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Lego letdown could be boon for Mega Brands
ANGELA BARNES
Tuesday, October 31, 2006
It is not the kind of news that harried parents want to hear in the run-up to Christmas, especially if their kids have Lego on their wish list.
There have been reports in the Danish press that the toy maker, Lego, is rejecting orders because of its reduced production capacity and cannot meet demand from retailers for Christmas, 2006. A Lego spokeswoman was quoted as saying that many of Lego's most popular products are sold out.
But what is bad news for Lego and parents may be good news for Montreal-based Mega Brands Inc., a key Lego competitor., a Desjardins Securities analyst suggested. Analyst Jessy Hayem said, “We believe this announcement bodes well for Mega Brands, as some level of substitution may occur in favour of MB, when consumers look at buying construction blocks this Christmas.”
She reiterated her “buy-above-average risk” rating on Mega Brands shares and her $29 price target. Mega Brands was up 30 cents to $25.60 in afternoon trading on the Toronto Stock Exchange
They coulda sweetend the deal by throwin' in a "cougar" or two.
TSC, got the year their high on the buyout
The other deal dosen't look to spectacular to me. I'm going to have to read it tomorrow after I sober up.
Hold on for the ride.
Canadian Natural Resources (CNQ : TSX : $58.97 | NYSE : US$52.80)
Horizon project ahead of schedule and on budget
Raymond James maintains "outperform", 6-12 month target price is $63.00
Ear on the Street
Arawak Energy Corporation (ABG : TSX-V : $2.46)
New Street coverage
Canaccord Adams initiates coverage with a "buy", 12-month target price is $3.10
ATCO Ltd. (ACO.X : TSX : $42.22)
Higher Canadian Utilities earnings
TD Newcrest maintains "hold", 12-month target price is raised to $45.00
AutoCanada Income Fund (ACQ.UN : TSX : $12.06)
New Street coverage
Raymond James initiates coverage with a "outperform", 6-12 month target price is $13.50
Agnico-Eagle Mines (AEM : TSX : $40.07 | NYSE : US$35.89)
Q3 meets expectations
Blackmont Capital maintains "hold", 12-month target price is $40.00
Canaccord Adams maintains "buy", 12-month target price is US$44.00
CIBC World Markets maintains "sector outperform", 12-month target price is raised to US$50.00
Desjardins Securities maintains "buy", 12-month target price is $62.75
Dundee Securities maintains "outperform", 12-month target price is $45.00
GMP Securities maintains "buy", 12-month target price is $44.00
Raymond James downgrades to "outperform", 6-12 month target price is $50.00
RBC Capital Markets maintains "sector perform", 12-month target price is US$46.00
TD Newcrest upgrades to "action list buy", 12-month target price is raised to US$50.00
Anatolia Minerals Dev Ltd (ANO : TSX : $3.35)
Received credit approval for US$115 million
Dundee Securities maintains "outperform", 12-month target price is cut to $5.00
Angiotech Pharmaceuticals (ANP : TSX : $10.67 | ANPI : NASDAQ : US$9.51)
The emerging consensus from the TCT meeting was DES are safe
Blackmont Capital maintains "buy", 12-month target price is US$16.00
Aspreva Pharmaceuticals (ASV : TSX : $21.33 | ASPV : NASDAQ : US$19.10)
MG Phase III trial misses endpoints
Raymond James maintains "outperform", 6-12 month target price is $30.00
Avenir Diversified Income Tr. (AVF.UN : TSX : $10.05)
Acquires real estate and oil and gas assets for $40.6 million
Blackmont Capital maintains "buy", 12-month target price is raised to $11.25
Canaccord Adams maintains "buy", 12-month target price is $11.00
Bell Aliant (BA.UN : TSX : $33.97)
Q3 DCPU exceeds expectations
Desjardins Securities maintains "buy", 12-month target price is $37.00
GMP Securities maintains "buy", 12-month target price is $37.00
TD Newcrest maintains "buy", 12-month target price is $38.50
Bell Nordiq Income Fund (BNQ.UN : TSX : $18.42)
Q3 DCPU in line
Desjardins Securities maintains "hold", 12-month target price is $19.00
TD Newcrest maintains "hold", 12-month target price is $19.00
Constellation Copper (CCU : TSX : $1.95)
In-fill drilling at Cerro La Verde shows grade in line with resource estimate
GMP Securities maintains "buy", 12-month target price is $3.65
CanWest Global Communications (CGS : TSX : $10.87)
Downgrade due to price appreciation
Desjardins Securities maintains "hold", 12-month target price is $11.50
Chemtrade Logistics Inc Fd (CHE.UN : TSX : $10.55)
Q3 essentially in line
BMO Capital Markets maintains "market perform", 12-month target price is $11.00
Corus Entertainment (CJR.B : TSX : $40.41 | CJR : NYSE : US$36.13)
Mixed Q4
CIBC World Markets maintains "sector perform", 12-month target price is $48.00
Desjardins Securities maintains "hold", 12-month target price is $42.00
GMP Securities maintains "buy", 12-month target price is $46.50
RBC Capital Markets maintains "outperform", 12-month target price is $48.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $50.50
TD Newcrest upgrades to "buy", 12-month target price is cut to $48.00
Celestica Inc. (CLS : TSX : $11.33 | NYSE : US$10.10)
Strong Q3 but lower guidance
Blackmont Capital maintains "buy", 12-month target price is $16.50
Desjardins Securities maintains "hold", 12-month target price is $14.00
GMP Securities maintains "buy", 12-month target price is $16.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $15.00
Celtic Exploration (CLT : TSX : $12.99)
New Street coverage
RBC Capital Markets initiates coverage with a "outperform", 12-month target price is $16.00
Canadian Natural Resources (CNQ : TSX : $58.97 | NYSE : US$52.80)
Horizon project ahead of schedule and on budget
Raymond James maintains "outperform", 6-12 month target price is $63.00
Catalyst Paper (CTL : TSX : $3.29)
Q3 slightly above estimates
CIBC World Markets maintains "sector perform", 12-month target price is $3.00
Desjardins Securities maintains "hold", 12-month target price is $3.00
Raymond James maintains "market perform", 6-12 month target price is $3.25
RBC Capital Markets maintains "sector perform", 12-month target price is $3.25
Scotia Capital Markets maintains "sector underperform", 12-month target price is $3.20
TD Newcrest maintains "hold", 12-month target price is $3.50
Corriente Resources (CTQ : TSX : $5.09)
Small company with a big resource
Desjardins Securities maintains "buy", 12-month target price is $7.90
Canadian Utilities (CU : TSX : $41.94)
Normalized EPS beats expectations
TD Newcrest maintains "hold", 12-month target price is raised to $44.00
Chartwell Technology Inc (CWH : TSX : $2.14)
Terminated merger with Parlay
Desjardins Securities maintains "buy", 12-month target price is $3.75
Consumers Waterheater Fund (CWI.UN : TSX : $15.90)
Q3 in line
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $17.50
Calloway REIT (CWT.UN : TSX : $28.80)
A series of acquisitions worth about $1 billion
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $30.00
RBC Capital Markets maintains "sector perform", 12-month target price is $26.25
Scotia Capital Markets maintains "sector outperform", 12-month target price is $29.50
TD Newcrest maintains "hold", 12-month target price is raised to $27.00
Daylight Resources Trust (DAY.UN : TSX : $13.90)
New Street coverage
Dundee Securities initiates coverage with a "buy", 12-month target price is $20.70
Dorel Industries (DII.B : TSX : $29.20 | DIIB : NASDAQ : US$26.26)
Q3 to be reported on November 3
RBC Capital Markets maintains "sector perform", 12-month target price is $30.00
Dalsa Corp. (DSA : TSX : $13.37)
Q3 lighter than expected
Blackmont Capital maintains "buy", 12-month target price is $20.70
Desjardins Securities maintains "hold", 12-month target price is cut to $14.50
GMP Securities maintains "buy", 12-month target price is $16.50
Raymond James maintains "market perform", 6-12 month target price is cut to $14.50
RBC Capital Markets maintains "sector perform", 12-month target price is $17.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $16.00
EnCana Corp. (ECA : TSX : $54.46 | NYSE : US$48.73)
Lowered its natural gas production guidance for 2006
BMO Nesbitt Burns maintains "outperform", 12-month target price is US$62.00
EXFO Electro-Optical Engin. (EXF : TSX : $5.69 | EXFO : NASDAQ : US$5.08)
Q4/06 revenues and EPS in line
BMO Nesbitt Burns maintains "outperform", 12-month target price is US$7.00
Glamis Gold (GLG : TSX : $47.28)
Shareholders approve plan of arrangement with Goldcorp
Blackmont Capital maintains "buy", 12-month target price is $54.00
Groupe Laperriere & Verreault (GLV.A : TSX : $25.65)
Wins large scale contract worth over $40 million
Blackmont Capital maintains "buy", 12-month target price is $32.00
Raymond James maintains "strong buy", 6-12 month target price is $35.00
Hub International (HBG : TSX : $33.78 | NYSE : US$30.02)
Q3/06 Results display seasonal weakness
TD Newcrest maintains "buy", 12-month target price is US$35.00
Home Capital Group (HCG : TSX : $27.98)
Q3/06 results: weak originations; continued hedging volatility
Blackmont Capital maintains "hold", 12-month target price is cut to $33.00
Desjardins Securities maintains "buy", 12-month target price is cut to $38.00
GMP Securities reiterates "buy", 12-month target price is $39.00
TD Newcrest downgrades to "hold", 12-month target price is cut to $32.00
International Forest Products (IFP.A : TSX : $6.24)
Announcement of new share buyback program
Raymond James downgrades to "outperform", 6-12 month target price is lowered to $7.50
RBC Capital Markets maintains "outperform", 12-month target price is $8.25
Scotia Capital Markets maintains "sector perform", 12-month target price is $7.50
Iamgold Corp. (IMG : TSX : $9.52)
Higher costs at Tarkwa and Damang primarily due to the power restrictions in Ghana
CIBC World Markets maintains "buy", 12-month target price is $16.00
LasVegasFromHome.com Ent. (LVH : TSX-V : $0.13)
Exits online poker with sale of the action poker network
Desjardins Securities places rating and target "under review"
MDS Inc. (MDS : TSX : $19.25 | MDZ : NYSE : US$17.23)
ABI/WAT Report moderate mass spec performance
TD Newcrest maintains "hold", 12-month target price is $22.00
Maple Leaf Foods (MFI : TSX : $12.51)
Rising input costs impact bakery
Raymond James maintains "underperform", 6-12 month target price is $12.00
RBC Capital Markets downgrades to "underperform", 12-month target price is $13.00
TD Newcrest maintains "reduce", 12-month target price is $11.00
Minefinders Corp. (MFL : TSX : $8.60)
Site construction well underway at Dolores
Blackmont Capital maintains "hold", 12-month target price is $10.65
Meridian Gold (MNG : TSX : $27.40 | MDG : NYSE : US$24.50)
Reported Q3/06 net income of $5.7 million or $0.06 per share
BMO Nesbitt Burns maintains "outperform", 12-month target price is cut to US$35.00
Masters Energy (MSY : TSX : $3.91)
Production decline continues, but growth finally on the horizon
Canaccord Adams maintains "buy", 12-month target price is $4.75
GMP Securities reiterates "buy", 12-month target price is $4.50
Haywood Securities maintains "sector outperform", 12-month target price is $6.00
Raymond James reiterates "outperform", 6-12 month target price is cut to $4.75
Methanex Corp. (MX : TSX : $25.18 | MEOH : NASDAQ : US$22.48)
Minimal export tax downside reflected in share price
CIBC World Markets maintains "sector perform", 12-month target price is raised to US$25.00
Raymond James maintains "underperform", 6-12 month target price is US$17.00
RBC Capital Markets maintains "underperform", 12-month target price is $20.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $23.50
Northern Orion Resources (NNO : TSX : $5.12 | NTO : AMEX : US$4.59)
Agua Rica's Mine life estimated at 23 years
GMP Securities maintains "buy", target price $7.50
Northern Peru Copper (NOC : TSX : $6.42)
Highly leveraged to copper prices
Canaccord Adams initiates coverage with a "speculative buy", 12-month target price is $8.10
Nexen (NXY : TSX : $62.85 | NYSE : US$56.28)
Buzzard development in North Sea is now entering the last stages of development (43.2% W.I.)
