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China Organic reports Q3 2010 net income of USD1.9m
Nov. 23, 2010 (M2 Communications Ltd.) --
Trader and distributor of agricultural products China Organic Agriculture Inc (OTCBB:CNOA) on Monday reported for the third quarter of 2010 a net income attributable to CNOA shareholders of USD 1.9m or USD 0.03 per basic and diluted share, down by 57.7% from last year.
This compares to net income attributable to CNOA shareholders of USD 4.5m or USD 0.06 per basic and diluted share for the same quarter of 2009.
The company sales for the third quarter were USD 42.6m, 7.5% up from the sales of USD 40.0m in the same period last year.
(Comments on this story may be sent to info@m2.com)
Source: M2 Presswire (November 23, 2010 - 6:10 AM EST)
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Cornerstone Arranges $1.5 Million Flow Through Financing
MOUNT PEARL, NEWFOUNDLAND, Nov. 22, 2010 (Marketwire) -- Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) announces a private placement financing of 9,375,000 flow-through units for gross proceeds of $1.5 million. Each flow-through unit will be priced at $0.16 and will consist of one 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 of 0.5% are payable at 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 will have 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.
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.
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 22, 2010 - 8:00 AM EST)
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Riverside Identifies High Potential Target Zones at the Catrina Gold Project, Durango, Mexico
VANCOUVER, BRITISH COLUMBIA, Nov. 22, 2010 (Marketwire) -- Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE:RRI)(PINK SHEETS:RVSDF)(FRANKFURT:R99) is pleased to announce it has identified four potential drill targets at the 100% Riverside-owned Catrina property. The combination of a strong geophysical IP response, regional magnetic highs associated with intrusions, encouraging geochemistry, and thin cover makes Catrina a significant Project for Riverside. The geophysical IP response at Catrina is comparable in scale to the Camino Rojo and Penaquito projects with similar trace element geochemistry (gold-silver-zinc-lead). Geochemistry of the alteration zone shows a strong gold anomaly with values extending over an area of more than 3 km(2). Surface values from the largely thin pediment covered target area range from less than 5 ppb up to 0.95 g/t gold.
The geophysical anomalies contain high resistivity zones which can indicate silica alteration consistent with gold mineralization as found at nearby Central Mexican deposits. The resistivity signature remains open to the east, northeast, and north showing potential for expansion. The Catrina Project chargeability plan map (to view map, visit http://rivres.com/images/phocagallery/Catrina_joined.png) highlights the similar scale of the target in comparison with the outline of gold mineralization from Camino Rojo. The recently completed IP survey identified four clusters that are now interpreted as drill ready target areas. The following link shows a map with the four target areas at Catrina highlighting gold, silver, zinc, and lead elements collected from rock chip samples: http://rivres.com/images/phocagallery/Catrina_targets.jpg.
The next phase of exploration on the project could include a targeted drill program to test the geology, geochemistry and geophysics targets identified at Catrina.
This project is one of a number of properties that were developed through the Riverside - Kinross Exploration Alliance which has now been completed. The Alliance(News Release January 22, 2009) delivered on the anticipated goals of identifying high quality properties. Riverside looks forward to advancing these properties with full ownership, as Kinross has opted to pursue other opportunities.
"The Riverside Technical team has developed this strong open pit gold target with a limited amount of capital dilution as the project was progressed as part of an Exploration Alliance with Kinross Gold Corporation," stated John-Mark Staude, President and CEO of Riverside Resources Inc. "The Riverside-Kinross Exploration Alliance has been an excellent two-year program, and with Riverside now owning these properties 100% it can move the targets ahead through joint-ventures with interested third parties".
Catrina Target Details:
Caracol Formation sandstones and shales are the main host rock for numerous mines in the prolific mining region of Durango/Zacatecas, Mexico. The formation at Catrina is associated with regional magnetic highs which appear to relate with intrusions that, in other locations and potentially here, are linked spatially to mineral discoveries. The numerous gold anomalies and favorable looking hydrothermal alteration covers a generally NE trending zone and then proceeds under thin post-mineral alluvial cover. The alteration halo is closely associated with a variety of NW trending andesite and hornblende granodiorite porphyry dykes, as is common in other deposits such as San Sebastian, Castillo, Ojuela, and Lampazos Mines. The andesite porphyry and hornblende granodiorite dykes may be a key progenerator or related to the mineralized system similar to that found at Inde, Pitarrilla, Penasquito, and other mining camps in the area.
About Riverside Resources:
Riverside is a well funded prospect generation team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The Company currently has approximately $3,000,000 in the treasury and fewer than 25,000,000 shares issued. Riverside is currently working towards finalizing several important events that fit within the Company's model of growth through partnerships and exploration. Additional property information on the Company's projects can be found on the Riverside Resources Inc. website at www.rivres.com.
QA-QC Procedures: The Company has maintained a quality control program to ensure best practices in sampling and analysis in all its exploration programs. Duplicates, standards and blank samples are randomly inserted into the sample stream. Samples were delivered in secure, sealed bags to the assay labs for analysis. Gold is determined by fire assay with atomic absorption finish. The assay results were produced by Inspectorate Laboratories Ltd.
The scientific and technical data contained in this news release were prepared under the supervision of Mark J Pryor, Pri.Sci.Nat., an independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided in this news release is accurate and acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward looking terminology (e.g., "expect", "estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks - including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Riverside Resources Inc. Corporate Communications (778) 327-6671 (778) 327-6675 (FAX) info@rivres.com Riverside Resources Inc. Corporate Communications (778) 327-6671 (778) 327-6675 (FAX) info@rivres.com www.rivres.com
Source: Marketwire Canada (November 22, 2010 - 9:01 AM EST)
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Tix Corporation Announces Agreement to Sell Its Live Entertainment Subsidiary
Nov. 22, 2010 (Marketwire) --
STUDIO CITY, CA -- (Marketwire) -- 11/22/10 -- Tix Corporation (the "Company") (OTCQX: TIXC), a leading provider of discount ticket brokerage services and branded event merchandising, today announced that it has entered into a Securities Purchase Agreement to sell its wholly-owned Live Entertainment subsidiary, Tix Productions, Inc. ("TPI"), to members of TPI's management.
Under the terms of the agreement, the Company will sell 100% of the outstanding capital stock of TPI to TPI's management in exchange for approximately 2.3 million shares of the Company's common stock. TPI will also pay the Company up to $487,000 from distributions it receives from the Company's previous investments in "American Idiot" and "Rain - A Tribute to the Beatles on Broadway," both of which are currently performing on Broadway. Tix Corporation reserved the right to entertain additional acquisition interest in TPI and may accept a superior offer through December 3, 2011.
The Company announced on September 13, 2010 that it had retained the investment banking firm, B. Riley & Co., LLC ("B. Riley") as its financial advisor to explore certain strategic alternatives including the sale of TPI. After considering TPI's potential and consulting with B. Riley, among other things, the Company determined that the sale of TPI was in the best interests of its stockholders as it would allow the Company to focus on its core discount ticket operations. B. Riley performed a full market test, which included contacting and gauging interest from a wide range of strategic and financial buyers. B. Riley received no offers for TPI that matched or exceeded the offer from TPI's management. B. Riley provided a fairness opinion to the Company in connection with this transaction that indicated the consideration to be received by the Company is fair, from a financial point of view.
Mitch Francis, Chairman and CEO of the Company, said, "This divestiture will allow us to focus more of our attention on our thriving core discount ticketing business. We are excited about several internal growth initiatives and plan on taking advantage of a number of available opportunities in the discount ticketing market."
About TIX Corporation
Tix Corporation (OTCQX: TIXC) is an entertainment company providing discount ticketing services and branded event merchandising. It currently operates eleven discount ticket stores in Las Vegas under the Tix4Tonight marquee, and offers up to a 50 percent discount for same-day shows, concerts, attractions and sporting events, as well as discount reservations for dining. The Company's Exhibit Merchandising operation is engaged in branded merchandise development and sales activities related to museum exhibitions and other events, including the King Tutankhamun, Cleopatra and Real Pirates tours, and selling themed souvenir memorabilia and collectors' items in specialty stores in conjunction with the specific events and venues such as its store within the Cairo Museum that will be opening soon.
