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ATWT (.003) Updates Shareholders on 504 Offering
Market Wire "US Press Releases "
MEMPHIS, TN -- (MARKET WIRE) -- 11/13/06 -- ATWEC Technologies (PINKSHEETS: ATWT) announced today that the company has finalized closure of the Regulation D, Rule 504, offering. The appropriate forms were filed with the Securities and Exchange Commission on November 13, 2006. No further dilution of the float is anticipated at this time.
The company has also instructed its Designated Advisor for Disclosure to investigate the short position in outstanding shares. Recent decline in price per share suggests a larger naked short position than previously believed. Once the short position is ascertained the company will take appropriate steps to decrease the manipulation of its share price.
The company will report later in the week on contractual developments from the annual conference of the National Association of Pupil Transportation, attended last week by CEO Alex Wiley.
For more information on ATWEC Technologies, visit the company's web site: www.atwec.com.
NOTE: Certain statements made in this press release are forward-looking statements within the scope of the Private Securities Act of 1995. Such statements involve known and unknown risks. Uncertainties and other mitigating factors may influence desired outcomes. Such risks, uncertainties and/or other mitigating factors include but are not limited to new economic conditions, risks associated in product development, market acceptance of new products and continuing product demand, level of competition and other factors both known and unknown as described within this Company's reports and other filings with appropriate regulatory agencies.
Contact: ************ Inc. Chris Hoffmann 949-209-8697
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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Franklin Lake Resources Announces Annual Meeting a Success; Roger Graham Exercises Options 11/13/2006
SOUTH SAN FRANCISCO, CA, Nov 13, 2006 (MARKET WIRE via COMTEX News Network) -- Franklin Lake Resources Inc. (OTCBB: FKLR), an exploratory stage mining company, announces that its annual meeting of stockholders, held on Saturday, October 21, 2006, was a success. The meeting, held in Burlingame, California, featured an updated PowerPoint presentation providing an insight into our entire program, including our facilities and processes. The presentation will be available on our website www.franklinlake.com and will enable stockholders and other interested parties to get an update and review of our entire situation.
EXERCISE OF OPTIONS
Father Gregory Ofiesh, president and CEO, said he is encouraged by an investment of $30,000 in company stock by Roger Graham, vice president - operations. Shortly before the end of the fiscal year on October 31, 2006, Mr. Graham exercised options to acquire 230,770 shares at a price of $0.13 per share; he retains options to purchase another 769,230 shares. The entire purchase price of $30,000 came from Mr. Graham's own personal resources.
$500,000 COMMITMENTS COMPLETED
In September 2004, Father Ofiesh personally guaranteed the investment of $250,000 in the company and in November 2005, he agreed to fund another $250,000. He completed his first commitment in October 2005 and the second on October 17, 2006. The entire $500,000 came from his personal funds and during this two-year period, the company did not receive any funds from any other source.
FINANCIAL POSITION
The funds from this investment by Mr. Graham, along with recent investments by Father Ofiesh, are anticipated to be adequate to carry the company through the end of December 2006. Father Ofiesh said that to continue its operations beyond that time, the company will have to raise additional funds and it is attempting to arrange a private placement for this purpose.
AUDIT FOR 2006
The company's fiscal year ended on October 31, 2006, and we are completing our books and records for the year. Our auditor, Ted A. Madsen, of Madsen & Associates CPAs, Inc., Murray, Utah, duly registered with the Public Companies Accounting Oversight Board, will commence his audit with a visit to our office on December 7 and 8, 2006.
OPERATIONS UPDATE
In the past few months, the company has acquired a bottle roller, a spiral concentrator and a wet drum magnetic separator. Mr. Graham and Richard Kunter, a director of the company and a metallurgical consultant, believe that these items will allow us to largely complete the pilot plant we have been constructing at the facility. We are continuing to attempt to verify the metal content in our material, to determine its consistency, and to develop a process for extracting the valuable metals and other minerals. Our target is to be able to process 1 - 5 tons of concentrated material per day on a regular basis.
PLEASE SEND YOUR E-MAIL ADDRESS
All stockholders and other interested parties are encouraged to send their e-mail addresses to info*franklinlake.com, in order to receive copies of press releases and other documents immediately after they are submitted to the SEC for filing.
NOTE This news release may contain statements which express the company's hopes, plans, anticipations, beliefs, or expectations regarding expenses and other financial obligations, capital resources and requirements, equipment requirements, facility operations, and other aspects of our business. Statements related to our future performance or as to what we believe or expect to occur are considered forward-looking, meaning that they are based on current expectations, estimates, and projections about the company's situation and our beliefs and assumptions. These statements are subject to risks which could cause the company's actual results to differ materially from the plans, beliefs, and expectations made in those statements. Please refer to our Annual Report on Form 10-KSB for the fiscal year ended October 31, 2005, our Quarterly Reports on Forms 10-QSB for the first three quarters of the year, and our other reports filed with the SEC, for a discussion of these and other risk factors.
CONTACT: Father Gregory Ofiesh President and CEO Franklin Lake Resources Inc. P: (650) 588-0425
SOURCE: Franklin Lake Resources Inc.
Copyright 2006 Market Wire, All rights reserved.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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$5 Million Financing for Aquaculture as Practiced by HQ 11/13/2006
HQSM Funding for Toxin-Free Feedmill Plant Brings Further Aquaculture Growth, Profitability and Reduces Pressures on Our Oceans
SEATTLE, WA, Nov 13, 2006 (MARKET WIRE via COMTEX News Network) -- HQ Sustainable Maritime Industries, Inc. (HQ) (OTCBB: HQSM), a leader in zero-toxin integrated aquaculture and aquatic product processing, announced today that it has completed a $5 million convertible promissory notes financing with two investors. Attached to the financing is the right to purchase an aggregate of up to 4 million shares of Common Stock.
Terms and conditions of the financing are included in a related Form 8-K, which the Company has filed with the Securities and Exchange Commission on November 13, 2006.
The net proceeds of the financing will be used by the company toward its construction of a 100,000 ton extruded toxin-free feed plant. Management expects this plant to begin operations in 2007. We expect that the use of this plant will reduce production costs of our toxin-free tilapia and is an essential condition for eventual organic certification of our tilapia products. The company's total estimated feed plant costs of USD 7 million will be funded by the combination of the proceeds of this financing and the company's funds.
The investors in the completed financing were The Tail Wind Fund Ltd. and Solomon Strategic Holdings Ltd., both of which were advised by Tail Wind Advisory & Management Ltd., a London-based firm regulated by the U.K. Financial Services Authority and a leading investor in North American companies with small capitalization.
Norbert Sporns, CEO of HQSM, said, "The potential collapse of ocean fisheries (See Salt-Water Fish Extinction Seen By 2048, Study By Ecologists, Economists Predicts Collapse of World Ocean Ecology http://www.cbsnews.com/stories/2006/11/02/health/webmd/main2147223.shtml) if realized, is a terrible event if current practices go unchecked. Expanding HQ's toxin-free aquaculture is important to relieve the pressure on our oceans. We believe that the construction of this feedmill brings strong growth synergies with the other components of HQ's business is accretive to our shareholders and important in the fight to save our oceans."
About HQ Sustainable Maritime Industries, Inc.
HQ Sustainable Maritime Industries, Inc. is an integrated aquaculture and aquatic product processing company, with operations based in the environmentally pristine island province of Hainan, in the South China Sea. HQ practices cooperative sustainable aquaculture, using nutraceutically enriched feeds and conducting fish processing and sales. The company is dedicated to sustainable toxin-free methods giving its customers the purest products possible. The Company holds HACCP certification from the U.S. FDA and the EU Code assignment of quality, permitting its products to be sold in these international markets. It owns a nutraceuticals and health products company, which is HACCP certified, and produces and sells products subject to stringent laboratory tests certified by the China Ministry of Health. This plant produces nutraceuticals, which enrich feed used by HQ's cooperative aquaculture operations. In addition to headquarters in Seattle and operational offices based in Haikou, Hainan, HQ has offices in Hong Kong, Beijing, and Shanghai. (http://www.hqfish.com).
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of HQ Sustainable Maritime Industries, Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings." Consulting For Strategic Growth I, Ltd. ("CFSG") provides HQ Sustainable Maritime Industries, Inc. (HQ) with consulting, business advisory, investor relations, public relations and corporate development services, for which CFSG receives a fixed monthly fee for the duration of the agreement. Independent of CFSG's receipt of cash compensation from HQ, CFSG may choose to purchase the common stock of the company and thereafter sell those shares at any time it deems appropriate to do so.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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enherent Corp. Reports Third Quarter Results 11/13/2006
NEW YORK, NY, Nov 13, 2006 (MARKET WIRE via COMTEX News Network) -- enherent Corp. (OTCBB: ENHT) (www.enherent.com) (the "Company") today reported revenues and earnings for the third quarter ended September 30, 2006.
Revenues for the three months ended September 30, 2006 decreased $213,000 or 2.8% to $7.41 million compared to $7.63 million for the quarter ended September 30, 2005. Revenues for the nine months ended September 30, 2006 increased $3.1 million, or 16.4%, to $22.0 million compared to $18.9 million for the prior year period. The increase during the nine-month period was attributable primarily to the additional revenues generated from the merger of Dynax Solutions, Inc. into the Company on April 1, 2005.
Net income for the three months ended September 30, 2006 was approximately $53,000, or $(0.00) per share, compared to net income of approximately $81,000, or $(0.00) per share, for the third quarter of 2005. The change in net income was due primarily to higher interest charges and lower operating income (mainly due to stock based compensation expenses, partially offset by lower depreciation and amortization expenses) in the three months ended September 30, 2006 as compared to the three months ended September 30, 2005.
Net loss for the nine months ended September 30, 2006 was approximately $438,000, or $(0.01) per share, compared to approximately $790,000, or $(0.02) per share, for the prior year period. The reduction in net loss was due primarily to non-recurring expenses incurred during the nine months ended September 30, 2005 pertaining to the Merger, partially offset by higher interest charges during the nine months ended September 30, 2006 and stock based compensation expenses incurred as a result of the adoption of SFAS No. 123(R) on January 1, 2006.
