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u 2, stuff! :)
legends:
Transaction Type Legend
Code Definition
! Regular packet
?0 Invalid
?1 (Z) Sold last sale - same as OPRA OSEQ
?2 (A) Cancel
?4 (E) Cancel open
?5 (G) Cancel only trade reported
?6 (O) Cancel stopped transaction
?a (M) CTS 'M'
?a Delete all previous index values
?c (Q) CTS 'Q'
?c Filtered
?d (U) CTS 'U'
?e (V) CTS 'V'
?f (W) CTS 'W'
?g (X) CTS 'X'
?h (Y) CTS 'Y'
?j (M) CQS 'M'
?k (Q) CQS 'Q'
?l (T) CQS 'T'
?m (U) CQS 'U'
?n (W) CQS 'W'
?o (Y) CQS 'Y'
a Ask only
ac Access
ai (B) stocks traded in assoc with another instrument
aj (K) adjusted
ao Set quote at open price
ap Auction price
aq (A) acquisition sale
at Actual trade (Trade Line)
au (I) automatically OPRA*,UK executed
au (A -> K) eligible for OPRA* automatic execution
au Executed in Electro Broker System
ax Agency cross
b Bid only
ba Base price
bb (F) burst basket
bc (T) custom basket
bg Bargain condition
bi (I) basket index on close transaction (oseq)
bk Broker to broker
bl Blocked
bo Booking purposes only
bp Buyer's price
bq Best (inside) quote
bs Board broker sale
bt (G) bunched sold trades
bu (B) bunched sale
bv Book value
bw (P) buy stock sell call OPRA options
bx (E) split basket execution
by Buy back
C Cash Trade (nrs)
cb Cabinet bid
cb Buy in by clearing comp.
ch (C) same day clearing
cl (C) closing quote
cm Mandatory cash
cn Converted price
co Contingent on sale of related option
cp Calculated price
CQ Cancel bid ask
cs Compensation
cs Sell out by Clearing Company
ct Cash transactions all day
cx Cumulative x-div
da (A) depth on ask
db (B) depth on bid
dp Drawing price
dq (H) depth on bid and ask
ds (D) distribution sale
dt Delayed trade
dx Delta exchange
ea Estimated price - order imbalance ask
eb Estimated price - order imbalance bid
ec (X) halt due to equipment changeover
EP Estimated price
er Erratic trading
F Halt due to not current in filings
fa Executed in acceptance
fm Firm (GB)
fo Forced price
ft Fast trading
ft (F) fast trading
FW Forward trade
fx Fixing price
go Open is first tick
ha (T ->)
ha Suspended
hd (J) halt due to related security news dissemination
hi (E) halt due to order influx
hn (D) halt due to news dissemination
ho (I) halt due to order imbalance
hp (P) halt due to news pending
hq One sided quote caused a halt - shown as trade
hr (S) halt due to related security
hs (K) halt due to related security news pending
ht Trade on bid side of quote
hv (V) halt in view of common
I (I -> J) inactive
ia Traded w */
ia Indicative ask price
ib Traded w
ib Indicative bid price
id (H) intraday trade detail
ig Interstate agency
in Indicative price
io Indication due to order imbalance (TSE)
is Issue
L Halt due to non-compliance in listing requirements
la (L) late but in sequence (same as sold last)
lc Late correction
lk Locked market
ll At lower limit
ln Loan
lo Public limit orders
lr Loan return
ls Last sale
M Market Center Close Price
mc (L) NASD - market maker quotes closed
mc No active market makers
md Market maker deleted
me Market maker or inside quote session
mh Market maker suspended
mi Market maker both sessions
mm Market maker to market maker
MQ Mid price trade
mt Match trade
mu Market maker or inside quote US session
N (N) next day clearing
nb Non-block lot
nd Next day only all day
nf (N) non-firm quotation
nk Not to mark
nm Nominal price
no (Z) no open no resume - halt in effect for rest of the day
np Non-protected portfolio
nq No-quote
nt Notional settlement
OA Order imbalance ask
OB Order imbalance bid
oc (C) cancel last
od Overseas delivery
of Official price
ol (H) open late but in sequence
on Overnight
op (G) opening
op (O) late report of opened trade
op (F) open late and out of sequence
op (O) opening quote
op (R -> O) NASD only - market maker open or Overseas register
os Outside system
ot Overseas trade
OT Over the counter trades
P (P) NTDS 'P' code - prior reference price
p Indicative price after suspension
P Halt pending receipt of requested information
pa Paid ask - bezahlt Brief Telekurs
pb Paid bid - bezahlt Geld
PD Reported from previous day
PE Evaluation
pi Premium trade
pl Indication due to price limits
pm Passive market maker
pn Penalty bid
pp Protected portfolio
PR Average price of last 10 percent of trades
ps Prompt resale
pt Put through
py Pre-syndicate bid
qs (B -> R) bid quote from specialist book
qs (O -> R) ask quote from specialist book
R (R) seller's option
r5 (K) rule 155 trade - AMEX only
r7 (J) rule 127 trade - NYSE only
ra Rationed ask
rb Rationed bid
rd Redemption
re (J) reopen
ri (G) trading range indication
rk Prompt rebooking
rl Price range limit
rn Riskless principle
ro (R -> E) rotation
rp Representative price
rt Risk trade
rv Reserved sale
S Out of sequence (aka sold)
sb Special bid
sc Morning close
sd Security deleted
SE Settlement price
sh Short
si (S) split trade
sl (M) straddle
sp (L) spread
sq (C -> R) bid and ask quote from specialist book
sr Seller's price
st (N) stopped
su Subscription price
sy Syndicate bid
T (T) form-T sale
tb Theoretical value (basis)
tc Theoretical value (clearing)
tk Trade on offer side of quote
tr Trade-quote Telekurs
ts Special trade
ub Unable to quote - begin
ue Unable to quote - end
ul At upper limit
up Unofficial price
ux Uncrossing price
va Valuation price (Kassakurs)
vt Volatility trade
W Average trade price
wd Withdrawn
ws Wholesale trade
xa Cancel ask
xb Cancel bid
xc Exercise of call
xg Exchange for physicals
xm Executed in match system
xo Exercise of option
xp Exercise of put
xr Crossed market
xt Crossed trade
xw Excused withdrawn
ya Partly paid ask
yb Partly paid bid
yt Part paid
The following 7 Condition Codes can be combined with any of the codes above
(C) Corrected
(X) Cancelled
(I) Inserted
(S) Out of sequence
(B) Official best bid
(O) Official best offer
(F) Informational
TOP
© 2007 AlphaTrade.com. All rights reserved.
Historical Time & Sales
Stock Symbol Trade Date Price Range Trade Size Trades per Page
Min Max Min Max (Max 400)
TMTA(2007/06/22)
Time (EST) Volume Price Exchange Bought/Sold Tran/Type Legend
16:04:09 43113 0.53 - NASD ADF P tq (SF)
16:04:09 39387 0.53 - NASD ADF P tq (SF)
16:04:09 662453 0.53 - NASD ADF P tq (SF)
16:04:09 2953 0.53 - NASD ADF P tq (SF)
16:04:09 17873 0.53 - NASD ADF P tq (SF)
16:03:24 100 0.54 + NASD T (F)
16:00:03 0 0.53 - NASD M
16:00:03 7475702 0.53 - NASD bu ex
16:00:03 9900 0.5302 - NASD
15:59:57 100 0.5398 - NASD ADF tq
15:59:51 300 0.54 + NASD ADF
15:59:51 234 0.54 + NASD ADF
15:59:51 1300 0.54 + NASD ADF
15:59:51 1400 0.54 + NASD ADF
15:59:51 500 0.54 + NASD ADF
15:59:51 19721 0.5302 - NASD
15:59:51 300 0.5302 - NASD
15:59:51 300 0.5302 - NASD
15:59:51 100 0.5302 - NASD
15:59:51 2300 0.5334 - NASD
15:59:51 2000 0.5385 + NASD ADF tq
15:59:51 100 0.5381 - NASD
15:59:51 4800 0.5385 - CINC bb ex
15:59:51 500 0.5385 - NASD ADF tq
15:59:45 10000 0.5385 - NASD ADF
15:59:45 9574 0.54 + NASD
15:59:45 10000 0.54 + NASD
15:59:45 21165 0.54 + NASD
15:59:45 237 0.54 + NASD
15:59:42 5435 0.54 + NASD
15:59:42 700 0.54 + NASD ADF
15:59:42 1100 0.54 + NASD ADF
15:59:42 2000 0.54 + NASD ADF
15:59:42 900 0.54 + NASD ADF
15:59:42 800 0.54 + NASD ADF
15:59:42 500 0.54 + NASD ADF
15:59:42 300 0.54 + NASD ADF
15:59:42 100 0.54 + NASD ADF
15:59:39 5435 0.5399 + CINC
15:59:33 10000 0.5399 CINC bb ex
Copyright © 1998-2004 AlphaTrade.com. AlphaTrade.com is Registered Trademark. All rights reserved.
Terms and Conditions Privacy Statement.
RushNet Develops Opportunities for Apple Rush at the NRA
Jun 22, 2007 4:04:00 PM
Copyright Business Wire 2007
BLUE ISLAND, Ill.--(BUSINESS WIRE)--
RushNet, Inc's (Pink Sheets: RSHN), Apple Rush received a good deal of interest in its new Organic Sparkling Apple Juice line at the recent National Restaurant Show in Chicago. The heavily attended annual trade show for the restaurant and foodservice industry drew over 74,000 industry executives. There was broad interest from small and large operations, domestic and foreign, in both channels for the Organic Apple Rush 100% Juice line, e-water(R) and Ginseng Rush.
The most outstanding interest came from a Restaurant Chain with 450 locations who showed great interest in the Apple Rush line and requested a presentation at its home office in Minnesota. Additionally, Pizza Chains with numerous locations thought Apple Rush would fit in well at their restaurants and they plan to order.
School food programs found the Apple Rush's can lines timely availability attractive, given the surging demand they are seeing for healthy and Organic beverages. The wave of anticipation for Apple Rush in cans continues to build and this show confirmed the growth potential for expansion into the foodservice arena.
Overall, the attendees said they liked the variety of Apple Rush flavors, the appealing look, and that they were "better tasting than the (non-organic) IZZE(R) and Switch(R)".
As a result of this and other previous attended tradeshows, Apple Rush is now in distribution in Minnesota, Wisconsin, Illinois, Ohio, Southern California, South Dakota, Canada and Puerto Rico. Apple Rush continues to explore the ever increasing inquiries from 20 serious Asian companies and importers, from multiple countries.
Disclaimer: The Company relies upon the Safe Harbor Laws of 1933, 1934 and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; managing and maintaining growth; the effect of adverse publicity; litigation; competition; and other factors which may be identified from time to time in the company's public announcements.
Source: RushNet, Inc.
----------------------------------------------
RushNet
Inc.
Robert Corr
Phone: 708-389-6625
Websites: www.enjoytherush.com www.applerush.com
RSHN RushNet Develops Opportunities for Apple Rush at the NRA
Jun 22, 2007 4:04:00 PM
Copyright Business Wire 2007
BLUE ISLAND, Ill.--(BUSINESS WIRE)--
RushNet, Inc's (Pink Sheets: RSHN), Apple Rush received a good deal of interest in its new Organic Sparkling Apple Juice line at the recent National Restaurant Show in Chicago. The heavily attended annual trade show for the restaurant and foodservice industry drew over 74,000 industry executives. There was broad interest from small and large operations, domestic and foreign, in both channels for the Organic Apple Rush 100% Juice line, e-water(R) and Ginseng Rush.
The most outstanding interest came from a Restaurant Chain with 450 locations who showed great interest in the Apple Rush line and requested a presentation at its home office in Minnesota. Additionally, Pizza Chains with numerous locations thought Apple Rush would fit in well at their restaurants and they plan to order.
School food programs found the Apple Rush's can lines timely availability attractive, given the surging demand they are seeing for healthy and Organic beverages. The wave of anticipation for Apple Rush in cans continues to build and this show confirmed the growth potential for expansion into the foodservice arena.
Overall, the attendees said they liked the variety of Apple Rush flavors, the appealing look, and that they were "better tasting than the (non-organic) IZZE(R) and Switch(R)".
As a result of this and other previous attended tradeshows, Apple Rush is now in distribution in Minnesota, Wisconsin, Illinois, Ohio, Southern California, South Dakota, Canada and Puerto Rico. Apple Rush continues to explore the ever increasing inquiries from 20 serious Asian companies and importers, from multiple countries.
Disclaimer: The Company relies upon the Safe Harbor Laws of 1933, 1934 and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; managing and maintaining growth; the effect of adverse publicity; litigation; competition; and other factors which may be identified from time to time in the company's public announcements.
Source: RushNet, Inc.
----------------------------------------------
RushNet
Inc.
Robert Corr
Phone: 708-389-6625
Websites: www.enjoytherush.com www.applerush.com
happy friday all!! cya :)
GSEG .0015 falling...2x2
:) fandamntastic!
i am whistle ready! LOL but can't take my eyes off GSCR....amazing!!
goooooooooo GSEG ;)
HUGE CONGRATS to GSCR players!!!!! :) weeeeeeeeeeee for you!
