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Asia Cork 3Q Financials Show Steady Growth
Nov. 23, 2010 (Business Wire) -- Asia Cork Inc. (OTCBB:AKRK) 3rd quarter 10Q reports $11 million revenue, 8.29% growth compared to the same period of 2009. $2.1 million net income was reported, a significant growth of 75.57%. Quarterly EPS doubles from $0.03 to $0.06.
The high growth of net income is the result of the management’s successful endeavor to cut down expenses. Selling expenses were cut down by 60% compared to 3rd quarter in 2009. R&D expenses and G&A expenses were also cut down by a large percentage. Supported by the full recovery the financial status of the company’s customers, bad debt expenses have been cut down by 75%.
For 9 months ended Sep. 30th, the revenue reaches $22.4 million, up 31% compared to 9 months ended Sep. 30th, 2009. Net income reaches $3,665,476, up 87% compared to $1,963,911 for 9 months ended Sep. 30th, 2009.
Financial Summary
Q3 RESULTS OF ASIA CORK INC.
Q3 2010 Q3 2009 Change
Revenues $11,002,498 $10,151,002 +8.39%
Cost of Goods Sold 7,552,944 6,481,710 +16.53%
Gross Profit 3,449,554 3,669,292 -5.99%
Gross Profit Margin 31.35% 36.15%
Net Income $2,146,216 $1,222,460 +75.57%
Basic EPS $0.06 $0.03 +100.00%
Diluted EPS $0.05 $0.03 +66.67%
Revenues by Products
Semi-finished products contributed 29.65% to total revenues, 16 points higher than that of Q3 2009. Revenue from semi-finished products reached $3.26 million, up 144% from Q3 last year. This increase results from the OEM contract with Sichuan Hanxin Cork Products Company Ltd., one of the major raw materials suppliers of Asia Cork. Sichuan Hanxin specializes in collecting cork raw materials and manufacturing primary cork products and is the key strategic partner of Asia Cork.
Percentage revenues from wall board and interlocking floorboard are rising, while percentage revenues from granules and glue-in-place floorboards are decreasing, which reflects the management’s strategy to shift from low profit margin goods to high-end finished decoration materials products. Because of the rise in raw materials prices gross profit margin has dropped 5 points.
Revs by Products Breakdown
Products Q3 2010 Q3 2009
Semi-finished Cork Board 3,261,766.89 29.65% 1,334,157.63 13.14%
Wall Board 1,162,459.04 10.57% 702,241.47 6.92%
Cork Granule 648,504.36 5.89% 1,230,675.78 12.12%
Glue-in-place Floorboard 5,529,828.98 50.26% 6,295,997.80 62.02%
Interlocking Floorboard 399,938.73 3.63% 287,860.13 2.84%
Multilayer Floorboard 0.00 0.00% 300,069.19 2.96%
Total 11,002,498.00 100.00% 10,151,002.00 100.00%
Management staff believes that the company has fully recovered from the recess of 2008 and 2009. Revenues and net income have been rising steadily for the last three quarters of 2010. Management expects net income of 2010 to exceed $4 million.
Asia Cork Inc. is the leading cork products manufacturer in Asia, the business operation of which is mainly performed in China. Its major products include cork floor and wall board, sheets, rolls and crafts such as notepad and mouse pad, etc. It is listed on OTCBB with the symbol AKRK. See more information on www.hxrm.com.
For Asia Cork Inc.
Becky Lee, +86 029-8845 3406
lizhan.becky@gmail.com
Source: Business Wire (November 23, 2010 - 7:30 AM EST)
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Mobile Data Corp develops software application MDC-Tracker for BlackBerry BIS-B Transport
Nov. 23, 2010 (M2 Communications Ltd.) --
Software development company Mobile Data Corp (OTCBB:MBYL) today announced that its smartphone location finder application, MDC-Tracker, has been developed for use on a range of BlackBerry smartphones.
The application uses BlackBerry Internet Service Browsing (BIS-B) Transport and will initially be used exclusively on BlackBerry smartphones.
The BIS-B Transport model is designed to allow software applications from Select Alliance Program development partners to establish connections from a BlackBerry device to the Internet through a centrally hosted gateway within the BIS-B infrastructure.
As the gateway is centrally hosted and consistent across all networks it is able to provide Java applications with a consistent Internet connection that is not dependent on the carrier's WAP or TCP gateway.
MDC-Tracker is a software application that tracks the location history of a smartphone over programmable specified time frames for business and human asset management reporting and accountability protocols.
(Comments on this story may be sent to tww.feedback@m2.com)
Source: M2 Presswire (November 23, 2010 - 7:23 AM EST)
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Worldwide Energy and Manufacturing USA Announces Third Quarter 2010 Financial Results
Revenues Increase 139% Driven by Higher Sales of Solar Modules
Nov. 23, 2010 (GlobeNewswire) --
SOUTH SAN FRANCISCO, Calif. and SHANGHAI, China, Nov. 23, 2010 (GLOBE NEWSWIRE) -- Worldwide Energy and Manufacturing USA, Inc. (OTCBB:WEMU) ("Worldwide" or the "Company"), a rapidly growing international supplier of photovoltaic (PV) solar modules, today announced its financial results for the third fiscal quarter ended September 30, 2010. Summary financial data is provided below:
Third Quarter 2010 Financial Highlights
Revenues for the third quarter of fiscal year 2010 increased by 139.3% year-over-year to $44.6 million, up from $18.6 million in the third quarter of 2009.
Solar division revenue increased by 157.6% to $40.0 million, up from $15.5 million in the same period a year ago.
Net income attributable to Worldwide for the third quarter decreased 40.5% year-over-year to $1.2 million, compared with $2.0 million for the third quarter of 2009.
Gross profit for the third quarter increased 48.7% to $4.0 million, up from $2.7 million a year ago; Gross margin was 8.9%, compared to 14.4% in the same period last year.
Operating income and operating margin for the third quarter were $0.4 million and 0.9%, respectively, compared to $1.3 million and 7.2%, respectively, in the third quarter of 2009.
Earnings per diluted share were $0.21 for the quarter, compared with diluted EPS of $0.55 achieved in the same period a year ago.
Financial Highlights for the Nine Months Ended September 30, 2010
Revenues for the nine months ended September 30, 2010 increased by 192.6% year-over-year to $114.7 million, up from $39.2 million in the nine months ended September 30, 2009.
Solar division revenue increased to $101.6 million from $29.9 million, an increase of 239.5% or approximately $71.7 million compared to the same period a year ago.
Net income for the nine months ended September 30, 2010 increased 178.4% year-over-year to $4.4 million, compared with $1.6 million in the nine months ended September 30, 2009.
Gross profit for the nine months ended September 30, 2010, increased 76.5% to $10.6 million from $6.0 million for the nine months ended September 30, 2009; Gross margin for the period was 9.3% compared to 15.4% for the nine months ended September 30, 2009.
Operating income and operating margin for the nine months ended September 30, 2010 were $2.6 million and 2.3%, respectively, compared to $2.4 million and 6.0%, respectively, in the nine months ended September 30, 2009.
Earnings per diluted share were $0.81 for the nine months ended September 30, 2010, compared with diluted EPS of $0.44 achieved in the same period a year ago.
Jimmy Wang, CEO of Worldwide, stated, "We achieved triple-digit sales growth for the sixth consecutive quarter, driven by strong demand for our PV solar modules. Although market dynamics negatively impacted our margins during the quarter, demand for our modules continued to increase significantly, and our solar backlog currently stands at a record $106 million. By working toward a competitive environment for our supplier base as well as leveraging economies of scale to negotiate with suppliers, we expect to see a rebound in profitability in the near future."
Mr. Wang continued, "Looking ahead, we plan to continue growing our solar business through our recently opened manufacturing and research facility in Nantong, China. We believe that the solar energy industry offers us our greatest growth and profit potential, and we anticipate improved performance for the rest of 2010 and into 2011."
Third Quarter 2010 Results of Operations
Revenues
Revenues for the three months ended September 30, 2010 were $44.6 million as compared to $18.6 million for the three months ended September 30, 2009. The increase of $26.0 million, or 139.3%, was primarily due to increased demand for the Company's AmeriSolar brand of PV solar modules, particularly in Europe.
Gross Profit
Gross profit for the three months ended September 30, 2010 was $4.0 million as compared to $2.7 million for the three months ended September 30, 2009. The increase of $1.3 million, or 48.7%, was primarily due to an increase in the number of PV solar modules shipped. Costs of sales for the three-month period were $40.6 million as compared to $15.9 million for the same period a year ago. The Company's gross margin was 8.9% and 14.4% for the three months ended September 30, 2010 and 2009, respectively. The decrease in gross margin was primarily due to the market-driven decline in sales price per unit for solar modules, which has outpaced the raw material price reductions that the Company has been able to negotiate with its suppliers.
Income from Operations
Operating income for the three months ended September 30, 2010 amounted to $0.4 million as compared to $1.3 million for the three months ended September 30, 2009. The decrease of $0.9 million was primarily due to increased costs associated with increased sales. Operating expenses for the three-month period totaled $3.6 million as compared to $1.3 million for the same period a year ago. The increase in operating expenses reflected an increase in sales expenses for sales associate salaries and commissions on increased sales volume, as well as the expenses associated with adding administrative infrastructure for the Company's current and anticipated sales growth.
Net Income
Net income attributable to Worldwide for the three months ended September 30, 2010 was $1.2 million as compared to $2.0 million for the three months ended September 30, 2009, due to the reasons set forth above. Earnings per diluted share were $0.21 for the quarter, compared with diluted EPS of $0.55 for the same period a year ago.
Results of Operations for the Nine Months Ended September 30, 2010
Revenues
Revenues for the nine months ended September 30, 2010 were $114.7 million as compared to $39.2 million for the nine months ended September 30, 2009. The increase of $75.5 million, or 192.6%, was primarily due to the continued market penetration of the Company's AmeriSolar brand of PV solar modules, particularly in Europe.
Gross Profit
Gross profit for the nine months ended September 30, 2010 was $10.6 million as compared to $6.0 million for the nine months ended September 30, 2009. The increase of $4.6 million, or 76.5%, was primarily due to an increase in the number of PV solar modules shipped as well as lower material costs associated with the crystalline silicon material used for module production. Costs of sales were $104.1 million for the nine-month period, as compared to $33.2 million in the same period a year ago. The Company's gross margin was 9.3% and 15.4%, respectively, for the nine months ended September 30, 2010 and 2009. The decrease was primarily driven by a decline in sales price per unit, which is dictated by the market and has outpaced the raw material price reductions that the Company has been able to negotiate with its suppliers.
Income from Operations
Operating income for the nine months ended September 30, 2010 amounted to $2.6 million as compared to $2.4 million for the nine months ended September 30, 2009. Operating expenses for the nine months ended September 30, 2010 totaled $8.0 million, up 119.5% from $3.6 million in the same period a year ago. The increase in operating expenses was primarily due to increased administrative costs associated with the increase in sales.
Net Income
Net income attributable to Worldwide for the nine months ended September 30, 2010 was $4.4 million as compared to $1.6 million for the nine months ended September 30, 2009. Earnings per diluted share were $0.81 for the quarter, compared with diluted EPS of $0.44 for the same period in 2009.
Liquidity and Capital Resources
As of September 30, 2010, Worldwide's current assets were $45.6 million and current liabilities were $33.4 million. Cash and cash equivalents totaled $8.5 million at September 30, 2010. The Company's stockholders' equity at September 30, 2010 was $19.3 million. For the nine months ended September 30, 2010, the Company used $6.3 million in cash for operating activities, as compared to $0.3 million provided by operating activities for the same period in 2009. The Company used $0.1 million in cash for investing activities during the nine months ended September 30, 2010, as compared to $2.2 million for the nine months ended September 30, 2009. For the nine months ended September 30, 2010, the Company generated $5.5 million in cash from financing activities, as compared to $1.9 million for the nine months ended September 30, 2009.
Conference Call and Webcast
Management will host a conference call to discuss these financial results today at 10:00 a.m. Eastern time (7:00 a.m. Pacific).
To participate in the call please dial (877) 941-1427, or (480) 629-9664 for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found via the Company's website at http://www.wwmusa.com, or alternately at http://ViaVid.net.
A replay of the call will be available for two weeks from 1:00 p.m. EST on November 23, 2010 until 11:59 p.m. EST on December 7, 2010. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the pass code for the replay is 4387621. In addition, a recording of the call will be available via the company's website at http://www.wwmusa.com for one year.
About Worldwide Energy and Manufacturing USA
Worldwide Energy and Manufacturing USA, Inc. (http://www.wwmusa.com), headquartered in South San Francisco, California, is a 17-year-old engineering-oriented firm specializing in photovoltaic (PV) module, mechanical, electronics and fiber optic products manufacturing. The company's worldwide customer base includes the solar energy, wireless telecommunications, aerospace, automobile and medical equipment industries. Subsidiaries include Shanghai Intech Electro Mechanical Products Co. Ltd., Shanghai Intech Electronics Manufacturing Co. Ltd. and Shanghai Intech Precision Mechanical Products Manufacturing Co. Ltd., located in Shanghai, China.
Forward-looking statements
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
WORLDWIDE ENERGY AND MANUFACTURING USA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2010 December 31, 2009
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 8,472,495 $ 9,180,974
Restricted cash -- 2,456,040
Accounts receivable, net of allowances of $257,000 and $312,000, at
September 30, 2010 and December 31, 2009, respectively 25,490,801 11,858,568
Notes receivable, net of allowances of $38,180 and $0, at September 30,
2010 and December 31, 2009, respectively -- 40,680
Inventories 6,254,681 4,567,343
VAT tax receivable 26,128 570,615
Advances to suppliers 2,370,052 488,395
Deposit for building 583,030 --
Deferred tax asset 100,000 100,000
Note receivable from officer -- 50,000
Prepaid and other current assets 2,258,811 363,309
Total current assets 45,555,998 29,675,924
Property and equipment, net 5,231,985 2,968,958
Intangible assets 1,101,000 1,101,000
Goodwill 285,714 285,714
Long term receivable – related party 610,530 618,527
Total assets $ 52,785,227 $ 34,650,123
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 18,658,219 $ 13,981,881
Accrued expenses 6,907,239 1,895,127
Notes payable 422,917 2,679,167
Warrant derivative liability 3,476,057 1,626,586
Tax payable 753,645 768,289
Due to related parties 1,487,523 1,841,803
Customer deposits 1,730,699 1,254,558
Total liabilities 334,362,999 24,047,411
Commitments and contingencies (Note 3)
Stockholders' equity
Common stock (No Par Value; 100,000,000 shares authorized; 5,657,215
and 3,671,611 shares issued and outstanding at September 30, 2010 and
December 31, 2009, respectively; including 1,620,954 shares held in escrow
subject to contingent future events as of September 30, 2010) 6,447,155 2,920,372
Retained earnings 10,533,569 6,104,586
Accumulated other comprehensive income 876,411 551,943
Total equity attributable to Worldwide 17,857,135 9,576,901
Non-controlling interest 1,491,793 1,025,811
Total stockholders' equity 19,348,928 10,602,712
Total liabilities and stockholders' equity $ 52,785,227 $ 34,650,123
WORLDWIDE ENERGY AND MANUFACTURING USA, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Nine Months Ended For the Three Months Ended
September 30, September 30,
2010 2009 2010 2009
Revenue
Sales $ 114,731,029 $ 39,217,288 $ 44,553,126 $ 18,618,508
Cost of goods sold 104,104,050 33,196,407 40,566,868 15,937,769
Gross profit 10,626,979 6,020,881 3,986,258 2,680,739
Operating Expenses
Selling, general and administrative expenses 7,332,412 3,141,878 3,456,595 1,182,661
Management and professional fees paid to stockholders 270,000 260,000 90,000 80,000
Depreciation 266,229 246,366 26,552 83,485
Loss (gain) on disposal of fixed assets 137,913 -- (5,564) --
Total operating expenses 8,006,554 3,648,244 3,567,583 1,346,146
Net operating income 2,620,425 2,372,637 418,675 1,334,593
Other Income (expenses)
Interest income 18,471 14,164 4,586 3,007
Interest expense (51,965) (40,923) (10,648) (20,114)
Other income (expense) 2,805,693 32,208 11,769 1,111,596
Exchange gain 142,895 103,421 973,439 97,996
Total other income 2,915,094 108,870 979,146 1,192,485
Income before income taxes 5,535,519 2,481,507 1,397,821 2,527,078
Income taxes (743,620) (670,121) (200,116) (427,497)
Net income 4,791,899 1,811,386 1,197,705 2,099,581
Less: net income attributable to non-
controlling interest (362,916) (220,629) (7,775) (98,019)
Net income attributable to Worldwide $ 4,428,983 $ 1,590,757 $ 1,189,930 $ 2,001,562
Earnings per share attributable to Worldwide
stockholders:
Basic and diluted earnings per share $ 0.81 0.44 0.21 0.55
Basic and diluted weighted average shares
outstanding 5,449,380 3,578,014 5,653,641 3,621,611
WORLDWIDE ENERGY AND MANUFACTURING USA, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended
September 30,
2010 2009
Cash flows from operating activities:
Net income $ 4,791,899 $ 1,811,386
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation 266,229 246,564
Allowance for bad debts – accounts receivable (28,838) 234,796
Allowance for bad debts – note receivable 38,180 --
Stock based compensation expense 62,242 162,020
Change in warrant derivative liability (2,802,400) (25,809)
Provision for losses on inventories 84,993 --
Provision for warranty 26,211 --
Loss on disposal of fixed assets 137,913 --
Changes in operating assets and liabilities:
Accounts receivable (13,480,730) (10,250,963)
Notes receivable 2,500 (84,468)
Inventories (1,688,145) (1,167,944)
VAT tax receivable 544,940 (185,921)
Advances to suppliers (1,839,034) (438,754)
Deposit for building (572,911) --
Loan receivable - affiliate -- 6,497
Prepaid and other current assets (1,867,942) (198,622)
Accounts payable 4,577,630 11,155,323
Accrued expense and acquisition cost payable 771,537 (330,339)
Tax payable (14,187) 128,152
Customer deposits 4,640,554 (789,339)
Net cash provided by (used in) operating activities (6,349,359) 272,579
Cash flows from investing activities:
Capital expenditures (2,597,363) (744,218)
Proceeds from disposal of fixed assets 27,998 --
Restricted cash 2,456,040 (1,417,356)
Net cash used in investing activities (113,325) (2,161,574)
Cash flows from financing activities:
Net proceeds from issuance of common stock and warrants 8,136,583 --
Repayment of loans payable to shareholders -- (60,024)
Proceeds of borrowing from related parties 50,000 107,521
Repayment of loans payable to shareholders (400,000) --
Net proceeds from lines of credit 2,000,000 2,000,000
Repayment of bank loans (256,250) (173,790)
Net cash flows provided by financing activities: 5,530,333 1,873,707
Effect of exchange rate changes on cash and cash equivalents 223,872 (9,550)
Net increase (decrease) in cash and cash equivalents (708,479) (24,838)
Cash and cash equivalents- beginning of period 9,180,974 5,092,476
Cash and cash equivalents- end of period $ 8,472,495 $ 5,067,638
Supplemental disclosure of non cash activities:
Cash paid during the period for:
Interest $ 61,188 $ 40,923
Income tax $ 660,781 $ 390,217
Non-cash investing and financing activities:
During the period ended September 30, 2010, the Company accounted for $6,095,998 of warrants issued in its 2010 financing as a warrant derivative liability.
