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AAPO(.004) Announces Completion of Reverse Split Jun 14, 2007 4:00:00 PM PEAPACK, NJ -- (MARKETWIRE) -- 06/14/07 -- AAMPRO Group, Inc. (OTCBB: AAPO) (the "Company") today announced that the 1 for 300 reverse split of its common stock will be effective upon the open of trading on June 15, 2007. The Company's common stock will begin trading on a split-adjusted basis under the new trading symbol "APGO."
John, F. Vitale, the Company's recently appointed Chairman and Chief Executive Officer, stated, "The reverse split is yet another step in the Company's reorganization and shift toward its ATM placement and electronic transaction processing operations."
As a result of the reverse stock split, each 300 shares of issued and outstanding common stock as of the close of trading on today's close shall be automatically converted into one share of common stock. The number of shares of the Company's common stock issued and outstanding will be reduced to approximately 178,000 shares post-reverse-split. The number of shares of common stock subject to outstanding options and warrants issued by the Company will also be reduced proportionately. No fractional shares will be issued in connection with the reverse split. Stockholders who would be entitled to fractional shares will receive a whole share of common stock in lieu of receiving fractional shares.
Forward-Looking Statements
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Forward-looking statements involve risks and uncertainties. Actual events could differ materially and substantially from those projected herein and depend on a number of factors Certain statements in this release, and other written or oral statements made by AAMPRO Group, Inc. are "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 are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied including the success of the Company's research and development strategy, the availability of adequate financing, the successful and timely completion of clinical studies and the uncertainties related to the regulatory process, described in the "Management's Discussion and Analysis" section of the Company's Form 10-KSB and other reports and filings with the Securities and Exchange Commission.
Contact: John F. Vitale Chairman (908) 212-4647
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OVERVIEW
The following discussion of our financial condition, changes in financial condition and results of operations for the three and nine months ended April 30, 2007 and 2006 should be read in conjunction with our most recent audited annual financial statements for the financial year ended July 31, 2006, the unaudited interim financial statements included herein, and, in each case, the related notes.
We have three wholly owned subsidiaries: SmarTire Technologies Inc., SmarTire USA Inc. and SmarTire Europe Limited. SmarTire Technologies Inc. was incorporated on June 3, 1988 under the laws of the Province of British Columbia, and was the original developer of our patented technology. SmarTire USA Inc., a Delaware corporation incorporated on May 16, 1997, is our exclusive marketing agency for SmarTire in North America. SmarTire Europe Limited, a United Kingdom corporation incorporated on February 25, 1998, was our exclusive sales and distribution operation for Europe until we began shipping products directly from SmarTire Systems Inc. in February 2007.
At our annual and special meeting of shareholders held December 8, 2006, our shareholders approved the continuation of our company from the Yukon Territory to the Province of British Columbia, Canada. Accordingly, we filed a continuation application with the Registrar of Companies for the Province of British Columbia on December 20, 2006 and received a Certificate of Continuation from the Registrar of Companies on December 20, 2006.
We are a "foreign private issuer," as such term is defined in Rule 3b-4 under the Securities Exchange Act of 1934, and a "small business issuer," as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934. We voluntarily file annual Reports on Form 10-KSB, Quarterly Reports on Form 10-QSB and Current Reports on Form 8-K with the SEC.
We develop, subcontract our manufacturing, and market technically advanced tire pressure monitoring systems ("TPMSs"), which monitor tire pressure and tire temperature in a wide range of vehicles. Our TPMSs are designed to improve vehicle safety, performance, reliability and fuel efficiency. We currently sell TPMSs for trucks, buses, recreational vehicles, passenger cars and motorcycles. Our primary sales and marketing efforts are focused on the commercial or truck, bus, recreational and off-road industrial vehicle markets.
Our goal is to become the global leader in providing wireless sensing and control solutions for commercial, industrial and off-road industrial vehicles. We are selling our products under the brand "SmartWave" and "SmarTire." We anticipate that the increasing penetration of the wireless technology and the ability of the Smartwave products to provide applications in addition to TPMS will provide us with multiple benefits, including the following:
· increase the overall value of our technology and the competitiveness of our products; · create opportunities for revenue growth beyond tire pressure monitoring ("TPM"); and · increase the barrier for other companies to enter the market for TPM.
We plan to develop at least one additional application that can be integrated into our receiver module.
During January 2007, we took significant actions to reduce our costs. Since September, our overall staff level has been reduced by approximately 45%. As part of this streamlining of operations, we closed our United Kingdom facility at the end of February 2007. We do not anticipate that this closure will affect our European sales efforts. In addition, we were able to reduce our engineering and product development team as we have now completed the development of our tire pressure monitoring system which meets the requirements of our major commercial vehicle customers.
Government Regulations
Our products are subject to regulation by the government agencies responsible for radio frequencies in each country that our TPMSs will be sold. For example, in the United States approval must be received from the Federal Communications Commission for each product. Some countries require additional governmental approvals in certain circumstances. For example, in the United Kingdom, all electronic equipment to be installed in emergency and police vehicles must be approved by the Vehicle Installation Development Group, a governmental body. Also, as a practical matter, certain nongovernmental approvals may be necessary for market acceptance of our products in certain countries. For example, the approval of TUV (an independent testing company) is considered necessary to market our TPMSs in Germany.
We believe that we have all of the necessary governmental approvals for our current TPMSs in our intended market countries. As each new TPMS is introduced to the market, we intend to apply for the necessary approvals.
Our direct measurement TPMSs generally exceed the standard for tire pressure monitoring established by the National Highway Transportation Safety Administration ("NHTSA"). Although the Transportation Recall Enhancement, Accountability, and Documentation Act of 2000 ("TREAD Act") only applies to passenger automobiles, we believe that other motor vehicles, including medium and heavy trucks, buses and recreational vehicles will be impacted by this legislation in subsequent years. We also believe that the TREAD Act is positively influencing commercial vehicle manufacturers' adoption of tire pressure monitoring.
It is difficult to predict the magnitude of the expected sales increase or the exact timing of the increase since our products will continue to face competition from other TPMSs manufactured by our competitors, and the timing of additional legislative initiatives on tire safety, if any, in the United States and abroad remains uncertain.
RESULTS OF OPERATIONS
Three months ended April 30, 2007 and April 30, 2006
Revenue
Gross revenue for the three months ended April 30, 2007 decreased to $933,113 from $1,195,136 for the three months ended April 30, 2006. The breakdown of the sources of our gross revenue is as follows:
· Sales of TPMSs to OEMs for installation on new and existing buses increased to $273,990 for the three months ended April 30, 2007 from $170,261 for the three months ended April 30, 2006. Although we anticipate sales of this product to the OEM bus market to increase significantly as our customer base has increased, it is difficult for us to predict what the volume of sales will be as this is dependent on how quickly our new customers retrofit their fleets and integrate TPMSs into their production lines.