Safe Harbor Statement
Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are discussed in the Company's various filings with the Securities and Exchange Commission and the OTCQX. The Company assumes no obligation to update these forward-looking statements.
Contact:
Steve Handy
CFO
818-761-1002
Source: Marketwire (November 22, 2010 - 9:01 AM EST)
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Globex Increases Chibougamau Land Position, Acquires Fifth Former Gold-Copper Mine
Nov. 22, 2010 (Marketwire) --
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 11/22/10 -- GLOBEX MINING ENTERPRISES INC. (TSX: GMX) (FRANKFURT: G1M) (OTCQX: GLBXF) is pleased to inform shareholders that it has acquired, by staking, the former S-3 Mine, a gold-copper property near Chibougamau, Quebec along with surrounding mineral claims forming a large continuous prospective exploration package 10.8 km long by up to 3.6 km wide in Lake Chibougamau. The entire land package is geologically within the Dore Lake Complex, host to numerous gold-copper deposits and one of Quebec's principal mining camps.
The S-3 deposit was mined from the Henderson 1 shaft producing 420,943 tonnes grading 3.91 g/t Au and 0.4% Cu. Numerous drill holes in the area surrounding the S-3 deposit intersected gold mineralization, such as hole 1119-95-01 which returned 28 g/t Au over 0.5 m and 86.7 g/t Au over 1.1 m. Follow-up on this and other intersections was inadequate.
Also included in the exploration package is the unmined Tommy or T Zones, a series of partially defined gold-copper zones.
The T-10 Zone consisting of 4 sub-zones (A, B, C and N) is reported to contain 449,095 t grading 2.38 g/t Au and 0.91% Cu. The T-9 Zone has a reported 50,000 t grading 2.1% Cu and the T-8 Zone is said to contain 440,000 t grading 8.48 g/t Au. (The resource calculations come from Quebec Government documents and were calculated before the application of NI 43-101 regulations. They are historical, have not been verified by Globex staff and should not be relied upon. They are presented for information purposes only).
Wide drill intersections such as the following are reported within the Tommy mineralized area:
Hole T-319 4.89% Cu and 1.71 g/t Au over 20.0 m
Hole T-912 2.74% Cu and 0.86 g/t Au over 43.9 m
Hole T-29 1.22% Cu, 0.78 g/t Au and 8.5 g/t Ag over 20.0 m
Gold drill intersections such as the following are reported within the Tommy mineralized area:
Hole 94-09 12.44 g/t Au over 3.7 m
The property has been covered by airborne and ground geophysical surveys, thus providing not only a geological database from drill holes but a detailed geophysical database.
Shareholders are reminded that Globex already has a significant land position in the Chibougamau Mining Camp including the following former mines: Quebec Chibougamau GoldFields Mine (Copper-Gold), Kokko Creek Mine (Copper), Bateman Bay Mine (Copper-Gold), Grandroy Mine (Copper-Gold) many of which have historical resources and good exploration potential.
The new acquisition now brings Globex's land position to five highly prospective former mine properties, one area of multiple unmined gold-copper zones and a large package of underexplored mineral claims with numerous mineralized indications.
The new land package and the previously acquired mine properties are all in close proximity to each other and can be worked year round.
Shareholders are reminded of the old mining adage "The best place to find a mine is near an old mine".
This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101
We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b)
CUSIP Number 379900 10 3
Forward Looking Statements
Except for historical information this News Release may contain certain "forward looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Companies expectations and projections. A more detailed discussion of the risks is available in the "Annual Information Form" filed by the Company on SEDAR at www.sedar.com
Contacts:
Globex Mining Enterprises Inc.
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
819-797-5242
819-797-1470 (FAX)
info@globexmining.com
www.globexmining.com
Source: Marketwire (November 22, 2010 - 9:03 AM EST)
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Laurion Reports Significant Gold/Silver Intercepts From First 9 Holes Assayed From 56 Hole Drill Program at Bell Mountain
Nov. 22, 2010 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 11/22/10 -- Laurion Mineral Exploration Inc. (TSX VENTURE: LME)(OTCQX: LMEFF) ("Laurion") is pleased to announce the completion of a 56 hole drill program at its 100% owned Bell Mountain project located in Churchill County, Nevada. The drill program totaled 13,125 feet and all samples collected have now been shipped to ALS Chemex for assay.
Summary of Results from First Nine Holes
At this time the Company has received assay results for the first 9 holes which include significant gold/silver values including 45 feet (14 meters) of 1.0 gram per tonne gold and 30.16 g/t silver and 85 feet (26 meters) of 0.42 g/t gold and 10.67 g/t silver. Barring any unforeseen delays, assay values for the balance of the drill program are expected to be available in the next two to three weeks.
Results from the first four holes were released by press release dated October 26, 2010, however, due to Laurion's systematic quality control program, deficiencies were noted and the holes were re-assayed by a different laboratory, being ALS Chemex. The results summarized below for the first four holes restate the results stated in the press release dated October 26, 2010. For additional information about the restatement, please see below under the heading "Restatement of Results for First Four Holes".
Highlights from the first nine holes include the following (note: the bracketed numbers represent the results of first four holes as stated in the press release dated October 26, 2010):
----------------------------------------------------------------------------
Au (g/t) Ag (g/t)
From To Width Au October Ag October
Hole (ft.) (ft.) (ft.) (g/t) 26, 2010 (g/t) 26, 2010
----------------------------------------------------------------------------
45 90 45 1.00 (1.06) 30.16 (28.61)
BMG-01 ---------------------------------------------------------------------
including 50 75 25 1.48 (1.56) 39.38 (39.19)
----------------------------------------------------------------------------
50 100 50 0.75 (0.65) 14.83 (13.69)
BMG-02 ---------------------------------------------------------------------
including 50 70 20 1.08 (0.87) 18.35 (16.55)
----------------------------------------------------------------------------
40 125 85 0.42 (0.40) 10.67 (9.02)
BMG-03 ---------------------------------------------------------------------
Including 40 60 20 0.78 (0.81) 13.65 (14.93)
----------------------------------------------------------------------------
BMG-04 75 135 60 0.17 8.00
----------------------------------------------------------------------------
BMG-05 No Significant Intercepts
----------------------------------------------------------------------------
BMG-06 120 185 65 0.49 14.90
----------------------------------------------------------------------------
BMG-07 165 205 40 0.53 15.04
----------------------------------------------------------------------------
BMG-08 No Significant Intercepts
----------------------------------------------------------------------------
BMG-09 No Significant Intercepts
----------------------------------------------------------------------------
Drill hole BMG-01 was targeted to test the depth extension of the Varga zone, approximately 40 feet below the known mineralization. Drill holes BMG-02 and BMG-03 were collared from the same location, approximately 80 feet West of BMG-01 with BMG-02 being drilled below BMG-03.BMG-04 was drilled 160 feet East of BMG-03 and contained anomalous gold and silver values. These results suggest that mineralization in the Varga zone is similar in grade to previous results and continues significantly below the known mineralized zone.
Drill holes BMG-04 though BMG-09 tested the northeastern extension of the Varga deposit. The drilling indicates that the vein structure is continuous, decreasing towards the northeastern edge of the deposit.
President's Comments on the Drill Results
Commenting on the recent drill results, Cynthia Le Sueur-Aquin, President of Laurion Mineral Exploration Inc. stated, "Drillholes BMG-04 to BMG-10 appear to have closed off the northeast side of the Varga Zone deposit. All further focus of drilling is concentrated on the south and central areas of the Varga and Spurr Zones, which remain open at this time. We anticipate having the assay results for the balance of this program back from the lab shortly. The assay results will be utilized to aid the understanding of the definition the boundaries of the mineralized zones and the strike and dip potential."
Restatement of Results from First Four Holes
Samples from drill holes BMG-01 to BMG-08 of the Bell Mountain project were initially sent to a third party laboratory in Reno, Nevada. Laurion's systematic quality control program included standard and blank samples in the sample series. A review of the assays from the first eight holes submitted proved that assay results did not match the standards and several of American Assay's internal check samples failed to match.