BMO Nesbitt Burns maintains "outperform", 12-month target price is $75.00
Petro-Canada (PCA : TSX : $48.81)
Reports strong financial results in Q3
CIBC World Markets maintains "sector perform",12-month target price is $57.00
RBC Capital Markets maintains "outperform", 12-month target price is $54.00
Scotia Capital Markets maintains "outperform", 12-month target price is $68.00
TD Newcrest maintains "buy", 12-month target price is $ 58.00
Precision Drilling (PD.UN : TSX : $32.55 | PDS : NYSE : US$29.18)
Management cautions on future outlook despite strong Q3 results
Canaccord Adams maintains "buy", 12-month target price is $39.00
Raymond James maintains "outperform", 6-12 month target price is $36.00
RBC Capital Markets maintains "sector perform", 12-month target price is cut to $39.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $38.00
TD Newcrest maintains "hold", 12-month target price is $36.00
Progress Energy Trust (PGX.UN : TSX : $16.04)
Drilling Continues to Offset Declines
Raymond James maintains "strong buy", 6-12 month target price is cut to $18.25
Canaccord Adams maintains "hold", 12-month target price is $15.00
CIBC World Markets maintains "sector perform", 12-month target price is $16.25
RBC Capital Markets maintains "underperform", 12-month target price is $11.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $17.00
TD Newcrest maintains "hold", 12-month target price is raised to $15.50
Pembina Pipeline Income Fund (PIF.UN : TSX : $18.00)
Q3/06 Slightly lower than expected
BMO Nesbitt Burns maintains "market perform", 12-month target price is $17.00
Potash Corp. of Saskatchewan (POT : TSX : $136.35 | NYSE : US$122.01)
Reported Q3/06 EPS of US$1.37
BMO Nesbitt Burns maintains "outperform", 12-month target price is US$135.00
ProEx Energy Ltd. (PXE : TSX : $13.80)
Healthy balance sheet provides flexibility going forward
RBC Capital Markets initiates coverage with a "sector perform", 12-month target price is $15.00
QLT Inc. (QLT : TSX : $9.24 | QLTI : NASDAQ : US$8.25)
Q3/06 results - revenue in line, but earnings hit by higher expenses
GMP Securities maintains "reduce", 12-month target price is US$6.00
Raymond James maintains "market perform", 6-12 month target price is US$7.50
RBC Capital Markets maintains "sector perform", 12-month target price is US$8.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $4.00
Richmont Mines (RIC : TSX : $2.76)
Poor continuity of ore
Blackmont Capital maintains "buy", 12-month target price is reduced to $5.40
RSX Energy (RSX : TSX-V : $3.40)
Area potential still high
Haywood Security maintains "sector outperform", 12-month target price is $5.75
Raymond James maintains "strong buy", 12-month target price is $5.00
Sears Canada (SCC : TSX : $21.82)
Q3 in line
CIBC World Markets maintains "sector underperformer", 12-month target price is $18.00
Desjardins Securities maintains "buy", 12-month target price is increased to $27.00
RBC Capital Markets maintains "sector underperformer", 12-month target price is raised to $22.00
Stratos Global (SGB : TSX : $3.95)
Rolling up distributors
Canaccord Capital maintains "buy", 12-month target price is $6.00
GMP Securities maintains "reduce", 12-month target price is $4.00
RBC Capital Markets maintains "sector perform", 12-month target price is decreased to $5.50
Shell Canada (SHC : TSX : $42.85)
Reported third quarter
BMO Nesbitt Burns maintains "market perform", 12-month target price is $40.00
Shaw Communications (SJR.B : TSX : $34.93)
Solid Q4
Canaccord Capital maintains "buy", 12-month target price is $40.00
RBC Capital Markets maintains "sector underperformer", 12-month target price is increased to $34.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $33.00
TD Newcrest maintains "buy", 12-month target price is increased to $41.00
Sun Life Financial Inc. (SLF : TSX : $46.29)
Q3 results
Desjardins Securities maintains "hold", 12-month target price is increased to $48.50
GMP Securities maintains "buy", 12-month target price is increased to $56.00
RBC Capital Markets maintains "sector perform", 12-month target price is increased to $53.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $52.00
TD Newcrest maintains "hold", 12-month target price is increased to $49.00
Suncor Energy (SU : TSX : $86.81)
Maximised oil sands value
CIBC World Markets maintains "sector outperform", 12-month target price is increased to $104.00
RBC Capital Markets downgrades to "sector perform", 12-month target price is $87.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $121.00
TD Newcrest maintains "buy", 12-month target price is $99.00
Sierra Wireless (SW : TSX : $13.50 | SWIR : NASDAQ : US$12.08)
Q3 earnings guidance disappoints
GMP Securities downgrades to "hold", 12-month target price is reduced to US$14.50
Haywood Security maintains "sector outperform", 12-month target price is $20.00
Raymond James maintains "outperform", 6-12 month target price is reduced to US$16.50
RBC Capital Markets downgrades to "sector perform", 12-month target price is reduced to US$14.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $21.50
TransAlta Corp. (TA : TSX : $23.59)
Alberta coal costs effect margins
CIBC World Markets maintains "sector perform", 12-month target price is $26.00
Trican Well Service (TCW : TSX : $19.99)
Q3 results Ahead of consensus
TD Newcrest maintains "buy", 12-month target price is $25.00
Tim Hortons (THI : TSX : $32.00)
Q3 below expectation
Blackmont Capital maintains "buy", 12-month target price is $38.00
RBC Capital Markets maintains "outperform", 12-month target price is increased to $38.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $36.00
Thomson Corporation (TOC : TSX : $46.14 | NYSE : US$41.26)
Strong Q3
CIBC World Markets maintains "sector perform", 12-month target price is increased to US$45.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $50.00
TD Newcrest downgrades to "hold", 12-month target price is reduced to $49.00
Torstar Corp. (TS.B : TSX : $18.18)
Acquires 10% Workopolis
CIBC World Markets maintains "sector underperformer", 12-month target price is $21.50
Scotia Capital Markets maintains "sector underperform", 12-month target price is $18.25
TimberWest Forest Corp. (TWF.UN : TSX : $13.58)
Q3 results
Raymond James maintains "outperform", 12-month target price is $15.00
RBC Capital Markets maintains "sector perform", 12-month target price is $14.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $14.00
Uni-Select Inc. (UNS : TSX : $29.05)
Poor Q3 preview
RBC Capital Markets maintains "outperform", 12-month target price is increased to $38.00
Vault Energy Trust (VNG.UN : TSX : $7.55)
Initiating coverage
Dundee Securities initiates "outperform", 12-month target price is $7.50
West Fraser Timber Co. (WFT : TSX : $37.46)
Weak Lumber price impact
CIBC World Markets maintains "sector perform", 12-month target price is increased to $41.00
RBC Capital Markets maintains "outperform", 12-month target price is $42.00
WestJet Airlines (WJA : TSX : $12.00)
Q3 beats expectations
Canaccord Capital maintains "buy", 12-month target price is $14.00
CIBC World Markets maintains "sector outperform", 12-month target price is increased to $17.00
Desjardins Securities upgrades to "buy", 12-month target price is increased to $14.25
Raymond James maintains "outperform", 6-12 month target price is increased to $14.00
RBC Capital Markets maintains "sector perform", 12-month target price is increased to $18.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $14.50
TD Newcrest maintains "buy", 12-month target price is increased to $15.00
Western Oil Sands Inc (WTO : TSX : $28.98)
Q3 results slightly below estimates
Dundee Securities maintains "neutral", 12-month target price is $30.00
RBC Capital Markets maintains "sector perform", 12-month target price is $27.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $29.75
TD Newcrest maintains "hold", 12-month target price is increased to $33.00
TSX Group (X : TSX : $49.80)
Q3 results
BMO Nesbitt Burns downgrades to "market perform", 12-month target price is $53.00
NAG Special Report
Mining for Uranium, Molybdenum and other core metals including Copper and Gold are noble endeavors for the junior exploration company, North American Gem, Inc. (TSX-Venture: NAG). With market capitalization of 10.1 Million and Outstanding shares of 46 Million, the Vancouver BC based company has extensive operations in Alberta and British Columbia that span six Mining Projects.
A unique aspect of the Company is that North American Gem Inc. is active in the exploration of Molybdenum. "Moly" as it is fondly called, is used primarily as a high strength alloying agent for steel and cast iron. The metal is especially useful in oil pipelines, aircraft, and missile parts. The product is also valuable as a catalyst in the petroleum industry. Here the product aids in removing organic sulfurs from petroleum products.
Key for the Company is the fact that few of Molybdenum's uses have acceptable substitutions, plus much of the world's supply of Molybdenum is resident in North America.
Molybdenum does not occur in a pure form in nature, but generally is obtained from ore containing Molybdente, Wulfenite, and Powellite. In addition, Molybdenum is often a by- product of copper and tungsten mining.
The value of Molybdenum has skyrocketed in recent years due to increased industrial uses and remains at a very steady plateau. The stability of the metal in the metals markets compared to gold, for example; is partly a result of "Moly" being a rather thinly traded metal. The metal has risen from $2.00 per pound in the year 2000 to approximately $27.00 per pound by the third quarter of 2006.
The Company operates a portfolio of six high potential Uranium, Molybdenum, Gold, Copper, and Silver properties located in Western Canada. High profile properties include Louise Lake, Bonny Fault, Mt. Ogden, Western Basin and Whiskey Gap.
At Louise Lake, located in British Columbia and first discovered in 1968; the metallurgical studies on the property have been very encouraging. While NAG has a 100% interest in this property, a resource estimate by SRK Consulting reflected 6 million tonnes of indicated mineral resources and 141 million tonnes of inferred mineral resources. Given today's pricing levels, the in the ground value of the Louise Lake Property is valued at upwards of four billion dollars.
The vast Bonny Fault Property consists of five mineral claims comprising 117,000 contiguous acres (468 sq.km.). The Company recently released results of its high resolution airborne magnetic and radiometric survey of the Property conducted by Terraquest Surveys. The results were very encouraging and reflected a strong total count and Uranium channel response.
One section of the Bonny Fault Property had an intense magnetic response consistent with the presence and potential of significant IOCG (iron oxide copper-gold) deposits. IOCG districts, worldwide, share the presence of two distinct fluids; magnetite and hematite.
In addition and to confirm the survey, the Company has recently launched a field ground crew effort at Bonny Fault. The purpose was to perform reconnaissance sampling. Initial results from the on-site crew are showing a massive magnetite float. These promising results to date, have led to the scheduling of a follow up field program for early 2007.
Earlier this year, NAG entered into an option agreement to acquire a 100% undivided interest in the Mt. Ogden Molybdenum Property. The property is located in northwest British Columbia near the Alaska border. The property is 60 km east of Juneau, Alaska.
Earlier preliminary sampling showed known mineralization in at least nine separate locations in an area 1800 meters by 1500 meters. Some earlier initial drilling, completed by another exploration firm, located a small high grade vein.
At the Western Basin Property in Northern Alberta, with its four mineral permits spanning 92,000 acres; NAG has begun a new airborne survey of the property. The known geology of the area to date, defined as "Athabasca Basin Geology", has been consistent with and similar to other high grade uranium deposit sites.
The Western Basin Property contains a fault system, as seen in other productive belt areas, which is perceived to play a role in uranium mineralization. The Athabasca area on the Western Basin Property is unusually near the surface making for potentially easier mining opportunities. The target area is estimated to be from 10 meters to 95 meters deep from the surface.
The Whiskey Gap Project is a joint venture with the International Ranger Corp. on its 44,000 acre Whiskey Gap Uranium Project located in southern Alberta along the US border. The Company is encouraged by preliminary water sampling on the property which reflects strong radon and uranium anomalies. Similar radon water concentrations with other successful sites, have suggested uranium located in the sandstone.
Setting the Company apart from other junior firms, is definitely its high target potential, multi property exploration approach.
Yes!!!!!!!!!!!!
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Microcap.com October 29, 2006
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For the next couple months we'll be watching two of our resource stock picks closely as they either wait for drill results or have drill programs currently underway and should be producing results before year end. The next two months will determine whether or not we follow them into Q1/07 but these are highly anticipated programs.
Orex Ventures (REX/TSX.v $0.42)
www.orexgold.com
A high profile gold play in Peru with Candente (DNT/TSX $1.02) Their Pamel property in Peru is the sister property to Pierina that was bought out by Barrick for $700 million in 1996. You can find an overview of our initial write-up here:
www.stockhouse.com/shfn/article.asp? EdtID=18603
Drilling is currently underway and will run for the next two months. First assays should start to arrive in late November.
Charts, News, Etc. for REX
Hudson Resources (HUD/TSX.V $0.91)
www.hudsonresources.ca
The most advanced diamond play in Greenland and a strong core assay from this past week should help keep the stock in play for most of the winter.
There was a small element of bad news in that drill results from newly discovered kimberlite under a lake turned up empty (no diamonds) but this was the first kick at the cat on an area that was only an added bonus to the primary play on the kimberlite dike. The good news however, was that they pulled (from the dyke system) a stone weighing 0.122 carats from a core sample weighing only 14.6 kilograms (the largest stone found to date in Greenland).
This discovery is very important as they did a 50 tonne bulk sample on the kimberlite dike this September. This stone is not huge by any means but it is without question very significant and with 50,000 kg of kimberlite being sampled now, we have an excellent shot at strong results over the next few months.
As previously discussed, the Snap Lake Dike bought out by DeBeers (from Winspear in the NWT) for almost $1/2 billion, had a very similar size to this dike of Hudsons. However, with Snap Lake, they had high diamond counts and very high values per carat. It is too early with Hudson to even guess values so we want to concentrate on diamond counts and size from this first bulk sample. The fact they have pulled a stone 0f 0.122 carats from a sample of only 14 kg improves our odds significantly.
Unfortunately it will take much stronger results before we'll see the gains experienced in June of this year, but any large rocks coming from core in the lab could be enough to generate a lot of excitement. If this 50 tonne sample turns up mediocre results, I doubt we'll follow them in 2007. Too early to pass judgement though. Either way it will require more patience.
Some stats for Reference
An estimated 5000 kimberlite and lamproite pipes have been identified in the world, of which between 300 and 500 contain diamonds. Of this number, less than 50 have proven to be commercial, and 25 have become major producers. Of total global production, about 50% are low value industrial, 35% near-gem, and 15% gem-quality. The number of stones larger than 1 ct produced each year is very small and, according to De Beers, only approx. 400k stones weighing over 1 ct are produced annually (avg of 1.34 ct per stone)
Diamonds mined over the past decade have averaged about US$10/ct in Australia and US$18-$30/ct in Zaire. At the other end of the scale, Namibia, which produces less than 2% by weight of world production, has a very high proportion (+95%) of gem-quality diamonds averaging close to US$300/ct. Canada also produces a high percentage of the world's gem quality diamonds.
Grade (the weight of diamonds expressed as carats per tonne (ct/t) of ore) varies widely from one mine to another. However, the grade generally falls between 0.3 and 1.3 ct/t. Grades as low as 0.05 ct/t and as high as 7.0 ct/t have been exploited. The value of the ore per tonne equals the grade times the average value per carat of all the individual diamonds.
Each diamond mine contains diamonds that are specific to the mine. The stones are classified according to their weight, shape, colour and clarity.
One carat is equivalent to 0.2 grams. A carat is normally divided into 100 points. Because larger diamonds are rare, a 1-carat diamond will cost more than a cluster of 20 diamonds weighing a total of 1 carat.
Charts, News, Etc. for HUD
Danny Deadlock
Microcap.com
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email: microcap@telus.net
web: http://www.microcap.com
CNQ Canadian Natural Resources mentioned positively in Barron's (52.72 )
Barron's reports Canadian Natural Resources' (CNQ) success may continue because it has both attractive conventional oil and gas assets, mostly in Western Canada, and a promising oil-sands project in Alberta that is expected to start producing crude in 2008. Bulls argue that Wall Street is giving the co little credit for its valuable oil-sands play and that the stock could jump in the next two years as the oil-sands development nears completion. Canadian Natural Resources eventually could become a takeover target for an oil major like BP (BP) or ENI (E) that lacks a presence in the oil sands. However, says John Langille, a Canadian Natural Resources vice chairman: "We want to continue to grow our company into a very strong independent. Selling to someone else is not part of our game plan." The co aims to boost its daily energy output, now equivalent to about 600,000 barrels a day, roughly split evenly between oil and gas, to one mln barrels by the end of 2012. In a bullish research note last week, Thomas Driscoll, a Lehman Brothers energy analyst, said that "little value" is being ascribed to Canadian Natural Resources' share price for Horizon, which he figures is worth over $15 bln. The stock trades at a comparable valuation to other North American oil-and-gas exploration companies based on earnings and cash flow. Canadian Natural Resources' advantage is that it possesses one of its industry's best production-growth profiles, thanks to its Horizon oil-sands project, scheduled to start production in 2008 at 110,000 barrels a day, rising to 232,000 by 2012, after a second development phase. Once completed, Horizon should yield crude for decades, given its estimated 3.4 billion barrels of oil-sands reserves. This year's earnings are being held down by below-market oil and gas hedges. As the hedges roll off next year, profits should rise, even if energy quotes don't rise.
UC Resources Ltd. (TSX-V: UC) is an emerging producer of Gold and Silver in Mexico. The Company's goal is to combine both cash flow from production along with a significant exploration upside from its mining assets. This unique approach is a reflection of the strategic business acumen of Richard J. Hamelin, President & CEO. His first career was in the mines of Timmins, Ontario, allowing him to understand both international finance and mining. Richard J. Hamelin resides in Torreon, Mexico and heads up all new and existing operational activities in conjunction with our Canadian office.
UC Resources has made several significant corporate achievements of recent and is aggressively moving ahead with its 100% interest in the 64,000 hectare (640 sq km’s) historically productive Gold and Silver Copalquin Project in NW Durango, Mexico. The Copalquin Mining District is reputed to have produced at least 250,000 ounces Gold and 11 million ounces Silver.
Mexico is the number one producer of Silver in the world, and remains a most favourable environment for mining and investment. Copalquin is located in the heart of Mexico’s prolific Sierra Madre Mining belt and is our flagship property. It has returned both high-grade Gold and Silver results from recent drilling in Phase 1 exploration program in early 2005.
The outlook for 2006 appears to be on track, with an aggressive management team, funding in place, and better defined target areas at Copalquin. UC Resources is showing many of the signatures of some of the mid-tier producers in the Sierra Madre Occidental Mining Belt. We have some significant occurrences happening; production from new acquisitions, high grade drill results upon completion of phase 2 drilling, and Phase 3 drill program pending. Corresponding technical reports and data will be available shortly.
Penny Stock Profile . . . Favored, Inc.
(Pink Sheets: FVRD)
For the Complete FVRD Profile, Click Here.
'''FAVORED® Inc. delivers high quality grain and meat products that are certified natural, free from genetic modification and completely traceable "from seed to plate". The company has developed the FAVORED system to brand its products within the growing market for natural foods, identifying its grain, seed and meat products as all-natural, traceable, identity preserved, full-flavor and safe to eat.'
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Dear AllPennyStocks.com Member,
As most of you may recall, the recent multi-state outbreak of E. coli and subsequent recall of spinach highlights the need for quality and traceability in food. There is significant market need and demand for identity-preserved, branded food that is grown and produced with the highest standards of quality and safety for consumers.