· Sales of TPMSs to OEMs for new passenger cars increased to $409,958 for the three months ended April 30, 2007 from $349,620 for the three months ended April 30, 2006. The increase was primarily due to an increase in sales to Aston Martin, Ford's flagship division. As Aston Martin now supplies our TPMSs on all three of their platforms, we do not anticipate sales of this product to the OEMs to increase unless Aston Martin increases their production of vehicles as our sales and marketing efforts are focused on the commercial or truck, bus, recreational and off-road industrial vehicle markets.
· Sales of TPMSs to the aftermarket passenger car market decreased to $10,833 for the three months ended April 30, 2007 from $74,063 for the three months ended April 30, 2006. As our sales and marketing efforts are not focused on this market, we do not anticipate future sales of this product to be material.
· Sales of TPMSs to OEMs for new recreational vehicles ("RVs") decreased to $76,334 for the three months ended April 30, 2007 from $80,646 for the three months ended April 30, 2006. Although we anticipate sales of this product to the OEM RV market to increase, it is difficult for us to predict what the volume of sales of this product will be as this will depend primarily on market acceptance.
· Sales of TPMSs to the RV aftermarket decreased to $102,235 for the three months ended April 30, 2007 from $452,757 for the three months ended April 30, 2006. Sales of this product were significantly higher during the three months ended April 30, 2006 as we received initial stocking orders from our major distributor of this product during this period. We anticipate sales of this product to the RV aftermarket to increase. However it is difficult for us to predict what the volume of sales will be as this will depend primarily on market acceptance.
· Sales of TPMSs to the truck market decreased to $23,033 for the three months ended April 30, 2007 from $29,655 for the three months ended April 30, 2006. Sales to this market will increase significantly in the near future as we will ship product in our fourth quarter to fulfill orders from new OEM customers that we have been working with for the last twelve to eighteen months. Although interest in this product is very high, it is difficult for us to predict what the volume of sales will be, as this will depend primarily on market acceptance.
· Sales of TPMSs to the off-road industrial market decreased to $6,458 for the three months ended April 30, 2007 from $8,265 for the three months ended April 30, 2006. While we anticipate sales to this market to increase significantly in the near term, it is difficult for us to predict what the volume of sales will be, as this will depend primarily on market acceptance.
· Service revenue for assistance in installing TPMSs and training customers increased to $8,000 for the three months ended April 30, 2007 from $0 for the three months ended April 30, 2006.
· Sales of aftermarket motorcycle TPMSs decreased to $4,917 for the three months ended April 30, 2007 from $16,929 for the three months ended April 30, 2006. As discussed above, as our sales and marketing efforts are not focused on this market, we do not anticipate future sales of this product to be material.
· Sales of miscellaneous products were $16,355 for the three months ended April 30, 2007 compared to $12,940 for the three months ended April 30, 2006.
Gross Margin
Overall gross margin increased to 24% for the three months ended April 30, 2007 from negative 28% for the three months ended April 30, 2006. The negative gross margin for the three months ended April 30, 2006 was due to an inventory write-down of $700,000 for slow moving aftermarket passenger car TPMSs and motorcycle TPMSs. Without the inventory write-down, the gross margin would have increased to 31% for the three months ended April 30, 2006. Gross margin for the three months ended April 30, 2007 was lower than the three months ended April 30, 2006 mainly due to a reduction in the margins on the sale of our OEM passenger car TPMSs.
Expenses
Expenses decreased to $1,409,488 for the three months ended April 30, 2007 from $2,294,596 for the three months ended April 30, 2006. Excluding a stock-based compensation expense of $214,852 for the three months ended April 30, 2007 and a stock-based compensation recovery of $601,200 for the three months ended April 30, 2006, expenses decreased to $1,194,636 for the three months ended April 30, 2007 from $2,895,756 for the three months ended April 30, 2006.
Engineering, research and development expenses for the three months ended April 30, 2007 decreased to $457,372 from $677,496 for the three months ended April 30, 2006. Excluding a stock-based compensation expense of $111,019 incurred during the three months ended April 30, 2007 and a stock-based compensation recovery of $230,492 for the three months ended April 30, 2006, engineering, research and development expenses decreased to $346,353 from $907,988 for the three months ended April 30, 2006. The decrease, excluding the stock-based compensation expense/recovery, was mainly due to a decrease in product testing and wage expenses. The decrease was partially offset by costs to streamline operations of approximately $225,000 and an increase in prototype development expenses. We anticipate a slight increase in our engineering, research and development expenses during our fourth quarter from our engineering, research and development expenses incurred during our third quarter as our third quarter expenses also includes a partial recovery of termination wages previously accrued, which were settled in shares and adjustment to terms on existing stock options, at a discount to book value of approximately $12,000.
Marketing expenses for the three months ended April 30, 2007 decreased to $270,895 from $451,351 for the three months ended April 30, 2006. Excluding a stock-based compensation expense of $57,851 for the three months ended April 30, 2007 and a stock-based compensation recovery of $22,276 for the three months ended April 30, 2006, marketing expenses decreased to $213,044 from $473,627 for the three months ended April 30, 2006. The decrease, excluding the stock-based compensation expense/recovery was mainly a result of lower wage expenses and lower advertising and promotion expenses. The decrease in wage expense is primarily due to the termination of our SmarTire Europe Managing Director at the end of October 31, 2006 and the allocation of wages of our current President and CEO was formerly our VP Sales and Marketing to general and administration expenses since his appointment in October 2006. We anticipate a slight increase in our marketing expenses during our fourth quarter from our marketing expenses incurred during our third quarter as our third quarter expenses also includes a partial recovery of costs associated with the termination of our former SmarTire Europe Managing Director previously accrued, which were settled in shares at a discount to book value of approximately $49,000.
General and administrative expenses for the three months ended April 30, 2007 decreased to $615,081 from $877,826 for the three months ended April 30, 2006. Excluding a stock-based compensation expense of $45,982 for the three months ended April 30, 2006 and a stock-based compensation recovery of $348,432 for the three months ended April 30, 2006, general and administration expenses decreased to $569,099 from $1,226,258 for the three months ended April 30, 2006. The decrease, excluding the stock-based compensation expense/recovery, was primarily attributed to a decrease in professional fees, insurance costs, public relations expenses, directors' fees and wage expense. Wage expense decreased as wage expense for the three months ended April 30, 2006 included the cost of terminating our former President and Chief Executive Officer and also included certain wages former administrative employees at our European subsidiary who were terminated in our last quarter.
Depreciation and amortization expense decreased to $66,140 for the three months ended April 30, 2007 from $287,923 for the three months ended April 30, 2006 as our other assets were fully amortized as at October 31, 2006.
Interest and finance charges
Interest and finance charges increased to $3,113,992 for the three months ended April 30, 2007 from $2,502,181 for the three months ended April 30, 2006. Interest and finance charges for the three months ended April 30, 2007 includes non-cash interest of $3,088,103 compared to non-cash interest charges of $2,162,214 for the three months ended October 31, 2006. The majority of interest and finance charges relate to accrued and accreted interest on our convertible debentures and amortization of deferred charges on our convertible debentures.
