BAYTOWN, TX--(MARKET WIRE)--Feb 13, 2009 -- Sustainable Power Corp. (Other OTC:SSTP.PK - News) announced today that the Company had filed on February 12, 2009 with the U.S. Securities and Exchange Commission a Form 10 Registration of Securities under 12(b) or (g) of The Securities Exchange Act Of 1934.
M. Richard Cutler, President and Chief Executive Officer of Sustainable Power Corp., stated, "Since I first became involved with the Company as legal counsel, and then more recently as President and CEO, we have been diligently moving forward with our business plan which includes becoming a fully reporting company. Working with our auditors, we have completed and filed with the SEC our Form 10 which includes the audit of the company for 2007 and through September 2008, as well as detailed disclosures with respect to our operations and business to make us fully transparent to our shareholders and investors. When we have completed the SEC review and comment process, we intend to file to be listed on the OTC Bulletin Board or another more prominent equity market. We also will be making regular SEC filings of our results, our business operations and other key data to help our shareholders and the investing public understand who we are and what we can accomplish."
About Sustainable Power Corp.
Sustainable Power Corp. is an international green energy total service provider focused on environmentally safe power generation. The company has the exclusive rights in the United States to develop and manage a portfolio of green energy plants utilizing a renewable fuel source able to be produced from non-food feed stock. For more information please visit www.SustainablePowerCorp.us.
Friday, February 13, 2009
(GNTA.ob) - Genta Inc. Announces Financial Results
BERKELEY HEIGHTS, N.J.--(BUSINESS WIRE)--Genta Incorporated (NASDAQ: GNTA - News) today announced financial results and progress for the quarter and year ended December 31, 2008. The Company noted significant recent milestones, including:
* AGENDA: Phase 3 biomarker-directed trial nears completion in melanoma
* Tesetaxel, a leading Phase 2 oral taxane, prepares for pivotal trial in gastric cancer
* Genasense® intermittent schedule enters trial in melanoma
* Decision on FDA appeal for Genasense NDA in CLL expected this quarter
* New oral product for bone loss, G4544, completes initial Phase 1 trial
“Genta has three exceptional, high-value, late-stage products in our portfolio,” noted Dr. Raymond P. Warrell, Jr., Genta’s Chairman and Chief Executive Officer. “We expect the Phase 3 AGENDA trial of Genasense® in patients with advanced melanoma to complete accrual later this quarter. Positive results from AGENDA should support global regulatory applications. We have aggressively pursued the clinical development of tesetaxel, a drug that we believe can be the first oral taxane approved in oncology. Tesetaxel offers a unique and exceptionally attractive market opportunity to reduce side effects for patients and potentially expand the diseases that may respond to this class of compounds. Lastly, we continue to pursue development of G4544, which also offers a potential early-to-market opportunity via a streamlined 505(b)(2) regulatory strategy. Each drug in our portfolio offers significant partnering opportunities that can accelerate their development.”
Highlights and updates of the Genta programs appear below.
GENASENSE®: CLINICAL AND REGULATORY ACTIVITY
Phase 3/Melanoma: Genta will shortly conclude patient accrual into its second Phase 3, randomized, controlled trial of Genasense® in patients with advanced melanoma, known as AGENDA. The study is designed to confirm certain safety and efficacy results from our prior randomized trial of Genasense® combined with dacarbazine (DTIC) in patients who have not previously received chemotherapy. AGENDA employs a biomarker to define those patients who derived maximum clinical benefit during the preceding study. These patients are characterized by low-normal levels of LDH (lactate dehydrogenase), a tumor-derived enzyme that is readily detected in blood. Analysis of those efficacy outcomes in the prior study, which were observed in 274 patients, showed the following results:
Endpoint
Genasense®/DTIC
DTIC
Hazard
Ratio
P
Overall response 20.8% 7.2% 0.002
Durable response 10.7% 2.4% 0.007
Progression-free survival, median 3.6 mos. 1.6 mos. 0.58 < 0.0001
Overall survival, median 12.3 mos. 9.9 mos. 0.64 0.0009
A scientific article that describes efficacy and safety results from this study can be accessed at: http://www.jco.org/cgi/content/abstract/JCO.2006.06.0483v1. AGENDA has co-primary endpoints of progression-free survival and overall survival. Genta currently expects the final analysis of progression-free survival, and the first interim assessment of overall survival, to be available in the Fall of 2009.
Phase 3/Chronic Lymphocytic Leukemia (CLL)/NDA Status: Genta has appealed a prior “non-approvable” decision on the Genasense® New Drug Application (NDA) for patients with relapsed/refractory CLL. The appeal is now pending a decision by FDA’s Center for Drug Evaluation and Research (CDER). The pivotal randomized trial achieved its primary endpoint, which was to significantly increase the proportion of patients who achieved complete remission by adding Genasense® to standard chemotherapy compared with patients treated with chemotherapy alone. With 5-years of follow up, all patients who achieved a major response (either complete or partial remission) on the Genasense® treatment arm achieved superior survival compared with responders treated with chemotherapy alone. A decision from CDER is expected in the current quarter.
TESETAXEL, THE LEADING ORAL TAXANE IN CLINICAL DEVELOPMENT
Tesetaxel is a novel, orally absorbed, semi-synthetic taxane that is in the same class of drugs as paclitaxel and docetaxel. However, both prototype agents suffer from serious safety issues, particularly hypersensitivity reactions related to intravenous infusions that are occasionally fatal and that require careful premedication and observation. Other prominent side-effects of this drug class include myelosuppression (low blood counts) and peripheral neuropathy (disabling nerve damage).
With administration as an oral capsule, tesetaxel was developed to maintain the high antitumor activity of the taxane drug class while eliminating infusion reactions, reducing neuropathy, and increasing patient convenience. The oral route also enables development of novel schedules that may expand dosing options when tesetaxel is used alone or in combination with other anticancer drugs. Preclinically, tesetaxel has demonstrated substantially higher activity against cell lines that were resistant to paclitaxel and docetaxel, since acquired resistance is not mediated by the multidrug-resistant p-glycoprotein.
Tesetaxel has demonstrated anticancer activity in several completed Phase 2 clinical trials, including patients with advanced gastric cancer and advanced breast cancer. The drug has not been associated with severe infusion reactions that are linked with other taxanes. Moreover, unlike other oral taxanes, nerve damage has not been a prominent side effect of tesetaxel. Thus, the drug offers substantial opportunities to improve patient convenience, safety, and anticancer activity.
More than 250 patients worldwide have been treated with oral tesetaxel in Phase 1 and Phase 2 clinical trials. Genta is currently running a U.S. clinical trial to examine the pharmacokinetics of tesetaxel over a critical dosing range for pivotal regulatory trials. Data from this trial should be available at the annual meeting of the American Society of Clinical Oncology held in Orland, FL May 29-June 2, 2009.
Tesetaxel received designation as an Orphan Drug by FDA for treatment of patients with advanced gastric cancer and advanced melanoma. Genta has submitted a proposal for a randomized controlled trial of tesetaxel to FDA for Special Protocol Assessment to support an efficacy claim for patients with advanced gastric cancer who have progressed on first-line therapy.
G4544, A NEW ORAL DRUG FOR SKELETAL DISEASES
G4544 contains the active ingredient in Ganite®, a highly effective intravenous drug that is approved in the U.S. and marketed for treatment of patients with cancer-related hypercalcemia that is resistant to hydration. Low doses of the active ingredient have shown clinical activity in a range of skeletal diseases, such as bone metastasis, Paget’s disease and osteoporosis. Genta has completed an initial Phase 1 study of G4544, a proprietary small molecule formulation of this active ingredient.
The Company has sought and received FDA guidance on the initial development of G4544. Genta believes that a 505(b)(2) regulatory pathway may shorten development time and enable regulatory approval by establishing bioequivalence to Ganite®. The 505(b)(2) approach enables potential approval in the currently approved indication for Ganite (cancer-related hypercalcemia) in parallel with development in other indications.
FINANCIAL INFORMATION
In June 2008, the Company entered into a convertible note transaction (described below). That transaction required that the Company seek stockholder approval to increase the number of authorized shares of common stock. While such approval was obtained in October 2008, for the period from June 9, 2008 through October 6, 2008, the Company was required to mark-to-market the liabilities for the conversion feature of its notes and a warrant issued as part of the transaction. These liabilities changed with the price of Genta’s common stock, and these fluctuations resulted in net income for the fourth quarter of 2008.
