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VistaGen Therapeutics Inc. (VSTA) on Path to Higher Exchange
Like a number of other growing companies, VistaGen Therapeutics, a biotech company applying stem cell technology for drug rescue and cell therapy, plans to use the OTC Bulletin Board as an important starting point for a move to the NYSE Amex or NASDAQ. In its efforts to access capital markets and raise awareness, the company sees such a move as important for expanding visibility and growing its investor base. Biotech companies that have recently followed a similar path include Neoprobe Corp. (NEOP), which successfully made the leap from OTCBB to the NYSE Amex earlier this year, and Echo Therapeutics (ECTE), which recently moved from the OTCBB to Nasdaq. [NOTE: ECTE reflects the march to Nasdaq very well, and its post-listing volume is much more reflective of what VistaGen aspires to achieve near term.]
Following its successful strategic financing in May, VistaGen is now ready to put its advanced stem cell technology platform to work after twelve years of extensive research and development. VistaGen’s platform combines several technologies, including stem cell technologies developed by VistaGen and renowned Canadian scientist, Dr. Gordon Keller, the Chairman of VistaGen’s Scientific Advisory Board and Director of the University Health Network’s McEwen Centre for Regenerative Medicine in Toronto. One valuable commercial application of VistaGen’s technology involves using mature human cells derived from pluripotent stem cells to create a new generation of biological assays for drug screening. It’s part of an effort to rescue once promising drug candidates that have proven efficacy but which were shelved by pharmaceutical companies due to toxicity issues.
VistaGen’s first target market is heart toxicity, an area of primary concern and potential. The Company’s human heart cell-based CardioSafe 3D bioassay system provides clinically relevant predictive data before human use, thereby preventing serious safety problems seen with such widely-marketed products as Merck’s Vioxx or GlaxoSmithKline’s Avandia. VistaGen is looking to rescue drug candidates that have established efficacy and millions dollars in research behind them, offering huge potential when brought back on track through carefully performed re-engineering using a combination of its stem cell technology and modern medicinal chemistry.
Besides drug rescue, VistaGen is also using its stem cell technologies to advance its preclinical cell therapy programs for applications in autologous bone marrow transplantation and heart, liver, and cartilage repair. In addition, its AV-101 prodrug candidate is in clinical development for treatment of neuropathic pain and other neurological disorders such as epilepsy, and Parkinson’s disease and depression.
VSTA on Path to Higher Exchange
Like a number of other growing companies, VistaGen Therapeutics, a biotech company applying stem cell technology for drug rescue and cell therapy, plans to use the OTC Bulletin Board as an important starting point for a move to the NYSE Amex or NASDAQ. In its efforts to access capital markets and raise awareness, the company sees such a move as important for expanding visibility and growing its investor base. Biotech companies that have recently followed a similar path include Neoprobe Corp. (NEOP), which successfully made the leap from OTCBB to the NYSE Amex earlier this year, and Echo Therapeutics (ECTE), which recently moved from the OTCBB to Nasdaq. [NOTE: ECTE reflects the march to Nasdaq very well, and its post-listing volume is much more reflective of what VistaGen aspires to achieve near term.]
Following its successful strategic financing in May, VistaGen is now ready to put its advanced stem cell technology platform to work after twelve years of extensive research and development. VistaGen’s platform combines several technologies, including stem cell technologies developed by VistaGen and renowned Canadian scientist, Dr. Gordon Keller, the Chairman of VistaGen’s Scientific Advisory Board and Director of the University Health Network’s McEwen Centre for Regenerative Medicine in Toronto. One valuable commercial application of VistaGen’s technology involves using mature human cells derived from pluripotent stem cells to create a new generation of biological assays for drug screening. It’s part of an effort to rescue once promising drug candidates that have proven efficacy but which were shelved by pharmaceutical companies due to toxicity issues.
VistaGen’s first target market is heart toxicity, an area of primary concern and potential. The Company’s human heart cell-based CardioSafe 3D bioassay system provides clinically relevant predictive data before human use, thereby preventing serious safety problems seen with such widely-marketed products as Merck’s Vioxx or GlaxoSmithKline’s Avandia. VistaGen is looking to rescue drug candidates that have established efficacy and millions dollars in research behind them, offering huge potential when brought back on track through carefully performed re-engineering using a combination of its stem cell technology and modern medicinal chemistry.
Besides drug rescue, VistaGen is also using its stem cell technologies to advance its preclinical cell therapy programs for applications in autologous bone marrow transplantation and heart, liver, and cartilage repair. In addition, its AV-101 prodrug candidate is in clinical development for treatment of neuropathic pain and other neurological disorders such as epilepsy, and Parkinson’s disease and depression.
Emmis Communications Corp. (EMMS) Unloads 3 Stations to Merlin for $120 Million
Emmis Communications Corp. announced after Thursday’s close that it has finalized the sale of three radio broadcast stations to Merlin Media, LLC. Emmis also sold a controlling interest in Merlin Media to private equity firm GTCR of Chicago and Randy Michaels.
Stations subject to the transaction were WKQX-FM and WLUP-FM, both of Chicago, and WRXP-FM of New York.
Emmis got about $120 million in cash from the sale, net of transaction expenses, and still owns $28.7 million of preferred equity plus 20.6% of the common equity interests in Merlin Media. Emmis used the cash to repay roughly 38% of its term loans under a senior credit facility. The deal has been pending since June 21.
Emmis CEO Jeff Smulyan saw the deal as freeing the company for growth. “While it is difficult to part with these stations, we are pleased to remain involved as an investor in Merlin Media. The proceeds of the sale allow us to significantly delever the company and evaluate a variety of exciting opportunities for the next era of growth at Emmis,” he stated.
The deal was shepherded by Paul, Weiss, Rifkind, Wharton & Garrison, LLP and Wiley Rein, LLP as legal advisers, with Moelis & Company as financial advisor.
The deal’s completion date came with an irony. The day before, on Wednesday, Nasdaq notified Emmis that its shares faced delisting due to non-compliance with Nasdaq Marketplace Rule 5450(a)(1) (the Minimum Bid Rule). In other words, company shares had closed below the minimum $1.00 per share bid requirement for 30 consecutive business days (starting July 19). Nasdaq informed the company that it has until February 27, 2012 to bring its share price up to avoid delisting. If the share price closes at $1.00 or more per share for at least 10 consecutive business days before that date, the stock will continue to trade on the senior exchange.
“The notice from Nasdaq was not a surprise,” said Smulyan, “but the timing is ironic coming the very day before we closed the Merlin transaction and repaid approximately $120 million of our debt. We are optimistic that the performance of our businesses and our continued efforts to rationalize our balance sheet will enable us to achieve compliance with the Minimum Bid Price Rule before February 27, 2012.”
Emmis stock closed Thursday at $0.66 on volume of 41,674 shares, but got a strong after-hours boost following its announcement. In AH trading, prices rose to $0.73, more than a 10% gain. While still a good shake away from meeting Nasdaq’s requirements, shares of EMMS are holding up from yesterday’s close, trading in the area of 70 cents midway through Friday’s trading day.
Going Private: Clark Holdings, Inc. (GLA) to Merge with Gores Group Affiliate
Clark Holdings, Inc. announced yesterday after the closing bell that under a definitive merger agreement it will merge with an affiliate of The Gores Group, LLC. Under the terms of the agreement, Gores will get all of Clark’s outstanding equity. Holders of Clark stock will get $0.46 in cash per share. Clark closed Wednesday at $0.17 with no trades taking place on Thursday. Shares gapped towards the deal price this morning and are up 152.94% to $0.43 midway through Friday’s trading day.
Clark is a non-asset-based provider of logistical services to the print media industry and other supply chain management services. Through its subsidiary Clark Group, Inc., the company provides non-asset based transportation and logistics services mainly to the print media industry in the United States and abroad. It operates through strategic partnerships with third-party transportation providers. Newsstand magazine distribution and mass market books are among the media it helps distribute, as well as time-sensitive media. The Trenton, NJ company started in 1957.
