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F - Ford Slashes 10,000 More Jobs, 2 Plants
Friday September 15, 8:36 am ET
By Tom Krisher, Associated Press Writer
Ford Cuts 10,000 More Jobs, Shuts Down 2 Plants; Hopes to Save $5 Billion in Operating Costs
DETROIT (AP) -- Ford Motor Co. said Friday that it plans to cut 10,000 more salaried jobs, offer buyouts to all of its U.S. hourly workers and shut down two more plants as it expands its restructuring plan designed to rein in expenses and restore the struggling automaker to profitability.
The company said in a news release that it would shutter a stamping plant in Maumee, Ohio, in 2008 and an engine plant in Essex, Ontario, in 2007. That is in addition to previous plans for 14 plant closures.
In addition, Ford said an assembly plant in Norfolk, Va., will close in 2007, a year earlier than previously announced and will see a shift reduction in January. Also, an assembly plant in St. Paul, Minn., which is scheduled to close in 2008, will have a shift reduction in 2007.
Ford said it would complete its cuts of 25,000 to 30,000 hourly jobs by the end of the 2008, four years ahead of its previous target.
Ford said the new cuts in salaried jobs are in addition to 4,000 already eliminated in the first quarter of this year. The combined 14,000 jobs cuts represents about a third of Ford's North American white-collar work force.
By 2008, North American factory capacity will be reduced by 26 percent compared to 2005 levels, Ford said in the release.
The company said the plan would cut about $5 billion in operating costs, mainly by offering early retirement and buyout packages to all hourly workers and to white-collar employees. Ford plans to expand buyout and early retirement offers to the company's U.S. hourly work force of more than 75,000 as part of the plan. The union said that the blue-collar buyout offers range as a high as $140,000.
Ford said it expects to achieve full-year profitability in its North American automotive operations no earlier than 2009. The company had previously said it expected a profit on North America in 2008.
The company also plans to suspend the quarterly dividend on its common and Class B stock in the fourth quarter of this year.
Ford shares fell 51 cents, or 5.6 percent to $8.58 in premarket trading on Friday. Its shares have traded in a 52-week range of $6.06 to $10.09.
Ford lost $1.4 billion overall during the first half of this year and is under pressure from Wall Street to make further cuts and roll out new cars and trucks more quickly.
In July, the company said it would accelerate its "Way Forward" restructuring plan, which when introduced in January called for the up to 30,000 job cuts as well as closing 14 facilities by 2012.
"These actions have painful consequences for communities and many of our loyal employees," Chairman Bill Ford said in the restructuring release. "But rapid shifts in consumer demand that affect our product mix and continued high prices for commodities mean we must continue working quickly and decisively to fix our business."
The company indicated that it is ready to accept a smaller slice of the market, focusing on profitable sales instead of sheer volume. It said that, with investments in new products and quality improvements, it expects market share of about 14 to 15 percent going forward.
This year, the company is forecasting Ford, Lincoln and Mercury market share in the low-16 percent range. The country's second-largest automaker has seen its market share decline steadily in recent years from about 26 percent in the early 1990s.
"Turnarounds of this magnitude succeed when capacity and costs are aligned with a realistic expectation of demand," Chief Executive Alan Mulally said in a statement. Mulally, who was named to the post last week, led a turnaround at the commercial jetmaking division of Boeing Co.
The company also said it would roll out new or significantly upgraded cars and trucks in 70 percent of its Ford, Lincoln and Mercury brands, expanding in growing areas such as car-based crossovers. At the same time, Ford said it will try to maintain its lead in the truck segment by introducing a new F-150 pickup truck that will go on sale in 2008.
Ford has acknowledged a need for drastic changes in its product lineup. Like other U.S. automakers, its bottom line is heavily dependent on high-margin trucks and large SUVs, but recently consumer preferences have shifted toward more fuel-efficient vehicles. Ford says the speed of that shift caught it by surprise.
Ford Motor Co.: http://www.ford.com
Oil Prices Fall After Natural-Gas Drop
Friday September 15, 8:43 am ET
Crude-Oil Prices Fall After Natural Gas Plunges to 2-Year Low and Nigeria Strike Ends
LONDON (AP) -- Crude-oil prices eased Friday after natural gas prices plunged to a two-year low, and supply concerns eased after Nigerian oil workers prematurely ended a strike in Africa's largest producer.
OPEC, meanwhile, sharply lowered its expectations for demand for its crude, increasing the prospect that the group may reduce its production quotas later this year. In its monthly oil market report, the Organization of Petroleum Exporting Countries cut expected need for its oil in the last three months of this year by 320,000 barrels a day from its month-ago estimate, to 28.86 million barrels per day.
Light, sweet crude for October fell 10 cents to $63.12 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe, after hitting $63 a barrel earlier in the session. Brent crude dropped 9 cents to $63.45 on the ICE Futures Exchange in London.
In other Nymex trading, natural gas was flat at $4.886 per 1,000 cubic feet, heating oil was up less than half a cent at $1.7150 a gallon and unleaded gasoline was up nearly a cent at $1.5610 a gallon.
On Thursday, natural gas futures plunged 10 percent to a two-year low after U.S. government data showed record supplies.
The "selling was about natural gas prices," said analyst Phil Flynn at Alaron Trading Corp. "The Nigerian news was another reason to sell."
Nigerian oil workers ended a three-day strike a day early to negotiate for better security conditions in the Niger Delta.
The strike, which started Wednesday, was prompted by the recent deaths of two oil company employees, and growing concern about worker safety in the oil-rich delta region.
Nigeria is Africa's largest crude exporter and the fifth-largest supplier to the United States. Attacks and kidnappings in its Niger River delta have cut production by nearly 900,000 barrels since the beginning of the year.
Geopolitics, which helped push prices to an all-time high of $78.40 in July, could still force a spike, Fimat USA analyst John Kilduff said in a research note.
"In the end, our bias still has to remain with the upside," said Kilduff. "It is only for the moment that psychology has shifted more to an economic track, and even there, we don't see the global economy breaking down, only a softening at the margins."
Inflation Pressures Moderate in August
Friday September 15, 9:00 am ET
By Martin Crutsinger, AP Economics Writer
Inflation Pressures Moderate in August, Labor Department Reports
WASHINGTON (AP) -- Consumer inflation slowed sharply last month as energy prices moderated, brightening prospects for future economic growth.
The Labor Department reported Friday that its closely watched Consumer Price Index posted a 0.2 percent increase in August, just half of the 0.4 percent rise seen in July.
The improvement reflected a big slowdown in energy costs, which edged up by just 0.3 percent in August after having surged by 2.9 percent in July.
Core inflation, which excludes the volatile energy and food sectors, matched the overall number with a moderate 0.2 percent increase in August.
Both the overall rise in inflation and the increase in core inflation were in line with analysts' expectations, providing support to their view that a slowing economy is beginning to dampen inflation pressures.
Federal Reserve policymakers meet next Wednesday and the central bank is widely expected to leave rates unchanged. The Fed passed up a chance to raise rates at its last meeting in August, breaking a string of 17 consecutive rate hikes.
However, the central bank has let it be known that if inflation pressures do not moderate, it is ready to raise rates further.
The new figures showed that core inflation over the past 12 months has risen by 2.8 percent, the biggest 12-month gain in nearly five years and far above the Fed's comfort zone of 1 percent to 2 percent price gains in core inflation. Still, optimists point to big declines in world energy prices in recent weeks as evidence that inflation pressures are beginning to moderate.
After hitting a record closing high above $77 per barrel in mid-July, crude oil prices have fallen by nearly 20 percent. And there was more good news on the energy front Wednesday when rising supplies pushed the price of natural gas down to the lowest level in two years.
Motorists are seeing a break in gasoline pump prices which climbed to record levels above $3 per gallon in early August but have now dropped to $2.62 per gallon, according to Energy Department surveys.
For August, the small 0.3 percent rise in overall energy costs reflected a tiny 0.2 percent increase in gasoline prices and a 0.7 percent rise in the cost of natural gas and a 0.1 percent drop in electricity charges. Analysts said there should be even greater moderation in energy inflation in next month's price report based on current trends.
The fall in energy prices is expected to provide a boost to consumer spending for the rest of the year, helping to lift overall growth prospects and lessen fears that the current economic slowdown could deepen into something worse.
Already, the pump relief is translating into rising consumer confidence, which surged to a seven-month high in early August, according to the latest RBC Cash Index.
For August, food prices showed an increase of 0.3 percent, after a gain of 0.2 percent in July. Beef, pork, poultry and vegetable prices were all up while fruit and dairy products posted price declines.
Outside of food and energy, the 0.2 percent increase in core inflation was the second consecutive month at this level after four months of more worrisome increases of 0.3 percent.
Clothing prices, which had posted a big decline in July, rose by 0.9 percent in August as the price of new fall lines offset heavy discounting by retailers to clear shelves of unsold summer clothes.
Airline fares, which had been rising sharply because of fuel costs, fell by 1.9 percent, the biggest drop since last December.
GNTA - Final Report of Genasense Phase 3 Trial in Melanoma Published in Journal of Clinical Oncology
Friday September 15, 8:00 am ET
Long-term Followup is Basis of Pending Regulatory Application In Europe
Paper Accompanied by Editorial Discussing Treatment Results in Patients with Advanced Disease
BERKELEY HEIGHTS, N.J., Sept. 15 /PRNewswire-FirstCall/ -- Genta Incorporated (Nasdaq: GNTA - News) announced that results of the Company's Phase 3 trial of Genasense® (oblimersen sodium) Injection in patients with advanced melanoma were published on-line this week in the Journal of Clinical Oncology, ahead of its print publication date of October 10, 2006. The paper is accompanied by an editorial that discusses the trial's results in the context of current options for melanoma treatment. The extended follow-up data from this publication form the basis of a Marketing Authorization Application (MAA) that is currently pending review by the European Medicines Agency (EMEA).
"In our paper, long-term followup has confirmed the trends that were observed in the earlier analyses," said Dr. Agop Y. Bedikian, Professor of Medicine at M.D. Anderson Cancer Center, Houston, TX, who is the lead author on the paper. "This was the first trial to achieve such a broad array of positive endpoints. I believe the aggregate data indicate that Genasense can be a major addition to chemotherapy for patients with this disease, with a side-effect profile that is highly manageable." The article can be accessed on-line at: http://www.jco.org/cgi/content/abstract/JCO.2006.06.0483v1.
Genasense, Genta's lead anticancer drug, is a novel targeted therapy that blocks the production of Bcl-2, a protein that appears to be a fundamental cause of resistance to cancer treatment. By knocking down Bcl-2 in cancer cells, Genasense may enhance the effectiveness of chemotherapy in patients with advanced melanoma. A summary of the data from the final analysis appears below.
Efficacy Data
The report is based on long-term data derived from the largest randomized controlled trial that has ever been conducted in patients with advanced melanoma. In this trial, which was conducted at 139 sites in 9 countries, 771 patients were randomly assigned to receive chemotherapy with dacarbazine (DTIC) alone or in combination with Genasense. The paper includes data from a prospectively defined analysis that evaluated 24-months of minimum follow-up on all patients. Unless otherwise noted, these results were based on an intent-to-treat analysis:
Endpoint Genasense/DTIC DTIC P
Overall response 13.5% 7.5% 0.007
Complete response 2.8% 0.8% 0.03
Durable response 7.3% 3.6% 0.03
Progression-free survival, median 2.6 mos. 1.6 mos. 0.0007
Overall survival, median 9.0 mos. 7.8 mos. 0.077
Prior to randomization, patients were prospectively stratified according to certain risk factors, including elevated blood levels of an enzyme known as LDH - a factor that previous clinical studies have shown is strongly associated with poor outcome. The final analysis has shown that LDH was the sole stratification factor significantly associated with a treatment interaction. When this treatment effect was evaluated, the efficacy of Genasense was significantly superior for all major efficacy outcomes in patients who had normal LDH at baseline, a group that comprised approximately two-thirds of patients in the trial (N=508). In this group, the following efficacy results were observed:
Endpoint Genasense/DTIC DTIC P
Overall response 17.2% 9.3% 0.009
Complete response 3.4% 0.8% 0.04
Durable response 9.6% 4.0% 0.014
Progression-free survival, median 3.1 mos. 1.6 mos. 0.0007
Overall survival, median 11.4 mos. 9.7 mos. 0.018
Safety Data
The most frequent serious adverse events that occurred in greater than or equal to 5% of patients were fever and disease progression (6.2% vs. 2.8%, and 5.1% vs. 4.7%, respectively, for Genasense/DTIC compared with DTIC alone). The most frequent Grade 3 or 4 adverse events that occurred in greater than or equal to 5% of patients were neutropenia (21.3% vs. 12.5%), thrombocytopenia (15.9% vs. 6.4%), leukopenia (7.5% vs. 3.9%), anemia (7.3% vs. 4.7%), and nausea (6.7% vs. 2.5%). Although there was an increase in discontinuations due to adverse events in the Genasense arm (19% vs. 11%), there was no difference in the number of fatal, treatment-emergent adverse events (i.e., events that lead to a death on study or within 30 days from last study treatment).