The Company reported net income of $29.6 million, or $0.26 per basic share, and $0.02 per diluted share for the fourth quarter of 2008, compared with a net loss of $1.7 million, or $(0.06) per share, for the fourth quarter of 2007. The calculation of diluted earnings per share includes the assumption that all outstanding instruments potentially convertible into shares of common stock are converted, including the impact of converting $15.5 million of convertible notes into 1.55 billion shares of common stock and the warrant into 40 million shares of common stock. For the year ended December 31, 2008, the Company reported a net loss of $505.8 million, or $(9.10) per share, compared with a net loss of $23.3 million, or $(0.79) per share, for the year ended December 31, 2007. Presently, the Company has approximately 950 million shares outstanding.
Unexpected returns of Ganite® in the fourth quarter of 2008 resulted in no net reported sales during the fourth quarter and $0.4 million for the year compared with sales of $0.3 million and $0.6 million in their respective comparison periods.
Research and development expenses for the fourth quarter and year ended December 31, 2008 were $3.8 million and $20.0 million, respectively, compared with $1.2 million and $13.5 million for their comparison periods. The annual increase in expenses in 2008 is primarily due to the recognition in March 2008 of $2.5 million for license payments on tesetaxel, $1.0 million in accrued milestone payments related to tesetaxel and higher expenses resulting from the AGENDA clinical trial. These increases were partially offset by lower compensation expense, as the Company reduced its workforce to conserve cash in both April 2008 and in May 2008.
Selling, general and administrative expenses for the fourth quarter and year ended December 31, 2008 were $1.9 million and $10.5 million, respectively, compared with $4.0 million and $16.9 million for their comparison periods. The reductions are primarily due to our efforts at lowering administrative expenses, lower office rent and lower compensation expense.
In May 2008, to reduce its ongoing expenses, the Company reduced its office space. The Company’s landlord received a termination payment of $1.3 million, comprised of security deposits, and the Company agreed to a future payment of $2.0 million upon the earlier of July 1, 2009 or Genta’s receipt of at least $5.0 million from a business development transaction. This agreement resulted in an incremental $3.3 million in expenses for the year ended December 31, 2008. In January 2009, we entered into another amendment of our agreement with our landlord whereby the future payment of $2.0 million is now payable on January 1, 2011. The Company will pay 6.0% interest in arrears to our landlord from July 1, 2009 through the new payment date. The first interest payment of approximately $30 thousand will be payable as of October 1, 2009.
In the fourth quarter of 2006, the Company recorded an expense of $5.3 million that provided for the issuance of 2.0 million shares of Genta common stock, for a settlement in principle of class action litigation. This liability was marked to market until the date that the settlement became final, June 27, 2008. The fluctuation in the price of Genta’s common stock resulted in income of $1.6 million in the fourth quarter of 2007, and income of $0.3 million for the year ended December 31, 2008, compared with $4.2 million for the year ended December 31, 2007.
In June 2008, the Company entered into a securities purchase agreement with certain institutional and accredited investors to place up to $40.0 million of senior secured convertible notes. On June 9, 2008, the Company placed $20.0 million of such notes in the initial closing. The notes bear interest at an annual rate of 15% payable at quarterly intervals in stock or cash at the Company's option, and are convertible into shares of Genta common stock at a conversion rate of 100,000 shares of common stock for every $1,000.00 of principal. The Company incurred a financing fee of $1.2 million, and in addition, issued a warrant to its financial advisor to purchase 40,000,000 shares of common stock at an exercise price of $0.02 per share.
On the date that the convertible notes were issued, there were an insufficient number of authorized shares of common stock in order to permit exercise of all of the issued convertible notes. In accordance with EITF 00-19 “Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock” when there are insufficient authorized shares, the conversion obligation for the convertible notes is classified as a liability measured at fair value on the balance sheet. On June 9, 2008, based on a Black-Scholes valuation model that included a closing price of Genta’s common stock of $0.20 per share, a fair value of the conversion feature of $380.0 million was calculated, and that amount that exceeded the proceeds of the $20.0 million initial closing, $360.0 million, was expensed. The Company recorded an initial discount of $20.0 million equal to the face value of the notes.
Similarly, the warrant was treated as a liability, and was recorded at a fair value of $7.6 million based upon the Black-Scholes valuation model and a closing price of Genta’s common stock of $0.20 per share. The $20 million in initial discount on the convertible note, the $7.6 million recorded upon the issuance of the warrant and the $1.2 million financing fee are being amortized over the two-year life of the note, resulting in amortization of deferred financing costs of $6.8 million and $11.2 million, respectively, for the three months and year ended December 31, 2008.
On October 6, 2008, the date on which our stockholders approved an amendment to Genta’s Restated Certificate of Incorporation, as amended, to increase the total number of authorized shares of capital stock available for issuance, we re-measured the conversion feature liability and warrant liability and credited them to Stockholders’ equity, resulting in income of $40.0 million and $0.8 million for the fourth quarter, respectively and total expense for the year ended December 31, 2008 of $460.0 million and $2.0 million for the year, respectively.
Net other expense was $0.6 million and $1.4 million, respectively, for the fourth quarter and year ended December 31, 2008, compared to net other income of $0.1 million and $0.8 million, respectively, for the prior-year comparison periods. This difference was due to accrued interest on the convertible notes and from lower investment income, resulting from lower investment balances.
At December 31, 2008, Genta had cash, cash equivalents and marketable securities totaling $4.9 million compared with $7.8 million at December 31, 2007. During 2008, cash used in operating activities was $25.7 million compared with $31.7 million for the same period in 2007.
CONFERENCE CALL AND WEBCAST
Genta management will host a conference call and live audio webcast to discuss financial results and corporate activities on February 13, 2009 at 4:30 pm ET. Participants can access the live call by dialing (877) 634-8606 (U.S. and Canada) or (973) 200-3973 (International). The access code for the live call is Genta Incorporated. The call will also be webcast live at http://www.genta.com/investorrelation/events.html. For investors unable to participate in the live call, a replay will be available approximately two hours after the completion of the call, and will be archived for 30 days. Access numbers for this replay are: (800) 642-1687 (U.S. and Canada) and (706) 645-9291 (International); conference ID number is 84733610.
About Genta
Genta Incorporated is a biopharmaceutical company with a diversified product portfolio that is focused on delivering innovative products for the treatment of patients with cancer. Two major programs anchor the Company’s research platform: DNA/RNA-based Medicines and Small Molecules. Genasense® (oblimersen sodium) Injection is the Company's lead compound from its DNA/RNA Medicines program. Genta is currently recruiting patients to the AGENDA Trial, a global Phase 3 trial of Genasense in patients with advanced melanoma. The leading drug in Genta’s Small Molecule program is Ganite® (gallium nitrate injection), which the Company is exclusively marketing in the U.S. for treatment of symptomatic patients with cancer related hypercalcemia that is resistant to hydration. The Company has developed G4544, an oral formulation of the active ingredient in Ganite, that has recently entered clinical trials as a potential treatment for diseases associated with accelerated bone loss. The Company is also developing tesetaxel, a novel, orally absorbed, semi-synthetic taxane that is in the same class of drugs as paclitaxel and docetaxel. Ganite and Genasense are available on a “named-patient” basis in countries outside the United States. For more information about Genta, please visit our website at: www.genta.com.
* AGENDA: Phase 3 biomarker-directed trial nears completion in melanoma
* Tesetaxel, a leading Phase 2 oral taxane, prepares for pivotal trial in gastric cancer
* Genasense® intermittent schedule enters trial in melanoma
* Decision on FDA appeal for Genasense NDA in CLL expected this quarter
* New oral product for bone loss, G4544, completes initial Phase 1 trial
“Genta has three exceptional, high-value, late-stage products in our portfolio,” noted Dr. Raymond P. Warrell, Jr., Genta’s Chairman and Chief Executive Officer. “We expect the Phase 3 AGENDA trial of Genasense® in patients with advanced melanoma to complete accrual later this quarter. Positive results from AGENDA should support global regulatory applications. We have aggressively pursued the clinical development of tesetaxel, a drug that we believe can be the first oral taxane approved in oncology. Tesetaxel offers a unique and exceptionally attractive market opportunity to reduce side effects for patients and potentially expand the diseases that may respond to this class of compounds. Lastly, we continue to pursue development of G4544, which also offers a potential early-to-market opportunity via a streamlined 505(b)(2) regulatory strategy. Each drug in our portfolio offers significant partnering opportunities that can accelerate their development.”