The merger has yet to be approved by shareholders but Clark’s board of directors has already approved it and recommended shareholder approval. A special shareholder meeting for that purpose will be set after Clark submits a proxy statement to the SEC. For 30 days after the merger date, Clark will be allowed to solicit alternative proposals from third parties.
Said Clark board chairman Donald McInnes, “As a result of a review of alternatives to enhance stockholder value, our Board of Directors concluded that the best available alternative was the transaction with Gores. The board of directors believes that the transaction is in the best interest of the company’s stockholders.”
Gores Group managing director Victor Otley added, “We believe that Clark is a great company that will benefit by going private. We look forward to working with Clark’s outstanding management team and employees to continue to provide world class services to its customers.”
The Gores Group, LLC is a private equity firm specialized in acquiring controlling interests in developed businesses by offering them their operating experience and flexible capital base. Gores Group, founded in 1987 by Alec E. Gores, has a substantial track record of value creation among its portfolio companies. It presently has committed equity capital in excess of $4 billion. With its main offices in Los Angeles, the company also has facilities in London and Boulder, CO.
Share Repurchase Program Announced by G. Willi Food-International Ltd. (WILC)
Israeli-based G. Willi-Food International specializes in high quality, great tasting kosher food products. The company is engaged directly and through its subsidiaries in the design, import, manufacture, marketing and distribution of over 1,000 food products worldwide. It has over 1,500 customers around the globe including retail and supermarket chains.
G. Willi-Food announced today that its board of directors has authorized a share repurchase program permitting the company to repurchase up to $5 million of the company’s ordinary shares over the next year. At the company’s discretion, it may repurchase ordinary shares either in open market transactions or in privately negotiated transactions.
One reason pointed to for this decision was G. Willi-Food’s strong cash position. Another reason, according to its chairman Zwi Williger, is that “we believe our share is undervalued”. The company said the share repurchase plan will benefit shareholders without impacting its ability to execute its growth plans.
In a separate announcement the company’s principal shareholder, Willi-Food Investments Limited said that its board of directors had authorized investments to purchase up to $5 million of Willi Foods ordinary shares over the next twelve months. Investment timing decisions, the company said, will be based on market conditions.
For more information on G. Willi-Foods Ltd., please visit the company’s website at www.willi-food.co.il
Scorpex, Inc. (SRPX) Urban Impact Study Accepted by Mexican Government
Scorpex, Inc. just announced that its Urban Impact Study, which was submitted to the Mexican state of Baja California last month, was accepted as one of the final steps in obtaining city permitting to receive, store, recycle and dispose of toxic and hazardous waste, non-toxic and non-hazardous waste, and commercial waste.
Joseph Caywood, Chief Executive Officer of Scorpex, stated, “The Urban Impact Study is an important part of evaluating the effect the Company’s operations will have on the local environment, and this acceptance by the city and state is a significant milestone. This acceptance from the state level of government is required for the City of Ensenada to issue Scorpex its ‘Use’ and ‘Operational’ permits.”
“Each step we make towards receiving these final permits further escalates our excitement as we near the operation of our first full service waste disposal and recycling facility in Baja California. This acceptance by the Mexican state further demonstrates the Company’s commitment to environmental responsibility and the proximity of receiving our final use and operational permits,” Mr. Caywood concluded.
Scorpex, Inc. (SRPX) Urban Impact Study Accepted by Mexican Government
Scorpex, Inc. just announced that its Urban Impact Study, which was submitted to the Mexican state of Baja California last month, was accepted as one of the final steps in obtaining city permitting to receive, store, recycle and dispose of toxic and hazardous waste, non-toxic and non-hazardous waste, and commercial waste.
Joseph Caywood, Chief Executive Officer of Scorpex, stated, “The Urban Impact Study is an important part of evaluating the effect the Company’s operations will have on the local environment, and this acceptance by the city and state is a significant milestone. This acceptance from the state level of government is required for the City of Ensenada to issue Scorpex its ‘Use’ and ‘Operational’ permits.”
“Each step we make towards receiving these final permits further escalates our excitement as we near the operation of our first full service waste disposal and recycling facility in Baja California. This acceptance by the Mexican state further demonstrates the Company’s commitment to environmental responsibility and the proximity of receiving our final use and operational permits,” Mr. Caywood concluded.
SRPX Urban Impact Study Accepted by Mexican Government
Scorpex, Inc. just announced that its Urban Impact Study, which was submitted to the Mexican state of Baja California last month, was accepted as one of the final steps in obtaining city permitting to receive, store, recycle and dispose of toxic and hazardous waste, non-toxic and non-hazardous waste, and commercial waste.
Joseph Caywood, Chief Executive Officer of Scorpex, stated, “The Urban Impact Study is an important part of evaluating the effect the Company’s operations will have on the local environment, and this acceptance by the city and state is a significant milestone. This acceptance from the state level of government is required for the City of Ensenada to issue Scorpex its ‘Use’ and ‘Operational’ permits.”
“Each step we make towards receiving these final permits further escalates our excitement as we near the operation of our first full service waste disposal and recycling facility in Baja California. This acceptance by the Mexican state further demonstrates the Company’s commitment to environmental responsibility and the proximity of receiving our final use and operational permits,” Mr. Caywood concluded.
LTX-Credence (LTXC) Posts Q4, FY2011 Results; Revenues Shy of Previous Guidance
LTX-Credence Corp., a global provider of ATE solutions, today announced financial results for its fourth quarter and fiscal year ended July 31, 2011.
The company reported fourth quarter 2011 sales of $62.6 million, a decrease compared to sales of $73.1 million for the fourth quarter of 2010, but up from previous quarter sales of $58.6 million. Net income for the 2011 quarter was $12.0 million, or $0.24 per diluted share, a decrease from $14.1 million, or $0.09 per diluted share, reported for the fourth quarter of last year. On a non-GAAP basis, net income for the 2011 quarter was $13.8 million, or $0.27 per diluted share.
For the 12 months ended July 31, 2011, LTX reported sales of $249.5 million, up 14 percent compared to sales of $219.0 million reported for full-year 2010. Net income was $60.0 million, or $1.19 per diluted share, compared to net income of $18.5 million, or $0.13 per share, reported for the comparable 12 months of 2010. On a non-GAAP basis, net income for the year was $56.3 million, or $1.12 per diluted share.
Dave Tacelli, CEO and president of LTX, acknowledged that sales weren’t as high as hoped, but attributed the revenue quarter-over-quarter revenue increase to strong growth in the company’s application specific and power management segments.
“Although revenues were slightly below the low-range of our guidance, net income came in at the mid-point of the guidance,” Tacelli stated in the press release. “Our balance sheet was further strengthened from better than expected cash generation from operations, resulting in an increase in net cash of approximately $16 million during the quarter, and ending the year with no debt and $163 million in cash, cash equivalents, and marketable securities.
For the upcoming fiscal quarter ended Oct. 31, 2011, the company expects revenues between $35 million and $39 million; non-GAAP net loss is expected to be in the range of $(0.10) to $(0.06) per share.
For more information visit www.ltxc.com
Hanwha SolarOne Co., Ltd. (HSOL) is “One to Watch”
Hanwha SolarOne Co., Ltd. is a leading provider of global energy solutions designed to meet the demands of the 21st century energy customer. From quality crystalline silicon and solar module assembly to project development and financing, Hanwha SolarOne offers a fully integrated solution. Through control of the supply chain, the company is able to deliver the highest quality products at very competitive prices.
The company’s technology department works closely with the manufacturing department to lower production costs by improving production efficiency. In July 2007, Hanwha SolarOne established the Hanwha SolarOne PV Engineering Center. This center, equipped with a fully dedicated pilot production line and various characterization tools, focuses on improving the solar cell efficiency and extending its application.
Hanwha SolarOne takes its role as a leader seriously, both in business and in the community. Long-term commitment is the key focus of the company, which supports its modules with a 25-year warranty and prompt post-sale service. Furthermore, all modules are certified by TÜV, CE, UL, and CEC, validating quality and safety. The company is also committed to industry sustainability and is a member of the PV Cycle end-of-life product recycling program.
