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Here is tonights PR on AMEP
American Energy Production Inc. Announces Dramatic Results From First Test Of Heavy Oil Additive
2003-09-23 16:15 ET - News Release
MINERAL WELLS, Texas, Sept. 23, 2003 (PRIMEZONE) -- American Energy Production Inc. (OTCBB:AMEP) announced today the results from the treating and testing of two heavy oil Olmas formation wells on lease properties American Energy Production Inc. is negotiating to purchase. The two oil wells have a history of producing one half to one barrel of oil per day for the last ten years. After treatment with the heavy oil additive, the two oil wells have dramatically increased oil production, one well making over ten (10) barrels of oil per day and the second well making over twelve (12) barrels of oil per day. This is a 2000% increase from the past production history of the two oil wells. AMEP realizes the wells may not sustain this increased production rate, but any production over 1 barrel per day is a vast improvement. Not only did the wells increase in oil production, the oil additive changed the physical structure of the oil, changing the gravity of the oil from 20 gravity to approximately 35 gravity. The oil usually contains 1.7% sulfur content and now the smell of sulfur is barely noticeable. Changing the gravity and removing the sulfur from the oil is extremely important price wise for the sale of this particular oil. This Olmas formation oil usually brings $2.00 to $3.00 per barrel less than West Texas sweet crude oil. The oil additive will possibly change the oil from South Texas sour crude to sweet crude. AMEP is sending samples of the treated oil to be tested for viscosity and content of sulfur to lab testing facilities in Alice, Texas. The Company will release the results of the test in the future.
American Energy Production Inc. will proceed with treatment and testing of four more oil wells immediately with the new heavy oil additive. This lease has 193 oil wells equipped and capable of producing oil. The potential proven produceable oil reserves on the lease is 62,000,000 barrels, and the Company believes only about 2% to 4% of these oil reserves have been produced over the last 20 years. AMEP plans to eventually treat all 193 of the oil wells and then have an ongoing treatment program.
American Energy Production Inc. is in the process of buying pump trucks and transports to treat the oil wells. This will make the Company self sufficient instead of relying on outside pumping services.
Charles Bitters, President of AMEP, said "This new heavy oil additive is very interesting and at this time has the potential to radically change the way secondary recovery of heavy oil is done in the future. However, it will take more treating and testing to refine the most efficient treatment methods."
About American Energy Production, Inc.
American Energy Production, Inc. is an oil and gas lease acquisition company. The Company will specialize in acquiring oil and gas leases that have potential for increased oil and natural gas production utilizing new technologies, well work-overs and fracture stimulation systems. American Energy Production, Inc. will acquire oil and gas leases that have proven reserves. The Company will initiate developmental drilling programs to drill new wells on these leases and, if successful, will add oil and gas reserves to the acquired property. American Energy Production, Inc. is involved in three areas of oil and gas operations: Leasing Programs, Production Acquisitions and Drilling with new technologies. American Energy Production, Inc.'s main objective is to find oil and gas leases with upside potential for enhanced production. The company does this by utilizing the following rules: 1) leases, 2) geology, 3) engineering and 4) mapping from 3-D seismic.
Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" and are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties, as well as other uncontrollable or unknown factors could cause actual results to materially differ from the result, performance, or expectations exposed or implied by such forward-looking statements.
SmarTire Signs Development Agreement With Vansco Electronics
RICHMOND, BC, Sept. 23 /PRNewswire-FirstCall/ -- SmarTire Systems Inc. (OTCBB: SMTR) announced today that it
has signed a joint development agreement with Vansco Electronics Ltd. ("Vansco"). This agreement provides for the merging
of Vansco's vehicle communication expertise with SmarTire's proven radio frequency (RF) technology to create a high
sensitivity, weatherproof, controller area network (CAN) chassis mounted receiver. CAN is the most widely used
communication standard in vehicles today allowing for multiplexing, receiving and transmitting of signals from various sources.
When combined with SmarTire's high pressure sensors, this joint development effort will result in a new tire pressure
monitoring system (TPMS) targeted directly at original equipment manufacturers (OEMs) of commercial trucks, buses,
agricultural, construction and recreational vehicles. The new TPMS is expected to be launched during the first calendar quarter
of 2004.
As part of the agreement, Vansco will market the product directly to its customers in the agricultural vehicle sector and on a
case-by-case basis to the commercial truck, bus and construction industries. SmarTire will market the jointly developed
product to the OEM commercial truck and recreational vehicle markets.
"The development of this innovative product will be the result of extensive industry input," stated Erwin Bartz, Vice President of
Business Development of SmarTire. "It will be designed to offer OEM customers the ability to seamlessly integrate SmarTire
TPMS into their vehicles while utilizing existing in-vehicle displays. This product will also allow Vansco to effectively introduce
TPMS to its receptive base of OEM customers."
Vansco is a Canadian private corporation with its head office located in Winnipeg, Manitoba. It has a manufacturing facility in
Valley City, North Dakota and a sales office in Brussels, Belgium. Vansco is considered one of Manitoba's fastest growing
companies with annual sales revenues of $100 million CDN. Vansco provides creative electronic and electro-hydraulic
solutions and products for heavy equipment OEMs. The company has expertise in electronic displays, controllers,
electromechanical devices and electro- hydraulic controls. Additional information can be found at http://www.vansco.ca/.
SmarTire Systems Inc. develops and markets proprietary tire monitoring systems for the transportation industry worldwide.
Incorporated in 1987, SmarTire is a public company with offices in North America and Europe. Additional information can be
found at http://www.smartire.com/.
"Robert Rudman"
Robert Rudman President & Chief Executive Officer
SAFE HARBOUR STATEMENT
Statements in this press release which are not purely historical are forward-looking statements, including any statements
regarding beliefs, plans, expectations or intentions regarding the future. Statements that are forward looking include that the
merging of Vansco's vehicle communication expertise with SmarTire's radio frequency technology will create a high sensitivity,
weatherproof, controller area network chassis mounted receiver; that the joint development effort will result in a new tire
pressure monitoring system; that new TPMS is expected to be launched during the first calendar quarter of 2004; that Vansco
will market the product directly to its customers in the agricultural vehicle sector and on a case-by-case basis to the commercial
truck, bus and construction industries; that SmarTire will market the product to the OEM commercial truck and recreational
vehicle markets; and that the jointly developed product will allow customers the ability to seamlessly integrate SmarTire TPMS
into their vehicles while utilizing the existing in- vehicle displays. Factors which could prevent or delay the forward looking
statements from occurring include unforeseen costs of manufacture or inability to finance development of the joint products,
technical problems with joint development, inability of one of the parties to fulfill the contract, and insufficient market
acceptance of the joint product, among other factors. Readers should also refer to the risk disclosures outlined in the
Company's annual report on Form 10-KSB for the last completed fiscal year filed with the SEC.
