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CBTE (2.39) New Private and Government Sector Projects at CBI Services
Friday, December 28 2007 11:26 AM, EST Business Wire "US Press Releases "
RICHMOND, Va .--(BUSINESS WIRE)--
CBI Services, a business unit within Commonwealth Biotechnologies, Inc. (NASDAQ Capital Market:CBTE), today announced new contracts collectively valued at approximately $1.4 million . These new contracts come on the heels of $2.9 million in contract awards announced last month and add to the Company's increasing backlog in private sector and government contract work. The new projects reflect the Company's continued focus in diversifying its revenue stream.
The different projects require integration of virtually all of the Company's platform technologies, including mass spectral analysis for novel plasma biomarker peptides, production of RNAs, characterization of proteinaceous biologics, and validation of esoteric molecular genetic assays. A new government initiative builds on CBI's validated mass spectrometry platform for detection and confirmation of bio-toxin toxins in suspect samples. For the most part, work on the new projects will begin in the first quarter of 2008, and will continue through at least the third quarter, 2008. The new government contract spans a three year work period.
"The momentum of adding new contracts has continued into the fourth quarter at CBI Services," said Dr. Robert B. Harris , President of CBI. "What is most important about the new private sector projects is not necessarily their magnitude, but that they are all with biotech and mid-sized pharmaceutical companies who are engaged in early discovery and development studies. These are the customers for whom CBI Services can make the most impact as an outsource provider."
Dr. Paul D'Sylva, CEO of CBI noted that, "This success of CBI Services in the private sector market is evidence of the revenue synergies that CBI expected from the Mimotopes and Exelgen acquisitions. CBI's strategy to develop an integrated pre-clinical drug discovery services business is working. The integrated platform of small molecule chemistry, peptide chemistry and biologicals under a single company structure is proving to be a real value-add to biotechnology and pharmaceutical clients and has put CBI in a strong position for continued and sustainable revenue and earnings growth in 2008."
About Commonwealth Biotechnologies, Inc.
The CBI group of companies offers cutting-edge research and development products and services to the global life sciences industry. CBI now operates four distinct business units: (1) CBI Services, an early entry contract research organization, (2) Fairfax Identity Laboratories , a DNA reference lab; (3) Mimotopes Pty, Ltd. , Melbourne, Australia , a peptide and discovery chemistry business; and (4) Exelgen, Ltd (formerly Tripos Discovery Research ), Bude, England , a medicinal and synthetic discovery chemistry business. Collectively, CBI companies employ over 110 staff in world-class laboratories. For more information, visit CBI on the web at www.cbi-biotech.com
Forward Looking Statements
Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in the Company's filings with the Securities and Exchange Commission . Actual results, events or performance may differ materially. No statement herein should be considered an offer of any securities. Readers are cautioned not to place undo reliance on these forward-looking statements, which speak only as the date hereof. Specifically, there can be no guarantee that:
-- CBI will recognize all revenues anticipated under the
contracts referenced herein;
-- CBI will recognize all revenues attributable to uncompleted
projects; and
-- CBI's customers will not terminate their contracts prior to
their completion.
A number of factors, including customer demand, industry trends, armed conflict, and terrorist activities could alter these trends referenced herein. CBI undertakes no obligation to publicly release the results of any revisions to these forward looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Source: Commonwealth Biotechnologies, Inc.
vsti (.04) Versus Technology Announces Fourth Quarter Results
Friday, December 28 2007 11:06 AM, EST PR Newswire "US Press Releases "
TRAVERSE CITY, Mich., Dec. 28 /PRNewswire-FirstCall/ -- Versus Technology, Inc. ("Versus" or the "Company") announced revenues of $2,012,000 for the fiscal quarter ended October 31, 2007 , compared to revenues of $2,177,000 for the same period in 2006. Revenues for the year ended October 31, 2007 , were $5,566,000 compared to revenues of $5,812,000 for 2006. Versus' quarterly revenues can vary significantly depending on the timing and delivery of major customer projects. Accordingly, revenues reported in any one quarter are not necessarily indicative of what full year results will be.
Gross profits as a percentage of revenues increased to 71% for the quarter from 66% for the same period in 2006. For the year, gross profits increased to 67% compared to 64% in 2006.
The Company reported net income of $335,000 for the quarter compared to net income of $540,000 for the same period in 2006. Net losses for the years ended October 31, 2007 and 2006, were $208,000 and $1,692,000 , respectively. The decrease in the reported net loss for the year was primarily attributable to the absence in 2007 of interest expense and accretion of debt discount that resulted from the 2006 redemption and conversion to common stock of the Company's Series B Debentures.
Versus generated positive cash flow from operations of $489,000 for the year ended October 31, 2007 , compared to a use of cash from operations of $585,000 for the year ended October 31, 2006 .
For additional information, please refer to the attached unaudited consolidated financial statements.
Versus Technology, Inc. (Pink Sheets: VSTI) (www.versustech.com) (Versus) is the leader in the development and sale of context-aware systems used for the management of patient flow and medical assets and to improve caregiver/patient communications in medical and long-term care facilities. Versus also supplies Active RFID/IR tags and readers that make locating systems more precise, security systems more intelligent, data collection routines automatic, and asset management systems more efficient. Versus' systems, which are currently installed in hospitals, corporate facilities, government facilities, and other complexes, permit the automatic and accurate registry of essential management and business information. By monitoring the precise location of personnel or equipment and automatically recording events associated with their locations, the systems offer real-time asset and staff locating, automatic data collection, access/egress control, and a passive source of location data that facilitates scheduling and communication interfaces. Versus' proprietary locating systems are sold primarily through an expanding network of resellers and dealers.
Safe Harbor Provision
This document may contain forward-looking statements relating to future events, such as the development of new products, the commencement of production, or the future financial performance of the Company. These statements fall within the meaning of forward-looking information as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, economic, competitive, governmental, and technological factors affecting the Company's markets and market growth rates, products and their rate of commercialization, services, prices and adequacy of financing, and other factors. The Company undertakes no obligation to update, amend, or clarify forward-looking statements, whether because of new information, future events, or otherwise.
Report of Management
The accompanying consolidated balance sheets of Versus Technology, Inc. and Subsidiary as of October 31, 2007 , and October 31, 2006 , and the related consolidated statements of operations and cash flows for the periods ended October 31, 2007 and 2006, have been prepared by management.
Management has elected to omit substantially all of the footnote disclosures required by accounting principles generally accepted in the United States . If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the Company's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.
The reader should refer to the Versus Technology, Inc. 2006 Annual Report which is available at www.versustech.com/annual_reports.htm for further details regarding the 2006 results. The full annual report for 2007 will be published at www.versustech.com when available.
Richard W. Ebersole
Chief Financial Officer
December 28, 2007
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Balance Sheets
October 31, 2007 and 2006
October 31,
2007 2006
Assets
Current Assets
Cash and cash equivalents $ 2,428,000 $ 1,401,000
Accounts receivable, including
$91,000 and $23,000 of unbilled
revenues 1,134,000 1,714,000
Inventories 824,000 576,000
Prepaid expenses and other current
assets 127,000 62,000
Total Current Assets 4,513,000 3,753,000
Property and Equipment
Machinery and equipment 374,000 336,000
Furniture and fixtures 92,000 81,000
Leasehold improvements 160,000 158,000
Construction in progress 14,000 -
640,000 575,000
Less accumulated depreciation 542,000 509,000
Net Property and Equipment 98,000 66,000
Goodwill 1,533,000 1,533,000
Patents and Other Intangible Assets,
net of accumulated amortization of
$1,991,000 and $1,950,000 - 41,000
Other non-current assets 9,000 78,000
$ 6,153,000 $ 5,471,000
See accompanying report of management.
The full annual report will be published at www.versustech.com when
available.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Balance Sheets
October 31, 2007 and 2006
October 31,
2007 2006
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $ 523,000 $ 478,000
Accrued expenses 263,000 262,000
Deferred revenue - customer advance
payments 242,000 111,000
Total Current Liabilities 1,028,000 851,000
Shareholders' Equity
Common stock $0.01 par value;
120,000,000 shares authorized;
92,781,325 and 86,573,325 shares
issued and outstanding 928,000 866,000
Additional paid-in capital 42,483,000 41,832,000
Accumulated deficit (38,286,000) (38,078,000)
Total Shareholders' Equity 5,125,000 4,620,000
$ 6,153,000 $ 5,471,000
See accompanying report of management.
The full annual report will be published at www.versustech.com when
available.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Statements of Operations
Three Months Ended October 31, Year Ended October 31,
2007 2006 2007 2006
Revenues $2,012,000 $2,177,000 $5,566,000 $5,812,000
Operating Expenses
Cost of
revenues 581,000 741,000 1,810,000 2,105,000
Research and
development 154,000 199,000 610,000 700,000
Sales and
marketing 775,000 460,000 2,508,000 1,716,000
General and
administrative 183,000 245,000 910,000 1,181,000
Total Operating
Expenses 1,693,000 1,645,000 5,838,000 5,702,000
Income (Loss)
From Operations 319,000 532,000 (272,000) 110,000
Other Income
(Expense)
Interest income 16,000 8,000 61,000 47,000
Interest expense,
accretion of debt
discount - - - (1,639,000)
Interest expense,
other - - - (216,000)
Net foreign currency
gain (loss) - - 3,000 6,000
Total Other Income
(Expense), Net 16,000 8,000 64,000 (1,802,000)
Net Income (Loss) $335,000 $540,000 $(208,000) $(1,692,000)
Basic and Diluted
Net Income (Loss)
Per Share $ - $ .01 $( -) $( .03)
See accompanying report of management.
The full annual report will be published at www.versustech.com when
available.
VERSUS TECHNOLOGY, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
For the year ended October 31,
2007 2006
Operating Activities
Net loss $ (208,000) $ (1,692,000)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities:
Depreciation 33,000 25,000
Amortization of intangibles 41,000 172,000
Non-cash stock based compensation 110,000 -
Interest expense - accretion of
debt discount - 1,639,000
Changes in operating assets and
liabilities:
Accounts receivable, net 649,000 (177,000)
Inventories (248,000) (294,000)
Prepaid expenses and other current
assets (65,000) (3,000)
Accounts payable 45,000 (177,000)
Accrued expenses 1,000 (66,000)
Deferred revenues - customer
advance payments 131,000 (12,000)
Net cash (used in) provided by operating
activities 489,000 (585,000)
Investing Activities
Additions to property and equipment (65,000) (44,000)
Financing Activities
Sale of common stock 603,000 348,000
Net Increase (Decrease) in Cash and
Cash Equivalents 1,027,000 (281,000)
Cash and Cash Equivalents, at the
beginning of the period 1,401,000 1,682,000
Cash and Cash Equivalents, at the end
of the period $2,428,000 $1,401,000
Supplemental Cash Flow Information
Cash paid during the period for
interest $ - $ 202,000
Non-Cash Financing Activities
Issuance of common stock $ - $4,675,000
Repayment of long-term debt $ - $(4,675,000)
See accompanying report of management.
The full annual report will be published at www.versustech.com when available.
SOURCE Versus Technology, Inc.
nrds (.92) Nord Resources Corporation Updates Status of Johnson Camp Mine Reactivation
Friday, December 28 2007 10:58 AM, EST PrimeNewswire "PrimeNewswire "
TUCSON, Ariz ., Dec. 28, 2007 (PRIME NEWSWIRE) -- Nord Resources Corporation ("Nord" or the "Company") (Pink Sheets:NRDS) is pleased to report the progress of the reactivation of the Johnson Camp Copper Mine in Arizona . The Company's mine operating plan calls for residual leaching of the existing heaps and an active leach program of newly mined ore. The mine operating plan forecasts production of 25 million pounds of copper cathodes per annum with estimated copper cathode production of approximately 12 million pounds for calendar year 2008. Residual leaching operations commenced in November 2007 with the addition of sulfuric acid to the existing heaps. Leach solution copper concentration is increasing to planned levels. Cathode production from residual leaching operations is now scheduled for January 2008 and planned copper production from new ore placed on the heaps is on schedule to commence in August 2008 .
