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November 14, 2006 04:05 PM Eastern Time VCampus Announces Third Quarter Financial Results Company derives 74% of its revenues from Certification-related business as it transitions away from pure commodity hosting model
RESTON, Va.--(BUSINESS WIRE)--VCampus Corporation (OTCBB:VCMP.OB), a provider of professional certifications and e-Learning Portal Services, today announced its financial results for the third quarter ended September 30, 2006.
Highlights:
The third quarter of 2006 represents the first full quarter of combined operations since the acquisition of Prosoft Learning Corporation in June 2006. The acquisition has enabled the combined company to double VCampus revenues and increase its certification related revenue component from 16% to 74% of total revenues over the same quarter a year ago. These achievements signify the completion of the company’s strategic transition from a pure e-Learning hosting service provider to a provider of professional certification courses and exams using blended components of print and e-Learning. The company has reclassified its revenue components into three broad areas to better reflect the changes in its business model: 1) “certification-related revenues” combine all of Prosoft’s product revenues and VCampus’ Select Partner tuition revenues; 2) “learning portal revenues” consist of online hosting and tuition revenues for third parties; and 3) “development and other revenues” are derived from our delivery of professional services. Gross margins improved from 60% of total revenues in the third quarter of 2005 to 64% in the third quarter of 2006. Gross margin for the second quarter of 2006 was at 65%. Product development and operations costs as a percent of total revenues declined from 49% in the third quarter of 2005 to 32% in the third quarter of 2006. Management expects these costs as a percentage of total revenues to decline further in the future. Product development and operations costs represented 48% of revenues for the second quarter of 2006. Non-cash operating costs which include depreciation and amortization, impairment of goodwill, and stock-based compensation grew from $352,560 in the third quarter of 2005 to $1,061,156 in the third quarter of 2006. Non-cash operating costs were $567,433 for the second quarter of 2006. The Company raised $2.7 million in net proceeds in September of 2006 from a $3 million convertible debt offering with a fixed conversion price. These funds will help finance the integration of the recently-acquired Prosoft operations with VCampus, fund expansion of sales and marketing of certification products and enhancement of the testing software to help host proctored exams for Prosoft certifications and retire other company debt obligations. Using number of exams taken as a barometer of market acceptance, CIW’s Academic market exams have grown 132% from 1,032 in the 2004-2005 academic year to 2,396 exams in the 2005-2006 academic year. Much of this growth is driven by the five states with which Prosoft has articulation agreements: Virginia, Tennessee, Arkansas, Michigan, and Louisiana. Other states like Wisconsin and Washington are coming on stream now. We will be focusing on refining our strategy to grow in this market through community colleges. The total number of CIW exams delivered grew 23% from 2,054 exams in Q3-05 to 2,533 exams in Q3-06. The growth was driven partly by increased demand from Japan and Egypt. We now have over 44,000 CIW certified individuals worldwide who collectively have earned over 85,000 certifications. CTP certification is gaining ground as we have grown 50% in Q3-06 compared to Q3-05 averaging 100 exams a month since June. The pass rate for these exams is 66%. We now have over 3,000 CTP certified professionals worldwide. Online tuition through our Select Partner agreements grew 25% from Q2-06 to $200,000 Commenting on the business transition, Nat Kannan, CEO of VCampus, said, “Three years ago we made a commitment to turn around the company from its total reliance for 100% of its revenues on a pure commoditized, e-Learning model to one where the company had an exclusive position in a growing market for valuable professional certifications worldwide. We have finally made this transition with significant help from our Select Partners and the acquisition of Prosoft Learning. This has been a challenging transition and now our goal is to drive revenues and rationalize our cost structure to get to breakeven shortly and profitability by mid-2007. We currently derive 74% of our revenues from certification-related business through both outright ownership of certifications and through exclusive relationships with world class certifying bodies in the areas of Finance, Information Security and Healthcare. The two certifications we own through the acquisition of Prosoft, CIW and CTP, have established leadership positions in rapidly emerging Web technologies and the convergence of voice, video, and data over the Internet.”
The company reported total revenues of $2,524,733 in the third quarter of 2006 compared to total revenues of $1,407,668 in the second quarter of 2006 and $1,244,612 in the third quarter of 2005. The operating loss for the three months ended September 30, 2006 was $1,986,261 compared to $1,332,259 and $905,633 for the three months ended June 30, 2006 and September 30, 2005, respectively. With the adoption of the new equity-based compensation standards under SFAS 123R effective January 1, 2006, the non-cash charge for stock-based compensation increased to $215,883 in the third quarter of 2006 from $17,500 in the third quarter of 2005. Stock-based compensation for the second quarter of 2006 was $292,472. During the third quarter of 2006, the company recorded a non-cash deemed dividend of $1,491,666 representing the beneficial conversion feature associated with its Series A-1 Preferred Stock as a result of the automatic adjustment in the conversion price for such shares and the exercise price of the related warrants to $0.30 per share, following the Company’s September 2006 private placement. Also during the third quarter, the company recorded a non-cash charge of approximately $165,000, which represents amortization of debt discount and deferred debt offering costs related to the issuance of approximately $3.6 million (September 30, 2006 principal amount of approximately $1.1 million) of convertible promissory notes in March 2004. Corresponding charges in the second quarter of 2006 and third quarter of 2005 were approximately $109,000 and $285,000, respectively. During the third quarter of 2006, the Company recorded a non-cash goodwill impairment charge of $328,317. Including these non-cash charges, VCampus reported a net loss to common stockholders in the third quarter of 2006 of $3,816,235, or $0.38 per share, compared to a net loss to common stockholders of $1,212,427, or $0.13 per share, for the third quarter of 2005 and $2,624,342, or $0.27 per share, in the second quarter of 2006.
For the nine months ended September 30, 2006, the company reported revenue of $5,209,603, compared to $3,466,283 for the same period in 2005. The operating losses for the nine months ended September 30, 2006 and 2005 were $5,030,608 and $3,558,089, respectively. Including a non-cash deemed dividend of $2,523,369 and a goodwill impairment charge of $328,317 in the 2006 period, stock-based compensation of $664,992 and $91,994 for the 2006 and 2005 periods, respectively, and approximately $391,000 and $936,000 of non-cash debt discount and deferred debt offering costs amortization for the 2006 and 2005 periods, respectively, VCampus reported a net loss to common stockholders of $8,347,970 ($0.86 per share) for the nine months of 2006, compared to $4,571,204 ($0.50 per share) for the same period in 2005.
The company ended the quarter with approximately $2.4 million in cash compared to approximately $2.1 million in cash on June 30, 2006.
Conference Call and Webcast
Mr. Kannan and Mr. Nelson will hold a conference call to discuss the third quarter financial results. The call is scheduled for 4:30 PM Eastern Time on November 14, 2006. Interested parties may participate by dialing (866) 831-6243. International callers may dial (617) 213-8855. Please enter the passcode 76763944.
This call is also being webcast by Thomson/CCBN and can be accessed at the VCampus web site at www.vcampus.com. The webcast is also being distributed through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at www.fulldisclosure.com, Thomson/CCBN’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson’s password-protected event management site, StreetEvents (www.streetevents.com).
A replay of the call will be available via telephone from approximately 6:30 PM Eastern Time on November 14, 2006 until 6:30 PM Eastern Time on November 21, 2006. To listen to the replay, participants in the U.S. and Canada should dial (888) 286-8010, and international participants should dial (617) 801-6888. The conference ID for the replay is 68701683.
About VCampus®
VCampus Corporation (OTCBB:VCMP.OB), a provider of comprehensive, outsourced e-Learning services, helps organizations that offer professional certifications and credentials unlock the value of their traditional branded course content. Through its innovative Select Partner® Program, VCampus repurposes value-added training content for online delivery to enhance and support professional development programs. The Select Partner Program provides custom course development, publishing, hosting, e-commerce, reporting, account support and marketing services. With over a decade of e-Learning experience, VCampus has delivered more than 3.1 million courses to more than 1 million desktops/users in professional credentialing and certification organizations, associations, non-profits, corporations, and government agencies. VCampus distributes a courseware library of more than 3,400 web-based courses. VCampus Corporation is headquartered in Reston, VA. For more information, call 800-915-9298, or visit the VCampus Web site at www.vcampus.com. “VCampus” and “Select Partner” are registered trademarks of VCampus Corporation.
About Prosoft Learning, a VCampus Company
Prosoft offers content and certifications to enable individuals to develop and validate critical Information and Communications Technology (ICT) workforce skills. Prosoft is active in the workforce development arena, working with state and local governments and school districts to provide ICT education solutions for high school and community college students. Prosoft has created and distributes a comprehensive library of classroom and e-learning courses. Prosoft distributes its content through its ComputerPREP division to individuals, schools, colleges, commercial training centers and corporations worldwide. Prosoft owns the CIW job-role certification program for Internet technologies and the CCNT (Certified in Convergent Network Technologies) certification, and manages the CTP (Convergence Technologies Professional) vendor-neutral certification for telecommunications. To learn more, visit www.ProsoftLearning.com,www.ComputerPREP.com,www.CIWcertified.com and www.CTPcertified.com. “CIW” and “CTP” are registered trademarks of Prosoft.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the federal Private Securities Litigation Reform Act of 1995. Statements contained herein that are not statements of historical fact are forward-looking. Without limiting the foregoing, references to future growth or expansion or scheduled product launch dates are forward-looking, and words such as “anticipates,” “believes,” “could,” “estimate,” “designed to,” “expect,” “intend,” “may,” “might,” “should,” “will,” and “would” and other forms of these words or similar words are intended to identify forward-looking information. You should read statements that contain these words carefully because they discuss our future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. There might be events in the future that we are not able to predict accurately or control, and any forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially. These risks and uncertainties include: (1) our history of losses, projection of future losses and our need to raise additional capital; (2) market acceptance of our new and future products; (3) uncertainties regarding the successful implementation of our Select Partner Program or the timely release of products; (4) uncertainties regarding our ability to achieve growth organically or otherwise and to consummate and integrate any acquisitions, including Prosoft; and (5) growing competition. For additional information regarding risk factors that could affect our future results, please refer to the discussions of “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2005 and other SEC filings.
VCAMPUS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 2005 2006 2005 2006 Revenues: Certification related revenues $ 203,785 $ 1,858,473 $ 505,637 $ 2,497,402 Learning portal revenues 830,230 547,588 2,580,534 2,145,384 Development and other revenues 210,597 118,672 380,112 566,817 Net revenues 1,244,612 2,524,733 3,466,283 5,209,603 Costs and expenses: Cost of revenues 495,675 921,007 1,345,237 1,823,350 Sales and marketing 380,062 881,171 1,304,216 1,674,069 Product development and operations 605,155 799,087 2,014,584 2,152,310 General and administrative 316,793 848,573 1,151,244 1,926,072
Sales and use tax assessment — — — 400,000 Depreciation and amortization 335,060 516,956 1,117,097 1,271,101 Impairment of goodwill — 328,317 — 328,317 Stock-based compensation 17,500 215,883 91,994 664,992 Total costs and expenses 2,150,245 4,510,994 7,024,372 10,240,211 Loss from operations (905,633) (1,986,261) (3,558,089) (5,030,608) Interest expense and amortization of debt discount and debt offering costs, net (306,794) (189,433) (1,013,115) (429,487)
Net loss $ (1,212,427) $ (2,175,694) $ (4,571,204) $ (5,460,095) Dividends to preferred stockholders — (1,640,541) — (2,887,875) Net loss attributable to common stockholders $ (1,212,427) $ (3,816,235) $ (4,571,204) $ (8,347,970) Net loss per share, basic $ (0.13) $ (0.38) $ (0.50) $ (0.86) Net loss per share — assuming dilution $ (0.13) $ (0.38) $ (0.50) $ (0.86)
VCAMPUS CORPORATION CONSOLIDATED BALANCE SHEETS
December 31, September 30, 2005 2006 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 2,488,159 $2,362,893 Accounts receivable, net 209,338 702,634 Loans receivable from related party 15,453 —
Prepaid expenses and other current assets 325,818 677,560 Total current assets 3,038,768 3,743,087 Property and equipment, net 313,880 329,806 Capitalized software costs and courseware development costs, net 1,308,577 510,744 Other assets 231,859 789,221 Other intangible assets, net 257,006 1,546,467 Goodwill 328,317 765,433 Total assets $ 5,478,407 $7,684,758 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $1,182,585 $1,666,789 Accrued expenses 479,316 825,342 Accrued sales and use tax liability — 400,000 Capital lease obligation — 22,346 Notes payable 191,796 457,067 Deferred revenues 469,280 924,917 Accrued dividends payable to preferred stockholders 14,312 56,875 Total current liabilities 2,337,289 4,353,336 Long-term liabilities:
Notes payable—less discount and current portion 479,489 1,866,619 Capital lease obligation - net of current portion — 42,478 Total liabilities 2,816,778 6,262,433 Commitments and contingencies: — — Stockholders’ equity: Series A-1 convertible Preferred Stock 23 23 Series B-1 convertible Preferred Stock — 25 Common Stock, $0.01 par value per share 95,921 101,379 Additional paid-in capital 105,418,644 112,540,736 Accumulated deficit (102,852,959) (111,200,929) Accumulated other comprehensive loss — (18,909) Total stockholders’ equity 2,661,629 1,422,325 Total liabilities and stockholders’ equity $5,478,407 $ 7,684,758
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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China Natural Gas Announces Record Third Quarter Financial Results
Company Reports EPS of $0.09, Up 350 Percent, Revenue of $6.5 Million, Up 367 Percent, Compared to the Same Period Last Year
NEW YORK, Nov. 14, 2006 (PRIMEZONE) -- China Natural Gas, Inc. (OTCBB:CHNG), http://www.naturalgaschina.com, a company engaging in the transmission and distribution of natural gas in China to a diverse base of commercial, industrial, wholesale and residential customers, announced financial results for the third quarter and nine months ended September 30, 2006.
Revenue for the third quarter totaled $6.5 million, an increase of 367%, compared to $1.4 million for the third quarter in 2005. The Company reported net income of $2.2 million, an increase of 455%, compared to $396,643 for the third quarter in 2004.
Earnings per share totaled $0.09 for the quarter compared to $0.02 for the same period in 2005, representing a 350% increase. For the 9 months ended September 30 2006, the Company reported earnings per share of $0.15, an increase of 200% compared to $0.05 for the comparable period in 2005.
Mr. Qinan Ji, Chairman and CEO of China Natural Gas commented, "We are pleased to report strong 3rd quarter results. Our efforts to execute our business plan are unfolding and are clearly evident in this quarter's numbers. We believe the combined resources of our management team as well as the increase in the demand for our alternative energy initiatives will continue to enhance the growth of this company. We are optimistic that we will have a total of 21 retail natural gas filling stations by year end."
Recent Highlights:
-- The company has a total of 17 retail natural as filling stations as of November 2006
-- The board of directors has appointed Zhiqiang Wang as a director and vice chairman. Mr. Wang is the former Director of Energy Industry Regulations and Vice Mayor of Xi'an, China's largest western city.
-- The company entered into a natural gas supply agreement with PetroChina Company Ltd. (NYSE: PTR), China's largest oil and gas company. PetroChina will supply the Company with an annual capacity of 150 million cubic meters of natural gas for the Company's Liquefied Natural Gas (LNG) project.
-- 13,000 new residential and commercial customers were signed during the nine months ended September 30, 2006
About China Natural Gas, Inc.
China Natural Gas, Inc. ("CHNG"), a Delaware company, is the first China-based U.S. public natural gas services provider that owns and operates a 120-kilometer-long compressed natural gas pipeline in China's Xi'an area, a fast-growing Chinese city supported by a population of approximately 8 million, and is the "gateway" to the broad Western regions of China. CHNG has three profitable business segments: end user delivery of natural gas services to residential, commercial and industrial customers; wholesale natural gas to retail natural gas filling stations; and retail natural gas at company-owned natural gas filling stations. The city of Xi'an has approximately 20,000 taxis, 3,000 buses and 2,000 special purpose vehicles that are powered by compressed natural gas.
Safe Harbor Statement
Certain forward-looking statements made on this press release are made pursuant to the "safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not limited to the risks described in the company filings with the Securities and Exchange Commission.