Today we are introducing our latest company spotlight, Favored, Inc. (Pink Sheets:FVRD). FVRD is a growing and revenue positive company that generated $7.2 in revenue in 2005. The company is a trusted provider of all-natural, high quality, traceable meat and grain products. Some of the stats for organic foods are just outstanding, as consumers are more willing to spend a little bit more money to get all-natural, pesticide-free foods.
The $15 billion organic food industry is expanding rapidly, barely able to produce enough product to meet rising consumer demand as seen by the sale of organic foods which grew to $12.2 billion in 2004 from $1 billion in 1990, according to the Organic Trade Association.
The company announced after the bell on Friday that they are launching a new dairy program and appointing John H. Schiering to head the new initiative. Prior to joining the FAVORED® Inc. team, Mr. Schiering served as Vice President of Manufacturing for Nabisco Confections, President & CEO at Kron Chocolatier and then, for Borden's Candy Division. In addition to his general management tenures, Mr. Schiering has also successfully conducted extended consultancies for The Bank of New York, Zachary Confections, Wilson Foods, and Maxfield Candy Company among others.
To find out more about the organic industry, and it's push into the mainstream food industry as well as more information on FVRD, click here to read the full profile available at AllPennyStocks.com
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Investment Highlights
A growing, revenue positive company, FAVORED generated $7.2 in revenue in 2005.
FAVORED is a trusted provider of all-natural, high quality, traceable meat and grain products.
Sales of organic foods grew to $12.2 billion in 2004 from $1 billion in 1990, according to the Organic Trade Assn.
Consumer willingness to pay a premium price for organic foods and beverages has increased 88% between 2002 and 2005, moving from 17% to 32% (Natural Marketing Institute, 2006).
The company created the FAVORED brand to differentiate its growers, meat producers and grain handlers as reliable and traceable providers of advantageous, value-enhanced quality foods and feeds that adhere to the strict FAVORED protocols for safety and quality.
Leveraging the growing consumer demand for soy protein and soy products in Japan, Asia, Canada and the US, FAVORED provides companies all over the world with specialty identity preserved soybeans. FAVORED soybeans are “Process Ready” and can be used immediately by processors, reducing the time, energy, freight, and overall production costs of soy based products.
FAVORED Beef was awarded the coveted Five Star Diamond Award for Excellence by the American Academy of Hospitality Sciences (AAHS) in June. The AAHS recognized FAVORED Beef for its high quality, superb taste and natural tenderness served at Burke & Donatella’s, a fine dining establishment in New York.
The company is in the process of taking its quality standards for FAVORED Beef to a level that very few have achieved—USDA Process Verified.
The Organic Crop Improvement Association has inspected and certified FAVORED Grain’s operations, awarding its International Organic Certification.
FAVORED has executed a letter of intent to acquire 100% of the membership interest of FAVORED® Seed, LLC, which supplies non-genetically modified hybrid corn seed and non-genetically modified soya bean seed with specialty output traits. These grains continue to be in high demand, particularly for exports to Europe and Asia. FAVORED Seed is currently expanding its contract corn seed production by over 25% for the 2007 sales season.
Whole Foods Market Inc., the biggest US natural food grocer, has increased revenue an average of 21% the last five years (Bloomberg News, September 2006).
No Prob. Wind.
VOLUME 261
Companies featured in the current edition of the newsletter: ADSX, ARGA, EMIS, FMTI, FSN, GNBT, GSHF, HYTM, IMMG, LEVP, MBND, NTST, PTCH, RGEN, SLS, SFP, TPPH, USAT, VOII
Despite Friday’s downturn, all of the major indexes established multi-year highs, with the Dow establishing another all-time high last week. Buoyed by strong corporate earnings and a reassuring statement on inflation from the Federal Reserve, the S&P 500 led the way with its fifth consecutive weekly gain. The Dow closed the week up 87 points and increased its year to date gain to 12.8%, while the Nasdaq finished the week up 8 points increasing its year to date gain to 6.6%. The Russell 2000 finished up 3 points and increased its year to date percentage to 13.8% and the S&P rose 8 points, rising 10.3% for the year.
With more than two-thirds of the companies in the S&P 500 already reporting results, strong corporate earnings continue to support recent gains for equities. Over 70% of all companies have reported better than Wall Street forecasts and many have beaten expectations by a large margin. Year-over-year EPS gains are now expected to be at least 18%, a number that would have been higher if energy companies were not reporting weaker than expected results. The outlook for the fourth quarter also remains positive with expectations for operating earnings to rise at least 11%.
Recent statements from the Fed suggest that while core inflation rates remain elevated, it should moderate over time due to slower economic growth and lower energy prices. In short, it appears that Bernanke and Company have begun to initiate the “soft landing” that pundits and investors have hoped for…moderating growth and benign inflation. Although Friday’s third quarter GDP report showed tepid growth of just 1.6%, the weakness was almost entirely related to a 17% decline in residential construction. The slower-than-anticipated growth was offset in part due to tame inflation. The GDP deflator (inflation measure) was up at just a 1.8% annual rate, down from 3.3% in previous quarter.
What should investors look for in the upcoming week? With earnings season in full swing many big-name companies continue to announce results. Investors can expect to see announcements from chemical company Ashland (NYSE: ASH), Humana (NYSE: HUM), Sysco (NYSE: SYY), and telecommunications giant Verizon (NYSE: VZ) before the bell Monday. Look for announcements from Metlife (NYSE: MET) and Principal Financial Group (NYSE: PFG) after the market close on Monday. Tuesday’s announcements include pre-market reports from Molson-Coors Brewing (NYSE: TAP), Hilton Hotels (NYSE: HLT), Marathon Oil (NYSE: MRO), U.S. Steel (NYSE: X), and Valero Energy (NYSE: VLO). Lincoln National (NYSE: LNC), McKesson (NYSE: MCK), and United Rentals (NYSE:URI) announce earnings numbers after the market close on Tuesday. Expect to see announcements from Time Warner (NYSE: TWX), Newmont Mining (NYSE: NEM), and Clorox (NYSE: CLX) before the bell Wednesday morning. Allied Waste (NYSE: AW), Conseco (NYSE: CNO), Prudential (NYSE: PRU), and Sunoco (NYSE: SUN) report earnings after the bell on Wednesday. The activity steadily continues Thursday morning with before the bell with announcements from Advance Auto (NYSE: AAP), AmerisourceBergen (NYSE: ABC), Blockbuster (NYSE: BBI), CVS Corp. (NYSE: CVS), MGM Mirage (NYSE: MGM), and Tesoro Petroleum (NYSE: TSO). Thursday after the close announcements include reports from Chiquita Brands (NYSE: CQB), Gateway (NYSE: GTW), Whole Foods Market (Nasdaq: WFMI), and United Stationers (Nasdaq: USTR). The action slows down Friday, but look for announcements from Duke Energy (NYSE: DUK), Medco Health Solutions (NYSE: MHS), and Sierra Pacific (NYSE: SRP).
The economic news for next week will again likely reflect recent consumer spending activities, but includes a variety of other economic interests. Monday morning’s activity includes announcements for September Personal Spending and Personal Income. In additional Monday news, Richmond Fed President Lacker will speak on monetary policy and Chicago Fed President Michael Moskow speaks at an educational conference. Investors can expect to see the Q3 Employment Cost Index Tuesday before the bell, followed shortly after by mid-morning announcements of the October Chicago PMI, as well as October Consumer Confidence. Wednesday morning, October Truck and Auto Sales will be announced. September Construction Spending, the October ISM Index and weekly Crude Inventories will be announced late Wednesday morning. Also, Fed chairman Bernanke will speak in Baltimore on Wednesday. The weekly unemployment claims, along with the Q3 Productivity Preliminary, will be announced before the market opens Thursday. September Factory Orders will be announced shortly after the open and Dallas Fed pres Fisher will speak to economists in New York. Fed Gov Kohn’s talk about the changing structure of the Fed on Friday in Washington will likely attract attention. The October Non Farm Payrolls, Unemployment Rate, Hourly Earnings, and Average Workweek will be announced before the market opens Friday and the October ISM Services announcement will cap the week for economic news.
The conference schedule begins to slowly pick up next week. Monday, C.E. Unterberg, Towbin will host a Life Sciences Conference at the Palace Hotel in New York, featuring Lev Pharmaceuticals, Inc. (OTCBB: LEVP), which will present on Monday at 8:30 a.m. and Generex Biotechnology Corporation (NASDAQ: GNBT) at 1 p.m. that day. Tapestry Pharmaceuticals, Inc. (NASDAQ: TPPH) is scheduled to present on Tuesday at 4:30 p.m. The three-day Gabelli & Company 30th Annual Auto Aftermarket Symposium in Las Vegas also begins Monday. The two-day Merrill Lynch Global Energy Conference in New York, as well as the Goldman Sachs Global Capital Goods Conference in New York, begins Wednesday. The conference schedule for the week closes on Thursday with the one-day Oppenheimer Digital Media Conference and Stephens Logistics and Transportation Services Conference. Both conferences will be held in New York.
Volume Alert: Shares of healthcare services company Hythiam, Inc. (NASDAQ: HYTM) jumped more than 3% on Friday on more than twice average volume, helping shares rally to their highest level since mid-May. The company recently disclosed in a regulatory filing that it had entered into its first license agreement for direct third party reimbursement of Hythiam’s PROMETA Protocols for alcoholism and stimulant dependence. Note that short interest is approximately 25% of the stock. Shares ended the week at $8.15, up 81 cents.
It is now more than six weeks since the completion of dosing in patients with diabetes using drug delivery company’s Emisphere Technology’s (NASDAQ: EMIS) eligen technology. Based upon timing which is customary for Phase 2 trials of this nature, in which the company said its primary efficacy endpoint is related to the change in HbA1c, the standard for evaluating glucose control in Type II diabetics, the company should be in position to report the results within days. The trial is being conducted in India with approximately 140 patients. Note that short interest represents approximately 28% of the float. Shares ended the week at $8.88, down $1.47 per share.
Volume Alert: Shares of Applied Digital (NASDAQ: ADSX), a leading provider of identification and security technology, soared 33.9% last week on more than 10 times average volume, after its majorit-owned subsidiary Digital Angel Corporation announced that the U.S. Patent and Trademark Office had granted it a patent for its syringe-implantable glucose-sensing RFID microchip. The RFID microchip measures the glucose concentration levels of diabetic patients and will be marketed and distributed by ADSX’s subsidiary VeriChip, as an extension to the company's products benefiting people. VeriChip Corporation also announced that it added 370 physicians to the VeriMed Physician Network at the American Osteopathic Association Convention held in Las Vegas. Including the 300 physicians that agreed to participate in the network at the annual meeting of the American Academy of Family Physicians earlier this month, the total number of participating physicians now exceeds 1,000. In addition, 53 physicians at the convention were implanted with a VeriMed microchip. Recently, the company announced that 67 healthcare facilities agreed to participate in the VeriMed Patient Identification System Network at the American College of Emergency Physicians Conference in New Orleans. These healthcare facilities agreed to use the VeriMed reader as standard protocol to scan patients that arrive in emergency rooms unconscious, delirious or confused. That brings the total number of hospitals and healthcare facilities that have agreed to adopt the VeriMed System to 252. These hospitals and healthcare facilities are located in 31 states. The stock ended the week at $2.33, up $0.59 from last week.
Multiband Corporation (NASDAQ: MBND), a leading provider of video, data, and voice systems and services to multiple dwelling units, announced that the company had entered into a definitive agreement with Consolidated Smart Systems, LLC of Los Angeles to sell certain California-based video subscribers. The companies have initially closed on the first portion of a planned sale of over 7,000 customers. Total consideration on the first sale portion is expected to be valued at approximately $1,000 per subscriber, representing a significant premium to Multiband's book value for the initial group of subscribers and illustrates how undervalued MBND is. Multiband and Consolidated indicated that they anticipate the remainder of the sale to close early in 2007. As part of their new working relationship, Multiband will continue to provide customer support, billing, collection, voice, and data services to the customers involved while Consolidated will assume field support, marketing, and installation activities. The stock ended at $0.75, up $0.06 from last week.
Small appliance maker Salton, Inc. (NYSE: SFP), announced that the Board of Directors and management of the company believe that, in light of the consolidation in the small household appliance market and recent expressions of interest by third parties in possible transactions with the company, it is now appropriate to initiate an external process to explore strategic alternatives to enhance stockholder value. As a result, the Board of Directors has formed a special committee comprised of three independent Board members and has engaged Houlihan Lokey Howard & Zukin Capital Inc. as its financial advisor to assist the Board and the Special Committee in this process, which could include a sale or merger of the company. The announcement comes after several changes at Salton, such as the retirement of its chairman and its president and chief operating officer in the past two months. The stock ended the week up 41 cents at $2.76.
Life sciences company Forbes-Medi-Tech Inc. (NASDAQ: FMTI), announced that it closed its acquisition of TheraPei Pharmaceuticals, Inc. a privately held company formed with technology 'spun-out' of Sequenom, Inc. focused on developing novel pharmaceuticals directed at the underlying causes of type II diabetes and related metabolic diseases. Forbes will further develop TheraPei’s technologies along with its existing technologies. The acquisition cost was nominal, but TheraPei could receive additional compensation based upon achieving certain milestones. The TheraPei intellectual property will add diversity to Forbes' FM-VPx drug development platform and include four new technologies: a series of novel peptides designed for once daily administration aimed at stimulating insulin secretion; compounds from this series are also being developed for potential anti-inflammatory effects; an earlier stage discovery program that may have important applications in both diabetes and obesity through inhibition of ACC2; and another discovery program related to SPT inhibition targeting anti-inflammation. The stock ended down 2 cents for the week at $2.48.
Fusion Telecommunications International, Inc. (AMEX: FSN), a provider of advanced VoIP services, announced that its Efonica Voice over Internet Protocol products and services will soon be available in Jordan with the creation of Fusion Jordan. Fusion entered into an agreement to secure the exclusive use of a license to offer a full suite of Efonica’s VoIP services throughout Jordan. With a population of over five million and nearly 400% growth of Internet users over the last five years, Jordan represents a key market experiencing dramatic growth among Internet communities in the Middle East. Through this new endeavor, Fusion will build on its long-standing local distribution partnerships in the region and drive sales of its premium paid Efonica VoIP services by offering subscribers an opportunity to communicate with their friends and family throughout the world. To further enhance Efonica's regional and global market reach, Fusion will offer customized premium Efonica VoIP service plans for Jordanian residents and communities around the world. Fusion has been successful in growing its international subscriber community due to Efonica's innovations, ease-of-use and cost-effective products and services. The worldwide Internet area code™, developed by Fusion, is providing a simple and universal method for Efonica customers to retain existing calling patterns and place calls by simply adding "10" to the beginning of existing landline or mobile telephone numbers. Efonica offers consumers the ability to call each other using their existing landline or mobile telephone numbers. Calls can be made to and from any combination of PCs, Internet phones and regular telephones (with a SIP adapter), connected to either a wireless, broadband or dial-up Internet connection. The service was introduced incorporating Fusion's patent-pending worldwide Internet area code, which combined with a subscriber's existing telephone number, further simplifies the process of making a call. Shares ended at $1.52, down 12 cents from last week.
The Certification Commission for Healthcare Information Technology (CCHIT) announced that Netsmart Technologies, Inc. (NASDAQ: NTST), a leading provider of enterprise-wide software for health and human services organizations, is CCHIT Certifiedfor the EHR portion of its Avatar 2006 product, and meets CCHIT ambulatory electronic health record (EHR) criteria for 2006. Ambulatory EHR’s are designed for physician offices and clinics where most Americans get their healthcare. CCHIT,an independent, non-profit organization that sets the benchmark for EHR’s, is a recognized certification authority in the United States for certifying health information technology products. Netsmart's Avatar solutions provide comprehensive clinical, practice management and decision support capabilities for behavioral healthcare, public health, methadone, substance abuse, social services and MR/DD organizations nationwide. The stock ended the week at $13.07, down $0.25.