ARSW is being mentioned by Subway.com
TheSUBWAY.com Announces Its Morning Stock Focus List for Tuesday, September 23, 2003: HYRF, PRTN,
ARSW, STUOF, PCLN
WESTON, Fla., Sept. 23, 2003 (PRIMEZONE) -- TheSUBWAY.com announces HydroFlo Inc. (OTCBB:HYRF) to its
Stock Focus List. HYRF is new to TheSUBWAY.com, and we expect great things from this stock! Watch this company; it
just announced great news, and we think it is due to make a move in the near term! Other stocks highlighted include:
Proton Energy Systems Inc. (Nasdaq:PRTN): Market Perform,
ARS Networks Inc. (OTCBB:ARSW): Market Perform,
San Telmo Energy Ltd. (OTCBB:STUOF): Market Perform,
Priceline.com Inc. (Nasdaq:PCLN): Market Underperform.
WHAT THESE RATINGS MEAN:
TheSUBWAY.com ranks stocks from time to time utilizing both fundamental and technical analysis in comparison to the S&P
500 over the short term. These ratings reflect the opinion of Capital Research Group, Inc.
ABOUT TheSUBWAY.com:
TheSUBWAY.com, a leader in corporate communications and finance, provides all investors with a wide-ranging set of
financial tools, including original stock market commentary, stock quotes, interactive charts, portfolio watch, live chat and
message boards, etc., plus the latest news, press releases, investment opinions, and research reports for all companies
highlighted on the site. For more daily commentary, go to http://www.thesubway.com/sub_comm.asp.
All material herein was prepared by Capital Research Group, Inc. (CRG) based upon information believed to be reliable. The
information contained herein is not guaranteed by CRG to be accurate, and should not be considered to be all-inclusive. The
companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains
forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not
be construed as an offer or solicitation of an offer to buy or sell securities. CRG is not a licensed broker, broker dealer, market
maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any
securities viewed on http://www.thesubway.com or mentioned herein. CRG has been compensated by third party shareholders
or with cash from the company on behalf of one or more of the companies mentioned in this opinion. (crg has received one
hundred thousand shares for hyrf) CRG intends to sell its shares. CRG has sold approximately ten thousand shares to date.
CRG may sell its shares for less than the target price given in this opinion. CRG's affiliates, officers, directors and employees
may also have bought or may buy the shares discussed in this opinion and may profit in the event those shares rise in value.
CRG will not advise as to when it decides to sell and does not and will not offer any opinion as to when others should sell; each
investor must make that decision based on his or her judgment of the market.
ADZR looking to gap up again for a 5th straight day.
OTCBB Level 2 Display For ADZR
Market Maker Quotes
Bid Ask
Source MM id Size Price
Otcbb JRZY 50 0.215
Otcbb BAMM 50 0.20
Otcbb NITE 50 0.20
Otcbb PERT 50 0.20
Otcbb SCHB 50 0.20
Otcbb GVRC 50 0.19
Otcbb TDCM 50 0.18
Otcbb CRWN 50 0.17
Otcbb HILL 50 0.16
Otcbb VFIN 50 0.16
Otcbb WIEN 50 0.16
Otcbb AGIS 50 0.12
Otcbb JEFF 50 0.09
Otcbb VIEW 50 0.075
Otcbb DOMS 50 0.05
Otcbb FRAN 50 0.05
Otcbb NATL 50 0.04
Otcbb VNDM 50 0.02
Otcbb JIMK 50 0.012
Otcbb BSIC 50 0.01
Otcbb FRGP 50 0.01
Otcbb QUIN
Price Size MM id Source
0.22 50 BAMM Otcbb
0.22 50 GVRC Otcbb
0.23 50 VNDM Otcbb
0.24 50 HILL Otcbb
0.24 50 NITE Otcbb
0.24 50 TDCM Otcbb
0.24 50 VFIN Otcbb
0.25 50 JEFF Otcbb
0.25 50 PERT Otcbb
0.25 50 SCHB Otcbb
0.27 50 DOMS Otcbb
0.29 50 CRWN Otcbb
0.29 50 WIEN Otcbb
0.30 50 AGIS Otcbb
0.30 50 FRAN Otcbb
0.32 50 JRZY Otcbb
0.37 50 VIEW Otcbb
0.374 50 NATL Otcbb
1.01 5 BSIC Otcbb
1.01 5 FRGP Otcbb
1.173 5 JIMK Otcbb
QUIN Otcbb
Wise, they are sure putting the boots to the bid on NEOM at the moment... The Subway curse!
Mike
ADZR continuing its slow climb????
OTCBB Level 2 Display For ADZR
Market Maker Quotes
Bid Ask
Source MM id Size Price
Otcbb BAMM 50 0.14
Otcbb HILL 50 0.13
Otcbb NITE 50 0.13
Otcbb TDCM 50 0.13
Otcbb AGIS 50 0.12
Otcbb GVRC 50 0.12
Otcbb SCHB 50 0.12
Otcbb CRWN 50 0.115
Otcbb VFIN 50 0.115
Otcbb PERT 50 0.11
Otcbb WIEN 50 0.097
Otcbb JEFF 50 0.09
Otcbb VIEW 50 0.075
Otcbb BSIC 50 0.07
Otcbb DOMS 50 0.05
Otcbb FRAN 50 0.05
Otcbb NATL 50 0.04
Otcbb VNDM 50 0.02
Otcbb JIMK 50 0.012
Otcbb FRGP 50 0.01
Otcbb QUIN
Price Size MM id Source
0.145 50 CRWN Otcbb
0.145 50 GVRC Otcbb
0.145 50 NITE Otcbb
0.145 50 TDCM Otcbb
0.15 50 BAMM Otcbb
0.15 50 SCHB Otcbb
0.16 50 PERT Otcbb
0.174 50 NATL Otcbb
0.18 50 VIEW Otcbb
0.18 50 WIEN Otcbb
0.20 50 AGIS Otcbb
0.21 50 BSIC Otcbb
0.22 50 HILL Otcbb
0.23 50 VNDM Otcbb
0.25 50 JEFF Otcbb
0.25 50 VFIN Otcbb
0.27 50 DOMS Otcbb
0.30 50 FRAN Otcbb
1.01 5 FRGP Otcbb
1.173 5 JIMK Otcbb
QUIN Otcbb
Scrooge, yes, the first part was refering to ARSW...Thanks for the input.... Not sure what I will do, now that I have more than 5 shares...LOL
Mike
Scrooge, I have been stuborn all week, putting in a buy somewhere in the middle, and still have not been filled. Can't push myself to putting it at the ask.... Could this be the start of a bounce (slow as it may be)..
Mike
ps. I am really impressed with ADZR and its slow (but rock solid bid side) rise. Almost have a double on my first shares but can't pull the sell trigger! Yikessss!!!!
WISE, whats up with NEOM, I watched it for a bit today, (after it ran up to where it is now, and I decided I missed it. Low and behold, it doubled almost again before coming back down...Missed that one.
Mike
Well another nice smooth, solid day in a row for ADZR.. It is nice to see this type of rise rather than up 100% and then back down again... Players rather than serious buyers. Hopefully tommorrow the buyers will sustain some pressure on .13 and then a break out!!!!!! Tried all day to get somemore ARSW, at .005, but no takers... Maybe tommorrow.