During the period ended September 30, 2010, the Company reclassified $1,444,127 from warrant derivative liability to equity related to the warrants issued in its 2008 financing.
This information is intended to be reviewed in conjunction with the Company's filings with the Securities and Exchange Commission, which includes the accompanying notes. The above historical information is from the Company's 2010 Third Quarter Form 10-Q, filed November 22, 2010, the Company's 2009 Third Quarter Form 10-Q/A, filed April 16, 2010, and the Company's 2009 Form 10-K, filed April 15, 2010
CONTACT: Worldwide Energy and Manufacturing USA, Inc.
Jeff Watson
650-794-9888, Ext.223
jeffw@wwmusa.com
http://www.wwmusa.com
RedChip Companies, Inc.
Investor Relations:
Dave Gentry, U.S.
+1-800-733-2447, Ext. 104
info@redchip.com
RedChip Beijing Representative Office
Jing Zhang, China
+86 10-8591-0635
http://www.RedChip.com
Source: Globe Newswire (November 23, 2010 - 7:15 AM EST)
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China Electronics Announces Nine Month Revenue of $89.4 Million and Net Income of $15.1 Million or $0.95 per Share
3rd Quarter Revenue up over 250% to $35.6 Million; Net Income hits $5.7 Million or $0.34 per Share
Nov. 23, 2010 (PR Newswire) --
LU'AN CITY, Anhui Province, China -- China Electronics Holdings, Inc. (OTC Bulletin Board: CEHD), one of rural China's major U.S.-listed retailers of household appliances and consumer electronics, announced that its earnings for through September 30, 2010 increased 285% over the same period in 2009, reaching USD$15,094,619. Revenues were up 348% and totaled USD$89,364,902 for the first three quarters of 2010. On the CEHD Balance Sheet, Stockholders' Equity increased by over USD$30 million from USD$6.0 million to USD$36.9 million.
"We had 247 new stores in operation during the nine months ended September 30, 2010 compared to 2009," said China Electronics Chairman and Founder Hailong Liu. "New products with higher average selling prices from SONY and LG that we began to carry in 2010 and the improved economic climate in the PRC all had a positive impact on the demand for our products and our sales," Chairman Liu stated. Through the first three quarters of 2010 CEHD has recorded 187% of the revenues achieved for all of 2009, and earned 155% of the profits in the first nine months of 2010 that it did for the entire calendar year of 2009.
China Electronics through its PRC subsidiary Lu'an Guoying Electronic Sales Co., Ltd. (the "Company") operates a network of over 1,000 store locations in primarily rural areas of central China's Anhui, Henan and Hubei Provinces under the brand of Guoying. In its most recent fiscal year ended December 31, 2009 China Electronics achieved after-tax net income of USD$9.7 million from USD$47.7 million in revenues. As a condition of the recent financings totaling nearly USD$5.3m, China Electronics agreed to a net income target of USD$12 million, subject to certain adjustments, for the fiscal year ending December 31, 2010, and an uplisting to Nasdaq or the NYSE Amex exchanges. Hunter Wise Securities, LLC served as lead placement agent.
China Electronics' Guoying subsidiary is the exclusive wholesaler in the Lu'an area for products under the brand names Sony, LG, Samsung, Shanghai Shangling, Chigo, Huayang and Huangming. Guoying is the general sales agency of Sino-Japan Sanyo electronic products, such as Sanyo TVs, air conditioners, washing machines and microwave ovens. Guoying has teamed up with Huangming and Huayang, the two largest manufacturers of solar thermal products in China, to be their exclusive retail outlet in Anhui.
China Electronics also produces Guoying brand refrigerators under its own trademark, selling a total of 30,000 refrigerators in 2007, 46,000 in 2008, and 62,000 in 2009, and expects to sell 77,000 in 2010 and 100,000 in 2011, in PRC provinces Anhui, Henan and Hubei.
About China Electronics Holdings and Household Appliance Retailing in Rural China
China Electronics has been based in Lu'an City, Anhui Province, central China since its founding in 2001 and sells household appliances and consumer electronics of major manufacturers through a network of more than 1,000 retail stores in rural areas of the PRC's fourth- and fifth tier markets. For more information please visit www.chinaelectronicsholdings.com .
Approximately 56% of China's population still resides in rural areas of the PRC, making rural residents the largest consumer group in the country. After many years of economic reforms, the average income of people living in China's rural areas has gradually increased. The rural market is largely untapped and has enormous potential for growth. This rural consumer group has tremendous purchasing power and is increasing as the Chinese government encourages rural communities to modernize.
The PRC central government has decided to expand internal demand by increasing the income of the rural population. Continuous improvements in the rural power network, rural transportation, and rural communication make the rural market extremely favorable for home appliances and electronics.
After many years of economic reforms, the average income of people living in China's rural areas has gradually increased. It is reported that the rural residents hold more than US $120 billion in savings and US$106 billion in cash. A survey done by the China Electronic Product Association showed that 14% to 33% of rural families are willing to spend their money on televisions, DVDs, washers and dryers, and telephones in the next few years. For example, refrigerator ownership in big and middle cities of China is over 95%, even 99% in some cities. However, the ownership of refrigerators is only 22.7% in rural areas of China.
The Chinese government has initiated a rural home appliance and electronics rebate program, called "Rural Consumer Electronics" plan, which provides that the maximum sales price of electronics is fixed at a price which is usually equal to or less than the market price in urban areas of the same product. Meanwhile, rural consumers can get a 13% government rebate on their purchases of electronics.
Finally, the current consumer electronics and appliances markets in big cities like Beijing, Shanghai, and Shenzhen are already saturated by an over abundance of competitors – leading to very lean margins. Although some competitors have announced interest in the rural market, none of the current competitors have established any significant presence in the rural markets. Successful brand names established in large cities are not an indicator of automatic success in China's rural market. Guoying is the first rural home appliance and electronics retailer in Anhui province.
Cautionary Statement Regarding Forward Looking Information
This press release may contain forward-looking information about the Company, Buyonate, Inc., China Electronics Holdings, Inc., Lu'an Guoying Electronic Sales Co., Ltd., and its subsidiaries. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and statements which may include discussions of strategy, and statements about industry trends future performance, operations and products of each of the entities referred to above. Actual performance results may vary significantly from expectations and projections as a result of various factors, including without limitation and the risks set forth "Risk Factors" contained in the Company's Current Report on Form 8-K filed on July 20, 2010. The shares of common stock issued in connection with the transaction has not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration under the Securities Act and applicable state securities laws or an applicable exemption from those registration requirements. The Company has agreed to file a registration statement covering the resale of the shares of common stock issued in the private placement and certain other shares, upon request by the investors.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Contacts: Hunter Wise Financial Group, LLC
Dan McClory, Managing Director
+1 949 732 4102
dmcclory@hunterwise.com
Frank Lorenzo, Managing Director
+1 551 427 8476
florenzo@hunterwise.com
SOURCE China Electronics Holdings, Inc.
Source: PR Newswire (November 23, 2010 - 7:02 AM EST)
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Nutrastar Releases Television Media Campaign Promoting Functional Health Drink
Nov. 23, 2010 (PR Newswire) --
HARBIN, China, Nov. 23, 2010 /PRNewswire-Asia-FirstCall/ -- Nutrastar International Inc. (OTC Bulletin Board: NUIN), a leading producer and supplier of premium branded Traditional Chinese Medicine ("TCM") consumer products, today announced that the Company has begun a television campaign in Jiangsu promoting its new "Ban Ke Chong Cao" branded functional health drink containing Chinese Golden Grass.
The 15 second commercial will be broadcast on two channels in Jiangsu province – Jiangsu Drama Channel and Jiangsu Variety Channel. Jiangsu province has a population of approximately 80 million and is adjacent to Shanghai. The television campaign will run for a total of 3 minutes and 15 seconds per day or approximately 92.5 minutes each month.
Ms. Lianyun Han, Founder and Chief Executive Officer of Nutrastar commented, "We are very proud to announce that we have begun our television marketing campaign in Jiangsu province. The commercial is geared towards our target demographic of the emerging affluent and middle class. We anticipate that this will aid in our efforts to promote our new functional health drink and to communicate the health benefits of Chinese Golden Grass. We will continue to update investors as we expand our distribution channels and introduce the drink to additional cities and provinces within China."
About Nutrastar International
Nutrastar is a China based leading producer and supplier of premium branded TCM consumer products including commercially cultivated Chinese Golden Grass ("Cordyceps Militaris") and functional health beverages. Cordyceps Militaris is one of the most highly regarded herbal nutrients in TCM. The Company believes it is the largest manufacturer of bioengineered Chinese Golden Grass in China, ranked by volume, according to China Market Monitoring Center (CMMC), accounting for approximately 19% market share in China. The Company is headquartered in Harbin, capital of Heilongjiang province, with 302 employees, 21 in R&D, and 132 in sales and marketing. The products of Nutrastar are sold throughout China via a direct and distribution network that covers more than 10 provinces. More information may be found at http://www.nutrastarintl.com or e-mail: ir@nutrastarintl.com.
Safe Harbor Statement
This news release contains "forward-looking statements" relating to the business of Nutrastar International Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, the Company does not assume a duty to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact:
Robert Tick
Chief Financial Officer
Tel: 408-306-9881
roberttick@nutrastarintl.com
Howard Gostfrand
American Capital Ventures
Tel: 305.918.7000
info@amcapventures.com
Make sure you are first to receive timely up-to-date information on Nutrastar. Sign up for Nutrastar's email news alert system today at: http://www.nutrastarintl.com/alerts
SOURCE Nutrastar International Inc.
Source: PR Newswire (November 23, 2010 - 7:00 AM EST)
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LianDi Clean Technology Inc. Announces Formal Signing of Exclusive Alliance with System Kikou Co.
-- Combines System Kikou's proven technology with LianDi's strong relationships with Chinese oil companies
-- $120 million market opportunity in China
-- Expect to ship products in 5 months
Nov. 23, 2010 (PR Newswire) --
BEIJING, Nov. 23, 2010 /PRNewswire-Asia-FirstCall/ -- LianDi Clean Technology Inc. (OTC Bulletin Board: LNDT), ("LianDi" or the "Company"), a provider of clean technology, downstream flow equipment, engineering services and software to China's leading petroleum and petrochemical companies, today announced it has formally signed a 2-year exclusive distribution agreement with System Kikou Co., Ltd ("System Kikou"), a leading automated oil sludge treatment company based in Tokyo, Japan. Mr. Jianzhong Zuo and Mr. Hitoshi Minamiguchi, Chairman and CEO of LianDi and System Kikou, respectively, were present in Beijing to sign the landmark agreement.
"We could not have chosen a more ideal partner in China," began Mr. Hitoshi Minamiguchi, Chairman and Chief Executive Officer of System Kikou. "We are excited about the opportunity to capture the significant growth in the Chinese oil and petrochemicals industries by teaming up with an industry leader such as LianDi. We look forward to leveraging our technology expertise with their long-standing relationship and servicing capabilities with the largest oil companies in China."
"We recognized that in order to penetrate the Chinese market, we needed a local partner with experience and a proven track record," continued Mr. Hitoshi Minamiguchi. We were very impressed with the consistent, high-quality of service LianDi has demonstrated. We look forward to a long and prosperous relationship with LianDi."
The PRC government recently mandated automated cleaning technologies to be used in all oil refiners in China starting on July 1st, 2010 in order to improve the safety of refining operations. Management estimates the market for cleaning technologies is approximately $120 million, growing at about 7% per annum. Currently, only less than 20% of Chinese oil refineries use automated cleaning technologies compared to 80%-90% in developed countries. LianDi projects revenues of $3.5 million and net income of $1.5 million during the first twelve months after the initial order is shipped.
"We are honored to be chosen as System Kikou's exclusive partner in China," stated Mr. Jianzhong Zuo, Chairman, Chief Executive Officer and President of the Company. "With over 300 installations of its advanced automated cleaning systems worldwide, System Kikou is a leader in an emerging industry. China has around 200 oil refineries compared to 122 five years ago. Rising regulatory standards and the ageing of oil refineries will drive robust demand for automated cleaning and treatment systems. This agreement allows LianDi to be a significant competitor in this sector."
About LianDi Clean Technology Inc.
LianDi was established in July 2004 to serve the largest Chinese petroleum and petrochemical companies. Through its four operating subsidiaries, Hua Shen Trading (International) Ltd., Petrochemical Engineering Ltd., Bright Flow Control Ltd. and Beijing JianXin Petrochemical Engineering Ltd., the Company distributes a wide range of customized valves and equipment and provides associated value-added technical and integration service. The Company also develops and markets proprietary optimization software for the polymerization process. In addition, LianDi is focused on the large, rapidly growing, clean technology market for oil refineries, projected to reach over $1 billion in the next 10 years. This market is expected to benefit from favorable Chinese government policies, including tax benefits and other incentives.
Cautionary Statement Regarding Forward-Looking Information
This press release may contain certain "forward-looking statements" relating to the business of LianDi and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the impact of the proceeds from the private placement on the Company's short term business and operations; the general ability of the Company to achieve its commercial objectives, including the ability of the Company to sustain growth; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov )
For more information, please contact:
Investor Relations:
HC International, Inc.
Ted Haberfield, Executive VP
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
SOURCE LianDi Clean Technology Inc.
Source: PR Newswire (November 23, 2010 - 7:00 AM EST)
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Leading Independent Laboratory Confirms Efficacy of BioNeutral's Ygiene? Antimicrobial
MicroChem Laboratory Inc. Tests Show Ygiene™ Rapidly Eliminates Tuberculosis
Nov. 23, 2010 (PR Newswire) --
NEWARK, N.J., Nov. 23, 2010 /PRNewswire/ -- BioNeutral Group (OTC Bulletin Board: BONU), a specialty technology-based life science company, today announced it has received independent laboratory results from MicroChem Laboratory Inc. indicating that Ygiene™ Hospital Grade antimicrobial eliminated tuberculosis in under five minutes. Dr. Norman Miner, owner and operator of MicroChem Laboratories was retained by H. Paul Dorman CEO of DFB Pharmaceuticals, to conduct an independent Standard Rate of Kill Tests of BioNeutrals Ygiene™ against tuberculosis. As previously announced, BioNeutral Group recently signed a "stand still" agreement with DFB Pharmaceuticals.
"Tuberculosis is often a deadly disease with over a quarter of the world's population suffering from some form of this disease," said Dr. Andrew Kielbania, Chief Scientist at BioNeutral Group. "With new infectious outbreaks occurring very rapidly, we believe there is a serious need for a highly effective new antimicrobial that can quickly eliminate this dangerous microorganism. These independent results from Dr. Miner's laboratory provide us additional support that our Ygiene™ Hospital Grade Antimicrobial is an exceptional product that can be used in the proactive preventative control and of this potentially very deadly disease.
About MicroChem Laboratory Inc.
MicroChem Laboratory is a contract laboratory established in 1988 to test liquid chemical germicides. They test sanitizers, general-, broad spectrum-, hospital grade-, and high-level disinfectants, sterilants, and other antimicrobial products. They also validate swimming pool disinfectants and algaecides.
MicroChem Laboratory is owned and operated by Dr. Norman Miner. Dr. Miner was instrumental in creating an AOAC Task Force with the goal of improving the chapter 6 AOAC Disinfectant Test Methods. Dr. Miner provides disinfectant and antimicrobial test method consulting services and is also available as an expert witness regarding disinfectants and disinfectant test methods.
The scientists at MicroChem Laboratory produce reader-friendly, crystal clear, quality assurance audited final study reports promptly after a study is completed. MicroChem Laboratory also conducts original research and publishes regularly in peer-reviewed journals regarding disinfectants and disinfectant test methods.
Member: AOAC, ASM, and ASTM.
For additional information see www.microchemlab.net
About DFB Pharmaceuticals:
DFB Pharmaceuticals, Inc. is a fully integrated specialty pharmaceutical company whose operating subsidiaries and affiliates provide branded products, quality services and innovative technologies to the global healthcare industry. Its DPT Laboratories organization is the premier contract manufacturer of pharmaceutical grade liquid and semi-solid products and works with most of the leading pharmaceutical companies. OPT has FDA compliant manufacturing facilities in New Jersey and Texas. Through its affiliate Phyton Biotech GmbH, they also have manufacturing facilities in Germany where they produce a leading oncology API through an award winning environmentally friendly process. Its HealthPoint division alone employs approximately 250 individuals, including a sophisticated field sales force of approximately 150 individuals calling on the U.S. hospital market. The Company enjoys an excellent reputation as a leader in the wound care field. DFB Pharma has developed a number of novel technologies in the area of infection prevention, including the world's first brush-free surgeon's scrub.
For more information on DFB Pharmaceuticals Inc., see www.dfb.com
About BioNeutral Group, Inc.