SLS International (AMEX: SLS), the leading provider of premium quality sound systems for professional, cinema and home entertainment markets, announced that its LS6593 and LS6593A Line Array speakers were featured at AES 2006. The LS6593 series offers the same high performance characteristics expected from an SLS product in a compact design perfect for a wide range of installation applications. This technology represents a breakthrough in high performance compact line array loudspeaker technology. The LS6593S is a straight line array that offers extremely controlled vertical dispersion. The LS6593A has internally articulated driver elements that allow wider vertical dispersion at one end of the array. Both options are built within the same straight, column type enclosure, perfect for professional applications where the highest quality and intelligibility of sound is required. The company also recently announced that students enrolled in the University of Massachusetts Lowell Sound Recording Technology Program have the ability to listen to music with greater precision and accuracy as a result of the installation of the company's state-of-the-art speakers housed at the Department of Music's newly refurbished recording studio. Maximizing its existing 300-square-foot control room, the University rebuilt the facility to convert it into a new and improved multi-track control room that is now outfitted with the superior surround sound of a SLS PS8R-V speaker system. Shares ended the week up 2 cents at $0.21.
VoIP, Inc. (OTCBB: VOII), a leading provider of Voice over Internet Protocol (VoIP) communications solutions for service providers, resellers and consumers, appears to be featured in the new click-to-call campaign recently launched by the National Football League in an attempt to promote its fledgling television network. Although the company has yet to provide details, it appears that VOII will support the campaign in a similar manner to what it recently did for the movie Snakes on a Plane and for America’s Next Top Model show. VOII also announced that its carrier subsidiary, Volo Communications, has completed the initial phase of its nationwide network infrastructure service, with area expansion through the addition of locations in New York, Florida, Massachusetts and Georgia. The expansion will allow the company to service over fifty million households and business subscriber lines in those areas. While the company currently provides services which blanket the U.S. and areas worldwide, many of these services were provided through the use of existing network facilities provided by other carriers. The recently implemented plan to expand its network through construction of its own facilities, replacing and expanding into uncovered areas in the U.S., provides VoIP Inc and its subsidiaries greater market penetration, better quality of service, and a continuing reduction in its overall cost of goods for products and services sold. The second phase, which is already underway, is expected to be completed in February. Phase two will continue to expand the company’s own facilities bases network to areas including Colorado, Texas, New Jersey, Arizona, Washington, North Carolina and California. The company plans, by the completion of the fourth phase of its expansion, expected to be finished by the end of 2007, to continue its expansion in 21 states to provide communications services to more than an available 200 million subscriber and enterprise lines, Wireless Broadband Providers, Internet Service Providers, Carriers and other Next-Generation Service Providers. When completed, VoIP expects to be one of the top five CLEC's based upon the size of its network. The stock ended the week down 5 cents at $0.41.
Lev Pharmaceuticals, Inc. (OTCBB: LEVP), a developer of therapeutics for inflammatory diseases, announced that it has entered into definitive agreements for the sale of $21 million of the company’s securities to certain institutional and other accredited investors. The placement was completed at $0.65 per share. The company also issued warrants exercisable at $0.84 per share. The stock ended the week at $0.74, down $0.24.
Specialty pharmaceutical company Auriga Laboratories, Inc. (OTCBB: ARGA), said last week that it had entered into a co-marketing agreement, under which Pharmelle LLC, a rapidly growing privately-held pharmaceutical company, will sell Aquoral™, the company's prescription-only product designed to treat the widespread condition Xerostomia, to urologists, using its 35-person sales force. Under the two-year agreement, Auriga Laboratories will receive the proceeds from the sales, after payment of a commission to Pharmelle. Aquoral™ is an FDA-cleared, patent pending prescription mouth spray device that treats Xerostomia (dry mouth), which affects approximately 30 percent of people over 65, and 25 million people in the United States alone. Xerostomia is associated with difficulties in chewing, swallowing, tasting or speaking and can be caused by certain autoimmune diseases. Recently, Auriga Laboratories entered into an agreement under which River's Edge Pharmaceuticals, LLC was appointed the exclusive generic drug distributor of the company's Extendryl® and Levall® prescription product lines. Shares ended down $0.15, at $1.40.
GS Carbon Corporation announced its acquisition of GS Advanced Applications, Inc., from GS Carbon's majority shareholder and environmental business development company GreenShift Corporation (OTCBB: GSHF). Under the terms of the acquisition agreement, GS Carbon acquired 100% of the stock of GS Advanced from GreenShift in return for the assumption by GS Carbon of about $1million in debt. GS Advanced is party to a license agreement with GS CleanTech Corporation, another GreenShift company, pursuant to which GS Advanced has the right to use GS CleanTech's technologies with the specific focus of increasing the efficiency and reducing the carbon intensity of energy production and consumption. Under the terms of the license agreement, GS Advanced will pay GS CleanTech a royalty equal to 10% of any profits earned by GS Advanced with GS CleanTech's technologies. GS Advanced operates a research and development laboratory in New Jersey where it is currently testing new technologies. GS Carbon intends to use the GS Advanced license agreement and testing laboratory to initially focus on commercializing new technologies that increase the efficiency and reduce the emissions profile of coal-derived energy production. GS Carbon is 85% owned by GreenShift Corporation. The stock ended the week unchanged at $0.12.
IMPART Media Group, Inc. (OTCBB: IMMG), an innovator in the creation of out-of-home digital advertising content and information network management, announced that E&M Advertising, the direct response business unit of Impart Media Group, has been selected by SaltAire for the launch of their new direct to consumer and retail support campaign. SaltAire® Sinus Relief is a specially formulated drug free solution developed by leading sinus and allergy specialists to clean and moisturize nasal passages. The promotion is scheduled to begin testing this month. Shares ended the week at $0.81, down a penny.
Neutron Enterprises, Inc. (OTCBB: NTRN), a developer of digital media solutions, announced that it has entered into a strategic relationship with Stock-Trak, Inc., the North American leader in stock portfolio simulations for the educational and corporate markets. Stock-Trak has over 16 years experience in this market. The parties will work together to develop Neutron's contest-based stock market model, which will include a fantasy stock market competition in which participants will have the opportunity to win cash prizes.The company believes a partnership with Stock-Trak can dramatically accelerate the deployment and execution of the company’s stock market contest model, which will drive significant revenue from the traffic generated. Stock-Trak is the most comprehensive educational simulation available and is the only simulation available that allows users to trade stocks from more than 20 exchanges around the world and options and futures in global markets. In 2005, 80% of the top U.S. business schools used Stock-Trak. Shares ended the week down a penny at $2.34.
USA Technologies, Inc. (OTCBB: USAT), a developer of cashless vending and energy management products, announced the launch of USAT Capital Corp, LLC a financing subsidiary allowing customers to acquire the company's products through either rental or lease purchase financing. The launch of USAT Capital Corp, LLC is in response to growing customer requests for financing support when purchasing the company's products. The company is offering both lease purchase and rental programs across all of its product lines. USAT Capital Corp, LLC has a commitment from a large financial institution to purchase up to $20 Million of the LLC's rental or lease purchase contracts, and the company is looking to secure additional financing sources in the near future. Since its launch, the financing program has already financed sales of its e-Port® cashless vending solution. Separately, the company recently selected OTI to provide its next generation contactless reader solution to be integrated into USA Technologies' Generation Six (G6) e-Port® cashless transaction solution, developed specifically to accept contactless payments for vending machines. Initial orders are for 10,000 readers with initial deliveries commencing before the end of the year. The integrated solution was demonstrated last week at the National Automatic Merchandising Association Expo in Orlando, Florida. The integrated solution is built to support the growing U.S. contactless payment market. As previously reported by USA Technologies, MasterCard International has teamed with The Philadelphia Coca-Cola Bottling Company and USA Technologies to enable 1,000 Coca-Cola vending machines with the e-port cashless transaction solution. In other company news, Bank of America has chosen USA Technologies' e-Port cashless vending services for their program to evaluate radio frequency cashless payment devices. USA Technologies announced that the bank was using its e-Port Generation Six (G6) cashless payment technology, developed to accept all forms of payment including credit cards, fobs, contactless cards or other payment devices, in vending machines. The stock ended at $6.45, up $0.25.
Junior oil and gas producer, Patch International Inc. (OTCBB: PTCH), announced that it has successfully spudded (the first stage of drilling is called "spudding") the natural gas prospect located in northeast British Columbia by way of farm-in and option. Drilling is expected to reach total depth in approximately 13 days from spud date of the Eight Mile prospect. As stated on in a late October news release, the company has entered into a Participation and Option Agreement with an Area of Mutual Interest ("AMI") covering 35 square miles of land in northeast BC, located south of Fort St. John, called the Eight Mile Prospect ("Eight Mile"). Patch has committed to drill and complete two wells in the initial program with drilling to commence during October 2006. The drilling of each commitment well will result in the earning of the section on which the commitment well is located plus an additional contiguous section. The company will have a continuous option following the drilling of the two commitment wells to earn a further interest in the remaining sections. The Farmor holds a 100% interest in 21 sections (21 square miles) within the AMI and the majority of the farm-out lands are contiguous. Under the terms of the Agreement, Patch will pay 20% of the Farmor's share of drilling and completion costs. For each earning well, Patch will earn 20% of the Farmor's working interest in the section, subject to a 12% convertible overriding royalty before payout and a 12% working interest after payout and a 12% working interest in a second contiguous section. Patch’s share of equipping and tie in costs will be based on its after payout working interest. Drilling of the proposed locations will target natural gas in the Triassic Doig formation as the primary zone with secondary targets in the Charlie Lake and Halfway zones. Shares ended up $0.15, at $0.99.
On the Wires: Salton, Inc. (NYSE: SFP), announced that Jason Mudrick was elected to Salton's Board of Directors. Mr. Mudrick is a Portfolio Manager at Contrarian Capital Management, L.L.C., an investment firm based in Greenwich, CT.
SPECIAL SITUATIONS:
Language Access Network (OTC: LANW) $3.40
With the evolution of this global economy has come the challenge of communicating with the people of the world. While the internet has leveled the playing field in many aspects of the world economy, one thing still challenges us all. The language barrier creates numerous communication challenges which can mean lost opportunities for businesses, unless they can communicate with customers speaking all languages. That’s where Language Access Network comes in… if translation is the problem, then Language Access Network has a solution.
Based in Nevada, the company is a pioneer in video language interpretation services with operations in Columbus, Ohio. Language Access Network is a company that focuses on accurate interpretation for people with limited English proficiency through instant access video interpretation. This service is designed to aid professionals in the medical, pharmacy, legal, and emergency services industries by enhancing the delivery of their resources. This approach also allows for the building of trust, understanding, and a sense of community through interpretation. The ultimate goal of the company is the overall efficiency of their product through quick, accurate and reliable interpretation services.
The company combines technology with an experienced team of interpreters to provide solutions to its customers. One vertical that has been an early adopter of the company’s services is the healthcare industry. In addition to extensive training in medical terminology, these interpreters go through a rigorous and continuing education in courses of medical ethics, general vocabulary, technology usage, privacy laws and most of all, cultural competency.
How does it work? Language Access Network operates a unique and creative system for interpretation through the company’s Martti system. The Martti (My Accessible Real-Time Trusted Interpreter) system includes both a full array of video hardware solutions and interpreters trained in medical/healthcare vocabulary for over 150 languages, including American Sign Language. The equipment is company owned and provided, enabling customers who use Language Access Network access to real-time, on-demand remote video interpretation. The team of interpreters is available and on call 24/7 and even on holidays. Martti enables the provider to accelerate the patient encounter, while offering a more accurate, safer and more satisfying experience for patient and provider alike.
Although little more than two years old, the company has already signed many recognizable retailers to use the system. Next month, it will provide real-time, on-demand video interpretation services seven days a week in four Kroger pharmacy locations in Ohio and Michigan as part of a regional program. Pharmacies are natural targets for the company’s technology, as it is critical that customers with limited ability to speak English are able to describe the products they want to purchase. Studies have shown that after Martti is installed that revenue from the pharmacy increases significantly. Martti will allow Kroger's pharmacies to connect to live interpreters in over 150 languages, including American Sign Language (ASL), Arabic, Japanese, Russian, Somali and Spanish. The limited number of pharmacies represents a test; if successful, Kroger could roll out the service throughout the giant retailer’s chain of stores. Already, the service is being used by four Walgreen’s stores in central Ohio. The company has also signed deals with AT&T, Olympia Medical Center, Los Angeles, California, and Mercy Hospital, Inc. of Miami, Florida to provide live video interpretation services in the hospital's Emergency Department and in inpatient facilities.
Although the company trades on the Pink Sheets in relative obscurity, that could change soon, as it has filed its Form 10SB, the first step in it becoming a fully-reporting company which could lead to a listing on the Bulletin Board. With momentum building among leading retailers and hospitals, prospects for Language Access to grow its business significantly appear promising.
oil+nat gas+ coal Storm blacks out parts of Northeast
2 minutes ago
NEW YORK - Thousands of homes and businesses had no electricity Sunday from Maryland into New England as a storm system blasted the region with wind gusting to more than 50 mph.
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Gusts as high as 70 mph were possible Sunday at higher elevations of New York state, the
National Weather Service said.
Search parties in New Hampshire were hampered by the wind and rough water as they looked for a man who fell off a cruise ship on Lake Winnipesaukee during the storm late Saturday. One man drowned in New Hampshire when his kayak overturned on a river that was running fast because of the storm's heavy rainfall, state officials said.
Some 4,700 customers were blacked out Sunday morning on New York's Long Island, said Bert Cunningham, a spokesman for the Long Island Power Authority. That was down from nearly 79,000 homes and businesses late Saturday.
Fewer than 200 customers were still affected Sunday in New York City and suburban Westchester County, Consolidated Edison reported.
New York City's Central Park measured 2.54 inches of rain from the storm Saturday.
Power was still out Sunday morning in more than two dozen communities across New Hampshire, said the state's largest utility, Public Service Company of New Hampshire.
The weather observatory atop New Hampshire's Mount Washington, known for its extremely high wind, reported sustained wind of 100 mph and a gust to 114 mph. The peak also got 11 inches of snow during the night for an October total of 39 inches.
To the south in Maryland, about 2,900 Baltimore Gas & Electric customers had no power on Sunday, said utility spokesman Rob Gould.
"We're seeing trees coming down, not just branches but whole trees coming down on the wires," Gould said.
The storm also produced heavy "lake effect" snowfall in parts of New York state downwind from Lake Ontario, including 9 inches at Old Forge, the weather service said. A winter storm warning was in effect for the area Sunday with as much as 18 inches of snow possible at higher elevations.
The high wind and heavy rain and snow were produced by a stronger-than-normal low pressure system that passed through Pennsylvania and New York on its way to southeastern Canada, the weather service said.
Mornin' Guys.
You need chains for your new toy.