Highlights and updates of the Genta programs appear below.
GENASENSE®: CLINICAL AND REGULATORY ACTIVITY
Phase 3/Melanoma: Genta will shortly conclude patient accrual into its second Phase 3, randomized, controlled trial of Genasense® in patients with advanced melanoma, known as AGENDA. The study is designed to confirm certain safety and efficacy results from our prior randomized trial of Genasense® combined with dacarbazine (DTIC) in patients who have not previously received chemotherapy. AGENDA employs a biomarker to define those patients who derived maximum clinical benefit during the preceding study. These patients are characterized by low-normal levels of LDH (lactate dehydrogenase), a tumor-derived enzyme that is readily detected in blood. Analysis of those efficacy outcomes in the prior study, which were observed in 274 patients, showed the following results:
Endpoint
Genasense®/DTIC
DTIC
Hazard
Ratio
P
Overall response 20.8% 7.2% 0.002
Durable response 10.7% 2.4% 0.007
Progression-free survival, median 3.6 mos. 1.6 mos. 0.58 < 0.0001
Overall survival, median 12.3 mos. 9.9 mos. 0.64 0.0009
A scientific article that describes efficacy and safety results from this study can be accessed at: http://www.jco.org/cgi/content/abstract/JCO.2006.06.0483v1. AGENDA has co-primary endpoints of progression-free survival and overall survival. Genta currently expects the final analysis of progression-free survival, and the first interim assessment of overall survival, to be available in the Fall of 2009.
Phase 3/Chronic Lymphocytic Leukemia (CLL)/NDA Status: Genta has appealed a prior “non-approvable” decision on the Genasense® New Drug Application (NDA) for patients with relapsed/refractory CLL. The appeal is now pending a decision by FDA’s Center for Drug Evaluation and Research (CDER). The pivotal randomized trial achieved its primary endpoint, which was to significantly increase the proportion of patients who achieved complete remission by adding Genasense® to standard chemotherapy compared with patients treated with chemotherapy alone. With 5-years of follow up, all patients who achieved a major response (either complete or partial remission) on the Genasense® treatment arm achieved superior survival compared with responders treated with chemotherapy alone. A decision from CDER is expected in the current quarter.
TESETAXEL, THE LEADING ORAL TAXANE IN CLINICAL DEVELOPMENT
Tesetaxel is a novel, orally absorbed, semi-synthetic taxane that is in the same class of drugs as paclitaxel and docetaxel. However, both prototype agents suffer from serious safety issues, particularly hypersensitivity reactions related to intravenous infusions that are occasionally fatal and that require careful premedication and observation. Other prominent side-effects of this drug class include myelosuppression (low blood counts) and peripheral neuropathy (disabling nerve damage).
With administration as an oral capsule, tesetaxel was developed to maintain the high antitumor activity of the taxane drug class while eliminating infusion reactions, reducing neuropathy, and increasing patient convenience. The oral route also enables development of novel schedules that may expand dosing options when tesetaxel is used alone or in combination with other anticancer drugs. Preclinically, tesetaxel has demonstrated substantially higher activity against cell lines that were resistant to paclitaxel and docetaxel, since acquired resistance is not mediated by the multidrug-resistant p-glycoprotein.
Tesetaxel has demonstrated anticancer activity in several completed Phase 2 clinical trials, including patients with advanced gastric cancer and advanced breast cancer. The drug has not been associated with severe infusion reactions that are linked with other taxanes. Moreover, unlike other oral taxanes, nerve damage has not been a prominent side effect of tesetaxel. Thus, the drug offers substantial opportunities to improve patient convenience, safety, and anticancer activity.
More than 250 patients worldwide have been treated with oral tesetaxel in Phase 1 and Phase 2 clinical trials. Genta is currently running a U.S. clinical trial to examine the pharmacokinetics of tesetaxel over a critical dosing range for pivotal regulatory trials. Data from this trial should be available at the annual meeting of the American Society of Clinical Oncology held in Orland, FL May 29-June 2, 2009.
Tesetaxel received designation as an Orphan Drug by FDA for treatment of patients with advanced gastric cancer and advanced melanoma. Genta has submitted a proposal for a randomized controlled trial of tesetaxel to FDA for Special Protocol Assessment to support an efficacy claim for patients with advanced gastric cancer who have progressed on first-line therapy.
G4544, A NEW ORAL DRUG FOR SKELETAL DISEASES
G4544 contains the active ingredient in Ganite®, a highly effective intravenous drug that is approved in the U.S. and marketed for treatment of patients with cancer-related hypercalcemia that is resistant to hydration. Low doses of the active ingredient have shown clinical activity in a range of skeletal diseases, such as bone metastasis, Paget’s disease and osteoporosis. Genta has completed an initial Phase 1 study of G4544, a proprietary small molecule formulation of this active ingredient.
The Company has sought and received FDA guidance on the initial development of G4544. Genta believes that a 505(b)(2) regulatory pathway may shorten development time and enable regulatory approval by establishing bioequivalence to Ganite®. The 505(b)(2) approach enables potential approval in the currently approved indication for Ganite (cancer-related hypercalcemia) in parallel with development in other indications.
FINANCIAL INFORMATION
In June 2008, the Company entered into a convertible note transaction (described below). That transaction required that the Company seek stockholder approval to increase the number of authorized shares of common stock. While such approval was obtained in October 2008, for the period from June 9, 2008 through October 6, 2008, the Company was required to mark-to-market the liabilities for the conversion feature of its notes and a warrant issued as part of the transaction. These liabilities changed with the price of Genta’s common stock, and these fluctuations resulted in net income for the fourth quarter of 2008.
The Company reported net income of $29.6 million, or $0.26 per basic share, and $0.02 per diluted share for the fourth quarter of 2008, compared with a net loss of $1.7 million, or $(0.06) per share, for the fourth quarter of 2007. The calculation of diluted earnings per share includes the assumption that all outstanding instruments potentially convertible into shares of common stock are converted, including the impact of converting $15.5 million of convertible notes into 1.55 billion shares of common stock and the warrant into 40 million shares of common stock. For the year ended December 31, 2008, the Company reported a net loss of $505.8 million, or $(9.10) per share, compared with a net loss of $23.3 million, or $(0.79) per share, for the year ended December 31, 2007. Presently, the Company has approximately 950 million shares outstanding.
Unexpected returns of Ganite® in the fourth quarter of 2008 resulted in no net reported sales during the fourth quarter and $0.4 million for the year compared with sales of $0.3 million and $0.6 million in their respective comparison periods.
Research and development expenses for the fourth quarter and year ended December 31, 2008 were $3.8 million and $20.0 million, respectively, compared with $1.2 million and $13.5 million for their comparison periods. The annual increase in expenses in 2008 is primarily due to the recognition in March 2008 of $2.5 million for license payments on tesetaxel, $1.0 million in accrued milestone payments related to tesetaxel and higher expenses resulting from the AGENDA clinical trial. These increases were partially offset by lower compensation expense, as the Company reduced its workforce to conserve cash in both April 2008 and in May 2008.
Selling, general and administrative expenses for the fourth quarter and year ended December 31, 2008 were $1.9 million and $10.5 million, respectively, compared with $4.0 million and $16.9 million for their comparison periods. The reductions are primarily due to our efforts at lowering administrative expenses, lower office rent and lower compensation expense.
In May 2008, to reduce its ongoing expenses, the Company reduced its office space. The Company’s landlord received a termination payment of $1.3 million, comprised of security deposits, and the Company agreed to a future payment of $2.0 million upon the earlier of July 1, 2009 or Genta’s receipt of at least $5.0 million from a business development transaction. This agreement resulted in an incremental $3.3 million in expenses for the year ended December 31, 2008. In January 2009, we entered into another amendment of our agreement with our landlord whereby the future payment of $2.0 million is now payable on January 1, 2011. The Company will pay 6.0% interest in arrears to our landlord from July 1, 2009 through the new payment date. The first interest payment of approximately $30 thousand will be payable as of October 1, 2009.
