who ya gonna call? wallbusters!
Followers | 289 |
Posts | 10,327 |
Boards Moderated | 1 |
Alias Born | 09/17/2010 |
Twitter Profile: | Temporarily Unavailable |
Follow on Twitter: | Follow @ Temporarily Unavailable |
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Auto Stocks Look Attractive as Sales Rebound: John Dorfman
Dec. 6 (Bloomberg) -- Ford Motor Co. has risen 68 percent this year, more than any stock in the Dow Jones Industrial Average, which hasn’t had an automaker in it since General Motors Corp. was kicked out in 2009.
If you think auto companies are has-beens, it’s time to reconsider. Vehicle sales in the U.S. are climbing fast, albeit from a low base. The despairing refrain that consumers won’t buy cars without a tax incentive like the cash-for-clunkers program has proven to be unfounded.
In October and November, sales of cars and light trucks reached a seasonally adjusted annual rate of more than 12 million units, the best showing in more than two years.
A pace of 14 million -- 1 million vehicles below the 20- year average -- would be enough to propel car manufacturers and auto-parts makers to large profits because they have cut their costs. The industry has shed less-profitable divisions, brands and models, reduced the number of dealerships and negotiated more modest wage-and-benefit packages.
If this industry is making a comeback, is Ford the best stock to buy? I like Ford but prefer General Motors Co., which re-emerged as a public company last month. And I like Kia Motors Corp. more than either of those U.S. stalwarts.
Ford has several virtues. The company has been gaining market share from GM for years. It has posted six quarterly profits in a row. Alone among U.S. automakers, it disdained federal aid during the recession. Its November sales increased 24 percent year-over-year. And its stock sells for eight times earnings, an attractive multiple.
Negative Net Worth
The main thing that troubles me about Ford is that the company’s net worth is still negative, a vestige of the recession. As of Sept. 30 its liabilities exceeded its assets by $1.7 billion.
Granted, that situation is improving rapidly. Ford’s liabilities exceeded assets by $16 billion in March 2009. In a quarter or two, the company’s net worth could be positive again. Yet it makes me extremely uneasy to buy a stock whose equity figure is written in red.
GM has a better balance sheet, burnished by its passage through bankruptcy. In March 2009, one quarter before it declared bankruptcy, GM reported $173 billion in total liabilities against $82 billion in assets.
Today, GM has debt equal to less than 38 percent of stockholders’ equity, putting it in the balance-sheet zone I like best (debt less than 50 percent of equity). It has reported three straight quarterly profits.
Better Option
GM also has weaknesses. The company has been losing market share to Honda, Toyota and Ford for more than a decade. Its November sales gain failed to match its rivals. GM’s management is relatively untested, and the U.S. government -- potentially an awkward partner -- still owns about one third of the company.
A better option may be Kia, the South Korean upstart. Kia has been following the playbook used years ago by Honda Motor Co. and Toyota Motor Corp.: Start in the U.S. with small, economical models, then slowly move up.
North America is Kia’s second-biggest market, after South Korea. I wouldn’t be surprised if Kia gets more sales in the U.S. than in its home market by 2015. Analysts estimate earnings will more than double this year on a consolidated basis.
U.S. consumers have pent-up demand for cars, but their budgets are still tight. Accordingly they may go for Kia’s relatively economical models.
Kia sells for less than nine times estimated earnings for calendar year 2010 and about eight times earnings expected for calendar 2011.
Parts Makers
Investors who are fond of strong balance sheets, as I am, may want to take a look at parts manufacturers rather than the automakers. In the U.S. and Canada, there are 20 parts suppliers with a market value of $100 million or more that have debt less than 50 percent of equity.
Magna International Inc., based in Aurora, Ontario, makes a wide variety of components, has been profitable in 18 of the past 20 years, and has debt less than 2 percent of equity. I think it is a good buy at about 16 times earnings.
Disclosure note: I own shares of Dorman Products Inc., an auto-parts maker, for clients and personally. However, I would not recommend putting new money into it, partly because it has more than doubled this year. I currently have no long or short positions in the other stocks discussed in this week’s column.
(John Dorfman, chairman of Thunderstorm Capital in Boston, is a columnist for Bloomberg News. The opinions expressed are his own. His firm or clients may own or trade securities discussed in this column.)
--Editors: Steven Gittelson, Charles W. Stevens
Click on “Send Comment” in the sidebar display to send a Letter to the editor.
To contact the writer of this column: John Dorfman at jdorfman@thunderstormcapital.com.
To contact the editor responsible for this column: James Greiff at jgreiff@bloomberg.net
Bear Market That Wasn’t Gores Pessimists as S&P 500 Rebounds 20%
Dec. 6 (Bloomberg) -- Investors who heeded warnings about falling home sales, record European budget deficits and the debasement of the U.S. dollar can nurse regrets after the 2010 bear market didn’t happen.
The Standard & Poor’s 500 Index has gained 9.8 percent this year and 20 percent since hitting its 2010 low on July 2, defying pessimists from Robert Prechter to Albert Edwards and Nouriel Roubini, who expected an economic slowdown that hurt equities. Bulls, who looked like losers when the benchmark gauge for U.S. stocks fell 16 percent between April and July, were vindicated by the rebound that added $2.6 trillion in value.
Expanding factory production, retail sales and earnings that topped forecasts as well as the Federal Reserve’s pledge to buy $600 billion of Treasuries spurred the advance as the economy continued to recover from the worst financial crisis since the Great Depression. U.S. equity mutual funds with at least $1 billion in assets returned a median 7.7 percent in the past five months, according to data compiled by Bloomberg.
“You still have an investment culture that’s still too heavily steeped in the most recent experience rather than rationally basing it on the evidence of the day,” said James Paulsen, chief investment strategist at Minneapolis-based Wells Capital Management Inc., which manages $342 billion. “We had such a terrible crisis of ‘08,’’ he said. ‘‘It’s not surprising to me that the first slowdown of the recovery brought back deflation-depression mentalities with vengeance.’’
Economic Disappointments
Pessimists gained evidence for their concern midyear. The Citigroup Economic Surprise Index for the U.S. tumbled to minus 64.3 in August from positive 43.4 in April as Europe’s debt crisis prompted speculation growth would slow. Negative readings mean economic reports are missing forecasts.
A. Gary Shilling, who predicted the housing market collapse, said in August that the economy ‘‘doesn’t have much gas anymore” and may enter a second recession. While the increase in gross domestic product slowed to a 1.7 percent rate in the second quarter, it accelerated to 2.5 percent in the third quarter, according to Commerce Department data.
The economy should be expanding 5 percent given the depth of the recession, and investors should avoid equities until corporate revenue growth accelerates, Shilling said last week.
“We’re in a period of slow growth, probably deflation, and enough troubles elsewhere like Europe that the dollar and Treasuries are going to be the safe havens,” said Shilling, president of the investment research firm A. Gary Shilling & Co. in Springfield, New Jersey. “The equity markets have been anticipating a lot faster growth ahead than we’re likely to get, and there could be some disappointment.”
Expanding Economy
The U.S. will grow 2.7 percent in 2010, 2.5 percent in 2011 and 3 percent in 2012, according to the median of 63 GDP estimates in a Bloomberg News survey. The National Bureau of Economic Research said Sept. 20 that the longest contraction since the 1930s ended in June 2009.
The S&P 500 has gained 8 percent since Prechter in September recommended holding money in cash because pessimism would drive investors away from stocks. Technical analysis, or the process of using price charts to make investment forecasts, shows the S&P 500 will fall, he said last week. Investors should wait six years before buying stocks, he said.
“Bottoms are usually sharp, whereas tops often take time to play out,” Prechter, the chief executive officer of Elliot Wave International in Gainsville, Georgia, wrote in a Dec. 3 e- mail to Bloomberg News. “It is perfectly natural for GDP to rise after the stock market rises. You can’t use GDP to make buying and selling decisions in the stock market.”
Falling to 450
Edwards, the London-based global strategist for Societe Generale who warned this year that the world was entering another recession and that deflation was a possibility, said in August that the S&P 500 would plunge to about 450. It’s risen 17 percent to 1,224.71 since then.
“The structural bear market has not reached the end,” Edwards wrote in an Aug. 26 note, a day before Fed Chairman Ben S. Bernanke signaled he’d buy more bonds. “The equity market has shrugged off much of the weaker data that abounds, and has not joined the bond market in a perceptive move. The equity market will though crumble like the house of cards it is.”
Edwards didn’t respond to an e-mailed request for comment last week.
Manufacturing Report
An Institute for Supply Management report showed last week that U.S. manufacturing expanded for a 16th month in November. Pending sales of U.S. existing houses unexpectedly jumped by a record 10 percent in October, the National Association of Realtors said Dec. 2. While the Labor Department said on Dec. 3 that American non-farm payrolls expanded 74 percent less than the median economist estimate, the S&P 500 rose 0.3 percent.
Roubini, the co-founder of Roubini Global Economics LLC who recommended selling stocks before the S&P 500 slid as much as 57 percent from its record in October 2007, said in July that the market will fall and has held to his bearish outlook on the global economy throughout 2010. The economy will suffer as Americans cut debt, spend less and save more, implying an “anemic” recovery, he said last month.
“Roubini Global Economics does not call the markets, but comments about fundamental direction,” according to a Dec. 3 statement from the New York-based company.
The S&P 500 climbed 3 percent between Nov. 26 and Dec. 3, the biggest weekly advance in a month.
“A lot of the bears I think were overly obsessed with the secular challenges facing the economy and ignoring the cyclical improvement,” said Alan Gayle, senior investment strategist at RidgeWorth Capital Management in Richmond, Virginia, which oversees $63 billion. “At the end of the day, should you be involved with stocks or not? The answer is, ‘Yes, you should.’”
--Editors: Chris Nagi, Nick Baker
To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net.
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.
Bernanke: More Fed Bond Buys 'Certainly Possible'
The Federal Reserve could end up buying more than the $600 billion in U.S. government bonds it has committed to purchase if the economy fails to respond or unemployment stays too high, Fed Chairman Ben Bernanke said.
In a rare televised interview, Bernanke told the CBS program "60 Minutes" the Fed's actions are aimed at supporting what is still a fragile economic recovery, dismissing critics who argue the policy will lead to future inflation.
"This fear of inflation I think is way overstated," Bernanke said in the interview aired on Sunday.
"What we're doing is lowering interest rates by buying Treasury securities," he said. "And by lowering interest rates, we hope to stimulate the economy to grow faster. The trick is to find the appropriate moment when to begin to unwind this policy. And that's what we're going to do."
Bernanke said it would take four to five years for the country's unemployment rate, which rose to 9.8 percent in November, to come down to what he called more "normal" levels of around 5 percent to 6 percent.
Asked if the central bank could go beyond the $600 billion of bond buys announced at its November meeting, Bernanke said: "Oh, it's certainly possible. It depends on the efficacy of the program. It depends, on inflation. And finally it depends on how the economy looks," he said.
The U.S. economy grew at a modest 2.5 percent annual rate in the third quarter, and more vigorous growth is needed to bring down unemployment.
The "60 Minutes" interview is as part of a broader effort to raise the Fed chairman's public profile in order to counter critics of Fed policy — both in Washington and within the central bank itself.
Not Printing Money
The decision to offer further monetary stimulus at a time overnight borrowing costs are already effectively at zero and the banking system is awash with $2.3 trillion in Fed-created credit has proven controversial both at home and abroad.
Many economists, some Republican lawmakers, and a small but vocal minority of top officials within the Fed worry that the central bank's actions are unlikely to do much to spur economic growth with borrowing costs already unusually low.
Instead, they worry the massive bond purchases will lead to distortions in financial markets, potentially sparking asset bubbles in unexpected places. Some also fear, as Charles Plosser of the Philadelphia Fed has argued, the expansion of reserves could create the "kindling" that will spark inflation in the future.
But Bernanke continued to argue firmly against that view.
"One myth that's out there is that what we're doing is printing money," he said. "We're not printing money. The amount of currency in circulation is not changing. The money supply is not changing in any significant way."
While the Fed is pressing hard on the monetary accelerator, banks would have to ramp up lending for the money supply to increase — and loan demand is still tepid.
Bernanke said the Fed has both the tools and the will to withdraw liquidity from the banking system if inflation begins to dart higher, even if past experience makes some analysts skeptical.
"We could raise interest rates in 15 minutes if we have to," Bernanke said in the interview, which was taped on Tuesday. "So, there really is no problem with raising rates, tightening monetary policy, slowing the economy, reducing inflation, at the appropriate time."