CHINA NATURAL GAS, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2006 (Unaudited)
ASSETS ---------- CURRENT ASSETS: Cash & cash equivalents $ 5,031,991 Accounts receivable 316,829 Other receivable 1,831,998 Inventory 298,135 Advances 3,121,797 Prepaid expense 165,628 -------------- Total current assets 10,766,378
PROPERTY AND EQUIPMENT, net 12,162,205
CONTRACTS IN PROGRESS 418,530
CONSTRUCTION IN PROGRESS 2,267,926 -------------- TOTAL ASSETS $ 25,615,039 ==============
LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------
CURRENT LIABILITIES: Accounts payable & accrued expense $ 383,617 Other payables 1,310,839 Unearned revenue 518,687 -------------- Total current liabilities 2,213,143
STOCKHOLDERS' EQUITY: Preferred stock, $0.0001 per share; authorized 5,000,000 shares; none issued -- Common stock, $0.0001 per share; authorized 30,000,000 shares; issued and outstanding 24,210,183 2,421 Additional paid-in capital 18,223,911 Cumulative translation adjustment 520,604 Statutory reserve 707,776 Retained earnings 3,947,184 -------------- Total stockholders' equity 23,401,896 -------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 25,615,039 ==============
CHINA NATURAL GAS, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2006 AND 2005 (UNAUDITED)
For the For the Three Month Periods Ended Nine Month Periods Ended September 30, September 30, 2006 2005 2006 2005 ---------- ---------- ---------- ---------- Revenue Natural gas revenue $5,210,834 $ 406,365 $8,580,236 $1,065,017 Construction / installation revenue 1,303,457 986,243 3,445,452 1,649,025 ---------- ---------- ---------- ---------- Total revenue 6,514,291 1,392,608 12,025,688 2,714,042
Operating expenses Selling expenses 366,616 129,353 923,960 299,352 General and administrative expenses 270,031 77,097 693,141 132,991 ---------- ---------- ---------- ---------- Total operating expenses 636,647 206,450 1,617,101 432,343 ---------- ---------- ---------- ---------- Income from operations 2,598,758 525,660 4,177,560 866,400
Non-operating income (expense): Interest income 2,485 307 7,262 894 Other income (expense) (4,231) 700 (10,182) (468) ---------- ---------- ---------- ---------- Total non-operating income (expense) (1,746) 1,007 (2,920) 426 ---------- ---------- ---------- ---------- Income before income tax 2,597,012 526,667 4,174,640 866,826
Income tax 393,226 130,024 633,005 130,024 ---------- ---------- ---------- ---------- Net income 2,203,786 396,643 3,541,635 736,802
Other comprehensive income Foreign currency translation gain 258,640 -- 291,857 -- ---------- ---------- ---------- ---------- Comprehensive Income $2,462,426 $ 396,643 $3,833,492 $ 736,802 ========== ========== ========== ==========
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China Health Management Corp. Announces Name Change from MAX Internet Communications, Inc. Under the New Trading Symbol CNHC and Appointment of New President and CEO
YUNNAN, China, Nov. 14, 2006 (PRIMEZONE) -- China Health Management Corp. (Pink Sheets:CNHC), a Nevada corporation, is pleased to announce that it has signed a definitive agreement with MAX Internet Communications, Inc. The corporation will also be changing its name to China Health Management Corp. to better reflect its core business, effective August, 2006. The company's new trading symbol will be "CNHC" and a new CUSIP number 16939U204. All current management of MAX Internet Communications, Inc. have resigned. Dr. Xu Mei has been appointed as President and C.E.O. to the Company.
Dr. Xu Mei commented: "As the newly appointed president and CEO of China Health Management Corp. (CHMC) my vision is clear, and I'm ready for the challenge given to me with this position. I intend to move CHMC in a forward direction toward the completion of our business plan and acquisition strategy, as originally intended. My goal is to build China Health Management Corp. into the premier healthcare and medical company in China."
Dr. Xu Mei, graduated from China Pharmaceutical University in 1984 with a B.S. degree in Medical and Pharmacology. Dr. Xu Mei has more than 20 years experience in the healthcare sector and a strong track record and broad recognition in the hospital and medical industry in China. Dr. Xu Mei founded and was the head of Sinshong Drug Research and Development Center and also served as the head of the department of New Drug Examination at Yunnan Food and Drug Administration and in this capacity was invited to lead numerous research projects which were funded by both the government and the private sector. For example, Dr. Xu Mei led the National Laboratory of New Drugs Screening project and established the first national class laboratory in China to be approved by the Ministry of Technology.
Prior to joining CHMC, Dr. Xu Mei held several senior management positions in hospital, medicine, marketing and sales management in some of the most powerful companies in the industry. For example, she served as the Vice President of Yunnan Traditional Medicine and Hospital, the largest and among the most successful hospital chains in Yunnan, China.
About the Company:
China Health Management Corp. is a Nevada Corporation. The company is a healthcare and management company focused on operating and the management of hospitals and the medical industry in China. The company's goal is to establish a leading position in the high-end medical market in Yunnan Province in 3-5 years, and to secure a 40% market share of the private medical services industry.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify 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. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to price volatility of currency fluctuations; political, operational, and governmental approval and regulation risks in China.
CONTACT: China Health Management Corp Dr. Xu Mei, President and CEO 86-871-574-4205
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November 14, 2006 04:10 PM Eastern Time ARCH Small Cap Conference Wednesday, November 15th, 2006, in NY at St. Regis Hotel Arch Investment Conferences 2006 NEW YORK--(BUSINESS WIRE)--Arch Investment Conferences, Inc. is proud to announce its 2006 conference series continues as a dynamic set of small- and micro-cap companies present to the investment community in New York on Wednesday, November 15th at the St. Regis Hotel. A panel of special guests will be leading the Q & A with the presenting companies. The Arch guest panel will be lead by Peter Leeds of **********.com & Josh Levine of ChangeWave.com
Presenting companies include:
Linkwell Corp. (OTCBB:LWLL) Synergy Brands, Inc. (NASDAQ:SYBR) Miscor Group Ltd. (OTCBB:MCGL) Radiant Logistics, Inc. (OTCBB:RLGT) Samson Oil & Gas, Ltd. (ASX:SSN)) Homeland Security Capital Corp.(OTCBB:HMSC) The St. Regis Hotel is located 55th Street and Fifth Avenue in Manhattan.
Attendance at Arch conferences is open to qualified investment professionals, and by invitation only. We encourage institutional investors as well as buy-side money managers, small/micro cap analysts, and portfolio managers to inquire about attending Arch conferences as our guests. For more information, or to request an invitation to attend, please contact German de la Roche at german*archconferences.com or call 866-707-7920.
This event is sponsored by: Tobin Smith and ChangeWave, **********.com, Wall Street Calendar, Investrend Research, BusinessWire, ArchInsight.com, Davren Penny Stocks, and Proximo International
About Arch
Arch Investment Conferences, Inc. is a premier sponsor of investment conferences reaching the institutional investor community. We do this by hosting exclusive events for companies looking to build market support, raise capital, and increase awareness of their stories. Arch is dedicated to bridging the gap between companies and fund managers, analysts, investment bankers, brokers and the rest of the financial community. For more information, visit http://www.archconferences.com.
Companies interested in presenting in any upcoming New York or San Francisco event please contact German de la Roche. To attend please contact us.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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Wireless Age Announces Operating Results for Third Quarter 2006
TORONTO, Ontario, Nov. 14, 2006 (PRIMEZONE) -- Wireless Age Communications, Inc. (OTCBB:WLSA), a leading supplier of solutions to the Canadian wireless communications industry, today reported its financial results for the third quarter, ended September 30, 2006.
Consolidated revenues for the third quarter of fiscal 2006 were $8,906,723 up from $7,648,974 during the second quarter of fiscal 2006 and $6,743,505 in third quarter of fiscal 2005 -- growth of 16% over the most recent quarter and 32% over the same period a year ago. Retail business segment revenues were $3,615,719 up from $3,392,595 in the second quarter of fiscal 2006 and up from $3,026,972 during the third quarter of fiscal 2005. Commercial business segment revenues were $5,291,004 up from $4,256,379 during the previous quarter and up 42% from the $3,716,533 posted during the third quarter of fiscal 2005. Net loss for the third quarter of fiscal 2006 was $1,468,410 compared to earnings of $271,431 a year ago.
Company CFO Gary Hokkanen stated, "I'm pleased that the operating results from continuing operations for the third quarter were substantially better than the second quarter. Overall profitability was not possible for three reasons; a special $1,707,153 non-cash accounting charge arising from the recent equity financing, the new Vancouver regional operations centre not yet achieving break-even operating results and costly interest rates on working capital borrowings. In addition, we've determined that the best way to maximize shareholder value over the long term is to divest of the Wireless Works or Networks division. As a result, the Company has segregated the operating results of the division from those of continuing operations, and shown them as discontinued operations. Classifying results in this manner allows the reader to understand continuing operating results as if the discontinued operations had already been disposed of. For a more detailed explanation of these matters I encourage all interested parties to participate in the Company's third quarter results conference call on Wednesday, November 15th."
The company's Chairman and CEO, Brad Poulos commented, "We've just completed a string of six consecutive quarters of record revenues and I'm confident that the fourth quarter of 2006 will be the seventh. Operating activity was higher across all operating segments and many of the efficiency measures we have put in place are beginning to reflect in our results. The management team and I are very bullish about 2007."
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LOS ANGELES, Nov. 14, 2006 (PRIMEZONE) -- Tank Sports, a worldwide distributor of high-quality Chinese manufactured motorcycles, ATVs, dirt bikes, scooters and Go Karts under its exclusive TANK(tm) product lines, today announced that its Board of Directors has approved a 4-for-1 forward stock split of the Company's common shares. Each shareholder of record at the close of business on November 27, 2006 will receive three (3) additional shares for every outstanding share held as of the date hereof. The payment date for the additional shares will be December 4, 2006. This is the first stock split for the company's stocks since they were publicly traded on Nov. 1, 2006.
As of Sept. 30, 2006, Tank Sports had 8,125,700 shares outstanding. Upon completion of the split, the number will increase to 32,502,800 shares outstanding. The forward stock split will be issued as free trading shares for stockholders who hold free trading shares, and restricted shares for those stockholders who hold restricted shares, as of the record date of November 13, 2006. All shareholders that have free trading shares in their brokerage accounts will be credited automatically by the transfer agent and those shareholders of restricted shares will have their stock sent to them directly from the transfer agent. The Board of directors believes that this action will increase shareholder value and create more trading liquidity.
"Thanks to the loyalty of our customers and the dealers, we were able to execute our business strategies and achieved growth in sales and earnings by an average annual rate of 277% for the past three years," said Jingjing Long, president of the company. "We've recently reported the best quarterly earning in company history, which signifies an effective implementation of our business strategy to building up a valuable brand name for Chinese manufactured motorcycles, ATVs and related products. We believe this stock split should set the stage for our future growth and expansion."
About Tank Sports, Inc.
Tank Sports is a leading company that focuses on engineering, developing and marketing quality motorcycles/ATVs from China. Its business model concept has been highly recognized by market since its inception. Further information about Tank Sports, Inc. classification and similar matters is available by sending email to: IR*tank-sports.com. You can also go on line www.tank-sports.com for more information. Or you can go on www.sec.gov for the most recent company filing.
The foregoing news release includes numerous forward-looking statements concerning the company's business and future prospects and other similar statements that do not concern matters of historical fact. The federal securities laws provide a limited "safe harbor" for certain forward-looking statements. Forward-looking statements in this news release relating to business developments are based on the company's current expectations. The company's current expectations are subject to all of the uncertainties and risks customarily associated with a small business ventures including, but not limited to, market conditions, successful product development and acceptance, competition and overall economic conditions, as well as the risk of adverse regulatory actions. The company's actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on forward-looking statements. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.
CONTACT: Tank Sports, Inc. (626)350-4039 Fax: (626)442-8706 IR*tank-sports.com
Posts: 858 | Registered: Jul 2005
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posted
Ludlow China Initiates Research Coverage on Welwind Energy International
SAN DIEGO, Nov. 14, 2006 (PRIMEZONE) -- Ludlow China initiates research coverage on Welwind Energy International Corp. (OTCBB:WWEI) as green renewable energy play for China.
Gerry Salazar, the Managing Partner of the Ludlow China Fund commented, "We are pleased to begin research coverage on Welwind Energy as a gauge for wind energy demand within China. China's growing pollution issues and energy requirements increase the demand for clean renewable energy sources such as wind and solar. We therefore believe Welwind Energy will benefit greatly from the need for clean energy resources in China."
The Company views wind power as becoming one of the most efficient power sources globally. WWEI was founded in 2005 to build, own and operate wind farms on an international scale. Its current projects include bridging the North America-China link by building wind farms in China along the South China Sea. http://www.welwind.com
About Ludlow China Small Cap Index
The Ludlow Small Cap Energy Index is a basket of small cap alternative energy stocks. The Index provides both institutional and individual investors a tool for tracking the day-to-day performance of a number of small cap alternative energy stocks in a diversified basket. The index is designed for investors who have a long-term bullish outlook on alternative energy, and may be seeking a diversified portfolio within the sector. The Ludlow Energy SmallCap Index is owned and operated by Ludlow Energy Fund, Inc., based in New York City. www.ludlowcapital.com/indices/
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
CONTACT: Welwind Energy International Corporation (866) 677-2272 information*welwind.com www.welwind.com
Ludlow China Index Gerry Salazar (718) 855-8451
Posts: 858 | Registered: Jul 2005
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November 14, 2006 04:30 PM Eastern Time WorldWater & Power Announces Third Quarter Results Achieves Record Revenue for the Quarter of $6.5 million Record Gross Margins of 22%
PENNINGTON, N.J.--(BUSINESS WIRE)--WorldWater & Power Corp. (OTCBB:WWAT.OB), developer and marketer of proprietary high-horsepower solar systems, today announced results for the third quarter ended September 30, 2006. Revenue for the third quarter was $6.5 million with gross margins of 22%. The company had given preliminary guidance of revenue in the range of $5.8 - $6.1 million for the quarter.
“We are very pleased to announce, as expected, our best quarter in the Company’s history,” said Quentin T. Kelly, Chairman of WorldWater & Power Corp. “We are on course for continued improvement during the fourth quarter and project significantly stronger growth in 2007.”
Financial Results:
Revenue for the third quarter was $6.5 million, compared with $0.6 million reported in the third quarter of 2005. Gross profit for the quarter was $1.5 million or 22.2% gross margin, versus a loss of $0.2 million in the prior-year period. The company posted an operating loss of $0.4 million compared with an operating loss of $1.4 million in the third quarter of 2005. Net loss for the third quarter was $0.8 million, or $(0.01) per share, compared to a loss of $4.8 million, or $(0.05) per share, in the prior-year period.
For the first nine months of fiscal 2006, WorldWater reported revenue of $10.3 million, versus $0.8 million in the same period last year. Gross profit was $1.9 million for the first three quarters of 2006, as compared with a loss of $(0.2) million in 2005. Net loss for the period was $6.3 million, or $(0.05) per share, versus a net loss of $7.5 million, or $(0.08) per share, in the same period last year.
About WorldWater & Power Corp:
WorldWater & Power Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that provides solutions to a broad spectrum of the world's electricity and water supply problems. For more information about WorldWater & Power Corp., visit the website at www.worldwater.com.
Forward Looking Statement:
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's 10-KSB and its quarterly reports on Form 10-QSB both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties, dependence on significant customers, and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.
WORLDWATER & POWER CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005 (UNAUDITED)
Three Months Nine Months 9/30/06 9/30/05 9/30/06 9/30/05 Revenues: Contract $ 6,478,269 $ 609,791 $ 10,077,348 $ 810,497 Grant 53,429 - 197,851 32,900 Total 6,531,698 609,791 10,275,199 843,397
Cost of Revenues: Contract 5,003,323 828,138 8,233,354 1,223,704 Grant 76,793 - 182,216 - Total 5,080,116 828,138 8,415,570 1,223,704
Gross Profit (Loss): Contract 1,474,946 (218,347) 1,843,994 (380,307) Grant (23,364) - 15,635 - Total 1,451,582 (218,347) 1,859,629 (380,307)
Operating Expenses: Marketing, general and administrative expenses 1,791,387 1,135,930 5,446,202 3,065,594 Research and development expense 65,979 - 217,260 115,508 Total Expenses 1,857,366 1,135,930 5,663,462 3,181,102 Loss from Operations (405,784) (1,354,277) (3,803,833) (3,561,409)
Other (Expense) Income Debt sourcing fees and commissions 1,175 (39,493) (193,388) - Warrant exercise inducement fees (244,444) (3,072,964) (1,588,432) (3,072,964) Interest expense, net (138,403) (347,226) (838,366) (914,511) Other (Expense) Income, Net (1,003) 5,983 95,808 7,640 Total Other (Expense) Income, Net (382,675) (3,453,700) (2,524,378) (3,979,835) Net Loss $ (788,459) $ (4,807,977) $ (6,328,211) $ (7,541,244)
Basic and diluted net loss per share $ (0.01) $ (0.05) $ (0.05) $ (0.08)
Weighted Average Common Shares Outstanding used in Per Share Calculation 141,276,871 100,201,163 131,268,322 89,003,758
Contacts WorldWater & Power Corp. Jessie Sullivan, 609-818-0700 x20 JSullivan*worldwater.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 04:30 PM Eastern Time NewMarket Technology, Inc. Announces Preliminary Results for Third Quarter of Revenue Exceeding $18 Million and Net Income over $1 Million Extension Filed Due to Corporate Initiatives with Spin-Off of NewMarket China and Currency Adjustments; Conference Call Scheduled
DALLAS--(BUSINESS WIRE)--NewMarket Technology, Inc. (OTCBB:NMKT) today announced preliminary third quarter financial results of more than $18 million in revenue and net income over $1 million. The company has filed an extension to provide additional time for final accounting.
Philip Verges, CEO of NewMarket Technology, said, “We are very confident of our preliminary numbers and pleased that these numbers represent cumulative revenue for the first three quarters of 2006 exceeding the total revenue for all of 2005. We have just successfully completed our first public listing of a consolidated subsidiary operation. Our Chinese operation with over $20 million in annualized revenue has been reorganized into Intercell International, Inc. This is a major benchmark for NewMarket in the ongoing development of our plan to continually list consolidated subsidiary operations that establish operational traction that warrants an independent listing. The accounting work associated with the Chinese operation reorganization and listing has been more time consuming than originally anticipated." He continued, "We have also had additional increased transaction activity in the third quarter and early fourth quarter. Although we are well aware that it is preferable to file within the required time constraints, we have decided it would be prudent to take advantage of the filing extension option to more thoroughly review our financial report in light of the increased activity. We continue to be on track to meet our forecast of $70 million in profitable revenue for 2006. We look forward to releasing the full report of our third quarter performance in the coming days.”
