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PHDT(.24) Receives Term Sheet for $40 Million Dollar Letter of Credit Facility OTC BB symbol (PHDT) MIAMI, May 29 /PRNewswire-FirstCall/ - Phinder Technologies Inc. announced today that it has received a term sheet for a $40 million dollar credit line from Londesborough Finance Ltd., which will be used to issue letters of credit to suppliers of Phinders' wholly owned subsidiary, Zupintra Communications Inc.
'This facility with Londesborough Finance will provide us with tremendous growth potential,' stated John Alexander (Lex) van Arem, CEO of Phinder Technologies. 'This credit line will nicely complement our recent accounts receivable package and will allow us to develop and expand our scope of business.'
'Londesborough Finance is pleased to provide this facility to Zupintra Communications to allow them to enhance their substantial sales growth opportunities. By using our process Zupintra is able to secure improved and substantial credit lines with their major operators and many of its customers enabling long term growth for the company.' stated Guy Jackson, CEO of Londesborough Finance Ltd.
Londesborough Finance Ltd provides financial security instruments such as Bank Guarantees, Standby Letters of Credit or Cash Deposits to telecom suppliers for wholesale international routes on behalf of their customers through a unique credit insured receivables process and CDR ratification. Launched at GTM 2006 Londesborough Finance is globally focused on the wholesale interconnect market where traditionally financing receivables has been non-existent.
Phinder Technologies' core business runs through its wholly owned subsidiary, Zupintra Communications Inc. Zupintra is a facilities based wholesaler of international voice traffic within the carrier to carrier network. As a wholesale VoIP provider, Zupintra Communications Inc. signs both origination and termination contracts with next generation carriers and profits from negotiated rates.
FRANKFURT - WKN #: A0DQU5
In compliance with the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995, PHDT notes that statements contained in this announcement that are not historical facts may be forward-looking statements that are subject to a variety of risks and uncertainties. Accordingly, PHDT wishes to caution readers of this announcement that its future actual results may differ materially from those that any forward-looking statements may imply. There is no assurance the above-described events will be completed. There can be no assurance of the ability of the company to achieve sales goals, obtain contracts or financing, consummate acquisitions or achieve profitability in the future. The above and additional factors are discussed in detail in the company's filings with the U.S. Securities and Exchange Commission. These may be viewed at www.sec.gov and many other Web sites without charge.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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PGNE(.0431) Announces Corporate Developments PrimeGen Energy Corporation (OTCBB: PGNE) ("PrimeGen" or the "Company") today announced significant corporate developments.
Since PrimeGen's inception as an oil and gas startup company, management has been attempting to obtain independent financing in order to proceed with the orderly development of the projects in which the Company was successful in acquiring varying interests. Such projects include the Fayetteville, Arkansas project, the data analysis and development project in Kansas, and the revenue sharing project in the Manyberries area of Southern Alberta.
The Fayetteville and Kansas projects were acquired through the issuance of promissory notes to the vendors of the projects and it was the Company's intention to repay these amounts with revenues from resulting operations. The amounts due to the vendors are $2,500,000 (Fayetteville) and $675,000 (Kansas), plus interest at 6% from the date of the respective acquisitions. Significant additional capital is required to develop these projects.
The Manyberries project requires the Company to advance development funds in order to earn an interest in the resulting gas revenue earned by MB Gas Inc.
The Company was unable to independently fund its Fayetteville-related cash calls, including those related to the land integration process, with the result that the property vendor was obliged to provide the interim funding required in order to maintain the interest unimpaired.
The same was true for the Kansas project, and the vendor of that project agreed to temporarily provide minimal interim funding in order to keep the project operational.
To date the Company has been unable to advance any funds to the Manyberries project.
As at March 31, 2007, the Company had current liabilities of $3,839,613, inclusive of the Fayetteville and Kansas-related promissory notes.