GSEG heads up
GreenShift Releases Shareholder Letter
Jun 22, 2007 10:58:00 AM
Copyright Business Wire 2007
NEW YORK--(BUSINESS WIRE)--
GreenShift Corporation (OTC Bulletin Board: GSHF) chairman and chief executive officer, Kevin Kreisler, issued the following letter to GreenShift's shareholders today:
Dear Shareholders:
We have accomplished much since GreenShift initiated operations in April 2005, and we are proud and excited by the progress we have made in our various operations. But we have a number of significant issues that we face today that are in need of correction.
Chief among these issues is that of share value. We believe that the current share price of each of our companies does not accurately reflect the value of what we have built.
Our mission is to create valuable opportunities for many people and companies to use resources more efficiently and to be more profitable. To accomplish this, we target and reduce or eliminate consumption inefficiencies by
-- developing and implementing incremental advances in technologies
and business practices
-- that leverage established infrastructure and distribution channels
to enable increased and sustainable profits
-- by decreasing the consumption of natural resources and the
generation of wastes and emissions.
We are focused on implementing this model first in the agriproducts sector, where we have sought out applications of technology that create value-added co-product and waste extraction and refining opportunities.
In the past two years GreenShift and its affiliated companies raised and deployed about $40 million in capital to successfully: (i) acquire and develop technologies that are capable of cost-effective "plug-and-play" integration into existing agriproducts plants; (ii) develop the go-to-market capabilities necessary to bring these technologies to market; (iii) complete early-stage commercialization and finalize the application of the first two of our technologies; (iv) sell and commission early-adopter and commercial implementations of these two technologies; (v) execute a number of agreements that are vital to the foundation of our long term commercialization plans, and, importantly, (vi) initiate positive cash flows. Some of the more significant of our technology-centric achievements include:
-- Corn Oil Extraction
Our process engineering and technology transfer company, GS
CleanTech Corporation, acquired its patent-pending Corn Oil
Extraction technology in early 2006. This technology efficiently
extracts crude corn oil from a co-product of ethanol production at
rates and efficiencies that outstrip any conventional extraction
process. GS CleanTech has executed 6 contracts with ethanol
producers that provide for the extraction and purchase of more than
30 million gallons of crude corn oil. Two early adopter extraction
systems were sold and commissioned during 2006, and we recently
commissioned our first deployment where we retain the right to buy
and sell the extracted oil at rate equal to more than 1.2 million
gallons per year. This oil is currently worth upwards of $1.50 per
gallon and GS CleanTech has just begun to sell oil this month. An
additional 4 systems are planned for deployment over the balance of
this year and we have many similar potential contracts in our sales
pipeline. If all of these new contracts are signed, they will
provide us over 60 million additional gallons of corn oil
extraction potential.
-- Biodiesel Production Equipment
Our fuel production company, GS AgriFuels Corporation, recently
acquired a biodiesel technology provider, NextGen Fuel, Inc., which
had developed and completed early stage commercialization of a
patent-pending continuous flow biodiesel system. The NextGen
systems, which include both direct and transesterification, are
skid mounted and sized to produce 5 million or ten 10 million
gallons of biodiesel per year. Traditional processes typically
require several hours to complete the conversion of qualified
vegetable oils and animal fats into biodiesel; we intensify and
idealize the conditions under which this conversion occurs and we
are consequently able to complete the conversion in minutes instead
of hours - at a much smaller scale than traditional processes, and
at reduced capital and operating costs as compared to traditional
processes. These benefits also allow us to efficiently convert a
broader array of feedstocks than any traditional process that we
are aware of. Since acquiring NextGen we have improved and refined
the technology, completed commercialization and recently
successfully shop-tested two systems for U.S. clients.
-- Development of Corn Oil Biodiesel Production Facilities
We recently announced the execution of letters of intent that call
for GS CleanTech to design, build and integrate an additional 12
corn oil extraction systems with integral biodiesel systems at 4
separate ethanol production facilities. In addition, GS CleanTech
recently executed an agreement for the extraction of about 7
million gallons per year of corn oil at an ethanol facility next to
one of GS AgriFuels' planned biodiesel facilities. In all, these
planned new extraction systems and biodiesel facilities will first
extract and then convert about 37 million gallons of crude corn oil
into biodiesel. GS CleanTech and GS AgriFuels will work together on
these developments - GS CleanTech will provide and sell
engineering, construction and technology transfer services in
return for a mixture of process engineering and plant construction
sales, technology royalties and selected feedstock sales, and GS
AgriFuels will provide its biodiesel systems and invest in the
various projects. If these letters of intent are successfully
converted into executed contracts and the relevant projects are
financed, these prospects would result in a total of more than $90
million in additional process engineering and equipment sales and
ongoing royalties for GS CleanTech and about $50 million per year
in ongoing biodiesel sales for GS AgriFuels at current biodiesel
prices.
That said, our successes are clearly not translating into share value. Our view is that the message is getting lost in the complexities of our capital structure.
We had an entirely different outcome in mind when we formed GreenShift as an investment company and seeded our various companies and technologies. Recall that our original structure included a number of public platform companies that were intended to focus on specific sectors - clean technology development, clean fuels production, clean energy production and environmental services. This structure was established to enable each company to raise capital with its own balance sheet, and its own equity, in order to support its own business model. A big part of the reason for this was that the investment theses were different from one business focus to the next - the structures and valuations used for financing emerging clean tech R&D, for example, are very different from those used to finance mature fuel or power production. At bottom, this structure was initially very successful as it resulted in the financing, acquisition and development of all of our core technologies and operations.
Last year, however, after recognizing the significance of the market opportunities presented by a few of our technologies in the rapidly expanding renewable fuels market, we narrowed our focus to financing and supporting the development and iterative roll-out of our leading technologies and related operations.
Today, we have commercialized essential technologies that have been designed to service needs that few (if any) others currently have the capability to fulfill, and we have positioned these technologies for deployment in an expansively growing renewable fuels market.
The opportunities in front of us in the biomass-derived fuels sector are simply tremendous and we would be remiss if we were to commit capital to anything but implementation in this vertical given our technological advantages.
With this narrowing in focus, the capital structure that we successfully used to seed our technologies has become a costly distraction and an unnecessary drain on resources. Therefore, we have initiated steps to simplify our capital structure and increase the transparency of our operations. This is a process that I believe to be critical to our growth and I am committed to seeing it through to an expedient and cost-effective conclusion.
Our plan involves (1) merging GS CleanTech into GreenShift and, separately, merging GS Energy into GS AgriFuels, (2) liquidating non-core assets, and (3) restructuring and refinancing our debt while we (4) increase sales and earnings in our core business units.
1. Complete Pending Mergers
We believe that the GreenShift - GS CleanTech and GS AgriFuels - GS Energy mergers will help to reduce operational overlap and redundancies, promote a unified vision among our employees, reduce the confusion created by our current structure among customers, vendors, creditors, shareholders and other stakeholders, reduce the focus, capital, and other resources required to administer multiple public entities, and increase our ability to focus on creating value for our shareholders. Updates on these transactions follow:
-- GS AgriFuels - GS Energy Merger
To complete this merger, we need to prepare and file a registration
statement and secure regulatory approval. We have completed nearly
all of the requirements for the filing of this registration
statement and are now only waiting on the final third party legal
and tax opinions. We expect to receive these opinions shortly and
that we will file the registration statement before the end of this
month. GS Energy shareholders will receive 1 share of GS AgriFuels
for every 1,000 shares held in GS Energy on the record date for
this merger. This merger can take anywhere from 3 to 6 months to
complete, depending nearly entirely on how long it takes to secure
regulatory approval.
-- GreenShift - GS CleanTech Merger
The completion of this merger will also require the filing and
approval of a registration statement. We have started to prepare
this registration statement and our goal is to file it as soon as
possible.
GS CleanTech shareholders will receive 1 share of GreenShift for
every 3 shares of GS CleanTech held on the record date for merger.
This exchange ratio was set based on the market price for both
stocks at the time we announced the merger. Given the negative
market response to our original plan to complete this merger, we
considered a number of ways to improve the rate of exchange for
minority shareholders of both GS CleanTech and GreenShift, from
simply changing the exchange rate, which could have significant
negative tax consequences on GS CleanTech's minority shareholders,
to financing a cash buyback of GS CleanTech stock, which would not
be fair to the GS CleanTech shareholders at current market prices.
We settled on decreasing my ownership of the combined company down
to 60% and eliminating all preferred stock upon completion of the
merger. GreenShift currently owns about 80% of GS CleanTech and I
currently own about 80% of GreenShift in the form of preferred
stock. We believe that we can prevent negative tax consequences for
the minority shareholders of both companies simply by adjusting the
conversion features of my preferred ownership in GreenShift.
Importantly, this is intended to have the effect of increasing the
aggregate percentage of the combined company owned by the minority
shareholders of both companies from 20% to 40%.
2. Liquidate Non-Core Assets
We will liquidate or otherwise divest ourselves of any investment, company or asset that is not critical to our continued operation and growth. We have already sold off a non-core engineering unit and a minority investment, and we are exploring the sale of several of our other minority investments (we will retain our existing stakes in Sterling Planet and TerraPass). In addition, we are ceasing all R&D activity that does not complement our core technologies and business lines.
We have also negotiated for the sale our majority stake in GS Carbon Corporation to Seaway Capital, Inc., a growth equity and leveraged buyout company. Prior to the sale we will transfer all of our investments, intellectual properties and existing operations out of GS Carbon into GS CleanTech. The transfer to GS CleanTech and the subsequent sale to Seaway will occur on or before June 30, 2007. Seaway's plans for the remaining GS Carbon public shell include the acquisition of Seaway's majority stake in a retail big box chain and the financing and acquisition of other targeted retail chains with an aggregate of more than $30 million in sales. Notably, Seaway has already received term sheets for the financing necessary to support its acquisition plans.
3. Restructure and Refinance Debt
We have reduced our consolidated debt by about $5 million over the past several months through a combination of cash payments and equity conversions. We expect to effect further significant reductions over the balance of this year. Most of the future reductions will occur through cash payments, since we expect equity conversions to soon cease for the foreseeable future.
We need to restructure and then refinance our remaining debt. We have held favorable initial discussions with our senior creditors, each of whom has indicated a willingness to materially improve the terms of our existing debt financing in ways that support our consolidation process given the progress of our operations and our payment history. We are accordingly optimistic that we will be able to restructure a significant amount of our debt in the near term. We are working on this now.
We will, however, and even after this restructuring, need to reduce and refinance all of our remaining debt. We plan to do so with a combination of cash flows and lower cost debt and equity that we bring in at the much higher valuations justified by the performance of our core operations.
4. Execute in Core Businesses
At the conclusion of the mergers and other transactions described above, GreenShift will have two majority-owned public subsidiaries, GS AgriFuels and GS EnviroServices.
The operations of each company will be as follows:
-- GreenShift Corporation
-- Process Engineering & Plant Construction Services
-- Technology Licensing
-- Feedstock Extraction & Sales
-- Early Stage Technology Acquisition and Development
-- GS AgriFuels Corporation (OTC Bulletin Board: GSGF) Majority Owned
Public Subsidiary
-- Biofuels Production Equipment Manufacturing & Sales
-- Biodiesel Production & Sales
-- Other Biomass Derived Fuel & Energy Production & Sales
-- Oilseed Crushing & Vegetable Oil Sales
-- GS EnviroServices, Inc. (OTC Bulletin Board: GSEN) Majority Owned
Public Subsidiary
-- Industrial Waste Management Services
-- Environmental Engineering Services
-- Site Remediation Services
As an example of our revenue generating potential moving forward, the completion of construction and full deployment of a total of just 30 million gallons per year of corn oil extraction with integral biodiesel production capability could generate about $72 million in process engineering and plant construction sales and about $3 million in annual royalties for the merged GreenShift - GS CleanTech. Our target is to ultimately deploy 120 million gallons of corn oil extraction and biodiesel production capability.
GS AgriFuels, as the majority owner of these biodiesel production facilities, would generate about $85 million per year in ongoing biodiesel sales with better than 25% EBITDA margins at current market prices. Given the contracts, letters of intent and other recent developments detailed above, GS AgriFuels could be producing biodiesel at the 30 million gallon per year run-rate in as little as 12 months.
In addition, we believe that GS AgriFuels can generate well in excess of $50 million per year in equipment sales, and that GS AgriFuels' oilseed crush division, Sustainable Systems, can produce more than $70 million in annualized vegetable oil and biodiesel sales after the completion of the expansion of its Montana based crush facility later this year.
Finally, GS EnviroServices, which is currently generating about $16 million per year in sales, can be expected to grow its sales at an annual rate of more than 20% for the next few years given its recently completed and planned acquisitions.
The Path Forward
Our technologies are robust, scalable, energy efficient, modular and, importantly, capable of rapid and cost-effective "plug-and-play" integration into the existing agribusiness infrastructure. These advantages converge to enable the refining of many different alternative feedstocks into clean and renewable energy and several different clean fuels cost-effectively at small scales. We believe that this capability is highly valuable because it enables us to reduce commodity risk by creating opportunities to manage production assets in response to fluctuating market conditions. No single conventional or new technology or group of technologies that we are aware of can currently achieve this.