As of June 30, 2011, the Company had cash and cash equivalents of RMB1,485.7 million (US$229.9 million) and net working capital of RMB1,850.0 million (US$286.2 million), compared with total long-term debt of RMB995.9 million (US$154.1 million), which was comprised of both the non-current portion of long-term bank borrowings and convertible bonds. Leveraging its strong financial position and leading technology, Hanwha SolarOne is well positioned to capitalize on the rapidly growing renewable energy market.
VistaGen Therapeutics, Inc. (VSTA) Stem Cell Technology to Test New Drugs for Toxicity Before Humans Trials
VistaGen Therapeutics, Inc., a biotechnology company focused on stem cell-based drug rescue and drug development, recently completed a $3.87 million financing (including cancellation of $1.0 million of debt) to accredited investors, including a $1.5 million investment by Platinum Long Term Growth Fund. The Company is focused on rescuing the investments made by pharmaceutical companies in promising drug candidates that have been “put on the shelf” due to heart toxicity concerns. By combining its stem cell technology platform, Human Clinical Trials in a Test Tube(TM), with modern medicinal chemistry and three-dimensional (3D) “micro-organ” culture systems, the Company plans to create new, safer, proprietary drug rescue variants of once promising original drug candidates.
VistaGen uses its human pluripotent stem cell technology to generate early indications, or predictions, of how humans will ultimately respond to new drug candidates long before they are ever tested in humans. The Company anticipates that CardioSafe 3D(TM), the first bioassay system derived from its Human Clinical Trials in a Test Tube(TM) platform, will allow it to assess the heart toxicity profile of new drug candidates with greater speed and precision than nonclinical in vitro techniques and other technologies currently used in the drug development process. VistaGen plans to expand its drug rescue capabilities by introducing its second bioassay system, LiverSafe 3D(TM), a human liver cell based toxicity and metabolism bioassay system, next year. The Company’s core goal is to develop a diverse pipeline of new small molecule drug candidates that will be as effective as the original drug candidates discontinued due to safety concerns but without the toxicity that caused them to be put on the shelf.
“Both in our labs in South San Francisco and through our collaboration with Dr. Gordon Keller in Toronto, we have assembled a dedicated and experienced team that is passionate about the transformative potential of our stem cell technology. Our goal is simple: use stem cell technology to make better medicine,” said Shawn K. Singh, Chief Executive Officer, VistaGen in a prior press release.
VistaGen’s technologies were developed over the last 20 years by a prominent Canadian scientist, Dr. Gordon Keller (recently named a “Top 25 Transformational Canadian” for his pioneering stem cell research), and by Dr. Ralph Snodgrass, VistaGen’s founder, President and Chief Scientific Officer. Using mature heart cells produced from pluripotent stem cells, the Company believes its CardioSafe 3D(TM) is capable of predicting the in vivo cardiac effects, both toxic and non-toxic, of small molecule drug candidates before they are tested in humans.
In parallel with its drug rescue activities, VistaGen also plans to advance numerous pilot preclinical cell therapy programs, including programs focused on autologous bone marrow transplantation, as well as heart, liver and cartilage repair. Each of the programs is based on the proprietary stem cell differentiation and human cell production capabilities of its Human Clinical Trials in a Test Tube(TM) platform.
Additional information about VistaGen can be found at www.vistagen.com
Titan Pharmaceuticals, Inc. (TTNP) Confirms Pre-NDA Meeting with FDA for Probuphine™
Today, Titan Pharmaceuticals, Inc. announced that the U.S. Food and Drug Administration (FDA) has confirmed a Pre-New Drug Application (Pre-NDA) meeting with the company regarding Probuphine™ to be held on October 25th, 2011. Probuphine is an innovative, subcutaneous implant formulation that delivers a steady, round-the-clock dose of buprenorphine over six months following a single treatment. Titan is developing this formulation for the treatment of opioid dependence.
At the Pre-NDA meeting, Titan will review all elements of the Probuphine development program and seek FDA input and guidance on the proposed content of a New Drug Application (NDA). In preparation for the meeting, Titan is required to submit to the FDA a comprehensive briefing document by mid-September that includes data from all the non-clinical and clinical studies and the chemistry, manufacturing and control processes and procedures for the manufacturing of this formulation.
The FDA has agreed to review the Probuphine NDA submission under its 505(b)(2) regulations and can reference data that are in the public domain as well as rely on the FDA’s prior review of safety or efficacy for the reference listed drug. Guidance provided by the FDA in 2005 as part of the Investigational New Drug (IND) application discussions included a requirement that efficacy of treatment with Probuphine be demonstrated in two adequately controlled studies, and that the safety database include the treatment of approximately 500 patients with Probuphine for six months and approximately 100 patients for one year.
Katherine L. Beebe, Ph.D., Executive Vice President and Chief Development Officer of Titan, remarked, “This is an important meeting with the FDA to review all of the information on Probuphine development, especially the robust Phase 3 clinical results of Probuphine in the treatment of opioid addiction. We also expect to discuss and reach agreement with the FDA on the content and data required for the NDA. We believe the strong positive results from the two controlled studies of Probuphine and the follow-on re-treatment studies demonstrate the potential effectiveness of the treatment for opioid addiction and the safety and tolerability of this product. We look forward to our meeting with the FDA and obtaining their guidance on the sufficiency of these data so that we can appropriately plan the timing of our NDA submission.”
VistaGen Therapeutics, Inc. (VSTA) Stem Cell Technology to Test New Drugs for Toxicity Before Humans Trials
VistaGen Therapeutics, Inc., a biotechnology company focused on stem cell-based drug rescue and drug development, recently completed a $3.87 million financing (including cancellation of $1.0 million of debt) to accredited investors, including a $1.5 million investment by Platinum Long Term Growth Fund. The Company is focused on rescuing the investments made by pharmaceutical companies in promising drug candidates that have been “put on the shelf” due to heart toxicity concerns. By combining its stem cell technology platform, Human Clinical Trials in a Test Tube(TM), with modern medicinal chemistry and three-dimensional (3D) “micro-organ” culture systems, the Company plans to create new, safer, proprietary drug rescue variants of once promising original drug candidates.
VistaGen uses its human pluripotent stem cell technology to generate early indications, or predictions, of how humans will ultimately respond to new drug candidates long before they are ever tested in humans. The Company anticipates that CardioSafe 3D(TM), the first bioassay system derived from its Human Clinical Trials in a Test Tube(TM) platform, will allow it to assess the heart toxicity profile of new drug candidates with greater speed and precision than nonclinical in vitro techniques and other technologies currently used in the drug development process. VistaGen plans to expand its drug rescue capabilities by introducing its second bioassay system, LiverSafe 3D(TM), a human liver cell based toxicity and metabolism bioassay system, next year. The Company’s core goal is to develop a diverse pipeline of new small molecule drug candidates that will be as effective as the original drug candidates discontinued due to safety concerns but without the toxicity that caused them to be put on the shelf.
“Both in our labs in South San Francisco and through our collaboration with Dr. Gordon Keller in Toronto, we have assembled a dedicated and experienced team that is passionate about the transformative potential of our stem cell technology. Our goal is simple: use stem cell technology to make better medicine,” said Shawn K. Singh, Chief Executive Officer, VistaGen in a prior press release.
VistaGen’s technologies were developed over the last 20 years by a prominent Canadian scientist, Dr. Gordon Keller (recently named a “Top 25 Transformational Canadian” for his pioneering stem cell research), and by Dr. Ralph Snodgrass, VistaGen’s founder, President and Chief Scientific Officer. Using mature heart cells produced from pluripotent stem cells, the Company believes its CardioSafe 3D(TM) is capable of predicting the in vivo cardiac effects, both toxic and non-toxic, of small molecule drug candidates before they are tested in humans.
In parallel with its drug rescue activities, VistaGen also plans to advance numerous pilot preclinical cell therapy programs, including programs focused on autologous bone marrow transplantation, as well as heart, liver and cartilage repair. Each of the programs is based on the proprietary stem cell differentiation and human cell production capabilities of its Human Clinical Trials in a Test Tube(TM) platform.