A subset of these samples in a range of values and several standard samples was then submitted to ALS Chemex as a check against the results received from the first laboratory. Assay results from ALS Chemex matched both the standards and their internal checks. Based on this data, the Bell Mountain QA/QC manager decided to use ALS Chemex in place of the first laboratory. The pulps from the first eight holes were submitted to ALS Chemex for re-assay.
Given ALS Chemex's assays, the results of the first four holes announced by press release dated October 26, 2010, have been restated as shown in this press release. All subsequent samples from the Bell Mountain drilling program have been sent to ALS Chemex. Holes BMG- 05 though BMG-09 were all assayed at ALS Chemex.
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 has 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 22, 2010 - 9:03 AM EST)
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Laurion Reports Significant Gold/Silver Intercepts From First 9 Holes Assayed From 56 Hole Drill Program at Bell Mountain
Nov. 22, 2010 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 11/22/10 -- Laurion Mineral Exploration Inc. (TSX VENTURE: LME)(OTCQX: LMEFF) ("Laurion") is pleased to announce the completion of a 56 hole drill program at its 100% owned Bell Mountain project located in Churchill County, Nevada. The drill program totaled 13,125 feet and all samples collected have now been shipped to ALS Chemex for assay.
Summary of Results from First Nine Holes
At this time the Company has received assay results for the first 9 holes which include significant gold/silver values including 45 feet (14 meters) of 1.0 gram per tonne gold and 30.16 g/t silver and 85 feet (26 meters) of 0.42 g/t gold and 10.67 g/t silver. Barring any unforeseen delays, assay values for the balance of the drill program are expected to be available in the next two to three weeks.
Results from the first four holes were released by press release dated October 26, 2010, however, due to Laurion's systematic quality control program, deficiencies were noted and the holes were re-assayed by a different laboratory, being ALS Chemex. The results summarized below for the first four holes restate the results stated in the press release dated October 26, 2010. For additional information about the restatement, please see below under the heading "Restatement of Results for First Four Holes".
Highlights from the first nine holes include the following (note: the bracketed numbers represent the results of first four holes as stated in the press release dated October 26, 2010):
----------------------------------------------------------------------------
Au (g/t) Ag (g/t)
From To Width Au October Ag October
Hole (ft.) (ft.) (ft.) (g/t) 26, 2010 (g/t) 26, 2010
----------------------------------------------------------------------------
45 90 45 1.00 (1.06) 30.16 (28.61)
BMG-01 ---------------------------------------------------------------------
including 50 75 25 1.48 (1.56) 39.38 (39.19)
----------------------------------------------------------------------------
50 100 50 0.75 (0.65) 14.83 (13.69)
BMG-02 ---------------------------------------------------------------------
including 50 70 20 1.08 (0.87) 18.35 (16.55)
----------------------------------------------------------------------------
40 125 85 0.42 (0.40) 10.67 (9.02)
BMG-03 ---------------------------------------------------------------------
Including 40 60 20 0.78 (0.81) 13.65 (14.93)
----------------------------------------------------------------------------
BMG-04 75 135 60 0.17 8.00
----------------------------------------------------------------------------
BMG-05 No Significant Intercepts
----------------------------------------------------------------------------
BMG-06 120 185 65 0.49 14.90
----------------------------------------------------------------------------
BMG-07 165 205 40 0.53 15.04
----------------------------------------------------------------------------
BMG-08 No Significant Intercepts
----------------------------------------------------------------------------
BMG-09 No Significant Intercepts
----------------------------------------------------------------------------
Drill hole BMG-01 was targeted to test the depth extension of the Varga zone, approximately 40 feet below the known mineralization. Drill holes BMG-02 and BMG-03 were collared from the same location, approximately 80 feet West of BMG-01 with BMG-02 being drilled below BMG-03.BMG-04 was drilled 160 feet East of BMG-03 and contained anomalous gold and silver values. These results suggest that mineralization in the Varga zone is similar in grade to previous results and continues significantly below the known mineralized zone.
Drill holes BMG-04 though BMG-09 tested the northeastern extension of the Varga deposit. The drilling indicates that the vein structure is continuous, decreasing towards the northeastern edge of the deposit.
President's Comments on the Drill Results
Commenting on the recent drill results, Cynthia Le Sueur-Aquin, President of Laurion Mineral Exploration Inc. stated, "Drillholes BMG-04 to BMG-10 appear to have closed off the northeast side of the Varga Zone deposit. All further focus of drilling is concentrated on the south and central areas of the Varga and Spurr Zones, which remain open at this time. We anticipate having the assay results for the balance of this program back from the lab shortly. The assay results will be utilized to aid the understanding of the definition the boundaries of the mineralized zones and the strike and dip potential."
Restatement of Results from First Four Holes
Samples from drill holes BMG-01 to BMG-08 of the Bell Mountain project were initially sent to a third party laboratory in Reno, Nevada. Laurion's systematic quality control program included standard and blank samples in the sample series. A review of the assays from the first eight holes submitted proved that assay results did not match the standards and several of American Assay's internal check samples failed to match.
A subset of these samples in a range of values and several standard samples was then submitted to ALS Chemex as a check against the results received from the first laboratory. Assay results from ALS Chemex matched both the standards and their internal checks. Based on this data, the Bell Mountain QA/QC manager decided to use ALS Chemex in place of the first laboratory. The pulps from the first eight holes were submitted to ALS Chemex for re-assay.
Given ALS Chemex's assays, the results of the first four holes announced by press release dated October 26, 2010, have been restated as shown in this press release. All subsequent samples from the Bell Mountain drilling program have been sent to ALS Chemex. Holes BMG- 05 though BMG-09 were all assayed at ALS Chemex.
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 has 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 22, 2010 - 9:03 AM EST)
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Stora Enso Successfully Completes Tap of Two Five-Year SEK Bonds
Nov. 22, 2010 (GlobeNewswire) --
HELSINKI, Finland, Nov. 22, 2010 (GLOBE NEWSWIRE) -- Stora Enso has today successfully tapped its two five-year bonds due in September 2015. Both bonds are issued under Stora Enso's EMTN (Euro Medium Term Note) programme.
The SEK 1 300 million 5.75% fixed coupon bond was tapped with SEK 1 100 million of new notes issued with a 5.45 % yield at a price of 101.200. The settlement date of the transaction is 29 November 2010. Following the tap, a total of SEK 2 400 million of the bond is outstanding.
The SEK 1 000 million bond that pays a floating coupon of three-month Stibor plus 3.7% was tapped with SEK 400 million of new notes issued with a Stibor + 2.75% at a price of 104.107. The settlement date of the transaction is 1 December 2010. Following the tap, a total of SEK 1 400 million of the bond is outstanding.
Sole arranger and bookrunner for these transactions was Skandinaviska Enskilda Banken AB (SEB).
"The tapping follows the two bonds issued on 24 August 2010. Those bonds have performed well and we felt there was additional demand for our bonds. We therefore decided to take advantage of good market conditions and tap the bonds at attractive levels. The Group has strong liquidity and we continue to manage our short-term maturities and maturity profile proactively," says Jyrki Tammivuori, SVP, Group Treasurer.
Stora Enso is a global paper, packaging and wood products company producing newsprint and book paper, magazine paper, fine paper, consumer board, industrial packaging and wood products. The Group is the world leader in forest industry sustainability. We offer our customers solutions based on renewable raw materials. Our products provide a climate-friendly alternative to many non-renewable materials, and have a smaller carbon footprint. Stora Enso is listed in the Dow Jones Sustainability Index and the FTSE4Good Index. Stora Enso employs some 27 000 people worldwide, and our sales in 2009 amounted to EUR 8.9 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) in the International OTCQX over-the-counter market.
CONTACT: Stora Enso Oyj
Jyrki Tammivuori, SVP, Group Treasurer
+358 2046 21043
Ulla Paajanen-Sainio, Head of Investor Relations
+358 2046 21242
www.storaenso.com
www.storaenso.com/investors
Source: Globe Newswire (November 22, 2010 - 10:07 AM EST)
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Sola Completes 30% Acquisition of Diamond and Gold Producer
VICTORIA, BRITISH COLUMBIA, Nov. 22, 2010 (Marketwire) -- Sola Resource Corp. (TSX VENTURE:SL) (PINK SHEETS:SORSF) (the "Company" or "Sola") reports that it has completed the acquisition of a thirty percent (30%) interest of Amazon Resources Limited ("Amazon") pursuant to a Share Exchange Agreement.