Management has attempted to find partners or lenders willing to assist; however, due in part to the Company's recent trading performance, this task has proven impossible. Accordingly, it has been determined that a reorganization process must be initiated. As part of this process, PrimeGen intends to quitclaim and return the Fayetteville and Kansas assets to the respective vendors in consideration for the forgiveness and indemnification of and from all present and future liabilities related to the acquired assets. This process remains subject to the preparation and execution of required documentation.
In addition, it appears unlikely that PrimeGen will be capable of funding MB Gas and, accordingly, the Manyberries project is not expected to proceed.
At present and without any financing, the Company's ability to continue as a going concern remains in jeopardy. However, management is committed to reviewing all options available, including making all necessary changes and additions to the Board, with the aim of acquiring a viable business opportunity.
Mr. Glen Harder has resigned from the Board to pursue other opportunities. We wish him well and thank him for his work with the Company.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include those relating to obtaining releases and related documentation from property vendors and obtaining a new project and financing sufficient to allow the Company to continue.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD PrimeGen Energy Corporation
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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TAMPA, Fla., May 16 /PRNewswire-FirstCall/ -- Renewable Energy Resources, Inc., (OTC Bulletin Board: RENW) (http://www.renw.com) today announced receiving the initial funds from a private investment agreement with Mercatus & Partners Limited of the United Kingdom ('Mercatus'). Mercatus agreed to purchase RENW restricted securities that will provide the Company with approximately $500,000. The agreed holding period for the securities is 13 months from the time of funding.
The funding for RENW is part of Mercatus' continued investments in US corporations. Several US corporations, mainly small and medium sized companies, will receive funds from Mercatus' funding efforts. The program is designed to benefit small US companies by providing access to capital and strengthening relationships with European Joint Venture partners.
Mercatus has been involved with RENW for over two years. RENW's relationship with Cm2, the Company's European production partner for the Energy Commander technology, was established through Mercatus. Mercatus is also working with RENW on potential acquisitions.
Dr. Stefano Cevolo, Mercatus' CEO, states that 'This investment will help RENW achieve its goal of becoming a diverse renewable energy company. Our philosophy of renewable energy projects for Europe is mirrored in the philosophy and direction of RENW. RENW fits well in our portfolio because of the company's European partner for its technologies.'
Ken Brown, RENW'S CEO, explains, 'The relationship with Mercatus is especially important to our Company. Mercatus brought us Cm2 to commercialize the Energy Commander and develop markets for the technology in the EU. Now Mercatus is providing RENW the capital to develop renewable energy projects in the U.S. I am confident that this funding will greatly aid us in closing a number of current projects in the next few months.'
Mercatus is a U.K. privately owned business advisor and private equity investment firm with offices in London and Rome.
About Renewable Energy Resources:
Renewable Energy Resources, Inc., is an alternative energy company developing and acquiring technologies that create energy and fuel from previously untapped sources. RENW specializes in renewable sources of alternative fuels as well as its core low flow hydro technology, the Energy Commander Technology. Renewable Energy Resources is traded under the symbol RENW on the OTCBB and is based in Tampa, Florida.
Forward-Looking Statements: This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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ALXP(.0085) Announces Share Consolidation Altus Explorations Inc. (OTCBB: ALXP) announces that it has completed a reverse split of the issued and outstanding shares of common stock on the basis of one new share for every twenty old shares and correspondingly decreased its authorized common stock from 800,000,000 shares to 40,000,000 shares. No fractional shares will be issued as a result of the reverse split. The shares commenced trading on a post-reverse split basis on May 29, 2007 under the new trading symbol ALXP.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
David Whyte 2482 Edgemont Blvd. North Vancouver, British Columbia V7R 2M8 (778) 883-9951
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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ISEE(.24) Announces Plans to Acquire The Optical Group -Transaction Expected to Double Emerging Vision’s Annual Revenue-
-Continues Emerging Vision’s Growth and Further Strengthens Complementary Areas in Optical Industry-
Emerging Vision, Inc. (OTCBB: ISEE.OB) announced that, on May 23, 2007, it entered into a letter of intent to acquire The Optical Group (“TOG”), one of the leading optical group purchasing organizations in Canada. The acquisition, which represents Emerging Vision’s (“EVI”) first step in international expansion, is expected to be finalized in July 2007, at which time the financial terms of the transaction will be disclosed.