Interest income earned during the three months ended April 30, 2007 decreased to $5,694 from $50,284 for the three months ended April 30, 2006. The decrease was a result of lower average cash balances during the three months ended April 30, 2007.
Foreign exchange gain
A foreign exchange gain of $271,703 was recorded during the three months ended April 30, 2007 as compared to a foreign exchange gain of $63,423 for the three months ended April 30, 2006. Foreign exchange gains or losses are due to fluctuations in currency exchange rates and are impossible to predict.
Nine months ended April 30, 2007 and April 30, 2006
Revenue
Gross revenue for the nine months ended April 30, 2007 increased to $2,731,557 from $2,627,617 for the nine months ended April 30, 2006. The breakdown of the sources of our gross revenue is as follows:
· Sales of TPMSs to OEMs for installation on new and existing buses increased to $777,662 for the nine months ended April 30, 2007 from $730,496 for the nine months ended April 30, 2006. Although we anticipate sales of this product to the OEM bus market to increase significantly as our customer base has increased, it is difficult for us to predict what the volume of sales will be as this is dependent on how quickly our new customers retrofit their fleets and integrate TPMSs into their production lines.
· Sales of TPMSs to OEMs for new passenger cars increased to $1,203,528 for the nine months ended April 30, 2007 from $831,309 for the nine months ended April 30, 2006. The increase was primarily due to an increase in sales to Aston Martin, Ford's flagship division. As Aston Martin now supplies our TPMSs on all three of their platforms, we do not anticipate sales of this product to the OEMs to increase unless Aston Martin increases their production of vehicles as our sales and marketing efforts are focused on the commercial or truck, bus, recreational and off-road industrial vehicle markets.
· Sales of TPMSs to the aftermarket passenger car market decreased to $72,425 for the nine months ended April 30, 2007 from $174,893 for the nine months ended April 30, 2006. As our sales and marketing efforts are not focused on this market, we do not anticipate future sales of this product to be material.
· Sales of TPMSs to OEMs for new recreational vehicles ("RVs") decreased to $176,535 for the nine months ended April 30, 2007 from $206,409 for the nine months ended April 30, 2006. Although we anticipate sales of this product to the OEM RV market to increase, it is difficult for us to predict what the volume of sales of this product will be as this will depend primarily on market acceptance.
· Sales of TPMSs to the RV aftermarket decreased to $307,076 for the nine months ended April 30, 2007 from $549,839 for the nine months ended April 30, 2006. Sales of this product were significantly higher during the nine months ended April 30, 2006 as we received initial stocking orders from our major distributor of this product during this period. We anticipate sales of this product to the RV aftermarket to increase. However it is difficult for us to predict what the volume of sales will be as this will depend primarily on market acceptance.
· Sales of TPMSs to the truck market increased to $93,634 for the nine months ended April 30, 2007 compared to $42,263 for the nine months ended April 30, 2006. Sales to this market will increase significantly in the near future as we will ship product in our fourth quarter to fulfill orders from new OEM customers that we have been working with for the last twelve to eighteen months. Although interest in this product is very high, it is difficult for us to predict what the volume of sales will be, as this will depend primarily on market acceptance.
· Sales of TPMSs to the off-road industrial market increased to $22,013 for the nine months ended April 30, 2007 from $6,097 for the nine months ended April 30, 2006. While we anticipate sales to this market to increase significantly in the near term, it is difficult for us to predict what the volume of sales will be, as this will depend primarily on market acceptance.
· Service revenue for assistance in installing TPMSs and training customers increased to $36,000 for the nine months ended April 30, 2007 from $0 for the nine months ended April 30, 2006.
· Sales of aftermarket motorcycle TPMSs decreased to $11,596 for the nine months ended April 30, 2007 from $28,198 for the nine months ended April 30, 2006. As discussed above, as our sales and marketing efforts are not focused on this market, we do not anticipate future sales of this product to be material.
· Sales of miscellaneous products were $30,727 for the nine months ended April 30, 2007 compared to $26,809 for the nine months ended April 30, 2006.
Gross Margin
Overall gross margin increased to 27% (26% on product sales) for the nine months ended April 30, 2007 from 1% for the nine months ended April 30, 2006. The gross margin for the nine months ended April 30, 2006 included an inventory write-down of $700,000 for slow moving aftermarket passenger car TPMSs and motorcycle TPMSs. Excluding the inventory write-down, our gross margin for the nine months ended April 30, 2006 would have been 28%.
Expenses
Expenses increased to $6,356,106 for the nine months ended April 30, 2007 from $4,835,300 for the nine months ended April 30, 2006. Excluding a stock-based compensation expense of $568,102 for the nine months ended April 30, 2007 and a stock-based compensation recovery of $1,944,175 for the nine months ended April 30, 2006, expenses decreased to $5,788,004 for the nine months ended April 30, 2007 from $6,637,633 for the nine months ended April 30, 2006.
Engineering, research and development expenses for the nine months ended April 30, 2007 increased to $2,277,057 from 1,194,914 for the nine months ended April 30, 2006. Excluding a stock-based compensation expense of $276,287 for the nine months ended April 30, 2007 and a stock-based compensation recovery of $990,614 for the nine months ended April 30, 2006, expenses decreased to $2,000,770 for the nine months ended April 30, 2007 from $2,185,528 for the nine months ended April 30, 2006. The decrease, excluding the stock-based compensation expense/recovery, was mainly due to a decrease in product testing, less travel and lower wage expense. The decrease was partially offset by an increase in prototype development expenses.
Marketing expenses for the nine months ended April 30, 2007 increased to $1,309,354 from $1,232,754 for the nine months ended April 30, 2006. Excluding a stock-based compensation expense of $167,767 for the nine months ended April 30, 2007 and a stock-based compensation recovery of $72,252 for the nine months ended April 30, 2006, marketing expenses decreased to $1,141,587 for the nine months ended April 30, 2007 from $1,305,006 for the nine months ended April 30, 2006. Marketing expenses for the nine months ended April 30, 2007 also included costs to streamline operations of approximately $150,000. The decrease, excluding the stock-based compensation expense/recovery was mainly a result of lower advertising and promotion expenses and lower wage expenses. We anticipate a slight increase in our marketing expenses during our fourth quarter from our marketing expenses incurred during our third quarter as our third quarter expenses also includes a partial recovery of termination wages previously accrued which were settled in shares at a discount to book value of approximately $49,000.
General and administrative expenses for the nine months ended April 30, 2007 increased to $2,419,946 from $1,404,629 for the nine months ended April 30, 2006. Excluding a stock-based compensation expense of $123,958 for the nine months ended April 30, 2007 and a stock-based compensation recovery of $1,482,509 recorded in the nine months ended April 30, 2006, general and administrative expenses decreased to $2,295,988 for the nine months ended April 30, 2007 from $2,887,138. General and administrative expenses for the nine months ended April 30, 2007 also included costs to streamline operations of approximately $75,000. The decrease, excluding the stock-based compensation recovery, was primarily attributed to a decrease in insurance costs, public relation expenses, legal fees and wages. The decrease was partially offset by an increase in our rent expense and the settlement with one of our distributors as more fully explained under "Legal Proceedings". Rent increased substantially as we estimated the cost of terminating our UK lease. The decrease in professional fees occurred as legal expenses were higher during the three months ended April 30, 2006 as due to the cost of legal services incurred to defend against a lawsuit from a debenture holder.