Headquartered at the New Jersey Institute of Technology/EDC in Newark, BioNeutral Group, Inc., is a technology-based life science company which has developed a technology platform that neutralizes harmful environmental contaminants, toxins and dangerous micro-organisms including bacteria, viruses, mold, fungi and spores. BioNeutral's products, Ygiene and Ogiene, kill germs and clean surfaces with a dramatic increase in speed and power over their rivals in the marketplace. BioNeutral's proprietary platform technology has been proven effective in surface, water and airborne applications. Its antimicrobial line of products under the Ygiene™ brand have been submitted to the EPA for approval for sale in the United States and has already been approved for sale in Germany and is permitted to be sold in the UK, France and Sweden. For more information, see www.bioneutralgroup.com or read our blog at www.bioneutralblog.com. AutoNeutral is a registered trademark of BioNeutral Group, Inc.
Find us on Facebook: http://www.facebook.com/pages/BioNeutral-Group/149109938452393
Follow us on Twitter: http://twitter.com/bioneutralgroup
Forward-Looking Statements
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those described in the Company's filings with the Securities and Exchange Commission. BioNeutral routinely tests its formulations against those of its competitors. The results are published to let shareholders know how the Company's technology compares with known formulations in the market place. Any product claim for antimicrobial activity requires approval from the EPA or FDA, depending upon where and how the formulations are used. The EPA and FDA have not reviewed or confirmed the Company's data and findings. BioNeutral's antimicrobial formulations will be marketed under the brand name Ygiene™ and are not yet available for sale in the United States.
Media Contact:
Investor Relations:
Matt Rizzetta
Brett Maas
North 6th Agency
Hayden IR
917-398-0818
646-536-7331
mrizzetta@north6thagency.com
brett@haydenir.com
For The Company:
BioNeutral Group, Inc.
Stephen J. Browand, President and CEO
973-286-2899
steve@bioneutralgroup.com
SOURCE BioNeutral Group, Inc.
Source: PR Newswire (November 23, 2010 - 7:00 AM EST)
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STWA, Inc. and Verdantec Technologies Form Joint Alliance
Verdantec Targets Efficiency Goals of 10%-15% Fuel Savings and 25%-30% Emissions Reduction for the Diesel Truck Market
Nov. 23, 2010 (Marketwire) --
SANTA BARBARA, CA -- (Marketwire) -- 11/23/10 -- STWA, Inc. (OTCBB: ZERO) ("STWA" or the "Company"), an innovative technology company focused on improving the efficiency of large-scale energy transportation networks and reducing fuel consumption and emissions in diesel fleets, announced today that it has reached a mutual agreement with Verdantec Technologies ("Verdantec"), a privately-held, developmental stage company focused on developing solutions for improving fuel efficiencies for transportation, energy and related industries.
The two companies have been working together for several months in Morgan Hill at the STWA facility, a site that was set up to test and develop fuel savings equipment. The result has been a major offset to the STWA facility overhead, and a material reduction in the CAP-EX needed for Verdantec. The companies have now determined how they will work together to develop and incorporate each other's technology to increase efficiencies for diesel trucks, a market facing federal regulation, presenting a major economic opportunity for both companies.
Advanced Diesel Technology "ADT" is the joint fuel savings project from STWA and Verdantec for the development of products to increase efficiency for commercial diesel trucks. Under the joint alliance, STWA's technology will be incorporated into Verdantec's pre-packaged fuel efficiency solutions for diesel fleets. The suite will consist of STWA's ELEKTRA™ unit, one of Verdantec's environmentally-oriented fuel conditioners and Verdantec's automated delivery systems. According to a Verdantec principal, Verdantec expects the "ADT" project to generate a 15% fuel savings and a 25-30% reduction in diesel fuel emissions, supported by EPA certification.
"This agreement marks an important, yet quiet milestone that has been in play for the past six months," said Cecil Bond Kyte, Chairman and CEO of STWA, Inc. "Our relationship with Verdantec has reduced the fixed asset carrying costs of our R&D facility by 60% and has helped Verdantec by limiting its upfront cap-ex requirements. Additionally, this alliance can open potential immediate and long-term revenue streams in Q1 and Q2 2011 as we pursue our go to market plans."
Mr. Kyte concluded, "Verdantec has been and continues to be a great team player, not only in their ability to open new doors within the trucking industry and to other cutting-edge pipeline technologies, but through their pending products and cooperative participation in ongoing testing at the STWA Labs. We see this milestone with Verdantec as a mutually-beneficial opportunity and are excited by the prospects for other potential joint opportunities."
About STWA, Inc.
STWA, Inc. (OTCBB: ZERO) is an innovative company creating technology focused on energy efficiency of large-scale energy production and improved fuel economy for diesel fleets. The Company's Patented and Patent Pending technologies, including AOT™ (Applied Oil Technology), under development with Temple University, and ELEKTRA™ (for Improved Diesel Engine Efficiency), provide efficient and cost-effective means of improving the efficacy of crude oil transport and diesel engine efficiency to assist in meeting global increasing energy demands and emission quality standards. Applications include: AOT™ Crude oil extraction & delivery systems, including oil platforms, oil fields and pipeline transmission systems, and (ELEKTRA™) Diesel trucks, trains, marine vessels, military fleets and jet turbines.
More information including a company Fact Sheet, logos and media articles are available at:
http://www.irthcommunications.com/clients_ZERO.php, and at: http://www.stwa.com
About Verdantec
Verdantec is a new California privately-held, developmental stage company that is part of Silicon Valley's Clean Tech Initiative. Verdantec was formed to focus on developing solutions for improving fuel efficiencies for the transportation, energy and related industries. Verdantec is working with other strategic partners that have unique technologies that are addressing the same challenges. Current programs include improving the effectiveness of diesel engines by increasing fuel utilization, reducing emissions and optimizing delivery systems. Verdantec is also working on test programs to help the commercial trucking industry meet Federal and State emission standards, and is investigating methods of improving crude oil transportation while providing remote power requirements. Verdantec expects to generate initial revenues in the first half of 2011.
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
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Investor Relations Contact:
Mr. Andrew Haag
Managing Partner
IRTH Communications, LLC
Tel: +1-866-976-IRTH (4784)
E-Mail: Email Contact
Website: www.irthcommunications.com
Company Website: www.stwa.com
Source: Marketwire (November 23, 2010 - 7:00 AM EST)
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ZTE and ChinaTel's Subsidiary Perusat Sign Contract for Supply of Wireless Broadband Equipment and Services
ChinaTel's partnership with ZTE further advances the Company's
positioning to become the largest developer of international wireless
broadband networks in the world
Nov. 23, 2010 (Business Wire) -- ChinaTel Group, Inc. (ChinaTel) (OTCBB: CHTL) announces that its subsidiary Perusat S.A (Perusat) has finalized a contract for ZTE Corporation (ZTE) (H share stock code: 0763.HK / A share stock code: 000063.SZ) to provide Perusat equipment and services for its deployment of a wireless broadband telecommunications network in Peru.
Perusat has contracted ZTE to become its exclusive supplier of infrastructure equipment, consumer terminals, and engineering and management services for the wireless broadband network Perusat is deploying in Peru. The total value of the contract is expected to be approximately $48 million over the next seven years. The purchase orders for the first phase have a value of $6.98 million. ZTE is financing 85% of the cost of infrastructure equipment covered in the phase one purchase orders. National banks in China with whom ZTE has relationships are expected to finance future equipment orders, also at 85%.
“We are excited about our partnership with ZTE and its ability to fully deliver broadband equipment and end-to-end network solutions,” said ChinaTel’s CEO George Alvarez. “ZTE has the foresight to create equipment solutions that will migrate from the current WiMAX 802.16e protocol to 802.16m, to TD-LTE, or dual band 16m and LTE.” ChinaTel’s President, Colin Tay, added: “Our relationship with ZTE strengthens our plan to be at the forefront of delivering advanced internet technologies across the globe as we continue to build our infrastructure in emerging markets like China and Peru.”
The first phase of deployment (initial geographic coverage in seven cities) is scheduled to be completed by approximately May 2011. Perusat’s sales and marketing effort will go hand in hand with deployment, and ChinaTel expects to have subscribers enrolled such that the technical and commercial launch of the network will occur simultaneously. Perusat will expand capacity in each market as subscriber demand dictates. By virtue of Perusat’s status as a 95% subsidiary, the results of operations and subscriber revenues generated by the Perusat network will be reflected on ChinaTel’s consolidated financial statements.
For more information about ChinaTel visit www.chinatelgroup.com. To learn more about ZTE visit http://wwwen.zte.com.cn/en/. In addition, executives from ChinaTel and ZTE are now available for media and analysts interviews.
About China Tel Group, Inc.
China Tel Group, Inc. (ChinaTel), through its controlled subsidiaries, provides fixed telephony, conventional long distance, high-speed wireless broadband and telecommunications infrastructure engineering and construction services. ChinaTel’s vision remains clear: (i) to acquire and operate wireless broadband networks in key markets throughout the world; (ii) to deliver a new world of communications; and (iii) and invest in building long-lasting relationships with customers and partners to lead the broadband industry in customer service and responsiveness. Our strategy is to build leading-edge IP-leveraged solutions advanced by our worldwide infrastructure and leadership in emerging markets. www.ChinaTelGroup.com
About ZTE Corporation
ZTE is a leading global provider of telecommunications equipment and network solutions with the most comprehensive product range covering virtually every sector of the wireline, wireless, service and terminals markets. The company delivers innovative, custom-made products and services to over 500 operators in more than 140 countries, helping them to meet the changing needs of their customers while achieving continued revenue growth. ZTE’s 2009 revenue led the industry with a 36% increase to USD 8,820.7 million. ZTE commits 10 percent of its revenue to research and development and takes a leading role in a wide range of international bodies developing emerging telecom standards. A company with sound corporate social responsibility (CSR) initiatives, ZTE is a member of the UN Global Compact. ZTE is China’s only listed telecom manufacturer, publicly traded on both the Hong Kong and Shenzhen Stock Exchanges (H share stock code: 0763.HK / A share stock code: 000063.SZ). For more information, please visit www.zte.com.cn.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performances could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results, expressed or implied, to differ materially from expected results. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making an investment decision.
Media/Analyst Relations
Core Insights 360 PR
Kimberley Brown
Public Relations
1-404-314-2900
kbrown@coreinsights360.com
or
Retail Investors
ChinaTel Group, Inc.
Tim Matula
Investor Relations
(Toll Free) 1-877-260-9170
investors@chinatelgroup.com
Source: Business Wire (November 23, 2010 - 7:00 AM EST)
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Command Center Announces Revenue of $5.84 Million for November
Revenue Up 37%; Year-to-Date Revenue Up 32%
Nov. 23, 2010 (Business Wire) -- Command Center, Inc. (OTCBB: CCNI), an emerging provider of on-demand, reliable labor solutions, today announced revenue of $5.84 million for the four-week reporting period of November 2010, an increase of 37% on revenue of $4.26 million recorded in November 2009.
The company said year-to-date revenue of $62.84 million represents a 32% increase on revenue of $47.56 million in the comparable year-ago period.
According to Command Center’s Chairman and CEO, Glenn Welstad, “We are thrilled by the continuing sales and profit strength going into year-end, a period that is historically slower for the staffing sector.” He noted that Staffing Industry Analysts (www.staffingindustry.com) recognized Command Center as having posted for the third quarter the largest year-over-year revenue increase - 49.4% - among the 26 public staffing firms that it tracks.
Command Center, which operated 50 company-owned stores in November ’10 versus 49 branch offices in November ’09, has recently initiated an expansion program involving the strategic addition of branch offices in areas where there is an immediate need for workers in response to client demand. The company opened a new office in Orlando in November and is preparing to open two or three additional branches in other states.
“The reluctance of businesses to hire back full-time staffers has created an economic climate that is extremely favorable for Command’s growth,” said Mr. Welstad. “This has given us the opportunity to demonstrate to a growing number of customers how comprehensive and competitive our services are, and this, in turn, has strengthened our industry position. We are also beginning to attract more national accounts, which should be a significant factor in offsetting seasonal influences and supporting even stronger growth going forward.”
About Command Center, Inc.
The Company provides on-demand employment solutions to businesses in the United States, primarily in the areas of light industrial, hospitality and event services, as well as other assignments. Additional information on Command Center is available at www.commandonline.com.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, the severity and duration of the general economic downturn, the availability of worker's compensation insurance coverage, the availability of capital and suitable financing for the Company's activities, the ability to attract, develop and retain qualified store managers and other personnel, product and service demand and acceptance, changes in technology, the impact of competition and pricing, government regulation, and other risks set forth in the Form 10KSB filed with the Securities and Exchange Commission on April 9, 2010 and in other statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Investor Relations:
Market Makers
Jimmy Caplan, 512-329-9505
jcap@austin.rr.com
Source: Business Wire (November 23, 2010 - 7:00 AM EST)
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UNR Holdings Announces Third Quarter 2010 Financial Results
Nov. 23, 2010 (GlobeNewswire) --
3Q10 Revenues increased 42.6% YoY to $33.1M
3Q10 Net Income Attributable to UNR increased 146.9% YoY to $14.0M
3Q10 EPS increased 147.8% YoY to $0.57
EPS for the first nine months of 2010 increased 115.8% YoY to $0.82
ORLANDO, Fla., Nov. 23, 2010 (GLOBE NEWSWIRE) -- UNR Holdings, Inc. (OTCBB:UNRH) ("UNR" or the "Company"), a housing and commercial construction and development company, today announced its financial results for the third fiscal quarter ended September 30, 2010. Summary financial data is provided below:
Third Quarter 2010 Financial Highlights
Revenues for the third quarter of 2010 increased by 42.6% year-over-year to $33.1 million, up from $23.2 million in the third quarter of 2009
-- Residential and commercial construction generated $29.4 million or 88.7% of total revenues
-- Road base materials generated $3.7 million or 11.3% of total revenues
Net income attributable to the Company for the third quarter increased 146.9% year-over-year to $14.0 million, compared with $5.7 million for the third quarter of 2009
Income before provision for income taxes for the third quarter increased 150.3% to $26.3 million, compared to $10.5 million in the same period last year
Operating income and operating margin for the third quarter were $25.2 million and 76.1%, respectively, compared to $10.1 million and 43.6%, respectively, in the third quarter of 2009
Earnings per diluted share were $0.57 for the quarter, compared with diluted EPS of $0.23 achieved in the same period a year ago
Nine Months Financial Highlights
Revenues for the nine months ended September 30, 2010 increased by 84.5% year-over-year to $72.6 million, up from $39.4 million for the same period in 2009
-- Residential and commercial construction generated $61.7 million or 84.9% of total revenues
-- Road base materials generated $10.9 million or 15.1% of total revenues
Net income attributable to the Company for the nine months ended September 30, 2010 increased 115.8% year-over-year to $20.1 million, compared with $9.3 million for the nine months ended September 30, 2009
Income before provision for income taxes for the nine months ended September 30, 2010 increased 117.8% to $37.9 million, compared to $17.4 million in the same period last year
Operating income and operating margin for the nine months ended September 30, 2010 were $34.8 million and 47.9%, respectively, compared to $16.1 million and 40.9%, respectively, for the same period in 2009
Earnings per diluted share were $0.82 for the nine months ended September 30, 2010, compared with diluted EPS of $0.38 achieved in the same period a year ago
Alexey Kim, Chief Executive Officer of UNR, stated, "We believe that the impressive revenue and earnings growth we achieved during the third quarter reflect improving economic conditions, the payoff from our aggressive cost-control strategy over the last three quarters, and the exceptional progress we've made on the construction of our key projects. Square-footage sales for our two flagship housing developments more than tripled year-over-year during the quarter, and our cash position remains strong as we head toward the close of the year. We anticipate continued moderate growth in both the construction and infrastructure segments of our business as Russia continues to recover from the effects of the global economic downturn of the past two years. As one of Moscow's most longstanding and stable construction companies, we believe we are very well positioned to benefit from the upturn in Russia's real estate market."
PMR, a market intelligence firm focused on Central and Eastern Europe, recently forecasted that the Russian construction market will enter a full-fledged recovery period in 2011.
Results of Operations for the Third Quarter of 2010
Revenues
Revenues for the three months ended September 30, 2010 were $33.1 million as compared to $23.2 million for the three months ended September 30, 2009. The increase of $9.9 million, or 42.6%, was primarily due to a gradual pickup in demand for the apartments UNR constructs, which has mainly affected the Company's construction and development business in 2010. The Company also observed a marginal improvement in demand for its proprietary road base and slopes stabilization material Prudon-494, which UNR supplies to infrastructure projects in various parts of Russia. Residential and commercial construction generated $29.4 million or 88.7% of total revenues, and road base materials generated $3.7 million or 11.3% of total revenues.
Income from Operations
Operating income for the three months ended September 30, 2010 amounted to $25.2 million as compared to $10.1 million for the three months ended September 30, 2009. The increase of $15.1 million was primarily due to gradual improvement in the economic environment in which the Company operates and the corresponding improvement in its residential real estate customers' ability to pay for, and/or partly finance, the apartments UNR constructs. Operating expenses for the three-month period totaled $7.9 million as compared to $13.1 million for the same period a year ago.
Net Income
Net income attributable to UNR for the three months ended September 30, 2010 increased 146.9% to $14.0 million, as compared to $5.7 million for the three months ended September 30, 2009, due to the reasons enumerated above. Earnings per diluted share were $0.57 for the quarter, as compared to diluted EPS of $0.23 for the same period a year ago.
Results of Operations for the Nine Months Ended September 30, 2010
Revenues
Revenues for the nine months ended September 30, 2010 were $72.6 million as compared to $39.4 million for the nine months ended September 30, 2009. The increase of $33.2 million, or 84.5%, was primarily due to the same factors influencing sales growth for the three months ended September 30, 2010. Residential and commercial construction generated $61.7 million or 84.9% of total revenues, and road base materials generated $10.9 million or 15.1% of total revenues.
Income from Operations
Operating income for the nine months ended September 30, 2010 amounted to $34.8 million as compared to $16.1 million for the nine months ended September 30, 2009. The increase of $18.7 million, or 116.0%, was primarily due to the same factors influencing operating income growth for the nine months ended September 30, 2010. Operating expenses for the nine months ended September 30, 2010 totaled $37.8 million, up 62.7% from $23.2 million in the same period a year ago.
