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AEHI CEO Don Gillispie Awarded Honorary Commander at Mountain Home Air Force Base
Post Previously Held by Idaho Attorney General Lawrence Wasden
Nov. 29, 2010 (GlobeNewswire) --
BOISE, Idaho, Nov. 29, 2010 (GLOBE NEWSWIRE) -- Alternate Energy Holdings, Inc. (OTCBB:AEHI) (www.aehipower.com) today announced AEHI CEO Don Gillispie accepted the post as Honorary Director of Staff of the 366th Fighter Wing at Mountain Home Air Force Base, a position previously held by Idaho Attorney General Lawrence Wasden.
This is part of a two-year program, which honors a specific group of community leaders as Honorary Commanders.
Mr. Gillispie has become well known in the community for his continuing efforts to build a new nuclear power plant in Payette County, Idaho.
"This is a great honor for me as a businessman in the community and as a veteran. Taking part in supporting our military whether they be on land, sea, or air has always been one of my highest priorities," said Gillispie.
The Honorary Commander program is designed to increase the understanding of the 366th Fighter Wing and Air Force missions by pairing community leaders with the wing's leaders to forge new relationships.
During the two-year term Honorary Commanders participate in creative and unique events to learn the specifics of the wing mission. They learn how Gunfighters apply airpower to dominate the skies, maintain a multi-billion dollar aircraft fleet, provide top-notch healthcare for thousands of Airmen, their families and retirees, and how all the support functions on base tie together to make this daily way of life a reality.
About Don Gillispie -- A 45-year veteran of the nuclear industry, Don Gillispie was involved in the construction and operation of a number of nuclear reactors and helped start the Institute of Nuclear Power Operations (INPO). His real interest in nuclear power began in the military. He completed the Navy Nuclear Power School, became a nuclear operator and served aboard the SSBN Francis Scott Key. He is now CEO of Alternate Energy Holdings, Inc. in Eagle, Idaho.
About Alternate Energy Holdings, Inc. (http://www.aehipower.com) -- Alternate Energy Holdings develops and markets innovative clean energy sources. The company is the nation's only independent nuclear power plant developer seeking to build new power plants in multiple non-nuclear states. Other projects include Energy Neutral(TM), which removes energy demands from homes and businesses (http://www.EnergyNeutralinc.com), Colorado Energy Park (nuclear and solar generation), and Green World Water(TM), which assists developing countries with nuclear reactors for power generation (http://www.GreenWorld-H2O.com), production of potable water and other suitable applications. AEHI China, headquartered in Beijing, develops joint ventures to produce nuclear plant components and consults on nuclear power.
The Alternate Energy Holdings, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8058
Safe Harbor Statement: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe," "expect," "anticipate," "project," "target," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events, including our ability to list on a national securities exchange. These statements are based on the beliefs of our management as well as assumptions made by and information currently available to us and reflect our current view concerning future events. As such, they are subject to risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: our significant operating losses; our limited operating history; uncertainty of capital resources; the speculative nature of our business; our ability to successfully implement new strategies; present and possible future governmental regulations; operating hazards; competition; the loss of key personnel; any of the factors in the "Risk Factors" section of our Annual Report on Form 10-K for the most recently completed fiscal year; and any statements of assumptions underlying any of the foregoing. You should also carefully review the reports that we file with the SEC. We assume no obligation, and do not intend, to update these forward-looking statements, except as required by law.
CONTACT: Alternate Energy Holdings, Inc.
Media:
Dan Hamilton
(208)939-9311
Source: Globe Newswire (November 29, 2010 - 10:15 AM EST)
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GOLD BULLION DEVELOPMENT MORE THAN DOUBLES LAND POSITION AT GRANADA PROJECT
Nov. 29, 2010 (PR Newswire) --
VANCOUVER -
Mr. Frank J. Basa reports:
Gold Bullion Development Corp. (GBB, TSX.V) (the "Company" or "Gold Bullion") is very pleased to announce it has signed an agreement to earn a 100% interest in four properties comprising over 6,000 hectares in close proximity to the LONG Bars Zone at its Granada Gold Property in northwestern Quebec. This agreement gives Gold Bullion a dominant land position that covers areas considered by the Company to encompass many of the most prospective gold bearing geological structures in the emerging Granada mining camp along the prolific Cadillac Trend.
"With the results we're seeing in our ongoing drilling, a bigger picture is unfolding at Granada," stated Frank J. Basa, Gold Bullion's President and CEO. "We're consistently finding extensions to structures which is why we have taken this immediate and strategic decision to more than double the size of our landholdings. There is significant exploration upside in all directions surrounding the former Granada Mine. Mineralization in the LONG Bars Zone is extending further east but it's also widening north to south. Recent prospecting has also demonstrated new potential going west."
Gold Bullion can earn a 100% interest from the "D2D3 Group" (the "Vendor") in the Granada Southwest Property, the Beauchastel Syenite Property, the Kekeko South Property and the Adanac Extension Property by making a cash payment of $200,000 to the Vendor on or before the fifth business day after TSX Venture Exchange acceptance of the agreement, issuing an aggregate of 2.9 million common shares to the Vendor over a two-year period, and incurring exploration expenditures on the properties totaling at least $200,000 within one year of the agreement.
A 2% net smelter royalty is attached to each of the properties with Gold Bullion holding the right to purchase 50% of the NSR at any time for $1,000,000.
The Granada Southwest Property (33 claims, 724.2 hectares) is located approximately two kilometres southwest of the past producing Granada Mine which forms part of Gold Bullion's LONG Bars Zone Preliminary Block Model area (excluding the LONG Bars Zone Eastern Extension) outlined in the Company's April 22, 2010, news release. The sediment-hosted Southwest Property shares many common geological features found elsewhere throughout the Granada Gold Property including feldspar porphyry dykes and other intrusives.
The Beauchastel Syenite Property (15 claims, 861.8 hectares) is located 3.5 kilometres south of the Preliminary Block Model and is characterized by a major deformation zone coincident with a series of electromagnetic conductors. Numerous talc/chlorite alteration zones are reported in a sedimentary sequence intruded by syenite/intrusive rocks including porphyry units.
The Kekeko South Property (27 claims, 1,297.2 hectares) is several kilometres west of the Preliminary Block Model. The property is crosscut by major east-southeast trending interpreted regional structures that have not been tested for their gold potential.
The Adanac Extension Property (65 claims plus 34 claims pending, 3,318.75 hectares) is several kilometres east of Gold Bullion's easternmost claims in the LONG Bars Zone. It hosts the Norzone gold showing that exhibits similar characteristics to the nearby Adanac deposit. A major deformation corridor passes through the Adanac and Lake Pelletier gold deposits and crosscuts the Adanac Extension Property.
Gold Bullion is aggressively exploring the 4,900 hectare Granada Gold Property, located five kilometres south of Rouyn-Noranda, as a potential open-pit deposit along the prolific Cadillac Trend where numerous multi-million ounce deposits have been discovered and developed. The four new properties give Gold Bullion an additional 6,200 hectares in the area for a total land package in excess of 11,000 hectares.
An updated map showing Gold Bullion's entire land package at the emerging Granada mining camp will be posted today in the "Location" section of the Company's web site, www.GoldBullionDevelopmentCorp.com.
About Gold Bullion Development Corp.
Gold Bullion Development Corp. is a TSX Venture listed junior natural resource company focusing on the exploration and development of its Granada Gold Property near Rouyn-Noranda, Quebec, and its high grade Castle Silver Mine in Gowganda, Ontario.
For more information on Gold Bullion Development Corp. (TSX-V: GBB, OTC PK: GBBFF), visit our web site: http://www.GoldBullionDevelopmentCorp.com.
Qualified Person
The scientific and technical information in this release was prepared under the supervision of Mr. Frank J. Basa, P.Eng., Gold Bullion's CEO and President who is a member of the Ontario Association of Professional Engineers and a "qualified" person in accordance with National Instrument 43-101.
"Frank J. Basa"
Frank J. Basa, P.Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Gold Bullion Development Corp.
Source: PR Newswire (November 29, 2010 - 10:11 AM EST)
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Topaz Resources Inc to purchase assets in Barnett Combo shale oil play in North Texas
Nov. 29, 2010 (M2 Communications Ltd.) --
Oil and gas company Topaz Resources Inc (OTC.BB:TOPZ) said on Monday that the company is in the process of consolidating approximately 750 net acres in the oil leg of the Barnett Shale in Montague County in North Texas.
This oil leg is sometimes called the Barnett Combo shale oil play, referring to the presence of both oil and natural gas in certain parts of the Barnett shale formation in the Fort Worth basin, particularly the north side of the Barnett shale in Montague and Cooke counties.
According to the company, the potential reserves for the Barnett Combo play in Montague and Cooke counties are estimated to exceed 70m barrels of oil and 175bn cubic feet of natural gas per square mile, including over 280,000 barrels per well. The transaction is scheduled to be completed in December. No financial details were disclosed.
(Comments on this story may be sent to info@m2.com)
Source: M2 Presswire (November 29, 2010 - 10:07 AM EST)
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SwissINSO Announces the Signing of a Sales Contract for its Krystall(TM) Water Purification Unit - the First in North Africa
Nov. 29, 2010 (Canada NewsWire Group) --
LAUSANNE, Switzerland, Nov. 29 /CNW/ - SwissINSO Holding Inc. (OTCBB:SWHN) a leader in the development and application of solar-powered energy solutions, today announced the signing of a sales contract for its Krystall 100% solar-powered water purification-desalination unit, to be installed in southern Algeria. This sales agreement is significant as it comes only 8 months after the launch of the product.
(Photo: http://www.newscom.com/cgi-bin/prnh/20101129/422454)
"Krystall units are particularly well-suited to address the extreme and chronic clean-water shortages of countries like Algeria" said SwissINSO VP Paul de Belay. "We're very pleased with the decision to choose our technology. This agreement also represents an important opportunity for the growth of our business in the North Africa region", he added.
Working in conjunction with a local partner and distributor, the unit is expected to be fully-functional by early April 2011 and will serve as a showcase for other regions in Algeria and neighboring countries.
Krystall is the world's first high-volume fully solar-powered turnkey water purification system housed within two standard 40-ft (12.2m) containers. Its patented reverse-osmosis technology can purify up to 100,000 litres per day of brackish/contaminated water or 50,000 liters of seawater into pure drinking water. Operating and maintenance costs are a fraction of conventional units.
Krystall is perfectly suited for servicing remote towns and villages, humanitarian and relief situations, hotels, islands and turnkey camps.
A video description of the Krystall water purification system can be found at http://www.vps-prod.com/~video/Krystall_ANG.mov_b.html. Its ease of assembly is demonstrated in a virtual tour at http://www.swissinso.com/static/products/krystall.html.
About SwissINSO:
SwissINSO utilizes its proprietary intellectual property assets to provide environmentally friendly, innovative 100% solar-energy solutions and related technologies to meet growing global needs. The company's goal is to become a world leader in turn-key solutions using renewable energy for the purification and desalination of water and the cooling and heating of buildings. (http://www.SwissINSO.com)
SwissINSO has two core businesses: KRYSTALL(TM) is the world's first high-volume, 100% solar-powered turnkey water purification system contained within two 40-ft (12.2m) containers. Its second product, KLYMAA(TM), uses nano-composite solar coating technology to heat and cool buildings via solar-collector glass fa?ade panels in a wide variety of colors and treatments.
"Safe Harbor" Statement: A number of statements contained in this press release are forward-looking, made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including our ability to raise capital when needed and on acceptable terms and conditions, the intensity of competition, and general economic factors. The actual results SwissINSO Holding Inc. may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. SwissINSO Holding Inc. encourages the public to read the information provided here in conjunction with its most recent filings, which can be viewed at http://www.sec.gov.
Pls. note: Translations of this press release from English are provided for guidance purposes only and should not be considered as the official text of the release. The English text is the only official and legal version.
Photo:
http://www.newscom.com/cgi-bin/prnh/20101129/422454
Press Contact:
Morris Zand
Zand Media Relations
+41(79)785-43-56
morris@zand.us
SwissINSO SA Contact:
Irma Velazquez
Marketing Manager
irmavelazquez@swissinso.com
http://www.swissinso.com
+41(21)693-86-40
Source: Canada Newswire (November 29, 2010 - 10:04 AM EST)
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Sino Payments Corporate Development Update
Hong Kong Joint Venture to provide card processing services to
Asia regional retailers
Nov. 29, 2010 (Business Wire) -- Sino Payments, Inc. (www.sinopayments.com) (OTCBB: SNPY) recently announced that it has signed a Letter of Intent with existing partner Tap Group to setup a jointly owned Hong Kong company for the purpose of pooling Asia regional retailer card processing projects in which Tap Group already has existing customer relationships.
Tap Group customers include such household names as:
-AS Watsons Group (Hong Kong, China)
-Sogo Department Stores (Hong Kong)
-PCCW (Hong Kong)
-CTM (Macau)
-Robinsons Department Stores (Philippines)
The focus for Sino Payments is on identifying large regional retail projects in Asia and also in Europe.
Sino Payments’ President and CEO Matthew Mecke stated, "In addition to creating a Hong Kong Joint Venture Company with our partner TAP Group, we have been working for several months on identifying large regional store chains operating in Europe that are interested in our services for new markets regionally in Europe. I believe our 3 pronged approach of developing business projects for large regional retailers in Asia and Europe in addition to providing ecommerce services worldwide will bear fruit soon and will establish a strong stable client and revenue base for the future.”
About Sino Payments, Inc. (www.sinopayments.com)
Sino Payments is a US public company with offices in Hong Kong. In addition to providing stand alone worldwide ecommerce processing capability, Sino Payments' proprietary IP transaction processing system (SinoPay GPP) is designed to convert transaction processing systems from old type dial up point of sale systems linked to sophisticated check out terminals to a modern seamless IP transaction process, reducing credit and debit card transaction processing times by half at checkout. Sino Payments focuses on providing IP credit and debit card processing services to large retail chains, including supermarket chains and large regional multinational retailers, in China and throughout Asia.
Keywords: credit card processing, asia retail merchant, debit card processing, regional retailers, point of sale, card transactions, central eastern europe card processing, merchant card transactions
Sino Payments
Matthew Mecke, CEO, +1 877-204-6270 x801
ir@sinopayments.com
Source: Business Wire (November 29, 2010 - 10:03 AM EST)
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ITEX Corporation Announces Credit Facility Increase
U.S. Bank Expands Line of Credit to $3 million
Nov. 29, 2010 (PR Newswire) --
BELLEVUE, Wash., Nov. 29, 2010 /PRNewswire-FirstCall/ -- ITEX Corporation (OTC Bulletin Board: ITEX), The Membership Trading Community(SM), a leading marketplace for cashless business transactions in North America, today announced that the credit facility with its primary banking institution had been expanded to $3 million.
ITEX and U.S. Bank entered into an agreement to increase the maximum loan amount under its revolving credit facility from $2.5 million to $3 million. The interest rate of the facility is one-month LIBOR + 2%; equivalent to a current interest rate of 2.3125%.
Steven White, Chairman and CEO noted, "U.S. Bank has been a great partner over the years and we appreciate the support it has provided to help us expand our business. We are in a great position to pursue opportunities as they may arise, with access to more than $8 million in capital, which includes our existing cash reserves."
Timothy J. Flynn, Vice President of Commercial Banking for U.S. Bank, commented, "We are pleased with ITEX's consistent financial performance and overall success during the last seven years. During this period, ITEX has done an exceptional job strengthening its balance sheet and demonstrating sound fiscal management. These factors, along with our positive and open communications with ITEX's management, were instrumental in approving the line of credit."
About ITEX
ITEX, The Membership Trading Community(SM), is a thriving network of participating member businesses. Members increase sales through an exclusive distribution channel managed by franchisees, licensees and corporate-owned locations, by utilizing ITEX dollars to exchange goods and services. ITEX is powered by ITEX Payment Systems, the leading payment technology platform for processing cashless business transactions. ITEX is headquartered in Bellevue, WA. For more information, please visit ITEX's website at www.itex.com. We routinely post important information on the investor relations portion of our website.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties concerning our expected performance (as described without limitation in the quotations from current management in this release) and comments within the safe harbor provisions established under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of our future performance. We believe that these potential risks and uncertainties include, without limitation: our revenue growth and success being tied to the operations of our broker network; our future revenue growth remaining uncertain; our brokers taking actions that could harm our business or our reputation; our failure to deal effectively with member disputes; our business being subject to online security risks; unplanned system interruptions or system failures; claims and lawsuits against us that may result in adverse outcomes; and the effect of changes in the overall economy and in technology.. Statements in this release should be evaluated in light of these factors. These risk factors and other important factors that could affect our business and financial results are discussed in our periodic reports and filings with the Securities and Exchange Commission, including our Forms 10-K and Forms 10-Q, which are available at www.sec.gov. ITEX undertakes no duty to update or revise any forward-looking statements.