Mike
Nice buying pressure
OTCBB Level 2 Display For ADZR
Market Maker Quotes
Bid Ask
Source MM id Size Price
Otcbb GVRC 50 0.115
Otcbb NITE 50 0.115
Otcbb CRWN 50 0.11
Otcbb HILL 50 0.11
Otcbb VFIN 50 0.11
Otcbb BAMM 50 0.105
Otcbb TDCM 50 0.10
Otcbb PERT 50 0.097
Otcbb WIEN 50 0.097
Otcbb JEFF 50 0.09
Otcbb SCHB 50 0.08
Otcbb VIEW 50 0.075
Otcbb BSIC 50 0.07
Otcbb AGIS 50 0.05
Otcbb DOMS 50 0.05
Otcbb FRAN 50 0.05
Otcbb NATL 50 0.04
Otcbb VNDM 50 0.02
Otcbb JIMK 50 0.012
Otcbb FRGP 50 0.01
Otcbb QUIN
Price Size MM id Source
0.125 50 SCHB Otcbb
0.13 50 GVRC Otcbb
0.13 50 NITE Otcbb
0.13 50 TDCM Otcbb
0.135 50 CRWN Otcbb
0.135 50 VIEW Otcbb
0.14 50 VFIN Otcbb
0.16 50 BAMM Otcbb
0.16 50 PERT Otcbb
0.174 50 NATL Otcbb
0.18 50 WIEN Otcbb
0.20 50 AGIS Otcbb
0.20 50 FRAN Otcbb
0.21 50 HILL Otcbb
0.23 50 VNDM Otcbb
0.25 50 JEFF Otcbb
0.27 50 DOMS Otcbb
0.88 25 BSIC Otcbb
1.01 5 FRGP Otcbb
1.173 5 JIMK Otcbb
QUIN Otcbb
MM lineup for ADZR
OTCBB Level 2 Display For ADZR
Market Maker Quotes
Bid Ask
Source MM id Size Price
Otcbb HILL 50 0.11
Otcbb BAMM 50 0.105
Otcbb NITE 50 0.105
Otcbb TDCM 50 0.10
Otcbb PERT 50 0.097
Otcbb WIEN 50 0.097
Otcbb GVRC 50 0.095
Otcbb CRWN 50 0.09
Otcbb JEFF 50 0.09
Otcbb VFIN 50 0.09
Otcbb SCHB 50 0.08
Otcbb VIEW 50 0.075
Otcbb BSIC 50 0.07
Otcbb AGIS 50 0.05
Otcbb DOMS 50 0.05
Otcbb FRAN 50 0.05
Otcbb NATL 50 0.04
Otcbb VNDM 50 0.02
Otcbb JIMK 50 0.012
Otcbb FRGP 50 0.01
Otcbb QUIN
Price Size MM id Source
0.115 50 VNDM Otcbb
0.12 50 CRWN Otcbb
0.12 50 VFIN Otcbb
0.125 50 SCHB Otcbb
0.13 50 GVRC Otcbb
0.13 50 NITE Otcbb
0.13 50 TDCM Otcbb
0.135 50 VIEW Otcbb
0.16 50 BAMM Otcbb
0.16 50 PERT Otcbb
0.174 50 NATL Otcbb
0.18 50 WIEN Otcbb
0.20 50 AGIS Otcbb
0.20 50 FRAN Otcbb
0.21 50 HILL Otcbb
0.25 50 JEFF Otcbb
0.27 50 DOMS Otcbb
0.88 25 BSIC Otcbb
1.01 5 FRGP Otcbb
1.173 5 JIMK Otcbb
QUIN Otcbb
ADZR is looking positive today..
I like the way the MMs on ADZR are starting to line up on the bid side.. Slowly building a support level 1 and half cents higher than the last. Some movement in the future maybe.
Mike
OTCBB Level 2 Display For ADZR
Market Maker Quotes
Bid Ask
Source MM id Size Price
Otcbb BAMM 50 0.10
Otcbb TDCM 50 0.10
Otcbb PERT 50 0.097
Otcbb WIEN 50 0.097
Otcbb GVRC 50 0.095
Otcbb CRWN 50 0.09
Otcbb HILL 50 0.09
Otcbb JEFF 50 0.09
Otcbb NITE 50 0.09
Otcbb VFIN 50 0.09
Otcbb SCHB 50 0.08
Otcbb VIEW 50 0.075
Otcbb BSIC 50 0.07
Otcbb AGIS 50 0.05
Otcbb DOMS 50 0.05
Otcbb FRAN 50 0.05
Otcbb NATL 50 0.04
Otcbb VNDM 50 0.02
Otcbb JIMK 50 0.012
Otcbb FRGP 50 0.01
Otcbb QUIN
Price Size MM id Source
0.11 50 SCHB Otcbb
0.115 50 GVRC Otcbb
0.115 50 NITE Otcbb
0.12 50 BAMM Otcbb
0.12 50 CRWN Otcbb
0.12 50 VFIN Otcbb
0.13 50 TDCM Otcbb
0.135 50 VIEW Otcbb
0.16 50 PERT Otcbb
0.174 50 NATL Otcbb
0.18 50 WIEN Otcbb
0.20 50 AGIS Otcbb
0.20 50 FRAN Otcbb
0.20 50 HILL Otcbb
0.25 50 JEFF Otcbb
0.27 50 DOMS Otcbb
0.40 50 VNDM Otcbb
0.88 25 BSIC Otcbb
1.01 5 FRGP Otcbb
1.173 5 JIMK Otcbb
QUIN Otcbb
Thanks Scrooge, I actually averaged down on ARSW. Hoping the Rubber ball is in play!!!!LOL
I'm getting you two guys confused.... I'm afraid you can't have the 'Wise one' tittle... It is already taken..LOL Sorry Wise Investments!
Mike
That is why you are the WISE one! Good call.
Mike
Scrooge, PHFR has updated their website... Looks pretty good. Have a look when you get a chance.. Certainly does not look like a .60 cent company to me!!! LOL
http://www.pfiotc.com/
Hey Scrooge.... Warrants... I have a few of them as well. Warrants are usually given out through 'prospectus offerings'. When the prospectus closes and all the loose ends are tied up, the shares or shares and warrants will start to trade.
With out me sounding kind of stupid, here is the coles notes version.
You are involved with a offering from 'Company A'
They say that for your 10 bucks, you get 10 common shares and 10 one half (.5) purchase warrants. For each purchase warrant you can buy one common share for this amount of money for this particular amount of time. If not exercise by that time they are then deemed expired and worthless. Most companies will let you trade those warrants on the open market. See real example at bottom. Basically they give you the right to buy stock at a certain price for an extended period of time. Sort of like options but with options you do not have to make any purchase of actual stock up front.
You need to talk to your brokerage house and ask them what the warrants entittle you to. They may not really be worth anything if the stock is in the tank. Cheaper to buy on the open market in otherwords.