In the fourth quarter of 2006, the Company recorded an expense of $5.3 million that provided for the issuance of 2.0 million shares of Genta common stock, for a settlement in principle of class action litigation. This liability was marked to market until the date that the settlement became final, June 27, 2008. The fluctuation in the price of Genta’s common stock resulted in income of $1.6 million in the fourth quarter of 2007, and income of $0.3 million for the year ended December 31, 2008, compared with $4.2 million for the year ended December 31, 2007.
In June 2008, the Company entered into a securities purchase agreement with certain institutional and accredited investors to place up to $40.0 million of senior secured convertible notes. On June 9, 2008, the Company placed $20.0 million of such notes in the initial closing. The notes bear interest at an annual rate of 15% payable at quarterly intervals in stock or cash at the Company's option, and are convertible into shares of Genta common stock at a conversion rate of 100,000 shares of common stock for every $1,000.00 of principal. The Company incurred a financing fee of $1.2 million, and in addition, issued a warrant to its financial advisor to purchase 40,000,000 shares of common stock at an exercise price of $0.02 per share.
On the date that the convertible notes were issued, there were an insufficient number of authorized shares of common stock in order to permit exercise of all of the issued convertible notes. In accordance with EITF 00-19 “Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock” when there are insufficient authorized shares, the conversion obligation for the convertible notes is classified as a liability measured at fair value on the balance sheet. On June 9, 2008, based on a Black-Scholes valuation model that included a closing price of Genta’s common stock of $0.20 per share, a fair value of the conversion feature of $380.0 million was calculated, and that amount that exceeded the proceeds of the $20.0 million initial closing, $360.0 million, was expensed. The Company recorded an initial discount of $20.0 million equal to the face value of the notes.
Similarly, the warrant was treated as a liability, and was recorded at a fair value of $7.6 million based upon the Black-Scholes valuation model and a closing price of Genta’s common stock of $0.20 per share. The $20 million in initial discount on the convertible note, the $7.6 million recorded upon the issuance of the warrant and the $1.2 million financing fee are being amortized over the two-year life of the note, resulting in amortization of deferred financing costs of $6.8 million and $11.2 million, respectively, for the three months and year ended December 31, 2008.
On October 6, 2008, the date on which our stockholders approved an amendment to Genta’s Restated Certificate of Incorporation, as amended, to increase the total number of authorized shares of capital stock available for issuance, we re-measured the conversion feature liability and warrant liability and credited them to Stockholders’ equity, resulting in income of $40.0 million and $0.8 million for the fourth quarter, respectively and total expense for the year ended December 31, 2008 of $460.0 million and $2.0 million for the year, respectively.
Net other expense was $0.6 million and $1.4 million, respectively, for the fourth quarter and year ended December 31, 2008, compared to net other income of $0.1 million and $0.8 million, respectively, for the prior-year comparison periods. This difference was due to accrued interest on the convertible notes and from lower investment income, resulting from lower investment balances.
At December 31, 2008, Genta had cash, cash equivalents and marketable securities totaling $4.9 million compared with $7.8 million at December 31, 2007. During 2008, cash used in operating activities was $25.7 million compared with $31.7 million for the same period in 2007.
CONFERENCE CALL AND WEBCAST
Genta management will host a conference call and live audio webcast to discuss financial results and corporate activities on February 13, 2009 at 4:30 pm ET. Participants can access the live call by dialing (877) 634-8606 (U.S. and Canada) or (973) 200-3973 (International). The access code for the live call is Genta Incorporated. The call will also be webcast live at http://www.genta.com/investorrelation/events.html. For investors unable to participate in the live call, a replay will be available approximately two hours after the completion of the call, and will be archived for 30 days. Access numbers for this replay are: (800) 642-1687 (U.S. and Canada) and (706) 645-9291 (International); conference ID number is 84733610.
About Genta
Genta Incorporated is a biopharmaceutical company with a diversified product portfolio that is focused on delivering innovative products for the treatment of patients with cancer. Two major programs anchor the Company’s research platform: DNA/RNA-based Medicines and Small Molecules. Genasense® (oblimersen sodium) Injection is the Company's lead compound from its DNA/RNA Medicines program. Genta is currently recruiting patients to the AGENDA Trial, a global Phase 3 trial of Genasense in patients with advanced melanoma. The leading drug in Genta’s Small Molecule program is Ganite® (gallium nitrate injection), which the Company is exclusively marketing in the U.S. for treatment of symptomatic patients with cancer related hypercalcemia that is resistant to hydration. The Company has developed G4544, an oral formulation of the active ingredient in Ganite, that has recently entered clinical trials as a potential treatment for diseases associated with accelerated bone loss. The Company is also developing tesetaxel, a novel, orally absorbed, semi-synthetic taxane that is in the same class of drugs as paclitaxel and docetaxel. Ganite and Genasense are available on a “named-patient” basis in countries outside the United States. For more information about Genta, please visit our website at: www.genta.com.
(ENCS.pk) - Encore Energy Systems Announces Cash Dividend & Royalty Payments
OXFORD, MS--(MARKET WIRE)--Feb 13, 2009 -- Encore Energy Systems (Other OTC:ENCS.PK - News) announced today the record date for its stockholder escrow account and cash dividend. The cash dividend record date is 20 February 2009.
All stockholders of record on 20 February 2009 will be entitled to yearly dividends, pro rata, from all royalties received under the Company's current patent license agreements.
All royalty revenue received from these projects will be direct-deposited, in full, to a Shareholder Escrow Account. The dividend will be distributed to all record-date stockholders on an annual basis, pro rata.
The Company granted a worldwide license for its geothermal patents. Regular payments and commissions are due alongside regular reports on progress as follows: 2% of Net Sales, plus a Yearly Payment after a 2 year grace period of $20,000, $40,000 and $60,000 in years 1 through 3, respectively. The minimum payment per year after Year 3 is $100,000.
Investors can expect timely updates on the following:
-- Full details and instructions for DeMarco/EGVI stockholders to receive
the Preferred Stock dividend and dedicated web page
-- Details on the Company's Combined Heat and Power generation programs
(CHP)
-- Partnerships and Executive Management agreements for the Company's
business development and marketing programs
-- New web sites, corporate image and published business plans
-- Published financial reports on the combined entities no later than 1
March 2009
-- Guidance on 2008 performance and Revenue and Debt elimination to be
released before financial reports
-- Financial projections regarding both revenues and asset growth through
the Company's planned acquisitions
-- New LOIs and planned acquisitions of various biofuel production
facilities
-- New biofuel production and distribution agreements
About Encore Energy and BioConversions
ENCS is an international aggregator bio-diesel reactor technology, fuel distribution, production systems and fuel production facilities.
The Company also owns the patents for the use of grey-water, and domestic water in heat exchanger systems. They also provide all forms of conventional geothermal heat exchange systems. See our video at http://www.encoreenergyinc.com. The Company licenses its patented technology to other energy-related businesses.
All stockholders of record on 20 February 2009 will be entitled to yearly dividends, pro rata, from all royalties received under the Company's current patent license agreements.
All royalty revenue received from these projects will be direct-deposited, in full, to a Shareholder Escrow Account. The dividend will be distributed to all record-date stockholders on an annual basis, pro rata.
The Company granted a worldwide license for its geothermal patents. Regular payments and commissions are due alongside regular reports on progress as follows: 2% of Net Sales, plus a Yearly Payment after a 2 year grace period of $20,000, $40,000 and $60,000 in years 1 through 3, respectively. The minimum payment per year after Year 3 is $100,000.
Investors can expect timely updates on the following:
-- Full details and instructions for DeMarco/EGVI stockholders to receive
the Preferred Stock dividend and dedicated web page
-- Details on the Company's Combined Heat and Power generation programs
(CHP)
-- Partnerships and Executive Management agreements for the Company's
business development and marketing programs
-- New web sites, corporate image and published business plans
-- Published financial reports on the combined entities no later than 1
March 2009
-- Guidance on 2008 performance and Revenue and Debt elimination to be
released before financial reports
-- Financial projections regarding both revenues and asset growth through
the Company's planned acquisitions
-- New LOIs and planned acquisitions of various biofuel production
facilities
-- New biofuel production and distribution agreements
About Encore Energy and BioConversions
ENCS is an international aggregator bio-diesel reactor technology, fuel distribution, production systems and fuel production facilities.