When you occasionally have a really bad day, and you just need to take it out on someone, don't take it out on someone you know, take it out on someone you don't know. I was sitting at my desk when I remembered a phone call I'd forgotten to make. I found the number and dialed it. A man answered, saying "Hello." I politely said, "This is Chris. Could I please speak with Robyn Carter?" Suddenly a manic voice yelled out in my ear "Get the right f**in number!" and the phone was slammed down on me. I couldn't believe that anyone could be so rude. When I tracked down Robyn's correct number to call her, I found that I had accidentally transposed the last two digits. After hanging up with her, I decided to call the 'wrong!' number again. When the same guy answered the phone, I yelled, "You're an asshole!" and hung up. I wrote his number down with the word 'asshole' next to it, and put it in my desk drawer. Every couple of weeks, when I was paying bills or had a really bad day, I'd call him up and yell, "You're an asshole!"It always cheered me up. When Caller ID was introduced, I thought my therapeutic "asshole calling" would have to stop. So, I called his number and said, "Hi, this is John Smith from the Verizon. I'm calling to see if you're familiar with our Caller ID Program?" He yelled "NO!" and slammed down the phone. I quickly called him back and said, "That's because you're an asshole!" One day I was at the store, getting ready to pull into a parking spot. Some guy in a black BMW cut me off and pulled into the spot I had patiently waited for. I hit the horn and yelled that I'd been waiting for that spot, but the idiot ignored me. I noticed a "For Sale" sign in his back window, which included his phone number, so I wrote down the number. A couple of days later, right after calling the first asshole (I had his number on speed dial) I thought that I'd better call the BMW asshole, too. I said, "Is this the man with the black BMW for sale?" "Yes, it is", he said. "Can you tell me where I can see it?" I asked. "Yes, I live at 34 Mowbray Blvd, in Vaucluse. It's a yellow house, and the car's parked right out in front." "What's your name?" I asked. "My name is Don Hansen," he said. "When's a good time to catch you, Don?" "I'm home every evening after five." "Listen, Don, can I tell you something?" "Yes?" "Don, you're an asshole!" Then I hung up, and added his number to my speed dial, too. Now, when I had a problem, I had two assholes to call. Then I came up with an idea. I called Asshole #1. "Hello?" he said. "You're an asshole!" (But I didn't hang up.) "Are you still there?" he asked. "Yeah," I said. "Stop calling me," he screamed. "Make me," I said. "Who are you?" he asked. "My name is Don Hansen." "Yeah? Where do you live?" "Asshole, I live at 34 Mowbray Blvd, Vaucluse, a yellow house, with my black Beamer parked in front." He said, "I'm coming over right now, Don. And you had better start saying your prayers." I said, "Yeah, like I'm really scared, asshole," and hung up. Then I called Asshole #2. "Hello?" he said. "Hello, asshole," I said. He yelled, "If I ever find out who you are..." "You'll what?" I said. "I'll kick your ass," he exclaimed. I answered, "Well, asshole, here's your chance. I'm coming over right now." Then I hung up and immediately called the police, saying that I lived at 34 Mowbray Blvd, Vaucluse, and that I was on my way over there to kill my gay lover. Then I called Channel 9 News about the gang war going down in Mowbray Blvd, Vaucluse. I quickly got into my car and headed over to Mowbray. I got there just in time to watch two assholes beating the crap out of each other in front of six cop cars, an overhead police helicopter and a news crew. NOW I feel much better. Anger management really works...
When you occasionally have a really bad day, and you just need to take it out on someone, don't take it out on someone you know, take it out on someone you don't know. I was sitting at my desk when I remembered a phone call I'd forgotten to make. I found the number and dialed it. A man answered, saying "Hello." I politely said, "This is Chris. Could I please speak with Robyn Carter?" Suddenly a manic voice yelled out in my ear "Get the right f**in number!" and the phone was slammed down on me. I couldn't believe that anyone could be so rude. When I tracked down Robyn's correct number to call her, I found that I had accidentally transposed the last two digits. After hanging up with her, I decided to call the 'wrong!' number again. When the same guy answered the phone, I yelled, "You're an asshole!" and hung up. I wrote his number down with the word 'asshole' next to it, and put it in my desk drawer. Every couple of weeks, when I was paying bills or had a really bad day, I'd call him up and yell, "You're an asshole!"It always cheered me up. When Caller ID was introduced, I thought my therapeutic "asshole calling" would have to stop. So, I called his number and said, "Hi, this is John Smith from the Verizon. I'm calling to see if you're familiar with our Caller ID Program?" He yelled "NO!" and slammed down the phone. I quickly called him back and said, "That's because you're an asshole!" One day I was at the store, getting ready to pull into a parking spot. Some guy in a black BMW cut me off and pulled into the spot I had patiently waited for. I hit the horn and yelled that I'd been waiting for that spot, but the idiot ignored me. I noticed a "For Sale" sign in his back window, which included his phone number, so I wrote down the number. A couple of days later, right after calling the first asshole (I had his number on speed dial) I thought that I'd better call the BMW asshole, too. I said, "Is this the man with the black BMW for sale?" "Yes, it is", he said. "Can you tell me where I can see it?" I asked. "Yes, I live at 34 Mowbray Blvd, in Vaucluse. It's a yellow house, and the car's parked right out in front." "What's your name?" I asked. "My name is Don Hansen," he said. "When's a good time to catch you, Don?" "I'm home every evening after five." "Listen, Don, can I tell you something?" "Yes?" "Don, you're an asshole!" Then I hung up, and added his number to my speed dial, too. Now, when I had a problem, I had two assholes to call. Then I came up with an idea. I called Asshole #1. "Hello?" he said. "You're an asshole!" (But I didn't hang up.) "Are you still there?" he asked. "Yeah," I said. "Stop calling me," he screamed. "Make me," I said. "Who are you?" he asked. "My name is Don Hansen." "Yeah? Where do you live?" "Asshole, I live at 34 Mowbray Blvd, Vaucluse, a yellow house, with my black Beamer parked in front." He said, "I'm coming over right now, Don. And you had better start saying your prayers." I said, "Yeah, like I'm really scared, asshole," and hung up. Then I called Asshole #2. "Hello?" he said. "Hello, asshole," I said. He yelled, "If I ever find out who you are..." "You'll what?" I said. "I'll kick your ass," he exclaimed. I answered, "Well, asshole, here's your chance. I'm coming over right now." Then I hung up and immediately called the police, saying that I lived at 34 Mowbray Blvd, Vaucluse, and that I was on my way over there to kill my gay lover. Then I called Channel 9 News about the gang war going down in Mowbray Blvd, Vaucluse. I quickly got into my car and headed over to Mowbray. I got there just in time to watch two assholes beating the crap out of each other in front of six cop cars, an overhead police helicopter and a news crew. NOW I feel much better. Anger management really works...
A young man wanted to purchase a gift for his new
sweetheart's birthday, and as they had not been dating very
long, after careful consideration, he decided a pair of
gloves would strike the right note: romantic, but not too
personal.
Accompanied by his sweetheart's younger sister, he went to
Nordstrom and bought a pair of white gloves.
The sister purchased a pair of panties for herself.During
the wrapping, the clerk mixed up the items and the sister got
the gloves and the sweetheart got the panties. Without
checking the contents, the young man sealed the package and
sent it to his sweetheart with the following note:
I chose these because I noticed that you are not in the
habit of wearing any when we go out in the evening. If it had
not been for your sister, I would have chosen the long ones
with the buttons, but she wears short ones that are easier to
remove.
These are a delicate shade, but the lady I bought them from
showed me the pair she had been wearing for the past three
weeks and they were hardly soiled. I had her try yours on for
me and she looked really smart. I wish I was there to put
them on for you the first time, as no doubt other hands will
come in contact with them before I have a chance to see you
again.
When you take them off, remember to blow in them before
putting them away as they will naturally be a little damp
from wearing.
Just think how many times I will kiss them during the coming
year. I hope you will wear them for me on Friday night. All
my love.
P.S. The latest style is to wear them folded down with a
little fur showing."
A young man wanted to purchase a gift for his new
sweetheart's birthday, and as they had not been dating very
long, after careful consideration, he decided a pair of
gloves would strike the right note: romantic, but not too
personal.
Accompanied by his sweetheart's younger sister, he went to
Nordstrom and bought a pair of white gloves.
The sister purchased a pair of panties for herself.During
the wrapping, the clerk mixed up the items and the sister got
the gloves and the sweetheart got the panties. Without
checking the contents, the young man sealed the package and
sent it to his sweetheart with the following note:
I chose these because I noticed that you are not in the
habit of wearing any when we go out in the evening. If it had
not been for your sister, I would have chosen the long ones
with the buttons, but she wears short ones that are easier to
remove.
These are a delicate shade, but the lady I bought them from
showed me the pair she had been wearing for the past three
weeks and they were hardly soiled. I had her try yours on for
me and she looked really smart. I wish I was there to put
them on for you the first time, as no doubt other hands will
come in contact with them before I have a chance to see you
again.
When you take them off, remember to blow in them before
putting them away as they will naturally be a little damp
from wearing.
Just think how many times I will kiss them during the coming
year. I hope you will wear them for me on Friday night. All
my love.
P.S. The latest style is to wear them folded down with a
little fur showing."
Advice From Men To Women
...Never buy a 'new' brand of beer because 'it was on sale.'
...If we're in the backyard and the TV in the den is on, that doesn't mean we're not watching it.
...Don't tell anyone we can't afford a new car. Tell them we don't want one.
...Whenever possible please try to say whatever you have to say during commercials.
...Please don't drive when you're not driving.
...Don't feel compelled to tell us how all the people in your stories are related to one another: We're just nodding, waiting for the punchline.
...The quarterback who just got pummeled isn't trying to be brave. He's just not crying. Big difference!
...When the waiter asks if everything's okay, a simple 'Yes' is fine.
No time for Nuts
http://www.pistolwimp.com/media/52587/
Hey John.
LCDs are the way to go. I have a 19 inch. just great. I'm not to hot on Dell anymore though.
If you tyake a trip into the big Smoke. and hit the future shop. I think that you can pick one up for about $175.00 or so.
GOLDEN PATRIOT, CORP.1979 Marcus Avenue, Suite 210Lake Success, New York 11042 October 25, 2006 Trading Symbols: GPTC--OTCBBGPU-- Frankfurt Stock Exchange Successfully Completes Drill Program on Past Producing Uranium Project Golden Patriot, Corp. ("Golden Patriot") (OTCBB: GPTC) (Frankfurt Stock Exchange: GPU) is extremely pleased to announce that it has been informed by the operator that Phase 1 of drilling operations have now been completed on the past producing Lucky Boy uranium mine. All samples are warehoused in Globe, Arizona, and are being sorted for delivery to the Tucson prep lab, Jacob Laboratories. All prep samples will then be shipped to the affiliated lab, IPL of Richmond, British Columbia, who will conduct all assaying, with check assays conducted by ALS Chemex and/or Acme Laboratories of Vancouver, British Columbia. Nick Barr, Project Geologist, is now preparing a summary of the approximate 600 samples taken from the drill program. Mr. Barr reports that Phase 1 of the drill program has been successful in determining various grades of 2lbs/ton and greater, with widths of 10 to 20 feet in a number of drill-holes on the property based on scintilometer readings of the samples, and observations of the anomalous thickness, by him, on site. The chemical assays and correlated down-hole probe radiometrics will give the definitive results and determine the next phase of drilling to further define the ore body. Results are expected to be available within a number of weeks. A full report with conclusions and recommendations will follow shortly thereafter. Mr.Brad Rudman, President of Golden Patriot states, “The next few weeks will be exciting for Golden Patriot's management and shareholders as we will be testing the samples taken from our completed drill program on our past producing uranium mine, and with uranium prices at $56 pound and at 25 year highs Golden Patriot Corp. is well positioned in this booming market.” To receive timely updates and information on any future developments as they occur please email us at info@goldenpatriotcorp.com . Contact: Brad RudmanTel: 212-760-0500www.goldenpatriotcorp.com Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and assay reports; the ability to close the acquisition of mineral exploration properties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Golden Patriot, Corp. filings with the Securities and Exchange Commission, and may be accessed through the SEC's web site at http://www.sec.gov.
Ear on the Street
Astral Media (ACM.A : TSX : $38.58)
Higher programming expense for TMN
RBC Capital Markets maintains "top pick", 12-month target price is $46.00
Agrium (AGU : TSX : $29.60 | NYSE : US$26.27)
Reduced guidance for the second half of 2006 due to operational issues
National Bank Financial maintains "underperform", 12-month target price is $23.00
ATS Automation Tooling Systems (ATA : TSX : $13.00)
Rockwell indicates weak North American automotive end market
Blackmont Capital maintains "buy", 12-month target price is $15.00
Alimentation Couche-Tard (ATD.B : TSX : $26.02)
To report Q2 next month
CIBC World Markets maintains "sector perform", 12-month target price is $30.00
Bombardier Inc. (BBD.A : TSX : $3.97)
Major rail contract expected
Dundee Securities maintains "outperform", 12-month target price is $4.75
Bow Valley Energy (BVX : TSX : $5.80)
New joint venture with Alaska Venture Capital
Blackmont Capital places both rating and target price "under review"
Raymond James maintains "strong buy", 6-12 month target price is $8.75
Cascades Inc. (CAS : TSX : $13.27)
Norampac reported in-line Q3
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $13.00
Cameco Corp. (CCO : TSX : $38.23 | CCJ : NYSE : US$33.93)
Cigar Lake water inflow causes construction delay
Blackmont Capital downgrades to "hold", 12-month target price is cut to $49.50
Credit Suisse maintains "outperform", 12-month target price is cut to $46.00
Desjardins Securities maintains "hold", 12-month target price is $28.50
GMP Securities maintains "buy", 12-month target price is $47.25
RBC Capital Markets maintains "outperform", 12-month target price is $52.00
TD Newcrest maintains "buy", 12-month target price is cut to $50.00
Custom Direct Income Fund (CDI.UN : TSX : $8.09)
Q3 expected tomorrow
TD Newcrest maintains "buy", 12-month target price is $12.50
Canfor Pulp Income Fund (CFX.UN : TSX : $12.29)
Q3 reported yesterday
CIBC World Markets maintains "sector outperform", 12-month target price is $13.00
CanWest Global Communications (CGS : TSX : $10.70)
The New Zealand subsidiary reported in-line Q4
Desjardins Securities maintains "buy", 12-month target price is $11.50
National Bank Financial maintains "sector perform", 12-month target price is raised to $12.00
Cineplex Galaxy Inc Fund (CGX.UN : TSX : $14.20)
To report Q3 on November 2
TD Newcrest maintains "buy", 12-month target price is $14.50
Chemtrade Logistics Inc Fd (CHE.UN : TSX : $11.25)
Fundamentals improving
Blackmont Capital maintains "hold", 12-month target price is $11.00
Certicom Corp. (CIC : TSX : $6.22)
Signs $3 million deal with a global manufacturer
CIBC World Markets maintains "sector perform", 12-month target price is $10.00
Credit Suisse maintains "neutral", 12-month target price is $7.00
TD Newcrest maintains "buy", 12-month target price is $8.50
Canadian Natural Resources (CNQ : TSX : $57.60 | NYSE : US$51.06)
New Street coverage
Blackmont Capital maintains "buy", 12-month target price is $62.00
Canexus Income Fund (CUS.UN : TSX : $7.99)
In-line Q3
CIBC World Markets maintains "sector outperform", 12-month target price is $9.00
Denison Mines Inc. (DEN : TSX : $19.30)
Cigar Delay good for uranium
Raymond James maintains "market perform", 6-12 month target price is $17.75
Davis & Henderson Income Fund (DHF.UN : TSX : $19.69)
Attractive forecasts
RBC Capital Markets maintains "outperform", 12-month target price is increased to $22.00
Dalsa Corp. (DSA : TSX : $13.56)
Growth could drive leverage
CIBC World Markets maintains "sector outperform", 12-month target price is $20.00
Raymond James maintains "market perform", 12-month target price is $13.75
EnCana Corp. (ECA : TSX : $54.02 | NYSE : US$47.94)
Initiated Coverage
Blackmont Capital initiates coverage with a "buy", 12-month target price is US$59.00
Eldorado Gold (ELD : TSX : $4.69 | EGO : AMEX : US$4.15)
Delay at TJS project
CIBC World Markets maintains "sector outperform", 12-month target price is US$8.60
First Quantum Minerals (FM : TSX : $65.47)
Downgrade based on share price appreciation
Desjardins Securities downgrades to "hold", 12-month target price is $66.30
Finning International (FTT : TSX : $39.40)
Good growth prospects
CIBC World Markets maintains "sector outperform", 12-month target price is $49.00
Husky Energy (HSE : TSX : $70.47)
Strong operations
CIBC World Markets maintains "sector perform", 12-month target price is $70.10
Innova Exploration (IXL : TSX : $6.10)
Shareholder group makes bid to acquire additional shares
Blackmont Capital maintains "hold", 12-month target price is $7.00
Liquor Stores Income Fund (LIQ.UN : TSX : $22.28)
Acquiring three stores
Blackmont Capital maintains "buy", 12-month target price is $24.25
MDC Partners Inc. (MDZ.A : TSX : $8.90)
Q3 report expected
TD Newcrest maintains "hold", 12-month target price is $9.00
NQL Energy Services (NQL : TSX : $7.51)
To be acquired by National Oilwell
Dundee Securities downgrades to "neutral", 12-month target price is reduced to $7.60
Nexen (NXY : TSX : $64.15)
Initiated Coverage
Blackmont Capital initiates coverage with a "buy", 12-month target price is $73.00
Pizza Pizza (PZA.UN : TSX : $10.00)
Q3 report expected
TD Newcrest maintains "buy", 12-month target price is $10.50
Quadra Mining Ltd. (QUA : TSX : $9.82)
More production problems
Dundee Securities maintains "neutral", 12-month target price is $12.20
GMP Securities maintains "buy", 12-month target price is $12.90
Raymond James maintains "strong buy", 6-12 month target price is $18.00
RBC Capital Markets maintains "sector underperformer", 12-month target price is lowered to $10.50
Shell Canada (SHC : TSX : $42.66)
Royal Dutch Shell offers $40/share to Minority Shareholders
Canaccord Adams maintains "hold", 12-month target price is raised to $40.00
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $42.00
Sun Life Financial Inc. (SLF : TSX : $44.20 | NYSE : US$39.31)
Back to basics ...with MFS review over
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $49.00
Suncor Energy (SU : TSX : $86.02 | NYSE : US$76.31)
A trust conversion?