Net Income
Net income attributable to UNR for the nine months ended September 30, 2010 increased 115.8% to $20.1 million, as compared to $9.3 million for the nine months ended September 30, 2009, due to the reasons enumerated above. Earnings per diluted share were $0.82 for the nine months, as compared to diluted EPS of $0.38 for the same period in 2009.
Liquidity and Capital Resources
As of September 30, 2010, the Company's current assets were $197.4 million and current liabilities were $125.5 million. Cash and cash equivalents totaled $37.4 million as of September 30, 2010. The Company's shareholders' equity at September 30, 2010 was $48.3 million. The Company generated $22.4 million in cash from operating activities during the nine months ended September 30, 2010, as compared to $3.9 million used in operating activities for the nine months ended September 30, 2009. The Company used $1.8 million in cash for investing activities during the nine months ended September 30, 2010, as compared to $0.3 million for the nine months ended September 30, 2009. The Company used $3.3 million in cash for financing activities during the nine months ended September 30, 2010, as compared to $6.6 million for the nine months ended September 30, 2009.
Conference Call and Webcast
Management will host a conference call to discuss these financial results today at 11:00 a.m. Eastern time (8:00 a.m. Pacific).
To participate in the call please dial (877) 941-4774, or (480) 629-9760 for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found at http://ViaVid.net.
A replay of the call will be available for two weeks from 2:00 p.m. EST on November 23, 2010, until 11:59 p.m. EST on December 7, 2010. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the pass code for the replay is 4388302. In addition, a recording of the call will be available via the Company's website at http://www.unrholdings.com for one year.
About UNR Holdings, Inc.
UNR Holdings is a holding company that has a 68% ownership in its subsidiary, 494 UNR. 494 UNR is a diverse construction company with more than 40 years of success serving the Russian construction market. The Company specializes in housing and commercial construction developments. UNR also supplies and oversees the installation of its proprietary road and slopes stabilization material Prudon to infrastructure projects in various parts of Russia. While UNRH is involved in complex construction projects, the Company also assists the Russian government with infrastructure projects for oil and gas corporations, such as GAZPROM and TRANSNEFT. 494 UNR is one of the oldest and most established construction companies located and operating in Moscow and the Moscow area of the Russian Federation.
More detailed information on the housing projects is available at the UNR Holdings corporate website: http://www.unrholdings.com.
Forward-looking statements
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
UNR HOLDINGS, INC. AND SUBSIDIARY
(FORMERLY PROMOTORA VALLE HERMOSO, INC. AND SUBSIDIARY)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
2010 2009
ASSETS
RESIDENTIAL AND COMMERCIAL CONSTRUCTION ASSETS:
Cash and cash equivalents $ 37,393,926 $ 20,090,671
Inventories 108,662,755 67,704,687
Trade and other receivables, net 48,350,835 61,520,973
Property, plant and equipment - net 1,113,739 987,547
Other assets 1,673,504 161,131
Total Residential and Commercial Construction Assets 197,194,759 150,465,009
ROAD BASE MATERIALS ASSETS:
Inventories 144,973 2,562,093
Trade and other receivables, net 71,425 2,008,335
Total Road Base Materials Assets 216,398 4,570,428
TOTAL ASSETS $ 197,411,157 $ 155,035,437
LIABILITIES AND EQUITY
RESIDENTIAL AND COMMERCIAL CONSTRUCTION LIABILITIES:
Short-term debt $ 50,504 $ 3,356,923
Accounts payable and accrued expenses 59,622,474 57,363,987
Advances from customers 44,267,980 41,418,413
Deferred income tax liabilities 19,806,755 10,333,416
Total Residential and Commercial Construction Liabilities 123,747,713 112,472,739
ROAD BASE MATERIALS LIABILITIES:
Accounts payable and accrued expenses 1,740,745 797,919
Advances from customers -- 68,063
Total Road Base Materials Liabilities 1,740,745 865,982
TOTAL LIABILITIES 125,488,458 113,338,721
Commitments and Contingencies -- --
UNR Holdings, Inc. and Subsidiary Stockholders' Equity:
Common stock, $0.001 par value; authorized 500,000,000 shares; outstanding 24,464,799 and 24,464,799 shares at September 30, 2010 and December 31, 2009, respectively 24,465 24,465
Additional paid-in capital 99,579 99,579
Retained earnings 49,170,276 29,031,864
Accumulated other comprehensive loss (1,239,232) (1,188,279)
Total UNR Holdings, Inc. and Subsidiary Stockholders' Equity 48,055,088 27,967,629
Noncontrolling interest 23,827,611 13,729,087
Total Equity 71,882,699 41,696,716
TOTAL LIABILITIES AND EQUITY $ 197,371,157 $ 155,035,437
See notes to unaudited consolidated financial statements
UNR HOLDINGS, INC. AND SUBSIDIARY
(FORMERLY PROMOTORA VALLE HERMOSO, INC. AND SUBSIDIARY)
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
For the Nine Months Ended For the Three Months Ended
September 30, September 30,
2010 2009 2010 2009
Revenues:
Sales and other operating revenues $ 72,600,306 $ 39,350,369 $ 33,108,945 $ 23,215,220
Costs and expenses:
Cost of sales 34,839,470 20,418,839 6,526,363 11,707,768
Selling, general and administrative expenses 2,969,140 2,825,881 1,370,695 1,377,306
37,808,610 23,244,720 7,897,058 13,085,074
Income from operations 34,791,696 16,105,649 25,211,887 10,130,146
Other income (expense):
Foreign currency transaction gain (loss) -- 720 -- (20,631)
Other income 3,125,589 1,305,066 1,061,783 385,831
3,125,589 1,305,786 1,061,783 365,200
Income before provision for income taxes 37,917,285 17,411,435 26,273,670 10,495,346
Provision for income taxes 7,655,060 3,510,347 5,306,486 2,080,920
Net income 30,262,225 13,901,088 20,967,184 8,414,426
Less: Net income attributable to the noncontrolling interest 10,123,813 4,570,953 7,007,725 2,760,963
Net income attributable to UNR Holdings, Inc. and Subsidiary $ 20,138,412 $ 9,330,135 $ 13,959,459 $ 5,653,463
Earnings per share - basic and diluted:
Earnings per common share attributable to UNR Holdings, Inc. and Subsidiary common shareholders $ 0.82 $ 0.38 $ 0.57 $ 0.23
Weighted average common shares
outstanding - basic and diluted 24,464,799 24,464,799 24,464,799 24,464,799
See notes to unaudited consolidated financial statements
UNR HOLDINGS, INC. AND SUBSIDIARY
(FORMERLY PROMOTORA VALLE HERMOSO, INC. AND SUBSIDIARY)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
For the Nine Months Ended
September 30,
2010 2009
Net earnings $ 30,262,225 $ 13,901,088
Other comprehensive income (loss) - net of tax:
Currency translation adjustment (76,242) 410,304
Comprehensive income 30,185,983 14,311,392
Comprehensive income attributable to noncontrolling interest 10,098,524 4,843,149
Comprehensive income attributable to UNR Holdings, Inc.
and Subsidiary $ 20,087,459 $ 9,468,243
See notes to unaudited consolidated financial statements
UNR HOLDINGS, INC. AND SUBSIDIARY
(FORMERLY PROMOTORA VALLE HERMOSO, INC. AND SUBSIDIARY)
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
For the Nine Months Ended
September 30,
2010 2009
Cash flows from operating activities:
Net earnings $ 30,262,225 $ 13,901,088
Adjustments to reconcile net earnings to net cash
used in operating activities:
Depreciation 40,487 34,667
Gain on sale of property, plant and equipment -- 4,832
Deferred income taxes 9,473,339 3,410,565
Change in operating assets and liabilities (17,334,841) (21,206,836)
Net cash provided by (used in) operating activities 22,441,210 (3,855,684)
Cash flows from investing activities:
Purchase of property, plant and equipment (290,671) (297,572)
Purchase of marketable securities (1,512,373) --
Net cash provided by (used in) investing activities (1,803,044) (297,572)
Cash flows from financing activities:
Proceeds from borrowings -- 11,630,921
Repayment of loans (3,306,419) (18,264,815)
Net cash provided by (used in) financing activities (3,306,419) (6,633,894)
Effect of exchange rate changes on cash (28,492) (132,823)
Net increase (decrease) in cash 17,303,255 (10,919,973)
Cash - beginning of period 20,090,671 16,430,669
Cash - end of period $ 37,393,926 $ 5,510,696
Changes in operating assets and liabilities consist of:
(Increase) in accounts receivable $ 18,157,348 $ (1,587,808)
(Increase) decrease in inventories (38,464,706) (1,730,085)
Increase (decrease) in customer advances 2,781,504 (17,991,151)
Increase in accounts payable and other liabilities 191,013 102,208
$ (17,334,841) $ (21,206,836)
See notes to unaudited consolidated financial statements
CONTACT: UNR Holdings, Inc.
Mr. Serguei Melnik, Vice President
407-210-6541
info@unrhs.com
RedChip Companies, Inc.
Investor relations:
Dave Gentry
1-800-733-2447, Ext. 104
info@redchip.com
http://www.RedChip.com
Source: Globe Newswire (November 23, 2010 - 6:55 AM EST)
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PolyMedix Expands Research Science Advisory Board
Nov. 23, 2010 (Business Wire) -- PolyMedix, Inc. (OTC BB: PYMX), an emerging biotechnology company focused on developing new therapeutic drugs to treat life-threatening infectious diseases and acute cardiovascular disorders, has expanded its advisory relationships through the development of its Scientific Advisory Board (SAB) focused on PolyMedix’s basic scientific research. The SAB is comprised of world-renown scientists who will actively collaborate with PolyMedix to advance its preclinical portfolio of therapeutic drug candidates and PolyCide™ for biomaterials applications.
“We are honored to have the opportunity to work with such distinguished and accomplished scientific leaders,” commented Dr. Richard Scott, Vice President of Research at PolyMedix. “Our advisors and scientific founders have been instrumental in guiding our research strategies and helping us develop our novel drug discovery programs. We look forward to their wisdom as we continue to discover innovative therapeutic drugs for important life-threatening infectious diseases and other disorders, particularly as we strive to develop next generations of our defensin-mimetic antibiotics for applications such as Gram-negative food-borne and fungal infections.”
Members of the Scientific Advisory Board include:
William F. DeGrado, Ph.D.: Professor in the Department of Biochemistry & Biophysics in the School of Medicine, and an adjunct member of the Chemistry Department, at the University of Pennsylvania. Dr. DeGrado is one of the founders of PolyMedix’s computational drug design technology that uses protein targets with well-understood physical structures and biological activity to design small molecule compounds that mimic or regulate the activity of these targets. He is a member of the National Academy of Science, and the American Academy of Arts and Sciences. Dr. DeGrado’s research interests include: de novo protein and peptide design; peptide mimetics; structure, stability, and function of membrane proteins, including integrins and viral ion channels; design of biomimetic polymers; bioinorganic chemistry; and computational approaches to small molecule and protein design. He has over 250 publications and a multitude of patents. Dr. DeGrado received his Ph.D. in organic chemistry from the University of Chicago.
Gregory N. Tew, Ph.D.: Professor, Polymer Sciences and Engineering, at the University of Massachusetts. Dr. Tew is one of the original scientific founders of PolyMedix’s technology. His research focuses on a number of topics including the design of simple, small synthetic oligomers that capture the biological activity of proteins, such as host defense peptides. He has successfully designed a number of molecular scaffolds that show potent broad spectrum antimicrobial activity and at the same time have minimal toxicity against mammalian cells. Dr. Tew is a founding member of the American Chemical Society Polymer Division, and a Fellow and member of the Defense Science Study Group. He has over 100 peer-reviewed publications and has received several prestigious scientific awards including the PECASE, which is one of the highest honors given by the U.S. federal government for young scientists. Dr. Tew received his Ph.D. in materials science from the University of Illinois.
Gill Diamond, Ph.D.: Associate Professor in the Department of Oral Biology at the University of Medicine and Dentistry of New Jersey. Dr. Diamond’s expertise focuses on the role of antimicrobial peptides in host defense of the lung and the oral cavity, focusing on the activity of beta-defensins and cathelicidins in defense against bacterial infections. He has also been examining the potential applications of antimicrobial peptide mimetics for infections in the oral cavity. Dr. Diamond received his Ph.D. in genetics from the Hebrew University in Jerusalem.
Henry S. Heine, Ph.D.: Senior Scientist at Ordway Research Institute in New York. Dr. Heine is currently a member of the American Society of Microbiology and voting member of the CLSI Subcommittee on Veterinary Antimicrobial Susceptibility Testing. He is a former member of the White House Task force for WMD Medical Countermeasures (BARDA-Bio WG) and FDA-CDER Anti-Infective Drugs Advisory Committee. His research focuses on the development and testing of both in vitro and in vivo animal model systems for evaluation of therapeutics against many of the CDC select agent class A and B bacterial pathogens. In addition, Dr. Heine has designed and evaluated non-human primate trials and provided advice and support for meeting the FDA’s “animal rule” as the regulatory path to indication approval. Dr. Heine received his Ph.D. in microbiology from the Uniform Services University Health Sciences in Maryland.
William J. Weiss, M.S.: Director of Pre-Clinical Services at the University of North Texas Health Science Center. Mr. Weiss’ expertise encompasses the development and evaluation of animal models of infectious disease, pharmacokinetic and pharmacodynamic analysis, evaluation of antibacterial agents, and the discovery and development of new antimicrobial, antiviral and antifungal agents. He has over 30 years of industry experience which includes Director of Drug Evaluation at Cumbre Pharmaceuticals Inc., and Group Leader in Infectious Disease Discovery Research at Wyeth Research, Lederle Laboratories and Schering-Plough. He has worked on numerous antibacterial programs including the development of the marketed products, Suprax, Zosyn and Tygacil. Mr. Weiss received his M.S. in microbiology from Fairleigh Dickinson University in New Jersey.
About PolyMedix, Inc.
PolyMedix is a publicly traded biotechnology company focused on the development of novel drugs for the treatment of serious infectious diseases and acute cardiovascular disorders. PolyMedix uses a rational drug design approach to create non-peptide, small-molecule drug candidates. PolyMedix’s lead antibiotic compound, PMX-30063, is currently in Phase 2 clinical trials. PMX-30063 is a small-molecule that mimics the mechanism of action of human host defense proteins, a mechanism that is distinct from currently approved antibiotic drugs and is intended to make bacterial resistance unlikely to develop. PolyMedix plans to develop this compound for serious systemic Staphylococcal infections, including methicillin resistant Staphylococcus aureus (MRSA). PolyMedix’s lead heptagonist compound, PMX-60056, has completed Phase 1 testing and is being developed to reverse the anticoagulant activity of both heparin and low molecular weight heparins (LMWH). PolyMedix believes that PMX-60056 could potentially be a safer and easier to use anticoagulant reversing agent, with broader activity, than the currently approved therapy for reversing heparin and LMWH. In addition to its small molecule therapeutics, PolyMedix has polymeric formulations with the same mechanism of action as PMX-30063, PolyCides™. PolyCides are intended for use in antimicrobial biomaterials applications as additives to paints, plastics, and textiles to create self-sterilizing products and surfaces. For more information, please visit our website at www.polymedix.com.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that could cause PolyMedix’s actual results and experience to differ materially from anticipated results and expectations expressed in these forward looking statements. PolyMedix has in some cases identified forward-looking statements by using words such as “anticipates,” “believes,” “hopes,” “estimates,” “looks,” “expects,” “plans,” “intends,” “goal,” “potential,” “may,” “suggest,” and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are PolyMedix’s need for, and the availability of, substantial capital in the future to fund its operations and research and development, and the fact that PolyMedix’s compounds may not successfully complete pre-clinical or clinical testing, or be granted regulatory approval to be sold and marketed in the United States or elsewhere. A more complete description of these risk factors is included in PolyMedix’s filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. PolyMedix undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.
PolyMedix, Inc.
Lisa Caperelli, 484-598-2406
Director, Investor Relations & Corporate Communications
lcaperelli@polymedix.com
Source: Business Wire (November 23, 2010 - 7:00 AM EST)
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The Results Are In...Stars Go Dim Wins SUBWAY FRESH ARTISTS(TM) Competition Hosted by SUBWAY(R), Clear Channel Radio and OurStage.com
Tulsa Band Takes Home the Win for their Original Wake Up Song "Get
Over It"; Will Open for the Goo Goo Dolls
Consumers Voted More Than One Million Times for Their Favorite
SUBWAY FRESH ARTISTS(TM)
Nov. 23, 2010 (Business Wire) -- The SUBWAY® restaurants chain, Clear Channel Radio and OurStage.com are proud to announce Stars Go Dim as the winner of the SUBWAY FRESH ARTISTS™ competition. Selected as the grand prize winner by a panel of Clear Channel Radio programmers, SUBWAY® executives and the Goo Goo Dolls, Stars Go Dim will get the chance to be the opening act at a future Goo Goo Dolls concert, plus a $1,000 cash prize, a session with a professional song writer, and additional assistance to develop their musical careers. The band’s winning song, “Get Over It,” will also be featured on OurStage.com’s blog and included on iheartradio’s “NEW! Discover & Uncover” platform.
“The SUBWAY FRESH ARTISTS™ campaign was a true testament of music discovery on all aspects of the partnership – for Clear Channel Radio, SUBWAY and OurStage.com,” said John Partilla, President of Global Media Sales and Executive Vice President of Clear Channel. “The competition pulled in over one million votes from consumers, showcasing the power of radio and its influence in supporting emerging artists. On behalf of Clear Channel, we want to extend our congratulations to Stars Go Dim and wish them the best of luck on their new journey.”
“This program exceeded all of our expectations. The Goo Goo Dolls, Clear Channel and OurStage.com were all great to work with and we are glad Stars Go Dim will get a chance in the spotlight,” said SUBWAY Franchisee Advertising Fund Trust Chief Marketing Officer, Tony Pace. “We are happy to be able to give up-and-coming artists a chance to shine via programs like Fresh Artists. Consumers seemed to like it too with over a million votes being cast.”
