FORT WAYNE, IN--(MARKET WIRE)--Mar 25, 2009 -- Enzyme Environmental Solutions, Inc. (Other OTC:EESO.PK - News) has secured a contract from its recent trip to South Korea. The contract was entered into between Star Towers, Inc. in association with Dow Chemical and Enzyme Environmental Solutions late last week.
The signed contract is a one year term and calls for a total $12M ($12,000,000.00) purchase of EESO's proprietary biotech and product for use in bacterial remediation in Chungju Lake, a man-made reservoir that goes about 100 meters deep with a volume of over 2 billion tons. Chungju Lake is one of Korea's largest man-made lakes and is the main water source for domestic (includes drinking/tap water), agriculture and industrial use in that area. The area also is host to numerous tourist attractions and scenery and stands as an overall revenue source for Korea.
It was found in a 2004 report published in The Journal of Microbiology that two species of Cyanobacteria (the dominant phototropic bacteria in water environments) were found to be prevalent in Chungju and the nearby Dunpo reservoir: Microcystis and Anabaena and the problem has only escalated from there. These bacteria were found to be directly linked to pollution levels, "which is sad," states Star Towers owner, Su Lee. "This (Chungju) reservoir is, at times, boasted as Korea's 'largest and cleanest' man-made reservoir. What does that say to us? The pollution has to stop, and I believe that the recent meetings between government officials and Jared's company (Enzyme Environmental Solutions) will help us to put into place garbage and food waste remediation which is a large part of our pollution problem."
The enzyme solution provided by EESO is unique in that it doesn't attack the bacteria directly, but rather its food source, forcing it to starve to death rather than potentially resurfacing in mutated form over the long term.
Lee goes on to state, "In addition to preventative measures to be taken by Korea as a government and community to eliminate or significantly minimize pollution, we need to take measures to clear the matters at hand. I think this initial contract with EESO should prove highly effective as our testing of this product has produced outstanding results and I am looking forward to its applications in bacterial remediation of our water sources, including bacterial remediation in our reservoirs such as Chungju."
City authorities have already put into place agendas to tighten regulations regarding the management of water pipelines and tanks. "We are taking these measures to build public trust in Seoul's tap water," a spokesman for City Hall told The Korea Herald. Initial product for the deal shipped from Enzyme Environmental Solutions' facilities in Fort Wayne, Indiana this morning. The order is the first of multiple shipments to be sent to Korea for the purposes of the agreement with Star Towers in association with Dow Chemical.
President/CEO Jared Hochstedler feels, "It will be a big step in the right direction for us internationally as I think there's a collective understanding here that our products have several useful, cost-effective applications for countries and municipalities worldwide. If this is what it takes for us to receive domestic recognition, then so be it. The benefits to ecosystems and economies alike are, at this point, obvious, and we look forward to continued increase in sales force, research and development as we progress."
Thursday, March 26, 2009
Tuesday, March 24, 2009
(DKAM.ob) - Drinks America Enters LOI to Purchase Global Beverages Asia Ltd.
WILTON, Conn.--(BUSINESS WIRE)--Drinks Americas Holdings, Ltd. (OTC BB: DKAM - News), a leading owner, developer and marketer of global premium beverages, announced today that it has entered into a non-binding Letter of Intent to purchase, for stock, “Global Beverages Asia Ltd.”, the new name for the combination of Yarraman Winery, Inc. (“Yarraman”) and Asia Distribution Solutions Ltd. (“ADSL”), a combination which has existing distribution operations and large retail stores in China for its proprietary and non-proprietary wines, spirits, beers, mixers, and soft drinks.
The acquisition by Drinks Americas is subject to completion of due diligence, the negotiation of definitive agreements, and the satisfaction of legal requirements. Rodman and Renshaw LLC is acting as financial advisor to Drinks Americas, and Newbridge Securities Corp. is acting as advisor to Yarraman on the transaction.
Drinks Americas is a leading owner and marketer of premium and iconic beverages that include Kid Rock Beer, Willie Nelson’s Old Whiskey River Bourbon, Trump Super Premium Vodka, Newman's Sparkling Juice Drinks, Rheingold Beer, Leyrat Estate Bottled Cognacs, and an additional line of spirits to be introduced in partnership with Interscope and Dr. Dre. The Drinks Americas portfolio will be added to the products currently sold by ADSL in China and Yarraman’s global sales and export arm selling wines in Australia, Europe, and throughout the Pacific Rim.
ADSL currently has Chinese operations in Shanghai, Chengdu, Beijing, and Shenzhen through wholly-owned distributors. The company also sells product in China through its 51% owned chain of “big box” or “WineMall “ stores, which ADSL expects to grow to approximately fifty outlets over the next three years.
In addition to its proprietary labels, ADSL distributes Heineken, Tiger Beer, Pabst, Tsingtao, Sunkist Sodas and Snapple Beverages as well as Yeshu Coconut Juice, Jia Jia Liang Teh Herbal Drinks and Kelsoloch Mixers. The company also provides procurement and logistics in China for the purchase of wine, spirits and beverages for supermarkets, hotels, high-end restaurants, bars and cafes. The company operates nine “store within a store” operations at Times Ltd. Hypermarket with the Pine Group.
The wine market in China is approximately US$4.8 billion, with consumption growing at an estimated 6.5 times faster than the overall global market. The beer market is the largest consuming beer market in the world at US$36.1 billion and growing at an estimated rate of 8.5% per annum. The spirits market is approximately US$6.1 billion and growing at an estimated rate of 1.5% per annum. (SOURCE: Data Monitor) The Drinks Americas portfolio of products will be added to the products sold by ADSL’s distribution and retail operations in China.
ADSL is in the process of being acquired by Yarraman, a successful Australian- based vineyard and winery operation, which, together with its Jugiong Vineyard, has the capacity to produce 160,000 cases of wine per year, giving the company significant capacity to meet the growing demand for wines in China through its WineMall retail outlets. In addition to Yarraman Wines, the company also sells Ironstone, Santa Carolina, Bass Phillip, Vine San Pedro and La Barcia wines. Yarraman has tangible assets of US$45 million.
J. Patrick Kenny, Chairman and CEO of Drinks Americas, stated, "Consumption of beverages and the size and scale of the distribution and retail market in China is something DKAM wants to be a part of. When we met to discuss and review the strategic opportunity, an immediate vision of the scale and scope of this business opportunity for Drinks began to take shape. We see it as an opportunity for the combined companies to grow in the two largest markets in the world, supply profitable and proprietary product, continue to scale our iconic business model and create substantial shareholder value. Assuming a consummation of this acquisition, the entire business enterprise will have more than $20 million in current sales, over $40 million in net tangible assets, accretive earnings, and a growing business infrastructure capable of efficient international distribution of proprietary products.”
Michael Kingshott, the Chairman of ADSL, stated “The bringing together of two very dynamic companies which today are focused on two of the world’s largest markets is very compelling. Drinks Americas has made significant progress in establishing a set of global iconic brands in America. The opportunity to expand and distribute their range of product in addition to those that we already represent in China will create tremendous growth. For the group to access instantly these two markets represents a unique opportunity for growth. The fact that both companies are so complementary in their brand offerings makes for a very exciting future that we intend to capitalize on, both in America and China.”
The combined company will operate from offices in New York, London, Sydney, Australia, and Shanghai. Michael Kingshott is expected to join Drinks Americas as Chairman of the Board, and Patrick Kenny will become President and CEO of the combined operations.
About Drinks Americas
Drinks Americas was founded in 2004 by J. Patrick Kenny, a leading expert in beverage sales and marketing. Mr. Kenny developed his industry expertise in a variety of management positions at the world’s leading beverage companies, including Joseph E. Seagram & Sons and The Coca-Cola Company. He has also acted as advisor to several Fortune 500 beverage marketing companies, and has participated in several major beverage industry transactions.
Drinks Americas' portfolio of premium alcoholic beverages includes, Old Whiskey River Bourbon, Olifant Vodka, Kid Rock Beer, Trump Vodka and a selection of spirits brands in partnership with Interscope. The Company’s non-alcoholic brands include the distribution of Paul Newman's Own Lightly Sparkling Fruit Juice Drinks and Flavored Waters. Other products owned and distributed by Drinks Americas include award-winning Damiana Liqueur, Aguila Tequila, Cognac Leyrat and Rheingold Beer. This is the second acquisition Drinks Americas has pursued this year, having completed the acquisition of Olifant Vodka earlier in the year. Please visit their website at http://drinksamericas.com.
About ADSL
The main country of operation is in the People's Republic of China. ADSL provides distribution for foreign and PRC companies to import and sell their branded beverage and food products in China. The company also provides procurement and logistic solutions to supermarkets, hotels and clubhouses, selected high-street restaurants and bars, cafes and bakeries, together with beverage wholesalers and retailers, generally referred to in the trade industry as on-premises or HORECA (hotel, restaurant and cafe) accounts.
The company distributes a range of branded beverages, including Heineken and Tiger beers and Snapple’s fruit drinks. The business started in 1998 in Shanghai, the largest and fastest growing regional beverage market in China. The company’s management has been able to quickly capture a large share of this rapidly growing market by supporting foreign brands that seek local distribution but are hindered by the range of complex regulations, diverse distribution networks, widely scattered consumer demand centers and a range of local taste preferences. For further information, please see http://www.asiadistributionsolutions.com
About Yarraman
Yarraman Estate P/L. is one of the oldest vineyards and wineries in the Upper Hunter Valley which is Australia’s oldest wine growing region dating back to the early 1800s. Yarraman award winning wines are sold in the Unites States, Australia, Europe and throughout the Pacific Rim. In the United States, there are approximately 30,000 cases of Yarraman’s award- winning wines sold annually that will be added to Drinks Americas’ US portfolio and distribution system.
Yarraman Estate vineyard was established in 1958 and now produces and sells premium (up to US$14 per 75cl bottle), super-premium (up to US$20 per 75cl bottle) and ultra-premium (over US$20 per 75cl bottle) wines. The wines are made at the Yarraman winery in New South Wales, Australia, where grapes are crushed, fermented and made into wine or blended with wines purchased from other vineyards for production of varietals. Wines are sold both in Australia and internationally, principally under the “Yarraman” label. The vineyards from which Yarraman produces wines are located in two regions, Wybong in the Upper Hunter Valley New South Wales, Australia and the Gundagai Region in the Central Highlands of New South Wales.
The Upper Hunter Valley: The Wybong vineyard has a total of approximately 638 acres, of which 187 acres are under vine and approximately 13 acres are utilized for the winery. The Yarraman Winery was opened in 1967 and currently has a 2,300 ton processing facility, 1.5 million litres storage with the capacity to yield 160,000 cases. Only 50% of this capacity is currently being utilized. The winery utilizes current technology in its harvesting, production and packaging of its products. Over US $10 million has been invested since 1994 on capital improvements to the winery and vineyard. For further information, please see http://www.yarramanestate.com
The Jugiong Vineyard property was established by a group of private investors in 1998 and is located over two blocks of land totaling 650 acres comprising the Wirrilla Homestead and Wirrilla Point Block, with 475 acres under vines.
The acquisition by Drinks Americas is subject to completion of due diligence, the negotiation of definitive agreements, and the satisfaction of legal requirements. Rodman and Renshaw LLC is acting as financial advisor to Drinks Americas, and Newbridge Securities Corp. is acting as advisor to Yarraman on the transaction.
Drinks Americas is a leading owner and marketer of premium and iconic beverages that include Kid Rock Beer, Willie Nelson’s Old Whiskey River Bourbon, Trump Super Premium Vodka, Newman's Sparkling Juice Drinks, Rheingold Beer, Leyrat Estate Bottled Cognacs, and an additional line of spirits to be introduced in partnership with Interscope and Dr. Dre. The Drinks Americas portfolio will be added to the products currently sold by ADSL in China and Yarraman’s global sales and export arm selling wines in Australia, Europe, and throughout the Pacific Rim.
ADSL currently has Chinese operations in Shanghai, Chengdu, Beijing, and Shenzhen through wholly-owned distributors. The company also sells product in China through its 51% owned chain of “big box” or “WineMall “ stores, which ADSL expects to grow to approximately fifty outlets over the next three years.
In addition to its proprietary labels, ADSL distributes Heineken, Tiger Beer, Pabst, Tsingtao, Sunkist Sodas and Snapple Beverages as well as Yeshu Coconut Juice, Jia Jia Liang Teh Herbal Drinks and Kelsoloch Mixers. The company also provides procurement and logistics in China for the purchase of wine, spirits and beverages for supermarkets, hotels, high-end restaurants, bars and cafes. The company operates nine “store within a store” operations at Times Ltd. Hypermarket with the Pine Group.
The wine market in China is approximately US$4.8 billion, with consumption growing at an estimated 6.5 times faster than the overall global market. The beer market is the largest consuming beer market in the world at US$36.1 billion and growing at an estimated rate of 8.5% per annum. The spirits market is approximately US$6.1 billion and growing at an estimated rate of 1.5% per annum. (SOURCE: Data Monitor) The Drinks Americas portfolio of products will be added to the products sold by ADSL’s distribution and retail operations in China.
ADSL is in the process of being acquired by Yarraman, a successful Australian- based vineyard and winery operation, which, together with its Jugiong Vineyard, has the capacity to produce 160,000 cases of wine per year, giving the company significant capacity to meet the growing demand for wines in China through its WineMall retail outlets. In addition to Yarraman Wines, the company also sells Ironstone, Santa Carolina, Bass Phillip, Vine San Pedro and La Barcia wines. Yarraman has tangible assets of US$45 million.
J. Patrick Kenny, Chairman and CEO of Drinks Americas, stated, "Consumption of beverages and the size and scale of the distribution and retail market in China is something DKAM wants to be a part of. When we met to discuss and review the strategic opportunity, an immediate vision of the scale and scope of this business opportunity for Drinks began to take shape. We see it as an opportunity for the combined companies to grow in the two largest markets in the world, supply profitable and proprietary product, continue to scale our iconic business model and create substantial shareholder value. Assuming a consummation of this acquisition, the entire business enterprise will have more than $20 million in current sales, over $40 million in net tangible assets, accretive earnings, and a growing business infrastructure capable of efficient international distribution of proprietary products.”
Michael Kingshott, the Chairman of ADSL, stated “The bringing together of two very dynamic companies which today are focused on two of the world’s largest markets is very compelling. Drinks Americas has made significant progress in establishing a set of global iconic brands in America. The opportunity to expand and distribute their range of product in addition to those that we already represent in China will create tremendous growth. For the group to access instantly these two markets represents a unique opportunity for growth. The fact that both companies are so complementary in their brand offerings makes for a very exciting future that we intend to capitalize on, both in America and China.”
The combined company will operate from offices in New York, London, Sydney, Australia, and Shanghai. Michael Kingshott is expected to join Drinks Americas as Chairman of the Board, and Patrick Kenny will become President and CEO of the combined operations.
About Drinks Americas
Drinks Americas was founded in 2004 by J. Patrick Kenny, a leading expert in beverage sales and marketing. Mr. Kenny developed his industry expertise in a variety of management positions at the world’s leading beverage companies, including Joseph E. Seagram & Sons and The Coca-Cola Company. He has also acted as advisor to several Fortune 500 beverage marketing companies, and has participated in several major beverage industry transactions.