Further to a non-binding Letter of Intent between Sola and Amazon, a United Kingdom incorporated company, the shareholders of Amazon have entered into a Share Exchange Agreement ("SEA" to sell thirty percent (30%) of the common shares of Amazon to Sola. The SEA further provides an Option for Sola to acquire up to one hundred percent (100%) of Amazon on or before March 31, 2011.
At this time, Sola has received and accepted SEA's from shareholders representing 92.54% of the outstanding shares of Amazon which will result in Sola issuing to these Amazon shareholders 45,042,589 common shares of Sola in aggregate. This satisfies the 85% minimum acceptance requirements pursuant to the SEA. The Amazon shareholders will receive these shares pursuant to the acceptance and approval of the TSX Venture Exchange upon Sola filing a Form 5B - Expedited Acquisition Filing Form for the completion of this Expedited Acquisition.
The completion of this Expedited Acquisition will allow Sola to establish a partnership with a producing diamond and gold company in Brazil. Sola's Board of Directors have been actively seeking revenue producing opportunities and this acquisition fits well with the strategic direction of Sola.
The CEO of Sola, Dr. Pfaffenberger, states: "We are excited about this opportunity. The team at Amazon are very qualified and have considerable mining experience that will aid and assist Sola going forward. As well, Sola will now benefit from the underlying opportunities that Amazon possess."
Sola will be updating its website in the coming weeks to include further information as it relates to the Amazon operations and other opportunities.
For Reference;
Amazon is a privately held, U.K. based company with a Diamond and Gold production facility in the Province of Minas Gerais, Brazil, and another processing facility in the Province of Rondonia which is presently not commissioned along with two Options on property claims located in the Provinces of Parana and Piaui.
Sola is a junior exploration company with assets in Canada and Brazil. The Company has primarily focused on diamond, gold, base metal and Manganese resource properties since inception. All available resource reports and information on the Company's properties are located on the Company website.
Sola continues to provide shareholders with Investor Updates, please ensure that you have already registered on the company website, if not please visit www.solaresourcecorp.com and input your name and email address on the home page.
Issued on behalf of the Board of Directors of Sola Resource Corp.
Dr. William (Bill) Pfaffenberger, CEO and Director
The information in this news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this release, words such as "estimate", "expect", "anticipate" and "believe" as well as similar expressions are intended to identify forward-looking statements. Such statements are used to describe management's future plans, objects, and goals for the Company and therefore involve inherent risks and uncertainties. The reader is cautioned that actual results, performance or achievements may be materially different from those implied or expressed in such statements, which speak only as of the date the statements were made. The Company does not update forward-looking statements continually as conditions change. We seek safe harbour.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sola Resource Corp. www.solaresourcecorp.com sola.ir@solaresourcecorp.com (preferred)
Source: Marketwire Canada (November 22, 2010 - 10:20 AM EST)
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Bebida Beverage Corporation Adds Another C-Store Chain for KOMA UNWIND
Nov. 22, 2010 (GlobeNewswire) --
STATESVILLE, N.C., Nov. 22, 2010 (GLOBE NEWSWIRE) -- BeBevCo (Pink Sheets:BBDA) announced today that APPLE MARKET Convenience Stores with 47 locations located in central and southwest Virginia and Eastern Kentucky will start the process of full product placement of our KOMA UNWIND "Chillaxation Drink tm" and KOMA UNWIND "Chillaxation Shots tm" in all of their locations.
Novelty Express, a division of the 35 year old MR Williams Incorporated will be making the product placement as they continue to expand the KOMA UNWIND brand throughout their service territory which spreads over 5 states and 1000 accounts.
"We are very excited to bring APPLE Markets into the expanding retailers list we have. Apple Markets are leading the way by answering the call of the consumers!"Said BeBevCo CEO Brian Weber. We are not only selling relaxation in a can, But we are also selling the best night of sleep many Americans have had in many years! And that's addicting!"adds Brian.
About BeBevCo - BeBevCo (Bebida Beverages Company) develops, manufactures and markets several beverages including Koma Unwind "Chillaxation Drink ™", Koma Unwind Sugar-free "Chillaxation Drink ™" and Koma Unwind "Chillaxation Shot™" as well as Potencia Energy Drink and Potencia "BLAST" energy shot,
www.KOMADRINKS.COM
www.mrwilliams.com
IR Contact: Kelbec Communications
kelbec1@gmail.com
704-660-0226, Ext 6
Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
CONTACT: Kelbec Communications
IR Contact:
704-660-0226, Ext 6
kelbec1@gmail.com
Source: Globe Newswire (November 22, 2010 - 12:43 PM EST)
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Hard to Treat Diseases, Inc. (HTDS) Releases the Name of Its Biotechnology Merger Candidate
SHENZHEN, CHINA, Nov. 22, 2010 (Marketwire) -- Hard to Treat Diseases, Inc. (PINK SHEETS:HTDS) (www.htdsmedical.com) announces that the merger negotiations with the Canadian Biotechnology company are proceeding well, and that the merger candidate permitted HTDS to release the name and additional information about the candidate:
The merger candidate, Hb Products Inc., is a Canadian biotechnology company that deals with blood transfusion products. Hb Products Inc. is a biotechnology company that is involved in validating a product that will reduce the major side effects related to transfusions of donated blood or hemoglobin-based blood substitutes.
Hb Products Inc. focuses on treatment of serious harmful side effects existing with the use of stored donor blood, focusing specifically on solving the loss of Nitric Oxide (NO) from the recipients' blood, which creates a hazardous condition called vasoconstriction. The market for these blood products is relatively untapped and highly competitive. Due to the potential market for blood substitutes and the shortfall of available donor blood, several pharmaceutical companies have attempted to gain FDA approval for their products, but none have succeeded as of yet. Hb Products Inc. plans to demonstrate in pre-clinical tests that its product can circumvent the loss of NO from blood and improve the shelf life of stored blood for up to 42 days.
The market value for blood transfusions on the North American market is currently in excess of $14 billion USD.
HTDS sees Hb Products as a perfect fit alongside their current medical subsidiaries Shenzhen Mellow Hope Pharm Industrial Co., Ltd. and Slavica Biochem.
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of Hard to Treat Diseases Inc., that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project" and similar words and phrases are intended to identify such forward-looking statements. Hard to Treat Diseases Inc. cautions you that any forward-looking information provided by or on behalf of Hard to Treat Diseases Inc. is not a guarantee of future performance. None of the information in this quarterly report constitutes or is intended as an offer to sell securities or investment advice of any kind. Hard to Treat Diseases Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Hard to Treat Diseases Inc.'s control. In addition to those discussed in Hard to Treat Diseases Inc.'s press releases, public filings, and statements by Hard to Treat Diseases Inc.'s management, including, but not limited to, Hard to Treat Diseases Inc.'s estimate of the sufficiency of its existing capital resources, Hard to Treat Diseases Inc.'s ability to raise additional capital to fund future operations, Hard to Treat Diseases Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Hard to Treat Diseases Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Hard to Treat Diseases Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
Hard to Treat Diseases, Inc. www.htdsmedical.com
Source: Marketwire Canada (November 22, 2010 - 1:31 PM EST)
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Shot Spirits, Inc. to Issue Stock Dividend of Green Bridge Industries Inc. to Its Shareholders of Record as of December 15, 2010
Nov. 22, 2010 (GlobeNewswire) --
LEESBURG, Va., Nov. 22, 2010 (GLOBE NEWSWIRE) -- Shot Spirits Corporation (Pink Sheets:SSPTD) is pleased to announce that its Board of Directors has approved a new record date and payment date for a dividend of restricted common stock of Green Bridge Industries, Inc., (Pink Sheets:GRBG). Shareholders of record as of December 15, 2010 are to receive 1 share of Green Bridge Industries, Inc. stock for every 33 shares they own of Shot Spirits Corporation with a payment date of January 31, 2011; no fractional shares shall be issued.