Now if that is not clear as mud... Oh and if your company has filed to allow the warrants to trade, then you can just buy warrants. The example below currently trades at around 4 bucks, but the actual stock trades around 19 bucks. Not all companies will list warrants as tradable either...(I think??)
Later.
Agnico-Eagle arranges 12-million-unit offering
2002-11-07 09:51 ET - News Release
Mr. Robert Fabes reports
Further to Toronto Stock Exchange Bulletin 2002-1143, the additional common shares and share purchase warrants of Agnico-Eagle Mines will commence trading on an if, as and when issued basis at the opening today under the following trading information:
Shares
Symbol: AGE.W CUSIP: 008474 99 1
Warrants
Symbol: AGE.WT.U CUSIP: 008474 13 2
The prospectus offering is for 12 million units, each unit consisting of one share and one-half of one warrant to be sold at a price of $21.79 per unit. Each whole warrant entitles the holder to purchase one common share at a price of $19.00 (U.S.) at any time prior to 5 p.m. (Toronto time) on the date which is five years from the date of the closing of the offering. The closing of the prospectus offering is anticipated to be prior to the opening on Thursday, Nov. 14, 2002.
Subject to the closing of the prospectus offering on Thursday, Nov. 14, 2002, all trades in AGE.W and AGE.WT.U on Nov. 7 and 8, 2002, will be for special settlement on Nov. 14, 2002. All trades on Nov. 11, 2002, to and including Nov. 13, 2002, will trade on a three-day settlement basis.
MMs are starting to bring her back down now. Hit .135.
Got this off the ADZR board.
http://www.companyreporter.com/cn/cn.php?ID=272
Hmmm, just blew the .11 out of the water.. ADZR... anybody heard any tidbits??? A little quick out of the gate, for no news...
Looks like ADZR may finally be starting to move.
Scrooge, what does your charting predict as a possible bounce target on GMDP, it is hoovering around .004/.005 right now.
TIA<Mike
Scrooge, I sure do like the way the MMs are looking though on ADZR... Hey, they could be trying to fool me!!! LOL..
Mike
OTCBB Level 2 Display For ADZR
Market Maker Quotes
Bid Ask
Source MM id Size Price
Otcbb NITE 50 0.077
Otcbb PERT 50 0.077
Otcbb CRWN 50 0.075
Otcbb GNET U 500 0.075
Otcbb SCHB 50 0.075
Otcbb TDCM 50 0.075
Otcbb VFIN 50 0.075
Otcbb BAMM 50 0.065
Otcbb BSIC 50 0.065
Otcbb HILL 50 0.06
Otcbb JEFF 50 0.059
Otcbb VIEW 50 0.055
Otcbb AGIS 50 0.05
Otcbb DOMS 50 0.05
Otcbb FRAN 50 0.05
Otcbb WIEN 50 0.05
Otcbb GVRC 50 0.04
Otcbb NATL 50 0.04
Otcbb JIMK 50 0.012
Otcbb FRGP 50 0.01
Price Size MM id Source
0.085 50 HILL Otcbb
0.085 50 NITE Otcbb
0.09 50 CRWN Otcbb
0.095 50 BAMM Otcbb
0.095 50 PERT Otcbb
0.10 50 FRGP Otcbb
0.10 50 SCHB Otcbb
0.105 50 GVRC Otcbb
0.105 50 TDCM Otcbb
0.11 50 AGIS Otcbb
0.115 50 VFIN Otcbb
0.12 50 VIEW Otcbb
0.12 50 WIEN Otcbb
0.123 50 JIMK Otcbb
0.124 50 NATL Otcbb
0.14 50 FRAN Otcbb
0.25 50 JEFF Otcbb
0.27 50 DOMS Otcbb
0.51 25 BSIC Otcbb
GNET U Otcbb
ADZR, if you look at the last couple of hours yesterday and how the MMs are lining up today, we may see another spike in this one. Pretty good volume today, and it has hit .10 once.. Lots of support, and thin on the top.
We also have a large nonsolicited bid by GNET..
Market Maker Quotes
Bid Ask
Source MM id Size Price
Otcbb CRWN 50 0.075
Otcbb GNET U 500 0.075
Otcbb NITE 50 0.075
Otcbb SCHB 50 0.075
Otcbb TDCM 50 0.075
Otcbb BAMM 50 0.065
Otcbb BSIC 50 0.065
Otcbb VFIN 50 0.065
Otcbb HILL 50 0.06
Otcbb PERT 50 0.06
Otcbb JEFF 50 0.059
Otcbb VIEW 50 0.055
Otcbb AGIS 50 0.05
Otcbb DOMS 50 0.05
Otcbb FRAN 50 0.05
Otcbb WIEN 50 0.05
Otcbb GVRC 50 0.04
Otcbb NATL 50 0.04
Otcbb JIMK 50 0.012
Otcbb FRGP 50 0.01
Price Size MM id Source
0.085 50 PERT Otcbb
0.09 50 CRWN Otcbb
0.09 50 NITE Otcbb
0.095 50 BAMM Otcbb
0.10 50 FRGP Otcbb
0.105 50 GVRC Otcbb
0.105 50 SCHB Otcbb
0.105 50 TDCM Otcbb
0.11 50 AGIS Otcbb
0.11 50 HILL Otcbb
0.115 50 VFIN Otcbb
0.12 50 VIEW Otcbb
0.12 50 WIEN Otcbb
0.123 50 JIMK Otcbb
0.124 50 NATL Otcbb
0.14 50 FRAN Otcbb
0.25 50 JEFF Otcbb
0.27 50 DOMS Otcbb
0.51 25 BSIC Otcbb
GNET U Otcbb
If "Wanted" appears as the Bid price, an offer is wanted. If "Wanted" appears as the Ask price, a bid is wanted.
A "U" following the MMID means the bid or offer is
Off for vacation up in the great Canadian North for the last week and half. Missed lots of excitment did I??? Camping and canoeing, no need for hydro, so there was no stress here.
Who is making all the money the past week/???? Scrooge?????
Later, Mike
Part 2 on PHFR
Greetings: the info below may be one reason why the stock is starting to get some interest. This was originally prepared for Raging Bull, but it keeps getting an internal server error when trying to post it.
Note: (this is personal opinion based on sec filings.) I do however agree with the opinions contained below.
Mike
Looks like PHFR is starting to get a little notice.
As the graph shows, on Thursday we saw a spike in volume. That's the highest volume in years.
http://stockcharts.com/def/servlet/SC.web?c=phfr,uu[h,a]dacayiay[db][pa.30!a.45!b50!b20!f][vc60][iut...
But what is driving this steady move? (Besides what we have been talking about here.)
I decided to go back through the financials to see if there are some clues. Perhaps there are some signals in there which we have not discussed. Here are a few things I ran across:
In the prospectus supplement dated July 2, 2002, the company stated:
<em>"Results for the three and nine months ended March 30, 2002 were adversely affected by approximately $581,000 and $1,146,000 of costs related to the start-up of long-term supply arrangements with two major pharmaceutical companies." </em>
(Frankly, I missed that in the first reading. "Long-term supply arrangements" is another way of saying that two majors outsourced some of their production to PFI! That means contract manufacturing agreements. These would be name brand manufacturers, someone like Motrin, for instance.)
