years of searching for this particular shipwreck, finally finding it with just an incredible team of folks, it's just an indescribable feeling," Stemm said
Odyssey, a publicly traded company founded in the mid-1990s, has a number of shipwreck search projects in various stages. Stemm and Morris have performed only one other deep-water excavation, that of a Spanish wreck in the Dry Tortugas that yielded about $5 million in gold and thousands of artifacts.
The company made headlines recently when it entered a historic partnership with the British government to excavate the wreck of the HMS Sussex, which sank in 1694 off Gibraltar while leading a British fleet into the Mediterranean Sea for a war against France and its leader, Louis XIV.
Historians believe the 157-foot warship was carrying nine tons of gold coins aimed at buying the loyalty of the Duke of Savoy, a potential ally in southeastern France. The Sussex's cargo could be more valuable than the Republic's, but Odyssey will have to share it with England: The company will get 80 percent of the first $45 million and about 50 percent of the proceeds thereafter.
The company had planned to begin work on the Sussex next month but the Republic project will now take priority. The search crew of about 20 will expand to around 70 when the work begins.
"Its proximity to the U.S., the location of our equipment and the comparative weather windows between the Mediterranean and Atlantic make the choice to do the S.S. Republic project prior to the Sussex an easy one," Morris said.
Donald H. Kagin, author of "Private Gold Coins and Patterns of the United States," estimated that the $20 gold coins aboard the Republic would fetch between $6,000 and $9,000 each, based on the sale of coins from previous shipwrecks.
"That value would depend on the ultimate quality of the specimens, but if their condition proves to be comparable to other shipwreck coins from the period, it would make this the most valuable documented cargo ever recovered from a shipwreck," Kagin said in a company press release.
The richest haul previously came from the wreck of the S.S. Central America, which sank in a hurricane off the North Carolina coast in 1857 carrying a vast treasure of California gold.
That wreck surrendered about $100 million in gold in 1987, including the largest known ingot from the California Gold Rush, a 10-inch-long brick that sold for a reported $7 million.
The excavation of the Republic is expected to take a few months and cost the company anywhere from $1 million to $3 million.
---
On the Net:
Odyssey Marine Exploration Inc.: http://www.shipwreck.net
Well, I have watched this snail of a market long enough today. Doesn't seem to be much of anything going on anywhere. Everyone enjoy your weekend...Looks like we may have a busy Monday with everyone wanting to make up for lost time today.
Chuck
Hope wise is Ok. Not sure where he lives.
That would be WBRE. The area is behind the times. Alot of the younger people move out of the area(at their parents suggestion) to get good jobs. Only way to get a really good jobs in this area is to know someone who has a in.(political) Even some people who are the most experienced in their field wont get hired if a polititions nephew or niece or grandson or whatever needs a job.
APOA earnings were due out today and guess where they are out of..lol New York, Someone called the company and they said they have very little power right now and are not sure what they are going to do.
LOL Scrooge FWIW, I live right outside Wilkes-Barre and I was hoping the power would go off today so I could play hookey and Your right, I would never walk to work(;0) ha ha ha..lol
Scrooge. I was thinking that alot of people had to walk home yesterday and took them many hours to get home. I suspect that some of them didn't get home until after midnight. I can't picture them walking back to work and making it on time so I agree, Probably alot stayed home today. Mayor Bloomburg suggested many stay home today as well. It should be actually a quiet day. Even for a Friday. Got to feel bad for alot of those people that usually take the subway home. Not sure where you live but it was a very hot day on the east coast and since our summer has been filled with one rainstorm after another it has been a really cool summer with yesterday being one of the hottest days we have had here in many weeks. We live in North East Pa and it felt brutal here yesterday.
Looks to me like WEL got a early Christmas present..lol That was a boost they needed.
I hope something happens Wise. Today seems like a Friday, quiet with alot alot of stocks just meandeering around. Well, alot of the ones I am watching anyway..lol
Sold KFL at .17 em
secure. Hmm WEL. That stock has been very good to alot of people. I was hoping they would be in better shape right now but they do keep falling. The relentless selling that happens on that stock it just never gets a break. I finally sold my shares. They were all free shares I was holding but I hate to leave money tied up that doesn't show any growth. I don't mind holding something when it atleast shows alot of potential in the end or looks like near future. But with the company so hush-hush on exactly what their contracts are or that they have I figure enough was enough. WEL didn't really owe alot of people anything. Alot of us made a ton of money on playing that stock from the .30's on up.