The Company also owns the patents for the use of grey-water, and domestic water in heat exchanger systems. They also provide all forms of conventional geothermal heat exchange systems. See our video at http://www.encoreenergyinc.com. The Company licenses its patented technology to other energy-related businesses.
(GLCC.pk) - Good Life China Corporation Conducts $580 Million in Retail Sales
BEIJING, Feb. 12 /PRNewswire-FirstCall/ - Good Life China Corporation http://www.goodlifechina.com today after the market closed is providing this summary of its initial preliminary 2008 year statements to keep investors abreast of continuing developments within the company.
Subsequent to the recent Chinese New Year, the Company has been working on its financial statements for the year ending December 31, 2008. With the change this past year in the company's business model, there have been a number of major adjustments to the accounting principles of the Company. The total amount of gross retail sales at the store level reached approximately $580 million dollars this past year 2008. This represents the value of all retail sales of goods and services purchased by end-consumers at retail.
The Company no longer purchases the goods and services sold from suppliers and distributors for resale on a wholesale basis, but instead generates commissions from both retail and wholesale members based on the value of goods delivered using its online trading platform, its warehousing services and membership fees levied to access its online trading platform and related information services.
The Company will issue its full financial results within the next 30 - 45 days, in accordance with Pink Sheet requirements.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain forward information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
Get the Facts Right. The issuer works hard to continue to keep our shareholders informed, and news is updated frequently via Press Releases, Pink Sheet http://www.pinksheets.com/ filings, and updates to our websites. Other websites not sponsored, or recognized by the Company may provide misleading or disinformation to investors in order to manipulate trading patterns for a given stock. Always look for original content from trusted sources, rather than relying on 'excerpts' or discussion boards that may not give you the whole story. The Securities and Exchange Commission requires financial institutions or brokerage firms to provide their clients with documentation, describing the risks of investing in penny stocks.
Additionally, it is understood that upon completion of the spin-off of the current operating company, there will be no liabilities or litigation to consider, except as provided and documented by Trudy Corp. The Company is currently designated current in its filings with the SEC, the Delaware Secretary of State, and any expenses due to its Transfer Agent.
Subsequent to the recent Chinese New Year, the Company has been working on its financial statements for the year ending December 31, 2008. With the change this past year in the company's business model, there have been a number of major adjustments to the accounting principles of the Company. The total amount of gross retail sales at the store level reached approximately $580 million dollars this past year 2008. This represents the value of all retail sales of goods and services purchased by end-consumers at retail.
The Company no longer purchases the goods and services sold from suppliers and distributors for resale on a wholesale basis, but instead generates commissions from both retail and wholesale members based on the value of goods delivered using its online trading platform, its warehousing services and membership fees levied to access its online trading platform and related information services.
The Company will issue its full financial results within the next 30 - 45 days, in accordance with Pink Sheet requirements.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain forward information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
Get the Facts Right. The issuer works hard to continue to keep our shareholders informed, and news is updated frequently via Press Releases, Pink Sheet http://www.pinksheets.com/ filings, and updates to our websites. Other websites not sponsored, or recognized by the Company may provide misleading or disinformation to investors in order to manipulate trading patterns for a given stock. Always look for original content from trusted sources, rather than relying on 'excerpts' or discussion boards that may not give you the whole story. The Securities and Exchange Commission requires financial institutions or brokerage firms to provide their clients with documentation, describing the risks of investing in penny stocks.
Additionally, it is understood that upon completion of the spin-off of the current operating company, there will be no liabilities or litigation to consider, except as provided and documented by Trudy Corp. The Company is currently designated current in its filings with the SEC, the Delaware Secretary of State, and any expenses due to its Transfer Agent.
Wednesday, February 11, 2009
(COTE.ob) -- Coates International Receives State Proposal for $780 Million in Cash Incentives
WALL TOWNSHIP, N.J.--(BUSINESS WIRE)--Coates International, Ltd. (the “Company”) (OTCBB: COTE - News) – Coates International, Ltd. has received a written proposal from one of our states, to set-up Coates’ mass production and manufacturing operations in that state. These incentives will be spread over 10 years with the creation of new quality jobs, cash incentive of $787,526,057 U.S. Dollars and a tax credit package of $779,158,557. Management is also in direct contact with the Federal Government regarding start-up funding, etc. Management is carefully studying all proposals from all interested states and countries.
* Company director, Gregory G. Coates, is now in China and will rendezvous with James Pang, our company’s marketing liaison in Shanghai to arrange presentations of the Coates CSRV engines and products to a number of prominent entities in that country.
* Well To Wire Energy, Inc. of Canada has paid approximately $3,500,000 in non-refundable payments to date. The remaining outstanding balance of $7,500,000 is to be paid on or before the 30th of April 2009. There is also a balance of $49,000,000 to be paid to Coates over 5 years, for the United States exclusive license which is in escrow until the balance of $7,500,000 is paid in full.
* Coates is proceeding with limited production in its plant in New Jersey as CSRV Generators are complete. Funds will be wired directly from Canada West Corporation Finance, Inc. to Coates International, Ltd. Finance is already in place specifically for the actuation of Coates products to Well To Wire Energy in the amount of $1,600,000,000 U.S. Dollars for the purchase of 7,404 CSRV Power Systems supplied over five years.
* Heavy Truck Diesel CSRV retrofit engine has been completed for some time now. This engine is managed by computer systems. Setting up, mapping, etc. is taking longer than anticipated. However, we expect more information on this project will be forth coming as soon as testing starts.
* Coates received two GM V8 engines used by Husky Oil of Canada for pumping and compression. These engines are converted to run on natural gas, but the poppet valves do not last, and maintenance is high and expensive. Coates will retrofit the CSRV System to these engines. We have been informed that there are more than 30,000 of these units in one oil rig section alone. This could mean significant revenues for Coates International, Ltd.
* As the Company ramps up and enters mass production, management estimates the creation of over 10,000 new jobs at each Coates’ production location. We anticipate production operations will be set up in four states in the United States.
* Coates International, Ltd. has completed its five year Business Plan. All existing stockholders may receive a copy if they so desire. Stockholders that live local may pick-up a copy at our plant in New Jersey. Stockholders that are not in the vicinity must pay postage. Please contact Coates International at (732) 449-7717.
It is the Company’s intention to continue to provide periodic, general updates to its shareholders and make specific announcements on matters of interest as they occur or when finalized.
Additional information, including photos and videos are available at our Coates News website, www.mostadvancedengine.com. Readers may also visit our corporate website at www.coatesengine.com.
About Coates International, Ltd.: Coates has been developing, over a period of more than 15 years, a patented spherical rotary valve CSRV Internal Combustion Engine, invented by George J. Coates and his son Gregory. The CSRV system is adaptable to combustion engines of many types. This technology is currently adapted to a number of practical applications, including industrial generators powered by engines incorporating the CSRV technology and designed to run on flare-off gas from oil wells, landfill gas and raw natural gas. The Company is actively engaged in making final refinements and performance testing in preparation for its launch of this product.
* Company director, Gregory G. Coates, is now in China and will rendezvous with James Pang, our company’s marketing liaison in Shanghai to arrange presentations of the Coates CSRV engines and products to a number of prominent entities in that country.
* Well To Wire Energy, Inc. of Canada has paid approximately $3,500,000 in non-refundable payments to date. The remaining outstanding balance of $7,500,000 is to be paid on or before the 30th of April 2009. There is also a balance of $49,000,000 to be paid to Coates over 5 years, for the United States exclusive license which is in escrow until the balance of $7,500,000 is paid in full.
* Coates is proceeding with limited production in its plant in New Jersey as CSRV Generators are complete. Funds will be wired directly from Canada West Corporation Finance, Inc. to Coates International, Ltd. Finance is already in place specifically for the actuation of Coates products to Well To Wire Energy in the amount of $1,600,000,000 U.S. Dollars for the purchase of 7,404 CSRV Power Systems supplied over five years.