Additional information about VistaGen can be found at www.vistagen.com
VSTA Stem Cell Technology to Test New Drugs for Toxicity Before Humans Trials
VistaGen Therapeutics, Inc., a biotechnology company focused on stem cell-based drug rescue and drug development, recently completed a $3.87 million financing (including cancellation of $1.0 million of debt) to accredited investors, including a $1.5 million investment by Platinum Long Term Growth Fund. The Company is focused on rescuing the investments made by pharmaceutical companies in promising drug candidates that have been “put on the shelf” due to heart toxicity concerns. By combining its stem cell technology platform, Human Clinical Trials in a Test Tube(TM), with modern medicinal chemistry and three-dimensional (3D) “micro-organ” culture systems, the Company plans to create new, safer, proprietary drug rescue variants of once promising original drug candidates.
VistaGen uses its human pluripotent stem cell technology to generate early indications, or predictions, of how humans will ultimately respond to new drug candidates long before they are ever tested in humans. The Company anticipates that CardioSafe 3D(TM), the first bioassay system derived from its Human Clinical Trials in a Test Tube(TM) platform, will allow it to assess the heart toxicity profile of new drug candidates with greater speed and precision than nonclinical in vitro techniques and other technologies currently used in the drug development process. VistaGen plans to expand its drug rescue capabilities by introducing its second bioassay system, LiverSafe 3D(TM), a human liver cell based toxicity and metabolism bioassay system, next year. The Company’s core goal is to develop a diverse pipeline of new small molecule drug candidates that will be as effective as the original drug candidates discontinued due to safety concerns but without the toxicity that caused them to be put on the shelf.
“Both in our labs in South San Francisco and through our collaboration with Dr. Gordon Keller in Toronto, we have assembled a dedicated and experienced team that is passionate about the transformative potential of our stem cell technology. Our goal is simple: use stem cell technology to make better medicine,” said Shawn K. Singh, Chief Executive Officer, VistaGen in a prior press release.
VistaGen’s technologies were developed over the last 20 years by a prominent Canadian scientist, Dr. Gordon Keller (recently named a “Top 25 Transformational Canadian” for his pioneering stem cell research), and by Dr. Ralph Snodgrass, VistaGen’s founder, President and Chief Scientific Officer. Using mature heart cells produced from pluripotent stem cells, the Company believes its CardioSafe 3D(TM) is capable of predicting the in vivo cardiac effects, both toxic and non-toxic, of small molecule drug candidates before they are tested in humans.
In parallel with its drug rescue activities, VistaGen also plans to advance numerous pilot preclinical cell therapy programs, including programs focused on autologous bone marrow transplantation, as well as heart, liver and cartilage repair. Each of the programs is based on the proprietary stem cell differentiation and human cell production capabilities of its Human Clinical Trials in a Test Tube(TM) platform.
Additional information about VistaGen can be found at www.vistagen.com
iBox updated with added content and latest information
DG FastChannel, Inc. (DGIT) in Agreement to Acquire Unit of Limelight Networks
DG FastChannel, Inc. is a leading provider of digital media solutions and technology to the advertising, entertainment and broadcast industries. Through its television unit, the company serves more than 5,000 advertisers; though its internet unit, DG serves more than 9,000 brand owners.
The company today announced a definitive agreement to acquire Limelight Network’s EyeWonder video and rich media advertising unit for approximately $66 million in cash. The deal enhances DG’s position as a leading provider of interactive digital advertising products and services. The transaction is also expected to be accretive to the company’s 2012 GAAP earnings per share.
EyeWonder is leading provider of interactive digital advertising products and services. These include online video and rich media solutions, serving Fortune 1000 companies and premium marketers around the globe. In addition to helping clients create, track and optimize campaigns, EyeWonder is recognized globally for its technological expertise around targeting.
The chairman and CEO of DG, Scott Ginsburg, was upbeat about the acquisition. He said, “This deal is another step forward in expanding DG’s presence in the fast-growing internet advertising vertical. By joining EyeWonder with Unicast and MediaMind, we are strategically establishing an online media powerhouse.”
For additional information about DG, please visit the company’s website at www.DGit.com
Thank you, as you indicated, the potential of VistaGen's technology relative to the current market value is astonishing. As of August 22, 2011, approximately 15.2 million shares were outstanding for a market cap of $32.7 Million (at $2.15 per share). Cutting only 10% of the development costs for one drug could potentially save as much as $170 million; not to mention the hundreds of millions of revenues potentially unlocked by rescuing a "shelved" candidate.
VistaGen Therapeutics' technology could completely change the drug development process. Major pharmaceutical companies have required an average investment of approximately $800 million to $1.7 billion and 12 to 15 years before a new drug candidate reaches the market.
Not only could their technology "rescue" promising drug candidates that pharmaceutical companies have “put on the shelf” due to toxicity concerns, but it could also dramatically reduce the time and millions of dollars spent to achieve FDA approval.
Learn more on the Company's website at http://www.vistagen.com/business-model/default.aspx
China Net Online (CNET) Details Blueprint for Global Market Expansion
ChinaNet Online Holdings Inc., a leading B2B integrated Internet service provider for small to medium-sized enterprises (SMEs) in the People’s Republic of China, today laid out the plans for its expansion to attract Taiwan-based global franchises. The company also announced its annual participation in the 2011 Taipei International Chain and Franchise Autumn Exhibition held last weekend at the World Trade Exhibition Centre in Taipei, Taiwan.
As ChinaNet strategizes and executes an effective means of international expansion and marketing, the company said it has been accepted as a member of the International Franchise Association (IFA), the world’s oldest and largest organization representing franchising.
It’s an achievement that company chairman and CEO Handong Cheng says will enhance the company’s position in the global marketplace, and open doors for additional opportunities and recognition.
“In 2010, ChinaNet was the first in our industry to establish a presence in Taiwan. We are pleased that efforts to build upon our new relationships have begun to bear fruit and contribute to our revenues as we continue to promote the expansion of Taiwanese franchise enterprises in China. Our growing international presence will be additionally strengthened with our membership in the IFA, which we believe will offer new opportunities for growth,” Cheng stated in the press release.
The company recently participated in the 2011 Taipei International Chain and Franchise Autumn Exhibition, which is the largest business exhibition in Asia, featuring more than 200 hundred brands and attracting 48,000 visitors this year.
ChinaNet’s presence at the Exhibition fueled its efforts to attract foreign franchises to China through the company’s franchise gateway and marketing platforms, 28.com and Liansuo.com.
For more information visit www.chinanet-online.com
AuRico Gold Inc. (AUQ) Moves to Acquire Northgate Minerals, Resulting Company a Serious Contender in the Intermediate Range
AuRico Gold, the Canadian gold and silver developer with three rich, wholly-owned operating properties in Mexico, in conjunction with Northgate Minerals Corp., have announced entry into a definitive acquisition agreement whereby a new, leading intermediate gold production company will emerge.
President and CEO of AUQ, Rene Marion, described the resulting fusion of AuRico and Northgate as constituting a formidable force in the sector and will immediately position the “combined company as a pre-eminent intermediate gold producer with peer leading growth.” Marion was quite happy to point out the striking similarities between the two companies in terms of assets, projects and people, asserting that the logistical match-up would go swimmingly.
President and CEO of Northgate, Richard Hall, concurred wholeheartedly with his colleague at AUQ, highlighting the quality of the deal as a huge opportunity, both for Northgate shareholders and the market. Hall underscored the hard work Northgate personnel have put in, developing a strong portfolio of mineral properties in Canada and Australia, outlining the obvious production synergies this deal will create.