Our commercialization plan for these technologies involves the iterative integration and synergistic application of several technologies into traditional agriproducts plants in ways that enable us to upgrade production and cost-average down the capital and operating costs traditionally associated with renewable fuel production. Our intention is to commercialize and generate cash flows from our technologies according to the following roll-out schedule:
Step 1 corn oil extraction
Step 2 integral biodiesel production
Step 3 integral biomass gasification for heat and power
applications
Step 4 integral biomass gasification for liquid fuels applications
Step 5 integral bioreformation of carbon dioxide into algal
biomass and additional liquid fuels
Importantly, each step is designed to integrate and work with each of the previous steps as well as the host facility to capitalize on all practical operating synergies. The commercialization process for Steps 1 and 2 is complete and we are actively implementing a go-to-market based on these technologies. The technologies needed for Steps 3 and 4 are nearly complete with their early-stage commercialization process and we plan to start our marketing of these capabilities later this year. The technologies needed for Step 5 are still deep in the R&D stage and require additional capital to prove out, but we are very committed to bringing a cost-effective implementation of bioreactor technology to market - this a key strategic initiative for GreenShift moving forward.
On the morning after the U.S. Senate passed a bill that calls for increased ethanol production, our focus on upgrading traditional ethanol facilities with "plug-and-play" modular technology was never more timely. We will continue to remain relentlessly focused on developing and implementing technologies that make existing and new ethanol plants more efficient. We will then do the same for other traditional agriproducts plants, such as oilseed crush plants and animal and livestock processing plants, and upgrade these plants into integrated multi-feedstock, multi-fuel biorefineries.
Our long-term strategy is to focus on the inevitable consequences of the way we use natural resources to make things, and to extract opportunities for positive economics by simultaneously increasing production efficiencies and reducing the upstream and downstream burdens of that production on our ecosystem. With increasing burdens on natural resources globally, both at the beginning and end of product supply chains, we must simply be smarter about how we use resources. GreenShift's long term mission is to make a significant contribution to achieving this.
For the time being, however, we will remain focused on sales and earnings growth through the deployment and commissioning of corn oil extraction systems, the sales of biodiesel equipment, the financing, construction and operation of our co-located corn oil biodiesel production facilities, the expansion and operation of our oilseed crush plant, and the growth of our environmental services group.
While the results have not been obvious and the impact has not yet translated into share value, our operations have made extraordinary strides in a short period of time and they are picking up steam. We will continue these efforts while we rationalize our capital structure as quickly and as cost-effectively as possible. We appreciate your patience through that process.
We intend to announce details shortly relative to the scheduling of a conference call that we would like to hold next week to respond to shareholder questions. We are grateful for your continued interest and support, and we look forward to our next communication.
Best Regards,
Kevin Kreisler
Chairman and Chief Executive Officer
GreenShift Corporation
About GreenShift Corporation
GreenShift Corporation develops and supports clean technologies and companies that facilitate the efficient use of natural resources. GreenShift's ambition is to catalyze the rapid realization of disruptive environmental gains by creating valuable opportunities for a great many people and companies to use resources more efficiently and to be more profitable. Additional information on GreenShift is available online at www.greenshift.com.
GreenShift owns majority stakes in GS CleanTech Corporation (OTC Bulletin Board: GSCT), GS AgriFuels Corporation (OTC Bulletin Board: GSGF), GS Energy Corporation (OTC Bulletin Board: GSEG), GS Carbon Corporation (OTC Bulletin Board: GSCR) and GS EnviroServices, Inc. (OTC Bulletin Board: GSEN).
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Source: GreenShift Corporation
----------------------------------------------
GreenShift Corporation
212-994-5374
Fax: 646-572-6336
investorrelations@gs-cleantech.com
www.gs-cleantech.com
or
Investor Relations:
CEOcast
Inc.
Andrew Hellman
212-732-4300
or
Public Relations:
Walek & Associates
Deborah McCandless
212-590-0523
Fax: 212-889-7174
dmccandless@walek.com
www.walek.com
GSEG L2 shift .0012/.0013 2x2....a GS play..lol
:) a nice steady one ADMH
hey RJ! ty....doing ok...hope you are green all over :)
SKZW .005 SkinzWraps to Develop National Brand for Rapid Rig Wash, Inc. With Vehicle Wrap Strategy That Includes NASCAR Busch Series Team Sponsorship
Jun 22, 2007 2:31:00 PM
DALLAS, TX -- (MARKETWIRE) -- 06/22/07 -- SkinzWraps, Inc. (PINKSHEETS: SKZW), a full-service vehicle wrap company, announced today that it has been retained by Rapid Rig Wash, Inc. (Rapid Industrial Cleaning), a multi-million dollar environmentally friendly oil rig cleaning company. SkinzWraps is responsible for developing and implementing a strategic marketing campaign around vehicle wraps that will elevate Rapid Industrial Cleaning's brand to a national level. As part of this campaign SkinzWraps has structured a million-plus dollar primary sponsorship agreement between Rapid Industrial Cleaning and RWI Racing, LLC, owned by NASCAR legend Rusty Wallace. Per this agreement Rapid Industrial Cleaning will be the primary sponsor of RWI Racing's No. 66 Dodge Charger for five 2007 NASCAR Busch Series races. The # 66 car driven by Steve Wallace will debut at the AT&T 250 at The Milwaukee Mile this weekend (on ESPN2 at 8:00pm) with the new Rapid Industrial Cleaning branded wrap. Following its debut it will race in the New Hampshire, Chicagoland and Michigan rounds of the NASCAR Busch Series, as well as another round to be determined.
In addition to this NASCAR Busch Series race team sponsorship, SkinzWraps plans on wrapping a total of 15-20 full-size trucks / Hummers in Rapid Industrial Cleaning's ever expanding fleet of onsite vehicles. At present, SkinzWraps has wrapped a total of eight full-size trucks / Hummers in Rapid Industrial Cleaning's fleet. SkinzWraps will also act as the creative consultant in the selection of outside vendors for such items as print collateral and apparel.
"Rapid Industrial Cleaning is already an amazingly successful and innovative company in their industry. An entrepreneur at heart, I am excited that they want to take things to the next level," says Peter C. Salaverry, Chairman & CEO of SkinzWraps, Inc. He continues, "That said, to take a company's brand to a national level using vehicle wraps as the primary component has to my knowledge never been done before. Thus, when accomplished, SkinzWraps will have showcased to the advertising world the full potential of using vehicle wraps and working with SkinzWraps."
About SkinzWraps, Inc.
SkinzWraps, Inc. is the industry's leading vehicle wrap company offering a full suite of solutions; award-winning design, high definition printing and expert installation. SkinzWraps, Inc. pioneered the concept of wrapping vehicles 6 years ago and continues to set new standards and push this type of outdoor advertising and marketing to a higher level. SkinzWraps, Inc. offers mobile advertising and vehicle wrap solutions to all types of businesses; whether you're promoting a small business, launching a new product or a well-established company looking for new and creative ways to advertise and reach new customers. In addition to unit vehicle wraps and design, SkinzWraps can create a broad, multi-vehicle mobile advertising campaign; an approach which is increasingly being used by Advertising, Promotion, Marketing and Public Relations firms as well as large corporate branding departments as part of their marketing strategies. SkinzWraps has the experience and credibility to service all of your vehicle wrap and mobile advertising needs. Our clients include: Sony Records, American IronHorse, Pepsi America, WingStop, Coors Light, United States Marine Corps, Hooters, Scion of Dallas, Clear Channel Communications, Universal Records, Auto Trader, Speedzone, Cagnazzi Racing, Starplex Cinemas, ITZ Restaurants, Shell GTL Fuel, CBS Radio, and CompUSA. For more information, visit the company's website at http://www.skinzwraps.com
About Rapid Rig Wash, Inc.
Rapid Rig Wash, Inc. offers high quality, environmentally friendly oil rig cleaning and support services in the oil and natural gas fields in Texas, Wyoming, New Mexico, Oklahoma, and Louisiana. Located in the heart of oil production in the Texas Permian Basin, Rapid maintains multiple professionally trained work crews and a modern fleet of steam pressure washing equipment, including Power Steamers, Guzzler Vacuum Trucks, Super Vacs, and other field support equipment.
About Rusty Wallace, Incorporated and RWI Racing, LLC
Mooresville, NC-based Rusty Wallace, Incorporated is a multi-faceted operation founded by legendary NASCAR driver, Rusty Wallace. The company's primary interests include RWI Racing -- a NASCAR Busch Series racing team, RWI Promotions -- a promotional firm specializing in racing show cars, Diamond Aviation -- the company's aviation arm, broadcasting, an ever-growing track design business and seven new car dealerships located throughout eastern Tennessee.
Forward-Looking Statements Disclosure
Forward-looking statements involve risks and uncertainties. This press release may contain "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Actual events could differ materially and substantially from those projected herein and depend on a number of factors.
Contact:
SkinzWraps, Inc., Dallas
Matt Salaverry
214-741-4529
www.skinzwraps.com
SKZW .005 SkinzWraps to Develop National Brand for Rapid Rig Wash, Inc. With Vehicle Wrap Strategy That Includes NASCAR Busch Series Team Sponsorship
Jun 22, 2007 2:31:00 PM
DALLAS, TX -- (MARKETWIRE) -- 06/22/07 -- SkinzWraps, Inc. (PINKSHEETS: SKZW), a full-service vehicle wrap company, announced today that it has been retained by Rapid Rig Wash, Inc. (Rapid Industrial Cleaning), a multi-million dollar environmentally friendly oil rig cleaning company. SkinzWraps is responsible for developing and implementing a strategic marketing campaign around vehicle wraps that will elevate Rapid Industrial Cleaning's brand to a national level. As part of this campaign SkinzWraps has structured a million-plus dollar primary sponsorship agreement between Rapid Industrial Cleaning and RWI Racing, LLC, owned by NASCAR legend Rusty Wallace. Per this agreement Rapid Industrial Cleaning will be the primary sponsor of RWI Racing's No. 66 Dodge Charger for five 2007 NASCAR Busch Series races. The # 66 car driven by Steve Wallace will debut at the AT&T 250 at The Milwaukee Mile this weekend (on ESPN2 at 8:00pm) with the new Rapid Industrial Cleaning branded wrap. Following its debut it will race in the New Hampshire, Chicagoland and Michigan rounds of the NASCAR Busch Series, as well as another round to be determined.
In addition to this NASCAR Busch Series race team sponsorship, SkinzWraps plans on wrapping a total of 15-20 full-size trucks / Hummers in Rapid Industrial Cleaning's ever expanding fleet of onsite vehicles. At present, SkinzWraps has wrapped a total of eight full-size trucks / Hummers in Rapid Industrial Cleaning's fleet. SkinzWraps will also act as the creative consultant in the selection of outside vendors for such items as print collateral and apparel.
"Rapid Industrial Cleaning is already an amazingly successful and innovative company in their industry. An entrepreneur at heart, I am excited that they want to take things to the next level," says Peter C. Salaverry, Chairman & CEO of SkinzWraps, Inc. He continues, "That said, to take a company's brand to a national level using vehicle wraps as the primary component has to my knowledge never been done before. Thus, when accomplished, SkinzWraps will have showcased to the advertising world the full potential of using vehicle wraps and working with SkinzWraps."
About SkinzWraps, Inc.
SkinzWraps, Inc. is the industry's leading vehicle wrap company offering a full suite of solutions; award-winning design, high definition printing and expert installation. SkinzWraps, Inc. pioneered the concept of wrapping vehicles 6 years ago and continues to set new standards and push this type of outdoor advertising and marketing to a higher level. SkinzWraps, Inc. offers mobile advertising and vehicle wrap solutions to all types of businesses; whether you're promoting a small business, launching a new product or a well-established company looking for new and creative ways to advertise and reach new customers. In addition to unit vehicle wraps and design, SkinzWraps can create a broad, multi-vehicle mobile advertising campaign; an approach which is increasingly being used by Advertising, Promotion, Marketing and Public Relations firms as well as large corporate branding departments as part of their marketing strategies. SkinzWraps has the experience and credibility to service all of your vehicle wrap and mobile advertising needs. Our clients include: Sony Records, American IronHorse, Pepsi America, WingStop, Coors Light, United States Marine Corps, Hooters, Scion of Dallas, Clear Channel Communications, Universal Records, Auto Trader, Speedzone, Cagnazzi Racing, Starplex Cinemas, ITZ Restaurants, Shell GTL Fuel, CBS Radio, and CompUSA. For more information, visit the company's website at http://www.skinzwraps.com
About Rapid Rig Wash, Inc.
Rapid Rig Wash, Inc. offers high quality, environmentally friendly oil rig cleaning and support services in the oil and natural gas fields in Texas, Wyoming, New Mexico, Oklahoma, and Louisiana. Located in the heart of oil production in the Texas Permian Basin, Rapid maintains multiple professionally trained work crews and a modern fleet of steam pressure washing equipment, including Power Steamers, Guzzler Vacuum Trucks, Super Vacs, and other field support equipment.
About Rusty Wallace, Incorporated and RWI Racing, LLC
Mooresville, NC-based Rusty Wallace, Incorporated is a multi-faceted operation founded by legendary NASCAR driver, Rusty Wallace. The company's primary interests include RWI Racing -- a NASCAR Busch Series racing team, RWI Promotions -- a promotional firm specializing in racing show cars, Diamond Aviation -- the company's aviation arm, broadcasting, an ever-growing track design business and seven new car dealerships located throughout eastern Tennessee.