About Melanoma
Melanoma is the most deadly form of skin cancer. Melanoma is responsible for more than 90% of all skin cancer deaths. The European Network of Cancer Registries estimates that more than 60,000 cases of melanoma are diagnosed each year. The incidence of this disease is increasing by approximately 4 percent annually in the U.S., where it is the number one cause of cancer deaths for women aged 25 to 29. For more information on melanoma, please visit: http://www.nci.nih.gov/cancer_information/cancer_type/melanoma
About Genta
Genta Incorporated is a biopharmaceutical company with a diversified product portfolio that is focused on delivering innovative products for the treatment of patients with cancer. The Company's research platform is anchored by two major programs that center on oligonucleotides (RNA- and DNA- based medicines) and small molecules. Genasense® (oblimersen sodium) Injection is the Company's lead compound from its oligonucleotide program. The Company has submitted a New Drug Application (NDA) to the Food and Drug Administration for the use of Genasense plus fludarabine and cyclophosphamide for treatment of patients with relapsed or refractory chronic lymphocytic leukemia (CLL). Genta has also completed a Marketing Authorization Application to the European Medicines Agency (EMEA) for use of Genasense plus dacarbazine for treatment of patients with advanced melanoma. The leading drug in Genta's small molecule program is Ganite® (gallium nitrate injection), which the Company is exclusively marketing in the U.S. for treatment of symptomatic patients with cancer related hypercalcemia that is resistant to hydration. For more information about Genta, please visit our website at: www.genta.com.
Safe Harbor
This press release contains forward-looking statements with respect to business conducted by Genta Incorporated. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Forward- looking statements include, without limitation, statements about:
- the Company's ability to obtain necessary regulatory approval for
Genasense® from the U.S. Food and Drug Administration ("FDA") or
European Medicines Agency ("EMEA");
- the safety and efficacy of the Company's products or product candidates;
- the commencement and completion of clinical trials;
- the Company's ability to develop, manufacture, license and sell its
products or product candidates;
- the Company's ability to enter into and successfully execute license and
collaborative agreements, if any;
- the adequacy of the Company's capital resources and cash flow
projections, and the Company's ability to obtain sufficient financing to
maintain the Company's planned operations;
- the adequacy of the Company's patents and proprietary rights;
- the impact of litigation that has been brought against the Company and
its officers and directors; and
- the other risks described under Certain Risks and Uncertainties Related
to the Company's Business, as contained in the Company's Annual Report
on Form 10-K and Quarterly Report on Form 10-Q.
The Company does not undertake to update any forward-looking statements. There are a number of factors that could cause actual results and developments to differ materially. For a discussion of those risks and uncertainties, please see the Company's Annual Report on Form 10-K for 2005 and its most recent quarterly report on Form 10-Q.
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Source: Genta Incorporated
"exempt from the announced 1-for-200 reverse split" Sad for those that have believed in Gina's kids all these years.
'Old_D' I B fine, howzit with you?
CBRP - Cambridge Obtains USD $3 Million Financing From Alpine Capital-Markets Inc.
Thursday September 14, 4:00 pm ET
CALGARY, AB--(MARKET WIRE)--Sep 14, 2006 -- Cambridge Resources Inc. (Other OTC:CBRP.PK - News) announced today that it has entered into a financing (PIPE) agreement with Alpine Capital-Markets to fund the company's operation over the next 30 months.
According to the financing arrangement, Alpine Capital-Markets will immediately fund $250,000, which will be used acquire a permit to explore the Janvier IR 194 for oil and gas potential. Another $250,000 will be delivered on September 30, 2006 to fund an engineering report and an 8 kilometer 2D seismic program. Alpine will fund Cambridge $83,333 each month for an additional 30 months; a total committment of $3,000,000.
"We are pleased to enter into this long term funding agreement with Alpine Capital-Markets to carry out a land acquisition and property development program that we are pursuing in the prolific oil and gas area of western Canada," said Stan Ford, president and CEO of Cambridge.
About Cambridge Resources Inc.
Cambridge Resources Inc. is an oil and gas exploration and junior producer located in Vancouver and Calgary, Canada. Cambridge Resources is publicly traded company on the Over-the-Counter market under the Ticker symbol: CBRP.
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
Contact:
Contact:
Homer Pateridis
Investor Relations
514-952-5251
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Source: Cambridge Resources Inc.
MIOK - New Opportunities May Increase Sales for The Tracking Corporation With Its Patent Pending for GPS With RFID Technology
Thursday September 14, 4:01 pm ET
DALLAS, TX--(MARKET WIRE)--Sep 14, 2006 -- MicroTRAKgps, a subsidiary of The Tracking Corporation (Other OTC:MIOK.PK - News), a leading provider of Global Positioning Systems (GPS) and Radio Frequency Identification (RFID) wireless location services and products that track and recover valuable assets, today announced that it now holds a United States patent pending at the intersection of two burgeoning fields of technology -- radio frequency identification (RFID) and global positioning system (GPS). "There many new commercial applications and opportunities in the tracking, security and information industries that will help us grow our revenues," said Wally Stock, COO of the Tracking Company.
About The Tracking Corporation
The Tracking Corporation, formerly known as MicroTRAK, Inc., is a leading provider of Global Positioning Systems (GPS) technology and products that utilize in-vehicle hardware and wireless location services. Based in Dallas, The Tracking Corporation has combined the ubiquitous coverage of GPS with the nationwide cellular network and 24/7 automated web and telephone accessibility to provide real-time wireless location and tracking, emergency assistance, stolen vehicle recovery and many other personal and fleet management services. The RFID division of the company specializes in end-to-end Radio Frequency Identification (RFID) integration solutions and hardware, RFID Reader Portals and warehouse management systems in the Food, Manufacturing, Logistics, Retail, Pharmaceutical and Healthcare industries. This division implements system deployments that track inventory, assets, and people. If you are interested in viewing additional information on The Tracking Corporation, please visit the website at: www.microtrakgps.com
'Safe Harbor' Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although The Tracking Corporation believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by The Tracking Corporation or any other person that the objective and plans of The Tracking Corporation will be achieved.
Contact:
For more information:
Karen Pulley
(615) 366-0166
kpulley@thetrackingcorp.com
Investor Relations Inquiries:
(877) 361-8813
ir@thetrackingcorp.com
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Source: The Tracking Corporation
INTZ - Intrusion and Fidelis Technology Group Announce Partnership for Customer Data Leak Prevention
Thursday September 14, 4:05 pm ET
RICHARDSON, Texas, Sept. 14 /PRNewswire-FirstCall/ -- Intrusion Inc. (Nasdaq: INTZ - News) announced today that it entered into a National Reseller Agreement with Fidelis Technology Group, allowing for the sale and support of its Compliance Commander customer data leak prevention solutions. The Compliance Commander product family includes the Sentry data leak prevention appliance which stops the loss of un-encrypted customer data over public networks. The family also includes Database Defender, a database activity detection and monitoring tool that prevents inappropriate access of customer databases and fileservers.
"Regulatory compliance is a major driver for new IT purchases," said Margaret Sinnott, President of Fidelis Technology Group. "This is particularly true in the financial and healthcare sectors where federal mandates require organizations to demonstrate they have internal controls in place to protect their customers' personally identifiable information." Jeff Wolach, Director of Technology at Fidelis, continues, "Compliance Commander has pioneered the most advanced customer data leak prevention technology available in the market. Our customers sleep easier knowing that there are no unwatched weak security links when is comes to protecting their customer data."
Ward Paxton, CEO of Intrusion, comments, "Organizations that handle sensitive customer data are quickly recognizing that these information assets must be adequately protected. Making even small mistakes with the handling of customer data can immediately bring a firestorm of scrutiny and damages onto the negligent party. We see these data leak fiascos unravel everyday in the media. Clearly, a proactive, managed approach to customer data security is the only effective method."
Compliance Commander Sentry is installed on enterprise networks, typically next to the enterprise firewall. With its proprietary Dynamic Application Detection(TM) technology, Sentry monitors all communication ports, protocols and applications, dynamically, including web (HTTP), file transfers (FTP), and email (SMTP), instant messaging (IM), as well as file attachments. When actual, un-encrypted customer data is detected, Sentry blocks the violation and alerts the administrator. Compliance Commander also bundles the Encrypted Email Server with Sentry, so that small and medium organizations have a cost- effective, simple-to-manage encrypted email solution that seamlessly protects sensitive emails that contain customer data.
About Fidelis Technology Group
Fidelis Technology Group is a leading provider of Network Monitoring and Information Security Management Solutions. Fidelis' customer base includes Fortune 1000 companies, State & Local Government Agencies, as well as many small / medium business organizations throughout Florida. Through partnerships with leading technology providers -- Network General, Packeteer, ISS, Intrusion, Vernier Networks and Lurhq, Fidelis is able to offer strategic solutions that meet the needs of their customers. Fidelis Technology Group can be reached at 786-206-8993. Additional information is available at http://www.FidelisTG.com . (Note: Fidelis Technology Group, a security reseller, has no relationship or affiliation with Fidelis Security Systems.)
About Intrusion Inc.
Intrusion Inc. is a leading provider of customer data protection products, as well as network intrusion prevention and detection systems. Intrusion's product families include: Compliance Commander(TM) for customer data protection, TraceCop(TM) identification and location service, Intrusion SpySnare(TM) for real-time inline blocking of spyware and unwanted P2P applications and Intrusion SecureNet(TM) for network intrusion prevention and detection. Intrusion's products help protect critical information assets by quickly detecting, protecting, analyzing and reporting attacks or misuse of classified, private and regulated information for government and enterprise networks. For more information, please call 1-888-637-7770 or visit http://www.intrusion.com .
Financial Contact
Michael L. Paxton, VP, CFO
972.301.3658, mpaxton@intrusion.com
Media Contact
Jay Barbour CISSP, VP Marketing
972.664.8107, jbarbour@intrusion.com
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Source: Intrusion Inc.
CWG - CanWest Awarded Second FM Radio Licence in the UK
Thursday September 14, 4:10 pm ET
WINNIPEG, Sept. 14 /PRNewswire-FirstCall/ - CanWest Global Communications Corp. was today awarded a commercial radio licence to launch a second FM radio station in the UK. The new station, Original 106fm will be located in Bristol, a major coastal commercial centre west of London. Bristol is the eighth largest city in the UK and will provide the new station with a potential audience of approximately 500,000.
Original 106fm will provide Adult Alternative format, targeting a 40-59 age demographic and playing an eclectic mix of music from a wide range of artists, as well as providing 24-hour local news coverage. No launch date has been announced.
"CanWest is extremely pleased to be awarded a second radio licence in the UK," said Tom Strike, President of CanWest MediaWorks International. "Original 106fm will extend CanWest's radio presence in the UK, which began with another Original 106 in Southampton, which will go on-air on October 1."
CanWest has developed successful and popular radio formats in several markets including Canada and, in particular, New Zealand where CanWest RadioWorks broadcasts to the entire country in a variety of formats under six different national radio brands. Most recently the Company acquired four radio stations in Turkey two of which have national coverage while the other two serve Istanbul, Turkey's largest and most affluent urban market.
"We will be applying for additional radio licences in the UK, which will hopefully further expand our presence in that market," added Leonard Asper, CanWest's President and Chief Executive Officer.
This news release contains certain comments or forward-looking statements that are based largely upon the Company's current expectations and are subject to certain risks, trends and uncertainties. These factors could cause actual future performance to vary materially from current expectations. The Company disclaims any intention or obligation to update any forward-looking statement even if new information becomes available as a result of future events or for any other reason.
CanWest Global Communications Corp. (www.canwestglobal.com), an international media company listed on the TSX (trading symbols: CGS and CGS.A) and NYSE (trading symbol: CWG), is Canada's largest media company. CanWest is Canada's largest publisher of daily newspapers, and owns, operates and/or holds substantial interests in free-to-air and subscription-based television networks, out-of-home advertising, web sites, and radio stations and networks in Canada, New Zealand, Australia, Singapore, Malaysia, Turkey and the United Kingdom.
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Source: CanWest Global Communications Corp.