What other signals are there?
In the 2002 Annual Report, the company said:
<em>"We have made significant investments in the modernization of our plant and manufacturing operations, to enable us to sustain and capitalize on our growth in sales among current customers. Many of these improvements are beginning to positively impact our operating and financial results. … "Customer Service is critical to success in the generic market, and we continue to concentrate on improving our customer service level. Partly as a result of this strategy, we have been selected by major pharmaceutical companies for contract manufacturing of national OTC drug products. Under confidentiality agreements, PFI now works with five such companies in either development of new products or the manufacturing of ongoing products." </em>
Oh boy, could that be part of what is driving the renewed interest? "Under confidentiality agreements? No wonder we didn't hear about the new contracts! Looking further for confirmation…
In his letter to shareholders in the 2002 annual report, James Ingram, PFI's president said:
<em>"During the year, we entered into long-term supply arrangements with two major pharmaceutical companies. Shipments began late in the second quarter of the fiscal year. As a result, sales to brand name pharmaceutical companies rose to 12% of total sales, compared to 6% in the prior year. We continue to seek opportunities to expand our contract manufacturing activities to additional products."</em>
Okay, now we are getting somewhere. Shipments began late in the second quarter, but still accounted for an increase of 6% of total sales to the new confidential contract manufacturing arrangements by year-end 2002. Between that and the partial quarter of Konsyl sales, it ended up translating into a 29% increase in the second quarter of this year, 2003. No wonder we are starting to get some interest.
Further confirmation comes in this statement from that same 2002 annual report:
<em>"Net cash used by investing activities for the fiscal year ended June 29, 2002 was $1,940,000 and was principally attributable to capital expenditures of $1,943,000 related to capacity expansion and facility upgrades."… "We intend to spend an estimated $1,000,000 to $1,500,000 for capital improvements in the twelve month period ending June 28, 2003 to increase manufacturing capacity and reduce costs." </em>
So, the company has entered into confidential contract manufacturing agreements with major brand name OTC drug makers and is expanding their facilities to handle the new production.
In the May 16, 2003 letter to shareholders, Mr. Ingram said:
<em>"In May 2003, we reached an agreement with the CIT Group to extend our existing credit facilities to December 31, 2006 and increase our credit line to $20 million."</em>
That shows confidence in the company by their primary lender and confirms that further expansion is needed. Further expansion would not be needed if they didn't think they have more or even larger contracts to fill in the future. Perhaps we are seeing why the stock price and volume has been inching upward of late?
What else is there to find?
The expansion continues. In the most recent financials which were released last week, we find this:
<em>"We intend to spend an estimated $1,000,000 to $1,500,000 for capital improvements in the 53-week period ending January 3, 2004 to increase manufacturing capacity and reduce costs. … We continue to pursue our plan to increase revenues and improve operational efficiencies to restore profitability."</em>
Yesterday I received an email from one of our group who thought he noticed a sizable increase in the number of employees for PFI. I checked the financials based on his email and found that in the prospectus for the rights offering in April of 2002, the company reported 375 full-time employees. In their most recent 10-K, they reported 412 full-time employees, which is an increase of 10%.
We think that between the two production facilities (214,000 square feet and 91,200 square feet) the company probably has enough production space for additional expansion before needing additional facilities. So probably all of the approximately $2 million in capital expenditures over the last two years has gone into equipment and production enhancements.
In a nutshell, the company has been quietly increasing production capacity, modernizing and adding employees while they are signing up major OTC drug makers for contract production! Their lenders have agreed to help fund it too. They report five such arrangements.... I think this is part of the reason for the beginning of interest out there for PHFR.
PHFR, I thought I would pass on some information, and thoughts on this company that I believe will make some money for us. As usual, one must decide for themselves, but here is some information you might find very useful, as well as opinions of a group of investors who have jumped on this one. For your information, I have bought and sold this one a few times, and currently hold a position with an average of .30 cents, so I am on the plus side.. Please read and judge for yourself.
Pharmaceutical Formulations, Inc. or PFI (PHFR OTC:BB)
New Jersey, USA
Price Currently: $0.66
Shares Outstanding: 85.3 Million (ICC Industries owns 87%, or approximately 74 million shares.)
Shares in the Public Float: 10.8 Million
Reason for Interest: Turnaround company, off the radar screen, growing, adding talented management, backed by ICC Industries, (a 1.6 billion dollar company). Second largest maker of private label Over-The-Counter Pharmaceuticals in the United States. Sales for the 6-months ended June 28, 2003 increased by 28% to $33.8 million. Trend in improving sales and earnings results for 8 consecutive quarters. Now expanding operations to handle larger production runs for increased efficiency and possibly for major new clients. Recently hired Michael A. Zeher as President and COO, formerly Vice President Business Development, Johnson and Johnson then President and Chief Executive Officer of Lander Company, Inc.- Ranir Corporation. Low price and low float.
Initial Target: $2.00
Business: Currently, they market more than 90 different types of generic OTC products (including different dosage strengths of the same chemical composition). These include analgesics (such as ibuprofen, acetaminophen and naproxen sodium), cough-cold preparations, sinus/allergy products and gastrointestinal relief products.
They manufacture generic OTC products which are chemically and therapeutically equivalent to such brand name products as Advil ® , Aleve ® , Anacin ® , Tylenol ® , Bufferin ® , Ecotrin ® , Motrin ® , Excedrin ® , Sominex ® , Sudafed ® , Comtrex ® , Sinutab ® , Dramamine ® , Actifed ® , Benadryl ® , Allerest ® and Tagamet ® HB ™ , among other products.
Major Customers: CVS Pharmacy, Wall Mart, Costco, Target, Wallgreens, Eckerd Drugs, H.E.B. Stores, Aldi's, BJ Wholesale, Dollar General, Food Lion/Hannaford, Drug Mart, Save-A-Lot and Family Dollar. (Note: Rumor surfaced in May/June that a new large retail client or a major private label contract manufacturing contract was added.)
Research and Development: PFI is engaged in a research and development program which seeks to develop and gain regulatory approval of products which are comparable to national brand products under the FDA OTC Drug Monograph process or the ANDA process . They are also engaged in R&D efforts related to certain prescription (sometimes referred to in the industry as "ethical") products and are exploring potential acquisition candidates or joint ventures to facilitate entry into other drug categories.
Owned Brands: Allerfed ® , Leg Ease ® , Health+Cross ® and Health Pharm ® are federally registered trademarks owned by PFI.
Employees: Approximately 412 full-time employees.
Annual Revenues: Currently about $70 million. (Not including the revenues from recently acquired Konsyl Pharmaceuticals which will add about $12 million to the total annually. )
Overview: Pharmaceutical Formulations Inc. (PFI) primarily makes the store brand products for major drug stores using generic forms of popular OTC drugs and preparations. Due to a series of missteps and bad luck, the company got into a financial sausage grinder in 1999 and 2000 which nearly sunk the company. The shares were even delisted for a time. Those were dark days for PFI.