"That time is not now."
Close to the Border
Part of the rationale for Fed easing is the fear that a trend of slowing inflation could turn into an outright deflation, a damaging downward spiral in prices and wages that is particularly difficult for central banks to fight.
Bernanke said the current risk of deflation was not very big, but only because the Fed had decided to act aggressively.
"If the Fed did not act, then given how much inflation has come down since the beginning of the recession, I think it would be a more serious concern," Bernanke said.
Asked if the recovery was self-sustaining, Bernanke said: "It may not be. It's very close to the border."
Inflation has been running below the Fed's implicit target of about 2 percent, by some measures dipping beneath 1 percent. That is a danger zone that, in the view of many Fed officials, makes the country too vulnerable to unexpected shocks.
With Europe still mired in a debt rut and many economists worried about the ability of China to sustain runaway growth rates, it is not difficult to imagine where such disturbances might come from.
Two Societies
Speaking broadly about the social consequences of the economic downturn, Bernanke decried the rise in income and wealth inequality in unusually sharp terms.
"It's a very bad development," he said. "It's creating two societies."
He stressed that the issue of long-term unemployment is a major concern. Over 40 percent of unemployed Americans have been jobless for six months or more, the highest reading on record.
The ability of interest rate policy to affect such complex matters remains an open question. But Bernanke appears willing to use monetary policy to its fullest extent in trying.
"People who are unemployed for such a long time ... their skills erode. Their attachment to the labor force diminishes and it may be a very, very long time before they find themselves back in a normal working position."
The last time Bernanke appeared on "60 Minutes" was in March 2009, just as the worst phase of the global financial crisis was beginning to subside.
China's Hu tells Obama worried by Korea crisis
By Michael Martina and Jeremy Laurence
BEIJING/SEOUL | Mon Dec 6, 2010 4:15am EST
(Reuters) - China is worried tensions in the Korean peninsula could spiral out of control if not dealt with properly, President Hu Jintao told U.S. President Barack Obama on Monday in their first discussion of the situation since North Korea shelled the South nearly two weeks ago.
The White House said Obama, in a telephone call with Hu, urged Beijing to work with the United States and others to "send a clear message to North Korea that its provocations are unacceptable."
Later in the day in Washington, U.S. Secretary of State Hillary Clinton hosts talks with her Japanese and South Korean counterparts to discuss the deadly North Korean attack on a South Korean island.
China, the chair of stalled international nuclear talks with Pyongyang, is not invited. However, the Washington troika are expected to discuss Beijing's proposal for emergency regional talks on the crisis.
The conversation between Obama and Hu took place as South Korea started live-firing naval exercises, 13 days after the North shelled Yeonpyeong island close to a disputed maritime demarcation line.
"Especially with the present situation, if not dealt with properly, tensions could well rise on the Korean peninsula or spin out of control, which would not be in anyone's interest," Hu said, according to a Chinese foreign ministry statement.
"The most pressing task at present is to calmly deal with the situation," Hu added, according to the ministry's website.
China has faced calls from the United States and its allies to do more to rein in its ally North Korea after the artillery attack on Yeonpyeong island, which killed four people.
Hu said China expressed "deep regret" about the deaths. Beijing has refused to apportion blame for the incident.
"We need an easing (of tensions), not a ratcheting up; dialogue, not confrontation; peace, not war," Hu was quoted as telling Obama.
Tensions have risen to their highest level in decades on the peninsula after the Yeonpyeong attack, which came days after the North revealed it had made significant advances in its nuclear program.
Analysts say Pyongyang's latest provocations could be driven by a number of factors including internal politics and its time-honored practice of using threats and violence for leverage to win aid at talks.
Two years ago, North Korea walked out of aid-for disarmament talks -- which had brought together the two Koreas, host China, the United States, Japan and Russia.
Pyongyang has said it wants to restart the talks, and has won the backing of Beijing and Moscow. But Washington, Seoul and Tokyo have said they will only return to the negotiating table when the North shows it is sincere about denuclearizing.
"China has always believed that dialogue and negotiations are the only right way to resolve North Korean nuclear-related issues and to realize long lasting peace on the peninsula," Hu said.
By Michael Martina and Jeremy Laurence
BEIJING/SEOUL | Mon Dec 6, 2010 5:49am EST
Pyongyang has said it now wants to restart them, and has won the backing of Beijing and Moscow. But Washington, Seoul and Tokyo say they will return only when the North shows it is sincere about denuclearizing.
SOUTH KOREAN DRILLS RESUME
Earlier on Monday, South Korea started nationwide live-fire naval drills in disputed waters off the west coast, ignoring Pyongyang's warnings that they showed Seoul was "hell-bent" on starting war.
The South's military said the exercises were scheduled to take place in the vicinity of the tense Northern Limit Line (NLL), but not near Yeonpyeong island.
South Korea's military said the latest round of naval drills would take place at 29 locations around the peninsula.
The North justified last month's attack -- the first of its kind on a civilian area on South Korean soil since the end of the 1950-53 Korean war -- saying the South had fired artillery rounds into its waters.
The South said it had been conducting regular drills in the area, but that they were harmless and on its side of the NLL.
North Korea disputes the NLL, a sea border established by the United Nations without Pyongyang's consent at the end of the 1950-53 Korean War.
South Korea has sharply increased its rhetoric over the past week, prompted by public opinion polls critical of the conservative government's perceived weak response to the attack. Defense Minister Kim Kwan-jin has said the South will respond with bombs and air power if attacked again.
(Additional reporting by Danbee Moon in Seoul and Jeff Mason in Washington; editing by Jonathan Thatcher)
Powers hope to press Iran back to nuclear talks
By Parisa Hafezi and David Brunnstrom
GENEVA | Mon Dec 6, 2010 4:05am EST
(Reuters) - Six world powers will hold their first talks with Iran in more than a year on Monday, hoping the meeting will lead to new negotiations over a nuclear program the West believes is aimed at making atom bombs.
On the eve of the meeting in Geneva, Iran announced what it called a major step forward in its nuclear work, signaling it is not about to back down in a long-running battle over what it insists are peaceful plans for energy production.
The six powers -- Britain, China, France, Germany, Russia and the United States -- played down expectations of a major breakthrough during the Dec 6-7 discussions. Diplomats say they would view as a sign of progress an agreement to meet again for more substantial talks, perhaps early next year.
"All I can tell you is that it's going to be very, very boring," said a senior EU diplomat involved in the talks.
Western powers want Iran to suspend uranium enrichment activity, which can produce fuel for nuclear power reactors or provide material for bombs if refined to a higher degree.
However, Iranian President Mahmoud Ahmadinejad has said this key issue will not be discussed in Geneva.
"Iran's nuclear issue has been resolved. It is not on the agenda and any problem regarding our nuclear activities should be discussed at the IAEA (International Atomic Energy Agency)," said one Iranian official, speaking from Tehran.
Asked upon his arrival in Geneva whether he was optimistic about the meeting, Iranian nuclear negotiator Saeed Jalili said: "Everything depends on the other party's attitude."
The West has tightened sanctions on Iran in recent months, and Western diplomats say these are hurting Iran's oil-dependent economy, which Tehran denies.
The United States has warned of more pressure and isolation if Tehran continues its uranium enrichment activities. Washington says all options, including military, remain on the table and Iran's arch enemy Israel has also not ruled out a military strike if diplomatic efforts fail.
But Iran sought to exploit differences between the six powers, with its ambassador in Beijing saying Tehran would always be a reliable oil exporter to China and praising relations as fantastic.
IRAN REMAINS DEFIANT
Iran's hardline rulers, seeking to rally nationalist support and distract attention from economic woes, remain defiant.
On Sunday, Iran's nuclear energy chief Ali Akbar Salehi said Iran would use domestically produced uranium concentrates, known as yellowcake, for the first time at a key nuclear facility, cutting reliance on imports of the ingredient for nuclear fuel.
The timing of the announcement appeared aimed at showing Tehran's determination to pursue its nuclear plans before talks with the powers, whose negotiating team will be headed by European Union foreign policy chief Catherine Ashton.
Iran's hardline rulers, seeking to rally nationalist support and distract attention from economic woes, remain defiant.
On Sunday, Iran's nuclear energy chief Ali Akbar Salehi said Iran would use domestically produced uranium concentrates, known as yellowcake, for the first time at a key nuclear facility, cutting reliance on imports of the ingredient for nuclear fuel.
The timing of the announcement appeared aimed at showing Tehran's determination to pursue its nuclear plans before talks with the powers.
Last week's killing of an Iranian nuclear scientist in Tehran, which Iran has blamed on Western intelligence services, could cloud the atmosphere for dialogue in Geneva.
Iran wants U.N. sanctions lifted, calling them illegal, and has accused the U.N. nuclear watchdog in Vienna of sending spies of foreign intelligence services to the country among inspectors who regularly visit its nuclear facilities.
(Additional reporting by Stephanie Nebehay)
Bernanke: More Fed bond buys "certainly possible"
By Pedro Nicolaci da Costa
WASHINGTON | Mon Dec 6, 2010 2:28am EST
(Reuters) - The Federal Reserve could end up buying more than the $600 billion in U.S. government bonds it has committed to purchase if the economy fails to respond or unemployment stays too high, Fed Chairman Ben Bernanke said.
The Fed will regularly review the policy and could adjust the amount of buying up or down depending on the economy's path, he added.
In a rare televised interview, Bernanke told the CBS program "60 Minutes" the Fed's actions are aimed at supporting what is still a fragile economic recovery, dismissing critics who argue the policy will lead to future inflation.
"This fear of inflation I think is way overstated," Bernanke said in the interview aired on Sunday.
"What we're doing is lowering interest rates by buying Treasury securities," he said. "And by lowering interest rates, we hope to stimulate the economy to grow faster. The trick is to find the appropriate moment when to begin to unwind this policy. And that's what we're going to do."
Bernanke said it would take four to five years for the country's unemployment rate, which rose to 9.8 percent in November, to come down to what he called more "normal" levels of around 5 percent to 6 percent.
Asked if the central bank could go beyond the $600 billion of bond buys announced at its November meeting, Bernanke said: "Oh, it's certainly possible. It depends on the efficacy of the program. It depends, on inflation. And finally it depends on how the economy looks," he said.
But he also did not rule out stopping short of the total.
"We're gonna be regularly reviewing this," Bernanke said. "This is not something that we've set into automatic motion going forward. We want to continue to think about it. Whether it needs to be changed. Whether it needs to be increased or decreased or modified."
The U.S. economy grew at a modest 2.5 percent annual rate in the third quarter, and more vigorous growth is needed to bring down unemployment.
The "60 Minutes" interview is as part of a broader effort to raise the Fed chairman's public profile in order to counter critics of Fed policy -- both in Washington and within the central bank itself.
NOT PRINTING MONEY
The decision to offer further monetary stimulus at a time overnight borrowing costs are already effectively at zero and the banking system is awash with $2.3 trillion in Fed-created credit has proven controversial both at home and abroad.
Many economists, some Republican lawmakers, and a small but vocal minority of top officials within the Fed worry that the central bank's actions are unlikely to do much to spur economic growth with borrowing costs already unusually low.
Instead, they worry the massive bond purchases will lead to distortions in financial markets, potentially sparking asset bubbles in unexpected places. Some also fear, as Charles Plosser of the Philadelphia Fed has argued, the expansion of reserves could create the "kindling" that will spark inflation in the future.
But Bernanke continued to argue firmly against that view.
"One myth that's out there is that what we're doing is printing money," he said. "We're not printing money. The amount of currency in circulation is not changing. The money supply is not changing in any significant way."
While the Fed is pressing hard on the monetary accelerator, banks would have to ramp up lending for the money supply to increase -- and loan demand is still tepid.
Bernanke said the Fed has both the tools and the will to withdraw liquidity from the banking system if inflation begins to dart higher, even if past experience makes some analysts skeptical.
"We could raise interest rates in 15 minutes if we have to," Bernanke said in the interview, which was taped on Tuesday. "So, there really is no problem with raising rates, tightening monetary policy, slowing the economy, reducing inflation, at the appropriate time."
"That time is not now."
CLOSE TO THE BORDER
Part of the rationale for Fed easing is the fear that a trend of slowing inflation could turn into an outright deflation, a damaging downward spiral in prices and wages that is particularly difficult for central banks to fight.
Bernanke said the current risk of deflation was not very big, but only because the Fed had decided to act aggressively.
"If the Fed did not act, then given how much inflation has come down since the beginning of the recession, I think it would be a more serious concern," Bernanke said.