Drinks Americas' portfolio of premium alcoholic beverages includes, Old Whiskey River Bourbon, Olifant Vodka, Kid Rock Beer, Trump Vodka and a selection of spirits brands in partnership with Interscope. The Company’s non-alcoholic brands include the distribution of Paul Newman's Own Lightly Sparkling Fruit Juice Drinks and Flavored Waters. Other products owned and distributed by Drinks Americas include award-winning Damiana Liqueur, Aguila Tequila, Cognac Leyrat and Rheingold Beer. This is the second acquisition Drinks Americas has pursued this year, having completed the acquisition of Olifant Vodka earlier in the year. Please visit their website at http://drinksamericas.com.
About ADSL
The main country of operation is in the People's Republic of China. ADSL provides distribution for foreign and PRC companies to import and sell their branded beverage and food products in China. The company also provides procurement and logistic solutions to supermarkets, hotels and clubhouses, selected high-street restaurants and bars, cafes and bakeries, together with beverage wholesalers and retailers, generally referred to in the trade industry as on-premises or HORECA (hotel, restaurant and cafe) accounts.
The company distributes a range of branded beverages, including Heineken and Tiger beers and Snapple’s fruit drinks. The business started in 1998 in Shanghai, the largest and fastest growing regional beverage market in China. The company’s management has been able to quickly capture a large share of this rapidly growing market by supporting foreign brands that seek local distribution but are hindered by the range of complex regulations, diverse distribution networks, widely scattered consumer demand centers and a range of local taste preferences. For further information, please see http://www.asiadistributionsolutions.com
About Yarraman
Yarraman Estate P/L. is one of the oldest vineyards and wineries in the Upper Hunter Valley which is Australia’s oldest wine growing region dating back to the early 1800s. Yarraman award winning wines are sold in the Unites States, Australia, Europe and throughout the Pacific Rim. In the United States, there are approximately 30,000 cases of Yarraman’s award- winning wines sold annually that will be added to Drinks Americas’ US portfolio and distribution system.
Yarraman Estate vineyard was established in 1958 and now produces and sells premium (up to US$14 per 75cl bottle), super-premium (up to US$20 per 75cl bottle) and ultra-premium (over US$20 per 75cl bottle) wines. The wines are made at the Yarraman winery in New South Wales, Australia, where grapes are crushed, fermented and made into wine or blended with wines purchased from other vineyards for production of varietals. Wines are sold both in Australia and internationally, principally under the “Yarraman” label. The vineyards from which Yarraman produces wines are located in two regions, Wybong in the Upper Hunter Valley New South Wales, Australia and the Gundagai Region in the Central Highlands of New South Wales.
The Upper Hunter Valley: The Wybong vineyard has a total of approximately 638 acres, of which 187 acres are under vine and approximately 13 acres are utilized for the winery. The Yarraman Winery was opened in 1967 and currently has a 2,300 ton processing facility, 1.5 million litres storage with the capacity to yield 160,000 cases. Only 50% of this capacity is currently being utilized. The winery utilizes current technology in its harvesting, production and packaging of its products. Over US $10 million has been invested since 1994 on capital improvements to the winery and vineyard. For further information, please see http://www.yarramanestate.com
The Jugiong Vineyard property was established by a group of private investors in 1998 and is located over two blocks of land totaling 650 acres comprising the Wirrilla Homestead and Wirrilla Point Block, with 475 acres under vines.
(SSTP.pk) - Sustainable Power Expects International Contract
BAYTOWN, TX--(MARKET WIRE)--Mar 23, 2009 -- Sustainable Power Corp. (Other OTC:SSTP.PK - News) presented the following communication from its President and Chief Executive Officer, M. Richard Cutler:
SHAREHOLDERS AND INVESTORS OF SUSTAINABLE POWER CORP.
Without a doubt it is again time to update our shareholders and investors as to the progress and results for Sustainable Power Corp. During my brief tenor as President and CEO, I have seen SSTP make amazing advancements in both its existing and new technologies and its business relations. I hope you appreciate the work which our team completed in preparing and filing our Form 10 Registration Statement with the SEC, to help make our operations and finances transparent to the investor community and with the objective of making us a fully reporting company. We are currently working through our 2008 year end financials in preparation for our next filing.
We are working around the clock to reach our objectives in our business relations and core technologies.
Dominican Republic
Watch for announcements in the next few days (yes days) on our amazing business relationships with this vibrant and progressive country. Given the ease with which we can implement all of our core technologies with the encouragement of key government officials, and the 100% financing for all ventures which our key business partners will provide, we simply cannot ignore this opportunity. I have visited extensively with key government and business leaders in the Dominican Republic who share our vision for green technologies. Without a doubt, this will be our first major source of revenue and funding.
Vertroleum(TM) Biofuels and Electricity
Our principal focus continues to be the production of Vertroleum(TM) biofuels for the production of electricity. We now possess everything we need to create a revolutionary group of solid, liquid, and gaseous biofuels and enormous amounts of biochar, now acclaimed by scientists as essential to reverse global warming and restore barren lands to agricultural use. The feedstocks used to produce these products include, but are not limited to, agricultural waste, human and animal wastes, numerous types of vegetation or biomass, algae, automotive "fluff" or waste from auto recycling, and municipal solid waste (MSW) for which we receive tipping fees as a waste processor. Generation of electricity from MSW feedstock is our primary goal.
Emissions Remediation Systems
In connection with our research on the improvement of engine and electric generator technology, we have developed a "hydrogen on demand" technology which we have dubbed our "Emission Remediation System." This computerized, cell produces hydrogen from a mixture of catalyst and water. Our testing shows this technology to (i) substantially improve fuel consumption mileage, (ii) substantially improve overall engine horsepower and (iii) essentially remediate the toxic gases in engine exhaust because of overall improved fuel burn. SSTP owns 50% of this technology in conjunction with other joint venture partners who brought us this valuable technology. When implemented in generator engines in conjunction with our biofuels, we can vastly improve the overall cost of production of electricity which provides amazing advantages over current technology. This product is currently in final stages of implementation and SALES both in some key United States markets as well as with our Dominican Republic partners.
Sustainable Produce Corp.
As previously announced, Sustainable Produce has an exclusive license for the Angel Eyes Produce technology throughout the world. SSTP owns 90% of the rights to Sustainable Produce in the United States and is the final stages of construction of our demonstration facility in Baytown, Texas. This technology produces 100% organic produce grown in a pathogen free, highly nutritious, non-GMO vegetables, indoors in living, bioactive soils, 365/24/7, regardless of weather. By creating highly controlled, optimal, environments we can grow unprecedented amounts of food in a fraction of the space required outdoors. This technology can be implemented in the driest desert or the coldest climate. We should begin receiving revenues from our demonstration facility within 90 days and intend to substantially increase production capacity. We have received serious interest in this technology from numerous partners, and as will be announced shortly, is already underway with one of our key Dominican Partners.
With financing at the ready, Sustainable Power Corp. stands prepared to move forward with these key technologies to push our world towards a greener environment while working for our shareholders. We continue to worked to eliminate distractions and focus our energy on the Company's successes and future. Together with you our investors we can help change the world by making energy and dependence on foreign sources a thing of the past.
/s/ M. Richard Cutler, President and Chief Executive Officer
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.
SHAREHOLDERS AND INVESTORS OF SUSTAINABLE POWER CORP.
Without a doubt it is again time to update our shareholders and investors as to the progress and results for Sustainable Power Corp. During my brief tenor as President and CEO, I have seen SSTP make amazing advancements in both its existing and new technologies and its business relations. I hope you appreciate the work which our team completed in preparing and filing our Form 10 Registration Statement with the SEC, to help make our operations and finances transparent to the investor community and with the objective of making us a fully reporting company. We are currently working through our 2008 year end financials in preparation for our next filing.
We are working around the clock to reach our objectives in our business relations and core technologies.
Dominican Republic
Watch for announcements in the next few days (yes days) on our amazing business relationships with this vibrant and progressive country. Given the ease with which we can implement all of our core technologies with the encouragement of key government officials, and the 100% financing for all ventures which our key business partners will provide, we simply cannot ignore this opportunity. I have visited extensively with key government and business leaders in the Dominican Republic who share our vision for green technologies. Without a doubt, this will be our first major source of revenue and funding.
Vertroleum(TM) Biofuels and Electricity
Our principal focus continues to be the production of Vertroleum(TM) biofuels for the production of electricity. We now possess everything we need to create a revolutionary group of solid, liquid, and gaseous biofuels and enormous amounts of biochar, now acclaimed by scientists as essential to reverse global warming and restore barren lands to agricultural use. The feedstocks used to produce these products include, but are not limited to, agricultural waste, human and animal wastes, numerous types of vegetation or biomass, algae, automotive "fluff" or waste from auto recycling, and municipal solid waste (MSW) for which we receive tipping fees as a waste processor. Generation of electricity from MSW feedstock is our primary goal.
Emissions Remediation Systems
In connection with our research on the improvement of engine and electric generator technology, we have developed a "hydrogen on demand" technology which we have dubbed our "Emission Remediation System." This computerized, cell produces hydrogen from a mixture of catalyst and water. Our testing shows this technology to (i) substantially improve fuel consumption mileage, (ii) substantially improve overall engine horsepower and (iii) essentially remediate the toxic gases in engine exhaust because of overall improved fuel burn. SSTP owns 50% of this technology in conjunction with other joint venture partners who brought us this valuable technology. When implemented in generator engines in conjunction with our biofuels, we can vastly improve the overall cost of production of electricity which provides amazing advantages over current technology. This product is currently in final stages of implementation and SALES both in some key United States markets as well as with our Dominican Republic partners.
Sustainable Produce Corp.
As previously announced, Sustainable Produce has an exclusive license for the Angel Eyes Produce technology throughout the world. SSTP owns 90% of the rights to Sustainable Produce in the United States and is the final stages of construction of our demonstration facility in Baytown, Texas. This technology produces 100% organic produce grown in a pathogen free, highly nutritious, non-GMO vegetables, indoors in living, bioactive soils, 365/24/7, regardless of weather. By creating highly controlled, optimal, environments we can grow unprecedented amounts of food in a fraction of the space required outdoors. This technology can be implemented in the driest desert or the coldest climate. We should begin receiving revenues from our demonstration facility within 90 days and intend to substantially increase production capacity. We have received serious interest in this technology from numerous partners, and as will be announced shortly, is already underway with one of our key Dominican Partners.
With financing at the ready, Sustainable Power Corp. stands prepared to move forward with these key technologies to push our world towards a greener environment while working for our shareholders. We continue to worked to eliminate distractions and focus our energy on the Company's successes and future. Together with you our investors we can help change the world by making energy and dependence on foreign sources a thing of the past.
/s/ M. Richard Cutler, President and Chief Executive Officer
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, March 20, 2009
(EESO.pk) - Enzyme Environmental Solutions Receives Intent for Buyout Offer
FORT WAYNE, IN--(MARKET WIRE)--Mar 20, 2009 -- The promise of news from South Korea has attracted positive attention to Enzyme Environmental Solutions (Other OTC:EESO.PK - News) as of late for its products and formulas, including the food and garbage applications inherent to the FG-500. One company has taken particular interest in EESO and came to CEO Jared Hochstedler recently with an offer to purchase the company in its entirety.
One week ago today, the prospective buyer deposited approximately 1% of the total purchase price offered into ESCROW as a sign of its good faith to follow through should Hochstedler accept the offer. On the flip side, the buyer requested that EESO release at least 300 Million of its remaining shares on a restricted basis as part of the overall exchange should both parties come to a mutual agreement; So far so good according to Hochstedler, "The buyer -- who we can't name just yet due to confines of our negotiations -- has taken particular interest in our industrial applications and is positioned very well internationally. I think it (the acquisition) could be a win-win for our prospective buyer and EESO shareholders... Further, as far as the shares are concerned, that puts us at about full capacity as we have 2 billion shares authorized... that said, due to recent occurrences with two different transfer agents, I feel it's in the company's, and its shareholders, best interest, to restrict our TA from releasing any share information at this time. Any due diligence can be done by interested parties through the Nevada Secretary of State website or office as this is a delicate negotiation and one I plan to see through to everyone's benefit; not one that during I can subject the company or its share price to with unnecessary volatility."
The buyer, a U.S. domiciled entity with an interest in progressive green technology, feels the timing is right for this deal, as its principal officer states, "I feel that Enzyme Environmental Solutions is on the cusp of an ever-progressing movement in a world where everyone is going green and carbon credits, not oil, are the new hot-topic commodity talk. It's a sign of the times and these formulas and their applications are effective and efficient. With their (EESO) agreements already in place and the interest from South Korea and even U.S. domestic hog farmers, etc., I think the time is right for a mutually attractive transaction in which we can continue to take this company to the next level."
Details to come on the progress of the negotiations. In the meantime, Hochstedler and staff are organizing notes from the recent South Korea trip for further company updates within the next few days.
One week ago today, the prospective buyer deposited approximately 1% of the total purchase price offered into ESCROW as a sign of its good faith to follow through should Hochstedler accept the offer. On the flip side, the buyer requested that EESO release at least 300 Million of its remaining shares on a restricted basis as part of the overall exchange should both parties come to a mutual agreement; So far so good according to Hochstedler, "The buyer -- who we can't name just yet due to confines of our negotiations -- has taken particular interest in our industrial applications and is positioned very well internationally. I think it (the acquisition) could be a win-win for our prospective buyer and EESO shareholders... Further, as far as the shares are concerned, that puts us at about full capacity as we have 2 billion shares authorized... that said, due to recent occurrences with two different transfer agents, I feel it's in the company's, and its shareholders, best interest, to restrict our TA from releasing any share information at this time. Any due diligence can be done by interested parties through the Nevada Secretary of State website or office as this is a delicate negotiation and one I plan to see through to everyone's benefit; not one that during I can subject the company or its share price to with unnecessary volatility."
The buyer, a U.S. domiciled entity with an interest in progressive green technology, feels the timing is right for this deal, as its principal officer states, "I feel that Enzyme Environmental Solutions is on the cusp of an ever-progressing movement in a world where everyone is going green and carbon credits, not oil, are the new hot-topic commodity talk. It's a sign of the times and these formulas and their applications are effective and efficient. With their (EESO) agreements already in place and the interest from South Korea and even U.S. domestic hog farmers, etc., I think the time is right for a mutually attractive transaction in which we can continue to take this company to the next level."
Details to come on the progress of the negotiations. In the meantime, Hochstedler and staff are organizing notes from the recent South Korea trip for further company updates within the next few days.
Thursday, March 19, 2009
(SPNG.ob) - SpongeTech Lands $10 million in March Deals
NEW YORK, March 18 /PRNewswire-FirstCall/ -- SpongeTech® Delivery Systems, Inc., America's Cleaning Company(TM), (OTC Bulletin Board: SPNG - News) would like to inform shareholders of recent developments at your Company.
New orders for SpongeTech® products continue to grow at an impressive pace. From March 1 through March 17, the Company booked orders with a value of $9.6 million from well-known domestic retailers. The order agreements include the usual non-disclosure clauses to protect the competitive positions of our clients, so we are not permitted to announce the names of specific retailers until the SpongeTech® products have been shipped and appear on the store shelves. We will make further announcements when appropriate.
We noted on February 2 that there were roughly 700 million SPNG shares outstanding at that time. There have been no significant changes to date. All rumors to the contrary are unfounded and without merit.
It should be noted that on March 10 we petitioned the State of Delaware to increase the "authorized" common shares to 1.5 billion from 1.25 billion. While we have no present intention to issue more shares, we acted on the advice of legal counsel to increase the authorization to provide for possible future acquisitions, shareholder dividends, or other corporate purposes.
Thank you for your kind attention and loyalty as we continue to create "America's Cleaning Company."