TD Newcrest upgrades to "buy", 12-month target price is raised to $99.00
TELUS (T.A : TSX : $62.24 | TU : NYSE : US$55.25)
No tax leakage expected from Telus Trust
RBC Capital Markets maintains "outperform", 12-month target price is $75.00
TransAlta Corp. (TA : TSX : $24.02)
Stronger pricing and spark spreads in Alberta help overcome Centralia outage
National Bank Financial maintains "outperform", 12-month target price is raised to $27.90
Transcontinental Inc. (TCL.A : TSX : $19.44)
Recent development regarding Yellow Pages contracts and TV Guide Innocuous
National Bank Financial maintains "sector perform", 12-month target price is $21.00
Talisman Energy (TLM : TSX : $19.13)
New Street coverage
Blackmont Capital initiates coverage with a "hold", 12-month target price is $20.50
WestJet Airlines (WJA : TSX : $11.83)
Visible catalysts on the horizon
National Bank Financial upgrades to "outperform", 12-month target price is raised to $14.00
Sleep Country Canada (Z.UN : TSX : $24.39)
Q3/06 results expected on or about October 27
TD Newcrest maintains "buy", 12-month target price is $31.00
Ear on the Street
Aastra Technologies (AAH : TSX : $30.22)
Q3 in line
Credit Suisse maintains "neutral", 12-month target price is raised to $30.00
RBC Capital Markets maintains "sector perform", 12-month target price is $37.00
TD Newcrest maintains "action list buy", 12-month target price is $41.00
Astral Media (ACM.A : TSX : $38.89)
Mixed Q4
CIBC World Markets maintains "sector perform", 12-month target price is $45.00
Desjardins Securities maintains "buy", 12-month target price is $43.00
GMP Securities maintains "buy", 12-month target price is $43.00
RBC Capital Markets maintains "top pick", 12-month target price is $46.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $46.00
TD Newcrest upgrades to "buy", 12-month target price is raised to $45.00
Angiotech Pharmaceuticals (ANP : TSX : $10.29 | ANPI : NASDAQ : US$9.15)
TCT 2006 highlights more studies are needed for the DES thrombosis question
TD Newcrest maintains "hold", 12-month target price is US$11.50
Aecon Group (ARE : TSX : $6.05)
Re-launched civil construction service
Raymond James maintains "outperform", 6-12 month target price is $7.25
Banro (BAA : TSX : $12.96 | AMEX : US$11.38)
Exploration permits in Congo are not in dispute
Raymond James maintains "strong buy", 6-12 month target price is $18.00
Bombardier Inc. (BBD.B : TSX : $3.90)
CRJ regional jet production cuts
RBC Capital Markets maintains "underperform", 12-month target price is $3.00
TD Newcrest maintains "reduce", 12-month target price is $3.50
Airboss of America (BOS : TSX : $4.85)
Major client to expand plant
Raymond James maintains "strong buy", 6-12 month target price is $7.00
Canfor Corporation (CFP : TSX : $11.65)
Stronger-than-expected Q3 from Canfor Pulp Limited Partnership
Scotia Capital Markets maintains "sector perform", 12-month target price is $11.90
Canfor Pulp Income Fund (CFX.UN : TSX : $12.83)
Q3 beats expectations
Desjardins Securities maintains "buy", 12-month target price is raised to $12.50
Raymond James maintains "strong buy", 6-12 month target price is raised to $14.25
RBC Capital Markets upgrades to "outperform", 12-month target price is raised to $13.25
Scotia Capital Markets maintains "sector perform", 12-month target price is raised to $12.30
Centerra Gold Inc. (CG : TSX : $11.40)
To report Q3 on November 1
RBC Capital Markets maintains "outperform", 12-month target price is $21.00
Chemtrade Logistics Inc Fd (CHE.UN : TSX : $10.80)
Q3 meets expectations
Scotia Capital Markets maintains "sector perform", 12-month target price is $12.00
Celestica Inc. (CLS : TSX : $13.25 | NYSE : US$11.77)
To report Q3 today
Scotia Capital Markets maintains "sector perform", 12-month target price is $15.00
Cardiome Pharma (COM : TSX : $11.98 | CRME : NASDAQ : US$10.63)
To resubmit a new drug application to FDA for RSD1235
GMP Securities maintains "buy", 12-month target price is $20.00
Canadian Oil Sands Trust (COS.UN : TSX : $31.50)
Q3 cash flow in line
Canaccord Adams maintains "buy", 12-month target price is $36.00
RBC Capital Markets maintains "underperform", 12-month target price is $29.00
Crescent Point Energy Trust (CPG.UN : TSX : $20.35)
New Street coverage
Dundee Securities initiates coverage with a "outperform", 12-month target price is $24.00
Canadian Pacific Railway (CP : TSX : $62.76 | NYSE : US$55.75)
Solid Q3
Canaccord Adams maintains "buy", 12-month target price is raised to $68.50
RBC Capital Markets maintains "outperform", 12-month target price is $77.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $76.00
TD Newcrest downgrades to "hold", 12-month target price is raised to $66.00
Catalyst Paper (CTL : TSX : $3.21)
Third Avenue acquires 18% of the company
CIBC World Markets maintains "sector perform", 12-month target price is cut to $3.00
Davis & Henderson Income Fund (DHF.UN : TSX : $19.50)
Q3 in line, distribution increased by 2.4%
Scotia Capital Markets maintains "sector perform", 12-month target price is $19.00
EPCOR Power L.P. (EP.UN : TSX : $32.55)
Epcor Power announced a 10-year extension to its contract with PSCo
RBC Capital Markets maintains "underperform", 12-month target price is $32.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.50
Fording Canadian Coal Trust (FDG.UN : TSX : $28.10 | FDG : NYSE : US$24.94)
Higher overall sales offset by higher operating costs
Canaccord Adams maintains "sell", lowers 12-month target price to $24.00
Desjardins Securities maintains "hold", lowers target price to $29.10
RBC Capital Markets maintains "underperform", 12-month target price is $27.00
TD Newcrest maintains "reduce", 12-month target price is $25.00
Movie Distribution Income Fund (FLM.UN : TSX : $8.44)
To report its Q3 results the week of November 6
TD Newcrest maintains "speculative buy", 12-month target price is $9.00
FirstService Corp. (FSV : TSX : $27.00 | FSRV : NASDAQ : US$24.01)
Recent acquisitions & real estate activity expected to drive EPS Growth
RBC Capital Markets maintains "outperform", 12-month target price is US$28.00
Great Canadian Gaming (GCD : TSX : $11.42)
Plans to spend $5.6 million to terminate management agreements with Mayfield Consulting Canada Inc.
Raymond James maintains "outperform", 6-12 month target price is $14.00
Glencairn Gold (GGG : TSX : $0.57 | GLE : AMEX : US$0.51)
The upcoming Nicaraguan elections may pose some risks
Dundee Securities maintains "outperform", 12-month target price is $1.10
Glamis Gold (GLG : TSX : $44.78 | NYSE : US$39.71)
Slow ramp up at Marlin continues to plague Glamis Earnings
Desjardins Securities maintains "buy", 12-month target price is US$59.15
Dundee Securities maintains "tender", 12-month target price is not given
Raymond James maintains "market perform", 6-12 month target price is US$47.00
RBC Capital Markets maintains "sector perform", no target price is given
TD Newcrest maintains "hold", 12-month target price is cut to US$44.00
High River Gold Mines (HRG : TSX : $2.18)
Warrants may expire unexercised this week
Scotia Capital Markets maintains "sector perform", 12-month target price is $3.25
Heroux-Devtek Inc. (HRX : TSX : $4.98)
Expected that Heroux will continue to benefit from robust macro-fundamentals
Raymond James maintains "outperform", 6-12 month target price is $6.25
Harvest Energy Trust (HTE.UN : TSX : $32.30)
New Street coverage
Dundee Securities initiates coverage with a "outperform", 12-month target price is $40.00
Indigo Books & Music (IDG : TSX : $15.89)
Difficult year over year comp quarter expected
RBC Capital Markets maintains "outperform", 12-month target price is $19.00
IPSCO Inc. (IPS : TSX : $105.25 | NYSE : US$93.50)
Q3/06 EPS beats expectations
Desjardins Securities maintains "buy", 12-month target price is $129.40
GMP Securities maintains "buy", 12-month target price is US$106.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is raised to $136.00
TD Newcrest maintains "buy", 12-month target price is raised to US$123.00
LionOre Mining International (LIM : TSX : $9.09)
Produced 13,740 tonnes of nickel in H1/06
GMP Securities maintains "buy", 12-month target price is raised to $12.00
MacDonald Dettwiler & Assoc. (MDA : TSX : $42.51)
Q3 to be reported on October 31
Scotia Capital Markets maintains "sector underperform", 12-month target price is $42.00
Maple Leaf Foods (MFI : TSX : $12.50)
Cumulative impact of rising Canadian dollar has had significant impact on the company's competitive positioning
RBC Capital Markets maintains "sector perform", 12-month target price is $14.00
Minefinders Corp. (MFL : TSX : $8.77 | MFN : AMEX : US$7.78)
Closes US$85 million convertible notes
Dundee Securities maintains "outperform", 12-month target price is $13.10
Meridian Gold (MNG : TSX : $27.23 | MDG : NYSE : US$24.23)
Higher than expected costs in the quarter
Desjardins Securities maintains "buy", 12-month target price is cut $39.00
RBC Capital Markets maintains "underperform", no target price is given
TD Newcrest maintains "hold", 12-month target price is cut to US$25.00
Nevada Geothermal Power Inc. (NGP : TSX-V : $0.82)
Drill results shows larger resource
Dundee Securities maintains "outperform", 12-month target price is $1.33
Nortel Networks Corp. (NT : TSX : $2.51 | NYSE : US$2.23)
Report expectations in line with estimates
Desjardins Securities maintains "hold", 12-month target price is $2.50
GMP Securities maintains "buy", 12-month target price is $3.50
RBC Capital Markets maintains "sector perform", 12-month target price is US$3.00
Paramount Resources (POU : TSX : $29.51)
Proposed Newco spinout
TD Newcrest maintains "buy", 12-month target price is increased to $44.00
Patheon Inc. (PTI : TSX : $5.24)
Active market
TD Newcrest maintains "buy", 12-month target price is $7.50
ProEx Energy Ltd. (PXE : TSX : $14.26)
Q3 miss and good results
Canaccord Capital maintains "buy", 12-month target price is $18.00
Haywood Security maintains "buy", 12-month target price is $17.00
Raymond James maintains "strong buy", 12-month target price is $13.70
Scotia Capital Markets maintains "sector perform", 12-month target price is $18.00
QGX Ltd. (QGX : TSX : $2.33)
Instantiating coverage
CIBC World Markets initiates "sector outperform", 12-month target price is $4.00
Rogers Communications (RCI.B : TSX : $63.45)
Strong cash position
RBC Capital Markets maintains "top pick", 12-month target price is $75.00
Seamark Asset Management (SM : TSX : $7.15)
Peter Marshall departs
Dundee Securities maintains "underperform", 12-month target price is $7.00
Suncor Energy (SU : TSX : $88.69 | NYSE : US$78.74)
Oil sands growth initiative
Scotia Capital Markets maintains "sector outperform", 12-month target price is $122.00
Sierra Wireless (SW : TSX : $15.25)
Expecting good Q4
RBC Capital Markets maintains "outperform", 12-month target price is US$20.00
Trican Well Service (TCW : TSX : $20.43)
Good Q3 predictions
Canaccord Capital maintains "buy", 12-month target price is $26.00
TD Bank (TD : TSX : $64.01)
Expected good contributions
Dundee Securities maintains "neutral", 12-month target price is $73.00
TransForce Income Fund (TIF.UN : TSX : $17.35)
Trucking sector caution
Desjardins Securities maintains "buy", 12-month target price is increased to $18.40
RBC Capital Markets maintains "sector perform", 12-month target price is increased to $17.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $23.00
Wi-Lan Inc (WIN : TSX : $2.05)
New Street coverage
Dundee Securities initiates coverage with a "buy", 12-month target price is not given
Sleep Country Canada (Z.UN : TSX : $24.30)
Earnings expected to be lower
Canaccord Capital maintains "buy", 12-month target price is $30.00
World gold output on the decline
By: Tessa Kruger
Posted: '26-OCT-06 18:00' GMT © Mineweb 1997-2006
JOHANNESBURG (Mineweb.com) --Ian Cockerill, chief executive officer of Gold Fields, said that he saw global gold production as falling between 1 and 1.5% annually as new gold mining projects fail to replace declining production at existing mines, at the company’s quarterly results presentation in Johannesburg today. He went on to say that the world consumes 85 milllion ounces of gold from finite ore bodies. Gold production in South Africa and elsewhere will continue to decline in the absence of new discoveries of gold resources.
He confirmed that net production in South Africa was falling despite new projects that are undertaken.
Cockerill believes the gold price is still in a “very positive” cycle and will continue to be strong despite the fact that it has come off its highs. “I believe the driver behind the gold price is still in place. The recent pull back in high prices was a healthy correction.”
He said it was possible that economic growth in China could slow from 10% to 6%, but growth of 6% was still very significant. “Another factor to consider is whether the world can cope with supplying China with commodities at its current growth rate.” A slower Chinese economy would also have positive ramifications for the mining industry as input costs would lower.
Cockerill said a gold price that increased slowly and steadily was better for strong physical demand as volatiliy in the price was damaging to the market’s credibility.
Gold Fields reported a net increase in earnings of what was considered a disappointing 13% for the September quarter of this year – and first fiscal quarter of 2007 – with earnings increasing from R618 million to R698 million (US$93.1 million). Operating profit increased a further 6% to R2 billion (US$267 million) with South African operations accounting for 62% of the profit.
Group margins were at 42%, while the company continues to invest in depth extension projects at Kloof and Driefontein and its bid for the rest of South Deep mine continues.
Its shareholder offer to Western Areas, which owns 50% of South Deep will go out in the next two days, Cockerill said. “The only remaining issue will be approval from the Competition Commission and there is no logical reason why the Commission would not approve.”
Total gold production decreased by 1% to 1,005,000 ounces in the last quarter as South African production decreased by 3% to 649,000 ounces and production from international operations increased 2% to 356,000 ounces.