Philip Verges and Philip J. Rauch, CFO of NewMarket Technology, will conduct an audio webcast on Monday, November 20, 2006, at 4:30 p.m. EST to review the third quarter financial results. The call is being webcast by Vcall and can be accessed at NewMarket Technology's website at www.newmarkettechnology.com. Investors can also access the webcast at http://www.vcall.com/IC/CEPage.asp?ID=111561. The webcast will be archived and available on the NewMarket website for replay for three months.
Separately, shareholders and interested investors are encouraged to attend the NewMarket Technology Annual Town Hall December 7th in New Orleans to learn more about the Company's business plan, review 2006 performance and plans to continue rapid growth into next year with a forecasted $120 million in profitable annual revenue for 2007. For details on times, venue and discounted travel arrangements available to attendees please visit www.newmarkettechnology.com. If you have any further questions, or would like to RSVP to the NewMarket Technology Annual Town Hall please contact Whitney Marks at 214.722.3052 or wmarks*newmarkettechnology.com.
To be added to NewMarket's corporate e-mail list for shareholders and interested investors, please send an e-mail to ir*newmarkettechnology.com.
About NewMarket Technology Inc. (www.newmarkettechnology.com)
NewMarket has combined a traditional systems integration and support services capacity with a specialized asset-based approach to assisting its clients with the delicate balance between maintaining legacy systems and gaining a competitive edge from the latest technology innovations. NewMarket provides certified integration and maintenance services to support the prevailing industry standard solutions to include Microsoft (NASDAQ:MSFT), Cisco Systems (Nasdaq:CSCO) and Sun Microsystems (Nasdaq:SUNW). Concurrently, NewMarket continuously seeks to acquire undiscovered emerging technology assets to incorporate into an overall product portfolio carefully packaged to complement the prevailing industry standard solutions. NewMarket delivers its portfolio of products and services through its global network of Solution Integration subsidiaries in North America, Latin America, China and Singapore.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause NewMarket's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.
Contacts NewMarket Technology, Inc. Rick Lutz, Investor Relations, 404-261-1196 ir*newmarkettechnology.com www.newmarkettechnology.com
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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Senetek PLC Reports Third Quarter 2006 Results 11/14/2006
Third Quarter Revenue of $2,027,000, Up 23% Year Over Year Third quarter Net Income of $771,000, $0.01 Per Share, Compared to a Net Loss of ($266,000) In the Prior Year Period Cash Flow From Operations of $740,000 for the Nine Months Ended September 30, 2006
NAPA, Calif., Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Senetek PLC (OTC Bulleting Board: SNTKY), http://www.senetekplc.com/, a life sciences product development company targeting the science of aging to include skincare and dermatological therapeutics, erectile dysfunction, nutrition and cancer, today announced results for the third quarter ended September 30, 2006.
Revenues for the third quarter of 2006 were $2,027,000, a 23% increase from $1,644,000 for the third quarter of 2005. Revenues for the nine months ended September 30, 2006 were $6,301,000, a 44% increase from $4,361,000 for the comparable period in 2005. The increase is principally attributed to increased royalties from Valeant Pharmaceuticals International stemming from the July 2005 amendment to the Kinetin and Zeatin license agreement.
Net income for the third quarter of 2006 was $771,000 ($0.01 per share) compared to a loss of $266,000 in the third quarter of 2005. Net income for the nine months ended September 30, 2006 totaled $1,309,000 ($0.02 per share) compared to a net loss of $938,000 for the first nine months of 2005. Net income for the nine months ended September 30, 2006 included a $927,000 non- cash expense for the write-off of the debt discount on retirement of the Senior Secured Notes in March and a $250,000 gain on the sale of Reliaject (R) assets in March.
Shareholder net deficit for the third quarter of 2006 was ($1,617,000), compared to ($3,035,000) at December 31, 2005. This 47% increase in equity during the nine months ended September 30, 2006 is a vast improvement and an important step forward in our goal of a national listing on the AMEX or NASDAQ Capital Market exchanges.
Cash flow provided from operations for the nine months ended September 30, 2006 was $740,000 compared to $1,244,000 of cash used in operations for the nine months ended September 30, 2005.
Business Highlights
"Senetek delivered another solid quarter both operationally and strategically, highlighted by the considerable progress we made on several compounds and applications in our portfolio," said Frank J. Massino, Senetek's Chairman and CEO.
"In addition, we recently announced a collaboration with the Polish Academy of Sciences that strengthens our foothold in the anti-aging market as well as provides us an entree into the groundbreaking field of using interference RNA as a treatment for brain tumors. We are excited to be able to work with these great minds on such an important application and look forward to what we can achieve to help those afflicted overcome such a horrible disease. This relationship will benefit Senetek greatly and it helps firmly set the foundation for the continued growth of the Company."
Mr. Massino continued, "We also completed a twelve week clinical trial of 4HBAP and are extremely encouraged by the results that were seen in alleviating the signs of aging. The trial showed significant decreases in fine lines and course wrinkles around the eyes, as well as a significant improvement in the appearance of mottled hyperpigmentation and a dramatic improvement in the roughness of skin after just two weeks. With the efficacy and safety studies successfully completed, 4HBAP is now ready for commercialization."
"Looking to the future, we are excited about the opportunities that lie ahead as we continue to progress with our world class partners, moving toward commercialization of new compounds and applications and generating increased value for our customers, partners and shareholders."
The Company will conduct its quarterly teleconference call for investors on Friday, November 17 at 9:00 a.m. Pacific, 12:00 p.m. Eastern. The domestic dial-in number is 800-690-3108, the international dial-in number is 973-935- 8753, conference ID: 8109360. Mr. Frank J. Massino, Chairman & CEO and Mr. William F. O'Kelly, Chief Financial Officer, will discuss the third quarter operating results and the outlook for the remainder of 2006. Replay of the conference call will be available until November 24, 2006. Domestic Replay dial-in 877-519-4471, International Replay dial-in 973-341-3080, replay conference ID: 8109360.
About Senetek:
Senetek is a life sciences product development company with an extensive array of intellectual properties covering in excess of 2000 patented and patent applied for compounds and uses targeting the science of aging to include skincare and dermatological therapeutics, erectile dysfunction, nutrition and cancer through RNA interference technology.
The Company's lead commercial product, Kinetin, is currently licensed and marketed by 14 pharmaceutical and cosmeceutical companies such as Valeant Pharmaceuticals and The Body Shop. In addition, the Company has entered into commercial arrangements for its proprietary anti-aging skincare compound, Zeatin, its patented combination drug treatment for erectile dysfunction, Invicorp(R), its novel drug delivery system, Reliaject(R) as well as its proprietary diagnostic monoclonal antibodies.
This news release contains statements that may be considered 'forward- looking statements' within the meaning of the Private Securities Litigation Reform Act, including those indicating the financial outlook for fiscal 2006 and those that might imply commercial potential and successful evaluation and development of new compounds. Forward-looking statements by their nature involve substantial uncertainty, and actual results may differ materially from those that might be suggested by such statements. Important factors identified by the Company that it believes could result in such material differences are described in the Company's Annual Report on Form 10-K/A for the year 2005. However, the Company necessarily can give no assurance that it has identified or will identify all of the factors that may result in any particular forward- looking statement materially differing from actual results, and the Company assumes no obligation to correct or update any forward-looking statements which may prove to be inaccurate, whether as a result of new information, future events or otherwise.
Todd Fromer, +1-212-896-1215, tfromer*kcsa.com, or David Burke, +1-212-896-1258, dburke*kcsa.com http://www.senetekplc.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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Bell Industries Signs Asset Purchase Agreement to Acquire Verizon Business' SkyTel Unit
Transaction Expected to Add New Growth
EL SEGUNDO, Calif., Nov. 14, 2006 (PRIMEZONE) -- Bell Industries, Inc. (AMEX:BI) today announced it has entered into an asset purchase agreement to acquire substantially all of the assets and assume certain liabilities of SkyTel Corp., a subsidiary of Verizon Communications Inc.
The proposed transaction, which has been approved by Verizon management and the board of directors of Bell Industries, is subject to the completion of customary closing conditions and regulatory approvals, including approval by the Federal Communications Commission. The parties expect the transaction to be completed in the next few months.
Headquartered in Clinton, Mississippi, SkyTel provides nationwide wireless services and support, including email, interactive two-way messaging, wireless telemetry services and traditional text and numeric paging, to business and government customers throughout the United States. SkyTel's revenues over the past 12 months were more than $100 million.
"This transaction is in keeping with our objective of providing additional growth vehicles for Bell and expanding our reach beyond technology management and support services to wireless solutions," said John Fellows, chief executive officer of Bell Industries. "SkyTel has a long and very distinct history of product innovation and market leadership. We look forward to providing SkyTel associates with a platform that will allow them to continue the successes they have achieved over the years."
SkyTel is a unit of the former MCI, which was acquired by Verizon Communications Inc. earlier this year.
"Verizon Business is selling the SkyTel unit in order to even more closely focus on our core businesses of global IP services and next-generation services for large business and government customers, including advanced wireless services provided through Verizon Wireless," said Ron McMurtrie, group president for specialized services for Verizon Business. "We wanted to carefully select a buyer to make sure this business transitions smoothly and we look forward to working with Bell Industries and our SkyTel customers in this transition."
About Bell Industries, Inc.
Bell Industries is comprised of two diversified operating units, Bell's Technology Solutions business and its Recreational Products Group. The company's Technology Solutions business offers a comprehensive portfolio of technology products and managed lifecycle services, including planning, product sourcing, deployment and disposal, and support services. The Recreational Products Group distributes after-market parts and accessories primarily to the recreational vehicle and boating markets.
About Verizon Business
Verizon Business, a unit of Verizon Communications (NYSE:VZ), is a leading provider of advanced communications and information technology (IT) solutions to large business and government customers worldwide. Combining unsurpassed global network reach with advanced technology and professional service capabilities, Verizon Business delivers innovative and seamless business solutions to customers around the world. For more information, visit www.verizonbusiness.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements, including, but not limited to, completion of the transaction to acquire SkyTel and its growth potential, are based upon our current expectations and speak only as of the date hereof. Actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including uncertainties as to the nature of the industry, including changing customer demand, the impact of competitive products and pricing, dependence on existing management and general economic conditions. Bell Industries' Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings discuss some of the important risk factors that may affect the company's business, results of operations and financial condition. Management undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
CONTACT: Bell Industries, Inc. John A. Fellows/Mitchell I. Rosen (310) 563-2355
PondelWilkinson Inc. Roger S. Pondel/Angie H. Yang (310) 279-5980
Posts: 858 | Registered: Jul 2005
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Portrush Announces Share Buy Back Program 11/14/2006
VANCOUVER, BC, Nov 14, 2006 (MARKET WIRE via COMTEX News Network) -- Portrush Petroleum Corporation (TSX-V: PSH) (OTCBB: PRRPF) (http://www.portrushpetroleum.com) announced today that its board has decided to purchase up to 2,200,000 of its common shares over the next 12 months as part of a share buy back program through the facilities of the TSX Venture Exchange.
The Company has filed a notice of intention to undertake a normal course issuer bid with the British Columbia Securities Commission for up to 5% of the Company's issued share capital (2,200,000 common shares) over a 12-month period commencing in not less than 5 days. The issuer bid is subject to the approval of the TSX Venture Exchange. The notice may be found on the Sedar web site.
In addition, the operator of the Mission River project, in which the Company holds a 10% working interest, has decided to proceed with a multi-well drilling program on the property. Portrush is waiting for the operator to release the results of a soon-to-be completed seismic program before additional drilling can commence.
In respect to the Lenox property in Michigan, the Company has received a report recommending drilling of a third well on this property. The Company is reviewing this proposal in addition to another proposal to develop a similar pinnacle reef project located in the province of Ontario.
The Company continues to review various gas storage projects and oil and gas exploration and development projects in eastern Canada and eastern United States.
The TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the information contained in this press release.
CONTACT INFORMATION Corporate Mr. Allan McGirr Telephone 604 696 2555 866 939 2555 info*portrushpetroleum.com Investor Relations AGORA Investor Relations http://www.agoracom.com/IR/Portrush PSH*Agoracom.com
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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Bravo! Brands Reports Third Quarter 2006 Financial Results 11/14/2006
- Revenue Increases 58%
NORTH PALM BEACH, Fla., Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Bravo! Brands Inc. (OTC Bulletin Board: BRVO), a brand development and marketing company that promotes and distributes vitamin-fortified, flavored milk drinks and other beverages, announced today that total revenue for third quarter 2006 was $5.1 million, an increase of 58% over third quarter 2005 revenue of $3.2 million. The increase in revenue for the three months ended September 30, 2006 was the result of an increase in market penetration and distribution of the Company's products through Coca-Cola Enterprises.
Bravo! reported a $10.5 million loss from operations in the third quarter 2006 as compared to a $1.6 million loss from operations for the third quarter 2005. Higher general and administrative expenses as well as increased selling expense was the cause for the decrease in operating income.
The company reported a net loss applicable to common shareholders of $1.7 million for the three months ended September 30, 2006 as compared to net income of $17.5 million in the same period of prior year. In the third quarter of 2006, the Company reported derivative income of $11.1 million as compared to derivative income of $23.3 million in the comparable period of the prior year. Net loss per share was $0.01 in the third quarter 2006 as compared to earnings per share of $0.15 for the three months ended September 30, 2005. Weighted average shares outstanding increased to 194.5 million shares in the third quarter 2006 from 113.7 million shares in the third quarter 2005. The increase in the number of weighted average shares outstanding was attributable to the exercise of warrants and private placement financings.
Roy Warren, Chief Executive Officer, commented, "With increased capacity coming on line during the third quarter, we were able to significantly increase our sales. Because of the increased capacity we were also able to more aggressively market our flavored milk products helping to build brand awareness." Added, Mr. Warren, "We are extremely pleased to have our SB-2 Registration Statement declared effective by the SEC. This enabled the Company to receive the remaining $15 million from the company's recent private placement financing. The receipt of these funds, combined with our recently announced increased production capacity from Hood, positions the Company well for the fourth quarter, and as we move into 2007 we are equally excited about the opportunities ahead."
Additional information can be found in Bravo! Brands Inc. Current Report on Form 10-QSB filed with the Securities and Exchange Commission on November 14, 2006.
Conference Call
Bravo! will host a conference call on November 14, 2006 at 4:30 p.m. Eastern Time to discuss these results. Roy G. Warren, the Company's Chief Executive Officer, and Jeffrey J. Kaplan, the Company's Chief Financial Officer, will be hosting the call. The call in number for today's call is 877-407-9205 (International: 201-689-8054). No Passcode required. The call will be webcast and can be accessed from the company's website at www.bravobrands.com with the webcast link available under the investor section. If you are unable to participate on the live call, a replay will be available until November 16, 2006 at 11:59 p.m. Eastern Time and can be accessed by dialing 877-660-6853 (International: 201-612-7415); enter account number 286; conference identification number 219963. The webcast will be archived on the Company's website.
About the Company
Bravo! Brands Inc. develops, brands, markets, distributes and sells nutritious, flavored milk products throughout the 50 United States, Great Britain and various Middle Eastern countries. Bravo!'s products are available in the United States and internationally through production agreements with regional aseptic milk processors and are currently sold under the brand names Slammers(R) and Bravo!(TM). Bravo!'s Slammers(R) products are available nationwide in popular chains such as: 7-Eleven, A&P, Dutch Farms, Giant Food Stores, Jewel, Kings, Pathmark, Safeway, Sam's Club, Shaw's, ShopRite, Speedway, SuperTarget, Unified, Waldbaums and Walgreens.
Many of Bravo! Brands' Slammers(R) lines of shelf-stable, single-serve milk drinks are co-branded through exclusive partnerships with Masterfoods, a division of Mars Incorporated, General Mills and MD Enterprises (Moon Pie(R)), providing superior name recognition packaged with quality, great-tasting drinks.
On November 1, 2005, Coca-Cola Enterprises, Inc. began distribution of the Slammers(R) Masterfoods line, as well as the Bravo!'s Slim Slammers(R) and Pro Slammers(TM) products, under a Master Distribution Agreement with Bravo!
Safe Harbor under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company's filings with the Securities and Exchange Commission.
Investor Relations Contact Integrated Corporate Relations Kathleen Heaney (203) 803-3585 Company Contact Jeffrey J. Kaplan, Chief Financial Officer (561) 625-1411
SOURCE Bravo! Brands Inc.
Investor Relations, Kathleen Heaney of Integrated Corporate Relations, +1-203-803-3585; or Company Contact, Jeffrey J. Kaplan, Chief Financial Officer of Bravo! Brands Inc., +1-561-625-1411 http://www.bravobrands.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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Summit Financial Services Announces Third Quarter Results 11/14/2006
BOCA RATON, Fla., Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Summit Financial Services Group, Inc. (OTC Bulletin Board: SFNS) today reported its revenues and net income for the three and nine-month periods ended September 30, 2006. For the quarter ended September 30, 2006, the Company reported revenues of $7,166,318, an increase of approximately 10% from the $6,540,578 in revenues reported for the quarter ended September 30, 2005. For the 2006 quarter, the Company reported net income of $140,546, an increase of approximately 46% from the $96,204 in net income reported for the 2005 quarter. For the nine months ended September 30, 2006, the Company reported revenues of $20,904,210, an increase of approximately 26% from the $16,598,910 in revenues reported for the nine months ended September 30, 2005. For the 2006 nine-month period, the Company reported net income of $239,416, an increase of approximately 41% from the $169,744 in net income reported for the 2005 nine-month period.