Pamela Fredette, Chairman, CEO and President, commenting on the third quarter said, "We maintained profitability for the quarter. We will continue to execute on our 2006 financial and operational plan to achieve our goals of improving profitability and increasing shareholder value."
About enherent
enherent Corp. (OTCBB: ENHT) is an information technology professional services firm providing its clients with (a) consultative and technology staffing resources; and (b) teams of technical consultants trained in the delivery of solutions related to systems integration, network and security, and application services. enherent also provides solutions outsourcing involving software development. enherent customers can be found in many different industry segments, from the Fortune 500 to middle-market enterprises. The company, headquartered in New York City, operates throughout the northeastern United States and has sales locations in Connecticut, New York City, and Long Island, N.Y. For more information visit www.enherent.com.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on certain assumptions and analyses made by the Company derived from its experience and perceptions. Actual results and developments may vary materially from those described because they are subject to a number of known and unknown risks and uncertainties. Such risks and uncertainties include, but are not limited to, future demand for the Company's services; general economic, market and business conditions; the Company's ability to increase the amount of services rendered to existing clients and develop new clients and reduce costs of providing services; the Company's ability to recruit and retain IT professionals; and various other factors discussed in the Company's filings with the Securities and Exchange Commission including those set forth under Item 1A of the Company's recent Form 10-K. The Company disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments, or otherwise.
CONTACT INFORMATION: Lori Stanley enherent Corp. lstanley*enherent.com (646) 290-5101
SOURCE: enherent Corporation
mailto:lstanley*enherent.com
Copyright 2006 Market Wire, All rights reserved.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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DPAC Technologies Reports Financial Results for the Third Quarter of Fiscal Year 2006 11/13/2006
HUDSON, Ohio, Nov 13, 2006 (BUSINESS WIRE) -- DPAC Technologies Corp. (OTCBB:DPAC), a leader in device networking and connectivity solutions, today reported results for its third quarter ended September 30, 2006.
These results include the combined operations of DPAC Technologies Corp. and QuaTech, Inc., which combined on February 28, 2006 as previously announced. As a result of the merger, QuaTech has become a wholly-owned subsidiary of DPAC. For accounting purposes, the transaction is considered a "reverse merger" under which QuaTech is considered the acquirer of DPAC. Accordingly, the purchase price was allocated among the fair values of the assets and liabilities of DPAC, while the historical results of QuaTech are reflected in the results of the combined company (the "Company"). The results of operations are those of QuaTech prior to the merger date, and combined QuaTech and DPAC after the merger date of February 28, 2006.
Third Quarter Operating Results
For the third quarter of 2006, net sales were $3.9 million, up 32% from net sales of $2.9 million in the third quarter of 2005, and up 11% from net sales of $3.5 million in the second quarter of 2006. Net sales related to the Company's Device Connectivity products increased by $117,000, or 4.4%, and net sales related to the Company's Device Networking products, including the Airborne wireless product line, increased by $818,000, or 315% over the quarter ended September 30, 2005. The Company reported an operating profit of $347,000 as compared to $219,000 for the third quarter of 2005 and an operating profit of $97,000 for the second quarter of 2006. The Company reported a net profit for the current year third quarter of $39,000 as compared to net income of $29,000 for the prior year's third quarter, and a net loss of $296,000 for the second quarter of 2006. Total operating expenses incurred in the third quarter of 2006 of $1.4 million increased by $222,000 over the previous year period, due primarily to increases in G&A expenses of $89,000 and amortization expense of $118,000. Interest expense of $383,000 for third quarter of 2006 included non-cash charges of $94,000 for the accretion of success fees, $36,000 for the amortization of deferred financing costs, and $91,000 for the amortization of the discount on subordinated debt. Additionally, the company recorded a non-cash gain of $109,000 for the fair value adjustment of the liability for warrants.
Nine Months Operating Results
Net sales for the first nine months of 2006 were $10.6 million, up 41% from net sales of $7.5 million in the same period of 2005. Net sales related to the Company's Device Connectivity products increased $1.1 million, or 16%, and net sales related to the Company's Device Networking products, including the Airborne wireless product line, increased by $2.0 million, or 774% over the nine months ended September 30, 2005. The Company reported an operating profit of $392,000 as compared to $554,000 for the 2005 period. The Company's net loss for the current year period totaled $504,000 as compared to net income of $40,000 for the prior year period. Interest expense of $1.1 million for the first nine months of 2006 included non-cash charges totaling $614,000, for the amortization of deferred financing charges discounts, the accretion of success fees and amortization of the discount on the subordinated debt. Additionally, the company recorded a non-cash charge of $55,000 for the fair value adjustment of the liability for warrants.
Balance Sheet Summary
At September 30, 2006, DPAC had total assets of $12.8 million, including cash and cash equivalents of $91,000. This compares to total assets of $7.6 million at December 31, 2005, which included $11,000 in cash and cash equivalents. As a result of the merger, the Company recorded goodwill and intangible assets of approximately $5.1 million.
Comments
Chief Executive Officer and President Steve Runkel commented, "Our results for Q3 were in line with the objectives. I am pleased with the top line growth of 11% sequentially and 32% over the same period last year. I'm also pleased that we have been able to carefully manage our expenses, resulting in improved operating profit on both a sequential and year-over-year basis."
Mr. Runkel continued: "Revenue from the Device Networking product revenue, which includes the Airborne 802.11 product line, continues to grow as our OEM customers release their products to the market. Within the quarter we announced important new relationships with Digi Key and Ingram Micro Canada as we continue to expand the channel for our products. This will increase the exposure for our product line and support our growth objectives."
About DPAC Technologies
DPAC Technologies provides embedded wireless networking products for machine-to-machine communication applications. DPAC's Airborne(TM) and AirborneDirect(TM) wireless products are used by major OEMs in the transportation, instrumentation and industrial control, homeland security, medical diagnostics and logistics markets to provide remote data collection and control. DPAC Technologies is based in Hudson, OH. The Company's web site address is www.dpactech.com. Information concerning DPAC is filed by DPAC with the SEC and is available on the SEC website, www.sec.gov.
About QuaTech
QuaTech, Inc., a wholly-owned subsidiary of DPAC, delivers high performance device networking & connectivity solutions to help companies improve their bottom line performance. QuaTech enables reliable machine-to-machine (M2M) communications via secure 802.11 wireless or traditional wired networks with industrial grade (hardened) embedded radios, modules, boards and external device servers and bridges. For local and mobile connections, QuaTech serial adapters provide secure connectivity and port expansion via any interface option. Satisfied customers rely on our unique combination of performance and support to improve bottom line performance through real-time remote monitoring & control, streamlined systems and lower total cost of ownership (TCO). QuaTech markets its products through a global network of distributors, resellers, systems integrators and original equipment manufacturers (OEMs). Founded in 1983, QuaTech is headquartered in Hudson, Ohio, and merged with DPAC Technologies, Inc. in February 2006. www.quatech.com.
Forward-Looking Statements
This press release includes forward-looking statements. You can identify these statements by their forward-looking words such as "may," "will," "expect," "anticipate," "believe," "guidance," "estimate," "intend," predict," and "continue" or similar words or any connection with any discussion of future events or circumstances or of management's current estimates or beliefs. Forward-looking statements are subject to risks and uncertainties, and therefore results may differ materially from those set forth in those statements. More information about the risks and challenges faced by DPAC Technologies Corp. is contained in the Securities and Exchange Commission filings made by the Company on Form S-4, 10-K, 10-Q or 10-QSB and 8-K. DPAC Technologies Corp. specifically disclaims any obligation to update or revise any forward-looking statements whether as a result of new information, future developments or otherwise.
DPAC TECHNOLOGIES CORP. Condensed Consolidated Balance Sheet Information (Unaudited) (In 000's) September 30, December 31, 2006 2005 ------------- ------------CURRENT ASSETS: Cash and cash equivalents $91 $11 Accounts receivable, net 1,608 1,330 Inventories 1,662 1,633 Prepaid expenses and other current assets 160 119 ------------- ------------ Total current assets 3,521 3,093Property, net 441 282Goodwill and intangible assets 8,737 4,196Other assets 56 - ------------- ------------TOTAL $12,755 $7,571 ============= ============CURRENT LIABILITIES: Notes payable $19 $- Revolving credit facility 1,393 1,175 Current portion of long-term debt 2,006 1,125 Accounts payable 1,541 1,284 Accrued restructuring costs - current 473 - Other accrued liabilities 409 591 ------------- ------------ Total current liabilities 5,841 4,175Deferred tax liability 65 324Accrued restructuring costs 385 -Long-term debt, net of current portion 2,844 1,773Net stockholders' equity 3,620 1,299 ------------- ------------TOTAL $12,755 $7,571 ============= ============ DPAC TECHNOLOGIES CORP. Condensed Consolidated Statement of Income (Unaudited) (in 000's) For the For the quarter ended: nine months ended: September 30, September 30, ------------------- ------------------- 2006 2005 2006 2005 --------- --------- --------- ---------REVENUE $3,866 $2,936 $10,556 $7,474COST OF GOODS SOLD 2,129 1,549 5,797 3,997 --------- --------- --------- ---------GROSS PROFIT 1,737 1,387 4,759 3,477OPERATING EXPENSES Sales and marketing 534 530 1,680 1,315 Research and development 233 220 759 533 General and administrative 500 414 1,564 1,043 Amortization of intangible assets 123 4 286 32 Restructuring charges - - 78 - --------- --------- --------- --------- Total operating expenses 1,390 1,168 4,367 2,923INCOME FROM OPERATIONS 347 219 392 554OTHER (INCOME) EXPENSES: Interest expense 383 146 1,098 436 Fair Value adjustment for warrant liability (109) - 55 - Miscellaneous expense - 13 - 41 --------- --------- --------- --------- TOTAL OTHER EXPENSES 274 159 1,153 477 --------- --------- --------- ---------INCOME (LOSS) BEFORE INCOME TAXES 73 60 (761) 77INCOME TAX (PROVISION) BENEFIT (34) (31) 257 (37) --------- --------- --------- ---------NET INCOME (LOSS) $39 $29 $(504) $40 ========= ========= ========= =========NET INCOME (LOSS) PER SHARE: Net Income (Loss) - Basic and diluted $0.00 $0.00 ($0.01) $0.00 ========= ========= ========= =========WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 92,775 42,016 87,135 42,016 ========= ========= ========= ========= Diluted 97,512 65,339 87,135 65,339 ========= ========= ========= ========= SOURCE: DPAC Technologies
DPAC TECHNOLOGIES Steve Vukadinovich, Chief Financial Officer, 714-898-0007 Steve.Vukadinovich*dpactech.com or Steve Runkel, Chief Executive Officer, 330-655-9000 Steve.Runkel*Quatech.com
Copyright Business Wire 2006
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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World Education Partners (Formerly Global Education Partners) to Acquire ESP International, Ltd. Equus Resources, Inc. (PINKSHEETS: EQUR) ("Equus" or the "Company") announced today an agreement in principle for the spin-off company, World Education Partners, Inc. ("World Ed") to acquire the assets and operations of ESP (Education Software Partnerships) International, Ltd. ("ESP"). ESP is an acclaimed international education software development and distribution company currently marketing early learning products in 40 countries.