Depreciation and amortization expense decreased to $349,749 for the nine months ended April 30, 2007 from $1,003,003 for the nine months ended April 30, 2006 as our other assets have been completely amortized as at October 31, 2006.
Interest and financing expense
Interest and finance charges decreased to $8,077,800 for the nine months ended April 30, 2007 from $21,802,983 for the nine months ended April 30, 2006. Interest and finance charges for the nine months ended April 30, 2007 includes non-cash interest of $8,009,002 compared to non-cash interest charges of $20,798,430 for the nine months ended April 30, 2006. The majority of interest and finance charges relate to accrued and accreted interest on our convertible debentures and amortization of deferred charges related to our convertible debentures. Interest and finance charges for the nine months ended April 30, 2006 included a $16 million fee paid on June 23, 2005 for the $160 million standby equity distribution agreement with Cornell Capital Partners, which was replaced by a $100 million standby equity distribution agreement on December 30, 2005, plus related professional fees and interest accretion on our convertible debentures.
Interest income earned during the nine months ended April 30, 2007 decreased to $21,256 from $185,386 for the nine months ended April 30, 2006. The decrease was a result of lower average cash balances during the three months ended April 30, 2007.
Loss on settlement of debt
A loss on the settlement of debt of $nil was incurred for the nine months ended April 30, 2007 as compared to a loss on the settlement of debt of $214,274 for the nine months ended April 30, 2006. The loss on settlement of debt represents the aggregate consideration provided less the face value of the debt. The loss on settlement of debt occurred as on April 21, 2005, Bristol Investment Fund, Ltd., a holder of our discounted debentures in the amount of $91,726, commenced a lawsuit in the Supreme Court of New York against us, essentially alleging that we wrongfully refused to honor its request to convert the debt into 9,268,875 shares of our common stock. The lawsuit sought an order compelling us to pay $4,393,360 plus interest from April 25, 2005 for damages and attorneys fees.
On January 5, 2006, we entered into a Settlement Agreement and Mutual Release with Bristol Investment Fund, Ltd. In connection with the Agreement and Mutual Release, we issued (i) a bank check in the amount of $228,000 payable to "Bristol Investment Fund, Ltd. representing $250,000, less $22,000 in Canadian withholding taxes"; (ii) 2,000,000 shares of our common stock (the "Bristol Shares") in certificates of 1,000,000 shares each; and (iii) an executed Stipulation of Discontinuance with prejudice. Bristol Investment Fund, Ltd. further agreed that no sale of the Bristol Shares will be made before January 16, 2006 and that no more than 1,000,000 of the Bristol Shares may be sold before February 16, 2006. Bristol Investment Fund, Ltd. further acknowledged that the discounted debenture has been paid in full and no further sums are due thereunder.
Unrealized loss on derivative instruments
A derivative instrument loss of $1,030,415 was incurred for the nine months ended April 30, 2007 as compared to compared to an unrealized gain of $545,153 for the nine months ended April 30, 2006. The derivative instrument loss for the nine months ended April 30, 2007 represents the mark to market adjustment on derivative instruments. There was no derivative instrument unrealized gain or
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SNDN(.25) Launches First Ever SEM DRTV Ad on Major News Networks Strategic Campaign Solidifies SendTec's Position in the Industry Jun 14, 2007 6:27:00 PM Copyright Business Wire 2007 ST. PETERSBURG, Fla.--(BUSINESS WIRE)--
Fueled by the continued rapid growth of its Search Engine Marketing (SEM) operations, SendTec (OTCBB:SNDN) recently announced the launch of their first DRTV ad, becoming the first ad agency to advertise its SEM services on national television. The spot, which is airing nationally on major television networks including CNN, CNBC and FOXNC, utilizes SendTec's proven expertise for new client acquisition, incorporating a search-based multi-channel approach. The 60-second spot is designed to reach business executives, increasing the likelihood of client acquisition.
Within one week of its implementation, the ad has generated hundreds of responses, yielding a 25% conversion rate to qualified leads and illustrating the true value of SendTec's expertise in both DRTV and search engine marketing. One of the offers presented in the commercial is an eBook that SendTec authored entitled 50 Biggest Search Engine Marketing Mistakes. The book shares SendTec's unique recipe for success in the SEM industry and also points out common pitfalls of paid search and organic search optimization, offering solutions to novice and veteran marketers alike.
The continued success of SendTec's pioneering Search-Centric(SM) approach is also demonstrated by the company's substantial growth and recent new client acquisitions of Combe Incorporated (Just for Men), GymAmerica, Holsted Jewelry, and Cryo-Cell. As previously reported, SendTec's SEM revenues grew 288% in the first quarter ending March 31, 2007 as compared to the same quarter in 2006.
"This growth is a direct result of SendTec's unique ability to mix core competencies in both DRTV and SEM. An increasing number of businesses are adopting SEM as an integral part of their marketing mix, making it crucial for SendTec to position its progressive strategy in the marketplace," said SendTec Chairman & CEO, Paul Soltoff. He added, "We are committed to increasing the long-term value for the company and its stockholders through these ground-breaking programs."
Other important news at SendTec includes re-launching its Branded Media Business, featuring eFashion Solution, and their partner websites, including Rocawear.com, BabyPhat.com, Mandee.com, and Applebottoms.com. SendTec is providing a total media solution including ad-serving and advertising sales for these destination websites.
About SendTec, Inc.
SendTec, Inc. is a Search-Centric(SM), multi-channel marketing company, deploying traditional agency resources as well as innovative technology solutions for the benefit of ROI-minded advertisers. SendTec is widely recognized for integrating and optimizing online and offline marketing campaigns, most of which leverage SendTec's expertise in Search Engine Marketing and Direct Response Television. For more information, go to www.sendtec.com.
Caution Concerning Forward-Looking Statements:
Safe Harbor Statement under the Private Securities Litigation reform Act of 1995: Forward-looking statements often are proceeded by words such as "believes", "expects", "may", "anticipates", "plans", "intends", "assumes", "will" or similar expressions. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. SendTec's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. The statements that 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, additional financing requirements, change in marketing services mix, adoption of new accounting and reporting methods to report on our various marketing services offerings, development of new products or services, the effectiveness, probability and marketability of such products and services, the ability to protect proprietary information, the impact of current, pending or future legislation and regulation on the electronic marketing industry, the impact of competitive products or pricing, technological changes, the effect of general economic and business conditions and other risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
Source: SendTec, Inc.