About Nord Resources
Nord Resources Corporation is in the business of exploring for developing and operating mineral properties. The Company's primary asset is the Johnson Camp Mine located approximately 60 miles east of Tucson, Arizona . The reactivation of the Johnson Camp Mine commenced in June 2007 .
Forward-Looking Statement Disclaimer
This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address copper processing and mining activities of Nord are forward-looking statements. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to: the market price of copper; general economic, market and business conditions; the Company's plans at its Johnson Camp property; the interpretation of drill results and the estimation of mineral reserves; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development, mining results or metal recoveries will not be consistent with the Company's expectations; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties with or interruptions in production and operations; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; regulatory restrictions, including environmental regulatory restrictions and liabilities; and the loss of key employees. In addition, Nord's business and operations are subject to the risks set forth in Nord's most recent Form 10-KSB, Form 10-QSB and other SEC filings which are available through EDGAR at www.sec.gov. These are among the primary risks we foresee at the present time. Nord assumes no obligation to update the forward-looking statements.
CONTACT: Nord Resources Corporation
John Perry
(520) 292-0266
www.nordresources.com
PNOT is winding down operations according to the last 8K:
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=5425828
SHAR .001, up 42% on greater than normal volume
PXLW (.85) Pixelworks Receives Notice of Non-Compliance from Nasdaq
Friday, December 28 2007 10:24 AM, EST Business Wire "US Press Releases "
TUALATIN, Ore.--(BUSINESS WIRE)--
Pixelworks, Inc. (NASDAQ:PXLW), an innovative provider of powerful video and pixel processing technology, today announced that it has received notice from the Nasdaq Stock Market that the bid price of its common stock for the last 30 consecutive business days has closed below the $1.00 per share minimum price requirement necessary for continued inclusion under Nasdaq Marketplace Rule 4450(a)(5). Pursuant to Nasdaq Marketplace Rule 4450(e)(2), the Company has been provided a period of 180 calendar days, or until June 23, 2008 , to regain compliance.
To regain compliance with the minimum bid price requirement, the bid price of Pixelworks common stock must close at $1.00 per share or more for a minimum of 10 consecutive business days at any time before June 23, 2008 , subject to certain exceptions.
About Pixelworks, Inc.
Pixelworks, headquartered in Tualatin, Oregon , is an innovative provider of powerful video and pixel processing technology for manufacturers of digital projectors and flat panel display products. Pixelworks' flexible design architecture enables our unique technology to produce outstanding image quality in our customers' display products in a range of solutions including system-on-chip ICs, co-processor and discrete ICs. At design centers in Shanghai and San Jose , Pixelworks engineers relentlessly push pixel performance to new levels for leading manufacturers of consumer electronics and professional displays worldwide.
For more information, please visit the Company's Web site at www.pixelworks.com.
All trademarks are the property of their respective owners.
Source: Pixelworks, Inc.
imgw (.045) Lavish and Bottle Bar Sign Advertising Contracts With IMAGE
Friday, December 28 2007 9:58 AM, EST Market Wire "US Press Releases "
CHICAGO, IL -- (MARKET WIRE) -- 12/28/07 -- IMAGE Worldwide, Inc. (PINKSHEETS: IMGW) subsidiary IMAGE Chicago has signed a twelve-month online and print advertising contract with Lavish, LLC . This advertising contract will include two printed pages for the first month in IMAGE Chicago Magazine . Lavish is a new exclusive lifestyle management company based in Chicago specializing in international, personal, and business VIP services. Lavish is geared and structured to accommodate VIPs in all their lifestyle needs, from personal shopping to attending the hottest parties.
IMAGE Chicago also signed a six-month advertising contract with Bottle Bar, which includes events, online, and print advertising. Bottle Bar is the newest edition to Chicago's Lakeview neighborhood. This sports bar takes its name by displaying 99 bottles on the wall, as well as offering 99 different varieties of bottled beer. It's not all beer: patrons can also enjoy specialty cocktails or choose from a boutique wine list. Bottle Bar's décor is decidedly laid-back with its high ceilings, exposed bricks, ducts, and beams.
About IMAGE Chicago
IMAGE Chicago Magazine is one of Chicago's fastest growing publications; attracting over 75,000 in readership at 350+ pick up locations. Focusing on fashion and entertainment, Chicagoans have come to acknowledge the magazine as a city survival guide.
About IMAGE Worldwide, Inc.
IMAGE Worldwide, Inc. is the parent company of several rapidly growing entertainment subsidiaries. IMAGE has created a community that focuses on networking within the entertainment industry and operates a fashion/entertainment magazine, radio station and nightclub/concert venues along with established promotions companies and interactive websites. IMAGE currently attracts more than 10,000 visitors to its events, 100,000 visitors to its websites and generates over 6,000,000 hits per month on its websites www.IMAGEworldwide.com, www.IMAGEchicago.com, www.RealityIMAGE.com, www.lacalienteradio.com, www.ShequeChicago.com, www.cluboasisky.com
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission . All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Media contact:
info@imageworldwide.com
Investor Relations Contact:
1-866-210-4671
investors@imageworldwide.com
dcov (?)/C O R R E C T I O N -- Discovery Technologies, Inc./
Friday, December 28 2007 9:48 AM, EST PR Newswire "US Press Releases "
In the news release, Discovery Technologies, Inc. (OTC Bulletin Board: DCOV) Acquires Green Agriculture Holding Corporation , issued yesterday, Dec. 27 , by Discovery Technologies, Inc. , over PR Newswire, we are advised by the company that the following should be added to the third paragraph: "These after tax net income and earnings per share numbers are based on projected revenues of $30.5 million ." Complete, corrected release follows:
Discovery Technologies, Inc. Acquires Green Agriculture Holding Corporation
Discovery Technologies, Inc. completes $20.519 million private placement
SHAANXI, China , Dec. 27 /PRNewswire-FirstCall/ -- Discovery Technologies, Inc. (the "Company") (OTC Bulletin Board: DCOV). On December 26, 2007 , Discovery Technologies, Inc. , a Nevada corporation acquired all of the issued and outstanding capital stock (the "Green Agriculture Shares") of Green Agriculture Holding Corporation , a New Jersey corporation ("Green Agriculture") through a share exchange (the "Share Exchange").
Green Agriculture through its wholly owned subsidiary, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. , a company organized under the law of People's Republic of China ("TechTeam"), is engaged in the research, development, production and distribution of humic acid organic liquid compound fertilizer ("HA organic liquid compound fertilizer"). TechTeam's products are used to stimulate growth, yield, and protect plants from drought, disease and temperature damage while improving soil structure and enhancing soil fertility.
Simultaneous with the Share Exchange on December 26, 2007 , the Company completed a private placement with institutional and accredited investors which resulted in gross proceeds to the Company of approximately $20.5 million through the issuance of approximately 6.3 million shares of common stock of the Company at $3.25 per share. As part of the private placement, approximately 3.157 million of shares of common stock issued in connection with the Share Exchange were placed in escrow and will be issued to the investors in the private placement if the Company's after tax net income and earnings per share for the fiscal year ending June 30, 2009 are not at least $12 million and $0.609 , respectively. These after tax net income and earnings per share numbers are based on projected revenues of $30.5 million . Hickey Freifoner Capital, a division of Brill Securities, Inc. , member FINRA, MSRB, SIPC, acted as the Company's placement agent for the private placement.
Mr. Tao Li, the Company's CEO and Chairman of the Board stated: "The completion of our financing and reverse acquisition gives us the working capital to expand our production capacity to meet the growing market demand." "We will use the proceeds of our private placement to build a new facility, and purchase new equipment and technology to improve both our operating efficiency and profitability. In addition, we intend to expand and strengthen our distribution and sales network in China , while continuing to focus on new product development efforts."
China is both the world's largest manufacturer and the biggest consumer of fertilizers. As of 2005, Chinese fertilizers accounted for 33% of the total world output and 35% of the total world consumption. However, only 25% of the fertilizers used in China's agricultural industry were organic in the year 2003 (Source: Agriculture Technology Promotion Centre), and compound fertilizers accounted for 27% of the total fertilizers consumed in China . Organic compound fertilizers comprise a balance of both organic and inorganic substances, thereby combining the speedy effectiveness of chemical fertilizers with the environmental benefits of the organic ones, thus ensuring significant potential for its future development in the Chinese agricultural production system.
About TechTeam
TechTeam's core product is humic acid ("HA") organic liquid compound fertilizer. It produces and sells approximately 10,000 metric tons of 106 different kinds of organic fertilizer products per year. All of TechTeam's fertilizer products are certified by the PRC government as organic and suitable for growing Grade AA "Green" foods, also known as organic food that contains little or no chemical materials, certified by China Green Food Research Center . TechTeam's fertilizers are very concentrated liquids which require an application of approximately 120 ml per mu, per year. Its average customer has approximately 4 mu of land (1 mu = .165 acres).
TechTeam currently markets its fertilizer products to private wholesalers and retailers of agricultural farm products in 27 provinces in the PRC. The leading five provinces by revenue for the fiscal year ended June 30, 2007 include Heilongjiang (9.99%), Guangdong (7.81%), Xinjiang (6.59%), Shandong (5.81%), and Henan (5.80%).
Cautionary Statement Regarding Forward Looking Information
This press release may contain forward-looking information about the Company, Green Agriculture and TechTeam. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and statements which may include discussions of strategy, and statements about industry trends future performance, operations and products of each of the entities referred to above. Actual performance results may vary significantly from expectations and projections as a result of various factors.
SOURCE Discovery Technologies, Inc.
gwso (.545) Global Warming Solutions Engages Auditors and Legal Counsel for OTCBB Listing
Friday, December 28 2007 9:40 AM, EST Business Wire "US Press Releases "
HOUSTON --(BUSINESS WIRE)--
Global Warming Solutions, Inc. (Pink Sheets:GWSO) - a developer of technologies aimed at mitigating the effects of global warming - today announced that the company has engaged an auditing firm and legal counsel for the purpose of filing the required regulatory forms with the Securities and Exchange Commission and becoming a fully reporting company on the OTCBB.
The Company is already undergoing an audit which it expects to complete within the next three weeks. Following the completion of the audit, legal counsel will prepare forms that will be filed on EDGAR. This process will make the Company fully reporting and from that point on Global Warming Solutions, Inc. will file periodic financial statements. Additionally by becoming fully reporting, the Company will be eligible for listing on the OTCBB Exchange.
"This marks an important step in the continuing growth of our Company. By becoming a fully reporting company and listing on the OTCBB, Global Warming Solutions will be better positioned to increase shareholder value with full transparency," said Dr. Vladimir Vasilenko, CEO of Global Warming Solutions, Inc.
About Global Warming Solutions, Inc.
Global Warming Solutions develops and commercializes technologies that help mitigate Global Warming and its effect on our planet. The Company targets three areas that help reduce the extent of Global Warming and fight issues that have arisen as a consequence: Clean Energy, Carbon Control, and Water Purification. Current climate models predict that global temperatures will rise sharply over the next century. The increase in temperatures can be slowed or eliminated by decreasing the amounts of greenhouse gases released into the Earth's atmosphere. Global Warming Solutions seeks to leverage its experience and management to help make a difference in the fight for climate control.
For more information visit the company website:
http://www.globalwarmingsolutions.com
The information contained in this press release may include forward-looking statements. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "expect," or similar expressions that involve risks and uncertainties. These risks and uncertainties include the company's uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, dependence on technological developments and protection of its intellectual property. The company's actual results could differ materially from those discussed herein.