“It’s always exciting for me to see a rising Artist on OurStage.com take a huge career leap with our help,” said Benjamin Campbell, CEO of OurStage.com. “As Artists using OurStage.com since November 2007, Stars Go Dim have placed in earlier competitions and been in our “Best of Rock” charts, so we’re proud to see them work their way up to winning this tremendous SUBWAY FRESH ARTISTS prize.”
After forming nearly two years ago, Stars Go Dim’s popularity has grown steadily throughout the Tulsa area and beyond. The band’s winning song “Get Over It,” is available as a free download on the band’s website: http://www.starsgodim.com/free.
“The SUBWAY FRESH ARTISTS™ competition was a terrific opportunity to showcase our music for millions of music fans around the world,” said Michael Wittig, bassist for Stars Go Dim. “It’s a thrill to win and we can’t wait to open for the Goo Goo Dolls. Thanks to SUBWAY, Clear Channel and OurStage.com for selecting us and giving us this chance to shine.”
The nationwide SUBWAY FRESH ARTISTS™ campaign and music competition kicked off this fall searching for one talented unsigned music artist/band who would be given the chance to open for the Goo Goo Dolls at an upcoming concert. The submissions were designed to cater to morning drive radio listeners to help jump start their day and complement SUBWAY®’s “Build Your Better Breakfast” campaign. The competition provided an engaging addition to the significant consumer marketing campaign the SUBWAY® brand deployed through radio spots on Clear Channel stations, digital ads on Clear Channel radio station websites, as well as the iheartradio digital platform.
During the competition, the public was able to listen to original songs and vote for their favorite artists through OurStage.com’s Remote Competition Module that was also live on Clear Channel Radio station web sites, iheartradio.com, and OurStage.com. The artist and consumer responses to the competition were enthusiastic – 1,230 bands uploaded “wake up” songs, while listeners voted more than one million times for their favorite SUBWAY FRESH ARTIST™. The country was divided into 10 regions and the public casted their votes for their top 50 favorite artists/bands from each region. Last month, a panel of Clear Channel Radio programming directors chose one winner from each region.
The cross-platform integration behind SUBWAY FRESH ARTISTS™ was facilitated by Content & Company, which specializes in connecting brands to customers through new media and branded entertainment channels, helping marketers create engaging opportunities around their own original programming, rather than simply sponsor pre-existing properties.
About SUBWAY® Restaurants
The SUBWAY® restaurant chain is the world's largest submarine sandwich franchise, with more than 33,000 locations in 91 countries. Headquartered in Milford, Connecticut, and with regional offices in Amsterdam, Beirut, Brisbane, Miami, and Singapore, the SUBWAY® chain was co-founded by Fred DeLuca and Dr. Peter Buck in 1965. The SUBWAY® brand was ranked the number one global franchise opportunity in Entrepreneur magazine’s 2010 “Annual Franchise 500” listing for the 17th time in 23 years. For more information about the SUBWAY® chain, visit www.subway.com and www.subwayfreshbuzz.com. SUBWAY® is a registered trademark of Doctor’s Associates Inc.
About Clear Channel Radio
Clear Channel Radio is a leading radio company focused on serving local communities across the U.S. with an audience of more than 110 million choosing Clear Channel Radio programming each week. The company's content can be heard on AM/FM stations, HD digital radio channels, on the Internet, at iheartradio.com and on the iheartradio mobile application on iPods and smart phones, and used via navigation systems from TomTom, Garmin and others. The company's operations include radio broadcasting, syndication and independent media representation. Clear Channel Radio is a division of Clear Channel Communications, Inc. (OTCBB: CCMO), a leading global media and entertainment company. More information on the company can be found at www.clearchannel.com.
About OurStage.com
Founded in 2007, OurStage.com (http://ourstage.com) is a leading destination for new-music discovery and quality editorial content. With more than 150,000 artists from 40 genres of music, OurStage.com receives over 4 million unique visitors each month from more than 170 countries. OurStage has gained acclaim for is its proprietary, cheat-proof, judging technology where the site’s listeners rank the music of emerging artists from best to worst. Through these competitions, listeners help top-ranked artists earn career-altering opportunities such as opening for headlining acts, mentor sessions with award-winning producers, recording with major label artists, obtaining premier licensing opportunities and more. To date, OurStage has provided opportunities for emerging artists to work with a who’s who of the entertainment business, including Bon Jovi, Drake, Goo Goo Dolls, John Legend, John Mayer, Monica, T-Pain, Trey Songz, and Keith Urban and music festivals such as Bonnaroo, Lilith 2010, and SXSW. OurStage also creates branded music promotions that invite consumers to engage with brands such as Coca-Cola, Converse, Guitar Center, Intel, JetBlue, and Sprite. OurStage is currently partnered with Clear Channel, MTV, Radio One, and Rolling Stone on major content and marketing initiatives. For more information, visit http://ourstage.com
About Content & Company
Content & Company is a Los Angeles-based brand studio that creates and distributes content for Fortune 100 brands across multiple platforms, including the most powerful distribution channel of all: the brands themselves. The modern incarnation of the brand studio, Content & Company offers advertisers the opportunity to create their own programming rather than sponsor, or integrate into, existing properties. Founded by Stuart McLean, a recognized leader in the fields of brand marketing and branded content, Content & Company pairs consumer brands like Schick and SUBWAY with top Hollywood creative talent to create unforgettable original programming. For more information about the studio, visit Facebook.com/ContentandCompany.
Clear Channel Communications
Lisa Dollinger, 210-832-3474
lisadollinger@clearchannel.com
or
For Clear Channel
Brainerd Communicators, Inc.
Maggie Duquin Nolan, 212-986-6667
duquin@braincomm.com
or
Sharon Oh, 212-986-6667
oh@braincomm.com
or
SUBWAY® Restaurants
Christine Sumecki, 203-882-2749
sumecki_c@subway.com
or
OurStage.com
Erik Stein, 213-639-6162
estein@solters.com
or
Content & Company
310-689-7363
todd@beckmedia.com
Source: Business Wire (November 23, 2010 - 7:00 AM EST)
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Mobile Data Corp develops software application MDC-Tracker for BlackBerry BIS-B Transport
Nov. 23, 2010 (M2 Communications Ltd.) --
Software development company Mobile Data Corp (OTCBB:MBYL) today announced that its smartphone location finder application, MDC-Tracker, has been developed for use on a range of BlackBerry smartphones.
The application uses BlackBerry Internet Service Browsing (BIS-B) Transport and will initially be used exclusively on BlackBerry smartphones.
The BIS-B Transport model is designed to allow software applications from Select Alliance Program development partners to establish connections from a BlackBerry device to the Internet through a centrally hosted gateway within the BIS-B infrastructure.
As the gateway is centrally hosted and consistent across all networks it is able to provide Java applications with a consistent Internet connection that is not dependent on the carrier's WAP or TCP gateway.
MDC-Tracker is a software application that tracks the location history of a smartphone over programmable specified time frames for business and human asset management reporting and accountability protocols.
(Comments on this story may be sent to tww.feedback@m2.com)
Source: M2 Presswire (November 23, 2010 - 6:48 AM EST)
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Belmont & Dorex Starts Drilling on Lumby/Bufo Property
VANCOUVER, BRITISH COLUMBIA, Nov. 23, 2010 (Marketwire) -- Belmont Resources Inc. (TSX VENTURE:BEA)(PINK SHEETS:BEAAF)(FRANKFURT:L3L) (the "Company") with Dorex Minerals Inc. (TSX VENTURE:DOX) or ("Dorex") have commenced a minimum 2,450 meter drilling program on the Lumby/Bufo Property (the "Property") consisting of 23 contiguous claims (3,040 ha) located approximately 35 km northeast of the town of Atikokan, Ontario.
The drilling has commenced and will consist of eight or more holes, focusing on four drilling targets. The first drill target consisting of three holes is focused on testing an 800-meter long Max Min and VLF EM conductor under the north portion of Bufo Lake located on the west part of the property.
Belmont's five-hole spring 2010 drill program completed on the south portion of Bufo Lake was successful in defining a 200 meter wide multiple gold bearing system contained in sheared, carbonitized, sericitized, silicified and sulphide bearing (pyrite and chalcopyrite) quartz-carbonate veins contained within the east-west striking mafic and felsic volcanic and intrusive rocks located near the Lumby Lake volcanic-Marmion Granite contact. Two east-west striking gold and base metal bearing felsic strata can now be traced easterly on this part of property from Bufo Lake to the east end of Spoon Lake a total strike length of 8.5 km. The 2010 drilling program within the southern most horizon returned gold values up to 17.87 g/t over 1.5 meters and silver values up to 11.65 g/t over 0.55 meters. The high grade silver-base metal showing at the east end of Lumby Lake forms part of this southerly gold-bearing felsic horizon intersected in the 2010 spring drilling.
The northeast structure located under Bufo Lake is suspected of being one of several gold-bearing structures which hosts the Osisko Hammond Reef deposit. These northeast structures intersect the gold and silver-base metal bearing felsic strata located near the Marmion Batholith-Lumby Lake Meta-volcanic contact.
To earn an initial 49% interest in the Property, Dorex will complete $1,500,000 in exploration expenditures by December 31, 2011 of which $500,000 must be incurred by February 28, 2011.
The Lumby-Bufo Property is contiguous with and on strike to the north-northeast with the Hammond Reef deposit, where Osisko is presently focused on expanding their gold resources. A preliminary assessment ("PA") study was completed on Hammond Reef on November 12, 2009, resulting in a NI 43-101 compliant Inferred Resource estimate of 6.7 million ounces of gold (259.4 million tonnes @ 0.8 g/t gold, using a 0.3 g/t Au cutoff).
This press release has been reviewed and approved by Raymond A. Bernatchez, P.Eng. Consulting Geologist and a qualified person as defined in NI 43-101.
About Belmont Resources Inc.
Belmont has recently entered into an option to acquire 100% interest in 3,040 ha. (23 contiguous mineral claims), known as the Lumby/Bufo property located approximately 35 km. northeast of the town of Atikokan and adjoining on strike to the north-northeast with the Osisko Mining Corp. (former Brett Resources Inc.) "Hammond Reef" deposit.
Belmont Resources Inc. has previously focused on acquiring and developing uranium properties in developed and emerging uranium districts. Belmont (50/50) with International Montoro Resources Inc. has acquired two significant uranium properties (Crackingstone -982 ha & Orbit Lake -11,109 ha) in the Uranium City District in Northern Saskatchewan. The Company also holds interests (50/50 with Int. Montoro) in one rare earth mineral and one uranium claim block in the Central Mineral Belt in Labrador.
Further information can be obtained from the Company website at www.BelmontResources.com and www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Musil, CFO/Director
The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companies forward-looking statements and expectations.
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 news release.
Belmont Resources Inc. CFO/Director (604) 683-6648 (604) 683-1350 (FAX) www.BelmontResources.com
Source: Marketwire Canada (November 23, 2010 - 4:26 PM EST)
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m-Wise & LatCel Create Club Lo2Yo
Partnership Will Provide Mobile Content to the U.S. Hispanic Market and Puerto Rico
Nov. 23, 2010 (Marketwire) --
NEW YORK, NY -- (Marketwire) -- 11/23/10 -- m-Wise (OTCBB: MWIS) and LatCel, the largest provider of mobile content for the U.S. Hispanic market, joined forces to create Club Lo2Yo.
Club Lo2Yo, which will be under the LatCel brand, will use LatCel's mobile carrier partners to distribute various types of digital content through their portals. Through the use of web and WAP portals along with Android applications, content catered to Latinos, including music, videos, pictures and games, will be delivered to Hispanic users in the United States and Puerto Rico. Content is available to users through a monthly subscription or pay-per-download.
"We believe this partnership will give mobile users in the U.S. Hispanic market and Puerto Rico even more options for content and expand how they can use their mobile device every day," said Zach Sivan, CEO of m-Wise. "We're building on LatCel's great reputation and contact with the millions of Latino mobile users in the U.S. and Puerto Rico, making their experience even richer."
"Teaming up with m-Wise allows us to work with a team highly experienced in the content market and armed with superior technology," said Jorge Rincón, CEO of LatCel. "Additionally, m-Wise's quick time-to-market turnaround lets us get great content out to consumers even faster."
m-Wise and LatCel will operate the partnership based on a revenue sharing model.
About m-Wise
m-Wise, with offices in New York, NY, Sao Paulo, Brazil and Hertzelya, Israel, started in February 2000. Since then, it's established itself as a leading technology provider with state-of-the-art Content Management and Delivery Platform (CDP), Service Delivery Platform (SDP) and related value-added data engines for mobile operators, wireless ASPs and large content and media providers.
m-Wise leads the industry with its content management and delivery, infotainment, mobile gaming and mobile marketing. It allows for quick creation of campaigns and integration with interactive applications including quizzes, mobile coupons, sweepstakes or games. m-Wise also provides content delivery solutions, which range from content ingestion, presentation, management, delivery, personalization, marketing, promotion, digital rights management and flexible charging and billing.
About LatCel
LatCel is a leading Latino mobile media company, providing content management and services to wireless carriers, brands and media companies, enabling and enhancing the Latino mobile Internet experience. LatCel was created through a joint venture between WAU Móvil, Latin America's largest mobile transaction network, and Venevision International, a global entertainment company of the Cisneros Group of Companies.
Contact:
Jolene Loetscher
Tall Grass Public Relations
jolene.loetscher@tallgrasspr.com
605-275-4075
Zach Sivan
m-Wise
press@m-wise.com
Source: Marketwire (November 23, 2010 - 7:00 AM EST)
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3M and Aldila Announce Agreement
Nov. 23, 2010 (Marketwire) --
POWAY, CA -- (Marketwire) -- 11/23/10 -- ALDILA, INC. (OTCQX: ALDA) (PINKSHEETS: ALDA) and 3M announced today the signing of a Mutual Commercialization Agreement and a Product Supply Agreement centered around 3M's unique Matrix Resins.
"Partnering with a world class organization such as 3M, one of the world's most innovative companies, is an exciting opportunity for Aldila. We view this as validation of our increasing recognition and capability within the advanced composite materials arena," said Peter R. Mathewson, Chairman and CEO of Aldila, Inc.
"Aldila's 15 years of prepreg manufacturing experience and 38 years of experience in the fabrication of composite products gives Aldila a unique insight in the sports and recreation markets," said Vic Genco, General Manager, 3M Engineered Products and Solutions. "Aldila's experience and reputation in sports and recreation positions them to be the preferred partner for 3M in a growing market. The potential for 3M Matrix Resin to add new possibilities to Aldila's extensive product line is very exciting," Mr. Genco said.
3M Matrix Resin, a proprietary resin technology, enables the production of stronger, lighter, more durable composites. 3M's proprietary resin technology makes it possible for manufacturers to avoid the traditional tradeoff between toughness/flexibility and stiffness/hardness; instead the resin improves performance properties on both ends of the scale.
"Aldila's 'end use' approach gives our prepreg manufacturing a distinct advantage in understanding composite material fabrication processes, and how the material is utilized by our customers. We are confident 3M Matrix Resin will give us an opportunity to bring something unique to our customers," Mr. Mathewson said.
About Aldila
Aldila, Inc. is the premier manufacturer of high performance graphite golf shafts. Major golf club companies, component distributors and custom club makers use Aldila designed and manufactured graphite shafts in golf clubs assembled and marketed throughout the world. For additional information about Aldila, Inc., please visit the Company's website at www.aldila.com.
Aldila also manufacturers from its state-of-the-art composite materials facility, composite prepreg material for its golf shaft business and a growing number of external customers involved in a wide array of applications. For additional information about Aldila Composite Materials, please visit our website at www.aldilacompositematerials.com.
Aldila Contact:
Robert J. Cierzan
Sr. Vice President, Composite Materials
(858) 486-6970
bcierzan@aldila.com
About 3M
A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3M's core strength is applying its more than 40 distinct technology platforms -- often in combination -- to a wide array of customer needs. With $23 billion in sales, 3M employs 75,000 people worldwide and has operations in more than 65 countries. For more information, visit www.3m.com or follow @3MNews on Twitter. 3M is a trademark of 3M.
3M Public Relations Contact:
Connie Thompson
(651) 733-8914
Or
Karwoski & Courage Public Relations
Michael Gugala
(612) 342-9604
m.gugala@creativepr.com
This press release contains forward-looking statements based on our expectations as of the date of this press release. These statements necessarily reflect assumptions that we make in evaluating our expectations as to the future. Forward-looking statements are necessarily subject to risks and uncertainties. Our actual future performance and results could differ from that contained in or suggested by these forward-looking statements as a result of a variety of factors. Our filings with the Securities and Exchange Commission and OTC Disclosure and News Service present a detailed discussion of the principal risks and uncertainties related to our future operations, in particular our Annual Report on Form 10-K for the year ended December 31, 2009, under "Business Risks" in Part I, Item 1, and "Management's Discussion and Analysis of Financial Condition and Results of Operation" in Part I, Item 7 of the Form 10-K, and reports on Form 10-Q and Form 8-K, all of which can be obtained at www.sec.gov. Our future filings will be included on the OTCQX U.S. Premier website, which can be found at www.otcqx.com.
Investor/Media Contacts:
Scott M. Bier
Vice President, CFO
Sylvia J. Castle
Investor Relations
Aldila, Inc.
(858) 513-1801
Source: Marketwire (November 23, 2010 - 4:15 PM EST)
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Sebastian River Holdings Company Vaenza Teams Up With Nature Power for Solar-Wind Success
Nov. 23, 2010 (GlobeNewswire) --
SEOUL, South Korea, Nov. 23, 2010 (GLOBE NEWSWIRE) -- Sebastian River Holdings Company, Inc. (Pink Sheets:SBRH) Vaenza, Inc. is pleased to announce that it has merged with Nature Power, a Korean based Wind Power development and manufacturing firm with a 12,000 sq. ft facility south of Seoul, South Korea.