Important Additional Information
ITEX Corporation has filed with the Securities and Exchange Commission ("SEC") and mailed to its stockholders a definitive proxy statement in connection with its 2010 annual meeting of stockholders. Stockholders are strongly advised to read ITEX's definitive proxy statement and the accompanying WHITE proxy card before making any voting decisions. The definitive proxy statement contains information regarding the names, affiliations and interests of ITEX's directors, its nominees for director, and certain of its officers and employees that are deemed, along with ITEX, to be participants in the solicitation of proxies from stockholders in connection with its 2010 annual meeting. Investors and stockholders may obtain copies of the Company's definitive proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC in connection with its 2010 annual meeting free of charge at the SEC's website at www.sec.gov, or on ITEX's website at www.itex.com.
For more information, please visit www.itex.com
SOURCE ITEX Corporation
Source: PR Newswire (November 29, 2010 - 10:00 AM EST)
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Arrowhead Business and Investment Decisions publishes Due Diligence and Valuation Report on Next One Interactive Incorporated (OTCBB:NXOI)
Nov. 29, 2010 (Business Wire) -- Arrowhead Business and Investment Decisions, LLC (“Arrowhead”) announced that it had commenced coverage and published a Due Diligence Research and Valuation Report on Next One Interactive, Inc. ("Next One" or "the Company”) on November 22nd, 2010.
A copy of the report is available on www.abid.co.
About Next One Interactive Incorporated (OTCBB:NXOI)
Next One is a multi-faceted interactive media company, which operates within the real estate and travel sectors. Next One delivers targeted digital content via satellite, cable, broadcast, broadband, web, print and mobile platforms. The primary focus is on the R&R television network, which is featured on Comcast, the largest cable company in the United States by number of households. Comcast and Next One have entered into a revenue-sharing partnership, whereby Comcast is assisting Next One with its marketing by driving viewers to the R&R network with banner ads on the TV guide homepage. Next One is planning to draw revenue both as a media outfit from a traditional advertising model as well as sales of interactive advertising development, and as a media-enabled intermediary (broker) in the travel and real estate sectors.
Statements contained and linked to this news release are not historical facts they are forward-looking statements. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Forward-looking statements are based on the beliefs, estimates and opinions of Arrowhead analysts on the date the statements are made. Arrowhead undertakes no obligation to update these forward-looking statements if beliefs, estimates or opinions, or other factors, should change. The information contained and linked to this news release is purely factual and does not constitute a recommendation to buy or sell securities. Arrowhead received fees in 2010 from Next One for the research costs and other services including publishing this report and investor relations services. Arrowhead is not responsible for any loss, financial or other, directly or indirectly linked to any price movement or absence of price movement of the securities described.
Arrowhead Business and Investment Decisions, LLC
Thomas Renaud, Managing Director
or
Daniel Renaud, Managing Director
+1 (212) 619-6889
enquire@arrowheadbid.com
www.arrowheadbid.com
or
Next One Interactive, Inc.
William Kerby, CEO & Vice-Chairman
+1 (954) 888-9779
www.nxoi.com
Source: Business Wire (November 29, 2010 - 10:00 AM EST)
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Drill Results Announced from Miranda Gold's Angel Wing Project
Nov. 29, 2010 (Business Wire) -- Miranda Gold Corp. (“Miranda”) (TSX-V: MAD) announces drill results from Angel Wing, a sediment hosted gold and epithermal vein project in Elko County, Nevada. Miranda’s exploration funding partner Ramelius Resources Ltd. (“Ramelius”) (ASX: RMS) completed 1,500 ft (457 m) of drilling in five holes. Unfavourable drilling conditions forced the early termination of the drill program, which was to include a total of 4,000 ft (1,212 m) of drilling in eight to ten holes.
Miranda’s President and CEO, Ken Cunningham states “although we did not drill as many holes as anticipated we are pleased with the initial results. These results show that the location and continuity of the main vein is predictable. In addition, we encountered additional “blind” veins that suggest this is a robust system that will ultimately require drill testing both down-dip and along the entire length of the vein.”
The drill program at Angel Wing was designed to test: 1) the DaVinci vein, where surface channel sampling had returned 10 ft (3 m) of 0.736 oz Au/t (25.2 g Au/t) and 2.6 oz Ag/t (89.2 g Ag/t) and, 2) the Goya zone, where silicified sediments with quartz veining returned surface values of up to plus 0.300 oz Au/t (10.3 g Au/t) over coincident chargeable and resistive IP anomalies. The DaVinci vein is 850 ft (260 m) west of the Goya area and they represent two separate veins.
Of particular note were intervals of 5 ft of 0.118 oz Au/t (1.5 m of 4.05 g Au/t) and 5 ft of 0.111 oz Au/t (1.5 m of 3.80 g Au/t) in hole AW10-03 intersected in the DaVinci vein. These mineralized intersections in AW10-03 are separated by intervals of no sample due to the bad ground encountered during drilling. The no sample intervals represent voids or cavities in the limestone host rock. Although mineralization extends to the end of the hole, it had to be abandoned due to loss of the drill hammer. AW10-01, 02 and 03 were drilled from the same pad. AW10-01 and AW10-03 were angle holes directed east and hit the DaVinci vein at approximately 60 ft (18.29 m) and 125 ft (38.1 m) respectively below the surface exposure. AW10-02 was directed northeast and hit the vein approximately 100 ft (30.48 m) to the north along strike and at a depth of approximately 230 ft (70.1 m) below the surface. Drill holes AW10-01, 02, 03 all hit the DaVinci vein as projected suggesting good continuity of the vein. In addition, two veins were intersected that were not observed at surface.
The two blind veins confirm that sub parallel veins are unexposed at Angel Wing. In a classic epithermal vein system model, multiple sub parallel veins sets can branch and horsetail at a higher level above a primary vein containing bonanza grade ore. The presence of multiple vein sets, which may branch from a deeper main vein provide further encouragement for 2011 drilling.
A detailed drilling map and explanatory geological model for Angel Wing can be viewed at http://www.mirandagold.com/s/Update.asp?ReportID=430676.
All significant drill intercepts (defined as any mineralization grading 0.010 oz Au/t (0.342 g Au/t) or 0.292 oz Ag/t (10 g Ag/t) or better over 5 ft (1.5 m) lengths are presented in the following table:
Grade
Interval Length (oz Length
Hole ID (ft) (ft) * Grade (oz Au/t) Ag/t) (m) * Grade (g Au/t) Grade (g Ag/t)
no
AW10-01 70-80 sample
80-95 15 0.020 0.181 4.6 0.70 6.21
205-220 15 0.028 0.041 4.6 0.96 1.42
AW10-02 270-310 40 0.003 0.693 12.2 0.11 23.74
AW10-03 50-65 15 0.020 0.133 4.6 0.69 4.57
Includes 55-60 5 0.041 0.088 1.5 1.40 3.02
105-120 15 0.057 0.222 4.6 1.96 7.60
Includes 110-115 5 0.118 0.225 1.5 4.05 7.70
no
120-125 sample
125-135 10 0.064 0.130 3.0 2.20 4.55
Includes 125-130 5 0.111 0.105 1.5 3.80 3.58
no
135-140 sample
140-155 15 0.025 0.227 4.6 0.86 7.77
Includes 140-145 5 0.040 0.193 1.5 1.38 6.60
AW10-04 25-30 5 0.041 0.020 1.5 1.39 0.68
35-40 5 0.010 0.032 1.5 0.34 1.11
80-95 15 0.020 0.097 4.6 0.70 3.33
140-145 5 0.013 0.031 1.5 0.43 1.06
230-235 5 0.003 1.285 1.5 0.10 44.0
250-255 5 0.001 0.302 1.5 0.05 10.35
AW10-05 55-70 15 0.026 0.105 4.6 0.89 3.58
130-135 5 0.014 0.170 1.5 0.49 5.81
* Drilled intersections; True widths cannot be estimated at this time.
Drilling was suspended due to weather conditions and poor sample recovery and will continue in the early 2011 field season. Less than 150 ft (46 m) of strike length was tested in the DaVinci vein and Goya zone. Only a very small part of a multiple vein system extending over 1.24 mi (2 km) has been tested thus far. A detailed IP survey over the available 1.24 mi (2 km) strike of the low sulphidation epithermal vein field at Angel Wing will be completed during the 2011 field season ahead of additional drilling. Ramelius will continue to drill at depth and along strike of the DaVinci vein and test other veins inferred from the IP survey.
The data disclosed in this press release have been reviewed and verified by President & CEO Ken Cunningham, P.G, MSc. Geology and Qualified Person as defined by National Instrument 43-101.
Corporate Profile
Miranda Gold Corp. is a gold exploration company active in Nevada, Alaska and Colombia and whose emphasis is on generating gold exploration projects with world-class discovery potential. Miranda performs its own grass roots exploration and then employs a joint venture business model on its projects in order to maximize exposure to discovery while minimizing exploration risk. Miranda has ongoing partnerships with Agnico-Eagle USA Limited, Montezuma Mines Inc., Navaho Gold Pty Ltd., NuLegacy Corporation, Piedmont Mining Company Inc., Ramelius Resources Ltd. and Red Eagle Mining Corporation.
ON BEHALF OF THE BOARD
“Kenneth Cunningham”
Kenneth Cunningham
President and CEO
For more information visit the Company’s web site at www.mirandagold.com or contact Fiona Grant, Manager, Investor Relations 1-877-689-4580 .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Miranda Gold Corp.
Fiona Grant, 1-877-689-4580
Manager, Investor Relations
Source: Business Wire (November 29, 2010 - 1:24 PM EST)
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China Networks International Announces Sale of Kunming Assets
Nov. 29, 2010 (GlobeNewswire) --
BEIJING, Nov. 29, 2010 (GLOBE NEWSWIRE) -- China Networks International Holdings Ltd ("China Networks" or the "Company") (OTCBB:CNWHF), a television advertising operator based in China, announced today that it has entered into an agreement with its equity joint venture partners, Kunming TV Station (the "KM JV"), on the sale of the Company's assets in Kunming Taishi Information Cartoon Co., Ltd. ("the KM JV"), located in Yunnan Province.
The sale, which consists of a 50% equity stake of KM JV and 20 years exclusive advertising operational rights in six television channels covering five districts, eight counties and one city, in Kunming, with a combined population of approximately 6.3 million, will be sold for total consideration of $22.6 million (RMB150 million), subject to PRC regulatory approvals. The initial upfront cash payment of $11.3 million (RMB75 million) has been received by the Company and will be used to deliver an early repayment to holders of the Company's $11 million senior secured convertible debentures. China Networks will be entitled to the remaining payments in five installments, expected to be completed by December 31, 2011.
As part of the Company's strategic plan, it has concluded that with the early retirement of its debt and an improved capital structure, it will be able to seek new opportunities to invest in additional television stations and to acquire assets fit for its expansion plans.
Mr. Shuangqing Li, the Company's Chairman and Chief Executive Officer says, "Due to the recent restructuring and integration of our Kunming assets, our joint venture partners approached us regarding the sale of our equity stake. As the operations have performed exceptionally well, we decided it was in the best interest of our shareholders to liquidate the assets at premium market value and to repay our senior secured notes. Going forward, we are extending the next phase of our development through opportunities and ventures in additional TV stations that can help generate good profitability and valuations for the Company."
About China Networks
China Networks International Holdings, Ltd., is a media advertising company focusing on providing international and domestic advertising to its exclusive networks in tier two and tier three cities in China. The Company owns a 50% interest in Shanxi Yellow River & Advertising Networks Cartoon Technology Co., Ltd (Yellow River) through a joint venture. China Networks along with its joint venture partners seeks to add more television stations to its advertising network. For more information about China Networks, visit www.chinanetworks.com.
The China Networks International Holdings Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7329
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, those concerning our securities offering and the anticipated use of the net proceeds of the offering, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Forward-looking statements can be identified by the use of forward-looking terminology such as "will," "believes," "expects" or similar expressions. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and based upon premises with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system at http://www.sec.gov.
CONTACT: Icon Media Communications
Investor and Media Contact:
Debra Chen
+ 917-499-8129
debra@imc-ir.com
Source: Globe Newswire (November 29, 2010 - 1:30 PM EST)
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Pure Nickel's Tower Property Under Option With Rockcliff Resources Inc. Continues to Hit High Grade Copper-Gold Mineralization
Nov. 29, 2010 (Newsfile Corp.) --
Pure Nickel Inc. (TSX: NIC, OTCBB: PNCKF) today reported that its option partner in central Manitoba on the Tower Property, Rockcliff Resources Inc. (TSXV: RCR), has announced that the preliminary drilling has continued to intersect high grade copper-gold mineralization. The Tower Zone remains open in all directions and has been intersected by widely spaced (100-200m drill centers) drill holes over a strike length of 800m and to a vertical depth of almost 500m.
High grade results from holes 4 and 5 are highlighted below.
7.0% copper, 2.0g/t gold, 1.3% zinc and 32.2g/t silver across 2.65m including 11.5% copper, 2.7g/t gold, 2.0% zinc and 49.7 silver across 1.00m (hole 4);
3.3% copper, 0.3g/t gold, 0.8% zinc and 17.6g/t silver across 7.45m including 9.8% copper, 0.9g/t gold, 2.2% zinc and 51.5g/t silver across 2.4m (hole 5);
As reported by Rockcliff, the geophysical bore hole surveys have clearly identified a significant untested area of high conductance representing massive sulphides along strike and at depth to the existing high grade copper-gold drill intercepts.
Significant assay results and drill information from drill holes TP10-003 to TP10-005 are tabulated below. Please see press release dated November 10, 2010 outlining additional high grade copper-gold results from TP10-001 and 002. The lengths reported below are drill intersected core lengths and do not represent true widths.
Borehole
From
To
Length
Copper
Gold
Zinc
Silver
Grid /Azimuth/Dip/depth
(m)
(m)
(m)
%
g/t
%
g/t
TP10-003
490.00
493.00
3.0
0.3
0.01
0.1
2.1
1N, 2+13W/100/70/602.6m
includes
490.00
490.20
0.2
2.3
0.03
0.02
6.0
TP10-004
212.30
214.65
2.65
7.0
2.0
1.3
32.2
3N, 0+95W/90/55/290.0m
includes
213.95
214.95
1.00
11.5
2.7
2.0
49.7
TP10-005
293.20
300.65
7.45
3.3
0.3
0.8
17.6
3N, 0+95W/90/67/380.0m
includes
298.00
300.40
2.40
9.8
0.9
2.2
51.5
Under the terms of the Option Agreement with Pure Nickel (TSX:NIC) (OTCBB:PNCKF) of February 21, 2008, Rockcliff can earn up to a 70% interest in the property. Rockcliff must pay $150,000 in incremental payments to Pure Nickel over four years and will be required to incur aggregate exploration expenditures totalling $4,000,000 over four years; $2,000,000 over two years to earn a 50% working interest and a further $2,000,000 to earn a further 20% working interest.
Ken Lapierre, P.Geo., President & CEO of Rockcliff Resources Inc., is the Qualified Person under the definition of National Instrument 43-101 is responsible for the technical information reported by Rockcliff.
About Pure Nickel Inc.
Pure Nickel is a mineral exploration company with a diverse collection of mineral exploration projects in North America.
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel’s actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information:
The Howard Group Investor Relations
Jeff Walker
T. (888) 221-0915
Email: info@howardgroupinc.com
Website: www.howardgroupinc.com
CHF Investor Relations
Cathy Hume
CEO
T. (416) 868-1079 x231
Email: cathy@chfir.com
Website: www.chfir.com
Pure Nickel Inc.
David McPherson
President and CEO
T. (416) 644-0066
Email: info@purenickel.com
Website: www.purenickel.com
Source: Newsfile Corp. (November 29, 2010 - 1:35 PM EST)
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Comstock Mining Acquires Historic Oest Property; Expands Comstock Land Position
Nov. 29, 2010 (PR Newswire) --
VIRGINIA CITY, Nev., Nov. 29, 2010 /PRNewswire/ -- Comstock Mining Inc. ("Comstock Mining" or "the Company") (OTC Bulletin Board: LODE) announced today the recent acquisition of eight patented lode-mining claims and six unpatented lode-mining claims on the Oest and Comet lodes, west of Silver City, Nevada. The Oest mine operated from 1887 to 1927, and produced approximately 50,000 ounces of gold. A prize-winning gold specimen from the Oest mine was exhibited by the state of Nevada at the 1893 Chicago World's Fair.
(Photo: http://photos.prnewswire.com/prnh/20101129/LA08198)
"The Oest property presents an opportunity between our Lucerne and Dayton Resource Areas," commented Mr. Larry Martin, Comstock Mining's Chief Geologist. "Our extensive knowledge of the geology in those areas lets us explore this property with fresh concepts."
The properties were acquired through an exploration license with option to purchase agreement with Genco Resources, Ltd of Vancouver, BC and Rule Nevada, Inc., a Nevada Corporation (together "Genco-Rule"). Comstock Mining paid $10,000 for an initial license term of 90 days that can be extended for an additional 90 days for an additional $35,000. During the exploration license period, Comstock can exercise its option to purchase for a total price of $275,000. Genco-Rule would be paid the $225,000 balance in ten quarterly payments of $22,500 each upon exercise of the option to purchase.
The agreement includes a 2.5% Net Smelter Return (NSR) royalty from production to Genco-Rule. The property is also subject to a 10% NSR to a prior owner, which can be bought-out for a one-time fee of $100,000, which would be deducted from the first $100,000 of NSR to Genco-Rule.