Source: Global Warming Solutions, Inc.
wtvn (.0011) Wi-Fi TV Presents New Year's Eve Live From Times Square
Friday, December 28 2007 9:36 AM, EST Market Wire "US Press Releases "
NEW YORK, NY -- (MARKET WIRE) -- 12/28/07 -- Wi-Fi TV Inc. (PINKSHEETS: WTVN) offers Internet users worldwide an opportunity to "virtually" be in Times Square New Year's Eve to witness the world famous Times Square ball drop via a free, live satellite feed direct from Times Square on Dec. 31 from 10:00 p.m. EST - 12:15 a.m. EST (www.Wi-FiNewYear.com). Wi-Fi TV is providing a live chat box so that viewers around the world can instant message each other and ring in the new year. Wi-Fi TV coverage includes an eight-camera mixed feed including panoramic views of Times Square and the ball from proprietary camera locations on rooftops and on the street.
Wi-Fi TV Inc. is working with the non-profit Times Square Alliance, whose mission is to promote travel & tourism in New York City .
To view New Year's Eve from Times Square live (and archived after the event) go to: www.Wi-FiNewYear.com.
PARTICIPATION WITH Wi-Fi TV INC.
Hollywood talent may contact Wi-Fi TV directly for confidential discussions on content distribution and partnerships by calling Colby Marceau at 949-716-9397. Only serious inquiries from established content producers will be accepted.
About Wi-Fi TV
Wi-Fi TV(TM) is a pioneer of TV on the Internet. Wi-Fi TV Inc. has long touted the coming convergence of TV and the Internet, and provided the first online movie in December 1995 .
Wi-Fi TV Inc. provides Social Internet TV(TM), a new generation TV delivery platform that has a geographic sphere out-distancing any traditional cable or over-the-air TV broadcaster.
The Wi-Fi TV website (www.Wi-FiTV.com) is the only place on the Internet where you can watch hundreds of TV stations and chat with others watching the same program in a live chat box directly under the viewing screen, get breaking news for each country and category listed, and download a free dialer and make phone calls and host live video parties all on one website.
The Company was launched in 1995 and has been publicly traded since November 1997 .
For information on purchasing a Wi-Fi TV Station send an email to info@wi-fitv.com.
For press relations, contact Colby Marceau, 949-716-9397, info@wi-fitv.com.
Forward-Looking Statements
Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. Wi-Fi TV and Social Internet TV are trademarks of Wi-Fi TV Inc. and all rights pertaining to these names are reserved. This press release shall not be deemed a general solicitation.
For press relations for Wi-Fi TV call:
949-716-9397
Wi-Fi TV Inc.
3434 Via Lido #300
Newport Beach, CA 92663
info@wi-fitv.com
CSCE .0004, up 33%
gpsn (.055) GPS Industries Receives $4M Payment From Dubai Based Investor
Friday, December 28 2007 9:28 AM, EST PR Newswire "US Press Releases "
VANCOUVER, British Columbia , Dec. 28 /PRNewswire-FirstCall/ -- GPS Industries, Inc. (GPSI) (OTC Bulletin Board: GPSN), the world's leading provider of WiFi-enabled golf management systems, announced today that it has received from Leisurecorp LLC $4,000,000 representing the final installment payment on Leisurecorp's $10,000,000 investment under the May 2007 Securities Purchase Agreement. "We are grateful for Leisurecorp's continuing support of our business and restructuring efforts," stated Douglas Wood, GPSI's Chairman and Chief Executive Officer. "The total investment from our Dubai based shareholder is now $20,000,000 ."
About GPS Industries (GPSI)
GPS Industries, Inc. (OTC Bulletin Board: GPSN) is a global media and technology solutions provider. In the golf industry, the Company's Inforemer(R) GPS Management System features an integrated WiFi communications network, a comprehensive suite of management tools, and award-winning cart- mounted display units. These display units deliver an enriched playing experience for golfers. The Company owns key patents for many important GPS and Differential GPS (DGPS) applications in fifteen countries worldwide, including the United States , Australia , Great Britain and Japan . For additional information, please visit: http://www.gpsindustries.com
Forward-Looking Statements
Some statements contained in this release may be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that may cause the company's actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, the company's ability to generate revenues and other factors as described in the Company's literature and filings with the Securities and Exchange Commission .
SOURCE GPS Industries, Inc.
esmt (.03) e-Smart Technologies, Inc. Holds Shareholder Conference Call
Friday, December 28 2007 9:27 AM, EST PR Newswire "US Press Releases "
NEW YORK , Dec. 28 /PRNewswire-FirstCall/ -- e- Smart Technologies, Inc. (Pink Sheets: ESMT); ("e-Smart" or the "Company") held a telephonic Shareholder conference call on December 27 during which the CEO Mary Grace provided to shareholders an update regarding the events of 2007 and plans for 2008. The Company emphasizes that the information provided during the call was management's statement of intentions, plans, beliefs and opinions, and included forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings.
The entire transcript of that conference call will be available on the e-Smart website (http://www.e-smart.com) as soon as it is made available to the Company.
e- Smart Technologies, Inc. , is the exclusive supplier of the Biometric Verification Security(TM) (BVS2(TM)) system, the Super Smart Card(TM) system technology and related system technologies for Asia, Africa and the US, which e-Smart believes to be the world's first smartcard of its kind with an on-card sensor and a full match on-card system and other unique technologies for secure biometric ID verification. e-Smart's next generation technologies allow governments, public and private institutions, healthcare providers and insurers, companies large and small, to provide a superior level of protection. The Super Smart Card(TM) system technology and BVS2(TM) security system can secure countries from criminal and terrorist threats, stop ID and payment fraud, along with identity theft in connection with physical and logical access and financial transactions, including telephone, Internet payment and other financial and data related transactions all while protecting individual privacy.
SOURCE e- Smart Technologies, Inc.
CCMJ .002, up 81%
pgri (7.05) pgriu (8.36) pgriw (1.8) Platinum Energy Resources, Inc. Completes Acquisition of Oil & Gas Assets
Friday, December 28 2007 8:58 AM, EST Market Wire "US Press Releases "
NEW YORK, NY -- (MARKET WIRE) -- 12/28/07 -- Platinum Energy Resources, Inc. ("Platinum Energy") (OTCBB: PGRIU) (OTCBB: PGRI) (OTCBB: PGRIW) announced today that it completed the acquisition of certain assets of Lothian Oil, Inc. for $6.2 million in cash.
The Lothian assets acquired consist of oil and gas properties located in New Mexico and include over 1 million barrels of oil equivalent (boe) of proved reserves. Fifty-five percent of the reserves are proved developed. The current production exceeds 140 boe per day, and one of the primary fields is adjacent to the Company's Ballard Field in Eddy County. "These assets are a good fit with the current asset base of Platinum. At an acquisition cost of $6 per barrel of proved reserves, the acquisition represents a very good value," added Tim Culp, Platinum Energy's Chairman. The assets were acquired out of bankruptcy court. According to Todd Yocham, Vice President, Engineering, "We believe that the reserves are solid, and we are anxious to exploit the undeveloped acreage."
In addition to the Lothian acquisition, Platinum Energy also announced today that it has recently acquired a 50% working interest in the La Rosa field in Refugio County, Texas for $5 million in cash, and entered into a joint development agreement with Mantle Resources, an operating company in Houston, Texas . The La Rosa field includes over 4,000 acres and has both drilling and recompletion opportunities. Mantle will provide Platinum with substantial expertise in operations and seismic analysis.
"We are off to a very aggressive start, acquiring assets and initiating our drilling program with a focus on shareholder value," said Barry Kostiner, Platinum Energy's CEfO. "Through a combination of acquisitions and accelerating development, we believe that we can achieve our goal of significantly increasing net production by the end of 2008."
About Platinum Energy
Platinum Energy, based in Montvale, New Jersey , is an oil and gas exploration and production corporation that completed its first acquisition, Tandem Energy, on October 26, 2007 . Platinum Energy is seeking to build a portfolio of assets using multiple acquisitions subsequent to its first. Platinum Energy's strategy calls for the use of hedge financing to maximize profit and reduce risk resulting from volatile energy markets.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue," "intend" or similar expressions. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are based upon current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The forward-looking statements contained in this press release may include statements about future financial and operating results. These statements are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Therefore, actual outcomes and results may differ materially from what is expressed herein. In any forward-looking statement in which Platinum Energy expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will result or be achieved or accomplished. All forward-looking statements included in this press release are based on information available to Platinum Energy on the date hereof. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in the U.S. and abroad; changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which Platinum Energy is engaged; fluctuations in oil and gas prices and in customer demand; management of rapid growth; intensity of competition; general economic conditions; as well as other relevant risks detailed in Platinum Energy's filings with the Securities and Exchange Commission . Platinum Energy does not assume any obligation to update the information contained in this press release.
For More Information Contact:
Thomas Rozycki
CJP Communications for
Platinum Energy Resources, Inc.
Public & Investor Relations
212-279-3115 x208
tom@cjpcom.com
ugth (3.45) U.S. Geothermal Completes Construction at Raft River
Friday, December 28 2007 8:58 AM, EST Market Wire "US Press Releases "
BOISE, IDAHO -- (MARKET WIRE) -- 12/28/07 -- U.S. Geothermal Inc. ("U.S. Geothermal") (TSX: GTH)(OTCBB: UGTH), a renewable energy company focused on the production of electricity from geothermal energy, announced a progress update on the company's Unit One geothermal power plant at Raft River, Idaho .
Construction activities associated with the Unit One plant were completed this month when the power plant contractor, Ormat Nevada, achieved substantial completion under the terms of the engineering, construction and procurement contract. The plant operated under a test phase of power production from October 18 to 23 . After a number of start-up mechanical issues were successfully addressed, the plant was restarted on November 22 and is continuing operations. Plant operations are dependent upon maintaining a sufficient pressure regime in the production wells. The operating staff continues to learn about each well's capabilities and the relationship of injection pressure to production. The test phase is ongoing to allow for a fuller understanding of the geothermal resource capability. The net electrical power output of the plant is currently between 8 and 9 megawatts. With four production wells in operation, the maximum and minimum gross electrical output achieved by the plant to date was 14.4 and 9.5 megawatts respectively. The maximum and minimum net electrical output achieved by the plant to date was 9.4 and 7.1 megawatts respectively. The output of the plant is being sold to Idaho Power Company and sales are limited to 10 megawatts average per month under the terms of the existing power purchase agreement. The plant is designed to produce an annual average net output of 13 megawatts.
Test power sold during this period is being purchased by Idaho Power Company under the terms of a 10-megawatt Public Utility Regulatory Policies Act ("PURPA") contract. Full energy prices will be paid when the plant achieves commercial operations. Delays caused by mechanical issues have extended the date when commercial operation will be achieved to within the next fifteen days. Pending approval by the Idaho Public Utility Commission , a recently executed full-output contract is expected to take effect and replace the existing 10-megawatt PURPA contract. Currently, four production wells and three injection wells are in service to the power plant. To achieve full output under the pending new contract, a number of technical issues are being addressed including installation of the fifth production well, evaluation of total injection well capacity and modeling of the resource pressure and temperature regime.
About U.S. Geothermal:
U.S. Geothermal is a renewable energy development company that is operating a geothermal power project at Raft River, Idaho and developing Neal Hot Springs in eastern Oregon . U.S. Geothermal holds, through ownership or lease, geothermal rights of lands that comprise the Raft River Neal Hot Springs projects.
Please visit our Website at: www.usgeothermal.com.
The information provided in this news release may contain forward-looking statements within the definition of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, including statements regarding potential energy resources and projects, development possibilities for Raft River and Neal Hot Springs. These statements are based on U.S. Geothermal Inc.'s current expectations and beliefs and are subject to a number of risks and uncertainties that can cause actual results to differ materially from those described. Readers are cautioned to review the risk factors identified by the company in its filings with Canadian and US securities agencies. Forward-looking statements are based on management's expectations, beliefs and opinions on the date the statements are made. U.S. Geothermal Inc. assumes no obligation to update forward-looking statements if management's expectations, beliefs, or opinions, or other factors, should change.