---------------------------------------------- For SendTec Inc. St. Petersburg Huma Gruaz 312-245-9805 Ext. 101 Huma*alpaytac.com
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SMTR(.0198) Reports Q3 Financial Results Jun 14, 2007 5:42:00 PM RICHMOND, British Columbia, June 14 /PRNewswire-FirstCall/ -- SmarTire Systems Inc. (OTC Bulletin Board: SMTR), a provider of active tire pressure and temperature monitoring systems for the global commercial transportation, recreational vehicle, bus and off highway vehicle markets, announced today that revenue for the nine months ending April 30, 2007 increased to $2,731,557 from $2,627,617 for the nine months ended April 30, 2006 and revenue for the third quarter of fiscal year 2007 decreased to $933,113 from $1,195,136 for the same period in 2006.
"I am disappointed that revenues were flat from Q2 as we had forecasted growth of 30-50% for Q3," said SmarTire president and CEO Dave Warkentin. "However, I expect that we should now begin to realize quarterly increases in revenue because these lower than forecasted revenues were not a result of lost business but were due to a delay in the establishment of sales channels in the commercial trucking market and the completion of the sales and integration process of certain major accounts. Our May 2007 sales are indicative of this increase as we recorded sales of approximately $450,000. We anticipate the majority of our increase in revenues should come from customers such as Dana Corporation, which is now supplying our SmartWave products to commercial fleet customers through various truck manufacturers' dealer networks in North America, and John Deere, which we announced as a new customer earlier today."
Warkentin continued, "I am extremely pleased with the results of our cost- cutting measures and am confident that our revenues should grow and enable us to achieve our short-term goal of break-even on a cash flow basis within the next six to nine months."
For the third quarter of fiscal 2007, SmarTire net losses decreased to $4.0 million, or $(0.01) per share, from $4.3 million, or $(0.01) per share reported for the same period last year. Net loss for the nine months ended April 30, 2007 was $14.6 million for fiscal 2007, or a loss per share of $(0.06), compared to a net loss of $26.3 million, or loss per share of $(0.09) for the same period in 2006. Cash used in operations for the nine months ended April 30, 2007 decreased to $4.1 million from $6.4 million for the nine months ended April 30, 2006, a decrease of 36%.
SmarTire's detailed operating results are available in its Form 10-QSB, filed with the SEC, available online at: http://www.sec.gov. SmarTire's consolidated financial statements and all financial information contained in this release are stated in U.S. dollars and are prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
SmarTire's third-quarter earnings call with shareholders will be held Friday, June 15 at 11:30 a.m. EDT. U.S. and Canadian shareholders can call 1-888-865-1051 and ask the operator to connect them to the SmarTire call. International callers may dial (641) 297-7408.
Those who miss the call may listen to it through an mp3 file that will be posted at www.smartire.com.
For more information, visit http://www.smartire.com or contact Peter Moore, Walek & Associates at (212) 590-0533 or e-mail at pmoore*walek.com
About SmarTire
SmarTire develops and markets proprietary advanced wireless sensing and control systems worldwide under the SmartWave(TM) trademark. SmarTire has developed numerous patent-protected wireless technologies and advanced tire monitoring solutions since it was founded in 1987. Its proprietary SmartWave platform provides a foundation for the addition of multiple wireless sensing and control applications. The initial product release on the SmartWave platform is SmartWave TPMS, which leverages on SmarTire's background and knowledge in tire monitoring solutions. For more information, visit http://www.smartire.com.
Except for historical information, this news release contains forward- looking statements that involve substantial risks and uncertainties. When used in this news release, the words "expects," "may," "intends," "plans", anticipates, "likely", "believes" and similar expressions can be used to identify forward-looking statements. Forward-looking statements are based on current facts and analysis and on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results, performance, or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. Forward-looking statements in this press release include the statements about SmarTire's belief that it should realize quarterly revenue increases each quarter, that the majority of the anticipated increase in revenues will come from customers such as Dana Corporation and John Deere and that the Company should reach break-even on a cash flow basis within the next six to nine months. These forward-looking statements are based largely on the expectations of SmarTire and are subject to a number of risks and uncertainties that are beyond SmarTire's control. These include, but are not limited to, risks and uncertainties associated with, SmarTire's ability to obtain additional financing and to continue as a going concern, SmarTire's dependence on key personnel, the effects of competitive pricing, SmarTire's dependence on the ability of third-party manufacturers to produce components on a basis that is cost-effective to SmarTire, market acceptance of SmarTire's products, acceptance of SmarTire's products by prominent customers, SmarTire's ability to keep up with technological advances in the industry, the effect of competitive products and the effects of governmental regulations. SmarTire cautions that the foregoing factors are not exhaustive. For a detailed discussion of these and other risk factors, please refer to SmarTire's filings with the Securities and Exchange Commission, including its annual report on Form 10-KSB and subsequent quarterly reports on Form 10-QSB. SmarTire expressly disclaims any intent or obligation to update any forward-looking statements
SOURCE SmarTire Systems Inc.
---------------------------------------------- Peter Moore of Walek & Associates +1-212-590-0533 pmoore*walek.com for SmarTire Systems Inc.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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NASDAQ Set X-Dividend Date As June 27, 2007 For Cash Dividend Distributions, Pearl Asian Mining Announces As of January 31, 2007 PAIM O/S Float Was 6,587,389,302; Float Not Expected to Exceed 9 Billion After June 27, 2007; SEC Votes To End Short-Selling 'Grandfather' Protections
Pearl Asian Mining Industries, Inc. with Stock SYMBOLS: U.S.A. (OTC: PAIM) (OTC: PAIMP) reports that NASDAQ set the x-dividend date for the cash dividend distribution as June 27, 2007. Pearl Asian Mining will distribute a Cash Dividend to each registered PAIM shareholder on record date of June 30, 2007. Therefore, only shareholders owning shares on the record date and shareholders that bought out of the market and hold beyond the X-date of June 27 will be entitled to receive the cash distribution.
“As of January 31, 2007 our o/s float was 6,587,389,302 as per records with PAIM’s Transfer Agent. The TA confirmed as of Monday our float will probably not exceed 9 billion shares even after taking into account the conversions to common shares from CDs and preferred shares,” reports IR Officer Jeffery Bosaw.
SEC Approved Regulation SHO Governing Short Sales - The Protective "Grandfather" Clause To Combat Short-Selling Abuses - SEC Votes To End Short-Selling "Grandfather" Protections
The U.S. Securities and Exchange Commission voted yesterday, June 13, 2007, to amend certain Rules under Regulation SHO – rules that govern the reporting, monitoring, and closing requirements for Failed-to-Delivers or short sales. Most notably, the SEC voted unanimously to remove the “grandfather clause” which has allowed unscrupulous parties to engage in manipulative stock trading practices, particularly naked short selling. The grandfather clause excluded from reporting and monitoring requirements short positions on stocks prior to the time these stocks were included in a threshold list of stocks with substantial short positions.
The SEC meeting may be viewed in its entirety via the following link: Once the “US SEC Open Meeting Webcasts” page opens, click the appropriate viewing software under “Archived Video Webcast, Original Live Broadcast: Wednesday, June 13, 2007.”