"This dividend is a bonus for our loyal shareholders, who will now receive ownership in a dynamic company that is focused on developing and marketing new innovative 'green' cleaning products and services to retail, commercial and industrial customers," stated Brian Barrett, President of Shot Spirits Corporation.
About Shot Spirits Corporation:
Shot Spirits is focused on delivering products and services to the multi-billion dollar hospitality industry. Shot Spirits, through their partnership with Beverage Pouch Group, is an innovator in the beverage industry with the flavors of the ShotPak® brand. ShotPak® Cocktails and STR8UP Spirits brands are packed in their patented "Green no Landfill" StandUp pouch with easy-tear open feature.
About Green Bridge Industries, Inc.:
Green Bridge Industries, Inc. offers non-toxic, environmentally friendly cleaning products to fit the sanitation needs of the medical, agricultural, military, and retail markets. The Company, through its proprietary technology, has the ability to develop bio-renewable alternative cleaning products, which are superior to the synthetic products currently offered in the marketplace. The Company's products are safe for the surfaces it cleans, the environment, animals and humans. For more information on Green Bridge Industries, visit: www.greenbridgeindustries.com.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.
CONTACT: Shot Spirits Corporation
Investor Relations
562.987.4939
Source: Globe Newswire (November 22, 2010 - 3:16 PM EST)
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Shot Spirits, Inc. to Issue Stock Dividend of Green Bridge Industries Inc. to Its Shareholders of Record as of December 15, 2010
Nov. 22, 2010 (GlobeNewswire) --
LEESBURG, Va., Nov. 22, 2010 (GLOBE NEWSWIRE) -- Shot Spirits Corporation (Pink Sheets:SSPTD) is pleased to announce that its Board of Directors has approved a new record date and payment date for a dividend of restricted common stock of Green Bridge Industries, Inc., (Pink Sheets:GRBG). Shareholders of record as of December 15, 2010 are to receive 1 share of Green Bridge Industries, Inc. stock for every 33 shares they own of Shot Spirits Corporation with a payment date of January 31, 2011; no fractional shares shall be issued.
"This dividend is a bonus for our loyal shareholders, who will now receive ownership in a dynamic company that is focused on developing and marketing new innovative 'green' cleaning products and services to retail, commercial and industrial customers," stated Brian Barrett, President of Shot Spirits Corporation.
About Shot Spirits Corporation:
Shot Spirits is focused on delivering products and services to the multi-billion dollar hospitality industry. Shot Spirits, through their partnership with Beverage Pouch Group, is an innovator in the beverage industry with the flavors of the ShotPak® brand. ShotPak® Cocktails and STR8UP Spirits brands are packed in their patented "Green no Landfill" StandUp pouch with easy-tear open feature.
About Green Bridge Industries, Inc.:
Green Bridge Industries, Inc. offers non-toxic, environmentally friendly cleaning products to fit the sanitation needs of the medical, agricultural, military, and retail markets. The Company, through its proprietary technology, has the ability to develop bio-renewable alternative cleaning products, which are superior to the synthetic products currently offered in the marketplace. The Company's products are safe for the surfaces it cleans, the environment, animals and humans. For more information on Green Bridge Industries, visit: www.greenbridgeindustries.com.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.
CONTACT: Shot Spirits Corporation
Investor Relations
562.987.4939
Source: Globe Newswire (November 22, 2010 - 3:16 PM EST)
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Shot Spirits, Inc. to Issue Stock Dividend of Green Bridge Industries Inc. to Its Shareholders of Record as of December 15, 2010
Nov. 22, 2010 (GlobeNewswire) --
LEESBURG, Va., Nov. 22, 2010 (GLOBE NEWSWIRE) -- Shot Spirits Corporation (Pink Sheets:SSPTD) is pleased to announce that its Board of Directors has approved a new record date and payment date for a dividend of restricted common stock of Green Bridge Industries, Inc., (Pink Sheets:GRBG). Shareholders of record as of December 15, 2010 are to receive 1 share of Green Bridge Industries, Inc. stock for every 33 shares they own of Shot Spirits Corporation with a payment date of January 31, 2011; no fractional shares shall be issued.
"This dividend is a bonus for our loyal shareholders, who will now receive ownership in a dynamic company that is focused on developing and marketing new innovative 'green' cleaning products and services to retail, commercial and industrial customers," stated Brian Barrett, President of Shot Spirits Corporation.
About Shot Spirits Corporation:
Shot Spirits is focused on delivering products and services to the multi-billion dollar hospitality industry. Shot Spirits, through their partnership with Beverage Pouch Group, is an innovator in the beverage industry with the flavors of the ShotPak® brand. ShotPak® Cocktails and STR8UP Spirits brands are packed in their patented "Green no Landfill" StandUp pouch with easy-tear open feature.
About Green Bridge Industries, Inc.:
Green Bridge Industries, Inc. offers non-toxic, environmentally friendly cleaning products to fit the sanitation needs of the medical, agricultural, military, and retail markets. The Company, through its proprietary technology, has the ability to develop bio-renewable alternative cleaning products, which are superior to the synthetic products currently offered in the marketplace. The Company's products are safe for the surfaces it cleans, the environment, animals and humans. For more information on Green Bridge Industries, visit: www.greenbridgeindustries.com.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.
CONTACT: Shot Spirits Corporation
Investor Relations
562.987.4939
Source: Globe Newswire (November 22, 2010 - 3:16 PM EST)
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CBAI 0.0046 -2.1% 55,079,300
EMXC 0.0018 20.0% 36,824,700
USOG 0.0023 4.6% 29,724,600
EDWY 0.001 -9.1% 28,034,000
SMMT 0.002 25.0% 27,011,600
CGFIA 0.0019 -13.6% 26,127,900
IDOI 0.0017 -5.6% 25,485,300
3rd-qtr mortgage delinquency jumps in Northeast
EILEEN AJ CONNELLY - AP - Sun Nov 21, 11:05PM CST
NEW YORK (AP) — Late mortgage payments jumped sharply in several Northeastern states during the third quarter, while the national delinquency rate rose at a far slower pace.
The rate of borrowers who were 60 days or more past due on their home loans jumped sharply in New York, New Jersey, Maine, Connecticut and Delaware for the three months ended Sept. 30 compared with the year-ago period, according to TransUnion.
Pennsylvania, Vermont, Rhode Island, Maryland and New Hampshire also saw higher delinquency in the quarter, but the increases were not as substantial.
"The whole Northeast is experiencing a little bit of an increase," said FJ Guarrera, vice president in TransUnion's financial services business unit. Because the spikes were only seen for one quarter, it's too early to tell if they represent a new trend.
Guarrera noted the region has been somewhat insulated from the severe foreclosure problems seen in other states. Home values have not fallen as sharply either, he noted. The jumps could be lagging effects from the overall economic downturn, but more data is needed before an conclusions can be made.
"We'll keep an eye on the Northeast, but there's no evidence yet that there's a problem brewing," he said.
TransUnion said the national delinquency rate rose to 6.44 percent of mortgage holders, from 6.25 percent in the 2009 third quarter.
While up year-over-year, the national rate showed a marked decrease from the second quarter, when it was 6.67 percent. TransUnion predicts it will fall to 6.21 percent by the end of the year.
While that's a significant improvement from the 7.89 percent record reached in the fourth quarter of 2009, it's still well above the historical delinquency average between 1.5 and 2 percent. The No. 1 factor in the decreased national rate is foreclosures that are completed, Guarrera said, followed by successful loan modifications and other workout programs that have helped homeowners bring their payments current.
There is also evidence that consumers have become more fiscally responsible, he said, and have better control over their use of credit than before the downturn.
TransUnion tracks mortgages that are two months past due as an indicator of potential foreclosure, because of the difficulty involved in coming up with three payments to bring an account current. The data is culled from the company's database of 27 million consumer records.
Overall, 16 states saw a year-over-year delinquency rate decrease, with notable drops in California and Arizona, two of the states hit hardest by the plunge in housing prices and foreclosures.
