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The securities being offered will not be registered under the Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
EWKG - EuroWork Global, Ltd. (EWKG) President Announces Forward Split
Thursday September 14, 8:33 am ET
TORRANCE, CA--(MARKET WIRE)--Sep 14, 2006 -- Eurowork Global, Ltd. (Other OTC:EWKG.PK - News) has approved a forward split of its shares at a 5 to 1 ratio. The split is scheduled to occur on September 25, 2006. Shareholders of record at close of the trading day prior to the split (September 22, 2006) will qualify.
"The timing and the synergy are favorable to issue a forward split to our shareholders," stated Joseph Pittera, President of Eurowork Global, Ltd. "Investor inquiries have increased, and the levels of trading are beginning to show signs of interest." "The levels of accepted visas are growing; this should provide a steady stream of guest workers in Spain well into next year."
EuroWork Global, Ltd. is a Public Holding Company engaged in the business of recruiting skilled and unskilled labor from Latin America, transporting them to Europe with legal work-visas, and placing them at jobs where they earn wages above what they would earn in their home countries.
Forward-looking statements made in this release are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements made by Eurowork Global Ltd. are not a guarantee of future performance. This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of EuroWork Global Ltd. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition.
Contact:
Contact:
Patrick DeBernardi
631-828-2525
nimbus15@aol.com
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Source: EuroWork Global, Ltd.
GEOI - GeoResources, Inc. Announces Merger Agreement with Southern Bay Oil & Gas and Chandler Energy, Creating A Larger Company With Assets In The Rockies And Onshore Gulf Of Mexico
Thursday September 14, 8:42 am ET
WILLISTON, N.D. and HOUSTON, Sept. 14 /PRNewswire-FirstCall/ -- GeoResources, Inc., (Nasdaq: GEOI - News), today announced that its Board of Directors approved a definitive merger agreement with Southern Bay Oil & Gas, L.P. and Chandler Energy, LLC. In the proposed transaction, the total purchase price is approximately $78 million and will be paid through the issuance of 8,263,000 shares of GeoResources common stock for 100% of the partnership interests of Southern Bay Oil & Gas, L.P. and 1,931,000 shares of GeoResources common stock for 100% of the outstanding membership interests of Chandler Energy, LLC.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051114/CGM073LOGO )
The proposed transactions would create a combined entity with assets in the Williston Basin, the Rocky Mountains and the Gulf Coast. Pro forma reserves for the proposed combined entity at June 30, 2006 were approximately 8.1 million barrels of oil equivalent (BOE), 74% proved developed, with daily production of approximately 1,500 BOE. The terms of the transactions also involve Southern Bay and Chandler committing additional capital contributions of approximately $20 million to finance initial expansion plans of the combined entity, as well as offers by GeoResources to purchase certain working interests in one of Chandler's Colorado projects.
Subject to completion of due diligence and approval of the combination by the shareholders of GeoResources, the partners of Southern Bay and the members of Chandler Energy, the companies believe the transactions could close in late 2006 or during the first quarter of 2007. No assurances can be made that the transactions will be completed within these estimated periods of time.
Upon closing, Frank A. Lodzinski, President and Chief Executive Officer of Southern Bay Oil & Gas, L.P., would assume the role of Chief Executive Officer, President and Director of GeoResources; Collis P. Chandler, III, President of Denver-based Chandler Energy, LLC, would serve as Executive Vice President and Director; and Jeffrey P. Vickers, President of GeoResources, would serve as Vice President, Williston Basin Exploration and Development. The composition of the GeoResources' board of directors, including to-be-named directors, will meet the independence requirements of NASDAQ regarding directors, with four directors to be named by Southern Bay, two directors to be named by Chandler and one director to be named by GeoResources. Upon completion of the transactions, the parties anticipate that GeoResources' headquarters would relocate to Houston, and the Company will have operating offices in Williston and Denver.
Management Comments
Jeffrey P. Vickers, President of GeoResources, said: "This transaction will benefit our current shareholders by diversifying our holdings, creating a larger entity with more access to capital and a larger inventory of development opportunities. The Southern Bay properties will add both oil and gas production and reserves on the Texas and Louisiana Gulf Coasts. The Chandler properties will add primarily gas production and reserves in Rocky Mountains. These transactions give GeoResources a more balanced reserve base with 38% natural gas, a geographically diverse asset base and the experienced personnel to help us exploit our opportunities."
Frank A. Lodzinski, President and Chief Executive Officer of Southern Bay Oil & Gas, L.P. said: "This is a great opportunity to combine our Gulf Coast assets with long-lived Rocky Mountain oil and gas assets and provide us exposure to a new core area. The larger entity will be better positioned to increase its assets through the acquisition of producing properties and exploitation of its prospects with the experienced people we will have in each of our core areas."
About GeoResources, Inc.
GeoResources, Inc., a Williston, North Dakota-based natural resources company, is engaged primarily in oil and gas exploration and production and oil and gas drilling. For more information visit the company's website at http://www.geoi.net .
About Southern Bay Oil & Gas L.P.
Southern Bay Oil & Gas, L.P. is headquartered in Houston, Texas. Southern Bay and its subsidiaries own and operate producing oil and gas properties on the Texas and Louisiana Gulf Coast, and in the Permian Basin in Texas. Southern Bay and its affiliates also conduct oil and gas exploration operations in these geographic areas. For more information visit the company's website at http://www.southernbayenergy.com .
About Chandler Energy, LLC
Chandler Energy, LLC is a Denver, Colorado based oil and gas exploration and production company with operations in the Rocky Mountains and Michigan.
Forward-Looking Statements
Information herein contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "may," "will," "expect," "anticipate," "estimate" or "continue," or comparable words. GeoResources cannot make any assurances that the agreement referenced in this release will close. In addition, all statements other than statements of historical facts that address activities that the company expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the SEC reports of the Company, particularly its Form 10-KSB for the Fiscal Year Ended December 31, 2005, for meaningful cautionary language disclosure.
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Source: GeoResources, Inc.
Retail Sales Slow in August
Thursday September 14, 8:36 am ET
By Martin Crutsinger, AP Economics Writer
Retail Sales Slow in August Due in Part to Sharp Slowdown in Auto Sales
WASHINGTON (AP) -- Retail sales in August posted the weakest showing in two months as worried consumers tightened their spending habits.
The Commerce Department reported that the nation's retailers saw a tiny 0.2 percent increase last month following a much bigger 1.4 percent rise in July. It was the weakest performance since sales had actually fallen by 0.5 percent in June.
Much of the August weakness reflected a sharp slowdown in auto sales, which edged up just 0.4 percent last month after having surged by 4.3 percent in July.
Stock Futures Flat Before Economic Data
Thursday September 14, 7:24 am ET
Stock Futures Flat Ahead of Economic Data; Overseas Markets Advance
LONDON (AP) -- U.S. stock market futures were flat Thursday ahead of a raft of data including jobless claims and retail sales, with Xilinx a possible faller after the chipmaker cut its revenue forecast and General Electric the subject of a broker downgrade.
Among companies due to report, Bear Stearns is expected to post third-quarter income of $2.87 a share and Adobe is seen announcing earnings of 26 cents a share for the quarter.
Dow Jones futures were recently up 1 point, S&P 500 futures rose 0.5 point and Nasdaq futures were up 0.8 point.
U.S. stock markets posted gains for the second day in a row on Wednesday, pushing the major averages to new four-month closing highs, as investors cheered solid earnings from Lehman Brothers Holdings Inc. and lower Treasury yields.
The Dow Jones Industrial Average closed up 45.23 points, the Nasdaq Composite gained 11.85 points and the S&P 500 rose 4.96 points.
A raft of economic data could offer direction, with investors set to focus on weekly jobless claims, August retail sales, U.S. business inventories for July and the August import price index.
The dollar gained rose 0.26 percent against the Japanese yen, changing hands at 117.73 yen, but remained virtually unchanged against the euro.
Crude oil pushed back above $64 a barrel in electronic trading after breaking a seven-day losing streak Wednesday. The October contract gained 56 cents at $64.53 a barrel.
Among companies expected to see active trading, Xilinx after Wednesday's closing bell cut its quarterly sales forecast, blaming lower-than-expected revenue from its customers in Asia.
General Electric Co. was cut to neutral from buy at UBS, which said it believes earnings growth at the industrial conglomerate may be challenged by the shape of the yield curve, a bottoming out of reserves at GE Capital, higher tax rates, continued earnings softness at NBC and the eventual deceleration of aerospace aftermarket activity.
Stanley Furniture said it expects third-quarter sales to be below its prior view due to continued weakness in retail furniture. The company now sees a sales decline of 8 percent to 10 percent, with earnings per share of 27 cents to 29 cents, compared with its prior view of 38 cents to 41 cents.
Anadarko Petroleum Corp. agreed to sell its Anadarko Canada Corp. subsidiary to Canadian Natural Resources Ltd. for $4.08 billion.
Lattice Semiconductor Corp. said late Wednesday it now expects third-quarter revenue to grow 1 percent to 3 percent sequentially. The Hillsboro, Ore.-based company had previously forecast third-quarter revenue to be in a range of flat to up 4 percent sequentially.
Overseas, the German DAX 30 index was up 0.3 percent in midday trading, as Japan's Nikkei 225 ended up 1.2 percent.
CKYS - CyberKey Solutions, Inc. CEO to Announce Uplist Strategy in an Exclusive Interview on Floor of NASDAQ Today
Thursday September 14, 8:31 am ET
ST. GEORGE, UT--(MARKET WIRE)--Sep 14, 2006 -- CyberKey Solutions, Inc. (Other OTC:CKYS.PK - News) is pleased to announce that CEO Jim Plant will have an exclusive interview on the floor of the NASDAQ Exchange with Nicole Hunt from ItsAboutFinance.com. The interview is scheduled to take place today, September 14, 2006. During his interview, Mr. Plant is expected to discuss CyberKey Solutions' recent developments and its plans to uplist to the OTC Bulletin Board.
ItsAboutFinance.com is a streaming media content provider to the Internet. The company's lead Internet product is the 3-minute daily financial program It's About Finance! This is a daily stock market wrap-up report shot from the floor of the Chicago Stock Exchange and featuring commentary on the day's market activity by those who make the markets. It also presents a close-up conversation on segments of the market including technology, dot coms, initial public offerings (IPOs), classic bricks and mortar companies and women.
"I'm looking forward to having the opportunity to discuss the recent developments within our Company and more specifically, our ChildIDKey division because it is so close to my heart. We have the chance to help parents keep track of all of their child's personal information and we want the world to know about it," stated Jim Plant, CEO of CyberKey Solutions, Inc.
The interview with Mr. Plant will be seen on 9 cable networks and 129 websites.
CyberKey Solutions, Inc. recently announced that the Company has signed an agreement with ContentWatch, Inc. to provide next-generation Internet filtering parental control software for CyberKey's ChildIDKey. The ContentWatch software will enable parents to safeguard their children from many of the harmful elements that are currently on the Internet, including online predators and adult content.
About CyberKey Solutions, Inc.:
CyberKey Solutions, Inc. is currently fulfilling a $25 Million purchase order to various segments of the U.S. Government. CyberKey Solutions, Inc., based in St. George, Utah, partners with industry leading manufacturers and distributors to deliver secure USB drive based solutions to vertical markets and content owners, service providers and resellers. CyberKey's solutions solve real world issues in the entertainment, education, government, military, automotive, financial services and medical industries. CyberKey Solutions' technologies allow users to securely transfer large amounts of data, files and applications software from one electronic device to another while employing a patent pending USB-based Digital Rights Management process. CyberKey's solutions create new opportunities for existing industries and applications. For more information, please visit CyberKey's website at http://www.cyberkeycorp.com.
Statements contained in this news release, other than those identifying historical facts, constitute 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Contact:
Contact:
CyberKey Solutions, Inc.
Investor Relations
1-866-THE-APPL(E)
http://www.cyberkeycorp.com
I will remember to check the 20 day chart to clarify that some
pumper clowns have not front loaded only to sell me the shares they are dumping.
I will remember to check the 20 day chart to clarify that some
pumper clowns have not front loaded only to sell me the shares they are dumping.
I will remember to check the 20 day chart to clarify that some
pumper clowns have not front loaded only to sell me the shares they are dumping.
WOO-WHO, sounds great trix
Interesting...GPSN - GPS Industries Signs Memorandum Of Understanding for US$10-Million Equity Investment With Dubai Group; Dubai-Based Firm to Acquire Major Stake in GPS Industries
Thursday September 14, 6:15 am ET
VANCOUVER, BRITISH COLUMBIA, September 14 /CNW/ - GPS Industries, Inc. (GPSI) (OTCBB:GPSN - News), the leading innovator of Wi-Fi enabled GPS systems for golf courses and residential communities, today announced that it has signed a Memorandum Of Understanding with an affiliate of a large investment group located in the United Arab Emirates for a US$10M private placement for the Company's preferred stock. Completion of the private placement is subject to confirmatory due diligence and final documentation. Management believes that the investment from the Dubai group will lead to additional investments from other investors. The securities being offered will not be registered under the Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
About GPS Industries (GPSI)
GPS Industries, Inc. (OTCBB:GPSN - News) is the leading innovator of Wi-Fi enabled GPS systems for golf facilities and residential communities. The company's patented INFOREMER(TM) GPS Management System provides precise GPS distance information, a Wi-Fi communications network with asset tracking capabilities, augmented by a powerful suite of operations management tools and revenue generating modules. Central to the system's functionality are the full color cart-mounted and/or portable handheld display units, which have been recognized for their remarkably vivid graphics and visual impact. For additional information on GPSI and the INFOREMER(TM) GPS Management System, please visit www.gpsindustries.com.