Marshall Leeds, the Company's Chairman, Chief Executive Officer and President, stated: "our revenue growth is due largely to our ongoing commitment to not only expand our network of independent financial advisors, but also to increase the gross production per financial advisor. While we are also pleased with the improvement in our earnings for both the three and nine- month periods, we will continue to make those investments in our infrastructure, as well as in our financial advisor recruiting and retention efforts, to enable the Firm to attract and retain the industry's finest financial advisors."
The Company is a Florida-based financial services firm that provides a broad range of securities brokerage and investment services, primarily to individual investors. The Company currently offers its services through a network of approximately 200 registered representatives, and its business plan is focused primarily on increasing its network of affiliated registered representatives by acquisitions, as well as by recruitment.
This press release may contain "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission. Any such statements are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934 (as amended), and they involve a number of risks and uncertainties that could cause actual results to differ materially from those that may be anticipated by or from the forward-looking statements. Important factors that could cause such a difference are set forth in the Company's filings with the Securities and Exchange Commission and include, but are not limited to, investor confidence and the performance of the securities markets, and the availability of suitable candidates for the Company's acquisition or recruitment.
For additional investor relations information, contact Summit Financial Services Group, Inc., Boca Raton, Florida - Steven C. Jacobs, CFO, 561-338-2600.
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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MediaREADY Products on Display at EHX Fall 2006 11/14/2006
Dealers to get an exclusive 'sneak peek' of newest media center
FT. LAUDERDALE, Fla., Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- MediaREADY, Inc. (OTC Bulletin Board: MRED), a leading provider of interactive, media-convergent home entertainment devices, today announced that the award-winning MediaREADY(TM) products will be on display at the 7th annual Fall Electronic House Expo (EHX) being held November 14-17, 2006 at the Long Beach Convention Center in Long Beach, California.
MediaREADY (http://www.mediareadyinc.com) will be showcasing their newest products at booth # 2251 at this year's EHX Fall 2006 show. The Electronic House Expo has proven itself as a must-attend tradeshow and conference for nearly 20,000+ custom electronics pros annually. Leading manufacturers and distributors of audio, video, networking, control, security and electrical products use EHX to generate leads, expand product awareness and make sales with the fastest growing channel for home technology products. For more information visit, http://www.ehxweb.com.
This year's EHX dealers will have the opportunity to catch an exclusive, "sneak peek" preview of the latest MediaREADY Media Center. This exciting new product will be on display and available for demonstration for the first time anywhere!
Also on display at the show will be the new MediaREADY Aero which features an FM radio recorder, MP3 playback and voice recording. The Aero is available in various memory configurations from 128MB flash storage up to 2GB.
MediaREADY Aero features:
-- Eye-popping style and color selection
-- 128MB - 2GB storage (depending on retailer)
-- MP3 Playback
-- FM tuning
-- FM recording
-- Voice recording
-- Up to 72 hours of recording time
-- Windows Media, ASF and WAV audio support
-- USB 2.0 interface
-- Earphones
-- Runs on replaceable AAA battery
For more information on the MediaREADY Aero line, or for information on the full range of MediaREADY media centers and portable media centers, visit http://www.mediareadyinc.com.
About MediaREADY Incorporated:
MediaREADY (OTC Bulletin Board: MRED) is a leader in digital media-on-demand, enhanced home entertainment, and interactive products that connect people simply. MediaREADY is focused on delivering flexible Consumer Electronics-based products and services that are affordable, easy to use, and simple to understand. For more information, visit http://www.mediareadyinc.com
MediaREADY, MediaREADY Latin America, MyMediaREADY.com, ReadyLinx, Glider, Flyboy, Aero and CoPilot are trademarks of MediaREADY, Inc. All other trademarks or registered trademarks are the property of their respective owners.
Forward-Looking Statements:
Forward-looking statements and comments in this document are made pursuant to the safe harbor provision of Section 21E of the Securities Exchange Act of 1934. Such statements relating to, among other things, the prospects for the company to increase the level of sales, maintain current sales levels, add new products and services and develop new Web sites are necessarily subject to risks and uncertainties, some of which are significant in scope and nature, including risks related to the demand for the company's products and services competition, and availability of capital.
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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CTI Group Reports a Profit in Third Quarter 2006 11/14/2006
INDIANAPOLIS, IN, Nov 14, 2006 (MARKET WIRE via COMTEX News Network) -- CTI Group (Holdings) Inc. (OTCBB: CTIG), an international provider of intelligent electronic invoice processing, VOIP applications and enterprise communications management software and services, reported revenues for the three and nine months ended September 30, 2006 of $3,175,944 and $9,543,815, respectively, compared to revenue for the three and nine months ended September 30, 2005 of $4,080,013 and $10,889,499, respectively. The decrease in revenues for the three and nine months ended September 30, 2006 of 22% and 12%, respectively, was primarily the result of a decrease in revenues derived from the licensing of intellectual property during each respective period due the volatility in the size and timing of such revenues. The Company reported a net income for the three months ended September 30, 2006 of $113,150 compared to a net income of $10,545 for the three months ended September 30, 2005. The Company recorded a net loss for the nine months ended September 30, 2006 of $969,273 compared to a net income for the nine months ended September 30, 2005 of $157,163. The net loss for the nine months ended September 30, 2006 was primarily due to a decrease in intellectual property license revenue combined with a decrease in software sales, service fee, and license fee revenue.
John Birbeck, CTI President and CEO, stated, "I am pleased to announce CTI's return to profitability. We have taken several steps over the last quarters that will help enable us to reach a sustainable profit. We will continue to invest in product development initiatives that both advance our existing products and that add exciting new products to be offered through our channels to market. In just the past six months alone, we have released two new products that have opened significant opportunities within the rapidly growing voice-over-internet-protocol ('VOIP') applications market. This is a market expected to grow significantly in the future."
John Birbeck further commented, "Feedback from our new VOIP channel partners tell us that our SmartRecord IP and emPulse products are essential to the expansion of their VOIP customer base as they strive to displace traditional premises based PBX systems that historically offer similar tools. SmartRecord IP is unique in its ability to provide both on-demand and blanket Voice Recording in IP Centrex platforms that concurrently serve thousands of subscribers. Our patent-pending technology allows hosted VOIP service providers to deploy a mission-critical application cost-effectively through the use of web services. Similarly, our emPulse product gives enterprise users of hosted VOIP services the complete management, optimization and reporting systems they need to control enterprise-wide communications. Call Centers are especially drawn to the ACD management reporting emPulse offers across multiple sites. In all cases, our products are designed to be deployed price-effectively with control delivered directly to the customer via exposed web services. We also continue to enhance our SmartBill(R) Connect product to better serve the thousands of enterprises that rely on the tool to manage their telecommunications service invoice. Whether a user of traditional telephony, VOIP services, a small enterprise, or a thousand-agent Call Center, SmartBill provides enterprise customers with customized access to their provider's eBusiness portal and a tool to help manage their complex service invoices. With SmartBill(R) Connect as a component of the complete service offering, communications providers will better leverage existing investments in technology -- preserving the full functionality of current systems -- while allowing them to more profitably service and support current and future customers."
The Proteus(TM) suite of products is used by companies, financial institutions and government agencies to track communications activity and to control and optimize costs associated with operating communications networks. Proteus(TM) performs functions of call recording, call accounting, cost allocation, client bill-back, analyses of trunk traffic and calling and usage patterns, toll fraud detection, directory services and integration with other private branch exchange peripheral products. Proteus now also integrates Internet, e-mail and mobile data analysis and reporting with its traditional voice capabilities.
About CTI Group -- CTI Group (Holdings) Inc. is an international provider of intelligent electronic invoice processing and enterprise communications management software and services. CTI Group's SmartBill(R) and Proteus(TM) product suites offer a full array of solutions for traffic analysis, post-billing call analysis, and customer care. CTI Group's products are used by some of the top service providers in North America and the United Kingdom, and play a trusted role in managing telephony costs at major corporations internationally. Headquartered in Indianapolis, CTI Group maintains an overseas office in London. For more information, please visit CTI Group's website at www.ctigroup.com.
Safe Harbor Statement This release may contain "forward-looking" statements. Examples of forward-looking statements include, but are not limited to: (a) projections of revenue, capital expenditures, growth, prospects, dividends, capital structure and other financial matters; (b) statements of plans and objectives of CTI Group or its management or Board of Directors; (c) statements of future economic performance; (d) statements of assumptions underlying other statements and statements about CTI Group and its business relating to the future; and (e) any statements using the words "could," "should," "anticipate," "expect," "may," "project," "intend," "will" or similar expressions. CTI Group's ability to predict projected results or the effect of events on CTI Group's operating results is inherently uncertain. Therefore, CTI Group wishes to caution each reader of this press release to carefully consider the risk factors stated in the CTI Group's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005, any or all of which have in the past and could in the future affect the ability of CTI Group to achieve its anticipated results and could cause actual results to differ materially from those discussed herein, including, but not limited to: ability to attract and retain customers to purchase its products, ability to develop or launch new software products, technological advances by third parties and competition, ability to protect CTI Group's patented technology, ability to obtain settlements in connection with its patent enforcement activities. You should not place any undue reliance on any forward-looking statements. CTI Group disclaims any intent or obligations to update forward-looking statements contained in this press release.
Contact: CTI Group (Holdings) Inc. Fred Hanuschek 317.262.4666 fhanuschek*ctigroup.com
SOURCE: CTI Group (Holdings) Inc.
mailto:fhanuschek*ctigroup.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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DOR BioPharma Reports Third Quarter Financial Results, Reviews Recent Achievements 11/14/2006
MIAMI, FL, Nov 14, 2006 (MARKET WIRE via COMTEX News Network) -- DOR BioPharma, Inc. (OTCBB: DORB) ("DOR" or the "Company") today announced financial results for the third quarter ended September 30, 2006.
Revenue for the third quarter of 2006 was $0.1 million, compared with $0.7 million for the third quarter of 2005. Revenue for the nine months ended September 30, 2006 was $1.6 million, compared with $2.3 million for the comparable prior-year period. Revenue for the first nine months of 2005 includes two grants: a $5.2 million National Institute of Allergy and Infectious Diseases ("NIAID") grant awarded in September 2004 for RiVax(TM), which was increased to $6.4 million in May 2005 for a renegotiated Facilities and Administrative rate; and a September 2005 $0.3 million grant awarded from the U.S. Food and Drug Administration ("FDA") for "Oral BDP for the Treatment of Gastrointestinal Graft-versus-Host Disease ("GI GVHD")."
The Company reported a net loss of $1.4 million or $0.02 per share for the third quarter of 2006, compared with a net loss of $1.2 million or $0.02 per share for the third quarter of 2005. For the nine months ended September 30, 2006, the net loss was $6.4 million or $0.10 per share, compared with a net loss of $2.7 million or $0.06 per share for the same period in 2005.
Research and development expenses for the third quarter of 2006 were $0.8 million, compared with $1.0 million for the third quarter of 2005. For the nine months ended September 30, 2006, research and development expenses were $3.8 million, compared with $2.4 million for the comparable 2005 period. This increase is due to regulatory and filing costs associated with the filing of the New Drug Application ("NDA") and the Marketing Authorization Application ("MAA") for orBec(R) and an impairment expense for intangibles.
General and administrative expenses for the third quarter of 2006 were $0.7 million, compared with $0.4 million for the third quarter of 2005. For the nine months ended September 30, 2006, general and administrative expenses were $2.1 million, compared with $1.2 million for the same period of 2005. The increase was partially due to a recovery of stock option expense for the variable treatment of options for employees in the amount of $0.3 million in 2005, and for the expensing of stock options under SFAS No. 123R in the amount of $0.5 million.
"The third quarter of 2006 was a pivotal time for DOR BioPharma, and I am pleased to have joined DOR at this exciting juncture," stated Christopher J. Schaber, Ph.D., President and Chief Executive Officer of DOR BioPharma. "We now have NDA and MAA regulatory submissions for orBec(R) filed with the FDA and the European Medicines Evaluation Agency ("EMEA"), respectively. During the coming months, we will be working closely with both agencies on their review of orBec(R) and, with their approval, look forward to bringing this life-saving therapy to patients suffering from GI GVHD."
Third Quarter 2006 Highlights:
-- Successfully completed cGMP ("current Good Manufacturing Practices") review in July for the production of RiVax(TM), DOR's vaccine against ricin toxin, pursuant to a manufacturing collaboration with Cambrex BioSciences and supported by a $6.4 million NIAID grant.
-- Appointed Christopher J. Schaber, Ph.D. as President and Chief Executive Officer in August. The Company also announced the appointment of Director, James S. Kuo, M.D., as Chairman of the Board in August.
-- Filed an NDA with the FDA to market orBec(R) for GI GVHD in September.
-- The Company was awarded two grants totaling $5.3 million to advance its Ricin Toxin and Botulinum Toxin vaccine programs in September.
Subsequent Events:
-- On November 7, 2006 DOR announced the filing of an MAA with the EMEA to market orBec(R) for GI GVHD. -- On November 8, 2006 DOR management presented at the Rodman & Renshaw 8th Annual Healthcare Conference. The presentation is accessible via our recently updated website at www.dorbiopharma.com.
About DOR BioPharma, Inc.
DOR BioPharma, Inc. is a biopharmaceutical company developing products to treat life-threatening side effects of cancer treatments and serious gastrointestinal diseases, and vaccines for certain bioterrorism agents. DOR's lead product, orBec(R) (oral beclomethasone dipropionate), is a potent, locally-acting corticosteroid being developed for the treatment of GI GVHD, a common and potentially life-threatening complication of bone marrow transplantation. DOR BioPharma has filed an MAA with the EMEA and an NDA with the FDA for orBec(R) for the treatment of GI GVHD. orBec(R) may also have application in treating other gastrointestinal disorders characterized by severe inflammation.
Through its Biodefense Division, DOR is developing biomedical countermeasures pursuant to the recently enacted Project BioShield Act of 2004. DOR's biodefense products in development are recombinant subunit vaccines designed to protect against the lethal effects of exposure to ricin toxin and botulinum toxin. The ricin toxin vaccine, RiVax(TM), has successfully completed a Phase I clinical trial in normal volunteers.
For further information regarding DOR BioPharma, please visit the Company's website at www.dorbiopharma.com.
This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, that reflect DOR BioPharma, Inc.'s current expectations about its future results, performance, prospects and opportunities, including statements regarding the potential use of orBec(R) for the treatment of gastrointestinal GVHD and the prospects for regulatory filings for orBec(R). Where possible, DOR has tried to identify these forward-looking statements by using words such as "anticipates," "believes," "intends," or similar expressions. These statements are subject to a number of risks, uncertainties and other factors that could cause actual events or results in future periods to differ materially from what is expressed in, or implied by, these statements. DOR cannot assure you that it will be able to successfully develop or commercialize products based on its technology, including orBec(R), particularly in light of the significant uncertainty inherent in developing vaccines against bioterror threats, manufacturing and conducting preclinical and clinical trials of vaccines, and obtaining regulatory approvals, that its technologies will prove to be safe and effective, that its cash expenditures will not exceed projected levels, that it will be able to obtain future financing or funds when needed, that product development and commercialization efforts will not be reduced or discontinued due to difficulties or delays in clinical trials or due to lack of progress or positive results from research and development efforts, that it will be able to successfully obtain any further grants and awards, maintain its existing grants which are subject to performance, enter into any biodefense procurement contracts with the U.S. Government or other countries, that the U.S. Congress may not pass any legislation that would provide additional funding for the Project BioShield program, that it will be able to patent, register or protect its technology from challenge and products from competition or maintain or expand its license agreements with its current licensors, or that its business strategy will be successful. Important factors which may affect the future use of orBec(R) for gastrointestinal GVHD include the risks that: because orBec(R) did not achieve statistical significance in its primary endpoint in the pivotal Phase III clinical study (i.e. a p-value of less than or equal to 0.05), the FDA may not consider orBec(R) approvable based upon existing studies, orBec(R) may not show therapeutic effect or an acceptable safety profile in future clinical trials, if required, or could take a significantly longer time to gain regulatory approval than DOR expects or may never gain approval; DOR is dependent on the expertise, effort, priorities and contractual obligations of third parties in the clinical trials, manufacturing, marketing, sales and distribution of its products; or orBec(R) may not gain market acceptance; and others may develop technologies or products superior to orBec(R). These and other factors are described from time to time in filings with the Securities and Exchange Commission, including, but not limited to, DOR's most recent reports on Form 10-QSB and Form 10-KSB. DOR assumes no obligation to update or revise any forward-looking statements as a result of new information, future events, and changes in circumstances or for any other reason.
Company Contact: Evan Myrianthopoulos Chief Financial Officer (786) 425-3848 www.dorbiopharma.com
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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Hypertension Diagnostics Announces FY 2007 First Quarter Results 11/14/2006
ST. PAUL, Minn., Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Hypertension Diagnostics, Inc. (OTC: HDII), today announced financial results for the first quarter of fiscal year 2007 ended September 30, 2006.