ESP developed the Garfield® Early Learning Series, a combination of Interactive CD ROM software with accompanying 32-page workbooks for kids, which features Garfield®. Garfield® is the world's best known cartoon strip character, currently read by millions of people daily in 135 countries. ESP holds the worldwide license to use Garfield® in its early learning education products and plans to increase its market to 60 countries next year. ESP has just developed an interactive DVD for its learning software which can be played on any DVD player, rather than requiring a computer, which it is test marketing.
As part of the agreement, Mike Gaunt, the President and founder of ESP, will become the President of World Ed. Mike has been involved in education software for almost 20 years. In the late 1980s, Mike served as International Sales Manager for Systems Integrated Research Ltd., a leading UK education software company. In 1996, Mike became head of international sales for IBM, working under Bernie Rice. Mike was in charge of IBM's consumer software brands for all non-U.S. markets, which included World Book Encyclopedia, Edmark Educational Services and the IBM-Crayola education software partnership. Mike moved over to Riverdeep "The Learning Company" after it acquired Edmark from IBM and subsequently left five years ago to found ESP. Mike is a highly respected innovator and marketer in the international education industry.
In making this announcement, Bernie Rice, Executive Chairman of World Ed and Best Practice Network, Inc. ("BPN"), commented: "There can be no doubt about the significant value this acquisition will create for World Ed and in turn the shareholders of BPN and Equus. The international brand strength of Garfield® is exceptional, to say the least. Garfield® is perfect for the early learning series worldwide."
Mike Gaunt added: "We believe that we have created the most extensive range of education multimedia software and accompanying workbooks in the world. We certainly believe that no other software of a comparable nature has been developed in the last ten years for the international marketplace. And we believe our DVD development will expand the number of potential customers tenfold."
Any statements made in this press release which are not historical facts contain certain "forward-looking statements," as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the Company to which this release pertains. The actual results of the specific items described in this release, and the Company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgment of management of the Company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties, including, without limitation, the Company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, the receipt of revenues, and other factors, many of which are beyond the control of the Company.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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RMD Entertainment Group CEO Does Second Interview in Two Weeks; Wall Street Reporter Is the Forum This Time RMD Entertainment Group (PINKSHEETS: RMDG) -- On November 13th, Giorgio Costonis, Chief Executive Officer for RMD Entertainment Group, gave a very candid interview about the prospects of RMD Entertainment Group for the Wall Street Reporter. The interview was called informative and entertaining as it didn't follow a scripted list of questions. Instead the interview was more focused on specific initiatives of the company and was facilitated in an answer on the fly format and discussion.
The interview will be posted late Thursday evening for listening access. To hear the interview in its entirety, visit www.******************.com. Interviews require free registration. The interview will be posted this evening and can be accessed on the front page of the site under "Today's Newsmakers."
About RMD Entertainment Group
RMD Entertainment (RMD) is a cutting-edge entertainment company that is primarily focused on the development and international marketing of 'hip-hop' music, including compact discs, digital downloads, and personal 'ring tones' for mobile phone customers, as well as other 'hip-hop' lifestyle products. The Company has also created MOTV, the ability to stream video content to mobile devices, including cell phones and PDAs. The Company currently possesses an impressive hip-hop catalogue, which it distributes exclusively through Bungalo Records and Universal Music Group (a subsidiary of Vivendi Universal in North America) and in Europe through the Pickwick Group Ltd. of London.
About ******************.com
Each day we interview 40-60 CEOs of leading public companies and selected private companies. Our in-depth, unbiased, unscripted interviews deliver a first hand perspective that enables investors to make intelligent and informed investment decisions.
Thousands of loyal readers at firms like:
Morgan Stanley, Merrill Lynch, CSFB, UBS Paine Webber, Salomon Smith Barney, Lehman Brothers, Putnam Investment Management, Fidelity Investments, Janus Capital Corp, CALPERS, Invesco, Caxton Associates, John Hancock Advisors, Schroeder Investment Management.
You'll be in good company
World-class companies choose Wall Street Reporter to deliver their message -- shouldn't you? Some of the world-class companies that have recently told their story in Wall Street Reporter include: Sharper Image, Rowan Drilling, UnumProvident, Celgene, Tripath Technology, CheckPoint Systems, Bioenvision, Fleetwood Enterprises, eRresearch Technology, Goldcorp, Griffon Corporation plus hundreds of other corporate names on the move.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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Halo Announces That the Acquisition of Its 50% Interest in the Bachelor Lake Property, Quebec Was Not Completed by the Purchaser 11/13/2006
VANCOUVER, BRITISH COLUMBIA, Nov 13, 2006 (CCNMatthews via COMTEX News Network) -- Halo Resources Ltd. (the "Company") (TSX VENTURE:HLO)(OTCBB:HLOSF)(FWB:HRL) announces that Metanor Resources Inc. ("Metanor") did not complete Metanor's acquisition of the Company's 50% undivided ownership interest in the Bachelor Lake Property, the Hewfran Property and the MJL-Hansen Property located in Quebec, Canada (collectively, the "Bachelor Property"), together with the Company's 50% participating interest therein, on or before November 10, 2006 as contemplated by the Purchase Agreement between the Company and Metanor dated April 27, 2006 (as amended to the November 10, 2006 closing date by letter agreement dated August 17, 2006).
As a result, the Company has the option, in its sole and absolute discretion, to purchase Metanor's 50% undivided ownership interest in the Bachelor Property, together with Metanor's 50% participating interest therein, on the same terms and for the same consideration as was applicable to the purchase by Metanor of the Company's 50% interest in such properties, all as previously disclosed by the Company on May 5, 2006. Pursuant to the Purchase Agreement, the Company has ten (10) days, commencing on November 10, 2006, to exercise such option and in the event that the Company exercises such option, which would be subject to acceptance of filing with the regulatory authorities, it must complete such purchase within four (4) months of November 10, 2006. The Company's other option is to continue negotiations with Metanor concerning a restructured sale arrangement or a restructured joint venture agreement. At this time management is assessing both options.
Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. Currently the Company owns or has an interest in 4 projects: Duport, which is an advanced stage gold project; Red Lake Project, which is a gold exploration project, Quarter Moon which is a grass roots gold project, and the Sherridon project, which is a grass roots VMS project. The Company is operated by an experienced management team and backed by a strong network of mining financiers. The Company's growth strategy is to develop a diversified portfolio of advanced mining projects.
ON BEHALF OF THE BOARD
Marc Cernovitch, President and CEO
Except for the historical statements contained herein, this news release presents "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Halo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Halo Resources Ltd. believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Halo does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. Trading in the securities of Halo Resources Ltd. should be considered highly speculative.
SOURCE: Halo Resources Ltd.
Halo Resources Inc. Marc Cernovitch President & CEO (604) 484-0068 or Toll Free: 1-866-841-0068 (604) 484-0069 (FAX) Email: mcernovitch*halores.com
Copyright (C) 2006 CCNMatthews. All rights reserved.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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World's Largest Business Education Student Organization Selects City Capital CEO Ephren W. Taylor II to Keynote National Leadership Conferences 11/13/2006
DENVER, CO, Nov 13, 2006 (MARKET WIRE via COMTEX News Network) -- Approximately 250,000 high school and middle school students, college and university students, faculty, educators, administrators, and business professionals are members of Future Business Leaders Of America-Phi Beta Lambda. This year the organization chose City Capital (OTCBB: CCCN) CEO Ephren W. Taylor as Keynote Speaker for their National Fall Leadership Conferences. FBLA-PBL is the largest business education student organization in the world.
Over 2,000 attendees were present for Mr. Taylor's Opening Keynote Address for the group's Eastern U.S. Conference November 10, 2006 in East Brunswick, NJ. On November 4 he also gave the closing Keynote at the organization's Western U.S. Conference in Denver. Both presentations echoed the FBLA-PBL 2006 theme, "Your Ticket to the Future." The enthusiastic audiences included leaders and advisors from chapters across America. Taylor challenged them to use their knowledge and training to change the world around them. "You have the advantage of business-specific training that most of your peers will never receive," Taylor said, "but knowledge alone has no power; only when we apply that knowledge in our lives do we gain power."
Taylor, age 24, has been widely recognized as America's Youngest African-American CEO Of Any Public Company. The fact that he also started his first company at age 12 wasn't lost on his audience. He was a member of FBLA-PBL in high school, and won the organization's National Title in Speaking and Entrepreneurship in 1999. Taylor shared what it takes to start a company from scratch, the ups and downs of the entrepreneurial mind, and how it's more profitable to "use philanthropy as a business tool, because there are so many rewards that come back to you over time! Essentially, for-profit companies that focus on giving back to their community can do a better job than most non-profits, because a business run for-profit can keep reinvesting their profits again and again, instead of constantly having to go back to the fundraising well."