Forward-Looking Statements
Some statements contained in this release may be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that may cause the company's actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, the company's ability to generate revenues and other factors as described in the Company's literature and filings with the Securities and Exchange Commission.
For further information
GPS Industries, Inc. Steve Barrett, 604-576-7442 steven@gpsindustries.com or Ryan Gray, 310-276-6743 (Investor Relations) ryan@gpsindustries.com
--------------------------------------------------------------------------------
Source: GPS Industries, Inc.
GPS Industries Signs Memorandum Of Understanding for US$10-Million Equity Investment With Dubai Group; Dubai-Based Firm to Acquire Major Stake in GPS Industries
Thursday September 14, 6:15 am ET
VANCOUVER, BRITISH COLUMBIA, September 14 /CNW/ - GPS Industries, Inc. (GPSI) (OTCBB:GPSN - News), the leading innovator of Wi-Fi enabled GPS systems for golf courses and residential communities, today announced that it has signed a Memorandum Of Understanding with an affiliate of a large investment group located in the United Arab Emirates for a US$10M private placement for the Company's preferred stock. Completion of the private placement is subject to confirmatory due diligence and final documentation. Management believes that the investment from the Dubai group will lead to additional investments from other investors. The securities being offered will not be registered under the Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
ADVERTISEMENT
About GPS Industries (GPSI)
GPS Industries, Inc. (OTCBB:GPSN - News) is the leading innovator of Wi-Fi enabled GPS systems for golf facilities and residential communities. The company's patented INFOREMER(TM) GPS Management System provides precise GPS distance information, a Wi-Fi communications network with asset tracking capabilities, augmented by a powerful suite of operations management tools and revenue generating modules. Central to the system's functionality are the full color cart-mounted and/or portable handheld display units, which have been recognized for their remarkably vivid graphics and visual impact. For additional information on GPSI and the INFOREMER(TM) GPS Management System, please visit www.gpsindustries.com.
Forward-Looking Statements
Some statements contained in this release may be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that may cause the company's actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, the company's ability to generate revenues and other factors as described in the Company's literature and filings with the Securities and Exchange Commission.
For further information
GPS Industries, Inc. Steve Barrett, 604-576-7442 steven@gpsindustries.com or Ryan Gray, 310-276-6743 (Investor Relations) ryan@gpsindustries.com
--------------------------------------------------------------------------------
Source: GPS Industries, Inc.
GPSN - GPS Industries Signs Memorandum Of Understanding for US$10-Million Equity Investment With Dubai Group; Dubai-Based Firm to Acquire Major Stake in GPS Industries
Thursday September 14, 6:15 am ET
VANCOUVER, BRITISH COLUMBIA, September 14 /CNW/ - GPS Industries, Inc. (GPSI) (OTCBB:GPSN - News), the leading innovator of Wi-Fi enabled GPS systems for golf courses and residential communities, today announced that it has signed a Memorandum Of Understanding with an affiliate of a large investment group located in the United Arab Emirates for a US$10M private placement for the Company's preferred stock. Completion of the private placement is subject to confirmatory due diligence and final documentation. Management believes that the investment from the Dubai group will lead to additional investments from other investors. The securities being offered will not be registered under the Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
About GPS Industries (GPSI)
GPS Industries, Inc. (OTCBB:GPSN - News) is the leading innovator of Wi-Fi enabled GPS systems for golf facilities and residential communities. The company's patented INFOREMER(TM) GPS Management System provides precise GPS distance information, a Wi-Fi communications network with asset tracking capabilities, augmented by a powerful suite of operations management tools and revenue generating modules. Central to the system's functionality are the full color cart-mounted and/or portable handheld display units, which have been recognized for their remarkably vivid graphics and visual impact. For additional information on GPSI and the INFOREMER(TM) GPS Management System, please visit www.gpsindustries.com.
Forward-Looking Statements
Some statements contained in this release may be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that may cause the company's actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, the company's ability to generate revenues and other factors as described in the Company's literature and filings with the Securities and Exchange Commission.
For further information
GPS Industries, Inc. Steve Barrett, 604-576-7442 steven@gpsindustries.com or Ryan Gray, 310-276-6743 (Investor Relations) ryan@gpsindustries.com
--------------------------------------------------------------------------------
Source: GPS Industries, Inc.
NXSN - NexTech NXSN Announces Profitable 2nd Qtr. 2006 and Retention of Financial Auditing Firm
Wednesday September 13, 4:10 pm ET
AUSTIN, TX--(MARKET WIRE)--Sep 13, 2006 -- NexTech Solutions, Inc. (Other OTC:NXSN.PK - News), a Louisiana Corporation with offices in San Mateo, California and Austin, Texas and a supplier of metrology and automation solutions to the Semiconductor, FPD (Flat Panel Display), and other industries, has announced an increase in revenues for second quarter 2006. The company also announced that they have retained a financial auditing firm to audit the company in an effort to get listed on the NASDAQ OTCBB.
NexTech Solutions reported net income of $92,101 for the second fiscal quarter ending June 30, 2006, based on sales revenues of $766,970 as compared to a net loss of $232,101 on sales revenues of $378,162 for fiscal second quarter 2005.
"As we continue on course toward steady growth, we remain mindful of our responsibility to shareholders to pursue operational profitability," commented Tony DiNapoli, NexTech's CEO and president. "NexTech's plans for exciting new product roll-outs require us to commit to investment in our future, while essential profit margin objectives in a dynamic market remain among our highest corporate priorities."
The company also announced the retention of a financial auditing firm to audit the company in an effort to get listed on the National Association of Securities Dealers Automated Quotations.
NexTech Solutions' intention is to file form 10SB with the SEC to become a reporting company under Section 12(g) securities exchange act of 1934. The audit is vital to the 10SB filing and the company's ultimate visibility as it moves upward.
"The audit is paramount in our attainable goal of matriculating into a Fully Reporting Bulletin Board company and eventually being listed on the NASDAQ," said DiNapoli.
About NexTech Solutions
NexTech Solutions is a Louisiana Corporation with offices in San Mateo (Silicon Valley), California and Austin, Texas. NexTech Solutions brings advanced metrology and automation solutions to the Semiconductor, FPD (Flat Panel Display), and other industries. NexTech's mission is to create greater shareholder value via advanced technology development and marketing associated product solutions targeted at emerging large markets.
Forward-Looking Statements:
Based on current expectations and assumptions, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical experience and projections. Such forward-looking statements are inherently uncertain, and actual results may differ from those expressed or implied. Consequently, readers should not place undue reliance on any forward-looking statements. NexTech Solutions, Inc. undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
Contact:
David A. Torres
Vice President, Worldwide Sales
Corporate Communications
NexTech Solutions, Inc.
1-650-305-9600
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Source: NexTech Solutions, Inc.
TQWW - Tailor AquaPonics Worldwide, Inc. Launches New Website
Wednesday September 13, 4:27 pm ET
LAS VEGAS, NV--(MARKET WIRE)--Sep 13, 2006 -- Tailor AquaPonics Worldwide, Inc. (Other OTC:TQWW.PK - News) today announced the launch of a new website and a new domain name, www.tailoraquaponicsinc.com. The company has designed the web portal in order to embrace the available information technology, and to utilize the website as a platform from which to reach its current and potential shareholders. In addition, the company intends to utilize the website as a means to inform the public about the benefits of its unique process, and about the overall advantages of aquaponics, a unique combination of hydroponics and aquaculture.
Tailor AquaPonics Worldwide, Inc. holds the exclusive worldwide marketing rights to the unique and proprietary fish farming process of Australia-based Tailor Fish Farms. This singular process combines fish farming with other agricultural processes, utilizing the waste water from the fish farms in order to both irrigate and fertilize a range of agricultural products. Hydroponics is the cultivation of plants in nutrient solution rather than in soil, and aquaculture is the science, art, and business of cultivating marine or freshwater food fish or shellfish. Tailor Fish Farms has successfully merged the hydroponics with aquaculture, resulting in a far more resource efficient and effective combination than either of the two processes alone. Through this combination, waste water is minimized, and the negative environmental impact of waste water disposal is curtailed through the secondary use of the waste water for agricultural irrigation.
About Tailor AquaPonics Worldwide:
Tailor AquaPonics Worldwide, Inc. (Other OTC:TQWW.PK - News) owns a controlling interest in the international growth and development rights to Tailor Made Fish Farms, a company that has developed a technology-driven, easy-to-operate, land-based modular fish production system. This cutting-edge system is both sustainable and environmentally responsible in keeping with the spirit of maintaining an environmentally safe and friendly solution while producing high volumes of superior and healthier farmed fish. This allows an overwhelming production of 'year-round' premium quality fish and vegetables, achieved through compact and controlled production areas using much less water than conventional methods. Our technique conserves water, is environmentally responsible, produces fresh health products and provides two crops from a single water uptake. For more information, visit the company website at: www.tailoraquaponicsinc.com.
Safe Harbor Statement:
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
Contact:
Contact:
Investor Relations
InvestSource Inc.
866-427-2196
Ron Almadova
President
702-493-7972
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Source: Tailor AquaPonics Worldwide, Inc.
CMOS - Credence and Integra Technologies Deliver Turnkey Development and Test Solutions to Design Houses
Wednesday September 13, 4:30 pm ET
MILPITAS, Calif., Sept. 13 /PRNewswire-FirstCall/ -- Credence Systems Corporation (Nasdaq: CMOS - News), a leading provider of test solutions from design to production for the worldwide semiconductor industry, today announced a partnership with Integra Technologies to offer mixed-signal and RF application development support for design houses located in North America. Integra is also expanding its RF and mixed-signal test capabilities with the purchase of an additional Credence ASL 3000RF test system.
"The rapid proliferation of wireless and RF capabilities in today's computing and consumer electronics markets has created numerous opportunities for emerging design houses with the right expertise," said Joe Holt, president of business development at Integra Technologies. "Many of these start-ups, however, lack dedicated test resources and are not able to work with the larger test houses until product demand reaches sufficiently high production volumes. The goal of this partnership is to provide such customers with a turnkey test solution that meets their needs from design to low-volume production. Once a customer transitions to high-volume production, we will help facilitate the transfer of product testing to a test house where they can still leverage the performance and cost advantages of Credence's systems."
"Integra has a proven track record of providing quality turnkey testing solutions for devices in the consumer, military and aerospace markets" said Dave Ranhoff, president and chief executive officer of Credence Systems Corporation. "Partnering with Integra allows our customers an avenue to utilize Integra's test expertise and quality support while taking advantage of the low cost of test offered by our large installed based of ASL mixed-signal and RF systems worldwide."
About Integra Technologies
Integra provides semiconductor testing, qualification, and related technical services to manufacturers and users of semiconductor devices. Integra has been in business, supporting the semiconductor and mil-aerospace industries, for more than 20 years, earning an outstanding reputation for quality, consistency, and on-time delivery. Integra has one of the most experienced test engineering organizations in the industry with expertise in software development, hardware design and development, electrical test and ESD test on RF, digital, linear, mixed signal and memory technologies. Integra's test development offerings include the entire spectrum of test engineering services from test program development to full product characterization and complete reliability or qualification testing. Integra has partnerships in place with several assembly companies, allowing them to offer complete assembly and test turnkey solutions to their customers. More information is available at http://www.integra-tech.com .
About Credence
Credence Systems Corporation is a leading provider of debug, characterization and ATE solutions for the global semiconductor industry. With a commitment to applying innovative technology to lower the cost-of-test, Credence delivers competitive cost and performance advantages to integrated device manufacturers (IDMs), wafer foundries, outsource assembly and test (OSAT) suppliers and fabless chip companies worldwide. A global, ISO 9001- certified company with a presence in 20 countries, Credence is headquartered in Milpitas, California. More information is available at http://www.credence.com .
NOTE: Credence is a registered trademark, and Credence Systems and ASL are trademarks of Credence Systems Corporation. Other trademarks that may be mentioned in this release are the intellectual property of their respective owners.