Asked if the recovery was self-sustaining, Bernanke said: "It may not be. It's very close to the border."
Inflation has been running below the Fed's implicit target of about 2 percent, by some measures dipping beneath 1 percent. That is a danger zone that, in the view of many Fed officials, makes the country too vulnerable to unexpected shocks.
With Europe still mired in a debt rut and many economists worried about the ability of China to sustain runaway growth rates, it is not difficult to imagine where such disturbances might come from.
TWO SOCIETIES
Speaking broadly about the social consequences of the economic downturn, Bernanke decried the rise in income and wealth inequality in unusually sharp terms.
"It's a very bad development," he said. "It's creating two societies."
He stressed that the issue of long-term unemployment is a major concern. Over 40 percent of unemployed Americans have been jobless for six months or more, the highest reading on record.
The ability of interest rate policy to affect such complex matters remains an open question. But Bernanke appears willing to use monetary policy to its fullest extent in trying.
"People who are unemployed for such a long time ... their skills erode. Their attachment to the labor force diminishes and it may be a very, very long time before they find themselves back in a normal working position."
The last time Bernanke appeared on "60 Minutes" was in March 2009, just as the worst phase of the global financial crisis was beginning to subside.
Lawmakers optimistic about deal on tax cuts
By Donna Smith
WASHINGTON | Mon Dec 6, 2010 1:15am EST
(Reuters) - Senior lawmakers said on Sunday they were optimistic about striking a deal to extend Bush-era tax cuts for all taxpayers and continue emergency jobless aid for millions of long-term unemployed Americans.
President Barack Obama and other Democratic leaders want to extend the cuts only for low- and middle-income Americans, arguing that the tax breaks for the wealthy would add $700 billion to budget deficits over the next 10 years.
Republicans, who made big gains in the November 2 congressional elections, want rates unchanged for all taxpayers. They say the uncertainty over taxes discourages investment and hurts job growth as the economy recovers from the worst recession since the Great Depression.
"Most folks believe the recipe (of a deal) would include at least an extension of unemployment benefits for those who are unemployed and an extension of all of the tax rates for all Americans for some period of time," Republican Senator Jon Kyl said on CBS's "Face the Nation" program.
Kyl, who has been involved in negotiations with the White House, said negotiators were still working on the details of a package. "At least in theory an agreement could be reached in the relatively near future," he said.
Tax rates would increase in January unless Congress takes action before it adjourns, as expected later this month.
Many Democrats would like to settle the tax issue before the new Congress is seated in January, when Republicans will take control of the House of Representatives.
Vice President Joe Biden discussed tax-cut strategy with House Speaker Nancy Pelosi, her No. 2, Steny Hoyer, and Representative Chris Van Hollen, a Democratic official said.
The unusual two-hour Saturday night session at Biden's residence suggested the administration would like to get the tax-cut issue behind them before the end of the year.
JOBLESS AID
Dick Durbin, a top Senate Democrat, said on the CBS program that any deal that did not include an extension of aid for millions of unemployed whose benefits have been exhausted was a "non-starter."
Extended jobless aid began to expire this week when Congress did not agree on an extension.
"The notion that we would give tax cuts to those making over a million dollars a year, which is the Republican position, and then turn our backs on 2 million Americans who will lose unemployment benefits before Christmas ... is unconscionable," Durbin said.
Democratic measures to extend tax cuts for all but the wealthiest fell short of the 60 votes needed to pass legislation in the 100-member Senate on Saturday, as had been expected.
Republicans, the minority party in the Senate, had dismissed the move as a political stunt. They argue that raising taxes for the rich would be a mistake that would cost jobs because the wealthy can create jobs.
Senate Republican leader Mitch McConnell said the Senate vote on Saturday meant that all taxpayers would continue to enjoy the benefits of Bush-era tax cuts.
"I think it's pretty clear now that taxes are not going up on anybody in the middle of this recession," McConnell said on NBC's "Meet the Press" program. "We're discussing how long we should maintain current tax rates."
(Editing Paul Simao and Vicki Allen)
Stock investors waiting on Bush tax cuts
NEW YORK (CNNMoney.com) -- The economic recovery is still very weak -- news Friday that the economy added just 39,000 in November proved that. But stock investors are more focused on Washington policies than economic indicators.
And of those policies, investors care most about the Bush tax cuts.
After rising more than 2% last week, big U.S. stocks are just shy of the 2-year highs they hit in early November, and investors hope an extension of the current tax rates for all Americans could push stocks beyond those levels.
"There aren't a whole lot of catalysts that will push stocks materially higher from here, but one thing that could serve as a real positive is if we see Congress extend all the tax rates," said Dorsey Farr, co-founder of French Wolf & Farr, an investment advisory firm in Atlanta.
The current tax structure expires at the end of the year. If no extension is approved by the Dec. 31 deadline, everyone's income and investment tax rates would spike back up to where they were before the 2001 cuts were passed.
Republicans want to extend the current rates for all taxpayers. Democrats want to extend the rates for 98% of taxpayers, letting rates rise for the highest-earning 2%. The two parties are currently negotiating a deal.
On Friday, the government's jobs report showed that the economy added only 39,000 jobs in November, far fewer than economists were hoping for, and the unemployment rate rose to 9.8%. That could push action.
"The report is likely to put even more pressure on Congress to get its act together and find a solution to help produce better job growth in the months ahead," said Michael Sheldon, chief market strategist at RBC Wealth Management. "Investors will be keenly focused on the ongoing debate between Democrats and Republicans, and are hoping that they'll find a way to renew the current tax rates for a year or two for everyone."
The Washington Punch List
President Obama has appointed Treasury Secretary Tim Geithner and White House Budget Director Jacob Lew to start working with four appointed Republicans to work out a deal. Their plan would have to be approved by Congress.
Investors will also be tuning into '"60 Minutes" Sunday night on CBS to hear Federal Reserve chairman Ben Bernanke's latest take on the economy, including the unemployment rate, as well as the Fed's recent move to pump $600 billion into the economy by buying U.S. Treasuries.
On the docket
Monday: There are no market-moving economic or corporate events expected on Monday.
Tuesday: A report on consumer credit is forecast to show a decline of $2.3 billion in October, following a gain of $2.1 billion in the previous month.
Wednesday: There are no market-moving economic or corporate events expected on Wednesday.
Thursday: The Department of Labor releases the weekly jobless claims report in the morning. The number of Americans filing new claims for unemployment is forecast to fall to 430,000 from 436,000 in the previous week, according to a consensus of economists surveyed by Briefing.com.
Continuing claims -- a measure of Americans who have been receiving benefits for a week or more -- are expected to have edged down to 4.25 million from 4.27 million in the previous week.
The Commerce Department releases the wholesale inventories report in the morning. Inventories are expected to have risen 0.8% in October after jumping 1.5% in September.
Friday: The trade balance, due in the morning from the Commerce Department, was expected to remain unchanged at $44 billion in October.
The University of Michigan's consumer sentiment index for November, due later in the morning, is expected to have risen to 72.5 from 71.6 in the previous month.
Reports on import and export prices are also due in the morning, and the November Treasury budget is on tap for the afternoon.
Global warming heats oil and coal sectors
Commentary: Why melting Arctic ice will boost energy demand
By Jon Markman, MarketWatch
SEATTLE (MarketWatch) — Crude oil is pushing past $89-per-barrel, right around the resistance level it’s encountered several times this year. Expect resistance to hold again, as there are powerful forces in the Middle East and elsewhere that do not want to allow prices to rise to the level at which demand will be destroyed, as it was in mid-2008.
However if crude oil prices do push through here, there is virtually no resistance until $100. And a move of that magnitude would electrify energy shares enough to super-charge the next phase of the recovery. The banks might be too messed up to lead in 2011, but there’s no reason Exxon Mobil Corp. (XOM 71.19, -0.29, -0.41%) or Chevron Corp. (CVX 84.89, +0.39, +0.46%) cannot regain their stature as kingmakers.
Crude and natural gas are the only major commodities that are not trading near multiyear highs, and that is because of the concerns that economic growth in developed countries does not support a build-up of inventories.
If this view of the demand/supply balance changes, and sellers step aside, the $100 level last seen for crude oil in October 2008 amid the credit crisis will act as a magnet. And a rapid upward repricing of all stocks in the energy complex will follow.
To get a better feel for whether this might occur, keep an eye on the weather reports.
Europe is undergoing a massive freeze now, with unprecedented drifts of snow for early December. Dozens of major airports on the Continent have closed, roads are blocked and Eurostar international rail service has been canceled. The unseasonable cold snap has been thought until now to be a fluke, but weather is returning toward 100-year medians that are a lot cooler than people and governments are prepared for. This extreme weather could last awhile, amplifying the demand for coal and natural gas to heat homes and offices.
I am not a climate expert, so all of you true weather experts need to give me a break here. I’m just going to paint the picture of what’s happening as I understand it as a layman.
I gather that one of the effects of global warming has been to release a lot of ice in the Arctic into the northern seas. This is fresh water, so it is diluting the Atlantic Ocean’s natural salinity by just enough to matter. Since fresher water freezes at a higher temperature than saltier water, the Atlantic coast of Europe has become much colder than normal — in some cases by as much as 10 degrees. When the wind blows across this colder water, it carries this icier weather onto land.
At the same time, for a variety of reasons that scientists do not completely understand, the gulf stream is not bringing as much warm water up from the tropics and is also not blocking the colder Arctic water from circulating south — compounding these other factors. So the net effect is a continent that is on track to become unusually cold at a time when oil and gas prices are around the same level as they were in balmier times, despite the need for much more fuel to light furnaces than expected.
The importance of these changes can be recognized more readily by looking closely at a map of the countries on either side of the Atlantic. Put your finger on chilly Halifax, Nova Scotia, and then drag it straight to the right on the 44th parallel to sunny Nice, France.
A key difference in the weather between these two cities at the same latitude is the protection that the gulf stream provides to the east. Take it away, and Nice would not be so nice.
This chilling of Europe thus has nothing to do with sovereign debt and everything to do with climate change — mostly natural, some man-made. It’s certainly a paradox that global warming is leading to European cooling, but here’s the rest of the argument, in brief:
Record high temperatures in the Arctic have warmed the permafrost, melted the snow and caused sea ice to rapidly diminish in just the past five years. The remaining ice is also thinner, which makes it melt faster every year, exposing more of it to the relative warmth of the ocean below. That leads to more melting, making it hard for sea ice to recover to levels of a few decades ago.
Some scientists believe warmer air rising off the Arctic is also interfering with the polar winds that usually keep cold air circulating around the polar ice cap. This disturbance has permitted cold air to push south to northern Europe and Canada.
That’s enough seventh-grade science. The bottom line is that colder weather can trump the slowness of the recovery in providing a boost for energy prices.
Key positions to own will be exchange-traded funds SPDR Oil& Gas Equipment & Services (XES 36.29, +0.34, +0.95%) , SPDR Oil & Gas Exploration & Production (XOP 50.67, +0.22, +0.44%) , Market Vectors Coal (KOL 45.00, +0.17, +0.38%) and Market Vectors Nuclear Energy (NLR 25.81, +0.20, +0.78%) . Top stocks will include ConocoPhillips (COP 63.92, +0.22, +0.35%) , Apache Corp. (APA 115.11, +0.73, +0.64%) , Schlumberger Ltd. (SLB 82.74, +2.00, +2.48%) , Total SA (TOT 51.34, +0.96, +1.91%) and Petrobras (PBR 34.39, +0.61, +1.81%) .
Meanwhile, refiners such as Tesoro Corp. (TSO 17.39, +0.11, +0.64%) , Valero Energy Corp. (VLO 21.08, +0.35, +1.69%) and Western Refining Inc. (WNR 9.82, +0.11, +1.13%) are the most cheaply valued and carry the most upside.
Jon Markman is a MarketWatch columnist. He runs a money-management and investment-advisory firm in Seattle.
Bank of America Says It Met Condition of TARP Exit
Bank of America has told US regulators that it has sold enough assets this year to meet the final condition that was set on its landmark plan to repay $45 billion in government bail-out funding.
Raising the required $3 billion in capital through gains on the sales of businesses and other assets will help remove one of the uncertainties that has dogged the biggest US bank for much of the year.
BofA [BAC 11.86 0.18 (+1.54%) ] was given until the end of this year to record the gains. US regulators believe the move will help build the bank’s equity as it regains its footing after leaving the government’s troubled asset relief program (Tarp).