The addition of the Oest property increases the land holdings controlled by Comstock Mining by approximately 139 acres. The Company's land position in the Comstock district now totals 6,552 acres, including 967 acres of patented mining claims, and 5,585 acres of unpatented claims administered by the Bureau of Land Management.
Mr. Corrado De Gasperis, Comstock Mining Chief Executive Officer, stated, "The acquisition of these historic Oest property continues our methodical consolidation of the Comstock District. We appreciate the professionalism extended to us in working with senior executives at Rule and Genco and look forward to the productive exploration and development of these properties."
About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based gold and silver mining company with extensive, contiguous property in the Comstock District. The Company began acquiring properties in the Comstock District in 2003. Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and brought the exploration project into test mining production. The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for exploration and mining. The goal of its strategic plan is to deliver stockholder value by validating qualified resources (at least measured and indicated) and reserves (probable and proven) of 3,250,000 gold equivalent ounces by 2013, and commencing commercial mining and processing operations in 2011, with annual production rates of 20,000 gold equivalent ounces.
Cautionary Note to U.S. Investors
This press release uses the terms "measured resources," "indicated resources," "inferred resources," and "historical resources" which are calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification system. The United States Securities and Exchange Commission (the "SEC") does not recognize these terms and the SEC guidelines (Industry Guide 7) provide that such terms shall not be included in a registrant's filings with the SEC (unless required to be disclosed by foreign or state law). The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred mineral resource" will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that any part or all of a measured, indicated or inferred resource exists or is economically or legally mineable. U.S. investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from the SEC's website at http://www.sec.gov.
Forward-Looking Statements
This press release and any related calls or discussions may contain forward-looking statements. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of and demand for our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature, timing and accounting for restructuring charges, gains or loses on debt extinguishment, derivative liabilities and the impact thereof; productivity, business process, rationalization, restructuring, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.
The words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential" and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our SEC filings and the following: the current global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources and reserves; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from our recapitalization and balance sheet restructuring activities; potential inability to continue to comply with government regulations; adoption of or changes in legislation or regulations adversely affecting our businesses; business opportunities that may be presented to or pursued by us; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to unexpected equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, copper, diesel fuel, and electricity); changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies and equipment raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the SEC; potential inability to list our securities on any securities exchange or market; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement.
Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.
Contact information for Comstock Mining Inc.:
P.O. Box 1118
Virginia City, NV 89440
Tel (775) 847-4755
Fax (800) 750-5740
info@comstockmining.com
www.comstockmining.com
SOURCE Comstock Mining Inc.
Source: PR Newswire (November 29, 2010 - 2:30 PM EST)
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Golden Phoenix Completes Field Inspection of Molybdenite Stockpiles and Milling Facility in Peru; Crews to Reopen Caved Portal
Nov. 29, 2010 (PR Newswire) --
SPARKS, Nev., Nov. 29, 2010 /PRNewswire/ -- Golden Phoenix Minerals, Inc. (the "Company") (OTC Bulletin Board: GPXM) is pleased to announce its Technical Services Group has completed a field inspection of the Porvenir molybdenite stockpiles and the Company's recently secured milling facility, in southern Peru.
Based on this analysis, the mill is scheduled to commence a test run of molybdenum ore in December. This will determine how the ore best responds to flotation and could potentially expand the mill's capacity with optimized production. Labor crews are currently being assembled to begin sorting and moving ore to the mill.
Efforts will also include evaluating the potential to reactivate mining at the Porvenir molybdenum and tungsten mine. Crews will reopen the caved portal and secure adits and stopes for core drilling. The vertical vein has not been tested along strike or depth beyond the main access level. Wayne Colwell, Senior Manager of Golden Phoenix's Technical Services Group will make a return visit in December to observe the progress.
"Our expansion into Peru is advancing as planned," stated Tom Klein, CEO of Golden Phoenix. "We expect production of molybdenum concentrates to commence during the first quarter of 2011."
Mr. Klein concluded: "Recent news reports about the possibility of China classifying molybdenum as a national mining resource and limiting its production and export are another reason moly production makes good business sense for Golden Phoenix."
Please visit the Golden Phoenix website at: www.golden-phoenix.com.
Golden Phoenix Minerals, Inc. is a Nevada-based mining company whose focus is Royalty Mining in the Americas. Golden Phoenix is committed to delivering shareholder value by identifying, acquiring, developing and mining superior precious and strategic metal deposits throughout North, Central and South America using competitive business practices balanced by principles of ethical stewardship. Golden Phoenix is a 30% joint venture partner with Scorpio Gold on the Mineral Ridge gold and silver property near Silver Peak, Nevada, and owns the Adams Mine and Duff Claim Block near Denio, Nevada, and the Northern Champion molybdenum mine in Ontario, Canada. Golden Phoenix has an option to earn an 80% interest in the Vanderbilt Silver and Gold Project, and the Coyote Fault Gold and Silver Project, both of which are adjacent to the Mineral Ridge gold and silver property near Silver Peak, Nevada. Golden Phoenix has entered into a Memorandum of Understanding to acquire an 80% interest in five gold and molybdenum properties in Peru; two on the Pataz Gold Trend in the north and three in the Porvenir area in the south. Golden Phoenix has entered into a Definitive Acquisition Agreement to acquire a 100% interest in four gold and base metal properties in the Shining Tree Mining District in Ontario, Canada.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements by officers of the Company, and other statements regarding optimism related to the business, expanding exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors including continued market prices for the Company's mineral products. In addition, actual results could vary materially based on changes or slower growth in the gold and base and precious metals markets; the potential inability to realize expected benefits and synergies in the Company's mining operations; domestic and international business and economic conditions; changes in the mining industry for base and precious minerals; unexpected difficulties in restarting or expanding production at the Company's mines; the need for additional capital and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
For More Information Contact:
Robert Ian, Director of Corporate Communications (775) 453-4741
robertian@golden-phoenix.com
SOURCE Golden Phoenix Minerals, Inc.
Source: PR Newswire (November 29, 2010 - 2:30 PM EST)
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VIRIDIS ENERGY INC. ANNOUNCES THIRD QUARTER 2010 RESULTS; Strong Gross Margin Growth in the Quarter
Nov. 29, 2010 (TheNewswire.ca) --
Vancouver, BC - November 29, 2010: Viridis Energy Inc. (OOTC:VRDSF) ("Viridis" or "the Company")(TSXV: VRD) announced today that it has filed its 2010 third quarter financial statements and related management's discussion and analysis for the nine month period ending September 30, 2010.
"We are pleased with the progress we have made on integration of Okanagan Pellet Company as Q3 marks the first full quarter of OPC with Viridis. Now, as result of this combination, we are able to more efficiently control our inventory and produce a strong gross margin of 35%," says Christopher Robertson, CEO, Viridis Energy Inc.
In its management's discussion and analysis, Viridis in addition discusses the following operational and business related highlights:
-A gross margin of $957,716 in the three month period ending September 30, 2010 or 36% compared with a gross margin of $439,703 or 22% in the three month period ending June 30, 2010;
-An increase in the Company's assets to $17,647,280 as at September 30, 2010, as compared to $218,488 as at December 31, 2009;
-The Company's sales of $2,659,153 for the three month period ending September 30, 2010, reflecting an increase in revenue over the three month period ending June 30, 2010 of 32%.
Copies of these documents can be retrieved electronically from SEDAR by accessing Viridis' public filings at www.sedar.com.
For further information, contact:
Michele Rebiere
Executive Vice President
Corporate Development & Investor Relations
investorinfo@viridisenergy.ca
(905) 847 5226
About Viridis Energy Inc.
Viridis Energy Inc. (TSX: VRD-V) is a publicly traded, "Cleantech" energy company specializing in the production and distribution of premium, softwood pellets, an alternative heating and energy source. Based in Vancouver, B.C., Viridis Energy operates Cypress Pacific Marketing whose primary business is wood pellets, an alternative energy source that is both renewable and available at lower costs, relative to traditional energy and heat sources. The Company has over 250 customers in North America and distributes four brands including its proprietary, leading brand Okangan Pellets™.
For more information on Viridis Energy Inc. please refer to the company website at www.viridisenergy.ca.
Forward-looking Statements
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's future operations. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) the risk that the Company does not execute its business plan, (2) inability to finance operations and growth, and (3) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2010 Thenewswire.ca - All rights reserved.
Source: TheNewsWire (November 29, 2010 - 8:26 PM EST)
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Dongsheng Pharmaceutical International Co. Acquires Exclusive Intellectual Property, Sales and Manufacturing Rights of Micro-Emulsion Alprostadil Injection
Nov. 29, 2010 (PR Newswire) --
NEW YORK, Nov. 29, 2010 /PRNewswire-Asia/ -- Dongsheng Pharmaceutical International Co., Ltd. (the "Company") (OTC Bulletin Board: DNGH.OB) announced today that it has entered into an agreement with Shanghai Wan'Te Pharmaceutical Co., Ltd. ("Wan'Te") to acquire the intellectual property, exclusive sales and manufacturing rights of micro-emulsion alprostadil injection from Wan'Te for total proceeds of RMB10 million, of which RMB5 million will be paid in cash and RMB5 million will be paid in shares of the Company's common stock. However, if the trading price of the Company's common stock is less than $1.50 per share on the date on which the RMB5 million of common stock is to be issued, Wan'Te shall have the right, but not the obligation, to require the Company to pay to it RMB5 million in cash in lieu of such shares of common stock.
Micro-Emulsion Alprostadil Injection
Micro-Emulsion Alprostadil Injection is ranked as the No. 2 cardiovascular disease treatment measured by Chinese hospital usage, and it has experienced a growth rate of 17% per year (China Pharmaceutical News, 2010). According to the Development Research Centre of the State Council of China, the direct medical cost of cardiovascular disease in China has reached 130 billion RMB per year since 2007 (DRCnet, 2007).
Another Important Top Line Growth Engine
The Company targets launching sales of micro-emulsion alprostadil injection in March 2011. Mr. Zhu XiaoDong, CEO of Dongsheng, stated, "With full control of the technological, sales and manufacturing rights, leveraged with the Company's extensive sales network within China, alprostadil represents an exciting opportunity for Dongsheng to diversify its revenue sources."
About Dongsheng Pharmaceutical International Co., Ltd.
Headquartered in Chengdu, Sichuan Province, China, Dongsheng Pharmaceutical International Co., Ltd. engages in pharmaceutical technology promotion, trading and warehousing of traditional Chinese medicine and bio-chemistry products. The Company sells prescription and non-prescription drugs and provides new medicine research and development and drug registration services distributing to more than 30 provinces in China and throughout Southeast Asia.
Forward-Looking Statements
Statements made in this news release may be forward-looking statements within the meaning of Federal Securities laws that are subject to certain risks and uncertainties and involve factors that may cause actual results to differ materially from those projected or suggested. Factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements include, but are not limited to, those contained in Dongsheng's most recent periodic reports on Form 10-K and Form 10-Q that are filed with the Securities and Exchange Commission. Dongsheng assumes no obligation to update and supplement forward-looking statements because of subsequent events.
For more information, please visit: www.eappic.com
Company Contact:
Dongsheng Pharmaceutical International Co., Ltd.
Ph: 201-898-0688 (US), 8610-88580780 (CHINA)
Email: eappic@eappic.com
SOURCE Dongsheng Pharmaceutical International Co., Ltd.
Source: PR Newswire (November 29, 2010 - 11:00 PM EST)
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The Robin Hood Foundation -Artisanal Brands, Inc. Announces Holiday Effort
Nov. 30, 2010 (PR Newswire) --
NEW YORK, Nov. 30, 2010 /PRNewswire/ -- Artisanal Brands, Inc., (OTC Bulletin Board: AHFP), has announced its first holiday season effort to aid charity in support of the non-profit organization, The Robin Hood Foundation. For each purchase of its Cheese of the Month Club, Artisanal will contribute $25-$75 to Robin Hood, which supports more than 200 poverty-fighting nonprofit organizations in New York City. The amount of the contribution varies according to the package purchased; packages are available for 3 month, 6 month or 12 month time periods. A $25 donation helps feed a hungry New Yorker for one week and Artisanal's goal is to generate enough funding to provide 100,000 meals this holiday season.
Daniel W. Dowe, President and Chief Executive Officer of Artisanal commented, "We are very excited to support Robin Hood in its work with our fellow New Yorkers in need. This opportunity allows our customers to select a unique holiday gift while also supporting a tremendous organization within our community. The holidays are about sharing as well as celebration."
About Artisanal Premium Cheese
In August 2007 Artisanal Brands, Inc. acquired 100% of the ownership interests in Artisanal Premium Cheese. The Company operates in the specialty cheese market in the United States. The company markets and distributes a line of specialty, artisanal and farmstead cheese products, Christmas gift baskets as well as other related specialty food products under its own brand to food wholesalers and retailers, as well as directly to consumers through its catalogue and Web site, www.artisanalcheese.com. Artisanal Brands, Inc. is based in New York, New York.
Safe Harbor Statement:
Forward-looking statements made in this press release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not limited to, the risks described in Company filings made with the Securities and Exchange Commission.
SOURCE Artisanal Brands, Inc.
Source: PR Newswire (November 30, 2010 - 12:01 AM EST)
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SwissINSO Announces the Signing of a Sales Contract for its Krystall(TM) Water Purification Unit - the First in North Africa
LAUSANNE, Switzerland, Nov. 30, 2010 (PR Newswire Europe) --
/PRNewswire/ -- SwissINSO Holding Inc. a leader in the development and application of solar-powered energy solutions, today announced the signing of a sales contract for its Krystall 100% solar-powered water purification--desalination unit, to be installed in southern Algeria. This sales agreement is significant as it comes only 8 months after the launch of the product.
(Photo: http://www.newscom.com/cgi-bin/prnh/20101129/422454 )
"Krystall units are particularly well-suited to address the extreme and chronic clean-water shortages of countries like Algeria" said SwissINSO VP Paul de Belay. "We're very pleased with the decision to choose our technology. This agreement also represents an important opportunity for the growth of our business in the North Africa region", he added.
Working in conjunction with a local partner and distributor, the unit is expected tobe fully-functional by early April 2011 and will serve as a showcase for other regions in Algeria and neighboring countries.
Krystall is the world's first high-volume fully solar-powered turnkey water purification system housed within two standard 40-ft (12.2m) containers. Its patented reverse-osmosis technology can purify up to 100,000 litres per day of brackish/contaminated water or 50,000 liters of seawater into pure drinking water. Operating and maintenance costs are a fraction of conventional units.
Krystall is perfectly suited for servicing remote towns and villages, humanitarian and relief situations, hotels, islands and turnkey camps.
A video description of the Krystall water purification system can be found at http://www.vps-prod.com/~video/Krystall_ANG.mov_b.html. Its ease of assembly is demonstrated in a virtual tour at http://www.swissinso.com/static/products/krystall.html.
About SwissINSO:
SwissINSO utilizes its proprietary intellectual property assets to provide environmentally friendly, innovative 100% solar-energy solutions and related technologies to meet growing global needs. The company's goal is to become a world leader in turn-key solutions using renewable energy for the purification and desalination of water and the cooling and heating of buildings. (http://www.SwissINSO.com)
SwissINSO has two core businesses: KRYSTALL(TM) is the world's first high-volume, 100% solar-powered turnkey water purification system contained within two 40-ft (12.2m) containers. Its second product, KLYMAA(TM), uses nano-composite solar coating technology to heat and cool buildings via solar-collector glass façade panels in a wide variety of colors and treatments.
"Safe Harbor" Statement: A number of statements contained in this press release are forward-looking, made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including our ability to raise capital when needed and on acceptable terms and conditions, the intensity of competition, and general economic factors. The actual results SwissINSO Holding Inc. may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. SwissINSO Holding Inc. encourages the public to read the information provided here in conjunction with its most recent filings, which can be viewed at http://www.sec.gov.
Pls. note: Translations of this press release from English are provided for guidance purposes only and should not be considered as the official text of the release. The English text is the only official and legal version.
Press Contact: Morris Zand Zand Media Relations morris@zand.us +41(79)785-43-56 SwissINSO SA Contact: Irma Velazquez Marketing Manager irmavelazquez@swissinso.com http://www.swissinso.com +41(21)693-86-40
CONTACT: Morris Zand, Zand Media Relations, morris@zand.us,
+41(79)785-43-56 ; SwissINSO SA Contact: Irma Velazquez, Marketing Manager,
irmavelazquez@swissinso.com, +41(21)693-86-40
Source: PR Newswire (November 30, 2010 - 3:02 AM EST)
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Cannabis Science Receives FINRA Communications and Provides Updated Corporate Guidance on Proposed Dividend and Warrants for the New Class of Common Shares Payable to Shareholders of Record
Nov. 30, 2010 (PR Newswire) --
COLORADO SPRINGS, Colo., Nov. 30, 2010 /PRNewswire-FirstCall/ -- Cannabis Science, Inc. (OTC Bulletin Board: CBIS), a pioneering US biotech company developing pharmaceutical cannabis products, is pleased to update its shareholders and the investment community with guidance on its planned new class of shares, dividend and warrants.