DMGI - Digital Music Group Announces Acquisition Of Digital Rights to the Tuff City Music Catalog
Friday September 15, 6:00 am ET
Catalog Features Early Ray Charles Recordings, Old School Hip-Hop Favorites
SACRAMENTO, Calif., Sept. 15 /PRNewswire-FirstCall/ -- Digital Music Group, Inc. (Nasdaq: DMGI - News), a content owner and leading distributor of digital music and video recordings, today announced the signing of a digital distribution agreement with TufAmerica, Inc., also known as the Tuff City Music Group. Under the terms of the agreement, DMGI has acquired the perpetual right to distribute through digital and mobile channels worldwide the Tuff City catalog of music recordings, consisting of up to 20,000 tracks. Tuff City retains the right to distribute the catalog in compact disc and other physical formats.
"We're pleased and excited to announce this new acquisition," said Mitchell Koulouris, Chief Executive Officer of DMGI. "This is a high-quality catalog that includes an exciting blend of R&B, jazz, funk and hip-hop. It's one of the largest and most prestigious independent catalogs of its kind."
Tuff City Music Group comprises several labels including Tuff City Records, Night Train International, Swingtime Records, Funky Delicacies, Soul- Tay-Shus, and Ol' Skool Flava. Together these labels include titles from important R&B and blues legends such as Ray Charles, Lowell Fulson, Jimmy Witherspoon, Charles Brown, Ike Turner, Trouble Funk, and Johnny Otis. The New Orleans catalog includes rare and unreleased music from Professor Longhair, James Booker, Earl King and George Porter of the Meters, among others. Finally, the Tuff City catalog also includes old school Hip Hop releases from the 1980's and 1990's from legendary artists such as Spoonie Gee, Marley Marl, The Ultramagnetic MCs and DJ Hollywood, among others.
The Tuff City Music catalog is to be delivered in tranches starting with 3,000 tracks to be delivered next week. Up to an additional 8,000 tracks are to be delivered during the following nine months and then Tuff City has the option to deliver to DMGI up to 9,000 additional tracks by December 2007. Due to the size and complexity of the Tuff City Music catalog, DMGI has retained the right to an inspection period of up to 75 days during which time DMGI may cancel the contract and pay a termination fee. DMGI has agreed not to make the tracks available for sale to consumers during this inspection period. For additional information, refer to DMGI's Current Report on Form 8-K to be filed with the Securities and Exchange Commission today.
Mr. Koulouris added, "The Tuff City Music catalog is a major acquisition for DMGI in terms of both the number of new tracks it brings and the exciting nature of the recordings. The catalog, which has not previously been available in the digital channel, includes an eclectic combination of historically important vintage recordings as well as more contemporary urban music. We expect that these tracks will be popular with consumers in the digital download channels. We also intend to release portions of this catalog through our mobile sales channels for ringtones, mastertones, and over-the-air downloads, which were recently added as a result of our acquisition of Digital Rights Agency."
"We're very pleased with our relationship with Digital Music Group," said Aaron Fuchs, President of Tuff City Music Group. "DMGI clearly appreciates the value of 'deep catalog' and the 'Long Tail.' This, coupled with their strong music distribution network and platform, makes us excellent and complementary partners."
About Digital Music Group, Inc.
Founded in 2005, Digital Music Group, Inc. (Nasdaq: DMGI - News) is focused on helping consumers worldwide to experience more music, in more ways. Digital Music Group acquires the digital rights to music recordings and video and processes these into digital format for distribution to online music stores such as the iTunes Music Store, MSN Music, Google Video RealNetworks, Napster, Wal-Mart Music and Yahoo! Music, where they are available for purchase by consumers via downloading. For more information, please visit http://www.dmgi.com.
Digital Music Group and Digital Rights Agency are trademarks of Digital Music Group, Inc. Other names mentioned herein are the property of their respective owners.
Forward-Looking Statements
This release contains forward-looking statements that involve risks and uncertainties that could cause the results of DMGI to differ materially from management's current expectations. Such forward-looking statements include, but are not limited to, statements regarding the size of the Tuff City Music catalog and the number of tracks in such catalog to be delivered to DMGI, the labels and titles from such catalog that will be included in the tracks delivered by Tuff City to DMGI, the timing of the delivery of the tracks to DMGI and the number of tracks in each delivery, whether or not DMGI will exercise its right to cancel the agreement with Tuff City; the nature of the recordings to be delivered to DMGI, our expectations that the Tuff City Music catalog will be popular with consumers, and our intent to release portions of the catalog through DMGI's mobile sales channels. Actual results may differ materially due to a number of factors including, among others: delays in the delivery of the masters by Tuff City; differences in the number or nature of tracks delivered by Tuff City; unforeseen difficulties assembling the digital albums; potential changes in consumers' tastes and preferences in music; and our dependence on the iTunes Music Store and other online music stores to make the digital albums available for purchase by consumers. The matters discussed in this press release also involve risks and uncertainties described in Digital Music Group's most recent filings with the Securities and Exchange Commission. Digital Music Group assumes no obligation to update the forward- looking information contained in this release.
Press Contact
Allen & Caron Inc.: Len Hall, VP Media Relations, Telephone:
(949) 474-4300, e-mail:
Len@allencaron.com
Investor Relations Contact
Digital Music Group, Inc.: Karen Davis, Chief Financial Officer,
Telephone: (916) 239-6010 x2505
Allen & Caron Inc.: Jesse Deal, Account Manager, Telephone:
(212) 691-8087, e-mail:
Jesse@allencaron.com
--------------------------------------------------------------------------------
Source: Digital Music Group, Inc.
F - Ford to Offer Buyouts to U.S. Workers
Friday September 15, 5:20 am ET
By Tom Krisher, Associated Press Writer
Ford Motor Co. to Offer Buyout, Early Retirement Packages to All of Its Hourly U.S. Employees
DETROIT (AP) -- Ford Motor Co., beaten down by rising costs and stiff competition from Asia, is set to institute significant operational changes designed to rein in expenses and restore the company to profitability.
The changes -- in the form of a restructuring plan -- were to be outlined by the No. 2 domestic automaker in a news release at 7 a.m. Friday, followed at 9 a.m. by presentations to employees and the media.
On Thursday, the United Auto Workers union announced that Ford plans to expand buyout and early retirement offers to the company's entire U.S. hourly work force of 75,000 as part of the broader restructuring plan.
Ford hasn't said how many blue-collar workers it hopes will take the offers, but it has previously announced plans to cut up to 30,000 hourly jobs by 2012.
The announcement came just after Ford's board of directors, including new Chief Executive Officer Alan Mulally, wrapped up a two-day meeting to approve the restructuring plan designed to cut rising health care and material costs in light of slumping sales. Mulally, who was hired away from Boeing Co. just last week, attended the board meeting and was to be part of Friday's announcements, the company said.
The UAW statement only fueled anxiety in Ford plants and offices across North America as workers braced for the announcement of further cuts Friday morning.
A Ford supervisor who was told of the plan by company officials told The Associated Press on Thursday night that buyout and early retirement offers would also be made to entice 6,000 salaried workers to leave the company. The supervisor did not want to be identified because the plan had not yet been released.
Ford lost $1.4 billion during the first half of this year and is under pressure from Wall Street to make further cuts and roll out new cars and trucks more quickly.
In July, the company pledged to accelerate its "Way Forward" restructuring plan, which when introduced in January called for the up to 30,000 job cuts as well as closing 14 facilities by 2012.
Catherine Madden, an auto industry analyst at the consulting company, Global Insight Inc., said her company expects Ford to announce the closing of two more plants. Ones that make truck-based sport utility vehicles and cars built on older platforms are the most vulnerable, she said.
The scope of the buyout offer could indicate that more than two plants could be closed, Madden said.
Ford shares fell 10 cents Thursday to close at $9.09 on the New York Stock Exchange. Its shares have traded in a 52-week range of $6.06 to $10.09.
Separately, Ford said Thursday that Anne Stevens, an architect of the restructuring effort at Ford and one of the auto industry's highest ranking women, is retiring. Stevens, 57, had been at the center of Ford's turnaround efforts since October 2005, when she was named executive vice president.
Ford Motor Co.: http://www.ford.com
CVTI - Covenant Transport Acquires Regional Truckload Carrier Star Transportation; Provides Update on Third Quarter Operations
Thursday September 14, 4:50 pm ET
* Nashville-based Star generated $89.6 million in revenue and operating ratio of 90.9% for twelve months ended June 30, 2006.
* Management sees jump start for improvement of regional operations.
CHATTANOOGA, Tenn., Sept. 14 /PRNewswire-FirstCall/ -- Covenant Transport, Inc. (Nasdaq: CVTI - News) announced today its acquisition of 100% of the outstanding stock of Star Transportation, Inc., of Nashville, Tennessee. Covenant also commented on its expectations for third and fourth quarter operating results.
About the Transaction and Star Transportation
Effective today, Covenant purchased 100% of Star's outstanding stock from the prior owners in exchange for approximately $40 million in cash. Covenant funded the purchase price for the stock from available borrowings under its revolving line of credit. In addition, Star had an estimated $42 million in existing debt that became part of Covenant's consolidated obligations as a result of the transaction. Star's lenders are members of Covenant's bank group and will remain in place following the transaction. Beth Franklin, Star's Chief Executive Officer, has agreed to consult with Covenant on transition issues for one year, and all stockholders have agreed not to compete with Covenant or Star. Jim Brower, a 20-year veteran of Star and its current president, along with his staff, will remain in place to run Star.
Star Transportation is a short-to-medium haul dry van regional truckload carrier based in Nashville, Tennessee. Star operates primarily in the southeastern United States, with shipments concentrated from Texas across the Southeast to Virginia, and an average length of haul of approximately 470 miles. Star has an excellent safety record and its annualized driver turnover recently has been about 90%. Star operates a well-maintained fleet of tractors and trailers with an average fleet age of 25 months for tractors and 48 months for trailers.
Star provides a high level of service to a diversified shipping base. Only one customer accounted for more than 10% of revenue in 2005. The major industries served include consumer products, manufacturing, and automotive. Approximately 10% of Star's revenue is generated from dedicated operations. In general, Star's operations are characterized by good equipment utilization, low non-revenue miles, and a moderate rate structure.
Star was founded in 1980 and has had a long history of profitable operations and is ISO 9000 certified. Star generated $89.6 million in revenue and $7.1 million in net income for the twelve months ended June 30, 2006, and its total stockholders' equity at that date was $27.5 million. Prior to the acquisition, Star was an S corporation; accordingly, its financial statements did not reflect any provision for federal income taxes.
After giving effect to the conversion of Star to a C corporation as a result of the transaction and recording Star's assets at fair market value, Covenant expects to record goodwill and other intangible assets of approximately $23 million in connection with the transaction. Giving effect to the transaction as of June 30, 2006, Covenant expects its consolidated balance sheet to reflect approximately $188.7 million in total stockholders' equity and $153.8 million of total borrowings, for a debt-to-capitalization ratio of 45%. As discussed below, Covenant's consolidated debt is expected to decrease significantly, with a corresponding increase in borrowing capacity, as a result of downsizing Covenant's own regional operation in the months following the transaction.
David R. Parker, Covenant's Chairman, President, and Chief Executive Officer, offered the following comments on the acquisition: "For the past year our management team has been internally focused as we have implemented a business realignment and attempted to improve the operating results of each of our service offerings. Covenant is strongly committed to a significant regional presence because of the large freight volumes that move in regional lanes. Although the regional service offering is only nine months old, and we have always considered it the most difficult to fix, by this summer we began to expand our thinking in terms of strategies for offering our customers the solid regional service they desire while producing acceptable profitability. When we became aware that Star was potentially available, we acted decisively and had the major terms agreed to within a couple of weeks.
"We are very pleased to welcome the entire Star team to the Covenant family. We sought out Star because of their proven record of growth and profitability in regional markets, their talented management team led by Jim Brower, the quality and integrity of the founding family, and their reputation for safe, on-time customer service. Our comfort with the fit only increased because our former Treasurer, David Hughes, had become Star's Chief Financial Officer during July.
"We believe the addition of Star to our corporate group will offer us a prime opportunity to jump-start the turnaround of our regional service offering. Our entire management team has been diligently planning for the addition of Star and the changes we expect to implement at Covenant. As these changes are implemented over the next several months, we expect to see a combined regional operation larger in size than Covenant operated alone during the second quarter of 2006, but with approximately 450 unprofitable trucks removed from Covenant's fleet and the addition of Star's approximately 600 quite profitable trucks. Based on Star's historical operating ratio of about 90%, we expect a significant improvement in our regional operations in 2007.
"In closing, I would like to reiterate my confidence in this strategy and my welcome to everyone at Star. I'd also like to thank Beth Franklin and her family for affording us this opportunity to continue the great company they started. We are looking forward to Ms. Franklin's advice and counsel as she provides transition services and passes on her knowledge of Star and its market over the next year."