Highlights of the resulting business structure:
• Five operational gold mines with a sixth coming online in 2012
• Three promising gold development projects in Mexico, Canada and Australia, noted as being three of the top global hotspots for ideal mining jurisdictions
• Roughly 54% boost in production from 475k gold-equivalent ounces in 2012, to 730k in 2013 (based on combined midpoints of the production guidance from both companies)
Details of the agreement:
• AUQ will acquire all outstanding common shares of Northgate at a ratio of 0.365:1, a 45% premium to Northgate’s shareholders. (Based on the Aug. 26, 2011, TSX 20-day volume weighted average prices of both companies)
• Unanimous approval from the Board of each company will be executed via court approved plan of arrangement, with UBS Securities Canada Inc. and GMP Securities L.P. providing oversight
• The agreement would supersede a previous arrangement between Northgate and Primero Mining Corp. (announced on July 13, 2011), because according to Northagate the AUQ agreement is a “superior proposal” (decision reached by Northgate on Aug. 28, 2011). Northgate has subsequently paid the $25M termination fee and terminated the Primero agreement.
• The Sept. 21, 2011 Northgate Shareholders Meeting has been postponed until Oct. 2011, in order to allow for transaction approval via a required sixty six and two-thirds percent vote. A similar meeting will be held by AUQ on the same date in order to obtain a majority shareholder approval.
Pluristem Therapeutics, Inc.’s (PSTI) PLX Cells Receive Orphan Drug Status
Friday, Pluristem Therapeutics, Inc. announced that their PLX cells had been designated with orphan status by the FDA for the treatment of thromboangiitis obliterans, or Buerger’s disease. The designation took place several days earlier, on August 22.
Pluristem is a developer of standardized cell therapy products for the treatment of life threatening diseases. Their PLX platform is used as a drug delivery system that releases proteins that take effect on inflammatory diseases in patients. Cells used in the process are grown in a 3D micro-environment that requires no tissue matching. Testing has shown that PLX cells may be effective against nerve pain, muscle damage, inflammatory bowel disease, muscular dystrophy and stroke.
Buerger’s Disease is a rare condition that affects the blood vessels of a patient’s extremities. The resultant clotting and inflammation causes a reduced blood flow to the affected area, and can lead to pain, ulcers and necrosis, requiring amputation. The disease currently affects nearly 50,000 patients through the U.S. and Europe, with no treatment available. It is estimated that the market for a drug that can combat Buerger’s could be worth $2.5 billion.
Pluristem is also pursuing an application in Europe at the EMA’s Committee for Orphan Medicinal Products.
Zami Aberman, Chairman, President and CEO of Pluristem said, “We are extremely pleased that our PLX cells have been designated orphan status by the FDA and look forward to receiving a similar designation in Europe. In anticipation of this designation, we have been working diligently in readying
clinical sites, primarily in India, where there is a high prevalence of Buerger’s. In addition, the inclusion of Buerger’s completes our plan to make our PLX cells available for the entire spectrum of peripheral vascular disorders and allows us to benefit from the market exclusivity and other regulatory and financial advantages that accompany this designation.”
Scorpex, Inc. (SRPX) Achieves 2011 Business Objectives Far Ahead of Schedule
Today before the opening bell, Scorpex, Inc., an emerging leader of industrial, hazardous and toxic waste disposal services in the Baja Mexico/California region, provided current and prospective investors with an update regarding the previously announced initiatives for the current calendar year.
To date, the Company has:
1. Signed a $30 million equipment contract with International Environmental Technologies, Inc. (“IET”) for the acquisition and installation of waste gasification/thermal oxidation equipment as well as a license to use the technology.
2. Secured financial commitments for up to $35 million of non-dilutive financing; contingent on the issuance of necessary permits. The Company continues to evaluate its options as additional low-cost financing offers are anticipated.
3. Received its Use of Soil Permit from the Mexican federal government following the submission of numerous studies and compliance with every request. The permit is necessary for the issuance of certain state and local operational permits, which are anticipated to be granted to the Company in the very near future.
4. Engaged an accounting group to prepare its financials for a formal audit. Following completion, Scorpex intends to file financial reports with the U.S. Securities and Exchange Commission (“SEC”) and take the next step of listing on a senior securities exchange after meeting other criteria of the exchange.
5. Appointed an interim Chief Financial Officer to the management team and made two additions to its Board of Directors. The individuals have accumulated extensive experience and success in both the public and private sectors. Additional candidates are being evaluated to further enhance leadership of the Company.
6. Secured the investor relations services of MissionIR to communicate Scorpex’s business strategy to the investor community as well as keep investors informed of ongoing progress.
Chief Executive Officer Joseph Caywood stated, “Our progress over the last ninety days has been nothing short of remarkable. Even though we are only in the third quarter, our Company has accomplished nearly all business objectives that were set for completion this year. This is a testament not only to the competence of our team, but also the exhaustive groundwork that has been laid over the years. Our excitement continues to build as we make great strides forward in the execution of our business strategy.”
Latest VistaGen Therapeutics IR Kit http://www.missionir.com/clientsummary/vsta.pdf
VSTA is “One to Watch”
VistaGen Therapeutics, Inc. is a biotechnology company applying stem cell technol¬ogy for drug rescue and cell therapy. Drug rescue combines human stem cell technology with modern medicinal chemistry to generate new chemical variants (“drug rescue variants”) of promising drug candidates that have been discontinued during preclinical development (“put on the shelf”) due to heart or liver safety concerns. The Company also focuses on cell therapy, or regenerative medicine, which includes repairing, replacing or restoring damaged tissues or organs.
VistaGen’s versatile stem cell technology platform, Human Clinical Trials in a Test Tube™, has been developed to provide clinically relevant indications, or predictions, of potential toxicity of new drug candidates before they are ever tested on humans. VistaGen’s human pluripotent stem cell-based bioassays more closely approximate human biology than conventional animal studies and nonclinical in vitro techniques and technologies currently used in drug development.
Using mature heart cells produced from stem cells, VistaGen leveraged its Human Clinical Trials in a Test Tube™ platform to develop CardioSafe 3D™, a three-dimensional bioassay system for predicting the in vivo cardiac effects of new drug candidates before they are tested in humans. The Company now plans to leverage CardioSafe 3D™ to build a pipeline of new, safer, variants of promising drug candidates that have been “put on the shelf” by pharmaceutical companies because of toxicity concerns, despite positive efficacy data signaling their potential therapeutic benefits.
The Company’s lead drug candidate, AV-101, is in Phase I development in the U.S. for treatment of neuropathic pain, a serious and chronic condition causing pain after an injury or disease of the peripheral or central nervous system. Neuropathic pain affects approximately 1.8 million people in the U.S. alone. To date, VistaGen has been awarded over $8.5 million from the NIH for preclinical and clinical development of AV-101.
VistaGen is also developing LiverSafe 3D™, a human liver safety and drug metabolism bioassay system, and is preparing to initiate pilot preclinical development of cell therapy programs focused on autologous bone marrow transplantation and heart, liver and cartilage repair. Each of these development programs is based on the proprietary human pluripotent stem cell differentiation and cell production capabilities of the Company’s Human Clinical Trials in a Test Tube™ platform.
Key Investment Highlights
• Stem Cell Technology Addressing Major Challenge in Drug Development
• Drug Rescue Platform Designed to Recapture Prior Investment in Candidates
• Lead Drug Candidate Advancing in NIH-funded Phase I Clinical Trials
• Experienced Management Team with Decades of Relevant Experience
• Proprietary Technology Designed to Save Millions of Healthcare Dollars
Scorpex, Inc. (SRPX) Achieves 2011 Business Objectives Far Ahead of Schedule
Today before the opening bell, Scorpex, Inc., an emerging leader of industrial, hazardous and toxic waste disposal services in the Baja Mexico/California region, provided current and prospective investors with an update regarding the previously announced initiatives for the current calendar year.
To date, the Company has:
1. Signed a $30 million equipment contract with International Environmental Technologies, Inc. (“IET”) for the acquisition and installation of waste gasification/thermal oxidation equipment as well as a license to use the technology.
2. Secured financial commitments for up to $35 million of non-dilutive financing; contingent on the issuance of necessary permits. The Company continues to evaluate its options as additional low-cost financing offers are anticipated.