Michael Metter CEO
Steven Moskowitz COO.
New orders for SpongeTech® products continue to grow at an impressive pace. From March 1 through March 17, the Company booked orders with a value of $9.6 million from well-known domestic retailers. The order agreements include the usual non-disclosure clauses to protect the competitive positions of our clients, so we are not permitted to announce the names of specific retailers until the SpongeTech® products have been shipped and appear on the store shelves. We will make further announcements when appropriate.
We noted on February 2 that there were roughly 700 million SPNG shares outstanding at that time. There have been no significant changes to date. All rumors to the contrary are unfounded and without merit.
It should be noted that on March 10 we petitioned the State of Delaware to increase the "authorized" common shares to 1.5 billion from 1.25 billion. While we have no present intention to issue more shares, we acted on the advice of legal counsel to increase the authorization to provide for possible future acquisitions, shareholder dividends, or other corporate purposes.
Thank you for your kind attention and loyalty as we continue to create "America's Cleaning Company."
Michael Metter CEO
Steven Moskowitz COO.
Monday, March 16, 2009
(COTE.ob) - Coates International Receives Agreement From Large Chinese University
WALL TOWNSHIP, NJ--(MARKET WIRE)--Mar 16, 2009 -- Coates International, Ltd. (OTC BB:COTE.OB - News) has received an agreement and business plan from the largest Engineering University in China, which is the blueprint and timeline for a joint effort between Coates and the University. Director Gregory G. Coates stated that he was satisfied with the initial draft agreement, because the terms of the proposed deal were consistent with the main points covered in the discussions held during his recent trip to China.
Management added that they were very impressed with the rapid response from China in framing the agreement and timelines of the Business Plan for Coates in China. We believe that this signals the Chinese intentions to move forward with all deliberate speed. Key elements of this three-step agreement are:
-- To fully test the CSRV Engine at the University's Automotive
Engineering Research Center in Shanghai, China.
-- To set up a Manufacturing and Production Operation for the CSRV
Engines of many different sizes, types and for many different applications.
-- To market and license the Coates Spherical Rotary Valve (CSRV) Engine
throughout China and Far Eastern countries.
Testing of the CSRV Engine in China is planning to commence in April of this year. Manufacturing is expected to start in December of 2009. The company has already commenced the process of working with our International Law and Patent Attorneys to finalize this agreement as soon as practicable.
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 technology 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 preparing for the commencement of manufacturing of products for this technology.
Management added that they were very impressed with the rapid response from China in framing the agreement and timelines of the Business Plan for Coates in China. We believe that this signals the Chinese intentions to move forward with all deliberate speed. Key elements of this three-step agreement are:
-- To fully test the CSRV Engine at the University's Automotive
Engineering Research Center in Shanghai, China.
-- To set up a Manufacturing and Production Operation for the CSRV
Engines of many different sizes, types and for many different applications.
-- To market and license the Coates Spherical Rotary Valve (CSRV) Engine
throughout China and Far Eastern countries.
Testing of the CSRV Engine in China is planning to commence in April of this year. Manufacturing is expected to start in December of 2009. The company has already commenced the process of working with our International Law and Patent Attorneys to finalize this agreement as soon as practicable.
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 technology 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 preparing for the commencement of manufacturing of products for this technology.
(CXAC.pk) - Cross Atlantic Commodities Completes Merger of T-3 Media
FT. LAUDERDALE, Fla., March 16, 2009 (GLOBE NEWSWIRE) -- Cross Atlantic Commodities, Inc. (Other OTC:CXAC.PK - News), a distributor of specialty ``quality of life'' enhancement products, is proud to announce that the merger with T-3 Media is finalized. The merger was signed by both parties over the weekend by Todd Smith, President of T-3 Media, and Jorge Bravo, C.E.O. of CXAC.
Under the term of the merger, T-3 Media is now a wholly owned subsidiary of CXAC. T-3 will receive 10% of the outstanding shares of CXAC in restricted stock; these shares will be restricted for two years, with an earn-out when successful milestones are reached.
Todd Smith will head T-3 as president; and Jorge Bravo remains C.E.O. of Cross Atlantic Commodities. Kim Marks will be the CPA; he will prepare all financial information on both companies. Once financial statements and disclosures are completed, Jorge Bravo will upload the documents to pinksheets.com.
Jorge Bravo states, ``We are very excited about bringing in T-3 Media's product line under CACI's umbrella. OMG! Gel will be marketed as a stand-alone product, and follow the same business model as Rejuv by Caci. Our goal in a very short period is to get OMG! Gel sold through Direct Response and to get it to $100,000.00 per week in media buying.
``With the Emerge Lip Plumper, we plan on cross marketing this product with Rejuv by Caci. This product is a perfect fit with Rejuv by Caci and we will be adding it to our line in the near future.''
More details about the products, plans, and company developments are to follow in the media this week.
About Cross Atlantic Commodities, Inc.
Cross Atlantic Commodities, Inc. is a publicly traded company under the symbol CXAC. For more information about our products and company, please visit http://www.crossac.com
Cross Atlantic Commodities, Inc. develops, acquires, markets and distributes specialty ``quality of life'' enhancement products and general merchandise to the public via direct response marketing, direct marketing and eventually mass retail/wholesale distributors. Products the company is currently focusing on include:
Rejuv by Caci(r) is our immediate results anti-aging cream.
OMG! Gel
Emerge Lip Plumper
Please review our PowerPoint presentations for a complete description of our new products.
Lip Enhancing Therapy.
http://www.t3-media-inc.com/T3_Lip_Enhancing_Therapy_June_08.ppt
Stimulating Personal Lubricant.
http://www.t3-media-inc.com/T3_Stimulating_Personal_Lubricant.ppt
And Rejuv by Caci.
http://www.crossac.com
Under the term of the merger, T-3 Media is now a wholly owned subsidiary of CXAC. T-3 will receive 10% of the outstanding shares of CXAC in restricted stock; these shares will be restricted for two years, with an earn-out when successful milestones are reached.
Todd Smith will head T-3 as president; and Jorge Bravo remains C.E.O. of Cross Atlantic Commodities. Kim Marks will be the CPA; he will prepare all financial information on both companies. Once financial statements and disclosures are completed, Jorge Bravo will upload the documents to pinksheets.com.
Jorge Bravo states, ``We are very excited about bringing in T-3 Media's product line under CACI's umbrella. OMG! Gel will be marketed as a stand-alone product, and follow the same business model as Rejuv by Caci. Our goal in a very short period is to get OMG! Gel sold through Direct Response and to get it to $100,000.00 per week in media buying.
``With the Emerge Lip Plumper, we plan on cross marketing this product with Rejuv by Caci. This product is a perfect fit with Rejuv by Caci and we will be adding it to our line in the near future.''
More details about the products, plans, and company developments are to follow in the media this week.
About Cross Atlantic Commodities, Inc.
Cross Atlantic Commodities, Inc. is a publicly traded company under the symbol CXAC. For more information about our products and company, please visit http://www.crossac.com
Cross Atlantic Commodities, Inc. develops, acquires, markets and distributes specialty ``quality of life'' enhancement products and general merchandise to the public via direct response marketing, direct marketing and eventually mass retail/wholesale distributors. Products the company is currently focusing on include:
Rejuv by Caci(r) is our immediate results anti-aging cream.
OMG! Gel
Emerge Lip Plumper
Please review our PowerPoint presentations for a complete description of our new products.
Lip Enhancing Therapy.
http://www.t3-media-inc.com/T3_Lip_Enhancing_Therapy_June_08.ppt
Stimulating Personal Lubricant.
http://www.t3-media-inc.com/T3_Stimulating_Personal_Lubricant.ppt
And Rejuv by Caci.
http://www.crossac.com
Tuesday, March 10, 2009
(COTE.ob) - Coates International Considers New 1 Million Sq Foot Facility
WALL TOWNSHIP, NJ--(MARKET WIRE)--Mar 10, 2009 -- Coates International, Ltd. (OTC BB:COTE.OB - News) announced today that it signed a letter of intent with Marathon Electric Manufacturing Corp. to supply generators and components for production of its Natural Gas Fueled Industrial CSRV Electric Power Generators. Marathon is one of the Regal Beloit Corporation family of companies.
George J. Coates, President and CEO added:
-- We entered into an agreement with Cummins Power Systems (part of Cummins Inc.) to supply Industrial Engine Blocks and components to the Company for our manufacturing activities.
-- We anticipate that we will be sourcing components and manufacturing parts from approximately 40 other suppliers for our initial production ramp-up.
-- We have also approached training centers and colleges in the geographical area where we are currently contemplating establishing our manufacturing operations. These academic institutions have expressed interest in assisting us with the task of training and developing new plant workers which we will be recruiting in anticipation of the commencement of production. Included in a written proposal from state officials that have been actively working to secure our commitment to establish our manufacturing operations within their state is a discussion of available business and tax incentives that would defray a portion of the cost of these training programs. The academic institutions that have expressed such an interest in training and developing our new employees include:
-- Northeast Technology Center (NTC)
-- Northeastern Oklahoma A&M College
-- Northeastern Oklahoma College
The industrial complex we are considering for our initial manufacturing operations consists of an approximately 1,415,000 square foot manufacturing plant and an additional 34 acres which could be used for potential outdoor storage.
Additional information about the Company, 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 preparing for the commencement of manufacturing of products for this technology.
George J. Coates, President and CEO added:
-- We entered into an agreement with Cummins Power Systems (part of Cummins Inc.) to supply Industrial Engine Blocks and components to the Company for our manufacturing activities.
-- We anticipate that we will be sourcing components and manufacturing parts from approximately 40 other suppliers for our initial production ramp-up.
-- We have also approached training centers and colleges in the geographical area where we are currently contemplating establishing our manufacturing operations. These academic institutions have expressed interest in assisting us with the task of training and developing new plant workers which we will be recruiting in anticipation of the commencement of production. Included in a written proposal from state officials that have been actively working to secure our commitment to establish our manufacturing operations within their state is a discussion of available business and tax incentives that would defray a portion of the cost of these training programs. The academic institutions that have expressed such an interest in training and developing our new employees include:
-- Northeast Technology Center (NTC)
-- Northeastern Oklahoma A&M College
-- Northeastern Oklahoma College
The industrial complex we are considering for our initial manufacturing operations consists of an approximately 1,415,000 square foot manufacturing plant and an additional 34 acres which could be used for potential outdoor storage.
Additional information about the Company, 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 preparing for the commencement of manufacturing of products for this technology.
(WTWO.pk) -- W2 Energy Inc. Establishes Think Solar USA
TORONTO--(MARKET WIRE)--Mar 9, 2009 -- W2 Energy Inc. (Other OTC:WTWO.PK - News) announces that as of March 1, 2009, it has established a wholly owned subsidiary, Think Solar USA, which will be designing, building, selling and deploying solar-based electricity and process heat systems throughout the continent.
"W2 Energy is first and foremost a renewable energy company, and there is no energy more renewable than solar energy," says Mike McLaren, CEO of W2 Energy. "Having Think Solar USA as a part of W2 Energy enhances our company and our brand."
David Freund, the President of Think Solar USA, also serves as the Vice-President of Business Development for W2 Energy.
"W2 Energy was looking to make solar-based steam for our biomass-to-energy plants. We were also building our Steam Ray engine to convert steam from our plants into electricity," says Mr. Freund, President of Think Solar USA. "We realized that we could make steam with concentrated solar energy and feed it directly into the Steam Ray, without first going into a biomass-to-energy plant. That's when Think Solar USA was born."
Think Solar USA is developing several proprietary technologies in order to efficiently turn solar power into electricity and process heat. They are developing the SunCatcher line of parabolic solar collectors and heat exchangers to turn solar heat into steam, and also the Steam Ray line or rotary steam engines for turning that steam into electricity.
"We have some cutting edge technology at Think Solar USA," says Freund. "At a time when the United States and the world needs green energy and green jobs, we think our company will be a big part of the overall energy and economic solution."
About W2 Energy Inc.
W2 Energy Inc. is a growing, publicly traded company that develops renewable energy technologies and applies it to new generation power systems. Specifically, W2 Energy Inc.'s plasma assisted biomass to energy plants utilize state of the art technologies to produce green energy both fuel (sulfur free diesel) and electricity at the most efficient cost in capital investment and production per/barrel, per/Megawatt.
About Think Solar USA, Inc.
Think Solar USA develops, builds, sells and deploys solar energy technologies worldwide. Think Solar USA uses SunCatcher brand solar collectors, heat exchangers and steam generators, and Steam Ray brand rotary steam engines, to generate steam, process heat and electricity from solar energy.
"W2 Energy is first and foremost a renewable energy company, and there is no energy more renewable than solar energy," says Mike McLaren, CEO of W2 Energy. "Having Think Solar USA as a part of W2 Energy enhances our company and our brand."
David Freund, the President of Think Solar USA, also serves as the Vice-President of Business Development for W2 Energy.
"W2 Energy was looking to make solar-based steam for our biomass-to-energy plants. We were also building our Steam Ray engine to convert steam from our plants into electricity," says Mr. Freund, President of Think Solar USA. "We realized that we could make steam with concentrated solar energy and feed it directly into the Steam Ray, without first going into a biomass-to-energy plant. That's when Think Solar USA was born."
Think Solar USA is developing several proprietary technologies in order to efficiently turn solar power into electricity and process heat. They are developing the SunCatcher line of parabolic solar collectors and heat exchangers to turn solar heat into steam, and also the Steam Ray line or rotary steam engines for turning that steam into electricity.
"We have some cutting edge technology at Think Solar USA," says Freund. "At a time when the United States and the world needs green energy and green jobs, we think our company will be a big part of the overall energy and economic solution."
About W2 Energy Inc.
W2 Energy Inc. is a growing, publicly traded company that develops renewable energy technologies and applies it to new generation power systems. Specifically, W2 Energy Inc.'s plasma assisted biomass to energy plants utilize state of the art technologies to produce green energy both fuel (sulfur free diesel) and electricity at the most efficient cost in capital investment and production per/barrel, per/Megawatt.
About Think Solar USA, Inc.
Think Solar USA develops, builds, sells and deploys solar energy technologies worldwide. Think Solar USA uses SunCatcher brand solar collectors, heat exchangers and steam generators, and Steam Ray brand rotary steam engines, to generate steam, process heat and electricity from solar energy.
Thursday, March 05, 2009
(GLCC.pk) - Good Life China Announces Agreement With Wal-Mart
BEIJING, March 5 /PRNewswire-FirstCall/ - Good Life China Corporation http://www.goodlifechina.com/ (GLCC) today after the market closed announced that its Shenzhen Bread Co. (Miluga) subsidiary has signed a cooperation agreement with Wal-Mart in Shenzhen for the purchase of a wide variety of bakery products. The products include traditional baked products as well as an agreement for Miluga's very popular moon cakes.
Wal-mart Stores is one of the biggest and most exclusive chain stores in Hubei Province, having more than 11 branch stores around Shenzhen alone. Importantly, it is a testament to Miluga's production capabilities and quality control that it is able to meet the strict standards of Wal-Mart. Key factors that gave Miluga the competitive edge include superior product quality, excellent service and on-time delivery.
Gross revenues by Wal-Mart from the sales of Miluga's mooncakes alone are projected to reach more than two million RMB annually.
The Company anticipates making additional announcements re: major sales contracts in the coming weeks.
Wal-mart Stores is one of the biggest and most exclusive chain stores in Hubei Province, having more than 11 branch stores around Shenzhen alone. Importantly, it is a testament to Miluga's production capabilities and quality control that it is able to meet the strict standards of Wal-Mart. Key factors that gave Miluga the competitive edge include superior product quality, excellent service and on-time delivery.