Beth Franklin, Chief Executive Officer of Star Transportation, commented as follows: "We couldn't be more pleased to be joining Covenant Transport. From the culture, to the geographic proximity, to Covenant's reputation for customer service and integrity, everyone at Star believed Covenant offered the best fit of any alternative. My family has every confidence that Jim Brower and his team at Star will continue to produce great results, and that under the Covenant umbrella, Star will achieve even greater success. I am personally looking forward to making sure the first year transition goes as smoothly as possible."
Star Transportation's financial advisors were Morgan Keegan and Company, Inc. and Miller Welborn, of Transport Capital Partners, and its legal advisor was Waller Lansden Dortch & Davis, LLP.
Post-Closing Operations of Star
Star Transportation is expected to operate as a separate subsidiary. Star's president, Jim Brower, is expected to remain in place, along with the rest of Star's day-to-day management team. Operationally, Star is expected to continue with substantially the same personnel, customers, lanes, and terminals as it had prior to the transaction. Much like it did following its 1998 acquisition of Southern Refrigerated Transport, Covenant expects to provide support in areas such as volume purchasing, finance and accounting, and cross-marketing. A general integration of operations is not expected. In addition, Star's management anticipates sharing best practices in regional operations with Covenant, which may assist Covenant in the turnaround of its own regional service offering.
Post-Acquisition Plan for Covenant Regional Service Offering
During the third quarter of 2006, Covenant's regional service offering is expected to operate approximately 900 average tractors. Of those tractors, between 350 and 400 generally have been producing average freight revenue per tractor at a level consistent with Covenant's interim goals. The remainder has significantly hindered operating results and management's time. Covenant plans to reduce its regional service offering by approximately 450 tractors and 1,000 trailers by the second quarter of 2007. Downsizing the Covenant regional fleet is expected to allow Covenant's operations and sales personnel to focus on optimizing the portion of the fleet that is operating near the interim goals. The fleet reduction will occur over time as tractors finish their service life and are not replaced. The fleet reduction is expected to eliminate approximately $35 million in equipment financing. This compares with approximately $42 million in existing Star debt that became a consolidated obligation of Covenant after this acquisition.
Strategic Rationale for the Star Acquisition
Covenant is strongly committed to operating a meaningful regional service offering as part of its overall customer service package. With over 80% of all freight moving in regional lanes, the preference of many drivers to concentrate in certain regions, and the desire of many customers to deal with carriers who can offer capacity in many diverse lanes, regional service is considered an important component of Covenant's business. Star is one of the largest providers of regional truckload service in the Southeast, and with the geographic proximity, the opportunity was too attractive to pass up. In addition to its standalone appeal, Star also afforded the opportunity to accelerate the process of improving Covenant's regional service offering. In summary, the acquisition allowed Covenant the opportunity to:
* acquire capacity in a key truckload service offering where Covenant's
current regional service was operating below expectations;
* facilitate a more rapid downsizing and eventual turnaround in
Covenant's regional service offering; and
* replace over time approximately $75 million in annual revenue that has
been unprofitable with approximately $90 million of revenue that has
operated quite profitably.
Financial and Operating Outlook for the Remainder of 2006
The Company no longer expects net income for 2006 to exceed net income for 2005 and retracts all prior statements and guidance concerning goals and expectations for 2006. For the remainder of 2006, Covenant's financial results are expected to show modest sequential improvement. For the third quarter, the Company expects earnings per share to be breakeven or slightly less. For the fourth quarter, the Company expects sequential earnings improvement over the third quarter of 2006.
The ongoing business realignment has been slower in producing results than expected. A slowdown in shipping demand and higher fuel prices in July and August have contributed to slower than expected improvements in profitability. These issues are especially pronounced in the regional service offering, which faced the largest challenge, and in the Covenant temperature-controlled service offering (not SRT), which accepted a larger-than-planned number of trucks that were removed from the regional fleet and struggled to find sufficient volume of quality freight for the additional units. On a consolidated basis, average freight revenue per tractor per week is expected to be similar to the second quarter, with freight rates and miles per truck coming in lower than budgeted. On the positive side, driver turnover continues to improve and the Company's safety record continues to show commendable performance.
Although the Star acquisition is expected to be immediately accretive to Covenant's earnings, the Company is not prepared to address the level of near- term contribution or provide guidance on consolidated results until more information becomes available concerning the pace of equipment removals from the Covenant regional operation, the operating results of the remaining equipment in the Covenant regional operation, and the allocation of intangibles and determination of the magnitude of non-cash amortization associated with the acquisition. In addition, results of each service offering and on a consolidated basis may be affected by shipping volumes and other general economic factors, fuel prices, driver availability, and the other risks identified in the Company's filings with the Securities and Exchange Commission.
The Company will be hosting a conference call on Friday, September 15 at 11:00 a.m. Eastern Time to discuss the Star acquisition and provide an update on expected operating results for the third and fourth quarters of 2006. Individuals may access the call by dialing 800-603-1780 (U.S./Canada) and 706-643-0889 (International), access code 6575147. An audio replay will be available for one week following the call at 800-642-1687, access code 6575147.
Covenant Transport, Inc. is a publicly traded truckload carrier that offers just-in-time service and other premium transportation services for customers throughout the United States. Covenant operates one of the ten largest fleets in North America, measured by revenue. The Company's Class A common stock is traded on the Nasdaq National Market under the symbol, "CVTI."
This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements may be identified by their use of terms or phrases such as "expects," "estimates," "projects," "believes," "anticipates," "plans," "intends," and similar terms and phrases. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Actual results may differ from those set forth in the forward-looking statements. In this press release, forward-looking statements include, without limitation, statements relating to the acquisition's impact on our financial statements, operating statistics, debt levels, and regional service offering; the expected size and operating results of our regional service offering post-acquisition and post-downsizing; the continued production and improvement of results at the acquired operation; the corporate, management, and operational structure of the acquired operation post-closing; expected financial results for the remainder of 2006; and expected accretion to earnings from the acquisition. The expected financial results following the acquisition and for the remainder of 2006 have not been subjected to all of the review procedures associated with the release of actual financial results and are premised on assumptions regarding our consolidated performance, including at the acquired operation. With respect to the acquisition and the associated downsizing of our regional operation, the risks and uncertainties include, but are not limited to, the risk that integration of the acquired operation will not proceed as planned; the risk of adverse information or developments regarding the acquired operation and our integration that could impact financial and operating results; the risk that we will lose key components of the acquired operation, including customers, drivers, other employees, and owner-operators, none of whom are bound to remain with the acquired operation; the risk that we will be unable to continue and improve upon the profitability of the acquired operation; the risk that expected synergies from the acquisition, including, without limitation, the impact on our regional service offering, will not come to fruition; and the risk that integrating and managing the acquired operation will distract management from other operations, including our business realignment. With respect to general business operations and our business realignment, the following factors, among others, could cause actual results to differ materially from those in forward-looking statements: our ability to dispose of equipment in our downsizing and do so at acceptable prices and without hindering our operations, customer service, and driver turn-over; our ability to manage our debt levels and maintain adequate liquidity following the acquisition and through the downsizing process; our success in the realignment of the company's operations around the identified service offerings; excess tractor or trailer capacity in the trucking industry; decreased demand for our services or loss of one or more of our major customers; tractor and trailer build and delivery schedules; surplus inventories; recessionary economic cycles and downturns in customers' business cycles; decreased freight volumes; strikes, work slow downs, or work stoppages at the Company, customers, ports, or other shipping related facilities; increases or rapid fluctuations in fuel prices, as well as fluctuations in hedging activities and surcharge collection; the volume and terms of diesel purchase commitments; interest rates, fuel taxes, tolls, and license and registration fees; increases in the prices paid for new revenue equipment and changes in the resale value of our used equipment; increases in compensation for and difficulty in attracting and retaining qualified drivers and independent contractors; elevated experience in the frequency and severity of claims relating to accident, cargo, workers' compensation, health, and other claims; increased insurance premiums; fluctuations in claims expenses that result from high self-insured retention amounts and differences between estimates used in establishing and adjusting claims reserves and actual results over time; adverse changes in claims experience and loss development factors; additional changes in management's estimates of liability based upon such experience and development factors; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors; regulatory requirements that increase costs or decrease efficiency, including revised hours-of-service requirements for drivers; the ability to successfully execute the Company's initiative of improving the profitability of single-driver freight movements; and the ability to control increases in operating costs. Readers should review and consider these factors along with the various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.
--------------------------------------------------------------------------------
Source: Covenant Transport, Inc.
INOC - Innotrac Updates Status of Receivership Established for IPOF Fund
Thursday September 14, 5:00 pm ET
ATLANTA, Sept. 14 /PRNewswire-FirstCall/ -- Innotrac Corporation (Nasdaq: INOC - News) today updated its previous announcement regarding the appointment of a receiver by the United States District Court in Cleveland, Ohio to identify and administer the assets of the IPOF Fund, L.P. and Mr. David Dadante. In an order issued on September 12, 2006, the Court extended the period during which financial institutions holding Company stock owned by the IPOF Fund, Mr. Dadante or Dadante-related entities are restricted until January 7, 2007 from trading any of these shares as defined in the Court's prior orders. The Company continues to be engaged in discussions with the receiver to explore all avenues for the disposition of the shares in a manner that causes as little disruption to the market for Company stock as possible, and which would reasonably assure that the shares held by the receiver would be fairly valued in any disposition.
About Innotrac
Innotrac Corporation, founded in 1984 and based in Atlanta, Georgia, is a full-service fulfillment and logistics provider serving enterprise clients and world-class brands. The Company employs sophisticated order processing and warehouse management technology and operates nine fulfillment centers and two call centers in six cities spanning all time zones across the continental United States. For more information about Innotrac, visit the Innotrac Web site, www.innotrac.com.
Information contained in this press release, other than historical information, may be considered forward-looking in nature. Forward-looking statements are subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on Innotrac's stock price, operating results, performance or financial condition are supply of and demand for shares of the Company's stock and other market dynamics, competition, the demand for Innotrac's services, Innotrac's ability to retain its current clients and attract new clients, realization of expected revenues from new clients, the state of the telecommunications and direct response industries in general, changing technologies, Innotrac's ability to maintain profit margins in the face of pricing pressures and numerous other factors discussed in Innotrac's 2004 Annual Report on Form 10-K and other filings on file with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Source: Innotrac Corporation
CTPS - CounterPath Reports Record First Quarter Fiscal 2007 Financial Results
Thursday September 14, 5:09 pm ET
VANCOUVER, Sept. 14 /PRNewswire-FirstCall/ - CounterPath Solutions, Inc. (OTCBB: CTPS - News), a leading provider of VoIP (Voice over IP) and Video over IP SIP softphones, today announced the financial and operating results for its first quarter ended July 31, 2006.
"We are pleased to report another quarter of continued growth and record revenue," commented Mark Bruk, chairman and chief executive officer. "Moreover, the quality of our customers continues to be outstanding as evidenced by tier one customers selecting our product for their softphone rollouts, and supporting our continued investment in new SIP technologies."
First quarter highlights:
- Record quarterly revenues for the quarter ended July 31, 2006 of
$1,760,881, an increase of 113% over the $827,296 recorded for the
quarter ended July 31, 2005, and a 20% increase over the $1,467,850
in revenues recorded for the quarter ended April 30, 2006.
- Announcement of a per-subscriber softphone licensing deal with BT
Retail (a division of leading UK-based British Telecommunications
plc), which allows BT Retail's consumer broadband customers to
experience the benefits of a CounterPath softphone with BT's new,
enhanced VoIP service, including secure Internet voice calling and
video messaging. BT is one of the world's leading providers of
communications solutions and services operating in 170 countries. For
more information visit www.bt.com/broadbandtalk.
- Announcement of a collaborative effort with Intel Corporation
integrating CounterPath's eyeBeam(TM) 1.5 Video over IP SIP softphone
with the Intel® 600SM PCI Phone Adapter. The "phone-ready" PC's
(personal computers) will enable users to make calls utilizing
standard phones, corded or cordless with their VoIP service. For more
information visit
www.intel.com/products/desktop/adapters/600sm/index.htm.
- Launching of X-Lite(TM) 3.0, our newest free SIP softphone building
on the success achieved by the previous version of X-Lite which was
launched in April 2003, and has since seen nearly two million
downloads and is used by the majority of companies looking to test,
build and deploy SIP-based solutions. X-Lite is also a favorite among
end users of Asterisk® (www.asterisk.org), recognized as the
world's leading open-source IP-PBX. For more information visit
www.counterpath.com/xlite.