Taylor is CEO of two public companies managing over $150 million in assets, including redevelopment of the Kansas City Historic Jazz District among others. Recently City Capital and The Lucian Group of Rochester, NY signed a $50,000,000 Credit Facility Agreement to ensure the company's growth well into the future.
His dynamic, socially conscious business approaches are behind the success of City Capital and his other companies. Taylor has earned praise and recognition from local and state governments and agencies, including Kansas Entrepreneur of the Year in 2002, and was recently featured as a guest panelist for the Black Congressional Caucus' Annual Legislative Conference in Washington, DC.
About Future Business Leaders of America-Phi Beta Lambda
Headquartered in Reston, Virginia, FBLA-PBL (www.fbla-pbl.org) is a non-profit 501 (c)(3) education association of students preparing for careers in business and business-related fields. The FBLA-PBL Mission is to bring business and education together in a positive working relationship through innovative leadership and career development programs.
About City Capital
City Capital Corporation (OTCBB: CCCN) is a Business Development Company (BDC) authorized by Section 54(a) of the Investment Company Act of 1940 to make loans and equity investments in developing business enterprises.
This release contains "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties, including those described in the Company's annual report on Form 10-KSB for the year ended December 31, 2005, that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, whether as a result of new information, future events or otherwise. The Company's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, its ability to consummate, and the timing of, acquisitions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate. The Company makes no undertaking to update such forward-looking statements.
Contact: City Capital Corporation www.citycapitalcorp.net Emerson Brantley 877-367-1463 ir*citycapitalcorp.net
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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Path 1 Network Technologies Reports 13% Sequential Increase in Third Quarter Revenue 11/13/2006
SAN DIEGO, Nov 13, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Path 1 Network Technologies (OTC Bulletin Board: PNOT), a leading provider of video networking products that enable the transmission of broadcast-quality video over IP networks, today announced its financial results for the third quarter ended September 30, 2006.
Third Quarter Results
For the third quarter of 2006, the Company reported revenue of $931,000, an increase of 13% compared to the second quarter of 2006. This growth follows increases in revenues of 35%, 18% and 29% for the prior three sequential quarters, respectively. On a year over year quarterly basis, revenues increased $527,000, or 130%, from $404,000 for the same quarter a year ago.
Gross profit for the third quarter of 2006 totaled $576,000, or 62% of total revenues, compared to gross profit of $507,000, or 61% in the second quarter of 2006. Gross profits for the 2005 third quarter were $35,000, or 9% of total revenues.
Net loss for the third quarter of 2006 was $1.2 million, or $0.15 per share, compared to a net loss of $1.9 million, or $0.25 per share, in the second quarter of 2006 and $3.1 million or $0.45 per share for the third quarter of 2005.
As of September 30, 2006, the Company had cash and cash equivalents of $389,000 and a debt balance of $2,194,000.
About Path 1 Network Technologies Inc.
Path 1 Network Technologies Inc. is the pioneer and leading provider of video gateway products that enable the conversion and distribution of real-time, broadcast-quality video over Internet Protocol (IP) through both public and private networks. From the delivery of live MPEG-2, MPEG-4, and VC-1 standard definition and high definition (HD) broadcasts to Video on Demand (VOD), Path 1's video infrastructure platforms allow broadcasters, cable, telco, satellite and mobile operators to transmit high-quality point-to-point, multipoint and multiplexed video across town or around the world. To find out more about Path 1 Network Technologies Inc., visit our website at www.path1.com or call 877/ONE-PATH (663-7284).
SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements, including the risks that we will require future financing, that our products might not achieve customer or market acceptance or that they might not perform as expected, that customer trials might not lead to future sales, that our sales might fluctuate between reporting periods and other risks identified in our annual report on Form 10-K and other filings with the SEC. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof and Path 1 undertakes no obligation to update such statements.
For Further Information: AT FINANCIAL RELATIONS BOARD: Lasse Glassen General Information (310) 854-8313
PATH 1 NETWORK TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
September 30, December 31, 2006 2005 (Unaudited) (Audited) ASSETS Current assets: Cash and cash equivalents $389 $1,636 Accounts receivable, net 451 346 Inventory 587 697 Other current assets 112 86 Total current assets 1,539 2,765
Property and equipment, net 98 244 Issuance costs for mandatorily- redeemable preferred stock and notes payable, net 880 764 Other assets 96 110 TOTAL ASSETS $2,613 $3,883
LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued liabilities $1,534 $1,196 Accrued compensation and benefits 135 317 Deferred revenue 258 144 Capital lease obligations -- 3 Current portion of notes payable, net 1,468 727 Total current liabilities 3,395 2,387
Mandatorily-redeemable preferred stock, net 2,205 1,280 Note payable, net of debt discount 726 873 Total liabilities 6,326 4,540
SHAREHOLDERS' DEFICIT Common stock, $0.001 par value; 40,000,000 shares authorized; 9,405,417 and 7,410,754 shares issued and outstanding at September 30, 2006 and December 31, 2005, respectively; 2,777 shares held in treasury at September 30, 2006 and December 31, 2005 9 7 Additional paid-in capital 56,549 55,553 Deferred compensation -- (1,048) Accumulated deficit (60,271) (55,169) Total shareholders' deficit (3,713) (657)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $2,613 $3,883
PATH 1 NETWORK TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (Unaudited)
For the three months For the nine months ended September 30, ended September 30, 2006 2005 2006 2005 REVENUES: Product revenue $870 $384 $2,134 $2,352 License revenue 12 -- 28 -- Contract revenue -- -- -- 16 Royalty revenue 9 -- 49 6 Services revenue 40 20 159 22 Other revenue -- -- -- 13 Total revenues 931 404 2,370 2,409
COST OF REVENUES: Cost of product sales 355 369 1,026 1,142 Total cost of revenues 355 369 1,026 1,142
GROSS PROFIT 576 35 1,344 1,267
OPERATING EXPENSES: Engineering research and development 413 1,175 1,453 3,296 Sales and marketing 392 949 1,900 2,521 General and administrative 482 711 1,424 2,114 Total operating expenses 1,287 2,835 4,777 7,931
LOSS FROM OPERATIONS (711) (2,800) (3,433) (6,664)
Other income (expense): Interest expense, net (505) (217) (1,475) (470) Other income (expense) 74 7 71 3 Total other expense, net (431) (210) (1,404) (467)
LOSS BEFORE INCOME TAXES (1,142) (3,010) (4,837) (7,131) Provision for income taxes -- -- (1) (1) NET LOSS (1,142) (3,010) (4,838) (7,132)
Accumulated preferred dividends (89) (94) (264) (188) NET LOSS AVAILABLE TO COMMON SHAREHOLDERS $(1,231) $(3,104) $(5,102) $(7,320)
NET LOSS PER COMMON SHARE: Basic and Diluted $(0.15) $(0.45) $(0.66) $(1.06)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: Basic and Diluted 8,174 6,941 7,735 6,890
SOURCE Path 1 Network Technologies
Lasse Glassen, General Information, +1-310-854-8313, for Path 1 Network Technologies http://www.path1.com/
Copyright (C) 2006 PR Newswire. All rights reserved
Copyright 2006 Stockgroup Media Inc. All Rights Reserved.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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Perfisans Announces Management Changes to Coincide With New Focus 11/14/2006
Perfisans' Primary Objectives For 2007 Will be the Commercialization of Its Proprietary Products and Its New Broadband Wireless Semiconductor Business
LOS ANGELES, Nov 14, 2006 (PrimeZone Media Network via COMTEX News Network) -- Perfisans Networks Corp. (OTCBB:PFNH), a next-generation semiconductor designer focused on the burgeoning Gigabit Ethernet and Wireless Broadband Access (WBA) market is reorganizing its management team to better fit the new wireless product development focus of the Company.
Effective immediately, Mr. Bok Wong, previously Perfisans' Executive Vice President of Business Develeopement and Operations, will now take the position of CEO while Mr. To Hon Lam will head technology and product development. "It is with great pleasure that we announce Mr. Wong's appointment as Perfisans' new CEO," commented To Hon Lam. "This management change is a positive step for Perfisans' future. Mr. Wong is experienced in business development and familiar with the Chinese and Asian Pacific markets and their areas of growth. Mr. Wong and I have worked side by side for many years and believe that he is the right person to lead the Company into our next phase of commercialization."
With the recent strategic direction into the wireless broadband access market, the Company needs to focus on commercializing its technology assets while continuing to grow its intellectual property base of system-on-chip (SOC) technology and products. The Company's board has thus approved the appointment of Mr. Bok Wong, as the Chief Executive Officer to focus on the new direction and business of the Company while Mr.To-Hon Lam will focus on new product and technology developments.
"With this new management arrangement, the Company is shifting from a technology focus to a business focus," said Mr. Bok Wong, the new CEO of Perfisans. "This new arrangement is meant to give the Company the ability to further strengthen its proprietary technology base. I am confident that To Hon Lam, with his technical reputation and background in having completed over 200 chip designs including Personal Computer chipsets, graphics controllers, multimedia processors, and recognized as a pioneer in personal computer ASIC development, will take our proprietary chip technology base to new levels."
According to a research report published by WinterGreen Research Inc. in November 2005, the worldwide WiMAX switch market forecasts at $34.5 million dollars in 2005 and anticipated to reach $19.9 billion by 2011. Normally, more than twenty percent of switch costs are in Semiconductor ASIC components. This estimation gives Perfisans a Total Available Market (TAM) of around $4B by 2011, which is a significant market size for Perfisans to focus its future development.
"The introduction of the new wireless broadband access product will complement the Company's existing product lines and better serve the fast growing market needs. This move will enable the Company to develop more channel partners and, as a result, enable it to focus on increasing its revenue opportunities," added Mr. Bok Wong.