Gross revenues by Wal-Mart from the sales of Miluga's mooncakes alone are projected to reach more than two million RMB annually.
The Company anticipates making additional announcements re: major sales contracts in the coming weeks.
Wednesday, March 04, 2009
(SPNG.ob) - SpongeTech Delivers Positive Shareholders Update
GENEVA, March 5 /PRNewswire-FirstCall/ -- SpongeTech® Delivery Systems, Inc. America's Cleaning Company(TM), (OTC Bulletin Board: SPNG - News).
To my fellow shareholders of SpongeTech®:
Despite what many consider today's environment to be a worldwide economic slowdown, the sales momentum of SpongeTech®'s products has continued to remain strong. We anticipate meeting or exceeding our previously announced projected revenues and earnings for the current fiscal year ending May 31, 2009.
Our third quarter ended February 28, 2009 and we expect to file our Form 10-Q with the SEC by April 15, 2009. We last updated the Company's capital structure to you on February 2, 2009 and at that time we had approximately 700,000,000 issued and outstanding shares of which RM Enterprises held approximately 480,000,000 shares. These shares held by RM Enterprises are (R144) restricted common shares of stock which legally can be bought back by only the Company itself. We have and will continue to retire as needed the remaining restricted shares held by RM Enterprises.
We are proud to announce that our Company is now cash flow positive and can finance our immediate growth from the cash generated within. We have been in negotiation with two banking institutions that could potentially provide us with accounts receivable financing, if and when needed for the future growth of our Company. However we hope that future cash requirements for product development, marketing, production, and financing of inventories and receivables can and will be generated internally.
SpongeTech®'s Products Update
Pet Care
We recently launched our "Uncle Norman's Pet Sponge" at the Westminster Kennel Club's 33rd annual Dog Show at Madison Square Garden in New York City and received a good response from the public, distributors and retailers. Our national marketing campaign and infomercials continue to generate growing sales and repeat orders online. We expect to add additional new products to our Pet Care line in the coming months.
Auto Care
With spring season around the corner, we are happy to announce that our automotive cleaning products are now available in many retail outlets in the US and overseas. We recently sponsored and placed our name on NASCAR #78, driven by Regan Smith in this year's Daytona 500 race. The Daytona 500 was a premier event viewed by tens of millions of fans worldwide and we anticipate having additional marketing exposure with NASCAR throughout the racing season.
Children's Bath
We recently licensed with Viacom's Nickelodeon subsidiary creating the products and packaging for children's bath sponges in the likenesses of Nickelodeon characters SpongeBob Square Pants, Dora the Explorer and Go Diego Go. These products will be available in major retail outlets that carry other Nickelodeon licensed products such as Wal-Mart. Our marketing research leads us to believe that the bath products will be very popular among children and their parents at price points which are affordable.
Household Cleaning
Our Company has developed two distinct lines of product for the home cleaning market, Kitchen and Bath.
1) Kitchen - Designed for kitchen use infused with antibacterial soap or detergent.
2) Bath - Designed for the bathroom to clean ceramic tile, porcelain and plastic surface.
The Household products market is very competitive and expensive to enter, therefore we are seeking for the right partner with established brand recognition and dedicated retail shelf space. We have already designed and tested our product for a major company. To date, both parties are pleased with the product line and its test market acceptance.
Healthcare and Cosmetics
Our Company has developed and tested a derma-sponge which may be used as an applicator for sun block and other skin care products. Discussions are underway with a market leader in the sun lotions and sun block preparations industry.
Your Management Team is pleased with the recent progress in the development, marketing, and distribution of SpongeTech®'s products and I trust that you are also favorably impressed by the Company's recent growth and operating results. We appreciate your patience and your loyalty and let me assure you, that we will continue to put our best foot forward building a company, a globally recognized brand, and continue to show revenue and profit to which our shareholders can be proud of and which should be reflected and rewarded by a healthier performance of the stock.
Very truly yours,
Steven Y. Moskowitz
Chief Operating Officer
To my fellow shareholders of SpongeTech®:
Despite what many consider today's environment to be a worldwide economic slowdown, the sales momentum of SpongeTech®'s products has continued to remain strong. We anticipate meeting or exceeding our previously announced projected revenues and earnings for the current fiscal year ending May 31, 2009.
Our third quarter ended February 28, 2009 and we expect to file our Form 10-Q with the SEC by April 15, 2009. We last updated the Company's capital structure to you on February 2, 2009 and at that time we had approximately 700,000,000 issued and outstanding shares of which RM Enterprises held approximately 480,000,000 shares. These shares held by RM Enterprises are (R144) restricted common shares of stock which legally can be bought back by only the Company itself. We have and will continue to retire as needed the remaining restricted shares held by RM Enterprises.
We are proud to announce that our Company is now cash flow positive and can finance our immediate growth from the cash generated within. We have been in negotiation with two banking institutions that could potentially provide us with accounts receivable financing, if and when needed for the future growth of our Company. However we hope that future cash requirements for product development, marketing, production, and financing of inventories and receivables can and will be generated internally.
SpongeTech®'s Products Update
Pet Care
We recently launched our "Uncle Norman's Pet Sponge" at the Westminster Kennel Club's 33rd annual Dog Show at Madison Square Garden in New York City and received a good response from the public, distributors and retailers. Our national marketing campaign and infomercials continue to generate growing sales and repeat orders online. We expect to add additional new products to our Pet Care line in the coming months.
Auto Care
With spring season around the corner, we are happy to announce that our automotive cleaning products are now available in many retail outlets in the US and overseas. We recently sponsored and placed our name on NASCAR #78, driven by Regan Smith in this year's Daytona 500 race. The Daytona 500 was a premier event viewed by tens of millions of fans worldwide and we anticipate having additional marketing exposure with NASCAR throughout the racing season.
Children's Bath
We recently licensed with Viacom's Nickelodeon subsidiary creating the products and packaging for children's bath sponges in the likenesses of Nickelodeon characters SpongeBob Square Pants, Dora the Explorer and Go Diego Go. These products will be available in major retail outlets that carry other Nickelodeon licensed products such as Wal-Mart. Our marketing research leads us to believe that the bath products will be very popular among children and their parents at price points which are affordable.
Household Cleaning
Our Company has developed two distinct lines of product for the home cleaning market, Kitchen and Bath.
1) Kitchen - Designed for kitchen use infused with antibacterial soap or detergent.
2) Bath - Designed for the bathroom to clean ceramic tile, porcelain and plastic surface.
The Household products market is very competitive and expensive to enter, therefore we are seeking for the right partner with established brand recognition and dedicated retail shelf space. We have already designed and tested our product for a major company. To date, both parties are pleased with the product line and its test market acceptance.
Healthcare and Cosmetics
Our Company has developed and tested a derma-sponge which may be used as an applicator for sun block and other skin care products. Discussions are underway with a market leader in the sun lotions and sun block preparations industry.
Your Management Team is pleased with the recent progress in the development, marketing, and distribution of SpongeTech®'s products and I trust that you are also favorably impressed by the Company's recent growth and operating results. We appreciate your patience and your loyalty and let me assure you, that we will continue to put our best foot forward building a company, a globally recognized brand, and continue to show revenue and profit to which our shareholders can be proud of and which should be reflected and rewarded by a healthier performance of the stock.
Very truly yours,
Steven Y. Moskowitz
Chief Operating Officer
Monday, March 02, 2009
(LBAS.ob) - Location Based Technologies Signs First $1.2 M Contract
ANAHEIM, Calif.--(BUSINESS WIRE)--Location Based Technologies, Inc. (OTCBB:LBAS - News), a leading-edge service provider of personal, pet and asset location devices, today announced it has signed its first Professional Service Agreement for $1.2M with LoadRack.com, LLC for customization of software and hardware.
“By partnering with LoadRack™, we establish a cornerstone distribution relationship within the massive trucking and freight monitoring industry while allowing LBT to stay focused on its primary market of protecting family, pets, and personal belongings,” said Desiree Mejia, COO of Location Based Technologies. “In this way we leverage a vast vertical market and channel partner by applying our cutting edge PocketFinder Network™ with a hardware application to revolutionize the trucking industry. By partnering with LoadRack, we anticipate sales to exceed $12,500,000 during the first twelve months from launch.”
Due to an overwhelming need in the trucking industry for a reliable asset tracking application, LBT’s solution allows users advanced technology to assist shippers, carriers and truck brokers to optimize resources and coordination by procuring available trucks and loads, while allowing for load visibility across the supply chain. The customized interface for the LoadRack solution can be accessed via the Internet, cell phone or landline to show its exact location in real time. In addition, the devices include several advanced features, such as allowing users to designate customizable zones or lanes which allow stakeholders to be notified when a device leaves or enters a zone, load temperature monitoring, route changes and the ability to manage time delays. By combining the PocketFinder® solution with the LoadRack™ software, load integrity, customer service and load visibility will enhance the procurement and delivery of all goods.
About LoadRack.com, LLC
LoadRack ™ is the premier provider of truck and load matching, with an industry first real-time asset tracking application. Their advanced technology allows shippers, carriers, and truck brokers to optimize resources and coordination by procuring available trucks and loads, while ensuring load integrity across the supply chain. Accessed via Internet, cell phone, or landline, the system allows users to determine load location and status, designate safe and unsafe zones and lanes, monitor load temperatures, facilitate route changes, and effectively manage equipment problems and delays.
About Location Based Technologies
A publicly traded company (OTCBB:LBAS - News), Location Based Technologies designs and develops leading-edge personal locator devices and services that incorporate patented, proprietary technologies designed to enhance and enrich the way businesses and families interact globally. The company is headquartered in Anaheim, Calif. For more information, visit http://www.pocketfinder.com.
“By partnering with LoadRack™, we establish a cornerstone distribution relationship within the massive trucking and freight monitoring industry while allowing LBT to stay focused on its primary market of protecting family, pets, and personal belongings,” said Desiree Mejia, COO of Location Based Technologies. “In this way we leverage a vast vertical market and channel partner by applying our cutting edge PocketFinder Network™ with a hardware application to revolutionize the trucking industry. By partnering with LoadRack, we anticipate sales to exceed $12,500,000 during the first twelve months from launch.”
Due to an overwhelming need in the trucking industry for a reliable asset tracking application, LBT’s solution allows users advanced technology to assist shippers, carriers and truck brokers to optimize resources and coordination by procuring available trucks and loads, while allowing for load visibility across the supply chain. The customized interface for the LoadRack solution can be accessed via the Internet, cell phone or landline to show its exact location in real time. In addition, the devices include several advanced features, such as allowing users to designate customizable zones or lanes which allow stakeholders to be notified when a device leaves or enters a zone, load temperature monitoring, route changes and the ability to manage time delays. By combining the PocketFinder® solution with the LoadRack™ software, load integrity, customer service and load visibility will enhance the procurement and delivery of all goods.
About LoadRack.com, LLC
LoadRack ™ is the premier provider of truck and load matching, with an industry first real-time asset tracking application. Their advanced technology allows shippers, carriers, and truck brokers to optimize resources and coordination by procuring available trucks and loads, while ensuring load integrity across the supply chain. Accessed via Internet, cell phone, or landline, the system allows users to determine load location and status, designate safe and unsafe zones and lanes, monitor load temperatures, facilitate route changes, and effectively manage equipment problems and delays.
About Location Based Technologies
A publicly traded company (OTCBB:LBAS - News), Location Based Technologies designs and develops leading-edge personal locator devices and services that incorporate patented, proprietary technologies designed to enhance and enrich the way businesses and families interact globally. The company is headquartered in Anaheim, Calif. For more information, visit http://www.pocketfinder.com.
(NNVC.ob) - NanoViricides, Inc. Signs Agreement With a Major Pharmaceutical Company
WEST HAVEN, Conn.--(BUSINESS WIRE)--NanoViricides, Inc. (OTC BB: NNVC.OB) (the "Company"), reported today that it has signed a Material Transfer Agreement with a major pharmaceutical company (“Party”). The Agreement initially entails evaluation of one of the Company’s nanoviricide drug candidates by an independent consultant chosen by the Party. This drug candidate has been designed to eradicate viral infections of the external eye, including those caused by adenovirus and herpes virus (“HSV”). It is the understanding of the Parties that, should the testing results be favorable, they will enter into good faith negotiations for a potential long-term, exclusive, worldwide licensing agreement for the development and commercialization of the drug.
“This agreement is the first step towards a potential licensing agreement,” said Eugene Seymour, MD, MPH, CEO of Nanoviricides, Inc, adding, “It clearly signals that our technology is now attracting serious attention from major Pharma companies.”
The terms of the Agreement do not allow the disclosure of the identity of the Party or the exact terms of the Agreement.
HSV and some adenoviruses cause most of the cases of keratitis, a serious infection of the cornea. Importantly, HSV infection can lead to corneal scarring that may necessitate corneal transplantation. In addition, some adenoviruses cause a majority of conjunctivitis cases (“pink eye”). The remaining cases of conjunctivitis, caused by bacteria, are treatable with topical antibiotics. Currently, there are no effective treatments for viral diseases of the exterior portion of the eye.
The Company has already demonstrated strong efficacy against an adenovirus-caused external eye disease called epidemic kerato-conjunctivitis (EKC). Rapid clinical improvement in the treated animals was reported by independent researchers who tested the effects of the nanoviricides drug candidate against adenoviral EKC. Based on computer modeling, the Company believes that the broad-spectrum nature of the ligand used in this nanoviricide should enable it to be effective against HSV.
The total market for viral conjunctivitis is estimated to be in the billions of dollars. The incidence of severe herpes keratitis is estimated to be 250,000 cases per year in the USA. In Japan, where EKC is a reportable disease, it is estimated that there are at least one million cases per year. The number of cases of non-specific conjunctivitis (pink eye) is considered to be far greater, possibly into tens of millions in the US, and into hundreds of millions worldwide.
About NanoViricides:
NanoViricides, Inc. (www.nanoviricides.com) is a development stage company that is creating special purpose nanomaterials for viral therapy. The Company's novel nanoviricide™ class of drug candidates are designed to specifically attack enveloped virus particles and to dismantle them. The Company is developing drugs against a number of viral diseases including H5N1 bird flu, seasonal Influenza, HIV, EKC, Hepatitis C, Rabies, Dengue fever, and Ebola virus, among others.
“This agreement is the first step towards a potential licensing agreement,” said Eugene Seymour, MD, MPH, CEO of Nanoviricides, Inc, adding, “It clearly signals that our technology is now attracting serious attention from major Pharma companies.”
The terms of the Agreement do not allow the disclosure of the identity of the Party or the exact terms of the Agreement.
HSV and some adenoviruses cause most of the cases of keratitis, a serious infection of the cornea. Importantly, HSV infection can lead to corneal scarring that may necessitate corneal transplantation. In addition, some adenoviruses cause a majority of conjunctivitis cases (“pink eye”). The remaining cases of conjunctivitis, caused by bacteria, are treatable with topical antibiotics. Currently, there are no effective treatments for viral diseases of the exterior portion of the eye.
The Company has already demonstrated strong efficacy against an adenovirus-caused external eye disease called epidemic kerato-conjunctivitis (EKC). Rapid clinical improvement in the treated animals was reported by independent researchers who tested the effects of the nanoviricides drug candidate against adenoviral EKC. Based on computer modeling, the Company believes that the broad-spectrum nature of the ligand used in this nanoviricide should enable it to be effective against HSV.