The TSX and OTC Bulletin Board Exchanges do not accept responsibility for the adequacy of this release.
Contacts:
U.S. Geothermal Inc.
Saf Dhillon
Investor Relations
1-866-687-7059
(604) 688-9895 (FAX)
Email: saf@usgeothermal.com
Website: www.usgeothermal.com
Scott Peyron & Associates, Inc.
Scott Peyron
(208) 388-3800
(208) 388-8898 (FAX)
Email: speyron@peyron.com
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slnd (.31) Solar Night Industries Solves Solar Thermal Installation Challenge With New Ground Mount Design Solution
Friday, December 28 2007 8:28 AM, EST Market Wire "US Press Releases "
ST. LOUIS, MO -- (MARKET WIRE) -- 12/28/07 -- Solar Night Industries (PINKSHEETS: SLND), a renewable energy company formed to accelerate the adoption of Modern Energy by providing design and product solutions, had a challenge. Project Manager Alan Brani of Solar Night began working with their Michigan Installer/Partner, Mark Bauer of Bauer Power, who was concerned about finding an optimal roof mount location for a solar thermal (hot water) installation. Working with Bauer, it was agreed the best solution would be a "ground mount" system for the solar panels. Solar Night found it difficult to find a viable solution from their extensive list of suppliers.
Brani, using his product design background, created a unique base, racking and mounting structure that not only provided a custom solution; it became the basis for other customers. This new solution, SNI Solar Thermal Ground Mount System, is now available to their installers. Photos and a product description can be found on the SNI On-Line Catalog at: www.modernenergyplan.com/s.nl/c.474300/sc.2/category.5284/.f
"Ground mounted systems have become an important option for many homeowners who may not have the optimal roof space, shading or sun angle. Ground mounting thermal systems often require highly custom features, adding to the cost. We wanted to create a standardized system, accommodating different design, weight and functional characteristics that would eliminate a need for excessive customization and will work in a myriad of situations," says Alan Brani.
Designed to withstand the harshest Midwest weather conditions, a second system is being installed in Missouri during this month with more planned for first quarter next year. In almost all locations, Solar Thermal systems are the most economical with one of the faster paybacks when considering other modern energy sources such as wind and photovoltaic, which Solar Night also includes in their portfolio of Modern Energy Solutions. This system includes a custom cement foundation and aluminum racking, designed to integrate, in this case, with the Schuco Solar Thermal, domestic hot water system. To find out more about adding renewable energy solutions to your project, let us help you get a plan at: http://www.modernenergyplan.com/.
About Solar Night Industries, Inc.
Solar Night Industries Inc. is a national Modern Energy Company that enables residential and commercial energy users to implement cost-effective, renewable energy solutions that help them reduce their dependence on traditional energy sources, reducing Co2 emissions. Solar Night Industries, Inc. is based in St. Louis, Missouri (USA). For more information, please visit http://www.SolarNightIndustries.com
Safe Harbor Statement
This press release contains forward-looking statements, which are made in reliance upon the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the statements expressed or implied herein due to a variety of factors including, but not limited to: the development of Solar Night Industries' solar cell technology and solar solutions ability to secure additional financing, the successful marketing and distribution of Solar Night Industries' products market acceptance of Solar Night Industries' products and technology, competition and timing of projects and trends in the solar industry, as well as other factors. The forward-looking statements contained herein are made only as of the date of this press release, and Solar Night Industries undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
For an IR Kit please see: www.SolarNightIndustries.com/ir
Corporate Home:
www.SolarNightIndustries.com
Shareholders Home:
www.SolarNightIndustries.com/Investor
Shareholder Blogs are at:
http://solarnightenergyweb.typepad.com/solar_night_shareowners/
http://solarnightenergyweb.typepad.com/
Investor Relations Contact:
New River Financial Group, LLC
901-377-3808
soen (1.17) Solar EnerTech Announces 2007 Fourth Quarter and Fiscal Year Financial Results
Friday, December 28 2007 8:28 AM, EST PR Newswire "US Press Releases "
Menlo Park, Ca., Dec. 28 /Xinhua-PRNewswire/ -- - Solar EnerTech Corp. (OTC Bulletin Board: SOEN) (the "Company") today announced results for the fourth quarter and the 2007 fiscal year.
Fourth Quarter 2007 Financial Results
For the fourth quarter ended September 30, 2007 , Solar EnerTech reported total revenue of $4.1 million compared to no revenue in the same period in 2006. The Company incurred a negative gross profit of $368,000 for the quarter ended September 30, 2007 .
Total operating expense, which included a $3.0 million non-cash stock compensation charge related to the hiring and retention of key executives, was $4.1 million for the quarter ended September 30, 2007 . Excluding stock compensation expense, operating expense for the quarter was $1.1 million .
Net income for the fourth quarter, which included $10.4 million in non-cash gains associated with a change in fair market value of compound embedded derivative liability and change in fair market value of warrant liability, was $5.1 million . Both the compound embedded derivative and warrant liabilities were recorded in conjunction with the convertible notes transaction entered into by the Company in March 2007 . Excluding these non- cash gains, the Company had a net loss of $5.3 million , or $(0.07) per diluted share.
Mr. Leo Young, Chief Executive Officer of Solar EnerTech commented, ''Our results for the fourth quarter met our internal plan as we continued to take the appropriate steps to ramp up production and expand capacity. During our 2007 fiscal fourth quarter, we had one production line running, while we fine-tuned our manufacturing process and made progress towards completing our second manufacturing facility. These initiatives have positioned us well for increased solar cell shipments in fiscal 2008.''
Fiscal 2007 Financial Results
For the fiscal year ended September 30, 2007 , Solar EnerTech reported total revenue of $5.6 million , compared to no revenue in the 2006 fiscal year. During its initial production run, the Company incurred higher than average manufacturing costs which resulted in a negative gross profit of $361,000 for the fiscal year ended September 30, 2007 . Total operating expense, which included a $9.3 million non-cash stock compensation charge, was $12.0 million for the year ended September 30, 2007 . Excluding stock compensation expense, total operating expenses for the 2007 fiscal year were $2.7 million .
The Company recorded a net loss of $29.4 million , or ( $0.38 ) per diluted share in fiscal 2007, which included $15.7 million in non-cash losses associated with the issuance of convertible notes, the change in fair market value of compound embedded derivative liability and change in fair value of the warrant liability. Excluding these non-cash charges, the Company had a net loss of $13.7 million , or $(0.18) per diluted share.
Mr. Young continued, ''We are pleased with the progress we made in our business during the course of fiscal 2007 and are proud of our accomplishments. In addition to growing our revenues, we established a joint R&D venture with Shanghai University , completed our first 25 MW solar cell production line, signed a long-term material silicon supply agreement, obtained ISO 9001 and 14001 Certifications, received IEC Certification which has facilitated our entry into the European market, added an additional 21,000 square feet of manufacturing space which will increase future module production capacity, and improved our accounting and corporate governance functions.''
Financial Outlook
Order trends for Solar EnerTech's businesses continue to track internal expectations and the Company has positive, growth-driven momentum heading into fiscal 2008. The Company's revenue outlook for the fiscal 2008 first quarter, ending December 31, 2007 is $4.7 million to $5.0 million .
''As we look to the first quarter of 2008, our business continues to be on track and we have positive, growth-driven momentum for photovoltaic cell and module sales as customer demand remains very high in Europe and is increasing in other countries around the world. We were pleased to recently announce our largest sales contract win to date to ship solar modules to one of the largest solar system integrators in Europe . We expect the majority of this $21.8 million contract to be fulfilled in our fiscal 2008 second quarter. We have completed our first production line and are currently working diligently to ensure that our second production line is up and running in the second half of calendar year 2008. The growth of the renewable energy market remains strong and we are well positioned to increase our performance with our leading solar cell products and modules,'' concluded Young.
As of September 30, 2007 , the Company had $3.9 million in cash, $900,000 of accounts receivables, $6.5 million of prepayment primarily for purchase of raw materials and $5.7 million of inventories on hand. Additionally, the Company had $9.6 million of accounts payable and accrued liabilities. It also recorded $16.8 million of derivative and $17.4 million of warrant liabilities.
Fiscal 2006 Restatements
In the fiscal year ended September 30, 2006 , the Company accrued $2.1 million of compensation expense for its President and a U.S. employee. The Company has the obligation to withhold tax upon exercise of stock options by U.S. employees. The withholding tax absorbed by the Company was accounted for as additional compensation expense to employees. During fiscal year 2007, the Company's management ascertained that the initial estimate on the withholding tax liability was understated by $2.3 million . As a result, the Company restated its 2006 financial statements by increasing its fiscal year 2006 compensation expense and the accrued liability balance due to related party by $2.3 million . Information related to restated 2006 financial results can be found in today's Form 8-K filing being made with the Securities Exchange Commission .
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise based in Shanghai, China , where the Company has established a sophisticated 42,000-square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park, with an additional 21,000 square feet of manufacturing space added in fiscal 2007 via a secondary manufacturing facility that is expected to increase future module production capacity. Currently, the Jinqiao plant is capable of producing 25Mw of solar cells from its existing production line and the company has plans to install a second 25 Mw production line to better utilize the capacity of the plant and to meet expected future customer demand.
Solar EnerTech has also established a Joint R&D Lab at Shanghai University to research and develop higher efficiency cells and to put the results of that research to use immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California's Silicon Valley.
Safe Harbor Statement
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on current expectations and are subject to a number of known and unknown risks, uncertainties and other factors beyond our control that could cause actual events and results to differ materially from these statements. These statements are not guarantees of future performance, and readers are cautioned not to place undue reliance on these forward-looking statements, which are relevant as of the date of the given press release and should not be relied upon as of any subsequent date. Solar EnerTech undertakes no obligation to update any forward-looking statements.