Vaenza CEO, Mr. Sang Gil Oh states, "This is a tremendous opportunity for Vaenza as it gives us additional resources which we feel will expedite the delivery of our technology in both Solar and Wind Power categories as Nature Power will serve as our Wind Power division, allowing our Vaenza team to focus exclusively on Solar Technology, including roadway Solar products, as Nature Power utilizes their existing technology and contact base to effect immediate sales and revenue for our firm."
The two companies began merger proceedings in October of this year, allowing Vaenza to extend its manufacturing capabilities, in using the Nature Power team and facilities to manufacture solar and wind technology direct to market. Nature Power has existing exclusive distribution contracts to customers in Korea, Asia and Canada through a strategic partner, R.L. Enterprises, which manufactures the wind turbine, solar generator, inverter and battery charger for the company's Wind Power product line.
Vaenza expects to release contract and sales details in the coming days and all involved, "are excited about the prospect this merger brings," states Oh.
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
CONTACT: Gerrard Hollister Investor Relations
IR contact:
310-909-7988
SBRH@GerrardHollister.com
Source: Globe Newswire (November 23, 2010 - 1:55 PM EST)
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Bralorne Places Bought Deal of 689,655 at $1.45 Per Unit
VANCOUVER, BRITISH COLUMBIA, Nov. 23, 2010 (Marketwire) -- Bralorne Gold Mines Ltd. (the "Company") (TSX VENTURE:BPM)(PINK SHEETS:BPMSF)(BERLIN:GV7)(FRANKFURT:GV7)(WKN A0B75M) is pleased to announce that it has accepted a private placement of 689,655 units at a price of $1.45 per unit (the "Flow-Through Offering"), each unit consisting of one flow-through share and one non-transferable non flow-through share purchase warrant. Each flow-through share will entitle the investor to the tax benefits of the qualifying Canadian exploration expenses incurred by the Company, which will be "flowed through" to the investor. Each warrant under the Flow-Through Offering will entitle the investor to purchase one additional non flow-through common share at an exercise price of $1.75 per share until six months from the closing date.
ON BEHALF OF THE BOARD
William Kocken, President & Chief Executive Officer
This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Bralorne Gold Mines Ltd. President & Chief Executive Officer 604.682.3701 604.682.3600 (FAX) ir@bralorne.com www.bralorne.com
Source: Marketwire Canada (November 23, 2010 - 1:14 PM EST)
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Wireless Age Communications Inc. Announces Update on Corporate Restructuring
TORONTO, ONTARIO, Nov. 23, 2010 (Marketwire) -- Wireless Age Communications, Inc. (PINK SHEETS:WLSA), ("Wireless Age" or "the Company") announced today that it is nearing the completion of restructuring activities and would like to update shareholders on the company's progress. Wireless Age also would like to make the disclosure that Chairman, President and CEO, John Simmonds, will undergo open-heart surgery within the coming weeks, with his expected recovery over the holidays.
Over the past year, Wireless Age has undergone significant restructuring including an agreement to settle debt between the company and subsidiaries, with the last installment of $600,000 potentially to be paid before year-end, which is in addition to the $150,000 already paid to the receiver, for total settlement of $750,000 for all outstanding debt, which previously totaled CAD $8.4 million (see press release June 11, 2010 09:17 ET).
Chairman, President and CEO, John Simmonds stated, "The settlement of this debt is instrumental to Wireless Age's restructuring as it will clean up the balance sheet, and is intended to be done in conjunction with the submission of audited financial statements of fiscal years 2008, 2009 and 2010 (submittal early 2011), allowing the company to qualify to list on the OTC Bulletin Board as a SEC fully reporting company." The company stated it intends to complete these actions along with a suitable name change of all appropriate businesses to provide a united front.
The company has successfully changed business direction with the acquisition of 70% of Sunbay Energy, a waste-to-energy company with advanced stage projects in Ontario and Quebec (see press release Jun 07, 2010 17:18 ET). Albert Pope was appointed CEO of Sunbay Energy by Wireless Age's board of Directors (see press release June 17, 2010, 08:49 ET). Mr. Pope has over thirty years of experience in international corporate finance and business management. He began his business career on Wall Street where he held senior positions at the Deltec Securities unit of Deltec Banking, and J.P. Morgan, where he was the officer responsible for Latin America within the Corporate Finance Division. Mr. Pope also served as President of Montenay Energy, the U.S. subsidiary of Montenay, S.A., a leading French company in energy and waste management.
Albert Pope, CEO of Sunbay Energy stated, "We look forward to advancing our current projects in Quebec and Ontario in the same manner in which we have since acquisition; by unlocking immediate acreative value for shareholders, through value conscious strategies, such as acquiring large parcels of land at little or no cost to the company, and developing vertical and horizontal synergies in the EPC and fabrication industries." "Many municipalities are recognizing Municipal solid waste (MSW) can be part of a solution, whereas before, MSW was considered a problem. North America is many years behind most of Europe and other parts of the world in terms of waste disposal solutions-which provides a unique and lucrative opportunity for a first mover to create modular solutions with a proven technology such as Sunbay."
In recent weeks, Wireless Age has also recently entered into a credit agreement with EnWise Power Solutions Inc. in which Wireless Age provided EnWise $50,000, allowing Wireless Age the option to convert the $50,000 secured note into a 60% ownership in EnWise Power Solutions Inc., upon approval from Ontario's Bankruptcy Insolvency Act Trustee (see press release Oct 14, 2010 11:56 ET).
Founded in 2006, the EnWise group of companies was developed with a commitment to building a culture of energy conservation by providing straightforward and affordable ways for homeowners to protect the environment, lower energy bills and improve the overall comfort of their homes. John G. Simmonds, Chairman, President & CEO, Wireless Age, stated, "It is our intention to provide EnWise with the resources to expand its business throughout Canada, and eventually the United States. EnWise also provides us with a developed brand and proven platform to expand our institutional energy solutions business in Canada, the USA, and then overseas." Peter Hwang, CEO, EnWise Power Solutions Inc., has over 12 years experience in asset backed finance, and was co-founder and Vice-President of Easy Lease Corp., a successfully asset backed financing and syndication company. Peter is also the founder of EnWise Power Solutions Inc.
With the following acquisition, and pending acquisition, Wireless Age has positioned itself as a growing leader in clean-tech, with a portfolio of companies with large potential upside and limited downside for shareholder returns due to the attractive relative value they were acquired for or proposed to be acquired for, in the eyes of management. John G. Simmonds, Chairman, President & CEO of Wireless Age stated, "2011 is shaping up to become one of the most exciting years for the company as deals close and the business plan is executed. Notwithstanding additional potential complimentary and value conscious acquisitions for the portfolio, the company has a great deal of work ahead, but with the team we have assembled I trust we can execute accordingly and be successful."
About Wireless Age:
Wireless Age brings together technologies and companies focused on innovative and cutting edge energy and environmental solutions. Business lines range from the marketing and installation of energy efficient household products, to the manufacture, and installation of waste handling and remediation systems, to the design and the development of waste to energy facilities. Wireless Age is positioned to benefit from the momentum building in the rapidly growing "green" and "renewable energy" marketplace.
Wireless Age has backstopped this strategy through the development of a seasoned management team with significant sales, marketing, operations and financial experience in the manufacturing, services and the renewable energy fields. This team also has demonstrated competencies in leading high growth companies and creating value for shareholders.
Wireless Age Communications, Inc. Chairman & CEO 905-833-2753 ext. 223
Source: Marketwire Canada (November 23, 2010 - 12:27 PM EST)
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Capella Resources Announces Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA, Nov. 23, 2010 (Marketwire) -- CAPELLA RESOURCES LTD. (TSX VENTURE:KPS)(PINK SHEETS:CPSJF) ("Capella" or the "Company") is pleased to announce that it will undertake a private placement of up to 5,000,000 units ("Units") at a price of $0.10 per Unit for total proceeds of up to $500,000. Each Unit shall consist of one common share (a "Share") and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share ("Warrant Share") at a price of $0.225 per Warrant Share for a period of 12 months from the closing date.
In connection with the private placement and subject to regulatory approval, the Company proposes to pay a cash finder's fee equal to 5% of the funds raised by the sale of the Units. The Company will also issue finder's Warrants equal to 5% of the Units sold, with each finder's Warrant entitling the holder thereof to purchase one common share at a price of $0.225 for a period of 12 months from the closing date.
All securities will be subject to a four month hold period. Proceeds of the private placement will be used for general working capital purposes and exploration of Company's South American properties.
Acquisition of Minera de Oro Arequipa SAC
Further, the Company wishes to announce that it has entered into a share exchange agreement with Minera de Oro Arequipa SAC. ("Arequipa") dated November 22, 2010 (the "Share Exchange Agreement"), pursuant to which the Company has agreed to purchase all of the issued and outstanding common shares of Arequipa in exchange for the payment of $60,000 and issuance of 6,000,000 common shares at a deemed price of $0.12 per common share to the current shareholders of Arequipa (the "Acquisition"). Completion of the Acquisition is subject to the approval of the TSX Venture Exchange.
Arequipa owns the Habanero and El Rojo Properties consisting of 900 and 2900 hectares respectively which are located in the Department of Puno in south-central Peru. The properties are situated in a triangle defined by the significant mineralization zones (Condoroma, La Rescatada & Arasi) and within the regional mineralization trend of Andahuaylas - Yauri skarn and porphyry belt. The types of mineralization possible are gold-silver epithermal-vein style, with the overprint of a deeper porphyry-type mineralization.
CAPELLA RESOURCES LTD.
Richard Bachman, Chief Executive Officer, President & Chief Geological Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Capella Resources Ltd. 902.468.8280 or Toll Free: 1.877.342.7474 902.468.8448 (FAX) info@capellaresources.com www.capellaresources.com
Source: Marketwire Canada (November 23, 2010 - 12:16 PM EST)
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Laurion Announces Assay Results, Extending Mineralization to Greater Depths
Nov. 23, 2010 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 11/23/10 -- Laurion Mineral Exploration Inc. (TSX VENTURE: LME)(OTCQX: LMEFF) ("Laurion") is pleased to announce assay results for holes BMG-10 to BMG-20 from the recently completed 56 hole drill program at its 100% owned Bell Mountain project located in Churchill County, Nevada. Assay results of these eleven holes indicate gold and silver grades which are consistent with earlier drilling and which have through this phase of drilling been extended to greater depths. The width and distribution of the mineralized intervals coincides generally with those predicted from the interpretation of cross sections and of drill hole logs. Results from the remaining holes, BMG-21 to BMG-56, will be released upon availability.
"The assay results from the recent drill program drilling continues to reflect similar grades and widths to those from historic drilling in the area, suitable for heap leaching," commented Cynthia Le Sueur - Aquin, President and Chief Executive Officer of Laurion Mineral Exploration Inc. "The drill program appears to have been successful in expanding the known resource in the Varga area, both to the east and down dip."
Highlights of assay results for holes BMG-10 to BMG-20 are tabulated below:
----------------------------------------------------------------------------
Hole From (ft.) To (ft.) Width (ft.) Au (g/t) Ag (g/t)
----------------------------------------------------------------------------
BMG-10 0 270 270 0.37 7.1
----------------------------------------------------------------------------
Including 115 150 35 0.56 8.4
----------------------------------------------------------------------------
160 205 45 0.53 6.3
----------------------------------------------------------------------------
230 265 35 0.46 17.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BMG-11 55 80 25 0.48 4.5
----------------------------------------------------------------------------
100 155 55 0.34 9.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BMG-12 5 40 35 0.76 14.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BMG-13 55 115 60 0.37 11.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BMG-14 0 50 50 0.26 7.9
----------------------------------------------------------------------------
60 130 70 0.42 15.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BMG-15 0 35 35 0.35 9.1
----------------------------------------------------------------------------
70 115 45 0.34 11.5
----------------------------------------------------------------------------
240 300 60 0.33 12.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BMG-16 174 215 40 0.30 12.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BMG-17 25 70 45 0.36 7.0
----------------------------------------------------------------------------
195 215 20 0.44 12.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BMG-18 45 55 10 1.40 14.4
----------------------------------------------------------------------------
175 190 15 0.53 15.0
----------------------------------------------------------------------------
230 250 20 0.31 15.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BMG-19 105 130 25 0.61 9.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BMG-20 5 15 10 0.36 4.4
----------------------------------------------------------------------------
120 155 35 0.44 8.6
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Holes BMG-10, 11 and 12 were drilled in the northeastern portion of the Varga mineralized zone and south and east of holes BMG 5, 6, 7, 8, and 9. These holes indicate that the mineralized trend continues to the east and south of the previous holes, however are narrowing to the east.
Holes BMG-13 and 14 extend the mineralization reported from holes BMG-1, 2, 3 and 4 toward the southwest along strike with strong widths of gold and silver values.
Holes BMG-15, 16, 17 and 18 were drilled along the southeast margin of the Varga zone and down dip from prior holes, with hole BMG-18 located the furthest to the east. The assay results from these holes demonstrate that mineralization persists to greater depths than previously drilled, and that grades appear to increase although over less wide intervals.
Holes BMG-19 and 20 were located near the western end of the main Varga zone where the mineralized band narrows and is cut by two fault zones. The assay values in this area are higher with relatively narrower intervals.
Qualified Person
The technical information contained in this news release has been verified by Mr. Dana C. Durgin (MSc, P.Geo), Laurion's Exploration Manager, and Mr. Douglas R. Wood (MSc, P.Geo), are the Qualified Persons responsible for the scientific and technical work (as defined under National Instrument 43-101) discussed in this press release, and have reviewed this press release.
About Laurion Minerals Exploration Inc.
The Corporation's focus is to make the transition from explorer to near-term producer and envisages the realization of shareholder value and wealth through monetization of its discoveries and assets. Laurion's exploration horizons are focused primarily on gold with a secondary interest in base metals and PGEs with key interests in prospective mining properties located in Ontario and Churchill County, Nevada USA.
The Corporation has an option to acquire a 100% interest in the Bell Mountain Gold Project with Globex Mining Enterprises Inc. (TSX: GMX)(FRANKFURT: G1M) ("Globex") of Rouyn-Noranda, Quebec.
Laurion is well-funded to complete the next phases of drilling and exploration work on the Bell Mountain and Sturgeon River Gold Projects and to successfully advance these projects, moving the Corporation closer to being a near-term producer.
This news release includes certain forward-looking statements concerning the future performance of Laurion's business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Such statements include, but are not limited to, statements concerning the expected timing of assay results. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and Laurion cautions against placing undue reliance thereon. Laurion and its management assume no obligation to revise or update these forward looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin
President
1-705-788-9186
1-705-788-9187 (FAX)
www.laurion.ca
Source: Marketwire (November 23, 2010 - 12:10 PM EST)
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El Maniel International, Inc. Announces Progress of Its West African Venture
Nov. 23, 2010 (GlobeNewswire) --
NEW YORK, Nov. 23, 2010 (GLOBE NEWSWIRE) -- El Maniel International Inc. (Pink Sheets:EMLL) ("El Maniel" or "the Company") is pleased to announce the progress of on-going geological survey activities on its 200 acres of alluvial gold mining concession in Ghana, West Africa, whereby the geological survey of the first 100 acres, or better known as "Plot A", and the second 100 acres ("Plot B") are 50% and 10% completed, respectively. "We are very fortunate to be able to leverage on the resources around us to ensure that we have an achievable work program," states Jamie Khoo, CEO of El Maniel. "We will be initiating site preparations as soon as these survey work is over."
"Apart from these 200 acres, El Maniel is quite optimistic in accelerating the initiation of mining activities and production of another 25 acres ("Plot C") of alluvial gold mining concession located at Bosomase, with permitting in place for mobilization works, and the Company will be considering the options of inviting tenders from mining services companies for contract mining on this gold field," according to Jamie Khoo. "In order for contract mining to be successful for Plot C, mining services companies must have proven records with capabilities to deliver suitable equipments and servicing arrangements to this mining site, which happens to be situated in the vicinity of the Golden Triangle with excellent access to port and road infrastructures."
About El Maniel International Inc
El Maniel is focused on exploring, developing and expanding the economic potential of mining properties located in Ghana, West Africa. The company is led by highly skilled, experienced management team and board of directors with decades of successful project development and project financing. The company is committed to shareholder's value creation by constant development of current and new properties that has the potential to increase El Maniel's resource base. For further information, visit www.elmanielinc.com
On behalf of the board of directors of El Maniel International Inc
Jamie Khoo, President and CEO
e-mail: info@elmaniel.com
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings. The forward-looking statements in this press release speak only as of the date hereof, and the Company disclaims any obligation to provide updates, revisions or amendments to any forward-looking statement to reflect changes in the Company's expectations or future events.
Source: Globe Newswire (November 23, 2010 - 10:47 AM EST)
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(NWMT) NewMarket Reports Continued 2010 Growth With $85 Million in Revenue and $4 Million in Net Income Compared to $75 Million and $2.2 Million in 2009
Nov. 23, 2010 (Marketwire) --
DALLAS, TX -- (Marketwire) -- 11/23/10 -- NewMarket Technology, Inc. (PINKSHEETS: NWMT) (OTCQB: NWMT) today announced an increase in revenue of more than 10%, reporting over $85 million through the first three quarters of 2010 compared to $75 million for the same period last year. The Company also realized a better than 75% increase in net income reporting more than $3.9 million in net income compared to $2.2 million for the same period last year.
NewMarket plans to release a Webcast later today in which management is expected to review performance through the third quarter in more detail and recently announced plans for expansion into India. The Webcast is also expected to include year-to-date updates on key developments in the Greenfield Partnership Program. The Webcast will feature Greenfield collaborative project efforts in the rapidly growing mobile and systems integration markets in East Africa between Savanna East Africa, Inc. (PINKSHEETS: NVAE) (OTCQB: NVAE) and China Crescent Enterprises, Inc. (OTCBB: CCTR), with operations in mainland China, and NuMobile, Inc. (OTCBB: NUBL), a US-based mobile technology roll-up. Other Greenfield projects include a new telecom contract in Latin America for China Crescent and a special purpose Wi-Fi communication device project based in Shenzhen, China with an end customer in Japan led by China Crescent in association with NuMobile. Based on a formal letter of intent and the performance of the initial project, the Japanese customer has committed to purchase 10,000 of the custom Wi-Fi devices for a total of $160 million over the next three years.