3. Received its Use of Soil Permit from the Mexican federal government following the submission of numerous studies and compliance with every request. The permit is necessary for the issuance of certain state and local operational permits, which are anticipated to be granted to the Company in the very near future.
4. Engaged an accounting group to prepare its financials for a formal audit. Following completion, Scorpex intends to file financial reports with the U.S. Securities and Exchange Commission (“SEC”) and take the next step of listing on a senior securities exchange after meeting other criteria of the exchange.
5. Appointed an interim Chief Financial Officer to the management team and made two additions to its Board of Directors. The individuals have accumulated extensive experience and success in both the public and private sectors. Additional candidates are being evaluated to further enhance leadership of the Company.
6. Secured the investor relations services of MissionIR to communicate Scorpex’s business strategy to the investor community as well as keep investors informed of ongoing progress.
Chief Executive Officer Joseph Caywood stated, “Our progress over the last ninety days has been nothing short of remarkable. Even though we are only in the third quarter, our Company has accomplished nearly all business objectives that were set for completion this year. This is a testament not only to the competence of our team, but also the exhaustive groundwork that has been laid over the years. Our excitement continues to build as we make great strides forward in the execution of our business strategy.”
SRPX Achieves 2011 Business Objectives Far Ahead of Schedule
Today before the opening bell, Scorpex, Inc., an emerging leader of industrial, hazardous and toxic waste disposal services in the Baja Mexico/California region, provided current and prospective investors with an update regarding the previously announced initiatives for the current calendar year.
To date, the Company has:
1. Signed a $30 million equipment contract with International Environmental Technologies, Inc. (“IET”) for the acquisition and installation of waste gasification/thermal oxidation equipment as well as a license to use the technology.
2. Secured financial commitments for up to $35 million of non-dilutive financing; contingent on the issuance of necessary permits. The Company continues to evaluate its options as additional low-cost financing offers are anticipated.
3. Received its Use of Soil Permit from the Mexican federal government following the submission of numerous studies and compliance with every request. The permit is necessary for the issuance of certain state and local operational permits, which are anticipated to be granted to the Company in the very near future.
4. Engaged an accounting group to prepare its financials for a formal audit. Following completion, Scorpex intends to file financial reports with the U.S. Securities and Exchange Commission (“SEC”) and take the next step of listing on a senior securities exchange after meeting other criteria of the exchange.
5. Appointed an interim Chief Financial Officer to the management team and made two additions to its Board of Directors. The individuals have accumulated extensive experience and success in both the public and private sectors. Additional candidates are being evaluated to further enhance leadership of the Company.
6. Secured the investor relations services of MissionIR to communicate Scorpex’s business strategy to the investor community as well as keep investors informed of ongoing progress.
Chief Executive Officer Joseph Caywood stated, “Our progress over the last ninety days has been nothing short of remarkable. Even though we are only in the third quarter, our Company has accomplished nearly all business objectives that were set for completion this year. This is a testament not only to the competence of our team, but also the exhaustive groundwork that has been laid over the years. Our excitement continues to build as we make great strides forward in the execution of our business strategy.”
UQM Technologies (UQM) partners with ReGen Nautic to delve into Marine Hybrid Electric Market
UQM Technologies Inc., developer and manufacturer of products for the alternative-energy technologies sector, today announced its strategy to enter into the marine hybrid electric market through a partnership with ReGen Nautic USA Inc., in which the companies will develop ultiple hybrid electric marine propulsion systems.
ReGen Nautic is a private company in cahoots with several marine original equipment manufacturers to provide these propulsion systems as energy-saving powertrain options applicable to yachts, trawlers and larger sailing boats.
“Our collaboration with ReGen Nautic showcases the additional growth opportunities when electric propulsion technology is introduced into industries beyond the automotive sector,” Eric Ridenour, UQM Technologies president and CEO stated in the press release. “We believe that combining the application knowledge of ReGen Nautic and the electric motor and controller expertise of our company, we can create systems that greatly improve efficiency, increase performance and offer additional benefits that apply to marine applications.”
UQM Technologies and ReGen Nautic will work collaboratively to integrate UQM PowerPhase® hybrid electric systems into various marine applications, allowing for increased capacity to captures and store energy while reducing the overall weight of the vessel. The design is also expected to increase cruising speeds, reduce maintenance costs, and offer silent operation mode, ultimately delivering better overall vessel performance.
“We are working with UQM to develop several hybrid electric systems for the marine industry that will provide dramatically better performance than even the newest diesel technology,” said Pierre Caouette, ReGen Nautic president and chief operating officer. “Our systems will provide vastly improved reliability and ease of use for the customer, along with the highest standard of safety.”
For more information visit www.uqm.com or www.regennautic.com
VistaGen Therapeutics, Inc. (VSTA) is “One to Watch”
VistaGen Therapeutics, Inc. is a biotechnology company applying stem cell technol¬ogy for drug rescue and cell therapy. Drug rescue combines human stem cell technology with modern medicinal chemistry to generate new chemical variants (“drug rescue variants”) of promising drug candidates that have been discontinued during preclinical development (“put on the shelf”) due to heart or liver safety concerns. The Company also focuses on cell therapy, or regenerative medicine, which includes repairing, replacing or restoring damaged tissues or organs.
VistaGen’s versatile stem cell technology platform, Human Clinical Trials in a Test Tube™, has been developed to provide clinically relevant indications, or predictions, of potential toxicity of new drug candidates before they are ever tested on humans. VistaGen’s human pluripotent stem cell-based bioassays more closely approximate human biology than conventional animal studies and nonclinical in vitro techniques and technologies currently used in drug development.
Using mature heart cells produced from stem cells, VistaGen leveraged its Human Clinical Trials in a Test Tube™ platform to develop CardioSafe 3D™, a three-dimensional bioassay system for predicting the in vivo cardiac effects of new drug candidates before they are tested in humans. The Company now plans to leverage CardioSafe 3D™ to build a pipeline of new, safer, variants of promising drug candidates that have been “put on the shelf” by pharmaceutical companies because of toxicity concerns, despite positive efficacy data signaling their potential therapeutic benefits.
The Company’s lead drug candidate, AV-101, is in Phase I development in the U.S. for treatment of neuropathic pain, a serious and chronic condition causing pain after an injury or disease of the peripheral or central nervous system. Neuropathic pain affects approximately 1.8 million people in the U.S. alone. To date, VistaGen has been awarded over $8.5 million from the NIH for preclinical and clinical development of AV-101.
VistaGen is also developing LiverSafe 3D™, a human liver safety and drug metabolism bioassay system, and is preparing to initiate pilot preclinical development of cell therapy programs focused on autologous bone marrow transplantation and heart, liver and cartilage repair. Each of these development programs is based on the proprietary human pluripotent stem cell differentiation and cell production capabilities of the Company’s Human Clinical Trials in a Test Tube™ platform.
Key Investment Highlights
• Stem Cell Technology Addressing Major Challenge in Drug Development
• Drug Rescue Platform Designed to Recapture Prior Investment in Candidates
• Lead Drug Candidate Advancing in NIH-funded Phase I Clinical Trials
• Experienced Management Team with Decades of Relevant Experience
• Proprietary Technology Designed to Save Millions of Healthcare Dollars
Penson Worldwide, Inc. (PNSN) Sued In Class Action over Alleged Bogus Financial Statements
Stock clearing agent Penson Worldwide, Inc. (Nasdaq: PNSN) was sued over a basket of legal issues, including making false and misleading statements to inflate its stock price. The class action suit was brought by national law firm Levi & Korsinsky.
According to the complaint, filed this week in United States District Court for the Northern District of Texas Dallas Division on behalf of purchasers of PNSN stock, Penson “issued materially false and misleading statements… and concealed from investors” the fact that much of Penson’s claimed receivables were poorly collateralized, or collateralized by illiquid customer assets.
A large part of the referenced receivables apparently concerned revenue and interest the company was due on margin loans to customers, the customers in turn offering as collateral certain securities which the law firm called “illiquid… and therefore unlikely to be collected.”