Financial Results - Unaudited
(All amounts in U.S. dollars and in accordance with U.S. GAAP unless
otherwise specified)
For the three months ended July 31, 2006, we generated $1,760,881 in revenue compared to $827,296 for the three months ended July 31, 2005. This represents an increase of $933,585 or 113% from the same period last year. We generated $1,409,719 in software revenue for the three months ended July 31, 2006 compared to $710,678 for the three months ended July 31, 2005, representing an increase of $699,041 or 98% over the same period last year. The increase in software revenue was attributable to an increase in both the number of customers we sell to and the revenue per customer. For the three months ended July 31, 2006, we generated $351,162 in service revenue compared to $116,618 for the three months ended July 31, 2005 representing an increase of $234,544 or 201% over the same period last year. The significant increase in service revenue reflects the increase in services we provide primarily to our larger customers to enable them to deploy our software. Our total number of customers that have deployed our software increased by 22 over the quarter to 213 as at July 31, 2006.
Total expenses for the three months ended July 31, 2006 were $2,239,023 compared to $1,137,100 for the previous three months ended July 31, 2005, representing and increase of 97% or $1,101,923. Expenses for wages, commissions and benefits during the quarter were $1,156,218 compared to $695,253 for the three months ended July 31, 2005 reflecting the addition of engineering staff required for research and development and the addition of sales and marketing staff. Other expenses include a $266,429 non-cash expense for stock-based compensation compared to $72,586 recorded in the same quarter last year. During the quarter, we began expensing the fair value of our employee stock options.
The net loss for the three months ended July 31, 2006 was $478,142 ($0.01 per share) compared to $309,804 ($0.01 per share) recorded for the three months ended July 31, 2005.
As of July 31, 2006, we had $1,133,361 in cash and cash equivalents compared to $2,369,021 at April 30, 2006. Our working capital was $1,671,169 at July 31, 2006 compared to $1,975,881 at April 30, 2006, representing a decrease of $304,712 from the previous quarter.
COUNTERPATH SOLUTIONS, INC.
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(Stated in U.S. dollars)
(Unaudited)
July 31, April 30,
2006 2006
------------ ------------
ASSETS
Current
Cash and cash equivalents $ 1,133,361 $ 2,369,021
Accounts receivable 1,664,858 477,814
Prepaid expenses and deposits 121,839 104,927
------------ ------------
2,920,058 2,951,762
Deposits 73,187 -
Equipment 345,005 300,077
Other assets 9,351 8,165
------------ ------------
$ 3,347,601 $ 3,260,004
------------ ------------
------------ ------------
LIABILITIES
Current
Accounts payable and accrued liabilities $ 984,777 $ 754,589
Due to related parties 21,711 34,929
Unearned revenue 105,425 115,214
Customer deposits 51,995 138
Warranty payable 84,981 71,011
------------ ------------
1,248,889 975,881
Convertible debenture 1,904,684 1,887,582
------------ ------------
3,153,573 2,863,463
------------ ------------
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value
Authorized:
415,384,500 shares
Issued:
37,940,983 shares
(April 30, 2006: 37,915,462) 37,941 37,915
Additional paid-in capital 3,026,851 2,750,494
Deficit (2,795,731) (2,317,589)
Accumulated other comprehensive loss (75,033) (74,279)
------------ ------------
194,028 396,541
------------ ------------
$ 3,347,601 $ 3,260,004
------------ ------------
------------ ------------
CounterPath Solutions, Inc.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
(Stated in U.S. dollars)
(Unaudited)
Three months ended
July 31, July 31,
2006 2005
------------ ------------
Revenues
Software $ 1,409,719 $ 710,678
Service 351,162 116,618
------------ ------------
1,760,881 827,296
------------ ------------
Expenses
Amortization 75,005 50,807
Bad debts 24,466 20,152
Computer expenses 23,636 1,259
Consulting fees 220,470 104,136
Foreign exchange loss 22,297 1,900
Interest on convertible debenture 42,102 -
Licenses and permits 94,514 (30,000)
Office and miscellaneous 31,921 20,935
Professional fees 69,720 58,673
Public relations 44,576 17,529
Rent 61,333 40,557
Stock-based compensation 266,429 72,586
Telephone and internet 23,897 16,716
Travel and promotion 68,469 59,885
Wages, commissions and benefits 1,156,218 695,253
Warranty expense 13,970 6,118
Write-off of trademark - 594
------------ ------------
2,239,023 1,137,100
------------ ------------
Net loss for the period (478,142) (309,804)
Other comprehensive loss
Foreign currency translation adjustments (754) (1,735)
------------ ------------
Comprehensive loss $ (478,896) $ (311,539)
------------ ------------
------------ ------------
Basic and diluted loss per share $ (0.01) $ (0.01)
------------ ------------
------------ ------------
Weighted average number of shares outstanding 37,926,439 37,915,462
------------ ------------
------------ ------------
The Company's Quarterly Report on Form 10-QSB for the quarter ended July 31, 2006 is available for viewing at www.sec.gov.
About CounterPath
CounterPath Solutions, Inc., formerly Xten Networks, Inc., is a developer of award-winning, carrier-grade VoIP and Video over IP SIP softphones for telecom and Internet telephony service providers, cable operators, IP-PBX manufacturers and infrastructure manufacturers. CounterPath's SIP softphones and softphone SDKs (Software Development Kits), which provide VoIP, Video over IP, IM (Instant Messaging) and Presence functionality and can be preconfigured to our customer's VoIP service, are predominantly licensed on a per-seat or per-subscriber basis either co-branded or private labeled. CounterPath's technology is deployed by over 210 customers in more than 49 countries. Additional information about CounterPath and CounterPath's products and services is available at www.counterpath.com.
CONTACT: Leila Neale, +1-604-320-3344 x114, ir@counterpath.com
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Source: CounterPath Solutions, Inc.
IVHG - Innova Holdings, Inc. Notifies Stockholders That the Special Meeting of Stockholders Tentatively Scheduled for Friday, September 15 Is Postponed
Thursday September 14, 5:15 pm ET
FORT MYERS, FL--(MARKET WIRE)--Sep 14, 2006 -- Innova Holdings, Inc. (OTC BB:IVHG.OB - News), a robotics technology firm providing software and hardware systems to the service, personal, and industrial robot markets, today announced that the Special Meeting of Stockholders tentatively scheduled for Friday, September 15, 2006 has been postponed.
One of the proposals to be put to a vote of the stockholders is a reverse stock split of the issued and outstanding shares of common stock at a ratio of either one-for-eight or one-for-ten, as determined at the discretion of the board of directors to be in the best interests of the Company without further approval from our stockholders.
The company is awaiting SEC approval on this issue, after which the meeting date will be finalized.
When the meeting is held it will be held at Sanibar Harbour Resort located at 17260 Harbour Pointe Drive, Fort Myers, FL 33908, www.sanibel- resort.com, which is a short distance from the company's headquarters.
The company plans to have on display at its headquarters a number of products including the new Universal Robot Controller 3(TM) (URC3(TM)) which was recently launched by the Robotic Workspace Technologies, Inc. (RWT(TM)) subsidiary as a result of technology innovations developed for the previously announced NASA contract, and also Mesa Robotics Inc. unmanned ground vehicles, for which the Innova Robotics subsidiary has exclusive worldwide sales and marketing rights. Representatives from the CoroWare subsidiary will also attend to demonstrate their software tools.
About Innova Holdings, Inc.
Fort Myers, FL-based Innova Holdings, Inc. (OTC BB:IVHG.OB - News), through its subsidiaries, provides hardware and software systems-based solutions to the military, service, personal and industrial robots markets. The robotics and automation technology company is chartered to continue expanding its growing suite of technologies through acquisitions and growth. Its founder, Chairman and CEO Walter K. Weisel, is recognized as a pioneer and leader in the robotics industry. The company's wholly owned subsidiaries are Robotic Workspace Technologies Inc. (RWT), Innova Robotics Inc., and CoroWare. To learn more, visit us online at www.InnovaHoldings.com.
Investor Relations
Investors can visit Innova Holdings' Investor Relations Hub at www.agoracom.com/IR/Innova to post questions and receive answers, or simply review questions and answers by other investors. They may also request to be added to the investor e-mail list.
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The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
Forward-looking statements such as "believe," "expect," "may," "plan," "intend," etc., contained herein are within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and are based on the company's beliefs and assumptions it made using information currently available to it and which reflect current views concerning those future events. Actual results could differ materially. Therefore, undue reliance should not be placed on any forward-looking statements, since they apply only as of today's date, and accordingly, reference should be made to the company's periodic filings with the SEC.
Contact:
FOR MORE INFORMATION:
Sandra L. Brooks
INCOMM International Inc.
7825 Baymeadows Way, Suite 101-A
Jacksonville, FL 32256
Tel: (904) 636-5085
Email: slbrooks@incomminternational.com
URL: http://www.incomminternational.com
Jesse Blum
Friedland Corporate Investor Services LLC
Tel: (303) 468-1287
Email: jesse@friedlandcapital.com
URL: http://www.friedlandcapital.com
--------------------------------------------------------------------------------
Source: Innova Holdings, Inc.
SNRR - Sunterra Corporation Engages Chanin Capital Partners to Sell Sunterra Europe; Forms Strategic Alternatives Committee; Restructures Interim Management's Compensation to Align With Shareholder Interests; Hires Veteran Accounting and Restructuring Specialist as COO
Thursday September 14, 5:31 pm ET
LAS VEGAS, NV--(MARKET WIRE)--Sep 14, 2006 -- The Board of Directors of Sunterra Corporation (Other OTC:SNRR.PK - News) today announced that the company has put its European operations up for sale. The Board made its final decision to sell the business based on its and management's determination that the European operations were not strategic, and Chanin Capital Partners' conclusion that the best strategic alternative was a sale. As a result, the company has engaged Chanin to begin the European sale process immediately. To facilitate this process and the overall strategic alternatives review and implementation, the Board formed a Strategic Alternatives Committee and appointed John Ziegelman as its Chairman. The company also announced that it has restructured interim management's compensation and named Steven Varner, a Managing Director at Alvarez & Marsal LLC, as interim Chief Operating Officer, replacing Keith Maib.
European Operations to be Sold as Going Concern
Earlier this year, Sunterra retained Chanin to assess, value and assist the Board of Directors in considering strategic alternatives with respect to the European operations. During this same time period, the European business has been streamlined and restructured. Unprofitable marketing and sales channels have been eliminated and ongoing general and administrative expenses have been greatly reduced.
As a result of the above and in connection with Chanin's recommendation to sell the business, the Board has officially put the subsidiary up for sale. The streamlined Sunterra Europe -- its member base, inventory, management contracts, property, plant and equipment, and re-focused sales and marketing organization -- will be marketed by Chanin beginning immediately. During the course of its advisory work, Chanin was approached by several potential strategic acquirers expressing their interest to pursue a transaction for Sunterra Europe. Chanin has commenced the formal sale process for Sunterra Europe, including further discussions with these potential acquirers, and will solicit additional interest.
Strategic Alternatives Committee Formed
To expedite the review and analysis of the company's strategic alternatives for maximizing shareholder value and the sale of Europe, the Board has formed a three-member Strategic Alternatives Committee. In addition to Mr. Ziegelman, James A. Weissenborn, interim President and Chief Executive Officer, and James H. Dickerson, Jr., Chairman of the Audit Committee, will make up the balance of the Committee. The Committee's mandate is to work with the company's advisors and make recommendations to the Board on all matters pertaining to the sale process for Sunterra Europe and to work with Merrill Lynch & Co. as it formulates the company's strategic alternatives for its non-European operations.
Interim Management
The Board has made changes to the company's interim management team, and the Compensation Committee has reduced the overall compensation packages for Mr. Weissenborn and Keith Maib, while further aligning management and shareholder interests. Mr. Weissenborn will continue to serve as interim President and Chief Executive Officer. The Board noted it had interviewed several other potential interim Chief Executive Officers, but concluded that Mr. Weissenborn's management consulting experience, combined with his substantial knowledge of Sunterra's operations and understanding of the timeshare business, makes him uniquely qualified to lead the company through this transitional period. However, the Board decided, and Mackinac Partners, LLC, agreed to substantially reduce the overall compensation package in respect of Mr. Weissenborn's services. Mackinac's incentive fee is tied to Sunterra's stock price and will be zero unless and until the price is at least $15 per share.
The Board is also pleased to announce the appointment of Steven Varner as interim Chief Operating Officer. Mr. Varner is a managing director of Alvarez & Marsal, the independent global professional services firm specializing in business performance improvement that Sunterra engaged to assist in the implementation of its strategic alternatives plan and various business initiatives that are intended to maximize the performance of the North American operations. Mr. Varner has over 16 years of experience advising boards of directors and investors, and has a significant record of assisting in successful financial and operational improvement programs, including substantial experience in the consumer-branded products and services industries. Prior to joining Alvarez & Marsal, Mr. Varner was a non-CPA partner with Deloitte & Touche LLP and Arthur Andersen LLP. He has significant experience with public accounting firms and companies that require re-auditing or restatements, which will be necessary to re-establish Sunterra as a reporting company. Like the new arrangement with Mackinac, Alvarez & Marsal's incentive compensation is tied to clearly defined metrics reflecting Sunterra's stock price at not less than $15 per share.