The Company's strategic direction and new management arrangement is in line with the growing trend of the broadband wireless market. With this recent reorganization, Perfisans plans to become one of the major players in this market segment.
About Perfisans Holdings, Inc.
Founded in 2001, Perfisans Holdings, Inc. is an ASIC design house focused on developing cutting edge, cost-effective, system-on-chip (SOC) integrated circuits (IC) and delivering innovative solutions that address the performance needs of next generation network systems. Recognized by industry leaders for its innovative network interface products, the Company's technologies have applications in telecommunications, data communications, storage networks, content delivery networks, broadband networks, and rich streaming media.
Perfisans' proprietary chip technology is fully standards-compliant, and provides high efficiency, high-quality network connections for both business and home applications. The Perfisans' ENA1001 can efficiently process protocols such as IP and TCP, and its high-speed protocol-processing capabilities - ten times faster than typical 100M-bit networks - can vastly improve the efficiency of the network. The ENA1001 network interface chip employs Perfisans' proprietary TCP offload engine (TOE), providing highly efficient network throughput, to enable high-performance networks for a wide range of applications. For more information please visit the Company's web site: www.perfisans.com.
Cautionary Statement
This press release contains statements relating to future results of Perfisans (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: the cyclical nature of the semiconductor industry and the markets addressed by the company's and its customers' products; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions; changes in product mix; product obsolescence; the availability of manufacturing capacity; fluctuations in manufacturing yields; pricing pressures and other competitive factors; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; the uncertainties of litigation; our ability to attract and retain qualified personnel; as well as other risks and uncertainties, including those detailed from time to time in Perfisans' Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
(C) Copyright 2006 PrimeZone Media Network, Inc. All rights reserved
-------------------- "As long as there are dreamers, there are dreams that will come true." Posts: 862 | From: CT Yankee..... in FLA | Registered: Aug 2005
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Phantom Entertainment to Display Phantom(R) Lapboard at CEA's Electronic House Expo in Long Beach, California PR Newswire - November 14, 2006 07:59
SEATTLE, Nov 14, 2006 /PRNewswire-FirstCall via COMTEX/ -- Phantom(R) Entertainment, Inc., (OTC Bulletin Board: PHEI) will display its Phantom(R) Wireless Lapboard in the ControlThink exhibit at the Z-Wave Alliance Pavilion during the seventh annual Electronic House Expo Wednesday through Friday, November 15-17, at the Long Beach Convention Center in Long Beach, California. The expo will include more than 350 manufacturers and distributors of custom electronics products for the home.
"Phantom's Lapboard is earning great reviews as the perfect keyboard and mouse combo for home theater and gaming applications," said Chris Walker, President of ControlThink. "Alongside ControlThink software and using the Z-Wave home control standard, the Phantom Lapboard is the ultimate Media
Center accessory."
"Electronic House Expo will provide the Phantom Lapboard a strong presence in the custom electronics industry," said Greg Koler, Phantom Entertainment's President and CEO. "As a featured product in the ControlThink exhibit, the Phantom Lapboard will be showcased before an audience of custom electronics integrators, retailers and leading suppliers of video entertainment products."
"Our Phantom Lapboard is designed to be an ultimate wireless solution for home entertainment centers," Koler said. "We look forward to working with the custom electronics industry to enhance the entertainment center experience in living rooms and other comfortable lifestyle settings."
About ControlThink LC
ControlThink(R) creates highly reliable, low-cost and easy-to-use home and building control solutions. ControlThink is reinventing home control, making it simpler and more affordable for all homeowners. For more information, please visit http://www.controlthink.com.
About EHX
Electronic House Expo, a Tradeshow Week magazine Fastest 50 event for three years running, is the fastest growing trade event of the $13 billion custom electronics industry. Held twice annually and sponsored by The Consumer Electronics Association's TechHome Division, EHX attracts a large and dynamic audience of custom electronics integrators, retailers and allied trades to interact with leading suppliers of audio/video entertainment, digital convergence, networking and communications, comfort and control, and security and electrical products. For more information, please visit http://www.ehxweb.com.
About Phantom Entertainment
Phantom Entertainment is an industry-leading global entertainment and interactive game company. Phantom Entertainment has developed and is marketing the Phantom Lapboard, a combination wireless keyboard, laser mouse and hard surface. The Company is in the development of the Phantom Game Service, anticipated to be the first end-to-end, on-demand game service for delivery to the living room. For more information, please visit http://www.phantom.net.
PR contact
pr*phantom.net
Safe Harbor Statement
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 involved 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.
This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com.
Copyright (C) 2006 PR Newswire. All rights reserved
-------------------- "As long as there are dreamers, there are dreams that will come true." Posts: 862 | From: CT Yankee..... in FLA | Registered: Aug 2005
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ARC Wireless Solutions Reports Third Quarter Results 11/14/2006
WHEAT RIDGE, Colo., Nov 14, 2006 (BUSINESS WIRE) -- ARC Wireless Solutions, Inc. ("ARC") (OTCBB:ARCS) today announced operating results for the third quarter ended September 30, 2006 that includes results for both continuing and discontinued operations. As a result of the sale of Winncom Technologies Corp. ("Winncom"), a wholly owned subsidiary, to an Irish company for $17 million in cash, the operations of Winncom are classified as discontinued operations for accounting purposes. Revenues, including both continuing and discontinued operations for the three months ended September 30, 2006, were $18,866,000 compared to $12,490,000 for the three months ended September 30, 2005. Revenues, including both continuing and discontinued operations for the nine months ended September 30, 2006, were $48,402,000 compared to $28,674,000 for the same period last year. The 69% increase in revenues for the nine months ended September 30, 2006 compared to nine months ended September 30, 2005 was primarily due to Winncom's international sales pursuant to its contract with JSC Kazakhtelecom, which accounted for 89% of the increase.
Net loss for the three months ended September 30, 2006, including both continuing and discontinued operations, was $190,000 compared to net income of $240,000 for the three months ended September 30, 2005. Net loss for the nine months ended September 30, 2006, including both continuing and discontinued operations, was $110,000 compared to net income of $347,000 for the nine months ended September 30, 2005.
Gross profit, including the continuing and discontinued operations, was 10.1% and 18% for the three months ended September 30, 2006 and September 30, 2005, respectively, and 11.7% and 18.2% for the nine months ended September 30, 2006 and September 30, 2005, respectively. The decrease in gross profit percentage is primarily due to Winncom's lower margin on its international business and a decrease in margin at the Wireless Communications Solutions Division due to significant increases in component costs.
Total revenues for discontinued operations for the three months ended September 30, 2006 were $17,029,000 as compared to $10,449,000 for the three months ended September 30, 2005. Total revenues for discontinued operations for the nine months ended September 30, 2006 were $43,192,000 as compared to $23,856,000 for the nine months ended September 30, 2005. The 81% increase in revenues for the nine months ended September 30, 2006 as compared to the nine months ended September 30, 2005 is primarily due to Winncom's international sales pursuant to its contract with JSC Kazakhtelecom.
Net income for discontinued operations for the three months ended September 30, 2006 was $141,000 as compared to $101,000 for the three months ended September 30, 2005. Net income for discontinued operations for the nine months ended September 30, 2006 was $818,000 as compared to $423,000 for the nine months ended September 30, 2005. The increase in net income is primarily due to the increase in Winncom's international sales pursuant to its contract with JSC Kazakhtelecom.
Gross profit for discontinued operations was 8.5% and 10.7% for the three months ended September 30, 2006 and September 30, 2005, respectively as compared to 10.1% and 13.6% for the nine months ended September 30, 2006 and September 30, 2005, respectively. The decrease in gross profit percentage is primarily due to Winncom's lower margin on the JSC Kazakhtelecom contract.
Net sales from continuing operations for the three months ended September 30, 2006 was $1,837,000 as compared to $2,041,000 for the three months ended September 30, 2005. The decrease was primarily due to decreased sales of one product to a single customer. Net sales from continuing operations for the nine months ended September 30, 2006 was $5,210,000 as compared to $4,818,000 for the nine months ended September 30, 2005. The increase in sales is primarily due to the introduction of several new products and new customers of the Wireless Communications Solutions Division.
The net loss from continuing operations for the three months ended September 30, 2006 was $331,000 as compared to net income of $138,000 for the three months ended September 30, 2005. The net loss from continuing operations for the nine months ended September 30, 2006 was $928,000 as compared to $76,000 for the six months ended September 30, 2005. The increase in the net loss from continuing operations is due primarily to a decrease in gross profit from 42% to 26% for the three months ended September 30, 2005 and September 30, 2006, respectively and 41% to 25% for the nine months ended September 30, 2005 and September 30, 2006, respectively. The decrease in gross profit is mainly due to the significant increase in commodity costs of raw materials used in the production of the antenna products, the costs associated with transitioning our manufacturing to China and the domestic overhead costs associated with the introduction and subsequent manufacturing of several new products. As previously announced, the Company has formed a subsidiary in Hong Kong and will begin manufacturing many of its antenna products in China. This transition commenced in the third quarter of 2006 and is expected to have a significant impact on the Wireless Communications Solutions Division's gross margin.
"We are excited to begin a new era at ARC Wireless," stated Randall P. Marx, ARC's Chief Executive Officer. "The sale of Winncom is now complete, thus allowing us to become a more viable pursuer of new business opportunities. The Company has filed its application to become listed on a major stock exchange which we believe will provide a better market for our current and future shareholders. As previously announced as part of our plan we have selected Catalyst Financial Resources, LLC to execute a comprehensive investor awareness campaign aimed at enhancing the visibility of our Company as well as shareholder value."
"A significant investment is also being made in our antenna operations both in manufacturing and in products offered, with most of our production now transitioning through our new Hong Kong subsidiary's office. We anticipate by the beginning of 2007 to have a run rate from our China contract factories of approximately 18,000 antennas per month including both panel and mobile antenna products. Our work force in Wheat Ridge has recently been reduced from approximately 83 in July to 37 as of November 1, 2006, along with staff additions to both sales and engineering. We are looking forward to a better year for the antenna and cable business in 2007 with the expectation that our Hong Kong operations will improve our overall gross margins," Mr. Marx added.