TOG, which is based in Ontario, Canada, operates an optical group purchasing business which provides its members with discounts on the purchase of optical products. For the twelve months ended March 31, 2007, TOG had unaudited revenues of approximately $37.0 million USD. TOG currently has approximately 550 active members in its optical group purchasing business. EVI intends to keep TOG’s existing operational infrastructure in place.
Christopher Payan, Chief Executive Officer of EVI, commented that “We are very excited about the benefits of this transaction for Emerging Vision. In addition to doubling our existing revenue base and demonstrating continued growth in our buying group segment, we believe that the acquisition of The Optical Group will be complimented greatly by EVI’s existing organization. We believe the additional resources that EVI will provide will help support the continued growth of The Optical Group.”
Grant Osborne, TOG’s founder and Managing Member, added, “As I approach 60 years of age, and The Optical Group approaches its 20th year of steady growth, I felt it was time to begin developing an exit strategy for myself, while also ensuring the preservation of all that has helped make The Optical Group one of the largest buying groups in Canada. Thus, it was extremely important that the beginning of any such exit strategy be developed with The Optical Group’s member and supplier base in mind. Due in large part to Emerging Vision’s experience in both buying group management and optical retail/practice management, combined with its continued growth, I truly believe that a transaction with Emerging Vision was the best choice for not only preserving, but also enhancing, the relationships and benefits shared by all of our members and suppliers.”
Mr. Osborne added, “Over the next several years, my staff and I look forward to working with Emerging Vision’s management team to ensure a smooth transition and successful positioning of The Optical Group as the premiere buying group in Canada.”
Mr. Payan concluded, “The addition of The Optical Group to our organization allows us to build on the value of our prior year acquisition of Combine Buying Group and further positions Emerging Vision to maximize its future growth prospects and continue to build shareholder value.”
About Emerging Vision
Emerging Vision, Inc. is a leading provider of eye care products and services and currently operates one of the largest franchised optical chains in the United States. Principally under the Sterling Optical and Site for Sore Eyes brands, the Company has 160 franchised and company-owned stores located across 15 states, the District of Columbia, Canada and the U.S. Virgin Islands. Most of the Company's stores offer prescription and non-prescription eyeglasses, eyeglass frames, ophthalmic lenses, contact lenses, sunglasses, and a range of ancillary items. Additionally, the Company operates Combine Buying Group, Inc., one of the leading optical purchasing groups in the United States, which provides its members with vendor discounts on optical products. The Company also operates VisionCare of California (d/b/a Sterling VisionCare), a specialized health care maintenance organization that employs licensed optometrists to provide services for stores located in California. For more information, visit Emerging Vision's website at www.emergingvision.com.
Certain statements made in this news release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors are discussed in detail in Form 10-K for the fiscal year ended December 31, 2006. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements contained in the Annual Report on Form 10-K or this news release except as required by law.
Emerging Vision, Inc. Christopher G. Payan, 516-390-2134 Chief Executive Officer
Source: Business Wire (May 29, 2007 - 5:46 PM EDT)
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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News for 'EFGO' - (Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Prepaid Branded Stored Value Card Program for Cruise Line)
LAS VEGAS, May 30, 2007 /PRNewswire-FirstCall via COMTEX/ -- Esprit FinancialGroupInc. (ESPRIT) (EFGO.PK) www.espritfinancialgroup.com announced today that its first credit card branded stored-value debit card program has been securedtoservice a major cruise line's employees on an international basis. The cruiselinewill begin dispersing payroll using the Company's stored-value debit cards to its crew members.Currently, like most international shipping vessels, sailors are paid in cash -typicallyU.S. dollars - in International Waters. During shore leave, crew members are often required to pay exorbitant amounts to change their U.S.dollarsinto local currency at merchants in close proximity to their ship, making purchases very expensive. Normal banking activities most people take forgrantedare also problematic, as transferring funds to family members internationally is expensive and cumbersome.Esprit, in conjunction with its strategic partners, offers an effective alternative that will greatly benefit crew members. The cruise ship company willloadcash value onto a branded stored value debit card. The card will be accepted wherever MasterCard credit cards are accepted. Additionally, funds canbetransferred internationally to family members easily via card to card transfers.These stored-value debit cards look like a typical MasterCard, and benefit fromtheuniversal acceptance provided by a major credit card. However, they carry only the stored-value of cash that has been loaded onto the card by the cruiseline.There is no credit agreement or monthly billing. The dollar value available is stored on the card, and is depleted as purchases are made. Thesecardswill be accepted at nearly every international destination.