Cannabis Science has received communication from the FINRA regarding the proposed changes in the company share structure and is complying with FINRA guidance and protocols for reporting and regulatory filings, and is in the process of providing the required documentation for SEC/FINRA approvals of the Company's proposed actions. Cannabis Science's Board of Directors confirms it will change the shareholder record date to accommodate the SEC and FINRA required filings and the required approval from the SEC/FINRA, as the Company works through the structuring and implementation of the new class of common shares.
The Board confirms its decisions and commitments regarding the new class of common shares and proposed dividend. The Company has proposed a new class of common shares to be initially created by a proposed 1 for 10 new common share dividend to be distributed to shareholders of record as of a new proposed record date of December 31, 2010. The Company will announce official filings and provide guidance as to target effective dates as it progresses through the process and receives regulatory approvals from SEC/FINRA.
The proposed new share structure and dividend payments are as follows:
New Share Structure
The Company's proposed new common share structure will include Class A as the new Class, and Class B will be the current outstanding trading common shares. Each Class of shares will have its own trading symbol and will contain the following features:
Class A Common Share Features (New class of common shares):
10 votes per shares
Convertible into Common Class B shares at a ratio of 30 for 1
Ratio participation of 9/10th (90%) on declared dividends
Unique trading symbol
Class B Common Share Features (Current class of common shares):
1 vote per share
Not convertible into other classes of shares
Ratio participation of 1/10th (10%) on declared dividends
Unique trading symbol
The price ratio conversion feature on the new Class A shares is to ensure the integrity of the share price ratio during market fluctuations between the new Class A and B common share classes, similar to that of Berkshire Hathaway's Class A and B common shares.
Dividend
Cannabis Science proposes to issue a special dividend to all shareholders of the current common Class B shares on the proposed record date of December 31, 2010, which will consist of a dividend of shares in the new common Class A shares at the ratio of 1:10 for each common Class B share held.
In addition, the Board proposes to give each shareholder of record a share purchase warrant consisting of an option to purchase one additional share of the new common Class A share for each special dividend share received. Each warrant will be exercisable into one of the new common Class A shares at a price of $0.50 per share for a period of three months, expiring 90-days after all the proposed changes officially take effect.
For example, a Cannabis Science shareholder who owns 1,000,000 of the current common shares on November 30, 2010 will receive a special dividend of 100,000 shares of common Class A shares in Cannabis Science and 100,000 share purchase warrants, to purchase 100,000 additional Class A shares at a purchase price of $0.50 per share for a period of three months, expiring 90-days after all the proposed changes officially take effect.
About Cannabis Science, Inc.
Cannabis Science, Inc. is at the forefront of pharmaceutical grade medical marijuana research and development. The Company works with world authorities on phytocannabinoid science targeting critical illnesses, and adheres to scientific methodologies to develop, produce and commercialize phytocannabinoid-based pharmaceutical products. In sum, we are dedicated to the creation of cannabis-based medicines, both with and without psychoactive properties, to treat disease and the symptoms of disease, as well as for general health maintenance.
Forward Looking Statements; This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based drugs. Cannabis Science, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
Cannabis Science Inc.
Cannabis Science Inc.
Dr. Robert J. Melamede
Mark J. Friedman
President & CEO
Investor Relations
info@cannabisscience.com
info@cannabisscience.com
www.cannabisscience.com
www.cannabisscience.com
1-888-889-0888
1-877-431-CBIS (2247)
SOURCE Cannabis Science, Inc.
Source: PR Newswire (November 30, 2010 - 4:25 AM EST)
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Multisys Language Solutions, Inc. Announces the Completion of a Private Offering in the Amount of $1,545,000, Corporate Name Change, and Exercising of an Option to Purchase Certain Oil and Gas Rights from Holms Energy, LLC
Nov. 29, 2010 (Business Wire) -- Multisys Language Solutions, Inc. (OTC-BB: MLTX.OB) ("MLS") announced that on November 26th, it completed the sale of 3,040,000 Units at $.50 per unit totaling $1,545,000 in a private offering. The net proceeds from the offering are approximately $1,400,000. The best efforts offering of 3,040,000 Units was undertaken for the express purpose of acquiring certain oil and gas rights in the Williston Basin located in McKenzie County, North Dakota. Each Unit consisted of two shares of MLS Common Stock and one three year Stock Purchase Warrant. The Warrants entitle the holder to purchase shares at a price of $.50 per share for three years and will be callable at $0.01 per share at any time after July 31, 2011 and when the Common Stock trades for 20 consecutive trading days at an average closing sales price of $0.75 or more and subject to the registration of the Common Stock underlying the Stock Purchase Warrants.
As part of the transaction, MLS will change its name to Bakken Resources, Inc. (“BRI”), issue Forty Million (40,000,000) shares of restricted Common Stock and $100,000 cash to Holms Energy LLC (“Holms”) related to the acquisition of: 1) certain interests in oil and gas rights on 6,000 gross acres located in McKenzie County, North Dakota (“Holms Property”); 2) potential production royalty income from wells to be drilled on the Holms Property whose mineral rights were owned by Holms; and 3) the transfer of all right, title and interest to an Option to Purchase Mineral Rights Agreement related to purchasing additional mineral rights and production royalty income on the Holms Property from a third party for One Million Six Hundred Forty Nine Thousand ($1,649,000) Dollars to be paid for in equal quarterly installments over 8 years. The Acquisition Closing will involve a change of control of MLS pursuant to which members of Holms will become the majority shareholders of MLS and the Board of Directors and management of MLS will be replaced by nominees of Holms.
There are 14 separate and original mineral leases that make up the Holms property that are now owned by MLS. These 14 leases were amended and the current Lessees are Oasis Petroleum, Inc. (OAS-NYSE) and Continental Resources, Inc. (CLR-NYSE). Continental has initiated drilling a well on one of the Company’s leases to intersect the Bakken Formation on Section 21, Township 152 North, Range 100 West, 5th Principal Meridian.
On November 1st, Brigham Exploration (BEXP-NYSE) publicly announced the completion of the Abelmann 23-14 #1H well in McKenzie County, North Dakota. An early 24-hour peak flow back rate generated 4,169 barrels of oil equivalent (3,745 barrels of oil and 2.55 MMcf). The Abelmann 23-14 #1H was completed with 33 frac stages and, based on publicly available information, appears to represent a record initial production rate well west of the Nesson Anticline. This well was drilled in Section 23-14 Township 152, Range 101 West, 5th Principal Meridian and immediately east (less than 2,500’) in Sections 24 and 13, the company owns mineral rights which have been leased to Oasis Petroleum.
This press release is neither an offer to sell nor a solicitation of an offer to buy shares of common stock or any other securities of Multisys Language Solutions, Inc. or Bakken Resources, Inc. and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, capital expenditures, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: oil and gas prices, our ability to raise capital, general economic or industry conditions nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company's operations, products, services and prices.
We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.
Multisys Language Solutions, Inc.
Investor Relations:
Karen Midtlyng
406-442-9444
bakkenresources@gmail.com
Val M. Holms
406-442-9444
Source: Business Wire (November 29, 2010 - 6:20 PM EST)
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TV Goods and ValCom Partner for "Cyber-Monday" Designer Goods Special
Designer Goods Network to Debut Tonight
Nov. 29, 2010 (Marketwire) --
CLEARWATER, FL -- (Marketwire) -- 11/29/10 -- TV Goods Holding Corporation, ("TV Goods") a direct response marketing organization and wholly owned subsidiary of H & H Imports, Inc. (OTCBB: HNHI) will conduct a live shopping show in coordination with the Designer Goods Network. The event titled, Holiday Designer Extravaganza, will air on Monday November 29, 2010 at 8:00 PM. Designer Goods Network will offer merchandise from the world's top designers at discount prices ranging from 40 percent to 80 percent off suggested retail prices. The event will feature Terry Lewis and Rich Hollenberg as hosts. For more information about the event please visit www.designergoodsnetwork.com.
The special will air on ValCom's My Family TV, which reaches over 80 television stations across the country. The special will also be seen on R&R TV (DirecTV Channel 354, plus additional affiliates in Los Angeles, Detroit, and Las Vegas) and Dish Network Channel 266.
About The Company:
H & H Imports, Inc. is the parent company of TV Goods Holding Corporation. TV Goods Holding Corporation is a direct response marketing company. We identify, develop and market consumer products for global distribution. TV Goods was established by Kevin Harrington, a pioneer and principal architect of the "infomercial" industry. Kevin Harrington is an original investor on the ABC show Shark Tank, which is owned by SONY Pictures and produced by reality TV mogul Mark Burnett. TV Goods management is responsible for over 500 infomercial spots accounting for over $4 billion in sales revenues. For more information go to www.TVGoodsInc.com.
Forward-Looking Statements:
Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "expects," or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in developing, exploiting and protecting proprietary technologies, intense competition and additional risks factors as discussed in reports filed by the company with the Securities and Exchange Commission, which are available at http://www.sec.gov.
Contact:
TV Goods Holding Corporation
Kathryn Goodbread
kgoodbread@tvgoodsinc.com
727-474-0598
Source: Marketwire (November 29, 2010 - 5:53 PM EST)
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TurboSonic Awarded Approximately US $4 Million Contract for Clean Air Technology for Green Energy Project
Nov. 29, 2010 (Marketwire) --
WATERLOO, ONTARIO -- (Marketwire) -- 11/29/10 -- TurboSonic Technologies, Inc. (OTCBB: TSTA), a global provider of clean air technologies, today announced it has been awarded a contract by a US customer for its proprietary SonicKleen™ Wet Electrostatic Precipitator (WESP) technology, for particulate removal for a green energy facility that will generate over 100 MW of power. As previously discussed in TurboSonic's 10Q filed with the SEC on November 15, 2010, contract execution is subject to a "notice to proceed" expected in June 2011, with delivery scheduled for April 2012.
Edward Spink, TurboSonic CEO, noted, "The selection of TurboSonic's SonicKleen™ WESP for this project was particularly gratifying because TurboSonic was selected as a result of an international competitive bidding process, conducted by an independent consulting engineer, involving a wide range of competitors, designs, and technologies. We believe that the many patented advanced features of the SonicKleen™ WESP and our extensive design and application experience weighed heavily on our success. Given the current emphasis on energy efficiency, waste-to-energy, and alternate fuel sources, this is a significant step in TurboSonic's penetration of this new market."
TurboSonic Technologies (www.turbosonic.com) designs and markets air pollution control technologies to industrial customers worldwide. Its products help companies in the Cement and Mineral Processing, Ethanol & Biofuels, Metals & Mining, Petrochemicals, Power Generation, Pulp & Paper, Waste Incineration, and Wood Products industries meet the strictest emissions regulations, improve performance and reduce operating costs.
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statement. Factors that impact such forward-looking statements include, among others, changes in general economic conditions, interest rates, government regulations, and competition. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statement, see the annual report on Form 10-K and other documents the Company files from time to time with the Securities and Exchange Commission.
TurboSonic Technologies, Inc. (OTC Bulletin Board: TSTA - News)
TurboSonic Inc. TurboSonic Inc. Italian Office
550 Parkside Drive VIA IV Novembre, 92
Waterloo, ON, Canada N2L 5V4 Bollate, Milano, 20021, Italy
Tel: 519-885-5513 Tel: 39-02-38305384
Fax: 519-885-6992 Fax: 39-02-33301943
info@turbosonic.com info.eu@turbosonic.com
Contacts:
TurboSonic Technologies, Inc.
Ed Spink
CEO
519-885-5513 ext. 214
espink@turbosonic.com
Source: Marketwire (November 29, 2010 - 5:53 PM EST)
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Dussault Apparel Launches Redesigned Online Store
Nov. 29, 2010 (Marketwire) --
VANCOUVER, BC -- (Marketwire) -- 11/29/10 -- Dussault Apparel (OTCBB: DUSS) announces the launch of their redesigned online store in time for the busiest shopping day of the year at www.dussaultjeans.com/store.
Dussault Online offers the new DEUCE price point brand by Dussault Apparel plus personalized, made to order, Dussault Tee shirts and Sweat Tops. Every Deuce or Dussault purchase in the month of December will come with a personalized limited edition Christmas card signed by Jason Dussault.
For the first time, Dussault fans will now have the opportunity to buy limited edition prints of Dussault designs through Dussault Online. These are available on photo paper, canvas, or mounted canvas, and all art pieces come with a signed and numbered certificate of authenticity.
Fans can also now dress up their screens for free with Dussault desktop art downloads from Dussault Online.
Says Jason Dussault, "When I started Dussault apparel five years ago, I started out in a small custom shop. With Dussault Online I'm now able to go back to those roots and provide products personalized for my customers. Every Dussault shirt sold in the month of December will have the customer's name printed in the neck tag of the garment."
Dussault Online can be found at www.dussaultjeans.com/store
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 that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, Dussault's ability to design and manufacture its products, the ability of the products to gain market acceptance, and the difficulties faced by an early stage retail fashion company in the competitive retail fashion industry. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the Company's recent current reports on Form 8-K, our annual report on Form 10-KSB, our quarterly reports on Form 10-QSB, and other periodic and current reports filed from time to time with the Securities and Exchange Commission.
Investor Relations Contact:
www.dussaultapparel.com
Media contact:
Tina Baird
310-424-5244 (US)
604-628-4946 (Canada)
tinabaird@shaw.ca
Source: Marketwire (November 29, 2010 - 5:51 PM EST)
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Greenhouse Solutions Announces Custom Product Development Contract
Nov. 29, 2010 (PR Newswire) --
SHELTON, Conn., Nov. 29, 2010 /PRNewswire/ -- Greenhouse Solutions Inc. (OTC Bulletin Board: GRSU) Acting CEO and President Michael Grischenko announced today that the company has signed a Product Development contract to develop three models of greenhouses. The company has engaged Korus Enterprises Inc., an expert in seamless integration from concept to CAD production. Mr. Grischenko stated, "We are pleased to utilize Korus' knowledge and experience in product development, and their relationships with overseas manufacturers."
Greenhouse Solutions will develop three models of greenhouses for the company's "Urban Gardening Kits":
"Kitchen Helper" for a balcony set up with 3-6 square feet of usable space;
"Gardener Solution" for a balcony set up with 10-15 square feet of usable space;
"Chef's Inspiration" for a backyard set up with 20-35 square feet of usable space.
According to Mr. Grischenko, "There is a vast selection of greenhouses available on the market. However, we still see an opportunity to sell products to a specialized group of gardeners – the urban gardener. With the right product mix, we plan to position Greenhouse Solutions as a leader in this segment."
About Greenhouse Solutions
Greenhouse Solutions Inc. (OTCBB: GRSU) is a wholesaler/distributor of greenhouses and urban gardening kits in the North American market. Greenhouse sells urban gardening products such as greenhouses, growing racks, potting accessories and other products that are intended for use in small urban spaces, such as balconies, patios and backyards.
Forward-Looking Statements
This press release contains certain "forward-looking statements" related to the businesses of Greenhouse Solutions Inc. which can be identified by the use of forward-looking terminology such as "plans," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to the Company's growth and profitability, growth strategy, liquidity, trends in the industry in which the Company operates, and other factors that may cause actual results to be materially different from those described in this press release. Certain of these risks and uncertainties are or will be described in greater detail in our public filings with the U.S. Securities and Exchange Commission. Greenhouse Solutions Inc. assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.
http://www.greenhouselife.com
SOURCE Greenhouse Solutions Inc.
Source: PR Newswire (November 29, 2010 - 5:22 PM EST)
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Macrosolve CEO Clint Parr and Chairman Jim McGill Interviewed on CorporateProfile.com
Executives Discuss Landmark Patent for Booming App Market
Nov. 29, 2010 (Marketwire) --
NEW YORK, NY -- (Marketwire) -- 11/29/10 -- Corporate Profile, LLC announced today that Macrosolve, Inc. (OTCBB: MCVE) (OTCQB: MCVE) CEO Clint Parr and Chairman Jim McGill, were interviewed on CorporateProfile.com.
The video can be viewed at: www.corporateprofile.com.
About MacroSolve
MacroSolve, Inc. is a pioneer in delivering mobile apps, technologies, and solutions to businesses and government. Founded in 1997, the company has an extensive network including the top name brands in wireless hardware and software as well as wireless carriers. Leveraging its intellectual property portfolio, MacroSolve is positioned to become a leader in the mobile app space, projected to become a $17.5 billion market by 2012. The company operates through its subsidiaries including Anyware Mobile Solutions (http://www.goanyware.com) and Illume Mobile (http://www.illumemobile.com). For more information, visit MacroSolve (http://www.macrosolve.com).
About Corporate Profile.com
CorporateProfile.com is a broadcasting website where Fashion meets Finance. Merging two mainstream industries results in a unique platform for investors to receive today's hottest tips and market info.
Safe Harbor Disclaimer
Under The Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectation.
Source: Marketwire (November 29, 2010 - 8:00 AM EST)
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Yasheng Develops "Lindan 210" Specialized Corn Seed to Enhance Crop Yields and Reduce Costs by up to 30%
Nov. 29, 2010 (Marketwire) --
REDWOOD CITY, CA -- (Marketwire) -- 11/29/10 -- Yasheng Group (OTCQB: YHGG), a high-growth diversified China-based agricultural company with US headquarters in California, today announced the development of "Tiaoshan" Lindan 210, a specialized corn seed product designed to enhance corn cultivation by increasing crop yields while reducing costs by up to 30%.