Short selling involves sales of borrowed securities, producing profits when prices decline. The practice is legal and is viewed by many to play an important role in market efficiency, but the SEC's Regulation SHO sought to curb abuses of the same, particularly so-called "naked" short sales, in which short sellers don't borrow securities they sell, a practice some view as akin to counterfeiting or selling “phantom” shares.
Regulation SHO, which took effect in 2005, imposed stricter requirements on locating and delivering shares that are sold short but excluded some previous short positions through a "grandfather" clause.
The Securities and Exchange Commission voted Wednesday to approve a change to tighten rules intended to curb manipulative short sales, most importantly, "naked" short sales.
The change eliminated an exception that protected existing short positions from requirements to deliver hard-to-borrow shares within 13 days of settlement. Once the change takes effect, short positions previously protected by the grandfather clause must be closed out within 35 days.
SEC Chairman Christopher Cox said persistent failures to deliver shares sold short seem to be due to the grandfather protections, which the SEC included in 2004 to prevent stock-market volatility. Critics complained the protections undermined efforts to clean up abuses involving "naked" short sales.
Short selling involves sales of borrowed securities, producing profits when prices decline. The practice is legal, but the SEC's Regulation SHO sought to prevent "naked" short sales, in which short sellers don't borrow securities they sell.
SEC officials said delivery failures have declined about 35% overall since Regulation SHO took effect and have fallen about 53% for hard-to-borrow stocks defined as "threshold" securities.
Furthermore, PAIM believes that since 2005 it has been a victim of naked short selling and applauds this latest action taken by the SEC, but is concerned that the new rules will not be vigorously enforced. PAIM also believes that institutions that are responsible for reporting short positions are not following the rules, and therefore the monthly reports are inaccurate.
FORWARD-LOOKING STATEMENTS:
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding gold production in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Pearl Asian Mining Industries Inc. Jeffrey Alan Bosaw, 402-212-7840 Fax: 877-317-4430 IRJbosaw*yahoo.com www.PearlAsianMining.com
Source: Business Wire (June 14, 2007 - 9:30 AM EDT)
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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PURH(.0070) to Join National on-Site Wastewater Recycling Association (NOWRA)
Thursday June 14, 4:30 pm ET
RENO, Nev.--(BUSINESS WIRE)--Pure H2O, Inc. (PINKSHEETS: PURH - News), a provider of novel, advanced water and wastewater treatment systems, is pleased to announce that they have applied for membership in the National On-site Wastewater Recycling Association (NOWRA). Mr. Panesar, Secretary of Pure H2O, noted that "we felt it important at this time to link up with a recognized organization like NOWRA in order to gain greater exposure for our Company and its products."
Mr. Panesar went on to say that "NOWRA is the largest organization in America dedicated to educating and representing members within the onsite and decentralized wastewater industry. Given some of the sizeable projects that we are presently negotiating, NOWRA was a logical choice as the wastewater organization that best fit our needs."
As the pre-eminent on-site wastewater recycling organization, NOWRA has also developed strategic partnerships and/or alliances with the Water Quality Association, National Ground Water Association, National Environmental Health Association, the Environmental Protection Agency (EPA) and many regional and state on-site water associations. NOWRA "recognizes that onsite wastewater treatment systems are not 'disposal' systems but systems that discharge treated wastewater to ground and/or surface waters. This model also recognizes that sensitivities of water resources to treated wastewater discharges vary and that water quality standards, therefore, should reflect the specific site characteristics. Further, performance requirements must be specific and measurable to allow credible performance compliance monitoring of all systems. Methodologies for determining appropriate water quality performance requirements must be established by regulatory agencies based on risk management procedures."
For more information, please contact Investor Relations at (973) 351-3868 for Stephen Taylor or visit our website at: www.PureH2Oinc.net.
About PureH2O, Inc.:
Pure H2O, Inc. (PINKSHEETS: PURH - News) is a US corporation which provides end-to-end consultation, design, implementation, and sales of technical solutions for clients with problem water. Pure H2O provides a full-service program that includes comprehensive application development, integrated storage and dosing equipment, chemical inventory supply and management as well as ongoing field and technical operations support. The Companies objective is to provide every client with cost effective and value added full-service solutions to meet their water quality control needs.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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SWMX(.13) Announces Changes to Independent Board of Directors
Thursday June 14, 5:53 pm ET
IRVINGTON, N.Y.--(BUSINESS WIRE)--SWMX, Inc. (OTCBB: SWMX - News), a leading electronic advertising marketplace for radio and television, today announced the confirmation of two new members to the Company's Independent Board of Directors to replace departing members Gary Lee and Bruce Lev. The new members are:
-- Bruce Fogel Founder, Chairman and CEO of Phone Programs, Inc. Bruce J. Fogel is the founder, chairman and chief executive officer of Phone Programs, Inc., a company that produces and markets short duration information and entertainment programs for dissemination via telephone. Mr. Fogel also founded and served as CEO of Shadow Traffic, delivering up to the minute traffic information to travelers in metropolitan markets including New York, Chicago and Philadelphia as well as Air Time, Inc., an independent media buying and planning services company which at one point had over 300 employees and annual revenues of $150 million.
-- Edward Karlik Founder and CEO of Straightline Communications, Inc. Edward T. Karlik is the founder and CEO of Straightline Communications, a company founded in 1997 that acquired and manages three television stations in Florida, Rhode Island and Vermont. In addition, since 1997, Mr. Karlik has served as a consultant to SBS Broadcasting where he has led the development of commercial television properties in foreign markets, including Switzerland and Hungary. Mr. Karlik has served as a member of the board of directors of Video Communications Inc. since 2004.
"We're very pleased to announce the addition of Bruce and Ed to our independent board and believe their media expertise and insight will be of great value to SWMX," said Josh Wexler, CEO of SWMX. "I also want to thank Bruce Lev and Gary Lee for their service and contributions to SWMX in the last year and wish them all the best."
About SWMX
Founded in January 2006, SWMX, Inc. and its wholly owned subsidiary, SoftWave Media Exchange (www.swmx.com), provide an efficient, dynamic and transparent open marketplace for the purchase, sale, management and distribution of advertising media time. The SWMX Marketplace currently includes SWMX Radio(TM) and SWMX Television(TM). SWMX Radio(TM) (www.swmxradio.com) serves a broad range of advertisers, agencies and Fortune 500 companies. It also serves over 2,000 leading radio stations across the U.S. representing all of the top 15 broadcast groups, 50 of the top 50 U.S. markets, 47 of the top 50 stations and a national daily audience of over 12.5 million listeners, or over 40% of the total U.S. broadcast radio market, according to Arbitron*. SWMX Television(TM) (www.swmxtv.com) serves the local spot cable market, delivering access to a potential daily cable audience of millions of viewers representing all major networks. The Company has also begun beta testing SWMX Television 2.0(TM), including enhanced functionality and expanded capabilities to support the local broadcast television market. For additional information, please visit www.swmx.com. (SWMX-E)
*Arbitron Fall Book, 2006 - All Numbers Based on Adults 12+ Ratings for Monday-Sunday 6 AM - 12 AM
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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PYCT(.0002) Announces Further Decreases in Outstanding Share Count Jun 15, 2007 11:18:00 AM HUNTINGTON BEACH, CA -- (MARKETWIRE) -- 06/15/07 -- PayChest, Inc. (PINKSHEETS: PYCT) today announced a further decrease in the number of outstanding shares. The reduction of 520 million shares was announced in conjunction with the continued stock audit efforts by the company.