Revenue for the quarter totaled $422,485 compared to $380,916 in the prior year's first quarter ended September 30, 2005, which represents an 11% increase. The Company incurred a net loss of $188,081 for the quarter or $0.00 per share compared with a net loss of $337,217 for the prior year's quarter or $(.01) per share. Included in the net loss of $188,081 for the quarter are total non-cash charges (expenses associated mainly with stock compensation, depreciation, stock options) of $87,206. Included in the net loss of $337,217 for the prior year's quarter were non-cash charges of $43,256. The Company reported a cash balance of $1,565,138 on September 30, 2006. Total tests transmitted, a key metric for gauging customer usage, was 7,632 for the quarter, a 14% increase from the prior year's quarterly transmissions.
Forward-looking statements in this press release are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company wishes to caution readers not to place undue reliance on any forward-looking statements and to recognize that the statements are not a prediction of actual future results. Actual results could differ materially from those presented and anticipated in the forward-looking statements due to the risks and uncertainties set forth in the Company's 2006 Annual Report on Form 10-KSB, and subsequent Quarterly Reports on 10-QSB, all of which were filed with the U.S. Securities and Exchange Commission, as well as others not now anticipated.
Hypertension Diagnostics, Inc. Summary Financial Data
Statements of Operations (Unaudited) Three Months Ended September 30 2006 2005 Revenue: Equipment sales $ 333,301 $251,922 Equipment rental 75,178 121,530 Service/contract income 14,006 7,464 422,485 380,916
Cost of Sales 20,245 32,500 Gross Profit 402,240 348,416
Selling, general and administrative expenses 612,006 697,109 Operating Loss (209,766) (348,693)
Other Income: Interest income 13,586 11,476 Gain on sale of property and equipment 8,099 - Total Other Income 21,685 11,476
Net Loss $(188,081) $(337,217)
Basic and Diluted Net Loss per Share $(.00) $(.01) Weighted Average Shares Outstanding 40,157,106 32,930,909
Balance Sheet Data September 30, 2006 June 30, 2006 (Unaudited) (Audited) Cash and cash equivalents $1,565,138 $1,722,913 Total current assets 2,030,760 2,257,390 Total assets 2,108,631 2,345,949 Total current liabilities 370,863 489,081 Accumulated deficit (26,166,400) (25,978,319) Total shareholders' equity 1,723,565 1,840,414
CVProfilor is a registered trademark of Hypertension Diagnostics, Inc.
Hypertension Diagnostics, HDI/PulseWave, PulseWave and CVProfile are trademarks of Hypertension Diagnostics, Inc. All rights reserved.
Mark N. Schwartz, CEO of Hypertension Diagnostics, Inc., +1-651-687-9999 http://www.hdii.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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Berliner Reports First Quarter 2007 Financial Results and Additions to the Management Team 11/14/2006
ELMWOOD PARK, N.J., Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Berliner Communications, Inc. (OTC Bulletin Board: BERL) today announced financial results for the quarter ended September 30, 2006.
Financial Results
"Berliner continues to execute on its plan to become the service provider of choice for the wireless industry," said Rich Berliner, Chairman and Chief Executive Officer. "We see more and more business in our pipeline for fiscal 2007, including the recent receipt of a significant amount of new work under an existing contract with one of our top customers. While our revenue cycled down slightly this quarter, we continue to see strong capital spending in the industry as carriers expand their capability to deliver data, music downloads and digital television to their cell phone customers. We believe we are positioned to take advantage of this push by existing wireless carriers to expand their capabilities while at the same time growing our business with new customers, such as those companies that will soon receive new wireless spectrum licenses, and will need us to design and install new wireless networks from the ground up."
Revenue for the company for the first quarter was $7.8 million, as compared with $8.7 million for the first quarter of fiscal 2006. Overall revenue was down due to a decrease in revenue from the company's infrastructure construction and network services segment, which was partially offset by an increase in revenue from the company's real estate acquisition and zoning segment. Infrastructure construction and network services revenue was down primarily due to delays in initiating work on some of our most significant new projects, which were also impacted by our inability to receive materials and equipment in a timely manner.
Net loss allocable to common shareholders for the quarter was ($561,700), or ($0.03) per share, compared to net income of $261,500, or $0.08 per share, for the first quarter of fiscal 2006 before the effect of the deemed dividend discussed below.
On September 16, 2005, Berliner completed a recapitalization that included the conversion of its preferred equity into common equity and a one share for each 300 shares reverse stock split. This resulted in the recording of a deemed dividend of $19.9 million on the conversion of the preferred stock, making the net loss allocable to common shareholders ($19.7) million or ($5.90) per share for the three months ended September 30, 2005. The weighted average number of shares outstanding was 17,034,857 and 3,335,393 for the three months ended September 30, 2006, and 2005, respectively.
We currently report our financial results on the basis of two reportable segments: (1) infrastructure construction and network services and (2) real estate acquisition and zoning. The following represents our revenues and operating income (loss) for each segment for the three months ended September 30, 2006, and 2005, respectively:
Three months ended September 30, 2006 2005 (Unaudited) (Unaudited)
Revenues: Infrastructure construction and network services $5,372,013 $7,956,641 Real estate acquisition and zoning 2,417,474 689,160 Other 15,678 11,564 Total $7,805,165 $8,657,365
Operating income (loss): Infrastructure construction and network services $(845,870) $422,482 Real estate acquisition and zoning 284,998 (88,250) Other 9,153 950 $(551,719) $335,182
Additions to Management Team
In July, we appointed Albert E. Gencarella as our Chief Financial Officer. Mr. Gencarella was previously Chief Financial Officer of Dianet Communications, Inc., a company involved in constructing and operating distributed antenna systems for wireless telephone companies. From 2001 to 2004, Mr. Gencarella was employed by Oceanic Digital Communications, a wireless telephone company with operations in Jamaica and the Netherlands Antilles, as President, Chief Operating Officer and Director. Mr. Gencarella has over 25 years of management experience in the telecommunications and media industries. Mr. Gencarella holds an MBA from the University of Rhode Island. Patrick G. Mackey, our former Chief Financial Officer, continues to serve as Senior Vice President and Principal Accounting Officer.
In November, we appointed Nicholas Day as our General Counsel. Prior to joining us, Mr. Day served as Senior Corporate Counsel for Net2Phone, Inc., a then Nasdaq-listed provider of voice over Internet protocol, or VoIP, telephony products and services. Prior to Net2Phone, Mr. Day served as Associate General Counsel for WorldGate Communications, Inc., a Nasdaq-listed provider of personal video telephony products. Mr. Day began his career as a business attorney with the law firm of Saul Ewing, LLP. Mr. Day received his A.B. degree from Duke University and his J.D. degree, with honors, from Villanova University School of Law.
"These additions to management have enhanced an already strong management team at Berliner Communications, Inc.," noted Mr. Berliner. "As we grow and strive to execute our ambitious business plans, we need a fully committed, focused and high quality team at the top, and I believe this is precisely what we now have in place."
Berliner Communications, Inc. and its wholly owned operating subsidiary, BCI Communications, Inc., are headquartered in Elmwood Park, New Jersey. BCI is an end-to-end provider of outsourced services for the wireless communications industry, including planning, deployment and management of network build-outs. BCI provides wireless carriers with comprehensive real estate site acquisition and zoning services, radio frequency and network design and engineering, infrastructure equipment construction and installation, radio transmission base station modification and project management services. For more information about Berliner's services, please visit http://www.bcisites.com .
The statements in this press release, which are not historical fact, are 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. These statements include, without limitation, statements regarding our future prospects, the ability to achieve our sales and profitability goals, our perception of future industry trends and the potential positive impact our business prospects, and other such statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from ours expectations. Such risks and uncertainties include, without limitation, risks detailed in our filings with the United States Securities and Exchange Commission, the risk that future trends we have identified do not materialize or if they materialize that they do not have the beneficial effect we anticipate, as well as the risk that we will not be able to achieve our sales and profitability goals. All forward- looking statements in this document are made as of the date hereof, based on information available to us on the date hereof, and we disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events or otherwise.
(table follows)
BERLINER COMMUNICATIONS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended September 30, 2006 2005 (Unaudited) (Unaudited)
Revenues $7,805,165 $8,657,365 Costs of revenues 5,716,580 6,217,550
Gross margin 2,088,585 2,439,815
Selling, general and administrative expenses 2,580,908 2,043,747 Depreciation 56,879 61,136 (Gain) loss on sale of fixed assets 2,517 (250)
Income (loss) from operations (551,719) 335,182
Other (income) expense Interest expense 29,073 9,571 Interest income (4,610) (2,846) Loss in equity of investments --- 65,747 Other (14,488) 400
Income (loss) before income taxes (561,694) 262,310
Income tax expense --- 800
Net income (loss) (561,694) 261,510
Deemed Series B and D preferred dividends --- 19,935,779
Net loss allocable to common shareholders $(561,694) $(19,674,269)
Net loss per share - basic and diluted $(0.03) $(5.90)
Weighted average number of shares outstanding - basic and diluted 17,034,857 3,335,393
BERLINER COMMUNICATIONS, INC. CONSOLIDATED BALANCE SHEETS
September 30, June 30, 2006 2006 (Unaudited) ASSETS
CURRENT ASSETS Cash and cash equivalents $413,428 $534,350 Accounts receivable, net of allowance for doubtful accounts of $199,525 at September 30, 2006 and $179,535 at June 30, 2006 9,197,607 12,333,892 Inventories 315,785 322,029 Prepaid expenses and other current assets 418,890 331,546 10,345,710 13,521,817
LONG-TERM ASSETS Property and equipment, net 522,467 565,592 Other assets 95,729 168,210 $10,963,906 $14,255,619
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES Line of credit $633,904 $1,110,803 Current portion of long-term debt 213,152 373,856 Current portion of capital lease obligations 30,213 33,105 Accounts payable 4,012,160 5,355,827 Accrued liabilities 3,181,836 3,908,803 Accrued income taxes 8,817 127,927 8,080,082 10,910,321 LONG-TERM LIABILITIES Long-term debt, net of current portion 148,854 162,769 Long-term capital lease obligations, net of current portion 17,324 24,081 166,178 186,850
Patrick G. Mackey of Berliner Communications, Inc., +1-214-777-4100, or pmackey*bcisites.com http://www.bcisites.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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DataLogic International Completes Financing and Restructuring of Senior Secured Debt 11/14/2006
IRVINE, CA, Nov 14, 2006 (MARKET WIRE via COMTEX News Network) -- DataLogic International, Inc., (OTCBB: DLGI) (BERLIN: 779612) (FRANKFURT: 779612), a provider of information technology staffing services has completed a $412,500 private placement with 4 private investors and a restructuring of the terms of its senior secured debt held by Laurus Master Fund, Ltd.
10% Secured Convertible Promissory Note Financing
Pursuant to the private financing, DataLogic sold $412,500 principal amount of its 10% secured convertible promissory notes together with warrants to purchase 20,625,000 shares of DataLogic common stock at an exercise price of $0.04 per share. The convertible notes are due October 31 2008, begin amortization of principal on February 15, 2007, are secured by all of the assets of DataLogic and are convertible into DataLogic common stock at an initial conversion price of $.02 per share. The warrants will be exercisable for a three-year period beginning on the date a resale registration statement for the shares underlying the convertible notes and warrants is declared effective by the Securities and Exchange Commission.
As a result of the financing and pursuant to the terms of "most favored nations" rights granted to investors in DataLogic's May 2006 private placement, DataLogic expects to issue up to an additional $2,450,000 principal amount of its 10% secured convertible promissory notes and warrants to purchase 122,500,000 shares of common stock at an exercise price of $0.04 per share to its May 2006 private placement investors in exchange for up to 8,125,000 shares of DataLogic common stock issued in the May 2006 private placement. DataLogic will receive no additional proceeds from the exchange.
In the transaction, an officer and director of DataLogic also agreed to exchange a $300,000 promissory note payable by a DataLogic subsidiary for $300,000 principal amount of its 10% secured convertible promissory notes and warrants to purchase 15,000,000 shares of DataLogic common stock at an exercise price of $0.04 per share. DataLogic will receive no additional proceeds from the exchange.
Under the terms of the financing, DataLogic has agreed to use best efforts to obtain stockholder approval to (i)increase DataLogic's authorized shares of common stock to a number that is not less than 100% of the maximum number of shares of common stock which would be issuable upon conversion of the convertible notes and exercise of the warrants, and (ii) effect a reverse stock split so that its common stock is quoted on the OTC Bulletin Board at a price per share of not less than $1.00 immediately following the reverse stock split.
DataLogic has also agreed to prepare and file a resale registration statement with the Securities and Exchange Commission for the shares underlying the convertible notes and warrants.
Midtown Partners & Co., LLC acted as sole placement agent in this transaction.
Restructuring of Senior Secured Debt
Concurrently with completion of the convertible note and warrant financing, DataLogic completed a restructuring of its payment obligations under its Secured Term Note held by Laurus Master Fund, Ltd. As restructured, DataLogic will be obligated to make monthly principal payments of $25,000 per month beginning January 1, 2007 and increasing to $50,000 per month beginning July 1, 2007 through maturity at December 31, 2008. As of October 31, 2006, DataLogic had $1,364,976 principal amount outstanding under the Secured Term Note.
In connection with the restructuring of the Secured Term Note, Laurus withdrew its notice of default by DataLogic and released the hold it had placed on DataLogic's accounts receivable "lockbox" account.
For more information about DataLogic International, Inc. please visit www.dlgi.com
About Midtown Partners & Co., LLC
Originally founded in May 2000, Midtown Partners & Co., LLC is an investment bank focused on private placement investment-banking opportunities. The Investment Banking Group at Midtown Partners & Co., LLC was founded on the premise that client relationships and industry focus are keys to the success of emerging growth companies. Such companies require investment-banking services from a firm with a unique understanding of the marketplace and the nature of smaller transactions. Additional information can be found at www.midtownpartners.com.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies and prospects, both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as: believe, expect, anticipate, should, planned, will, may, intend, estimated, and potential, among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions, the market performance of acquired business entities and assets and other factors such as, but not limited to, those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to DataLogic International, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
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The Immune Response Corporation Settles Shareholder Class Action Lawsuit 11/14/2006
- Company Admits No Fault and Settlement Is Covered by Insurance -
CARLSBAD, Calif., Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- The Immune Response Corporation (OTC Bulletin Board: IMNR) announced today that the Company has reached an agreement with class counsel to settle the consolidated federal securities law class action litigation filed against the Company in 2001, as well as the related California state-court derivative lawsuit, without admitting to any wrongdoing, fault or liability. The settlements also include Company directors and officers who were named in the lawsuits.
The class action settlement, for approximately $9.6 million, will have no effect on the Company's operations, cash flow or financial position, as it is within insurance limits. The settlement is conditioned on notice to the class members and court approval. The preliminary settlement approval hearing is scheduled to occur on December 4, 2006.
The shareholder derivative complaint was filed on July 5, 2005 against certain of the Company's current and former officers and directors. The Company was also named as a nominal defendant in the complaint.
The $0.25 million settlement for the California state-court derivative lawsuit would also be funded entirely by the Company's insurers. As anticipated by an agreement in principle for the settlement, the Company will also agree to adopt certain corporate governance requirements. The definitive state-court settlement agreement is conditioned on court approval and must be filed with the court by November 20, 2006. The settlement hearing is scheduled to occur on November 27, 2006.
About The Immune Response Corporation
The Immune Response Corporation (OTC Bulletin Board: IMNR) is an immuno-pharmaceutical company focused on developing products to treat autoimmune and infectious diseases. The Company's lead immune-based therapeutic product candidates are NeuroVax(TM) for the treatment of multiple sclerosis (MS) and IR103 for the treatment of HIV infection. Both of these therapies are in Phase II clinical development and are designed to stimulate pathogen-specific immune responses aimed at slowing or halting the rate of disease progression.
NeuroVax(TM), which is based on the Company's patented T-cell receptor (TCR) peptide vaccine technology, has shown potential clinical value in the treatment of relapsing forms of MS. NeuroVax(TM) has been shown to stimulate strong, disease-specific cell-mediated immunity in nearly all patients treated and appears to work by enhancing levels of FOXP3+ Treg cells that are able to down regulate the activity of pathogenic T-cells that cause MS. Increasing scientific findings have associated diminished levels of FOXP3+ Treg cell responses with the pathogenesis and progression of MS and other autoimmune diseases such as rheumatoid arthritis (RA), psoriasis and Crohn's disease. In addition to MS, the Company has open Investigational New Drug Applications (IND) with the FDA for clinical evaluation of TCR peptide-based immune-based therapies for RA and psoriasis.
IR103 is based on the Company's patented, whole-inactivated virus technology, co-invented by Dr. Jonas Salk and indicated to be safe and immunogenic in extensive clinical studies of Remune(R), the Company's first generation HIV product candidate. The federal class action litigation was based on the Company's reporting of results from one of those clinical studies of Remune(R). IR103 is a more potent formulation that combines its whole-inactivated antigen with a synthetic Toll-like receptor (TLR-9) agonist to create enhanced HIV-specific immune responses. The Company is currently testing IR103 in two Phase II clinical studies as a first-line treatment for drug-naive HIV-infected individuals not yet eligible for antiretroviral therapy according to current medical guidelines.
NeuroVax(TM) and IR103 are in clinical development by The Immune Response Corporation and are not approved by any regulatory agencies in any country at this time. Please visit The Immune Response Corporation at www.imnr.com.