Media Relations Contact:
Laurie A. Winton
Credence Systems Corporation
Phone: 408-635-4337
FAX: 408-635-4986
E-mail: judy_dale@credence.com
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Source: Credence Systems Corporation
GTSM - Galtech Acquires Important New Subsidiary
Thursday September 14, 6:00 am ET
ALBUQUERQUE, N.M., Sept. 14 /PRNewswire-FirstCall/ -- Galtech Semiconductor Materials Corp (OTC: GTSM - News; "Galtech" or the "Company") is pleased to announce the acquisition of CBM Group. Inc., a Nevada Company, with CBM Group remaining a wholly owned subsidiary of Galtech. The terms of the acquisition will require a spin off of Galtech's existing assets and liabilities to Galtech's existing shareholders, followed by a reverse split of Galtech's existing shares to no more than 7,000,000 shares outstanding. Shareholders of CBM Group will be issued 4,096,926 of common, 25,903,074 preferred that can be converted into a like number of common, and 33,000,000 common held in escrow until contingencies are achieved. Galtech shall change its state of domicile to Nevada from Utah and its name to CBM Technologies Group, Inc. Galtech is in the process of bringing SEC filings current. Upon closing the Company will seek a new trading symbol that is more reflective of its new name. The close of this non-taxable transaction will be immediately after approvals are obtained and filings made. Shareholders of CBM Group, Inc. have approved this Exchange.
The Company will be the owner of the only commercially available tools, methodology and proprietary software for the in situ inspection and management of buried cast iron, ductile iron and steel water and sewer lines which apply to all size municipalities and private water systems. The intellectual property (IP) and patent portfolio coverage is both domestic and foreign. The Company, through its subsidiaries, will become the exclusive provider or licensor of these proprietary condition assessment and asset management technology services for the cost effective care and management of applicable water and sewer infrastructure worldwide.
The waterline infrastructure replacement value market in the United States is estimated to be approximately 1/3 of the world market. The derived waterline footage applicable to the Company's IP services for just the U.S. market is estimated to be over $1 trillion dollars in value requiring management. Waterline assets cannot be cost effectively managed without first determining their condition. The IP being obtained by the Company can determine pipeline infrastructure condition and project future condition and needed maintenance for clients to maintain an operating condition service level. There is a worldwide need for the Company's IP that can cost effectively manage and maintain pipeline condition levels. In addition to this worldwide need, the Company believes the new U.S. market requirement for reporting municipal water and sewer system infrastructure condition and values dictated by General Accounting Standards Board Statement Number 34, will accelerate the use of the Company's IP being acquired.
The respective Boards of CBM Group and Galtech agree, which forms the value bases of this Stock Exchange, the IP acquired just for the United States, notwithstanding nor including any IP coverage granted or pending being acquired for foreign water and sewer infrastructure pipelines, has a derived minimum value of $77.46 million based on an IP appraisal completed in January of 2006. The foreign IP being acquired has not been appraised.
The IP being acquired by the Company is subject to an alleged lien of approximately $2.7 million by Wells Fargo Bank, N.A. After extensive due diligence on the IP and after legal consultation on the claims being asserted, Galtech's management believes Wells Fargo Bank does not have a valid lien interest in IP now owned by CBM Group, Inc. Wells Fargo Bank is the defendant in a fraud and breach of contract lawsuit regarding their asserted lien interest in IP. Wells Fargo Bank has admitted it did not provide Hydroscope Canada the contracted consideration for obtaining its alleged lien interest in IP. Management of the Company will request Wells Fargo Bank immediately and voluntarily release any of it's claimed lien interest in IP being acquired by the Company. In addition, an individual has filed a lawsuit against CBM Group to void Hydroscope Canada's IP sale to CBM Group. Management will take action to dismiss the lawsuit, as Management believes this individual has absolutely no standing to make such a claim. These unwarranted clouds chilling the Company's market value are a top priority of Company management.
Galtech Management, after considerable due diligence, feels that the acquisition of CBM Group is a rare opportunity to acquire a company with a state of the art technology and an insightful business model to present a far superior interface with municipalities and private water companies, not only in the United States, but World wide.
For further details and viewing of the latest SEC Form 8K filing please go to www.galtech-corp.com.
This information contains statements that constitute 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. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, it's directors or it's officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operation strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
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Source: Galtech Semiconductor Materials Corporation
AQCI - Aquatic Announces Hamill Project Evaluation Reveals Additional 84 Million Cubic Feet in Proven Gas Reserves to Aquatic; Company Raises Potential Gross Revenue Estimates to $17.9 Million
Thursday September 14, 6:00 am ET
VERNON, BC--(MARKET WIRE)--Sep 14, 2006 -- Aquatic Cellulose International Corp. (Other OTC:AQCI.PK - News) is pleased to announce that the 2006 evaluation of its Hamill Lease by R.A. Lenser and Associates, Inc. of Houston, Texas has revealed an estimated 84 million cubic feet (84,000 mcf) in additional proven gas reserves. As a result, the Company raised total revenue estimates from this project to $17.9 million based on realizing proven and possible reserves.
Aquatic CEO, Sheridan Westgarde, stated, "Lenser's re-evaluation showed Hamill has nearly 2.5 billion cubic feet in proven and possible undeveloped gas reserves. Not only have we increased our proven reserves by 35%, but also the 3-D seismic analysis has provided the joint development project with a wealth of new information that will greatly enhance the ability to target additional production. This is yet another positive step forward in our participation in the continued development of Hamill."
In January of 2005 R.A. Lenser and Associates, Inc. was contracted to perform an evaluation of AQCI's Hamill Lease to provide estimates on future production and revenue potential. In January of 2006 Lenser's evaluation identified an estimated 324 million cubic feet (324,000 mcf) in proven gas reserves and 2 billion, sixty-four million (2,064,000 mcf) in potential undeveloped reserves that if realized would be worth $17.9 million in future gross revenues.
AQCI's Hamill Lease is a 3,645-acre natural gas producing property located in South Sargent Field, Matagorda County, Texas. This long-term lease with Hamill & Hamill is permanently secured by production. Aquatic currently owns a 20% working interest and 16% net revenue interest in the Hamill Lease.
Westgarde concluded, "I am pleased by the positive news of our increase estimates in proven reserves and excited about our potential for future revenue growth. As we focus on the expansion of existing operations, we will continue to pursue an aggressive growth strategy designed to better position the Company over the long term. I look forward to sharing news of our progress in this key area in the near future."
About Aquatic Cellulose International Corp.
Aquatic Cellulose International Corp. (pending name change to Valor Energy) is an energy company engaged in oil and gas redevelopment, drilling and production. In 2003, the Company acquired (non-operating) interests in two oil and gas fields located in Texas. Aquatic is focused on the redevelopment of these properties and other properties with a history of production, while also expanding into exploration and development of new properties.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, and failure to implement business strategies, actions by regulatory agencies, and other risks.
Contact:
Contact:
Aquatic Cellulose International Corp.
Sheridan B. Westgarde
President & CEO
Investor Relations
(503)502-5104
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Source: Aquatic Cellulose International Corp.
DGLY - Digital Ally Inc. to Introduce Video Surveillance Products at Australian Police Summit
Wednesday September 13, 4:54 pm ET
Conference Participation Highlights International Market Potential for Digital Recording of Criminal and Other Activities
LEAWOOD, Kan., Sept. 13 /PRNewswire-FirstCall/ -- Digital Ally Inc. (Pink Sheets: DGLY - News), which develops, manufactures and markets advanced technology products for law enforcement, homeland security and commercial security applications, today announced that it will showcase its digital video surveillance products September 13-14, 2006 at the Australian Police Summit in Sydney, Australia.
The Australian Police Summit, which is celebrating its fourth anniversary after a successful national tour, is attended by law enforcement personnel from agencies throughout the country.
"Following the U.S. introduction of our Compact Digital In-Car Video System and Digital Video Flashlight, we have received orders from law enforcement organizations in 34 states, 8 countries and several agencies of the U.S. government," stated Stanton E. Ross, Chief Executive Officer of Digital Ally, Inc. "The ability of our products to provide law enforcement professionals with 'seamless' digital video and audio records of activities inside and outside of police vehicles has also generated considerable interest internationally, and we consider Australia a market with significant sales potential. We are pleased to have been invited to participate in this summit, where Digital Ally's products will be demonstrated to law enforcement personnel from all across Australia. We recently appointed a Sales Agent in Australia, and this conference represents the formal introduction of our products into this market."
About Digital Ally Inc.
Digital Ally Inc. is involved in the development, manufacturing and marketing of advanced technology products for law enforcement, homeland security and commercial security applications. The Company's primary development focus involves the field of Digital Video Imaging and Storage. For additional information, visit www.digitalallyinc.com
The Company is headquartered in Leawood, Kansas, and its shares are traded on the Pink Sheets under the symbol "DGLY."
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this press release. A wide variety of factors that may cause actual results to differ from the forward-looking statements include, but are not limited to, the following: the Company's ability to raise sufficient capital to implement its business plan; its ability to have all of its product offerings perform as planned or advertised; whether there will be a commercial market for one or more of its products; its ability to commercialize its products and production processes, generate sufficient revenues and achieve profitability, including achieving $10 million in revenues in 2006; whether the Company will be able to adapt its technology to new and different uses, including being able to introduce one new product in 2006; competition from larger, more established companies with far greater economic and human resources; its ability to attract and retain customers and quality employees; its ability to obtain patent protection on any of its products and, if obtained, to defend such intellectual property rights; the effect of changing economic conditions; and changes in government regulations, tax rates and similar matters. These cautionary statements should not be construed as exhaustive or as any admission as to the adequacy of the Company's disclosures. The Company cannot always predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", "projects", or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. The Company does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
For Additional Information, Please Contact:
Stanton E. Ross, CEO at (913) 814-7774
Or
RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893 or
via email at info@rjfalkner.com
--------------------------------------------------------------------------------
Source: Digital Ally Inc.
GYPH - Gryphon Completes Annual General Meeting
Wednesday September 13, 5:05 pm ET
Company reports on activity
DENVER, COLORADO and VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 13, 2006 -- Gryphon Gold Corporation (TSX:GGN.TO - News)(OTC BB:GYPH.OB - News) today reported a successful Annual General Meeting wherein the shareholders approved all proposed resolutions. As well the shareholders received a report on activities completed and planned. During fiscal 2006 and the first half of fiscal 2007 the company:
- Completed a 120 hole oxide definition drilling program as the basis for a positive feasibility study,
- Completed the Initial Public Offering (raised C$6.0 million at C$0.85/unit) sponsored by Desjardins, CIBC World Markets, Orion & Bolder,
- Raised C$6.8 million by way of a Private Placement (C$1.25/unit),
- Received all the necessary permits for a 10-12 year surface-heap leach mine,
- Confirmed our 'discovery' model with the successful Graben gold resource discovery,
- Completed NI 43-101 report accrediting:
- 1.33M ozs of M & I and 0.72M ozs of Inferred gold resources
- 19.4M ozs of M & I and 10.1M ozs of Inferred silver resources
- Completed a positive feasibility study recommending the construction of a 67,000+ ozs per year gold plus gold equivalent mine (news release dated August 17th, 2006 at www.gryphongold.com),
- Recruited several key personnel.
The objectives for the balance of fiscal year 2007 and into fiscal 2008 are:
- Secure US$15.4 million construction budget for the first mine this fall or in the spring of 2007,
- Commence production of the first mine at an annualized 67,000+ gold and gold equivalent ozs per year at a cash cost of US$264/ozs (after silver credits) projected for within seven to eight months after production financing is secured,
- Complete a US$1.4 million (20+ hole) North Graben step-out drilling program to delineate the outer limits/potential size of the Graben discovery,
- Commence US$0.5 million reconnaissance drilling on outlying exploration targets,
- Accelerate the development of the larger Graben sulphide deposit and secure other opportunities employing the free cash flow from the heap-leach mine.
In anticipation of the production financing and in preparation for the resulting construction and operation of our first gold mine the Board of Directors is pleased to announce the officers of the company for fiscal 2007 are; Albert Matter as Chairman, Anthony Ker will assume responsibility for the day to day operation of the company as Chief Executive Officer, while Allen Gordon continues as President and assumes the title of Chief Operating Officer in order to focus on the construction of the mine and gold production. Mike Longinotti (formerly Comptroller and Treasurer of Cominco), as Chief Financial Officer and Steve Craig as VP Exploration. A mine manager, process manager and mining manager are being recruited.
The Board of Directors wishes to express its appreciation to the management for the excellent work done this past year in advancing the Borealis gold resource towards production, and anticipates the transition from a development company to an operating company during the next twelve months.
ON BEHALF OF THE BOARD OF DIRECTORS OF GRYPHON GOLD CORPORATION
Albert J. Matter, Chairman
Gryphon Gold is a Nevada corporation in the business of acquiring and developing gold properties in North America. Gryphon Gold's principal asset is the 27.5 square mile (1.33 million ounce Measured & Indicated) Borealis property located in the Walker Lane gold belt of western Nevada. At present the Company has 41 million shares outstanding with a net cash balance of $7.3 million at August 31st, 2006.
Full financial statements and securities filings are available on our website: www.gryphongold.com and www.sec.gov or www.sedar.com.
This press release was reviewed by Matt R. Bender, MBA, P.E., Vice President of Gryphon Gold, a qualified person as defined by National Instrument 43-101 of the Canadian Securities Administrators. This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our planned exploration program. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined under the section titled "Risk Factors and Uncertainties" in our prospectus (available at www.sedar.com) and registration statement filed with the SEC (available at www.sec.gov). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. All mineral reserves and mineral resources have been estimated in accordance with the definition standards on mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum; inferred mineral resources have not been included in the corresponding economic analyses in the Feasibility Study because they are considered too speculative geologically to have economic considerations applied to them that enable them to be categorized as mineral reserves. We do not undertake to update forward-looking statements.