Keith Maib, Sunterra's former Executive Vice President and Chief Operating Officer, will remain with the company on a transitional basis. He will assume some of the responsibilities of former Chief Marketing Officer David Lucas, as well as other projects on an as-needed basis. Mr. Maib's total compensation package has also been reduced substantially.
The company will be filing a Form 8-K with the Securities and Exchange Commission relating to the management compensation agreements.
Additionally, Sunterra recently began a recruiting process designed to attract qualified timeshare and leisure professionals to join its senior management team on a permanent basis, including filling the chief executive officer and chief marketing officer positions.
About Sunterra
Sunterra is one of the world's largest vacation ownership companies with more than 318,000 owner families and nearly 100 branded or affiliated vacation ownership resorts throughout the continental United States and Hawaii, Canada, Europe, the Caribbean and Mexico. Sunterra news releases, as well as additional news and information on the company, can be found at www.sunterra.com.
Forward-Looking Statements; Risks and Uncertainties
Statements contained in this document that disclose the Company's or management's intentions, expectations or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. The Company cautions that these statements involve risks and uncertainties and other factors that may cause results to differ materially from those anticipated at the time such statements are made. For example, future results, performance and achievements may be affected by our ability to successfully implement our strategic, operational and marketing plan including the cost reduction plan of our European operations, the actual amount of the pretax restructuring charge, the actual amount of the cash expenditures associated with the restructuring plan, general economic conditions, including a global economic downturn, the impact of war and terrorist activity, business and financing conditions, foreign exchange fluctuations, governmental and regulatory actions, the cyclicality of the vacation ownership industry, relationships with key employees, domestic and international political and geopolitical conditions, competition, downturns in leisure travel patterns, risk associated with the level and structure of our indebtedness, risk associated with potential acquisitions and dispositions and other circumstances and uncertainties. In addition, potential risks and uncertainties include, among other things: (1) the results of the Audit and Compliance Committee investigation and review of the allegations; (2) expectations as to the timing of the completion of such investigation by the Committee and its independent counsel and any remedial actions recommended by the Committee, the Company's review, restatement and filing of its previously issued financial statements and its assessment of the effectiveness of disclosure controls and procedures and internal control over financial reporting, the review and filing of the Company's Form 10-Q for the fiscal quarters ended March 31, 2006 and June 30, 2006, and the issuance of interim financial results for the Company; (3) expectations as to the timing of engaging a new independent registered public accounting firm and as to the level of cooperation from the Company's former accounting firm; (4) the effects of the delisting of the Company's common stock from The Nasdaq National Market and removal of the Company's warrants from the OTC Bulletin Board and the quotation of the Company's common stock and warrants in the "Pink Sheets," including any adverse effects relating to the trading of the stock or warrants due to, among other things, the absence of market makers; (5) the effects of any required restatement adjustments to previously issued financial statements and possible material weaknesses in internal control over financial reporting; (6) the effects of any lawsuits or governmental investigations alleging among other things, violations of federal securities laws, by the Company or any of its directors or executive officers; (7) the possibility that any default under the Company's financing arrangements, including our Senior Finance Facility and Senior Subordinated Convertible Notes, could cause acceleration of repayment of the entire principal amounts and accrued interest on such arrangements; (8) the effects of new accounting pronouncements; (9) personnel changes may adversely affect the Company's business; (10) the undertaking of any transaction or transactions resulting from its Board of Directors' decision to sell Sunterra Europe and its consideration of strategic alternatives with respect to Sunterra,, and there can be no assurance that any transaction or transactions will occur or, if undertaken, the terms or timing of such a transaction or transactions; and (11) additional risks and uncertainties and important factors described in the Company's other press releases and in the Company's filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.
Contact:
CONTACT:
Marilyn Windsor
(702) 304-7149
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Source: Sunterra Corporation
CLST - CellStar Enters Into Agreement With Total Call Mobile
Thursday September 14, 6:26 pm ET
COPPELL, Texas, Sept. 14 /PRNewswire-FirstCall/ -- CellStar Corporation (OTC Pink Sheets: CLST - News) announced today that it has entered into an agreement with Total Call Mobile, Inc., a Sprint authorized MVNO. CellStar is a preferred provider of a full range of integrated logistics services to Sprint authorized MVNOs. Under the terms of the agreement, CellStar will provide product procurement and fulfillment services including custom kitting, reverse logistics and repair and refurbishment services.
Total Call Mobile, Inc. is a newly formed mobile wireless services provider that offers prepaid and postpaid wireless voice and data communications services targeted to the expanding multi-cultural ethnic groups in the U.S. Total Call Mobile provides wireless voice and data communications using the Nationwide Sprint PCS® Network.
About CellStar Corporation
CellStar Corporation is a leading provider of logistics and distribution services to the wireless communications industry. CellStar has operations in North America and Latin America, and distributes handsets, related accessories and other wireless products from leading manufacturers to an extensive network of wireless service providers, agents, MVNOs, insurance/warranty providers and big box retailers. CellStar specializes in completely integrated forward and reverse logistics solutions, repair and refurbishment services, and in some of its markets, provides activation services that generate new subscribers for wireless service providers. For more information, visit http://www.cellstar.com .
This news release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. A variety of risk factors, including the Company's ability to implement its business strategies, manage cost-reduction actions, maintain its channels of distribution, continue to secure an adequate supply of competitive products on a timely basis and on commercially reasonable terms, maintain or improve its operating margins, secure adequate financial resources, maintain an adequate system of internal control, comply with debt covenants, and continually turn its inventories and accounts receivable, as well as changes in foreign laws, regulations and tariffs, continued consolidation in the wireless market, new technologies, system implementation or continuation difficulties, competition, handset shortages or overages, terrorist acts or other unforeseen events, economic weakness in the U.S. and other countries in which the Company does business and other risk factors, are discussed in the Company's Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q. Any one, or a combination of these risk factors could cause CellStar's actual results to vary materially from anticipated results or other expectations expressed in the Company's forward-looking statements.
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Source: CellStar Corporation
USEG - U.S. Energy Corp. Announces That Sutter Gold Intersects High-Grade Gold Mineralization
Thursday September 14, 7:18 pm ET
RIVERTON, Wyo., Sept. 14 /PRNewswire-FirstCall/ -- U.S. Energy Corp. (USE) (Nasdaq: USEG - News) announced that Sutter Gold Mining Inc. (TSX-VX: SGM) has today announced three new mineralized zones were intersected, plus significant extensions to four shoots hosting previously reported mineral resources were discovered.
Assay highlights were previously reported in an August 31, 2006 press release for Holes 163 through 167. Four of the first five holes targeted three known shoots within the 40 and 42 Veins. One of the first five holes (166) was unplanned and targeted the north strike extension of barren mineralization cut in the 31 Vein (Hole 163), which exhibited deformation of late porphyroblastic overgrowths, a feature which has proven to occur within approximately 10 meters of most oreshoots within the Comet Veins.
The three new mineralized zones are described as follows:
The first new discovery lies within a 200 foot long by 300 foot high area along the steeply-eastward dipping 20 Vein between cross-sections 2200N and 2400N, identified in Holes 164 (23.5 ft @ 0.207 oz/ton) and 165 (10.0 ft @ 1.208 oz/ton).
The second new zone is located within a 500 foot long by 100 foot high area in the 31 Vein between cross-sections 2200N and 2600N, which has been cut in Hole 166 (6.0 ft @ 0.275 oz/ton) between previous Holes 73 (5.0 ft @ 0.145 oz/ton) and 141 (6.0 ft @ 1.616 oz/ton).
The third zone is an estimated 110 foot strike length of mineralization in the 26 Vein, intersected in Hole 166 (9.0 ft @ 2.173 oz/ton), which is untested at depth along a 700 foot unexplored strike length.
Thus far, the step-out drilling has identified extensions to previously announced indicated resources in the 40, 42, and 44 Veins, and 42-47 Vein junction shoot. Mineralization in the 40 Vein shoot between cross-sections 2100N and 2400N has been extended an additional 40 feet up-dip along a 300 foot strike length. The 42 Vein shoot between cross-sections 2100N and 2400N has been extended an estimated 40 feet up-dip along a 250 foot strike length. The 44 Vein shoot between cross-sections 2100N and 2400N has been extended an estimated 50 feet up-dip along a 200 foot strike length. The 42-47 Vein junction shoot between cross-sections 1800N and 2100N has been extended an estimated 75 feet down-dip along a 250 foot strike length by Hole 167.
Holes 163 through 167 have continued to demonstrate excellent geological continuity along the veins of the Comet Zone and within the new shoots. Updated mineral resource estimates for these zones will be announced once duplicate fire assay results are obtained and grade continuity can be more firmly established. The geological interpretation for Holes 163 through 167 suggest the possibility that significant additions to the mineral resource base for the Comet Zone can be expected as the underground drilling program continues.
The Sutter Gold 2006 core drilling program is planned and supervised by Mr. Mark Payne, P. Geo. Calif. 7067, the Qualified Person for the Sutter Gold Project, as defined by NI 43-101, and has reviewed this release.
About the Sutter Gold Mine
The Sutter Gold project contains a 3.2-mile segment of the Mother Lode belt from which 10 historic mines produced 2.3 million ounces of gold. The historic mines bracket a one-mile-long portion of the Mother Lode belt with no historic gold production that contains the Lincoln and Comet zones. The Lincoln and Comet zones were "blind" discoveries that did not outcrop at surface and represent the first significant new gold discoveries made along the Mother Lode belt in the last 50 years. A total of 85,085 feet of drilling has been accomplished in 190 diamond drill holes, and modern underground development consists of a 2,850-foot declined ramp with 2,400 feet of crosscuts and five raises. The project has received all of the major permits required for production. The historic gold production was documented in a detailed report completed by Mark Payne, the consulting geologist to Sutter Gold.
U.S. Energy Corp. owns approximately 50% of the outstanding shares in SGM.
* * * *
For additional information on Sutter Gold, please visit
www.SutterGoldMining.com.
For U. S. Energy Corp., please visit: www.usnrg.com
ABOUT U.S. ENERGY CORP. AND CRESTED CORP.
U.S. Energy Corp. and its majority-owned subsidiary, Crested Corp., are engaged in a joint venture to conduct various business operations as USECC. Through their subsidiaries, Sutter Gold Mining Inc., Plateau Resources Limited, Inc., U.S. Moly Corp, U.S. Uranium Ltd. and USECC, they own various interests or properties prospective for gold, uranium, vanadium and molybdenum.
This news release includes statements which may constitute "forward- looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, future trends in mineral prices, the availability of capital, competitive factors, and other risks.
The profitable mining and processing of uranium and vanadium will depend on many factors: Obtaining properties in proximity to the Shootaring mill in southeastern Utah to keep transportation costs economic; delineation through extensive drilling and sampling of sufficient volumes of mineralized material, with sufficient grades, to make mining and processing economic over time; continued sustained high prices for uranium oxide and vanadium; obtaining the capital required to upgrade the Shootaring mill and add a vanadium circuit, and obtaining and continued compliance with operating permits.
The profitable mining and processing of gold will depend on many factors, including receipt of final permits and keeping in compliance with permit conditions; delineation through extensive drilling and sampling of sufficient volumes of mineralized material, with sufficient grades, to make mining and processing economic over time; continued sustained high prices for gold, and obtaining the capital required to initiate and sustain mining operations, and build and operate a gold processing mill.
We have not yet obtained feasibility studies on any of our mineral properties. These studies would establish the economic viability, or not, of the different properties based on extensive drilling and sampling; the design and costs to build and operate gold and uranium/vanadium mills; the cost of capital, and other factors. Feasibility studies can take many months to complete. We have not established any reserves (economic deposits of mineralized materials) on any of our uranium/vanadium or gold properties, and future studies may indicate that some or all of the properties will not be economic to put into production. The molybdenum property has had extensive work conducted by prior owners to establish the deposits of molybdenum, mine planning and other ancillary activities. This data will have to be updated to determine the viability of starting mining and milling operations. Obtaining mining and other permits to begin mining the molybdenum property may be very difficult, and, like any mining operation, capital requirements for a molybdenum mining operations will be substantial.
By making these forward-looking statements, the Companies undertake no obligation to update these statements for revision or changes after the date of this release.
DISCLOSURE REGARDING MINERAL RESOURCES UNDER SEC AND
CANADIAN REGULATIONS
USE is a joint venture partner with Uranium Power Corp. ("UPC") and a major shareholder of SGMI. The common stock of UPC and SGMI, both Canadian corporations, are traded on the TSX-V, and are subject to the reporting requirements of the TSX-V and Canadian securities regulatory authorities. Harold F. Herron, Senior Vice President and Director of USE and Crested, serves on the board of directors of SGMI and is also the Company's President and CEO and Chris Healey, Vice President Exploration of USE, serves on the board of directors of UPC.