In 2000 and 2001 they underwent a major restructuring and brought in new management. They started eliminating unprofitable products and procedures and instituted a series of initiatives which were designed to put PFI back on solid footing. Part of that restructuring included converting a good portion of the company's debt into equity.
ICC Industries, a major supplier of the raw materials for OTC drugs and the largest debtor agreed to convert $15 million of debt into shares of PFI at a price of .34 per share. This came at a time, December of 2001, when they had the right to convert at .075 per share. (An indication that the people involved are not prone to take advantage of the shareholders.)
In 2002 the company stated that they intended to begin adding higher margin products to the product line and in May of 2003 they made good on that promise with the acquisition of Konsyl Pharmaceuticals, a maker of powdered dietary fiber products.
The dark days for PFI are over now. Because of those hard times, however, the company fell completely off the investment radar screen. Virtually no one is following the stock at the present time. The company has been concentrating on rebuilding its client base and expansion of its production facilities and has not been actively promoting its stock. We think that presents an unusual opportunity.
The positive initiatives which have turned the company around are showing up now in the financials. The shares are being accumulated by a small group of individuals who have been following the company for several years. They are convinced that ICC Industries has bigger plans for PFI.
ICC Industries owns 74.5 million shares of PFI after the restructuring. That's about 87% of the common stock. That also means that there is a small public float of just 10.8 million shares.
ICC Industries is a large, multi-national company with annual sales of over $1.5 billion. Two of the people at PFI that turned the company around are officers at ICC. John Oram, who is the outgoing Chairman of the board of directors for PFI, is also the President of ICC. (Michael Zeher, formerly VP for J&J and then President of Lander Inc. is the new President and COO). James Ingram, who is moving from the President and COO of PFI to the Chairman and CEO was a VP for a subsidiary of ICC before joining PFI.
Our group thinks that ICC plans to expand the operations of PHFR and with the management and board connections to ICC, they have a vested interest in doing so. ICC probably views PHFR as a future conduit for more of its pharmaceutical raw materials business.
Mr. Frank Buhler, the founder of Konsyl Pharmaceuticals was recently installed as a board member for PFI. In a recent conversation he confirmed that PFI is seeking to add additional higher profit items to the product line and the company probably will be seeking to make other, similar acquisitions to the acquisition of Konsyl. From that discussion it is apparent that one goal of the company is to rebuild to company to the point that it can return to a major exchange from the OTC:BB.
The Konsyl acquisition provides a new product line for PFI and opportunities to expand their products into the Konsyl clientele and vice versa. The company said it also offers opportunities for cost savings for the Konsyl brands once the changeover has been completed.
The positive changes to the company are already bearing fruit. With the financials released on August 12 for the quarter ended June 28, 2003, the company announced improving financial results both in net sales and in improving earnings year over year and quarter over quarter for the eighth consecutive quarter. If the trend continues, they should return to profitability in the next two quarters, which should greatly increase investor awareness.
On July 14, the company announced a significant management addition, bringing in Mr. Micheal A. Zeher to become the new President and Chief Operating Officer and nominated him to the board of directors of PHFR. Mr. Zeher served as vice president of business development for Johnson and Johnson from 1991 to 1994. In 1994 he became President and Chief Executive Officer of Lander Co. Inc., Ranir Corporation. He serves on the board of directors for Matrixx Initiatives and Winston Weber & Associates, Inc. We believe he is a solid choice to lead the company to the next level.
While the company is and has been "off the radar screen", it may not be for much longer. Shares are traded on the OTC:BB under the symbol PHFR. As this graph indicates, the stock seems to be finally waking up from a long slumber.
3-month PHFR: http://stockcharts.com/def/servlet/SC.web?c=phfr,uu[h,a]dacayiay[db][pa.30!a.45!b50!b20!f][vc60][iut...
The consensus among our group is that the improving financials and positive restructuring of the company as well as the solid additions to management are very positive for PHFR. We believe that the improvements will continue and they are on track to achieve annual sales this year of over $70 million. The recent addition of Konsyl Pharmaceuticals also signals that the company is following through with its plan to acquire higher margin products and businesses. PHFR has the luxury of looking at those strategic acquisitions with backing from the $1.6 billion ICC Industries.
(Note: I put this last paragraph in as the person who did the main DD attached it to his)
Notice: This is from a private investor who is not a registered financial advisor. This report is neither a solicitation for the purchase or sale of securities nor is it investment advice. Information contained in this report is from sources deemed reliable, but no warranty of the information presented is either expressed or implied. Persons interested in investing in any security should research the company, review its filings with the United States Securities and Exchange Commission and/or seek competent professional advice before investing. SEC filings for PHFR may be viewed on EDGAR.
Scrooge, I will never figure these stocks out!!!! PHFR, look what she is doing today... 10 times the normal volume, up ticking and who knows what the driving factor is....
Mike
ARSW, the MMs have increased the gap a fair bit. Hmmmmm. News around the corner?????
APBH, Keep an eye on.. Some news this morning and the MMs are doing some re-alignment...
Americana Publishing, Inc. Projects New Distribution Agreement Could Increase Revenues By Up to 75 Percent
2003-08-13 09:00 ET - News Release
ALBUQUERQUE, N.M., Aug. 13 /PRNewswire-FirstCall/ -- Americana Publishing, Inc. (BULLETIN BOARD: APBH) today said it has shipped its first test order in connection with a recently announced distribution agreement with American Distribution Company (ADC). Under the terms of that agreement ADC will have the rights to distribute Americana's audio book products to discount chains, convenience stores and major drug store chains. The 18-year-old Ft. Washington, Pennsylvania-based company currently distributes a wide variety of products including licensed items from Pepsi(R), Mountain Dew(R), Hershey's(R) and PEZ(R).
The first order is for a test market with a major national chain in the Nashville, Tennessee. Based on projections the Company said American's initial system-wide orders should be in the $75-thousand a month range. Americana Chairman and Chief Executive Officer George Lovato, Jr. said this could increase annual audio book revenues by approximately 75 percent.
"Based on current projections we are on a run rate of $1.3 million on audio book sales alone," said Lovato. "We're quite optimistic that within 30 days of this test market we will roll out sales to an additional 2,500 retail points currently serviced by American which would put us at a run rate of approximately $2.2 million in audio book sales."
"The media category, DVD, VHS, magazines, books, etc., is one of the fastest growing at the retail outlets we serve," said Jerry Bruch, president of American Distribution Company. "The continuity program that we will introduce with Americana is very appealing to our clients who place a high value on repeat customer visits."
Lovato said they would provide American Distribution access to its popular audio book series such as "Casca" and "The Defender." He said the books would be released on a monthly basis.
Lovato said they are finalizing the details of the agreement that they anticipate will be completed prior to the end of the test market.
Americana Publishing, Inc. is an up and coming leader in the nearly $2 billion audio books industry. The Company currently has approximately 450 book titles and should have well over 500 by year-end, which it sells through the Internet, retail stores, libraries as well as major truck stop distributors. The Company also has a growing print book division and just launched a film production and distribution division, Americana Entertainment, Ltd.