Contact:
Contacts:
Gryphon Gold Corporation
Tony Ker
Executive Vice President
(604) 261-2229
tker@gryphongold.com
http://www.gryphongold.com
Roth Investor Relations, Inc.
Michelle/Larry Roth
(732) 792-2200
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Source: Gryphon Gold Corporation
FATS - United Kingdom Ministry of Defence Awards FATS, Inc. $9.2 Million Contract to Provide DCCT Upgrades
Wednesday September 13, 5:20 pm ET
SUWANEE, Ga., Sept. 13 /PRNewswire/ -- FATS, Inc. announced today that the Defence Procurement Agency of the United Kingdom has awarded FATS a contract amendment valued at approximately $9.2 million for upgrades to the Ministry of Defence Dismounted Close Combat Trainer (DCCT). The order will take approximately two years to fulfill with deliveries complete by mid 2008.
FATS, Inc. has delivered simulated training systems, continuous service support as well as system upgrades and improvements to the United Kingdom since 1992. These systems are used to train British military personnel who are deployed in Iraq and throughout the world. FATS has multiple orders to provide virtual training solutions to the UK MOD.
"This contract illustrates the continued confidence that the British military forces have in our technology, engineering and products," said FATS chief executive officer Ron Mohling. "FATS, Inc.'s long-standing relationship with the UK MOD demonstrates their commitment to effective soldier training as well as our ability to meet the demands of our military customers."
FATS began supplying Dismounted Close Combat Trainers to British military forces in 2001. FATS DCCT simulators train multiple soldiers at the same time using computer generated imaging and digital video technology. DCCT supports basic to advanced marksmanship, use of force judgment, shoot/don't shoot decision-making and small unit tactical training.
FATS, Inc., a subsidiary of Firearms Training Systems Inc. (OTC: FATS - News), is a leading technology company providing fully-integrated, simulated training to professional military and law enforcement personnel. Utilizing quality engineered weapon simulators, FATS' state-of-the-art virtual training solutions offer judgmental, tactical and combined arms experiences. The company serves domestic and international customers from its headquarters in Suwanee, Ga. and has branch offices in Australia, Canada, the Netherlands and United Kingdom. The ISO-certified company was founded in 1984. For more information, visit www.fatsinc.com.
Except for financial information contained in this press release, the matters discussed may consist of forward-looking statements under the Private Securities Litigation Reform Act of 1995. The accuracy of the forward-looking statements, including statements regarding future events or the future financial performance of the Company, is necessarily subject to a number of risks and other factors which could cause the actual results to differ materially from those contained in the forward-looking statements. Among such factors including those discussed above are: general business and economic conditions; the Company's success in competing for new contract awards; customer acceptance of and demand for the Company's new products; receipt and delivery of a sufficient level of orders from new and existing customers as well as satisfactory completion of delivery of a sufficient portion of backlog; the Company's overall ability to design, test, and introduce new products on a timely basis; the cyclical nature of the markets addressed by the Company's products; and the risk factors listed from time to time in documents on file with the SEC. When used in this release, the words "believes," "estimates," "plans," "expects," "should," "will," "may," "might," "anticipates" or similar expressions as they relate to the Company, or its management, are intended to identify forward-looking statements. The Company, from time to time, becomes aware of rumors concerning the Company or its business. As a matter of policy, the Company does not comment on rumors. Investors are cautioned that in this age of instant communication and Internet access, it may be important to avoid relying on rumors and unsubstantiated information regarding the Company. The Company complies with Federal and State law applicable to disclosure of information concerning the Company. Investors may be at significant risk in relying on unsubstantiated information from other sources.
Media Contact
Marlena Reed
Communications 21
404.814.1330
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Source: FATS, Inc.
EGI - Entree Gold Begins Exploration at Sol Dos, Arizona; Copper and Molybdenum Intersected at Manlai, Mongolia
Wednesday September 13, 5:22 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 13, 2006 -- Entree Gold Inc. (TSX:ETG.TO - News)(AMEX:EGI - News)(FWB: EKA) ("Entree" or the "Company") reports on its exploration activity.
Sol Dos Prospect, Arizona
Entree has commenced exploration of the Sol Dos copper prospect, in the Safford area of south-eastern Arizona. A geophysical crew has been mobilized onto the property to commence a 20 line kilometre program of deep probing induced polarization ("IP") and magnetic surveys. Entree has an option to earn a 100% interest in Sol Dos, subject to a 2% NSR royalty, half of which can be purchased by Entree.
The Company plans to drill targets outlined by the IP and magnetometer surveys, later this fall. The prospect is modeled as a large porphyry copper target, similar to the San Juan and Dos Pobres deposits, being developed by Phelps Dodge, approximately 8 kilometres (5 miles) to the northwest, and to the deep, high-grade Resolution porphyry copper deposit, being evaluated by Rio Tinto and BHP Billiton, approximately 100 kilometres (60 miles) to the northwest.
Lookout Hill Project, Mongolia
Two diamond drill holes, totalling 2,221 metres, have now been completed by Entree immediately west of Ivanhoe Mines Ltd.'s (NYSE:IVN (TSX:IVN.TO - News)(NYSE:IVN - News) ("Ivanhoe") Oyu Tolgoi concession. The holes targeted coincident IP and copper-in-soil anomalies, in or close to assumed Devonian rocks in Entree's West Grid area. Drilling and exploration were hampered by technical problems and unusually heavy rainfall.
Hole EG06-040 intersected a 31 metre zone (250 - 281 metres) of sheared and altered Devonian (?) basalt averaging 370 parts per million ("ppm") copper, including a 3.68 metre (250.0 - 253.68 metres) interval averaging 0.17% copper. Another shear zone, separating Carboniferous basaltic tuffs from Devonian volcanosedimentary rocks, was intersected at a down-hole depth of 435 metres. However, the strong IP anomaly in this area remains unexplained and is being tested at a greater depth in a third hole, EG06-041, which is in progress.
Approximately 5,500 metres of budgeted diamond drilling remain to be completed this season. Two additional deep diamond rigs from Major Drilling are mobilizing to the Lookout Hill property within the next two weeks.
A total of 3,290 metres, in 18 holes, of shallow reverse circulation drilling was completed in the areas of the Zone III epithermal gold target and the Zone I and Ring Dyke epithermal/porphyry - style targets. Results from this drill program are pending.
Entree - Ivanhoe Earn-in Agreement Area
Ivanhoe continues condemnation drilling on the Earn-In Agreement portion of Entree's Lookout Hill project. The drilling is designed to verify the absence of significant mineralization in areas of proposed infrastructure development.
Ivanhoe is continuing with its development plans for Oyu Tolgoi and is advancing its mine plan. Studies include the continued evaluation and development of Entree's Copper Flats area, where an inferred resource, traced over a strike length of 625 metres north of the Entree-Ivanhoe property boundary, is estimated to contain over 6.5 billion pounds of copper and 3.2 million ounces of gold.
The mineralized system that defines the northward continuation of Ivanhoe's Hugo Dummet ore body onto Entree's Copper Flats ground remains open along-strike to the north. Mineralized drill intercepts occur 600+ metres north of the currently defined inferred resource, and the structural system hosting the Hugo Dummett mineralization extends for an additional eight kilometres north on Entree's Lookout Hill property.
Manlai Project, Mongolia
Since the beginning of the current exploration season, a total of 3,108 metres of diamond drilling, in six holes, has been completed. Drilling this year (holes EGU06-005 to EGU06-010) has been concentrated in the area of a large (1.5 kilometre x 1.5 kilometre) IP chargeability - magnetometer anomaly, with associated porphyry-style alteration and mineralization. This anomaly was not tested in the 2005 exploration season.
Hole EGU06-009 intersected a broad zone (215 metres down-hole length) of variable quartz stockwork with visible copper and molybdenum sulphides in association with numerous porphyritic dykes. A similar quartz stockwork with copper and trace molybdenum sulphides was encountered in hole EGU06-010. The hole is located approximately 250 metres southeast of hole 009 and lies midway between holes 009 and 005 (see map on Entree's website at www.entreegold.com).
In hole EGU06-005, a zone of moderate to strong pervasive potassic (K-feldspar+/-magnetite) alteration was encountered from 130 to 650 metres (end of hole). Elevated copper values (greater than 250 ppm) occur throughout this zone of potassic alteration with narrower intervals hosting strongly anomalous copper values (see table below). Results from holes 008, 009 and 010 are pending.
Table 1 - Summary of Results for Hole EGU06-005
-----------------------------------------------
Interval Thickness Average copper
from - to (metres) (metres) value (ppm)
-----------------------------------------------
401.5 - 419.9 18.4 423
-----------------------------------------------
438.8 - 537.2 98.5 642
-----------------------------------------------
Includes
-----------------------------------------------
474.0 - 484.0 10.0 1447
-----------------------------------------------
547.0 - 584.0 37.0 637
-----------------------------------------------
Includes
-----------------------------------------------
547.9 - 556.0 8.1 1266
-----------------------------------------------
Holes EGU06-006 and EGU06-007 were collared approximately 500 metres to the east of hole EGU06-005 and hole EGU06-008 was collared approximately 750 metres north-northeast of hole EGU05-005. These holes are now interpreted to be too far north and east of the trend of mineralization outlined in holes 005, 009 and 010.
Entree's President and CEO, Greg Crowe, commented: "The results of the 2006 drilling on the Manlai project have been encouraging. With only 10 holes to date, the intersection of copper- and molybdenum-bearing quartz stockwork associated with potassic alteration suggests potential for the property to host a porphyry-related mineralized system. The values and alteration encountered so far could represent the margin of a richer system. Every one of the holes put into this zone has encountered a favourable porphyry-style geological environment."
Mongolian Government Update
The Company is awaiting the official text of recently completed changes to the Mongolian mining legislation. Separately, recent announcements by Ivanhoe indicate a resumption of dialogue between the Mongolian government and Ivanhoe through the establishment of a working group, with the goal of finalizing a comprehensive investment agreement for Oyu Tolgoi (see Ivanhoe news release of Sept. 6, 2006).
Quality Control and Assurance
Exploration programs are under the supervision of Robert Cann, P.Geo., Entree's Vice-President, Exploration and a qualified person as defined by National Instrument 43-101. Mr. Cann is responsible for the preparation of technical information in the Company's news releases. Split core samples were prepared and analyzed at SGS Mongolia LLC in Ulaanbaatar, Mongolia. Prepared standards and blanks are inserted at the project site to monitor the quality control of the assay data. Drill intersections described in this news release are based on core lengths and may not reflect the true width of mineralization.
ABOUT ENTREE GOLD INC.
Entree Gold Inc. (www.entreegold.com) is a Canadian mineral exploration company focused on gold and copper prospects. The Company is a large landholder in Mongolia and has recently acquired an early stage copper porphyry project in Arizona, USA.
Entree holds a 100% interest in mineral concessions comprising the 179,590 hectare Lookout Hill (Shivee Tolgoi) property which completely surrounds the 8,500 hectare, Turquoise Hill (Oyu Tolgoi) project of Ivanhoe Mines Ltd. ("Ivanhoe").
Under an "Earn-In Agreement" announced in October 2004, Ivanhoe has the right to earn an interest in approximately 40,000 hectares of Entree's Lookout Hill property. Details of the Earn-In Agreement are available on Entree's website at www.entreegold.com and on SEDAR at www.sedar.com. Drilling conducted by Ivanhoe as part of the Earn-In Agreement has confirmed the extension of the Hugo North Deposit onto Lookout Hill. An initial inferred resource was estimated at 190,160,000 tonnes (calculated using a 0.6% copper equivalent cut-off), averaging 1.91% copper equivalent, containing over 6.5 billion pounds of copper and 3.2 million ounces of gold (see Entree's news release of February 1, 2006).
Significant investments by Rio Tinto plc and Ivanhoe have contributed to Entree's treasury, which currently exceeds CDN$20 million. Entree plans to use these funds to explore its wholly-owned projects in Mongolia and Arizona, and acquire and explore new projects globally.
Entree is listed for trading on the TSX under the symbol "ETG", on the AMEX under the symbol "EGI" and on the Frankfurt Stock Exchange under the symbol "EKA".
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Readers are referred to the sections entitled "Risk Factors" in the Company's periodic filings with the British Columbia Securities Commission, which can be viewed at www.SEDAR.com, and with the United States Securities and Exchange Commission, which can be viewed at www.SEC.gov.
The TSX does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Primoris Group
1-866-368-7330
ETG@primorisgroup.com
Entree Gold Inc.
Monica Hamm
Investor Relations
(604) 687-4777
http://www.entreegold.com
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Source: Entree Gold Inc.