California in particular saw a "drastic improvement," Guarrera said. The delinquency rate in the Golden State fell to 9.64 percent from 10.18 percent last year.
Guarrera said a property market recovery and the fact that many foreclosures have worked through the process are helping reduce California's problem mortgages. By the end of the year, TransUnion is predicting the delinquency rate in the nation's most populous state could drop to 9.5 percent — and by the end of 2011 it could be down to 7.28 percent.
Arizona saw its rate drop to 9.96 percent from 10.37 percent.
Nevada, another of the states where the foreclosure crisis has been most severe, saw its rate rise to 15.12 percent from 14.53 percent. And Florida's rate rose to 14.63 percent from 13.34 percent.
Guarrera said the rates in those states are likely to remain in double digits through the end of 2011. "These are still areas of concern," he said. "Speculation, overbuilding and a decrease in demand has impacted these states in particular and they'll take longer to improve."
The lowest delinquency rates in the nation continued to be in North Dakota, at 1.52 percent, and South Dakota, at 2.24 percent.
The average national mortgage debt per borrower again decreased in the quarter, to $190,176 from $193,121 last year. The highest average mortgage debt per borrower continued to be the District of Columbia at $368,255, followed by California at $342,695 and Hawaii at $309,536. The lowest average mortgage debt per borrower remained in West Virginia at $100,263.
(This version CORRECTS Corrects percentage in 9th paragraph)
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Bernsteins back (And everybody is still wrong)
MATTHEW CRAFT - AP - Sun Nov 21, 11:01PM CST
Related Stocks
BAC - Bank Of America Corporation
Sym Last Chg Pct
BAC 11.66 -0.04 -0.34%
Whatever happened to Richard Bernstein, Wall Street's favorite pessimist? He's an optimist now.
The former chief investment strategist at Merrill Lynch built a reputation as a contrarian throughout the 2000s, the era of cheap credit. As home prices soared, Bernstein saw a bubble and told investors to abandon homebuilding stocks. When subprime mortgages started to sour, he warned of the danger to banks. His skepticism earned him the ire of stock boosters. Bernstein was thought of as the guy ready to rain on any parade.
The financial crisis changed all that. With investors now wary of stocks and market pundits looking for daily signs the sky is falling, Bernstein believes the conventional wisdom is wrong, again. The economy is stronger than you realize, he says. And the man who shunned stock markets is out telling people it's a great time to buy small-company stocks.
"The common theme today is that the U.S. stinks," he says. "But the economy is already in better shape than people think."
If you agree with Bernstein, you'll want to follow him into small companies that look cheap compared with their peers, a group investors call "small-cap value." They're the most likely to trounce other investments if the economy recovers its footing, and also the most likely to fail in a downturn. If you think the economy stinks, you'd be in the company of his old friend David Rosenberg, the former chief U.S. economist at Merrill Lynch.
It's only very recently that these two prominent investment analysts parted ways in their views about the economy. During their many years together at Merrill Lynch, both Rosenberg and Bernstein were steadfastly skeptical of the housing and stock booms.
"We were joined at the hip," says Rosenberg, who's now the chief economist at Gluskin Sheff in Toronto. Both left Merrill Lynch soon after Bank of America Corp. took it over in 2009.
Rosenberg, who remains reliably gloomy, says he's ready to turn positive on the economy whenever the time is right. With his friend and former colleague Bernstein now bullish on the U.S. economy, "I'm Wall Street's real perma-bear," he deadpans.
Unlike when he was the chief strategist at Merrill, Bernstein has money to put behind his contrarian views. The Richard Bernstein Multi-Market Equity Strategy Fund launched Oct. 12 with the backing of asset management company Eaton Vance. It's considered a "macro" fund. That means all investment decisions spring from Bernstein's overarching view of the world. Stocks are collected based on how well they fit into the big picture.
The fund's billing says it will target "overlooked areas across the global equity markets." That's no easy task as investors spent the past two years pulling cash out of the U.S. stock market and plowing it into areas long considered dicey, like emerging markets and junk bonds.
At a recent conference, a financial planner asked Bernstein: What's overlooked these days? The answer, he said, is right under your nose: small-company U.S. stocks, specifically the undervalued ones.
Bernstein says investors have shied away from them because their fate is so closely tied to the economic cycle. Most people aren't convinced the economy has regained its footing, which is why small companies have found it harder to get a loan from banks or raise capital from investors.
Bernstein tells people they should learn a lesson from organized crime, which found success by providing cash to those who couldn't get it from banks.
"They lend to where capital is scarce," he says. "As an investor, that's the way you should think. Obviously, when it comes to collecting your money it's a different story."
Bernstein's fund has yet to detail its holdings with regulators, so he can't name the companies he owns. However, you can see how it compares with his benchmark MSCI All Country World Index, which tracks global stock markets.
That index has 14 percent of its holdings in emerging markets, but Bernstein's fund has just 1 percent. Small stocks make up 1 percent of the index, but 26 percent of Bernstein's fund at the end of October.
If Bernstein's view of the economy prevails, academic studies and performance data suggest he's making the right bets. Katie Rushkewicz, a fund analyst at Morningstar, says smaller companies tend to beat other companies over the long term.
Mutual funds that target undervalued small companies have returned an average of 10 percent each year since 1995 and 8.96 percent since 2000, beating all other categories of stock funds, according to Morningstar's data.
Rosenberg, Bernstein's former colleague at Merrill, believes the economy is in for a long slog. During the depth of the financial crisis, he wrote a report arguing that Americans would spend the next few years repairing their personal finances, saving and paring their debts.
The report proved to be a remarkably clear-sighted preview of what was to come. Almost two years later, he still sees plenty of problems. The only reason the unemployment rate isn't higher than the current 9.6 percent, he says, is because many people have given up trying to find a job.
Homeowners in the U.S. haven't recovered from the housing bubble either. In the past, Americans owned a larger stake in their homes than they owed on their mortgages. That relationship reversed in 2007 and remains that way, Rosenberg says. Homeowners now have $10.5 trillion in residential mortgages and only $7 trillion in equity.
Asked what he thought of Bernstein's optimistic turn, Rosenberg says: "I love him like a brother, and if I was starting a fund I'd be saying the same thing."
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Summary Box: US economic recovery to be slow
The Associated Press - AP - Sun Nov 21, 11:04PM CST
SLOW GROWTH: The U.S. economy is expected to grow only modestly this year and next, according to a new survey from the National Association for Business Economics.
WHAT'S WRONG? A persistently high unemployment rate, heavy debt burdens and a severe loss of wealth among consumers are expected to hamper a more robust recovery. The housing recovery is still tepid as well.
A BRIGHT SPOT: The outlook on business spending on equipment and software is expected to increase. Such purchases drive demand for goods from U.S. factories, a vital sector for the recovery.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Mortgage Delinquency rates, by state, for 3rd qtr
The Associated Press - AP - Sun Nov 21, 11:04PM CST
Rate of mortgages with payments late by at least 60 days in the June-September quarter, compared with the same period in 2009. The states are ordered by percentage change:
STATE 2010 2009
1. New York 6.33 5.33
2. Washington 5.06 4.40
3. New Jersey 7.07 6.17
4. Maine 4.67 4.09
5. Connecticut 5.68 5.00
6. Delaware 6.36 5.62
7. Louisiana 5.29 4.69
8. New Mexico 5.01 4.50
9. West Virginia 3.63 3.27
10. North Carolina 5.52 4.99
11. Illinois 6.55 5.95
12. Hawaii 5.28 4.81
13. Florida 14.63 13.34
14. Pennsylvania 4.49 4.11
15. D.C 5.81 5.35
16. Wisconsin 3.80 3.53
17. Utah 5.44 5.08
18. South Carolina 6.26 5.85
19. Vermont 2.76 2.58
20. Oregon 5.03 4.73
21. Rhode Island 5.94 5.65
22. Georgia 7.42 7.06
23. Maryland 6.91 6.60
24. Oklahoma 4.10 3.92
25. New Hampshire 4.22 4.04
26. Massachusetts 4.95 4.74
27. Nevada 15.12 14.53
28. Montana 3.39 3.26
29. Iowa 3.29 3.17
30. Alaska 2.88 2.79
31. Mississippi 6.09 5.94
32. Texas 5.19 5.07
33. Alabama 4.75 4.68
34. Ohio 4.96 4.90
35. Idaho 5.09 5.09
36. Wyoming 3.30 3.36
37. Nebraska 2.61 2.66
38. Colorado 4.67 4.76
39. Arkansas 3.67 3.76
40. Kansas 3.23 3.31
41. South Dakota 2.24 2.31
42. Missouri 4.12 4.28
43. Kentucky 3.82 3.97
44. Arizona 9.96 10.37
45. Indiana 4.89 5.13
46. Virginia 4.39 4.63
47. California 9.64 10.18
48. Tennessee 4.56 4.86
49. Michigan 5.69 6.07
50. Minnesota 4.15 4.50
51. North Dakota 1.52 1.74
National High 7.89 4th quarter 2009
National Low 0.88 2nd quarter 1999
___
Source: TransUnion
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
APNewsBreak: DOE unveils $50M loan to Indiana firm
HENRY C. JACKSON - AP - Sun Nov 21, 11:09PM CST
WASHINGTON (AP) — The Department of Energy plans go give a $50 million loan to an Indiana maker of wheelchair accessible vehicles.