From time to time, UPC and SGMI make public disclosures in compliance with National Instrument 43-101, "Standards of Disclosure for Mineral Properties." NI 43-101 establishes procedures and standards for determining the existence of, and the reporting of, Mineral Resources and Mineral Reserves. Mineral Resources are classified in ascending categories of geological confidence, as Inferred, Indicated, and Measured. Each definition relates to a resource that is determined to be of "such a grade or quality that it has reasonable prospects for economic extraction." Mineral Reserves are classified as Proven or Probable.
The SEC allows public disclosure of the extent and grade of mineral deposits, and, under SEC Industry Guide 7, "Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations, of Proven (Measured) Reserves and Probable (Indicated) Reserves. In contrast to NI 43- 101, the SEC does not allow public disclosure of Inferred, Indicated, or Measured Resources. In addition, there are some significant differences in the standards allowed, and the procedures required to be followed by the SEC for public disclosure of the SEC's Proven (Measured) Reserves and Probable (Indicated) Reserves, as compared to NI 43-101 for Proven and Probable Mineral Reserves."
United States residents, who obtain information about those of our uranium properties, and about the gold properties, which are reported upon by UPC and SGMI to the TSX-V in accordance with NI 43-101, and about SGMI's gold properties, are cautioned that such information may be materially different from what would be permitted under SEC rules for United States companies.
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Source: U.S. Energy Corp.
DDRX - Updated - Diedrich Coffee Announces Long-Term Growth Strategy; Company to Focus Resources on Growing Wholesale and Franchise Businesses
Thursday September 14, 7:21 pm ET
Announces Changes to Board of Directors
IRVINE, Calif., Sept. 14 /PRNewswire-FirstCall/ -- Recognizing its inherent strength as a premier roaster of imported specialty coffee and the positive trends in the wholesale market, Diedrich Coffee, Inc. (Nasdaq: DDRX - News) one of the largest specialty coffee suppliers in the United States, announced today that it plans to strengthen its two core business segments by increasing the resources dedicated to its expanding wholesale business and by narrowing its retail focus to its franchise stores.
"Diedrich Coffee has a long and storied tradition of selecting and roasting the finest coffees in the world," said Steve Coffey, chief executive officer of Diedrich Coffee. "The changes that we are announcing today allow us to utilize our core strength as the premier roaster of specialty coffee and to fulfill our promise to sell great coffee to the widest possible market.
With the trends shifting towards specialty coffee in restaurants, offices, and specialty stores, Diedrich Coffee has experienced significant growth in our wholesale business. We are well positioned to be a strong competitor with the potential for greater growth and profitability in the future."
According to Mr. Coffey, Diedrich's wholesale operation has grown substantially over the past 12 months, growing at a rate of 46% over the prior year with sales last quarter trending up at 50% over the same period last year. Third-party sales for the quarter ended June 28, 2006 represented 78% of all coffee sold by the company.
As part of its plan to narrow the focus of the retail side of the business on its franchise operations, the company plans to close its Diedrich Coffee and Coffee People company-owned locations but retain the brands for its wholesale and franchise operations. To this end, the company announced that it entered into an agreement today to sell most of its 47 company-owned locations to Starbucks Coffee Company for approximately $13.5 million. The completion of the sale is subject to a number of conditions including the approval of Diedrich Coffee's stockholders and the receipt of various approvals, permits and consents in connection with the transfer of the store locations. Assuming these conditions are met, it is anticipated the sale will be completed within the next few months.
The Company noted that its agreement with Starbucks provided the best solution for the company and its landlords. Most importantly it allowed the company to provide its employees with the smoothest transition possible. All non-management store employees in good standing at the stores being sold will be offered positions with Starbucks and store managers and assistant managers will be provided the opportunity to interview for positions.
The company said that its Gloria Jean's franchise system and the franchisee-owned Diedrich Coffee stores are not directly affected by the sale transaction or other strategic changes. "Our franchise partners will benefit from our new strategic direction as they will have a financially stronger and more focused company as their partner without the distraction of also running two company store systems," Mr. Coffey said.
"The Diedrich Coffee and Coffee People stores are not expected to transition for several months. Until then, the stores will remain open and continue to serve our guests as they have in the past. Additionally, our customers will be able to continue to purchase the same rich and flavorful coffee at franchise locations and through the company's websites, www.diedrich.com, www.gloriajeans.com and www.coffeepeople.com," Mr. Coffey added.
In an unrelated matter, the company also announced today that Peter Churm has retired from the board of directors. The board has appointed Greg Palmer to fill the vacancy. Most recently Mr. Palmer served as president and chief executive officer of RemedyTemp, Inc. "On behalf of the board of directors I would like to thank Peter for his many years of exemplary service and also express how pleased we are that Greg is joining the board. His executive management background and experience in sales oriented companies will be invaluable as the company moves forward," said Paul Heeschen, Diedrich Coffee's Chairman.
About Diedrich Coffee
Headquartered in Irvine, California, Diedrich Coffee specializes in sourcing, roasting and selling the world's highest quality coffees. The Company's three brands are Gloria Jean's Coffees, Diedrich Coffee and Coffee People, which it sells through more than 800 wholesale accounts including coffeehouses, office coffee service distributors, restaurants, specialty retailers as well as direct-to-consumer via the Internet. The company's 200 domestic retail outlets, the majority of which are franchised, are located in 33 states. For more information about Diedrich Coffee, call 800/354-5282, or visit the Company's Websites at www.diedrich.com, www.gloriajeans.com, or www.coffeepeople.com.
Forward Looking Statements
Statements in this news release that relate to future plans, financial results or projections, events or performance are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and fall under the safe harbor. Actual results and financial position could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including, but not limited to, the financial and operating performance of the Company's retail operations, the Company's ability to maintain profitability over time, the successful execution of the Company's growth strategies, franchisee's adherence to the Company's practices, policies and procedures, the impact of competition, the availability of working capital, and other risks and uncertainties described in detail under "Risk Factors and Trends Affecting Diedrich Coffee and its Business" in the Company's annual report on Form 10-K/A for the fiscal year ended June 29, 2005.
Contact:
Sitrick and Company
Maya Pogoda
(310) 788-2850
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Source: Diedrich Coffee, Inc.
SNYL - CORRECTING and REPLACING: Sunnylife Global, Inc. Establishes Office in Zhongshan China
Thursday September 14, 7:31 pm ET
LOS ANGELES, Sept. 14, 2006 (PRIMEZONE) -- In a release issued earlier today, the population of Zhongshan City was incorrectly stated as 250 million rather than 2.5 million. The corrected release follows.
Sunnylife Global, Inc. (Other OTC:SNYL.PK - News) announced today it has established an office in Zhongshan City, Guangdong Province of China.
Zhongshan City has a population of more than 2.5 million and the Gross Domestic Product is stated at 61,014 million RMB (US$7.7 billion). Zhongshan City has attracted investments into production facilities from firms like Canon, Toshiba, CASIO, EMC, ZEUS, making the city dominant in OEM production bases.
In addition to Sunnylife's relationship with Zhongshan Securities, the decision by the Company to open offices in Zhongshan City resulted from a marketing study which showed that Sunnylife is expected to benefit significantly from cooperative agreements with the OEM manufacturers for production of its proprietary products.
At the same time, Sunnylife Global, Inc. has entered into an agreement with Zhongshan Securities Co., Ltd. to sponsor them in their listing application to trade their stock in China. Shandong Luyin Pharmaceutical Co. will be Sunnylife Global's first joint venture partner to trade its shares in the China stock market.
About Sunnylife Global
Sunnylife Global, Inc. has developed a Health Care Management System (HCMS) in conjunction with the Chinese Government Authorities that will result in delivering superior quality health care management to its members. The Company is in multiple joint-venture agreements with hospitals that comprise the World Friendship Hospital Group for Sunnylife to renovate and revitalize China's older hospital facilities in order to meet the current international standard. Sunnylife has developed the HCMS to meet that standard and is planning to launch in the very near future. In addition, the Company has patented natural, environmentally safe and economically affordable products which it plans to introduce to Chinese customers through seven independent retail chains in China. Sunnylife represents an organization staffed with professional experts in product research, quality acceptance testing, and market development for service to China and the global markets. For more information, please visit http://www.sunnylifeglobal.com
Contact:
Financial Sciences of America
Fran Daniels
(310) 278-4413
finsci@earthlink.net
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Source: Sunnylife Global, Inc.
EPIC - Planned Storage Systems Switches to Epicor(R) ERP Solution
Thursday September 14, 8:32 pm ET
Epicor Vantage 8.0 to Help Expansion Into Eastern Europe for Market-leading Manufacturer of Storage Solutions
IRVINE, Calif. and BRACKNELL, England, Sept. 14 /PRNewswire-FirstCall/ -- Planned Storage Systems (PSS), one of the UK's leading independent manufacturers of storage solutions, is to deploy Epicor Software Corporation's (Nasdaq: EPIC - News) Vantage® 8.0 manufacturing enterprise resource planning (ERP) solution to help improve its business processes as it expands its manufacturing capability into Eastern Europe.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040615/LATU008LOGO )
"We have used Tetra CS3 for a number of years and it has offered us a competent solution for financials but lacked the more advanced lean manufacturing and logistics capabilities we need to grow our business," explains James Delap, CEO of Hi-Lo PSS Group, "We are in the process of expanding our manufacturing capability into Romania which provided us with a perfect opportunity to deploy a new ERP solution that was more suited to our manufacturing and resource planning needs."
With over 30 years experience as one of the leading UK manufacturers of storage solutions, PSS is accredited to ISO 9001 standards with an extensive list of clients including Asda, B&Q and Exel Logistics. In March of 2006, PSS began a selection process based initially on eight candidate recommendations by an independent ERP consultant. Over a three-month process of evaluation and comparison, PSS reached a shortlist of three solutions from Epicor, Exact and Sage.
"Overall, Epicor provided the best fit for our current operational needs with the ability to deliver modular upgrades to support the rapid expansion of our business. Epicor and especially its Epicor Scala division also had a good understanding of tailoring the system to meet the needs of trading within Romania as well as localization for other countries within Europe," Delap concludes.
PSS will deploy core Epicor Vantage 8.0 manufacturing and scheduling alongside Epicor iScala financials at its UK and Romanian sites by November 2006. A further more advanced implementation of additional Planning, CRM and SRM modules will commence in early 2007.
"Epicor has carefully built up an experienced and professional partner network across Europe with local teams able to develop and support manufacturers moving into new countries," said Ian Walker, senior vice president of international sales for Epicor. "The modular but highly integrated nature of Vantage 8.0 quickly allows organization to get up and running with core mission critical systems and then bring new features online as and when the business need dictates -- this is a key differentiator and much sought after requirement for agile manufacturing businesses."
About Planned Storage Systems
Planned Storage Systems is the UK's leading independent manufacturer of storage solutions and is committed to ensuring their safe design, manufacture and installation. PSS is accredited to ISO 9001 and all products are designed to comply with the SEMA (Storage Equipment Manufacturers Association) codes of practice. The total range of storage solutions comprises, Adjustable Pallet Racking, Pallet and Carton Live Storage, Hanging Garment Racking, Long Span Shelving, Nashville Safety Shelving and Mezzanine Floors.
About Epicor Software Corporation
Epicor is a global leader dedicated to providing integrated enterprise resource planning (ERP), customer relationship management (CRM), supply chain management (SCM) and professional services automation (PSA) software solutions to midmarket companies and divisions of the Global 1000. Founded in 1984, Epicor serves over 20,000 customers in more than 140 countries, providing solutions in over 30 languages. Employing innovative service-oriented architecture (SOA) and Web services technology, Epicor delivers end-to-end, industry-specific solutions for manufacturing, distribution, retail, hospitality and services that enable companies to drive increased efficiency, improve performance and build competitive advantage. Epicor solutions provide the scalability and flexibility to meet today's business challenges, while empowering enterprises for even greater success tomorrow. Epicor offers a comprehensive range of services with its solutions, providing a single point of accountability to promote rapid return on investment and low total cost of ownership. Epicor's worldwide headquarters are located in Irvine, California with offices and affiliates around the world. For more information, visit www.epicor.com.
Epicor and Vantage are registered trademarks of Epicor Software Corporation. All other trademarks referenced are the property of their respective owners. The product and service offerings depicted in this document are produced by Epicor Software Corporation.
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Source: Epicor Software Corporation
ATVI - Activision: A Sure Winner in the Game Console War
Friday September 15, 4:01 am ET
Ann Sosnowski submits: My first video gaming experience was on the Atari 2600 in the early 1980’s. Now, video gaming technology continues to dominate the toy market every year. For Christmas 2006, it’s the fight for the best seventh generation console. We have:
Nintendo’s Wii, an interactive console that looks like a remote and works as a bat for baseball games and a golf club for golf games.
