SNRY, GOHG, NVSR, ACCP, OOIL, PMII, SYMW, NXPN, ETEN, SCSS, NFES Daily Market Movers Digest Midday Report for Wednesday, July 29th from OTCPicks.com

SNRY, GOHG, NVSR, ACCP, OOIL, PMII, SYMW, NXPN, ETEN, SCSS, NFES Daily Market Movers Digest Midday Report for Wednesday, July 29^th from OTCPicks.com

 

Our Stocks to Watch today include Solar Energy Initiatives Inc. (OTCBB: SNRY), Alpha1 Security Inc. (OTCBB: GOHG), NavStar Technologies Inc. (OTC: NVSR), Access Pharmaceuticals Inc. (OTCBB: ACCP), OriginOil Inc. (OTCBB: OOIL), Power Medical Interventions Inc. (OTCBB: PMII), SymPowerco Corp. (OTC: SYMW), Northern Explorations Ltd. (OTCBB: NXPN), E-18 Corp. (OTCBB: ETEN), Select Comfort Corp. (Nasdaq: SCSS) and NF Energy Saving Corp. (OTCBB: NFES).

 

Visit http://www.otcpicks.com/microcap.htm to register for our Daily Market Mover’s Digest Newsletter and Email Stock Watch Alerts.

 

SOLAR ENERGY INITIATIVES INCORPORATED (OTC BB: SNRY)

 

Detailed Quote: http://www.otcpicks.com/quotes/SNRY.php 

 

Company Profile: http://www.otcpicks.com/solar-energy-initiatives.htm

 

Solar Energy Initiatives, Inc. (www.SolarEnergy.com) is executing its “RENEW THE NATION” campaign, intended to promote job growth nationwide via an aggressive grass roots effort. The main focus of RENEW THE NATION will be working with companies in the construction industry and related trades affected by the economic downturn to re-train and re-deploy their workforce, allowing this important national asset to meet the needs of the Solar Energy industry, the fastest growing industry in the world. We are executing on a three-pronged approach to achieve our plan. This includes: continuing development of one of the fastest growing dealer networks in the U.S. that sells and installs solar solutions to homeowners and commercial customers; placing solar systems on large commercial buildings and selling the energy output to the owner/occupant(s); and becoming a developer of solar parks bringing together landowners, utilities and our corporate resources to build large photovoltaic installations. The Company’s dealer network of solar energy installers has access to Suntech Power Holdings Co., Ltd. (NYSE: STP), BP Solar (NYSE: BP) and GE Solar (NYSE: GE) equipment via its distribution agreements. While Solar Energy Initiatives is not a solar franchise, and the Company does not compete directly with industry giants such as First Solar (Nasdaq: FSLR), Kyocera (NYSE: KYO) or Sanyo (OTC: SANYY), as a system integrator, it provides exciting and practical solutions to businesses and individuals worldwide that understand the value of solar power.

 

SNRY News:

 

July 29 - Solar Energy Initiatives Announces Securing Land to Build a 300 Megawatt Solar Park in West Texas

 

* The Project Is Estimated to Generate Approximately $750 Million

* The Solar Park Will Be the World’s Largest Non-Utility Owned Solar Park to Be Created in the Americas

 

Solar Energy Initiatives, Inc. (OTCBB: SNRY), executing on a grass roots campaign, “RENEW THE NATION”, to help redeploy a portion of the U.S. work force and focus on reducing the world’s dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, today announced that the Company signed a contract securing land for the design, construction and operation of a solar park in west Texas. A Limited Liability Company will be formed to own, finance and operate the solar park. Solar Energy Initiatives will sell the solar panels and balance of system to the LLC, generating as much as $750 million in revenue within a 6 year time period. During the first year of development, the project will generate over $100 million in sales. The revenue approximation is solely based on the sale of the solar panels and does not account for the sale of generated electricity.

 

Construction of the 300 megawatt system represents the largest non-utility owned solar park to be created. Preliminary work, including zoning, permitting, EPA approvals and other activities will begin immediately with construction set to begin in the next 18 months. The project will be constructed in various increments over the six year time frame. At full capacity, the solar park could generate enough green renewable energy to displace approximately 700,000 metric tons of carbon emissions, annually, that would have otherwise been produced by non-renewable power generation. The project could produce enough energy to provide power to approximately 60,000 homes.