Unaudited Financial Statements to Follow
Unaudited
Three Months Ended Years Ended
September 30, September 30,
2007 2006 2007 2006
(Restated)
Sales $4,053,000 $-- $5,573,000 $--
Cost of sales $(4,421,000) -- (5,934,000) --
Gross Profit (368,000) -- (361,000) --
Operating expense
Selling, general &
administrative expense 4,132,000 17,574,000 11,865,000 30,192,000
Research & development
expense 85,000 -- 198,000 --
Total operating
expense 4,217,000 17,574,000 12,063,000 30,192,000
Operating loss (4,585,000)(17,574,000) (12,424,000) (30,192,000)
Interest income 22,000 8,000 62,000 8,000
Interest expense (471,000) -- (1,086,000) --
Loss on issuance of
convertible notes -- -- (15,209,000) --
Gain / (loss) on fair
market value of compound
embedded derivative 5,300,000 -- (200,000) --
Gain / (loss) on fair
market value of
warrant liability 5,137,000 -- (290,000) --
Other expense (300,000) -- (285,000) --
Income / (loss) from
Continuing Operations 5,103,000 (17,566,000) (29,432,000) (30,184,000)
Income / (loss) from
Discontinued
Operations 7,000 (14,000)
Net Income / (Loss) $5,103,000$(17,559,000)$(29,432,000) $(30,198,000)
Earnings / (loss) per
share --
basic $0.06 $(0.23) $(0.38) $(0.41)
Earnings / (loss) per
share --
Diluted $(0.04) $(0.23) $(0.38) $(0.41)
excluding gains (5,334,000)(17,559,000) (13,733,000) (30,198,000)
Weighted average shares 78,807,234 76,307,012 78,396,108 73,666,329
EPS (excluding warrant
& derivative liab) (0.07) (0.23) (0.18) (0.41)
EPS 0.06 (0.23) (0.38) (0.41)
September 30, September 30,
2007 2006
(Restated)
ASSETS
Current Assets:
$ $
Cash and cash equivalents 3,908,000 2,799,000
Accounts receivable 913,000 --
Advance payments and other 6,500,000 41,000
Inventory 5,708,000 --
Other receivable 590,000 --
Total Current Assets 17,619,000 2,840,000
Fixed assets, net of accumulated
depreciation 3,215,000 809,000
Deferred financing costs, net of
accumulated amortization 2,540,000 --
Deposits 1,741,000 572,000
$ $
Total Assets 25,115,000 4,221,000
LIABILITIES AND STOCKHOLDER'S EQUITY /
(Deficit)
Current Liabilities:
$ $
Accounts payable 2,891,000 --
Customer advance payment 1,603,000 --
Accrued interest expense 615,000 --
Accrued expenses 507,000 65,000
Accounts payable and accrued liabilities,
related parties 3,969,000 4,518,000
Demand note payable to a related party 450,000 450,000
Demand notes payable 700,000 600,000
Total Current Liabilities 10,735,000 5,633,000
Derivative liabilities 16,800,000 --
Warrant liabilities 17,390,000 --
Convertible notes, net of discount 7,000 --
Total Liabilities 44,932,000 5,633,000
STOCKHOLDER'S EQUITY / (Deficit):
Common stock -- 200,000,000 Shares
authorized at $0.001 par value
78,827,012 and 76,307,012
shares issued and outstanding at
September 30, 2007 and
September 30, 2006, respectively 79,000 76,000
Additional paid in capital 39,192,000 28,764,000
Other comprehensive gain / ( loss ) 592,000 (4,000)
Accumulated deficit (59,680,000) (30,248,000)
Total Stockholders' Equity / (Deficit) (19,817,000) (1,412,000)
Total Liabilities and Stockholders' $ $
Equity / (Deficit) 25,115,000 4,221,000
For more information, please contact:
Bill Zima or Dan Joseph
ICR Inc.
Tel: +1-203-682-8200 (Investor Relations)
SOURCE Solar EnerTech Corp.
ADLR (4.57) Adolor Announces Investigational New Drug Application for Novel Delta Agonist ADL5747
Friday, December 28 2007 8:28 AM, EST Business Wire "US Press Releases "
EXTON, Pa.--(BUSINESS WIRE)--
Adolor Corporation (Nasdaq:ADLR) announced today that clinical testing will be permitted under an Investigational New Drug Application (IND) for ADL5747, a novel oral compound that targets the Delta opioid receptor. Adolor expects to initiate Phase 1 clinical testing in the first quarter of 2008.
ADL5747 is the second delta compound that will enter clinical investigation under Adolor's worldwide collaboration with Pfizer Inc (NYSE:PFE) to develop novel pain compounds. A lead compound, ADL5859, is in Phase 2 clinical testing in several pain conditions.
About the Delta Receptor Program
The Delta receptor is one of three opioid receptors. Through a proprietary research platform based on cloned, human opioid receptors, Adolor has identified a series of novel, orally active Delta agonists - compounds that selectively stimulate the Delta opioid receptor. Delta compounds may have a number of potential advantages, including an improved side effect profile, as compared to mu opioid receptor agonists. On the basis of preclinical evaluation in animal models of human conditions, one might expect a Delta agonist to show effect in inflammatory pain, among other pain conditions. In addition, Delta agonists are thought to modulate other biological processes that may manifest themselves in disease states or conditions such as cardioprotection, overactive bladder, and depression.
There are currently no selective Delta agonists approved by the FDA.
About the Delta Collaboration
Adolor and Pfizer Inc (NYSE:PFE) are collaborating on the worldwide development and commercialization of two novel Delta opioid agonist compounds, ADL5859 and ADL5747, for the treatment of pain.
About Adolor Corporation
Adolor Corporation (Nasdaq:ADLR) is a biopharmaceutical company specializing in the discovery, development and commercialization of novel prescription pain management products. Adolor has two lead product candidates in development: Entereg(R) (alvimopan) for the management of the gastrointestinal side effects associated with opioid use; and, novel Delta opioid receptor agonists for a variety of pain indications. Adolor and GlaxoSmithKline are collaborating in the worldwide development and commercialization of Entereg in multiple indications. Adolor and Pfizer are collaborating in the worldwide development and commercialization of two Delta agonists for pain. Adolor also has a number of discovery research programs focused on the identification of novel compounds for the treatment of pain. By applying its knowledge and expertise in pain management, along with ingenuity, Adolor is seeking to make a positive difference for patients, caregivers and the medical community. For more information, visit www.adolor.com.
Adolor Forward-Looking Statement
This release, and oral statements made with respect to information contained in this release, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements of historical fact. These statements are based upon management's current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. Such known risks and uncertainties relate to, among other factors: the risk that our Delta product candidates ADL5859 and ADL5747 will show adverse safety findings that make them unsuitable for further development; the risk that our Delta product candidates do not show utility in treating pain or any other clinical indications; the risk that we do not initiate further clinical studies for our product candidate ADL5859 or initiate clinical studies for our product candidate ADL5747; the risk that filing targets for regulatory filings are not met; the costs, delays and uncertainties inherent in scientific research, drug development, clinical trials and the regulatory approval process; Adolor's history of operating losses since inception and its need for additional funds to operate its business; Adolor's reliance on its collaborators, including Pfizer in connection with the development and commercialization of Adolor's Delta product candidates; the risks associated with Adolor's ability to obtain, maintain and successfully enforce adequate patent and other intellectual property protection of its Delta product candidates; market acceptance of Adolor's products, if regulatory approval is achieved; reliance on third party manufacturers; product liability claims; competition; and securities litigation.
Further information about these and other relevant risks and uncertainties may be found in Adolor's Reports on Form 8-K, 10-Q and 10-K filed with the U.S. Securities and Exchange Commission . Adolor urges you to carefully review and consider the disclosures found in its filings which are available in the SEC EDGAR database at http://www.sec.gov and from Adolor at http://www.adolor.com. Given the uncertainties affecting pharmaceutical companies in the development stage, you are cautioned not to place undue reliance on any such forward-looking statements, any of which may turn out to be wrong due to inaccurate assumptions, unknown risks, uncertainties or other factors. Adolor undertakes no obligation to (and expressly disclaims any such obligation to) publicly update or revise the statements made herein or the risk factors that may relate thereto whether as a result of new information, future events, or otherwise.
Source: Adolor Corporation
ITRA (5.72) Intraware enters new playing field: Orinda firm hopes Web site draws sports fans to bolster revenue from popular SubscribeNet product [Contra Costa Times, Walnut Creek, Calif.]
Friday, December 28 2007 8:12 AM, EST Knight Ridder/Tribune "Business News "
Dec. 28 --ORINDA -- Intraware Inc. wants to do for sports what Facebook did for the world of colleges and universities.
ZAthlete.com, the software company's new Web site, is designed to create a digital community for people interested in recreational or competitive sports. Anyone who is an athlete or is actively interested in sports is a target audience of the company's online site.
Orinda-based Intraware hopes that if the Internet site, which also is an interactive forum, takes off, zAthlete.com could bolster the company's sales and profits.
The Web site also allows individuals and teams to build Web pages about themselves and their teams. It is a way to fashion sports-oriented networks. People also can share information and statistics, videos, such as team highlights, and photos. All the information can be shared with team members, friends and fans.
"We expect heavy growth in revenue on this in our next year," said Peter Jackson, chief executive officer and founder of Intraware.
One big source of revenue would be from suppliers of sports gear such as Easton-Bell Sports Inc. ; Hillerich & Bradsby Co. , maker of the Louisville Slugger baseball bat; Speedo and Nike.
"We have some significant meetings coming up with manufacturers," Jackson said. "They want to have a deep branding experience with people who are actual users of their products. They see our site as a way to talk to top performance athletes that they can get to right away."
Intraware, which went
public with a white-hot initial public offering in 1999, has depended on its SubscribeNet product as its bread and butter. The system allows technology companies to deliver, track and manage their software. The platform also allows companies to handle software licenses and other digital content that they distribute to their customers.
Although SubscribeNet is a proven product, it is not necessarily a system that will produce gigantic sales, primarily because of the market it serves.
"Enterprise software is a $100 million market for us," Jackson said. "We do business with all the big software companies -- Oracle, SAP, EMC. But the enterprise software world is becoming a market with fewer and fewer companies."
The field appears much more fertile with the zAthlete.com system.
"We think zAthlete is in a billion-dollar marketplace," Jackson said.
As a result, Intraware intends to focus the SubscribeNet core technology on the variety of services and features that the company believes zAthlete can deliver.
"We can take a lot of the SubscribeNet expertise and utilize it for consumers who use zAthlete," Jackson said.
Several industry insiders who have looked at the zAthlete site like what they see.
"This is a sports Facebook," said Rob Enderle, a Silicon Valley market researcher and principal executive with Enderle Research .
The online social networks that capture plenty of traffic, such as MySpace and Facebook, tend to have a broad appeal but very little specialization. That leaves the field open for specialized Web communities, said Tim Bajarin, a Silicon Valley analyst and head of Creative Strategies Inc.
"One of the trends in 2008 will be what we call vertical social networks," Bajarin said in an e-mail. "We believe the next big thing in social networking are sites that are more targeted at people of like minds. Something like zAthlete is a good example of this trend."
Enderle added, "People like to get involved in groups that have people who are like them."
Intraware's CEO appears to have tapped into a market segment that could take off in a big way, said Chuck Esserman, managing director with TSG Consumer Partners , a San Francisco -based firm that invests in consumer-oriented companies.
"Peter Jackson is creating a community for these athletes to come together," Esserman said. "There is a tremendous underlying demographic where kids are increasingly becoming more involved in sports. Athletic endeavors have become more serious for children and teens, as well as their parents."
Chris Clapinski, a zAthlete member, said he likes the Web site and believes he can navigate easily around the online network.
"As an ex-professional baseball player, it allows me to stay in touch with those players with whom I competed and to see the progress of their family lives," Clapinski said in a news release.
Now, the company's sports venture could propel it beyond the ranks of merely being a survivor of the dot-com debacle. It could help the company take a dramatic leap beyond its typical sales and profit plateau. Intraware never has turned an annual profit. But it did manage a three-month profit of $14,000 in the second quarter ended in August.
"This network creates a wider and wider field of people who are connected to each other," Jackson said. "There is constant and growing social communication."
George Avalos covers jobs, economic development, commercial real estate, finance and petroleum. Reach him at 925-977-8477 or gavalos@bayareanewsgroup.com.
To see more of the Contra Costa Times, or to subscribe to the newspaper, go to http://www.contracostatimes.com/.
Copyright (c) 2007, Contra Costa Times, Walnut Creek, Calif.
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bdgr (.02) Black Dragon Resource Companies, Inc. Holds Annual Meeting
Friday, December 28 2007 7:58 AM, EST PR Newswire "US Press Releases "
OIL CITY, La., Dec. 28 /PRNewswire-FirstCall/ -- On December 22, 2007 , Black Dragon Resource Companies, Inc. (Pink Sheets: BDGR) held its Annual Meeting, but postponed the vote on any matter until Wednesday, January 16, 2008 due to a delay in the distribution of proxy material to stockholders. Mr. Lanza, President of the Company delivered his report following the close of the formal meeting, which is reprinted in its entirety below.
Report of Joe Lanza, President of Black Dragon Resources: Good morning Ladies and Gentlemen. As counsel has indicated, due to a mix up at the brokers/ADP system, proxies for all the stockholders have not been received yet. We are adjourning the meeting until January 16, 2008 , to provide all the stockholders the opportunity to vote.