TMJG - Tamija Gold & Diamond Exploration, Inc. Acquires Diamonds of 22 Carats, 17 Carats and 13 Carats in Central African Republic
Wednesday September 13, 5:37 pm ET
HOLLYWOOD, FL--(MARKET WIRE)--Sep 13, 2006 -- Tamija Gold & Diamond Exploration, Inc. (Other OTC:TMJG.PK - News), a multi-faceted resource and exploration company specializing in the exploration and recovery of diamonds and gold, is pleased to announce that the Company has entered into a relationship with local mining workers (Cooperatives) in TAMIJA's Boda Territory, Central African Republic.
TAMIJA intends to supplement operations and bolster geological data with the acquisition and tracking of production from Cooperatives. The commencement of this relationship has far exceeded expectations. TAMIJA purchased and recently exported three diamonds which were 22, 17 and 13 carat stones from a parcel held by local miners that contains diamonds exceeding six hundred carats in total.
This parcel includes many diamonds of greater than 1.5 carats. Notably, the 13 carat stone, which was identified by TAMIJA's rough diamond consultant, Mr. David Navot, partially attained a natural fancy yellow color when polished. Under the direction of Mr. Navot, the 13 carat rough stone was finished in Aventura, Florida by Michael Bitton Diamond Cutting. The finished product produced 2 finished diamonds, a 7.2 carat fancy yellow and 2.7 carat fancy light, respectively. Both stones have received G.I.A. certification and will soon be pictured on the Company's website (www.tamijainc.com).
The significance of the relationship with the Cooperatives in the Boda Territory validates the Company's valuable resource potential within TAMIJA's licensed property exceeding 3000 km2. Accordingly, the Company is very confident of the probability to receive favorable future resource valuations. Also, working together with the cooperatives helps TAMIJA fulfill its policy and responsibility to improve the productivity of local workers and eliminate displacement.
Last year over $70 billion was spent worldwide on diamonds. A thirty percent (30%) increase in diamond sales and uncut stone values are expected by 2012 (Source: Bloomberg.com). Other notable companies with operations in the Central African Republic are De Beers (through publicly traded Anglo American), Axmin, Inc. and Vaaldiam Resources, Ltd, both publicly traded on the Toronto Stock Exchange.
For more information please visit the company's website at www.tamijainc.com.
Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Tamija Gold & Diamond Exploration, Inc. undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Contact:
Contact:
Howard Shapiro
Email Contact
--------------------------------------------------------------------------------
Source: Tamija Gold & Diamond Exploration, Inc.
DKGR - Letter to the Shareholders of Drake Gold Resources, Inc.
Wednesday September 13, 6:00 pm ET
CENTURY CITY, CA--(MARKET WIRE)--Sep 13, 2006 -- Drake Gold Resources, Inc. (Other OTC:DKGR.PK - News)
To the shareholders of Drake Gold Resources:
As interim CEO and President, it is with great enthusiasm that I update the shareholders of Drake Gold Resources, Inc. First, let me express my continued optimism for the future of the company. This optimism includes current developments as well as additional opportunities that present themselves on a constant basis.
As part of my effort to keep the investment community informed, Drake is implementing a plan to incorporate a high level of transparency into its operations and finances. DKGR's status as a "pinksheet" stock can create a level of apprehension. This is why Drake's goal is to provide shareholders with the information they deserve.
In keeping with this renewed effort, Drake will release the complete current share structure on Friday and will update its website with any future changes in share structure. Any updates will be posted immediately to keep you informed. In addition, on Friday Drake will release the details of its condition, operations and strategic plans as a junior mining company.
As a shareholder myself, I encourage other shareholders to express their points of view to the management team as we are building this company for mutual benefit. I am posting my personal cell phone number here so that you may contact me directly at anytime.
Clayton Smith
Cell: 310-728-9445
Email: Info@DrakeGold.com
This press release contains forward-looking statements involving risks and uncertainties including statements regarding the Company's future performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors which include, but are not limited to, our ability to leverage our technology, manage our growth, protect our intellectual property rights, attract new customers and general economic conditions affecting consumer spending, including uncertainties relating to global political conditions, such as terrorism. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Contact:
Contact:
Drake Gold Resources, Inc.
Investor Relations Hotline
1-888-601-9983
Drake Gold Resources, Inc.
Corporate Office
(310) 728-6995
info@drakegold.com
info@novakcapital.com
http://www.drakegold.com
--------------------------------------------------------------------------------
Source: Drake Gold Resources, Inc.
ARDI - @Road(R) Inaugurates New Facility in Chennai, India
Wednesday September 13, 10:00 pm ET
@Road Chennai Center Continues to Grow Keeping Pace With the Company's Global Expansion Efforts
CHENNAI, INDIA--(MARKET WIRE)--Sep 13, 2006 -- @Road, Inc. (NASDAQ:ARDI - News), a global provider of solutions for Mobile Resource Management (MRM), today announced the inauguration of its expanded operations and facilities in Chennai's premier Information Technology destination, TIDEL Park. Participating in the inauguration is Mr. David Hopper, Consul General, U.S. Consulate, Chennai, Dr. Chandramouli, Secretary, Department of Information Technology, Government of Tamil Nadul, and @Road President and CEO, Mr. Krish Panu. The inauguration ceremony will take place at 10:00 in the morning at the new @Road Chennai business center, 901(A1) & 902(A2), Tidel Park, No.4 on Canal Bank Road.
In its seven years of operation in Chennai, @Road has grown from a few engineers in a small office to more than 160 information technology professionals working in functional areas such as research and development, quality assurance, technical support, business development and marketing at the newly dedicated 40,000 sq. ft. Chennai facility.
Mr. Krish Panu, President and CEO of @Road said: "It's important for us to maintain our leadership position and competitive advantage by continuing to innovate in mobile resource management. Our team in Chennai will play a pivotal role in that innovation and as part of our international efforts to deliver world-class, next-generation MRM solutions. We look forward to the @Road Chennai center being an integral part of our aggressive growth plans to build a center of excellence in India and to being a key component of our organizational goals for international growth."
According to Mr. Rajan Aiyer, India Country Manager for @Road: "@Road has made a significant investment in its Chennai operations and enjoys nearly 40,000 square feet of prime office space. Current plans call for continued office expansion in Chennai and the adding of several hundred professionals as @Road revenues grow and demand for MRM and field automation services accelerate worldwide."
@Road is a company that has been profitable since July 2003. Total revenues in 2005 increased 23% to $92.9 million from $75.2 million in 2004. Additionally, for the six months ended June 30, 2006, total revenues were $47.9 million, an 18% increase compared to $40.6 million for the same period in 2005. Hosted revenues for the first six months were $40.6 million, and licensed revenues for the first six months were $7.3 million. The company's balance sheet as of December 31, 2005, includes $118 million of cash, cash equivalents and short-term investments.
@Road continues to see business traction and expansion as indicated by such recent customer wins as AT&T Lightspeed, BellSouth, Cox Communications, E.ON UK and E.ON Slovakia, Performance Transportation Services and ServiceMaster within its Terminix business unit.
Mr. Panu added: "Adoption of our innovative MRM solutions is also accelerating on a global basis due to an effective partner strategy that's leveraging new business channels through system integrators and other value-added business relationships we're pursuing."
@Road's MRM solutions for field force management are designed to enable businesses to drive down fuel and other operating costs while increasing mobile worker productivity. This is accomplished through greater location intelligence and visibility into the daily activities of their mobile workers and their work -- from actual vehicle routes, starts and stops, to customizable maps showing mobile worker location relative to important landmarks like customer locations or work yards. @Road field force management solutions also allow businesses to upload customer and/or trip information into a routing engine to generate on-demand, actionable reports such as optimized routes and drive-time, fuel economy, city ordinance compliance and much more.
In addition to @Road MRM solutions for field force management, @Road offers solutions that use real-time data and patented artificial-intelligence algorithms designed to transform field service management from a manual process into a highly automated, proactive one that makes the best field technician schedule and dispatch decision from an operation and a customer perspective. @Road field service management solutions also coordinate people, skills, resources and inventory with ease, constantly optimizing for the best solution at any given time. These solutions go beyond human decision-making capabilities, coping with the complexity and changeability of today's fast-paced global business environment.
Rounding out @Road's family of comprehensive MRM solutions are solutions for field asset management incorporating vehicle diagnostic/prognostic and sensor technologies for driver safety, inventory management and optimized vehicle performance and maintenance.
"As we continue to create new value-added services for our customers and expand our services internationally, we look to our operations in Chennai to play an important role in our growth strategy," Mr. Panu concluded.
About @Road
@Road, Inc. is a global provider of real-time Mobile Resource Management (MRM) solutions, a rapidly growing category of productivity solutions integrating wireless communications, location technologies, hosted and installed software applications, transaction processing and the Internet to help companies better manage mobile workers. Any size organization, in any industry or public sector, in which improving the productivity of mobile workers has an impact on revenue, expenses, customer service and competitive advantage, will benefit from @Road MRM services. Because @Road offers MRM services on a hosted basis, customers can avoid expensive and complex software and IT infrastructure investments. Since @Road delivers services on a subscription basis, customers can experience a rapid and measurable return-on-investment. The company has headquarters in Fremont, CA, and secure networked data centers on both U.S. coasts. For more information, visit the @Road web site at www.road.com
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These factors, risks and uncertainties include, but are not limited to general economic and political conditions. Further information regarding risk factors is included in the @Road Quarterly Report on Form 10-Q for the quarter ended June 30, 2006, the @Road Annual Report on Form 10-K/A for the year ended December 31, 2005 and in @Road's other filings with the Securities and Exchange Commission. @Road does not undertake any obligation to update the forward-looking statements contained in this press release.
@Road, the @Road logo are registered trademarks, trademarks or service marks of @Road, Inc. or its subsidiaries.
Contact:
Media Contact:
Sushmita Arora
@Road Public Relations - India
044.2254.1941
sarora@road-inc.com
or
Bob Stern
@Road Public Relations - U.S.
001.510.870.1360
bstern@road-inc.com
--------------------------------------------------------------------------------
Source: @Road
IMF Lifts Global Growth Forecast
Thursday September 14, 5:02 am ET
By Gillian Wong, Associated Press Writer
IMF Lifts Global Growth Forecast but Cautions on Inflation, Oil and U.S. Housing Market
SINGAPORE (AP) -- The International Monetary Fund on Thursday raised its growth forecast for the world economy, but said expansion could be tempered by inflationary pressures, high oil prices and a likely slowdown in the U.S. caused by the cooling housing market.
The global economy is likely to grow by 5.1 percent this year and 4.9 percent in 2007 -- both a quarter percentage point higher than the fund had forecast in April.
"This is really the fourth year of very strong global growth which has been maintained in the face of headwinds such as strong commodity prices," said Raghuram Rajan, the IMF's chief economist.
"The good news in addition to this is that growth is becoming more balanced even if the U.S. economy is beginning to slow, the euro area has gained momentum, Japan's expansion continues and emerging markets and developing countries are delivering very impressive growth," he said.
But the IMF's forecast "is surrounded by more uncertainty than usual, with risks tilted to the downside," Rajan said.
In particular, the IMF cited the possibility that inflationary pressures could intensify and prompt major central banks to raise interest rates further. It also said oil prices could climb higher and that the U.S. housing market could cool more rapidly than expected and trigger an abrupt slowdown in the U.S.
Growth in the United States is expected to slow from 3.4 percent in 2006 to 2.9 percent next year, said the report, released in Singapore, where the IMF and World Bank will be holding their annual meetings Sept. 19-20. Previously, the fund had expected U.S. growth next year to reach 3.3 percent.
"The concern remains that a sharp adjustment in the housing sector would generate strong headwinds for the U.S. economy," the report said.
The Washington-based lending institution suggested that further U.S. interest rate hikes might be necessary. The Federal Reserve "faces a difficult situation of rising inflation in a slowing economy, but given the importance of keeping inflation expectations in check, some further policy tightening may still be needed," it said.
In August, the Fed decided to keep its key short-term lending rate at 5.25 percent after 17 straight hikes dating back to June 2004.
Japan, the world's second-largest economy, will likely grow 2.7 percent this year on the back of solid domestic demand, but should ease next year to 2.1 percent, it said.
The fund also Japan should raise interest rates gradually to avoid a "costly" reemergence of deflation, or falling prices.
In the euro area, stronger corporate balance sheets have helped bring about increased investment, rising employment and a more balanced expansion to the 12 nations that use the common currency, the report said.
Growth would rise to 2.4 percent in 2006 before moderating to 2 percent in 2007 largely due to scheduled tax increases in Germany.
China's sizzling economy will probably steam ahead with 10 percent growth this year and next, propelled by surging exports, helping drive growth in other Asian economies from South Korea to Indonesia, the report said. But the region could be hurt if China's investment boom sours, it warned.
The IMF also urged Beijing to raise the value of its currency, the yuan, saying that would help to cut China's huge global trade gap -- on pace to surpass last year's $102 billion -- and bolster household's purchasing power.
Growth in India, emerging Asia's other major engine, would moderate to a still robust 8.3 percent this year and 7.3 percent next year.