The Department of Energy will formally announce the loan Monday. The announcement comes a day ahead of an expected visit to Indiana by President Barack Obama.
Energy and officials with the company, Mishawka, Ind.-based Vehicle Production Group, say they expect the loan to create more than 900 jobs in an economically ravaged part of the state.
Vehicle Production Group makes six-passenger, wheelchair accessible vehicles known as MV-1s. The vehicles run on compressed natural gas. They will use no gasoline and produce lower emissions than normal cars and trucks.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Rescuers still barred from New Zealand mine
JOE MORGAN - AP - 2 hrs 2 mins ago
In this undated photo provided by New Zealand Police shows miner Andrew David Hurren, 32, of Greymouth, New Zealand. Hurren is one of 29 miners believed to be trapped in the Pike River Coal mine...
GREYMOUTH, New Zealand (AP) — The army on Monday prepared to send a bomb-disposal robot into a New Zealand coal mine where toxic fumes have kept rescuers from going after 29 workers missing for three days, though officials acknowledged for the first time it may be too late to save them.
Officials insist they will not give up hope of pulling the men out alive after a massive explosion ripped through the Pike River Mine on the country's South Island on Friday. A buildup of methane gas is the suspected cause, though officials say that may not be confirmed for days at least.
Methane and other toxic gases — some of them believed to be coming from a smoldering fire deep underground — have been detected in the network of tunnels that threads through a mountain, and officials fear another explosion if rescuers enter.
"We still remain optimistic, we're still keeping an open mind," police superintendent Gary Knowles told reporters. "But we are planning for all outcomes, and as part of this process we're planning for the possible loss of life as a result of what's occurred underground."
Authorities expected to finish drilling a 500-foot-long, six-inch-wide (160-meter-long, 15-centimeter-wide) shaft into the mine tunnel later Monday to get a better idea of the air quality in areas where miners were believed trapped by the blast.
Officials will also feed a very high-resolution laser camera down the hole to give rescuers their first sight of conditions — and potentially the men inside, said John Dow, the chairman of Pike River Coal Ltd., the mine owner.
"Once we're through, it won't be long before we know what the atmosphere is like," he said.
Meanwhile, army specialists were at the mine site fitting a robot usually used from bomb disposal with a camera and up to 1 1/2 miles (2.5 kilometers) of fiber optic cable so it could be sent into the tunnel to check conditions and take video.
But the battery-operated robot can only operate in fresh air, and so cannot be sent into the mine until the air clears. Also, checks were under way to make sure the robot would not cause a spark or anything else that could ignite flammable gases inside.
Two workers stumbled out of the mine within hours of Friday's explosion, but there has been no contact at all with the missing 29. A phone line deep inside the mine has rung unanswered for days.
One of the two workers who escaped, Daniel Rockhouse, 24, described the explosion as being like an oversized shotgun blast.
He said the blast smashed him into the mine wall and he was knocked out. When he came to, he staggered to a nearby compressed air line to breathe in fresh air and gain some strength.
"I got up and there was thick white smoke everywhere — worse than a fire. I knew straight away that it was carbon monoxide," Rockhouse, whose brother Ben remains underground, was quoted as saying by the New Zealand Herald newspaper. "I couldn't see anything, and it was dead quiet. I yelled, 'Help, somebody help me!' But no one came. There was no one there."
Rockhouse stumbled toward the exit and eventually found the unconscious body of Russell Smith, the other survivor. Rockhouse began dragging Smith, until the other awoke. The two men stumbled through the dark haze to finally reach the surface nearly two hours after the explosion.
"It wasn't just a bang, finish, it just kept coming, kept coming, kept coming, so I crouched down as low as I could in the seat and tried to get behind this metal door, to stop getting pelted with all this debris," Smith told TV3, describing the blast. "I remember struggling for breath. I thought at the time it was gas, but ... it was dust, stone dust, I just couldn't breathe. And that's the last I remember," he said.
The families of the missing miners have grown more concerned, wondering if the best was being done for their relatives.
"Everybody's frustrated, everybody's upset," said Laurie Drew, whose 21-year-old son, Zen, is among the missing. "I have my moments I can keep it together but deep down my heart's bleeding like everybody else's."
Police have said the miners, aged 17 to 62, are believed to be about 1.2 miles (two kilometers) down the tunnel.
Each miner carried 30 minutes of oxygen, and more fresh air was stored in the mine, along with food and water, that could allow several days of survival, officials say.
New Zealand's mining sector is generally safe. A total of 181 people have been killed in New Zealand's mines in 114 years. The worst disaster was in March 1896, when 65 died in a gas explosion. Friday's explosion occurred in the same coal seam.
In China — which has the world's deadliest mines — water flooded a small coal mine Sunday, trapping 29 workers. All of them were lifted to safety on Monday, state media reported.
The Pike River coal mine differs from the Chilean gold and copper mine where 33 men were rescued after being trapped 69 days. Methane gas was not a concern at the Chilean mine, but its only access shaft was blocked, while the Pike River mine has two exits.
___
Lilley reported from Wellington, New Zealand.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Euro rises against US dollar
AP - 1 hr 49 mins ago
BERLIN (AP) — The 16-nation euro is up on the U.S. dollar following Ireland's application for a massive EU loan to bail out its banking sector.
The euro bought $1.3778 in morning European trading Monday, up from $1.3672 late Friday in New York, after Ireland's application for the loan put an end to speculation. EU finance ministers quickly agreed in principle to the bailout.
The British pound is up to euro1.6047 from euro1.5973 on Friday, while the dollar slipped to 83.36 Japanese yen from 83.49 yen in New York.
Though the Irish news boosted the euro, CMC Markets economist Michael Hewson warns "the fact remains that asking for a loan and agreeing on the terms of one are two different things, and as such expect the single currency to remain under pressure in the longer term."
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Portugal gives no hint about following Ireland
AP - 1 hr 31 mins ago
LISBON, Portugal (AP) — Portugal is showing no sign it might follow Ireland and request financial assistance for its troubled economy.
Portugal is widely viewed as the euro zone's weakest member after Ireland because of its heavy debt burden and economic frailties.
Finance Minister has welcomed Dublin's bailout, saying it will help stabilize the shared euro currency.
But Fernando Teixeira dos Santos said in a statement late Sunday that Portugal's banking system is sound and that spending cuts and labor reforms will ensure debt reduction and growth.
The statement didn't directly address the possibility of a bailout for Portugal but the government has repeatedly ruled out such a move.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Orascom Telecom sell Tunisia stake in $1.2B deal
AP - 1 hr 4 mins ago
Related Stocks
VIP - Open Joint Stock Company Vimpel
Sym Last Chg Pct
VIP 15.80 -0.02 -0.13%
CAIRO (AP) — Egypt's Orascom Telecom says it is selling its entire 50 percent stake in its Tunisian subsidiary to Qatar Telecom in a deal valued at $1.2 billion.