As for the Management team, we are still in place and continuing to operate the Company under the circumstances as best we can. But the insurgent's activities have hurt our Company badly. Prior to their attacks, which include vicious attacks on me and my family, including many, many untruths, the Company had reported a near record rate of revenues. Then the abrupt attack and what hurt the worst was the insurgent's notice to the purchasers of oil, which completely shut down all revenues to the Company, and production was nearly shut down. You can imagine trying to pay people for producing the oil, which was sold and picked up, but no cash. This was the worst crisis in our Company's history, but because of the loyalty of the Company's support system, employees, and some good negotiating by the Company's counsel we opened up this stalemate, but the Company was hurt and the scars remain. Unfortunately we had to assign the shallow rights to one of our leases in order to raise cash and stay alive, and we also had to sell shares of our common stock to stay alive and keep the pumps pumping. But let us address the future and compare it to our past. When Black Dragon became active in 2004, the Company had no operating wells, a negative net worth of $1,600,000 and a stock price at zero. Boy things have now changed, and despite the terrible cash crisis, we continue to expand with the following developments.
We have increased our December oil production (and cash to be received) to close the cash gap crisis, but not quite all the way yet. We have fracked three wells with significant potential which will increase revenues very soon. We have just completed our preliminary due diligence on a unique oil recovery system, which could speed up the recovery by a factor of 15% to 25%. We expect this to improve the efficiency of recovering oil, reduce costs and accelerate oil sales. To date, our attempts to raise capitol have been completely blocked by the insurgent's activities with our potential funders being as concerned about these activities as we are. Once we clear the air over the insurgent issue, management believes it has a good chance to raise funds from at least one of several groups that appear interested in joining with the Company in some way to help develop and exploit the Company's known substantial reserves of oil and gas. Inclosing, Management believes that the Company's future is bright, with the very real prospect of realizing substantial value for all its stockholders and we thank you for your support.
Contact:
Joe Lanza, 1-318-995-0404
SOURCE Black Dragon Resource Companies, Inc.
ydhcf (.35) Yantai Completes Reverse Merger With China Agro-Technology, a China Forestry Technology Company With Net Income of $32.8 Million in 2007
Friday, December 28 2007 7:58 AM, EST PR Newswire "US Press Releases "
SANTA MONICA, Calif., Dec. 28 /PRNewswire-FirstCall/ -- Yantai Dahua Holding Company (OTC Bulletin Board: YDHCF) today announced that it has completed a reverse merger with China Agro-Technology, Ltd. The name of the listed company has been changed to China Agro-Technology Holdings Ltd. and expects to receive a new stock symbol in the coming days. Yantai Dahua issued 288 million shares of common stock in exchange for all of the issued and outstanding shares of China Agro-Technology, Ltd. ("CAT"). As a result of the transaction, CAT became a wholly-owned subsidiary of Yantai Dahua.
CAT, an agro-biotechnology firm, has total revenues of $37 million in fiscal year ended September 30, 2007 , with gross profit of $35 million and net income of $32.8 million .
Leveraging its many competitive advantages, CAT is executing the following strategies in order to broaden its market penetration, deliver results consistently, and increase shareholder value in the long term:
-- Focus on acquiring additional forestry plantation trees and access to
long-term supply of wood fiber in promising Chinese markets;
-- Continue to improve the yields at its plantations by investing in
research and development;
-- Leverage its unique non-tube plant propagation technology and broaden
its business scope into other products, such as bamboos, Jatropha, and
aromatherapy plants;
-- Continue to practice sustainable forestry management; and
-- Continue revenue & IP growth through technology-transfer.
CAT is also seeking to establish a strong market position in the bamboo cultivation industry, a $5 billion worldwide growth market, by leveraging its non-tube propagation technology. CAT's technology allows it to harvest bamboo within just two years and increase unit yield by 20-30%.
CAT will also seek diversified growth by cultivating a market for Jatropha, which produces seeds containing up to 40% oil. When the seeds are crushed and processed, the resulting oil can be used in a standard diesel engine, while the residue can be processed into biomass to power electricity plants. According to an August 24, 2007 Wall Street Journal article, which was also cited on CNBC on September 14, 2007 , Goldman Sachs spotlighted Jatropha as one of the leading candidates for biodiesel production. CAT has signed a Memorandum of Understanding for 50,000 acres of Jatropha plantation in Indonesia .
CAT owns 100% of the capital in Tian Agro-Technology Ltd. (TAT); TAT owns 100% of the shares in Tian Agro-Technology Pte Ltd. , a Singapore incorporated company, which in turn owns 80% of the capital in Qing Yuan Zhao Tian Eco-Agriculture Co., Ltd. (QYZT). QYZT was set up in Qing Yuan City, Guangdong Province, China in 1997 for eucalyptus cultivation. QYZT currently owns and operates a 16,650-acre eucalyptus plantation.
About China Agro-Technology, Ltd.
China Agro-Technology, Ltd. ("CAT") is an ecologically sustainable agricultural technology enterprise that aims at promoting a global reforestation program, generating environmental rehabilitation and serving the acute demands for paper products. CAT is primarily involved in the ownership, management and operation of Genetically Engineered plantations, the non-tube clone plantations and the marketing of the proprietary rights and technological know-how to the global market.
CAT's strength is its group of highly innovative research scientists and agronomists who specialize in the R&D of agriculture and intelligent computer non-tube plant propagation technology. Driven by agro-biotechnology, CAT is able to achieve higher output with a shorter growth period. CAT's Genetically Engineered Eucalypt Trees (GEET) strains are suitable for cultivation at different climatic conditions and are able to grow within just 4-5 years time to a height of 35 to 40 meters, as compared to other species that take about 6 to 8 years. The Company's trees also yield 50% more in wood timber, about 150 cubic meters per hectare as compared to 100 cubic meters per hectare for those which currently leads the world in eucalyptus production. Other unique features of CAT's GEETs include increased resistance against pests and weeds, the ability to flourish under adverse weather and soil conditions, reduced usage of agro-chemical and growth of at least 8 rotations over a period of 50 years without the need for replanting of new saplings.
Safe Harbor Statement: Under The Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission . The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectation.
Contact: Ashley Hull
310-450-9100 opt. 3
hunnyhull@propublicmedia.com
SOURCE China Agro-Technology, Ltd.
alrx (.2) AlphaRx Officers and Directors To Exercise Options, Warrants and Retain Shares
Friday, December 28 2007 7:58 AM, EST PR Newswire "US Press Releases "
MARKHAM, ON, Dec. 28 /PRNewswire-FirstCall/ - AlphaRx Inc. (OTC BB:ALRX - News), a leader in the development of Nanotechnology for Drug Delivery Platforms, announce that in order to meet TSX Venture Exchange listing requirements, its CEO, CFO, directors, consultants and employees plan to exercise stock options to purchase 3,300,000 shares of AlphaRx common stock. Michael Lee, President and CEO, will cancel 6,000,000 options granted to him in 2004 which carried a strike price of $0.15 a share and will exercise 1,862,228 warrants with a strike price of $0.10 a shares. Furthermore, certain company employees will voluntarily cancel 1,710,000 of their options at the same time to make the capital structure of the company more attractive for institutional investors. The company expects to complete these transactions on or before Dec 31, 2007 .
In conjunction of the above transactions, Michael Lee will purchase 6,000,000 company shares at a price of $0.15 a share under a private placement. The company expects to close this private placement on or before January 31, 2008 .
The shares issued from the exercise of options, warrants and the private placement are subject to applicable hold periods and trading restrictions under the US Securities Act of 1933 and may only be offered, sold or otherwise transferred outside the US or inside the US in accordance with applicable exemptions from registration.
About AlphaRx Inc.
AlphaRx is a specialty pharmaceutical company utilizing proprietary site-specific nanoparticulate drug delivery systems to develop novel formulations of drugs that are insoluble or poorly soluble in water or have yet to be administrable to the human body with an acceptable delivery method. The Company also discovers and develops novel, small-molecule drugs for the treatment of inflammatory diseases and neurodegenerative diseases.
Forward Looking Statements:
This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the companies.
SOURCE AlphaRx Inc.
aval (.37) Avalon Capital Holdings Adds Contracts for Difference 'CFDs' to Trading Platform
Friday, December 28 2007 7:58 AM, EST Business Wire "US Press Releases "
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--
Avalon Capital Holdings Corporation (Pink Sheets:AVAL) and its wholly owned subsidiary, Traders Development LLC , announced today the addition of the financial instrument known as Contracts for Differences, or "CFDs", to the Company's proprietary Avalon FX Pro(TM) 4.1 Trading Platform.
By introducing CFDs, Avalon Capital Holdings , and its wholly owned subsidiary, Traders Development LLC , intend to broaden the range of firms that will utilize the Avalon FX Pro(TM) Trading Platform. The trading of CFDs has grown tremendously over recent years especially in the European and Asian markets. According to industry research, CFD-related hedging is estimated to account for more than 25% of the volume on the London Stock Exchange . The Company foresees growth in CFDs to continue as electronic trading becomes more accessible to individual investors.
In making the announcement, Mitchell Eaglstein, COO of the Avalon Capital Holdings Corporation , stated, "We are offering CFDs in response to market demand for the integration of CFDs with Foreign Exchange Trading through a single trading platform. Furthermore, the Company views CFDs as an opportunity to capitalize on recent growth trends in the CFD market space and enhance the range of services provided to our clients. In the future, we plan to add more trading instruments to the Avalon FX Pro(TM) Trading Platform."
About Avalon Capital Holdings Corporation
Avalon Capital Holdings Corporation , through its subsidiaries, develops, markets and distributes high-performance trading software for financial companies that engage in online trading. The Company offers products related to the Foreign Exchange ("Forex"), the world's largest capital market according to The Bank of International Settlements . For additional information please visit www.avaloncapitalholdings.com or email info@avaloncapitalholdings.com.
About Traders Development, LLC
Traders Development, LLC is a financial software company based in Irvine, California . Traders Development plans to be a leading technology provider of foreign exchange trading and data solutions to trading professionals and qualified organizations. Traders Development also provides turn-key or customized solutions to qualified organizations including dealing interface (or graphic user interface-GUI), application program interface (API), back-office processing, database, servers, technical support and upgrades. Traders Development has developed and owns its proprietary Forex trading platform, Avalon FX Pro(TM). For additional information contact info@tradersdevelopment.com.
A number of statements referenced in this Press Release are forward-looking statements, which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, and goals, assumption of future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this Release may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might" occur. Such statements reflect the current views of Avalon Capital Holdings Corporation with respect to future events and are subject to certain assumptions, including those described in this release. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products, services, and technologies, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses, and other factors. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties.
Avalon Capital Holdings Corporation does not undertake any responsibility to update the "forward-looking" statements contained in this news release. Any communications received by fax or e-mail concerning Avalon Capital Holdings Corporation which have not been authorized by the Company or its investor relations/media advisory firm are specifically disavowed by the Company.
Source: Avalon Capital Holdings Corporation
CRIS (1.02) Curis, Inc. Announces Sale of its BMP-7 Assets to Stryker Corporation
Friday, December 28 2007 7:58 AM, EST Business Wire "US Press Releases "
CAMBRIDGE, Mass .--(BUSINESS WIRE)--
Curis, Inc. (NASDAQ: CRIS), a drug development company focused on seeking to develop proprietary targeted medicines primarily for cancer treatment, today announced that it has entered into an agreement to sell and assign its remaining BMP-7 technologies to Stryker Corporation . Curis' BMP-7 assets primarily comprise intellectual property covering bone morphogenetic protein-7, or BMP-7, and its use for treating various diseases.