goodfoot had that stock pegged it seemed. He read that stock perfect. When it looked like it was going to drop alot of people jumped on goodfoot for being a basher. It turned into a crazy board....He was just giving his opinion and he ended up being right. Even Dragon52 was accused of bashing it and he was just telling what he felt it was going to do. I got yelled at for talking to him..lol Wow, the memories of WEL..LOL
ltlflwr is one of the better posters on that board. There are a few good ones but as you know with Raging Bull, Well, Hmm, Lets put it this way. They just give anyone computers these days don't they..lol
Scrooge You know what, I never caught onto it but your right. KFL has done that for a s long as I have been watching it the past few months. We will have to wait and see if it gets any meat to it today. I anticipate some selling today since some people bought some at .13 and got a ton of shares. I am sure they will sell today, not all but I am sure some.I am glad yu caught that because I didn't..Thanks
Wish I knew what keeps pushing KFL up. I would have bought more if I thought it would really get this much buying. Took a chance on it at my wife's suggestion and we made out good. Just hit .20 on the ask and .18 on the bid just before the close of A/H
If it can break .20 it could move faster to mid .20's before the profit taking really hits. But if news comes out it could very well do better? Over 10 million on the volume today. Record Volume. Thats the 3rd time this summer they have hit record volume.
Scrooge.
I have to agree with you on both. The wording is strong and and the chart does look great. I am wondering if it could have sat at .30 longer if it wasn't for the seller we have had on there. But it looks ready for a rebound.
Scrooge I would like to believe this is part one of a Part 2 or more PR's. The company is very confident in how things are going when you talk to them. Now, I know this is the world of Pennies and there are lots of them that are confident. But I feel this is ready to make another run. I feel there is more to this PR yet to come. I am hoping so. Just my opinion I know nothing is definite but I am confident in it right now.
I am surprised with PALR. What is it going to take to really make that thing move. It has moved up over 100% recently but they should still be moving up.
News for USGA
TIAX Awards US Global Nanospace Exclusive License for TIAX Non-Toxic Decontaminant Foam
PR Newswire - August 13, 2003 11:50
Non-Toxic ALL-CLEAR (TM) (Pending) Foam Neutralizes Chemical and Biological Weapons
CARSON CITY, Nev., Aug. 13 /PRNewswire-FirstCall/ -- US Global Nanospace, Inc. (OTC Bulletin Board: USGA) today announced it was chosen to enter into an exclusive patent and license agreement for Chem/Bio Decontaminant Foam with TIAX, a leading collaborative product and technology development firm based in Cambridge, MA. US Global will market the foam under the trademarked brand name 'ALL-CLEAR', which US Global has applied for and is currently pending.
TIAX LLC (www.tiax.biz) is a leading collaborative product and technology development firm that accelerates innovation to create an impact in the market -- and in people's lives. They integrate business, industry, and hands-on technology expertise to transform ideas into products and problems into solutions. Formerly Arthur D. Little's Technology & Innovation business, TIAX builds on more than a century of breakthrough innovation and client success using collaborative R&D. TIAX was selected as a Technology Pioneer 2003 by the World Economic forum and is ISO 9001 certified with more than 50 research and development laboratories.
ALL-CLEAR Chem/Bio Decon Foam is one of the first environmentally friendly and non-toxic decontaminants that is highly effective in eliminating chemical and biological warfare agents, such as Sarin and Anthrax, within one hour of application. The foam neutralizes agents without the harmful and potentially deadly effects that most chlorine and formaldehyde-based decontamination agents have on sensitive apparatus like landing gear and brake assemblies.
"We feel that ALL CLEAR Chem/Bio Decon Foam represents an immediate revenue opportunity for US Global and is synergistic with our other products such as NanoFilters and our target client base," said John Robinson, Chairman and CEO of US Global Nanospace, Inc. "We will also expand the commercial market beyond terrorist response to include treating industrial and infectious waste, and the decontamination of aircraft and vehicles arriving from quarantine areas. Another ideal area for this product is for agricultural applications in treating livestock areas to destroy and prevent the spread of infectious diseases in animals."
TIAX developed the non-hazardous, environmentally friendly foam under the sponsorship of the Technical Support Working Group (TSWG) in 1999. The TSWG (www.TSWG.gov) is the U.S. Government's national forum to rapidly develop technologies and equipment to meet the high-priority needs of combating terrorism. The TSWG also addresses joint international operational requirements through cooperative R&D with major allies.