About ARC Wireless Solutions, Inc.
ARC Wireless Solutions, Inc. is involved in selective design, manufacturing and marketing, as well as distributing and servicing, of a broad range of wireless components and network products and accessories. The Company develops, manufactures and markets proprietary products, including base station antennas (for cellphone towers) and other antennas, through its Wireless Communications Solutions Division; it designs, manufactures and distributes cable assemblies for cable, satellite and other markets through its Starworks Wireless Inc. subsidiary; and, it negotiates and manages its contract manufacturing relationships through its ARC Wireless Hong Kong, Ltd. subsidiary. The Company's products and systems are marketed through the Company's internal sales force, OEMs, numerous reseller distribution channels, retail, and the Internet. ARC Wireless Solutions, Inc., together with its Wireless Communications Solutions Division and its Starworks Wireless subsidiary, is headquartered in Wheat Ridge, Colorado. The Company's China subsidiary is located in Kowloon, Hong Kong. For more information about the Company and its products, please visit our web sites at www.arcwireless.net,www.antennas.com,www.starworkswireless.com and www.arcwirelesshk.net.
This is not a solicitation to buy or sell securities and does not purport to be an analysis of the Company's financial position. This Release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in the forward-looking statements are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. See the Company's most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K for additional statements concerning important factors, such as demand for products, manufacturing costs, and competition, that could cause actual results to differ materially from the Company's expectations.
SOURCE: ARC Wireless Solutions, Inc.
ARC Wireless Solutions, Inc. Randall Marx, Chief Executive Officer, 303-421-4063 randall.marx*arcwireless.net Richard Anderson, Investor Relations, 303-421-4063 richard.anderson*arcwireless.net Fax: 303-424-5085 web page: www.arcwireless.net
Copyright Business Wire 2006
-------------------- "As long as there are dreamers, there are dreams that will come true." Posts: 862 | From: CT Yankee..... in FLA | Registered: Aug 2005
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posted
EQBM (.011) Re-Opens Negotiations For Chinese Mine Tailings Property
PR Newswire "US Press Releases "
CHEYENNE, WY, Nov. 14 /PRNewswire-FirstCall/ - Equitable Mining Corp. (EQUITABLE), a resource company trading as EQBM on PinkSheets.com and E5W on the Frankfurt Exchange, is meeting with the principals of the Dalian Mine Tailings site in Beijing, China later this week.
"We are excited about having the Dalian project move forward," said Larry Skolnik, president of Equitable.
The Dalian acquisition covers the mineral rights to 220,000 square meters of land leased from the government for 25 years and includes 5.2 million tons of mine tailings plus infrastructure in place including roads, electricity, water, fencing, storm sewer, transportation and one production line. To date $7 million has been invested in the project by H.M.H. and D.A.K. Once the acquisition is complete Equitable Mining Corp. plans to increase production to three lines within the first eight months. The company will utilize D.A.K.'s environmentally friendly leaching process to extract the mineral deposits.
Safe Harbor
Certain statements above constitute forward-looking statements with respect to MEM Financial Solutions and affiliated companies. Such forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the companies to be materially different from any further results, performance or achievements expressed or implied by such forward-looking statements.
SOURCE Equitable Mining Corp.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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The Bralorne Mining Company Changes in Shell Company Status 11/14/2006
BEIJING, Nov 14, 2006 /Xinhua-PRNewswire via COMTEX News Network/ -- The Bralorne Mining Company (OTC Bulletin Board:BLNM ) a publicly traded pre-exploration stage company, has acquired all of the outstanding capital stock of Gold Profit (Asia) Group Limited (''Gold Profit''). Gold Profit is a holding company that owns 100% of the registered capital of Beijing Quan Tong Chang Information Services Limited (''Beijing QTC''), a corporation organized under the laws of the People's Republic of China. Beijing QTC is engaged in the business of distributing telephone services through public pay phones and is also in the business of developing Internet phone solutions for commercial customers. All of Beijing QTC's business is currently in China. In 2007, however, Beijing QTC will add international call forwarding to its lines of business, in order to take advantage of the recent dramatic increase in business and tourist travel by residents of China.
Beijing QTC now operates the largest network of public payphone in Beijing. With 469 outlets located in universities, shopping malls and street corners, Beijing QTC distributes fixed line call times under distribution agreements with China Netcom (Beijing) Corporation Limited and China Netcom (Guangdong and Zhejiang) Corporation Limited. In 2004, Beijing QTC controlled 34% of the public payphone market in Beijing.
Beijing QTC's agreements with China Netcom (Beijing) and China Netcom (Guangdong and Zhejiang) also provided Beijing QTC the authority to distribute the Voice over Internet Protocol (VoIP) services offered by those carriers. Under those arrangements, Beijing QTC designs and installs VoIP system for business enterprises, primarily commercial buildings in Beijing.
At present, Beijing QTC has prepared itself to launch the service of International Call Forwarding, which will replace the function of the international roaming services provided by most mobile carriers. To utilize the international call forwarding service, a subscriber will obtain use of a phone number in the country he or she is visiting. He will then use the call forwarding service provided by his mobile carrier to forward his inbound calls to a Beijing QTC phone number. Beijing QTC will then rout the calls to the subscriber's phone number in the destination country.
The market for the International Call Forwarding services will be those Chinese residents who travel abroad for business or personal reason. Over the past six years, this market has grown by 22% annually, increasing from 9 million travelers in 1999 to over 31 million travelers in 2005. Since China now has the most largest mobile phone subscriber base in the world -- 426 million subscribers at the end of June 2006, most of those travelers will be potential subscribers to the international call forwarding service business.
About Bralorne Mining Company
Bralorne Mining Company was organized for the purpose of acquiring and exploring mineral properties. During February 1999, the Company acquired a mineral claim for $1.00 from a related party, known as ''Golden'' consisting of one 18 units metric claim situated within the Bridge River gold camp near the town of Gold Bridge, British Columbia and has an expiration date of December 15, 2006. During March 2003, the Company started an exploration program on 9 of the 18 units within the claim. The other 9 units lapsed on March 18, 2003 and the Company has no further interest in them. The remaining 9 are in good standing until December 15, 2006. On November 2, 2006, The Company acquired all of the outstanding capital stock of Gold Profit (Asia) Group Limited (''Gold Profit''), which owns 100% of the registered capital of Beijing Quan Tong Chang Information Service Limited (''Beijing QTC''). Beijing QTC is engaged in the business of distributing telephone services through public pay phones and is also in the business of developing Internet phone solutions for commercial customers. Beijing QTC will add international call forwarding to its lines of business in the year 2007.
Forward-looking statements
This report contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this report are forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economic and political factors; developments of the Chinese and North American markets and changes in regulatory matters; our business strategies and future plans of operations; the market acceptance and amount of sales of our products and services; our historical losses; the competitive environment within the industries in which we compete; and our ability to raise additional capital, currently needed for expansion.
The Company cautions that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements due to several important factors.
SOURCE The Bralorne Mining Company
Mr. David of The Bralorne Mining Company, +86-10-6496-0170, or BLNM8899*yahoo.com http://www.prnewswire.com
Copyright (C) 2006 PR Newswire. All rights reserved
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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SmarTire to Provide Tire Pressure Monitoring Systems to Spartan Motors RICHMOND, British Columbia, Nov. 14 /PRNewswire-FirstCall/ -- SmarTire Systems Inc. (OTC Bulletin Board: SMTR) announced that Spartan Chassis, Inc., a subsidiary of Spartan Motors, Inc. (Nasdaq: SPAR), now offers SmarTire's tire pressure monitoring systems (TPMS) as options for its fire truck and motorhome customers.
Spartan currently has 36 models riding on its custom chassis and supplies 100% of the custom motorhome chassis for Newmar, Travel Supreme and the American Division of Fleetwood. Spartan also manufactures fire truck chassis and features SmarTire's products in its catalogue.
SmarTire President and Chief Executive Officer Dave Warkentin said, 'We are pleased that Spartan has selected our SmartWave(TM) wireless sensing system to fulfill their TPMS requirements. Spartan's decision supports our market research that owners of recreational vehicles, fire trucks, ambulance and emergency-rescue vehicles are beginning to demand TPMS.'
The SmartWave TPMS improves vehicle safety and reduces fleet fuel and tire costs by providing drivers real-time tire information while their vehicles are in motion. At a push of a button, the SmarTire system displays each tire's temperature and pressure deviation. If the system detects a loss of air pressure or abnormally high tire temperature, a bright warning light automatically alerts the driver to the condition.
About Spartan Motors
Spartan Motors, Inc. designs, engineers and manufactures custom chassis and vehicles for the recreational vehicle, fire truck, ambulance and emergency-rescue markets. The company's brand names - Spartan(R), Crimson Fire(R) and Road Rescue(R) - are known in their market niches for quality, innovation, value and service. Spartan Motors employs more than 750 at facilities in Michigan, South Dakota, Alabama, Minnesota and South Carolina and is publicly traded on the Nasdaq. For more information, visit http://www.spartanmotors.com.
About SmarTire Systems Inc.
SmarTire develops and markets proprietary advanced wireless sensing and control systems worldwide under the SmartWave(TM) trademark. The company has developed numerous patent-protected wireless technologies and advanced tire monitoring solutions since it was founded in 1987. The company's proprietary SmartWave platform provides a foundation for the addition of multiple wireless sensing and control applications. The initial product release on the SmartWave platform is SmartWave TPMS, which leverages on the company's background and knowledge in tire monitoring solutions. SmarTire has offices in North America and Europe. For more information about SmarTire Systems Inc., visit http://www.smartire.com.
An investment profile, a comprehensive online investor relations kit, SEC filings and other useful information regarding SmarTire Systems Inc. can be found at http://www.hawkassociates.com/smartire.aspx and http://www.americanmicrocaps.com. In addition, this press release is available for investor commentary, questions, near real-time answers and monitored discussion in the SmarTire IR HUB at http://www.agoracom.com/IR/SmarTire. Alternatively, investors may speak with Ken AuYeung or Frank Hawkins of Hawk Associates at (305) 451-1888, e-mail: info*hawkassociates.com, or e-mail SMTR*agoracom.com.