 

“Solar Energy Initiatives is thrilled to have secured such a monumental contract,” stated, David Fann, Chief Executive Officer of Solar Energy Initiatives. “The size and scope of this venture represents a significant milestone in establishing the Company as a true market leader within the rapidly expanding solar deployment sector. It is an incredible testament to our management team and Board of Directors that we have been successful in securing the contract to build the largest non-utility owned solar park.”

 

Mr. Fann continued, “As we continue to attract additional funding for these projects from our partners we will bid on new projects that make strong economic sense for our Company. The deployment of these large scale projects will enhance our ability to negotiate panel prices with solar panel providers which will enhance our overall margins and drive our profitability. Management believes that the signing of the solar park contracts will assist us in working with additional municipalities and land owners to obtain additional contracts, increase our earnings and achieve our primary goal of improved shareholder value.”

 

ALPHA 1 SECURITY INCORPORATED (OTCBB: GOHG)

 

Detailed Quote: http://www.otcpicks.com/quotes/GOHG.php 

 

Company Profile: http://www.otcpicks.com/global-holdings/global-holdings.htm

 

Alpha1 provides Internet based (IP) data security services as well as develops and markets software and microprocessor-based products. Alpha1's primary data security products use an advanced form of computer security technology referred to as public key infrastructure (PKI) which enables Alpha1's products to integrate. Alpha1 is an approved NSA C-2 classified contractor.

 

GOHG News:

 

July 29 - Alpha1 Security Gets Contract, in Principle, for $75 Million Over Five Years

 

Alpha1 Security Inc. (OTCBB: GOHG) has agreed in principle with George Karam, Chairman of Karamco Inc., to provide secure communications to the government of Saudi Arabia. The contract has a potential value of $15 million a year for five years.

 

NAVSTAR TECHNOLOGIES INCORPORATED (OTC: NVSR)

"Up 74% yesterday and another 35% today in strong trading"

 

Detailed Quote: http://www.otcpicks.com/quotes/NVSR.php 

 

Company Profile: http://www.otcpicks.com/navstar-technologies/navstar-technologies.htm

 

NavStar is focused on the creation of GPS products and services that provide wireless tracking of vehicles, equipment, and other valuable and personal assets. The goal is to be a total solutions provider.

 

NVSR News:

 

July 29 - NavStar Technologies, Inc. Completes an LOI With Anything Trucker, Inc. for Sales and Distribution in the US

 

NavStar Technologies, Inc. (OTC: NVSR), a multinational firm focused on developing and commercializing asset tracking and monitoring devices for vehicles and high value cargo, announced the completion of an LOI for sales, marketing and distribution in the US.

 

NavStar will partner with Anything Trucker, a transportation marketing unit of Anything Brands Online, Inc (OTC: ANYT), to leverage its existing sales force to provide equipment, software and related services to trucking companies in the US. The NavStar Vehicle Tracker and service will be the initial product sold in 2009. Vehicle Tracker has 20,000 units in service around the world. The LOI specifies 10,000 units and associated service will be sold annually which equates to $2.5M in hardware and service revenue for NavStar. With year 1 sales forecast in the US at less than one tenth of one percent penetration, there is a significant "upside" in this opportunity.

 

Tim Norton, President, Anything Trucker, stated, "We are pleased that NavStar has placed its confidence in our organization for the promotion and sale of its product line. NavStar products will provide our commercial clients the technology to improve communications and vehicle monitoring that will lead to more efficient and profitable operations."

 

"With more than 30 million trucks in the US, this is an opportunity we cannot 'slow roll' as originally planned. We have been in discussions with Anything Trucking for several months and are excited to take this next step in formalizing our relationship," said N. Douglas Pritt, Chairman & CEO, NavStar Technologies, Inc. "We will support their efforts with hardware, customized software and engineering support as they define the specific requirements of the trucking industry in the US."