This news release contains forward-looking statements. Forward-looking statements are often signaled by forms of words such as should, could, will, might, plan, projection, forecast, expect, guidance, potential and developing. Actual results could vary materially from those expected due to a variety of risk factors, including whether the Company will continue as a going concern and successfully raise proceeds from financing activities sufficient to fund operations and additional clinical trials of NeuroVax(TM) or IR103, the uncertainty of successful completion of any such clinical trials, the fact that the Company has not succeeded in commercializing any drug, the risk that NeuroVax(TM) or IR103 might not prove to be effective as either a therapeutic or preventive vaccine, whether future trials will be conducted and whether the results of such trials will coincide with the results of NeuroVax(TM) or IR103 in preclinical trials and/or earlier clinical trials. A more extensive set of risks is set forth in The Immune Response Corporation's SEC filings including, but not limited to, its Annual Report on Form 10-K for the year ended December 31, 2005, and its subsequent Quarterly Reports filed on Form 10-Q. The Company undertakes no obligation to update the results of these forward-looking statements to reflect events or circumstances after today or to reflect the occurrence of unanticipated events.
REMUNE(R) is a registered trademark of The Immune Response Corporation. NeuroVax(TM) is a trademark of The Immune Response Corporation.
INVESTOR CONTACTS: COMPANY CONTACT: Gene Marbach Michael K. Green, COO and CFO Makovsky & Company The Immune Response Corporation (212) 508-9645 (760) 431-7080 gmarbach*makovsky.com info*imnr.com
Robert Giordano ROI Associates (212) 495-0201 rgiordano*roiny.com
SOURCE The Immune Response Corporation
Gene Marbach of Makovsky & Company, +1-212-508-9645, gmarbach*makovsky.com; or Robert Giordano of ROI Associates, +1-212-495-0201, rgiordano*roiny.com, both for The Immune Response Corporation; or Michael K. Green, COO and CFO of The Immune Response Corporation, +1-760-431-7080, info*imnr.com http://www.imnr.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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Global Axcess Corp Announces Third Quarter 2006 Financial Results 11/14/2006
PONTE VEDRA BEACH, Fla., Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Global Axcess Corp (OTC Bulletin Board: GAXC), an independent provider of ATM solutions, today announced the financial results for the third quarter ended September 30, 2006.
The Company reported revenues from continuing operations of $5.6 million for the third quarter ended September 30, 2006, up 15% from the $4.8 million in reported revenues for the same period of 2005.
The Company achieved gross profit from continuing operations of $2.4 million or 43% of revenue for the three-month period ended September 30, 2006. This compared to $1.9 million or 41% of revenue for the same period of 2005.
Operating expenses from continuing operations increased to $5.6 million for the third quarter 2006 from $1.5 million for the same period in 2005. Depreciation and amortization expense increased by approximately $245,000 for the three-month period 2006 as compared to the same period in 2005.
During the third quarter, Global incurred non-recurring charges consisting of the following:
- $610,000 impairment charges relating to its EFTI switching software; - $485,000 impairment charges relating to its assets held for sale; - $234,000 impairment charges relating to other ATMs and software - $758,000 restructuring charges relating to its business reorganization - $523,000 impairment charges on its notes receivable
The total of these impairment and restructuring charges is approximately $2.6 million.
Additionally, SG&A expenses increased to $2.4 million from $1.2 million as the Company experienced higher professional fees due to restructuring charges and one-time events. Also, the Company recorded a legal reserve of $200,000 relating to possible litigation relating to a filed lawsuit.
The Company reported a net loss for the quarter ended September 30, 2006 of $3.6 million, or a net loss of $0.17 per basic and fully diluted share, compared to a net loss of approximately $88,000, or $0.00 per basic and fully diluted share for the same period of 2005.
Mr. George McQuain, Chief Executive Officer of Global Axcess, stated, "The third quarter of 2006 was a transitional quarter for Global Axcess. While the financial results for this quarter are disappointing, many of the charges incurred were one-time events. Global Axcess is now comprised of new leadership with experience in corporate turnarounds and growing profitable businesses with the appropriate financial controls in place. Our loss for the quarter, which was due to various restructuring costs and write-offs, is behind us now. I look forward to returning to profitability in 2007 and I am very excited about the future prospects of the Company."
Conference Call Information
The conference call will take place at 2:00 p.m. Eastern, on Thursday, November 16, 2006. Anyone interested in participating should call 800-819-9193 and enter pass code 4302926 if calling within the United States or 913-981-4911 and pass code 4302926 if calling internationally, approximately 5 to 10 minutes prior to 2:00 p.m. There will be a playback available until November 23, 2006. To listen to the playback, please call 888-203-1112 if calling within the United States or 719-457-0820 if calling internationally. Please use pass code 4302926 for the replay.
The call is being webcast as well and can be accessed at Global's website at http://www.globalaxcess.biz. The webcast will be archived and available through March 15, 2007.
About Global Axcess Corp
Headquartered in Ponte Vedra Beach, Florida, Global Axcess Corp was founded in 2001 with a mission to emerge as the leading independent provider of ATM services in the United States. Through its wholly owned subsidiary, Nationwide Money Services, Inc. (NMS), the Company provides turnkey ATM management solutions that include cash, project and account management services. NMS currently owns and operates 4,600 ATMs in its national network spanning 42 states. For more information on the Company, please visit http://www.globalaxcess.biz.
Investors Alliance Advisors, LLC Alan Sheinwald, 914-244-0062 asheinwald*allianceadvisors.net
SOURCE Global Axcess Corp.
Investors, Alan Sheinwald of Alliance Advisors, LLC, +1-914-244-0062, or asheinwald*allianceadvisors.net http://www.globalaxcess.biz
Copyright (C) 2006 PR Newswire. All rights reserved
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Manufacturing Business Technology Names CAPE Systems to Its 40 Emerging Software Vendors Listing for 2006 11/14/2006
SOUTH PLAINFIELD, N.J., Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- CAPE Systems Group, Inc. (OTC Bulletin Board: CYSG), a leading provider of software technology for packaging design, pallet optimization, RFID Asset Tracking, inventory and warehouse management, supply chain execution and order fulfilment, today announced that it has been named to Manufacturing Business Technology's 40 Emerging Software Vendors listing for the first time. This prestigious award can best be summed up in the words of the cover story in this issue of Manufacturing Business Technology written by Frank O. Smith, "Manufacturing Business Technology's 40 Emerging Software Vendors listing celebrates those that survived the birthing to reach a certain stage of maturity. Business writing is rich with these almost mythical tales, which so often seem to start in someone's garage. But garage or no garage, success isn't guaranteed, and those that do succeed have earned the right to tell the tale".
The 40 Emerging Software Vendors list appears in the October 2006 issue of Manufacturing Business Technology.
CEO, Nicholas Toms, credits the Company's robust spectrum of supply-chain solutions, timely development and implementation of technologies and continuous investment in enhancements and upgrades as reasons for the Company's technological strength and continued growth. "CAPE Systems' commitment is to research and understand profoundly the ever changing needs of our customers. Thus, we strive to position CAPE to meet, if not anticipate, the demanding specifications of our strong blue chip customer-base and meet its evolving needs in managing manufacturing and distribution operations."
About CAPE Systems
CAPE Systems is an international provider of supply chain management technologies. CAPE Systems offers a comprehensive range of software systems and tools, from packaging and pallet optimization software, RFID asset tracking, to integrated warehouse and inventory management solutions, pick-to-light systems, and transportation management systems for enterprise wide and collaborative supply chain optimization. For more information about CAPE visit: www.capesystems.com.
Safe Harbor
Statements about the company's future expectations, including future revenue and earnings and all other statements in this press release, other than historical facts, are "forward-looking" statements and are made pursuant to safe harbor provisions of the Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time. The company's actual results could differ materially from expected results. In reflecting subsequent events or circumstances, the company undertakes no obligation to update forward-looking statements.
*********.com: As Cornerstone Bancshares Reports Earnings Increase, Other Companies Set Records, Form Sales and Development Partnerships, Provide Cost Effective Process, and Receive Proposals
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-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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Cimetrix Reports Third Quarter Financial Results 11/14/2006
Revenue Increases 19% for Quarter, 21% for Nine-Month Period Two Top-Tier 300mm Equipment Suppliers Worldwide Select Cimetrix Products
SALT LAKE CITY, Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Cimetrix, Incorporated (OTC: CMXX), a leading provider of factory automation software and solutions for the global semiconductor and electronics industries, today reported financial results for its third quarter and nine month period ended September 30, 2006.
Third Quarter Results
Revenue in the third quarter increased 19% to $1,243,000 from $1,043,000 in the third quarter a year ago. Software revenue and professional services revenue both increased, reflecting continued customer demand for the Company's products and services. Software revenue was up 20% to $956,000 from $796,000 in the third quarter last year. The largest component of software revenue -- new software licenses -- grew by 31% to $684,000 from $523,000, reflecting higher sales of Software Development Kits ("SDKs") and runtime revenue associated with OEM customer machine shipments. The second component of software revenue -- software license updates and product support -- totaled $272,000, essentially unchanged from last year. Professional services revenue grew by 16% in the third quarter to $287,000 from $247,000 reflecting the Company's expanded OEM Solution Center capabilities and new Data Management Solution Center for end-user business.
Total operating costs and expenses in the third quarter increased 24% to $1,560,000 from $1,258,000 in the third quarter last year, a reflection of general business expansion as well as ongoing investments to drive future growth. The Company is particularly focused on growing its CIMPortal(TM) product line, its professional services division and further developing the Japanese market opportunity.
Net loss in the third quarter was $325,000, or $0.01 per basic and diluted share, as compared with a net loss of $246,000, or $0.01 per basic and diluted share, in the same period a year ago. The $79,000 increase in net loss year- over-year was partially attributable to an increase in non-cash depreciation and amortization, which grew to $107,000 in the third quarter from $31,000 in the same quarter a year ago. In addition, the Company incurred $93,000 in non-cash share-based compensation expense in the third quarter resulting from the adoption of SFAS 123R on January 1, 2006. This expense was not required in third quarter of last year. Without the increase in these two non-cash expenses, the Company's net loss would have improved over the prior year third quarter.
"We are generally pleased with our third quarter financial results, which showed strong year-over-year revenue growth and continued control of our expense base relative to our overall growth rate," said Bob Reback, president and CEO. "It's important to emphasize that our $325,000 net loss in the third quarter included more than $199,000 in non-cash charges related to depreciation, amortization and share-based compensation. Our long-term outlook for increasing revenue and achieving sustained profitability remains positive.
"We continue to make selective investments to remain at the forefront of developing solutions for the new Semiconductor Equipment and Materials International (SEMI) Interface A standard -- an area that holds tremendous long-term growth prospects and in which Cimetrix has assumed an industry leadership role. In the third quarter we won key new OEM accounts in very competitive environments in the United States, Europe and Japan. Additionally, our OEM Solution Center and Data Management Solution Center continue to drive increased professional services revenue."
Nine-Month Results
Revenue through nine months increased 21% to $4,045,000 from $3,341,000 in the same period a year ago. This growth was driven by professional services revenue, which increased 117% to $1,278,000 from $589,000, reflecting strong growth in OEM Solution Center projects and the addition of revenue from the new Data Management Solution Center. Software revenue showed modest growth year over year -- to $2,767,000 from $2,752,000.
Total operating costs and expenses through nine months increased 35% to $4,897,000 from $3,620,000 in the same period a year ago. The increase of $1,277,000 includes $322,000 in non-cash depreciation and amortization and a non-cash charge of $242,000 for share-based compensation. Net loss for the nine months was $878,000, or $0.03 per basic and diluted share, as compared with $381,000, or $0.01 per basic and diluted share, in the same period last year. Again, without the increase in these two non-cash expenses, the Company's net loss would have improved over the prior year nine-month period.
Third Quarter and Subsequent Highlights
-- Top Tier European Equipment Supplier selected CIMConnect(TM), CIM300(TM) and CIMPortal products for new equipment model -- Top Tier Japanese Equipment Supplier selected CIMPortal product for Interface A across all equipment model types -- Another Japanese Equipment Supplier selected CIMConnect, CIM300 and CIMPortal products as standard factory automation platform going forward -- Major US disk drive Equipment Supplier selected CIMPortal for Interface A -- OEM Solution Center delivered a full 300mm automation solution for a metrology start-up company on time, on budget
About Cimetrix Incorporated
Cimetrix designs, develops, markets and supports factory automation software for the global semiconductor and electronics industries. Cimetrix's connectivity software allows equipment manufacturers to quickly implement the SECS/GEM standards, with over 10,000 connections shipped worldwide. It also provides solutions to meet the 300mm SEMI communications standards, with OEM customer installs in all major 300mm fabs, and products designed for the new Interface A standards. Cimetrix's PC-based motion control software is used by leading equipment manufacturers for demanding robotic applications. Cimetrix provides total solutions for its customers with engineering services and passionate technical support. Major products include CIMConnect, CIM300, CIMPortal and CODE(TM) (Cimetrix Open Development Environment). For more information, please visit www.cimetrix.com.
Safe Harbor Statement
The matters discussed in this news release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may be identified by words such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate," "plan," "project," "could," "potential," "should," "hope," "likely," and "continue" and similar terms used in connection with statements regarding the Company's outlook, revenue environment and financial and operational performance. Statements about the Company's prospects for future growth, operational success and profitability are forward-looking statements. The comments made by the Company's senior management in regards to future developments are based on current expectations and involve risks and uncertainties that may adversely affect expected results, including but not limited to the adoption by chip makers of the Interface A standards specified by SEMI, which is an independent industry trade group, market acceptance of the Company's products, the competitive position of the Company and its products, which include CODE, CIMConnect, CIM300 and CIMPortal product families, the economic climate in the markets in which the Company's products are sold, technological improvements, and other risks discussed more fully in filings by the Company with the Securities and Exchange Commission. Many of these factors are beyond the control of the Company. Reference is made to the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which detail these and other risk factors relating to the Company.
Consolidated Statements of Operations
Three Months Ended Nine Months Ended September 30, September 30, 2006 2005 2006 2005 Revenues: New software licenses $684,000 $523,000 $1,954,000 $1,967,000 Software license updates and product support 272,000 273,000 813,000 785,000 Total software revenues 956,000 796,000 2,767,000 2,752,000 Professional services 287,000 247,000 1,278,000 589,000 Total revenues 1,243,000 1,043,000 4,045,000 3,341,000 Operating costs and expenses: Cost of revenues 545,000 454,000 1,669,000 968,000 Sales and marketing 287,000 211,000 870,000 786,000 Research and development 256,000 273,000 809,000 859,000 General and administrative 365,000 289,000 1,227,000 914,000 Depreciation and amortization 107,000 31,000 322,000 93,000 Total operating costs and expenses 1,560,000 1,258,000 4,897,000 3,620,000 Loss from operations (317,000) (215,000) (852,000) (279,000) Other income (expense) Interest and other income 10,000 18,000 28,000 45,000 Interest expense (18,000) (49,000) (54,000) (147,000) Total other expense (8,000) (31,000) (26,000) (102,000) Loss before income taxes (325,000) (246,000) (878,000) (381,000) Provision for income taxes - - - - Net loss $(325,000) $(246,000) $(878,000) $(381,000) Income (loss) per common share: Basic $(0.01) $(0.01) $(0.03) $(0.01) Diluted $(0.01) $(0.01) $(0.03) $(0.01) Weighted average number of shares outstanding: Basic 31,927,000 30,329,000 31,927,000 29,987,000 Diluted 31,927,000 30,329,000 31,927,000 29,984,000
Consolidated Balance Sheets
September 30, December 31, 2006 2005 Assets (Unaudited) Current assets: Cash and cash equivalents $476,000 $778,000 Accounts receivable, net 1,147,000 1,289,000 Inventories 13,000 - Prepaid expenses and other current assets 46,000 61,000 Total current assets 1,682,000 2,128,000 Property and equipment, net 149,000 189,000 Intangible assets, net 646,000 894,000 Goodwill 64,000 64,000 Other assets 28,000 20,000 Total assets $2,569,000 $3,295,000
Liabilities and Stockholders' Equity Current liabilities: Accounts payable $150,000 $162,000 Accrued expenses 219,000 269,000 Deferred revenue 476,000 405,000 Notes payable - related parties 173,000 199,000
Notes payable 426,000 502,000 Total current liabilities 1,447,000 1,537,000
Commitments and contingencies
Stockholders' equity: Common stock, $.0001 par value, 100,000,000 shares authorized; 31,952,432 shares issued 3,000 3,000 Additional paid-in capital 31,682,000 31,440,000 Treasury stock, at cost (49,000) (49,000) Accumulated deficit (30,514,000) (29,636,000) Total stockholders' equity 1,122,000 1,758,000 Total liabilities and stockholders' equity $2,569,000 $3,295,000
SOURCE Cimetrix, Incorporated
Dave Faulkner of Cimetrix, Incorporated, +1-801-256-6500, or fax, +1-801-256-6510, or dave.faulkner*cimetrix.com; or Mark Button of Positio Public Relations, +1-408-453-2400, or fax, +1-408-453-2405, or mark*positio.com, for Cimetrix, Incorporated http://www.cimetrix.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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November 14, 2006 05:13 PM Eastern Time CORRECTING and REPLACING Transtech Industries, Inc. Reports Results for the Three and Nine Month Periods Ended September 30, 2006 CORRECTION...by Transtech Industries, Inc. PISCATAWAY, N.J.--(BUSINESS WIRE)--The first sentence of the first graf should read: Robert V. Silva, President and Chief Executive Officer of Transtech Industries, Inc. (OTC BULLETIN BOARD:TRTI) announced the results of operations for the three and nine month periods ended September 30, 2006 (sted: xxx periods ended November 30, 2006).