Forward-Looking Statements Disclosure
Forward-looking statements involve risks and uncertainties. This press release may contain "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Actual events could differ materially and substantially from those projected herein and depend on a number of factors.
Contact:
SkinzWraps, Inc., Dallas
Matt Salaverry
214-741-4529
www.skinzwraps.com
GSEG...so it's being bought out and RM with a $30M company?
"We have also negotiated for the sale our majority stake in GS Carbon Corporation to Seaway Capital, Inc., a growth equity and leveraged buyout company. Prior to the sale we will transfer all of our investments, intellectual properties and existing operations out of GS Carbon into GS CleanTech. The transfer to GS CleanTech and the subsequent sale to Seaway will occur on or before June 30, 2007. Seaway's plans for the remaining GS Carbon public shell include the acquisition of Seaway's majority stake in a retail big box chain and the financing and acquisition of other targeted retail chains with an aggregate of more than $30 million in sales. Notably, Seaway has already received term sheets for the financing necessary to support its acquisition plans."
GreenShift Releases Shareholder Letter
Jun 22, 2007 10:58:00 AM
Copyright Business Wire 2007
NEW YORK--(BUSINESS WIRE)--
GreenShift Corporation (OTC Bulletin Board: GSHF) chairman and chief executive officer, Kevin Kreisler, issued the following letter to GreenShift's shareholders today:
Dear Shareholders:
We have accomplished much since GreenShift initiated operations in April 2005, and we are proud and excited by the progress we have made in our various operations. But we have a number of significant issues that we face today that are in need of correction.
Chief among these issues is that of share value. We believe that the current share price of each of our companies does not accurately reflect the value of what we have built.
Our mission is to create valuable opportunities for many people and companies to use resources more efficiently and to be more profitable. To accomplish this, we target and reduce or eliminate consumption inefficiencies by
-- developing and implementing incremental advances in technologies
and business practices
-- that leverage established infrastructure and distribution channels
to enable increased and sustainable profits
-- by decreasing the consumption of natural resources and the
generation of wastes and emissions.
We are focused on implementing this model first in the agriproducts sector, where we have sought out applications of technology that create value-added co-product and waste extraction and refining opportunities.
In the past two years GreenShift and its affiliated companies raised and deployed about $40 million in capital to successfully: (i) acquire and develop technologies that are capable of cost-effective "plug-and-play" integration into existing agriproducts plants; (ii) develop the go-to-market capabilities necessary to bring these technologies to market; (iii) complete early-stage commercialization and finalize the application of the first two of our technologies; (iv) sell and commission early-adopter and commercial implementations of these two technologies; (v) execute a number of agreements that are vital to the foundation of our long term commercialization plans, and, importantly, (vi) initiate positive cash flows. Some of the more significant of our technology-centric achievements include:
-- Corn Oil Extraction
Our process engineering and technology transfer company, GS
CleanTech Corporation, acquired its patent-pending Corn Oil
Extraction technology in early 2006. This technology efficiently
extracts crude corn oil from a co-product of ethanol production at
rates and efficiencies that outstrip any conventional extraction
process. GS CleanTech has executed 6 contracts with ethanol
producers that provide for the extraction and purchase of more than
30 million gallons of crude corn oil. Two early adopter extraction
systems were sold and commissioned during 2006, and we recently
commissioned our first deployment where we retain the right to buy
and sell the extracted oil at rate equal to more than 1.2 million
gallons per year. This oil is currently worth upwards of $1.50 per
gallon and GS CleanTech has just begun to sell oil this month. An
additional 4 systems are planned for deployment over the balance of
this year and we have many similar potential contracts in our sales
pipeline. If all of these new contracts are signed, they will
provide us over 60 million additional gallons of corn oil
extraction potential.
-- Biodiesel Production Equipment
Our fuel production company, GS AgriFuels Corporation, recently
acquired a biodiesel technology provider, NextGen Fuel, Inc., which
had developed and completed early stage commercialization of a
patent-pending continuous flow biodiesel system. The NextGen
systems, which include both direct and transesterification, are
skid mounted and sized to produce 5 million or ten 10 million
gallons of biodiesel per year. Traditional processes typically
require several hours to complete the conversion of qualified
vegetable oils and animal fats into biodiesel; we intensify and
idealize the conditions under which this conversion occurs and we
are consequently able to complete the conversion in minutes instead
of hours - at a much smaller scale than traditional processes, and
at reduced capital and operating costs as compared to traditional
processes. These benefits also allow us to efficiently convert a
broader array of feedstocks than any traditional process that we
are aware of. Since acquiring NextGen we have improved and refined
the technology, completed commercialization and recently
successfully shop-tested two systems for U.S. clients.
-- Development of Corn Oil Biodiesel Production Facilities
We recently announced the execution of letters of intent that call
for GS CleanTech to design, build and integrate an additional 12
corn oil extraction systems with integral biodiesel systems at 4
separate ethanol production facilities. In addition, GS CleanTech
recently executed an agreement for the extraction of about 7
million gallons per year of corn oil at an ethanol facility next to
one of GS AgriFuels' planned biodiesel facilities. In all, these
planned new extraction systems and biodiesel facilities will first
extract and then convert about 37 million gallons of crude corn oil
into biodiesel. GS CleanTech and GS AgriFuels will work together on
these developments - GS CleanTech will provide and sell
engineering, construction and technology transfer services in
return for a mixture of process engineering and plant construction
sales, technology royalties and selected feedstock sales, and GS
AgriFuels will provide its biodiesel systems and invest in the
various projects. If these letters of intent are successfully
converted into executed contracts and the relevant projects are
financed, these prospects would result in a total of more than $90
million in additional process engineering and equipment sales and
ongoing royalties for GS CleanTech and about $50 million per year
in ongoing biodiesel sales for GS AgriFuels at current biodiesel
prices.
That said, our successes are clearly not translating into share value. Our view is that the message is getting lost in the complexities of our capital structure.
We had an entirely different outcome in mind when we formed GreenShift as an investment company and seeded our various companies and technologies. Recall that our original structure included a number of public platform companies that were intended to focus on specific sectors - clean technology development, clean fuels production, clean energy production and environmental services. This structure was established to enable each company to raise capital with its own balance sheet, and its own equity, in order to support its own business model. A big part of the reason for this was that the investment theses were different from one business focus to the next - the structures and valuations used for financing emerging clean tech R&D, for example, are very different from those used to finance mature fuel or power production. At bottom, this structure was initially very successful as it resulted in the financing, acquisition and development of all of our core technologies and operations.
Last year, however, after recognizing the significance of the market opportunities presented by a few of our technologies in the rapidly expanding renewable fuels market, we narrowed our focus to financing and supporting the development and iterative roll-out of our leading technologies and related operations.
Today, we have commercialized essential technologies that have been designed to service needs that few (if any) others currently have the capability to fulfill, and we have positioned these technologies for deployment in an expansively growing renewable fuels market.
The opportunities in front of us in the biomass-derived fuels sector are simply tremendous and we would be remiss if we were to commit capital to anything but implementation in this vertical given our technological advantages.
With this narrowing in focus, the capital structure that we successfully used to seed our technologies has become a costly distraction and an unnecessary drain on resources. Therefore, we have initiated steps to simplify our capital structure and increase the transparency of our operations. This is a process that I believe to be critical to our growth and I am committed to seeing it through to an expedient and cost-effective conclusion.
Our plan involves (1) merging GS CleanTech into GreenShift and, separately, merging GS Energy into GS AgriFuels, (2) liquidating non-core assets, and (3) restructuring and refinancing our debt while we (4) increase sales and earnings in our core business units.
1. Complete Pending Mergers
We believe that the GreenShift - GS CleanTech and GS AgriFuels - GS Energy mergers will help to reduce operational overlap and redundancies, promote a unified vision among our employees, reduce the confusion created by our current structure among customers, vendors, creditors, shareholders and other stakeholders, reduce the focus, capital, and other resources required to administer multiple public entities, and increase our ability to focus on creating value for our shareholders. Updates on these transactions follow:
-- GS AgriFuels - GS Energy Merger
To complete this merger, we need to prepare and file a registration
statement and secure regulatory approval. We have completed nearly
all of the requirements for the filing of this registration
statement and are now only waiting on the final third party legal
and tax opinions. We expect to receive these opinions shortly and
that we will file the registration statement before the end of this
month. GS Energy shareholders will receive 1 share of GS AgriFuels
for every 1,000 shares held in GS Energy on the record date for
this merger. This merger can take anywhere from 3 to 6 months to
complete, depending nearly entirely on how long it takes to secure
regulatory approval.
-- GreenShift - GS CleanTech Merger
The completion of this merger will also require the filing and
approval of a registration statement. We have started to prepare
this registration statement and our goal is to file it as soon as
possible.
GS CleanTech shareholders will receive 1 share of GreenShift for
every 3 shares of GS CleanTech held on the record date for merger.
This exchange ratio was set based on the market price for both
stocks at the time we announced the merger. Given the negative
market response to our original plan to complete this merger, we
considered a number of ways to improve the rate of exchange for
minority shareholders of both GS CleanTech and GreenShift, from
simply changing the exchange rate, which could have significant
negative tax consequences on GS CleanTech's minority shareholders,
to financing a cash buyback of GS CleanTech stock, which would not
be fair to the GS CleanTech shareholders at current market prices.
We settled on decreasing my ownership of the combined company down
to 60% and eliminating all preferred stock upon completion of the
merger. GreenShift currently owns about 80% of GS CleanTech and I
currently own about 80% of GreenShift in the form of preferred
stock. We believe that we can prevent negative tax consequences for
the minority shareholders of both companies simply by adjusting the
conversion features of my preferred ownership in GreenShift.
Importantly, this is intended to have the effect of increasing the
aggregate percentage of the combined company owned by the minority
shareholders of both companies from 20% to 40%.
2. Liquidate Non-Core Assets
We will liquidate or otherwise divest ourselves of any investment, company or asset that is not critical to our continued operation and growth. We have already sold off a non-core engineering unit and a minority investment, and we are exploring the sale of several of our other minority investments (we will retain our existing stakes in Sterling Planet and TerraPass). In addition, we are ceasing all R&D activity that does not complement our core technologies and business lines.
We have also negotiated for the sale our majority stake in GS Carbon Corporation to Seaway Capital, Inc., a growth equity and leveraged buyout company. Prior to the sale we will transfer all of our investments, intellectual properties and existing operations out of GS Carbon into GS CleanTech. The transfer to GS CleanTech and the subsequent sale to Seaway will occur on or before June 30, 2007. Seaway's plans for the remaining GS Carbon public shell include the acquisition of Seaway's majority stake in a retail big box chain and the financing and acquisition of other targeted retail chains with an aggregate of more than $30 million in sales. Notably, Seaway has already received term sheets for the financing necessary to support its acquisition plans.
3. Restructure and Refinance Debt
We have reduced our consolidated debt by about $5 million over the past several months through a combination of cash payments and equity conversions. We expect to effect further significant reductions over the balance of this year. Most of the future reductions will occur through cash payments, since we expect equity conversions to soon cease for the foreseeable future.
We need to restructure and then refinance our remaining debt. We have held favorable initial discussions with our senior creditors, each of whom has indicated a willingness to materially improve the terms of our existing debt financing in ways that support our consolidation process given the progress of our operations and our payment history. We are accordingly optimistic that we will be able to restructure a significant amount of our debt in the near term. We are working on this now.
We will, however, and even after this restructuring, need to reduce and refinance all of our remaining debt. We plan to do so with a combination of cash flows and lower cost debt and equity that we bring in at the much higher valuations justified by the performance of our core operations.
4. Execute in Core Businesses
At the conclusion of the mergers and other transactions described above, GreenShift will have two majority-owned public subsidiaries, GS AgriFuels and GS EnviroServices.
The operations of each company will be as follows:
-- GreenShift Corporation
-- Process Engineering & Plant Construction Services
-- Technology Licensing
-- Feedstock Extraction & Sales
-- Early Stage Technology Acquisition and Development
-- GS AgriFuels Corporation (OTC Bulletin Board: GSGF) Majority Owned
Public Subsidiary
-- Biofuels Production Equipment Manufacturing & Sales
-- Biodiesel Production & Sales
-- Other Biomass Derived Fuel & Energy Production & Sales
-- Oilseed Crushing & Vegetable Oil Sales
-- GS EnviroServices, Inc. (OTC Bulletin Board: GSEN) Majority Owned
Public Subsidiary
-- Industrial Waste Management Services
-- Environmental Engineering Services
-- Site Remediation Services
As an example of our revenue generating potential moving forward, the completion of construction and full deployment of a total of just 30 million gallons per year of corn oil extraction with integral biodiesel production capability could generate about $72 million in process engineering and plant construction sales and about $3 million in annual royalties for the merged GreenShift - GS CleanTech. Our target is to ultimately deploy 120 million gallons of corn oil extraction and biodiesel production capability.
GS AgriFuels, as the majority owner of these biodiesel production facilities, would generate about $85 million per year in ongoing biodiesel sales with better than 25% EBITDA margins at current market prices. Given the contracts, letters of intent and other recent developments detailed above, GS AgriFuels could be producing biodiesel at the 30 million gallon per year run-rate in as little as 12 months.