The total market for viral conjunctivitis is estimated to be in the billions of dollars. The incidence of severe herpes keratitis is estimated to be 250,000 cases per year in the USA. In Japan, where EKC is a reportable disease, it is estimated that there are at least one million cases per year. The number of cases of non-specific conjunctivitis (pink eye) is considered to be far greater, possibly into tens of millions in the US, and into hundreds of millions worldwide.
About NanoViricides:
NanoViricides, Inc. (www.nanoviricides.com) is a development stage company that is creating special purpose nanomaterials for viral therapy. The Company's novel nanoviricide™ class of drug candidates are designed to specifically attack enveloped virus particles and to dismantle them. The Company is developing drugs against a number of viral diseases including H5N1 bird flu, seasonal Influenza, HIV, EKC, Hepatitis C, Rabies, Dengue fever, and Ebola virus, among others.
Friday, February 27, 2009
(DPDW.ob) - Deep Down, Inc. Opens New Corporate Headquarters
HOUSTON, Feb. 27 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW - News) today announced it has opened new corporate headquarters in Northwest Houston, at 8827 W. Sam Houston Parkway, N., Suite 100, Houston, Texas 77040.
"In just two short years, Deep Down's workforce has grown from less than 50 to more than 165 employees, we have successfully completed three acquisitions, the most recent being our Maine buoyancy facility, and we have more than quadrupled our annual revenues since then," commented Ronald E. Smith, Deep Down's president and chief executive officer. "The new corporate headquarters will allow us to more effectively manage our current operations as well as future acquisitions.
The new location will provide needed space for Deep Down's corporate operations, including its chief executive officer, chief financial officer, chief acquisition officer, operations, business development, investor relations, and their support staff. Deep Down also operates service and fabrication facilities in Channelview, Texas, Morgan City, Louisiana, and Biddeford, Maine.
"In spite of the oil and gas industry's current volatility, the offshore deepwater services subsector continues to increase. Deep Down remains committed to its strategy of providing the expertise and subsea technologies required to help customers meet today's offshore oil production challenges. Moreover, both the recent expansion of our Channelview, Texas, service and fabrication facility, and the expansion currently underway at our Biddeford, Maine, buoyancy facility, were calculated to allow us to take full advantage of the increasing need for service and technological solutions developing deepwater oilfields," Smith concluded.
Contact numbers for Deep Down's various operations are:
Facility Location Phone
Corporate Headquarters Houston, Texas (281) 517-5000
Subsea Service & Technology Channelview, Texas (281) 869-2201
Marine Automation Services Channelview, Texas (713) 896-7799
Buoyancy Services Biddeford, Maine (207) 282-7749
ROV & Equipment Rental Services Morgan City, Louisiana (985) 385-7817
About Deep Down, Inc.
Deep Down, Inc. is an oilfield services company serving the worldwide offshore exploration and production industry. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, distributed and drill riser buoyancy, ROVs and ROV tooling, as well as marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. The company's primary focus is on more complex deepwater and ultra-deepwater oil production distribution system support services and technologies, used between the platform and the wellhead. Deep Down provides these services through its four subsidiaries. More information about Deep Down is available at www.deepdowncorp.com, by contacting the company at (281) 517-5000, or ir@deepdowninc.com.
"In just two short years, Deep Down's workforce has grown from less than 50 to more than 165 employees, we have successfully completed three acquisitions, the most recent being our Maine buoyancy facility, and we have more than quadrupled our annual revenues since then," commented Ronald E. Smith, Deep Down's president and chief executive officer. "The new corporate headquarters will allow us to more effectively manage our current operations as well as future acquisitions.
The new location will provide needed space for Deep Down's corporate operations, including its chief executive officer, chief financial officer, chief acquisition officer, operations, business development, investor relations, and their support staff. Deep Down also operates service and fabrication facilities in Channelview, Texas, Morgan City, Louisiana, and Biddeford, Maine.
"In spite of the oil and gas industry's current volatility, the offshore deepwater services subsector continues to increase. Deep Down remains committed to its strategy of providing the expertise and subsea technologies required to help customers meet today's offshore oil production challenges. Moreover, both the recent expansion of our Channelview, Texas, service and fabrication facility, and the expansion currently underway at our Biddeford, Maine, buoyancy facility, were calculated to allow us to take full advantage of the increasing need for service and technological solutions developing deepwater oilfields," Smith concluded.
Contact numbers for Deep Down's various operations are:
Facility Location Phone
Corporate Headquarters Houston, Texas (281) 517-5000
Subsea Service & Technology Channelview, Texas (281) 869-2201
Marine Automation Services Channelview, Texas (713) 896-7799
Buoyancy Services Biddeford, Maine (207) 282-7749
ROV & Equipment Rental Services Morgan City, Louisiana (985) 385-7817
About Deep Down, Inc.
Deep Down, Inc. is an oilfield services company serving the worldwide offshore exploration and production industry. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, distributed and drill riser buoyancy, ROVs and ROV tooling, as well as marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. The company's primary focus is on more complex deepwater and ultra-deepwater oil production distribution system support services and technologies, used between the platform and the wellhead. Deep Down provides these services through its four subsidiaries. More information about Deep Down is available at www.deepdowncorp.com, by contacting the company at (281) 517-5000, or ir@deepdowninc.com.
Wednesday, February 25, 2009
(WNBD.pk) - Winning Brands Corp Continues Expansion in Austrailia
BARRIE, ON--(MARKET WIRE)--Feb 25, 2009 -- Winning Brands Corporation (Other OTC:WNBD.PK - News) (Frankfurt:WMU.F - News) www.WinningBrands.ca reports that a second ton of Winning Colours Stain Remover will leave the U.S. for Australia immediately to commence initial grocery store sales there Q2 2009. Winning Brands' Australian product Ambassador Kori Walsh reports positive early interest in Winning Colours Stain Remover. Winning Colours is being given a Vendor Number to commence direct-to-store supply to a well known national grocer, initially in 3 Australian states. Results will then be evaluated for the purpose of assessing a national listing. The name of the grocer, which has affiliated stores in other countries, will be released in concert with the placement of the first products on the shelf.
Source: Winning Brands Corporation
Winning Colours Stain Remover is off to a good start in Australia. First grocery store tests are already scheduled and a second product shipment is leaving immediately for the new market.
Winning Colours Stain Remover is already available in Canada's leading retailers and gaining ground rapidly across the USA on its way to becoming North America's favourite stain removing product.
Prior to commencement of international testing, Winning Brands had first determined whether its highly concentrated Winning Colours Stain Remover could sustain the cost of shipment from North America and still be competitive in foreign markets. Winning Brands CEO Eric Lehner summarizes the company's position this way: "Winning Colours is known by its existing consumers to be both a stain remover and multi-cleaner. It can be used straight from the bottle for stubborn stains, or highly diluted with plain water as needed. This means that as a stain remover it is well priced (because you don't need much per use) and as a multi-cleaner it is well priced (because you can easily get 10 bottles of diluted mixture from the original). With that terrific value, a little bit of freight per bottle can easily be absorbed into the current pricing model. Container traffic is very sophisticated today -- and particularly attractive for exporters filling empty containers that have to leave North America again after delivering goods from Asia and around the world. North America is the world's largest importing marketplace."
Winning Brands Senior Vice President Lorne Kelly remarks that the grocery sector is not entirely off limits in North America either. "To be frank, we are being steady and careful to manage the channels of distribution. We want our existing business partners to do well financially. This means that we will strike the right balance between store types and sectors. The end point has to be that it is easy for a consumer in North America to find Winning Colours Stain Remover in every town with a population of 2,500 and up. Grocery and convenience stores will have a role to play in this mix. Also, there are specialty grocers who would like an eco-responsible product that is more than just another green product. The green category is becoming blurred these days because 'green' products are increasingly similar in name and appearance."
Lehner states that it is the inherent position of Winning Brands to be eco-responsible, but that it is not sufficient for long term success. "Today, eco is a fact of life. There will soon be few if any products left that are not environmental. That's not a distinguishing characteristic which is going to last very long -- it's already lacking distinction. We are ahead of this curve by being 'post-environmental.' That means building brands on the basis of distinctions that are enduring. If everyone is some shade of green, that's not very interesting. We are eco on the inside and a full spectrum of possibilities on the outside"
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 Ontario facilities. The mission of Winning Brands is to replace hazardous chemicals in widespread use with safer alternatives. 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 other sectors.
Source: Winning Brands Corporation
Winning Colours Stain Remover is off to a good start in Australia. First grocery store tests are already scheduled and a second product shipment is leaving immediately for the new market.
Winning Colours Stain Remover is already available in Canada's leading retailers and gaining ground rapidly across the USA on its way to becoming North America's favourite stain removing product.
Prior to commencement of international testing, Winning Brands had first determined whether its highly concentrated Winning Colours Stain Remover could sustain the cost of shipment from North America and still be competitive in foreign markets. Winning Brands CEO Eric Lehner summarizes the company's position this way: "Winning Colours is known by its existing consumers to be both a stain remover and multi-cleaner. It can be used straight from the bottle for stubborn stains, or highly diluted with plain water as needed. This means that as a stain remover it is well priced (because you don't need much per use) and as a multi-cleaner it is well priced (because you can easily get 10 bottles of diluted mixture from the original). With that terrific value, a little bit of freight per bottle can easily be absorbed into the current pricing model. Container traffic is very sophisticated today -- and particularly attractive for exporters filling empty containers that have to leave North America again after delivering goods from Asia and around the world. North America is the world's largest importing marketplace."
Winning Brands Senior Vice President Lorne Kelly remarks that the grocery sector is not entirely off limits in North America either. "To be frank, we are being steady and careful to manage the channels of distribution. We want our existing business partners to do well financially. This means that we will strike the right balance between store types and sectors. The end point has to be that it is easy for a consumer in North America to find Winning Colours Stain Remover in every town with a population of 2,500 and up. Grocery and convenience stores will have a role to play in this mix. Also, there are specialty grocers who would like an eco-responsible product that is more than just another green product. The green category is becoming blurred these days because 'green' products are increasingly similar in name and appearance."
Lehner states that it is the inherent position of Winning Brands to be eco-responsible, but that it is not sufficient for long term success. "Today, eco is a fact of life. There will soon be few if any products left that are not environmental. That's not a distinguishing characteristic which is going to last very long -- it's already lacking distinction. We are ahead of this curve by being 'post-environmental.' That means building brands on the basis of distinctions that are enduring. If everyone is some shade of green, that's not very interesting. We are eco on the inside and a full spectrum of possibilities on the outside"
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 Ontario facilities. The mission of Winning Brands is to replace hazardous chemicals in widespread use with safer alternatives. 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 other sectors.
(SGLS.pk) - Signature Leisure, Inc Retires 10 Million Shares
CASSELBERRY, Fla.--(BUSINESS WIRE)--Signature Leisure, Inc. (Pink Sheets:SGLS - News) announced today that the company is in the process of retiring 10,000,000 shares of the Company’s free trading common stock acquired and accumulated as part of the Company’s stock buy-back program.
Signature has achieved revenues that have surpassed $500,000 for the month of February.
Additionally, Signature is pleased to announce the launch of the Company’s newly launched website located at http://www.signatureleisure.com.
Stephen W. Carnes, President of Signature Leisure, Inc., stated, “The Company has surpassed $500,000 in revenues for February and I look forward to updating shareholders with final numbers after end of the month. The Company’s increases in revenues were achieved from a combination of factors including increased managerial consulting services as well as returns on various key investments.”
“I am very pleased with the Signature’s new website. I believe that the website will assist to communicate the range of services that Signature provides to clients, which should assist the Company in the marketing of services.”
“Signature is making great progress in terms of growth and expansion. We are going to keep focusing on growth and building shareholder value. We have initiated the paperwork to get the 10,000,000 shares back out of the system and retired in a timely fashion. I anticipate it will take a week or so for everything in the process to be completed. There are a number of exciting projects in the works and additional updates and announcements to be forthcoming,” Carnes stated.
About Signature Leisure, Inc. (Pink Sheets: SGLS - News) -- Signature Leisure, Inc. is a publicly traded company trading on the Pink Sheets under the symbol SGLS.
Signature has achieved revenues that have surpassed $500,000 for the month of February.
Additionally, Signature is pleased to announce the launch of the Company’s newly launched website located at http://www.signatureleisure.com.
Stephen W. Carnes, President of Signature Leisure, Inc., stated, “The Company has surpassed $500,000 in revenues for February and I look forward to updating shareholders with final numbers after end of the month. The Company’s increases in revenues were achieved from a combination of factors including increased managerial consulting services as well as returns on various key investments.”
“I am very pleased with the Signature’s new website. I believe that the website will assist to communicate the range of services that Signature provides to clients, which should assist the Company in the marketing of services.”
“Signature is making great progress in terms of growth and expansion. We are going to keep focusing on growth and building shareholder value. We have initiated the paperwork to get the 10,000,000 shares back out of the system and retired in a timely fashion. I anticipate it will take a week or so for everything in the process to be completed. There are a number of exciting projects in the works and additional updates and announcements to be forthcoming,” Carnes stated.
About Signature Leisure, Inc. (Pink Sheets: SGLS - News) -- Signature Leisure, Inc. is a publicly traded company trading on the Pink Sheets under the symbol SGLS.
(HSTH.ob) - HS3 Technologies Retires 3 Million Shares
DENVER, CO--(MARKET WIRE)--Feb 25, 2009 -- HS3 Technologies, Inc. (OTC BB:HSTH.OB - News), a worldwide provider of innovative security and video monitoring solutions, today announces the addition of Mr. William Dickey to the management team. Mr. Dickey will serve as business consultant and act in the capacity of Chief Operating Officer for the Company.
Previously Bill served as Executive Vice President, COO and Director of the general partner at TransMontaigne Partners L.P. (2005-2008) and Executive Vice President and COO of TransMontaigne Inc. (2000-2008). He has also served as Vice President of TEPPCO Partners, L.P. and Vice President and CFO for Associated Natural Gas, Inc. and its successor, Duke Energy Field Services.
Bill attended New Mexico State University where he earned a Bachelor of Science in Accounting and attended Denver University for advanced economic and finance courses.
The Company is fortunate to have access to Mr. Dickey. His expertise has proven invaluable for the preparation of the company's most recent filings. HS3 recently received a comment letter from the SEC with regard to management's lack of oversight of internal controls of financial conditions. The matter was corrected and reported. Mr. Dickey's experience in accountability and compliance will assure investors that HS3 continues to operate with complete transparency of all financial conditions.
On 1/30/09 the Company was able to acquire 2,821,391 common shares of the company's stock from an individual investor and return those shares to treasury.
ABOUT HS3 TECHNOLOGIES INC:
HS3 Technologies Inc. is a single source, security solutions provider headquartered in Denver, Colorado. We provide technically advanced hardware and proprietary video analytic software, while integrating security solutions uniquely designed to meet the needs of our customers. All HS3 manufactured DVRs have superior image capture, gigabytes of storage, and high quality replay capabilities. HS3's biometric products offer the highest levels of security and reliability for access control, and time and attendance. The Company's Denver monitoring center serves as our single point integrated security solutions portal, where we combine our proprietary analytical software, network security, alarm monitoring, and video alarm verification products.
HS3 was founded as a complete security solutions integrator and provider. Building from our knowledge of the systems that are lacking within the security and monitoring industries we have bridged the gap of physical security with logical security. This approach has provided a unique proprietary security solution that HS3 Technologies is able to provide. We are the first company to offer an integrated security solutions portal that combines physical and logical security into a total service package. Our goal of serving as a single source security portal for companies with national presence like the AMERICAN HUMANE ASSOCIATION has provided us the opportunity to generate services and products in combinations that satisfy the complete security and monitoring service matrix.