"We are pleased to be working with US Global to bring this crucial technology to the marketplace where it can play a significant role in protecting and saving the lives of first responders and the public at large," said Kenan Sahin, president of TIAX. "While it is unfortunate that counterterrorism technologies such as the foam are needed, it is imperative that such equipment is readily available to our government, law enforcement agencies and emergency response teams in order to efficiently and effectively eliminate biological and chemical threats."
As part of a broad spectrum, non-hazardous, environmentally friendly biological and chemical decontamination system, ALL-CLEAR Chem/Bio Decon foam can be used and has been proven against various biological threats including: Anthrax (Bacillus anthracis), Multiple Organ Toxicity (Botulinum Toxin), Bacteria (Escherichia coli amd Salmonella spp., Bacterial Virus (Bacillus cereus bacteriophage), Toxins (Staphylococcus aureus alpha toxin), Fungal spores (Aspergillus niger) and Protozoa/parasite (Giardia intestinalis).
Potential government ALL-CLEAR users are law enforcement agencies, fire departments, HAZMAT teams, EMS, bomb squads, public works and military bases, depots and shipyards. Commercial markets include Airports, Seaports, Public utilities, commercial HAZMAT, industrial complexes, refineries and power and chemical plants. Projections for domestic non-military use are expected to be in the range of 46 million gallons, with annual usage of 32 million gallons. Pricing for the foam is estimated to be between $25 and $45 per gallon, depending on volume and strength required.
Unlike other decontamination products that rely on chemical reactions to oxidize agents, this two-part product uses an enzyme to selectively destroy nerve agents and a biocide mixture to sanitize biological agents, including anthrax spores. This approach allows the active ingredients to penetrate deep into cracks and crevices to ensure that even the most hidden chemical and biological agents can be eradicated. Chem/Bio Decon Foam's active ingredients are not rapidly depleted by reaction with other materials, such as dirt and grease, resulting in a long-lasting product. The foam can be dispensed using commonly available fire-fighting equipment in addition to numerous readily available commercial applicators.
The annual report of the Defense Department's Chemical and Biological Defense Program provided to Congress in April and released to the public last month detailed the need for a more efficient, less destructive decontamination system such as ALL-CLEAR. ALL-CLEAR Chem/Bio Decon Foam addresses the Defense Department's need for a non-corrosive decontaminant that can be used on equipment to neutralize a wide range of agents, poses no unacceptable health hazards, and requires reduced manpower and logistics to implement. The Department of Homeland Security and Congress have also earmarked funds for the acquisition and application of products like ALL-CLEAR for all civilian and military first-responder units.
US Global Nanospace, Inc. (OTC Bulletin Board: USGA) is an applied nanotechnology company focused on developing products for a wide array of commercial and defense applications to enhance and possibly save lives worldwide. US Global's primary materials and products include G-Lam, NanoFilter, NanoFilterCX, S.A.G. Turrets, BlastX, G-Armor and RadomeX. US Global Nanospace, Inc. recently completed a name change from US Global Aerospace, Inc. US Global has retained its trading symbol, USGA. More information is available at http://www.usglobalaero.com.
Safe Harbor Statement: These statements are based on assumptions that the management of US Global Nanospace, Inc. believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of US Global Nanospace, Inc. and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and are subject to a wide range of business risks, external factors and uncertainties, the lack of acceptance of the company's products by its customers and prospects, the inability to secure necessary product sales and the inability to obtain necessary substantial capital to manufacture and market its product and otherwise implement its business plan. In each case, actual results may differ materially from such forward-looking statements. US Global Nanospace, Inc. does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or modified) will not be realized. Any opinions, findings and conclusions or recommendations expressed in this press release are those of the author(s) and do not necessarily reflect the views of the United States Government.
Contact:
For TIAX: Melissa Monahan (617) 443-9933 Ext. 352, mmonahan@rasky.com
For US Global: Rich Schineller, (973) 244-7811, USGA@3rd-mm.com
SOURCE US Global Nanospace, Inc.
/CONTACT: Melissa Monahan, +1-617-443-9933 Ext. 352, mmonahan@rasky.com,
for TIAX LLC; or Rich Schineller, +1-973-244-7811, USGA@3rd-mm.com, for US
Global Nanospace, Inc./
/Web site: http://www.usglobalaero.com
http://www.TSWG.gov /
(USGA)
PPHM had really good news today. Someday that stock is really going to go wild. They have been working on China for a few years now. This is a stock that a few months ago was trading at .45 so profit taking is going to be a problem for now but sooner or later it is all going to even out and really move. When that is going to be I don't know but it is one of my favorite long time holds. I have held that thing for years and have played it short term to.
I have been watching it wise. I can see why this was one of your favorite flippers.