ABOUT AMERICANA PUBLISHING, INC.
Americana Publishing, Inc. is a vertically integrated multimedia publishing company whose primary business is publishing and selling audio books, print books and electronic books in a variety of genres. Sales of its products are conducted through the Internet as well as a distribution network consisting of retail stores, libraries and truck stops. According to the Audio Publishers Association (APA), annual sales of audio books are nearly $2 billion. Currently 42 million Americans listen to audio books and 58 percent of that group listen to more than 2 per month. The median income of listeners is $54,900 while the median age of male listeners is 41.9 and female listeners is 44.2 years.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
Americana Publishing, Inc.
CONTACT: George Lovato, Jr. of Americana Publishing, Inc.,
+1-505-265-6121
Market Maker Quotes
Bid Ask
Source MM id Size Price
Otcbb BRGE 50 0.069
Otcbb HILL 50 0.068
Otcbb QUIN 50 0.068
Otcbb TRAC 50 0.067
Otcbb IFSC 50 0.066
Otcbb GVRC 50 0.065
Otcbb NETW 50 0.065
Otcbb SCHB 50 0.065
Otcbb CLYP 50 0.059
Otcbb FRAN 50 0.059
Otcbb MAYF 50 0.05
Otcbb NITE 50 0.05
Otcbb WIEN 50 0.05
Otcbb MHMY 50 0.04
Otcbb AGIS 50 0.02
Otcbb VFIN 50 0.02
Otcbb WORL 50 0.017
Otcbb JRZY 50 0.014
Otcbb NAIB 50 0.011
Otcbb WECK 50 0.01
Otcbb BAMM 50 0.005
Otcbb BGTN 50 0.001
Price Size MM id Source
0.07 50 SCHB Otcbb
0.073 50 CLYP Otcbb
0.075 50 NITE Otcbb
0.079 50 BRGE Otcbb
0.08 50 BGTN Otcbb
0.08 50 WIEN Otcbb
0.09 50 GVRC Otcbb
0.095 50 HILL Otcbb
0.10 50 FRAN Otcbb
0.11 50 MHMY Otcbb
0.115 50 WECK Otcbb
0.12 50 IFSC Otcbb
0.12 50 MAYF Otcbb
0.15 50 AGIS Otcbb
0.27 50 QUIN Otcbb
0.35 50 WORL Otcbb
0.51 25 VFIN Otcbb
1.03 5 NAIB Otcbb
1.21 5 BAMM Otcbb
2.00 5 JRZY Otcbb
NETW Otcbb
TRAC Otcbb
Linchuck, that 85% was from the first of June when I mentioned KRY on the Wise forum on RB. So it took some time to get that. I think my note came across as if I did that in one day. I could only hope to latch onto a few of those!!!!LOL.
http://ragingbull.lycos.com/mboard/boards.cgi?board=CLB01175&read=3050
Anyway, looks like I was too early based on the premarket this morning. Oh well..
Mike
PHFR, not sure how my limb is going to make out today.
The earnings report yesterday showed a few things.
1. Sales increased by 28% and 29%
2. Sales are definitely on track for sales for the year
of more than $70 million
3. Looks like costs of the Konsyl Pharmaceuticals acquisition
prevented us from showing a small net profit for the
quarter
4. This coming quarter will show a full quarter of Konsyl
sales and net profits as well as the increases they are
realizing from the core clients. Sales could top $20
million for the 3rd quarter, which is historically a
stronger quarter
5. Margins improved by another 2%
6. Even with the acquisition, we see continued improvement
both in sales and in operating results
7. I'm not sure if some sellers will finally lose their
patience and sell to the bid. (Will be short termed IMO)
In summary, I guess this will be a little longer developing. It has come a long way from its near bankrupcy (spelling?)to
where it is today. Longer term than what this board is used to dealing with!
Mike
Top Drawer there joepcf!!!!!eom
Thanks, it took alot longer than it does with some of the ones picked here by you guys... ..
On my PHFR topic yesterday, it looks like they jumped me by three days for an earnings report.. It does not look to bad (don't like that play with words..LOL). I'm going to decipher for a bit and add some comments later. The price hung tough today with the bid actually going to .60, but somebody sold into the bid (around 40K) and knocked it back down. Tommorrow will tell if the market likes it. There are not too many free trading shares out there so it does move on a 100K plus volume, but it moves both ways!!!!
Mike
ubject:
Stockwatch: Pharmaceutical Formulations, Inc. Announces Increased Sales and Improved
Operating Results for the Quarter and Six Months Ended June 28, 2003
Date:
Tue, 12 Aug 2003 14:37:10 -0700
From:
Stockwatch News <newsout@stockwatch.com>
To:
newsoutlist@stockwatch.com
Pharmaceutical Formulations, Inc. Announces Increased Sales and Improved Operating Results for the Quarter
and Six Months Ended June 28, 2003
EDISON, N.J., Aug. 12 /PRNewswire-FirstCall/ -- PHARMACEUTICAL FORMULATIONS, INC. ("PFI" or the
"Company") announced today that it had net sales of $33.8 million for the six months ended June 28, 2003, compared to net
sales of $26.3 million for the six months ended June 29, 2002, an increase of 28.3%. PFI had a net loss of $915,000 for the
six months ended June 28, 2003, compared to a net loss of $1.9 million for the comparable six-month period of the prior year.
For the quarter ended June 28, 2003, PFI had net sales of $17.6 million and a net loss of $367,000, compared to net sales of
$13.7 million and a net loss of $655,000 for the comparable quarter of the prior year. This marks the eighth consecutive
quarter in which net sales and operating results have improved over the comparable quarter of the prior year. During
December 2002, PFI changed its fiscal year-end from the 52-53 week period which ends on the Saturday closest to June 30
to the 52-53 week period which ends on the Saturday closest to December 31. The quarter ended June 29, 2002 was also a
fiscal year-end which included certain favorable year-end tax adjustments.
On May 15, 2003 PFI completed its acquisition of the stock of Konsyl Pharmaceuticals, Inc. of Fort Worth, Texas, a
manufacturer and distributor of powdered, dietary natural fiber supplements. The results of operations for Konsyl are included
in the consolidated results of operations from May 16, 2003. PFI believes this acquisition provides an opportunity to increase
its presence in both the private label and branded pharmaceutical markets. It also affords PFI the opportunity to introduce new
products and product line extensions under the "Konsyl(R)" brand and PFI's own laxative products. PFI believes that
considerable opportunities exist for cost savings through consolidation of the two companies.
PFI's consolidated gross sales for the six months ended June 28, 2003 were $34.6 million, compared to $26.9 million in the
comparable period of the prior year, an increase of 28.8%. Konsyl's gross sales were $1.3 million for the period from May 16,
2003 to June 28, 2003. In July 2002, PFI began shipments to a major national retailer. This new relationship contributed
approximately $3.5 million of gross sales in the current six months and $1.6 million in the current quarter ended June 28, 2003.