In addition, we believe that GS AgriFuels can generate well in excess of $50 million per year in equipment sales, and that GS AgriFuels' oilseed crush division, Sustainable Systems, can produce more than $70 million in annualized vegetable oil and biodiesel sales after the completion of the expansion of its Montana based crush facility later this year.
Finally, GS EnviroServices, which is currently generating about $16 million per year in sales, can be expected to grow its sales at an annual rate of more than 20% for the next few years given its recently completed and planned acquisitions.
The Path Forward
Our technologies are robust, scalable, energy efficient, modular and, importantly, capable of rapid and cost-effective "plug-and-play" integration into the existing agribusiness infrastructure. These advantages converge to enable the refining of many different alternative feedstocks into clean and renewable energy and several different clean fuels cost-effectively at small scales. We believe that this capability is highly valuable because it enables us to reduce commodity risk by creating opportunities to manage production assets in response to fluctuating market conditions. No single conventional or new technology or group of technologies that we are aware of can currently achieve this.
Our commercialization plan for these technologies involves the iterative integration and synergistic application of several technologies into traditional agriproducts plants in ways that enable us to upgrade production and cost-average down the capital and operating costs traditionally associated with renewable fuel production. Our intention is to commercialize and generate cash flows from our technologies according to the following roll-out schedule:
Step 1 corn oil extraction
Step 2 integral biodiesel production
Step 3 integral biomass gasification for heat and power
applications
Step 4 integral biomass gasification for liquid fuels applications
Step 5 integral bioreformation of carbon dioxide into algal
biomass and additional liquid fuels
Importantly, each step is designed to integrate and work with each of the previous steps as well as the host facility to capitalize on all practical operating synergies. The commercialization process for Steps 1 and 2 is complete and we are actively implementing a go-to-market based on these technologies. The technologies needed for Steps 3 and 4 are nearly complete with their early-stage commercialization process and we plan to start our marketing of these capabilities later this year. The technologies needed for Step 5 are still deep in the R&D stage and require additional capital to prove out, but we are very committed to bringing a cost-effective implementation of bioreactor technology to market - this a key strategic initiative for GreenShift moving forward.
On the morning after the U.S. Senate passed a bill that calls for increased ethanol production, our focus on upgrading traditional ethanol facilities with "plug-and-play" modular technology was never more timely. We will continue to remain relentlessly focused on developing and implementing technologies that make existing and new ethanol plants more efficient. We will then do the same for other traditional agriproducts plants, such as oilseed crush plants and animal and livestock processing plants, and upgrade these plants into integrated multi-feedstock, multi-fuel biorefineries.
Our long-term strategy is to focus on the inevitable consequences of the way we use natural resources to make things, and to extract opportunities for positive economics by simultaneously increasing production efficiencies and reducing the upstream and downstream burdens of that production on our ecosystem. With increasing burdens on natural resources globally, both at the beginning and end of product supply chains, we must simply be smarter about how we use resources. GreenShift's long term mission is to make a significant contribution to achieving this.
For the time being, however, we will remain focused on sales and earnings growth through the deployment and commissioning of corn oil extraction systems, the sales of biodiesel equipment, the financing, construction and operation of our co-located corn oil biodiesel production facilities, the expansion and operation of our oilseed crush plant, and the growth of our environmental services group.
While the results have not been obvious and the impact has not yet translated into share value, our operations have made extraordinary strides in a short period of time and they are picking up steam. We will continue these efforts while we rationalize our capital structure as quickly and as cost-effectively as possible. We appreciate your patience through that process.
We intend to announce details shortly relative to the scheduling of a conference call that we would like to hold next week to respond to shareholder questions. We are grateful for your continued interest and support, and we look forward to our next communication.
Best Regards,
Kevin Kreisler
Chairman and Chief Executive Officer
GreenShift Corporation
About GreenShift Corporation
GreenShift Corporation develops and supports clean technologies and companies that facilitate the efficient use of natural resources. GreenShift's ambition is to catalyze the rapid realization of disruptive environmental gains by creating valuable opportunities for a great many people and companies to use resources more efficiently and to be more profitable. Additional information on GreenShift is available online at www.greenshift.com.
GreenShift owns majority stakes in GS CleanTech Corporation (OTC Bulletin Board: GSCT), GS AgriFuels Corporation (OTC Bulletin Board: GSGF), GS Energy Corporation (OTC Bulletin Board: GSEG), GS Carbon Corporation (OTC Bulletin Board: GSCR) and GS EnviroServices, Inc. (OTC Bulletin Board: GSEN).
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Source: GreenShift Corporation
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GreenShift Corporation
212-994-5374
Fax: 646-572-6336
investorrelations@gs-cleantech.com
www.gs-cleantech.com
or
Investor Relations:
CEOcast
Inc.
Andrew Hellman
212-732-4300
or
Public Relations:
Walek & Associates
Deborah McCandless
212-590-0523
Fax: 212-889-7174
dmccandless@walek.com
www.walek.com
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GNBT 1.74 Generex Biotechnology to Make Presentations At the American Diabetes Association's 67th Scientific Sessions
Jun 22, 2007 1:23:00 PM
2007 PrimeNewswire, Inc.
WORCESTER, Mass., June 22, 2007 (PRIME NEWSWIRE) -- Generex Biotechnology Corporation (Nasdaq:GNBT) , the leader in drug delivery for metabolic diseases through the inner lining of the mouth, announced today that it will be making three poster presentations at the American Diabetes Association's 67th Scientific Sessions in Chicago, IL June 22-26, 2007 (www.diabetes.org and www.scientificsessions.diabetes.org).
Two of the presentations feature the Company's proprietary confectionary Glucose RapidSpray(tm) product and its role in hypoglycemic control and as dietary supplement for weight control:
Glucose RapidSpray, A New Tool to Control Progression Towards Hypoglycaemia, by Professor Paolo Pozzilli, University Campus Bio-Medico, Rome, Italy, with Antonio Picardi, Manon Yeganeh Khazrai, Maria Altomare, Natalia Visalli, and Elisa Cipponeri.
This study focuses on the importance of modulating hypoglycaemia, one of the factors in tight control of blood glucose to prevent complications. Most people with falling blood sugar overcompensate and run their blood glucose to extremely high levels, affording additional risks. Glucose RapidSpray used early in the onset of hypoglycaemia can stop the episode and prevent a further drop in blood glucose and the noxious feelings that ensue. Most important is the ability of the individual to specifically modulate glucose replacement only to the extent necessary.
Reduction of Body Weight Through Diet and the Use of Glucose RapidSpray, by Professor Paolo Pozzilli, University Campus Bio-Medico, Rome, Italy with Manon Yeganeh Khazrai, Maria Altomare, Natalia Visalli, Laura Cipolloni, and Anna Rita Maurizi.
In this study, delivery of small amounts of glucose during the day appeared to reduce the body mass index (BMI) of subjects using Glucose RapidSpray as compared to a control group. This simple application may be a great boon to people with obesity and diabetes.
The other presentation features Generex Oral-lyn(tm), the Company's proprietary oral insulin spray product:
Comparison of Pre-prandial s.c. Regular Insulin vs. Prandial Oral Insulin in Adult Type-1 DM Subjects Receiving Basal s.c. Twice Daily Isophane Insulin (NPH), by Doctors Jaime Guevara-Aguirre, Marco Guevara-Aguirre, and Jeannette Saavedra, all of the Institute of Endocrinology IEMYR, Quito, Ecuador.
This study shows that the use of a simple system that delivers regular acting insulin to the lining of the mouth is non-inferior to insulin injection. The implication is important for millions of people of people with diabetes burdened by multiple daily injections. The delivery through the buccal mucosa is advantageous because of its enormous vascularity allowing for improved pharmacokinetics.
In addition, the following abstracts will appear in the Scientific Sessions Abstract Book:
6-Month Safety and Efficacy of Lunchtime Oral Insulin in Juvenile Type-1 DM Subjects Receiving Basal Glargine Insulin and Pre-Breakfast and Pre-Dinner S.C. Regular Insulin, by Doctors Jaime Guevara-Aguirre, Marco Guevara-Aguirre, and Jeannette Saavedra, all of the Institute of Endocrinology IEMYR, Quito, Ecuador, together with Dr. Gerald Bernstein, the Company's Vice-President for Medical Affairs; and
Near Normalization of Metabolic Control in Type-1 DM Using Conventional Insulin Therapy (CIT) and a 13-Point Method Designed to Enhance Compliance, by Doctors Jaime Guevara-Aguirre, Marco Guevara-Aguirre, and Jeannette Saavedra, all of the Institute of Endocrinology IEMYR, Quito, Ecuador, together with Dr. Gerald Bernstein, the Company's Vice-President for Medical Affairs.
The American Diabetes Association is the nation's leading 501(C)3 nonprofit health organization providing diabetes research, information, and advocacy. Founded in 1940, the American Diabetes Association conducts programs in all 50 states and the District of Columbia, reaching hundreds of communities. The mission of the Association is to prevent and cure diabetes and to improve the lives of all people affected by diabetes. To fulfill this mission, the American Diabetes Association funds research, publishes scientific findings, provides information and other services to people with diabetes, their families, health professionals and the public. The Association is also actively involved in advocating for scientific research and for the rights of people with diabetes.
The Scientific Sessions are held in June each year and provide an opportunity for members of the diabetes community from around the world to participate in the largest annual research and clinical meeting on diabetes. Sessions focus on the latest information in the areas of basic and clinical research and on the application of this information to clinical practice. The program includes symposia, oral and poster abstract presentations, interactive workshops, poster discussions, and other small group learning sessions.
About Generex
Generex is engaged in the research and development of drug delivery systems and technologies. Generex has developed a proprietary platform technology for the delivery of drugs into the human body through the oral cavity (with no deposit in the lungs). The Company's proprietary liquid formulations allow drugs typically administered by injection to be absorbed into the body by the lining of the inner mouth using the Company's proprietary RapidMist(tm) device. The Company's flagship product, oral insulin (Generex Oral-lyn(tm)), which is available for sale in Ecuador for the treatment of patients with Type-1 and Type-2 diabetes, is in various stages of clinical trials around the world. For more information, visit the Generex website at www.generex.com.
Safe Harbor Statement: This release and oral statements made from time to time by Generex representatives concerning the same subject matter may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plans," "intends," "believes," "will," "estimates," "forecasts," "projects" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Forward-looking statements frequently are used in discussing potential product applications, potential collaborations, product development activities, clinical studies, regulatory submissions and approvals, and similar operating matters. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by Generex with the Securities and Exchange Commission, which should be considered together with any forward-looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements. Generex cannot be sure when or if it will be permitted by regulatory agencies to undertake additional clinical trials or to commence any particular phase of clinical trials. Because of this, statements regarding the expected timing of clinical trials cannot be regarded as actual predictions of when Generex will obtain regulatory approval for any "phase" of clinical trials. Generex claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act.
CONTACT: Generex
Shayne Gilliatt
800-391-6755
416-364-2551
CEOcast, Inc.
Andrew Hellman
212-732-4300
ADMH heads up
i bought at bid FYI....GCOG
SBEI 2.54 SBE, Inc. Announces Receipt of Nasdaq Clearance Letter
Jun 22, 2007 11:56:00 AM
Copyright Business Wire 2007
SAN RAMON, Calif.--(BUSINESS WIRE)--
SBE, Inc. (Nasdaq:SBEI), today announced that it has received a letter from The Nasdaq Stock Market ("Nasdaq") notifying the Company that it has regained compliance with Nasdaq Marketplace Rule 4210(c)(4), which contains the $1.00 minimum bid price per share requirement and with Marketplace Rule 4310(c)(2)(B), which requires the company to maintain minimum stockholders' equity of $2.5 million, or $35.0 million market value of listed securities, or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.
Previously, on January 11, 2007, the Company received a deficiency letter from Nasdaq indicating that the Company failed to comply with the minimum bid price requirement of $1.00 as required by the Marketplace Rules. During the subsequent compliance period provided under the Marketplace Rules, the closing bid price of the Company's common stock was at $1.00 per share or greater for at least 10 consecutive business days. Accordingly, the Nasdaq Staff has informed the Company that it has regained compliance with Marketplace Rule 4210(c)(4). In addition, on March 20, 2007 the Company received a deficiency letter from Nasdaq stating that the Company's failed to maintain the minimum stockholders' equity as required by the Marketplace Rules. Accordingly, the Nasdaq Staff has informed the Company that it has regained compliance with Marketplace Rule 4310(c)(2)(B).
About SBE
SBE designs and provides IP-based storage networking solutions for an extensive range of business critical applications, including back-up and disaster recovery. SBE delivers a portfolio of scalable, standards-based hardware and software products designed to enable optimal performance and rapid deployment across a wide range of next-generation storage systems. SBE is based in San Ramon, California. SBE is a publicly traded company (NASDAQ:SBEI) with products sold worldwide through direct sales, OEMs and system integration partners. SBE signed a definitive merger agreement with Neonode, Inc. After shareholder approval of the merger, the combined company's headquarters will be in Stockholm, Sweden, where Neonode's current corporate headquarters is located. More information is available at www.sbei.com.
Forward-Looking Statements
This news release contains certain forward-looking statements that involve risks and uncertainties, including statements about a merger with Neonode, Inc. Such statements are only predictions and the company's actual results may differ materially from those anticipated in these forward-looking statements. These factors and others are more fully discussed in the documents the company files from time to time with the Securities and Exchange Commission, particularly, the Form 8-K filed with the Securities and Exchange Commission on the date hereof and the company's most recent Form 10-K and Form 10-Q.