The corrected release reads as follows:
TRANSTECH INDUSTRIES, INC. REPORTS RESULTS FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2006
Robert V. Silva, President and Chief Executive Officer of Transtech Industries, Inc. (OTC BULLETIN BOARD:TRTI) announced the results of operations for the three and nine month periods ended September 30, 2006. The Company’s subsidiaries perform environmental services and generate electricity utilizing methane gas as fuel.
Revenues for the electricity generation segment for the three months ended September 30, 2006 and 2005 were $110,000 and $145,000, respectively. The decrease in revenue was due to a decline in the rate per kilowatt received for the power generated. Gross revenues of the environmental services segment for the period in 2006 and 2005 were $334,000 and $223,000, respectively. The environmental services in both periods were conducted on sites owned or leased by members of the consolidated group and therefore eliminated in the calculation of net revenues.
The cost of operations for the three months ended September 30, 2006 and 2005 were $515,000 and $435,000, respectively. The net increase was primarily due to increased equipment repair, general operating and personnel costs.
Other income for the three months ended September 30, 2006 and 2005 was $224,000 and $637,000, respectively, and includes $89,000 and $510,000, respectively, of proceeds from claims against excess insurance carriers.
Income tax benefit for the three months ended September 30, 2006, was $69,000 compared to an expense of $189,000 reported for the period in 2005.
Net loss for the three months ended September 30, 2006 was $112,000, or $.04 per share, versus net income of $158,000, or $.05 per share, for the period in 2005.
Revenues for the electricity generation segment for the nine months ended September 30, 2006 and 2005 were $277,000 and $296,000, respectively. The decrease in revenue was due to a decline in the rate per kilowatt received for the power generated. Gross revenues of the environmental services segment for the period in 2006 and 2005 were $951,000 and $652,000, respectively. The environmental services in both periods were conducted on sites owned or leased by members of the consolidated group and therefore eliminated in the calculation of net revenues.
The cost of operations for the nine months ended September 30, 2006 and 2005 were $1,720,000 and $1,452,000, respectively. The net increase was primarily due to increased personnel costs, legal and other professional expenses.
Other income for the nine months ended September 30, 2006 and 2005 was $1,006,000 and $3,324,000, respectively, and includes $435,000 and $3,220,000, respectively, of proceeds from claims against excess insurance carriers.
Income tax benefit for the nine months ended September 30, 2006, was $141,000 compared to an expense of $836,000 reported for the period in 2005.
Net loss for the nine months ended September 30, 2006 was $296,000, or $.10 per share, versus net income of $1,332,000, or $.45 per share, for the period in 2005.
As previously reported, the Company completed the sale of certain real property and buildings during October 2006. The Company will include a pretax net gain of approximately $1.9 million from the sale in its results for the year ended December 31, 2006.
The Company and certain subsidiaries previously participated in the waste recovery and waste management industries. The Company continues to incur administrative and litigation expenses on matters related to past participation in those industries. In addition, the Company may incur significant remediation and post-closure costs related to sites of past operations.
This news release may contain forward-looking statements as defined by federal securities laws, that are based on current expectations and involve a number of known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risks and uncertainties include among others, the following: general economic and business conditions; the ability of the Company to implement its business strategy; the Company’s ability to successfully identify new business opportunities; changes in the industry; competition; the effect of regulatory and legal proceedings. The forward-looking statements contained in this news release speak only as of the date of release; and the Company does not undertake to revise those forward-looking statements to reflect events after the date of this release.
Presented below are the unaudited consolidated balance sheet as of September 30, 2006 and comparative consolidated statements of operations for the three and nine months ended September 30, 2006 and 2005.
TRANSTECH INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
As of September 30, 2006 (In $000's)
Assets
Cash and cash equivalents $ 3,166 Marketable securities 2,383 Restricted escrow accounts 1,007 Other current assets 267 Total current assets 6,823 Restricted escrow accounts 6,497 Other assets 2,093 Total assets $ 15,413
Liabilities and Stockholders' Equity
Total current liabilities $ 2,156 Income taxes payable 987 Accrued post-closure costs 8,479 Other liabilities 29 Stockholders' equity 3,762 Total Liabilities and Stockholders' Equity $ 15,413 CONSOLIDATED STATEMENTS OF OPERATIONS
(In $000's, except per share data)
For the Three Months Ended September 30, 2006 2005 Gross Revenues $ 444 $ 368 Less: Eliminations (334) (223) Net Revenues 110 145 Cost of operations (515) (435) Other income 224 637 Income (taxes) benefit 69 (189) Net income (loss) $ (112) $ 158
Income (loss) per common share: Net income (loss) $ (.04) $ .05 Number of shares used in calculation 2,979,190 2,979,190
For the Nine Months Ended September 30, 2006 2005
Gross Revenues $ 1,228 $ 948 Less: Inter-company (951) (652) Net Revenues 277 296 Cost of operations (1,720) (1,452) Other income(a) 1,006 3,324 Income (taxes) benefit 141 (836) Net income (loss) $ (296) $ 1,332
Income (loss) per common share: Net income (loss) $ (.10) $ .45 Number of shares used in calculation 2,979,190 2,979,190
(a) Includes proceeds from insurance claims of $435,000 and $3,220,000 in 2006 and 2005, respectively.
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China Digital Q3 Revenue $4M, Net Income $1.3M 11/14/2006
LOS ANGELES and SHENZHEN, China, Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- China Digital Communication Group (OTC Bulletin Board: CHID), a growing Chinese battery components manufacturer and supplier of 3G telecommunications equipment, announced today that revenue in the third quarter ended September 30, 2006 was $4,031,596, up 18.4% from $3,405,238 in Q3 '05. Net income for the quarter was up 76.1% to $1,317,960, or $0.02 per basic and diluted share, compared with $748,488, or $0.01 per share, in the third quarter of 2005.
For the first nine months of 2006, revenue was $10,242,953, up 6.4% from $9,629,077 in the first nine months of 2005. Net income was $2,528,848, or $0.05 per share, up 16.3% from $2,175,084, or $0.04 per diluted share in the comparable nine-month period a year earlier.
At the end of the quarter, cash and cash equivalents were $1,160,521 and current assets totaled $6,926,303. Cost of sales for the third quarter was $2,364,631, compared to $2,420,281 in Q3 '05. Interest expense increased from $8,421 in Q3 '05 to $69,636 in Q3 '06, which was a result of a loan obtained for the acquisition of Galaxy View International.
Selling, general and administrative fees for the third quarter totaled $288,301, compared to $171,606 a year ago. This $116,695 difference was primarily due to an increase in accounting, legal and professional fees and also general and additional expense from Sono Digital, a wholly owned subsidiary of Galaxy View International, that was not included in the Q3 '05 numbers.
China Digital CEO Ran Liang, said, "We had a profitable third quarter. The increases in revenue and net income were the result of our acquisition of Galaxy View International at the end of the second quarter, as were the increases in interest expense and cost of sales. Galaxy View is integrating well into our business model, and we are beginning to see the benefits."
About China Digital Communication Group
China Digital Communication Group has two wholly owned subsidiaries, Shenzhen E'Jenie Science and Technology Development Co. Ltd. and Galaxy View International. E'Jenie manufactures and sells advanced high-quality lithium-ion battery shell and cap products to all major lithium-ion battery cell manufacturers in China and has recently begun manufacturing complete batteries. E'Jenie's products are used to power mobile phones, MP3 players, laptops, digital cameras, PDAs, camera recorders and other consumer electronic digital devices. Galaxy View, through its subsidiary Sono Digital, is a leading supplier of third-generation (3G) communications technology and equipment in China. China Digital Communication Group is continuing its expansion, while seeking distribution partners and acquisitions in new global markets, including the United States. For more information, visit http://www.chinadigitalgroup.com.
For investor relations information regarding China Digital Communication Group, contact Frank Hawkins or Ken AuYeung, Hawk Associates, at (305) 451- 1888, e-mail: info*hawkassociates.com. An online investor kit including press releases, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com.
Forward-looking statement: Except for the historical information, the matters discussed in this news release may contain forward-looking statements, including, but not limited to, factors relating to future sales. These forward-looking statements may involve a number of risks and uncertainties. Actual results may differ materially based on a number of factors, including, but not limited to, uncertainties in product demand, risks related to doing business in China, the impact of competitive products and pricing, changing economic conditions around the world, release and sales of new products and other risk factors detailed in the company's most recent annual report and other filings with the Securities and Exchange Commission.
SOURCE China Digital Communication Group
Frank Hawkins or Ken AuYeung, both of Hawk Associates, +1-305- 451-1888, info*hawkassociates.com. http://www.chinadigitalgroup.com
Copyright (C) 2006 PR Newswire. All rights reserved
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November 14, 2006 05:30 PM Eastern Time PYDS Reports Third Quarter Results - Revenue Up 178% from Prior Year Quarter -
SAN ANTONIO--(BUSINESS WIRE)--Payment Data Systems, Inc. (OTCBB:PYDS), an integrated electronic payments solutions provider, today announced financial results for the quarter ended September 30, 2006.
Revenues increased 178% to $884,269 for the third quarter of 2006 from $318,206 for the third quarter of 2005. Net loss for the quarter ended September 30, 2006 decreased to $261,740, or $0.01 per share, from a net loss of $672,166, or $0.02 per share, for the third quarter of 2005. Revenues increased 102% to $1,771,894 for the nine months ended September 30, 2006 from $876,094 for the same period of 2005. Net loss for the nine months ended September 30, 2006 was $1,015,850, or $0.03 per share, compared to net loss of $1,624,677, or $0.06 per share, for the same period of 2005.
Commenting on the results for the quarter, Michael R. Long, Chairman and Chief Executive Officer of Payment Data Systems, said, “We are pleased to see the sequential improvement in the third quarter results and are thrilled about the significant step towards profitability that it represents.”
Long added, “Our credit card processing transaction and dollar volume for the third quarter was up 140% and 52%, respectively, from the second quarter of 2006 and this growth was primarily responsible for the 64% increase in third quarter revenues from $539,615 in revenues for the preceding second quarter.”
For further information regarding our financial results for the quarter ended September 30, 2006, please read our 10-QSB that was filed on November 14, 2006.
About Payment Data Systems, Inc.
Payment Data Systems, Inc. is an integrated payment solutions provider to merchants and billers. The organization provides an extensive set of products to deliver world-class payment acceptance. Payment Data has solutions for merchants, billers, banks, service bureaus and card issuers. The strength of the company is its ability to offer specifically tailored solutions for card issuance, payment acceptance and bill payments. Payment Data Systems, Inc. is the owner of the electronic bill payment portal, http://www.billx.com, which has the ability to transmit payments to thousands of national billers.
Payment Data's intellectual property includes U.S. Patent Number 7,021,530 that relates to bill payments made with debit and stored value cards.
For additional information, visit www.paymentdata.com. Contact Michael Long for Investor Relations information at 210-249-4040 or email at ir*paymentdata.com.
Except for the historical information contained herein, the matters discussed in this release include certain forward-looking statements, which are intended to be covered by safe harbors. Those statements include, but may not be limited to, all statements regarding our and management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the factors detailed from time to time in our filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect, our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.
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November 14, 2006 05:48 PM Eastern Time Siboney Corporation Announces Results for the Third Quarter and Nine Months Ended September 30, 20 06 ST. LOUIS--(BUSINESS WIRE)--Siboney Corporation (OTCBB: SBON) announced today its results of operations for the third quarter and the nine-month period ended September 30, 2006.
Revenues for quarter ended September 30, 2006 were $1,289,135, a decrease of $146,311 or 10.2% compared to $1,435,446 for the third quarter of 2006. Loss before income taxes for the quarter ended September 30, 2006 was $569,981, a decrease of $150,752 or 20.9% compared to loss before income taxes of $720,733 for the third quarter of 2005. Net loss for the quarter ended September 30, 2006 was $348,981 ($.02 per basic and diluted share) after income tax benefit of $221,000, compared to net loss of $546,733 ($.03 per basic and diluted share) after income tax benefit of $174,000 reported for the third quarter of 2005.
For the nine months ended September 30, 2006, the Company reported revenues of $5,018,318, a decrease of $990,630 or 16.5% compared to the first nine months of 2005. Loss before income taxes for the nine months ended September 30, 2006 was $1,111,835, compared to the loss before income taxes of $1,132,602 for the nine months ended September 30, 2005. Net loss for the recently completed nine-month period was $640,835 after an income tax benefit of $471,000, compared to a net loss of $711,602 after an income tax benefit of $421,000 for the nine months ended September 30, 2005.
Bill Edwards, President of Siboney Learning Group, commented: “Our third quarter is typically a slow sales quarter due to the summer break and beginning of the school year. Toward the end of the third quarter, we began to realize the full impact of our operating cost reduction initiatives. Customer interest in our products is growing, although spending decisions continue to be delayed. We are focused on our sales process and product delivery in order to facilitate future sales.”
Any forward-looking statement is necessarily subject to significant uncertainties and risks. The words “believes,” “anticipates,” “intends,” “expects” and similar expressions are intended to identify forward-looking statements. Actual results could be materially different as a result of various uncertainties. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the following: (1) risks related to our customers’ dependence on government funding to purchase the Company’s products; (2) risks associated with our ability to access capital to finance our business, including the necessity to refinance short-term bank loans; (3) risks associated with our ability to compete with well-established and well-funded competitors; (4) risks associated with the constant changes in the technologies used to build and deliver our products; (5) our ability to retain key personnel; (6) our ability to motivate its independent dealer representatives to sell our products; (7) changes in market acceptance and demand for curriculum-based educational software; and (8) risks associated with acceptance of statistical studies. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Three Months Ended September 30, Nine Months Ended September 30,
2006 2005 2006 2005 Revenues $ 1,289,135 $ 1,435,446 $ 5,018,318 $ 6,008,948 Cost of Product Sales $ 444,039 $ 529,364 $ 1,384,122 $ 1,502,260 Gross Profit $ 845,096 $ 906,082 $ 3,634,196 $ 4,506,688 Selling, General & Administrative Expenses $ 1,353,443 $ 1,616,200 $ 4,612,358 $ 5,619,100 Loss from Operations $ (508,347) $ (710,118) $ (978,162) $ (1,112,412) Other Expense $ (61,634) $ (10,615) $ (133,673) $ (20,190) Loss before Income Taxes $ (569,981) $ (720,733) $ (1,111,835) $ (1,132,602) Income Tax Benefit $ 221,000 $ 174,000 $ 471,000 $ 421,000 Net Loss $ (348,981) $ (546,733) $ (640,835) $ (711,602) Loss per Common Share - Basic $ (0.02) $ (0.03) $ (0.04) $ (0.04) Loss per Common Share - Diluted $ (0.02) $ (0.03) $ (0.04) $ (0.04) Weighted Average Number of Common Shares Outstanding - Basic 17,094,350 17,030,419 17,094,350 17,149,291 Weighted Average Number of Common Shares Outstanding -Diluted 17,094,350 17,244,960 17,094,350 17,556,828
Contacts Siboney Corporation, St. Louis Bill Edwards, 314-822-5615
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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CompuPrint Delivers the Second Stage STeP® Oil and Gas Report to a Major International Oil and Gas Exploration and Production Company NEW YORK--(BUSINESS WIRE)--CompuPrint, Inc. (OTCBB:CPPT), an energy and natural resource exploration technology company, has delivered its second stage STeP analysis of an off-shore African oil and gas drilling prospect. Under the $2.5 million contract, the Company has now earned a third progress payment of $375,000. The final payment of $1 million is to be paid on delivery of the final report, anticipated for December 2006.
In preparing its analysis, the Company utilizes a proprietary technology, STeP, which is based on interpretation of satellite data to effectively identify oil and gas, as well as other minerals subsurface. The Company conducts its operations through its wholly owned subsidiary, Terra Insight Corporation (TIC).
"We are pleased to report our continued progress reflecting the on schedule performance of the Company, and we are proud that one of the world leaders in off-shore oil and gas exploration recognizes the value of STeP. We have just delivered the second stage STeP report, which is designed to further the level of detail and the client’s knowledge as to the presence and geological conditions of hydrocarbon deposits in the license block. Our reports are in an industry acceptable format that geologists and exploration managers can understand and use in exploration: our third stage, or final, reports present drilling location coordinates, structure maps, as well as cross sections with target depths, formation changes, and additional geological information. We believe that all of this information will help our multibillion dollar client companies achieve tremendous money and time savings as compared to industry standards," said Roman Rozenberg, CompuPrint's Chief Executive Officer.
About CompuPrint, Inc.
CompuPrint, Inc., through its wholly owned subsidiary, Terra Insight Corporation, provides subsurface surveying, and analytical services for exploration, drilling, and mining companies. The Company primarily uses satellite-based STeP technology, which facilitates the prediction and location of commercially viable deposits of hydrocarbons, gold, diamonds, and other natural resources. The Company interprets and quantifies geologic and satellite data to develop the assessment of natural resources for any given geographic area - on or off shore. The Company, through its subsidiaries and affiliates holds (1) six licenses to approximately 1 million acres off-shore Namibia for diamond exploration, (2) a participation interest in a diamond prospect in the Congo, (3) a working interest in a 1 million acre Kurdistan oil prospect, (4) leases for oil and gas parcels totaling more than 16,000 acres of land in the Rail Road Valley and White River Valley areas of Nevada and (5) oil and gas leases oil and gas leases in East and South Texas,. For more information visit http://www.terrainsight.com.