Except for historical information contained herein, the matters discussed in this news release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. When used in this news release, the words 'expects,' 'may,' 'will' and similar expressions identify certain of such forward-looking statements. Actual results, performance, or achievements could differ materially from those contemplated, expressed or implied by the forward- looking statements contained herein. These forward-looking statements are based largely on the expectations of SmarTire and are subject to a number of risks and uncertainties that are subject to change based on factors, which are, in many instances, beyond SmarTire's control. These include, but are not limited to, risks and uncertainties associated with SmarTire's ability to obtain additional financing, SmarTire's dependence on key personnel, the effects of competitive pricing, SmarTire's dependence on the ability of third- party manufacturers to produce components on a basis that is cost-effective to SmarTire, market acceptance of SmarTire's products, SmarTire's ability to keep up with technological advances in the industry, the effect of competitive products and the effects of governmental regulations. SmarTire cautions that the foregoing factors are not exhaustive. For a detailed discussion of these and other risk factors, please refer to SmarTire's filings with the Securities and Exchange Commission, including its annual report on Form 10-KSB and subsequent quarterly reports on Form 10-QSB. SmarTire expressly disclaims any intent or obligation to update any forward-looking statements.
SOURCE SmarTire Systems Inc.
Source: PR Newswire (November 14, 2006 - 10:57 AM EST)
News by QuoteMedia
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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posted
PGPM .033 Pilgrim Petroleum Announces Increase in Production
Tuesday , November 14, 2006 11:05 ET
DALLAS, Nov 14, 2006 (BUSINESS WIRE) -- Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent oil and gas company, announces today its oil well reactivation program will complete five additional wells in its Climax Lease before the end of the year. The company estimates these additional wells will increase Climax production by approximately 10-12 barrels per well, adding at least 50 barrels per day, or 1,500 barrels per month, upon full completion. Pilgrim Petroleum continues to focus on increasing production levels through internally generated development opportunities. In addition, we are currently working to setup a new drilling site on the same area with a potential of at least 250 bpd to 300 bpd.
Pilgrim Petroleum Corporation Vice President of Operations Jeffrey Fanning said, "Pilgrim's Reactivation Program is making significant progress toward our year end results. Operations will continue to bring back more inactive wells into production, capitalizing on our best resources to improve recovery levels."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PGPM). The company is acquiring oil and gas leases, producing properties, mineral rights and surface interests primary on marginal fields. Once acquired, the company intends to develop each property to maximize the income from each by refurbishing and improving the existing production.
Forward-Looking Statements: The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward looking statements.
2006 Pilgrim Petroleum Corporation. The information herein is subject to change without notice. Pilgrim Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein.
SOURCE: Pilgrim Petroleum Corporation
American Capital Investment Eddie Monet, 619-864-0166 www.apetroleum.com
Copyright Business Wire 2006
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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November 14, 2006 12:38 PM Eastern Time Porta Systems Corp. Reports Results for the Quarter and Nine Months Ended September 30, 2006 SYOSSET, N.Y.--(BUSINESS WIRE)--Porta Systems Corp. (OTC.BB:PYTM) today reported an operating income from continuing operations for the quarter ended September 30, 2006 of $1,188,000 compared to operating income from continuing operations of $665,000 for the quarter ended September 30, 2005. The Company recorded a net income from continuing operations of $905,000, $0.09 per share (basic and diluted), versus a net income from continuing operations of $273,000, $0.03 per share (basic and diluted), for the quarters ended September 30, 2006 and 2005, respectively. Net income for the quarter ended September 30, 2006, including a loss from discontinued operations of $87,000, was $818,000, $0.08 per share (basic and diluted), compared to net income of $107,000, including a loss from discontinued operations of $166,000, $0.01 per share (basic and diluted), for the quarter ended September 30, 2005.
Due to continuing losses in the Operating Support Systems (“OSS”) division, combined with difficulties in marketing OSS products in view of our financial condition, the Company decided to exit this operating segment in December, 2003. We currently limit our OSS activities to the performance of contractual maintenance and warranty services which are anticipated to cease in June, 2007. Effective as of June 30, 2006 the assets and liabilities, and results of operations, of the OSS division have been segregated and reported separately as discontinued operations, as required by Generally Accepted Accounting Principles.
The Company reported operating income from continuing operations for the nine months ended September 30, 2006 of $3,192,000 compared to an operating income from continuing operations of $3,958,000 for the nine months ended September 30, 2005. The Company recorded a net income from continuing operations of $2,254,000, $0.22 per share (basic and diluted), versus a net income from continuing operations of $2,899,000, $0.29 per share (basic and diluted), for the nine months ended September 30, 2006 and 2005, respectively. Net income for the nine months ended September 30, 2006, after a loss from discontinued operations of $245,000, was $2,009,000, $0.20 per share (basic and diluted), compared to net income of $2,197,000, after a loss from discontinued operations of $702,000, $0.22 per share (basic and diluted).
Sales from continuing operations were $9,018,000 for the quarter ended September 30, 2006 versus $6,875,000 for the quarter ended September 30, 2005, an increase of approximately $2,143,000 (31%). Copper Connection/Protection sales were $7,532,000 versus $5,588,000 for the quarters ended September 30, 2006 and 2005, respectively. The increase for the quarter reflects continuing increased sales volume to British Telecommunications as a result of its continuing rollout of DSL lines, and its implementation of the local loop unbundling program, demanded by regulators in the United Kingdom to enable third party providers of telephone service to gain access to British Telecommunications’ systems. Signal Processing sales for the quarter ended September 30, 2006 were $1,324,000 versus $1,263,000 for the quarter ended September 30, 2005, an increase of $61,000 (5%).
Sales from continuing operations were $25,039,000 for the nine months ended September 30, 2006 versus $22,504,000 for the nine months ended September 30, 2005, an increase of approximately $2,535,000 (11%). Copper Connection/Protection sales for the nine months ended September 30, 2006 were $21,027,000 versus $17,868,000 for the nine months ended September 30, 2005, an increase of $3,159,000 (18%). This increase in sales for the nine months is the result of increased sales volume to British Telecommunications as a result of its continuing rollout of DSL lines, and its implementation of the local loop unbundling program, demanded by regulators in the United Kingdom to enable third party providers of telephone service to gain access to British Telecommunications’ systems. Signal Processing sales for the nine months ended September 30, 2006 were $3,731,000 versus $4,517,000 for the nine months ended September 30, 2005, a decrease of $786,000 (17%). This decrease in Signal Processing sales in the nine months of 2006 resulted primarily from sluggish order rates from the military sector in the first six months of 2006. In addition, Signal Processing revenue for the nine months ended September 30, 2005 was positively impacted by shipments to customers from 2004 backlog that were not shipped in 2004 due to cash constraints which then existed.
The overall gross margin from continuing operations was 33% for the quarter ended September 30, 2006, compared to 36% for the quarter ended September 30, 2005. Gross margin for the nine months ended September 30, 2006 was 34% compared to 39% for the nine months ended September 30, 2005. This decrease for the nine months was attributable to a change in products sold to British Telecommunications (from the higher gross margin DSL products to the lower margin local loop unbundling products), short-term manufacturing inefficiencies at our assembly facility in Mexico during the second quarter, and additional freight costs associated with on-time deliveries to customers. The quarter ended September 30, 2006 was negatively impacted primarily by additional freight costs and, to a lesser extent, sales to British Telecommunications of lower margin products.
Operating expenses from continuing operations for the quarter ended September 30, 2006 increased by $13,000 (1%) from the similar period in 2005. For the nine months ended September 30, 2006, operating expenses increased by $334,000 (7%) when compared to last year’s nine months ended September 30, 2005. The increase for the quarter ended September 30, 2006 relates primarily to increased research and development expenses for our Line segment to enhance our existing Line products and develop new products. The increase for the nine months relates primarily to increased expenses in our Line segment for salaries and advertising as our marketing activities for Line were increased during the first quarter of 2006. Additionally, increased expenses for research and development attributable to our Line Connection/Protection division for enhancement of our existing line products, as well as for development of new products, were partially offset by a decrease in general and administrative expenses relating to a 2005 settlement of a lease agreement in the United Kingdom in the fourth quarter 2005.
Interest expense decreased for the nine months by $109,000 (11%) from $957,000 in 2005 to $848,000 in 2006.
The Company’s Copper Connection/Protection business unit operated profitably during the quarter and nine months, with operating income of $1,341,000 and $3,956,000 respectively for the quarter and nine months. The Signal Processing unit operated profitably during the quarter and nine months of 2006, with operating income of $462,000 and $1,067,000, respectively. The OSS unit incurred operating losses of $87,000 and $245,000 for the quarter and nine months of 2006, respectively.
On September 30, 2006, the Company’s outstanding senior debt was $23,816,000. The most recent extension, which extended the maturity date, subject to our attaining certain milestones, from September 30, 2006 to November 30, 2006 includes a milestone relating to a restructuring of our senior and junior debt including reaching an agreement with the senior debt holder by October 31, 2006. Although the Company continues to negotiate with the senior debt holder, this milestone was not achieved by October 31, 2006. Therefore, the senior debt holder may demand immediate payment of the senior debt, if the senior debt holder declares a default. We cannot give any assurance that the holder of the senior debt will extend the loan beyond November 30, 2006 or declare a default before then. If the holder does not extend the maturity date of our obligations or demands payment of all or a significant portion of our obligations due, we will not be able to continue in business.
Porta Systems Corp. designs, manufactures, markets and supports communication equipment used in telecommunications, video and data networks worldwide.