SBE and the SBE logo are registered trademarks of SBE, Inc.
Source: SBE, Inc.
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SBE
Inc.
David W. Brunton
Chief Financial Officer
925-355-7700
davidb@sbei.com
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GSHF .026 GreenShift Releases Shareholder Letter
Jun 22, 2007 10:58:00 AM
Copyright Business Wire 2007
NEW YORK--(BUSINESS WIRE)--
GreenShift Corporation (OTC Bulletin Board: GSHF) chairman and chief executive officer, Kevin Kreisler, issued the following letter to GreenShift's shareholders today:
Dear Shareholders:
We have accomplished much since GreenShift initiated operations in April 2005, and we are proud and excited by the progress we have made in our various operations. But we have a number of significant issues that we face today that are in need of correction.
Chief among these issues is that of share value. We believe that the current share price of each of our companies does not accurately reflect the value of what we have built.
Our mission is to create valuable opportunities for many people and companies to use resources more efficiently and to be more profitable. To accomplish this, we target and reduce or eliminate consumption inefficiencies by
-- developing and implementing incremental advances in technologies
and business practices
-- that leverage established infrastructure and distribution channels
to enable increased and sustainable profits
-- by decreasing the consumption of natural resources and the
generation of wastes and emissions.
We are focused on implementing this model first in the agriproducts sector, where we have sought out applications of technology that create value-added co-product and waste extraction and refining opportunities.
In the past two years GreenShift and its affiliated companies raised and deployed about $40 million in capital to successfully: (i) acquire and develop technologies that are capable of cost-effective "plug-and-play" integration into existing agriproducts plants; (ii) develop the go-to-market capabilities necessary to bring these technologies to market; (iii) complete early-stage commercialization and finalize the application of the first two of our technologies; (iv) sell and commission early-adopter and commercial implementations of these two technologies; (v) execute a number of agreements that are vital to the foundation of our long term commercialization plans, and, importantly, (vi) initiate positive cash flows. Some of the more significant of our technology-centric achievements include:
-- Corn Oil Extraction
Our process engineering and technology transfer company, GS
CleanTech Corporation, acquired its patent-pending Corn Oil
Extraction technology in early 2006. This technology efficiently
extracts crude corn oil from a co-product of ethanol production at
rates and efficiencies that outstrip any conventional extraction
process. GS CleanTech has executed 6 contracts with ethanol
producers that provide for the extraction and purchase of more than
30 million gallons of crude corn oil. Two early adopter extraction
systems were sold and commissioned during 2006, and we recently
commissioned our first deployment where we retain the right to buy
and sell the extracted oil at rate equal to more than 1.2 million
gallons per year. This oil is currently worth upwards of $1.50 per
gallon and GS CleanTech has just begun to sell oil this month. An
additional 4 systems are planned for deployment over the balance of
this year and we have many similar potential contracts in our sales
pipeline. If all of these new contracts are signed, they will
provide us over 60 million additional gallons of corn oil
extraction potential.
-- Biodiesel Production Equipment
Our fuel production company, GS AgriFuels Corporation, recently
acquired a biodiesel technology provider, NextGen Fuel, Inc., which
had developed and completed early stage commercialization of a
patent-pending continuous flow biodiesel system. The NextGen
systems, which include both direct and transesterification, are
skid mounted and sized to produce 5 million or ten 10 million
gallons of biodiesel per year. Traditional processes typically
require several hours to complete the conversion of qualified
vegetable oils and animal fats into biodiesel; we intensify and
idealize the conditions under which this conversion occurs and we
are consequently able to complete the conversion in minutes instead
of hours - at a much smaller scale than traditional processes, and
at reduced capital and operating costs as compared to traditional
processes. These benefits also allow us to efficiently convert a
broader array of feedstocks than any traditional process that we
are aware of. Since acquiring NextGen we have improved and refined
the technology, completed commercialization and recently
successfully shop-tested two systems for U.S. clients.
-- Development of Corn Oil Biodiesel Production Facilities
We recently announced the execution of letters of intent that call
for GS CleanTech to design, build and integrate an additional 12
corn oil extraction systems with integral biodiesel systems at 4
separate ethanol production facilities. In addition, GS CleanTech
recently executed an agreement for the extraction of about 7
million gallons per year of corn oil at an ethanol facility next to
one of GS AgriFuels' planned biodiesel facilities. In all, these
planned new extraction systems and biodiesel facilities will first
extract and then convert about 37 million gallons of crude corn oil
into biodiesel. GS CleanTech and GS AgriFuels will work together on
these developments - GS CleanTech will provide and sell
engineering, construction and technology transfer services in
return for a mixture of process engineering and plant construction
sales, technology royalties and selected feedstock sales, and GS
AgriFuels will provide its biodiesel systems and invest in the
various projects. If these letters of intent are successfully
converted into executed contracts and the relevant projects are
financed, these prospects would result in a total of more than $90
million in additional process engineering and equipment sales and
ongoing royalties for GS CleanTech and about $50 million per year
in ongoing biodiesel sales for GS AgriFuels at current biodiesel
prices.
That said, our successes are clearly not translating into share value. Our view is that the message is getting lost in the complexities of our capital structure.
We had an entirely different outcome in mind when we formed GreenShift as an investment company and seeded our various companies and technologies. Recall that our original structure included a number of public platform companies that were intended to focus on specific sectors - clean technology development, clean fuels production, clean energy production and environmental services. This structure was established to enable each company to raise capital with its own balance sheet, and its own equity, in order to support its own business model. A big part of the reason for this was that the investment theses were different from one business focus to the next - the structures and valuations used for financing emerging clean tech R&D, for example, are very different from those used to finance mature fuel or power production. At bottom, this structure was initially very successful as it resulted in the financing, acquisition and development of all of our core technologies and operations.
Last year, however, after recognizing the significance of the market opportunities presented by a few of our technologies in the rapidly expanding renewable fuels market, we narrowed our focus to financing and supporting the development and iterative roll-out of our leading technologies and related operations.
Today, we have commercialized essential technologies that have been designed to service needs that few (if any) others currently have the capability to fulfill, and we have positioned these technologies for deployment in an expansively growing renewable fuels market.
The opportunities in front of us in the biomass-derived fuels sector are simply tremendous and we would be remiss if we were to commit capital to anything but implementation in this vertical given our technological advantages.
With this narrowing in focus, the capital structure that we successfully used to seed our technologies has become a costly distraction and an unnecessary drain on resources. Therefore, we have initiated steps to simplify our capital structure and increase the transparency of our operations. This is a process that I believe to be critical to our growth and I am committed to seeing it through to an expedient and cost-effective conclusion.
Our plan involves (1) merging GS CleanTech into GreenShift and, separately, merging GS Energy into GS AgriFuels, (2) liquidating non-core assets, and (3) restructuring and refinancing our debt while we (4) increase sales and earnings in our core business units.
1. Complete Pending Mergers
We believe that the GreenShift - GS CleanTech and GS AgriFuels - GS Energy mergers will help to reduce operational overlap and redundancies, promote a unified vision among our employees, reduce the confusion created by our current structure among customers, vendors, creditors, shareholders and other stakeholders, reduce the focus, capital, and other resources required to administer multiple public entities, and increase our ability to focus on creating value for our shareholders. Updates on these transactions follow:
-- GS AgriFuels - GS Energy Merger
To complete this merger, we need to prepare and file a registration
statement and secure regulatory approval. We have completed nearly
all of the requirements for the filing of this registration
statement and are now only waiting on the final third party legal
and tax opinions. We expect to receive these opinions shortly and
that we will file the registration statement before the end of this
month. GS Energy shareholders will receive 1 share of GS AgriFuels
for every 1,000 shares held in GS Energy on the record date for
this merger. This merger can take anywhere from 3 to 6 months to
complete, depending nearly entirely on how long it takes to secure
regulatory approval.
-- GreenShift - GS CleanTech Merger
The completion of this merger will also require the filing and
approval of a registration statement. We have started to prepare
this registration statement and our goal is to file it as soon as
possible.
GS CleanTech shareholders will receive 1 share of GreenShift for
every 3 shares of GS CleanTech held on the record date for merger.
This exchange ratio was set based on the market price for both
stocks at the time we announced the merger. Given the negative
market response to our original plan to complete this merger, we
considered a number of ways to improve the rate of exchange for
minority shareholders of both GS CleanTech and GreenShift, from
simply changing the exchange rate, which could have significant
negative tax consequences on GS CleanTech's minority shareholders,
to financing a cash buyback of GS CleanTech stock, which would not
be fair to the GS CleanTech shareholders at current market prices.
We settled on decreasing my ownership of the combined company down
to 60% and eliminating all preferred stock upon completion of the
merger. GreenShift currently owns about 80% of GS CleanTech and I
currently own about 80% of GreenShift in the form of preferred
stock. We believe that we can prevent negative tax consequences for
the minority shareholders of both companies simply by adjusting the
conversion features of my preferred ownership in GreenShift.
Importantly, this is intended to have the effect of increasing the
aggregate percentage of the combined company owned by the minority
shareholders of both companies from 20% to 40%.
2. Liquidate Non-Core Assets
We will liquidate or otherwise divest ourselves of any investment, company or asset that is not critical to our continued operation and growth. We have already sold off a non-core engineering unit and a minority investment, and we are exploring the sale of several of our other minority investments (we will retain our existing stakes in Sterling Planet and TerraPass). In addition, we are ceasing all R&D activity that does not complement our core technologies and business lines.
We have also negotiated for the sale our majority stake in GS Carbon Corporation to Seaway Capital, Inc., a growth equity and leveraged buyout company. Prior to the sale we will transfer all of our investments, intellectual properties and existing operations out of GS Carbon into GS CleanTech. The transfer to GS CleanTech and the subsequent sale to Seaway will occur on or before June 30, 2007. Seaway's plans for the remaining GS Carbon public shell include the acquisition of Seaway's majority stake in a retail big box chain and the financing and acquisition of other targeted retail chains with an aggregate of more than $30 million in sales. Notably, Seaway has already received term sheets for the financing necessary to support its acquisition plans.
3. Restructure and Refinance Debt
We have reduced our consolidated debt by about $5 million over the past several months through a combination of cash payments and equity conversions. We expect to effect further significant reductions over the balance of this year. Most of the future reductions will occur through cash payments, since we expect equity conversions to soon cease for the foreseeable future.
We need to restructure and then refinance our remaining debt. We have held favorable initial discussions with our senior creditors, each of whom has indicated a willingness to materially improve the terms of our existing debt financing in ways that support our consolidation process given the progress of our operations and our payment history. We are accordingly optimistic that we will be able to restructure a significant amount of our debt in the near term. We are working on this now.
We will, however, and even after this restructuring, need to reduce and refinance all of our remaining debt. We plan to do so with a combination of cash flows and lower cost debt and equity that we bring in at the much higher valuations justified by the performance of our core operations.
4. Execute in Core Businesses
At the conclusion of the mergers and other transactions described above, GreenShift will have two majority-owned public subsidiaries, GS AgriFuels and GS EnviroServices.
The operations of each company will be as follows:
-- GreenShift Corporation
-- Process Engineering & Plant Construction Services
-- Technology Licensing
-- Feedstock Extraction & Sales
-- Early Stage Technology Acquisition and Development
-- GS AgriFuels Corporation (OTC Bulletin Board: GSGF) Majority Owned
Public Subsidiary
-- Biofuels Production Equipment Manufacturing & Sales
-- Biodiesel Production & Sales
-- Other Biomass Derived Fuel & Energy Production & Sales
-- Oilseed Crushing & Vegetable Oil Sales
-- GS EnviroServices, Inc. (OTC Bulletin Board: GSEN) Majority Owned
Public Subsidiary
-- Industrial Waste Management Services
-- Environmental Engineering Services
-- Site Remediation Services
As an example of our revenue generating potential moving forward, the completion of construction and full deployment of a total of just 30 million gallons per year of corn oil extraction with integral biodiesel production capability could generate about $72 million in process engineering and plant construction sales and about $3 million in annual royalties for the merged GreenShift - GS CleanTech. Our target is to ultimately deploy 120 million gallons of corn oil extraction and biodiesel production capability.
GS AgriFuels, as the majority owner of these biodiesel production facilities, would generate about $85 million per year in ongoing biodiesel sales with better than 25% EBITDA margins at current market prices. Given the contracts, letters of intent and other recent developments detailed above, GS AgriFuels could be producing biodiesel at the 30 million gallon per year run-rate in as little as 12 months.
In addition, we believe that GS AgriFuels can generate well in excess of $50 million per year in equipment sales, and that GS AgriFuels' oilseed crush division, Sustainable Systems, can produce more than $70 million in annualized vegetable oil and biodiesel sales after the completion of the expansion of its Montana based crush facility later this year.
Finally, GS EnviroServices, which is currently generating about $16 million per year in sales, can be expected to grow its sales at an annual rate of more than 20% for the next few years given its recently completed and planned acquisitions.