The most recent decrease brings the overall outstanding share count to 16,620,990,045. The stock audit conducted over the past few months has resulted in an overall reduction of 4,425,544,340.
"Our efforts to negotiate a claw back on these shares has been beneficial to the Company overall and continues to establish a firmer stock framework for the company to move forward with its business strategy. We don't expect any further reduction from our audit efforts. The final audit and asset position will be disclosed by the end of next week," said Mr. Pillay, PayChest's CEO.
About PayChest
PayChest and its strategic partner companies have developed an integrated online payment processing platform utilizing cutting edge technologies to deliver payment solutions online. These payment processing solutions include turnkey payment facilitation for credit and debit cards, electronic checks, money transfer solutions, gift cards and turnkey rewards based systems.
New management within PayChest is focused on innovative and tangible products, improving the online financial experience for online consumers and e-commerce businesses worldwide. To fulfill this obligation, the new management has marked significant timelines over the next few months to streamline operations, with a focus on integrating backend transaction processing infrastructures scalable to new payment technologies and marketing opportunities.
Safe Harbor Statement
The foregoing press release contains forward-looking statements. For this purpose any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "estimate," "continue," or comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties and actual results may differ materially depending on a variety of factors.
Contact: PayChest, Inc. Investor Relations info*paychest.com
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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ETIM (.0041) Expands Exclusive Distribution Agreement with P&J Cooper Supply Company
Business Wire "US Press Releases "
FARMINGTON HILLS, Mich.--(BUSINESS WIRE)--
Eternal Image, Inc. (OTC:ETIM.PK), a public company engaged in the design, manufacturing and marketing of licensed image caskets and urns, today announced that it has expanded its distribution agreement with P&J Cooper Supply Company based in Barrington, New Jersey.
P&J Cooper Supply Company currently distributes the complete Eternal Image line of licensed image caskets and urns in the metropolitan New York area (including the 5-boroughs of New York City), Long Island, New Jersey, metro-Philadelphia, Delaware and the Eastern Shore of Maryland. The expanded agreement now includes nearly all of New York State and Pennsylvania (except for the counties bordering eastern Ohio which are covered by another resource) and all of Maryland.
"P&J Cooper Supply has been an early and ongoing supporter of Eternal Image and we are very pleased that they felt it important to expand their distribution areas," said Clint Mytych, president, Eternal Image. "Their support of the product line has meant sell-out success in their regions for nearly all of our currently available products and we look forward to growing our business with them in the coming years.
P&J Cooper Supply has been in business since 1979. The firm is also a distributor for Wilbert Burial Vaults. P&J principal partner Paul Cooper is a licensed funeral director who has worked in the industry since 1971. He serves as a member of the Board of Directors of Wilbert, Inc. His daughter, Beth Cooper serves as vice president of the company.
"Eternal Image products are changing the way funeral homes are coordinating services," said Beth Cooper. "Having the ability to provide products that reflect the interests and passions of a loved one makes a funeral so much more personal, and our sales of Eternal Image products are bearing out the belief that there really is a market for these items."
Eternal Image manufactures and markets licensed image funerary products featuring The Vatican Library Collection(TM), Major League Baseball(R), Precious Moments(TM) and American Kennel Club(TM) and Cat Fanciers' Association(TM) (for pet products.)
For more information about EI, visit the website at www.eternalimage.net or call 1-888-6-CASKET.
SAFE HARBOR STATEMENT
Statements in this news release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may", "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential" or "continue" or similar terms or the negative of these terms.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
Source: Eternal Image, Inc.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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PNMS (.0017) Announces Look at New Exchange Market Wire "US Press Releases " DALLAS, TX and PANAMA CITY -- (MARKETWIRE) -- 06/15/07 -- PANAMERSA Corporation (PINKSHEETS: PNMS) and DESIMPLEX today change the course of history with completion of the PDR Exchange (Panama), Inc. and the trading site www.pdrexchange.com. Through Fundacion Pan America, the site establishes the means necessary for the exchange to be fundamentally operational and trading globally 24 hours a day - seven days a week -- a new innovative process for investors. Projected gross revenues from this venture are estimated at $271 million over the next five years.
"This site is fully functional and provides the platform needed for all beneficiaries of Fundacion Pan America to trade amongst themselves while also establishing a safe haven for their investments and holdings," said Mike Terrell, CEO of PANAMERSA Corporation. Mr. Terrell also stated, "This beginning addresses the sense of belonging paramount to our success incorporating a vision conceived over thirty years ago."
While American Depository Receipts (ADR) are commonplace and allow Americans to participate in offshore entities, Pan American Depository Receipts (PDR) provide opportunities for people unilaterally to participate in the growth and economic integration of Latin America into the western hemisphere and the world. Membership in Fundacion Pan America is required prior to participation; however, once an account is established through the Fundacion, it can be used as an asset depository. As with any depository Fundacion, bank or IRA, a member will be issued receipts (PDRs) for assets held within Fundacion Pan America. Mr. Terrell also emphasizes that membership is for individuals, legal entities, or governments in good standing.
PDRs are the result of a diverse group of visionaries whose goal is to affect a more intelligent, effective means of conducting business; however, more importantly it provides a unique opportunity to unite all of Pan America.
More information can be found on PDR Exchange (Panama), Inc.'s home page, www.pdrexchange.com. The opening of the exchange is expected Tuesday, June 19, 2007. PANAMERSA Corporation welcomes the viewing of screen shots of the exchange by visiting the above referenced website address.
PANAMERSA Corporation (PINKSHEETS: PNMS) is a holding company for a group of business enterprises, which promotes the commercial integration of Latin America into the economic development of the Western Hemisphere. PANAMERSA Corporation is engaged in global e-commerce and e-biz solutions offering interactive e-commerce and e-biz programs in addition to a range of goods and services online including: prepaid Debit cards; e-commerce merchant accounts; life insurance policies, gold transactions; telephony services, text messaging, VoIP, Micro Forests properties, real estate investment participations, fixed and variable income real estate properties in Costa Rica and Panama, offshore financial services, asset management and protection; travel services, leisure, business, health, relocation services, and digital marketing services.
Forward-looking statements are not historical facts as "forward-looking statements" defined in the Private Securities Litigation Reform of 1995. Forward-looking statements are not guarantees of future performance. Our forward-looking statements are the result of profound analysis on trends in our globalizing economies that we anticipate in our industry. It is our good faith vision and estimate of the effect on the globalization, integration and electronic business trends will have on our company. Our statements are also subject to risks and uncertainties beyond our reasonable control that could cause the results of operations to differ materially from those reflected in our forward-looking statements.