The Cairo-based mobile phone giant said in a statement Monday that the deal to sell off its stake in Orascom Telecom Tunisie is part of its push to strengthen liquidity. It said the deal would be completed in January.
OT's parent company, Weather Investments SpA, had agreed in October to a merger with Russia's VimpelCom Ltd. The roughly $6.5 billion deal would create the world's fifth largest mobile telecommunication service provider by subscribers.
Orascom has been working to sell off some assets as part of the merger.
OT has operations in several African and Asian countries, as well as Egypt.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Cyberthieves still rely on human foot soldiers
ALICIA A. CALDWELL - AP - 1 hr 4 mins ago
This poster released by the FBI shows photos of individuals wanted by the FBI and shows Eastern European Cyber Criminals, wanted on a variety of federal charges stemming from criminal activities...
Related Stocks
CMA - Comerica Incorporated
Sym Last Chg Pct
CMA 37.12 -0.29 -0.78%
WASHINGTON (AP) — Sitting at a computer somewhere overseas in January 2009, computer hackers went phishing.
Within minutes of casting their electronic bait they caught what they were looking for: A small Michigan company where an employee unwittingly clicked on an official-looking e-mail that secretly gave cyberthieves the keys to the firm's bank account.
Before company executives knew what was happening, Experi-Metal Inc., a suburban Detroit manufacturing company, was broke. Its $560,000 bank balance had been electronically scattered into bank accounts in Russia, Estonia, Scotland, Finland and around the U.S.
In August, the Catholic Diocese in Des Moines, Iowa, lost about $680,000 over two days. Officials there aren't sure how hackers got into their accounts, but "they took all they could" before the bank noticed what was going on, according to Jason Kurth, diocese vice chancellor.
The diocese and the Detroit company were among dozens of individuals, businesses and municipalities around the country victimized by one of the largest cybertheft rings the FBI has uncovered.
In September, the bureau and its counterparts in Ukraine, the Netherlands and Britain took down the ring they first got wind of in May 2009 when a financial services firm tipped the bureau's Omaha, Neb., office to suspicious transactions. Since then, the FBI's Operation Trident Breach has uncovered losses of $14 million and counting.
Overall in the last two years, the FBI has opened 390 cases against schemes that prey on businesses that process payments electronically through the Automated Clearinghouse, which handles 3,000 transactions every five seconds. In these cases, bureau agents have uncovered attempted thefts totaling $220 million and actual losses of $70 million.
But the court records of Operation Trident Breach reveal a surprise: For all the high-tech tools and tactics employed in these computer crimes, platoons of low-level human foot soldiers, known as "money mules," are the indispensable cogs in the cybercriminals' money machine.
A dozen FBI criminal complaints filed in New York provide an inside look at how this cybertheft ring worked:
Operating from Eastern Europe and other overseas locations, the thieves used malicious software, known as malware, to infect the computers of unsuspecting users in the United States by e-mail. The malware-infected e-mails were written to look like they came from a company manager or colleague who might send an e-mail message to everyone in a company, such as the head of human resources.
When the e-mail recipient clicked on an embedded link to a website or opened an attachment, a Trojan horse virus called Zeus installed itself and gathered usernames, passwords and financial account numbers typed by the victims on their own computers. The hackers then used this information to move the victims' money electronically into bank accounts set up in the United States by the money mules.
The money mules set up shell bank accounts to receive the money. Then they withdrew the funds from the shell accounts in amounts they thought were small enough to elude detection by banks and law enforcement. In some cases, the cyberthieves bombarded telephone numbers attached to the targeted accounts with calls to block the company from calling to verify the transactions.
The mules sent most of the stolen funds overseas electronically to accounts controlled by the ring leaders; the mules usually kept 8 to 10 percent as their cut.
For instance, the FBI said money belonging to one TD Ameritrade customer landed in the bank account of a fake company, the Venetian Development Construction Service Corp., which was registered at an unmarked, two-story brick building in Brooklyn. The sole name on the construction company's account was that of one of the money mules. Eventually some of the money wound up in accounts in Singapore and Cyprus and some walked out the bank's door in the pockets of mules. TD Ameritrade spokeswoman Kim Hillyer said the company has reimbursed customers who lost money
Just like in the illegal drug trade, the ring leaders overseas reaped the big profits but relied on the mules to do the risky, dirty work.
For each shell account, a mule had to walk into a bank, in full view of surveillance cameras and leave copies of personal identification documents. The ring leaders hid behind computer screens overseas.
Operation Trident Breach found many mules are Eastern Europeans who came to the U.S. on student visas.
Among the allegations in the FBI's criminal complaints:
One mule was an immigrant from Moldova who within a few months of her arrival in New York this year had opened at least six bank accounts using a trio of names. Another mule, a Russian national, opened eight accounts at three different banks using five different aliases.
The criminal networks used so many money mules that full-time recruiters were needed. One recruiter placed advertisements on Russian language websites seeking students with U.S. visas.
A pair of Russian roommates living in Brooklyn worked together. One smuggled at least $150,000 in cash to hackers in Russia, arranged for fake passports to be smuggled into the U.S., and acted as a middleman picking up and delivering stolen money from other mules. The other roommate opened accounts with fake names and false passports in New York and New Jersey this summer.
This cybertheft ring zeroed in on individuals and small- and medium-sized businesses because they usually have fewer computer security safeguards than huge companies. Among its targets: municipalities in Massachusetts and New Jersey, the account held by a hospital at a California bank and the computers of at least 30 customers of E Trade Financial Corp.
Like a number of victims, Experi-Metal has sued its bank over the thefts.
A lawyer for Experi-Metal, Richard Tomlinson, said the thieves emptied the company's account and then tried to siphon another $5 million out through an empty savings account of an Experi-Metal employee. They actually transferred another $1.34 million before the bank shut down the mystery wire transfers, Tomlinson said.
According to court records, the company's bank, Dallas-based Comerica Inc., has recovered all but the company's original balance of $560,000. Tomlinson said the bank should be liable for the company's losses because the wire transfers were obviously dubious — the company hadn't made any transfers in more than two years and never to Eastern Europe.
"Canada was maybe as exotic as we got and it was maybe three or four years before this," Tomlinson said.
Comerica says it wasn't part of the problem.
"This was caused solely by the actions of that (Experi-Metal Inc.) employee," a lawyer for the bank wrote in a court filing. "The criminal that accessed Experi-Metal's accounts was able to do so only because Experi-Metal gave him its key."
___
Online:
FBI background: http://tinyurl.com/27ae5bc
E Trade security: http://tinyurl.com/34g9zya
E Trade losses: http://tinyurl.com/2v3oga7
TD Ameritrade: http://www.tdameritrade.com/security/index.html
Comerica security: http://tinyurl.com/2u9akou
.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Irish to shrink, merge banks as part of EU-IMF aid
AP - 17 mins ago
DUBLIN (AP) — Irish Finance Minister Brian Lenihan says Ireland's banks will be pruned down, merged or sold as part of a massive EU-IMF bailout taking shape.
Lenihan spoke Monday after Ireland requested, and other EU financial chiefs accepted, a loan to back up Ireland's debt-crippled banks. Lenihan says the loan won't exceed €100 billion ($137 billion).
In Brussels, European Union monetary commissioner Olli Rehn says the aid negotiations with Dublin can reach a conclusion by the end of November.
Lenihan says Ireland "isn't bust" because it has its own cash reserves and plans to tap the EU-IMF fund only as "a last resort."
He says he hopes Ireland can emulate South Korea, which got an IMF bailout in 1997 and returned to borrowing from open markets a year later.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Thai economy slows in 3Q as export demand wanes
AP - 10 mins ago
BANGKOK (AP) — Thailand's economic growth slowed in the third quarter as overseas demand for exports waned and bad weather damaged crops.
The government's economic planning agency said Monday that gross domestic product expanded 6.7 percent from a year earlier in the July-September quarter. That was down from blistering expansions of 9.2 percent in the second quarter and 12 percent in the first quarter.
Agricultural production contracted in the third quarter while demand for exports was weaker because of a slowing global economic recovery.
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