Our expertise has been developed from the combined years of training and overall experience of our team.
The HS3 staff has the highest professional experience levels achievable within the security and advanced technology worlds. We approach monitoring with the knowledge that the end goal exceeds observing and report anomalies; we additionally serve as an independent verification agent supplying solutions to our clients. We customize our video analytics and DVRs to meet the specifications of our customers and meet the highest quality standard set by our in-house monitoring division.
As a single point security solutions provider we are always excited by projects where we are able to bring mutual benefit to our customers, as represented by the American Humane Certified / HS3 solution for the American food supply.
Previously Bill served as Executive Vice President, COO and Director of the general partner at TransMontaigne Partners L.P. (2005-2008) and Executive Vice President and COO of TransMontaigne Inc. (2000-2008). He has also served as Vice President of TEPPCO Partners, L.P. and Vice President and CFO for Associated Natural Gas, Inc. and its successor, Duke Energy Field Services.
Bill attended New Mexico State University where he earned a Bachelor of Science in Accounting and attended Denver University for advanced economic and finance courses.
The Company is fortunate to have access to Mr. Dickey. His expertise has proven invaluable for the preparation of the company's most recent filings. HS3 recently received a comment letter from the SEC with regard to management's lack of oversight of internal controls of financial conditions. The matter was corrected and reported. Mr. Dickey's experience in accountability and compliance will assure investors that HS3 continues to operate with complete transparency of all financial conditions.
On 1/30/09 the Company was able to acquire 2,821,391 common shares of the company's stock from an individual investor and return those shares to treasury.
ABOUT HS3 TECHNOLOGIES INC:
HS3 Technologies Inc. is a single source, security solutions provider headquartered in Denver, Colorado. We provide technically advanced hardware and proprietary video analytic software, while integrating security solutions uniquely designed to meet the needs of our customers. All HS3 manufactured DVRs have superior image capture, gigabytes of storage, and high quality replay capabilities. HS3's biometric products offer the highest levels of security and reliability for access control, and time and attendance. The Company's Denver monitoring center serves as our single point integrated security solutions portal, where we combine our proprietary analytical software, network security, alarm monitoring, and video alarm verification products.
HS3 was founded as a complete security solutions integrator and provider. Building from our knowledge of the systems that are lacking within the security and monitoring industries we have bridged the gap of physical security with logical security. This approach has provided a unique proprietary security solution that HS3 Technologies is able to provide. We are the first company to offer an integrated security solutions portal that combines physical and logical security into a total service package. Our goal of serving as a single source security portal for companies with national presence like the AMERICAN HUMANE ASSOCIATION has provided us the opportunity to generate services and products in combinations that satisfy the complete security and monitoring service matrix.
Our expertise has been developed from the combined years of training and overall experience of our team.
The HS3 staff has the highest professional experience levels achievable within the security and advanced technology worlds. We approach monitoring with the knowledge that the end goal exceeds observing and report anomalies; we additionally serve as an independent verification agent supplying solutions to our clients. We customize our video analytics and DVRs to meet the specifications of our customers and meet the highest quality standard set by our in-house monitoring division.
As a single point security solutions provider we are always excited by projects where we are able to bring mutual benefit to our customers, as represented by the American Humane Certified / HS3 solution for the American food supply.
(CXAC.pk) - Cross Atlantic Commodities Begins Full Financial Disclosure
FT. LAUDERDALE, Fla., Feb. 25, 2009 (GLOBE NEWSWIRE) -- Cross Atlantic Commodities, Inc. (Other OTC:CXAC.PK - News) is pleased to announce that it has retained a CPA firm to assist with full disclosure.
Jorge Bravo, President and CEO of CXAC, stated, ``As part of our discipline of continuously bringing adequate current information to the investment community we have retained the accounting services of Kim Marks, CPA of Miami, FL to assist with the disclosure of our financials.''
``In the best interest of our investors, CXAC will be fully transparent. Full disclosure is a must in today's economy,'' stated Bravo.
Moving forward CXAC will begin to report quarterly financials, amendments to its articles of incorporation, reports to shareholders, merger announcements, officer/director appointments and any other corporate information deemed relevant to full disclosure.
Bravo stated, ``It is time for CXAC to walk the walk. We've been talking about what we are doing to bring shareholder value back to our investors; it is time to show the public what we are doing.''
Within the next 45 days CXAC should have information disclosed with http://www.pinksheets.com that will put them at the status of CURRENT INFORMATION.
``We are very pleased to be working with Kim Marks, CPA. CXAC was last transparent during the second quarter 2008 and we believe this is a significant step in regaining the investment community's trust. We are moving forward and being transparent is very necessary. This is a very important step for CXAC; we are proud of what we have accomplished and want the community to be aware of what we are doing,'' concluded Bravo.
Other news: Launching of the commercial has commenced, and please go to our website http://www.crossac.com to see the complete schedule.
About Cross Atlantic Commodities, Inc.
Cross Atlantic Commodities, Inc. manufactures, distributes and markets specialty food products and general merchandise to large food chains and clubs. Spray n Shine is our environmentally friendly waterless wash & wax that will clean up to five cars in a single can without the use of water or soap. Rejuv by Caci(r) is our immediate results anti-aging cream. Cross Atlantic Commodities, Inc. is a publicly traded company under the symbol CXAC. For more information, visit http://www.crossac.com.
Jorge Bravo, President and CEO of CXAC, stated, ``As part of our discipline of continuously bringing adequate current information to the investment community we have retained the accounting services of Kim Marks, CPA of Miami, FL to assist with the disclosure of our financials.''
``In the best interest of our investors, CXAC will be fully transparent. Full disclosure is a must in today's economy,'' stated Bravo.
Moving forward CXAC will begin to report quarterly financials, amendments to its articles of incorporation, reports to shareholders, merger announcements, officer/director appointments and any other corporate information deemed relevant to full disclosure.
Bravo stated, ``It is time for CXAC to walk the walk. We've been talking about what we are doing to bring shareholder value back to our investors; it is time to show the public what we are doing.''
Within the next 45 days CXAC should have information disclosed with http://www.pinksheets.com that will put them at the status of CURRENT INFORMATION.
``We are very pleased to be working with Kim Marks, CPA. CXAC was last transparent during the second quarter 2008 and we believe this is a significant step in regaining the investment community's trust. We are moving forward and being transparent is very necessary. This is a very important step for CXAC; we are proud of what we have accomplished and want the community to be aware of what we are doing,'' concluded Bravo.
Other news: Launching of the commercial has commenced, and please go to our website http://www.crossac.com to see the complete schedule.
About Cross Atlantic Commodities, Inc.
Cross Atlantic Commodities, Inc. manufactures, distributes and markets specialty food products and general merchandise to large food chains and clubs. Spray n Shine is our environmentally friendly waterless wash & wax that will clean up to five cars in a single can without the use of water or soap. Rejuv by Caci(r) is our immediate results anti-aging cream. Cross Atlantic Commodities, Inc. is a publicly traded company under the symbol CXAC. For more information, visit http://www.crossac.com.
Tuesday, February 24, 2009
(TSHL.pk) - Tri-Star Holdings Announces Acquisiton
FT. LAUDERDALE, FL--(MARKET WIRE)--Feb 24, 2009 -- Tri-Star Holdings, Inc. (Other OTC:TSHL.PK - News) just announced that it inked a long awaited integration and launch plan for one of its acquired subsidiaries. Management believes that this milestone will have a dramatic impact on shareholder value and corporate growth.
The new division was named the "Emergence Response Services Division" (ERS), headed by Mr. Victor Adams, Chief Architect. After several months of diligent preparation and testing, the ERS team successfully completed an Emergency Response Unit (ERU) functioning as a temporary life support facility to be deployed in the event of disasters such as Katrina, devastating storm situations, homeland security issues, foreign war support and other areas. Several U.S. and international patents are expected and talks with private investors regarding commercialization are underway.
Mr. Matteis, the company's CEO, said: "This is a monumental achievement for maintaining life support in disaster and emergency management situations. The need for these types of facilities is evident and this plan fits with our personal testing products, lab services and pharmacy agenda. We plan to incorporate a mini-pharmacy and med labs in future designs. Mr. Adam's background with NASA (space life support projects) and his original Star Trek work with set life support facilities was a significant driver behind his life vision for these impressive facilities."
During an interview, Mr. Adams said: "After many years of effort, we are now in a position to offer an all new, proprietary lightweight polymer based facility approach that can be dropped on location and made fully functional in less than 24 hours with set-up time within one hour with power, lights, alternate energy sources, hydraulics and life support systems. I am excited to think that our facilities, built to support from 50 to 1000 individuals each, will finally be in place to save lives so disasters like Katrina and 9/11 will be dramatically less costly in terms of resources and human lives."
Future designs are on the drawing board and are expected to include an impressive range of support structures including medical, solar and wind energy solutions, modular interconnectivity, and integrated computer and communications technology. The first generation prototype and proof of concept will be unveiled at the 2009 Governor's Hurricane Conference in May. (www.flghc.org). More on the Emergency Response Unit can be found at www.erhunit.com.
The new division was named the "Emergence Response Services Division" (ERS), headed by Mr. Victor Adams, Chief Architect. After several months of diligent preparation and testing, the ERS team successfully completed an Emergency Response Unit (ERU) functioning as a temporary life support facility to be deployed in the event of disasters such as Katrina, devastating storm situations, homeland security issues, foreign war support and other areas. Several U.S. and international patents are expected and talks with private investors regarding commercialization are underway.
Mr. Matteis, the company's CEO, said: "This is a monumental achievement for maintaining life support in disaster and emergency management situations. The need for these types of facilities is evident and this plan fits with our personal testing products, lab services and pharmacy agenda. We plan to incorporate a mini-pharmacy and med labs in future designs. Mr. Adam's background with NASA (space life support projects) and his original Star Trek work with set life support facilities was a significant driver behind his life vision for these impressive facilities."
During an interview, Mr. Adams said: "After many years of effort, we are now in a position to offer an all new, proprietary lightweight polymer based facility approach that can be dropped on location and made fully functional in less than 24 hours with set-up time within one hour with power, lights, alternate energy sources, hydraulics and life support systems. I am excited to think that our facilities, built to support from 50 to 1000 individuals each, will finally be in place to save lives so disasters like Katrina and 9/11 will be dramatically less costly in terms of resources and human lives."
Future designs are on the drawing board and are expected to include an impressive range of support structures including medical, solar and wind energy solutions, modular interconnectivity, and integrated computer and communications technology. The first generation prototype and proof of concept will be unveiled at the 2009 Governor's Hurricane Conference in May. (www.flghc.org). More on the Emergency Response Unit can be found at www.erhunit.com.
(AGWS.ob) - Advanced Growing Systems Announces $1 Mil in Year-to-Date Revenue
ALPHARETTA, GA--(MARKET WIRE)--Feb 24, 2009 -- Organic Growing Systems, Inc. (OGSI), a subsidiary of Advanced Growing Systems, Inc. (OTC BB:AGWS.OB - News); announces today that it has received purchase orders in the month of February, which collectively exceed $1,000,000 in gross revenue, from several customers. Initial shipments have begun and all orders are scheduled for delivery before March 31, 2009.
"We are anticipating a strong spring fertilization season and have spent a tremendous amount of time and effort laying the ground work for 2009 and beyond, stated Mark Nichols, President/CEO of Organic Growing Systems, Inc. Mr. Nichols further said, "We have over 100 truckloads going to Florida, 50 truckloads going to Texas, multiple truckloads going to North Carolina, Alabama, Mississippi, Louisiana and Georgia. Furthermore, we have recently signed new national distributors in an aggressive effort to expand our reach; one in fact has over 100 locations. Given the storing demand for our product, we feel this is only the beginning."
Chris Nichols, CEO of Advanced Growing Systems, Inc. stated: "Our biggest challenge has been production and plant capacity. It was been very difficult to meet the accelerating demand for our products generated from our sales force, but we are overcoming these challenges right now. Equally important, we believe we sell an incredibly effective product into a diverse customer base that is highly insulated from the current economic slowdown. Increasing capacity and efficiencies could be a major win for the company."
In order to receive regular updates on AGWS, please click on the following link: http://www.b2i.us/irpass.asp?BzID=1435&to=ea&s=0
About AGWS:
Advanced Growing Systems, Inc. ("AGSI" or the "Company"), founded in 2006, is the parent company of Organic Growing Systems, Inc. (a scientifically advanced Organic fertilizer manufacturer) AGSI is dedicated to providing its shareholders significant value and is directly involved in the $48 Billion fertilizer market and the $66 Billion Green Industry. For more information, please visit www.AGSIncorporated.com.
"We are anticipating a strong spring fertilization season and have spent a tremendous amount of time and effort laying the ground work for 2009 and beyond, stated Mark Nichols, President/CEO of Organic Growing Systems, Inc. Mr. Nichols further said, "We have over 100 truckloads going to Florida, 50 truckloads going to Texas, multiple truckloads going to North Carolina, Alabama, Mississippi, Louisiana and Georgia. Furthermore, we have recently signed new national distributors in an aggressive effort to expand our reach; one in fact has over 100 locations. Given the storing demand for our product, we feel this is only the beginning."
Chris Nichols, CEO of Advanced Growing Systems, Inc. stated: "Our biggest challenge has been production and plant capacity. It was been very difficult to meet the accelerating demand for our products generated from our sales force, but we are overcoming these challenges right now. Equally important, we believe we sell an incredibly effective product into a diverse customer base that is highly insulated from the current economic slowdown. Increasing capacity and efficiencies could be a major win for the company."
In order to receive regular updates on AGWS, please click on the following link: http://www.b2i.us/irpass.asp?BzID=1435&to=ea&s=0
About AGWS:
Advanced Growing Systems, Inc. ("AGSI" or the "Company"), founded in 2006, is the parent company of Organic Growing Systems, Inc. (a scientifically advanced Organic fertilizer manufacturer) AGSI is dedicated to providing its shareholders significant value and is directly involved in the $48 Billion fertilizer market and the $66 Billion Green Industry. For more information, please visit www.AGSIncorporated.com.
Monday, February 23, 2009
(CCBEF.ob) - Clearly Canadian Announces Debt Restructure
TORONTO--(BUSINESS WIRE)--CLEARLY CANADIAN (OTCBB: CCBEF - News) (the “Company”) announced today that it has suspended interest payments on its senior convertible notes in the amount of $9.36 million USD and its subordinated convertible notes in the amount of CDN $2.45 million. The Company has received an Event of Default notice from one of the senior convertible note holders and the Company intends to enter into negotiations with all of its note holders to restructure the debt.
About Clearly Canadian
Based in Toronto, Clearly Canadian Brands markets premium alternative beverages, including Clearly Canadian® sparkling flavoured waters which are distributed in the United States, Canada and various other countries. Clearly Canadian’s acquisition of DMR Food Corporation and My Organic Baby Inc. marks the Company’s debut into organic and natural products with a full line of organic baby and toddler foods under the brand names My Organic Baby and My Organic Toddler and a wide range of dried fruit and nut snacks offerings from SunRidge Farms, Naturalife, Sweet Selections, Simply by Nature and Glengrove Organics brands. To find out more about Clearly Canadian Beverage Corp. (OTCBB: CCBEF - News), visit our website at www.clearly.ca.