Jack Chang, head of Esprit's Advanced Electronic Funds Management (AEFM)division,noted, "This first contract represents an excellent beginning for our merchant marine stored debit card program. Modern cruise ships often have morecrewmembers than passengers, and the largest ships can accommodate over 3,000 passengers. With several hundred cruise ships worldwide, this represents anattractivemarket for Esprit".
Chang added, "More importantly, our stored value debit cards represent an idealsolutionfor the merchant marine market in general. Sailors on cargo ships face the same dilemma as those on cruise ships. According to the 2005 CIA WorldFactbook,the world total number of large merchant ships (1,000 Gross Register Tons) is over 30,000. This represents a very significant market sector where wewillenjoy a 'first mover' advantage."
Esprit's AEFM division will also be pursuing market opportunities in othersectorswhere its payroll debit card solution can be of benefit. Examples include many manufacturing operations with hourly or casual workers, as well astheagricultural sector where migrant workers are employed.
Esprit Financial Group, Inc. is currently featured at AudioStocks, where aprofileand other information may be obtained by visiting http://www.audiostocks.com. Additionally, the Company's CEO, Garr Winters, wasrecentlyinterviewed by Wallst.net which can be reviewed at www.wallst.net/audio/audio.asp?ticker=EFGO&id=3421.About Esprit Financial Group Inc.
Esprit Financial Group Inc. is a public company engaged in a diversified numberofonline financial services. These include:
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Anyone interested in receiving alerts regarding Dhanoa Minerals Ltd. research should email members*beaconequityresearch.com with "DHNA" in the subject line.
In the report, the analyst writes, "Dhanoa owns a 100% interest in two adjacent mineral projects in Canada - Close-Allies I and Close Allies II. In addition, Dhanoa holds an 80% interest in an Ecuador mining company, Promenasa. The Company also recently acquired four properties that are part of the Bonanza Project in the Bellarica gold mining camp in Ecuador. These are gold producing mines and Dhanoa plans to significantly increase production by upgrading extrac-tion operations."
"Dhanoa anticipates production at the end of its first year (ending June 2008) to be approximately 100,000 ounces of gold. At recent gold prices, the value of 2008 production would result in approximately $68 million."
Other companies in the beef snack market include Barrick Gold Corp (NYSE:ABX), Gold Corp (NYSE:GG) and Newmont Mining (NYSE:NEM).
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TORONTO, ONTARIO -- (MARKET WIRE) -- 05/30/07 -- Dhanoa Minerals Ltd. (OTCBB: DHNA)(FRANKFURT: D7Z) announced today that it will be featured in the next issue of edition of EQUITIES Magazine-the leading publication on the small and mid-cap markets- to be out on June 1. A special edition mining issue, the issue will feature Dhanoa Minerals alongside other emerging mining companies. "We are very pleased to be covered in the next issue of EQUITIES Magazine," said Mr. Lee Andrew Balak, president of Dhanoa Minerals, Ltd. "We are proud of our company and believe that investment savvy readers of EQUITIES Magazine should respond to our exciting story."
Readers of EQUITIES magazine include stockbrokers, fund managers, analysts, corporate executives, as well as retail and intuitional investors. The magazine is available at Borders, Barnes & Noble, Books-A-Million and other major bookstores as well as hundreds of newsstands nationwide.
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