Contact: Investor Relations 214-774-4870
Market News First Angela Junell 214-461-3411
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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WUHNE - Wuhan General Group (China), Inc. Announces First Quarter and Year End Results * Diluted Three months ended EPS $0.09 up 300% from First Quarter, 2006
Jun 15, 2007 10:42:00 AM
WUHAN, Hubei, People's Republic of China, June 15 /PRNewswire/ -- Wuhan General Group (China), Inc. (OTC Bulletin Board: WUHN.OB) (the "Company"), a holding company whose primary business operations are conducted through its operating subsidiaries Wuhan Blower Co., Ltd. ("Wuhan Blower") and Wuhan Generating Equipment Co., Ltd. ("Wuhan Generating Equipment"), announced today results for the first quarter ended March 31, 2007 and year ended December 31, 2006. Wuhan Blower is a China-based manufacturer of environmentally-friendly industrial blowers that are components of steam driven electrical power plants. Wuhan Generating Equipment is a China-based manufacturer of environmentally-friendly industrial steam and water turbines, also principally for use in electrical power generation plants.
Revenues totaled $12,277,339 for the first quarter ended March 31, 2007, as compared to revenues of $2,307,274 for the first quarter of 2006. Net income for the first quarter of 2007 was $1,850,545, compared with net income of $419,992 in the first quarter of 2006. Diluted net earnings per share for the first quarter of 2007 were $0.09, compared to $0.02 in the first quarter of 2006.
Revenues totaled $16,702,043 for the year ended December 31, 2006, as compared to revenues of $11,577,588 for the year ended December 31, 2005. Net income for the year ended December 31, 2006 was $3,202,269, as compared to $2,371,760 for the year ended December 31, 2005. Diluted net earnings per share for the year ended December 31, 2006 were $0.16, as compared to $0.12 for the year ended 2005.
"Our first quarter and year end results were in-line with our internal forecasts and consistent with our expectations for the growth we will experience in 2007 as we continue to leverage our competitive advantages," said, Xu Jie, President and CEO of the Company. During the first quarter, the Company closed a reverse merger with a U.S. public shell corporation and also raised gross proceeds of approximately $24,000,000 in a private placement to institutional investors. Wuhan General Group (China), Inc. intends to file its Quarterly Report on Form 10-QSB with the Securities and Exchange Commission on Tuesday, June 19, 2007.
Mr. Xu further said, "We want to thank our financial advisor, the Spring House Capital division of 1st BridgeHouse Securities, LLC, for facilitating our efforts in connection with our successful reverse merger and capital raise during the first quarter of 2007. These transactions have given us access to the U.S. capital markets, with the intent of capitalizing on significant growth opportunities and provided capital necessary to execute our business plan."
FORWARD - LOOKING STATEMENTS
Our expectations with regard to our competitive advantages, revenue growth and growth opportunities are "forward-looking statements". Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to operating in China, reliance on a limited number of customers, market demand, cyclical nature of our markets, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described in such forward-looking statements. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward- looking statements are based on Wuhan General Group (China), Inc.'s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated. Wuhan General Group (China), Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
SOURCE Wuhan General Group (China), Inc.
---------------------------------------------- Dennis S. Dobson of Dennis S. Dobson Inc. for Wuhan General Group (China) Inc. +1-203-255-7902
Posts: 3255 | From: Los Angeles California | Registered: Jan 2006
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CWNN (.12) Announces New Trading Symbol, Name Change, and Reverse Stock Split
Business Wire "US Press Releases "
CHATSWORTH, Calif.--(BUSINESS WIRE)--
CandleWealth International, Inc. (OTC Pink Sheets:CWNN), announced that effective today its name has changed from CandleWealth International, Inc. to Promethean Corporation and effective at the open of business June 18, 2007, its trading symbol will change from CWNN to PRMN.
The company also announced today that it has completed its one (1) for five (5) reverse stock split of its common stock, and that all of the company's operations have been successfully transferred to a newly created wholly owned subsidiary whereby the company, Promethean Corporation, is now the publicly traded holding company for the new subsidiary, which is named CandleWealth International, Inc.
The company's board of directors believes these changes will create a more rational capital structure for the Company, which in turn, will enable the company to raise additional capital and facilitate the Company's strategy to grow and diversify its operations beyond the current CandleWealth International, Inc. operations.
About CandleWealth International, Inc.
CandleWealth is a direct seller of natural, soy-based candle wax, candle making supplies and other related products. Its home-based independent distributors make and sell these candles as well as build teams of other candle makers who do the same. Soy wax is a cleaner alternative to petroleum-based paraffin wax, burning cooler and longer, without the residues inherent in paraffin wax smoke. CandleWealth's success will be driven by the zeal and excitement of its distributors in spreading the benefits of natural wax and CandleWealth's other innovative products.
Safe Harbor Statement
Some of the information presented in this letter constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent the company's judgment regarding future events, and are based on currently available information. Although the company believes it has a reasonable basis for these forward-looking statements, the company cannot guarantee their accuracy and actual results may differ materially from those the company anticipated due to a number of known and unknown uncertainties, of which the company is not aware. Factors which could cause actual results to differ from expectations include, among others, the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry.
For more information, call Dave Koerner at CandleWealth International at 888-881-9373 or visit their website at www.candlewealth.com.
Source: CandleWealth International, Inc.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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NWWV (.0135) and Playstar update shareholders on dividend
PR Newswire "US Press Releases "
TORONTO, June 15 /PRNewswire-FirstCall/ - New Wave Media Inc (OTC: NWWV.PK) and Playstar Corporation (OTC: PLYCF.PK) would like to update shareholders of both companies on the dividend to its shareholders and a new corporate development.
The dividend record date will be moved to the close on June 22nd 2007 and still be payable on or about July 12th 2007. A further release with the Ex dividend date will be forthcoming shortly.
New Wave Media has been presented along with Wagerphone a major licensing opportunity that our legal team and 2 advisors are currently analyzing which may affect our dividend payout but NOT our merger between Playstar and New Wave Media as the opportunity involves all products.
New Wave Media currently has 137,000,000 restricted and 117,000,000 free trading shares for a total of 254,000,000 and the transfer agent is transfer Online of Portland Oregon.
This press release contains "forward looking" statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended, and are subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors discussed in New Wave Mobile reports that will be on file with the US Securities and Exchange Commission.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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NEW YORK, NY -- (MARKETWIRE) -- 06/15/07 -- Aurus Corp. (PINKSHEETS: AURC) advises its shareholders that it has changed its transfer agent and the latter is proceeding to fulfill the regulatory requirements to effect the distribution of the dividend.
Martin Grancharoff has resigned for health reasons as the Vice President and the Company's North American representative shall be chosen.
Aurus Corporation is a publicly traded mining holding company with several precious metal properties with over 5 million ounces in gold reserves, trading under the ticker symbol AURC on the US Pinksheets market. Aurus seeks to continue to acquire proven gold and other precious metal reserves in Russia and other emerging counties and operates its mines through joint ventures and/or partnerships.
Contact: Jeremy Krause Managing Director Business Development Consultants, LLC 1-858-384-0294
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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