Yasheng, a pioneer in China's agricultural industry for more than 20 years, has been developing "Lindan 210" in conjunction with GanSu Yasheng Group's Research and Development Institutes for over 10 years. The seed has a number of beneficial properties and is drought tolerant, pest resistant and is capable of producing consistent high yields. The seeds are also coated with a bio-friendly fertilizer that facilitates germination as well as provides the nutrition necessary for healthy growth in the early stages of cultivation, thereby eliminating the need for farmers to purchase and apply expensive fertilizers. In addition, this new product reduces the demand for water as well as the need for harmful pesticides.
The product is sold in packages designed to cover a standard Chinese farming plot, about 1/6 acre. The product is 99% pure clean seeds, with a germination rate of 94% to 95%, which the company guarantees. One package can produce up to 1.5 tons of corn. The company has plans to expand production of their corn seeds for distribution throughout China as well as for sale in international markets such as Africa and other emerging countries that have rural farming practices.
Said Chairman Zhou Changsheng, "Our corporate vision is to develop high technology agricultural products to enable rural farmers to enhance crop yields while gaining other efficiencies. We continue to work on several other products similar to 'Lindan 210' that can be packaged and sold at reasonable prices, but return higher margins because of the cost savings resulting from the application of modern agricultural research and development."
Yasheng Group
Yasheng Group (OTCQB: YHGG) (www.yashenggroup.com), founded over 30 years ago, is a US holding company that conducts primarily agricultural operations in the Northwest of China. Today it is one of China's leading producers and marketers with six major product segments including field crops, vegetables, fruit, specialty crops, hops, hemp, seeds, beef and poultry. Yasheng is a supplier of high-quality agricultural products to world-famous conglomerates such as McDonald's, KFC, Tsingtao Beer, and Pepsi. The company is led by a highly qualified management team and it has total assets of approximately $1.7 billion, over 15,000 employees, and a history of strong sales and earnings growth.
Safe Harbor Statement
Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are discussed in the company's various filings with the Securities and Exchange Commission. The company assumes no obligation to update these forward-looking statements.
Contact:
Gene Marbach
212-508-9645
Email Contact
Daniela Viola
212-508-9676
Email Contact
Source: Marketwire (November 29, 2010 - 8:00 AM EST)
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Alexis Reports Additional Encouraging Gold Results at Snow Lake: 2.99 g Au/t Over 15.12 metres; 51.46 g Au/t Over 1.73 metres and 22.43 g Au/t Over 4.21 metres
Nov. 29, 2010 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 11/29/10 -- ALEXIS MINERALS CORPORATION (TSX: AMC)(OTCQX: AXSMF) ("Alexis" or the "Company") is pleased to report additional encouraging results from its gold exploration drilling program at its Snow Lake Mine in Manitoba. Drilling confirms the potential for mineralization from surface to 520 foot depth within the East Extension of the Main Mine, giving further support for the potential discovery of a major new ore zone. Also, very high gold grade results are being found in the Footwall of the Main Mine Horizon. Highlights include (see Table 1):
East Extension
-- 2.99 g Au/t over 15.12 metres (m) in hole HB 10-70; including
-- 7.16 g Au/t over 4.73 m;
-- 2.06 g Au/t over 8.41 m in hole HB 10-72.
Footwall Zones
-- 22.43 g Au/t over 4.21 m in hole HB 10-71; including
-- 148.97 g Au/t over 0.59 m; or
-- 51.46 g Au/t over 1.73 m
-- 3.70 g Au/t over 9.86 m in hole HB 10-80; including
-- 5.69 g Au/t over 5.40 m;
-- 41.62 g Au/t over 0.52 m.
Drilling until August 2010 was largely focused on areas of Inferred Resources adjacent to the mine in order to further delineate these in support of the recently completed Snow Lake Feasibility Study (see news release: November 3, 2010). Drilling is now focused on several known gold showings and numerous structural targets across the property. Recent drilling has focused on the East Extension (see news release, June 15, 2010), an area immediately to the east of the principal zones historically mined at the Snow Lake Mine; and, on high grade intercepts in the Footwall (FW) of the Main Mine Horizon. The zone is cut by a Gabbroic intrusion below the 520 foot level. Down plunge exploration of this new ore trend is in progress. Mineralization in the footwall zones is locally very high grade and work to correlate this new area of interest is ongoing.
A program of recompilation and reinterpretation of all property data is in progress. This work is identifying good potential for the extension of known ore zones along strike, as well as down plunge of existing deposits. With its acquisition of the Snow Lake property and the addition of properties over the Snow Lake Basin, (see news release: November 24, 2010); Alexis' management feels the property could become the foundation for significant growth in resources, reserves and gold production within the next 12-18 months.
During the first eleven months of 2010, 28,841m of diamond drilling has taken place on the Snow Lake property. Alexis will invest approximately $5.5 million of its annual exploration budget in the Snow Lake property in 2010 and has three drill rigs operating. Exploration budgets on the Snow Lake properties are expected to increase to $8.0M for 2011.
Table 1 - Snow Lake Mine Exploration Drilling- Significant Intersections
((1)True widths are greater than 90% of core length)
---------------------------------------------------------------------------
Core
Length
Hole Number From (m) To (m) (m) Au gpt Zone (All assays are uncut)
---------------------------------------------------------------------------
HB10-70 46.73 61.85 15.12 2.992
---------------------------------------------
includes 46.73 56.78 10.05 4.227
--------------------------------------------- Main Zone - East Extension
includes 46.73 51.46 4.73 7.159
---------------------------------------------
and 53.28 56.78 3.50 2.322
---------------------------------------------------------------------------
HB10-71 116.41 116.76 0.35 15.223 FW
---------------------------------------------------------------------------
HB10-71 183.72 187.93 4.21 22.428
---------------------------------------------
includes 183.72 184.32 0.60 8.023
--------------------------------------------- FW
and 186.20 187.93 1.73 51.463
---------------------------------------------
includes 186.20 186.79 0.59 148.973
---------------------------------------------------------------------------
HB10-71 234.84 236.10 1.26 3.218 FW
---------------------------------------------------------------------------
HB10-72 172.27 180.68 8.41 2.056 Main Zone - East Extension
---------------------------------------------
includes 172.27 175.09 2.82 2.909
---------------------------------------------------------------------------
HB10-73 65.32 66.47 1.15 3.971 HW
---------------------------------------------------------------------------
HB10-73 224.00 225.73 1.73 2.411 Main Zone - East Extension
--------------------------------------------------------------------------
HB10-73 357.39 358.23 0.84 8.572 FW
---------------------------------------------------------------------------
HB10-73 451.16 453.48 2.32 3.305 FW
---------------------------------------------------------------------------
HB10-74 No Significant Assays
---------------------------------------------------------------------------
HB10-75 176.40 177.97 1.57 2.663 FW
---------------------------------------------------------------------------
HB10-75 189.94 190.94 1.00 5.623 FW
---------------------------------------------------------------------------
HB10-75 204.78 205.48 0.70 8.023 FW
---------------------------------------------------------------------------
HB10-76 259.92 263.14 3.22 2.338
--------------------------------------------- FW
includes 261.43 263.14 1.71 3.418
---------------------------------------------------------------------------
HB10-77 27.73 31.00 3.27 2.062
--------------------------------------------- Main Zone - East Extension
includes 29.00 31.00 2.00 2.718
---------------------------------------------------------------------------
HB10-78 No Significant Assays
---------------------------------------------------------------------------
HB10-79 No Significant Assays
---------------------------------------------------------------------------
HB10-80 46.21 48.05 1.84 2.559
--------------------------------------------- Main Zone - East Extension
includes 47.11 48.05 0.94 4.389
---------------------------------------------------------------------------
HB10-80 101.65 111.51 9.86 3.702
---------------------------------------------
includes 103.27 111.51 8.24 4.286
---------------------------------------------
includes 103.27 104.16 0.89 4.783
---------------------------------------------
and 106.11 111.51 5.40 5.691 FW
---------------------------------------------
Includes 107.65 111.51 3.86 7.075
---------------------------------------------
Includes 107.65 108.94 1.29 2.963
---------------------------------------------
includes 110.99 111.51 0.52 41.623
---------------------------------------------------------------------------
HB10-81 Assays Pending
---------------------------------------------------------------------------
HB10-82 Assays Pending
---------------------------------------------------------------------------
HB10-83 Assays Pending
---------------------------------------------------------------------------
HB10-84 Assays Pending
---------------------------------------------------------------------------
HB10-85 Assays Pending
---------------------------------------------------------------------------
Quality Control
The technical and scientific content of this press release has been reviewed by Darren H. Simms P. Geo., Senior Exploration Geologist, Manitoba Division, Alexis Minerals and a Qualified Person as defined under NI 43-101 guidelines. Diamond drill core is logged and sampled by company personnel at the Snow Lake Mine. Core (NQ) is cut in half using a diamond saw with one half bagged and submitted for assay and the remaining half sample retained and archived in a secure facility. A strict QA/QC program is followed that includes mineralized standards, blank and field duplicate for each batch of samples. Samples are shipped by secure truck to TSL Laboratories Inc. (TSL) Saskatoon, Saskatchewan, an ISO/IEC 17025 accredited assay facility established in 1981. The Laboratory is certified by the Standards Council of Canada for gold analyses utilizing instrumental or gravimetric finish.
About Alexis Minerals
Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC") and trades in the United States on the Over the Counter QX International platform (OTCQX: AXSMF). The Company owns one producing gold mine in Val-d'Or and the right to earn a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda, both in Quebec. Alexis also owns the Snow Lake Mine in Manitoba. With these assets Alexis has the potential to develop gold production forwards. Alexis is targeting mid-tier gold production levels in 2011. Alexis undertakes exploration in the mineral rich Val-d'Or (100% ownership of 212 sq. km.) and Rouyn-Noranda Mining Camps (50% ownership of 785 sq. km and in joint venture with Xstrata Copper) as well as in the Snow Lake Mining Camp (100% ownership of 92 sq. km). For more information about Alexis Minerals visit alexisminerals.com.
Forward-looking information
This document may contain or refer to forward-looking information within the meaning of applicable securities laws, based on current expectations, including, but not limited to, mineralization projections, future exploration priorities, estimates and costs, projected capital and operating expenditures, future exploration plans and techniques, estimates regarding the timing and costs of exploration, mineral prices, and future mining plans. Forward looking statements are subject to significant risks and uncertainties, including those risks identified in the annual information form of the Company, which is available under the profile of the Company on SEDAR, and other factors that could cause actual results to differ materially from expected results. Estimates and assumptions underlying the mineralization projections are based upon extensive technical and scientific analysis conducted by the management of the Company, the results from drill programs and other exploration, the analysis of external consultants and information obtained by the Company from third parties. Readers should not place undue reliance on forward-looking information. Forward looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.
Contacts:
Alexis Minerals Corporation
David Rigg
President and CEO
(416) 861-5889
(416) 861-8165 (FAX)
info@alexisminerals.com
Alexis Minerals Corporation
Bruce Barch
VP Investor & Corporate Affairs
(416) 861-5905 or Toll free: 877-717-3027
bruce.barch@alexisminerals.ca
Alexis Minerals Corporation
Louis Baribeau
Relationniste
(514) 667-2304
lb@decorporateconsultants.ca
www.alexisminerals.com
Source: Marketwire (November 29, 2010 - 8:31 AM EST)
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Prophecy Drills 71.17 Metres of 0.52% NiEq (0.310% Nickel, 0.466 g/t PGMS +Au and 0.223% Copper) From Surface at Wellgreen Project, Yukon
Nov. 29, 2010 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/29/10 -- Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX VENTURE: PCY)(OTCQX: PRPCF)(FRANKFURT: 1P2) reports that it has received additional assays results from its 100% owned Wellgreen PGM Ni-Cu property in Yukon, Canada. Diamond drill holes WS10-179 to WS10-182 were drilled during the summer of 2010 by Northern Platinum (which merged with Prophecy on September 23, 2010). WS10-183 was drilled by Prophecy in October, 2010. Highlights from the newly received assays include 71.17 metres from surface of 0.52% NiEq (0.310% Nickel, 0.466 g/t PGMs + Au and 0.233% Copper) and ended in mineralization. 2010 drilling has concluded due to winter conditions and will resume in spring of 2011.
Results from holes WS10-179 through 183 (and hole WS06-153 from previous program) are outlined in the following five tables (all intercepts reported in metres):
WS10-183
--------------------------------------------------------------------------
FROM TO LENGTH Cu % Ni % Pt g/t Pd g/t Au g/t Co % Pt+Pd+Au NiEq %
--------------------------------------------------------------------------
0.00 43.59 43.59 0.094 0.257 0.2262 0.224 0.031 0.015 0.481 0.41
--------------------------------------------------------------------------
43.59 88.82 45.23 0.020 0.007 0.006 0.020 0.006 0.004 0.032 0.03
--------------------------------------------------------------------------
88.82 116.74 27.92 0.149 0.300 0.347 0.235 0.043 0.021 0.625 0.52
--------------------------------------------------------------------------
WS10-182
--------------------------------------------------------------------------
FROM TO LENGTH Cu % Ni % Pt g/t Pd g/t Au g/t Co % Pt+Pd+Au NiEq %
--------------------------------------------------------------------------
0.00 71.17 71.17 0.223 0.310 0.277 0.153 0.036 0.022 0.466 0.52
--------------------------------------------------------------------------
WS10-181
--------------------------------------------------------------------------
FROM TO LENGTH Cu % Ni % Pt g/t Pd g/t Au g/t Co % Pt+Pd+Au NiEq %
--------------------------------------------------------------------------
10.21 291.02 280.91 0.051 0.165 0.079 0.095 0.011 0.012 0.185 0.24
--------------------------------------------------------------------------
WS10-180
--------------------------------------------------------------------------
FROM TO LENGTH Cu % Ni % Pt g/t Pd g/t Au g/t Co % Pt+Pd+Au NiEq %
--------------------------------------------------------------------------
5.49 23.16 17.68 0.143 0.280 0.196 0.287 0.030 0.015 0.513 0.44
--------------------------------------------------------------------------
23.16 244.94 221.77 0.031 0.176 0.082 0.114 0.010 0.013 0.206 0.25
--------------------------------------------------------------------------
WS10-179
--------------------------------------------------------------------------
FROM TO LENGTH Cu % Ni % Pt g/t Pd g/t Au g/t Co % Pt+Pd+Au NiEq %
--------------------------------------------------------------------------
0.91 179.71 178.79 0.030 0.159 0.093 0.109 0.009 0.013 0.211 0.23
--------------------------------------------------------------------------
WS06-153
---------------------------------------------------------------------------
Pt+Pd+
FROM TO LENGTH Cu % Ni % Pt g/t Pd g/t Au g/t Co % Au NiEq %
---------------------------------------------------------------------------
1.22 524.64 523.42 0.1704 0.2319 0.2870 0.2740 0.0563 0.0149 0.617 0.43
---------------------------------------------------------------------------
Note that Nickel Equivalent is based on US metal prices of: Copper -
$2.46/lb, Nickel - $8.36/lb, Cobalt - $15.63/lb, Gold - $973/oz, Platinum
- $1,746/oz, Palladium - $564/oz, and assumes 100% metal recoveries.
Hole WS10-179 to WS10-182 were drilled west of WS10-177 (with 525.90 m of 0.17% Cu, 0.26% Ni with 0.550 g/t PGMs+Au), on 50 metre vertical spacing above and to the north of hole 153, which was drilled by Coronation Minerals in 2006 (as shown in the above table).
Hole 182 encountered 71 meters of 0.52% NiEq sulphide mineralization and remains open at depth from surface. This hole ended in mineralization and was stopped by Northern Platinum for budgeting reasons. Holes WS10-179 to 181 were drilled too shallow to intersect the deeper and better mineralized zone which was intersected by hole WS06-153 (with 523.42 m of 0.43% NiEq).
Drill hole WS10-183 was drilled on the south end of the main East Zone to test surface mineralization. The hole encountered 27.92 metres assaying 0.149% Cu, 0.30% Ni, with 0.625 g/t PGM+Au (0.52% NiEq) and was stopped 100 metres short of the projected foot wall due to severe winter conditions. Those results are encouraging as the grade typically enhances towards the footwall. It is planned to re-drill and deepen this hole in spring 2011.
Holes 182 and 183 demonstrate the near surface mineralization within existing resource boundaries where only underground resources were calculated.
The assays do not include the rarer PGMs such as Rhodium (Rh), Ruthenium (Ru), Osmium(Os) and Iridium (Ir), which could further enhance the total PGM grades. Extensive tunnel sampling results released on Nov 3, 2010 shows extensive rarer PGM values with grades reaching 6g+/t of combined Rh+Ru+Os+Ir. A total of 470 drill core samples from the 2006 to 2010 drill programs that assayed better than 1g/t Pt or Pd are being assayed for Rhodium, Osmium, Ruthenium, and Iridium with results pending.
The 2010 program has extended the 2008 resource to the east with widths as evidenced by hole WS10-177 (with 525.90 m of 0.17% Cu, 0.26% Ni and 0.550 g/t PGMs+Au) and WS10-178 (566.78m of 0.16% Cu, 0.23% Ni and 0.517 g/t PGMs+Au) which were drilled on the eastern edge of the resource envelope. The results from these two holes are highly encouraging as they demonstrate a potentially new mineralization trend starting and extending to the east across Arid Creek. The Fugro airborne magnetic anomaly over the eastern extension of the ultrabasic sill across Arrid Creek also demonstrates the potential for significant mineralization to the east of holes 177 and 178.
