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China BAK Battery Inc. Signs Letter of Intent with Hewlett-Packard Company Monday August 13, 4:30 pm ET
SHENZHEN, China, Aug. 13 /Xinhua-PRNewswire-FirstCall/ -- China BAK Battery Inc. ("China BAK" or "BAK") (Nasdaq: CBAK - News), one of the largest manufacturers of lithium-based battery cells in the world, today announced that it has signed a non-binding Letter Of Intent with Hewlett-Packard Company ("HP") (NYSE: HPQ - News), under which both parties will work together in a set time frame to reach a definitive agreement for BAK to supply lithium ion battery cells to HP. ADVERTISEMENT
BAK and HP have held extensive business discussions, including site visits by HP to BAK's manufacturing facilities, product quality and capacity review since September 2006. The focus of these discussions has been on the potential for BAK to supply HP or HP's designated battery pack manufacturers with cylindrical lithium ion battery cells for notebook computer batteries to be used in notebook computers manufactured by HP. HP's key battery pack manufacturers have audited BAK's factory and tested its lithium ion battery cell samples. BAK has agreed, subject to the completion of negotiations and the execution of definitive documentation, to allocate at least 50% of its monthly cylindrical lithium ion battery cell manufacturing capacity to HP or HP's designated battery pack manufacturers. Pricing and delivery terms are subject to negotiation between the parties and the execution of definitive documentation setting forth such terms.
"We are very excited to be working with HP, which is among the world's largest IT companies, with a portfolio that spans printing, personal computing, software, services and IT infrastructure. We recognize the tier one OEM capabilities of HP as very beneficial to our strategy of increasing market penetration and this latest development is a significant milestone in our efforts in developing the OEM market," said Xiangqian Li, China BAK's Chief Executive Officer. "We are encouraged by this progress which resulted from our persistent efforts on pursuing the highest technological standards and product quality. We expect it to boost our product awareness and attract more OEM customers."
Cylindrical lithium ion battery cells represent a fast growing portion of China BAK's sales. In the quarter ended June 30, 2007, revenue from such cells grew 128% from the quarter ended March 31, 2007.
About China BAK Battery Inc.
China BAK Battery Inc. is one of the largest manufacturers of lithium- based battery cells in the world, as measured by production output. It produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, notebook computers, cordless power tools and portable consumer electronics, such as digital media devices, portable media players, portable audio players, portable gaming devices and personal digital assistants (or PDAs). China BAK's 1.9 million square feet facilities are located in Shenzhen, PRC, and have been recently expanded to produce new products. China BAK is the largest manufacturer of lithium-ion battery cells for China's cellular phone replacement battery market. More information about BAK (Nasdaq: CBAK - News) is available at http://www.bak.com.cn.
Safe Harbor Statement
This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of China BAK Battery Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to: risks related to China BAK's business and risks related to operating in China. Please refer to China BAK's Annual Report on Form 10-K for the fiscal year ended September 30, 2006, as well as its Quarterly Reports on Form 10-Q for the first three quarters of fiscal 2007, which are filed with the U.S. Securities and Exchange Commission, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. China BAK's actual results could differ materially from those contained in the forward-looking statements. China BAK undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
For more information, please contact:
China BAK Battery Inc.
Tracy Li Tel: +86-755-8977-0093 Email: tracylee*bak.com.cn
-------------------------------------------------------------------------------- Source: China BAK Battery Inc.
Posts: 2383 | Registered: Apr 2006
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quote:Originally posted by 10of13: I covered at 43%...watching...will see what it does after lunch...
nice find 10. i have some info on dcnaq from filings i'll pm you later. playin the Q's. this also reminded me of DYMTF which is very low volume now but may be a decent play soon.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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ATLANTA, Aug. 14 -- Simex Technologies, Inc. (OTC: SMXT) announced today that it entered into a Letter of Intent on August 13, 2007 to acquire College Tonight, Inc., a privately held corporation with its principal headquarters located in Valley Village, California, in a reverse merger.
The proposed merger is subject to numerous conditions precedent, and will involve a change in stockholder control of SMXT, change of management, change of corporate name, change of corporate headquarters and other significant matters. The proposed merger is expected to involve a 1:4 reverse stock split of the current outstanding shares of SMXT. The company estimates that the merger will close in 60 days or less.
College Tonight (CT) is a social networking experience and marketing platform, which is designed to promote actual social interactivity among college students. Due to the mobile nature of the site, the service's design is also structured for the mobile user, focusing on nightlife events and social opportunities both directly on a student's campus and within their broader communities. CT's platform allows advertisers to tap into the world of active, outgoing and socially motivated college students - the trendsetters and "tastemakers" in our society. The launch of a fully functional website is scheduled for September.
-------------------- the market is not your mother Posts: 1282 | From: Montreal | Registered: Mar 2006
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SIMC, tiny float Nazzer...Popped almost 25% in the last half hour of trading today...May be worth adding to your watchlist for tomorrow...
Simclar, Inc. Announces Results for Second Quarter 2007 Tuesday August 14, 3:49 pm ET
HIALEAH, Fla., Aug. 14, 2007 (PRIME NEWSWIRE) -- Simclar, Inc. (NasdaqCM:SIMC - News), a multi-plant electronics contract manufacturer, reported its results for the three months ended March 31, 2007. ADVERTISEMENT
Revenue for the three months ended June 30, 2007 was $37,118,798, up 22% from $30,399,457 in the same period in 2006. The growth was attributable to additional business from existing and new customers.