If BofA fails to satisfy the Federal Reserve Board, the lender will have to issue additional common shares, diluting its per-share earnings.
People familiar with the bank said it had told the Fed that recent moves to pare back its stake in BlackRock [BLK 172.35 0.50 (+0.29%) ] and sell its right to buy shares in China Construction Bank’s fundraising would bring them close to the $3 billion requirement.
The remainder, people said, would come as the bank records a tax gain from holding a smaller slice of BlackRock, the money manager.
BofA’s repayment of Tarp funds in December 2009 was hailed as a victory for the US Treasury, as taxpayers earned a profit on the bail-out, and for the bank.
According to Treasury officials, 122 Tarp recipients – including the country’s biggest banks – have now repaid all, or a portion, of their government aid. Fed officials have not yet responded to BofA’s moves.
“We continue to make progress on the commitment, and we will provide an update at the appropriate time,” a BofA spokesman said.
BofA had sold more than $10 billion in assets through the third quarter, recording $1.9 billion in gains. The bank sold 43.6 million shares of BlackRock through the asset manager’s secondary offering in November.
The bank had become BlackRock’s largest investor through Merrill Lynch which opted to fold its investment management arm into the company in 2006. BofA in turn acquired Merrill during the financial crisis.
The bank also sold its right to buy 1.79 million shares in CCB. Betsy Graseck, an analyst with Morgan Stanley, predicted BofA would book a $458 million gain on the transaction.
In its third-quarter filing with the Securities and Exchange Commission, the bank said it would fill any shortfall on its capital requirement by issuing stock to certain employees in lieu of year-end cash awards.
By limiting the increase in outstanding stock, BofA can avoid diluting its per-share earnings.
Fed Critics Run Risk Their Attacks Will Backfire
Bigamy, grave robbing and passing false cheques are pretty much the only crimes that Ben Bernanke and the Federal Reserve have not been accused of in the past few weeks.
Since the US central bank launched its $600 billion round of asset purchases at the start of November, its critics have not hesitated to accuse it of recklessness, incompetence and conspiracy to devalue the dollar, often in vitriolic terms.
Wolfgang Schäuble, the German finance minister, called the Fed “clueless” and accused it of steering “the dollar exchange rate artificially lower”. Republicans in Congress decried a Fed policy that, through some voodoo, they think will not only fail to stimulate the economy but will also create inflation.
Last week’s Fed “data dump” – revealing details of 21,000 transactions with banks during the financial crisis from 2007-2009 – has prompted accusations that the Fed bailed out foreigners or lent against dodgy collateral.
There are legitimate criticisms of the Fed, but many of these attacks could be turned back on the attackers.
Start withthe dollar. All else being equal, some fall in the exchange rate is the inevitable consequence of the easing of monetary policy, always and everywhere.
Yet since the start of November the euro has depreciated by about 5 percent against the dollar, prompted in large part by Germany’s insistence on talking about future mechanisms to restructure eurozone sovereign debt in the middle of a eurozone sovereign debt crisis.
Then there is the political criticism that the Fed’s asset purchases will lead to runaway inflation. Central bank purchases of government bonds can do this – but only in cases when politicians run a persistent fiscal deficit and then force the central bank to finance it.
“The Federal Reserve hasn’t gotten the message. Printing money is no substitute for sound fiscal policy,” said Mike Pence, a leading Republican in the House of Representatives, last month.
Quite right, the Fed might say, now how about that sound fiscal policy? Even as members of Congress attack the Fed, they aremoving towards an extension of Bush-era tax cuts on all income levels that will add about $3.7 trillion to the deficit if continued over the next 10 years.
The official deficit commission run by Erskine Bowles and Alan Simpson came up with a plan that, like it or not, would deal with the deficit. It did not win sufficient bipartisan support. Congress is adding more than its share to long-term inflation risks in the US.
Finally, consider the fallout from the Fed’s data release last week. “After years of stonewalling by the Fed, the American people are finally learning the incredible and jaw-dropping details of the Fed’s multi-trillion-dollar bail-out of Wall Street and corporate America,” said Bernie Sanders, an independent senator from Vermont.
Two of the biggest criticisms are that the Fed lent against the questionable collateral of low-rated debt and that much of its help went to foreign banks. There is no doubt that the Fed took risks.
If Congress had not come through with the $700 billion troubled asset relief program then the results for the central bank would have been unpleasant.
But the point of the Fed’s lending was to provide liquidity to markets that had frozen up. It could not have done this if it had only been willing to lend against Treasury bonds, which were almost the only asset that remained liquid throughout the crisis without Fed help.
Heavy use of Fed facilities by foreign banks reflects the global role of the dollar and the intense demand for US currency during the crisis. Denying liquidity to overseas central banks and to the New York branches of foreign banks would have been a quick way to end that global role. It might also have forced foreigners to default on their obligations to American banks.
At least the Fed’s rescue worked: it was paid back in full, with interest, on all its emergency loans and prevented a devastating financial collapse. Would that Ireland – where bank losses have overwhelmed the government’s finances – could say the same.
Copyright 2010 The Financial Times Limited
Is gold in a perfect (bullish) storm?
Commentary: Alarming economic news combines with Chinese import demand
By Peter Brimelow, MarketWatch
NEW YORK (MarketWatch) — A good week for gold — especially because China finally seems to be chiming in.
On Friday, gold for February delivery Gold 100 Oz (Comex) Commodities Exchange Centre (GCG11 1,414, +7.80, +0.56%) finished at $1,406.20, only $3.10 below the November 9th record close, having risen $42.20 or 2.94% on the week. The gold shares responded with enthusiasm, with ARCA GOLD BUGS (HUI 581.56, +17.03, +3.02%) leaping nearly 8%. In recent years, gold shares have not always conformed bullion’s action. When it happens, it’s generally regarded as bullish.
Significantly, this was not just a move in U.S. dollars. In fact, gold in sterling, euros, and yen hit record highs during the week.
Of course, the week also saw plenty of alarming economic and financial news from both Europe and America, all tending to cast doubt on the commitment of the European Central Bank and the Fed to the integrity of their respective currencies.
Australia’s usually very sober webzine The Privateer was even moved to make a joke:
“On Sunday, December 5, the venerable CBS ‘current affairs’ program 60 Minutes will be airing an interview with Fed Chairman Ben Bernanke. We suggest a suitable intro would be the helicopter scene in ‘Apocalypse Now’ - complete with the full sound track.”
That’s a reference to Bernanke’s famous graphic endorsement of inflationary policies. Read more on Bernanke's remarks on additional easing.
However, the news that most excited the gold bugs came not from the Atlantic basin but from China, and may not yet have been fully appreciated by the market. The head of the Shanghai Gold Exchange told a conference there that Chinese imports of gold for 2010 through October were 209.7 tonnes, compared to 45 tonnes for the whole of 2009.
This is a bombshell — and not just because China has never disclosed its gold imports before. One of the correspondents on Bill Murphy’s LeMetropoleCafe website said that he had “always been skeptical of the Chinese demand story in world gold-price formation, on the grounds that Chinese production growth has kept pace with reported consumption — and a 45-tonne import number for 2009 vindicates this stance…
“But 209 tonnes in 10 months is a horse of a different color…It means China might actually be capable of getting into India’s league as an importer.”
(India, of course, has long been the world’s largest importer of gold by a wide margin.)
Veteran gold observer Jeff Christian of CPM Group told the Wall Street Journal:
“Everybody in the gold market knew there was a surge in investment demand, but they didn’t know it was China.”
Standard Bank offered some calculations on Friday concluding that investment demand for gold in China “may be as high as 180 tonnes in 2010 — a rise of 70% year over year.”
What’s happening? The Shanghai official attributed the surge to inflation fears amongst the Chinese public. These are not going to be assuaged anytime soon. ( See Dec. 2 column.)
Not to be upstaged, according to LeMetropoleCafé, an official of the Bombay Bullion Association on Friday suggested Indian imports this year might be 700 tonnes, 46% above last year. A strong rupee this week apparently enabled the Indians to keep buying from overseas — UBS reported on Thursday above-average sales to India.
The bugs argue that because of this Chinese and Indian news, gold is in a radically different posture than it was around the end of 2008. Then, western buying motivated by the financial crisis was met by heavy selling from traditional importing markets. Now, in contrast, the importers are buying.
As a LeMetropoleCafé correspondent remarked on Friday, gold seems to have met a Perfect (bullish) Storm.
European stocks flat in early trade
Ericsson and Vodafone in focus in telecoms sector
By Aude Lagorce, MarketWatch
LONDON (MarketWatch) — European shares traded in a tight range on Monday as the mining and oil sector provided support and several companies, including Vivendi SA and Rio Tinto PLC, contemplated deals.
The Stoxx Europe 600 index (ST:STOXX600 270.88, -0.06, -0.02%) edged up marginally to 270.98 in morning trading.
The index closed down 0.3% on Friday after a lower-than-expected increase in U.S. nonfarm payrolls rekindled worries over the state of the global economy. The labor report, however, came at the end of a solid week for the Stoxx 600, which advanced 1.6% overall.
Among the main regional indices on Monday, Germany’s DAX 30 (DX:DAX 6,949, +1.75, +0.03%) gained 0.2% to 6,963.37and the U.K’s FTSE 100 (UK:UKX 5,732, -13.08, -0.23%) inched 0.1% higher to 5,749.34. France’s CAC 40 index (FR:PX1 3,745, -5.41, -0.14%) was flat at 3,750.26.
Miners, which trade in tune with economic growth prospects, were among the main gainers. Shares of Xstrata PLC (UK:XTA 1,409, +19.00, +1.37%) climbed 2.6% and Anglo American PLC (UK:AAL 3,027, -24.00, -0.79%) rose 0.6%.
One exception was Rio Tinto PLC (UK:RIO 4,384, -32.50, -0.74%) , which declined 0.2% after Australia’s Riversdale Mining (AU:RIV 16.31, +2.21, +15.67%) said it had been approached by the company.
Oil-related shares were also on the rise Monday as the oil price neared $90 a barrel. Shares of BP PLC (UK:BP. 437.80, +2.60, +0.60%) (BP 41.49, +0.17, +0.41%) rose 0.8% in London and Total SA (FR:FP 38.33, +0.27, +0.70%) advanced 0.9% in Paris.
Among the peripheral markets, Spain’s IBEX 35 (XX:IBEX 9,923, -91.90, -0.92%) lost 0.9% and Italy’s FTSE MIB slipped 0.7%.
Ericsson, Vodafone in focus
In the telecom sector, shares of Ericsson AB (SE:ERICB 73.90, -0.75, -1.00%) (ERIC 10.96, +0.34, +3.20%) declined 0.5% after the equipment specialist announced that Chairman Michael Treschow would step down in 2011 or 2012.
On the operator side, shares of U.K. giant Vodafone Group PLC (UK:VOD 165.30, +1.25, +0.76%) (VOD 25.95, +0.04, +0.15%) gained 1.3%. The Observer newspaper reported that the company is finalizing a deal to sell its 44% stake in French mobile operator SFR to co-owner Vivendi SA (FR:VIV 19.85, +0.19, +0.94%) . Vivendi shares gained 0.9%.
Another big mover Monday was Hochtief AG (DE:HOT 61.56, +1.75, +2.93%) , which climbed 2.7%. The German construction company said Qatar Holding has become a major shareholder with an almost 9.1% stake.
In the retail sector, shares of British supermarket giant Tesco PLC (UK:TSCO 416.80, -10.10, -2.37%) fell 1.6% after it was downgraded to neutral from buy at UBS.
Supatcha Resources Analyzing Recent Market Activity
Dec. 6, 2010 (PR Newswire) --
DENVER, Dec. 6, 2010 /PRNewswire/ -- Supatcha Resources Inc. (OTC Bulletin Board: SAEI) ("Supatcha" or the "Company") announced today that it has no explanation for the recent volatility in the trading of the Company's shares. However, management is determined to find the cause of this unusual trading activity by every corporate and legal means available to the Company. Supatcha is committed to taking action immediately to ensure that there is a fair and open market for the trading of the Company's shares to protect the interests of current and future shareholders.
Additionally, Supatcha management has been informed that the release of its 43-101 report has been temporarily delayed due to the logistics of the property audit and sign-off protocols required. The Company expects the report to be available by the end of the week and highly anticipates the release of the property details to the public.
About Supatcha Resources Inc. (OTCBB: SAEI)
Supatcha Resources Inc. is a gold exploration company focused on acquiring and developing mineral properties in Ukraine. Supatcha is in the final stages of acquiring two additional gold mining projects, with world-class potential, in southwestern Ukraine.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the last reported fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE Supatcha Resources Inc.