In 2011, Prophecy intends to drill to test:
1. Areas to the east of WS10-177 and 178;
2. Surface portion within existing resource boundaries, particularly on the
East Zone; and
3. Exploration drilling on the West Zone.
Working closely with Wardrop Engineering Inc., Prophecy is examining and digitizing all prior Wellgreen drill and geological data, including 700 drill holes by Hudbay, Galactic, Coronation Minerals and Northern Platinum for detailed resource modeling.
Prophecy has also selected G&T Metallurgical Services of British Columbia to conduct a scoping-study level of independent metallurgical testing. The primary objectives are to characterize the master sample, using standard chemical and mineralogical analysis and to determine preliminary flotation response using conventional techniques.
John Lee, CEO of Prophecy, states:
"We continue to expand Wellgreen significantly to the east in addition to intercepting new ore grade mineralization from surface. The Wellgreen grades compare very favorably to the Polymet Deposit in the Duluth Complex in Minnesota." He added, "Marathon PGM's takeover by Stillwater Mining Corp demonstrates that quality PGM deposits in Canada are highly desired. Recent increases in Palladium prices and the renewed assaying for Rhodium and other rare PGMs at Wellgreen significantly enhance the project's appeal and potential."
Cross sections and locations of holes 177 to 183 as well as Fugro airborne magnetic survey are available at www.prophecyresource.com.
More details about Wellgreen
The Wellgreen claims include 7km strike and cover 22 square kilometers. Wellgreen is 15 km from the paved 2 lane Alaska Highway and 402 km from Alaska's Haines deep sea port. It is part of Kluane Ultramafic Nickel belt, which is second largest behind the Thompson Belt in Canada and remains vastly unexplored.
Since 1952 exploration at Wellgreen was almost entirely focused on high-grade underground massive sulphide nickel and copper deposits. In 1972 Hudbay Minerals Inc. milled 171,652 tons grading 2.23% Copper and 1.39% Nickel at Wellgreen and while Platinum Group Metals and other valuable minerals were present they were neither assayed for nor credited.
An historic (non NI 43-101 compliant) resource of 55 million tonnes grading 0.35% Cu, 0.36% Ni, 0.82 g/t Platinum and Palladium. (prefeasibility study by WGM April 21, 1989) was estimated at Wellgreen, which equates to over 1.4 million oz of Platinum Group Metals and 400 million pounds of Nickel in situ. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the Company is not treating the historical estimate as current mineral resources but as a historical estimate that should not be relied upon.
An independent NI 43-101 report prepared for Prophecy by Wardrop Engineering ("Wardrop") dated July 2010 indicates that the potential of the Wellgreen property ranges between 77 to 254 million tonnes at 0.26 to 0.38% Nickel, 0.26% to 0.36% Copper, 0.55 to 0.85 g/t Platinum and Palladium, based on a strike length range of 4,000 to 7,000m and a width of 30 to 35m. The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in discovery of a mineral resource.
Assay QA/QC procedures at Wellgreen are as follows:
-- The mineralized intervals of drill core are cut using a core saw. After
cutting the core, one-half of the core is bagged for assay using
security seals.
-- The samples are then delivered to ALS Chemex Laboratories in Whitehorse,
Yukon, for sample preparation. The pulps were sent to ALS Vancouver for
assays; the rejects were returned to Wellgreen for secure storage.
-- In addition to the laboratory's quality control program, a rigorous on-
site quality assurance and quality control program is implemented
involving the insertion of blanks, standards and splits to ensure
reliable assay results.
This technical data in this news release has been reviewed and approved by Mel de Quadros, Ph.D., P.Eng., a consultant and a qualified person as defined in NI 43-101.
About Prophecy Resource
Prophecy Resource Corporation is an internationally diversified company engaged in developing energy, nickel and platinum group metals projects. The company controls over 1.4 billion tons of open-pittable thermal coal in Mongolia (839 Mt Measured, 579 Mt Indicated). In Canada Prophecy owns Wellgreen PGM Project in Yukon, Lynn Lake Nickel Sulphide Project in Manitoba, and a 10% equity stake in Victory Nickel. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
ON BEHALF OF THE BOARD OF DIRECTORS of Prophecy Resource Corp.
John Lee, Chairman
Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements regarding future plans and objectives of the companies are forward-looking statements that involve various risks and uncertainties. Although Prophecy believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include general economic, market or business conditions, and other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on Prophecy and the risks and challenges of its businesses, investors should review its annual filings that are available at www.sedar.com.
To view the image associated with this press release, please click on the following link: http://media3.marketwire.com/docs/p1128.pdf
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Contacts:
Prophecy Resource Corp.
Scott Parsons
+1.604.642.2625 ext. 106
Prophecy Resource Corp.
Paul McKenzie
+1.604.642.2625 ext. 107
Prophecy Resource Corp.
John Lee
+1.800.851.1528
john@prophecyresource.com
www.prophecyresource.com
Source: Marketwire (November 29, 2010 - 8:31 AM EST)
News by QuoteMedia
www.quotemedia.com
ActionView International, Inc. Posts September 30, 2010 Financial Statements; Comments on Future Growth
Nov. 29, 2010 (GlobeNewswire) --
DANVILLE, Calif., Nov. 29, 2010 (GLOBE NEWSWIRE) -- ActionView International, Inc. (Pink Sheets:AVEW) today announced that it has posted its financial statements for the quarter ended September 30, 2010 and discussed recent activities related to its subsidiary.
Joe Wooten, Executive Director of ActionView's wholly-owned subsidiary, MatchFights LLC, said, "We held two events during the quarter, the second of which was a pro-am event that was designed to test the market for a lower production cost event. In addition, we consciously did not broadcast either of these events for viewer consumption since we were testing different technical solutions in an effort to maximize the visual quality within budget constraints. As a result, our gross revenues were impacted. As we continue to implement the different aspects of our business model, we are confident that revenues will increase accordingly."
In commenting on the future of MatchFights, Mr. Wooten said, "The development our Fight TV product remains a top priority. We are excited to have recently completed successful live broadcasts featuring two different technologies—one that is designed to provide free content to viewers, and one that is a true television quality experience. We are committed to being the first company to consistently stream television quality live events over the Internet, giving our fans an unparalleled visual experience. In addition, we continue working to provide a fully functioning social network dedicated to the mixed martial arts community. We have listened to the patient comments of our early adapters and are working to make the changes necessary to ensure that wcfc.com is the first and best place for fight fans to go to find the latest news, interact with fighters and other fans, and watch the highest quality live and archived mixed martial arts events."
Shareholders and anyone interested in monitoring the progress of the company are encouraged to subscribe to the electronic mailing list by forwarding their email address to investors@actionviewint.com.
About ActionView International, Inc.
ActionView International, its wholly owned MatchFights, LLC subsidiary and the World Championship Full Contact brand deliver exciting, live, pay-per-view events in an interactive venue over the Internet to a global audience. For additional information about MatchFights and its World Championship Full Contact brand, please visit www.wcfc.com and join the world's premier fight-based network.
CONTACT: ActionView International, Inc.
Shareholder Relations
1-800-480-2690
investors@actionviewint.com
Source: Globe Newswire (November 29, 2010 - 8:45 AM EST)
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Kindle Beware! Here Come Disposable E-Readers
As the e-reader market grows vigorously each day, thanks to Amazon.com's (Nasdaq: AMZN) Kindle, a scientific discovery that could clear the way for a low-cost, even disposable, e-reader has emerged.
Andrew Steckl, an engineering researcher at University of Cincinnati, has discovered a new paper-based display technology that's fast enough for video yet cheap enough to be disposable.
In his research with UC doctoral student Duk Young Kim, Steckl has demostrated that paper could be used as a flexible host material for an electrowetting device. Electrowetting involves applying an electric field to colored droplets within a display to reveal content such as type, photographs, and video.
Steckl's discovery that paper could be used as the host material has far-reaching implications, considering that other popular e-readers on the market such as the Kindle and Apple's (Nasdaq: AAPL) iPad rely on complex circuitry printed over a rigid glass substrate.
The study was published recently in ACS Applied Materials and Interfaces, the newest journal from American Chemical Society Publications.
"One of the main goals of e-paper is to replicate the look and feel of actual ink on paper," the researchers stated in the ACS article. "We have, therefore, investigated the use of paper as the perfect substrate for EW devices to accomplish e-paper on paper."
They found that the performance of the electrowetting device on paper is equivalent to that of glass.
"It is pretty exciting," Steckl said. "With the right paper, the right process, and the right device fabrication technique, you can get results that are as good as you would get on glass, and our results are good enough for a video-style e-reader."
Steckl imagines a future device that is rollable and feels like paper yet delivers books, news, and even high-resolution color video in bright-light conditions.
"Nothing looks better than paper for reading," Steckl said. "We hope to have something that would actually look like paper but behave like a computer monitor in terms of its ability to store information. We would have something that is very cheap, very fast, and full-color, and at the end of the day or the end of the week, you could pitch it into the trash."
Disposing of a paper-based e-reader, Steckl points out, is also far simpler in terms of the environmental impact.
"In general, this is an elegant method for reducing device complexity and cost, resulting in one-time-use devices that can be totally disposed after use," the researchers pointed out.
Steckl's goal is to attract commercial interest in the technology for next-stage development, which he expects will take three to five years to get to market.
The work was supported, in part, by a grant from the National Science Foundation and was conducted at the Nanoelectronics Laboratory at the College of Engineering and Applied Science at the University of Cincinnati.
Despite the Drop, Rosetta Stone Is Still a Buy
Investors should always develop a thesis on the stocks they buy. Seven weeks ago, I published an article arguing that Rosetta Stone (NYSE: RST) was maturing into a winner. Given its recent earnings release, and a share-price drop of more than 15% in the following days, I think now is a good time to revisit my thesis.
Reasons for buying
Rosetta was transitioning to a subscription model with its Version 4 Totale. Version 4 came to the market on Sept. 14, so it had only two weeks on the market before the end of the third quarter. Subscriptions, however, still contributed $11.5 million in revenue and accounted for 19% of total revenue. I see subscription revenue continuing to increase moderately in future quarters.
The company would be enduring short-term losses for long-term gains. There were no real surprises here. Rosetta Stone spent $1.6 million in sales and marketing to promote the launch of Version 4. Though I'm optimistic about Version 4's potential, only time will tell whether long-term value is being created.
International sales were accelerating at a huge clip. This was probably the most encouraging part of the earnings release. International sales increased by 119% from the same period last year, yet international revenue still makes up only 17% of Rosetta's total revenue. This is a very encouraging set of figures, when you consider that the desire to learn English represents Rosetta's biggest market opportunity.
Institutional buyers were growing and diversified. Institutional growth was the most disappointing aspect of the earnings release: It grew at 12% year over year. But institutional weakness isn't limited to Rosetta Stone: Cisco (Nasdaq: CSCO) announced that a massive drop-off instate and local government spending was a leading cause of plummeting demand. Dell (Nasdaq: DELL) followed up with earnings that were generally very positive, with the sole blemish being state and local government spending well below the rest of its business.
However, in Rosetta's case, I think that part of the weakness in institutional growth has to do with the poor timing for the release of Version 4. Many institutions, knowing that a new version would soon be released, probably waited for Version 4. I consider schools to be one of the biggest institutional buyers for Rosetta. Schools need their budgets to be set before the year begins, so we'll have to wait a full year, until the third quarter of 2011, to see how interested the educational sector is in committing to the company. A March/April release of Rosetta's newest product would have been a much wiser release date.
Conclusions
I think the market had reason to worry about Rosetta's lowered guidance for the fourth quarter. Even though this report includes only numbers for two weeks of Version 4 on the market, management has an inside track into how well it has been selling since.
However, the company has made a standard practice of underpromising and overdelivering. In the third quarter, analysts had predicted an adjusted $0.06 loss in earnings per share, and in reality, Rosetta lost only $0.02 per share.
In the end, I think the market is offering a buying opportunity for those of us with a long-term horizon. My spouse and I recently purchased all five levels of the Latin American Spanish program, and we have been very pleased with the results. As I stated in my original article, Rosetta is going through growing pains, and faith in the company's ability to grow and innovate could enrich investors in the years to come.
Report: Windows Mobile Was for Work; Windows Phone 7 Is for Fun
Microsoft (Nasdaq: MSFT) seems to have a new mantra: When all else fails, shoot for a bigger audience.
All of Microsoft's top-downloaded paid applications for its newest Windows Phone 7 mobile devices are games -- much like other mobile operating systems -- compared with just one for its older Windows Mobile operating system, according to a report by Distimo.
Microsoft is running a pretty well-known and reliable play to reclaim its share in the mobile operating-system space. More than half of Microsoft's applications on its Windows Phone 7 operating system are now less than $2, compared with less than 40% of apps on its old Windows Mobile operating system. That's in line with other app stores. Its app store has grown to around 3,000 applications in just more than a month. That's compared with only 1,350 applications available for Windows Mobile after the operating system has been out for a year.
It's a marked shift in Microsoft's strategy, since its presence in the enterprise mobile-operating system space has diminished. Windows Phone 7 finally brought Microsoft's mobile operating systems into an age that is dominated by apps. The phone is geared much more toward typical consumers, like Apple's (Nasdaq: AAPL) iPhone and many phones running on Google's (Nasdaq: GOOG) Android operating system.
A lot of Microsoft's refocus may have to do with Research In Motion's (Nasdaq: RIMM) presence as a smartphone maker of choice for the enterprise. RIM currently dominates the enterprise mobile-phone market with around 46 million customers. Apple is also charging into the enterprise space. Both of these operating systems are, in their own ways, superior to the classic Windows Mobile operating system.
That leaves little room for operating systems that are late to the party. Windows Phone 7 came out about a month ago and has since scrambled to catch up with the rest of the smartphone market. The mobile operating system has alreadypicked up 15,000 developers in a short period of time and is growing quickly. But Apple and RIM already have the jump on Windows Phone 7. They've been playing in a market dominated by apps for a few years now.
That isn't to say Microsoft can't reclaim its presence in the enterprise space. Microsoft is able to integrate its incredibly popular Office applications pretty seamlessly into a mobile interface. The closest thing to that on other app operating systems is Documents to Go by DataViz. But that company was acquired by Research In Motion, which quickly killed support for the WebOS mobile operating system -- so the future of that application on competing platforms is unclear.
So there's a lot of potential for Windows Phone 7 in the enterprise space as well as the general consumer space.
Can Nokia Pull Out a Stateside Smartphone Win?
Can Stephen Elop make Nokia (NYSE: NOK) a force to be reckoned with in North America?
The ex-Microsoft (Nasdaq: MSFT) executive seems to be thinking along the same lines I've explored for some time: If Nokia wants a foot in the American door, it needs close relationships with American service providers.
A change is gonna come
That is simply not the case today. When consumers go looking for a high-end smartphone on these golden shores, they are likely to recoil from Nokia with a severe case of sticker shock -- if they can find a Finnish smartphone at all.
For example, the only smartphone powered by Nokia's Symbian software from AT&T (NYSE: T) today is the Sony Ericsson Vivaz. The three Nokia phones in that store are all simple feature phones, free with a service plan. The Verizon (NYSE: VZ) Wireless store won't let me search for Symbian devices, and its only Nokia product is another free-after-discount quasi-smartphone with a strange sliding keyboard design.
How about eternal counterculture upstart Sprint Nextel (NYSE: S)? There's no mention of Symbian or Nokia anywhere in its phone catalog. Sprint has eight Android gadgets, though, including the Samsung Galaxy Tab and the absolutely unheralded Sanyo Zio.
The Sumo Zen?
That's right: Sanyo phones get more airplay than Nokia's over here even though Nokia remains the worldwide leader in both overall phone sales and smartphones. If you want a highly capable Nokia N8 touchscreen phone, you gotta buy it unlocked from Amazon.com (Nasdaq: AMZN) or some other third-party retailer for $549 per unit, and then sign up for a service plan with AT&T or T-Mobile.
There are no carrier subsidies and no marketing partnerships, and even if this phone blows the Apple (Nasdaq: AAPL) iPhone 4 to smithereens (which I'm not saying it does), nobody would know about it. And would you pay that much for a phone, even if it were the best, prettiest, coolest, and all-around most socially acceptable gadget on the market? I don't think so. And this is what passes for "the U.S. Version" of the N8, not some fly-by-night import.
Now Elop has hired former Verizon marketing guru Jerri DeVard as chief marketing officer, and you have to believe that she will pull some tricks out of her personal network to build a relationship between Nokia and Verizon.
That doesn't mean Nokia's smartphones will instantly start selling like hotcakes in America -- after all, Nokia is losing smartphone share to Androids and iPhones on a global scale. Innovation is still key to Nokia's success, with or without top-notch marketing expertise. But DeVard's hiring is an important step into our very large smartphone market. Throw in a wholesale makeover of Nokia's opaque product-naming system, and I might be convinced that the company could make a serious impact stateside.
Will it work?