* Heavy Truck Diesel CSRV retrofit engine has been completed for some time now. This engine is managed by computer systems. Setting up, mapping, etc. is taking longer than anticipated. However, we expect more information on this project will be forth coming as soon as testing starts.
* Coates received two GM V8 engines used by Husky Oil of Canada for pumping and compression. These engines are converted to run on natural gas, but the poppet valves do not last, and maintenance is high and expensive. Coates will retrofit the CSRV System to these engines. We have been informed that there are more than 30,000 of these units in one oil rig section alone. This could mean significant revenues for Coates International, Ltd.
* As the Company ramps up and enters mass production, management estimates the creation of over 10,000 new jobs at each Coates’ production location. We anticipate production operations will be set up in four states in the United States.
* Coates International, Ltd. has completed its five year Business Plan. All existing stockholders may receive a copy if they so desire. Stockholders that live local may pick-up a copy at our plant in New Jersey. Stockholders that are not in the vicinity must pay postage. Please contact Coates International at (732) 449-7717.
It is the Company’s intention to continue to provide periodic, general updates to its shareholders and make specific announcements on matters of interest as they occur or when finalized.
Additional information, including photos and videos are available at our Coates News website, www.mostadvancedengine.com. Readers may also visit our corporate website at www.coatesengine.com.
About Coates International, Ltd.: Coates has been developing, over a period of more than 15 years, a patented spherical rotary valve CSRV Internal Combustion Engine, invented by George J. Coates and his son Gregory. The CSRV system is adaptable to combustion engines of many types. This technology is currently adapted to a number of practical applications, including industrial generators powered by engines incorporating the CSRV technology and designed to run on flare-off gas from oil wells, landfill gas and raw natural gas. The Company is actively engaged in making final refinements and performance testing in preparation for its launch of this product.
(SMKG.pk) -- Exponential Revenue Growth for SmartCard Marketing Systems Inc
SAN ANTONIO--(BUSINESS WIRE)--SmartCard Marketing Systems Inc. (PINKSHEETS:SMKG - News) CEO Massimo Barone Stated "We are pleased with current thresholds of business from Bill Pay and Pin Debit Online transactions generated from customer usage of Velocitymoney.com, our proprietary offering. Our target remains to get this threshold at an overall daily average of 1200 and weekends above 8,000 by the end of June 2009.
The number of Pre-paid card activations continues to rise moderately to 60 activations per day with the strongest single day of 174 activations. We are very pleased at the results as our structure and technology are proving effective.
We had previously announced that for December 2008 growth compared to the same month in December 2007 was 1700% which resulted in prepaid card and remittance loads of $1.2M USD, our strongest month to date. Additionally as new Merchants receive delivery and commence rollout of our product and services we will continue to enjoy accelerated growth during these difficult times."
About SmartCard Marketing Systems Inc. (PINKSHEETS: SMKG - News)
The company is leading the way in Prepaid Card Service Program Management, Payment processing of Pin Debit Online and Bill Pay in North America and Europe. Velocitymoney.com is the proprietary offering of SmartCard Marketing Systems Inc.
We seek safe harbor.
The number of Pre-paid card activations continues to rise moderately to 60 activations per day with the strongest single day of 174 activations. We are very pleased at the results as our structure and technology are proving effective.
We had previously announced that for December 2008 growth compared to the same month in December 2007 was 1700% which resulted in prepaid card and remittance loads of $1.2M USD, our strongest month to date. Additionally as new Merchants receive delivery and commence rollout of our product and services we will continue to enjoy accelerated growth during these difficult times."
About SmartCard Marketing Systems Inc. (PINKSHEETS: SMKG - News)
The company is leading the way in Prepaid Card Service Program Management, Payment processing of Pin Debit Online and Bill Pay in North America and Europe. Velocitymoney.com is the proprietary offering of SmartCard Marketing Systems Inc.
We seek safe harbor.
(EESO.pk) -- Bebida Beverage Enters Agreement with Enzyme Environmental Solutions
FORT WAYNE, IN--(MARKET WIRE)--Feb 11, 2009 -- (Other OTC:EESO.PK - News) - Important note to shareholders: there was a discrepancy on the OS today; the OS has not been increased and this is being corrected promptly by the TA. This can be verified, if necessary, directly with Pacwest Transfer.
Environmental Solutions has had an incredible year thus far as its shareholders revel in the success of a recent retail licensing agreement to a network marketing entity poised to be a household name. The success is enhanced by materialization of deals with Bo and Su Lee (Star Towers, Inc. owners) for odor remediation in South Korea and new talks developing with an entity out of Canada regarding its work with garbage remediation in countries around the world including Jamaica and Ghana. On the Commercial side, EESO has recently secured a sizeable licensing and manufacturing agreement for an Enzyme-based Industrial Water Treatment and Pond Dye product with orders nationwide.
EESO recently solidified a deal with Bebida Beverage Company in which Bebida sought out EESO's proprietary enzymatic knowledge base for a new beverage line it is developing. "This brings another stream of revenue with upside potential to the company without any significant additional base costs," states Bill White, VP of Sales and Operations, "so deals like these are mutually beneficial both to our clients and to us in terms of profitability."
President and CEO of Enzyme Environmental Solutions, Jared Hochstedler is enthusiastic to add, "We'll be releasing last year's financials in detail so that shareholders and potential partners can see we're here for the long run. It's exciting to see our global initiative take hold so smoothly and it makes me very happy to announce that we will be releasing last year's financials as well as order-based forecasts for the end of this year. We'll do this before the shareholder's Open House on February 27th so it can truly be a celebration for all. All financials will be fully verifiable and will soundly prove our stock to be undervalued. While most companies are laying off thousands, we've taken on a larger work force and added a 2ndand 3rd shift to our day-to-day operations."
The financials for 2008 show sales in excess of 9 million dollars with 2009 expected to be exponentially higher based on both recent contracts and product order commitments.
Environmental Solutions has had an incredible year thus far as its shareholders revel in the success of a recent retail licensing agreement to a network marketing entity poised to be a household name. The success is enhanced by materialization of deals with Bo and Su Lee (Star Towers, Inc. owners) for odor remediation in South Korea and new talks developing with an entity out of Canada regarding its work with garbage remediation in countries around the world including Jamaica and Ghana. On the Commercial side, EESO has recently secured a sizeable licensing and manufacturing agreement for an Enzyme-based Industrial Water Treatment and Pond Dye product with orders nationwide.
EESO recently solidified a deal with Bebida Beverage Company in which Bebida sought out EESO's proprietary enzymatic knowledge base for a new beverage line it is developing. "This brings another stream of revenue with upside potential to the company without any significant additional base costs," states Bill White, VP of Sales and Operations, "so deals like these are mutually beneficial both to our clients and to us in terms of profitability."
President and CEO of Enzyme Environmental Solutions, Jared Hochstedler is enthusiastic to add, "We'll be releasing last year's financials in detail so that shareholders and potential partners can see we're here for the long run. It's exciting to see our global initiative take hold so smoothly and it makes me very happy to announce that we will be releasing last year's financials as well as order-based forecasts for the end of this year. We'll do this before the shareholder's Open House on February 27th so it can truly be a celebration for all. All financials will be fully verifiable and will soundly prove our stock to be undervalued. While most companies are laying off thousands, we've taken on a larger work force and added a 2ndand 3rd shift to our day-to-day operations."
The financials for 2008 show sales in excess of 9 million dollars with 2009 expected to be exponentially higher based on both recent contracts and product order commitments.
Tuesday, February 10, 2009
(BNPD.pk) Bionic Products Inc. Gains More Distributors for LadyPink®
LAS VEGAS, NV--(MARKET WIRE)--Feb 10, 2009 -- Bionic Products, Inc. (Other OTC:BNPD.PK - News) announced the addition of four new distributors since the launch of LadyPink® energy beverages last month. These distributors are now carrying Bionic-Tonic® and LadyPink® naturally healthy energy drinks. Bionic's marketing team is establishing these excited, well prepared distributors to be able to store, market, sell, and ship all of Bionics' product line to the public, service men and women overseas, and local dealers who will help supply smaller stores, clubs, nutrition and wellness centers, gyms, salons, colleges and schools on a regular basis as well as for special events.