Source: PR Newswire (December 6, 2010 - 2:22 AM EST)
News by QuoteMedia
www.quotemedia.com
Encore Renaissance Reports on Proposed 10,000 Ft. Drill Program at the Bonaparte Gold Project
VANCOUVER, BRITISH COLUMBIA, Dec. 6, 2010 (Marketwire) -- Encore Renaissance Resources Corp. (TSX VENTURE:EZ)(FRANKFURT:OUH1)(PINK SHEETS:ERRCF) provides an update regarding future drilling at the Bonaparte gold project.
The company is currently planning a 10,000 foot drill program as a first phase to an extensive ongoing exploration program at Bonaparte Gold Project. This drill program will support the company's current underground 10,000 ton bulk sample. It is anticipated that this program will provide further information with respect to the known vein system and also test the potential for copper-gold porphyry type mineralization.
Several high-grade intersections have been encountered in past diamond drilling that include, 113.70 grams Au over a horizontal width of 0.87 meters, 84.21 grams over 1.44 meters, 142.97 grams over 1.2 meters, 321.22 grams over 0.56 meters, 115.41 grams over 1.07 meters, plus a multitude of other significant intersections. Extensive work is required in order to establish connectivity between these intersections.
In combining this data with newly acquired data such as # 20 vein comprised of an assemblage of semi-massive irregular clusters of sulphide chalcopyrite, pyrrhotite, pyrite, and minor tetrahedrite. Where two vein samples assayed 43.5 g/t over 1.02 metres and 69.2 g/t over 1.26 metres. The total overall vein was traced 41.24 metres in length. The company has completed a proper base map that has plotted all the relevant information of the current and past exploration data.
In anticipation of this drill program we are currently in negotiations with Mid-Point drilling for a contract to complete the job this winter. Mid-point has a state of the art, brand new drill that is specifically designed for drilling in adverse conditions. We look forward to working with them.
Michael Mulberry, President and Director
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the content of this press release.
Encore Renaissance Resources Corp. President and Director 778-994-6453 info@encorerenaissance.com www.encorerenaissance.com Encore Renaissance Resources Corp. Vancouver, BC Canada, V6A 1B2
Source: Marketwire Canada (December 6, 2010 - 3:01 AM EST)
News by QuoteMedia
www.quotemedia.com
Current/Recent Stock Promotions
Yesterday
Stock Promoters
COLTF Wall Street Grand
GCHK BuzzStocks
GHNA Stock Stars
HHWW Gusher Stocks, Speculating Stocks
NATC HotOTC, Stock Egg
PWRM Doubling Stocks, Penny to Buck, PennyOmega, Stock PR
TRTB Penny Pay Day
12/4/2010
Stock Promoters
TXHG WSHustler
HIRU CRWE Select, Doubling Stocks, Penny to Buck, PennyOmega, Stock PR
IDOI WSHustler
ISIM Moving Pennies
PRMO The Stock Wizards
Read more: http://stockreads.com/#ixzz17K0UrvTW
Recent Penny Stock Newsletters
PennyStockRumors - New Promo Watchlist
Today 12:17 AMby PSRumors
StockEgg.com - NATC may Soar, as Gold breaks out
Today 12:00 AMby Stock Egg
NATC approaching recent highs made last week, may break...
Yesterday 11:49 PMby HotOTC
WSG Club Alert: COLTF poised to hit new 52 week highs a...
Yesterday 8:34 PMby Wall Street Grand
Super OTC Stocks Alert: Amico Games Releases 10K Inform...
Yesterday 7:49 PMby Super OTC Stocks
GusherStocks.com`s New Stock of the Week: HHWW
Yesterday 7:34 PMby Gusher Stocks
GCHK is our next micro-cap Buzz Stock
Yesterday 7:15 PMby BuzzStocks
StockStars.net - GHNA a Profitable China Play
Yesterday 7:07 PMby Stock Stars
StockEgg.com - NATC may break out as Gold reaches new h...
Yesterday 6:49 PMby Stock Egg
NATC may rally big as Gold approaches new all time high
Yesterday 6:00 PMby HotOTC
CORRECTION: MJS.V, PWRM, - PennyOmega`s Stocks To Look ...
Yesterday 5:49 PMby PennyOmega
MJS, PWRM, - PennyOmega`s Stocks To Look At For Monday ...
Yesterday 5:29 PMby PennyOmega
GusherStocks.com Alert - Power Uptrend Play: HHWW
Yesterday 4:07 PMby Gusher Stocks
TX Holdings Inc. (TXHG.OB) Is Our New Wall Street Hustl...
Yesterday 4:07 PMby WSHustler
PPD Profiles True 2 Beauty, Inc. (TRTB)
Yesterday 4:07 PMby Penny Pay Day
MJS.V, PWRM - Stocks to Watch Report for Monday Decembe...
Yesterday 3:34 PMby Penny to Buck
MJS.V & PWRM - Todays` Stock Highlights! from DoubleInS...
Yesterday 3:29 PMby Doubling Stocks
MJS.V & PWRM - Todays` Stock Highlights! from Stock-PR....
Yesterday 1:15 PMby Stock PR
WSG Club Alert: Undiscovered Gold Pick *COLTF*
Yesterday 12:00 PMby Wall Street Grand
WEEKEND STOCK REPORTER - Be READY For Tomorrow`s Action
Yesterday 10:29 AMby Chart Poppers
SpeculatingStocks.com Alert - Power Uptrend Play: HHWW
Yesterday 9:07 AMby Speculating Stocks
WEEKEND STOCK REPORTER - Special Link Included
12/4/2010 11:00 PMby Chart Poppers
StockEgg.com - Weekend Update 12-4-2010
12/4/2010 7:15 PMby Stock Egg
New Wall Street Hustler Featured Company Alert Coming S...
12/4/2010 5:00 PMby WSHustler
TSX.V:BOB, HIRU - Great Company Highlights And Must Wat...
12/4/2010 4:49 PMby Doubling Stocks
Read more: http://stockreads.com/Stock-Newsletters-Browse.aspx#ixzz17K0LgjRD
Top Penny Stock Newsletter Picks
IDOI in 12 Newsletters
HHWW in 10 Newsletters
PWRM in 10 Newsletters
GRYO in 9 Newsletters
ACTC in 8 Newsletters
HIRU in 7 Newsletters
SILA in 7 Newsletters
BTDG in 6 Newsletters
CIST in 6 Newsletters
EEGI in 6 Newsletters
ORFG in 6 Newsletters
OTGI in 6 Newsletters
SAVW in 6 Newsletters
TOPZ in 6 Newsletters
FDEI in 5 Newsletters
Top Stock Picks From The Stock Boards
PPBL (10) ALTO (10) WAMUQ (6) LKEN (6) CWRN (6) ABKFQ (6) SPPH (5) CYCA (5) RVLU (4) RTGV (4) NBVG (4)
Board Buzz from OTCBB Alerts
Symbol # Picks Authors
PPBL 3 j$tops , roger wilco , Stocktamer
WAMUQ 2 paramount , SmartDayTrader
SPPH 2 moneymaker168 , Quik18holes
RVLU 2 Carlito , geraldr
RTGV 2 Threeflight , davidam
LKEN 2 paramount , SmartDayTrader
ALTO 2 paramount , mathew633
XODG 1 swampboots
TMHO 1 cherrob
SREH 1 Le2dynasty
SPMD 1 mathew633
SEGI 1 cautionupahead
SAEI 1 MASTERTRADER
PVHO 1 ThomCa-ching
PTOS 1 humblehawk
PHIE 1 Zoom-Zoom-Away
NSCT 1 Shylo
NBVG 1 pennyjet
HTLJ 1 Adonis74
GHBAW 1 wayno2
FLTT 1 DAD2
ETNL 1 clownsj
DEXO 1 mathew633
CLTK 1 PinkPennies
CHGS 1 mathew633
BTDG 1 mathew633
AVEW 1 roger wilco
ASRG 1 Rawnoc
ALNS 1 roger wilco
ABKFQ 1 paramount
Board Buzz from Yahoo Shakerzandmoverz
Symbol # Picks Authors
ISIM 2 Otc Informer , KingOf
ALTO 2 Mike , mikehonglin
ABKFQ 2 Otc Informer , Mike
WAMUQ 1 Mike
USAEE 1 KingOf
LKEN 1 Mike
BONZ 1 obi mbawuike
Board Buzz from BB’s Stock Haven
Symbol # Picks Authors
EYSM 3 creppie , PowerPlay1 , Eddie
WTCT 2 nacholiteysu22 , The Bodhisattva
SMPP 2 jagz1414 , killertiger
SBRH 2 jimmyjam918 , benistock123
PPBL 2 Stocktamer , Pontair
ALTO 2 youroldfriendj , Akuma
TSNP 1 pero_gonz
TMHO 1 Epic
TIVU 1 Epic
TECA 1 needbucks
STAX 1 FAT STAX
SPPH 1 grasshopper34
PRMO 1 lottoplayerslair
MXXH 1 stephen218
MXGD 1 stressfreeliving
ICOA 1 donmarc
HSCO 1 bongo-flava
HLXW 1 Epic
HLXH 1 otcbargains
HFBG 1 needbucks
HBRM 1 Epic
FLTT 1 Nilbud
EOSI 1 danrpoints
EGOC 1 lvhd
DTSL 1 lvhd
CYCA 1 killertiger
CSCE 1 cheeky
CMIN 1 Logik
CLTK 1 MACH1
BONZ 1 AAAAMHIM
BFHJ 1 sharky
AVNA 1 Epic
ACTC 1 restripe
Buzz from Raging Bull
Symbol # Picks Authors
CWRN 3 anydaynow_1ar , grajekk , Schlappi
MFTH 2 rich007cia , makeitme
CYCA 2 anydaynow_1ar , tradingspaz
UVFT 1 marketmonster1
TIVU 1 luvpennies
PPBL 1 theliwhiteshark
PCLI 1 luvpennies
NEGS 1 x-ray-eyes
NBVG 1 luvpennies
MMUH 1 Zoro99
MDFI 1 ask_jr
INIX 1 kazorchian
HSCC 1 brackep
GRNE 1 luvpennies
EVRM 1 anydaynow_1ar
DKAMD 1 trading_wiz
CYPW 1 grajekk
CIST 1 luvpennies
CALVF 1 thegerb49
Top Ticker Mentions in Chat
1) SAEI(29)
2) PRMO(17)
3) BTDG(15)
4) LFBG(9)
5) SBRH(8)
6) LCRE(6)
7) SUGO(6)
8) THRR(5)
9) LOCN(4)
10) ITCJ(3)
Highest Percentage Gainer Penny Stocks
SYMB Last %Chg Volume
XODG 0.07 250.0% 765,000
GCMI 0.08 166.7% 4,000
GYSN 0.11 120.0% 6,500
URCO 0.02 100.0% 160,000
ALTO 0.02 100.0% 54,100,500
ADPAN 0.01 100.0% 46,000
DFSH 0.02 100.0% 208,100
ORGC 0.02 100.0% 388,500
HSTC 0.06 100.0% 518,000
PBOF 0.02 97.0% 22,300
CMIN 0.21 90.9% 3,903,800
Penny Stock Price Jumps
SYMB Last %Chg Volume
ALTO 0.02 132.0% 52,979,512
CBGDF 0.52 101.0% 1,162,700
CMIN 0.21 90.0% 3,834,006
SUGO 0.12 68.6% 3,174,477
GCHK 0.01 40.0% 2,928,000
Penny Stock Volume Spikes
SYMB Last %Chg Volume
ISIM 0.0013 -87.0% 129,438,448
DRYS 5.88 12.4% 63,527,100
ALTO 0.02 132.0% 52,979,512
WAMUQ 0.06 -18.8% 49,224,100
PCBC 0.31 3.3% 41,142,672
Penny Stocks (Most Active)
SYMB Last %Chg Volume
NBVG 0.0005 0.0% 146,557,600
ISIM 0.01 0.0% 129,438,500
AWYI 0.0012 -7.7% 115,308,200
ALTO 0.02 100.0% 54,100,500
WAMUQ 0.07 -12.5% 49,529,000
LFBG 0.0056 -6.7% 39,108,100
CBAI 0.004 0.0% 38,515,000
CCTR 0.0025 -16.7% 35,690,600
CGFIA 0.0015 7.1% 32,716,300
ACTC 0.11 22.2% 24,503,500
ABKFQ 0.14 27.3% 13,708,900
Lighting Science Group Named Lighting Technology Advisor to R20 Global Climate Change Coalition
Company Asked by Governor Schwarzenegger to Advise Governments Around the World on the Use of LED Lighting to Increase Energy-Efficiency and Reduce Greenhouse Gas Emissions
Dec. 1, 2010 (PR Newswire) --
SATELLITE BEACH, Fla., Dec. 1, 2010 /PRNewswire/ -- Lighting Science Group Corporation (OTC Bulletin Board: LSCG), a leading American maker of LED lighting, has been named by Governor Arnold Schwarzenegger to advise the R20 Regions of Climate Action on how to use ultra-efficient LED lighting solutions to significantly reduce greenhouse emissions. The mission of the R20, a coalition of some 100 regional, state and provincial governments from Africa, Asia, Europe and the Americas, is to develop and implement low-carbon and climate resilient projects through cooperation among subnational governments from around the world.
In a letter addressed to Lighting Science Group Chairman and CEO Zach Gibler, Governor Arnold Schwarzenegger said, "I would first like to recognize and thank you and the Lighting Science Group for the work you have done thus far in successfully developing and implementing LED technology for indoor and outdoor lighting projects. Lighting Science Group has a proven history of success in creating intelligent LED lighting solutions which then contribute to greater energy efficiency and lower GHG emissions. Accordingly, I would like to request that Lighting Science Group serve as the Lighting Technology Advisor to the R20."
"It is an honor to be chosen by Governor Schwarzenegger to serve as the lighting technology advisor to this very important climate change organization," said Zach Gibler, chairman and chief executive officer of Lighting Science Group. "Increasing energy-efficiency is the most powerful and cost-effective tool for achieving a sustainable future. Imagine cutting the world's energy use by 18% by simply changing out inefficient incandescent light bulbs and replacing them with ultra-efficient LED light bulbs. At Lighting Science Group we are making this dream a reality, and we are pleased to have the opportunity demonstrate to R20 coalition members around the world how they can use LED lighting technology to significantly reduce greenhouse gas emissions."
For years, high-output and low-cost LED lighting products have been just out of reach, but Lighting Science Group has revolutionized the science of light in America to produce lighting products that deliver on the promise of LED technology. From the International Space Station to the Times Square Ball to other projects in major cities across the world and now in homes, the company's LED solutions are increasing energy independence and saving consumers, businesses and governments significant amounts of money. In fact, Lighting Science Group's products are so state-of-the-art, the company has been chosen a partner of NASA to develop of cutting-edge lighting technologies for use in space, and recently received the industry's first ENERGY STAR label for an LED light bulb.
Major lighting retailers, lighting companies, retail chains, restaurants, cities like Salt Lake City, UT and Lewiston, ME, military installations such as Naval Base Ventura County, CA, and world renowned architects and builders have all chosen Lighting Science Group to be their lighting technology provider. Why? The company's products produce a better combination of more light at a lower price -- with longer life and better lighting quality -- than other LED products on the market.
For more information on Lighting Science Group's LED products, visit www.lsgc.com.
About Lighting Science
Lighting Science Group Corporation designs, develops, manufactures and markets LED lighting solutions that are environmentally friendlier and more energy efficient than traditional lighting products. Lighting Science Group offers retrofit LED lamps in form factors that match the form factor of traditional lamps or bulbs and LED luminaires for a range of applications including public and private infrastructure for both indoor and outdoor applications. Lighting Science Group Design Works business unit designs, develops and manufactures custom LED lighting solutions for architectural and artistic projects. Lighting Science Group is headquartered in Satellite Beach, Florida; the Company's European operations are based in Goes, The Netherlands; and, the Company has a sales office in Sydney, Australia. Lighting Science Group has over 400 workers in its Satellite Beach, Florida manufacturing facility that build lighting products from domestic and imported parts. Lighting Science Group is a Pegasus Capital Advisors portfolio company. More information about Lighting Science Group is available at www.lsgc.com.
Forward Looking Statements Certain statements in this press release may constitute "forward-looking statements" made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The statements include, but are not limited to statements regarding the performance of LSG and the performance of LSG's products using terminology such as "will," "should," "would," "could," "expect," "intend," "plan," "anticipate," or "believe." Such statements reflect the current view of LSG with respect to future events and are subject to certain risks, uncertainties and assumptions. Known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those contemplated by the statements. In evaluating these statements, you should specifically consider various factors that may cause our actual results to differ materially from any forward-looking statements. Readers should carefully review the risk factors detailed under "Risk Factors" in our most recent Form 10-K and subsequent Form 10-Qs on file with the Securities and Exchange Commission.
SOURCE Lighting Science Group Corporation
Source: PR Newswire (December 1, 2010 - 9:00 AM EST)
News by QuoteMedia
www.quotemedia.com
American Standard Energy Corp. Acquires Interest in 26 Wells in North Dakota
Dec. 1, 2010 (PR Newswire) --
TEMPE, Ariz., Dec. 1, 2010 /PRNewswire-FirstCall/ -- American Standard Energy Corp. (OTC Bulletin Board: ASEN) announced today that it has executed a Purchase Agreement to acquire additional Bakken and Three Forks acreage including partial interest in 26 additional gross wells, of which 15 are currently producing, 10 completing and one drilling. The additional 367 plus net mineral acres acquired in the transaction are located within the Williston Basin of North Dakota. This acreage is located in the heart of the established area known as the "Bakken".
The newly acquired wells have a current production sum of nearly 2,900 barrels of oil equivalent per day. This acquisition enhances American Standard's growth strategy by strengthening its production, reserves, and leases held by production as well as numerous sites to be developed (PUD locations).
Scott Feldhacker, American Standard Energy's CEO stated, "This type of transaction is instrumental to our short and long-term goals. We are able to expand our current production, as well as secure our long term focus with multiple leases being held by production. Our ability to purchase leasehold acreage that is held by production and wells currently in development is a testament to our industry relationships."
The completed acquisition brings American Standard's Bakken footprint to over 6,000 net acres. American Standard participates in close to 50 gross wells within this acreage in addition to its holdings in Texas.
About American Standard Energy Corp.
American Standard Energy Corp. is an exploration and production company based in Tempe, Arizona. American Standard Energy's primary focus is the Williston Basin Bakken and Three Forks trend in North Dakota as well as The Eagle Ford shale and Permian Basin of Texas.
FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, this press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: oil and gas prices, our ability to raise capital, general economic or industry conditions nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company's operations, products, services and prices.
We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.
CONTACT:
Investor Relations
Andrew Wall, General Counsel
602-366-5818
SOURCE American Standard Energy Corp.
Source: PR Newswire (December 1, 2010 - 9:00 AM EST)
News by QuoteMedia
www.quotemedia.com
EcoBlu Products Successfully Developed the Company's Own Intellectual Property
SubSurfaceFilm™ Antimicrobial Wood Protection Now Patent Pending
Dec. 1, 2010 (PR Newswire) --
VISTA, Calif., Dec. 1, 2010 /PRNewswire/ -- EcoBlu Products, Inc., (OTC Bulletin Board: ECOB) announced today that the company has successfully developed a proprietary product line of lumber treatments that employ protection against Fire, Mold/Mycotoxin, Termites and other wood ingesting insects. The company has developed the latest technology and has filed a Patent Pending defining the chemical properties as well as the application of such technology to the building industry. Utilizing advanced polymer technology and other constituents the company has successfully developed a Non Toxic product line reducing the overall end user costs allowing the inclusion of Fire Inhibiting (FRC Technology) as standard offerings in all future shipments.
After months of development and product verification the company is now ready to start shipping the SubSurfaceFilm™ wood protection formula. EcoBlu Products will incorporate the new product line into our affiliate program allowing lumber companies around the world to start utilizing the newly released lumber treatments within our quality control program.
"The timing for us to release our new product line is perfect. While housing starts are slow in the USA and our international business is starting to gain traction it is the ideal time for our new product introduction," said Steve Conboy, President and CEO of EcoBlu Products. "I put a major focus on the new product line development a few months ago emphasizing the addition of fire protection at a price point everyone can afford," added Conboy.
About EcoBlu Products, Inc.
EcoBlu Products, Inc. is a manufacturer of proprietary wood products treated with an eco-friendly proprietary chemistry that protects against fire, mold/mycotoxins, fungus, rot-decay, wood ingesting insects and termites with EcoBlu's SubSurfaceFilm™ and FRC™ technology (Fire Retardant Coating). EcoBlu products utilizing patent pending technology is the ultimate in wood protection, preservation, and fire safety to building components constructed of wood; from joists, beams and paneling, to floors and ceilings.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: The statements in this release relating to completion of the acquisition and the positive direction are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include, but are not limited to, contractual difficulties which may arise, the failure to obtain necessary approvals, the future market price of EcoBlu Products, Inc. common stock and the ability to obtain the necessary financing.
SOURCE EcoBlu Products, Inc.
Source: PR Newswire (December 1, 2010 - 9:01 AM EST)
News by QuoteMedia
www.quotemedia.com
ZipGlobal Holdings, Inc. Announces Full Launch of ZipGlobal Green Lighting Company
Dec. 1, 2010 (PR Newswire) --
HINGHAM, Mass., Dec. 1, 2010 /PRNewswire/ -- (OTC Bulletin Board: ZIPG) ZipGlobal Holdings, Inc. ("ZipGlobal" or "Company") is pleased to announce the full launch of its wholly owned business revenue initiative, ZipGlobal Green Lighting Company.
The Company now offers a full line of Mercury free and Phosphorous free ICLED Next Generation Green Lighting products under the ZipGlobal Green Lighting label. An internal marketing and sales force has been established and several potential clients have made business inquiries.
Mr. Michael Lee, President and CEO of ZipGlobal, commented, "The launch of ZipGlobal Green Lighting Company in an important new product business initiative. It is the first of what the Company anticipates will be a new group of revenue producing products. With ZipGlobal Green Lighting, the Company enters into the very large lighting industry. With a potential client base that reaches out throughout industry, the opportunity to grow revenue and profits is substantial."
About ZipGlobal Holdings, Inc. – With Corporate offices in Hingham, Massachusetts, ZipGlobal Holdings, Inc. is a next generation ICLED Green Lighting Company. Additionally, ZipGlobal Holdings, Inc. has interest in expanding its core business through logical acquisitions of Companies that are ready to begin and grow revenue.
"SAFE HARBOR' STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings. The forward looking statements in this press release speak only as of the date hereof, and the Company disclaims any obligation to provide updates, revisions or amendments to any forward looking statement to reflect changes in the Company's expectations or future events.
CONTACT:
Michael Lee
Chief Executive Officer
(781) 556-1062
SOURCE ZipGlobal Holdings, Inc.
Source: PR Newswire (December 1, 2010 - 9:01 AM EST)
News by QuoteMedia
www.quotemedia.com
TouchIT Technologies, Inc. Announces D&H Distributing as Distribution Partner for the United States of America
Dec. 1, 2010 (Marketwire) --
ISTANBUL, TURKEY -- (Marketwire) -- 12/01/10 -- TouchIT Technologies, Inc. (OTCBB: TUCN), a leading manufacturer of touch-based visual communication products, has announced today that it has appointed leading CE & IT broadliner, D&H Distributing, as a distribution partner for its full product range in the USA.
With over 90 years experience and extensive market reach from VARs, resellers and retailers to DMRs and K12 institutions, D&H Distributing is a real distribution powerhouse in the USA. "This is a really exciting opportunity for our company," remarked Ronnie Murphy, President of World-Wide Sales at TouchIT Technologies. "The USA is the fastest growing market for interactivity in the world and we believe we have an excellent distribution partner with D&H Distributing," he added.
"We look forward to working with TouchIT Technologies and offering their lineup of interactive equipment," commented Rob Eby, Vice President of Purchasing at D&H Distributing. "We are always looking for innovations that fit the needs of our customers, and the demand for interactive tools is definitely growing here in the US," he added.
With an in-house training road-show already completed and a stocking order into the warehouse, D&H Distributing is fully equipped to start pushing TouchIT Technologies products out to its markets.
For more information, please contact TouchIT Technologies.
About D&H Distributing
As the nation's leading technology distributor, D&H provides a wealth of resources to empower solution providers and consultants, delivering a broad selection of SMB categories, products and applications. The company's offerings span server and infrastructure, SOHO and mobile applications, consumer electronics and gaming. D&H's multi-market expertise, account-dedicated sales teams, sterling service and flexible financing options are unmatched in the industry. With an impressive 93-year history serving as a trusted advisor to the reseller channel, D&H has been able to consistently reinvent itself based upon changing market conditions.
www.dandh.com
About TouchIT Technologies
TouchIT Technologies designs, produces and markets touch-based visual communication products. We manufacture a large range of touch screen and touch board products to suit all types of applications, from small LCD touch-screens to large interactive whiteboard displays and audience response systems. We have manufacturing facilities in Istanbul, Turkey and Sales Offices in London, UK, Co Limerick, Ireland and Boston, Massachusetts, USA. www.touchittechnologies.com
Twitter - @touchit_tech | Facebook - http://www.facebook.com/pages/TouchIT-Technologies/173036316391
Add to Digg Bookmark with del.icio.us Add to Newsvine
Contact:
Andi Brabin
Email Contact
Source: Marketwire (December 1, 2010 - 9:01 AM EST)
News by QuoteMedia
www.quotemedia.com
COUNTERPATH ENABLES WIRELINE MOBILITY SERVICES
Dec. 1, 2010 (PR Newswire) --
Network-agnostic solution lets wireline and VoIP providers enter the mobile market by extending voice and messaging services to smartphones, feature phones and SIP-enabled devices
VANCOUVER - CounterPath Corporation (TSX-V: CCV; OTCBB: CPAH), an award-winning provider of desktop and mobile Voice over Internet Protocol (VoIP) software solutions, today announced that with their next release of the Messaging Convergence Gateway (MCG) 2.0, the forthcoming hosted solution will give wireline operators the ability to extend their VoIP and messaging services over the top of mobile networks.
Though debuting in early 2011, several of CounterPath's partners are already poised to bring this solution to market. The solution will be the industry's first platform to provide single-number reachability for voice, Instant Messaging, and SMS across an operator's existing wireline VoIP network and on feature phones, smartphones or tablets from any mobile operator.
Juniper Research recently reported that the number of mobile VoIP minutes carried annually on 3G and 4G networks will rise from 15 billion minutes in 2010 to 470.6 billion minutes by 2015. This, coupled with CTIA-The Wireless Association's report that American SMS usage has increased from 14.4 million messages sent per month to 152.7 billion over the past 10 years, places CounterPath at an advantageous position to capture a large market portion and immediately create new revenue sources.
CounterPath's wireline mobility services solution will give Internet Service Providers (ITSPs) and wireline operators a cost-effective way to provide SMS services to their VoIP subscribers as well as number of benefits, including:
One-Number Accessibility - A user's wireline VoIP number now becomes the fastest, most convenient way to reach that person via voice or text message, regardless of location or which device that person is using. This access-agnostic design minimizes phone tag, making business users more productive and responsive.
Single-Number Communications - In addition to handling inbound communications, wireline mobility services lets users initiate conversations with their contacts using their new "single" number. Users can initiate voice, Instant Messaging, and SMS conversations using their feature phone, smartphone or SIP-enabled applications on their PC. By giving their customers the option of a single number as their voice and text identity, ITSPs and wireline operators now can extend their value proposition across both the fixed and mobile domains, enhancing their competitive position and revenue potential.
Wireline SMS - Mobile workers and other business users now can use their main number to receive and send SMS messages, making them more accessible to customers - such as younger demographics - who prefer texting over e-mailing or calling. For example, a health club's members now can simply send a text message to the main number to have the receptionist reserve a machine.
Fixed-Mobile Convergence Savings and Convenience - When consumers are using their smartphone or PC at home or in a Wi-Fi hotspot, calls to their wireline VoIP number ring their VoIP client, minimizing phone tag. They also don't use up their monthly bucket of minutes and SMS messages.
Network-Agnostic Flexibility - Wireline mobility services works with any mobile phone on any wireless network. This industry-exclusive feature gives consumers and business users more flexibility to switch devices and operators to get the best deal or new device, all without disrupting their reachability. No client software is required on the handset, allowing it to work even with entry-level feature phones and any mobile operating system.
Fast, CapEx-Free Implementation - ITSPs and wireline VoIP operators can quickly and cost-effectively add wireline mobility services into their existing offerings because it integrates easily with their existing network equipment, eliminating the need for expensive forklift upgrades. Operators also can roll out service quickly because they don't need to first establish a relationship with a mobile operator. Their customers enjoy the same fast, cost-free implementation because they don't have to replace their PC, wired deskphone or mobile phone to begin using the new features that wireline mobility services enables.
"This offering is the latest example of CounterPath's leadership in providing solutions that deliver top-line, market-differentiating benefits for ITSPs and wireline operators," said Donovan Jones, President and CEO of CounterPath. "Our platform provides sophisticated yet easy-to-implement solutions to the challenges of staying connected across a wide variety of devices, networks and technologies. Even more, by creating a hosted wireline mobility services offering, we are enabling operators with a powerful new option for extending their services to the mobile environment to stay relevant while targeting the market for wireline single-number services."
The wireline mobility services solution also leverages CounterPath's intellectual property portfolio, which includes patents that enable single-number identities and seamless service delivery across disparate fixed, mobile, legacy and IMS networks. For more information about CounterPath's wireline mobility services solution or MCG 2.0, please contact CounterPath at sales@counterpath.com.
About CounterPath
CounterPath Corporation is an award-winning provider of innovative desktop and mobile VoIP software products and solutions. The company's product suite includes SIP-based softphones, server applications and Fixed Mobile Convergence (FMC) solutions that enable service providers, enterprises and Original Equipment Manufacturers (OEM) to cost-effectively integrate voice, video, presence and Instant Messaging (IM) applications into their VoIP offerings and extend functionality across both fixed and mobile networks.
CounterPath's customers include some of the world's largest telecommunications service providers and network equipment providers including AT&T, Verizon, BT (British Telecommunications PLC), Avaya, Cisco Systems and Mitel.
For more information please visit www.counterpath.com.
Disclaimer: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CounterPath Corporation
Source: PR Newswire (December 1, 2010 - 9:01 AM EST)
News by QuoteMedia
www.quotemedia.com
Independent Testing of CDEX's Improved ID2 Meth Scanner for Commercial and Home Inspection Surpasses State and National Standards
Dec. 1, 2010 (Marketwire) --
TUCSON, AZ -- (Marketwire) -- 12/01/10 -- CDEX Inc. (OTCBB: CEXI) (www.cdexinc.com), a leading developer of chemical detection products, using patented technologies, for use in healthcare and security markets, announced the positive results of a field test study of its improved ID2 Meth Scanner used for commercial and home property inspection. The new version of ID2 Meth Scanner has been recalibrated for precision measuring and convenient operation. Capabilities of the improved ID2 Meth Scanner meet or exceed state and national requirements, including the state of California health-based risk standards of 1.5 ug/100cm2 detected.
Independent testing was conducted by AZ Meth Detection Service™ at six randomly selected vacant HUD homes located in the Phoenix and Tucson, Arizona area. Initial mining samples were performed on 20 surface areas in each property as a base indicator to determine if meth residue was present. The improved ID2 Meth Scanner detected the presence of hazardous methamphetamine residue at higher levels than California's reference dose (RfD) legal standard of 1.5 micrograms/100 cm2 area, and the levels measured are considered potentially toxic at five of the six properties. AZ Meth Detection Service's ID2 assessment results were confirmed using a laboratory spectrometer. The cost of testing for surface meth residue with the ID2 Meth scanner is a fraction the cost of other technologies available and the results are real-time. The chemical swab tests currently in use are readable for only 45 to 90 seconds and this testing method destroys the meth residue itself in the process. The ID2 swabbed tests are readable instantly and samples may be stored for future reference for years if necessary, and the ID2 measuring process provides very high accuracy at locating hazardous meth residue.
Jeff Brumfield, CEO and Chairman of the Board of CDEX Inc., commented, "We believe our Improved ID2 Meth Scanner is the most reliable and cost effective testing device for determining toxic levels of Meth residue in the commercial and home Inspection markets. The team at AZ Meth Detection conducted the blind test on randomly selected HUD homes to establish a base and verify the accuracy of testing for surface meth residue with the improved ID2 and results were very impressive. We are launching the ID2 Meth Scanner in December 2010 and initial requests for purchasing the product have been very encouraging. Our research and development team continues to develop and enhance our proprietary technologies to serve the needs of our target markets in security and healthcare, while providing future growth opportunities in other markets where our detection applications will be deployed."
About CDEX
CDEX develops, manufactures and globally distributes products to the healthcare and security markets. The ValiMed product line provides life-saving validation of high-risk medications and returned narcotics. The ID2™ product line detects trace amounts of illegal drugs, such as methamphetamine. CDEX expects to advance its patented technologies to serve additional markets in the future where its proprietary products can be launched. To learn more about CDEX please visit www.cdex-inc.com
Non-historical statements are forward-looking, as defined in federal securities laws, and generally can be identified by words such as "expects," "plans," "may," "believes," "should," "intends," and similar words. These statements pose risks that cannot be accurately predicted. Consequently, results may differ materially from those expressed or implied. Such risks and uncertainties include, without limitation, the effectiveness, profitability and marketability of products, the protection of intellectual property and proprietary information, and other risks detailed periodically in filings with the SEC. There is no obligation to update any forward-looking statements.
Add to Digg Bookmark with del.icio.us Add to Newsvine
Company contact:
CDEX Inc.
Jeff Brumfield
(520) 745-5172
Email Contact
Investors Contact:
Alliance Advisors, LLC
Alan Sheinwald
Email Contact
Mark McPartland
Email Contact
(914) 669-0222
Source: Marketwire (December 1, 2010 - 9:04 AM EST)
News by QuoteMedia
www.quotemedia.com
NATURALLY ADVANCED TECHNOLOGIES, INC. ENTERS INTO SHORT-TERM CRAILAR FLAX FIBER SUPPLY AGREEMENT
Dec. 1, 2010 (PR Newswire) --
HANESBRANDS INC. TO MAKE UPFRONT PAYMENTS FOR CRAILAR FLAX FIBER TO BE DELIVERED IN 2011.
PORTLAND - Naturally Advanced Technologies, Inc. (OTC: NADVF, TSXV: NAT) today announced that it has entered into a short-term supply agreement with Hanesbrands Inc. starting in December 2010 for the continued development of CRAiLAR Flax fiber.
The companies recently completed spinning trials using the CRAiLAR flax fibers, and the supply agreement allows for Hanesbrands to pre-purchase CRAiLAR Flax fiber from Naturally Advanced Technologies for additional product testing. The agreement calls for Hanesbrands to purchase up to $375,000 of CRAiLAR Flax fiber between December 1, 2010 and early 2011.
Ken Barker, CEO of Naturally Advanced Technologies, said, "We are excited to move to this next level in our commercialization plans. Our partnership with Hanesbrands has proven to be a truly collaborative effort. We believe this next step is a significant validation of our technology and we look forward to bringing CRAiLAR Flax fiber to consumers in 2011."
Hanesbrands is a leading marketer of everyday basic apparel under some of the world's strongest apparel brands. Mike Faircloth, Hanesbrands senior vice president of supply chain said, "We are encouraged by our spinning tests with CRAiLAR Flax fiber and believe that our continued investment in this process will accelerate development of the commercialization process."
About Naturally Advanced Technologies Inc.
Naturally Advanced Technologies Inc. is committed to unlocking the potential of renewable and environmentally sustainable biomass resources from flax and other bast fibers. The Company, through its wholly owned subsidiary, CRAiLAR(r) Fiber Technologies Inc., is developing proprietary technologies for production of bast fibers, cellulose pulp, and their resulting by-products, in collaboration with Canada's National Research Council and the Alberta Innovates -- Technology Futures (formerly the Alberta Research Council). CRAiLAR(r) technology offers cost-effective and environmentally sustainable processing and production of natural, bast fibers such as hemp and flax, resulting in increased performance characteristics for use in textile, industrial, energy, medical and composite material applications. The Company was founded in 1998 as a provider of environmentally friendly, socially responsible clothing and adheres to a "triple bottom line" philosophy, respecting the human rights of employees, the environmental impact of the Company's operations and fiscal responsibility to its shareholders. See www.naturallyadvanced.com for more information on the patented CRAiLAR Flax process.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Disclaimer
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, are forward-looking statements. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information and including, without limitation, risks and uncertainties relating to: any market interruptions that may delay the trading of the Company's shares, technological and operational challenges, needs for additional capital, changes in consumer preferences, market acceptance and technological changes, dependence on manufacturing and material supplies providers, international operations, competition, regulatory restrictions and the loss of key employees. In addition, the Company's business and operations are subject to the risks set forth in the Company's most recent Form 10-K, Form 10-Q and other SEC filings which are available through EDGAR at www.sec.gov. These are among the primary risks we foresee at the present time. The Company assumes no obligation to update the forward-looking statements.