Pre-tax income for the three months ended June 30, 2007 was $2,081,379 compared to $1,284,177 for the same period in 2006. The major contributors to this were the increased sales volumes and the resultant improvement in gross margin.
Net income for the three months ended June 30, 2007 was $1,372,346 or $0.21 per share, compared to $709,033 or $0.12 per share in the same period in 2006.
``I am pleased with the progress we made in the second quarter,'' commented Sam Russell, Chairman. ``We are beginning to realize the increased benefit of the vertical integration of our products. Our backlog at the end of the quarter was $30.6 million, an increase of 8.6% since the end of the first quarter, which put us in a strong position going into the second half of the year. The management team continues to focus on improving efficiencies, reducing costs, and controlling inventories. Our cash generation in the first half of the year has been good and has allowed us to make $1.5 million of additional bank loan repayments, over and above our scheduled repayments.''
Simclar, Inc., with five North American manufacturing locations, and two regional Sales/NPI locations has been engaged in contract manufacturing of electronic and electro-mechanical products for OEMs for 31 years.
Statements in this news release, which relate to other than strictly historical facts, such as statements about the Company's plans and strategies, expectations for future financial performance, and markets for the Company's products and services are forward-looking statements. The words ``believe,'' ``expect,'' ``anticipate,'' ``estimate,'' ``project,'' and similar expressions identify forward-looking statements that speak only as of the date hereof. Investors are cautioned that such statements involve risks and uncertainties that could cause actual results to differ materially from historical or anticipated results due to many factors including, but not limited to, the Company's customer concentration, debt covenants, competition, and other risks detailed in the Company's most recent Annual Report on Form 10-K and other Securities and Exchange Commission filings. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
Visit Simclar, Inc. at its website, http://www.simclar.com for more information about the Company.
Contact: Simclar, Inc. Marshall Griffin, CFO (937) 220-9777
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keep an eye on LEND Wednesday. With only 3% of the available stock left after the Tender offer, there could be a huge explosion up of $2-3 a share or more if shorts start covering big.
Posts: 52 | From: Arizona | Registered: Aug 2007
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EMEA Recommends Orphan Drug Designation for PI-88 Wednesday August 15, 7:00 am ET
SYDNEY, Aug. 15 /PRNewswire-FirstCall/ -- Progen Pharmaceuticals Limited (ASX: PGL - News; Nasdaq: PGLA - News) today announced that the Committee for Orphan Medical Products (COMP) of the European Agency for the Evaluation of Medicinal Products (EMEA) has adopted a positive opinion recommending the granting of orphan medicinal product designation for PI-88 for the treatment of hepatocellular carcinoma, or primary liver cancer. ADVERTISEMENT
The Committee's orphan medicinal products opinions are submitted to the European Commission for orphan designation determination. The orphan drug designation will become effective upon adoption of this recommendation by the European Commission. This is expected to occur before the end of the third quarter of 2007.
The EMEA's orphan drug program is designed to promote the development of drugs to treat rare life-threatening or very serious conditions that affect no more than five in every 10,000 people in the European Union (EU). The designation provides EU market exclusivity for up to ten years in the given indication. Other potential benefits include: a reduction in fees associated with various aspects of the regulatory process, including the application for marketing approval, and EMEA guidance in preparing protocols concerning studies relevant for approval.
PI-88 is part of a new class of multi-targeted cancer therapeutics inhibiting both angiogenesis (or tumour promoting) factors such as Vascular Endothelial Growth Factor (FEGF), Fibroblast Growth Factors (FGF) 1 and 2, and heparanase, a degrading enzyme implicated in metastasis (tumour spread). Progen will this year launch a multi-national two-armed, double-blinded placebo controlled Phase 3 trial using PI-88, with the primary endpoint of disease free survival, in patients with post-operative primary liver cancer. The goals of PI88 treatment in this population are to reduce disease recurrence, prolong the time to recurrence (known as disease-free survival time) and improve the overall survival time of patients after tumour resection. Additionally, the Company is currently conducting a Phase 2 trial in patients with melanoma, the other indication in which we have received U.S. FDA orphan drug designation, with results from this trial expected during the second half of 2008.
Mr. Justus Homburg, Chief Executive Officer of Progen commented: "While the incidence of primary liver cancer in the European Union is relatively low, with over half a million new cases elsewhere in the world, it is a disease of significant global relevance. We are honored by the Committee's decision and support in our efforts to develop PI-88 for liver cancer."
About Progen: Progen Pharmaceuticals Limited is an Australian-based globally focused biotechnology company committed to the discovery, development and commercialisation of small molecule therapeutics primarily for the treatment of cancer.
This press release contains forward-looking statements that are based on current management expectations. These statements may differ materially from actual future events or results due to certain risks and uncertainties, including without limitation, risks associated with drug development and manufacture, risks inherent in the extensive regulatory approval process mandated by the United States Food and Drug Administration and the Australian Therapeutic Goods Administration, delays in obtaining the necessary approvals for clinical testing, patient recruitment, delays in the conduct of clinical trials, market acceptance of PI-88, PI-166 and other drugs, future capitals needs, general economic conditions, and other risks and uncertainties detailed from time to time in the Company's filings with the Australian Stock Exchange and the United States Securities and Exchange Commission. Moreover, there can be no assurance that others will not independently develop similar products or processes or design around patents owned or licensed by the Company, or that patents owned or licensed by the Company will provide meaningful protection or competitive advantages.
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