Specifically, the suit alleges that at a point in 2010, Penson had about $96-97 million in receivables, termed “Nonaccrual Receivables”, of which about $43 million were collateralized by the allegedly illiquid securities and that these were therefore materially overstated and “should have been written down at least by the end of 2010”. The result was a material overstating of income and EBITDA, says Levi & Korsinsky. They further claim that Penson’s financial statements were not prepared according to GAAP rules.
A similar, or perhaps identical, suit was also filed this week against Penson in the same court by the law offices of Howard G. Smith. But, as the story was late-breaking, it has yet to be verified whether it‘s part of the other action.
Additional details of the Levi-Korsinsky filing are shown at the Shareholders Foundation website. According to Shareholders Foundation, Penson disclosed on May 9, 2011, apparently for the first time, that about $42.6 million of its Nonaccrual Receivables were collateralized “by bonds issued by the Retama Development Corporation (RDC) and certain other interests in the horse racing track and real estate project … financed by the RDC’s bonds,” and that certain parties related to the company were holders of about $14.7 million of RDC bonds that were pledged to the Company or its affiliates.
Throughout this period, Penson stock has taken a beating, and that appears to be the bottom line of the suit. The law firms have invited persons who acquired PNSN shares between February 10, 2011 and August 4, 2011 to contact them about their rights no later than the court deadline of October 24, 2011.
Longwei Petroleum Investment Holding Ltd. (LPH) Updates Fiscal 2011 and 2012 Operations
Longwei Petroleum Investment Holding Ltd. issued an operational update on its current business activities along with new guidance on sales and earnings over the next two years.
Longwei Petroleum Investment Holding now expects sales in fiscal 2011 to be approximately $480 million, down 4% from the previous estimate. Net income is expected to be $65 million in fiscal 2011, adjusted for the company’s warrant derivative liability expense. The fiscal year ends on 6/30/2011.
Longwei Petroleum Investment Holding has made a partial payment of $85.1 million towards the purchase of a fuel storage facility in Shanxi Province, China. The facility has a 100,000 metric ton capacity and is being purchased from Huajie Petroleum Co., Ltd. The assets being purchased also include a railway line, an office building and land use rights.
Longwei Petroleum Investment Holding said that the remaining payment of $108.3 million to complete the purchase will be funded without raising equity. The company expects the deal to close during the second quarter of fiscal 2012.
Longwei Petroleum Investment Holding expects the purchase of the storage depot and other assets to add to sales and earnings in fiscal 2012. The company has established sales guidance for fiscal 2012 at $576 million, and net income of $78 million.
For more information on the company, go to www.longweipetroleum.com
DryShips, Inc. (DRYS) Grabs Controlling Stake in OceanFreight (OCNF)
In a joint announcement, DryShips, Inc. and OceanFreight Inc. said that DryShips has acquired 3,000,856 shares of OceanFreight Inc., giving DryShips controlling interest in OceanFreight.
DryShips came to this position via a complicated mix of cash and share swaps. The shares were acquired from entities operated by OceanFreight CEO Anthony Kandylidis, pursuant to a July 26 purchase agreement. DryShips paid $11.25 cash for each OceanFreight share, plus 0.52326 shares from its holdings of Ocean Rig UDW Inc., valued at par of $0.01 per share. In total, the deal cost DryShips $33,759,671.08 in cash and 1,570,226 shares of Ocean Rig stock. DryShips’ Ocean Rig holdings accordingly dropped from about 78% to around 77% of the company.
DryShips is expected to vote its OceanFreight shares in favor of the merger of OceanFreight with a subsidiary of DryShips, as part of the July 26 deal. The companies expect the merger to close in Q4 2011.
DryShips operates a large network of drybulk carriers and tankers worldwide. As majority stockholder in Ocean Rig, the company also owns nine offshore ultra deepwater drilling units, which includes two ultra deepwater semisubmersible drilling rigs and seven ultra deepwater drillships, four of which remain to be delivered to Ocean Rig during 2011 and 2013. In addition, Dry Ships maintains a fleet of 36 drybulk carriers, including eight Capesize, twenty-six Panamax and two Supramax carriers, with a combined deadweight tonnage of over 3.4 million tons, along with 12 tankers that consist of six Suezmax and six Aframax, having a combined deadweight tonnage of over 1.6 million tons.
OceanFreight owns drybulk vessels operating worldwide. It maintains a fleet of six such ships, four Capesize and two Panamaxes, and expects presently to acquire five Very Large Ore Carriers (VLOCs) with a combined deadweight tonnage of roughly 1.9 million tons.
Cricket Communications, Inc. (NASDAQ: LEAP) Prepares to Service Customers during Expected Storm
Cricket Communications, Inc. is a company on the move. Located in San Diego, California, Cricket has made a name for themselves as a pioneer of simple and affordable unlimited wireless service with no long-term commitments or credit checks and has quickly become a top subsidiary of Leap Wireless International, Inc. Today, Cricket earned a great deal of respect on Wall Street and beyond with the announcement the company has taken steps to maintain service to customers during Hurricane Irene.
In order to service their customer base, Cricket has sent teams from South Carolina northward to New Jersey to prepare for power outages, flooding and other likely impacts from this storm.
Cricket’s engineering, operational and safety and security teams are actively monitoring Hurricane Irene’s projected path and activating emergency plans. Generators have been strategically staged outside of areas likely to be affected by the storm to offset the loss of power to cell sites or other company facilities.
Cricket has also encouraged wireless users to ready themselves for the potential loss of power and flooding with an array of tips from the Federal Emergency Management Agency (FEMA) that include: Charging your battery and having a backup, storing useful phone numbers, creating a group of emergency contacts and to utilize sending text messages.
Currently, Leap Wireless International is trading in the $8.36 range. With this efforts provided from Cricket Communications Inc. and an array of technology within the corporation’s pipeline, Leap Wireless is a company that is starting to capture the attention of institutional investors.
To learn more about this story or the company as a whole, visit their website at: www.mycricket.com.
KIT digital Inc., (KITD) Joins Imcube Labs and Celvision Technologies Ltd. To Manage 3D Video Delivery over IP
KIT digital Inc. (KITD), a company that, along with its subsidiaries, provides cloud-based video management solutions for multi-screen delivery worldwide, has announced that it has joined Celvision Technologies Ltd., a Chinese titan in 2D and 3D conversion services, and imcube labs, a worldwide leader in 2D and 3D conversion software technology, to co-develop an end-to-end solution that brings together content services and platform technology to allow any media company, network operator, device manufacturer, or enterprise to produce, manage and deliver 3D video over Internet Protocol (IP) over many screens.
The combined offering will help leverage Celvision’s and imcube’s industry-leading content services expertise and software to allow any content to be converted into 3D. Once the content is converted to 3D,it will be taken into KIT digitals’ video asset management platform, where clients will be able to manage and deliver the 3D video to connected televisions and other screens with 3D capabilities. This solution will also enable customers to access existing 3D content libraries for distribution and licensing purposes.
“By combining Celvision’s high quality and efficient conversion services with imcube’s leading conversion software technology and KIT digital’s cloud-based video asset management platform, we will be able to offer our global customer base a complete packaged solution for premium 3D video content delivery over IP,” said Steve Chung, KIT digital’s managing director for Asia-Pacific. “During this exciting new era of growth for 3Dcontent, our co-developed one-stop shop solution will allow content owners to reach and engage audiences anywhere, anytime.”
Petr Stransky, the head of content services for KIT digital, commented: “With KIT digital’s global customer base owning or having OTT distribution rights for a significant portion of the world’s top premium content, we expect this collaboration to open avenues for more compelling 3D content to be produced globally.”
Leo Ze, managing partner of Celvision, added, “We are still at the early stages of development in this industry and there are technology challenges to overcome; we are confident that our partnership with KIT digital and imcube will yield several industry firsts in this fast growing sector. Celvision works with top content producers and global partners to convert feature films and premium content into 3D, and this extended offering will provide our customers with a more robust and flexible solution to reach a growing number of connected devices.”