 

ABOUT ANYTHING TRUCKER, INC.

 

Anything Brands Online unit Anything Trucker (www.anythingtrucker.com) markets and sells products and services that improve the level of transportation efficiency and safety of its commercial and recreational customers.

 

ACCESS PHARMACEUTICALS INCORPORATED (OTCBB: ACCP)

 

Detailed Quote: http://www.otcpicks.com/quotes/ACCP.php 

 

Company Profile: http://www.otcpicks.com/access-pharmaceuticals/access-pharmaceuticals.htm 

 

Access Pharmaceuticals, Inc. is an emerging biopharmaceutical company that develops and commercializes propriety products for the treatment and supportive care of cancer patients. Access' products include ProLindac™, currently in Phase 2 clinical testing of patients with ovarian cancer, and MuGard™ for the management of patients with mucositis. The company also has other advanced drug delivery technologies including Cobalamin™-mediated targeted delivery and oral drug delivery, its proprietary nanopolymer delivery technology based on the natural vitamin B12 uptake mechanism; Angiolix®, a humanized monoclonal antibody which acts as an anti-angiogenesis factor and is targeted to breast cancer; and Thiarabine, a new generation nucleoside analog which has demonstrated both pre-clinical and clinical activity in certain cancers.

 

ACCP News:

 

July 29 - ProActiveNewsRoom Announces Interview With Jeffrey Davis, CEO of Access Pharmaceuticals

 

ProActiveNewsRoom.com, a division of Pro Active Capital Resources, a holding company for a network of resources dedicated to the discovery and creation of value in the small-cap and micro-cap marketplace, announced that an interview with Jeffrey Davis, CEO of Access Pharmaceuticals (OTCBB: ACCP), is available on the site at http://bit.ly/rh8Nb.

 

During the interview conducted late last week by Tom Allinder of ProActiveNewsRoom.com, Mr. Davis answers questions on MuGard, Access Pharmaceuticals' novel, ready-to-use mucoadhesive oral wound rinse for the management of oral mucositis, a debilitating side effect of many anticancer treatments. Access Pharmaceuticals announced last week that MuGard data from a UK study shows that MuGard prevents oral mucositis in head and neck cancer patients. The discussion of the market size and valuation with regard to MuGard for Access Pharmaceuticals is also covered during the interview.

 

"We are very pleased to have Access Pharmaceuticals as a client. We expect the company to continue its progress into an expanding and dynamic segment of the health care marketplace. It is our job at Pro Active to increase awareness of the company's accomplishments, and to facilitate open communication between the investment community and Access Pharmaceuticals' management team," said Jeff Ramson, CEO of Pro-Active Capital Resources.

 

Access Pharmaceuticals Announces New MuGard Commercial Strategy in North America

 

Commences Pre-Marketing Activities while Seeking Big Pharma Partnerships

 

Access Pharmaceuticals, Inc. (OTCBB: ACCP), announced today that it is evaluating strategic options for the commercialization of MuGard in North America. MuGard is an FDA approved treatment for oral mucositis, a debilitating side effect of radiation treatment and chemotherapy, and previously announced data suggest that the market for MuGard is significantly greater than previously expected. Frank Jacobucci, formerly President & CEO of Milestone Biosciences, has joined Access as a consultant, and will assist with ongoing reimbursement, manufacturing and commercial launch activities at Access, while discussions with potential licensee and co-promotion partners is ongoing.

 

"Access is focused on maximizing the potential of MuGard, both for patients and for its shareholders," states Jeffrey B. Davis, Access' President & CEO. "Bringing MuGard back in-house will enable Access to capture more of MuGard's value for shareholders, and be more intimately involved in the ongoing commercialization activities. I welcome the expert insight and experience of Frank Jacobucci, who brings great knowledge and expertise in launching pharma products, with a particular expertise in oral mucositis and related indications, and of course MuGard."

 

Mr. Jacobucci has over 20 years experience in sales management, including senior sales executive positions at oncology focused companies including MGI Pharma, Genetics Institute, Wyeth Oncology, Aventis, Precision Therapeutics and CRC Oncology Services.