A link to the Webcast will be posted to NewMarket Technology's corporate website, www.newmarkettechnology.com upon release.
About NewMarket Technology, Inc. (www.newmarkettechnology.com)
NewMarket Technology is a global small business incubator. NewMarket's current portfolio of operations provides systems integration, technology infrastructure services and emerging technology. NewMarket's operations strategically focus on providing technology and support services in emerging and developing economies with high growth rate potential where technology purchasing is on the rise. In addition to its base of operations in North America, NewMarket has operations today in the growing economies of China, Southeast Asia, Africa, Brazil and Northern Latin America. Overall, NewMarket reported over $95 million in revenue for 2008 and reported over $98 million in profitable revenue for 2009.
NewMarket's operations provide services and support for both brand-name technologies, such as Microsoft, as well as emerging technologies ranging from mobile computing to various security and wireless broadband technologies. NewMarket's rapid growth since 2002 placed the Company on the Deloitte Technology Fast 500 for 5 consecutive years. NewMarket was recognized as the third fastest growing technology company in the United States in 2006 and the number one fastest growing technology company in North Texas for two years in a row.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause NewMarket's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.
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Contact:
NewMarket Technology, Inc.
Investor Relations
Email Contact
214-722-3065
Source: Marketwire (November 23, 2010 - 9:45 AM EST)
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Luke Entertainment, Inc. Appoints CEO to Helm Ink Revolution Toward a Very 'Brite' Future
Nov. 23, 2010 (GlobeNewswire) --
NEW YORK, Nov. 23, 2010 (GLOBE NEWSWIRE) -- Luke Entertainment , Inc. (Pink Sheets:LKEN) announces today that it has selected Lenny 'The Inkman' Greene, who has served as Chairman, Chief Executive and President of AccuBrite, Inc., which was acquired by LKEN last month. Lenny is a seasoned exec with a strong foothold in the office supplies industry, with a focus on ink technology. His experience ranges from closing accounts with Fortune 500 corporations and purchasing agents.
Lenny comments, "I think my experience will bring a great deal to the table for LKEN. As an entrepreneur with a career beginning in my teens, I know what businesses want and I work successfully to stay ahead of pace for what's what in the computer and office supplies industry with a true passion for ink."
Greene was founder and CEO of Comservco U.S.A., where he started the company's computer and printing services division. There, in a period of just three years, he grew the company from zero revenues to in excess of $15 million is residual annuity service contracts. Sales grew to over 300 accounts and included Bank of New York, Citibank, ABM-AMRO, County of Nassau, EAB, Holstra University and Accustaff, to name a handful.
LKEN execs are confident that Greene's 20+ years of success in line with his keen abilities in field-tested turnkey sales strategies will be an excellent foundation for both near and long-term successes for the company. Greene's previous experience and database of contacts are expected to lend themselves very well to AccuBrite's achievements in the marketplace in line with the exclusive technology created by its founder.
AccuBrite's Commitment To Our Customers:
We're into ink, it's all we do. AccuBrite Inc exists to bring the world the best inks at the lowest prices so consumers and business can save time, save money, print more and print better.
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
Press Release prepared by NMR, LLC
LKEN Contact:
lenny@freeink4life.com
Source: Globe Newswire (November 23, 2010 - 9:45 AM EST)
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Great Western Minerals Group Appoints Chief Financial Officer
Nov. 23, 2010 (Marketwire) --
SASKATOON, SASKATCHEWAN -- (Marketwire) -- 11/23/10 -- Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE: GWG)(OTCQX: GWMGF) announces the appointment of Jim Davidson as Chief Financial Officer of the Company.
Mr. Davidson was, most recently, Chief Financial Officer with Athabasca Potash Inc. where he managed all financial and administrative functions of the company including governance, third party and management reporting, treasury, human resource and International Financial Reporting Standards compliance. Additionally, he worked closely with the exploration project team in the preparation of Athabasca Potash's Environmental Impact Study and the Pre-feasibility Study.
Previously, Mr. Davidson spent 19 years in the finance divisions of Weyerhaeuser in several locations throughout North America. He held senior management positions that focused on the enhancement of financial, production and technology processes, as well as SAP system deployment, and the standardization of accounting processes at forty of Weyerhaeuser's sites.
"Jim Davidson's background in the resource sector, combined with a thorough knowledge of compliance issues and strong experience in operational issues is yet another significant addition to the strength of our Company's management team," said GWMG President and Chief Officer Jim Engdahl.
Jim Davidson graduated from the College of Commerce at the University of Saskatchewan in 1975 and qualified as a Chartered Accountant in 1980.
Jim Engdahl, President and CEO
Great Western Minerals Group Ltd. is an integrated Rare Earths processor. Its specialty alloys are used in the battery, magnet and aerospace industries. Produced at the Company's wholly owned subsidiaries Less Common Metals Limited in Birkenhead, U.K. and Great Western Technologies Inc. in Troy, Michigan, these alloys contain aluminium, nickel, cobalt and Rare Earth Elements. As part of the Company's vertical integration strategy, GWMG has signed an Off-take Agreement for 100% of the Rare Earth Elements produced at the former producing Steenkampskraal mine in South Africa and holds 20.8% ownership in Rare Earth Extraction Co. Ltd., the owner of the Steenkampskraal mine. GWMG also holds interests in seven Rare Earth exploration and development properties in North America.
Inquiries by direct mail should be addressed to Great Western Minerals Group Ltd., 219 Robin Crescent, Saskatoon, SK S7L 6M8.
Certain information set out in this News Release constitutes forward-looking information. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of GWMG as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to satisfaction of the conditions precedent with respect to GWMG's offtake agreement, receipt of all required approvals (including those relating to the commencement of production at the Steenkampskraal mine) and risks, uncertainties and other factors that are beyond the control of GWMG, risks associated with the industry in general, commodity prices and exchange rate changes, operational risks associated with exploration, development and production operations, delays or changes in plans, risks associated with the uncertainty of reserve or resource estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. Although GWMG believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct. The forward-looking statements of GWMG contained in this News Release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement and the risk factors contained in GWMG's current annual information form available at www.sedar.com.
CUSIP: 39141Y 10 3
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Great Western Minerals Group Ltd.
Dwight Percy
Manager of Investor Relations
(306) 659-4500
Great Western Minerals Group Ltd.
219 Robin Crescent, Saskatoon, SK
S7L 6M8
info@gwmg.ca
www.gwmg.ca
Source: Marketwire (November 23, 2010 - 9:31 AM EST)
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Rio Alto Mining Limited: Private Placement of Common Shares
Nov. 23, 2010 (Marketwire) --
CALGARY, ALBERTA -- (Marketwire) -- 11/23/10 -- Rio Alto Mining Limited ("Rio Alto") (TSX VENTURE: RIO)(OTCQX: RIOAF)(BVLAC: RIO)(DBFrankfurt: MS2)(A0MSLE) is pleased to announce that it is undertaking a private placement of its common shares (the "Shares"). Kallpa Securities S.A.B. ("Kallpa") will act as the agent to offer the Shares on a commercially reasonable best efforts basis to qualified South American investors. Shares may also be offered to qualified investors outside of South America on a non-brokered basis.
The private placement will be completed for maximum proceeds of C$20 million and minimum proceeds of C$10 million based on an issue price of C$1.68 (US$1.65) per Share. The issue price was determined by Rio Alto and Kallpa in the context of the market. Completion of the private placement is subject to customary conditions including, but not limited to, the approval of the TSX Venture Exchange. Closing is expected to occur on or before November 30, 2010.
Of the net proceeds of the private placement, $10 million will be used by Rio Alto to develop La Arena Gold Oxide Project in Peru and for related working capital requirements with the balance to be used by Rio Alto to partially exercise its option under the Option and Earn-in Purchase Agreement dated June 15, 2009 to acquire shares of La Arena S.A., the owner of La Arena Project, and to conduct exploration activities on other areas of La Arena Project.
To learn more about Rio Alto Mining Limited, please visit: www.rioaltomining.com or Rio Alto's SEDAR profile at www.sedar.com.
ON BEHALF OF THE BOARD OF RIO ALTO MINING LIMITED
Anthony Hawkshaw, Director and Chief Financial Officer
Forward Looking Statements
Certain statements contained herein constitute forward-looking statements, including the expected amount of and use of proceeds and timing of the closing of a private placement of the Shares and for the development of the La Arena Gold Oxide Project. Rio Alto believes the expectations reflected in these forward looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this press release should not be unduly relied upon. Closing of the private placement could be delayed if Rio Alto cannot obtain necessary regulatory approvals within anticipated timelines and will not be completed unless certain conditions customary for transactions of this sort are satisfied. Forward looking statements included in this press release are made as of the date of this press release and Rio Alto disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this release.
Contacts:
Rio Alto Mining Limited
Anthony Hawkshaw
CFO & Director
+1 604 628 1401 or +511 625 9900
tonyh@rioaltomining.com
Rio Alto Mining Limited
Alejandra Gomez
Investor Relations
604.628.1401
866.393.4493 (FAX)
alejandrag@rioaltomining.com
www.rioaltomining.com
Source: Marketwire (November 23, 2010 - 9:27 AM EST)
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Inova Commences Work On $365,000 Network Solutions Project
Nov. 23, 2010 (GlobeNewswire) --
SANTA MONICA, Calif., Nov. 23, 2010 (GLOBE NEWSWIRE) -- Inova Technology (Pink Sheets:INVA), through its wholly owned subsidiary, Desert Communications, has commenced work on two network solutions project for E FtW Montessori and Alamogordo PS that have a combined value of approximately $365,000. The projects are expected to be completed by the end of the calendar year.
"These projects are two of several major projects that we are implementing right now. Everyone at Desert is working very hard in order to get these projects completed as quickly as possible in order to be able to start working on numerous other projects in our pipeline", said CEO, Mr. Adam Radly.
Inova currently has several projects in its pipeline (including several that are larger than the projects mentioned above) and will provide more detailed information about its pipeline before the end of calendar 2010.
About Inova Technology
Inova Technology, Inc. (Pink Sheets:INVA) is an enterprise level Information Technology solutions provider specializing in providing proprietary RFID solutions, wireless networking, storage and security technology solutions and IT professional services. Our objective is to implement and optimize solutions for our clients with best of breed technology and the best possible service.
For more information please visit the company website at: http://www.inovatechnology.com or contact our Investor Relations Firm, Capital Communications Group at (415)332-7200 or richard@capitalgc.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, product liability, the dependence on third parties for manufacturing and marketing, patent risk, copyright risk, competition, and the early stage of products being marketed or under development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
CONTACT: Capital Communications Group
Investor Relations Firm
(415)332-7200
richard@capitalgc.com
Source: Globe Newswire (November 23, 2010 - 9:25 AM EST)
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Dianor Resources Joins OTCQX
Nov. 23, 2010 (Marketwire) --
VAL-D'OR, CANADA -- (Marketwire) -- 11/23/10 -- Dianor Resources Inc. (TSX VENTURE: DOR)(OTCQX: RSDNF) is pleased to announce that the company is now trading on the OTCQX the leading electronic quotation and trading system in the U.S. the OTC market's highest tier, OTCQX® under the name Resources Dianor Inc., symbol RSDNF.
Dianor began trading today on the OTC market's prestigious tier, OTCQX International. Investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcqx.com and www.otcmarkets.com.
"World diamond production peaked in 2007 at 160 million carats and it is projected that by 2015 there will be a significant diamond shortfall to meet world demand. Dianor Resources Inc. now trading on the OTCQX will be able to provide our U.S investors access to investing in a diamond exploration company located in a stable political environment" said Dianor's President and C.E.O, John Ryder "OTCQX companies demonstrate their commitment to providing superior information to investors and maintaining the highest quality standards," said R. Cromwell Coulson, President and CEO of Pink OTC Markets. "We are pleased to welcome Resources Dianor to OTCQX."
Berenbaum Weinshienk PC will serve as Resources Dianor's Principal American Liaison ("PAL") on OTCQX, responsible for providing guidance on OTCQX requirements.
About Dianor Resources
Dianor Inc. (TSX VENTURE: DOR)(OTCQX: RSDNF) trades in the United States on OTCQX under the symbol "RSDNF". Dianor is a mineral exploration company with a diversified portfolio of diamond properties in Quebec and Ontario. Currently exploration for the discovery of diamonds is the company's main focus. The Company's flagship diamond property is situated and easily accessible, some 12 kilometres north east of Wawa in Northern Ontario, Canada. A preliminary tonnage estimate for the diamond bearing rock is in the range of 549 million to 583 million tonnes and in addition to diamonds contains gold, sapphires and rubies (43-101 Report, 29th September 2009). The Company has received government approval to proceed with a 50,000 tonne bulk sampling programme which is planned to commence in 2011.
About OTCQX
The OTCQX marketplace is the premier tier of the U.S. OTC market. Investor-focused companies use the quality-controlled OTCQX platform to offer investors transparent trading, superior information, and easy access through their regulated U.S. broker-dealers. The innovative OTCQX platform offers companies and their shareholders a level of marketplace services formerly available only on a U.S. stock exchange. For more information and to view a full list of OTCQX companies, visit www.otcqx.com.
About Pink OTC Markets Inc.
Pink OTC Markets Inc. (OTCQX: PINK) operates the leading electronic interdealer quotation and trading system for over 9,000 securities not listed on a U.S. stock exchange. Pink OTC Markets segments these securities into three tiers: the quality-controlled OTCQX marketplace, the U.S. registered and reporting OTCQB marketplace, and the speculative trading Pink Sheets marketplace. These three tiers constitute the third largest U.S. liquidity pool for trading public company shares, after The NASDAQ Stock Market, Inc. and The New York Stock Exchange. Our products and services promote market transparency, improve price discovery, facilitate regulatory compliance, and increase the quality of issuer disclosure, to the benefit of all OTC market participants. To learn more about how Pink OTC Markets' products and services make OTC markets more transparent, informed, and efficient, please visit our websites at www.otcmarkets.com, www.pinkotc.com and www.otcqx.com or contact us at info@pinkotc.com.
Subscribe to the OTCQX RSS Feed (http://syndicate.pinksheets.com/syndicate/rssPinkNews.xml)
Also please visit our website www.dianor.com
Forward-Looking Statements
This news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Dianor Resources Inc. ("Dianor"). Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Dianor will derive therefrom. Forward-looking information is based on the estimates and opinions of Dianor's management at the time the information is released and Dianor does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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:
Dianor Resources Inc.
Mr. John Ryder, P. Geo.
President
819-825-7090
819-825-7545 (FAX)
info@dianor.com
Dianor Resources Inc.
Mr. Daniel Duval
Chairman of the Board
819-825-7090
819-825-7545 (FAX)
info@dianor.com
Resultz Media Group Corp.
Mr. Tyler M. Troup, B.Comm
Senior Associate, RMG IR
877-301-9748
519-979-7820 (FAX)
Tyler@thinkRMG.com
Source: Marketwire (November 23, 2010 - 9:20 AM EST)
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Baja Fully Funded for Boleo Construction-Project Update
Nov. 23, 2010 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/23/10 -- Baja Mining Corp. (TSX: BAJ)(OTCQX: BAJFF) ("Baja") is pleased to announce that its Boleo Project is now fully funded for construction following Baja's recently completed US$858 Million project financing and C$184 Million bought deal financing.
"After signing the US$858 Million project financing facilities on September 28, 2010, the final component required to complete this milestone financing was the equity raise of C$184 Million," said John Greenslade, President & CEO. "Today, with over US$1 Billion raised, we are fully funded and ready to move the Boleo Project to the construction phase with the goal of reaching copper production in 2013."
Michael Shaw, Chief Operating Officer, stated, "We are a 'shovel ready' project with mass earthworks ready to start within a month. Our most significant long lead equipment has been fabricated or is in an advanced state of fabrication. We have released our EPCM contractor and construction activities are re-commencing at site."
Baja will hold a conference call on Wednesday, November 24, 2010 at 8:00 am PST (11:00 am EST) to discuss the completion of the Boleo funding. Call-in details are at the end of this release.
Additionally, in conjunction with the project financing facilities, Louis Dreyfus Commodities Metals Suisse SA ("LDC") provided a US$35 Million convertible cost overrun facility ("CoF") which, if drawn, converts into common shares of Baja at C$1.10 per common share. As part of the CoF, Baja has also issued LDC warrants for 7,408,727 common shares of Baja at a strike price of C$1.375 per common share which are exercisable in the event that the CoF is not drawn (proportionately to any undrawn CoF amount). Further details of the LDC transaction can be found in Baja's June 7, 2010 press release.
The Company has been advised on the project finance facilities and the LDC facilities by Endeavour Financial International Corporation.
Drawdown of the project financing facilities is subject to a number of conditions precedent, including implementation of a hedging program and expenditure of both the equity contributions and the subordinated debt.
Baja Mining is a Vancouver, Canada-based publicly traded mine development company (TSX: BAJ)(OTCQX: BAJFF) with a 70% interest in the Boleo copper-cobalt-zinc-manganese Project located near Santa Rosalia, Baja California Sur, Mexico, targeted for copper commissioning in 2012, and production in early 2013. A Korean syndicate of industrial companies holds the remaining 30%. Baja is the project operator. The Boleo Project has a copper/cobalt/zinc/manganese resource consisting of 265 million tonnes of measured and indicated resources (including approximately 70 million tonnes of proven and probable reserves) and approximately 165 million tonnes of inferred resources. A January 2010 NI 43-101 compliant updated technical report to the 2007 definitive feasibility study confirmed that the Boleo Project can be developed economically at an after-tax internal rate of return of 25.6% based on 100% equity. The Project, which has a minimum scheduled mine life of 25 years (during which the noted proven and probable reserves will be exploited), has a NPV of US$1.306 billion, using an eight percent discount rate, and an average life-of-mine cash cost of negative $0.29/lb for copper, net of by-product credits.
ON BEHALF OF THE BOARD OF DIRECTORS OF BAJA MINING CORP.
JOHN W. GREENSLADE, PRESIDENT
Conference Call and Webcast Details
Date: Wednesday, November 24, 2010
Time: 8:00 am PST (11:00 am EST)
Dial in: North America: 1-800-319-4610, International: +1-604-638-5340
Webcast: https://services.choruscall.com/links/bajamining101124.html
The conference call presentation will be made available on the company's website at 7:00 am PST (10:00 am EST) on Wednesday, November 24, 2010.