The Path Forward
Our technologies are robust, scalable, energy efficient, modular and, importantly, capable of rapid and cost-effective "plug-and-play" integration into the existing agribusiness infrastructure. These advantages converge to enable the refining of many different alternative feedstocks into clean and renewable energy and several different clean fuels cost-effectively at small scales. We believe that this capability is highly valuable because it enables us to reduce commodity risk by creating opportunities to manage production assets in response to fluctuating market conditions. No single conventional or new technology or group of technologies that we are aware of can currently achieve this.
Our commercialization plan for these technologies involves the iterative integration and synergistic application of several technologies into traditional agriproducts plants in ways that enable us to upgrade production and cost-average down the capital and operating costs traditionally associated with renewable fuel production. Our intention is to commercialize and generate cash flows from our technologies according to the following roll-out schedule:
Step 1 corn oil extraction
Step 2 integral biodiesel production
Step 3 integral biomass gasification for heat and power
applications
Step 4 integral biomass gasification for liquid fuels applications
Step 5 integral bioreformation of carbon dioxide into algal
biomass and additional liquid fuels
Importantly, each step is designed to integrate and work with each of the previous steps as well as the host facility to capitalize on all practical operating synergies. The commercialization process for Steps 1 and 2 is complete and we are actively implementing a go-to-market based on these technologies. The technologies needed for Steps 3 and 4 are nearly complete with their early-stage commercialization process and we plan to start our marketing of these capabilities later this year. The technologies needed for Step 5 are still deep in the R&D stage and require additional capital to prove out, but we are very committed to bringing a cost-effective implementation of bioreactor technology to market - this a key strategic initiative for GreenShift moving forward.
On the morning after the U.S. Senate passed a bill that calls for increased ethanol production, our focus on upgrading traditional ethanol facilities with "plug-and-play" modular technology was never more timely. We will continue to remain relentlessly focused on developing and implementing technologies that make existing and new ethanol plants more efficient. We will then do the same for other traditional agriproducts plants, such as oilseed crush plants and animal and livestock processing plants, and upgrade these plants into integrated multi-feedstock, multi-fuel biorefineries.
Our long-term strategy is to focus on the inevitable consequences of the way we use natural resources to make things, and to extract opportunities for positive economics by simultaneously increasing production efficiencies and reducing the upstream and downstream burdens of that production on our ecosystem. With increasing burdens on natural resources globally, both at the beginning and end of product supply chains, we must simply be smarter about how we use resources. GreenShift's long term mission is to make a significant contribution to achieving this.
For the time being, however, we will remain focused on sales and earnings growth through the deployment and commissioning of corn oil extraction systems, the sales of biodiesel equipment, the financing, construction and operation of our co-located corn oil biodiesel production facilities, the expansion and operation of our oilseed crush plant, and the growth of our environmental services group.
While the results have not been obvious and the impact has not yet translated into share value, our operations have made extraordinary strides in a short period of time and they are picking up steam. We will continue these efforts while we rationalize our capital structure as quickly and as cost-effectively as possible. We appreciate your patience through that process.
We intend to announce details shortly relative to the scheduling of a conference call that we would like to hold next week to respond to shareholder questions. We are grateful for your continued interest and support, and we look forward to our next communication.
Best Regards,
Kevin Kreisler
Chairman and Chief Executive Officer
GreenShift Corporation
About GreenShift Corporation
GreenShift Corporation develops and supports clean technologies and companies that facilitate the efficient use of natural resources. GreenShift's ambition is to catalyze the rapid realization of disruptive environmental gains by creating valuable opportunities for a great many people and companies to use resources more efficiently and to be more profitable. Additional information on GreenShift is available online at www.greenshift.com.
GreenShift owns majority stakes in GS CleanTech Corporation (OTC Bulletin Board: GSCT), GS AgriFuels Corporation (OTC Bulletin Board: GSGF), GS Energy Corporation (OTC Bulletin Board: GSEG), GS Carbon Corporation (OTC Bulletin Board: GSCR) and GS EnviroServices, Inc. (OTC Bulletin Board: GSEN).
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Source: GreenShift Corporation
----------------------------------------------
GreenShift Corporation
212-994-5374
Fax: 646-572-6336
investorrelations@gs-cleantech.com
www.gs-cleantech.com
or
Investor Relations:
CEOcast
Inc.
Andrew Hellman
212-732-4300
or
Public Relations:
Walek & Associates
Deborah McCandless
212-590-0523
Fax: 212-889-7174
dmccandless@walek.com
www.walek.com
LGSP .52 Baby Sea Turtles Protected by Cutting Edge Lighting Science Group LED Lighting Technology
Changing the Way the World Sees Light(TM)
Jun 22, 2007 10:55:00 AM
DALLAS, June 22 /PRNewswire-FirstCall/ -- It's sea turtle nesting season up and down the east coast of Florida, and once again, the baby sea turtle population is at risk. Baby sea turtles are drawn into harm's way because they are attracted to the bright white lights on docks, back porches and other building exteriors, rather than following the natural light of the moon and heading for the safety of the ocean. That is, until now. Lighting Science Group Corporation, (OTC Bulletin Board: LSGP) (LSG), a leading provider of energy efficient and environmentally responsible lighting solutions, announced today the first commercial installation of its amber-colored R20 LED "Turtle Lights" at the Radisson Suite Hotel Oceanfront in Melbourne, Fla.
To encourage additional commercial and residential adoption of this environmentally-friendly technology, the Company also announced that it will offer a $5.00 manufacturers rebate on the purchase of each "Turtle Light" sold at the Wal-Mart store in Satellite Beach, Fla., located in Brevard County, where there is highest rate of sea turtle nesting in the state. The lights are priced at $29.99 (including rebate) and are in-stock and available now. For a special promotional period, Wal-Mart customers will receive a free R30 LED "Turtle Light" with each purchase of the Company's R20 LED "Turtle Light."
Lighting Science Group has developed the "Turtle Light," an amber light emitting diode (LED) light that has been certified by the Florida Fish & Wildlife Conservation Commission for use in sea turtle habitat areas. The light can be used along waterfronts and has been proven not to attract sea turtles looking to nest and lay their eggs, and more importantly, will not attract the baby turtles looking to make their way to the sea right after hatching.
"LED lighting is no longer the 'technology of tomorrow.' It is here today, and can help save the planet in ways that most people don't even think about," said Ron Lusk, chairman and chief executive officer of Lighting Science Group Corporation. "These 'Turtle Lights' are an excellent example of LSG's commitment to changing the way the world sees light and improving the environment with innovative Optimized Digital Lighting(R) solutions."
Commenting on the installation of the "Turtle Lights" at its property, Raed Alshaibi, manager of the Radisson Suite Hotel Oceanfront, noted, "As an engaged and environmentally focused member of the Western Florida coastal community, Radisson Hotels and Resorts is proud to support this worthwhile endeavor. For years, we have been aware of the problem facing the sea turtle population but were unable to find a viable, cost effective and environmentally friendly solution. Meeting with management from Lighting Science Group, we were delighted to have been presented with this simple, yet extremely effective solution."
Lusk concluded, "Using our 'Turtle Light' means the hatchlings will head for the sea rather than towards houses and docks where predators lurk. In addition to providing significant energy savings, our LED lights last 50,000 hours, which means the bulb will last for about 12 years. Finally, our bulbs contain no mercury or other hazardous substances found in compact fluorescents (CFL) and HID lighting."
The rebate is good from Saturday, June 23 for as long as supplies last. To redeem the rebate customers must mail in the UPC code from the side of the package along with a copy of their receipt. For more information please visit the LSG website at (www.lsgc.com).
About Lighting Science Group Corporation
Lighting Science Group Corporation (www.lsgc.com) designs and sells highly energy efficient and environmentally friendly lighting solutions based on its proprietary Optimized Digital Lighting(R) (ODL(R)) technology. The Company's patented and patent-pending designs and manufacturing processes enable affordable, efficient and long lasting LED lighting systems to be quickly deployed in existing lighting applications and produce immediate cost savings and environmental benefits. Products include lowbay fixtures for parking garages and industrial facilities, MR-16, R30, R25, R20, R16 (elevator light), G11, G25, S6, candelabra and flame tip bulbs which can be purchased at http://store.lsgc.com.
Certain statements in the press release constitute "forward-looking statements" relating to Lighting Science Group Corporation within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding future events, our business strategy and our financing plans are forward-looking statements. In some cases you can identify forward-looking statements by terminology such as "may," "will," "would," "should," "could," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict, " "potential" or "continue, " the negative of such terms or other comparable terminology. These statements are only predictions. Known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those contemplated by the statements. In evaluating these statements, you should specifically consider various factors that may cause our actual results to differ materially from any forward-looking statements. "Lighting Science," "Optimized Digital Lighting," "ODL" and the ODL light beam logo are registered in the U.S. Patent and Trademark Office. The phrase "Changing the Way the World Sees Light" and the LSG concentric ovals logo are trademarks of Lighting Science Group Corporation. Readers should carefully review the risk factors described above and in other documents filed by the Company with the SEC. Readers are specifically directed to the discussion under "Risk Factors" in the Company's Registration Statements on Form SB-2.
Company Contact: Investor Relations /
Public Relations Contacts:
Lighting Science Group Corporation KCSA Worldwide
Ron Lusk Jeffrey Goldberger / Danielle DeVoren
Chairman & CEO 212.896.1249 / 212.896.1225
jgoldberger@kcsa.com /
ddevoren@kcsa.com
SOURCE Lighting Science Group Corporation
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Ron Lusk
Chairman & CEO of Lighting Science Group Corporation; or Investor Relations and Public Relations
Jeffrey Goldberger
+1-212-896-1249
jgoldberger@kcsa.com
or Danielle DeVoren
+1-212-896-1225
ddevoren@kcsa.com
both of KCSA Worldwide for Lighting Science Group Corporation
IPHE .009/.01 vol at ask....2x avg
OSUR 8.09 OraSure Technologies Sets 2008 Annual Meeting Date
Jun 22, 2007 9:05:00 AM
Copyright Business Wire 2007
BETHLEHEM, Pa.--(BUSINESS WIRE)--
OraSure Technologies, Inc. (NASDAQ:OSUR) today announced that its 2008 Annual Meeting of Stockholders is scheduled to be held on Tuesday, May 13, 2008, at the Historic Hotel Bethlehem, Bethlehem, Pennsylvania. Stockholder proposals must be received no later than December 10, 2007, in order to be considered for inclusion in the Company's Proxy Statement under relevant Securities and Exchange Commission rules and no later than February 13, 2008, in order to be considered at the Annual Meeting or to nominate a Director under OraSure Technologies' Bylaws.
About OraSure Technologies
OraSure Technologies develops, manufactures and markets oral fluid specimen collection devices using proprietary oral fluid technologies, diagnostic products including immunoassays and other in vitro diagnostic tests, and other medical devices. These products are sold in the United States as well as internationally to various clinical laboratories, hospitals, clinics, community-based organizations and other public health organizations, distributors, government agencies, physicians' offices, and commercial and industrial entities.
OraSure Technologies is the leading supplier of oral-fluid collection devices and in vitro diagnostic assays to the employment, criminal justice, drug treatment, life insurance and public health markets for the detection of abused drugs and the antibodies to HIV. Based in Bethlehem, Pa., the company develops, manufactures and markets oral specimen collection devices, in vitro diagnostic tests, and other medical devices. For more information on the Company, please go to www.orasure.com.
Source: OraSure Technologies, Inc.
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OraSure Technologies
Inc.
Ronald H. Spair
Chief Financial Officer
610-882-1820
Investorinfo@orasure.com
www.orasure.com
STEI 8.34 Stewart Enterprises, Inc. Declares Quarterly Dividend
Jun 22, 2007 9:00:00 AM
Copyright Business Wire 2007
NEW ORLEANS--(BUSINESS WIRE)--
Stewart Enterprises, Inc. (Nasdaq GS: STEI) reported today that its Board of Directors has declared a quarterly cash dividend of $0.025 per share. The dividend is payable on July 27, 2007 to holders of record of Class A and Class B Common Stock as of the close of business on July 12, 2007.
Founded in 1910, Stewart Enterprises, Inc. is the second largest provider of products and services in the death care industry in the United States, currently owning and operating 226 funeral homes and 142 cemeteries. Through its subsidiaries, the Company provides a complete range of funeral merchandise and services, along with cemetery property, merchandise and services, both at the time of need and on a preneed basis.
Source: Stewart Enterprises, Inc.
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Stewart Enterprises
Inc.
Thomas M. Kitchen
504-729-1400
MEDW 7.33 Mediware to Delist from Pacific Stock Exchange, Will Retain Nasdaq Listing
Jun 22, 2007 8:59:00 AM
LENEXA, Kan., June 22 /PRNewswire-FirstCall/ -- Mediware Information Systems, Inc. (Nasdaq: MEDW) announced plans to voluntarily withdraw its common stock from listing on the Pacific Stock Exchange, now known as NYSE Arca, Inc. Mediware's common stock will continue to trade on the Nasdaq Capital Market.
The decision to voluntarily withdraw listing from NYSE Arca was made to reduce regulatory and administrative burdens.
About Mediware
Mediware Information Systems delivers powerful software solutions that encapsulate patient care instructions, reinforce patient safety practices and improve efficiencies to lower costs. Mediware targets three primary areas of patient care -- Medication Management, Perioperative Management and Blood Management (transfusion, inventory and donor practices) -- with specialized solutions that are proven in more than 1,000 client installations. Mediware's customers include prestigious hospitals, clinics, correctional institutions, blood centers and other public and private health care institutions throughout the world. For more information about Mediware products and services, visit our web site at www.mediware.com.