Revenues increased to R4.7 billion (US$627.5 million) from R4.4 billion on the back of the rand gold price that was boosted 10% to R142,035 per kilogram.
Cockerill said that although a weaker rand added to the company’s bottom line in the short term, it could be a double-edged sword as it could “all of a sudden” result in suppliers demanding higher prices. Operating costs for September 2006 amounted to R2.764 billion – an increase of 10% comprising of a 5% increase in South Africa and 18% at international operations.
Cockerill emphasised that cost control was very critical to Gold Fields as cost pressures were mounting across the board. The company currently has good initiatives in place to deal with cost increases and is coping “reasonably well” with the cost environment.
“Gold Fields is in very strong investment mode locally and internationally and our strong cashflow help us to fund this.”
Overall production from operations is expected to be in line with the September quarter in the next, although gold output at the flagship Driefontein mine is expected to reduce from a little over 8 tons currently to 7.5 tons in the next two quarters due to delayed pillar extraction at No. 4 shaft.
Ear on the Street
Aastra Technologies (AAH : TSX : $30.86)
Q3 slightly ahead of expectations
BMO Capital Markets maintains "outperform", 12-month target price is $40.00
Barrick Gold Corp. (ABX : TSX : $34.35 | NYSE : US$30.64)
NovaGold's Galore feasibility shows big increase in Capex
TD Newcrest maintains "buy", 12-month target price is US$47.00
Astral Media (ACM.A : TSX : $39.27)
Mixed Q4
BMO Capital Markets maintains "outperform", 12-month target price is $45.00
ATCO Ltd. (ACO.X : TSX : $42.68)
Better-than-expected Q3
RBC Capital Markets maintains "sector perform", 12-month target price is $48.00
Akita Drilling (AKT.A : TSX : $17.94)
Strong Q3
RBC Capital Markets maintains "underperform", 12-month target price is $21.00
Aurelian Resources (ARU : TSX-V : $37.31)
Two parties filed claim against Aurelian for expired warrants
Blackmont Capital maintains "buy", 12-month target price is $38.25
Abitibi-Consolidated (A : TSX : $2.86 | ABY : NYSE : US$2.56)
Weak Q3 due to higher newsprint costs
Desjardins Securities downgrades to "hold", 12-month target price is cut to $3.00
Dundee Securities maintains "underperform", 12-month target price is $3.35
RBC Capital Markets downgrades to "sector perform", 12-month target price is cut to $2.50
TD Newcrest maintains "hold", 12-month target price is cut to $3.25
Bombardier Inc. (BBD.B : TSX : $3.95)
Wins US$3.4 billion contract from a French rail company
Canaccord Adams maintains "sell", 12-month target price is "under review"
Dundee Securities maintains "outperform", 12-month target price is $4.95
Ballard Power Systems (BLD : TSX : $7.94 | BLDP : NASDAQ : US$7.08)
Q3 operating net loss slightly worse than expected
BMO Capital Markets maintains "market perform", 12-month target price is not given
Brick Brewing Co. (BRB : TSX : $2.35)
To buy back 1.017 million shares
Blackmont Capital maintains "buy", 12-month target price is $2.50
Calpine Power Income Fund (CF.UN : TSX : $10.98)
Enters 20-year toll agreement for CEC
Scotia Capital Markets maintains "sector perform", 12-month target price is raised to $10.75
TD Newcrest maintains "hold", 12-month target price is $10.00
Chemtrade Logistics Inc Fd (CHE.UN : TSX : $10.80)
Q2 meets expectations
CIBC World Markets maintains "sector perform", 12-month target price is $10.50
Scotia Capital Markets maintains "sector perform", 12-month target price is $12.00
TD Newcrest downgrades to "buy", 12-month target price is cut to $12.50
Cumberland Resources (CLG : TSX : $5.66)
Sells interest in Meliadine West project for $23 million
Canaccord Adams maintains "buy", 12-month target price is $7.25
Dundee Securities maintains "outperform", 12-month target price is cut to $6.70
Canadian Oil Sands Trust (COS.UN : TSX : $31.86)
Q3 in line
BMO Capital Markets maintains "outperform", 12-month target price is $38.00
Canadian Pacific Railway (CP : TSX : $63.91 | NYSE : US$56.93)
Q3 slightly ahead of expectations
BMO Capital Markets maintains "outperform", 12-month target price is $67.00
Canadian Utilities (CU : TSX : $42.50)
Strong Q3
Canaccord Adams maintains "hold", 12-month target price is "under review"
RBC Capital Markets maintains "outperform", 12-month target price is $49.00
Davis & Henderson Income Fund (DHF.UN : TSX : $19.57)
Q3 in line and distribution increased by 2.4%
BMO Capital Markets maintains "market perform", 12-month target price is raised to $20.00
Divestco Inc. (DVT : TSX : $3.62)
EnCana's Q3 shows stability in Cutbank activity
Blackmont Capital maintains "buy", 12-month target price is $7.75
EnCana Corp. (ECA : TSX : $53.84 | NYSE : US$47.95)
Q3 beats expectations
Blackmont Capital maintains "buy", 12-month target price is US$59.00
RBC Capital Markets maintains "outperform", 12-month target price is $60.00
Scotia Capital Markets maintains "sector perform", 12-month target price is cut to US$60.00
TD Newcrest maintains "action list buy", 12-month target price is US$62.00
EPCOR Power L.P. (EP.UN : TSX : $32.42)
Negotiates a 10-year extension to Machief PPA
BMO Capital Markets maintains "market perform", 12-month target price is cut to $32.50
EXFO Electro-Optical Engin. (EXF : TSX : $5.89 | EXFO : NASDAQ : US$5.23)
Slightly weak Q4
Desjardins Securities maintains "top pick", 12-month target price is $8.75
TD Newcrest maintains "hold", 12-month target price is US$6.50
First National Financial (FN.UN : TSX : $14.50)
Reports higher than estimates
RBC Capital Markets maintains "outperform", 12-month target price is $14.75
TD Newcrest maintains "buy", 12-month target price is increased to $16.00
Forsys Metals (FSY : TSX : $2.52)
Initiated coverage
Canaccord Capital maintains "buy", 12-month target price is $4.65
Glamis Gold (GLG : TSX : $46.07)
Lower gold prices offsets higher production
Haywood Security maintains tender, 12-month target price is $48.00
GobiMin (GMN : TSX-V : $1.95)
Initiating coverage
Desjardins Securities initiates "buy", 12-month target price is $2.95
Home Capital Group (HCG : TSX : $27.73)
In-line Q3
Blackmont Capital maintains "hold", 12-month target price is $34.50
Linear Gold Corp. (LRR : TSX : $5.24)
Positive drilling results from newer La Chica zone
Blackmont Capital maintains "buy", 12-month target price is $8.20
Magellan Aerospace (MAL : TSX : $2.68)
Undervalued to book value
RBC Capital Markets upgrades to "sector perform", 12-month target price is $3.25
MEGA Brands (MB : TSX : $24.82)
Settlement of almost all law suits
Desjardins Securities maintains "buy", 12-month target price is $29.00
RBC Capital Markets maintains "outperform", 12-month target price is $30.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $24.50
Meridian Gold (MNG : TSX : $27.54 | MDG : NYSE : US$24.60)
Pipeline development is the key
Dundee Securities maintains "outperform", 12-month target price is cut to $33.30
GMP Securities maintains "buy", 12-month target price is $38.00
RBC Capital Markets maintains "sector underperformer", 12-month target price is increased to US$30.00
Methanex Corp. (MX : TSX : $24.38 | MEOH : NASDAQ : US$21.72)
Strong short term pricing
Canaccord Capital maintains "sell", 12-month target price is US$16.00
RBC Capital Markets maintains "sector underperformer", 12-month target price is US$20.00
Newport Partners Income Fund (NPF.UN : TSX : $7.55)
Invests $12.5 million in Gusgo Transport
Blackmont Capital maintains "sell", 12-month target price is $6.85
Nexen (NXY : TSX : $63.14 | NYSE : US$56.34)
Q3 misses
Blackmont Capital maintains "buy", 12-month target price is $73.00
CIBC World Markets maintains "sector outperform", 12-month target price is $81.00
Haywood Security maintains "sector perform", 12-month target price is $77.00
RBC Capital Markets maintains "sector perform", 12-month target price is $60.00
Scotia Capital Markets maintains "sector perform", 12-month target price is reduced to $84.00
TD Newcrest maintains "buy", 12-month target price is $73.00
OPTI Canada Inc (OPC : TSX : $17.68)
The value of the Long Lake project is rising as start-up nears
CIBC World Markets maintains "sector perform", 12-month target price is raised to $27.00
RBC Capital Markets maintains "sector perform", 12-month target price is $20.00
Scotia Capital Markets maintains "sector perform", 12-month target price is decreased to $21.50
TD Newcrest maintains "buy", 12-month target price is decreased to $22.50
Pembina Pipeline Income Fund (PIF.UN : TSX : $18.07)
Increasing midstream forecasts
Canaccord Capital maintains "buy", 12-month target price is $19.00
CIBC World Markets maintains "sector perform", 12-month target price is $17.50
RBC Capital Markets maintains "sector perform", 12-month target price is $18.50
Scotia Capital Markets maintains "sector perform", 12-month target price is increased to $17.50
TD Newcrest maintains "hold", 12-month target price is increased to $17.00
Palmarejo Silver and Gold (PJO : TSX-V : $7.00)
No significant changes
Canaccord Capital maintains "hold", 12-month target price is increased to $7.40
Potash Corp. of Saskatchewan (POT : TSX : $138.35 | NYSE : US$123.45)
Q3 Positive outlook
RBC Capital Markets maintains "sector outperform", 12-month target price is US$137.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $158.50
ProEx Energy Ltd. (PXE : TSX : $13.98)
Results below expectations
BMO Nesbitt Burns maintains "market perform", 12-month target price is $14.25
Research In Motion (RIM : TSX : $131.50 | RIMM : NASDAQ : US$117.13)
The upside is in the hardware
TD Newcrest initiates coverage with a "buy", 12-month target price is US$150.00
SFK Pulp Fund (SFK.UN : TSX : $4.27)
Results expected to be up quarter over quarter on strong pulp prices
CIBC World Markets maintains "sector perform", 12-month target price is raised to $5.00
Shell Canada (SHC : TSX : $42.90)
Reports In-line operational and financial results
RBC Capital Markets maintains "sector perform", 12-month target price is $42.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $44.00
TD Newcrest maintains "hold", 12-month target price is $43.50
Seamark Asset Management (SM : TSX : $6.82)
Q3/06 results slightly ahead of Expectations
BMO Nesbitt Burns maintains "underperform", 12-month target price is raised to $6.50
Transcontinental Inc. (TCL.A : TSX : $19.48)
Awarded ten year contract from Trader Corp valued at about $115 million
Desjardins Securities maintains "hold", target price is $22.00
Trican Well Service (TCW : TSX : $20.00)
Q3/06 Results beat estimates
Canaccord Adams maintains "buy", 12-month target price is $26.00
RBC Capital Markets maintains "sector perform", 12-month target price is $24.00
TD Bank (TD : TSX : $64.66)
TD Banknorth Q3/06 Results weaker than expected
CIBC World Markets maintains "sector outperform", 12-month target price is cut to $77.00
Dundee Securities maintains "market neutral" 12-month target price is $73.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $78.00
TransForce Income Fund (TIF.UN : TSX : $17.49)
Q3 Results slightly better than expected
BMO Nesbitt Burns maintains "outperform", 12-month target price is $18.50
Thomson Corporation (TOC : TSX : $46.96 | NYSE : US$41.83)
Confirms its intention to sell its education business in 2007
CIBC World Markets maintains "sector perform", 12-month target price is US$43.00
Scotia Capital Markets "sector outperform", 12-month target price is $50.00
Tournigan Gold (TVC : TSX-V : $2.74)
Advancing uranium assets
Canaccord Adams maintains "buy", 12-month target price is $3.20
Ur-Energy (URE : TSX : $3.72)
Feasibility study to be completed in Q1/07
Canaccord Adams maintains "buy", 12-month target price is $4.15
West Fraser Timber Co. (WFT : TSX : $37.50)
Reported a net loss of $0.21/share
Desjardins Securities maintains "buy", 12-month target price is $42.00
RBC Capital Markets maintains "outperform", 12-month target price is $ 42.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $42.10
TD Newcrest maintains "buy", 12-month target price is $43.00
WestJet Airlines (WJA : TSX : $11.98)
Showed steady improvements in both yield and load factors through Q2/06
Canaccord Adams maintains "buy", 12-month target price is $14.00
TSX Group (X : TSX : $49.65)
Q3 results - below expectations
Scotia Capital Markets maintains "sector perform", 12-month target price is $55.00
TD Newcrest maintains "hold", 12-month target price is raised to $51.00
Zarlink Semiconductor (ZL : TSX : $2.36 | NYSE : US$2.09)
Sold the fast Ethernet to Conexant for US$5 million
Blackmont Capital maintains "buy", 12-month target price is $3.60
Scotia Capital Markets maintains "sector outperform", 12-month target price is $3.70
TD Newcrest maintains "buy", 12-month target price is $3.00
Undervalued Stock #1 ========== --------------- Fedex Corp. (NYSE: FDX) --------------- Insider Name: Steven R. LorangerInsider Position: DirectorInsider Action: 1,310 shrs on 10/17/2006 to 10/24/2006Insider Total Holding: 1,310 shrs -------------------------------------------------------Undervaluation Merits... P/E Ratio = 14.2 (Industry Average 14.9)P/S Ratio = 2.27 (Industry Average 2.63)P/CF Ratio = 10.10 (Industry Average 15.50) Industry: Air Delivery & Freight Services -------------------------------------------------------Other Merits... Dividend Yield = 0.30%Exceeded Analysts' Earnings Estimates for the Past 5 Quarters --------------- Fedex Corp. (NYSE: FDX)
Symbol CSHD
Conversion Solutions and CEO in very hot water
2006-10-25 20:26 ET - Street Wire
Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
by by Lee M. Webb
Conversion Solutions Holdings Corp. and its semi-literate chief executive officer, Rufus Paul Harris, are being sued for fraud by the U.S. Securities and Exchange Commission (SEC). Among other things, the U.S. regulator alleges that Conversion's fantastic claims about owning billions of dollars worth of bonds are bogus.
The SEC, which finally issued a 10-day trading suspension against Conversion on Oct. 24, filed a complaint for injunctive and other relief in the U.S. District Court for the Northern District of Georgia on the same day.
As previously reported by Stockwatch, Conversion claims to have an asset portfolio of approximately $7.3-billion consisting primarily of bonds and an estimated book value of $70.71 per share.
According to the SEC allegations, however, Conversion's claims with respect to approximately $6.8-billion worth of its purported bond holdings are rubbish.
Mr. Harris and Conversion have not yet filed a response to the SEC complaint and the allegations have not yet been proven.
The complaint
According to the U.S. regulator, beginning on Sept. 26, Conversion and Mr. Harris made a series of false or misleading statements through news releases and SEC filings.
"These false statements dramatically inflated both the price and trading volume for Conversion's shares," the regulator claims.
"In September and October 2006, Conversion issued a series of press releases, and filed with the Commission a current report and an amended current report on Form 8-K and 8-K/A, respectively, an annual report on Form 10-KSB and two amended annual reports on Forms 10-KSB/A, all of which fraudulently overstated Conversion's assets," the SEC goes on to allege.
In its complaint, the U.S. regulator takes particular aim at the OTC Bulletin Board promotion's allegedly false claims with respect to approximately $6.8-billion worth of Republic of Venezuela bonds.
According to the SEC, in a Sept. 26 Form 8-K filed by Conversion and a subsequent Sept. 27 news release, the company falsely claimed to have acquired euro-denominated bonds on the Republic of Venezuela with a converted value of approximately $6.3-billion.