Against the third generation Sony (NYSE: SNE - News) Playstation, the PS3, which includes Blu-Ray and Wi-Fi technology.
Against Microsoft’s (NASDAQ: MSFT - News) Xbox 360, which has online service.
With all these choices, what company can you bank on as a good holiday investment? Sony stock price continues to fall and Microsoft is too big of a company to buy shares based upon its game console success. Nintendo is nothing but a pink sheet offering.
According to recent reports by the NPD research group, U.S. retail sales in August for video games jumped 17.5%. This is the third consecutive month of year-over-year growth for video game manufacturers.
Activision, Inc. (NASDAQ: ATVI - News), one of the leading game manufacturers, saw sales jump 23% in August. The company produced revenue of $1.4059 billion in 2005 alone.
Activision is the sure winner in the console wars this Christmas. The company makes software games for every console that Sony, Microsoft and Nintendo can turn out. The company also releases its games for use on PC computers, and it owns some of the most popular game franchises around.
Even if gamers won’t shell out $600 for the new Sony PS3, they will buy more games for their current systems. And parents will buy games for their children.
Activision's games include action, adventure, action sports, racing, role-playing, simulation and strategy. Versions of its games are available for older versions of Sony, Nintendo and Microsoft consoles.
In essence, it doesn’t matter which system wins out at Christmas this season. Activision makes games for every single one.
Over the past five years, Activision has split its stock five times:
3-for-2 on November 6, 2001
3-for-2 on June 6, 2003
3-for-2 on February 23, 2004
4-for-3 on March 7, 2005
4-for-3 on October 10, 2005
Taking the stock split time pattern into consideration, the company may be due for another one fairly soon.
As of June 30, 2006, ATVI has 278.33 million weighted-average outstanding shares. Over the past five years, Activision stock has returned a 159.50% gain for investors.
Recent 52-week lows in late June and early July provided a perfect opportunity for investors to “buy on dips” before Christmas season. Since those lows, the stock value has increased by 28.53%.
Morningstar analyst Norman Young has pegged ATVI’s fair value at $18.00 per share. A buy at current levels would bank us a 24% gain as it moves towards fair value. He pegged $22.60 as a good high price target, which could give us a gain of 55.86%.
Activision’s sales in 1996 came in at $61 million. In 2005, Activision made sales of $1.48 billion, an increase of 2,326% in only nine years.
What I like the most about this company is that they have up to $792.58 million in cash and no debt to call their own. That’s substantial.
Their profit margin is low at 1.96%, better than being on the negative end of the scale. Its gross margin comes in at 37.63%, better than most of its competitors in the multimedia and graphics software industry.
According to annual data, Activision’s yearly revenue continues to increase substantially. In 2005, the company posted yearly revenue of $1.405 billion, up 48.35% from the 2004 fiscal year. ATVI posted total revenue of $1.468 billion at the end of the 2006 fiscal year, up 4.42% the year before.
Quarterly data is always skewed for companies like these that depend primarily on Christmas sales. Its third-quarter revenue for October through December of 2005 came in at $816.24 million, substantially more than the $598.73 million it made through the rest of the year.
Analysts expect the company to make –$0.12 per share, but $0.28 next quarter (for Christmas) and $0.15 leading into March 2007. Average revenue estimates for the current quarter ending this month is $134.60 million, and $1.08 billion for the year ending March 2007.
By the end of the fall/winter season of 2006/2007, Activision will have released Call of Duty 3, Marvel Ultimate Alliance, and Tony Hawk’s Project 8 on Sony, Nintendo, and Microsoft software formats. It’s also releasing a few other games on limited formats.
On a technical basis, ATVI’s daily chart shows support at all moving averages, including an MACD crossover similar to that from July through November 2005, which pushed the stock up 34.88% in value. The chart has just recently undergone a slight correctional period for 2006. It’s move back toward the 200-day Moving Average shows that investors anticipate astrong turnout for its upcoming earnings profits.
Although Activision predicts “weaker than expected market conditions,” what with the Sony and Nintendo battle come the holidays, ATVI’s price chart looks strong for a continued move up in price. Overall market expectations that consumer spending will drop this Christmas allows us to be cautious when investing in a cyclical holiday stock. But I think we’ll be pleasantly surprised by this company’s sales come early 2007, as well as the American consumer’s resolve to buy high-priced technology come the holidays.
Activision’s low price is very attractive to investors looking for Christmas stocks to add to their portfolio. Since this company makes games for all available, popular video game platforms, it’s a true winner this Christmas season in the “console wars.”
SWC - Stillwater Mining Company Resumes Operations at Its East Boulder Mine
Thursday September 14, 11:59 pm ET
BILLINGS, Mont., Sept. 14 /PRNewswire-FirstCall/ -- STILLWATER MINING COMPANY (NYSE: SWC - News) issued the following press release:
Employees at the Stillwater Mining Company's East Boulder mine will return to work tomorrow morning, Friday, September 15th, following closure of the facility from Wednesday evening through Thursday due to the Jungle wildfire. Earlier this afternoon, fire officials announced their decision to reopen public access to roads in the area of the mine. The mine facilities themselves were not directly threatened by the fire.
Stillwater Mining Company is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and the Russian Federation. The Company's shares are traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining Company can be found at its website: www.stillwatermining.com.
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Source: Stillwater Mining Company
Effective Today ISGI - ISSG, Inc. to RBCF Rubicon...
On September 6, 2006, at the annual shareholders meeting the Registrant's shareholders approved the amendment to the Registrant's Certificate of Incorporation to change its corporate name to Rubicon Financial Incorporated.
http://www.investorshub.com/boards/read_msg.asp?message_id=13206218
MMIO - Marmion Industries Corp Announces Substantial Completion of Public School Project
Friday September 15, 2:00 am ET
HOUSTON, Sept. 15 /PRNewswire-FirstCall/ -- Marmion Industries Corp (OTC Bulletin Board: MMIO - News; Frankfurt M6IA.F) announced today the substantial completion of three of four schools in Bid Package #13 for the Pasedena Independent School District. "This completion of current work is very important and at the current pace we currently expect to be finished with this project by the end of November, marking the continued expansion of Marmion Industries commercial division. We are making tremendous progress in bringing our products and services to the customers that need them. These customers include Texas Public School Districts and the State of Texas," said W.H. Marmion, president of Marmion Industries Corp. "We are highly pleased with our rate of growth in this market."
Marmion Industries Corp (http://www.marmionair.com ) is a specialty company that manufactures and markets explosion-proof air conditioners, refrigeration systems, chemical filtration systems and building pressurizers. The explosion-proof market encompasses industries including oil and gas exploration and production, chemical plants, graineries and fuel storage depots. Additionally there is significant demand for these systems anywhere sensitive computer systems and analyzation equipment are located. The Company is recognized by the Texas Department of Licensing and Regulation (TACLA019367C) as a contractor in the field of Heating Ventilation and Air Conditioning, as well as by the Louisiana State Licensing Board of Contractors (Lic. No. 44001) as a contractor in the field of Commercial Heating Ventilation and Air Conditions and Sheetmetal. The Company commenced residential and commercial HVAC service operation in Texas in 1998 and has since provided specialty service to Fortune 500 clientele.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein the statements in this news release are forward- looking statements that involve risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results
Marmion Industries Corp, 713-466-6585
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Source: Marmion Industries Corp
LYJN - Lyric Jeans Denounces Email Spamming Campaign Touting Stock
Thursday September 14, 3:59 pm ET
LOS ANGELES, CA--(MARKET WIRE)--Sep 14, 2006 -- Lyric Jeans, Inc., (Other OTC:LYJN.PK - News) has become aware of an unauthorized promotional spam campaign involving its stock. Lyric Jeans is in no way affiliated with this program. It does not endorse any of the statements being made, as there is no accuracy in the content of the emails. The company is taking every necessary legal step to not only rectify the illegal activity, but also to identify the source of the spam. The company apologizes to anyone who has received the spam messages and asks that you do not rely upon them to assess the company or its employees.
About Lyric Jeans, Inc.
Lyric Jeans is the innovator and manufacturer of premium apparel and denim wear characterized by a cutting-edge design strategy driven by music and song lyrics. Through the unique fusion of fashion and music, the company utilizes titles from all genres of music as inspiration for the brand, thereby appealing to a cross-section of various tastes and interests and enabling it to market its products on a worldwide platform. The company's strength is in its relationships with the music industry and its ability to access the Hollywood community, tastemakers and trendsetters. www.lyricjeans.com
Included in this release are certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding Lyric Jeans Inc. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending, Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Lyric Jeans Inc. does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
Contact:
For Further Information please contact:
Investor Relations
Donald Braxton
866-383-3765
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Source: Lyric Jeans, Inc.
New board name, Rubicon Financial, Inc. case ya missed it.
What is Prosperity
Prosperity means different things to different people, for some it is monetary and material things, for others it is spiritual and emotional issues. True prosperity comes from achieving balance at all levels, spiritual, mental, emotional and physical. I believe true prosperity is having your innermost needs and desires met at all levels and being able to fully enjoy them. Prosperity is something you experience in your mind and thoughts, it is not an external state and it is therefore quite possible to experience prosperity at any level of income.
Prosperity is an internal experience, not an external state
Instead of thinking about the money, just close your eyes for a moment and think of the things you most want in your life, on all levels, write them down if you want. For you, true prosperity would be to have all those things and to be able to fully enjoy them. We need to discover, at our deepest and most honest level, what we want for ourselves.
Our relationship with Money
We often start out trying to get money to achieve a desired goal, but as time goes by the money becomes the goal and the dream is left forgotten.
"when money becomes the goal, the dream is left forgotten"
Not everyone is destined or even well suited to having vast amounts of money, but I do believe everyone deserves to, and can be prosperous. Money empowers us to obtain and do things in our physical world, but if some of your inner most needs and desires are things that money can't buy, then no amount of money is going to make you feel prosperous. In fact large amounts of money often brings unexpected problems, making life more complicated, increasing your financial responsibilities and demanding a higher level of financial management, that you might not want. Did you know that after two years, most lottery winners have lost nearly all the money they received, with nothing to show for it and are often worse off financially? The problem with any windfall like this is that it rarely solves any problems. If you have not resolved the negative internal beliefs you hold about money or yourself, then often when you receive such a windfall, subconsciously you simply don't believe you deserve it. And with such a negative belief. the subconscious gets busy correcting the situation until you have the amount of money you believe you deserve.
What are your beliefs about money? How did your parents feel about it and what did they teach you? It is worth taking a moment to really think about this, write things down if you want to. It is a fact that many of our negative beliefs come from our childhoods and if you received messages like, "Money is really hard to come by" or "blood, sweat and tears is the only way to get rich", these are very negative thoughts. They are effectively negative affirmations that you will continue to achieve, until you identify them, let them go and replace them with a positive affirmation.
Attracting unlimited Abundance
Our world is infinitely abundant and we all deserve our share of that abundance, all we have to do is be prepared to accept it. However the reality is that at a subconscious level many of us simply do not believe that we deserve the prosperity that we seek. This often manifests from other underlying issues such as low self-esteem, fearfulness, guilt or any number of other negative beliefs. In order to achieve true prosperity, it is necessary to identify and release these underlying negative beliefs. Remember our external reality mirrors our internal beliefs, how we think the world is for us becomes our reality. By changing your inner thinking you can change your external reality.
changing your inner thinking, can change
your external reality
"Learn to get what you really want
and love the things you already have"
You can not create prosperity by thinking or talking about your lack of money. Focussing on what you lack, simply attracts more lack. Remember it is one of the principle Laws of Attraction that what we focus on grows. If we focus on what we lack, we simply attract more of the same. However, if we focus our thoughts and attention on the positive, like being grateful for the things we already have, then we will attract more of what we want. In fact gratitude is one of the keys to achieving real prosperity.
09/15/2006 ISGI - ISSG, Inc. to RBCF Rubicon
effective 09/15/2006 ISGI - ISSG, Inc. to RBCF Rubicon
I get this Susie...
HTTP/1.1 500 Server Error
Is this a good stock?
Y/W Rigs, just a burger though lol
IMO no, just means they are done filling a clients order.
I also believe it can be used as manipulation as it makes
folks worry about wazup...like you are doing now.
Remember the market makers have all taken the class
"manipulating emotions 101"
See that Rigs, like the
restricted stock deal on Dubai money.
its been on the SHO list fwiw
A few OTC tickers with volume before the bell
CBCL, IGAI, UCOI, DNAG, SCLL, TAOL, REMC
FWIW
G'Morning Mz Missy