Curis will receive an initial payment of $1 million , which is net of a payment to be made by Curis to a former third party collaborator of Creative BioMolecules, a predecessor company involved in the 2000 merger that formed Curis. In addition to the initial payment, Stryker has agreed to make cash payments to Curis upon the successful achievement of specified clinical development and drug approval objectives. In lieu of royalty payments, Stryker has also agreed to pay additional cash payments upon the achievement of specified net product sales targets, should such targets be achieved within contractually-specified time periods that are based on the expiration of valid claims of Curis' BMP-7 intellectual property. Assuming that at least one product is successfully developed and commercialized by Stryker on a global basis, Curis could receive up to approximately $41 million in such payments. However, in connection with its receipt of such payments, Curis would be required to make payments of up to approximately $14 million to the former third-party collaborator if such product candidates or products are designed to treat certain indications affecting chronic kidney disease patients.
"While the completion of this agreement provides Curis with modest cash inflows, it also removes a significant patent portfolio from our internal cost structure, and allows us to continue our efforts to focus on our core small molecule cancer drug programs," said Curis President and CEO Daniel R. Passeri, MSc., J.D. "Going into 2008, substantially all of Curis' internal resources are committed to the development of targeted drug candidates, especially those focused on cancer indications."
Passeri continued, "While these BMP-7 assets are currently in preclinical testing, we are hopeful that Stryker will work diligently to progress the BMP-7 assets into clinical testing. BMP-7 is a complicated protein and poses difficult challenges, particularly involving protein manufacturing. We believe that Stryker is uniquely suited to develop these assets since Stryker has deep experience with BMP-7, including the ability to produce clinical and commercial grade protein. Stryker currently offers OP-1 products, which contain BMP-7, for trauma and spine indications. We are hopeful that Stryker will move the BMP-7 assets towards clinical testing so that this promising preclinical technology can potentially provide a future benefit to patients."
About Curis, Inc.
Curis is a drug development company that is committed to leveraging its innovative signaling pathway drug technologies in seeking to create new medicines, primarily for cancer. In expanding its drug development efforts in the field of cancer through its Targeted Cancer Drug Development Platform, the Company is building upon its experiences in targeting signaling pathways in the areas of cancer, neurological disease and cardiovascular disease. For more information, visit www.curis.com.
Cautionary Statement: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our hope that Stryker will work diligently to progress the BMP-7 assets into clinical testing. Forward-looking statements used in this press release may contain the words "believes", "expects", "anticipates", "plans", "seeks", "estimates", "will", "may" or similar expressions.
These forward-looking statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that may cause our actual results to be materially different from those indicated by such forward-looking statements including, among other things:
-- adverse results, delays and/or failures in our and our
strategic collaborators' product development programs,
including without limitation adverse events, difficulties with
patient enrollment and other unplanned delays in our
systemically administered small molecule Hedgehog pathway
antagonist compound currently under Phase I clinical
development with Genentech and unplanned delays and/or
failures in our efforts to advance CUDC-101 and our other
programs under the Targeted Cancer Drug Development Platform;
-- difficulties or delays in obtaining or maintaining required
regulatory approvals for products being developed by us and by
our collaborators;
-- our and our collaborators' ability to obtain or maintain the
patent and other proprietary intellectual property protection
necessary for the development and commercialization of
products based on our technologies;
-- changes in, or our inability to execute, our business plan;
-- the risk that we do not obtain the additional funding required
to conduct research and development of our product candidates;
-- unplanned cash requirements and expenditures which, among
other things, could shorten the estimated period in which we
will have cash to fund our operations and which could also
adversely affect our estimated expenses for the remainder of
2007 and beyond;
-- risks relating to our ability to enter into and maintain
important strategic collaborations, and the risk that our
current and future collaborators will not perform adequately,
including such risks with respect to our current collaboration
agreements with Genentech and Wyeth;
-- competitive pressures; and
-- other risk factors identified in our Quarterly Report on Form
10-Q for the Quarter ended September 30, 2007 and other
filings that we periodically make with the Securities and
Exchange Commission .
In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing its views as of any subsequent date. We disclaim any intention or obligation to update any of the forward-looking statements after the date of this press release whether as a result of new information, future events or otherwise.
Source: Curis, Inc.
NCOC (5.74) National Coal Corp. Sells Two Million Shares in Private Placement
Friday, December 28 2007 6:58 AM, EST Business Wire "US Press Releases "
KNOXVILLE, Tenn .--(BUSINESS WIRE)--
National Coal Corp. (Nasdaq: NCOC), a producer of high-quality steam coal in Central and Southern Appalachia, announces it has sold two million shares of its common stock in a private placement netting total proceeds of approximately $8 million .
Daniel Roling, President and CEO of National Coal said, "This placement is a welcome sign of confidence from our investors. The positive momentum we have generated in the last half of the year with the acquisition of Mann Steel, the signing of three new sales contracts, and now this placement will send us into the New Year with a strengthened financial position and will enable us to focus on generating more opportunities to increase shareholder value."
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 , and through its wholly-owned subsidiary, National Coal of Alabama , is engaged in coal mining in Alabama . Currently, National Coal employs about 350 people. National Coal sells steam coal to electric utilities and industrial companies in the Southeastern United States . For more information visit www.nationalcoal.com.
Information about Forward Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. Examples of forward looking-statements include the assertion that the sale will strengthen the Company's future financial performance. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: (i) the worldwide demand for coal; (ii) the price of coal; (iii) the price of alternative fuel sources; (iv) the supply of coal and other competitive factors; (v) the costs to mine and transport coal; (vi) the ability to obtain new mining permits; (vii) the costs of reclamation of previously mined properties; (viii) the risks of expanding coal production; (ix) the ability to bring new mining properties on-line on schedule; (x) industry competition; (xi) our ability to continue to execute our growth strategies; and (xii) general economic conditions. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission including the Company's most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements speak only as of the date they are made. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Source: National Coal Corp.
xmdc (.035) XTend Medical (XMDC) Updates Shareholders on Company Progress
Friday, December 28 2007 6:29 AM, EST Market Wire "US Press Releases "
SUN VALLEY, CA -- (MARKET WIRE) -- 12/28/07 -- XTend Medical Corporation (PINKSHEETS: XMDC) released the following statement today regarding the progress the company has made to date and plans for 2008:
"XTend Medical continues to work diligently to close several contracts with major managed care companies. As with most multi-billion dollar corporations, the difficulty in gathering the decision makers together has been hard to achieve during the holiday periods. We've solidified scheduling for these follow-up appointments for the first 3 weeks in January and feel quite confident the company will close two major contracts with an additional three to four smaller contracts that will insure the company hits their target revenue previously stated. The programs we have proposed to these companies have many variables that must be addressed before the implementation process takes place. Achieving this is our number one priority. Specific processes must be completed with the various managed care company's different departments that handle patient data, office visits, education, and delivery of product. XTend has worked hard to insure our solutions are the best possible for the patient yet achieve an incredible savings for the managed care companies implementing and managing them. In addition, the management recently attended the Medica conference in Germany and came away with several opportunities to develop proprietary programs XTend will have exclusivity for sales in the U.S. We've scheduled appointments and developmental meetings and will announce the progress of these programs and products as we finalize the details. The management at XTend wants our dedicated shareholder base to know that it is working diligently to bring the company to the forefront of medical solutions utilizing the latest in technology to deliver results for the companies working with us and 2008 will be a banner year for the company."
About XTend Medical: XTend Medical Corporation markets and sells healthcare and wellness products to hospitals, managed care companies, nursing homes, physician groups and individual patients. Through their alliances, XTend offers pharmacy services, diabetic supplies, and telemedicine products that increase patient care yet reduce costs associated with servicing those patients. For more information, please visit their website at www.xtendmedical.com
Safe Harbor
This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission . The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.
Contact:
Company Contact:
FutureTechIR for XTend Medical Corporation
Investor Relations
(817) 812-2105
bcst (3.25) Broadcast International Closes on $15 Million Offering to Expand Development of Breakthrough Video Compression Technology
Friday, December 28 2007 6:13 AM, EST Business Wire "US Press Releases "
SALT LAKE CITY --(BUSINESS WIRE)--
Broadcast International, Inc. (OTCBB:BCST "BI") today announced that it has closed and received the funding from the sale of approximately $15.0 million of its 6.25% senior secured convertible promissory notes, due December 21, 2010 .
The notes are convertible into shares of Broadcast common stock at an initial conversion price of $5.45 per share. Additional terms and conditions of the transaction were previously announced. As part of this offering, Broadcast also issued to the purchasers of the notes an aggregate of 1,000,000 shares of its common stock and warrants to purchase up to 1,875,000 shares of Broadcast common stock at a price of $5.00 per share.
The funding will be used to finalize development of the CodecSys technology on IBM's Cell Broadband Engine(TM) (Cell/B.E.) multi-core processor and the IBM BladeCenter(R) QS21 server and to fund the market launch of the combined IBM/BI encoder beginning the first quarter of 2008. In addition, Broadcast will use these resources to fund other CodecSys development projects, as well as further develop and market key strategic corporate initiatives.
"This round of funding is the latest in a series of significant company milestone this year, which include our license agreement with IBM and receiving the U.S. Patent for CodecSys," said Rod Tiede, President and CEO of Broadcast International . "We are confident that 2008 will bring major new customers for the IBM video encoder, featuring our CodecSys compression engine, as well as additional CodecSys licensing agreements and positive results from other promising corporate developments."
About Broadcast International
Broadcast International is a leading provider of video-powered broadcast solutions, including IP, and digital satellite, Internet streaming and other types of wired/wireless network distribution. BI's patented CodecSys software is a breakthrough, artificial intelligence-based video compression technology that cuts video bandwidth requirements more than 80% over satellite, cable, IP and wireless networks. By slashing bandwidth needs, CodecSys enables a new generation of applications such as streaming video to cell phones, and offers unprecedented price/ performance benefits for existing applications such as HD video.
Broadcast International is a public company (OTCBB: BCST) headquartered in Salt Lake City, UT . For more information go to www.brin.com and www.codecsys.com.
Forward-Looking Statements
All statements in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). While management has based any forward-looking statements contained herein on its current expectations of licensing its technology, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth under the caption "Additional Factors That May Affect Our Business" in the Company's most recent Form 10-K and 10-Q filings, and amendments thereto. In addition, we operate in a highly competitive and rapidly changing environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise any forward-looking statement.
BladeCenter, IBM, QS21 and Power Architecture are trademarks of International Business Machines Corporation in the United States , other countries or both.
Source: Broadcast International, Inc.
ibciq (.011) Judge denies Interstate Bakeries' request to require details from Yucaipa [The Kansas City Star, Mo.]
Friday, December 28 2007 5:32 AM, EST Knight Ridder/Tribune "Business News "
Dec. 28 --A bankruptcy judge has denied Interstate Bakeries Corp.'s request to order Yucaipa Cos. LLC to fill in details of its offer for the bankrupt baking company by Jan. 3 .
U.S. Bankruptcy Judge Jerry Venters ruled last week that such an order "would be wholly unwarranted," given that IBC established the schedule for the submission of reorganization proposals.
"For that reason alone," Venters wrote, IBC was "in no position to complain about the absence of bids or proposals at this juncture, and they are certainly in no position to demand that potential bidders be put under an expedited and totally unreasonable deadline because of their frustrations with IBT (International Brotherhood of Teamsters)."
The deadline for reorganization or financing proposals is Jan. 15 . Venters has scheduled a Jan. 29 hearing on the proposals.
Earlier this month, Los Angeles -based Yucaipa and the Teamsters said they might team up to submit a "possible plan of reorganization" for Interstate. The two said they would work together exclusively unless and until Yucaipa, which is headed by supermarket billionaire Ron Burkle, decided not to submit a plan.
IBC, however, complained that the proposal failed to disclose crucial details. The company wanted Venters to terminate the exclusivity arrangement between Yucaipa and the Teamsters so that the Teamsters would be free to discuss a reorganization plan with IBC or other parties.
IBC, which filed for Chapter 11 reorganization in September 2004 , has submitted its own reorganization plan, but the plan relies on concessions from the Teamsters union, which represents about 9,000 of its 25,000 employees.