Nokia is huge around the world and especially strong in China. Elop thinks that success should translate into strong American sales, too, as he told analysts the following in his first earnings call at Nokia's rudder:
Our lack of success in the North American market has also been characterized as a weakness. While it is certainly that, it is also a symptom. There is no systemic reason that Nokia cannot succeed in North America. I believe there is a degree of focus and execution necessary, along with different patterns of doing business, that can drive success in that marketplace.
Can Nokia Pull Out a Stateside Smartphone Win?
Can Stephen Elop make Nokia (NYSE: NOK) a force to be reckoned with in North America?
The ex-Microsoft (Nasdaq: MSFT) executive seems to be thinking along the same lines I've explored for some time: If Nokia wants a foot in the American door, it needs close relationships with American service providers.
A change is gonna come
That is simply not the case today. When consumers go looking for a high-end smartphone on these golden shores, they are likely to recoil from Nokia with a severe case of sticker shock -- if they can find a Finnish smartphone at all.
For example, the only smartphone powered by Nokia's Symbian software from AT&T (NYSE: T) today is the Sony Ericsson Vivaz. The three Nokia phones in that store are all simple feature phones, free with a service plan. The Verizon (NYSE: VZ) Wireless store won't let me search for Symbian devices, and its only Nokia product is another free-after-discount quasi-smartphone with a strange sliding keyboard design.
How about eternal counterculture upstart Sprint Nextel (NYSE: S)? There's no mention of Symbian or Nokia anywhere in its phone catalog. Sprint has eight Android gadgets, though, including the Samsung Galaxy Tab and the absolutely unheralded Sanyo Zio.
The Sumo Zen?
That's right: Sanyo phones get more airplay than Nokia's over here even though Nokia remains the worldwide leader in both overall phone sales and smartphones. If you want a highly capable Nokia N8 touchscreen phone, you gotta buy it unlocked from Amazon.com (Nasdaq: AMZN) or some other third-party retailer for $549 per unit, and then sign up for a service plan with AT&T or T-Mobile.
There are no carrier subsidies and no marketing partnerships, and even if this phone blows the Apple (Nasdaq: AAPL) iPhone 4 to smithereens (which I'm not saying it does), nobody would know about it. And would you pay that much for a phone, even if it were the best, prettiest, coolest, and all-around most socially acceptable gadget on the market? I don't think so. And this is what passes for "the U.S. Version" of the N8, not some fly-by-night import.
Now Elop has hired former Verizon marketing guru Jerri DeVard as chief marketing officer, and you have to believe that she will pull some tricks out of her personal network to build a relationship between Nokia and Verizon.
That doesn't mean Nokia's smartphones will instantly start selling like hotcakes in America -- after all, Nokia is losing smartphone share to Androids and iPhones on a global scale. Innovation is still key to Nokia's success, with or without top-notch marketing expertise. But DeVard's hiring is an important step into our very large smartphone market. Throw in a wholesale makeover of Nokia's opaque product-naming system, and I might be convinced that the company could make a serious impact stateside.
Will it work?
Nokia is huge around the world and especially strong in China. Elop thinks that success should translate into strong American sales, too, as he told analysts the following in his first earnings call at Nokia's rudder:
Our lack of success in the North American market has also been characterized as a weakness. While it is certainly that, it is also a symptom. There is no systemic reason that Nokia cannot succeed in North America. I believe there is a degree of focus and execution necessary, along with different patterns of doing business, that can drive success in that marketplace.
Ford's Approaching a Huge Milestone
Another bold debt-reduction move from Ford (NYSE: F) earlier this week: The Dearborn automaker announced that it had taken another hearty chunk -- nearly $2 billion worth -- out of its rapidly shrinking debt pile.
This latest move lowered Ford's annual interest expenses by about $180 million and brought the company one step closer to a long-sought goal: a return to an investment-grade credit rating.
So here's the question: Is it time to stop worrying about Ford's debt?
A lot of progress in a short time
This latest milestone was the result of debt-for-stock conversion offers that the company launched last month and enticed convertible-bond holders to exchange over $1.9 billion of bonds for 274 million new shares of stock and about $534 million in cash inducements. The company said in a statement that it will book a $960 million fourth-quarter charge for the exercise.
This move brings Ford's "automotive debt" (the company's term for the debt that matters -- i.e., connected to its carmaking operations, not debt carried by its financial-services unit) down to about $20.9 billion, its lowest level in a long time. That's a $12.8 billion reduction so far this year, representing an annual savings of about $1 billion in interest costs.
A billion dollars is a lot of money, even for a major auto company. It's enough to develop a major new model from scratch, or significantly refresh a few existing ones, or upgrade several factories, or fund a huge global marketing program. An additional $1 billion a year could give Ford's already very competitive product program a significant nudge forward.
But whether the company spends it on product or marketing or something else, Ford was doing pretty well on all of those fronts already. This can only improve the company's ability to execute around the world. You think General Motors (NYSE: GM) or Toyota (NYSE: TM) is happy with this news?
How about that credit rating?
Ford's $20.9 billion debt load is now only slightly higher than its cash hoard, which is estimated at $19.8 billion. Just a few months ago, CFO Lewis Booth predicted that cash would exceed debt by the end of 2011, a prediction that was widely received as surprising good news. Could the company really have made that much progress that quickly? Apparently so: Booth and CEO Alan Mulally subsequently revised that prediction, saying in October that Ford would reach the cash-exceeds-debt milestone by the end of this year. It's looking awfully likely: The $1 billion dividend due from Ford's finance arm before the end of the year will nearly close the gap by itself.
That's huge. Ford famously mortgaged everything it could in 2006, borrowing $23 billion in a last-gasp effort to survive long enough for its all-or-nothing turnaround plan to get traction. That drove the company's credit rating deep into junk-bond territory, but the success of the turnaround has already brought several upgrades, including a two-level boost from Moody's in October.
Now, some analysts are saying that Ford could reach investment-grade status by the middle of next year. That would be a big deal, not only as an immensely satisfying turnaround milestone, but also because it would lower Ford's ongoing borrowing costs still further, allowing it to further upgrade its product lines and accelerate its global expansion in markets such as China -- where Ford just announced the opening of 66 additional dealerships in the next month or so -- and India.
The upshot
Although Ford chose to broadcast its debt reduction on the eve of a holiday weekend, this latest move is big news for shareholders. Ford's already on a tremendous roll, with its financial position improving as its product push is bearing impressive fruit, and these moves to reduce the cost of the company's debt load can only improve its position.
More to the point, Ford's debt load has been a point of concern for investors even while the company's recovery has been so impressive. As that debt load shrinks, and Ford's credit rating continues to improve, that concern will continue to fade -- and that seems likely to bode well for the stock price.
Google Struggles to Define Chrome OS as Launch Approaches
Google (Nasdaq: GOOG) announced its Chrome OS operating system a year and a half ago, but it looks as if the company's executives are still wrapping their heads around its significance and potential. At least that's what I took away from a New York Times article about the OS.
Acer recently told Engdadget that it won't be releasing Chrome OS devices until 2011 but that Google has something up its sleeve for December of this year. The Times says that's when Google plans to release a Google-branded Chrome device, which will be manufactured by another company.
With the launch so close, you'd think Google would have a clear message about how the operating system fits into its product lineup, particularly since it has already has Android. At almost every Google press event involving Android and/or Chrome, someone will inevitably ask how Android stacks up against Chrome OS. At first, it seemed as if they were obviously different, since Android was developed for mobile phones while Chrome was built for netbooks. Still, Google has suggested that it wants to take both operating systems beyond their initial devices, for example with Android-based tablets.
Back in June, even Microsoft (Nasdaq: MSFT) chief executive Steve Ballmer admitted confusion about Chrome vs. Android. Ray Ozzie, who was then the company's chief software architect, argued that Chrome was a bet on the future, because it's all about the Internet cloud, while Android is more old-fashioned.
Here's chief executive Eric Schmidt's latest attempt at an answer -- it's from the Times article, but it echoes statements he made at the Web 2.0 Summit last week:
"We don't want to call the question and say this one does one thing, this one does another. So far the model seems to be the Android solution is particularly optimized for things that involve touch in some form and Chrome OS appears to be for keyboard-based solutions."
That's one answer, I suppose, but it lacks the pizazz of Ozzie's visionary language, and it also doesn't have much to do with the initial pitch of Chrome as an operating system fully based in the cloud -- i.e., one where everything resides online and there are no applications or files on your computer -- suggesting that the keyboard bit is almost an afterthought.
Why the switch? I'm guessing that on the one hand, Google doesn't want to pitch Android as an anti-cloud operating system, and on the other hand, the company might have a hard time selling Chrome OS on the no-native-apps angle when app-dominated operating systems such as Android and Apple's (Nasdaq: AAPL) iOS are on the rise. (At one point in the article, Google's Sundar Pichai said people's first impression to Chrome OS will be "it's just a browser,” to which he says, "exactly.")
Sony Drops Google TV Prices
Google (Nasdaq: GOOG) said that its friends at Sony (NYSE: SNE) are so excited about Google TV that they reduced the price of their Google TV devices by $200. But it's only for a few days. Is it enough?
Sony's Google TV devices weren't exactly cheap initially, but if you love technology, the TVs and the Blu-ray player begin to look interesting pricewise. There is a $200 discount until Nov. 29, which means a 24-inch TV will go for $600, a 32-inch for $800, a 40-inch for $900, and a 46-inch for $1200. The Blu-ray player is listed for $300.
You have to have a fetish for gadgets to consider these prices a good deal; otherwise you'll just buy a decent LED TV for another $200 less.
We can't help thinking that Sony isn't so excited about Google TV as worried about it. With virtually no unique Web entertainment content left, there isn't much incentive to pick one of these TVs up and pay extra. Sony still advertises the TV with the line "Television, meet Internet," which makes us wonder whether Sony has already given up hope: Few mainstream consumers are interested in the fact that these TVs connect to the Internet. They simply want the additional content that's interesting for consumption on a TV.
Is this just a Black Friday incentive? Could be, but if those TVs had been selling well, we doubt that Sony would drop its prices now.
On the same note, we also hear that you could get a buy-one-get-one-free deal for a Windows Phone. The deal is available at AT&T (NYSE: T) and applies to the HTC Surround, LG Quantum, and Samsung Focus. From Microsoft's (Nasdaq: MSFT) website: "To take advantage of this offer head down to your local AT&T retail store, sign up for a two-year contract and you and a friend will have a couple of the coolest phones of the season." Seriously? Since when is a phone that is given away for free cool?
Buy-one-get-one-free cell-phone promotions aren't unusual, and we've seen these deals also with rather popular phones such as the Galaxy S at T-Mobile. But it seems that Microsoft is dipping very early into some extra cash to fire up its Windows Phone 7 sales, which may be selling much better than previous phones with Windows OS installations, but still aren't exactly rivaling Android or Apple (Nasdaq: AAPL) iPhone sales.
Price drops are often designed to boost declining sales numbers, and we wonder whether that's the case for Google TV and Windows Phone 7.
Is China the iPhone's Next Growth Engine?
Apple (Nasdaq: AAPL) not only straddles the burgeoning tablet and smartphone markets but also holds sway across the computer, home-entertainment, and media fields. The moves it makes can affect the future of hundreds of companies. With that in mind, we're taking a look at the week in Apple news, to see how its latest activity influences the Cupertino giant, its suppliers, and even its competitors.
China catches iPhone fever
With the iPhone's U.S. market share stagnating as the phone reaches a saturation point with AT&T (NYSE: T), international growth has been propelling the phone forward. That growth has been especially strong in other developed countries. Quoting from a previous article I've written on the subject:
In Canada, where five different carriers sell the iPhone, Apple's share of the mobile market is around 12.4%. In France, where France Telecom's Orange and two other carriers sell the iPhone, its mobile market share reaches 11.6%. In the United Kingdom, where six carriers sell the iPhone, Apple commands 10% of the market.
In contrast, Apple's mobile market share in the U.S. is just 6.5%.
However, another nascent opportunity beyond developed countries is developing nations that are adopting smartphones in greater amounts than originally expected. In China, despite being on China Unicom (NYSE: CHU) , the nation's second-largest carrier with only 20% the subscribers of leader China Mobile (NYSE: CHL), there are now more than a million contract users of Apple's iPhone.
Considering that China Unicom is notorious for having bad service, which has kept many users from buying an iPhone or resorting to gray-market models (remind anyone else of the iPhone situation in another country?), hitting a million contract users is very impressive. So what's stopping Apple from expanding to China Mobile? The main sticking point is probably China Mobile's network. China Mobile uses a CDMA standard that was specially created within China, requiring Apple to create a separate model (with different communications chips inside) to work on China Mobile's network.
Apple has been reluctant to create separate models in the past, but its virtually assured jump to Verizon (NYSE: VZ) in the United States illustrates a new pragmatism within the company. Although multiple models can be confusing to consumers, the market opportunity is just too massive to pass up on.
With some analysts going so far as predicting that China has a market for 100 million high-end smartphone buyers (a target that's probably a bit too high right now), there's no denying the vast potential in the country. U.S. smartphone penetration rates are still around 30%, and growth rates will begin slowing in the next few years, as a saturation point hits and those still without smartphones are unwilling to pay the extra monthly data fees that are required with advanced phones. That leaves areas such as China, India, and Latin America as key growth engines to replace a developing-country slowdown. A million contract users pales in comparison with other countries, but it also illustrates the potential that can be unlocked if or when the iPhone bolts to China Mobile.
Everybody gets an iPad!
Yes, it was finally Apple's chance for the vaunted Oprah Moment: The host gave every member of her studio audience an iPad on a recent show. Not only that, but Oprah Winfrey showered on the praise, calling the iPad her "No. 1 favorite thing ever."
I know an appearance on Oprah's show might sound banal, but investors should take note. With the iPad hitting production figures that reportedly are north of 2 million a month, and with goals of further expansion, effectively selling the iPad across all demographics is crucial to its continuing outsized success. And while the buying whims of 50-year-old women might not be my forte, I have a pretty good inclination that they're less likely to buy an iPad than an already iPhone-toting, Engadget-reading 20-something is.
In other shopping news, initial holiday spending surveys are almost looking too good for Apple. A survey from Changewave Research shows that 36% of planned laptop buyers planning on buying a Mac. Considering that Apple's laptops sell for a premium over main competitors Hewlett Packard (NYSE: HPQ) and Dell (Nasdaq: DELL), that would give Apple a majority of total dollar spending on computers this holiday season. That seems a little too good to be true for Apple investors, but along with evidence from other surveys and information, it looks as if the "halo effect" of associated products such as the iPhone and iPad is propelling Mac sales and market share to record-shattering levels this quarter.
Land of Confusion: Chevy Volt Gets 60 MPG Rating
The EPA has finally released the fuel-efficiency rating for General Motors' (NYSE: GM) Chevy Volt. Actually, there are three ratings that may be more confusing than helpful and are a reminder of just how difficult it is will be to rate the fuel economy of a hybrid/electric vehicle.
How do you measure the fuel efficiency of a hybrid vehicle -- those cars that can run on electric for a certain distance? The truth of the matter is that this will not only depend on your driving style and the climate you live in, but also on the distances you travel each day. You and your neighbor could be driving the same high-tech hybrid, but you could end up with a gas mileage not much better than that of a current Toyota (NYSE: TM) Prius, while your neighbor gets triple digits.
In the case of the Volt, the EPA released three different ratings. The all-electric rating is a 93 MPG equivalent (there is a 149-horsepower electric motor), while the gasoline-assisted mode (there is an 80-horsepower combustion engine that charges the battery) is rated at 37 MPG and the combined rating is 60 MPG. The EPA also determined that the Volt will get about 35 miles per charge and another 344 miles with the support of a filled 9.5-gallon gasoline tank.
These numbers are highly theoretical, and the most valuable statement may be that the Volt can travel for a range of somewhere around 400 miles, which is what GM has stated. But the EPA rating is far off the 230 MPG rating that GM had hoped for. The EPA's MPG numbers come down to plain math and reflect a reasonable assumption of how power consumption can be compared with gasoline consumption. According to the EPA, the Volt will consume about 36 kilowatt hours per 100 miles, which compares with the 39 kilowatt hours observed by Edmunds. GM states that a full charge of the battery pack should cost about $1.50 on average and take about seven hours on a 120-volt line. The EPA stated only that the charge will take about four hours on a 240-volt line.
Based on that number, the EPA estimates the Volt's electric driving range to be about 35 miles on average, which seems to be realistic, given that GM currently says the car will get about 25 miles in sport mode and up to 50 miles in regular mode. We also heard that especially careful driving can get you into the 60-mile range, which would put the overall range of the Volt into the 400-mile neighborhood. An interesting side note is that the Volt is configured not to drain its entire battery while driving. The combustion engine will be activated when the battery reaches a charge state of about 35% and will ensure a maintenance level of charge to optimize the battery life and allow consumers to take advantage of cheap electricity costs, rather than waste gasoline. In theory, the Volt's battery could deliver a much higher mileage.
The Volt EPA label is somewhat unique and is different not only from regular ratings but also from that of the electric-only Nissan (OTC BB: NSANY.PK) Leaf, as Volt has the gasoline rating and does not show a differentiation between city and highway driving.