Statements in this press release may be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company’s filings with the Securities and Exchange Commission filings, including the Risk Factors included in the Form 10-K for the year ended December 31, 2005 and the Management’s Discussion and Analysis of Financial Conditions and Results of Operations in the Form 10-K for the year ended December 31, 2005 and the Form 10-Q for the quarter ended September 30, 2006. In addition, general industry and market conditions and growth rates, and general economic conditions could affect such statements. Any forward-looking statements speaks only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
Porta Systems Corp. and Subsidiaries
Condensed Consolidated Statement of Operations
Quarter and Nine Months ended September 30,
(in thousands except per share amounts)
Quarter ended September 30, Nine Months ended September 30,
2006 2005 2006 2005
Sales $ 9,018 $ 6,875 $ 25,039 $ 22,504
Gross profit 2,982 2,446 8,446 8,878
Total operating expenses 1,794 1,781 5,254 4,920
Operating income 1,188 665 3,192 3,958
Interest expense, net of interest and other income (261) (309) (846) (953)
Income before income taxes 927 356 2,346 3,005
Income tax expense (22) (83) (92) (106)
Income from continuing operations $ 905 $ 273 $ 2,254 $ 2,899
Discontinued operations: Loss from discontinued operations (87) (166) (245) (702)
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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November 14, 2006 12:45 PM Eastern Time US Energy Initiatives Reports 217% Growth in Revenue and 1,297% Growth in Gross Profit for the Nine-Month Period Ended September 2006 TAMPA, Fla.--(BUSINESS WIRE)--US Energy Initiatives Corporation ("US Energy" or "the Company") (OTCBB:USEI), ISO9001-2000 Certified manufacturer of a patent dual-fuel diesel to natural gas conversion system, reported third quarter and nine-month operating results.
On a consolidated basis, for the three month period ended September 30, 2006 as compared to the same period ended 2005, our revenues increased 103% from $224,298 to $456,126 while gross profit increased 3,461% from $5,297 to $188,642. On a consolidated basis, for the nine-month period ended September 30, 2006 as compared to the same period ended 2005, our revenues increased 217% from $278,035 to $881,849 while our gross profit increased 1,297% from $30,027 to $419,406.
On a proforma basis assuming our acquisition of AEC occurred as of January 1, 2006, for the three month period ended September 30, 2006 as compared to the same period ended 2005, the Company's revenues decreased 37% from $722,296 to $456,126 while gross profit increased 168% from $109,579 to $294,184. For the nine-month period ended June 30, 2006 as compared to the same period ended 2005, revenues increased 1% from $1,757,383 to $1,771,502 while gross profit increased 68% from $299,993 to $504,150.
"We are pleased with the trends developing in our revenues and gross profit," said USEI CEO Mark Clancy. "These fundamental trends, coupled with our operational advances made throughout 2006, positions the Company to emerge from development into an operating stage during the fourth quarter 2006 through the first quarter 2007. Given our evolution during this period, we have provided an in depth discussion of our strategy and our current active projects in the management's discussion portion of our Form 10QSB filed today. Our international projects with General Motors, PSGas, TruckGas and new OEMs remain on schedule; our sub-licensee in Thailand has now delivered orders for shipments covering November through April and our sub-licensee for China is on-site preparing for our December return. Our electronic manufacturing facility is capable of producing 500 of our systems per week and if we were able to sell and deliver the full capacity of AEC, we would derive in excess of $50,000,000 annual revenues. As we embark on the launch phase of our technology beginning the month of November, we are on track to ship more systems during December than in any annual period since our founding in 1996," concluded Mr. Clancy.
Investors are cautioned that certain statements contained in this document are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects" and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future US Energy Initiatives actions, which may be provided by management, are also forward-looking statements as defined by the act. These statements are not guarantees of future performance.
Contacts For US Energy Initiatives Corporation, Tampa Core Consulting Group Paul DeRiso, 925-465-6088 http://www.usenergyic.com
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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November 14, 2006 01:25 PM Eastern Time Martin Nutraceuticals to Be Featured Tonight on the National Radio Talk Show Your Money’s Worth and Welcomes Former IMUS Show Co-Host Sid Rosen berg SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Martin Nutraceuticals, Inc. (Pink Sheets: MNCL) announced today that Harvey Panesar, CEO, and Dr. Tony Martin, Founder and Director of Research and Development, will be featured today on the National Radio Show Your Money’s Worth broadcast on the Beasley Broadcasting Network (BBGI) and Fortune Market Financial Network http://www.fortunemarket.net.
Your Money's Worth 740AM WSBR Monday Talk Radio host Mick Bazsuly is a longtime Florida broadcaster who has covered major events in Florida and throughout the US for over 15 years. He will interview the company’s executives and question them about Martin Nutraceuticals' products, company plans, opportunities and upcoming events. The shows will air Tuesday and Wednesday, November 14 and 15, at 7:05 p.m. Eastern time.
The public is encouraged to e-mail questions to be asked on the air to: mncl*quality-stocks.net.
Martin Nutraceuticals also welcomes former IMUS Show co-host and longtime sportscaster Sid Rosenberg to its Media Advisory Board and Spokesman Committee. "I am looking forward to a long association with the company and an opportunity to showcase its products to my listening audience," Rosenberg said.
"Our audience is active in sports, and with the pounding the body takes in years of activity and the continued playing of sports like tennis, golf and basketball into the 60s, people are looking for something nonaddictive and natural for some relief," Rosenberg added.
About Martin Nutraceuticals
Martin Nutraceuticals Inc. is a development stage company that develops and markets natural/complementary medicine (nutraceuticals) for joint pain and weight control to the general consumer. Martin’s products increase the activity of the immune system and obesity control using patented and proprietary oral systemic enzymes. Martin Nutraceuticals is quickly establishing itself as a category leader in the nutraceuticals marketplace.
For more information about Martin Nutraceuticals, please visit www.martinnutra.com.
About QualityStocks.net
Quality Stocks is a free service that collects data from hundreds of Small-Cap and Micro-Cap online Investment Newsletters into one free Daily Newsletter Report. To sign up for "The QualityStocks Daily Newsletter," please visit www.QualityStocks.net.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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MotorSports Emporium Releases Third Quarter Results Business Wire - November 14, 2006 15:40
SCOTTSDALE, Ariz., Nov 14, 2006 (BUSINESS WIRE) -- MotorSports Emporium Inc. (OTCBB: MSEM), a fast-track, multi-faceted and diversified motor sports company, today announced results for its third quarter ending September 30, 2006.
Total revenue for the first nine months of 2006 and 2005 were $129,141 and $171,268, respectively (a decrease of $42,127), consisting of sales of diecast collectibles and sales of brake fluid and specialty car care products. The decrease in revenue is attributable to management's focus away from an exclusive diecast merchandising business and towards developing its new line of businesses, including its brake fluid line and its car care product line.
Total revenue for the third quarter of 2006 and 2005 were $51,565 and $44,379, respectively (an increase of $7,186), consisting of sales of diecast collectibles and sales of brake fluid and specialty car care products. The increase in revenue is attributable to sales from the new line of businesses.
David Keaveney, President and CEO of MotorSports Emporium Inc., comments, "Throughout the first nine months of 2006, business has remained relatively steady with sales from both GS610 brake fluid and Arie Luyendyk Waterless Wash n Wax helping to increase revenues each and every quarter this year. Industry-wide, revenues within the diecast business have been down. ScaleCars.com included. The slump in sales is mainly contributed by the increased production costs in China as well as higher freight fees. Fuel costs, wage hikes in China and manufacture's increases continue to influence costs of goods sold and decrease profit margins. Most affected are the lower-end, mass-produced diecast models."
Keaveney continued, "To date, our 2006 profit margins and COGS stayed in-line with 2005 margins. This occurred because we had inventory from 2005 that carried over into 2006. This carry-over greatly reduced our need to order low-end, mass-produced models that moved slow. Seeing a trend, we spent the last two quarters liquidating our slower, undesirable models. Moving forward, our focus is high-end diecast models. The higher-end models are desired more so by collectors, produce large retail margins, turn quickly and aren't influenced (as much) by economics. Objectively, ScaleCars plans to significantly reduce its stagnant inventory by the end of this holiday season and strictly focus on high-end models."
Management focus of developing a more vital business model for ScaleCars.com allows the company to move away from low-priced, mass-produced models and shift its efforts towards higher-end collectibles. ScaleCars' goal is to turn inventory quickly, increase profit margins and reduce costs of goods sold. Higher profits and quicker turn-over could equate to larger revenues and yield a greater return on investment.
Subsequent to the third-quarter ending September 30, 2006 the company effected a reverse stock split and announced a dividend in its wholly-owned subsidiary Scottsdale Diecast (DBA ScaleCars.com). The reverse split allows MSEM to develop its merger and acquisition platform as well continue the growth of its business lines within its various subsidiaries. On November 6, 2006 (the record date) shareholders of record of MSEM were recorded as owners of Scottsdale Diecast. The dividend is a series of steps necessary to be independent of MSEM.
It is the policy of the Company (MSEM) to not forecast or project revenues. Quarterly and annual reports will be released according to the Securities and Exchange Commission (SEC) timelines. For complete financial results for the period ending 9/30/2006 and additional information and a discussion of risk factors, please see the MSEM current 10Q & past 10K reports at www.sec.gov.
About MotorSports Emporium Inc.
MotorSports Emporium Inc. is a fast-track, multi-faceted and diversified company in the motor sports industry targeting INDY, NASCAR, Formula 1 and other racing series, spectators, classic car and high performance auto enthusiasts, professional and amateur mechanics and discriminating consumers in search of high quality auto parts and accessories. MotorSports Emporium intends of reaching consumers through mass market retailers, auto parts suppliers, home television shopping networks, infomercials, industry and consumer trade shows, and consumer direct advertising (television, magazine and Internet). For more information visit www.motorsportsemporium.com.
This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.
SOURCE: MotorSports Emporium Inc.
MotorSports Emporium Inc. Investor Relations ir*motorsportsemporium.com
Copyright Business Wire 2006
-------------------- "As long as there are dreamers, there are dreams that will come true." Posts: 862 | From: CT Yankee..... in FLA | Registered: Aug 2005
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