Certain statements in this press release may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as the same may be amended from time to time (the "Act") and in releases made by the SEC from time to time. Such forward-looking statements are not based on historical facts and involve known and unknown risks, uncertainties and other factors disclosed in the Company's Annual Report on Form 10-K for the year ended June 30, 2006, which may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. The Company disclaims any obligation to update its forward-looking statements.
Contact James Burgess Thomas Redington
913/307-1000 203/222-7399
www.mediware.com 212/926-1733
www.redingtoninc.com
SOURCE Mediware Information Systems, Inc.
----------------------------------------------
James Burgess of Mediware Information Systems
Inc.
+1-913-307-1000; or Thomas Redington
+1-203-222-7399
+1-212-926-1733
NCOC 4.75 National Coal Corp. Enters Stock Purchase Agreement with Alabama-Based Mining Company
Jun 22, 2007 8:51:00 AM
Copyright Business Wire 2007
KNOXVILLE, Tenn.--(BUSINESS WIRE)--
National Coal Corp. (Nasdaq:NCOC) today announces it has entered into a stock purchase agreement with the stockholders of Mann Steel Products, Inc. to acquire 100% of the stock of the company for $55 million. Mann Steel Products, which is based in Birmingham, Alabama, produces steam and industrial coal for the domestic market.
The transaction is subject to a number of conditions, including, but not limited to, completion by National Coal of its due diligence of the assets and properties to be acquired, National Coal obtaining financing to consummate the acquisition, approval of the transaction by National Coal Corp.'s Board of Directors, and receipt of required third party consents and approvals, including consents of National Coal's senior secured lender and bond holders. Accordingly, there can be no assurance that the acquisition will be completed.
National Coal's acquisition of Mann Steel Products is anticipated to close by the end of the third quarter. These newly acquired operations will add more than 1,000,000 tons of capacity to National Coal's existing annual production capacity of approximately 2,000,000 tons. Mann Steel currently has about 100 employees and produces about 1,000,000 tons.
"Mann Steel Products operates three surface mining facilities that are very well managed and have high quality coal reserves. This is precisely the kind of mining operation we have been seeking to enhance our future growth prospects," said Daniel Roling, President and CEO of National Coal. "Mann's management has maintained excellent relationships with its work force and customer base, and the facilities incur low production costs. If consummated, we look forward to these properties making a meaningful contribution to our operations."
About National Coal Corp.
Headquartered in Knoxville, Tenn., National Coal Corp., through its wholly-owned subsidiary, National Coal Corporation, is engaged in coal mining in East Tennessee and Southeastern Kentucky. Currently, National Coal employs about 230 people and produces coal from mines in Tennessee and in Kentucky. National Coal sells steam coal to electric utilities in the Southeastern United States. For more information visit www.nationalcoal.com.
Information About Forward-Looking Statements
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward looking statements in this news release include the closing of the acquisition transaction. Factors which could cause actual results to differ materially from these forward-looking statements include failure or difficulty in obtaining third party approvals, our ability to complete the acquisition transaction in a timely manner and the inability to raise the capital necessary to pay the purchase price. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: National Coal Corp.
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for National Coal Corp.
Christine Pietryla
865-690-6900
ext. 150
(Investor Relations)
TGEN 2.78 Targeted Genetics Announces $19.5 Million Private Placement of Common Stock
Jun 22, 2007 8:48:00 AM
SEATTLE, WA -- (MARKETWIRE) -- 06/22/07 -- Targeted Genetics Corporation (NASDAQ: TGEN) today announced that it has entered into definitive agreements with institutional and other accredited investors with respect to the private placement of 6.7 million shares of its common stock at a purchase price of $2.905 per share for expected gross proceeds of approximately $19.5 million, before payment of placement agent commissions and offering expenses. Investors also will receive warrants to purchase 6.7 million shares of common stock at an exercise price of $3.25 per share. Rodman & Renshaw, LLC served as the placement agent for this transaction. The closing of the offering is subject to customary closing conditions, including approval of an additional listing application by the NASDAQ Stock Market.
"We are pleased to announce a significant financing with institutional investors," said H. Stewart Parker, president and chief executive officer. "We believe that with the net proceeds from this private placement, we can maintain our current planned development activities and achieve significant progress in the accomplishment of our clinical milestones."
Targeted Genetics estimates that net proceeds from the financing will be approximately $17.8 million after deducting the estimated costs associated with the transaction. Targeted Genetics plans to use the net proceeds of this financing for working capital.
The securities offered in this placement have not been registered under the Securities Act of 1933, as amended, or state securities laws, and cannot be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from the registration requirements. As part of the transaction, Targeted Genetics has agreed to file a registration statement with the SEC covering the resale of the shares of common stock to be issued in the offering, including the shares of common stock issuable upon exercise of the warrants. This news release is neither an offer to sell nor a solicitation of an offer to buy any of the securities discussed herein.
About Targeted Genetics
Targeted Genetics Corporation is a biotechnology company committed to the development of innovative targeted molecular therapies for the prevention and treatment of acquired and inherited diseases with significant unmet medical need. Targeted Genetics' proprietary Adeno-Associated Virus (AAV) technology platform allows it to deliver genes that encode proteins to increase gene function or RNAi to decrease or silence gene function. Targeted Genetics' current product development efforts target inflammatory arthritis, AIDS prophylaxis, congestive heart failure and Huntington's disease. To learn more about Targeted Genetics, visit Targeted Genetics' website at www.targetedgenetics.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This release contains forward-looking statements regarding whether the offering will close, the amount of proceeds expected to be received from the offering, the expected timing of the closing of the offering, Targeted Genetics' expected use of these proceeds and other statements about Targeted Genetics' plans, objectives, intentions and expectations. These statements, involve current expectations, forecasts of future events and other statements that are not historical facts. Inaccurate assumptions and known and unknown risks and uncertainties can affect the accuracy of forward-looking statements. Factors that could affect our actual results include, but are not limited to, the risk that the offering is not consummated, the possibility that Targeted Genetics decides to use the proceeds from the financing for purposes other than those described above, as well as other risk factors described in "Part I, Item 1A. Risk Factors" in our most recent annual report on Form 10-K or "Part II, Item 1A. Risk Factors" in our most recent quarterly report on Form 10-Q filed with the Securities and Exchange Commission. You should not rely unduly on these forward-looking statements, which apply only as of the date of this release. We undertake no duty to publicly announce or report revisions to these statements as new information becomes available that may change our expectations.
HIFN 5.94 Hifn Announces Full Availability and Production of High-Performance Gigabit Ethernet Security Processor
FlowThrough Security Processor Makes Continuous Network and Data Protection Easy and Cost-Effective
Jun 22, 2007 8:45:00 AM
LOS GATOS, Calif., June 22 /PRNewswire-FirstCall/ -- Hifn(TM), the power behind network and information security, today announced the full availability and production of the 8450, the newest member to the company's FlowThrough(TM) security processor family. Hifn's FlowThrough Architecture is the cornerstone of a family of applied service processor solutions that fundamentally change the way security is built into the network as well as provide a platform for continuous data protection. The Hifn FlowThrough Architecture enables security services to be provided directly in the data path and ensures high-performance, low-latency packet processing in Ethernet networking systems.
"The amount of information added to the digital universe in the next few years is expected to increase more than six fold. In order to avoid network strain, storage and security requirements need to keep pace," said Robert Gray, research vice president, worldwide storage systems research, IDC. "Solutions like Hifn's help to prepare developers of next-generation network security solutions and nearline storage appliances for the future by providing the capabilities to deliver the data acceleration, data armoring, and other services necessary today. Hifn's FlowThrough Architecture is unique in this equation in its ability to off load all of the security processing from the host CPU, as well as provide a clear path for adding more security protocols."
"With the rise of the always-on enterprise, network, security and storage OEMs are under the gun to deliver solutions that enable the continuous protection of data that is in transit, as well as at rest," said Michael Goldgof, vice president of product marketing at Hifn. "Hifn's 8450 processor provides them with must-have capabilities across the full-spectrum of self-defending network services, enabling networking infrastructure leaders to build routers, wireless routers, storage area network solutions, enterprise switches and stand-alone threat management appliances that fulfill the potential of self-defending networks."
Designed for Gigabit Ethernet Networking applications, the 8450 ensures data security, integrity and simultaneous support for multiple security protocols as well as the latest encryption and authentication algorithms. It offers the simplicity of a "bump-in-the-wire" architecture and provides a complete security solution on a single chip. The 8450 is optimized for integration into session border controllers, VPNs, security gateway appliances, server motherboards and secure Network Interface Cards.
The 8450 supports two full-duplex Gigabit Ethernet ports and delivers 4 Gb/s simultaneous IPsec and IP Compression protocol processing for typical packet flows. Up to 1,000,000 Security Associations (SAs) are supported with external DDR2 SDRAM.
Availability and Pricing
Hifn's 8450 FlowThrough security processor, already designed in by some of the premier networking OEMs, is now generally available and in full production quantities. The 8450 is priced at $120 in OEM quantities. For more information, please contact Hifn at 408-399-3500 or sales@hifn.com.
About Hifn
Hifn (Nasdaq: HIFN) powers network and information security. Leveraging over a decade of leadership and expertise in data encryption and compression, we are a trusted partner to industry innovators for whom security is critical to their success. With the majority of secure global communications flowing through Hifn technology, the convergence of security, storage and assured access drives our product roadmap forward. We will continue as the first resource for the toughest security requirements because we anticipate as we innovate in a field that leaves no margin for error. Hifn sets the industry standards and technology firsts to secure, compress and assure information wherever needed. For more information, please visit: http://www.hifn.com.
"Safe Harbor" Statement under the U.S. Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Specifically, statements regarding the Company's future financial performance including, without limitation, statements related to the use of the FlowThrough architecture, must-have capabilities for self-defending networks and ensuring data security, integrity and multi-protocol support are all forward-looking statements within the meaning of the Safe Harbor that may cause actual results to differ materially from the forward-looking statements contained herein. Factors that could cause actual results to differ materially from those described herein include, but are not limited to: dependency on a small number of customers; customer demand and customer ordering patterns; and orders from Hifn's customers may be below the company's current expectations. These and other risks are detailed from time to time in Hifn's filings with the Securities and Exchange Commission. Hifn expressly disclaims any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Hifn
----------------------------------------------
Hifn
Inc.
Corporate Communications
+1-408-399-3520
press@hifn.com
MEA 8.14 Metalico Secures Private Placement for Anticipated Acquisitions
Jun 22, 2007 8:45:00 AM
Copyright Business Wire 2007
CRANFORD, N.J.--(BUSINESS WIRE)--
Metalico, Inc. (AMEX: MEA), a rapidly growing scrap metal recycler and lead fabricator, today announced it has entered into a definitive purchase agreement with institutional investors to raise $36,722,000 million of gross proceeds in a private placement of its common stock. In connection with the private placement, Metalico will issue an aggregate of 5,246,000 shares of common stock at a price per share of $7.
The Company intends to use the net proceeds from the offering to fund acquisitions of two scrap metal recycling companies currently under letter of intent and in advanced stages of contract negotiation, and for general corporate purposes. The acquisition targets collectively generated approximately $92 million in revenues in their most recently completed fiscal years.
The aggregate purchase price for the contemplated acquisitions is approximately $63 million plus additional items of consideration to be finalized, including in one case an earnout based on the performance of the purchased assets. The Company plans to finance the remaining portion of the purchase prices with debt to be issued by Metalico's current senior secured lender and under a new term loan facility to be provided by a prominent commercial and industrial lending institution.
No other terms of the pending acquisitions were disclosed.
The Company plans to close the private placement promptly, subject to customary closing conditions. The closing and funding of the private placement is not subject to the consummation of any contemplated acquisition or any other financing.
"This financing will be used to fuel our continued growth, particularly as we expand our geographic footprint and the types of commodity metals we recycle," said Carlos E. Aguero, Metalico's President and Chief Executive Officer.
The shares of common stock have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration under the Securities Act and applicable state securities laws or an applicable exemption from those registration requirements. Metalico has agreed to file a registration statement with the United States Securities and Exchange Commission covering the shares sold in the offering no later than thirty days after the closing, and to use commercially reasonable efforts to have the registration statement declared effective as soon as practicable thereafter. Following this transaction, Metalico will have approximately 31.5 million shares of common stock outstanding.
Canaccord Adams, Inc., acted as placement agent in connection with the offering.
This press release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
Metalico, Inc. is a rapidly growing holding company with operations in two principal business segments: ferrous and non-ferrous scrap metal recycling, and fabrication of lead-based products. The Company operates seven recycling facilities through New York State and Pennsylvania and five lead fabrication plants in four other states. Metalico's common stock is traded on the American Stock Exchange under the symbol MEA.
Forward-looking Statements
This news release also contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements with respect to Metalico's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond Metalico's control, and which may cause Metalico's actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. Metalico assumes no obligation to update the information contained in this news release.
Source: Metalico, Inc.
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Metalico
Inc.
Carlos E. Aguero or Michael J. Drury
908-497-9610
Fax: 908-497-1097
info@metalico.com
www.metalico.com