About Clearly Canadian
Based in Toronto, Clearly Canadian Brands markets premium alternative beverages, including Clearly Canadian® sparkling flavoured waters which are distributed in the United States, Canada and various other countries. Clearly Canadian’s acquisition of DMR Food Corporation and My Organic Baby Inc. marks the Company’s debut into organic and natural products with a full line of organic baby and toddler foods under the brand names My Organic Baby and My Organic Toddler and a wide range of dried fruit and nut snacks offerings from SunRidge Farms, Naturalife, Sweet Selections, Simply by Nature and Glengrove Organics brands. To find out more about Clearly Canadian Beverage Corp. (OTCBB: CCBEF - News), visit our website at www.clearly.ca.
(WTWO.pk) - W2 Energy Inc Tests The "Steam Ray" Engine
TORONTO--(MARKET WIRE)--Feb 23, 2009 -- W2 Energy Inc. (Other OTC:WTWO.PK - News), a developer of green energy, is pleased to announce it has successfully built and test-operated its rotary steam engine. The engine, based on US patent number 5,720,251, runs on low pressure steam.
W2 Energy will be using this engine, which W2 Energy called the Steam Ray, to generate electricity from steam derived from its biomass to energy machines, and other green energy technologies which W2 Energy will be bringing online.
Video of the Steam Ray can be seen on the W2 Energy website (www.w2energy.com).
W2 Energy will be connecting an electrical generator onto the Steam Ray as soon as possible, so that true operational efficiency figures can be generated.
"We built the Steam Ray to make our green energy technologies more efficient," says Mike McLaren, CEO of W2 Energy. "Based on the performance we have seen so far from the Steam Ray, we believe that we may be able to double the efficiency of currently available small steam turbines."
The Steam Ray has been tested at only 15 pounds per inch of steam pressure and delivered usable work at that pressure, because the Steam Ray derives its power more from steam volume than pressure. W2 Energy will now begin testing engine performance at 80 pounds per square inch and above.
"We built the Steam Ray because we thought it would operate at a high efficiency, and be able to run very effectively on low pressure steam. Our initial tests on this first model of the Steam Ray have confirmed our optimism," says McLaren. "We look forward to building even more efficient and powerful versions of the Steam Ray design. Based on the results so far our opinion is that the Steam Ray will prove to be a game changer in many applications, including solar power, the HVAC industry, and even in the transportation sector."
About W2 Energy Inc.
W2 Energy Inc. is a growing, publicly traded company that develops renewable energy technologies and applies it to new generation power systems. Specifically, W2 Energy Inc.'s plasma assisted biomass to energy plants utilize state of the art technologies to produce green energy both fuel (sulfur free diesel) and electricity at the most efficient cost in capital investment and production per/barrel, per/Megawatt.
W2 Energy will be using this engine, which W2 Energy called the Steam Ray, to generate electricity from steam derived from its biomass to energy machines, and other green energy technologies which W2 Energy will be bringing online.
Video of the Steam Ray can be seen on the W2 Energy website (www.w2energy.com).
W2 Energy will be connecting an electrical generator onto the Steam Ray as soon as possible, so that true operational efficiency figures can be generated.
"We built the Steam Ray to make our green energy technologies more efficient," says Mike McLaren, CEO of W2 Energy. "Based on the performance we have seen so far from the Steam Ray, we believe that we may be able to double the efficiency of currently available small steam turbines."
The Steam Ray has been tested at only 15 pounds per inch of steam pressure and delivered usable work at that pressure, because the Steam Ray derives its power more from steam volume than pressure. W2 Energy will now begin testing engine performance at 80 pounds per square inch and above.
"We built the Steam Ray because we thought it would operate at a high efficiency, and be able to run very effectively on low pressure steam. Our initial tests on this first model of the Steam Ray have confirmed our optimism," says McLaren. "We look forward to building even more efficient and powerful versions of the Steam Ray design. Based on the results so far our opinion is that the Steam Ray will prove to be a game changer in many applications, including solar power, the HVAC industry, and even in the transportation sector."
About W2 Energy Inc.
W2 Energy Inc. is a growing, publicly traded company that develops renewable energy technologies and applies it to new generation power systems. Specifically, W2 Energy Inc.'s plasma assisted biomass to energy plants utilize state of the art technologies to produce green energy both fuel (sulfur free diesel) and electricity at the most efficient cost in capital investment and production per/barrel, per/Megawatt.
Friday, February 20, 2009
(SPNG.ob) - SpongeTech Receives $500,000 Order from CVS Caremark
NEW YORK, Feb. 19 /PRNewswire-FirstCall/ -- SpongeTech® Delivery Systems, Inc., America's Cleaning Company(TM) (OTC Bulletin Board: SPNG - News), announced today an initial order from CVS Caremark (NYSE: CVS - News) in excess of $500,000.00. The order consists of the Company's Auto and Pet line products.
The SpongeTech® products will be available on shelves in over 6000 CVS Stores nationwide mid-March. This order is indicative of the Company's continued efforts to introduce our products into quality national retail chains; we anticipate great success with CVS and will be announcing additional retailers in the near future.
SpongeTech® COO, Steven Moskowitz, stated, "I continue to be pleased with the roll out of our products nationally as well as the sell-through we are seeing for our products, which I directly attribute to the quality of product as well our ongoing marketing campaign. This order is early in the season, with great opportunity for re-orders as we get into the spring summer 'prime car wash season'."
For more information, please contact Investor Relations at 1-877-SPONGE-T, and/or visit the Company's website at: www.spongetech.com
About CVS Caremark
CVS Caremark (NYSE: CVS - News) is the largest provider of prescriptions in the nation. The Company fills or manages more than 1 billion prescriptions annually. Through its unmatched breadth of service offerings, CVS Caremark is transforming the delivery of health care services in the U.S. The Company is uniquely positioned to effectively manage costs and improve health care outcomes through its more than 6,800 CVS/pharmacy and Longs Drugs stores; its Caremark Pharmacy Services division (pharmacy benefit management, mail order and specialty pharmacy); its retail-based health clinic subsidiary, Minute-Clinic; and its online pharmacy, CVS.com. General information about CVS Caremark is available through the Investor Relations section of the Company's Web site, at http://cvscaremark.com/investors, as well as through the Newsroom section of the Company's Web site, at http://cvscaremark.com/newsroom.
About SpongeTech® Delivery Systems, Inc.
SpongeTech® Delivery Systems is a company which designs, produces, and markets a unique line of reusable cleaning products for household use. These sponge-based products utilize SpongeTech®'s proprietary, patent (and patent-pending) technologies involving hydrophilic (liquid absorbing) foam and polyurethane matrices. The Company's sponges are specially configured with an outer contact layer and an inner matrix, the latter of which comes pre-loaded with specially formulated soaps and wax that are released when the sponge is wetted and applied to a surface with minimal pressure. The Company's current product line is designed for Car Care and Pet Care, however, SpongeTech® is currently exploring additional applications for its technology including an anti-bacterial, kitchen and bath cleaner, as well as a unique 'foaming' bath sponge for children.
The SpongeTech® products will be available on shelves in over 6000 CVS Stores nationwide mid-March. This order is indicative of the Company's continued efforts to introduce our products into quality national retail chains; we anticipate great success with CVS and will be announcing additional retailers in the near future.
SpongeTech® COO, Steven Moskowitz, stated, "I continue to be pleased with the roll out of our products nationally as well as the sell-through we are seeing for our products, which I directly attribute to the quality of product as well our ongoing marketing campaign. This order is early in the season, with great opportunity for re-orders as we get into the spring summer 'prime car wash season'."
For more information, please contact Investor Relations at 1-877-SPONGE-T, and/or visit the Company's website at: www.spongetech.com
About CVS Caremark
CVS Caremark (NYSE: CVS - News) is the largest provider of prescriptions in the nation. The Company fills or manages more than 1 billion prescriptions annually. Through its unmatched breadth of service offerings, CVS Caremark is transforming the delivery of health care services in the U.S. The Company is uniquely positioned to effectively manage costs and improve health care outcomes through its more than 6,800 CVS/pharmacy and Longs Drugs stores; its Caremark Pharmacy Services division (pharmacy benefit management, mail order and specialty pharmacy); its retail-based health clinic subsidiary, Minute-Clinic; and its online pharmacy, CVS.com. General information about CVS Caremark is available through the Investor Relations section of the Company's Web site, at http://cvscaremark.com/investors, as well as through the Newsroom section of the Company's Web site, at http://cvscaremark.com/newsroom.
About SpongeTech® Delivery Systems, Inc.
SpongeTech® Delivery Systems is a company which designs, produces, and markets a unique line of reusable cleaning products for household use. These sponge-based products utilize SpongeTech®'s proprietary, patent (and patent-pending) technologies involving hydrophilic (liquid absorbing) foam and polyurethane matrices. The Company's sponges are specially configured with an outer contact layer and an inner matrix, the latter of which comes pre-loaded with specially formulated soaps and wax that are released when the sponge is wetted and applied to a surface with minimal pressure. The Company's current product line is designed for Car Care and Pet Care, however, SpongeTech® is currently exploring additional applications for its technology including an anti-bacterial, kitchen and bath cleaner, as well as a unique 'foaming' bath sponge for children.
(GLCC.pk) - Good Life China Corp. Closes Acquisition of Shenzhen Bread
Western Style Bread Growing in Popularity
BEIJING, Feb. 20 /PRNewswire-FirstCall/ - Good Life China Corporation http://www.goodlifechina.com/ (GLCC) is pleased to announce that it has closed the merger agreement with Shenzhen Bread Co. Under the retail banner of Miluga Bread, Shenzhen Bread currently operates 60 retail bakeries and also sells bread on a wholesale basis to various grocery chains and retail stores.
The Baked Goods industry is growing at an impressive pace, as Chinese culture begins to embrace baked goods from the Western world in addition to its traditional pastries. Recent research reports "growth can be seen particularly in urban areas where, due to the increasing pace of life, many people do not have the luxury of spending an hour at breakfast. This has given rise to the demand for nutritious and convenient food. Although bread competes with traditional Chinese breakfasts such as steamed buns, sales of western style bread are also on the increase thanks to the speed with which it can be prepared and eaten".
In addition, Miluga has had tremendous success with its line of Moon Cakes, selling 30 million of them in 2008. Mooncakes are a Chinese pastry. A thick filling usually made from lotus seed paste is surrounded by a relatively thin crust. Mooncakes are rich, heavy, and dense compared with most Western cakes and pastries. They are usually eaten in small wedges accompanied by Chinese tea.
With gross revenues in the 10 million Yuan range, and a 20% net profit ratio, the Company is in an excellent position to continue to grow through cooperation agreements and by expanding its geographic footprint to build regional bakeries servicing a growing franchise chain network around the Pearl River Delta (including the principal cities of Dongguan, Huizhou, Zhuhai, and Guangzhou in Guangdong Province).
BEIJING, Feb. 20 /PRNewswire-FirstCall/ - Good Life China Corporation http://www.goodlifechina.com/ (GLCC) is pleased to announce that it has closed the merger agreement with Shenzhen Bread Co. Under the retail banner of Miluga Bread, Shenzhen Bread currently operates 60 retail bakeries and also sells bread on a wholesale basis to various grocery chains and retail stores.
The Baked Goods industry is growing at an impressive pace, as Chinese culture begins to embrace baked goods from the Western world in addition to its traditional pastries. Recent research reports "growth can be seen particularly in urban areas where, due to the increasing pace of life, many people do not have the luxury of spending an hour at breakfast. This has given rise to the demand for nutritious and convenient food. Although bread competes with traditional Chinese breakfasts such as steamed buns, sales of western style bread are also on the increase thanks to the speed with which it can be prepared and eaten".
In addition, Miluga has had tremendous success with its line of Moon Cakes, selling 30 million of them in 2008. Mooncakes are a Chinese pastry. A thick filling usually made from lotus seed paste is surrounded by a relatively thin crust. Mooncakes are rich, heavy, and dense compared with most Western cakes and pastries. They are usually eaten in small wedges accompanied by Chinese tea.
With gross revenues in the 10 million Yuan range, and a 20% net profit ratio, the Company is in an excellent position to continue to grow through cooperation agreements and by expanding its geographic footprint to build regional bakeries servicing a growing franchise chain network around the Pearl River Delta (including the principal cities of Dongguan, Huizhou, Zhuhai, and Guangzhou in Guangdong Province).
Tuesday, February 17, 2009
(CXAC.pk) - Cross Atlantic Commodities Readies Advertising Campaign
FORT LAUDERDALE, Fla., Feb. 17, 2009 (GLOBE NEWSWIRE) -- Cross Atlantic Commodities, Inc. (Other OTC:CXAC.PK - News), a manufacturer and distributor of nationally branded commodities, including food and general merchandising for stores nationwide, has set the launch date for its Rejuv by Caci(r) beauty products via nationwide media campaign.
Jorge Bravo, President and CEO of CXAC, comments, ``We secured the necessary funding to launch our 62 commercial spots for the one week national cable test. Rejuv by Caci(r) anti-aging cream will be seen by approximately 250 million people on the following stations: CW 100+, Discovery Health, Fifty, Hallmark Movie and WE.''
Each Rejuv by Caci(r) commercial is 120 seconds and is an infomercial format, calling action to be taken by the viewer. The commercial can be seen and product can be bought on the Rejuv by Caci(r) web site at http://www.rejuvbeauty.com
``Upon a confirmed schedule by the media company, we will share the days and times with the public,'' states Bravo. CXAC expects the cable test to bring immediate revenue. Furthermore, the media test shall provide a baseline for a regularly scheduled media campaign. ``The cable test launch shall allow us to determine which stations are connecting best with our target audience and shall greatly enhance our overall exposure. The feedback from the media test launch shall allow us to create a solid foundation for a more permanent campaign,'' stated Bravo.
Bravo continues, ``Securing the capital to launch this test was nothing short of a miracle. These current economic times have prevented us from moving quickly. Nevertheless, we have the capital and we are going live! These are very exciting times for everyone here at CXAC. We are a few short moments from putting Rejuv by Caci(r) on the path that will hopefully make it a household brand. CXAC shareholders have been waiting patiently for revenues and I am confident Rejuv by Caci(r) is the product that will put us in the black.''
A 60 day supply of Rejuv by Caci(r) sells for $29.95 (plus $6.95 S&H). For about $0.62 a day Rejuv by Caci(r) is a safe and more natural alternative to risky alternatives.
About Cross Atlantic Commodities, Inc.:
Cross Atlantic Commodities, Inc. manufactures, distributes and markets specialty food products and general merchandise to large food chains, clubs, and mass merchants. Fruit 2 Go(r) brand is a unique and healthy fruit snack packaged in a squeezable pack from our own design. Spray n Shine is our environmentally friendly waterless wash & wax that will clean up to five cars in a single can without the use of water or soap. Rejuv by Caci(r) is our immediate results anti-aging cream. Cross Atlantic Commodities, Inc. is a publicly traded company under the symbol CXAC. For more information, visit http://www.crossac.com.
Jorge Bravo, President and CEO of CXAC, comments, ``We secured the necessary funding to launch our 62 commercial spots for the one week national cable test. Rejuv by Caci(r) anti-aging cream will be seen by approximately 250 million people on the following stations: CW 100+, Discovery Health, Fifty, Hallmark Movie and WE.''