SOURCE Naturally Advanced Technologies Inc.
Source: PR Newswire (December 1, 2010 - 9:09 AM EST)
News by QuoteMedia
www.quotemedia.com
New Energy Bolsters Patent Portfolio & Expands Exclusive Worldwide Licensing Agreement for its SolarWindow(TM) Technology
Dec. 1, 2010 (Business Wire) -- New Energy Technologies, Inc. (OTCBB: NENE) today announced that the Company has entered into an expanded License Agreement with the University of South Florida Research Foundation, Inc. (USFRF) to include several additional technologies which enable development of SolarWindow™, the world’s first-of-its-kind product capable of generating electricity on see-thru glass windows.
Under terms of the agreement, the Company’s wholly-owned subsidiary, New Energy Solar Corporation, obtained an exclusive worldwide commercial license to numerous discoveries important to achieving transparency and ease of manufacturing of SolarWindow™. Included are new patent filings and inventions, which:
Allow electricity-generating coatings to be sprayed onto surfaces while remaining see-thru; and
Enable fabrication of novel ‘contacts’ which conduct electricity on SolarWindow™, yet remain see-thru. Conventional contacts for conducting electricity make use of metals which can block visibility and inhibit transparency.
“Through our licensing arrangement, each new scientific and technical discovery in the research facility brings SolarWindow™ one step closer to commercialization,” stated Mr. John A. Conklin, President & CEO of New Energy Technologies, Inc. “This expanded License Agreement strengthens New Energy’s intellectual property portfolio and reinforces our confidence in knowing that important technologies are secured exclusively for our worldwide use as we move SolarWindow™ towards pre-production scale-up and eventual commercial launch.”
"It's exciting to see bench research applied to the development of meaningful commercial products. Our ongoing collaboration, through this expanded license agreement, with New Energy to develop the SolarWindow™ technology could transform the way in which we view the use of solar energy for our homes, offices, and commercial buildings," stated Ms. Valerie Landrio McDevitt, Assistant Vice President for Research, Division of Patents and Licensing, University of South Florida, and U.S. Registered Patent Attorney.
USFRF has licensed numerous groundbreaking discoveries and important commercial processes and applications to New Energy for the development of its SolarWindow™. These inventions have been discovered under the auspices of Lead Researcher and Physicist, Dr. Xiaomei Jiang at the University of South Florida.
Currently under development, SolarWindow™ is the first-of-its-kind see-thru glass window technology capable of generating electricity, and according to the Company’s internal financial modeling and energy savings calculations, able to outperform conventional rooftop solar installations by more than 300% when applied to the window facades of commercial skyscrapers. One aspect of New Energy's technology and product development plans for SolarWindow™ addresses the potential application and use in the estimated 5 million commercial buildings in America (Energy Information Administration) and more than 80 million single detached homes.
Financial terms of the expanded License Agreement announced today were not disclosed.
About New Energy Technologies, Inc.
New Energy Technologies, Inc., together with its wholly owned subsidiaries, is a developer of next generation alternative and renewable energy technologies. Among the Company’s technologies under development are:
MotionPower™ roadway systems for generating electricity by capturing the kinetic energy produced by moving vehicles – a patent-pending technology, the subject of nine patent applications in the United States and two international patent filings. An estimated 250 million registered vehicles drive more than six billion miles on America’s roadways, every day; and
SolarWindow™ technologies which enable see-thru windows to generate electricity by ‘spraying’ their glass surfaces with New Energy’s electricity-generating coatings. These solar coatings are less than 1/10th the thickness of ‘thin’ films and make use of the world’s smallest functional solar cells, shown to successfully produce electricity in a published peer-reviewed study in the Journal of Renewable and Sustainable Energy of the American Institute of Physics.
Through established relationships with universities, research institutions, and commercial partners, we strive to identify technologies and business opportunities on the leading edge of renewable energy innovation. Unique to our business model is the use of established research infrastructure owned by the various institutions we deal with, saving us significant capital which would otherwise be required for such costs as land and building acquisition, equipment and capital equipment purchases, and other start up expenses. As a result, we are able to benefit from leading edge research while employing significantly less capital than conventional organizations.
For additional information, please call Ms. Briana L. Erickson toll-free at 1-800-213-0689 or visit: www.newenergytechnologiesinc.com.
To receive future press releases via email, please visit: http://www.newenergytechnologiesinc.com/investor_alert
To view the full HTML text of this release, please visit: http://www.newenergytechnologiesinc.com/NENE20101201
For media inquiries please contact Mr. Jerry Schranz at jschranz@beckermanpr.com, or visit our Media Relations page for additional contact information: http://www.newenergytechnologiesinc.com/media_relations
Legal Notice Regarding Forward-Looking Statements
No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although New Energy Technologies, Inc. (the “Company” or “New Energy Technologies”) believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of the Company's products, technical problems with the Company's research and products, price increases for supplies and components, litigation and administrative proceedings involving the Company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the Company's operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the Company's ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. There can be no assurance that further research and development will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that New Energy Technologies, Inc. will be able to develop commercially viable products on the basis of its technologies. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330 . The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov.The Company undertakes no obligation to publicly release the results of any revisions to these forward looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
New Energy Technologies, Inc.
Ms. Briana L. Erickson, 800-213-0689
Email: Briana@NewEnergyTechnologiesInc.com
www.newenergytechnologiesinc.com
Source: Business Wire (December 1, 2010 - 9:15 AM EST)
News by QuoteMedia
www.quotemedia.com
Biomoda Selects RCRI to Be CRO for Pivotal Trial of CyPath(R) Lung Cancer Diagnostic
Dec. 1, 2010 (Business Wire) -- Cancer diagnostics company Biomoda, Inc. (OTCBB: BMOD) (www.biomoda.com) has selected RCRI, Inc. to be the Contract Research Organization (CRO) for the upcoming pivotal clinical trial of the CyPath® diagnostic for early detection of lung cancer.
“RCRI’s strategic approach to clinical trial design and management will provide additional expertise to the pivotal trial of our CyPath® diagnostic, ” Biomoda President John Cousins said. “Conducting clinical trials is increasingly more complex, and RCRI is the perfect partner to help us move our CyPath® product toward FDA approval.”
“We are pleased to be collaborating on this project with Biomoda,” said Steve Norsted, PhD, MPH, President and CEO of RCRI. “The CyPath® technology is the ideal complement to our oncology and medical device expertise and is an innovative product that has significant potential for improving patient outcomes.”
Biomoda’s CyPath® labeling solution for the early detection of cancers binds to cancer cells and fluoresces under specific frequencies of medium light. Biomoda is seeking Food and Drug Administration (FDA) approval of its cytology-based screening technology as a Class III medical device. Pending FDA approval, CyPath® is for investigational use only.
RCRI will support the CyPath® pivotal clinical trial by providing Biomoda with a comprehensive suite of clinical study services, including project management, site identification, recruitment, data management, statistical design and reimbursement strategy.
About Biomoda
Biomoda (www.biomoda.com) is a cancer diagnostics company focused on the development of accurate, inexpensive and noninvasive tests for the early detection of cancer. In addition to its first product for lung cancer, diagnostic assays for cervical, breast, colorectal, bladder, and oral cancers are targeted for development.
About RCRI
Founded in 1999, RCRI, Inc. (www.rcri-inc.com) has helped more than 400 medical device, IVD, and biologics companies worldwide translate their medical product plans into successful revenue-generating businesses. RCRI is ISO 9001: 2008 certified to provide expertise in regulatory affairs, clinical trial design and management, database development, reimbursement strategy, health economics, quality systems and compliance, biostatistics and venture capital due diligence.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of Biomoda management at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, which are described from time to time in the Company’s reports and registration statements filed with the Securities and Exchange Commission, including those under the heading "Risk Factors" in the Company's Annual Report on Form 10-K filed with the SEC on March 30, 2010. Forward-looking statements are made as of the date of this press release and are subject to change without notice.
Biomoda, Inc.
Julie Anne Overton, 505-577-0918
Source: Business Wire (December 1, 2010 - 9:20 AM EST)
News by QuoteMedia
www.quotemedia.com
Elephant Talk CEO Steven van der Velden Interviewed by CDTV.net
Dec. 1, 2010 (Marketwire) --
SCHIPHOL, THE NETHERLANDS -- (Marketwire) -- 12/01/10 -- Elephant Talk Communications, Inc. (OTCBB: ETAK) (the "Company") (http://www.elephanttalk.com/) an international provider of business software and services to the telecommunications and financial services industries announced that CEO and President Steven van der Velden was interviewed by CDTV.net, a New York-based financial network (www.cdtv.net). The interview currently is available at http://www.cdtv.net/users/content/steven-van-der-velden-ceo-elephant-talk-etakob-company-update-0
Oramed Pharmaceuticals Announces Publication in the Journal of Diabetes Science and Technology
Results Describe Preclinical Trials Demonstrating Retained GLP-1 Analog Activity When Delivered With Oramed's Oral Drug Delivery Formulations
Dec. 1, 2010 (PR Newswire) --
JERUSALEM, December 1, 2010 /PRNewswire-FirstCall/ -- Oramed Pharmaceuticals Inc. (OTCBB: ORMP.OB) ( http://www.oramed.com), a developer of oral drug delivery solutions, announces a publication in the Journal of Diabetes Science and Technology's November issue describing evaluation of the company's glucagon-like peptide- (GLP-1) analog formulation (ORMD-0901) in regulating glucose excursions in animal models.
GLP-1 and its analogs harbor significant therapeutic potential for management of Type 2 diabetes mellitus through their broad physiological impact on glucose regulation-related mechanisms. However, the naturally secreted GLP-1 is degraded within minutes and in cases of impaired release or activity, is typically substituted by exogenously supplied, long-lived analogues. To date, these drugs are only available in injectable forms, leading to systemic effects upon administration as well as unsatisfactory patient compliance and adherence.
With the objective of offering a safer, more practical and physiologically relevant alternative, Oramed has applied its oral drug delivery platform to the GLP-1 analog family. High sugar-content meals were delivered to animals in the presence or absence of ORMD-0901, followed by close monitoring of blood glucose levels. Specific formulations were found to effectively blunt expected glucose surges in both ORMD-0901-treated porcines and canines. The two animal models used for testing the performance of ORMD-0901, indicated retained drug activity when delivered using Oramed's oral drug delivery platform.
Oramed has already embarked on clinical testing of its ORMD-0901 product to assess the formulation's safety and efficacy in healthy individuals. Further testing and development are expected to significantly contribute to current diabetes control options and success rates.
In addition to an oral GLP1 analog capsule, the Company's flagship product is an oral insulin capsule. The Company is currently working towards submission of an IND to the FDA for a Phase 2 clinical trial.
To view the article abstract please click on the link below: http://www.journalofdst.org/November2010/PDF/Abstract/VOL-4-6-ORG20-ELDOR-ABS TRACT.pdf
(Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field. Remove the space if one exists.)
About Oramed Pharmaceuticals
Oramed Pharmaceuticals is a technology pioneer in the field of oral delivery solutions for drugs and vaccines presently delivered via injection. Oramed is seeking to revolutionize the treatment of diabetes through its patented flagship product, an orally ingestible insulin capsule currently in Phase 2 clinical trials. Established in 2006, Oramed's technology is based on over 25 years of research performed by top research scientists at Jerusalem's Hadassah Medical Center. The Company's corporate and R&D headquarters are based in Jerusalem.
For more information, please visit http://www.oramed.com
Safe Harbor Statement
Some of the statements contained in this press release are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval for our product candidates; competition from other pharmaceutical or biotechnology companies; and the company's ability to obtain additional funding required to conduct its research, development and commercialization activities. Please refer to the company's filings with the Securities and Exchange Commission for a comprehensive list of risk factors that could cause actual results, performance or achievements of the company to differ materially from those expressed or implied in such forward looking statements. The company undertakes no obligation to update or revise any forward-looking statements.
Company and Investor Relation Contacts:
Oramed Pharmaceuticals
Tara Horn
Cell: +972-54-334-318
Office: +972-2-566-0001
Email: tara@oramed.com
SOURCE Oramed Pharmaceuticals Inc.
Source: PR Newswire (December 1, 2010 - 9:20 AM EST)
News by QuoteMedia
www.quotemedia.com