A senior company spokesperson for Bionic Products commented, "Since the arrival of LadyPink® at the Tampa Distribution Center late last month, new distributors have been ordering pallets of LadyPink for nationwide distribution. The company expects to proceed with a second production run of Bionic-Tonic® and a first run for Bionic-Inoculation® booster shot before the end of February. One of the new company's slogans, 'No sugar. No calories, No carbs. No crash. Great Taste! What's not to like?' should propel the company further into demand."
Bionic Products has a full calendar of promotional events planned in 2009 for development of a larger awareness program of the company's products to the retail market. The company's new website and the ability to have a "daily news digest" is in the process of being tweaked to be able to have daily news and updates for folks who have interests in the company and for positive thoughts and progress that will be disseminated as often as possible. Please see the corporate website for the new Distributors as they are ready for orders.
About Bionic Products:
Bionic-Tonic® and LadyPink® are refreshing energy drinks that provide an increase in energy without the calories and sugar. These products contain the finest ingredients available to assist metabolic levels and burn calories. The energy drink and shot-size booster business is one of the fastest growing sectors in the beverage industry. Bionic Products is a Nevada Corporation formed for the purpose of discovering, developing and marketing breakthrough energy products and bottled water that will enhance the health and wellness of consumers. The company's common stock is traded on the OTC under the symbol BNPD. For corporate information please visit www.bionicproducts.us
A senior company spokesperson for Bionic Products commented, "Since the arrival of LadyPink® at the Tampa Distribution Center late last month, new distributors have been ordering pallets of LadyPink for nationwide distribution. The company expects to proceed with a second production run of Bionic-Tonic® and a first run for Bionic-Inoculation® booster shot before the end of February. One of the new company's slogans, 'No sugar. No calories, No carbs. No crash. Great Taste! What's not to like?' should propel the company further into demand."
Bionic Products has a full calendar of promotional events planned in 2009 for development of a larger awareness program of the company's products to the retail market. The company's new website and the ability to have a "daily news digest" is in the process of being tweaked to be able to have daily news and updates for folks who have interests in the company and for positive thoughts and progress that will be disseminated as often as possible. Please see the corporate website for the new Distributors as they are ready for orders.
About Bionic Products:
Bionic-Tonic® and LadyPink® are refreshing energy drinks that provide an increase in energy without the calories and sugar. These products contain the finest ingredients available to assist metabolic levels and burn calories. The energy drink and shot-size booster business is one of the fastest growing sectors in the beverage industry. Bionic Products is a Nevada Corporation formed for the purpose of discovering, developing and marketing breakthrough energy products and bottled water that will enhance the health and wellness of consumers. The company's common stock is traded on the OTC under the symbol BNPD. For corporate information please visit www.bionicproducts.us
Monday, February 09, 2009
(WNBD.pk) - Winning Brands Corp Targets Cruise Line Industry
BARRIE, ON--(MARKET WIRE)--Feb 9, 2009 -- Winning Brands Corporation (Other OTC:WNBD.PK - News) (Frankfurt:WMU.F - News) (www.WinningBrands.ca) will appear for the first time in media channels that reach the world's entire cruise industry in order to launch its consumer/industrial stain removing product Winning Colours Stain Remover to all operators in the sector simultaneously. Winning Colours will be offered for use in stain treatment applications throughout all ships of over 120 global cruise lines. This expands Winning Brands' initial activity in the cruise sector with its proprietary SMART(TM) Wet Cleaning Solutions that have been helping to replace on-board dry cleaning solvents with safer alternatives. As of March 2009 Winning Brands begins a new multi-faceted marketing relationship with internationally renowned information provider World Cruise Industry Review (www.worldcruiseindustryreview.com) with the theme "Got Stains? Get the Solution!" Well known to industry professionals, the World Cruise Industry Review is also available on-line at http://digital.worldcruise-network.com in digital format. The Review is published and distributed to leaders and management throughout the cruise industry worldwide providing in-depth coverage of what is new and important in this sector.
Using its signature advertising question 'Got Stains?' Winning Colours Stain Remover begins its new marketing relationship with the internationally renowned World Cruise Industry Review in print and on-line commencing March 2009 to reach over 120 cruise ship operators around the world - and their passengers.
Winning Brands CEO Eric Lehner explains the significance of this development as evidence of the growing maturity of the relatively young company -- "Winning Brands could not have taken this global step last year, let alone 3 years ago when WNBD began trading. It requires production and account servicing be handled to a standard needed by the world's most discerning clients. This takes time to develop -- and any attempt to replace the benefits of careful planning with promotion would not have accelerated readiness. Winning Colours Stain Remover is proving to be a hit with consumers wherever they may be and commercial enterprises wherever stains happen. As we have always asserted -- stains happen everywhere and are desired nowhere. This is particularly true of the world's cruise lines -- arguably the world's most sophisticated hospitality service providers. The versatility of Winning Colours Stain Remover as the solution to so many stain removing challenges in a single bottle puts it in a convenience class of its own."
Winning Colours Stain Remover is gaining a reputation in retailing circles for being "unique" at a time when that word is increasingly difficult to justify. The product is becoming the natural choice for mass merchants and professionals dealing with stains of various kinds because of Winning Colours' gentleness to skin and delicate surfaces like clothing, carpeting & upholstery, while still being strong as a solvent in tackling paint messes, grease, grime and gunk.
Winning Colours Stain Remover is best known in Canada where it was developed, however U.S. consumers and retailers have been noticing, with the result that American distribution arrangements continue to improve. With varying degrees of early preparation and testing, China, India, Italy and Australia are export markets receiving attention from Winning Brands' planners. "The world's cruise industry is the most logical bridge to international distribution; it is both figuratively and literally the intermediate step," adds Lehner. Winning Colours Stain Remover is available not only in consumer sizes of 125ml and 909ml, but a variety of larger commercial sizes for industry as well.
Winning Colours Stain Remover is manufactured by Winning Brands' production subsidiary Niagara Mist Marketing Ltd. Production takes place at the Grand Rapids, Michigan facility of Surefil LLC and at Niagara Mist's St. Catharines, Ontario facilities. The mission of Winning Brands is to replace hazardous chemicals in widespread use with safer alternatives in the cleaning sector. Other products manufactured by Winning Brands are used in professional garment care (SMART Wet Cleaning Solutions), domestic garment care (KIND Laundry Products), industry (CLEAN1 Professional All Purpose) and TrackMoist(TM) dust suppression solution for dirt tracks, construction sites and other settings where large quantities of water are used for dust abatement.
Certain statements in this news release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Winning Brands Corporation (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) successfully market its products; and (iv) competitive factors and developments beyond the Company's control. Winning Colors®, Winning Colours® is a Registered Trademark of Niagara Mist Marketing Ltd. KIND(TM) and CLEAN1(TM) are trademarks of Niagara Mist Marketing Ltd. SMART(TM) is a trademark of Solvent Free Solutions Inc. NASCAR® is a registered trademark of the National Association for Stock Car Auto Racing, Inc; and used purely in connection to the publication RacingOne(TM) Annual; no endorsement is implied.
Using its signature advertising question 'Got Stains?' Winning Colours Stain Remover begins its new marketing relationship with the internationally renowned World Cruise Industry Review in print and on-line commencing March 2009 to reach over 120 cruise ship operators around the world - and their passengers.
Winning Brands CEO Eric Lehner explains the significance of this development as evidence of the growing maturity of the relatively young company -- "Winning Brands could not have taken this global step last year, let alone 3 years ago when WNBD began trading. It requires production and account servicing be handled to a standard needed by the world's most discerning clients. This takes time to develop -- and any attempt to replace the benefits of careful planning with promotion would not have accelerated readiness. Winning Colours Stain Remover is proving to be a hit with consumers wherever they may be and commercial enterprises wherever stains happen. As we have always asserted -- stains happen everywhere and are desired nowhere. This is particularly true of the world's cruise lines -- arguably the world's most sophisticated hospitality service providers. The versatility of Winning Colours Stain Remover as the solution to so many stain removing challenges in a single bottle puts it in a convenience class of its own."
Winning Colours Stain Remover is gaining a reputation in retailing circles for being "unique" at a time when that word is increasingly difficult to justify. The product is becoming the natural choice for mass merchants and professionals dealing with stains of various kinds because of Winning Colours' gentleness to skin and delicate surfaces like clothing, carpeting & upholstery, while still being strong as a solvent in tackling paint messes, grease, grime and gunk.