We had a chance to drive the Volt recently and noticed that the car itself stated a lifetime fuel efficiency of 126 MPG, which is based on GM's electricity-to-gasoline conversion and not on the EPA formula. The MPG rating indicated by the car is infinite, if the Volt drives on electric power only. There is an obvious transparency gap and there is no way for the consumer to understand how efficient the car really is and whether it is as efficient as the EPA states. Consumers will also have to learn what electric efficiency means. How much is 36 kilowatt hours? What does it compare to? What does it cost, especially in markets that have huge fluctuations in electricity prices that depend on the time and volume of consumption and have dramatic regional variations? Charging the Volt may cost you only $1.50 during the night in Detroit, but it could cost you $5 in California if you aren't aware of your power cost at any given time.
At least the EPA's estimation that the Volt will cost you $601 in power every year is a rather useless and potentially misleading number.
France, Germany say euro saved but investors skeptical
By Erik Kirschbaum and Daniel Flynn
BERLIN/PARIS (Reuters) - Germany and France declared on Monday that Europe had taken decisive action to save the euro by rescuing Ireland and laying the foundations of a permanent debt resolution system, but investors were not convinced.
Under pressure to arrest the threat to the currency before markets opened and prevent contagion engulfing Portugal and Spain, EU finance ministers endorsed an 85 billion-euro ($115 billion) loan package on Sunday to help Dublin cover bad bank debts and bridge a huge budget deficit.
They also approved the outlines of a long-term European Stability Mechanism (ESM), based on a Franco-German proposal, that will create a permanent bailout facility and make the private sector gradually share the burden of any future default.
"This is a measure which is not simply a single shot taken in response to an important crisis, it forms part of the absolute determination of Europe -- of France and Germany -- to save the euro zone," French government spokesman Francois Baroin told Europe 1 radio.
German Finance Minister Wolfgang Schaeuble said now that clarity had been achieved, "we are hoping for calming and reality in the financial markets," where he said speculation against euro zone countries was "hardly rational."
And French Economy Christine Lagarde said "irrational," "sheep-like" markets were not pricing sovereign debt risk in Europe correctly.
The euro hovered near two-month lows against the dollar as investors looked past the Ireland rescue to the debt woes of other peripheral euro zone economies.
And the risk premium investors charge to hold Irish, Spanish and Portuguese bonds rather than safe-haven German bunds fell only slightly in early London trade.
"There are still lingering worries about the rest of the countries, including Portugal and Spain," said Lorraine Tan, director of Asian equity research at ratings agency Standard & Poor's. "It does raise risk worries and there are less people willing to take risk at this stage."
Nouriel Roubini, the U.S. economist who warned of an impending credit crisis before 2007, told the Diario Economico business daily that Portugal was increasingly likely to need an international bailout.
"Like it or not, Portugal is reaching the critical point. Perhaps it could be a good idea to ask for a bailout in a preventative fashion," he said.
Adding to the gloom, Portuguese business confidence dipped in November for the second straight month, on poor prospects for the economy due to austerity measures designed to calm investor concerns about its creditworthiness.
Troubles in Portugal, widely seen as the next euro zone "domino" at risk, could spread quickly to its neighbor Spain because of their close economic ties.
Interest rate strategists expect Spain will have to pay more to lure investors to Thursday's offering of three-year bonds, but five-year credit default swaps on BBVA and Santander tightened on Monday after widening aggressively last week.
The new European Stability Mechanism could make private bondholders share the cost restructuring a euro zone country's debt issued after mid-2013 on a case-by-case basis.
The lack of detail in an earlier Franco-German deal on a crisis mechanism, agreed last month, and talk of private investors having to take losses, or "haircuts," on the value of sovereign bonds, helped drive Ireland over the cliff.
NO SILVER BULLET
Irish Prime Minister Brian Cowen, who for weeks denied Dublin needed a bailout, expressed satisfaction with the deal despite the interest rate of close to 6 percent which Ireland will have to pay on the loans.
"This agreement is necessary for our country and our people. The final agreed program represents the best available deal for Ireland," Cowen said.
Ireland was given an extra year, until 2015, to get its budget deficit down below the EU limit of 3 percent of gross domestic product in an acknowledgment that austerity measures will hit economic growth in the next four years.
But initial reactions from market analysts to the EU moves ranged from skeptical to bleak.
"I don't think this is going to be a silver bullet. I think there are still going to be some question marks on Portugal and Spain," said Peter Westaway, chief economist at brokers Nomura.
"I think it is almost impossible now to stop the contagion," said Mark Grant, managing director of corporate syndicate and structured debt products at Southwest Securities in Florida.
International Monetary Fund procedures would apply in the ESM. The IMF's "lending into arrears" policy stipulates that the Fund will lend to a country that is making good-faith efforts to come to an agreement with bondholders.
European Central Bank President Jean-Claude Trichet said the important points were that the IMF's doctrine would apply, the European Union would not get involved in debt restructuring itself and existing bondholders would not be hit retroactively.
Debt worries have driven the crisis for the past year, severely denting confidence in the 12-year-old euro currency and producing what amounts to a showdown between European politicians and financial markets.
The proposed permanent crisis resolution mechanism, to be finalized in the coming weeks, is intended to prevent Europe having to rush like a fireman from one blaze to another.
But it breaks several longstanding taboos:
- it effectively tears up the "no bailout" clause in the EU treaty, to which a exception had already been made for Greece;
- it creates a permanent rescue mechanism to replace the temporary three-year facility established in May;
- it accepts for the first time the possibility of a sovereign default in the euro zone;
- and it allows for the possibility of making private bondholders share the cost with taxpayers after mid-2013.
(Additional reporting by the Dublin and Brussels bureaux; writing by Andrew Roche and Paul Taylor; editing by Jon Boyle/Mike Peacock)
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Irish bank shares higher over EU-IMF rescue plan
Irish banks bolstered by bailout's cash infusion, but opposition condemns use of pensions
Shawn Pogatchnik, Associated Press, On Monday November 29, 2010, 6:04 am
DUBLIN (AP) -- Shares in Ireland's banks rose sharply Monday as investors welcomed an international agreement to provide euro67.5 billion ($89 billion) in rescue loans for Ireland, particularly its immediate focus on injecting euro10 billion into the cash-strapped banks.
However, opposition leaders condemned the plan's requirement that Ireland commit the bulk of its cash and pensions reserves, euro17.5 billion, into its own rescue effort. They warned that the EU-IMF credit line's average interest rate of 5.8 percent would be too high to repay.
The senior International Monetary Fund negotiator, Ajai Chopra, stressed his view that Ireland was now well positioned to reassure investors and, eventually, resume normal borrowing once the interest rates being demanded on open markets fall below the cost of EU-IMF funds provided.
"This is a very good deal for Ireland in current circumstances," said Chopra, who arrived in Dublin 12 days ago to oversee negotiation of a bailout deal that leaders of all 27 EU nations approved Sunday at an emergency meeting.
"It's clearly much better than what Ireland could get if it had to borrow on the market right now. ... As the program begins to work, we would expect that Ireland would be able to go back into the markets and borrow again," he said.
The yields on Ireland's 10-year bonds eased slightly Monday to 9.12 percent, but remained near the euro-era record high of 9.24 percent reached Friday.
The euro currency initially rose in value but quickly slipped back as investors remained unconvinced that the Irish deal would ease wider fears of eventual debt defaults somewhere in the 16-nation eurozone. The cost of borrowing on bond markets rose for Spain, declined for Portugal, and was little changed for Greece.
Chopra said it was smart to require Ireland to use its long-term pension money, which was earning 1 percent interest, to reduce a bailout bill costing far more to finance.
"It's making the best use of the money that Ireland has set aside. It's a sign of strength," Chopra told Irish state broadcaster RTE.
Ireland's three publicly listed banks surged on the Irish Stock Exchange following Sunday's deal, which emphasizes that more of their toxic property-based loans will be transferred to Ireland's "bad bank," the National Asset Management Agency.
The deal provides euro10 billion immediately to boost their reserves while euro25 billion more remains available to draw down if markets don't resume lending at better rates to the banks. The remaining euro50 billion is earmarked for use to cover Ireland's expected deficits through 2014.
Chopra says IMF and EU experts in coming weeks will subject each Irish bank to a series of stress tests including worst-case scenarios to determine how much cash they need.
Ireland has already committed at least euro45 billion to bailing out five Dublin banks, a bill that the government was forced to concede in recent weeks it could no longer finance on its own.
Shares in Irish Life & Permanent -- the only Dublin bank yet to receive any bailout cash -- rocketed 42 percent in the first hour of trade off its record low Friday. Bank of Ireland jumped 23 percent as it announced plans to try to raise euro2.2 billion on its own without resorting to another bailout. Allied Irish Banks rose 7 percent, reflecting its humbled status as more reliant on bailout funds and likely to fall soon into majority government ownership.
Some economists condemned the EU-IMF deal as designed to shackle the losses of Irish banks to Irish taxpayers, rather than pass any losses to the banks' senior bondholders -- chiefly other banks in Britain, Germany and the United States -- that loaned the lost billions in the first place.
"We have a choice between the solvency of the state and the solvency of the banks. We needed to sever those links. This deal instead has soldered the links between the banks and the state," said David McWilliams, a former Irish Central Bank economist who has argued in vain for Ireland to force senior bondholders to share losses.
"Of course the bank shares will rise," he said of Monday's sharp gains. "We've just put 10 billion in their pocket."
Ireland Wins $113 Billion Aid; Germany Drops Threat on Bonds
James G. Neuger and Simon Kennedy, On Monday November 29, 2010, 4:18 am EST
European governments sought to quell the market turmoil menacing the euro, handing Ireland an 85 billion-euro ($113 billion) aid package and diluting proposals to force bondholders to bear some cost of future bailouts.
European finance chiefs ended crisis talks in Brussels yesterday by endorsing a Franco-German compromise on post-2013 rescues that means investors won’t automatically take losses to share the cost with taxpayers as German Chancellor Angela Merkel initially proposed to the consternation of bond traders.
The first test of the twin decisions came as markets resumed trading after speculation intensified last week that Portugal and perhaps even Spain will require support. German bunds, Europe’s benchmark, fell after the deals damped demand for the safest fixed-income assets. European stocks gained.
“We’ll maybe see some relief in markets, but governments need to show they’re getting their economies in shape,” said Axel Merk, president and chief investment officer of Merk Investments LLC in Palo Alto, California. “People are now going to focus on Portugal and it’s probably also going to need some help.”
Six months after the Greek rescue exposed flaws in the euro’s makeup and fueled doubts whether 16 countries belong in the same currency union, policy makers again found themselves meeting on a Sunday racing to calm markets. They convened after a week in which the cost of insuring Portuguese, Irish and Spanish government debt against default rose to a record and the 10-year bond yields of those nations, Italy and Greece averaged more than 7.5 percent, a euro-era record.
Greek Extension
In a third move yesterday, Greece was told it could have an extra four-and-a-half years to repay emergency loans totaling 110 billion euros to match the seven-year term under Ireland’s deal.
The euro was little changed against the dollar in early European trading having weakened 3.2 percent last week. The yield on the 10-year German bund rose three basis points to 2.78 percent as of 9:10 a.m. in London, the highest since July 28. The extra yield investors demand to hold Irish debt narrowed.
The Irish yield premium over benchmark 10-year German bonds fell 9 basis points 637 basis points today. It reached a record 656 basis points on Nov. 26, almost triple the spread just four months ago. Spain’s yield spread slipped 3 basis to 241 basis points and Portugal’s declined by 6 to 419.
German Push
Germany, which built the euro on the principle of budgetary rigor, unleashed the latest phase of the crisis by demanding a “permanent” system as of 2013 that would enable fiscally troubled countries to restructure their debts and cut the value of bond holdings.
The German push ran into criticism from policy makers elsewhere, who called it mistimed, and from European Central Bank President Jean-Claude Trichet, who warned it would unsettle bondholders. Merkel, who has faced domestic criticism for aiding EU neighbors, yesterday backed away from the pitch for an automatic penalty, agreeing to give the International Monetary Fund a role in determining losses on a case-by-case basis.
The new proposal, fast-tracked from a debate set for December, would introduce “collective action clauses” for debt sold as of 2013, enabling fiscally hard-hit governments to renegotiate bond contracts. EU governments aim to enshrine it in the bloc’s treaties by mid-2013 and pair it with a new emergency liquidity fund to replace the one expiring then.
Trichet yesterday called the compromise a “useful clarification” and the ECB’s Governing Council said in a statement that the Irish program will “contribute to restoring confidence and safeguarding financial stability in the euro area.”
‘Herd Behavior’
“There’s plenty of herd behavior in the market,” EU Economic and Monetary Affairs Commissioner Olli Rehn said. “We want to clarify any possible confusion.”
Germany’s export-led economy has powered through the euro crisis, with business confidence at a record high in November and the government projecting expansion of 3.7 percent this year, the fastest pace in more than a decade. That resilience contrasts with recession in Greece and Ireland, splitting the euro region between better-off countries in Germany’s economic slipstream and poorer ones on the continent’s fringes.
Yesterday’s decisions bring “hope of preventing contagion spreading to other countries but do not address long-term solvency issues,” said Andrew Bosomworth, a Munich-based fund manager at Pacific Investment Management Co. “It’s a kick-the- can-down-the-road solution as opposed to acknowledging and confronting the here-and-now insolvency problems.”
Cost of Rescue
Ireland said it will pay average interest of 5.8 percent on the loans, which break down into 45 billion euros from European governments, 22.5 billion euros from the IMF and 17.5 billion euros from Ireland’s cash reserves and national pension fund.
“I don’t believe there were any other real options,” Irish Prime Minister Brian Cowen told reporters in Dublin.
A day after more than 50,000 protesters marched through Dublin to denounce Cowen’s budget cuts to stave off financial ruin, the EU gave Ireland an extra year, until 2015, to get its budget deficit to the euro limit of 3 percent of gross domestic product.
Including the bill for propping up Irish banks, the deficit is set to reach 32 percent of GDP this year, the highest in the euro’s 12-year history.
Cowen has overseen the collapse of Ireland’s banking system and public finances, leading to recession and unemployment near 14 percent. Cowen’s government is also unraveling. The Green Party, a junior coalition partner, wants elections in January, his party last week lost a special election for a vacant parliamentary seat and some of his own colleagues are slamming his leadership.
British Loan
Close banking links led Britain, a non-euro user that didn’t contribute to Greece’s 110 billion-euro rescue in May, to contribute 3.8 billion euros to Ireland’s package.
“That is money we fully expect to get back,” Chancellor of the Exchequer George Osborne told reporters in Brussels. “It’s in everyone’s national interest and it’s in Britain’s national interest that we get some economic stability in Ireland and indeed across the euro zone.”
The deal for Ireland shifts attention to Portugal, which last week passed the deepest spending cuts in more than three decades with the goal of getting back under the EU’s deficit limits by 2012. HSBC Holdings Plc estimates it needs to find 51.5 billion euros over the next three years to meet its likely budget and bond redemption needs.
Portugal’s Lag
While Greece let the budget get out of hand and Ireland fell prey to a housing bust, Portugal suffers from a lack of competitiveness that kept average economic growth below 1 percent in the past decade. Its government has also been slower to cut its deficit than others, with the central government’s shortfall widening 1.8 percent in the first ten months of the year as Spain’s fell 47 percent.
Like Ireland, Portugal doesn’t immediately need money to run the government. It has completed this year’s bond sales and doesn’t face a redemption until April. The government debt agency plans to hold an auction of 12-month bills on Dec. 1.
“Portugal doesn’t see a need to ask for help,” German Finance Minister Wolfgang Schaeuble said yesterday.
Spanish Economy Minister Elena Salgado yesterday also reiterated that her economy -- the euro zone’s fourth-largest and almost twice the size of Portugal, Ireland and Greece combined -- won’t need aid either. As well as slashing its budget gap, the country has brought regional spending under greater control and half of its debt is held at home, limiting the threat of a withdrawal by foreign investors. It too doesn’t face the first of its 45 billion euros in bond redemptions next year until April.
Spain Concern
Investors have nevertheless expressed worry that the EU’s bailout pot may be smaller than advertised and so not large enough to save Spain. HSBC’s sums show the country needs 351 billion euros over the next three years.
In practice, the EU may only be able to deploy 255 billion euros of the 440 billion-euro European Financial Stability Facility, according to Nomura International Plc. That’s because the rescue fund is financed by issuing bonds and to secure a AAA rating, governments agreed to set aside cash and to link lending to the creditworthiness of donors.
The rest of the bailout pool consists of 60 billion euros from the European Commission and 250 billion euro pledged by the IMF.
The reigniting of the crisis means the ECB may again postpone its exit from emergency measures just as it did at the height of the Greek turmoil. It’s likely to also provide more help to banks in Spain and Portugal and could ultimately extend its bond-purchase program to Spanish securities and maybe even conduct broader asset purchases, said Janet Henry, chief European economist at HSBC in London.
“We removed doubts and uncertainty and we must keep removing reasons to panic; we aim to take away speculators’ tools,” Finnish Finance Minister Jyrki Katainen told reporters in Helsinki today. Still, “there is no guarantee the crisis won’t continue, or even spread, despite the Irish loans.”
To contact the reporters on this story: James G. Neuger in Brussels at jneuger@bloomberg.net; Simon Kennedy in London at skennedy4@bloomberg.net
To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net