Latin American economies would continue to lag behind other emerging economies, although growth prospects have increased in the region, with expansion expected at 4.75 percent this year and 4.25 percent in 2007.
Inflation in advanced economies was likely to increase modestly to 2.6 percent in 2006 but start to decline next year as the upward impetus from oil price increases eases. Emerging markets would probably also be able to contain inflation pressures, it said.
The IMF also warned about the potential for "disorderly unwinding" of large global imbalances in trade and investment.
It predicted that the U.S. current account deficit would rise further to 6.9 percent of its gross domestic product in 2007 -- with large surpluses continuing in Japan, parts of emerging Asia, and oil-exporting countries in the Middle East, the report said.
Other risks to the outlook include further increases in oil prices, the fund said.
"Supply concerns have played a growing role in pushing up oil prices, and a major disruption in a large producer or a further escalation of security concerns in the Middle East could well lead to another upward oil price spike," the IMF said.
Oil prices have dropped this month, falling into the $65 a barrel range after spiking to a record $78.40 a barrel in July.
To address the risk, the report recommends more investment in production and refining as well as incentives for consumers to save energy.
The IMF was established in 1945 to help promote the health of the world economy. It works to foster economic and financial stability, prevent crises and aid countries in trouble.
Solar Energy's Long Term Appeal
Wednesday September 13, 9:00 pm ET
Marc Gerstein (Reuters.com) submits: With oil prices down about 20 percent from the mid-July peak, this hardly seems like the time to be thinking about alternative energy. On the other side of the coin, these stocks may be priced more favorably than they would be if oil were closer to $80 per barrel. Indeed, solar cell makers Suntech Power Holdings Co. Ltd. (NYSE: STP - News), SunPower Corp. (NASDAQ: SPWR - News), Energy Conversion Devices Inc. (NASDAQ: ENER - News), and Evergreen Solar Inc. (NASDAQ: ESLR - News) are now priced about 40, 35, 43, and 48 percent respectively below their 2006 highs.
For the time being, it would seem that the last thing in the world solar investors need is lower oil prices.
While observers laud the cleanliness and easy availability of sunlight as a power source, producing electricity from this source remains about 10 times as expensive as power generated from fossil fuels. Even solar bulls acknowledge that the industry today depends heavily on the fact that governments in some countries heavily subsidize this otherwise uneconomic energy source.
Adding fuel to the fire, so to speak, is the shortage of polysilicon, a key raw material used to produce photovoltaic [PV] cells that convert sunlight into electricity. This results from too much of a good thing, powerful growth in demand based on increasing use of solar energy. The downside is the increase in prices, something that inhibits solar from reaching cost efficiencies needed to flourish in a subsidy-free world and which exerts margin pressure on PV producers.
That said, advocates are keeping the faith.
For one thing, polysilicon capacity is on the rise and the current shortage is expected to be alleviated by 2008.
Moreover, while there is concern that subsidies will diminish in some places, such as Japan, the heaviest user of solar, incentive programs are holding or expanding elsewhere, such as in the United States, Germany, Italy, Spain and China, based on a reluctance to bet the farm on the indefinite sustainability of the recent oil price retreat.
No government is likely to subsidize solar forever, but industry observers expect further cost progress to occur, through more efficient production processes and innovations that increase the yield of PV cells (the amount of electricity that comes from a particular quantity of polysilicon). The aim is for solar to become more competitive with fossil fuels by about 2015.
Because solar energy caught on earlier in Japan, it comes as no surprise that the leading manufacturers of PV cells are based there: Sharp Corporation, Kyocera Corporation, Sanyo Electric Co. Ltd., and Mitsubishi Corp.. The other major provider is Q-Cells, a German manufacturer.
U.S. investors seeking domestic plays will, likely, have to think small, not necessarily in terms of market capitalization — Suntech, SunPower, Energy Conversion Devices and Evergreen Solar all have market capitalizations above $1 billion while Evergreen Solar is just above $600 million — but in terms of market shares which, for each of these firm, is at low single-digit percentage levels. Table A summarizes revenue and earnings per share estimates for these firms.
The largest among these firms, Suntech, is well positioned in growth areas of Europe and in China, and it recently acquired its way into Japan. On the cost side, it counts on a sizable manufacturing capacity in China to keep operating costs under control and to enable it to use more manual effort than might be feasible elsewhere, thus keeping capital costs in check. It should comfortably cope with polysilicon supply issues as a result of its having signed a 10-year arrangement with producer MEMC Electronic Materials Inc. (NYSE: WFR - News).
Suntech and SunPower both make conventional PV cells. But the smaller SunPower may be of particular interest based on what Pierre Maccagno of Needham described in a July 19 research report as a conversion ratio, the amount of electricity that its the silicon on its panels yields, that is "the highest in the industry."
Meanwhile, estimates for Energy Conversion Devices may change, for the better. The stock was up more than 10 percent on Wednesday in response to the company's having reported a narrower-than-expected loss of $0.02 per share.
Beyond that, the stock may have appeal as it increases the extent of the solar play by, possibly, moving other operations to joint ventures or partnerships, and through its atypical approach to PV cells. Its thin-film product is based, not on polysilicon, but on stainless steel and polymers. Jeff Osborne of CIBC world Markets explained, in a July 13 research report, that this is positive because lighter weight makes for easier shipping and installation. The disadvantage lies in lower efficiency, meaning they are suitable only for structures with large roof surfaces, such as commercial buildings.
Evergreen Solar may be the company that poses the most challenge to investors right now. Paul Clegg of Natexis Bleichroeder explains in an Aug. 28 research note that analysts are finding it especially hard to forecast results as the company makes changes in accounting practices.
With uncertainty as to the pace of improved cost efficiency relative to fossil fuels and the sustainability of government subsidies, not to mention shortages and resulting price spikes in polysilicon, it's especially hard to value solar stocks right now based on earnings per share.
We evaluated a hypothetical market capitalization weighted portfolio consisting of Suntech, SunPower and Energy Conversion Devices and estimate that it would take a five-year annual sales-per-share growth rate of 28-30 percent for an investor to break even on these stocks. That's in line with the long-term growth-rate projections we're seeing from analysts and industry observers. Our valuation assumes that price-to-sales ratios will fall from a weighted average of 11.89 now (versus 2.7 for the S&P 500) to 5.5 in the future.
Those seeking to play solar via more mature companies could consider MEMC Electronic Materials (NYSE: WFR - News), a major supplier of polysilicon, Cypress Semiconductor Corp. (NYSE: CY - News), which owns about 87 percent of the equity of SunPower but also provides investors with exposure to conventional electronics businesses, or Applied Materials Inc. (NASDAQ: AMAT - News), which just announced its entry into the PV cell manufacturing equipment business.
At the time of publication, Marc H. Gerstein did not own shares of any of the aforementioned companies. He may be an owner, albeit indirectly, as an investor in a mutual fund or an Exchange Traded Fund.
Note: This is independent investment and analysis from the Reuters.com investment channel, and is not connected with Reuters News. The opinions and views expressed herein are those of the author and are not endorsed by Reuters.com.
KFX - KFx Provides Additional Update on Test Burn at FirstEnergy Facility
Wednesday September 13, 9:08 pm ET
DENVER, Sept. 13 /PRNewswire-FirstCall/ -- KFx Inc. (Amex: KFX - News) yesterday reported that it received test burn results of its first unit train shipment of K-Fuel(TM) Refined Coal. The test burn was recently conducted by KFx's customer, FirstEnergy (NYSE: FE - News). The customer observed that the K-Fuel(TM) Refined Coal exhibited improved heat content in the plant's boiler relative to raw Powder River Basin Coals burned in that facility.
The test burn was conducted at a utility plant in the Ohio region which often experiences a power de-rating on its boilers when burning raw Power River Basin Coal.
The plant staff tested the shipment of K-Fuel(TM) Refined Coal and reported an improvement to the power de-rating that occurs in boilers when burning raw Powder River Basin Coals. No significant problems were reported with the train shipment, barge unloading, bunkering, or pulverizing. Only two issues were reported: first, there was fugitive dust that occurred during the transloading process from rail to barge. Second, a few of the delivered cars exhibited elevated heat content. The K-Fuel(TM) was sprayed with water and a dust suppressor during transloading, which reduced the dust issue and the shipment proceeded to the plant as expected. The customer also indicated that there was no slagging or ash handling problems experienced in the test burn.
Discussions with the customer regarding potential future shipments of K-Fuel(TM) Refined Coal continue. KFx expects that these issues will be remedied quickly through the use of standard dust suppressers, as well as normal packing and loading procedures to prevent localized heat elevation, as these are issues and remedies typical of Power River Basin coals.
About KFx
KFx Inc. offers combined energy, environmental and economic solutions to coal-fired power generating facilities and industrial coal users in the United States and internationally. Our proprietary K-Fuel(TM) process uses heat and pressure to physically and chemically transform high moisture, low-Btu coals, such as subbituminous coal and lignite, into a more energy efficient, lower- emission fuel. A co-benefit of the K-Fuel(TM) process is the removal of significant amounts of impurities, including mercury, and the reduction of emissions of sulfur dioxide and nitrogen oxide.
Please visit www.kfx.com for more information.
Forward Looking Statements
Statements in this news release that relate to future plans or projected results of KFx are 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended by the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), and Section 21E of the Securities Exchange Act of 1934, as amended by the PSLRA, and all such statements fall under the 'safe harbor' provisions of the PSLRA. Our actual results may vary materially from those described in any 'forward-looking statement' due to, among other possible reasons, the realization of any one or more of the risk factors described in our Annual Report on Form 10-K, or in any of our other filings with the Securities and Exchange Commission, all of which filings any reader of this news release is encouraged to study. Readers of this news release are cautioned not to put undue reliance on forward-looking statements.
--------------------------------------------------------------------------------
Source: KFx Inc.
Earnings Schedule & Estimates for Thursday, September 14, 2006
Thursday September 14, 4:21 am ET
Adobe Systems Inc. (NASDAQ: ADBE - News) - After Market Close
FQ3 2006 Revenue Estimate: $595.12M
FQ3 2006 EPS Estimate: $0.26
FQ4 2006 Revenue Estimate: $668.64M
FQ4 2006 EPS Estimate: $0.32
FQ2 2006 reported on 06/15/06 After Market Close
EPS Estimate: $0.30 | EPS Actual: $0.21
06/15/06 Close: $28.96 Change($): $0.39 Change(%): 1.3%
06/16/06 Close: $29.12 Change($): $0.16 Change(%): 0.5%
Opinion & Analysis of ADBE
Conference Call Transcripts for ADBE
Bear Stearns Companies Inc. (NYSE: BSC - News) - Before Market Open
FQ3 2006 Revenue Estimate: $2.05B
FQ3 2006 EPS Estimate: $2.87
FQ4 2006 Revenue Estimate: $2.16B
FQ4 2006 EPS Estimate: $3.19
FQ2 2006 reported on 06/15/06 Before Market Open
EPS Estimate: $3.17 | EPS Actual: $4.12
06/15/06 Close: $131.29 Change($): $7.34 Change(%): 5.6%
06/16/06 Close: $131.17 Change($): ($0.12) Change(%): -0.1%
Opinion & Analysis of BSC
Pier 1 Imports Inc. (NYSE: PIR - News) - Before Market Open
FQ2 2007 Revenue Estimate: $386.70M
FQ2 2007 EPS Estimate: $-0.28
FQ3 2007 Revenue Estimate: $434.85M
FQ3 2007 EPS Estimate: $-0.10
FQ1 2007 reported on 06/15/06 Before Market Open
EPS Estimate: -$0.26 | EPS Actual: ($0.26)
06/15/06 Close: $8.08 Change($): ($0.20) Change(%): -2.4%
06/16/06 Close: $7.88 Change($): ($0.20) Change(%): -2.5%
Opinion & Analysis of PIR
Tektronix Inc. (NYSE: TEK - News) - After Market Close
FQ1 2007 Revenue Estimate: $263.47M
FQ1 2007 EPS Estimate: $0.33
FQ2 2007 Revenue Estimate: $280.00M
FQ2 2007 EPS Estimate: $0.37
FQ4 2006 reported on 06/22/06 After Market Close
EPS Estimate: $0.42 | EPS Actual: $0.38
06/22/06 Close: $30.20 Change($): ($0.27) Change(%): -0.9%
06/23/06 Close: $27.93 Change($): ($2.27) Change(%): -8.1%
Data: Yahoo Finance, wsj.com, CapitalIQ
PTQMF - Petaquilla in Talks with Jinchuan on Petaquilla Copper Project
Thursday September 14, 2:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 14, 2006 -- Michael Levy, President of Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ.TO - News)(OTC BB:PTQMF.OB - News)(FWB: P7Z), is pleased to confirm that executives of the Company recently visited Shanghai for talks with Jinchuan Group ("Jinchuan"), one of China's largest integrated metal producers. The focus of the meeting was to discuss Jinchuan's possible participation in the development of the Petaquilla Copper Project in Panama.
On September 11, 2006, an article titled Jinchuan in talks with PTQ on Petaquilla Copper Project was posted on www.metalbulletin.com, a highly regarded metals trading website. The article also describes Jinchuan's recent interest in overseas mineral resources such as Jinchuan's August 2006 agreement securing the future of Allegiance Mining's Avebury Nickel Mine in Tasmania.