Presentation Link: http://www.bajamining.com/investors/presentations_media/powerpoints/
Replay: +1-604-638-9010
Replay Pass code: 2491
The conference call replay will be available until Wednesday, December 8, 2010.
A webcast of the presentation will also be available on the company's website at http://www.bajamining.com/investors/presentations_media/powerpoints/.
Some of the statements contained in this release are forward-looking statements, within the meaning of Canadian securities laws, such as statements that describe the anticipated mine life; the Company's expected NPV and IRR of the project; expected future metal prices; expected timing of copper production and other statements. Since forward-looking statements are not statements of historical fact and address future events, conditions and expectations, forward-looking statements by their nature inherently involve unknown risks, uncertainties, assumptions and other factors well beyond the Company's ability to control or predict. Actual results and developments may differ materially from those contemplated by such forward-looking statements. Material factors that could cause actual revenues to differ materially from those contained in such forwarding-looking statements include (i) fluctuations on the prices of copper, cobalt, zinc and manganese, (ii) interpretation of contract terms, (iii) accuracy of the Company's and consultants' projections, (iv) the Company's ability to finance, receive permits for, obtain equipment, construct and develop the El Boleo Project, (v) the effects of weather; operating hazards; adverse geological conditions and global warming, (vi) impact of availability of labor, materials and equipment; and (vii) changes in governmental laws, regulations, economic conditions or shifts in political attitudes or stability.
These forward-looking statements represent the Company's views as of the date of this release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on any forward-looking statements.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.
Contacts:
Baja Mining Corp.
John Greenslade
President
(604) 685-2323
(604) 629-5228 (FAX)
Source: Marketwire (November 23, 2010 - 8:35 AM EST)
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Baja Closes C$184 Million Bought Deal Financing
Nov. 23, 2010 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/23/10 -- Baja Mining Corp. ("Baja") (TSX: BAJ)(OTCQX: BAJFF) is pleased to announce that it has completed a cross border bought deal equity financing (the "Offering") for gross proceeds of C$184,057,500, inclusive of the over-allotment option granted to the underwriters. Pursuant to the Offering, Baja issued 167,325,000 common shares at a price of $1.10 per common share (see news release dated November 1, 2010).
The Offering was underwritten by a syndicate co-led by Raymond James Ltd. and Canaccord Genuity Corp., and including Cormark Securities Inc., CIBC World Markets Corp., and Haywood Securities Inc.
The net proceeds of the Offering combined with the project financing facilities provides all necessary funding to complete engineering, construction and commissioning of the Boleo copper-cobalt-zinc-manganese project and additional funding for general working capital purposes.
Louis Dreyfus Commodities Metals Suisse SA purchased 36,000,000 of the common shares sold pursuant to the Offering for gross proceeds of C$39.6 Million.
Copies of the Canadian prospectus relating to the Offering are available at www.sedar.com, and copies of the U.S. prospectus relating to the Offering are available through the SEC's website at www.sec.gov. Alternatively, a copy of the Canadian prospectus and/or the U.S. prospectus relating to the Offering can be obtained by contacting Sara Minatel of Raymond James Ltd. by phone at (416) 777-4939 or by email at sara.minatel@raymondjames.ca.
Baja Mining is a Vancouver, Canada-based publicly traded mine development company (TSX: BAJ)(OTCQX: BAJFF) with a 70% interest in the Boleo copper-cobalt-zinc-manganese Project located near Santa Rosalia, Baja California Sur, Mexico, targeted for copper commissioning in 2012, and production in early 2013. A Korean syndicate of industrial companies holds the remaining 30%. Baja is the project operator.
ON BEHALF OF THE BOARD OF DIRECTORS OF BAJA MINING CORP.
JOHN W. GREENSLADE, PRESIDENT
Some of the statements contained in this release are forward-looking statements, within the meaning of Canadian securities laws, such as statements that describe the anticipated mine life; the Company's expected NPV and IRR of the project; expected future metal prices; expected timing of copper production and other statements. Since forward-looking statements are not statements of historical fact and address future events, conditions and expectations, forward-looking statements by their nature inherently involve unknown risks, uncertainties, assumptions and other factors well beyond the Company's ability to control or predict. Actual results and developments may differ materially from those contemplated by such forward-looking statements. Material factors that could cause actual revenues to differ materially from those contained in such forwarding-looking statements include (i) fluctuations on the prices of copper, cobalt, zinc and manganese, (ii) interpretation of contract terms, (iii) accuracy of the Company's and consultants' projections, (iv) the Company's ability to finance, receive permits for, obtain equipment, construct and develop the El Boleo Project, (v) the effects of weather; operating hazards; adverse geological conditions and global warming, (vi) impact of availability of labor, materials and equipment; and (vii) changes in governmental laws, regulations, economic conditions or shifts in political attitudes or stability.
These forward-looking statements represent the Company's views as of the date of this release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on any forward-looking statements.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.
Contacts:
Baja Mining Corp.
John Greenslade
President
(604) 685-2323
(604) 629-5228 (FAX)
Source: Marketwire (November 23, 2010 - 8:33 AM EST)
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Gold Canyon Intercepts 225 Meters at 1.48 Grams Per Tonne Gold at Springpole Gold Project
VANCOUVER, BRITISH COLUMBIA, Nov. 23, 2010 (Marketwire) -- Gold Canyon Resources Inc. (TSX VENTURE:GCU)(PINK SHEETS:GDCRF) ("Gold Canyon" or "the Company") is pleased to announce that hole SP10-024 has intersected 225 meters at 1.48 grams per tonne gold including 47 meters at 3.47 grams per tonne gold at Springpole Gold Project. Several zones of broken ground were encountered below this interval resulting in no core recovery in places. However, several shorter intercepts of mineralization encountered below this long interval (see table below) suggest the true width of the Portage Zone remains approximately 140 meters; similar to that observed fifty meters to the northwest in hole SP10-019 (see news release dated November 2, 2010). Hole SP10-024, which twinned hole SP10-022 (223 meters at 1.45 grams per tonne gold; see news release dated November 17, 2010), is one of the two southeast-most holes drilled across the Portage Zone by Gold Canyon (to see attached map please click on: http://media3.marketwire.com/docs/gcu1123.pdf). Springpole Gold Project is 100% controlled by the Company and is located in the Red Lake Mining District of Ontario, Canada.
-- Hole SP10-024, 225 meters at 1.48 grams per tonne gold (738 feet at
0.043 oz per ton gold) including 47 meters at 3.47 grams per tonne gold
(154 feet at 0.101 oz per ton gold), was collared 10 meters northeast
from SP10-022 after that hole was lost in broken ground before testing
the full width of the target. Both SP10-022 and -024 lie approximately
50 meters southeast of SP10-019 (307 meters at 1.44 grams per tonne gold
announced in news release dated November 2, 2010). Hole SP10-024 was
drilled at an azimuth of 220 degrees true north and inclination of -45
degrees, parallel to holes SP10-019 and -022.
-- Aside from intervals of no core recovery at 391-412, 427-430 and 454-457
meters, SP10-024 encountered a continuous zone of mineralization from
166-476 meters, a core length of 310 meters. Because this hole was
drilled at a 45 degree inclination to the southwest and the Portage Zone
appears to dip approximately 75 degrees southwest, the true width
represented by this interval is believed to be, at minimum, 140 meters.
-- Mineralization in the Portage Zone consists of intensely potassic
(biotite) altered trachytic porphyry cut by abundant calcite-quartz-
pyrite-gold veinlets, which due to carbonate dissolution makes it highly
friable. Where badly broken, poor to no core recovery is experienced.
The Company is working with drill contractors to develop techniques for
maximizing future core recovery.
-- The strike length of the northwesterly striking Portage Zone presently
stands at approximately 950 meters. Hole SP10-024 demonstrates
mineralization persists to depths of approximately 380 meters below
surface in the southeast. Drilling planned for Winter 2011 will test the
near surface portion of this zone. Interestingly, the bottom of SP10-024
entered another mineralized zone. It is believed this new zone is
related to similar mineralization encountered in several historic drill
holes situated southwest of SP10-024.
-- Results from the remaining six holes from this summer's drill program
are due back from the lab by mid-December. Holes SP10-026 and -29 test
the Portage Zone in areas below holes SP10-007, -009 and -011 (see
August 16, 2010 and August 30, 2010 news releases) at the northwest end
of the Portage Zone. Hole SP10-028 tests the mid portion of the zone.
Three other holes, SP10-021, -023 and -025, test other targets on the
property. Hole SP10-027 was terminated at 115 meters when the drill hole
deviated off course and thus was unable to reach its intended target
zone and was not sampled. In total, the Company has drilled
approximately 10,300 meters of diamond core at Springpole in 2010.
-- The Company is planning an aggressive drill program, funded by the
recently completed $6,000,000 financing (see news release dated October
29, 2010), to further evaluate the size of the Portage Zone. Up to
10,000 meters of drilling are planned utilizing three diamond core rigs
beginning in early January 2011, weather permitting. Cold weather has
recently settled in the Springpole area making conditions favourable for
building up ice on the lake in preparation for winter drilling.
"Hole SP10-024 helps demonstrate uniform widths of mineralization in the southeast part of the Portage Zone," comments Dr. Quinton Hennigh, technical advisor to Gold Canyon. "All holes in this area, including SP10-016, SP10-019 and now, SP10-024, indicate a minimum true width of 140 meters. These holes also demonstrate continuity of mineralization to depths in excess of 350 meters. We are looking forward to testing shallower parts of this system this winter."
"Although we have experienced poor or no core recovery in places due to the soft and broken nature of the mineralization, we have seen far better recoveries drilling large diameter HQ core and drilling slowly," continues Hennigh. "Historic drilling was exclusively small diameter NQ core or smaller, and experienced very poor recoveries over long intervals making the Portage Zone difficult to evaluate. Although this rock requires patient drilling, we feel that the upside is it will have a very low work factor when it comes time to look at milling."
Summary of intervals from hole SP10-024 - Portage Zone
---------------------------------------------------------------------------
Gold
(grams
From To Length per Length Gold (oz
Hole (meters) (meters) (meters) tonne) (feet) per ton)
---------------------------------------------------------------------------
SP10-024 166 391 225 1.48 738 0.043
includes 179 226 47 3.47 154 0.101
includes 184 187 3 11.51 10 0.336
includes 218 220 2 13.07 7 0.382
391 412 No Recovery
412 427 15 0.78 49 0.023
427 430 No Recovery
430 454 24 0.45 79 0.013
454 457 No Recovery
457 476 19 0.55 62 0.016
502 505 3 0.62 10 0.018
Intervals of no core recovery were encountered at 205-208 m and 210.6-211
m.
Zones of no recovery were given 0 gold grade in the weighted calculations
above.
---------------------------------------------------------------------------
Reported intervals apply a 0.3 gram per tonne gold (0.009 oz per ton gold)
cutoff.
Internal dilution within reported intervals does not exceed core lengths of
11 meters.
Weighted averages were used to calculate all reported intervals.
1 troy ounce = 31.103 grams
Conversion factor - grams per tonne to troy ounces per short ton: g/t
divided 34.2857 or g/t multiply by 0.0292
1 meter = 3.28 feet
The Summer 2010 Diamond Drill Program, now complete, is part of an ongoing program of drilling and remodelling of the Springpole deposit to move it towards prefeasibility. Drilling is planned to continue through April 2011, at which time work will begin on calculating a revised resource estimate for the deposit.
Springpole is an alkaline intrusion hosting a gold system that represents a potentially new style of Canadian Archean Shield gold deposit. Springpole shares many similarities with deposits such as the Cripple Creek Gold deposit in Colorado. The Portage Zone is hosted by a trachytic porphyry intrusion displaying polyphase autolithic breccias that contain gold mineralization of remarkably uniform grade. Other zones, including East Extension, Camp and Main, consist of high grade veins and pods hosted in diatreme breccias composed of intrusive and country rocks. These diatreme breccias surround the northwest and northern margins of the Portage Zone. The known mineralized zones underlie a total known area of about 4 square kilometres representing only about 15 percent of the greater alkaline intrusive complex which yet remains to be explored.
Core was logged, then split using diamond saws, with one half sent for analyses and the other half stored for future reference. Quality control programs include the use of duplicates, standards and internal and external check assaying. Certified sample standards were submitted with the normal sample stream. Gold and silver assays were completed by SGS Canada Inc. in Red Lake and Toronto, Ontario using a 30 gram charge, fire assay, with an ICP finish. For over limit assay results, initial assays in excess of 10.0 grams per tonne Au, a gravimetric finish is utilized.
Quinton Hennigh, Ph.D., P.Geo. and Alan Roberts, M.Sc., P.Geo. are the Qualified Persons pursuant to National Instrument 43-101 responsible for, and have reviewed and approved, the technical information contained in this news release. Dr. Hennigh is acting as a technical adviser to Gold Canyon and Alan Roberts is the Senior Geologist of Alaska Earth Sciences, Inc. and Project Manager at Springpole.
About Gold Canyon Resources Inc.:
Gold Canyon is engaged in the acquisition and exploration of mineral and precious metals properties. The Company controls a 100% interest in the Springpole Gold - Horseshoe Island Gold, Platinum, Palladium Project and Favourable Lake Poly-metallic property currently under option to Shoreham Resources Inc. pursuant to an option and joint venture agreement entered into in December 2005 - all in the Red Lake Mining District of Ontario, Canada.
Through its wholly owned U.S. subsidiary, Gold Canyon Resources USA Inc., the Company controls a 100% interest in the Cordero Gallium Project situated in Humboldt County, Nevada, U.S.A.
Gold Canyon entered into a Joint Exploration Agreement with the Japan Oil, Gas and Metals National Corporation (JOGMEC) in January 2009.
Additional information can be found on the Company's website: www.goldcanyon.ca
Akiko Levinson, President & Director
Certain statements contained in this news release using the terms "may", "expects to", "project", "estimate", "plans", and other terms denoting future possibilities, are forward-looking statements in respect to various issues including upcoming events based upon current expectations which involve risks and uncertainties that could cause actual outcomes and results to differ materially. The future conduct of the Company's business and the feasibility of its mineral exploration properties are dependent upon a number of factors and there can be no assurance that the Company will be able to conduct its operations as contemplated and the accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the Company's disclosure documents and its annual, quarterly and current reports; the fact that exploration activities seldom result in the discovery of a commercially viable mineral resource and are also significant amounts of capital to undertake and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability. The Company disclaims any obligation to revise any forward looking statements as a result of information received after the fact or regarding future events.
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 news release.
Gold Canyon Resources Inc. (604) 682-0537 (FAX) info@goldcanyon.ca www.goldcanyon.ca Gold Canyon Resources Inc. Investor Relations (416) 543-3120 leo@frontlineir.com
Source: Marketwire Canada (November 23, 2010 - 8:31 AM EST)
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Cornerstone Completes $1.5 Million Flow Through Financing With MineralFields Group
MOUNT PEARL, NEWFOUNDLAND, Nov. 23, 2010 (Marketwire) -- Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) announces the completion of a flow-through financing with MineralFields Group announced on November 22, 2010. The financing consisted of a private placement of 9,375,000 flow-through units for gross proceeds of $1.5 million. Each unit was priced at $0.16 and consisted of one flow-through common share and one half of one transferrable, callable, non-flow-through share purchase warrant. One whole warrant will entitle the holder to acquire one additional common share at a price of $0.20 per share for a period of one year after closing of the offering, and thereafter at $0.25 per share for one additional year. A cash finder's fee equal to 6.07% and a cash due diligence fee 0.5% was paid on closing, as well as a finder's fee option to purchase units at an exercise price of $0.16 per unit equal to 6.53% of the number of units subscribed for. The finder's fee option has the same terms as the flow-through units. The gross proceeds from the sale of the flow-through units will be used by the Company for early stage and advanced exploration expenses on projects in Canada that qualify as "Canadian exploration expenses" under the Income Tax Act (Canada).
The Company will have the right to accelerate the expiry date of the warrants to thirty (30) days from the date of the exercise of such acceleration right by providing holders of the warrants with written notice of such reduction in the exercise period. The right to accelerate will be triggered in the event that the average closing price of the Company's common shares is $0.35 or more per share over a period of twenty (20) consecutive trading days during the first twelve months after closing of the offering, or $0.40 or more per share over a period of twenty (20) consecutive trading days during the second twelve months.
"We are very pleased to be renewing our relationship with the MineralFields Group", said Glen H. McKay, CEO of Cornerstone. "This is an important milestone in the continued exploration and development of our mineral properties and we look forward to working with MineralFields Group as we advance our projects in Canada and Ecuador."
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland and Labrador, Canada, with a diversified portfolio of projects in Canada and Ecuador and a strong technical team that has proven its ability to identify, acquire and advance properties of merit. The company's business model is based on generating exploration projects whose subsequent development is funded primarily through joint venture partnerships.
About MineralFields, Pathway and First Canadian Securities (R)
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Montreal, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities (R) (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities (R).
Cautionary Notice:
Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results. While Cornerstone anticipates that subsequent events may cause its views to change, it expressly disclaims any obligation to update the Forward-Looking Statements contained herein.
Further information is available on Cornerstone's website: www.cornerstoneresources.com
Investors can access and join the following Cornerstone social media channels:
Facebook (http://www.facebook.com/pages/Cornerstone-Resources-Inc/152481978112151)
Twitter (http://twitter.com/Cornerstone_cgp)
YouTube channel (http://www.youtube.com/user/CornerstoneResource)
Flickr (http://www.flickr.com/photos/cornerstoneresources)
The direct link to a recent CEO interview is: http://www.rblcommunications.com/webcasts/CGPnov122010/CGPnov122010.html
On Behalf of the Board,
Glen H. McKay, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cornerstone Capital Resources Inc. North America Toll-Free: 1 (877) 277-8377 Direct Line: 1 (647) 521-9261 communications@crigold.com www.cornerstoneresources.com
Source: Marketwire Canada (November 23, 2010 - 8:00 AM EST)
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