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Stellar Biotechnologies-Independent KLH Toxicity & Immunogenicity Tests Complete
PORT HUENEME, CA, Nov. 30, 2010 (Marketwire) -- Stellar Biotechnologies, Inc. (TSX-V: KLH) (PINKSHEETS: SBOTF) www.StellarBiotechnologies.com announces completion of preclinical toxicity and immunogenicity testing of Stellar KLH/SUBUNIT and Stellar KLH/IMG by independent laboratory, WuXi AppTech of St. Paul, MN (a wholly owned subsidiary of WuXi PharmaTech) in two preclinical studies, setting the stage for use of Stellar KLH/IMG in human studies.
Dr. Herbert Chow, VP Product Development, said, "Use of Stellar KLH as a potent adjuvant for immune stimulation, must be accomplished without causing increased susceptibility to infections, autoimmune reactions or immune suppression. The assessment of immunogenicity and immunotoxicity are therefore important steps for demonstrating safety in preclinical studies. In two separate pre-clinical studies, we have confirmed that Stellar KLH products, both our IMG and SUBUNIT forms, possess potent immune stimulatory effects with no observed safety or immunotoxicity problems. The data demonstrate the superiority of Stellar KLH/IMG as a dynamic adjuvant, and will support the regulatory filings leading to testing it in human studies."
Stellar Biotechnologies, Inc. (TSX-V: KLH) (PINKSHEETS: SBOTF) www.StellarBiotechnologies.com is a world leader in sustainable manufacturing of pharmaceutical grade immune carrier proteins (ICP), particularly with regard to the present most important pharmaceutical protein in this class, KLH (Keyhole Limpet Hemocyanin). This evolutionary protein has a highly complex structure that makes it ideal for use in human and animal vaccines and diagnostic products. With partners and customers, its flagship Stellar KLH products are in the clinic, and on the way to being established as the only sustainable, long-term pharmaceutical source.
There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the Company's securities set out herein in the United States, or to, or for the benefit or account of, a U.S. Person or person in the United States. Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of these releases.
Contact: Executive VP dbrookstein@stellarbiotech.com
Source: Marketwire Canada (November 30, 2010 - 8:51 AM EST)
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B2 Digital to Announce Major News Regarding Recent Buyout Offers on Thursday, Dec 2
Nov. 30, 2010 (GlobeNewswire) --
MESA, Ariz., Nov. 30, 2010 (GLOBE NEWSWIRE) -- B2Digital (Pink Sheets:BTDG) to announce major news on Thursday, December 2, 2010, regarding recent buyout offers for all outstanding shares of its common stock.
On September 16, 2010, B2 Digital announced its Board of Directors unanimously approved a resolution to accept an offer of $0.15 a share for all outstanding shares of B2 Digital, Inc. The offer was contingent on Sino-Can Industrial Holdings Group Ltd. receiving official proof of the 43-101 claim and the performance of mutually satisfactory due diligence. On September 17, 2010, B2 Digital, Inc. announced that Sino-Can Industrial Holdings Group Ltd. had agreed to provide a non-refundable deposit of U.S. $1,000,000 prior to any due diligence being performed by either party. B2 Digital, Inc. also announced on September 17, 2010, its Board of Directors had been informed that the $0.15 offer received from Sino-Can Industrial Holdings Group Ltd. was being amended to $0.04 per share to reflect current market conditions. On September 29, 2010, B2 Digital, Inc. announced that its Board of Directors recommended a price of $0.10 per share as a fair value in response to the revised offer of $0.04 per share made by Sino-Can Holdings Ltd. on September 17, 2010.
B2 Digital recently entered into a joint venture agreement with Firma Gold. Firma Gold's estimated reserves of 1.5 million ounces could have an estimated worth of $1,875,000 billion based upon the current price of gold. B2 Digital, Inc. will receive 90% of the net profit after deduction of capital or operating costs incurred in their role as JV partner. Firma Gold will receive 10 percent of the net profit under terms of the Joint Venture Agreement.
About B2 Digital, Inc.
B2 Digital is dedicated to seeking acquisitions and joint ventures within the resource sector and in particular mining properties that contain gold and silver reserves. Management of its subsidiary has many years of experience in the exploration and operations of mining assets. B2 Digital is currently in the process of divesting itself of some of its technology assets. More information on B2 Digital can be found at: http://www.b2digital.us.
This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risk and uncertainties, including but not limited to those detailed from time to time in the Company's filings with Pink Sheets.com. Mining projects are subject to numerous risk factors including changing regulations, volatile commodity prices, and other factors that may preclude production should commercially viable reserves be established on a property and exploration plans dependent on funding and approval of any required permits.
CONTACT: For B2Digital
Atlanta Capital Partners, LLC
David Kugelman
866-692-6847
dk@atlcp.com
Source: Globe Newswire (November 30, 2010 - 9:00 AM EST)
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Forza EBP Inc. Receives First Order of 40,000 Artzer Z-Panels(TM) for $2 Million
Nov. 30, 2010 (Marketwire) --
CARLSBAD, CALIFORNIA -- (Marketwire) -- 11/30/10 -- Forza Environmental Building Products, Inc. (OTCQB: GUGO) announces today an agreement for the sale of 40,000 of its Artzer Z-Panels™ to Merry Home, SA de CV, a wholly owned subsidiary of Mytek International, Inc. Merry Home has agreed to purchase the building panels for a total sale of US$2,000,000. The panels will be used in the construction of 500 homes at the "Los Pinos" project in Baja California, Mexico.
Michael C. Lee, Chief Financial Officer, of Forza, said, "We are extremely proud to begin this relationship with Merry Home and Mytek. In receiving this order, we have achieved our initial goal for the company. Mytek's interest in introducing sustainable building materials to the social housing market is perfectly aligned with ours. We are looking forward to a long and prosperous partnership."
Mytek International, Inc. (www.merrytech.com.mx) is a multinational manufacturing and distribution company spanning Asia and the Americas with a focus on environmentally sound products. Founded in 1990, the company manufactures over 200 different products, including consumer goods, household appliances, and consumer electronics and utilizes a global distribution network with major commercial retail partners. Their North American facilities include an 880,000 sq. ft. manufacturing facility.
Merry Home SA de CV is a Tijuana, Mexico based construction development company. Its "Los Pinos" residential home complex consists of 700 two and three bedroom units. Merry Home carried out and managed the planning, architecting, and logistics regarding the project, as well as actively managing the ongoing construction. It has already completed the 200 unit Phase 1 of the overall project. The company is now exploring a variety of additional projects throughout the Americas.
Forza Environmental Building Products, Inc. (www.forzaenvironmental.com) is a public company whose common stock is quoted on the OTCQB Exchange in the United States under the symbol GUGO. As the worldwide manufacturer and distributor of the Artzer Z-Panel™, Forza provides environmentally sound, energy-efficient materials for safe, sustainable shelter to disaster replacement and new social housing projects around the world.
Forward Looking Statements
This press 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 current report which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to the characteristics and features of the Artzer Z-Panel™ system, or the final numbers of panels that may be sold to Merry Home under the terms of the agreement, or the length of time during which such sales may occur.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainty of financial estimates and projections, the competitive and regulatory environment for early stage companies in the construction industry, stock market conditions, unforeseen technical difficulties and our ongoing ability to operate a business and obtain financing. These forward-looking statements are made as of the date of this current report, 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 our beliefs, plans, expectations and intentions contained in this current report 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-K for our most recent fiscal year, our quarterly reports on Form 10-Q and our other periodic reports filed from time-to-time with the Securities and Exchange Commission pursuant to the Securities Exchange Act.
Contacts:
Forza Environmental Building Products, Inc.
Joel King
Director of Investor Relations
1-760-585-1900 or Toll-free: 1-888-663-6792
jnk@forzaenvironmental.com
www.forzaenvironmental.com
Source: Marketwire (November 30, 2010 - 9:15 AM EST)
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(CCTR) China Crescent Record $51 Million Revenue Through 3rd Qtr. and YTD Update Webcast Featuring Projects With (NVAE) Savanna and (NUBL) NuMobile Available on Website
Nov. 30, 2010 (Marketwire) --
DALLAS, TX -- (Marketwire) -- 11/30/10 -- China Crescent Enterprises, Inc. (OTCBB: CCTR) has released a Third Quarter Review Webcast highlighting the Company's third quarter and YTD results. China Crescent reported $50.9 million in revenue through the first 9 months of the year, compared to $30.3 million for the same period in 2009, a 67% increase. Additionally, the Company's net income for the first 9 months of 2010 was $3.3 million, up from $1.9 million for the same period last year. The Webcast also provides an update on projects the Company is currently engaged in with NuMobile, Inc. (OTCBB: NUBL) and Savanna East Africa, Inc. (PINKSHEETS: NVAE) (OTCQB: NVAE). NuMobile and China Crescent are working on a special purpose Wi-Fi communication device pilot, while Savanna and China Crescent have partnered on the recent sale of GPS enabled radios in Nairobi.
China Crescent, along with NuMobile and Savanna East Africa, is part of the NewMarket Technology, Inc. Greenfield Partnership Program. The Greenfield program was launched in 2009 to accelerate the introduction of new technologies into emerging markets around the world where technology buying is on the rise, while improving return on investment (ROI) potential. The Greenfield program assists in providing startup and development stage partner companies the collaboration opportunities and support necessary to win key contracts and grow their businesses. Companies are chosen to participate in the partnership program based on their technology and service offerings in conjunction with the emerging geographic markets in which they currently participate, such as China, Latin America and East Africa.
The Webcast titled "China Crescent Third Quarter Review & YTD Webcast" is available for on demand viewing on the Company's corporate website, www.chinacrescent.com or directly at http://tinyurl.com/CCTRQ3Webcast.
Sign Up to Receive Regular China Crescent Investor Updates
China Crescent sends email updates to its opt-in, permission-based email database. Interested investors can easily, safely and quickly register to receive these communications directly on the corporate website homepage (www.chinacrescent.com). Recipients can manage their own email contact profile and unsubscribe at any time.
About China Crescent Enterprises, Inc. (www.chinacrescent.com)
China Crescent is a systems integration service provider that markets technology outsourcing services in China including the sale and service of brand name technologies such as Microsoft, Cisco, IBM, HP and Dell. Following a strategic acquisition last year, the Company expanded its business line to include original design manufacturing (ODM). China Crescent reported $45 million in profitable revenue in 2009 after reporting over $40 million in revenue for both 2007 and 2008 and has set a goal of reaching $100 million in revenue in 2010. Headquartered in Dallas with operations in Shanghai, Shenzhen, Dalian and Beijing, China Crescent bridges the gap between global business cultures to assist clients worldwide realize the advantages of the high quality, low cost technology products and services available from China. China Crescent also assists clients in localizing products and services to realize the tremendous growth potential available by expanding into the Chinese Market.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause China Crescent's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.
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Contact:
China Crescent Enterprises, Inc.
Email Contact
214-722-3060
Source: Marketwire (November 30, 2010 - 9:20 AM EST)
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United Mining Group, Inc. Lists on OTCQX Market in the USA
Nov. 30, 2010 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/30/10 -- United Mining Group, Inc. (the "Company") (TSX: UMG)(OTCQX: UMGZF)(FRANKFURT: UM8) is pleased to announce that the Company's common shares commenced trading today on the OTCQX in the United States under the ticker symbol "UMGZF".
United Mining Group began trading today on the OTC market's prestigious tier, OTCQX International. Investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcqx.com and www.otcmarkets.com.
Charles Pitcher, CEO of United Mining Group, commented, "The OTCQX has garnered a positive reputation for providing investors improved liquidity, transparency, superior information along with easy access through their U.S. regulated broker dealers, which will provide our US investors with improved access to our equity market."
Merriman Capital, Inc. will serve as the United Mining Group's Principal American Liaison ("PAL") on OTCQX, responsible for providing guidance on OTCQX requirements.
About United Mining Group
United Mining Group is a profitable, vertically integrated mining company with operations in Idaho, USA. The Company offers a full suite of mining services including contract mining to silver miners in the district. The Company owns its own custom welding and fabrication shop allowing it to repair/rebuild equipment for its own use and for outside mining companies.
The Company is currently earning, through development and operations, an 80% interest in the Crescent Silver Mine adjacent to the Sunshine Silver Mine in the Silver Valley. The Crescent Mine has historically produced 25 million ounces of silver at an average grade of 27.3 opt (SRK Consulting 43-101 report, March 1, 2010). UMG currently has an indicated resource of 6.1 million ounces silver (324,000 tons grading 18.7 opt silver) and additional inferred resources of 4.1 million ounces silver (211,000 tons grading 19.5 opt silver).
UMG is committed to building a senior silver-producing mining company based on aggressive exploration and development of the highly-prospective current land position at Crescent and through the acquisition of additional silver interests.
For more information about the Company, please visit: www.unitedmininggroup.com
On behalf of the Board of Directors,
Charles Pitcher, Chief Executive Officer
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release include that the listing on OTCQX will provide our US investors with improved access to our equity market, that we are building a senior silver-producing mining company, that we will have aggressive exploration and development of our current land position at Crescent, that our land is the highly-prospective for mining and that we will make acquisitions of additional silver interests. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators. Past production of minerals and encouraging exploration results are not necessarily indicative of a commercially exploitable resource.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Contacts:
United Mining Group, Inc.
Greg Stewart
208.682.9018
gstewart@unitedmininggroup.com
www.unitedmininggroup.com
Source: Marketwire (November 30, 2010 - 9:41 AM EST)
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Premiere Publishing Group, Inc. Signs Letter of Intent With Xi'an Johnson Pharmaceutical Ltd.
Nov. 30, 2010 (Marketwire) --
TOTOWA, NJ -- (Marketwire) -- 11/30/10 -- Premiere Publishing Group, Inc. (OTCQB: PPBL) (OTCBB: PPBL) is pleased to announce the signing of a Letter of Intent with Xi'an Johnson Pharmaceutcial Ltd.
Xi'an Johnson Pharmaceutical Ltd. is a company based in Mainland China in the business of wholesale and retail distribution of both pharmaceuticals and herbal medicines.
Premiere's Chief Executive Officer Mr. Omar Barrientos stated, "We are excited by the prospects to finalize a business combination between Xi'an Johnson Pharmaceutical, Ltd. with a wholly owned subsidiary of Premiere Publishing Group, Inc. We are in the process of finalizing our due diligence efforts and anticipate a closing in the first quarter 2011. This is just the beginning of our ongoing strategy to create long term shareholder value thru the expertise and assistance we can provide private companies globally. We are aggressively seeking out highly profitable companies such as Xi'an Johnson Pharmaceutical, Ltd. to close business combinations with in order to substantiate Premiere Publishing Group, Inc. as a public company with shareholder value creation as its main focus.
"We are currently in negotiations with several other highly profitable companies and expect to conclude those negotiations in the not too distant future. We have developed substantial relationships overseas and expect to manifest the value of those relationships throughout 2011 and beyond.
"In addition, as part of our overall strategy we will also be changing the name of the company in the new year to better reflect the type of company we are positioning ourselves as and expect to report back to our shareholders as it relates to our other areas of progress as well."
Contact:
Briggs Smith
Email Contact
813-438-5225
Chris Giordano
Email Contact
Source: Marketwire (November 30, 2010 - 9:48 AM EST)
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Primary Petroleum Provides Technical Update and Increases Land Holdings to 170,000 Net Acres in Alberta Basin Bakken Prospsect Fairway in Western Montana
CALGARY, ALBERTA, Nov. 30, 2010 (Marketwire) -- Primary Petroleum Corporation (TSX VENTURE:PIE)(PINK SHEETS:PETEF) ("Primary" or the "Company") is pleased to provide both a technical and land acquisition update on its Alberta Basin Bakken Prospect in Western Montana.
To date the Company has evaluated wireline logs, well cuttings, and one core from 32 wells that have penetrated the Bakken Formation in the Alberta Basin Bakken fairway of western Montana. The well cuttings and core were accessed at the USGS facility in Denver and the Montana Board of Oil and Gas in Billings, Montana. With this additional data, Primary is better able to understand the deposition and distribution of the Lodgepole, Bakken and Three Forks Formations underlying the Company's lands.
The Company has also evaluated five cores from southern Alberta at the ERCB core storage facility to assist in understanding stratigraphy, lithology, reservoir and source rock relationships and formation contacts between the two areas.
Extensive oil saturation in the only available Bakken core found to date has been confirmed, along with TOC values in excess of 14% being measured from the organic-rich shale interval. As well, oil staining and fluorescence have been observed in the cuttings from other wells in the area. This information strongly suggests that there is potential for the occurrence of high-quality source rock in the oil generation window, as well as an oil migration fairway beneath Primary's lands in the Bakken fairway of Western Montana.
Primary is also very pleased to update its shareholders and the financial community on the status of our Land Acquisition Strategy. We have added over 20,000 net acres to our Area of Interest land holdings in the Bakken Fairway of Western Montana. The Company currently holds over 170,000 net undeveloped acres (266 sections). With the technical data collected and evaluated to date, Primary's Land Acquisition Strategy will continue in key areas.
Primary's continued encouragement as to the hydrocarbon potential of its land holdings in the Alberta Basin Bakken fairway in Western Montana, has resulted in the Company moving forward on putting together an exploration program which includes shooting additional 3D seismic, selecting optimum drilling locations, and the selection of a qualified joint venture partner to develop the Company's acreage.
About Primary Petroleum Corporation: Primary is a junior oil and gas company engaged in exploration and development activities in Montana and Alberta. The Company's mandate is to continue to acquire strategic land positions of merit in the Sedimentary Basin of the Western United States and Canada and seek out qualified industry partners to exploit and develop them.
To find out more about Primary Petroleum visit our website at www.primarypetroleum.com.
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.
Primary Petroleum Corp. President & CEO (403) 262-3132 (403) 262-3175 (FAX) mike@primarypetroleum.com www.primarypetroleum.com Brisco Capital Partners President (403) 262-9888 scott@briscocapital.com Brisco Capital Partners (403) 618-6507 gordon@briscocapital.com
Source: Marketwire Canada (November 30, 2010 - 10:01 AM EST)
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SinoFresh Healthcare Inc. Announces New Leadership; Experienced Executives to Serve as Chairman and CEO
SFSH Breathes New Life Into Corporate Structure With Strategy for Success
Nov. 30, 2010 (GlobeNewswire) --
VENICE, Fla., Nov. 30, 2010 (GLOBE NEWSWIRE) -- SinoFresh® HealthCare, Inc., (Pink Sheets:SFSH) announces several significant changes to the corporate management team including the election of Thomas Fitzgerald as Chairman of the Board of Directors and the naming of David R. Olund as President & CEO. The changes were made as part of a broad based, ongoing corporate restructuring.
Mr. Fitzgerald, the new Chairman of the Board, has more than 25 years of experience in the biopharmaceutical industry. As an industry consultant and senior executive, he has provided strategic advice for a range of early stage companies and turnaround candidates as well as working with and for well established domestic and multinational businesses. He has also worked with a number of research based institutions including the University of Rochester, the Scripps Institute and Thomas Jefferson University on the generation and growth of spin out life science business from their intellectual property. Mr. Fitzgerald has been a member of the SinoFresh Board since 2008.
Mr. Fitzgerald has also held seats on the Boards of Directors for a number of public and private entities. During his career, he has been responsible for the development, regulatory and marketing strategies, government relations, and intellectual property matters for biopharmaceutical companies. He has held senior executive positions for a number of both large and small companies, in the USA and Europe. Mr. Fitzgerald will be working closely with Mr. David Olund, the Company's new CEO to establish SinoFresh HealthCare, Inc. as an industry leader and a global presence.
Mr. Olund, the new CEO, has over 30 years of domestic and international experience in the financial services industry. He has had corporate and marketing relationships with companies such as Sun Life of Canada, The CNA Companies, Western Reserve Life Assurance, New York Life, LifeUSA Traveler Insurance Company and Shearson/American Express as well as other companies. Mr. Olund has held the Registered Securities Principal designation in the past including the position of President, CEO and Chief Compliance Officer of an NASD member securities firm. During the last 15 years, his financial consulting work has encompassed assignments for public and private companies, specializing in alternative finance markets and corporate development in the United States, as well as doing significant work in Europe, Asia and Latin America for private multi-national clients.
Mr. Fitzgerald commented that, "David Olund's experience, passion and know-how will be indispensable to SinoFresh in growing the company's business. David has a proven record of initiating and achieving favorable results form the kinds of steps that will be essential in achieving our ambitious plans to build the business and establish the long term shareholder value that follows from the growth of the business."
Mr. Olund comments, "I am proud to be serving the future needs of the SinoFresh HealthCare business. I particularly look forward to a bright and promising future on behalf of our shareholders. I believe that with the combined backgrounds of our senior management team and our Board of Directors, will enable us to fully develop our breakthrough technologies in antiseptic upper respiratory and topical therapies. SinoFresh is very well positioned to become a significant player in the healthcare industry." Mr. Olund was also elected to the Board of Directors as part of the management realignment. Mr. Fitzgerald and Mr. Olund replace the out-going Chairman and CEO, Charles Fust, who has left the company.
SinoFresh HealthCare, Inc. is a publicly traded company (Pink Sheets:SFSH) based in Venice, Florida, that manufactures and distributes nasal, oral and topical antiseptic germ-killing products. SinoFresh products are marketed and distributed globally through a network of strategic wholesale and retail partners. SinoFresh Healthcare Inc's, premier product, SinoFresh Antiseptic Homeopathic Nasal spray has in laboratory tests shown effective antiseptic capability against a variety of pathogens such as MRSA, E-Coli, H1N1 and a broad range of other viruses, molds, fungi and bacteria.
For more information please contact our Investor Relations department at 941.375.8174
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Our forward-looking statements express our current expectations or forecasts of possible future results or events, including projections of future performance, statements of management's plans and objectives, future contracts, and forecasts of trends and other matters. Forward-looking statements speak only as of the date of this filing, and we undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. You can identify these statements by the fact that they do not relate strictly to historic or current facts and often use words such as "anticipate", "estimate", "expect", "believe", "will likely result", "outlook", "project" and other words and expressions of similar meaning. No assurance can be given that the results in any forward-looking statements will be achieved and actual results could be affected by one or more factors, which could cause them to differ materially. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act.
CONTACT: SinoFresh Healthcare Inc.
Investor Relations
941.375.8174
Source: Globe Newswire (November 30, 2010 - 10:40 AM EST)
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MacroSolve Appoints Brett Williams as Vice President of Business Development for Illume Mobile
Nov. 30, 2010 (Marketwire) --
TULSA, OK -- (Marketwire) -- 11/30/10 -- MacroSolve, Inc. (OTCBB: MCVE) (OTCQB: MCVE), a leading provider of mobile technologies, apps and solutions, announced today the appointment of technology entrepreneur and technology sales executive Brett Williams as Vice President, Business Development for the company's Illume Mobile division. MacroSolve has made the appointment at this time to capitalize on the growing sales prospects pipeline at Illume Mobile, on the heels of having received a landmark patent for its platform mobile app technology.
Mr. Williams is a technology entrepreneur and 20-year veteran of leading large scale sales efforts in software and professional services. He was most recently Director of Sales and Marketing for TouchStar Solutions, where he was responsible for all aspects of sales and marketing of mobile computer products and services across North America, generating millions in annual revenue. In his prior positions with other technology and technology services companies he has always exceeded sales goals whether through individual efforts or directing a team. Mr. Williams specializes in creating sales channels and partnerships for new products.
"As market demand for mobile applications accelerates with the explosive growth of smartphones and tablet computing, Illume Mobile is well positioned to generate the next wave of products and services. Brett will have an immediate and sustainable impact as his deep knowledge of the industry and entrepreneurial experience will be a tremendous benefit to customers and the company," stated MacroSolve President and CEO Clint Parr.
Brett Williams, VP Business Development, Illume Mobile, added, "I am excited to play a key role in building Illume's sales pipeline and leveraging the company's IP into licensing and service revenues. Illume offers tremendous value to its customers and I look forward to bringing this technology to companies seeking to benefit from highly customized and advanced mobile apps."
MacroSolve was recently awarded a landmark mobile app patent, U.S. Patent Number 7,822,816.
About MacroSolve
MacroSolve, Inc. is a pioneer in delivering mobile apps, technologies, and solutions to businesses and government. Founded in 1997, the company has an extensive network including the top name brands in wireless hardware and software as well as wireless carriers. Leveraging its intellectual property portfolio, MacroSolve is positioned to become a leader in the mobile app space, projected to become a $17.5 billion market by 2012. The company operates through its subsidiaries including Anyware Mobile Solutions (http://www.goanyware.com) and Illume Mobile (http://www.illumemobile.com). For more information, visit MacroSolve (http://www.macrosolve.com) or call 800-401-8740 .
Safe Harbor Statement
This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this press release are described in our publicly filed reports. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.
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Investor Contact:
Dilek Mir
(310) 591-5619
Email Contact
Company Contact:
April Sailsbury
(918) 388-3529
Email Contact
Source: Marketwire (November 30, 2010 - 6:00 AM EST)
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Artificial Life Expands Android Product Line 30+ new titles scheduled for 2011
Nov. 29, 2010 (PR Newswire) --
LOS ANGELES, HONG KONG and BERLIN, Nov. 29, 2010 /PRNewswire-Asia/ -- Artificial Life, Inc., (OTC Bulletin Board: ALIF), a leading provider of award-winning mobile content and technology for smartphones, announced today the expansion of its product portfolio onto the Android platform. In addition to porting from its current collection of major iPhone titles, Artificial Life will also be developing brand new titles specifically for Android.
New Focus
This strategic move is to meet the rising demand by Android users for high quality games and applications. Android phone shipments for the past year have increased by over 800%* and in response to the tremendous growth Artificial Life's expansion onto the Android platform will include over 30 titles. New titles will also feature more business-oriented applications to complement the firm's focus on applications catering to the business community. In addition, Artificial Life will place more emphasis on the Chinese market - the world's second largest Android market*.
The plan for the launch on the Android platform will include a series of major titles from Artificial Life's games portfolio produced with partners such as BMW, Red Bull, and a new title for the football club FC Bayern Munich. Also in the pipeline, Artificial Life's popular own-branded titles will be available to Android users including: the rhythm-based iSoccer Backstreet(R); iSinkU, the naval strategy game; and the classic platform adventure game, iDroidsMania.
In addition to games, Artificial Life will bring its business and lifestyle applications such as GluCoMo(TM) to Android. GluCoMo is a state of the art mobile health solution providing diabetes monitoring and patient coaching services. By expanding onto the Android platform, a broader audience of diabetics and their caregivers may be reached.
The migration of titles to the Android platform is supported and facilitated by Artificial Life's flagship product Opus-M(TM). Leveraging Opus- M technology, Artificial Life will be able to provide entertainment services and solutions that will allow new Android users to share, compete, and challenge existing users on other mobile platforms. Additionally, with Opus-M, other ALIFE business and lifestyle services will be enabled and synced across the platform.
Experienced Experts
With over 50 million copies of mobile games and business applications sold and downloaded, Artificial Life has gained the reputation as a leading one- stop, 100% in-house game and business applications developer for smartphones.
"We seize the opportunity to expand our market share and broaden our revenue stream by capturing more smartphone users from the growing Android market. Android users are seeking top quality content and we are thrilled to deliver a wide selection of successful games and applications to them in 2011," said Eberhard Schoneburg, CEO of Artificial Life, Inc.
iPhone is trademark of Apple Inc., registered in the US and other countries
Android is a trademark of Google Inc.
*Android Smartphone Shipments up 886% year-on-year in Q2 2010. Rep. Palo Alto, Singapore and Reading (UK): Canalys, 2010. Canalys. Web. 26 Nov. 2010.
About Artificial Life, Inc.
Artificial Life, Inc. has been a pioneer in artificial intelligence and mobile technology since its inception in Boston in 1994. The incorporation is a public US corporation (OTC Bulletin Board: ALIF) with listing on the Frankfurt Stock Exchange (Frankfurt: AIF.F; Xetra: AIF.DE) and headquarters in Hong Kong. Its production center is in Hong Kong and it has additional offices in Berlin, Germany (EMEA headquarters) and Tokyo, Japan. As a leading provider of broadband mobile content and technology solutions in the world, it develops and sells a wide range of mobile applications for 3G, 3.5G and 4G network- enabled mobile smartphones. Currently its main business areas are: high quality 3D interactive (massive multiplayer) mobile games, mobile participation television, mobile business applications, mobile health care services, mobile augmented reality and its mobile commerce technology platform OPUS-M. It is supporting all major mobile phone operating systems and platforms. Recognized internationally for outstanding content quality and technology Artificial Life has received many international awards and has been ranked one of the fastest growing companies in Asia Pacific by Deloitte.
For more information about Artificial Life, Inc., please visit its website http://www.artificial-life.com or its product websites: http://www.botme.com , http://www.mopa-tv.com , http://www.opus-m.com , http://www.glucomo.com , http://www.greencortex.com .
Facebook: http://www.botme.com/ref/alife-fb
Twitter: http://twitter.com/alifegames
MySpace: http://www.myspace.com/artificial_life_inc
Youtube: http://www.youtube.com/user/alifegames
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding our future results of operations, financial condition and business prospects. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to, our ability to obtain additional funding to operate and grow our business; the unproven potential of our mobile gaming business model; changing consumer preferences and uncertainty of market acceptance of our products; timely adoption and availability of 3G mobile technology; market acceptance for use of mobile handheld devices to play the interactive games; unpredictable mobile game development schedules; our reliance on a relatively small number of brands; our ability to license brands from others; our dependence upon resellers and telecommunication carriers and operators to distribute our products; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including our Annual Report on Form 10-KSB filed on March 16, 2010. We assume no obligation to update any forward-looking statements, which apply only as of the date of this press release.
For more information on ARTIFICIAL LIFE, INC., please contact:
Artificial Life IR and PR Contact:
Adeline Law
Tel: +852-3102-2800
Email: ir@artificial-life.com
SOURCE Artificial Life, Inc.
Source: PR Newswire (November 29, 2010 - 7:00 AM EST)
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Drinks Americas Rheingold Beer Continues Expansion
Nov. 29, 2010 (GlobeNewswire) --
WILTON, Conn., Nov. 29, 2010 (GLOBE NEWSWIRE) -- Drinks Americas Holdings, Ltd. (OTCBB:DKAMD), a leading developer and marketer of beverage products, today announced that Rheingold Beer will be sold in the Maryland market by Carey Distributors of Fruitland, Maryland. Carey Distributors sales coverage is for Worcester, Wicomico, and Somerset counties, which comprise the summer resort destination of Ocean City, Maryland. During the summer months the population of the Ocean City resort area expands significantly.
J. Patrick Kenny, CEO Drinks Americas, stated, "We are thrilled to know this summer we will be selling Rheingold Beer with a distributor like Carey in the great summer resort city of Ocean City, Maryland. I think the opportunity to promote Rheingold Beer in Ocean City with the new Miss Rheingolds of 2011 will be exciting and go far in having a broad group of consumers sample and experience the brand. This market over time will have additional financial impact on our growing Rheingold driven revenue."
A photo accompanying this release can be found at: http://www.issuerdirect.com/corporate/mediaroom/69088
About Drinks Americas
Drinks Americas develops, owns, markets, and nationally distributes alcoholic premium beverages including Willie Nelson's Old Whiskey River Bourbon and Trump Super Premium Vodka. Other products owned by Drinks Americas include Olifant Vodka, Aguila Tequila and Rheingold Beer. The Company has recently developed and assisted in the launch of Kid Rock's American Badass Beer selling in Michigan.
For further information, please visit our new websites at www.drinksamericas.com and www.rheingoldbrewingcompany.com.
The Drinks Americas Holdings, Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7881
Safe Harbor
Except for the historical information contained herein, the matters set forth in this release, including the description of the company and its product offerings, are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the historical volatility and low trading volume of our stock, the risk and uncertainties inherent in the early stages of growth companies, the company's need to raise substantial additional capital to proceed with its business, risks associated with competitors, and other risks detailed from time to time in the company's most recent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.
CONTACT: Drinks Americas, Inc.
Charles Davidson
203-762-7000
CEOcast, Inc.
Dan Schustack
212-732-4300
Source: Globe Newswire (November 29, 2010 - 7:00 AM EST)
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Medisafe 1 Technologies Enters Discussions to Launch Pilot Project in Major Jerusalem Hospital
Nov. 29, 2010 (PR Newswire) --
JERUSALEM, November 29, 2010 /PRNewswire-FirstCall/ -- Medisafe 1 Technologies Corp. (OTCBB: MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, announced today that the company has engaged in preliminary discussions to launch a pilot of its syringe locking device, with a major hospital in Jerusalem.
The discussions are focusing on implementing the technology in one of the hospital's internal departments. The target date for launching the pilot program is within the next six months.
The pilot will demonstrate the effectiveness of the device to physically block the administration of incorrect medications or dosages to patients in the department.
The technology features a barcode reader that confirms both the medication and its intended patient. If the system does not verify the correct dosage and patient, the locking device on the syringe will not open and enable administration.
"We are optimistic about the early discussions with a very well-respected department in one of the region's best hospitals," said Jacob Elhadad, CEO of Medisafe 1 Technologies. "The successful implementation of this pilot could potentially lead to more widespread demand for our technology."
"The number of deaths caused around the world by the human error in the administration of improper medicines or dosages in hospitals is staggering. The cost of human life, and the cost of medical malpractice suits far outweigh the costs of implementing better technology," Elhadad added.
About Medisafe 1 Technologies
Medisafe 1 Technologies seeks to effectively prevent unauthorized administration of a drug or medicinal substance by hypodermic needle. Medisafe's patented technology is a medical assembly with a locking mechanism that is intended to ensure the substance cannot be released from the hypodermic needle without positive pre-matching between the substance and its intended patient.
Forward-Looking Statements
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of Medisafe 1 Technologies Corp., and its technologies. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated. Medisafe 1 Technologies Corp. public filings may be viewed at http://www.sec.gov.
Contact:
Jacob Elhadad
CEO
+972-524440000
Jacob.elhadad10@gmail.com
SOURCE Medisafe 1 Technologies Corp.
Source: PR Newswire (November 29, 2010 - 7:00 AM EST)
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Intelimax names Glenn Little as CFO and Secretary
Nov. 29, 2010 (M2 Communications Ltd.) --
Intelimax Media Inc (OTCBB:IXMD.ob) on Friday announced the appointment of Glenn Little as interim CFO and secretary of the company.
Little replaces Galit Alon, who has resigned from the company.
Most recently Little has been with Intelimax as a consultant doing corporate development activities. Prior to that he was director and provided Corporate Development services for Stream Communications Network & Media Inc and before then he was vice president and director of Trooper Technologies Inc.
Intelimax Media is an Internet services company focusing on online games and web content.
(Comments on this story may be sent to tww.feedback@m2.com)
Source: M2 Presswire (November 29, 2010 - 7:20 AM EST)
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China Linen Textile Industry, Ltd. Announces Record Third Quarter 2010 Financial Results and Raises Full Year Guidance on Sales and EPS
Nov. 29, 2010 (PR Newswire) --
LANXI COUNTY, China, Nov. 29, 2010 /PRNewswire-Asia-FirstCall/ -- China Linen Textile Industry, Ltd. (OTC Bulletin Board: CTXIF) ("China Linen" or the "Company"), one of China's leading linen fabric and yarn producers, marketers and exporters, today announced record third quarter 2010 financial results.
Q3 2010 revenue increased 109.3% YOY to 14.0 million.
Q3 2010 net income increased 74.9% YOY to $2.8 million.
Q3 2010 EPS of $0.14 vs. $0.08 for the same period in 2009.
Raises full year 2010 guidance on revenues from $38.1 million to $44.0 million, maintains net income guidance of $9.3 million, raises EPS guidance from $0.39 to $0.46 based on 20,215,003 weighted average number of shares outstanding.
In the third quarter, the Company announced new independent director on August 30; announced Jodie Wehner as Chief Financial Officer on September 1; and signed contracts with three new customers in India and Turkey to supply 650 tons of linen yarn.
SUMMARY FINANCIALS
Third Quarter 2010 Results (unaudited)
Q3 2010
Q3 2009
CHANGE
Revenues
$14.0 million
$6.7 million
+109.3%
Gross Profit
$4.4 million
$2.1 million
+114.9%
Net Income
$2.8 million
$1.6 million
+74.9%
EPS (Diluted)
$0.14
$0.08
+74.1%
Nine Months 2010 Results (unaudited)
Nine-month 2010
Nine-month 2009
CHANGE
Revenues
$31.6 million
$20.6 million
+53.7%
Gross Profit
$9.8 million
$5.7 million
+72.2%
Net Income
$6.9 million
$4.3 million
+59.6%
EPS (Diluted)
$0.34
$0.21
+58.9%
Third Quarter Ended September 30, 2010 Financial Results
Revenue for the third quarter of 2010 increased 109.3% to $14.0 million, compared to $6.7 million for the third quarter of 2009. Growth was driven by strong market demand, increased market and sales efforts, increased production capacity and higher average selling price. Sales of linen fabric sales increased 110.9% year-over-year to $12.5 million, which represented 89.0% of sales for the period. Sales of linen yarn increased significantly from $0.2 million a year ago to $1.5 million in the third quarter. Sales from new customers contributed to approximately 45% of total revenue in the third quarter of 2010.
Gross profit for the third quarter of 2010 was $4.4 million, a 114.9% increase from $2.1 million in the third quarter of 2009. Gross margin was 31.5% compared to 30.7% in the third quarter of 2009.
Operating expenses for the third quarter of 2010 were approximately $0.7 million, compared to $0.2 million for the same period a year ago. The increase was primarily due to increased selling expenses and increased expenses in connection with its public company compliance efforts. Operating income for the third quarter of 2010 increased 98.2% to $3.7 million compared to operating income of $1.9 million in the third quarter of 2009.
Net income for the third quarter of 2010 increased 74.9% to $2.8 million, compared to $1.6 million for the third quarter of 2009. Diluted earnings per share increased 74.1% to $0.14 compared to $0.08 for the third quarter of 2009, based upon 20.2 million and 20.1 million weighted average number of shares outstanding, respectively.
"We are pleased to report record revenue and earnings for the third quarter of 2010, which were a direct result of our expanded sales efforts for our broad line of linen fabrics, increased linen yarn distribution channels, and our fixed asset lease agreement with Lanxi Tianxianfang Linen Company, Ltd. which significantly expanded our production capacity," stated Mr. Gao Ren, Chairman and President of China Linen. "Our recent acquisition of Lanxi Tianxianfang is an important milestone in our goal to become a vertically integrated producer and the benefits of this relationship were evidenced in our recent operating and financial results to further improve our financial and operational performance."
Nine Months Ended September 30, 2010 Financial Results
For the nine months ended September 30, 2010, revenue increased approximately 53.7% to $31.6 million compared to the same period in 2009, primarily resulting from a 57.5% increase in sales of linen fabric, which represented 94.8% of sales during the period. Gross profit was approximately $9.8 million for the first nine months of 2010, representing an increase of 72.2% from the first nine months of 2009. Gross margins improved 335 basis points to 31.1% for the first nine months of 2010 compared to the year ago period as a result of product mix, price increases and the Company's ability to effectively manage production costs.
Income from operations was $8.1 million for the first nine months of 2010, representing an increase of 60.0% over the first nine months of 2009. Operating margins were 25.8% for the first nine months of 2010, compared to 24.7% for the first nine months of 2009.
Net income was $6.9 million for the nine months ended September 30, 2010, an increase of approximately 59.6% from the same period in 2009. Fully diluted earnings per share increased 58.9% to $0.34 for the first nine months of 2010, compared to $0.21 for the first nine months of 2009, based up on 20.2 million and 20.1 million weighted average number of shares outstanding, respectively.
Balance Sheet and Cash Flow
Cash and cash equivalents totaled $4.4 million on September 30, 2010, compared to $2.3 million on December 31, 2009. Accounts receivable balance was approximately $15.6 million on September 30, 2010, versus approximately $8.8 million on December 31, 2009. Days sales outstanding (DSO) for the first nine months of 2010 were at 114 days, compared to 119 days for the same period in 2009. The Company had a current ratio of 2.4 to 1 and stockholders' equity of $28.9 million, with total assets of $45.6 million versus total liabilities of $16.7 million on September 30, 2010.
For the first nine months of 2010, the Company generated $2.5 million in cash from operations versus $2.3 million for the same period in 2009.
Fiscal 2010 Guidance
Based on the strong results recorded in the first nine months of 2010, Management raises full year guidance of sales from $38.1 million to $44.0 million, maintains net income guidance of $9.3 million and raises EPS guidance from $0.39 to $0.46 based on 20,215,003 weighted average number of shares outstanding.
Mr. Gao Ren, Chairman and President of China Linen, stated: "China Linen's continued international and domestic market expansion is anticipated to yield additional customers and orders, which will drive incremental growth and support our efforts to further penetrate the existing customer base. We expanded our linen yarn production capacity by approximate 40% and linen fabric production capacity by 26% through the additional of Lanxi Tianxianfang, which provides the foundation to meet our 2011 growth objectives."
Conference Call Information
China Linen's management will hold an earnings conference all at 4:30 p.m. Eastern Time on November 29, 2010. Interested parties may access the call by dialing 1-877-941-4774 from within the United States, or 1-480-629-9760 if calling internationally. The conference ID is 4386918. It is advisable to dial in approximately 5-10 minutes prior to the start of the call. A replay will be available through December 6, 2010 and can be accessed by dialing +1-877-870-5176 (U.S.), +1-858-384-5517 (Int'l), passcode 4386918.
This call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this link, http://viavid.net/dce.aspx?sid=00007E7A, or at ViaVid's website at http://www.viavid.net, where the webcast can be accessed through December 6, 2011.
About China Linen Textile Industry, Ltd.
China Linen Textile Industry, Ltd. (http://www.chinalinen.cc/) is principally engaged in the production and sale of linen yarn and various types of linen fabric. The Company is also involved in consultation and R&D related to linen technology and linen products. The Company carries on all of its business activities through its subsidiary, Heilongjiang Lanxi Sunrise Linen Textile Industry Co., Ltd. ("Lanxi Sunrise"), established in June 2002 and located in Lanxi County, the "Homeland of Flax in China," near Harbin City in China. Lanxi Sunrise has one yarn-spinning factory, one bleaching factory and two fabric weaving factories in its 35,120 square meters of building area with a staff of 1,400 and 430 sets of world-class, advanced production machinery. Annual production capacity totals approximately 2,220 tons with 50 different types of yarn and 10 million meters of fabric with 110 types. Approximately 50 percent of its products are exported to more than 10 countries.
Forward-looking Statements
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
For further information, contact:
China Linen Textile Industry, Ltd.
Ms. Jodie Zheng Wehner, CFO
Tel: 001-310-890-8048
Email: jodiewehner@chinalinen.cc
Mr. Xiao Weixing, IR Manager
Tel: +86-137-9600-2690
Email: xiaoweixing@chinalinen.cc
HC International, Inc.
Scott Powell, Vice-President
Tel: +1-917-721-9480
Email: scott.powell@hcinternational.net
Web: www.hcinternational.net
CHINA LINEN TEXTILE INDUSTRY, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2010 and December 31, 2009 (Stated in US Dollars)
September 30,
December 31,
2010
2009
ASSETS
Unaudited
Audited
Current assets
$
$
Cash and cash equivalents
4,357,753
2,320,656
Bank checks and commercial paper
-
1,921,610
Accounts receivable, net
15,566,624
8,762,516
Inventory
7,528,371
4,862,855
Prepaid expenses
2,883,591
2,183,219
Other receivables
354,351
100,165
Due from related parties
734,582
2,576,579
Governmental subsidy receivable
2,211,631
1,449,331
Deferred tax assets
214,593
228,794
Total current assets
33,851,496
24,405,725
Non-current assets
Property, plant and equipment, net
8,916,696
9,195,907
Land use right, net
408,673
408,134
Governmental subsidy receivable, non-current
2,173,599
1,882,593
Deferred tax assets, non-current
233,969
238,600
TOTAL ASSETS
45,584,433
36,130,959
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Bank loans
3,583,106
4,048,583
Accounts payable
4,646,420
2,565,188
Accrued expenses and other payables
1,359,534
1,101,571
Taxes payable
2,710,897
3,729,506
Deferred revenue
1,303,776
423,153
Deferred governmental subsidy
90,577
88,995
Due to related parties
-
74,888
Deferred tax liabilities
552,908
362,333
Total current liabilities
14,247,218
12,394,217
Non-current liabilities
Deferred governmental subsidy, non-current
1,928,112
1,792,482
Deferred tax liabilities, non-current
543,400
470,648
TOTAL LIABILITIES
16,718,730
14,657,347
STOCKHOLDER'S EQUITY
Common stock $0.002 par value, 500,000,000 shares authorized; 20,215,003 shares and 20,200,003 shares issued outstanding as of September 30, 2010 and December 31, 2009outstanding as of September 30, 2010 and December 31, 2009
42,304
42,274
Additional paid-in capital
3,119,586
3,093,816
Statutory reserves
1,593,559
1,593,559
Retained earnings
21,926,402
15,060,004
Accumulated other comprehensive income
2,183,852
1,683,959
TOTAL STOCKHOLDER'S EQUITY
28,865,703
21,473,612
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
45,584,433
36,130,959
The accompanying notes are an integral part of these condensed consolidated financial statements.
CHINA LINEN TEXTILE INDUSTRY, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the nine months ended September 30, 2010 and 2009 (Stated in US Dollars)
Three months ended
Nine months ended
September 30,
March 31
September 30,
2010
2009
2010
2009
Revenues
$
$
$
$
Net sales
14,017,497
6,697,133
31,616,522
20,570,248
Costs of goods sold
9,600,447
4,641,996
21,772,776
14,854,716
Gross profit
4,417,050
2,055,137
9,843,746
5,715,532
Operating expenses
Selling expenses
159,127
101,152
314,719
284,103
General and administrative expenses
578,828
98,035
1,383,809
341,228
Total operating expenses
737,955
199,187
1,698,528
625,331
Operating income
3,679,095
1,855,950
8,145,218
5,090,201
Other income (expense)
Interest income
64,671
62,760
161,689
188,220
Interest expense
(155,748)
(70,612)
(314,410)
(242,497)
Government subsidies
366,248
311,101
1,115,895
636,517
Other income (expense)
22,238
85,636
66,755
(4,723)
Total other income
297,409
388,885
1,029,929
557,517
Income before tax
3,976,504
2,244,835
9,175,147
5,667,718
Income tax
1,135,295
620,493
2,308,749
1,364,814
Net income
2,841,209
1,624,342
6,866,398
4,302,904
Other comprehensive income
Effects of foreign currency conversion
394,953
(50,376)
499,893
(15,239)
Comprehensive income
3,236,162
1,573,966
7,366,291
4,287,665
Basic and diluted earnings per share
0.141
0.081
0.340
0.214
CHINA LINEN TEXTILE INDUSTRY, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the nine months ended September 30, 2010 and 2009 (Stated in US Dollars)
Nine months ended
September 30,
2010
2009
Cash Flows from Operating Activities
Net income
$ 6,866,398
$ 4,302,904
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation
445,214
331,481
Amortization
6,259
6,576
Deferred income taxes
271,182
(155,155)
Deferred government subsidy
103,538
(89,633)
Changes in:
Bank checks and commercial paper
1,920,220
(906,088)
Accounts receivable
(6,540,282)
(82,242)
Inventory
(2,538,376)
2,891,632
Prepaid expenses
(653,548)
(3,499,187)
Other receivables
(248,124)
(461,884)
Governmental subsidy, net
(979,609)
2,201,476
Accounts payable
2,002,735
1,074,871
Accrued expenses and other payables
234,065
393,140
Taxes payable
(1,062,960)
(4,182,968)
Deferred revenue
858,322
650,907
Due to/from related parties
1,778,049
9,965
Net cash provided by operating activities
2,463,083
$2,305,795
Cash Flows from Investing Activities
Purchase of property, plant and equipment
$ (10,173)
$ (148,865)
Net cash used in investing activities
$ (10,173)
$ (148,865)
CHINA LINEN TEXTILE INDUSTRY, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the nine months ended September 30, 2010 and 2009 (Stated in US Dollars)
Nine months ended
September 30,
2010
2009
Cash Flows from Financing Activities
Proceeds from bank loans
$ 3,520,920
$ 4,031,787
Repayments of bank loans
(4,045,655)
(4,031,787)
Proceeds from paid-in capital
25,800
-
Decrease in loans from local government
-
(294,436)
Net cash used in financing activities
$ (498,935)
$ (294,436)
Increase in cash
1,953,975
1,862,494
Effects of foreign currency conversion on cash
83,122
1,353
Cash at beginning of period
2,320,656
10,674
Cash at end of period
$ 4,357,753
$ 1,874,521
Supplemental Disclosures of Cash Flow Information
Cash paid during the period for:
Interest
$ 314,410
$ 242,297
Income taxes
$ 2,308,749
$ 2,228,371
SOURCE China Linen Textile Industry, Ltd.
Source: PR Newswire (November 29, 2010 - 7:30 AM EST)
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Casey Container Corp wins order for biodegradable plastic bottle preforms
Nov. 29, 2010 (M2 Communications Ltd.) --
Casey Container Corp (OTC.BB:CSEY), a supplier of biodegradable plastic polymer preforms, bottles and containers, said on Friday that the company has received its first purchase order from a US-based bottled water company for the supply of approximately 250,000 biodegradable preforms on a weekly basis for a year.
The customer will use the preforms to manufacture biodegradable plastic bottles.
The value of the contract was not revealed.
Casey Container holds a licence to EcoPure, a second-generation proprietary and organic additive, which renders the plastic biodegradable when added to a resin used to produce plastic bottle preforms.
(Comments on this story may be sent to info@m2.com)
Source: M2 Presswire (November 29, 2010 - 7:35 AM EST)
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ASCENT- Center for Technical Knowledge(R) Participates in Autodesk University 2010
Nov. 29, 2010 (Business Wire) -- RAND Worldwide®, a global leader in providing technology solutions to organizations with engineering design and information technology requirements, announced that its courseware division, ASCENT – Center for Technical Knowledge®, will be exhibiting and presenting at Autodesk University (AU) 2010. AU is being held November 30 - December 2, 2010, at the Mandalay Bay Resort in Las Vegas, Nevada.
ASCENT will be exhibiting in the Autodesk Bookstore, Booth #1309, showcasing their Autodesk® 2011 courseware including 20 different Autodesk Official Training Guide titles. AU attendees will have the opportunity to browse through Student Guides, watch video demonstrations of ASCENT’s online learning portal, and purchase courseware products directly at the show using ASCENT’s new online global fulfillment platform.
In addition to exhibiting at the conference, ASCENT will have its courseware available on-loan in the Autodesk Certification Lab, and members from ASCENT will be hosting five presentations in the Autodesk University Theatre, located directly across from the AU Bookstore. The following presentations are scheduled:
Wednesday, December 1
Jennifer MacMillan: ASCENT Courseware Overview- Architecture focus
Jaclyn Ballentine: Custom Courseware Remedies: The cure for common training challenges & headaches
Jennifer MacMillan: ASCENT Courseware Overview- Manufacturing focus & Meet the Author session
Thursday, December 2
Paul Burden: ProductivityNOW: Answering your common engineering issues with this online resource tool
Jennifer MacMillan: ASCENT Courseware Overview- Civil 3D focus
“Partnering with Autodesk in the AU Bookstore is an ideal opportunity for attendees to view the variety of training tools ASCENT offers,” commented Paul Burden, director of product development, ASCENT. “There will be plenty of training guides for attendees to peruse and purchase on-site, including several titles that are helpful as study guides for the certification exams. There will also be technical experts on-hand at the booth to answer questions.”
Along with hosting a booth space at the conference in Las Vegas, ASCENT is also participating in Autodesk University Virtual 2010. AU Virtual runs from Tuesday, November 30 through Wednesday, December 1, 2010 and provides those who cannot attend the conference in Las Vegas, the opportunity to visit a virtual Exhibit Hall from their desk-tops. ASCENT will exhibit in the virtual Autodesk Bookstore and have a courseware expert available via Live Chat to answer questions during the virtual booth hours.
ASCENT is an Authorized Author, Publisher and Developer of Autodesk curriculum. All of the company’s Autodesk courses are available to educational institutions, individuals, and corporations. To see the company’s complete courseware lineup, please visit www.ASCENTed.com.
About ASCENT
ASCENT- Center for Technical Knowledge is the leading developer of high-quality professional training, technical documentation, and knowledge products for engineering applications. (www.ASCENTed.com)
About RAND Worldwide
RAND Worldwide is one of the world’s leading providers of professional services and technology to the engineering community, targeting organizations in the building, infrastructure and manufacturing industries. (www.rand.com)
RAND Worldwide and ASCENT are trademarks or registered trademarks of Rand A. Technology Corporation in the U.S. and/or other countries.
Autodesk is a registered trademark of Autodesk, Inc., in the USA and/or other countries. All other brand names, product names, or trademarks belong to their respective holders.
RAND Worldwide
Chantale Marchand, (508) 663-1411
cmarchand@rand.com
Source: Business Wire (November 29, 2010 - 8:00 AM EST)
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Newly Combined Avatech Solutions and IMAGINiT Technologies Lead 32 Autodesk University Classes
New Scan to BIM(TM) Add-On for Autodesk Revit Platform and Other
Innovations to be Experienced Exclusively in the Joint Avatech and
IMAGINiT Booths 1501 & 1303
Nov. 29, 2010 (Business Wire) -- Rand Worldwide (OTCBB: AVSO), a global leader in providing technology solutions to organizations with engineering design and information technology requirements, announced the lineup of expert speakers from the newly integrated Avatech Solutions and IMAGINiT Technologies teams for this year’s Autodesk University user conference and exhibition. The conference takes place November 30 – December 2, 2010, at The Mandalay Bay Resort and Convention Center in Las Vegas. This year, 13 professionals from the recently merged Avatech and IMAGINiT teams will lead 32 different sessions at Autodesk University 2010.
“Autodesk University attracts a global audience which matches our international footprint and it presents an opportunity to learn and develop new skills and connect with fellow users,” says Bill Zavadil, Senior Vice President, IMAGINiT Worldwide Services. “Now strengthened with the recent Avatech Solutions merger, our respected industry experts and instructors have been invited to present on a wide variety of technology topics for the building, civil and manufacturing engineering and design areas.”
Thirteen people – including training, implementation, programming and executive-level experts – will be presenting on topics across seven applications of Autodesk® software, including CAD management, customization and programming, architecture and building design, civil infrastructure, manufacturing, and MEP and structural design and engineering. Innovative technologies such as the new Scan to BIM™ software and InfiniteZ’s zSpace™ platform which expands perception through virtual-holographic detail will be on display and available for interaction in booth 1501.
The Combined Speaker Topic Line-Up for Autodesk University
A Complete Breakdown of Inventor® Styles and Standards: Understanding the Design Data Folder
A Quick Spin on Project Navigator in AutoCAD® Architecture 2011
A View from the Top: Top-Down Design Methods in Autodesk® Inventor®
Adding Intelligence to Your Schematics
Advanced Green Your Design with Autodesk® Ecotect®, Autodesk Green Building Studio®, and Revit®
An Introduction to Quantity Takeoff Tools with AutoCAD® Civil 3D®
AutoCAD® Civil 3D® for Beginners
AutoCAD® Civil 3D® Survey: From the Ground to the (Point) Clouds
Autodesk® 3ds Max® Design Certification: Prepare for Success
Benchmark Yourself with AutoCAD® Civil 3D® Certification
BIM Collaboration: Working with Autodesk® Revit® Architecture Remotely
Bridging the Gap Between AutoCAD® Civil 3D® and Autodesk® Revit® Structure
Build the Foundation: Autodesk® Inventor® Drawing Templates
Can't We All Get Along (Multi-Department Standards)
Creating Stairs in AutoCAD® Architecture
Digital Prototyping + BIM: Creating, Using, and Distributing Revit® Content from Inventor® Designs
Display This: Implementing Display Systems in AutoCAD® Architecture
Finding Your Content Is a Snap!
From Open Paren to Closed Paren: Basics of AutoLISP® in 60 Minutes
iLogic™: Outside the Box – External Rules Management
Integrated Design Lab: Using BIM for Sustainable Design
Introduction to the Autodesk® Moldflow® Insight API
Look and Feel: Best Practices for Revit® Add-in User Interface Design
My Model Management Methods W/O Madness: AutoCAD® Civil 3D® and Autodesk® Navisworks®
Part/Mold Design and Optimization Using Autodesk® Inventor® Tooling 2011
Putting the "I" in BIM: Parameters in the Autodesk® Revit® API
Schedule Anything in AutoCAD® Architecture or AutoCAD MEP
Switching from AutoCAD® Architecture to Revit® Architecture: The Right Attitude is Everything
That's Solid! Multi-Body Part Modeling Techniques with Autodesk® Inventor®
Tour de AutoCAD® Electrical 2011
Using AutoCAD® MEP for Model-Based Design Client Requirements
About Avatech Solutions & IMAGINiT Technologies
Avatech Solutions and IMAGINiT Technologies have joined forces as a Rand Worldwide company, to advance the way architects and engineers design, develop, and manage projects. Customers of this leading professional services and technology company include organizations in the building, infrastructure, manufacturing and facilities management industries. Fortune 500 and Engineering News Record’s Top 100 organizations work with IMAGINiT Technologies to gain competitive advantages through expert technology consulting, implementation, training, and support services. As the world’s largest integrator of Autodesk software, this team leverages unrivalled industry experience to design systems that accelerate innovation while improving project quality and profitability. For more information visit www.rand.com and www.avatech.com.
Rand Worldwide is a trademark or registered trademark of Rand IMAGINiT Technologies Inc. and/or Rand A Technology Corporation in the US and/or other countries.
Company Contact
Rand Worldwide
Chantale Marchand, +1 (508) 663-1411
cmarchand@rand.com
or
Public Relations Contact
Cross Border Communications
Cyrus Mavalwala, +1 (416) 848-1885
cyrus@crossborderpr.com
Source: Business Wire (November 29, 2010 - 8:00 AM EST)
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Oragenics, Inc. Reaches Agreement for North American Representation of Teddy's Pride(R) Oral Care Probiotics Through SLA Brands
Nov. 29, 2010 (Business Wire) -- Florida-based biopharmaceutical company Oragenics, Inc. (OTCBB: ORNI) (www.oragenics.com) has announced that its oral care probiotic for cats and dogs, Teddy’s Pride® (www.teddyspride.com), will be represented by Schiaffino, Lasky & Associates, Inc. (SLA Brands) to pet product distributors and retailers in the United States and Canada.
“We are pleased with the opportunity to bring our ProBiora3® oral care products for pets, Teddy’s Pride®, to pet product retailers in the United States and Canada through SLA Brands,” said Gerry David, Executive Vice President, Sales and Marketing for Oragenics. “We believe SLA Brands has a well established network of distributors and pet product retailers throughout North America which can provide greater market exposure for Teddy’s Pride.”
“We are looking forward to partnering with Oragenics for the distribution of Teddy’s Pride oral care probiotics for cats and dogs to the pet stores and distributors we work with in both the United States and in Canada,” said Mike Lasky, Managing Partner, SLA Brands, Inc. “Our partners rely upon us to provide innovative new products that are all-natural and of the highest quality. Teddy’s Pride is expected to be an excellent fit.”
Bill Schiaffino, SLA founder and managing partner, said recently: “With the pet sector launch of Oragenics’ patented ProBiora3 probiotic dental care formulation, I foresee a swing in the pet dental care retail market away from the old style and difficult to use tooth brushes, cleaners and wipes to Teddy’s Pride, as it is easy to use and a more effective long- term solution to pet dental care and bad breath management.”
ProBiora3, the active ingredient in Oragenics' probiotic products, naturally supports gum and tooth health while freshening breath and whitening teeth. ProBiora3® technology was developed by Oragenics' Chief Scientific Officer, Dr. Jeffrey Hillman, D.M.D., Ph.D., during more than 25 years of research, which began at the Harvard-affiliated Forsyth Institute in Boston and continued at the University of Florida. This technology has only recently become available to the general public. ProBiora3® contains three strains of beneficial bacteria that help maintain a healthy microbial balance in the mouth. It is 100% natural and is made in the USA in an FDA-registered and GMP-certified facility.
About Oragenics, Inc.
Oragenics is a biopharmaceutical company focused primarily on oral health products and novel antibiotics. Within oral health, Oragenics is developing its pharmaceutical product candidate, SMaRT Replacement Therapy™, and also commercializing its oral probiotic product, ProBiora3. Within antibiotics, Oragenics is developing a pharmaceutical candidate, MU1140-S™ and intends to use its patented, novel organic chemistry platform to create additional antibiotics for therapeutic use.
About SLA Brands, Inc.
Schiaffino & Associates was founded in 2003 to serve the pet industry in the United States and Canada. With the addition of Mike Lasky as a senior partner, Schiaffino & Associates became Schiaffino, Lasky & Associates (SLA) in 2006. SLA serves as the exclusive representative for some 30 pet products manufacturers to pet distributors, retail chains, catalog and Internet accounts throughout North America as well as to several major mass market chains. SLA numbers among its client companies some of the leading pet product brands in the industry.
Safe Harbor Statement: Under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements that reflect the Company’s current views with respect to future events and financial performance. These forward-looking statements are based on management’s beliefs and assumptions and information currently available. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project” and similar expressions that do not relate solely to historical matters identify forward-looking statements. Investors should be cautious in relying on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed in any such forward-looking statements. These factors include, but are not limited to (i) the actual suitability of ProBiora3® for inclusion in other products, and (ii) our ability to successfully incorporate ProBiora3® into other products, as well as those set forth in our most recently filed annual report on Form 10-K and quarterly report on Form 10-Q, and other factors detailed from time to time in filings with the U.S. Securities and Exchange Commission. We expressly disclaim any responsibility to update forward-looking statements.
MEDIA CONTACT: For more information about Teddy’s Pride, visit www.TeddysPride.com. To schedule an interview with Dr. Hillman, contact Jennifer Zimmons at (212) 317-1400 / jzimmons@cooperglobalcommunications.com
Oragenics, Inc.
Jennifer Zimmons, 212-317-1400
jzimmons@cooperglobalcommunications.com
Source: Business Wire (November 29, 2010 - 8:00 AM EST)
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Macrosolve CEO Clint Parr and Chairman Jim McGill Interviewed on CorporateProfile.com
Executives Discuss Landmark Patent for Booming App Market
Nov. 29, 2010 (Marketwire) --
NEW YORK, NY -- (Marketwire) -- 11/29/10 -- Corporate Profile, LLC announced today that Macrosolve, Inc. (OTCBB: MCVE) (OTCQB: MCVE) CEO Clint Parr and Chairman Jim McGill, were interviewed on CorporateProfile.com.
The video can be viewed at: www.corporateprofile.com.
About MacroSolve
MacroSolve, Inc. is a pioneer in delivering mobile apps, technologies, and solutions to businesses and government. Founded in 1997, the company has an extensive network including the top name brands in wireless hardware and software as well as wireless carriers. Leveraging its intellectual property portfolio, MacroSolve is positioned to become a leader in the mobile app space, projected to become a $17.5 billion market by 2012. The company operates through its subsidiaries including Anyware Mobile Solutions (http://www.goanyware.com) and Illume Mobile (http://www.illumemobile.com). For more information, visit MacroSolve (http://www.macrosolve.com).
About Corporate Profile.com
CorporateProfile.com is a broadcasting website where Fashion meets Finance. Merging two mainstream industries results in a unique platform for investors to receive today's hottest tips and market info.
Safe Harbor Disclaimer
Under The Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectation.
Source: Marketwire (November 29, 2010 - 8:00 AM EST)
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Adino Energy Comments on Third Quarter Results
Nov. 29, 2010 (Marketwire) --
HOUSTON, TX -- (Marketwire) -- 11/29/10 -- Adino Energy Corporation (OTCBB: ADNY) today commented on results for the third quarter, 2010. Revenues for the quarter ended September 30, 2010 were $389,019, compared to $533,998 for the quarter ended September 30, 2009. The revenue decline was primarily driven by a change in the service contract for fuel additives at the Company's IFL Terminal. Oil and gas operations contributed $23,202 in revenue for the third quarter, 2010.
Highlights from the Third Quarter include:
Acquisition of PetroGreen Energy LLC, and Petro 2000 Exploration Co. (together, "Petro Energy" or "Petro"), of San Angelo, Texas. Petro Energy is a licensed Texas Oilfield Operator currently operating 12 wells on two leases covering approximately 300 acres in Coleman County, Texas. Petro also owns a drilling rig, two service rigs and associated tools and equipment.
Completed Phase I of Workover Program on the Felix Brandt Leases, bringing two additional wells on to production and perforating and fracturing additional producing zones on two other wells.
Initiated a waterflood project on the Felix Brandt Leases. The Company currently has one active injection well and a second well in the permitting process for conversion to injection.
Recompletion of an inactive oil well as a water source well. The well is currently producing approximately 125 barrels of water per day for use in the waterflood project.
Began refurbishment/upgrade of the recently acquired drilling rig. Management expects to move the rig onto the first drilling location in early December 2010.
Established a local office in Coleman, Texas to manage field operations. Working with the local Economic Development Authority, Adino acquired a two acre fenced lot with two large drive-through work bays. The facility also includes offices and conference space, as well as secure storage.
Made significant infrastructure improvements on the Felix Brandt Leases including production equipment upgrades, installation of water storage tanks, trenching flow-lines, retention berms around tank batteries and debris removal.
"Since our re-entry into the oil & gas exploration and production business, we have made a lot of progress in a relatively short time," commented Timothy G. Byrd, Sr., Adino Energy's Chief Executive Officer. "We are still in the early stages, but our investments are already beginning to show results."
Chairman Sonny Wooley, a thirty-year veteran of the oil & gas industry and chief architect of Adino's strategy to reenter the upstream sector, commented, "Having been involved in many start-ups over the years, I am very pleased with the rapid progress we are making in our upstream business. Our people are pushing hard every day to maintain the momentum we have developed over the last several weeks.
"Our greatest challenge, and my charge to management, is to build on our progress and develop the upstream business in a deliberate, methodical way to minimize the probability of errors and maximize shareholder value over the long term," Wooley concluded.
About Adino Energy Corporation, Inc.
Adino Energy Corporation (OTCBB: ADNY) is an emerging oil & gas exploration and production company focused on mature oilfield assets with significant redevelopment, workover and enhanced oil recovery (EOR) potential. The Company also owns a fuel terminal operation in the Houston, TX area.
Forward-looking Statements
Statements made in this news release relating to Adino's future production, expenses and future capital projects and expenditures, and all other statements except statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties that may affect the Company's operations and financial performance, and the forward-looking statements made herein, is available in the Company's filings with the Securities and Exchange Commission, which are incorporated by reference as though fully set forth herein.
Investor Relations
Steve Haag, M.Ed.
2500 CityWest, Suite 300
Houston, Texas 77042
(832) 413-6206 office
(832) 201-7913 fax
Email Contact
Source: Marketwire (November 29, 2010 - 8:00 AM EST)
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GeoVax Labs, Inc. Strategy Supported by Encouraging Results of European Therapeutic HIV/AIDS Vaccine Trial
Success In Viral Load Reduction & Control of Virus, By Vaccine Recipient's Immune System Who Have Been Weaned from ART Therapy;
Encouraging News for HIV/AIDS Vaccine Community
Nov. 29, 2010 (PR Newswire) --
ATLANTA, Nov. 29, 2010 /PRNewswire-FirstCall/ -- GeoVax Labs, Inc. (OTC Bulletin Board: GOVX) (the "Company"), an Atlanta-based, biopharmaceutical company developing human vaccines for HIV/AIDS (HIV-1, Human Immunodeficiency Virus), announced it was pleased to learn of the partial success observed in the recently completed Phase 2b trial of a therapeutic HIV/AIDS vaccine produced by Bionor Immuno AS of Oslo, Norway. Bionor reported success in reducing viral load (reduction in HIV virus in the blood stream) in individuals who were vaccinated then weaned from anti-retroviral therapy (ART). HIV replication was reduced as the result of the vaccine recipient's immune system.
Robert McNally, Ph.D., Chief Executive Officer and President stated, "In the war against HIV/AIDS, vaccines have two unmet objectives. First of all, the fight continues to design vaccines which will prevent an individual from being infected by HIV and, for those individuals already infected with HIV, the development of a therapeutic vaccine to supplement the existing anti-retroviral drug regimens. Earlier this year Argos Therapeutics presented data from their Phase 2 clinical trial designed to test a vaccine based on an individualized medicine approach. They observed a greater than 20-fold reduction of HIV replication in approximately 65% of individuals responding to the vaccine. The Bionor vaccine reduced HIV replication by approximately 5-fold in the population of treated individuals. This announcement gives encouragement to all participants in the HIV/AIDS vaccine effort. Ultimately, success for a therapeutic vaccine will be achieved."
The Bionor product, designated Vacc-4x, consists of four synthetic peptides derived from a major HIV structural protein. The vaccine is injected in combination with a human cytokine (Granulocyte-macrophage colony stimulating factor-GM-CSF) which serves as an adjuvant to augment immune responses. The vaccine is thought to function by stimulating the expansion of both CD4+ (helper) and CD8+ (killer) T cells. GeoVax HIV/AIDS vaccine products are likewise designed to induce T cell based immune responses, but unlike the Bionor product, our vaccines also induce antibody responses to reduce the rate of virus spread in treated individuals.
"Within the two main areas of focus for HIV/AIDS vaccines – preventative and therapeutic – GeoVax continues to make progress," stated Dr. McNally. "Our preventative vaccine candidate is being tested in a Phase 2a trial sponsored by the Division of AIDS (National Institutes of Health) and conducted by the HIV Vaccine Trials Network (HVTN). Assessment of the therapeutic potential of GeoVax's vaccine is being tested in an ongoing Phase 1 trial which will include ART interruption; a design feature similar to both the Argos and Bionor trials. Active recruitment among recently infected HIV individuals is underway for our Phase 1 therapeutic trial."
About GeoVax Labs, Inc.
GeoVax is a biotechnology company developing human vaccines for diseases caused by HIV (Human Immunodeficiency Virus – that leads to AIDS). Our goals include developing HIV/AIDS vaccines for global markets, overseeing the manufacture and testing these vaccines under GMP/GLP conditions (FDA guidelines), conducting clinical trials for vaccine safety and effectiveness, and obtaining regulatory approvals to move the product forward. All preventative Phase 1 human clinical trials conducted to date were designed to test combinations and dose levels of our DNA and MVA vectored vaccines, their ability to raise anti-HIV humoral (antibody) and cellular (CD4+ helper and CD8+ cytotoxic T cell) immune responses, as well as, the vaccines' safety. Successful results from Phase 1 testing supported the initiation of the first Phase 2 testing. GeoVax's Phase 2 human trial began in January 2009 and will ultimately involve 300 participants at sites in the United States and South America. Recently GeoVax began enrolling patients in a Phase 1 therapeutic trial for individuals already infected with HIV. For more information, please visit www.geovax.com.
Forward-Looking Statements
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax can develop and manufacture its vaccines with the desired characteristics in a timely manner, GeoVax's vaccines will be safe for human use, GeoVax's vaccines will effectively prevent AIDS in humans, vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete vaccine development, there is development of competitive products that may be more effective or easier to use than GeoVax's products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control. GeoVax assumes no obligation to update these forward-looking statements, and does not intend to do so. More information about these factors is contained in GeoVax's filings with the Securities and Exchange Commission including those set forth at "Risk Factors" in GeoVax's Form 10-K.
Contact
At The Investor Relations Group:
Investor Relations
James Carbonara
or
Public Relations
Janet Vasquez / Robin O'Malley
(212) 825-3210
SOURCE GeoVax Labs, Inc.
Source: PR Newswire (November 29, 2010 - 8:00 AM EST)
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EastBridge Investment Group Announces New SEC Filing by Wonder International Education
Nov. 29, 2010 (Marketwire) --
PHOENIX, AZ -- (Marketwire) -- 11/29/10 -- EastBridge Investment Group (EBIG) (OTCBB: EBIG) announced today that its client, Wonder International Education and Investment Group Corporation, has filed an amended registration statement with the Securities Exchange Commission in response to certain SEC comments. Wonder's corporate filing information is available on the SEC website, www.SEC.gov.
Mr. Xie Chungui, Chairman of Wonder Education Group, USA, commented, "We are pleased to announce that we have filed another registration amendment with the SEC. We anticipate clearance from the SEC in the near future."
For more information about Wonder, please go to their website at: http://www.wondedu.com
EastBridge Investment Group focuses on high-growth companies in Asia, offering IPOs, Joint Ventures and Merchant Banking services. The Company targets industries in electronics, real estate, auto, metal, energy, environmental, bioscience and food retail distribution.
To learn more about EastBridge Investment Group go to our web site: www.EbigCorp.com. To receive EBIG's email alert, send a blank email to info@EbigCorp.com.
Forward-Looking Statements
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The Company has no obligation to update these forward-looking statements.
Contact:
Norm Klein
EastBridge Investment Group Corp.
480-966-2020
480-966-0808 (fax)
Email Contact
Investor Relations:
Jack Eversull
The Eversull Group, Inc.
972-571-1624
214-469-2361 (fax)
Email Contact
Source: Marketwire (November 29, 2010 - 8:00 AM EST)
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Pure Nickel's Tower Property Under Option With Rockcliff Resources Inc. Continues to Hit High Grade Copper-Gold Mineralization
Nov. 29, 2010 (Canada NewsWire Group) --
TORONTO, Nov. 29 /CNW/ - Pure Nickel Inc. (TSX: NIC, OTCBB: PNCKF) today reported that its option partner in central Manitoba on the Tower Property, Rockcliff Resources Inc. (TSXV: RCR), has announced that the preliminary drilling has continued to intersect high grade copper-gold mineralization. The Tower Zone remains open in all directions and has been intersected by widely spaced (100-200m drill centers) drill holes over a strike length of 800m and to a vertical depth of almost 500m.
High grade results from holes 4 and 5 are highlighted below.
7.0% copper, 2.0g/t gold, 1.3% zinc and 32.2g/t silver across 2.65m including
11.5% copper, 2.7g/t gold, 2.0% zinc and 49.7 silver across 1.00m (hole 4);
3.3% copper, 0.3g/t gold, 0.8% zinc and 17.6g/t silver across 7.45m including
9.8% copper, 0.9g/t gold, 2.2% zinc and 51.5g/t silver across 2.4m (hole 5);
As reported by Rockcliff, the geophysical bore hole surveys have clearly identified a significant untested area of high conductance representing massive sulphides along strike and at depth to the existing high grade copper-gold drill intercepts.
Significant assay results and drill information from drill holes TP10-003 to TP10-005 are tabulated below. Please see press release dated November 10, 2010 outlining additional high grade copper-gold results from TP10-001 and 002. The lengths reported below are drill intersected core lengths and do not represent true widths.
Borehole From
(m) To
(m) Length
(m) Copper
% Gold
g/t Zinc % Silver
g/t Grid /Azimuth/Dip/depth
TP10-003 490.00 493.00 3.0 0.3 0.01 0.1 2.1 1N, 2+13W/100/70/602.6m
includes 490.00 490.20 0.2 2.3 0.03 0.02 6.0
TP10-004 212.30 214.65 2.65 7.0 2.0 1.3 32.2 3N, 0+95W/90/55/290.0m
includes 213.95 214.95 1.00 11.5 2.7 2.0 49.7
TP10-005 293.20 300.65 7.45 3.3 0.3 0.8 17.6 3N, 0+95W/90/67/380.0m
includes 298.00 300.40 2.40 9.8 0.9 2.2 51.5
Under the terms of the Option Agreement with Pure Nickel of February 21, 2008, Rockcliff can earn up to a 70% interest in the property. Rockcliff must pay $150,000 in incremental payments to Pure Nickel over four years and will be required to incur aggregate exploration expenditures totalling $4,000,000 over four years; $2,000,000 over two years to earn a 50% working interest and a further $2,000,000 to earn a further 20% working interest.
Ken Lapierre, P.Geo., President & CEO of Rockcliff Resources Inc., is the Qualified Person under the definition of National Instrument 43-101 is responsible for the technical information reported by Rockcliff.
About Pure Nickel Inc.
Pure Nickel is a mineral exploration company with a diverse collection of mineral exploration projects in North America.
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
The Howard Group Investor Relations
Jeff Walker
T. (888) 221-0915
Email: info@howardgroupinc.com
Website: www.howardgroupinc.com
CHF Investor Relations
Cathy Hume
CEO
T. (416) 868-1079 x231
Email: cathy@chfir.com
Website: www.chfir.com
Pure Nickel Inc.
David McPherson
President and CEO
T. (416) 644-0066
Email: info@purenickel.com
Website: www.purenickel.com
Source: Canada Newswire (November 29, 2010 - 8:00 AM EST)
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Helix Wind Turbine Renderings as Part of Philadelphia Eagles Renewable Energy Project as Shown on Monday Night Football
- 80 Helix Wind Turbines planned to be installed on top of Lincoln Financial Field
Nov. 29, 2010 (PR Newswire) --
POWAY, Calif., Nov. 29, 2010 /PRNewswire/ -- Helix Wind, Corp. (OTC Bulletin Board: HLXW), a global renewable energy company, confirmed today what many people saw and heard discussed on Monday Night Football were actual renderings of Helix Wind turbines lining the top of Lincoln Financial Field. In cooperation with Solar Blue, the official energy provider of the Philadelphia Eagles, the two companies are in the concept and design phase for the wind portion of the renewable energy plan. The energy plan will be operational by September 2011. Additional information will follow.
Scott Weinbrandt, Chairman, CEO & President of Helix Wind said, "We are confident that Helix Wind vertical axis turbines will meet the renewable energy needs for electrical wind generation required for such a large project while adding a strong iconic appeal to Lincoln Financial Field. Renewable energy can also look like a piece of art and Helix Wind turbines do just that."
About Helix: Helix Wind, Corp., a global renewable energy company is engaged in the design, manufacturing and sales of small wind vertical axis turbines designed to generate 300W, 1kW, 2.0kW, and 4.5kW of clean, renewable electricity. Additional information can be found at www.helixwind.com.
Forward Looking Statements: A number of statements contained in this press release are forward-looking statements within the meaning of applicable federal securities laws, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. These forward-looking statements involve a number of risks and uncertainties, including our ability to attract and retain management and field personnel with experience in the small wind turbine industry, our ability to raise capital when needed and on acceptable terms and conditions, our ability to secure adequate capital and project purchase order with Solar Blue, the ability of our wind turbines to perform and handle the energy needs of our customers, the intensity of competition and general economic factors. The actual results Helix Wind may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Helix Wind encourages the public to read the information provided here in conjunction with its most recent filings, which may be viewed at www.sec.gov.
SOURCE Helix Wind, Corp.
Source: PR Newswire (November 29, 2010 - 8:00 AM EST)
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Genesis HealthCare System Secures Access to Electronic Medical Records With BIO-key(R) Fingerprint Biometrics
Access to Electronic Medical Records (EMR) and Single Sign-On (SSO) Applications Protected by BIO-key Biometric Fingerprint Identification
Nov. 29, 2010 (GlobeNewswire) --
WALL, N.J., Nov. 29, 2010 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (OTCBB:BKYI) www.bio-key.com, a leader in finger-based biometric identification solutions, announced the successful deployment by Genesis HealthCare System, based in Zanesville, Ohio, of BIO-key's biometric identification for staff to quickly, conveniently and securely establish their identity when ordering, verifying or administering medications as required by Ohio law.
"Our fingerprint identification software is approved by the Ohio Pharmacy Board for two-factor authentication and complies with the new DEA e-prescription two-factor rules for dispensing controlled substances," commented Mike DePasquale, CEO of BIO-key International. "This is the perfect solution to protect access to EMRs, not only for healthcare organizations in Ohio, but across the whole nation."
In the initial rollout, 2,000 clinicians and staff use fingerprint biometrics to establish their identity in Genesis's Epic software to order, verify or administer medications. In the next phase of this project, Genesis is implementing fingerprint biometric user logon with Vergence, a single sign-on solution from Sentillion, a Microsoft company. With these solutions in place, Genesis staff members can instantly establish their identity with the simple touch of a finger, giving them faster access to the systems they are authorized to use.
"Sentillion Vergence is designed to improve caregiver productivity and satisfaction by making single sign-on virtually transparent within existing clinical workflows," said Marguerite Yeo, director of product marketing, Microsoft. "We're pleased that Genesis and other healthcare providers can take advantage of BIO-key's fingerprint identification with Vergence to accelerate caregivers' access to IT systems and allow them to spend more time interacting with patients."
Genesis HealthCare System is a not-for-profit organization that operates two hospital sites, Genesis-Bethesda and Genesis-Good Samaritan in Zanesville, Ohio, and several affiliated health care organizations. Its primary service area is a six-county region of southeastern Ohio.
"BIO-key's ability to operate with every major fingerprint reader manufacturer allowed us to evaluate various readers to determine which would work best in our environment. As a result of our testing, we determined that Lumidigm's Mercury sensor provided us with the best performance. We have seamlessly integrated BIO-key's identification solution into our operation to comply with the Ohio Pharmacy Board for two-factor authentication. It is convenient and easy to use, streamlines our processes and improves our system's security," said Ed Romito, Vice President and CIO of Genesis Healthcare System.
About BIO-key
BIO-key International, Inc., headquartered in Wall, New Jersey, develops and delivers advanced identification solutions to commercial and government enterprises, integrators, and custom application developers. BIO-key's award winning, high performance, scalable, cost-effective and easy-to-deploy biometric finger identification technology accurately identifies and authenticates users of wireless and enterprise applications. Our solutions are used in local embedded OEM products as well as some of the world's largest identification deployments to improve security, guarantee identity, and help reduce identity theft. BIO-key's technology is offered directly or by market leading partners around the world. (www.bio-key.com)
BIO-key Safe Harbor Statement
Certain statements contained in this press release may be construed as "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue, our ability to develop new products and evolve existing ones, the impact on our business of the recent financial crisis in the global capital markets and negative global economic trends, and our ability to attract and retain key personnel. For a more complete description of these and other risk factors that may affect the future performance of BIO-key International, Inc., see "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2009 and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company also undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
CONTACT: BIO-key International, Inc.
Bud Yanak
732-359-1100
Source: Globe Newswire (November 29, 2010 - 8:00 AM EST)
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Northern Lights Energy Commits to Purchase 1,000 AMP Electric Vehicles
-- AMP and NLE Enter into LOI to Introduce All-Electric SUVs to Iceland Over Five Years --
Nov. 29, 2010 (PR Newswire) --
CINCINNATI, Nov. 29, 2010 /PRNewswire-FirstCall/ -- AMP Holding Inc. (OTC Bulletin Board: AMPD), a company engaged in the emission-free electrification of OEM vehicles, announced it has signed a letter of intent (LOI) with Northern Lights Energy (NLE) to introduce all-electric SUVs to Iceland as part of its national electric vehicle (EV) project. Under terms of the letter of intent, subject to various conditions described below, NLE committed to purchase 1,000 all-electric SUVs from AMP over a five-year period.
"The combination of EVs and Iceland make for a perfect storm," said Steve Burns, AMP CEO. "Everything is present - a low cost of electricity coupled with the high cost of gasoline, the inherent short commutes of an island community and the desire to reduce dependence on foreign oil. We are delighted to be doing business together."
NLE is actively promoting means of sustainable transportation and has initiated the Icelandic National EV Project, involving various stakeholders such as municipalities, and large companies in a national consortium with the aim to build a nationwide charging infrastructure and end Iceland's dependence on foreign oil through the electrification of transportation.
"AMP's 100% electric vehicle technology makes it an ideal partner to work towards our underlying goal of radically improving the transportation industry in Iceland. The SUV segment now captures approximately 35% of the Icelandic car market, and while most industry players are focused on other market segments, we have high hopes for this segment and in AMP's market-ready technology," said Gisli Gislason, CEO of NLE.
AMP expects to deliver its first Electric SUV to NLE in early 2011. After an initial review, NLE intends to demonstrate the AMP'd SUV to the EV Project Consortium members, followed by public exhibition. It is the intention of NLE to purchase a variety of all-electric SUV's from AMP for utilization within fleet operations as well as for re-sale within the Company's market region. NLE's interest and commitment is contingent upon AMP successfully demonstrating and meeting certain conditions pertaining to the production and specifications of its EVs.
AMP is in discussions with several potential OEM partners to supply the underlying SUVs for AMP's electric conversions. AMP's intention is now to extend those discussions to the Iceland project for what should become the world's leading EV test bed of 2011.
About AMP Holding Inc.
AMP was founded in 2007 by automotive industry veterans who have created several hi-tech companies. Currently, the AMP team is comprised of top engineers and business executives, as well as two key pioneers of GM's EV1 project. AMP's first all electric demonstration models were the Chevrolet Equinox, the Saturn Sky, and Pontiac Solstice. Since its inception, AMP's unique electrification technology has proven to be an idea that has generated an extreme amount of interest, with inquiries coming from around the world. AMP's intent is to electrify a wide range of OEM vehicles and SUVs, and expects to announce new model additions in 2010. The Company expects its vehicle electrification technology will provide new solutions to America's energy demands.
To learn more, visit the AMP website at www.ampelectricvehicles.com.
About NLE
Based in Reykjavik, Iceland, Northern Lights Energy is a young, dynamic company that operates in the energy and transportation sectors. NLE focuses on investing in projects that have positive effects for the community and use the country's rich resources. Its projects must be profitable and show potential for subsequent growth. NLE's guidelines require they establish their own projects, although also invest in other companies or in projects created outside the Company.
NLE aims to launch projects that will benefit the community, managing and cultivating them with the objective of exporting the knowledge and experience they bring. The underlying principles that underpin choice of projects are social responsibility and value for the community in Iceland. These tenets strongly influence selection and help in the decision-making process.
To learn more, visit the NLE website at http://en.nle.is.
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
INFORMATION:
Investors:
info@csirgroup.com
Media:
mike@thecreativestorm.com
+1-513-266-3590
SOURCE AMP Holding Inc.
Source: PR Newswire (November 29, 2010 - 8:00 AM EST)
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Asia Cork 4Q and Annual Financial Forecast
Nov. 29, 2010 (Business Wire) -- Asia Cork Inc. (OTCBB:AKRK) forecasts $7.36 million revenue for the 4th quarter. The Q4 forecasted net income reaches $1 million and quarterly EPS $0.03. Accordingly annual revenue is expected to reach $29.8 million, 22.17% up from $24.4 million in 2009. Net income is expected to be $4.7 million, a significant increase of over 40% compared to $3.3 million in 2009. Basic earning per share is expected to rise from 0.09 in 2009 to 0.13, an increase of 47%.
Asia Cork Inc. 2010 Q4 & Annual Financial Forecast
2010 Annual Expected 2010 Q4 Expected
Revenues $29,801,024 $7,364,779
Cost of Goods Sold 20,857,883 5,115,130
Gross Profit 8,943,142 2,249,650
Total Operating Expenses 2,882,845 852,664
Income From Operations 6,060,297 1,396,986
Net Income $4,704,298 $1,038,822
Earnings Per Share
-Basic $0.13 $0.03
-Diluted $0.12 $0.03
“In 2010 has continued the prosperity of construction and decoration materials market since the whole market gradually recovered from the heavy shock of 2008’s financial crisis. Our sales have been rapidly recovering since then,” said Mr. Chen Peng Cheng, CEO of Asia Cork Inc. “To deal with the problem of rising prices of raw materials in 2010, the management staff have made great endeavor to adjust our expense structure and successfully controlled the expenses, while assuring the high quality of our products and our services.” In 2010, the total operating expenses are expected to be $2.88 million, a decrease of over 25% compared to $3.88 million in 2009, among which the selling expenses are cut down by around 40%, while ensuring steadily growing sales revenue.
Because of the rise of raw material prices, cost of goods sold is expected to increase from $16 million in 2009 to $20 million by 30%, and gross profit margin should decrease from 34% in 2009 to 30% in 2010. To assure the existing market share and to further expand domestic market, the company did not consider significant increase of product prices in 2010.
Asia Cork Inc. is the leading cork products manufacturer in Asia, the business operation of which is mainly performed in China. Its major products include cork floor and wall board, sheets, rolls and crafts such as notepad and mouse pad, etc. It is listed on OTCBB with the symbol AKRK. See more information on www.hxrm.com.
Asia Cork Inc.
Becky Lee, +86 029-8845 3406
lizhan.becky@gmail.com
Source: Business Wire (November 29, 2010 - 8:15 AM EST)
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