According to the article on Metal Bulletin's web site, and reprinted with permission from Metal Bulletin PLC:
"The Petaqulla Copper Project is one of the largest undeveloped porphyry copper properties in the world..."
"In fact, (Jinchuan's) board has recently indicated (Jinchuan's) strategic plan to acquire the sole selling rights of overseas mineral products through long-term trading, financing and investment."
"(Jinchuan) will take close observation of overseas exploration and mining projects, and maintain the investment priority for nickel-copper sulfide resources, Jinchuan said."
In addition, an article bearing today's date confirming these talks has been released through Reuters' Hong Kong office and portions of this Reuters article have also been released through UBS Investment Bank.
The Petaquilla Copper Project is a large copper/gold porphyry deposit in central Panama and has been ranked as one of the top five undeveloped copper deposits in the world (CRU International Ltd.'s 1996 Next Generation of Copper Mine Projects report). In 1998, a pre-National Instrument 43-101 Feasibility Study was completed by H.A. Simons (now AMEC) for the Petaquilla Copper Project and it determined that the Petaquilla, Botija and Valle Grande deposits contained a mineable reserve of 1.115 billion tonnes grading 0.50% copper using a variable economic cut-off grade of between US$5.10 and US$6.50 per tonne (including a low-grade stockpile, for which a marginal cut-off grade of US$2.92/tonne was used, to be milled at the end of the mine life), 0.09 g/t gold, 0.015% molybdenum, as well as recoverable silver.
The recoverable metal content contained in these reserves, based on a 120,000 tonnes per day throughput and a 23 year mine life, totals:
9.4 billion pounds of copper,
1.37 million ounces of gold,
24.1 million ounces of silver, and
131.1 million pounds of molybdenum.
The historical resource was compiled prior to the implementation of National Instrument 43-101 and the Company is not treating the 1998 Feasibility Study as a current mineral resource estimate. The Company believes these historical results provide an indication of the potential of the properties and are relevant to ongoing exploration. However, the Company has not completed the work necessary to verify the classification of the mineral resource estimates and, thus, the historical estimates should not be relied upon. The deposits will require considerable further evaluation which Petaquilla's management intends to carry out in due course.
The Petaquilla Copper Project is owned by Minera Petaquilla, S.A., a Panamanian company owned by Petaquilla and Inmet Mining Corporation ("Inmet") as to 52% and 48% interests respectively. Teck Cominco Ltd. ("Teck Cominco") has the right to acquire one-half of Petaquilla's interest by funding all of Petaquilla's share of costs to commercial production. As stated in the Company's news release dated April 27, 2006, the shareholders of Minera Petaquilla, S.A. agreed to revise and update the January 1998 Feasibility Study for the Petaquilla Copper Project, to more accurately reflect current prices and technological advances. The work will be funded by Teck Cominco, Inmet and the Company, and the completion date for the revised study remains September 30, 2006.
As was stated in the Company's news release dated December 21, 2005, the Company entered into a Memorandum of Understanding with one of China's largest integrated metal producers to explore the potential for cooperation in the development of the Petaquilla Copper Project. The metal producer referred to is Jinchuan and Jinchuan representatives have subsequently made several site visits and have conducted their due diligence.
Discussions with Jinchuan have focused on the following elements of a possible future business relationship:
- an equity investment in Petaquilla Copper Ltd. (the company created in connection with the Company's Plan of Arrangement, and which will hold the Company's interest in the Petaquilla Copper Project);
- participation in project financing and construction; and
- an off-take agreement for the delivery of copper concentrate from the Petaquilla Copper Project.
As of this date, no formal agreement has been reached between Petaquilla and Jinchuan and there is no certainty that any agreement will be concluded.
The statements contained in this news release that are not purely historical are forward-looking statements. Forward-looking statements may relate to the success of any of the Company's strategic initiatives, the Company's expectations, beliefs, growth and future prospects, and the Company's position in the market and future opportunities therein. Forward- looking statements may also include, without limitation, any express or implied statement relating to future events, industry performance, general business and economic conditions or circumstances, regulatory and legal requirements, and other matters, many of which are beyond the control of the Company. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. All forward-looking statements included in this news release are based upon information available to the Company as of the date hereof and the Company does not undertake any obligations to update forward-looking statements should circumstances or management's beliefs or opinions change.
On behalf of the Board of Directors of PETAQUILLA MINERALS LTD.
Michael Levy, President and Director
No stock exchange has approved or disapproved the information contained herein.
Contact:
Contacts:
Petaquilla Minerals Ltd.
Michael Levy
President and Director
(604) 694-0021
(604) 694-0063 (FAX)
http://www.petaquilla.com
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Source: Petaquilla Minerals Ltd.
UCSY - Universal Communication Systems, Inc. Subsidiary Solar Style, Inc. Places Its Range of Solar Chargers for Sale on AMAZON.COM
Thursday September 14, 2:00 am ET
National Sales Continue to Grow Fast
BALTIMORE, MD--(MARKET WIRE)--Sep 14, 2006 -- Universal Communication Systems, Inc. (OTC BB:UCSY.OB - News) (Berlin:UVC.BE - News) (XETRA:UVC.DE - News) (Frankfurt:UVC.F - News) (Munich:UVC.MU - News) (WKN: 917633) subsidiary Solar Style, Inc. announced today that the company has now listed its growing range of Solar Chargers and Solar Powered Consumer Electronic Products for sale on AMAZON.COM.
Source: Universal Communication Systems, Inc.
· Universal Communication Systems
· Solar Style
NEW PRODUCTS LAUNCHED
Mrs. Lori Thomas, director of sales, stated: "Our national distribution network for all our Solar Chargers and Solar Powered Consumer Electronic Products continues to grow daily. Our sales people continue to pound the sidewalks and reach out to wholesalers, distributors and retailers all over North America. In addition, we are very pleased to see the reports coming in from many of the new retailers reporting the products selling and moving off the shelves, and indeed already re-ordering new product stock. In addition, we have just introduced several new exciting models, and expect to continue to grow our market position and become the dominant player in this new industry."
The Company anticipates that both the national and global sales for Solar Chargers and Solar Powered Consumer Electronic Products will continue to grow at a very fast rate.
About Universal Communication Systems, Inc.
For more information please visit the company's website at: www.ucsy.com
About AirWater Corporation
For more information please visit AirWater Corporation's website at: www.airwatercorp.com
About Solar Style Inc.
For more information please visit Solar Style Inc.'s website at: www.solarstyle.com
Safe Harbor Statement
Caution Concerning Forward-Looking Statements.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors. More detailed information about these factors may be found in filings by Universal Communication Systems, Inc. with the Securities and Exchange Commission, including their most recent annual reports on Form 10-KSB and quarterly reports on Form 10-QSB. Universal Communication Systems, Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter their forward-looking statements, whether as a result of new information, future events, or otherwise.
Image Available: http://www.marketwire.com/mw/frame_mw?attachid=330884
Contact:
Contact:
Universal Communication Systems, Inc. - Miami Beach
Rolando Sablon
305-672-6344
Company web address: http://www.ucsy.com
Company email address: Email Contact
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Source: Universal Communication Systems, Inc.
ITRN - Ituran Acquires Controlling Share of ERM Electronic Systems for $2.8 Million
Thursday September 14, 2:30 am ET
AZOUR, Israel, September 14 /PRNewswire-FirstCall/ -- Ituran Location & Control Ltd. (NASDAQ, TASE: ITRN) (the "Company") announced that yesterday, it entered into an agreement with E.R.M. Electronic Systems Limited ("ERM") and its sole shareholder. Pursuant to the agreement, the Company will invest the sum of NIS 9.1M (approximately US$2.1M) in ERM in consideration for newly issued ordinary shares of ERM and acquire additional shares of ERM for a consideration of NIS 2.9M (approximately US$0.7M) from the shareholder. Upon the closing of the transaction, the Company will own 51% of the issued share capital of ERM.
The acquisition of the shares of ERM will be financed from the Company's working capital.
The agreement is subject to the prior approval of the Israeli Commissioner for Restrictive Trade Practices.
ERM develops, manufactures, and markets innovative vehicle security, tracking, and management GSM based communication solutions for the international market. ERM is known for its leading-edge technology, and is constantly introducing innovative security, tracking, and location systems for private and commercial vehicles. ERM introduce customized vehicle security solutions in response to specific market needs. For the past ten years, ERM has also served as one of the Company's suppliers.
According to ERM's audited annual financial statements as of December 31, 2005, ERM's capital as of December 31, 2005 was NIS 4.7 million (approximately, US$1.1 million) and its total assets were NIS 14 million (approximately, US$3.2 million). ERM's sales turnover in 2005 was NIS 22.5 million (approximately US$5.1 million), gross profit in 2005 was NIS 7.2 million (approximately, US$1.6 million), its operating profit was NIS 4 million (approximately US$0.9 million) and net profit was NIS 2.6 million (approximately US$0.6 million).*
Eyal Sheratzky, Co-CEO of Ituran commented, "Our acquisition of the controlling share in ERM represents an important step in our overall strategy to become the leading global company in the vehicle tracking and security space. It adds a number of cutting edge security and tracking solutions to our existing product portfolio."
Meir Hayman, CEO of ERM said, "We see strong synergies between our business and Ituran. We see ourselves being able to leverage Ituran's strong and growing customer base to further sell our solutions. Most importantly, it brings us a partner which is a leading brand in our market."
*The numbers are presented in nominal values and the financial statements were prepared based on Israeli GAAP.
About Ituran
Ituran provides location-based services, consisting predominantly of stolen vehicle recovery and tracking services, as well as wireless communications products used in connection with its location-based services and various other applications. Ituran offers mobile asset location, Stolen Vehicle Recovery, management & control services for vehicles, cargo and personal security, and radio frequency identification products for various purposes including automatic meter reading, electronic toll collection and homeland security applications. Ituran's subscriber base has been growing significantly since the Company's inception to over 375,000 subscribers distributed globally. Established in 1995, Ituran has approximately 800 employees worldwide, provides its location based services and has a market leading position in Israel, Brazil, Argentina and the United States. The company also sells its products in China and South Korea.
International Investor Relations
Ehud Helft (Ehud.Helft@gkir.com)
Kenny Green (Kenny.Green@gkir.com)
GK Investor Relations
(US) +1-866-704-6710
Investor Relations in Israel
Oded Ben Chorin (oded@km-ir.co.il)
KM Investor Relations
(Israel) +972-3-5167620
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Source: Ituran Location and Control Ltd
LOV - Spark Networks Will Seek Shareholder Approval of Share Repurchase
Thursday September 14, 3:00 am ET
BEVERLY HILLS, Calif., Sept. 14 /PRNewswire-FirstCall/ -- Spark Networks (Amex: LOV - News), a leading provider of online personals services, announced today that the Board of Directors authorized the Company to seek approval of a share repurchase plan at its next Annual General Meeting.
Prior to the end of the month, the Company intends to file a preliminary proxy with the United States Securities and Exchange Commission (the "SEC") with a proposal to authorize the potential repurchase of up to an aggregate of approximately 2,000,000 of the Company's GDSs and ADSs, which represent the Company's ordinary shares, on the Frankfurt Stock Exchange and/or the American Stock Exchange, respectively, or in privately negotiated transactions. If the plan is approved by shareholders, any repurchase of ADSs on the American Stock Exchange will be conducted in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, which prescribes price, volume and procedural requirements for an issuer purchasing its shares. Although any repurchases on the Frankfurt Stock Exchange are not required to comply with Rule 10b-18, the Company intends, to the extent practicable, to conduct such repurchases as though the conditions of Rule 10b-18 were applicable.
If approved, the repurchase plan will be funded using the Company's working capital and would expire 18 months after the Annual General Meeting.
The Company would have the right to suspend or discontinue the repurchase plan at any time. Any repurchased shares would be held in treasury. As of June 30, 2006, Spark Networks had approximately 30,424,346 shares issued and outstanding.
Additional Information and Where to Find It:
The Company's preliminary proxy statement will outline the proposed plan in further detail. Shareholders are advised to read the proxy statement when it becomes available because it will contain important information. Shareholders may obtain a free copy of the proxy statement (when available) and other documents filed by the Company with the SEC at the SEC's website at http://www.sec.gov. Free copies of the proxy statement, once available, and the Company's annual report may also be obtained from the Company by directing a request to Gail Laguna, Spark Networks plc, 8383 Wilshire Blvd., Suite 800, Beverly Hills, CA 90211.
Participants in the Solicitation:
Spark Networks plc and its executive officers and directors may be deemed, under SEC rules, to be participants in the solicitation of proxies from the Company's shareholders with respect to the share repurchase plan. Information regarding the executive officers and directors of Spark Networks plc is included in its Prospectus dated June 12, 2006 filed with the SEC on June 16, 2006 and its Form 8-K filed with the SEC on September 12, 2006. More detailed information regarding the identity of potential participants, and their direct or indirect interests, by securities holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the Annual General Meeting.