Celvision and imcube concurrently announced that they have joined the Asia Video Convergence Alliance (AVCA), a new industry alliance that is chaired with KIT digital and formed to help drive standards-setting and innovation within Asia’s expanding multi-billion dollar next-generation video technology industry. Through AVCA, Celvision and imcube will aid in bringing more focus and resources to 3D production in the Asia-Pacific region.
Get more information on Celvision Technologies Ltd. at their website: www.celvision.com.
Find out more about imcube labs at their company website: www.imcube.com
Get more information on KIT digital, Inc. and their future endeavors at http://www.kitd.com
BioTime Inc. (BTX) Subsidiary Receives $10 Million in Equity Financing
BioTime Inc. is a biotechnology company that, through various subsidiaries, develops and markets products in the field of regenerative medicine and blood plasma volume expanders.
The company announced today that one of its majority-owned subsidiaries, OncoCyte Corporation, has received a new round of equity financing to fund the expansion of its development of novel proprietary diagnostics and therapeutics for cancer in humans. The financing includes $4 million in cash ($3 million from an outside investor) combined with $6 million worth of BioTime common shares.
OncoCyte’s products for the diagnosis and treatment of cancer are based on embryonic stem cell-derived technology. Its molecular diagnostics division is developing products that may provide for earlier detection and more effective treatment of various cancers. Utilizing its proprietary algorithms, OncoCyte has currently discovered and filed patent applications on over 100 novel cancer-associated genes. The company expects to use its new financing to expand its current patent portfolio and to advance the development and commercialization of any resulting new diagnostic and therapeutic products.
This is truly a rapid growth field. The total market for next generation cancer diagnostics is believed to be growing at a rate of 47 percent annually, with a forecast global market size of over $5 billion by 2015. The overall cancer therapeutic market was reported to be over $50 billion worldwide in 2010 and represents the most rapidly growing segment of the pharmaceutical industry.
For further information on BioTime, OncoCyte and BioTime’s other subsidiaries, please visit the company’s website at www.biotimeinc.com
Sky Power Solutions Corp. (SPOW) Aims for Best Mix of Solar Technologies
The use of solar panels for generating electricity, though still a small part of the total electricity generation industry, is growing so quickly that one would think the overall economy was booming. Greater efficiencies and falling prices are at last making solar power a realistic alternative for homes and businesses, and demand for solar has never been greater. The competition is now on to determine the most effective solar technologies, giving the consumer the biggest bang for their solar buck. The Sky Power Solutions approach is to combine the best of multiple solar related technologies, creating the most efficient and cost effective solar power solution for residential and small business size applications.
First of all, Sky Power uses a specially designed concentrating solar collector, having a solar concentration ratio that is much higher than that of a solar trough. In addition, due to the design’s unmatched orientation flexibility, it can be computer controlled to always point directly at the sun, further maximizing effectiveness. As a result, they are able to generate fluid temperatures in excess of 1380°F. The collectors are readily scalable, and can be used for individual generation or configured to support a central generator.
The Sky Power solar engine compresses the working fluid when it is cold, heating it, and then expanding it through a turbine or with a piston to produce mechanical power. The engine is coupled to an efficient electric generator to produce the final product.
The final part of the system is the potential use of advanced lithium ion battery technology for energy storage, although linking such a generation system with the grid could conceivably bypass even this need for some users. Sky Power again has an advantage, in that its former parent company, Li-ion Motors, is an award winning electric car developer, allowing Sky Power to work with leading-edge battery and power management technologies.
For additional information on Sky Power, visit the company’s website at www.SkyPowerSolutions.com
VLOV Inc. (VLOV) Posts Solid Q2, Six-month Financials
VLOV Inc., a designer and marketer of VLOV-brand fashion forward apparel for men in the People’s Republic of China, today announced financial results for the second quarter and six months ended June 30, 2011.
Net sales for the second quarter of 2011 were $20,588, a 14.7 percent increase from $17,946 for the same period in 2010. Net sales for the six months ended June 30, 2011, were $41,761, a 15.9 percent increase from $36,013 for the same period of 2010.
Gross margin as a percentage of total net sales increased to 44.9 percent and 44.4 percent for the three and six months ended June 30, 2011, respectively, compared to 38.1 percent and 38.2 percent in the same periods in 2010, respectively.
VLOV reported a 15.8 percent decrease in net income to $3, 762 for the second quarter of 2011 compared to net income of $4,467 for the comparable quarter of 2010. For the six-month period of 2011, net income increased by 48.5 percent to $8,233 compared to $5,544 for the six months ended June 30, 2010.
As of June 30, 2011, VLOV had cash and cash equivalents of $15.7 million, total current assets of $42.7 million and current liabilities of $6.2 million.
The company noted its acquisition of several store locations from its distributor, which boosted financial performance in the second quarter, and is expected to continue to drive growth.
“We are pleased to report another quarter of solid financial performance, which reflects strong consumer response to our designs and increasing excitement around our brand. As part of our strategy to further evolve the VLOV brand to appeal to upscale consumers, we made the decision to acquire 13 VLOV store locations from our Fujian distributor,” Qingqing Wu, chairman and CEO of VLOV stated in the press release. “We believe direct ownership of these stores — located near our corporate and design headquarters — will allow us to showcase VLOV’s design aesthetic and brand image, while at the same time further educating the company’s distributors about our brand DNA.”
Nevsun Resources Ltd. (NSU) Secures $235M Bisha Purchase Arrangement, Strengthening Position in African Gold and Silver Production
Nevsun Resources, the rapidly growing mineral producer currently focused on aggressively expanding its resource base in and around its massive Bisha Mine Project in Eritrea, East Africa, reported finalization of arrangements with the State over purchase of 30% of the mine by Enamco (the Eritrean National Mining Corporation).
President of NSU, Cliff Davis, commented on how excellent a partner Enamco has been in Bisha thus far, contributing significant financial and logistical support, ultimately culminating in this latest deal which has an agreed-upon price tag of $253M. The payment is slated to be settled via after tax cash flow from the Bisha mine, which is projected to produce some 1.14M oz Au, 11.9M oz Ag, 821M pounds of copper and in excess of a billion pounds of zinc.
A particularly good deal for Eritrea, as Enamco’s ownership interest will cover the cost without additional government funds, with the balance expected to be settled within the first two years of operation when the mine’s profile will be yielding large outputs of gold at a low cost. Given the profile of the mine, it will emerge after around two years of robust precious metals production, to become more focused on solid high-grade copper and zinc.
The purchase price was arrived at by mutually appointed and independent international institutions, having been based upon the 2007 shareholder agreement valuations and resolved as a determination process between NSU and Enamco’s proxies.
A formula has been agreed upon; whereby a large chunk of the cash generated by Bisha, which would otherwise be paid to Enamco, will be go to NSU until the purchase price is paid in full.
Davis went on to extol the Eritrean government’s initiative to embrace mineral development and hailed this as a prime example. Citing the vast logistical support from the government’s various Ministries in the run up to this point at Bisha, Davis argued that Eretria is quickly shaping up to be a global hotspot for mineral development, where “direct economic benefits, skill enhancement and supply chain expansion” are contributing to a perfect storm of enticements for international investment capital.
NSU is in a prime position to deliver high value to shareholders as precious metals, and minerals in general continue to trounce expectations. With gold and silver generating incredible momentum amid long-term sovereign debt concerns, NSU is another one of those small, dynamic mineral developers poised for huge success.
We have spoken to corporate counsel regarding continued discussion over the financing commitments announced mid-August. It has been confirmed that both commitments are non-dilutive to both current and future shareholders.
As of last report, Scorpex is continuing to evaluate its options as the company anticipates receiving additional offers for competitive low-cost financing.
In the recent press release, Scorpex CEO Joseph Caywood stated they will be taking the steps necessary to list on a "senior securities exchange." Generally, this is a reference to exchanges higher than OTCBB/OTCQB.
Although we can't provide a definitive timeline, the Company has repeatedly demonstrated its commitment to working very hard to accelerate initiatives on all fronts. We expect the same effort to be shown throughout the auditing process.
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