Venters said that while he recognized that IBC and its attorneys were exasperated by the exclusivity arrangement between Yucaipa and the Teamsters, the union was "entitled to pursue whatever strategy it deems best and to talk (or not talk) to whomever it pleases, just as other party or concerned group is entitled to do."
IBC shares closed Thursday at 1 cent , down 1 cent .
To reach Dan Margolies, call 816-234-4481 or send e-mail to dmargolies@kcstar.com.
To see more of The Kansas City Star, or to subscribe to the newspaper, go to http://www.kansascity.com.
Copyright (c) 2007, The Kansas City Star, Mo.
Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc. , 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
kaih (.014) Kaire Holdings, Inc. Announces an Increase in 2007 Revenue Over 2006 Plus an Update on the Company's Direction in 2008
Friday, December 28 2007 5:28 AM, EST Market Wire "US Press Releases "
IRVINE, CA -- (MARKET WIRE) -- 12/28/07 -- Kaire Holdings, Inc. ("KAIRE") (OTCBB: KAIH) announces an increase in revenue over prior year plus an update on the Company's direction in 2008.
Kaire Holdings, Inc.'s subsidiary, H&H Glass, estimates that it will finish the year with a strong sales performance in 2007, which will be in excess of a 30% increase over 2006 for a total of approximately $18 to $19 million . This strong performance is mainly due to the world shortage of glass supply in the market place. Management feels these results will set the ground for solid growth and expansion in 2008. H&H Glass will strategically diversify vertically into different packaging material supplies to meet the US market needs and further expand into the European market in 2008. As China sources become more important to the whole world, H&H and its packaging supply products shall strive to maintain a leading edge which has played an important role in its success since the late 1980s. With its 20 years presence in China and Taiwan , H&H shall aggressively use its resources and contacts to connect to the worldwide network in the packaging industry.
About Kaire Holdings, Inc.'s subsidiary H&H Glass
H&H Glass Corporation was formed in 1989 and distributes Asian glass products to North America .
Safe Harbor:
Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission . The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
FOR ADDITIONAL INFORMATION CONTACT
Kathy Johnson
(949) 861-3560
rvgd (.0039) Revenge Designs Announces Purchase of New Manufacturing Facility
Thursday, December 27 2007 4:42 PM, EST Business Wire "US Press Releases "
DECATUR, Ind.--(BUSINESS WIRE)--
Revenge Designs, Inc. (Pink Sheets:RVGD), a specialty car designer and manufacturer, recently announced that the company has purchased and taken possession of a new manufacturing facility in Decatur, Indiana .
Peter Collorafi, Revenge Designs President and CEO, stated, "I am very pleased with today's announcement and I believe that the purchase of the new building is an integral step in securing the company's growth potential. This will allow the company to grow beyond merely leasing space from a landlord and provide the company the security of owning its own manufacturing facility in addition to adding an asset to the company's balance sheet."
Collorafi added, "While the company's original location was adequate for the launch of the company's birth, the new manufacturing facility is much more modern and of newer construction. The company's new manufacturing facility is more suitable for the company's needs and plans for growth."
"I am of firm belief that 2008 will be an exciting year for Revenge Designs. We have been working diligently to provide for the continued growth and stability of the company. We are presently focusing efforts to finalize and complete discussions on several exciting projects and I look forward to updating shareholders as the various projects are reduced from verbal understandings into formalized written agreements. I appreciate the support of Revenge shareholders and I extend my best wishes to everyone during this Holiday Season," said Revenge Designs, Inc. , CEO Peter Collorafi.
This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. 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 that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, the Company's ability to develop operations, the Company's ability to consummate and complete an acquisition, the Company's access to future capital, the successful integration of acquired companies, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition, sales and other factors that may be identified from time to time in the Company's public announcements.
This press release is provided for information purposes only and is not intended to constitute an offer to sell or a solicitation of an offer to buy securities.
Revenge Designs, a specialty car designer and manufacturer, is headquartered in a facility in N.E. Indiana . Mr. Peter Collorafi is a car designer from Queensland, Australia . Peter has been designing and installing modifications for factory produced vehicles since 1980. For more information about Revenge, please visit the company's website located at http://www.revengedesignsllc.com.
Source: Revenge Designs, Inc.
no idea
rzor (?) Razor Resources Announces Forward Stock Split
Thursday, December 27 2007 3:44 PM, EST Business Wire "US Press Releases "
MANHATTAN BEACH, Calif.--(BUSINESS WIRE)--
Razor Resources Inc. (OTCBB:RZOR) (the "Company"), an exploration company involved in aggressively searching for viable Uranium properties, announces that it has effected a 15 for one (1) forward stock split of its authorized, issued and outstanding shares. As a result, the Company's authorized capital has increased from 70,000,000 shares of common stock with a par value of $0.001 and 5,000,000 shares of preferred stock with a par value of $0.001 to 1,050,000,000 shares of common stock with a par value of $0.001 and 70,000,000 shares of preferred stock with a par value of $0.001 .
Following the effectiveness of the stock split, the Company's issued and outstanding share of common stock has increased from 5,317,000 shares to 79,755,000 shares of common stock.
The forward stock split became effective with the Over-the-Counter Bulletin Board on December 26, 2007 under the new stock symbol "RZOR". The Company's new CUSIP number is 755235 207.
"Management of the Company felt the forward split was a necessary and positive step in the Company's overall growth and ability to acquire exceptional Uranium properties for exploration," said Mr. Jordan Welsh, President of Razor Resources.
On behalf of the Board of Directors,
Razor Resources Inc.
Jordan Welsh, President and Director
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements". Those statements include statements regarding the intent, belief or current expectations of the Company, and members of its management as well as the assumptions on which such statements are based. Forward-looking statements in this release include statements that include the Company's expectation on the completion of a forward stock split. It is important to note that actual outcomes and the Company's actual results may differ materially from the forward looking statements, and risk factors could prevent or delay their occurrence. Factors which could affect these future events include our being unable to comply with regulatory requirements, regulatory or shareholder approvals not being forthcoming, or other factors. For further risk factors see the Company's annual report on Form 10-KSB for the last reported fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission .
Source: Razor Resources Inc.
FCLE .0004, up 33% on light volume
imds (.048) Imaging Diagnostic Systems CEO Announces Retirement
Thursday, December 27 2007 3:28 PM, EST PR Newswire "US Press Releases "
FORT LAUDERDALE, Fla ., Dec. 27 /PRNewswire-FirstCall/ -- Imaging Diagnostic Systems, Inc. , (OTC Bulletin Board: IMDS) a pioneer in laser optical breast cancer imaging systems, announced that Tim Hansen will be retiring as Chief Executive Officer and Director effective January 1, 2008 .
(Logo: http://www.newscom.com/cgi-bin/prnh/20040412/IMDSLOGO )
Tim Hansen was appointed IDSI Chief Executive Officer and a Director of the Company by the Board of Directors in July 2004 . Mr. Hansen is a veteran medical imaging business executive. He held a number of leadership positions prior to IDSI and most notably served as President of Picker International , a global manufacturer of diagnostic imaging systems including CT and MRI scanners, nuclear medicine imagers and X-Ray systems until April 2001 .
"We will miss Tim's vision, leadership, and outstanding knowledge and experience in the medical imaging field. He brought a women's health focus to our business, launched a comprehensive global commercialization program, led our advanced technology efforts and guided us through strategic matters. Clearly, we will miss his leadership but we wish him the best in his well- deserved retirement," said Jay Bendis, Co-Chairman of IDSI's Board. "Tim has agreed to a limited term consulting agreement to aid in our transition process. Allan Schwartz, our Executive VP & CFO and Deborah O'Brien, IDSI Senior VP, will form an executive committee with Co-Chairman Patrick Gorman and me to further ensure a smooth transition," added Mr. Bendis.
"We are optimistic about the future, with our US PMA trials well underway and global commercialization gaining momentum. We are still a development- stage company but one with a large and growing clinical experience base in the attractive molecular breast imaging marketplace. Our recent experience at the Radiological Society of North America annual meeting in Chicago suggests growing interest in our optical breast imaging solutions to the limitations of conventional mammography, especially in the difficult dense breast cases," commented Mr. Bendis.
IDSI users have performed over 13, 000 CT Laser Mammography (CTLM(R)) clinical cases worldwide.
About Imaging Diagnostic Systems, Inc.
Imaging Diagnostic Systems, Inc. has developed a revolutionary new imaging device to aid in the detection and management of breast cancer. The CTLM system is a breast imaging system that utilizes patented continuous wave laser technology and computer algorithms to create 3-D images of the breast. The procedure is non-invasive, painless, and does not expose the patient to ionizing radiation or painful breast compression. CTLM is designed to be used in conjunction with mammography. It reveals information about blood distribution in the breast and may visualize the process of angiogenesis, which usually accompanies tumor growth.
Imaging Diagnostic Systems is currently collecting data from clinical sites for the future filing of an FDA Premarket Approval (PMA) for the Computed Tomography Laser Mammography system to be used as an adjunct to mammography. The FDA has determined that the Company's clinical study is a non-significant risk (NSR) investigational device study under 812.3(m) of the investigational device exemptions (IDE) regulation (21 CFR 812). The CTLM system is limited by United States Federal Law to investigational use only in the United States . The CTLM system has received other registrations including CE, CMDCAS Canadian License, China SFDA, UL, ISO 9001:2000, ISO 13485:2003 and FDA export certification.
For more information, visit our website: www.imds.com .
As contemplated by the provisions of the Safe Harbor section of the Private Securities Litigation Reform Act of 1995, this news release may contain forward-looking statements pertaining to future, anticipated, or projected plans, performances and developments, as well as other statements relating to future operations. All such forward-looking statements are necessarily only estimates or predictions of future results or events and there can be no assurance that actual results or events will not materially differ from expectations. Further information on potential factors that could affect Imaging Diagnostic Systems, Inc. , is included in the Company's filings with the Securities and Exchange Commission . We expressly disclaim any intent or obligation to update any forward-looking statements.
Investor Relations:
Rick Lutz
(404) 261-1196
lcgroup@mindspring.com
Media Contact:
Elizabeth Williams
(954) 581-9800
williams@imds.com
SOURCE Imaging Diagnostic Systems, Inc.
CRVV .08, up 300%
TGTD .0035, up 250%
CRVV .06, up 200%, .08 at bat
VVIT.OB (.06) Vista International Technologies, Inc. Update
Thursday, December 27 2007 3:08 PM, EST PR Newswire "US Press Releases "
DENVER, Colo ., Dec. 27 /PRNewswire-FirstCall/-- Vista International Technologies (VVIT) is pleased to provide investors with an update on the execution of its global development strategy. The company has been focused on expanding the market for its renewable energy technologies, specifically its thermal gasifier system, and has made significant progress. The company is currently in discussions to finalize a project in China and is expanding its development efforts in various provinces in China . The company is also discussing waste to energy projects with officials from Mexico and southeastern Europe and has received expressions of interest for a waste to energy project in Hawaii .
In order to properly service the needs of our growing business development activities, the company expects to open offices in Hawaii , Mexico , and southeastern Europe in the near future. In addition, VVIT has been working closely with its parent company, Vista International, Inc. , to develop these new projects, expand VVIT's core technologies, and attract additional key personnel to the company.
Management will send out additional updates in coming weeks to provide investors with more specific information on the company's progress.
Statements in this press release other than historical facts are "forward-looking" statements within the meaning of section 27A of the Securities Act of 1933, section 21E of the Securities Exchange Act of 1934. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results. Future operating results of the Company are impossible to predict and no representation, guaranty, or warranty is to be inferred from those forward-looking statements. Readers are advised to review the "forward looking statements" included in our reports which are filed with the Securities and Exchange Commission .
"We are reducing the carbon footprint, one step at a time"
SOURCE Vista International Technologies, Inc.