The U.S. regulator says that the identifying codes for the bonds provided by Conversion correspond to a much smaller euro-denominated bond series issued by Venezuela. Indeed, the bond series under the identifiers provided by the OTC-BB promotion carry a converted value of approximately $882-million.
Moreover, the SEC claims that Conversion "does not own, or manage as an asset," the entire Venezuelan bond series corresponding to the identifying codes listed in the Sept. 26 Form 8-K or Sept. 27 news release.
The U.S. regulator also alleges that claims in Conversion's Sept. 29 Form 8-K/A and attached audited financial statements regarding the company having full ownership of another $500-million worth of Venezuelan bonds are also false.
"Some, and possibly all, of the $500-million Venezuelan bond issue was owned by entities other than Conversion during the relevant time period," the SEC claims.
In a supporting declaration, SEC accountant David W. Elzinga claims that he could not find any indication "that Conversion owned, wholly or partially, the $500-million Venezuelan bond issue."
The SEC further alleges that, in a Sept. 27 press release, Conversion falsely claimed to have a contract with Deutsche Bank in connection with some vaunted "banking platform" for global, sovereign and institutional investors.
"On information and belief, Deutsche Bank does not have any contract with Conversion, with the possible exception of an ordinary bank account relationship," the SEC claims.
In a supporting declaration, Deutsche Bank lawyer David M. Levine claims that after "a best efforts search of relevant pockets within Deutsche Bank, we have been unable to confirm the existence of any contract with Conversion Solutions."
Mr. Levine says that he contacted Mr. Harris on Sept. 28 to ask him about the contract Conversion had purportedly signed with Deutsche Bank.
"Mr. Harris stated that the contract was related to the Euroclear Platform and had been facilitated by an ambassador with the United Nations Education and Social Program," Mr. Levine states. "He would not provide the name of his Deutsche Bank contact."
The Deutsche Bank lawyer goes on to say that he called Mr. Harris twice on Sept 29 and, on the same day, made two calls to Conversion's chief operating officer Ben Stanley and another call to executive vice-president John Walsh, leaving detailed voicemail messages each time. Mr. Levine says that none of the Conversion executives called him back.
According to the SEC complaint, Conversion's false statements inflated the company's share price and trading volume after the two Sept. 27 press releases were issued.
The regulator notes that with 498,303 shares changing hands, Conversion closed at $1.01 on Sept. 26, the day before the allegedly fraudulent news releases.
On Sept. 27, the volume jumped to more than 4.9 million shares and the stock closed at $1.75.
"The effect of the fraudulent releases continued into Thursday, September 28, when Conversion's stock closed at $3.02 per share on a volume of 14,037,728 shares traded," the regulator says. "The price and volume have remained above the September 26 levels through the date of this complaint."
The U.S. regulator claims that Conversion and Mr. Harris "knowingly, intentionally and/or recklessly" committed fraud.
Further, the SEC says that Conversion violated reporting requirements and Mr. Harris aided and abetted the company's reporting violations.
Moreover, the SEC alleges that Mr. Harris signed certifications that contained untrue statements of material fact.
The SEC wants the Georgia court to issue a temporary restraining order and preliminary and permanent injunctions enjoining Mr. Harris and Conversion from violating federal securities laws.
The regulator is also asking for an order requiring disgorgement of all ill-gotten gains and an order imposing civil penalties against the defendants.
In addition, the SEC is seeking an order expediting discovery and preserving the documents of the defendants.
The regulator also wants an order permanently banning Mr. Harris from acting as an officer or director of any public company.
The emergency application
Along with the 15-page Oct. 24 complaint, the SEC also filed a 16-page memorandum of law in support of its emergency application for a temporary restraining order and other relief.
"From at least late September 2006 through October 19, 2006, Conversion Solutions Holding Corporation a/k/a Conversion Solutions Inc. ... has made a series of false or misleading statements through press releases and filings with the U.S. Securities and Exchange Commission," the SEC claims in its preliminary statement.
Once again keying on the allegedly bogus claims regarding the Venezuelan bonds, the regulator says that the false statements made by Mr. Harris and Conversion boosted the company's share price and trading volume.
"To date, neither Conversion nor Harris has done anything to correct these statements," the regulator says.
"When asked to provide copies of apparently fictitious contracts referred to in one Conversion press release, a Conversion officer stated that a 'gag order from the U.N. ambassador' prohibited him from doing so," the SEC adds.
The memorandum goes on to provide the SEC's account of the facts relating to the allegedly fraudulent bond claims and fictitious Deutsche Bank contract in more detail and with far less legalese than the complaint.
Turning to the legal argument, the U.S. regulator says that the defendants misrepresented and omitted material facts.
"Conversion and Harris have claimed falsely that Conversion has billions of dollars worth of assets," the SEC claims.
The regulator goes on to say that the sharp increase in the trading activity and stock price after the fraudulent Sept. 27 news releases "reflects the materiality of the false and misleading information that was provided to the market."
According to the SEC the defendants acted with "scienter," which may be shown by "severe recklessness."
"The repeated and outlandish nature of the misleading statements by Conversion and Harris shows recklessness, if not outright knowledge of the falsity of their claims," the SEC states. "Harris controls Conversion. Accordingly, his scienter is imputed to it."
The memorandum goes on to claim that Conversion violated its reporting requirements and Mr. Harris aided and abetted those violations "by knowingly recording fictitious assets on the company's financial statements, and by otherwise describing fictitious assets in those reports."
"As discussed above, Conversion and Harris are engaged in what appears to be an accelerating pattern of flagrant securities laws violations that has been going on since at least late September 2006," the SEC says in support of its application.
"Absent a temporary restraining order and preliminary injunction, it appears that the defendants will continue to violate the federal securities laws," the regulator adds.
The SEC wants the court to issue an order preventing the alteration, destruction or concealment of any relevant Conversion documents.
The regulator also wants an order expediting discovery.
"Expedited discovery of matters concerning the defendant's activities will permit the Commission to determine whether investors' assets are at risk," the SEC says after alleging that Conversion's claims about having billions of dollars worth of assets are false.
About the dates
Interestingly, at least from the lay perspective of this reporter, the SEC seems to be at pains to peg Sept. 26 as the date of the onset of the allegedly fraudulent activity.
As previously reported by Stockwatch, however, Conversion's grey sheet predecessor, Conversion Solutions Inc. (CVSU), was touting its purported ownership of $500-million worth of Venezuelan bonds as early as April 27.
According to the declaration of SEC accountant Mr. Elzinga, he accessed information from Bloomberg and noted trading activity in that $500-million bond issue from March 15 right through to Oct. 23.
"Based upon my experience, it is unlikely that any trading would occur if the bond issuance were owned by a single investor," Mr. Elzinga declares, going on to add that he could find no indication that Conversion owned any of the $500-billion bond issuance.
If the SEC's allegations and the supporting declaration of Mr. Elzinga are true, then Conversion's claim about owning the bonds was as bogus in April as it is now.
Moreover, while the SEC harps on Sept. 26 in its complaint and emergency application for a restraining order, Mr. Elzinga's declaration addresses, and even includes as exhibits, apparently fraudulent press releases issued on Aug. 18 and Aug. 23.
As previously reported by Stockwatch, on Aug. 18 the company issued a news release announcing that it had acquired a euro-denominated Lehman Brothers Holdings PLC bond with a converted value of approximately $579-million.
Mr. Elzinga identified that bond issue on Bloomberg and noted that many different entities, none of which appeared to be Conversion, owned portions of that bond. Mr. Elzinga goes on to declare that he could find no indication that Conversion owned any of the Lehman bond issue.
Again as previously reported by Stockwatch, on Aug. 23 Conversion issued a news release announcing it had acquired a euro-denominated bond on the Republic of Finland with a converted value of approximately $939-million.
Once again, Mr. Elzinga declares that there was no indication that Conversion owned any of that bond issue.
Oddly, the SEC complaint, keying on Sept. 26, makes no specific mention of Conversion's apparently bogus August claims regarding the Lehman Brothers and Republic of Finland bonds.
In any event, it is clear from the declaration of the SEC's Atlanta enforcement branch chief Michael E. Mashburn that the regulator was nosing around Conversion and being met with bobbing and weaving long before Sept. 26.
The Mashburn declaration
According to Mr. Mashburn, the SEC sent a letter to Mr. Harris requesting the production of documents on Aug. 22, more than a month before the Sept. 26 date the U.S. regulator seems to want to hold out as marking the start of the dastardly deeds.
In response to the Aug. 22 letter and a couple of telephone messages from Mr. Mashburn, Mr. Harris finally called the Atlanta enforcement chief on Sept. 5.
Mr. Mashburn says that he asked Mr. Harris about the Aug. 18 and Aug. 23 news releases and the claims about agreements with the Humanitarian & Scientific World Foundation relating to the Lehman Brothers and Republic of Finland bonds.
"Harris told me that Sabra Dabbs of Conversion Solutions arranged a meeting with representatives of the Foundation through the staff of Rudolph Giuliani," Mr. Mashburn says. "He said that the Foundation gave 'codes' to Conversion Solutions to be put into the 'banking system.'
"The company will then use the funds to finance activities by its subsidiaries."
According to Mr. Mashburn, Conversion's leader told him that the company had 14 subsidiaries.
"Harris described these as mostly failed companies that nonetheless had good ideas," Mr. Mashburn reports. "He said that a meeting was scheduled for the following day with Conversion Solutions' representative in Europe and a UNESCO ambassador in order to bring in additional subsidiaries."
Mr. Mashburn says that Mr. Harris explained that "in return for the codes for the bonds" Conversion promised the Humanitarian & Scientific World Foundation 50 per cent of the profits from the ventures with the subsidiaries.
As an example of a possible deal, Mr. Harris told the SEC enforcement officer that Conversion "might arrange a deal with the Atlanta Symphony, which needs $100-million."
According to Mr. Mashburn, Conversion's chief executive officer said that none of the deals with its subsidiaries has been accomplished yet.
"Harris asserted that the bonds had to be real because they had codes," Mr. Mashburn says further into his declaration. "He described the system as one where they can go on-screen, enter the codes and then have their bankers draw down on the funds. They have not executed any of the codes yet."
"I asked Harris if he planned to send any documents to the staff as requested," Mr. Mashburn later says. "He stated that he did not keep documents and that Forms 8-K filed earlier contained all the documents describing the merger and the bonds.
"Harris said he would send a letter to the staff stating that he has none of the information requested and supplying a list of the banks with which Conversion Solutions had arrangements."
According to Mr. Mashburn, Mr. Harris never sent the promised letter.
"I asked Harris if he made a guarantee that Conversion Solutions' stock would trade at $15 per share," the SEC enforcement officer says. "He replied that he had stated that the stock would 'reset' at this price after the merger with FrontHaul, but that he had not said that it would climb to this amount."
Mr. Mashburn reports that following his Sept. 5 telephone conversation with Conversion's chief executive officer, the SEC sent Mr. Harris a letter on Sept. 7 "scheduling his voluntary testimony in this matter" for Sept. 20.
"Harris did not appear," Mr. Mashburn notes.
The SEC's Atlanta branch chief says that he called Mr. Harris again on Sept. 29 to ask him about the Sept. 27 news release announcing the company's purported contracts with four banks, including Deutsche Bank.
Mr. Mashburn says that Mr. Harris agreed to fax a copy of the Deutsche Bank contract to him that very afternoon and to visit the Atlanta SEC office for an interview on Oct. 5.
Shortly after his Sept. 29 chat with Mr. Harris, the SEC enforcement officer says that he received a call from Conversion's chief operating officer, Mr. Stanley.
"Stanley said he had been asked by Harris to call me," Mr. Mashburn says. "He further stated that he could not fax copies of the Deutsche Bank contract to me because they were under a 'gag order from the UN ambassador' and did not wish to reveal the identity of their trader in Europe."
According to Mr. Mashburn's declaration, Mr. Stanley agreed to come to the Atlanta SEC office for an interview on Oct. 4, but a few hours before the scheduled meeting, Mr. Stanley called to say that he could not make it.
"During our conversation, Stanley said that there was no need to provide copies of the contracts to us as Conversion Solutions had filed copies of them at the courthouse in Bartow County, Georgia," Mr. Mashburn reports in his declaration, which is dated Oct. 6.
So, after getting the run-around for a couple of months, listening to some rather dubious stories and thin excuses and reviewing the allegedly bogus claims regarding billions of dollars worth of bonds, the SEC finally issued a 10-day trading suspension against Conversion on Oct. 24 and followed up with a civil suit on the same day.
Conversion last traded on Oct. 23 when the stock closed at $1.99.
Stockwatch will continue to follow developments.
Comments regarding this article may be sent to lwebb@stockwatch.com.
(More information regarding Conversion Solutions Holdings Corp. is available in Stockwatch articles published on Oct. 13, 16, 18, 20 and 24, 2006.)
BMO’s Don Coxe favors uranium, gold, platinum stocks
By: Dorothy Kosich
Posted: '27-OCT-06 07:00' GMT © Mineweb 1997-2006
RENO, NV (Mineweb.com) --In analysis published this week, BMO Capital Markets Global Portfolio Strategist Donald G.M. Coxe advocates investment clients seriously research the future of nuclear power and consider investing in uranium.
Meanwhile, Coxe also claimed that mining executives have learned from the industry’s historic mistakes and are doing a better job of strategic planning.
Despite his enthusiasm for nuclear power in a world increasingly concerned about global warming, Coxe warned that vehicles for uranium investment are limited. For instance, he noted that “Cameco is the biggest uranium pure play, but its aggressive hedging strategies make it problematic.” In the meantime, Coxe cited this week’s flooding calamity at Cameco’s Cigar Lake project as an example of the “perils that even the biggest mining companies can face.”
Although BHP Billiton’s Olympic Dam will probably emerge as the world’s largest single uranium-producing orebody, Coxe also noted that uranium “will never be more than a small share” of the total profitability of the world’s largest mining company.
In lieu of major uranium mining investment, Coxe suggested investors consider junior pure plays as an option. He recommended that “uranium should be a core holding for those who can live with the problem of political incorrectness.”
In his analysis, Coxe found that precious metals stocks “have corrected from their high and some are now attractive. We continue to believe that gold is the clearest value in the group, although platinum’s attractions are becoming more obvious as the automobile industry’s catalytic converter decisions become more platinum friendly.”
Coxe called silver a “tweener—it truly isn’t a precious metal, because it tarnishes, but it still has attractions for Indian brides, and there will be more of them who can afford baubles and bangles. Its industrial demand has shifted from film production to electronics, but has remained strong.
In his discussion of the base metals group, Coxe said his favorites are copper, nickel and zinc. “Each time we get enthusiastic about aluminums, they announce major new expansions,” he quipped.
Among modern mining’s liabilities are historical images of insensitivity and brutality that “feed today’s litigators and radical politicians in the Third World—where most of the untapped reserves remain,” Coxe asserted.
For instance, Coxe suggested that the modern mining sector is still paying the price from historic perceptions that “the industry is a world leader in self-inflicted wounding. It has a long record of bringing on major new production late in the economic cycle—and/or after the next recession has begun.” Mining’s historical “ill-time capex program has always meant that the industry’s balance sheets are most burdened with debts—and its inventories most burdened by excess production—once the next recession is under way. Metals prices that were sliding because of a recession would collapse as hapless, debt-laden producers unloaded their output for whatever they could get.”
Nevertheless, Coxe asserted that today’s mining executives have learned their lessons from history and “are unwilling to write any new chapters. Their balance sheets are pristine; and inventories are at near record lows.”
“Nor is the temptation to bring on new production irresistible,” Cox suggested. “Most of their most attractive untapped orebodies are located where the political risks are the greatest. Result: companies are happier buying each other and buying back stock than putting money back into the earth.”
Gov't is the downfall of civilization.
Crowd control.
They'll be climbing all over me.
I may have to get one of those T - Shirts.
I'm all loaded in the RRSP.
I'm in,,,,,,,,,
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Are cash cows better than cougars???
Later.
Got to go to work.