The balance of the sales increase came from established private label customers. Gross sales for the quarter ended June 28,
2003 were $18.1 million, compared to $13.9 million in the comparable period in the prior year, an increase of 29.9%.
Cost of sales as a percentage of net sales was 84.3% for the six months ended June 28, 2003 as compared to 86.6% in the
prior year period. This decrease resulted from the inclusion of Konsyl and the efficiencies gained from increased levels of
production. Selling, general and administrative expenses were $3 million and $5.3 million for the three and six months ended
June 28, 2003, compared to $2.6 million and $4.8 million in the respective prior year periods. The increases reflect the
inclusion of Konsyl and related transition costs, but do not reflect anticipated future cost reductions from the consolidation of
PFI and Konsyl.
Interest expense was $898,000 and $1.7 million for the three and six months ended June 28, 2003, compared to $1.1 million
and $2.1 million for the comparable prior year periods. The decrease is primarily a result of lower interest rates.
On December 21, 2001, ICC Industries Inc. increased its ownership to 85.6% of the outstanding common shares of PFI.
Therefore, the Company has been included in the consolidated tax return of ICC since that date. As a result, PFI has recorded
a tax benefit of $334,000 and $630,000 for the three and six months ended June 28, 2003 compared with a benefit of
$574,000 and $1,237,000 in the three and six months ended June 29, 2002.
On August 4, 2003, Dr. James C. Ingram was appointed Chairman of the Board and Chief Executive Officer of PFI and Mr.
Michael A. Zeher was appointed President and Chief Operating Officer. Dr. Ingram had been the Company's President, Chief
Operating Officer and a director of PFI since October 2000. He will remain fully involved in the day-to-day operations of the
Company through December 31, 2003, and has indicated his intention to remain as Chairman and Chief Executive Officer until
at least March 31, 2006.
Mr. Zeher was President and Chief Executive Officer of Lander Co., Inc., a privately held manufacturer and marketer of
personal care products, from 1994-2002. Prior to that, he was Vice President of Sales and Business Development of Johnson
& Johnson from 1991-1994 and Director of Sales of Marion Merrell Dow Consumer Products Division from 1989-1991. It is
the Company's plan that Mr. Zeher will take over full responsibility for the day-to-day operations of PFI as of January 1,
2004.
ICC Industries Inc. is the holder of approximately 74.5 million shares (about 87%) of the common stock of PFI. As a
majority-owned subsidiary of ICC, PFI enjoys the resources associated with ICC's position as a global leader in the
manufacturing, marketing and trading of chemical, plastic and pharmaceutical products. Founded as a trading enterprise in
1952, ICC has expanded its line of business to include manufacturing and production facilities in 23 locations throughout the
United States, Europe, Israel, Russia, China and Turkey.
This press release may contain forward-looking information and should be read in conjunction with the Company's Form 10-K
and quarterly and periodic reports on Forms 10-Q and 8-K as filed with the Securities and Exchange Commission.
Pharmaceutical Formulations, Inc.
Had a good day today...took about a 85% profit on most of my KRY:TSE. But to my dismay, it kept going up! Oh well, c'est la vie.... I'm only 45G's in the hole now! LOL
Scrooge, I'm thinking about averaging down on ADZR and ARSW. What do the charts say....
TIA, Mike
OT...Scrooge, not to worry on post....eom
Missed one here this morning... One that we have followed in the past. HLSH Up 50%
HealthSouth Makes $117 Million Payment for All Past Due Interest Currently Outstanding to Its Lenders and Noteholders
2003-08-12 12:40 ET - News Release
BIRMINGHAM, Ala., Aug. 12 /PRNewswire-FirstCall/ -- HealthSouth Corporation (OTC Pink Sheets: HLSH) today announced that, as a result of its improving liquidity from its operations and asset sales, the Company has paid $117 million, representing all past due interest currently owed under the Company's various borrowing agreements. The Company said it currently intends to pay upcoming interest payments.
The Company also announced that it has initiated discussions regarding an exchange offer for its 3.25% Convertible Subordinated Debentures ("Convertible Subordinated Debentures") which matured on April 1, 2003. A term sheet for the proposed exchange offer was circulated last week to advisors to the holders of the Company's Convertible Subordinated Debentures. The Company owes approximately $344 million in principal to holders of its Convertible Subordinated Debentures. The Company expects the exchange offer to be conditioned upon, among other things, obtaining the requisite consents from its bank lenders and other noteholders.
"With these interest payments, we have fulfilled not only a legal but also a moral obligation to our bank lenders and noteholders," said Joel C. Gordon, HealthSouth's Interim Chairman. "We appreciate the time our bank lenders and noteholders have given us to address our financial situation. Thanks to their support and patience, in just five months, we have been able to strengthen and improve our liquidity while protecting and supporting our core clinical and patient operations."
"We also believe today's announcement, in conjunction with the proposed exchange offer, will help further restore our financial credibility. In turn, we believe this will help to enhance HealthSouth's ability to make operational improvements and implement growth initiatives," concluded Gordon.
HealthSouth said that it had $445 million of cash prior to the above interest payments. This balance does not include any proceeds from pending asset sales.
Credit Suisse First Boston LLC is serving as financial advisor to HealthSouth.
HealthSouth is the nation's largest provider of outpatient surgery, diagnostic imaging and rehabilitative healthcare services, with nearly 1,700 locations in all 50 states and abroad. HealthSouth can be found on the Web at http://www.healthsouth.com/ .
This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such states.
Statements contained in this press release which are not historical facts are forward-looking statements. In addition, HEALTHSOUTH, through its senior management, may from time to time make forward-looking public statements concerning the matters described herein. Such forward-looking statements are necessarily estimates based upon current information, involve a number of risks and uncertainties and are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. HEALTHSOUTH's actual results may differ materially from the results anticipated in these forward- looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by us include, but are not limited to: the investigations by the Department of Justice and the Securities Exchange Commission into our financial reporting and related activity calling into question the accuracy of our previously filed financial statements; our statement that as a result of the investigations, our previously filed financial statements should no longer be relied upon and may result in us restating our prior financial statements; the withdrawal by our former accountants of their audit reports on all of our previously filed financial statements; the outcome of pending litigation relating to these matters; significant changes in our management team; our ability to successfully amend, restructure and/or renegotiate our existing indebtedness or cure or receive a waiver of the events of default under such agreements, the failure of which may result in our filing of a voluntary petition for bankruptcy; our ability to continue to operate in the ordinary course and manage our relationships with our creditors, including our lenders, bondholders, vendors and suppliers, employees and customers; changes, delays in or suspension of reimbursement for our services by governmental or private payors; changes in the regulation of the healthcare industry at either or both of the federal and state levels; changes to or delays in the implementation of the prospective payment system for inpatient rehabilitation services; competitive pressures in the healthcare industry and our response thereto; our ability to obtain and retain favorable arrangements with third-party payors; general conditions in the economy and capital markets; and other factors which may be identified from time to time in our SEC filings and other public announcements.