Winning Colours Stain Remover is best known in Canada where it was developed, however U.S. consumers and retailers have been noticing, with the result that American distribution arrangements continue to improve. With varying degrees of early preparation and testing, China, India, Italy and Australia are export markets receiving attention from Winning Brands' planners. "The world's cruise industry is the most logical bridge to international distribution; it is both figuratively and literally the intermediate step," adds Lehner. Winning Colours Stain Remover is available not only in consumer sizes of 125ml and 909ml, but a variety of larger commercial sizes for industry as well.
Winning Colours Stain Remover is manufactured by Winning Brands' production subsidiary Niagara Mist Marketing Ltd. Production takes place at the Grand Rapids, Michigan facility of Surefil LLC and at Niagara Mist's St. Catharines, Ontario facilities. The mission of Winning Brands is to replace hazardous chemicals in widespread use with safer alternatives in the cleaning sector. Other products manufactured by Winning Brands are used in professional garment care (SMART Wet Cleaning Solutions), domestic garment care (KIND Laundry Products), industry (CLEAN1 Professional All Purpose) and TrackMoist(TM) dust suppression solution for dirt tracks, construction sites and other settings where large quantities of water are used for dust abatement.
Certain statements in this news release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Winning Brands Corporation (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) successfully market its products; and (iv) competitive factors and developments beyond the Company's control. Winning Colors®, Winning Colours® is a Registered Trademark of Niagara Mist Marketing Ltd. KIND(TM) and CLEAN1(TM) are trademarks of Niagara Mist Marketing Ltd. SMART(TM) is a trademark of Solvent Free Solutions Inc. NASCAR® is a registered trademark of the National Association for Stock Car Auto Racing, Inc; and used purely in connection to the publication RacingOne(TM) Annual; no endorsement is implied.
(CVIC.ob) - Cavico Corp Expects Strong Vietnamese Infrastructure Growth
LOS ANGELES & HANOI, Vietnam--(BUSINESS WIRE)--Cavico Corp. (“Cavico” or “the Company”) (OTC BB: CVIC - News), a leading infrastructure development company in Vietnam, today announced that the Company doesn’t foresee any negative impact on the Vietnamese government’s planned infrastructure spending for 2009 due to the current global financial crisis. Cavico management believes that infrastructure growth continues to remain top priority for Vietnam.
Martin Rama, the World Bank’s Acting Country in Vietnam, was quoted as saying “Vietnam’s forecast GDP growth will take the lead in the South East Asia next year,” explaining that Vietnam is better at dealing with crisis than other countries in the region thanks to its economic restructuring before. The high GDP forecast of 6.5% is based on Vietnam’s FDI (Foreign Direct Investment) attraction and exports. Despite the global downturn, Vietnam’s exports posted 34% growth from Jan-Nov, and attracted $59.3 billion in first ten months, which is equivalent to two thirds of the country’s GDP value. The World Bank also predicted that the government will boost spending in the coming months.
Vietnam has topped a list of 2008’s biggest investors in Laos, implementing 146 projects with a total investment capital of $758 million. Vietnam’s projects in Laos are predominantly in the fields of mining, agriculture and forestry product processing, and hydro-power plant construction in Southern Laos. Lao Deputy Prime Minister and Minister of Foreign Affairs, Thongloun Sisoulith said in an interview that “Laos and Vietnam have enjoyed a close, long-lasting and historic relationship of friendship and cooperation in all aspects.”
“We continue to remain positive and confident of Vietnam’s strong growth potential. Cavico’s business growth is highly correlated to Vietnam’s economic and infrastructural development. Cavico is one of the largest and highly efficient hydropower and mining construction companies in the country. We believe Vietnam’s attractive growth outlook in 2009 combined with close ties with Laos will be favorable for Cavico’s future growth potential. In a span of two weeks in the month of January 2009 we have secured two hydropower tunnel construction projects, one in central Vietnam and one in Laos, totaled at $16 million,” commented Mr. Hung Manh Tran, executive vice president of Cavico Corp. “Our senior management has strong relationship with government officials which provide us a leading competitive edge and we expect to sign many more contracts in 2009.”
About Cavico Corp. (OTCBB: CVIC - News)
Cavico Corp. is focused on large infrastructure projects, which include the construction of hydropower facilities, dams, bridges, tunnels, roads, mines and urban buildings. Cavico is also making investments in hydropower facilities, cement production plants and urban developments in Vietnam. The company employs more than 3000 employees on projects worldwide, with offices throughout Vietnam and a satellite office in Australia.
Founded in 2000, Cavico is a major infrastructure construction, infrastructure investment and natural resources conglomerate headquartered in Hanoi, Vietnam. Cavico is highly respected for its core competency in the construction of mission-critical infrastructure including hydroelectric plants, highways, bridges, tunnels, ports and urban community developments. One of the Company’s primary competitive advantages is its ability to nurture a project “from concept through completion” with a vertical portfolio of interrelated investment, permitting, design, construction management and facility maintenance services. Cavico’s project partners include top multi-national corporations and government organizations. The Company employs more than 3,000 full-time, part-time, and seasonal workers. For more information, visit http://www.cavicocorp.com. Information on the Company’s Web site or any other Web site does not constitute a portion of this release.
Martin Rama, the World Bank’s Acting Country in Vietnam, was quoted as saying “Vietnam’s forecast GDP growth will take the lead in the South East Asia next year,” explaining that Vietnam is better at dealing with crisis than other countries in the region thanks to its economic restructuring before. The high GDP forecast of 6.5% is based on Vietnam’s FDI (Foreign Direct Investment) attraction and exports. Despite the global downturn, Vietnam’s exports posted 34% growth from Jan-Nov, and attracted $59.3 billion in first ten months, which is equivalent to two thirds of the country’s GDP value. The World Bank also predicted that the government will boost spending in the coming months.
Vietnam has topped a list of 2008’s biggest investors in Laos, implementing 146 projects with a total investment capital of $758 million. Vietnam’s projects in Laos are predominantly in the fields of mining, agriculture and forestry product processing, and hydro-power plant construction in Southern Laos. Lao Deputy Prime Minister and Minister of Foreign Affairs, Thongloun Sisoulith said in an interview that “Laos and Vietnam have enjoyed a close, long-lasting and historic relationship of friendship and cooperation in all aspects.”
“We continue to remain positive and confident of Vietnam’s strong growth potential. Cavico’s business growth is highly correlated to Vietnam’s economic and infrastructural development. Cavico is one of the largest and highly efficient hydropower and mining construction companies in the country. We believe Vietnam’s attractive growth outlook in 2009 combined with close ties with Laos will be favorable for Cavico’s future growth potential. In a span of two weeks in the month of January 2009 we have secured two hydropower tunnel construction projects, one in central Vietnam and one in Laos, totaled at $16 million,” commented Mr. Hung Manh Tran, executive vice president of Cavico Corp. “Our senior management has strong relationship with government officials which provide us a leading competitive edge and we expect to sign many more contracts in 2009.”
About Cavico Corp. (OTCBB: CVIC - News)
Cavico Corp. is focused on large infrastructure projects, which include the construction of hydropower facilities, dams, bridges, tunnels, roads, mines and urban buildings. Cavico is also making investments in hydropower facilities, cement production plants and urban developments in Vietnam. The company employs more than 3000 employees on projects worldwide, with offices throughout Vietnam and a satellite office in Australia.
Founded in 2000, Cavico is a major infrastructure construction, infrastructure investment and natural resources conglomerate headquartered in Hanoi, Vietnam. Cavico is highly respected for its core competency in the construction of mission-critical infrastructure including hydroelectric plants, highways, bridges, tunnels, ports and urban community developments. One of the Company’s primary competitive advantages is its ability to nurture a project “from concept through completion” with a vertical portfolio of interrelated investment, permitting, design, construction management and facility maintenance services. Cavico’s project partners include top multi-national corporations and government organizations. The Company employs more than 3,000 full-time, part-time, and seasonal workers. For more information, visit http://www.cavicocorp.com. Information on the Company’s Web site or any other Web site does not constitute a portion of this release.
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