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause the Company's expectations and beliefs about its plans to acquire additional exploration properties, plans to drill or drilling results to fail to materialize: competition for new acquisitions; availability of capital; unfavorable geologic conditions; prevailing prices for oil, natural gas and other natural resources; and general regional economic conditions.
Contacts ALLK, INC. Louis Phillipe Antunes, 450-578-3283 Fax: 450-378-0312
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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WILLIAMSVILLE, N.Y., Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- CVF Technologies Corporation (OTC Bulletin Board: CNVT) reports on its third quarter results.
3rd Quarter Results -- CVF's financial results can best be understood by examining the growth prospects for its portfolio companies and the strength of its balance sheet. In this quarterly report CVF will emphasize these two areas. Judging CVF on its income statement alone is not very helpful due to significant changes in revenue and income that can occur from quarter to quarter and from year to year. This results from the business model of CVF which is to invest its capital and human resources primarily in small, clean-tech, early stage companies with significant growth potential. The intent is to develop these companies until they either go public as did Biorem in January 2005, or are acquired as was Gemprint in December 2005 by Collectors Universe Corp.
An overview of the CVF balance sheet, as of September 30, 2006 showed CVF reporting total assets of $4.4 million. However under GAAP accounting rules CVF only carries Biorem for $422,000 when Biorem's market value as a publicly traded stock is $3.5 million or approximately $3.1 million more than it's carried on the CVF balance sheet. If the market value was included in the balance sheet then CVF's assets would be $7.5 million of which a significant portion is liquid assets. These asset totals under GAAP rules give only nominal value to CVF's other holdings which include Ecoval, Xylodyne, Petrozyme and the future potential royalty stream from G.P. Royalty Distribution Corporation (formerly Gemprint).
Stock Buy Back and Preferred Stock Redemption -- as previously announced, on December 30, 2005, CVF began a stock buy back program. As of September 30, 2006, the company has repurchased 1,162,661 shares for a total purchase price of $457,400. In February of 2006 CVF also redeemed its Series C 6% convertible preferred shares for $1 million plus accrued dividends of $121,166. CVF also repurchased 23,600 shares of Biorem at a cost of $40,492.
Portfolio Highlights - Biorem -- (24% owned by CVF) reported for the three-month period consolidated revenue of cdn $2,763,200 was down 13 percent over the cdn $3,159,500 reported in same period last year. For the nine month period ended September 30, 2006 consolidated revenue of cdn $8,795,100 was up 19 percent over the same period last year. Net loss for the three-month period was cdn $319,800 versus net income of cdn $12,000 for the same period last year. Gross margins increased to the 39% level versus 25% in the first half of the year.
New orders booked in the third quarter were cdn $3,600,000 versus cdn $2,200,000 for the same period last year. As of the end of the period, Biorem's order backlog had increased to cdn $8,500,000 from the cdn $7,600,000 reported at the end of the second quarter. Approximately 33 percent of the September 30, 2006 sales order backlog is scheduled for completion by December 31, 2006.
A very significant development for Biorem in this quarter was the launch of their Biotrickling filter technology to deal with waste water systems which have high levels of hydrogen sulphide gas. This new technology effectively doubles the market potential for Biorem products and is a very important milestone for the company.
During the quarter ended September 30, 2006, Biorem completed a common share offering of 1,700,000 common shares at cdn $2.00 per share for gross proceeds of cdn $3,400,000. At the end of the period, Biorem had cash and cash equivalents in the amount of cdn $2,917,200 and net working capital of cdn $5,252,900.
Xylodyne Corporation -- In March and April of 2006 CVF invested cdn $325,000 in Xylodyne Corporation, a newly formed company which focuses on the sales, distribution, and manufacturing of electric vehicles. These vehicles are offered to the personal recreational market as well as to government agencies, conservation authorities and the mining industry. Xylodyne is currently focusing its efforts on building its distribution network for its vehicles in the US and Canada. It has now signed dealers in New York, Delaware, Maryland, Massachusetts, and Ontario as it builds its US and Canadian dealer network for its electric vehicles. CVF owns 40% of the equity of the company plus holds a two year note for cdn $313,000 from Xylodyne.
Ecoval -- (85% owned by CVF) has made significant progress in Canada in the first nine months of 2006. Its licensee, Scotts Canada, has launched two additional herbicide sizes this year for a total of three under the Scotts Ecosense brand name. The Ecosense herbicide is available in every major retail chain in Canada. Ecoval has also signed an exclusive distribution agreement with Plant Products the largest commercial, non-retail horticultural distributor in Canada for Ecoval's EcoClear herbicide product. The Scotts and Plant Products agreements are expected to make Ecoval's herbicide the most dominant of the non-chemical herbicide products in Canada. Ecoval now plans to leverage off its success in Canada to begin an aggressive marketing campaign in the US as it seeks out partners similar to what has been achieved in Canada. Ecoval is also in discussions with a number of companies to add additional products to the company.
G.P. Royalty Distribution Corporation (formerly Gemprint Corp,) -- (65% owned by CVF) was formed to receive potential royalty distributions from Collectors Universe Corp who purchased the assets of Gemprint in December 2005. The royalty agreement is for $1 for each Gemprint over 100,000 Gemprints per year until December 2010. Based on Collectors Universe's recent press releases they appear to be making good progress in their penetration of the diamond market for their grading and Gemprint services. For example, they recently announced an agreement with Whitehall Jewellers, a chain of more than 315 stores in the US to offer their GCal brand of grading services which include Gemprinting of their higher value stones. A feature film will be coming out in December of this year which will feature the use of illegal diamonds to fund civil wars in Africa. This movie could help increase the use of the GCal/Gemprint system to protect against the illegal sale of diamonds in the marketplace.
Petrozyme - (50% owned by CVF) is continuing to explore marketing opportunities for its proprietary biologically based remediation technologies for the petroleum and petrochemical industries. The company is seeking a partnership or licensing agreement with a major North American environmental company as well as licensing agreements in the Middle East.
CVF GAAP financial results for quarter ending September 30, 2006 -- On a consolidated basis CVF reported an increase in sales of $710,100 or 764%. This was due to sales from Xylodyne (the new investee company) of $786,900 and offset by Gemprint no longer contributing revenue to CVF except for the potential future royalty stream from Collectors Universe. It should also be noted that Biorem's revenue of cdn $2.8 million for the quarter is not consolidated in CVF's financial statements as CVF owns less than 50% of Biorem.
Loss for the third quarter of 2006 was $420,100 compared to a loss of $86,100 in the third quarter 2005. This equates to a loss per share of $0.03 for the 2006 third quarter compared to a loss per share of $0.01 for the third quarter 2005. CVF did not sell any of its shares in Biorem in the 2006 third quarter compared to selling 174,800 shares in the 2005 third quarter resulting in a gain of $228,300 on those shares in the 2005 third quarter. Also, for the third quarter 2006, CVF's portion of Biorems loss was $76,100 compared to income of $1,200 in the 2005 third quarter.
CVF GAAP financial results for the first nine months 2006 -- On a consolidated basis CVF reported an increase in sales of $662,400 or 194% for the first nine months of 2006. This was due to sales from Xylodyne (the new investee company) of $855,200 and Ecoval's sales increasing by $123,100 (492%), offset by Gemprint no longer contributing revenues except for the future potential royalty stream from Collectors Universe. It should also be noted that Biorem's revenue of cdn $8.8 million for the nine months is not consolidated in CVF's financial statements as CVF owns less than 50% of Biorem.
Loss for the first nine months 2006 of $1,648,500 compared to an income of $137,600 in the first nine months of 2005. This equates to a loss per share of $0.13 for the 2006 first nine months compared to an income per share of $0.01 for the first nine months of 2005. CVF did not sell any of its shares in Biorem in the first nine months of 2006 second quarter compared to selling 493,642 shares in the first nine months of 2005 resulting in a gain of $1,027,100 on those shares in the first nine months of 2005. Also, for the first nine months of 2006, CVF's portion of Biorems loss was $266,700 compared to income of $67,700 in the first nine months of 2005.
CVF Technologies Corporation (http://www.cvfcorp.com) is headquartered in Williamsville, New York. CVF is a technology development company, whose principal business is sourcing, funding and managing emerging pre-public, clean-tech companies with significant market potential.
Certain statements made in this press release which are not historical facts are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these statements involve risks and uncertainties, which may cause actual results or achievements to be materially different from any future results and achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, product demand and market acceptance risks for the products and technologies of CVF's subsidiary companies and investees; the impact of competitive products, technologies and pricing; delays or difficulties in developing, producing, testing and selling new products and technologies; the ability of the company's subsidiaries and investees to obtain necessary financing for their operations and to consummate initial public offerings of their stock; the effect of the Company's accounting policies; the effect of trade restrictions and other risks detailed in the company's Statement on Form 10-SB/A filed with the U.S. Securities and Exchange Commission and any subsequent filings with the Commission.
SOURCE CVF Technologies Corporation
Robert L. Miller, Chief Financial Officer, or Jeffrey Dreben, President & CEO, both of CVF Technologies Corporation, +1-716-565-4711 http://www.cvfcorp.com
Copyright (C) 2006 PR Newswire. All rights reserved
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Global General Technologies to Deploy ''Silent Soldier'' Surveillance System into India Security Market MIAMI--(BUSINESS WIRE)--H7 Security Systems, a wholly-owned subsidiary of Global General Technologies (OTCBB:GLGT), announced today that the company has received an initial purchase order for its Silent Soldier surveillance systems from Punjab Micro Circuits Research Labs (PCRL) in India. PCRL is currently expanding its software development into the emerging security market. Punjab Micro Circuits intends to develop and resell a variety of Silent Soldier applications throughout India with the aid of H7’s technology and expertise. This order, in combination with the recent selection of H7 to provide security at the Shanghai World Expo, brings GLGT’s order backlog to record levels.
H7 Security Systems’ Silent Soldier product is one of the most advanced early warning surveillance systems available on the market today. The Silent Soldier is the “Earliest” of Intelligence & Early Warning Surveillance systems for long-range incursions that allow for rapid responses in the prevention of terrorist attacks. H7’s next-generation solution is designed to maximize intelligent communication, resource sharing, threat determination, sensor detection, and mission planning for a variety of applications, including Oil & Gas installations, Border surveillance, military installations, seaport entry terminals, etc. The systems may be remotely operated on a manual basis via a secure web based interface, adding an additional layer of safety to product. The Silent Soldier currently sells for $50,000 US per system.
About Punjab Micro Circuits Research Labs, Ltd.
Punjab Micro Electronics, founded in 1981, focuses on software development, printed circuit boards, and Industrial automation products. The company intends to announce an offering of security technologies during Q3 2006.
About Global General Technologies, Inc.
Global General Technologies trades on the OTC Bulletin Board under the symbol GLGT. Through its wholly-owned subsidiary H7 Security Systems, Inc., the Company designs, implements and maintains homeland and international security systems with a primary focus on perimeter protection for high value facilities. For additional information visit - www.globalgeneraltechnologies.com
Information included in this news release contains forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995 ("Reform Act"). Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the actual results and performance of the Company to differ materially from any expected future results or performance, expressed or implied, by the forward-looking statements. In connection with the safe harbor provisions of the Reform Act, the Company has identified important factors that could cause actual results to differ materially from such expectations, including operating uncertainties, uncertainties relating to economic issues and competition. Reference is made to all the Company's SEC filings, including the Company's Reports on Forms 10K, 10Q and other periodic reports.
-------------------- 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 06:44 PM Eastern Time National Hyperbaric Rehab Becomes Primary Sponsor for “Walk for Diabetes” in Tucson SALT LAKE CITY--(BUSINESS WIRE)--National Hyperbaric Rehab Center Inc./SanCuro Wound Care Systems ("NHRC") (Pink Sheets: NHYB) today announced that it will become the primary sponsor for “America’s Walk for Diabetes” in Tucson, Arizona next October. Past participation with the Utah American Diabetes Association helped the ADA raise more than $120,000 for research and education.
Each day in the United States, 4,100 people are diagnosed with diabetes and 230 diabetics have amputations, according to the Centers for Disease Control.
“When I see these numbers and know that the majority of our most serious wound patients are diabetic, I want NHRC to walk side by side with the communities we serve, to help find a cure for this life-changing illness,” said Jerry Gines, company president and CEO of the Salt Lake City-based company.
Kali Cohen, executive director of the Southern Arizona ADA, has also asked NHRC to submit a representative to become a member of the Tucson ADA Leadership Council. This position, coupled with their sponsorship of the “Walk for Diabetes”, makes NHRC an active partner in the charity, education and research programs created by the ADA in Southern Arizona.
NHRC provides advanced wound care services through hyperbaric oxygen therapy, with departments located in hospitals and free-standing clinics in Utah. Next year, NHRC and Tucson Medical Center will open TMC SanCuro Wound Care Systems on the El Dorado Health Campus.
TMC is Southern Arizona’s largest hospital. The nonprofit, community hospital, operating under the umbrella of TMC HealthCare, is home to the region’s only hyperbaric oxygen chamber.
Statements contained in this press release that are not statements of historical fact are "forward-looking statements" as that term is defined under federal securities laws, including, without limitation, all statements concerning expectations, beliefs, goals, intention or strategies for the future of National Hyperbaric Rehab Center Inc. Forward-looking statements may be identified by words such as "goals," "plans," "believes," "will," "expects" and other words of similar meaning used in conjunction with, among other things, discussions of future operations, financial performance, product development and new ventures. Many factors could cause actual events or results to differ materially from those expressed in any forward-looking statement. Investors are cautioned not to place any undue reliance on any forward-looking statements.
Contacts National Hyperbaric Rehab Center Inc. Jerry N. Gines, 801-964-2008 (Media)
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Heartland Energy HEGP Enters To Into Branding Agreement for Ethanol Pumps ALEXANDRIA, La.--(BUSINESS WIRE)--Heartland Energy Group Inc. (Pink Sheets: HEGP) today announced that they have entered into a Retail Identity Agreement with Inarea. Under the terms of the agreement Inarea will create a retail identity, which will include the branding of e85 and alternative fuel pumps for the future distribution of Heartland’s full line of bio-fuel products.
Heartland Energy with the help of Inarea intends to create an alternative fuel section for independent gas stations throughout the U.S.A. Inarea’s expertise in the energy sector is proven by representing many international companies such as ENI (owner of AGIP) the ninth largest energy company in the world and Enel (NYSE:EN), the main Italian electricity and gas supplier.
Roy Thornhill President of Heartland Energy Group stated that: “This agreement is the first step in enabling Heartland Energy to establish a retail presence in the alternative energy sector. Branding is an essential marketing strategy that will raise consumer awareness about our products.”
Ethanol Industry:
The growing interest in ethanol, a clean, corn-based renewable resource, has paralleled the escalating price of gas and the urgent need to break the country's dependence on crude oil. Recently, the Big Three automobile manufacturers, GM (NYSE:GM), Ford (NYSE: F), and DaimlerChrysler (NYSE: DCX), appealed to Congress for incentives to increase the number of gas stations that offer blends of ethanol. Last year, Microsoft (NasdaqGS: MSFT) co-founder Bill Gates pumped $84 million into Pacific Ethanol (NasdaqGM: PEIX). Sir Richard Branson, chairman of the Virgin Group and worth an estimated $3 Billion, has plans to invest $300 to $400 million to produce and market this alternative fuel. Vinod Khosla, “guru” of Silicon Valley, co-founder of Sun Microsystems (NasdaqGS: SUNW), and one of ethanol’s most vocal advocates, has personally invested millions in private companies involved in the development of ethanol.
About Inarea:
Inarea, established in 1980 is an international branding and design company that manages identity as a resource, organizing its symbolic and physical space in order to build its emotion and its experience. Inarea has over 100 employees present in 8 different countries with 12 offices in Athens, Atlanta, Berlin, Frankfurt, Milan, Paris, Prague, Rio De Janerio, Rome, Sao Paulo, Toronto, and Turin. Inarea is recognized for redesigning the identity of the city of Rome and the 37th Olympic torch in 2004. Inarea’s client list include companies such as Enel (NYSE:EN), Sears (NasdaqGS: SHLD), Lacoste, Air France (NYSE: AKH), Capitalia Banking Group, Renault (LSE: RNT.L) and many other international corporations.
About: Heartland Energy Group, Inc.
Heartland Energy Group, Inc. is a North American based alternative fuel resource and Service Company, dedicated to developing the infrastructure for the delivery of ethanol (e85). Heartland seeks to eliminate North America's dependency on foreign energy sources by focusing on innovative engineering that will enable the mass distribution of ethanol. Heartland Energy Group will transcend the future of renewable energy resources, with the ultimate goal of creating a cleaner brighter energy solution for North America. For more information, visit us at www.HeartlandEnergyGroup.com.
Forward Looking Statements:
Based on current expectations and assumptions, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical experience and projections. Such forward-looking statements are inherently uncertain, and actual results may differ from those expressed or implied. Consequently, readers should not place undue reliance on any forward-looking statements. Heartland Energy Group, Inc. undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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