Each Rejuv by Caci(r) commercial is 120 seconds and is an infomercial format, calling action to be taken by the viewer. The commercial can be seen and product can be bought on the Rejuv by Caci(r) web site at http://www.rejuvbeauty.com
``Upon a confirmed schedule by the media company, we will share the days and times with the public,'' states Bravo. CXAC expects the cable test to bring immediate revenue. Furthermore, the media test shall provide a baseline for a regularly scheduled media campaign. ``The cable test launch shall allow us to determine which stations are connecting best with our target audience and shall greatly enhance our overall exposure. The feedback from the media test launch shall allow us to create a solid foundation for a more permanent campaign,'' stated Bravo.
Bravo continues, ``Securing the capital to launch this test was nothing short of a miracle. These current economic times have prevented us from moving quickly. Nevertheless, we have the capital and we are going live! These are very exciting times for everyone here at CXAC. We are a few short moments from putting Rejuv by Caci(r) on the path that will hopefully make it a household brand. CXAC shareholders have been waiting patiently for revenues and I am confident Rejuv by Caci(r) is the product that will put us in the black.''
A 60 day supply of Rejuv by Caci(r) sells for $29.95 (plus $6.95 S&H). For about $0.62 a day Rejuv by Caci(r) is a safe and more natural alternative to risky alternatives.
About Cross Atlantic Commodities, Inc.:
Cross Atlantic Commodities, Inc. manufactures, distributes and markets specialty food products and general merchandise to large food chains, clubs, and mass merchants. Fruit 2 Go(r) brand is a unique and healthy fruit snack packaged in a squeezable pack from our own design. Spray n Shine is our environmentally friendly waterless wash & wax that will clean up to five cars in a single can without the use of water or soap. Rejuv by Caci(r) is our immediate results anti-aging cream. Cross Atlantic Commodities, Inc. is a publicly traded company under the symbol CXAC. For more information, visit http://www.crossac.com.
(SRSR.pk) - Sarissa Resources Inc. Releases Drill Hole Results
BAY CITY, MI--(MARKET WIRE)--Feb 17, 2009 -- Sarissa Resources Inc. ("Sarissa" or the "Company") (Other OTC:SRSR.PK - News) released today partial assay results from Diamond Drill Holes 09-70 and 73. These holes are part of the current 9 hole program designed to test the D Zone of the Company's Nemegosenda niobium property in northern Ontario. Holes 09-70 and 73 were drilled deeper in order to test for possible depth extensions, and both encountered significant grades of Nb2O5 material below the previously identified cut-off of the mineralized zone. The Company considered it prudent to prioritize the assays from this deeper section of these holes in order to more accurately plan the remaining drilling.
The results below the 200 metre levels returned a 4.5 metre section in DDH 09-73 of 1.8% Nb2O5, from 229.30 to 233.80, including:
Metres From To Nb2O5%
1.5 229.30 230.80 2.5
1.5 230.80 232.30 1.7
1.5 232.30 233.80 1.4
Results from DDH 09-70 below the 200 metre level returned values of 0.42% Nb2O5 over 43.5 metres from 201.5 metres to 245 metres, including: 0.36% Nb2O5 over 18 metres from 201.5 metres to 219.5 metres; and 25.5 metres of 0.46% Nb2O5 from 219.5 metres to 245 metres.
The results from these holes indicate the presence of further significant mineralization at depths below what had previously been reported in historic drilling results, confirming Sarissa's theory that the deposit remains open to depth.
The Company is awaiting the remaining assay results from these holes. Full results from DDH 09-70 and DDH 09-71 should be available for release shortly.
In addition, Sarissa is honored to be exhibiting at one of the world's largest and most renowned mining events, the PDAC 2009, an international convention, trade show and investor's exchange which is hosted by the Prospectors & Developers Association of Canada, held at the Metro Toronto Convention Centre. In fact, Sarissa will be exhibiting at 2 locations during the convention. As well as being in the Investors' Exchange (booth 2400), we will also be exhibiting in the "Core Shack" (booth 5017.) The PDAC Core Shack display area will allow drill core from 60 deposits around the globe to be available for inspection along with maps, charts and technical information. Sarissa will be exhibiting on March 1st and 2nd.
Sarissa Resources CEO, Scott Keevil, commented, "It's gratifying to see the drilling results confirming, and improving on, what had been historically reported. I'm also very happy that we have been selected to display our drill core and geological information at the Core Shack area of the PDAC, and look forward to meeting some more of our shareholders there."
The company looks forward to keeping our shareholders informed in the coming weeks through continued updates, as further results are obtained and analyzed.
Alan Hawke, BSc. MSc. (Geology), a director of Sarissa, is a "qualified person" within the meaning of National Instrument 43-101 and has reviewed the technical information contained in this news release.
About Sarissa Resources
Sarissa Resources is a junior exploration company with interests in properties with base metal, precious metal, uranium, niobium and rare-earth prospects in Northern Ontario, Canada.
The results below the 200 metre levels returned a 4.5 metre section in DDH 09-73 of 1.8% Nb2O5, from 229.30 to 233.80, including:
Metres From To Nb2O5%
1.5 229.30 230.80 2.5
1.5 230.80 232.30 1.7
1.5 232.30 233.80 1.4
Results from DDH 09-70 below the 200 metre level returned values of 0.42% Nb2O5 over 43.5 metres from 201.5 metres to 245 metres, including: 0.36% Nb2O5 over 18 metres from 201.5 metres to 219.5 metres; and 25.5 metres of 0.46% Nb2O5 from 219.5 metres to 245 metres.
The results from these holes indicate the presence of further significant mineralization at depths below what had previously been reported in historic drilling results, confirming Sarissa's theory that the deposit remains open to depth.
The Company is awaiting the remaining assay results from these holes. Full results from DDH 09-70 and DDH 09-71 should be available for release shortly.
In addition, Sarissa is honored to be exhibiting at one of the world's largest and most renowned mining events, the PDAC 2009, an international convention, trade show and investor's exchange which is hosted by the Prospectors & Developers Association of Canada, held at the Metro Toronto Convention Centre. In fact, Sarissa will be exhibiting at 2 locations during the convention. As well as being in the Investors' Exchange (booth 2400), we will also be exhibiting in the "Core Shack" (booth 5017.) The PDAC Core Shack display area will allow drill core from 60 deposits around the globe to be available for inspection along with maps, charts and technical information. Sarissa will be exhibiting on March 1st and 2nd.
Sarissa Resources CEO, Scott Keevil, commented, "It's gratifying to see the drilling results confirming, and improving on, what had been historically reported. I'm also very happy that we have been selected to display our drill core and geological information at the Core Shack area of the PDAC, and look forward to meeting some more of our shareholders there."
The company looks forward to keeping our shareholders informed in the coming weeks through continued updates, as further results are obtained and analyzed.
Alan Hawke, BSc. MSc. (Geology), a director of Sarissa, is a "qualified person" within the meaning of National Instrument 43-101 and has reviewed the technical information contained in this news release.
About Sarissa Resources
Sarissa Resources is a junior exploration company with interests in properties with base metal, precious metal, uranium, niobium and rare-earth prospects in Northern Ontario, Canada.
(INTK.pk) - Industrial Nanotech Releases Greenhouse Product
NAPLES, Fla.--(BUSINESS WIRE)--Industrial Nanotech, Inc. (Pink Sheets: INTK - News), an emerging global leader in nanotechnology, announced today that the Company has launched “Nansulate Greenhouse”, a thin film, easy to apply, thermal insulation coating designed to be applied to the clear panels of greenhouses to reduce energy consumption and costs without reducing the passage of light critical to healthy plant growth.
The Company recently completed spectrophotometer testing on its patented translucent Nansulate® Greenhouse product to measure light transmission and absorbance through the thermally insulating and mold resistant coating. The data demonstrates that Nansulate does not interfere with the important visible light needed for healthy plant growth, while offering effective thermal insulation benefits to reduce the energy needed to maintain optimal temperatures in greenhouses, therefore significantly reducing operating expenses.
The testing was completed by Princeton Polymer Laboratories on a Beckman DU 600 full scanning UV spectrophotometer. Results showed that in the 400-700 nanometer wavelength range, which is critical to plant growth, it allowed 92% of visible light to pass through. In comparison, normal paned glass allows 90%-94% of visible light to pass through. A copy of the data can downloaded at www.nansulategreenhouse.com.
“Nansulate has unique benefits to offer the greenhouse agricultural industry,” stated Francesca Crolley, V.P. Operations & Marketing for Industrial Nanotech, Inc. “Our coatings provide excellent thermal insulation, as well as resistance to mold and fungus growth. Verification of the light transmission was the last piece of data we needed before offering this important solution to this essential industry. Our cost comparison analysis with insulation products that are currently being used in this industry show that not only can we offer a superior product for light transmission and thermal insulation, but at a very competitive cost. Our new greenhouse coating, NANSULATE GREENHOUSE, can be easily and quickly applied with a conventional paint sprayer or brush, costs about 37 cents per square foot for the recommended 3-coat application, and will last for a decade. In comparison, bubble insulation commonly used for greenhouses costs about 50 cents per square foot when you include the hardware needed to mount it (clips, Tek screws, adhesive spray) and is reported to last from three to four years. Nansulate offers an effective way for growers to use less energy heating their greenhouses, while allowing the necessary visible light for plant growth to pass through. It is an excellent and cost effective solution for this industry.”
Estimates show that more than 80 percent of energy used for greenhouses goes toward heating. In northern climates, energy for heating greenhouses is a major expense. For commercial growers, energy costs represent the third-largest expense after labor and stock.
The commercial greenhouse growers market is divided between food/vegetable growers and flower growers, or floriculture. Floriculture is a $10 billion component of the U.S. economy. Worldwide, 145 countries are involved in greenhouse flower production. Wholesale value of world floriculture industry was $101.84 billion in 2003 and is increasing at approximately 11% to 15% per year. Greenhouse food crops grown commercially include tomatoes, peppers, lettuce, cucumbers, eggplant, and a variety of others.
About Nansulate(R)
Nansulate(R) is the Company's patented product line of specialty coatings containing a nanotechnology based material and which are well-documented to provide the combined performance qualities of thermal insulation, corrosion prevention, resistance to mold growth, fire resistance, chemical resistance, and lead encapsulation in an environmentally safe, water-based, coating formulation. The Nansulate(R) Product Line includes industrial, residential, agricultural and solar thermal insulation coatings. Additional information about the Company and its products can be found at their websites, (www.industrial-nanotech.com) and (www.nansulate.com).
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is emerging as a global nanoscience solutions and research leader. The Company develops and commercializes new and innovative applications for nanotechnology.
The Company recently completed spectrophotometer testing on its patented translucent Nansulate® Greenhouse product to measure light transmission and absorbance through the thermally insulating and mold resistant coating. The data demonstrates that Nansulate does not interfere with the important visible light needed for healthy plant growth, while offering effective thermal insulation benefits to reduce the energy needed to maintain optimal temperatures in greenhouses, therefore significantly reducing operating expenses.
The testing was completed by Princeton Polymer Laboratories on a Beckman DU 600 full scanning UV spectrophotometer. Results showed that in the 400-700 nanometer wavelength range, which is critical to plant growth, it allowed 92% of visible light to pass through. In comparison, normal paned glass allows 90%-94% of visible light to pass through. A copy of the data can downloaded at www.nansulategreenhouse.com.
“Nansulate has unique benefits to offer the greenhouse agricultural industry,” stated Francesca Crolley, V.P. Operations & Marketing for Industrial Nanotech, Inc. “Our coatings provide excellent thermal insulation, as well as resistance to mold and fungus growth. Verification of the light transmission was the last piece of data we needed before offering this important solution to this essential industry. Our cost comparison analysis with insulation products that are currently being used in this industry show that not only can we offer a superior product for light transmission and thermal insulation, but at a very competitive cost. Our new greenhouse coating, NANSULATE GREENHOUSE, can be easily and quickly applied with a conventional paint sprayer or brush, costs about 37 cents per square foot for the recommended 3-coat application, and will last for a decade. In comparison, bubble insulation commonly used for greenhouses costs about 50 cents per square foot when you include the hardware needed to mount it (clips, Tek screws, adhesive spray) and is reported to last from three to four years. Nansulate offers an effective way for growers to use less energy heating their greenhouses, while allowing the necessary visible light for plant growth to pass through. It is an excellent and cost effective solution for this industry.”
Estimates show that more than 80 percent of energy used for greenhouses goes toward heating. In northern climates, energy for heating greenhouses is a major expense. For commercial growers, energy costs represent the third-largest expense after labor and stock.
The commercial greenhouse growers market is divided between food/vegetable growers and flower growers, or floriculture. Floriculture is a $10 billion component of the U.S. economy. Worldwide, 145 countries are involved in greenhouse flower production. Wholesale value of world floriculture industry was $101.84 billion in 2003 and is increasing at approximately 11% to 15% per year. Greenhouse food crops grown commercially include tomatoes, peppers, lettuce, cucumbers, eggplant, and a variety of others.
About Nansulate(R)
Nansulate(R) is the Company's patented product line of specialty coatings containing a nanotechnology based material and which are well-documented to provide the combined performance qualities of thermal insulation, corrosion prevention, resistance to mold growth, fire resistance, chemical resistance, and lead encapsulation in an environmentally safe, water-based, coating formulation. The Nansulate(R) Product Line includes industrial, residential, agricultural and solar thermal insulation coatings. Additional information about the Company and its products can be found at their websites, (www.industrial-nanotech.com) and (www.nansulate.com).
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is emerging as a global nanoscience solutions and research leader. The Company develops and commercializes new and innovative applications for nanotechnology.
(BEDA.pk) - Bederra Corporation Reveals 175% Increase in Sales
HOUSTON--(BUSINESS WIRE)--Bederra Corporation (Pink Sheets:BEDA - News), a medical imaging and diagnostic Company has completed their financial statement for yearend 2008. A comparison of 2007 and 2008 shows a marked increase in assets, revenues and a decrease in company liabilities despite a troubled economy.
Gross sales grew to $3.2 million in services, which resulted in $1.5 million in revenue after contractual insurance adjustments were made. A net profit of 176,617 dollars was achieved for the year. Furthermore, the company reduced its liabilities by $400,000 during the same period. The company has also made major advances in streamlining operations to achieve more efficient patient services in order to cut overhead costs.
“The overall financial picture of the company makes us very optimistic that the growth in 2009 will be successful in all respects,” said Mr. Herbert Pratt, a member of Bederra’s Board of Directors.
About Bederra Corp.
http://www.bederra.com
Bederra Corporation, through its wholly owned subsidiaries Diagnos, Inc. and Lumar Imaging, Inc., provides multiple modality diagnostic medical imaging services to the greater Houston area and the world famous Texas Medical Center. The Company's business strategy is to continue to expand its current operations and seek out additional acquisitions that will complement its core offerings.
Gross sales grew to $3.2 million in services, which resulted in $1.5 million in revenue after contractual insurance adjustments were made. A net profit of 176,617 dollars was achieved for the year. Furthermore, the company reduced its liabilities by $400,000 during the same period. The company has also made major advances in streamlining operations to achieve more efficient patient services in order to cut overhead costs.
“The overall financial picture of the company makes us very optimistic that the growth in 2009 will be successful in all respects,” said Mr. Herbert Pratt, a member of Bederra’s Board of Directors.
About Bederra Corp.
http://www.bederra.com
Bederra Corporation, through its wholly owned subsidiaries Diagnos, Inc. and Lumar Imaging, Inc., provides multiple modality diagnostic medical imaging services to the greater Houston area and the world famous Texas Medical Center. The Company's business strategy is to continue to expand its current operations and seek out additional acquisitions that will complement its core offerings.
Friday, February 13, 2009
(SSTP.pk) - Sustainable Power Corp. Announces Form 10 Registration
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.
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.
(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.
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