About Spark Networks plc:
Spark Networks' American Depository Shares trade on the American Stock Exchange under the symbol "LOV," and its Global Depositary Shares trade on the Frankfurt Stock Exchange under the symbol "MHJG." The Spark Networks portfolio of consumer websites includes, among others, JDate®.com (www.jdate.com), AmericanSingles®.com (www.americansingles.com), BlackSingles.com® (www.blacksingles.com), BBWPersonalsPlus(TM).com (www.bbwpersonalsplus.com), CatholicMingle(TM).com (www.catholicmingle.com), LDSMingle(TM).com (www.ldsmingle.com), LDSSingles.com(TM) (www.ldssingles.com), PrimeSingles(TM).net (www.primesingles.net), and Relationships.com(TM) (www.relationships.com).
Safe Harbor Statement:
This press release contains forward-looking statements. Any statements in this news release that are not statements of historical fact may be considered to be forward-looking statements. Written words, such as "may," "intends," "seek," and "will," or variations of these or similar words, identify forward-looking statements. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. There are a number of factors that could cause actual results and developments to differ materially, including, but not limited to, the Company's inability to obtain shareholder approval of the share repurchase plan, the inability to file a preliminary proxy prior to the end of the month, and insufficient working capital to fund any share repurchase prior to the expiration of the share repurchase plan. For a discussion of these and further risks and uncertainties, please see our filings with the Securities and Exchange Commission. We file annual, quarterly and special reports, proxy statements and other information with the SEC. You may read and copy any reports, statements or other information that we file at the SEC's public reference room at 100 F Street, N.E., Washington, D.C., 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. Our public filings with the SEC also are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
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Source: Spark Networks plc
MYAG - Mercury Air Group, Inc. Announces Consummation of Reverse Stock Split
Wednesday September 13, 3:03 pm ET
LOS ANGELES, Sept. 13 /PRNewswire-FirstCall/ -- Mercury Air Group, Inc. (OTC: MYAG - News; the "Company") announced today that it has filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-750,000 reverse split of the Company's common stock (the "Reverse Stock Split"). The record date for the reverse split is Monday, September 25, 2006.
A Special Committee of independent directors ("Special Committee") was constituted to consider and negotiate the terms of a proposed reverse stock split. The Special Committee was advised by Bingham McCutchen LLP, its independent legal counsel, and received a fairness opinion from Imperial Capital LLC, its independent financial advisor. Following a determination by the Special Committee that the Reverse Stock Split was fair to the minority stockholders, the Special Committee and the Board of Directors approved the Reverse Stock Split.
Stockholders owning 750,000 or fewer shares of the Company's common stock prior to 8:00 a.m. (Eastern Daylight Time) on September 25, 2006, will receive cash at a price of $3.70 per share owned by such stockholders prior to the Reverse Stock Split.
Stockholders who are to be cashed out as a result of the Reverse Stock Split will be notified by the Company's transfer agent, American Stock Transfer and Trust Company, and receive instructions regarding the exchange of their stock certificates for cash.
About Mercury Air Group
Los Angeles-based Mercury Air Group (OTC: MYAG - News) provides aviation petroleum products, air cargo services and transportation, and support services for international and domestic commercial airlines, general and government aircraft and specialized contract services for the United States government. Mercury Air Group operates three business segments worldwide: MercFuel, Inc., Maytag Aircraft Corporation and Mercury Air Cargo, Inc. For more information, please visit www.mercuryairgroup.com.
Statements contained in this news release which are not historical facts are forward looking statements as that item is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's reports.
Company Contact: Media Relations:
Joseph Czyzyk David Herbst/Melissa Spraul
Mercury Air Group, Inc. The MWW Group
(310) 827-2737 (213) 486-6560
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Source: Mercury Air Group, Inc.
SNFX - Sniffex, Inc. Announces Name Change to Homeland Safety International, Inc.
Wednesday September 13, 2:39 pm ET
IRVING, TX--(MARKET WIRE)--Sep 13, 2006 -- Sniffex, Inc. ("Sniffex") (Other OTC:SNFX.PK - News) (http://www.sniffex.com) announced today a name change to Homeland Safety International, Inc. The company believes that the name change reflects a new business direction which will expand the company's offerings into a broader range of Homeland Security products and services. The Company further stated that it has acquired the rights to sell four new product lines that have already improved the sales effectiveness of its Representatives, worldwide.
"This marks the public acknowledgement of a plan we have been working on for months to convert Sniffex, Inc. into an amalgam of Homeland Security companies that will service a broad range of needs for our current and future customers," stated Paul Johnson, President of Sniffex, Inc. "We have demonstrated that we can acquire rights to sell many very exciting products through our worldwide Representative channel. Our challenge now is to continue to develop our strategy through the acquisition of companies with exciting products, good profits and revenue growth potential that will bring the Company to the level of being a recognized 'player' in Homeland Security in both the U.S. and internationally."
In a related statement, the company announced they have begun the process of negotiating with additional channels for funding for the Company to support the acquisitions it anticipates in the next few years in the Homeland Security arena. It further stated that the $5 million funding that it announced earlier in the year has not yet closed, and it believes that the new funding channels it is pursuing gives the company much more flexibility to pursue acquisitions and additional growth.
About Sniffex
Sniffex, Inc. is the holder of the exclusive license to sell Sniffex, an explosives detection device in NAFTA countries, and, on a non-exclusive basis, in most other areas of the world. The Company has also gained selling agreements for other products that are all related to the war on terror, including Flashcam, Thermalcam, and bio-terror chemical products that can destroy viruses and bacteria from anthrax to Bird Flu.
Safe Harbor Act Disclaimer: Forward-looking statements in this release are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks, and uncertainties and actual results could differ from those discussed. This material is information only and is not an offer or solicitation to buy or sell the securities.
Contact:
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Source: Sniffex, Inc.
FSMH - FSBO Media Holdings Subsidiary FLV Hosting Signs Joint Venture Agreement With United Kingdom Company
Wednesday September 13, 12:26 pm ET
CORAL SPRINGS, FL--(MARKET WIRE)--Sep 13, 2006 -- FSBO Media Holdings, Inc. (Other OTC:FSMH.PK - News) subsidiary FLV Hosting.com has entered into a joint venture agreement with UK based www.happybirthdaytoyou.com
In the agreement, www.happybirthdaytoyou.com (HBTY) will exclusively use FLV Hosting and their proprietary video recording system, and share 50% of revenues of videos recorded and sent by members. HBTY currently sells thousands of personalized messages per month at $10 per message, and have over 500,000 subscribers to their monthly newsletter. HBTY will launch a new site called www.mycamcard.com and charge from $10 to $25 per video recording.
"We are very excited at the prospect of adding online video birthday messages to our services," said Tom Williams, owner of HappyBirthdayToYou.com. "I look forward to a prosperous relationship with FLV Hosting, and am very pleased to be at the forefront of this new technology." www.flvhosting.com
Williams and his group expect to launch similar sites with different themes within the electronic message marketplace. FLV Hosting will provide the online recorder service alongside the design provided by HBTY where site members will record their birthday message to send to friends and family. FLV Hosting will also share 50% of revenues of videos recorded and sent by members from the sites using the recorder.
About FSBO Media Holdings, Inc. www.fsbomediaholdings.com
ADVERTISEMENT
FSBO Media Holdings excels in web development and media strategy, online-offline promotions, partnership marketing and branding/identity. FSMH utilizes conventional forms of media advertisement such as internet, TV, print and radio. Other service providers will be able to advertise services and products through the FSBO Media Holdings network of affiliates. FSBO Media Holdings, Inc. will also seek to acquire other businesses related to the real estate industry as well as other providers of media content. FSBO Media Holdings has established individual divisions to include FSBO Home Shoppers Network, an online merchandiser of thousands of household items, and FSBO Financial Network by which the Video-Spectus™ www.videospectus.com is produced and sold. FSBO Mortgage, FSBO Title and FSBO flat fee home listing and marketing services are offered to our subscribers at substantial discounts. The company has also created self-help training CDs to include By Owner University which guides the FOR SALE BY OWNER subscriber with tips and ideas on how to sell their home on their own (www.byowneruniversity.com) and the Help-U-Build Guide that instructs the subscriber how to build their home on their own which could save them thousands in construction costs (www.helpubuildguide.com). Both CDs are produced in English and Spanish.
FSBO Web TV's primary video programming is directed towards the For Sale By Owner real estate marketing and listing business. FSBO Web TV is modeling its services after the discount stock brokerage businesses that revolutionized their industry such as Scottrade, E-Trade and other popular consumer accepted brokerage services that have provided "Self Help Directed" methods of buying, selling and making investment decisions on their own without paying high commissions. www.fsbowebtv.com
This media release may contain forward-looking statements regarding but not limited to management, market potential, distributor success, market size, international sales, including statements regarding the intent, belief or current expectations of FSBO Media Holdings, Inc. and uncertainties that could materially affect actual results. Investors should refer to documents that the Company intends to file with the SEC for a description of certain factors that could change actual results. Investors should refer to factors that could cause actual results to vary from current expectations and the forward-looking statements contained in this media release.
Contact:
Contact:
FSBO Media Holdings Inc.
Marlene Shim
Public Relations
marlene@fsbomediaholdings.com
1-866-453-FSBO (3726)
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Source: FSBO Media Holdings, Inc.
BIO Submits Comments Urging SEC to Ease Sarbanes-Oxley Burdens
Wednesday September 13, 12:27 pm ET
WASHINGTON, Sept. 13 /PRNewswire/ -- Jim Greenwood, president and CEO of the Biotechnology Industry Organization (BIO), issued the following remarks regarding comments submitted Tuesday by BIO and a group of organizations representing high-growth industries to the Securities and Exchange Commission (SEC) concerning burdens created by Section 404 (internal controls) of the Sarbanes-Oxley Act:
"BIO, along with healthcare, high technology, communications and information technology, and electronics and semiconductor industries strongly urge the SEC to adopt Section 404 reforms expeditiously based on a framework that is cost-effective, 'scaled' and 'proportional' to the size and complexity of corporate structures.
"For high-growth industries, the implementation of Section 404 will have a significant impact on the long-term competitiveness of American companies and the U.S. capital markets. Section 404 has imposed cost burdens on high-growth companies and their management far beyond what Congress intended and what is needed to protect investors against corporate fraud.
"Four years after enactment of the Sarbanes-Oxley Act, it is necessary to correct sections that are creating unforeseen, detrimental effects on smaller public companies. We support reforms that enable emerging companies to remain competitive and do not force companies to divert valuable research and development dollars to administrative tasks," Greenwood said.
BIO and the group stated these points in formal comments submitted to the SEC in response to the commission's Concept Release Concerning Management's Reports on Internal Control Over Financial Reporting, published in July, and the Internal Control Over Financial Reporting in Exchange Act Periodic Reports Non-Accelerated Filers and Newly Public Companies, published in August.
In their comments, BIO and the other organizations stated their support for the SEC's proposal to extend the deadline for smaller public companies to comply with Section 404. Under the proposal, non-accelerated filers (companies with less than $75 million in market capitalization) would not be required to comply with the costly external auditor attestation requirements in Section 404 until Dec. 15, 2008. The group also supports the SEC's recommendation for a transition period for new public companies, which would delay Section 404 compliance requirements to the date of the company's second annual report.
BIO and the group also expressed support for the SEC Advisory Committee on Smaller Public Companies' vote (18-3) in April that favored scaled reform recommendations for Section 404.
Joining BIO in submitting comments were TechNet, Telecommunications Industry Association, Electronic Industries Alliance, Semiconductor Industry Association, Advanced Medical Technology Association, Medical Device Manufacturers Association, Association of Bioscience Financial Officers and the California Healthcare Institute.
The SEC is expected to publish final reforms on the Concept Release and further reporting delays for non-accelerated and newly public companies later this fall.
To view comments, click on http://www.bio.org/tax/sox/.
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and 31 other nations. BIO members are involved in the research and development of healthcare, agricultural, industrial and environmental biotechnology products. http://www.bio.org
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Source: Biotechnology Industry Organization
SLJB - CEO Petar Vucicevich is proud to announce a shareholder update.
WINDSOR, ON -- (MARKET WIRE) -- September 13, 2006 -- Sulja Bros. Building Supplies Ltd. (PINKSHEETS: SLJB)
CEO Petar Vucicevich stated: "As the new CEO, Sulja Bros. will continue on the same path that Steve Sulja created. We will not reverse spilt our shares or change the share structure. The company will continue the Middle East growth with the same philosophy of 'Excellence.' Our customers and shareholders are the primary concern. We will strive to close amicable contracts that will increase the size and price per share of the company. I will approach this task with the same conviction as my predecessor.
"The company financial audit is nearing completion. We anticipate having the audit stamped this week. Early next week the completed audit will be available for shareholders to view at www.suljabros.com. I will also issue a new statement made available at the same website on Monday morning."
This contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Forward-looking statements may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions: "may," "could," "should" or "might occur." Such forward-looking statements involve certain risks and uncertainties. The actual result may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized.