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Freeze CRWTF. Trade SIMC for ASTSF
BBC, (blue_in_MI)...When this one starts heading up, it shouldn't take long to hit the double digits again. If all is well w/ the company, this is an easy 50% gain from here IMO. Institutions have shown lots of interest over the last year and may start adding to their positions soon, (at least I hope so, LOL).
The drop may also have to do with what the London market's doing.
Added in the low $9's.
Now if Bodisen can just release a nice juicy growth PR w/ projected earning's, we'll be fine.
We'll see what happens.
MVK...Approx 37M shares outstanding w/ institutional holding's @ 43M shares. How is this possible?? I looked at the 10Q again and I looked at the instiutional interest again.
MikwS97707 pointed out yesterday that MVK guided for approx $1.30 per share in their slowest quarter. A forward PE of 10 puts this one at $52 a share based on their slowest quarter!! It's currently trading at a trailing PE of 8.3! MVK looks like a steal here! What am I missing??
Here's the link to the Institutional holdings...
http://www.nasdaq.com/asp/holdings.asp?mode=&kind=&timeframe=&intraday=&charttype=&a...
How do you explain the huge gap between the shares outstanding and the Institutional holdings???
Does anyone here have an explanation?
It almost looks like there's a huge short position which would make me want to max out my margin, LOL.
MVK, Take a look at these numbers...??!!!...
From latest 10Q...Common stock outstanding, $0.01 par value – 36,946,943 shares as of May 5, 2006...
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000950137%2D06%2D005642%2Etxt&FilePath...
Institutional ownership...As of 3/31/06 - Total Shares Held 43,824,853....118.6%!!!
http://www.nasdaq.com/asp/Holdings.asp?mode=&kind=&symbol=MVK&symbol=MRV&symbol=&...
If these numbers are real, MVK could go sky high, LOL! There's a huge gap here. Shorting???
Don't remember ever seeing anything like this. There's got to be an explaination. Or is there? What am I missing???
MVK, (MikeS)...Excellent LT stock!! Not only does it look undervalued, but there's HUGE growth potential here. Just my opinion but take a look at this...
From bizjournals.com re: MVK's Q1...
"Canadian energy activity was the driver for about 37 percent of the firm's revenue in the first quarter, according to a statement by Maverick Chairman, President and CEO C. Robert Bunch. "We had especially strong performances by Maverick Tubular Products, our U.S. OCTG and line pipe business, as well as TuboCaribe, our Latin American OCTG business, and Precision Tube, our coiled tubing business," he said. "In addition, Prudential, our Canadian OCTG and line pipe business, had another outstanding quarter."
http://biz.yahoo.com/bizj/060426/1278460.html?.v=1
NOW READ THIS...
Oil Sands' Natural Gas Demand Expected to Triple
CANADA: June 2, 2006
CALGARY, Alberta - A massive rise in crude production from Canada's oil sands region over the next decade will nearly triple the area's call on strained natural gas supplies, Canada's national energy regulator said Thursday.
Production from the oil sands of northern Alberta is expected to rise to more than 3 million barrels a day by 2015, according to a study by the National Energy Board, triple last year's output.
However that increase will demand massive amounts of new natural gas for the oil sands projects that are increasingly prevalent around Fort McMurray, Alberta, even as Canadian supplies wane.
Natural gas is a key power source for oil sands projects. It is used as fuel to heat the steam used to liquefy the tar-like bitumen for thermal, well-based projects. It's also a source of heat and hydrogen in mining and upgrading projects, which turn bitumen into synthetic crude.
According to the NEB's 2006 oil sands Energy Market Assessment, the amount of gas used in oil sands production will rise to 2.1 billion cubic feet a day in 2015 from about 700 million cubic feet last year.
If the board's forecast, which hinges on nearly C$100 billion (US$90.2 billion) worth of new projects being constructed by 2015, the area will use 13.2 percent of Canada's current daily gas output of about 17 billion cubic feet a day at the end of 2004.
Canadian gas production peaked at 17.4 billion cubic feet a day in 2001 and 2002, according to figures from the Canadian Association of Petroleum Producers, and large new discoveries of natural gas have become rare.
However while gas production is waning, new supplies are expected to reach the oil sands region from the planned Mackenzie Valley natural gas pipeline, which will bring the fuel down from Canada's Arctic, as well as from imports of liquefied natural gas and perhaps gas from Alaska.
"We don't see any issues on gas availability," said Bill Wall, oil technical specialist for the NEB.
In its study the board also said it expects oil sands projects to be economic as long as benchmark oil prices remain above US$35 a barrel, half their current level.
Canada's oil sands have an estimated 174 billion barrels of recoverable oil, a resource second only in size to Saudi Arabia
REUTERS NEWS SERVICE
http://www.planetark.com/dailynewsstory.cfm/newsid/36632/story.htm
WNR...Thanks Bobwins. It looks like there won't be any more maintenance this year. That took place last quarter so I'm hoping this quarter shows good consecutive gains. I'm going to hold and see what happens. BTW, all my oil related stocks inched up yesterday.
UUU...Dipped into the $19's yesterday before ending up $0.50 on the day. Last year they released earnings on June 29. Since then, they have had 3 consecutive quarters of gains. The big question is, will Q4 (ended 3/31/06) be their 4th?...
http://finance.yahoo.com/q/is?s=UUU
They only need a $243k increase in net income to be at a $1 eps for the quarter. They've shown more of a dollar increase than that in the last two quarters.
Then you have the release of Q1 approx 90 days after that.
I have no idea what's going to happen with this one over the next month, but with only 1M shares in the float, I'm going to spin the wheel and cautiously add on dips.
We'll see what happens.
(When UUU released Q3 numbers in Feb, they were trading approx $5 higher a week later. There was some talk on the board back then about the company and that's what brought my attention to the stock.)
WNR...Bobwins, what's your gut feeling on WNR? Are you still invested in this one?? I added to my position recently. I really think this has LT potential, but you know a lot more on these refiners than I do.
"U.S. refiners ran their plants at 91.4 percent of capacity, an increase of 1.7 percent from the week before"...
http://www.cbsnews.com/stories/2006/06/01/ap/business/mainD8HVHVM00.shtml
BBC, abh3vt...Yes that's what I meant...there are no recent Form 144's filed. If you take in account the next 2 quarters, I'd say BBC is trading at a forward PE of less than 10 today.
BBC, (abh3vt)...Based on the info in the presentation, insiders own approx 40% of the approx 18M shares outstanding. As of 3/31/06 institutions own approx 15.5%, which has been going up every quarter.
There have been no 144's filed or no insider sales that I can find.
The increase in selling presure seems to have picked up after the financials were posted on Yahoo. If you add the one time charge of $750,000 related to issuance of warrants to the bottom line, they would have shown $3,433,000 in net income, BBC's best quarter ever. Anyone following Bodisen know's that the next to quarters should show a big increase from there. And then of course there will be the opening of their two new facilities towards the end of the year, beginning of 2007.
BBC...Mid $10's?! If Bodisen's all it's cracked up to be, this is a steal for a LT (1yr+) investment. By mid 2007, BBC could be trading in the $20's based on their growth projections, if all goes well.
We'll see what happens!
bbotcs...
Thanks bbotcs. I'll take a look.
(I like UUU going into earnings because of their consecutive growth and low PE. Looks like the China JV has done very well for them.)
Base Metals..."The outlook for base metals appears positive, with copper and zinc in particular continuing their long cycle upwards" Barclays said...
(Added to EZM & HBM.to)
http://www.bloomberg.com/apps/news?pid=10000086&sid=auOWOrzHcPMw&refer=latin_america
CAMT, (SSKILLZ1)...Good growth potential w/ low forward PE. I've got a position in CAMT also.
UUU...Few weeks away from earnings. If Q4 is anything like Q3, this low floater could see a good pop. (The last 2 quarters UUU posted record earnings. Q3 = $.80 eps fully diluted).
Currently trading at $20.30 on very low volume.
We'll see what happens.
Strong China OIL consumption...Demand rose 10.8 pct in April, the highest rise since 2004.
http://www.forbes.com/home/feeds/afx/2006/05/30/afx2781014.html
Copper ripe for 50% rise...
May 30, 2006
COPPER prices in London may increase by as much as 50 per cent in the next year as global demand from hedge funds and cablemakers outstrips supply, according to Sucden UK, which trades on the London Metal Exchange.
Prices of the metal have surged 87 per cent this year, and reached a record $8800 a tonne on May 11, as hedge and pension funds poured money into commodities in pursuit of higher returns than those offered by stocks and bonds. Global supply might not rise quickly enough to meet demand, Jeremy Goldwyn, global head of industrial commodities at Sucden, said in Shanghai yesterday.
"Many pension and mutual funds see commodities as a natural home for three to five per cent of their money," Mr Goldwyn told a futures conference. "They have a massive influence on the price and use commodities as a hedge for their traditional investments" such as stocks and bonds. Sucden is one of 11 companies that trade on the floor of the LME, the world's biggest metals bourse.
Economic growth in the US and Europe meant the high copper price had not eroded demand, he said.
Mr Goldwyn said "we don't feel there's a great deal of demand destruction" from the high prices.
"We certainly would not be surprised to see copper at $9000, $10,000 or $12,000 in the next six, nine or 12 months."
http://www.theaustralian.news.com.au/story/0,20867,19301475-643,00.html
WNR...Going to show sharp sequential increases in their next quarterly report, due to the one time charges last quarter.(IMO)
Their L/T debt is paid and because of the scheduled major maintenance last quarter, they're producing more bopd this quarter.
There's also been some recent insider buying.
Good LT growth potential IMO...
"On May 1, 2006, we acquired from Chevron U.S.A., Inc., its Southwestern United States asphalt assets which included an asphalt plant and terminal in El Paso and terminals in Phoenix, Tucson and Albuquerque. This acquisition strongly supports our current project to increase our sour crude processing capacity to more than 50% by the end of 2007 by enabling us to market and distribute the additional barrels of residuum that will be produced."
http://biz.yahoo.com/bw/060509/20060509006288.html?.v=1
Added last week in the $17's. We'll see what happens.
The_Free_Nebula...You're right, it's not a verification of anything. I've been following LFWK for a few weeks and have been waiting and watching this company daily. I came across that post last week, but have no way of confirming if it's true.
patiencepays0, Re Dennis Ammerman...Looks like he's no longer with the company, according to this post...
http://ragingbull.lycos.com/mboard/boards.cgi?board=LFWK&read=22481
Someone may want to call the company to see if the info is correct.
BBC, Institutional Interest...
Q/E 3/31/06...
New Positions: 14 for 693,082 shares.
Increased Positions: 23 for 1,699,553 shares.
Decreased Positions: 7 for 508,131 shares.
Sold Out Positions: 3 for 393,195 shares.
Bottom line...1,491,309 shares were added to Institutional holdings, which is now at 16%!
OIS...Low PE for an oil servicing company. Last Q they earned $1.04 a share while currently trading in the mid $33's, so this might be a good one for the watch list. Next quarters eps should see a small drop to $0.65 - $0.70 due to Canadian spring weather, but OIS can easily earn close to $4 a share this year with the way they've been growing. They look to be fully taxed and currently at a forward PE of approx 8.5.
http://finance.yahoo.com/q/is?s=OIS
LFWK...If anyone here is invested in LFWK, you might want to know that the old Nannaco team looks to be involved based on this post....
http://www.investorshub.com/boards/read_msg.asp?message_id=11258298
Also, looks like Dennis Ammerman is no longer w/ the company based on this post...
http://ragingbull.lycos.com/mboard/boards.cgi?board=LFWK&read=22481
I have no idea what's real here, just something to think about. This one's very risky.
BBC...Here's Bodisen's real kicker...The two new facilities Bodisen's building, each has the capacity and revenue potential similar to their existing facility!! (That's taken straight from the investor presentation under "strong share liquidity"! See link below, page 25.)
These facilities should be completed early next year!
If all's good and well with Bodisen, the numbers next year and '08 will be STAGGERING!!
More highlights from the Investor presentation...
- $26M in cash (NO long term debt), up from $2.1M a year prior.
- Net assets = $57.1M, up from 13.4M at the beginning of '05.
- 17.4M fully diluted shares outstanding. (Should be no upcoming dilution)
- Over 60 organic ag products certified by the Chinese government.
- More than 500 nationwide wholesale distributers.
- Institutional ownership now at 14%.
- Ranked 16th fastest growing company in China by Forbes China, Jan '06.
- Two years income tax exemption through end of 2007 granted by the government, renewable thereafter.
- Completion of a new 100.000 square ft manufactuing facility this fall, will make Bodisen one of the largest manufacturers of Mancozeb in China. Mancozeb is an essential ingredient used in plant fungicide production for pesticides. It is highly profitable.
- Bodisen products generate up to 15%-35% higher crop yields compared to chemical fertilizers.
- Government supports organic fertilizers.
- Crops grown w/ Bodisen products can be labled organic, which demands up to 50%-150% higher price points.
- 32% operating margin for Q1 '06.
- 124% YOY revenue growth and 236% YOY net profit growth in Q1!
http://www.bodisen.com/html/Investors.asp
ILNP, (sleestak76)...You may have a good long termer here.
(I think they already accounted for the RS in the 10Q).
On a post spilt basis, ILNP will earn approx $1 per share for fiscal year '07 which starts 7/06. They're currently trading at $5 post split, which puts them at a forward PE of 5.
Looks like they'll be listing on a major exchange later this year. The loss this quarter was due to one-time and short term expenses associated with the consolidation of operations following the acquisition of Pitt Penn Oil Co.
Interesting.
TBYH inching up after attending last weeks International Mobile Phone Industry Exhibition...
http://english.eglobalpurchase.com/events/invition.asp
BBC...Investor presentation is now available on Bodisen's investor web page, top right hand corner...
http://www.bodisen.com/html/Investors.asp
NCNC, (itybdy) Re: Projections...
I asked this a while back and maybe you can ask management if you get a chance tomorrow ...Do the eps projections include the private placement shares that will be used for the acquisition of Quilite?
Based on the share count as of Nov 9, 2005 (10.1M shares outstanding), NCNC would have to come in w/ approx a 25% net profit margin to hit the projections (That's before today's #'s and it's w/o PP shares). If you include PP shares, which you should if the eps projections include Quilite, then the net profit margin would have to be quite a bit higher than 25%. Maybe I'm not figuring this right. I'm currently out of NCNC, but have been watching from the sidelines. Hopefully management can explain how they plan to reach those numbers. Maybe there'll be a PR in the morning.
BBC...Pictures from the May 18 Institutional investor pow-wow are now available on Bodisen's web page...
http://www.bodisen.com/default.asp
http://www.bodisen.com/html/gallery/gallery_warehouse.asp
The guy standing next to President Bo Chen looks like he could be Marc Ross from Sichenzia Ross Friedman Ference LLP...
http://www.bodisen.com/images/images_16.jpg
http://www.srffllp.com/attorneys_members_mr.asp
A copy of the company's updated investor presentation should be available on Bodisen's web site later today.
Couldn't resist the $10's. I'm back in. Earned $0.20 a share for their slowest quarter, Q1 (excluding 1 time charge). Two of their biggest quarters are coming up and Bodisen's two new production facilities should be coming on line and fully operational early next year.
If BBC shows the same % gains in Q2 & Q3, as they did in Q1, their 9 month eps will be over $1!! (So you gotta wonder what 2007's eps will look like w/ two new facilities opening.)
No dilution..."Dedicated to meeting our 2007 growth targets and executing our current growth plan without diluting our shares"
More pics...
Forbes awards...
http://www.bodisen.com/html/gallery/gallery_awards.asp
"In January 2006, Forbes Magazine ranked Bodisen the 16th fastest growing company in China."
FTK, (n_c3)...My gut tells me the acquisition will happen. Remember, the financing is in place, so an announcement could come at anytime. Flotek could do close to $200M in sales next year if they end up w/ Jerry's projected $145M (pro forma based on acquisition) this year.
Here's a repost of my comments on the acquisition after Jerry brought it up at the EnerCom conference in Feb...
Re: The "Very, Very Large" acquisition...Looking at paying $150M for a company, half in stock, half in financed debt. The issuance of stock would probably take their diluted share count up to approx to 12M diluted shares outstanding, which is still very, very low. The financed debt will be approx $75M. The clincher here is that the funding has already been arranged and Jerry (CEO) said if things continue the way they are, the cash flow, based on new projections, will be able to pay off that debt in about 2 YEARS!!!! Wow! So just how large is this company and how much in profits will it bring Flotek?
Everthing Flotek looks at and everything they do is w/ 15% net (after taxes) in mind.
They are also expanding their chemical plant to where it can do $100M a year. That's $15M to the bottom line right there!
SIMC...Simclar has shown good consecutive gains Q over Q. I think I read somewhere in the 10q that organic growth equals out to something like 30%. (not sure). Looks like they are fully taxed, so that's another plus. Also like the fact that they are growing w/ no dilution to their share count. (As of 3/31/06 there was only 6,465,345 shares outstanding!)
Wadegarret, I also have a grip load of stock in the company, but I already owe Uncle Sam a chunk and need to try to hold some of my gainers into next year.
Next quarter's numbers should show huge gains while over doubling the eps Q over Q! Since one has to look into the 10Q under "note 13" to find this out, this is truly what I call a sleeper stock.
We'll see what happens.
SIMC...I don't know about anyone else, but I'm going to try very hard to hold ALL my SIMC shares until Q2 numbers are released.
Swick984, more and more investors must be catching on to "Note 13"! Thanks again!
Plenty of time between now and Q2 results to add more.
Thanks Bobwins, hweb, and lentinman for the board!!!
IT PAYS TO BE A VMCer!!
SIMC,(Swick984)...What a great growth stock!! Looks like this one could easily be trading over $10 by the time next quarter numbers are released. Thanks for pointing that out Swick984, and thanks to whoever brought it to the board!
Bought yesterday and added more today. Only 6.5M shares outstanding w/ a very low float, so I'm grabbing shares while the price is still in the $6's and hoping for a drop back to the $5's, where I would probably double my position!
Thanks again!
FTK...Flotek estimates revenue will hit $145M this year...They did $16M in Q1. A $1B company by 2010? There's got to be a huge acquisition in the works, w/ more on the way! Based on Jerry's earlier comments, there won't be much dilution. That article really builds my confidence back up...
- "We do not see any limit to growth in our chemical business"
(Their product is patented)
- No worries at all about oil prices dropping..."Flotek is on its way to bigger and better things, regardless of what happens in the larger market."
- Goal of being a $1B world wide company by 2010!!! That's only 4 years away and I'm wondering what the return on my $$ will be if Flotek accomplishes this?!!
I'll add to my position on approx every $1 drop from here on out, until the large acquistion is announced. I have a feeling FTK will bring me better L/T returns than any mutual fund out there.
Thanks for the post n_c3. I feel better now! LOL
CAMT...Great gains researcher59, and it looks like they will have min 10% sequential gains again next quarter. Thanks.
HRBN, Q1 = Record sales, eps, cash & debt free!...Harbin Electric Announces Earnings for the First Quarter of Fiscal Year 2006
Monday May 15, 4:15 am ET
HARBIN, China, May 15 /Xinhua-PRNewswire-FirstCall/ -- Harbin Electric, Inc. (OTC Bulletin Board: HRBN - News) a U.S. company, with operations based in Harbin, China, today announced financial results for the first quarter ended March 31, 2006. Sales for the quarter were $8.88 million, an increase of 115% over the first quarter of last year. Sales of linear motor and special motor products drove the growth the period. Industrial electric linear motors and special motors continued to comprise significantly all of our total product sales in both comparable periods.
Reported net income was $3.79 million with fully diluted earnings per share of $0.23 compared to $1.69 million and $0.11 respectively for the three months ended March 31, 2005, an increase of 124.2%. The increase is primarily attributed to the continued increase in sales levels and the contribution from the sale of our marketable securities. The Company sold its marketable securities in the three month period ended March 31, 2006 at a realized gain of $0.571 million. We have no additional securities held and do not anticipate future contributions from similar activities.
Gross margins were 48.1% for the first quarter of 2006 compared to 49.7% the first quarter of last year. Our operating margins were 42.7% during the first quarter of 2006 compared to 41.0% in the comparable period last year. The Company incurred total operating expenses of $1.11 million, or 12.6% of sales, as compared to $0.358 million, or 8.7% of sales, for the prior period. Included in this, for the period ending March 31, 2006, was stock-based compensation expense measured in accordance with SFAS No. 123-R which totalled approximately $0.313 million or $ 0.02 per basic and diluted share in the first quarter of 2006. No similar stock-based compensation expense was included in 2005 because a separate breakdown of such expense was not required. Had it been so required, stock-based compensation expense would have been approximately $0.097 million for the three months ended March 31, 2005.
The Company ended the quarter with $9.04 million in cash, as compared with $5.74 million for the corresponding period in 2005. The increased cash position was mainly due to higher net income and increases in collections of accounts receivable, as well as, the contribution from the sale of our marketable securities during the quarter. The Company has no long-term debt. These results can be seen in greater detail in the Company's SEC Form 10-QSB filed with the Securities and Exchange Commission ( http://www.sec.gov ) on May 15, 2006.
We ended the quarter with a strong balance sheet. Shareholders equity increased for the 5th consecutive quarter to a record high of $28.9 million. This rise is largely due to increased retained earnings from our net profits. The Company ended the quarter with working capital of $20.3 million and remains debt free. Receivables Collections improved and remain in line with expectations. Accounts receivable Days Sales Outstanding (DSO) was 81 days. This is below our target range of 90-100 days.
"The first quarter was a strong start to 2006 for Harbin Electric", stated TianFu Yang, Chairman and CEO of Harbin Electric Inc. "We are very happy with our financial performance as the company reports high levels of continued growth while maintaining our existing levels of profitability. Growth was primarily driven by sales of electric motors in domestic China and we continue to experience contributions from new international relationships. Our current sales initiatives are continuing to attract profitable long-term customers, both in China and internationally. We look forward to updating you as we make further progress.'
GRC...No debt, record backlog, 48% Institutional ownership, consecutive gains Q over Q, pays a dividend and only has 10.6M shares outstanding w/ NO dilution!!
Q1 net earnings = $0.42 per share!
Price slipped to $25 last week after a strong earnings report so I made my entry and will use the old average down method if it drops from here.
This was taken from the yahoo board...
GRC
by: oarod1 05/12/06 10:50 am
The following is a synopsis of my phone interview with a GRC representative:
ITT and Pentair are main competitors. Pentair competes with fire protection pumps.
No direct competition for GRC across all markets. Very niche oriented markets (pump companies). GRC most involved in water and wastewater (60% of their market). Growing across all sectors. 1000 distributors to sell products so GRC has a diversified customer base.
Margins are increasing through better utilization of plant resources, which are fixed costs. Foreign competition does squeeze margins on smaller pumps. Otherwise, margins are stable.
International is greatest opportunity for growth in second and third world countries. GRC has positioned itself to have a global presence. 26% of business was international in 05 from 19% in 04. Peers are around 35% international so there is more room for growth.
Continued business from large municipalities in New Orleans in terms of how to deal with flooding issues with long-term benefits for GRC. GRC has pumps available and ready to ship within an hour to emergency areas. There is a movement to having all municipalities look at their strategies to deal with hurricanes and flooding.
Most of record backlog should ship in 06. Meeting delivery schedules. Not looking to ramp up production capacity, however.
Nothing concrete about how to make company look better to investors.
FTK, (bbotcs & niles_crane)...What are your thoughts on FTK's earnings? I was expecting more based on Jerry's comments in their last cc, so I'm a little disappointed. Don't know if yesterdays drop was due to FTK's earnings or to the market in general. Haven't listened to the cc but probably will over the next couple of days.
(I moved some FTK $$$ into GRC for L/T).
LFWK...LoftWerks/Sulja Bros.: Render Filings to Complete Merger
Thursday May 11, 1:52 pm ET
WINDSOR, ON--(MARKET WIRE)--May 11, 2006 -- LoftWerks, Inc. (Other OTC:LFWK.PK - News) today announced that Sulja Brothers Building Materials, Ltd. has posted the necessary filings to finalize the merger agreement it has in place with the Loftwerks, Inc. (LFWK) public, and that the entire process should be completed in only a few days.
Counsel, the Gottbetter Firm in NYC, has submitted the required SEC documentation, namely the form 15C(211). A Sulja spokesperson stated that the transition to a public market should not occur later than 5-7 days from now. "Our merger into the LFWK public vehicle allows us the opportunity to advance our presence into broader exchanges," said Steven Sulja, CEO of Sulja Bros. "Our ultimate goal is just that...to put The Company in front of a larger audience and prove our ability as a producer of long-term shareholder value."
All financial reports and filings will be available for public viewing on The Company's web site at www.sulja.com.
NNLX...NanoLogix Announces the Successful Conversion of Welch's Waste Stream into Usable Hydrogen
Wednesday May 10, 9:10 am ET
SHARON, Pa., May 10 /PRNewswire-FirstCall/ -- NanoLogix, Inc. (Pink Sheets: NNLX - News) announced today that hydrogen has been generated at its first commercial scaled-up hydrogen bioreactor facility at a Welch Food's plant in North East, Pennsylvania. The company previously announced the construction of the facility and its intent to begin hydrogen generation from Welch's waste organic matter.
The dependence upon fossil fuels is drawing to a close with the achievement of alternative fuel from waste streams from manufacturing facilities worldwide.
The technology behind the hydrogen bioreactor, developed and proprietary to NanoLogix, is intended to enable manufacturing facilities to convert their waste stream into hydrogen. The alternative energy source then can be converted, on-site, to electricity, thus contributing immediately to the manufacturing facilities bottom line.
David F. Rivers, a director of NanoLogix, CEO of Patriot Lift Company (http://www.patriotlift.com) and who spent more than 30 years with Pfizer's Schick & Wilkinson Sword business unit and General Motors' Fisher Body Division in Senior Research, Development and Engineering operations, commented that, "The generation of hydrogen demonstrates NanoLogix's capability to convert its prolific intellectual property portfolio into needed technologies."
David C. McClelland, President of NanoLogix, commented, "The success NanoLogix has had in converting the waste stream at Welch's into hydrogen is indicative of the extremely exciting possibilities for continuous generation of hydrogen in the future."
Professor Rick Diz of Gannon University, the lead scientist in the project and consultant to NanoLogix stated, "I am pleased to confirm the bioreactor at Welch's is producing hydrogen. Gas chromatography confirmed hydrogen and no methane."