 

"I have always known the substantial potential for MuGard in the prevention and treatment of oral mucositis as well as it being very important for the medical community, and an exciting commercial opportunity in the pharma sector," stated Frank Jacobucci. "I look forward to working with the Access team while preparing for a MuGard launch in North America and bringing additional pharma resources to bear as needed. These efforts will not only maximize the potential for MuGard but, more importantly, provide access and availability for patients; thus improving outcomes I continue to believe that MuGard is a very important product for the cancer community, as the negative impact of oral mucositis on patient health and treatment is very significant."

 

MuGard is a novel, ready-to-use mucoadhesive oral wound rinse for the management of oral mucositis, a debilitating side effect of many anticancer treatments. Up to 80% of all patients receiving radiotherapy and approximately 40% of all chemotherapy patients develop oral mucositis, and almost all patients receiving radiotherapy for head and neck cancer and those undergoing stem cell transplantation develop mucositis. Updated clinical practice guidelines for the prevention and treatment of mucositis recommend the use of a preventive oral care regimen as part of routine supportive care along with a therapeutic oral care regimen if mucositis develops. The market for the treatment of oral mucositis, expanding to include all patients undergoing chemotherapy and radiotherapy, is estimated to be in excess of $5 billion world-wide.

 

MuGard forms a protective coating over the oral mucosa when swirled gently around the mouth. In a comparison of cancer patients receiving standard mucositis care with those patients receiving MuGard, the incidence and severity of mucositis was significantly lower in the MuGard treated group using a validated scale for the assessment of oral mucositis.

 

The previously announced licensing agreement between Access and Milestone Biosciences, LLC for North American rights to MuGard has been terminated.

 

ORIGINOIL INCORPORATED (OTCBB: OOIL)

 

Detailed Quote: http://www.otcpicks.com/quotes/OOIL.php 

 

Company Profile: http://www.otcpicks.com/originoil.htm 

 

OriginOil, Inc. is developing a breakthrough technology that will transform algae, the most promising source of renewable oil, into a true competitor to petroleum. Much of the world's oil and gas is made up of ancient algae deposits. Today, our technology will produce "new oil" from algae, through a cost-effective, high-speed manufacturing process. This endless supply of new oil can be used for many products, such as diesel, gasoline, jet fuel, plastics and solvents, without the global warming effects of petroleum. Other oil-producing feedstock, such as corn and sugarcane, often destroy vital farmlands and rainforests, disrupt global food supplies and create new environmental problems. Our unique technology, based on algae, is targeted at fundamentally changing our source of oil without disrupting the environment or food supplies.

 

OOIL News:

 

July 29 - Wall Street Journal Online Leads Media Coverage of OriginOil's Live Extraction Technology

 

OriginOil, Inc. (OTCBB: OOIL), the developer of a breakthrough technology to transform algae, the most promising source of renewable oil, into a true competitor to petroleum, reported that its recent Live Extraction™ announcement has received extensive media coverage, led by The Wall Street Journal yesterday in its daily "Environmental Capital" online feature.

 

Reporter Keith Johnson’s article headlined with, "Really, what is it with algae all of a sudden?", and went on to cover OriginOil's recent announcement of its Live Extraction breakthrough. Johnson wrote, "The upshot is that OriginOil uses electrical pulses to get at the oil inside algae without killing them, leaving them alive to produce more oil. Other processes rely on 'harvesting' the algae, extracting the oil, then waiting for a fresh batch of algae to grow. Origin plans to merge the two methods—culling part of the algae and milking part of it."

 

"We are seeing dramatically increased attention to the algae-to-oil sector from the media since the recent Exxon Mobil announcement", commented Riggs Eckelberry, OriginOil CEO. "Our focus is to continue to concentrate on technology innovation, and on sharing that technology widely as fast as possible so that algae can reach its potential as the world’s truly scalable biofuel."

 

The Wall Street Journal led coverage of OriginOil's breakthrough process for Live Algae oil extraction in its Environmental Capital online column featuring "daily news and analysis of the shifting energy and environmental landscape". Biofuels Digest, a leading global news portal of the biofuels industry, also featured the announcement yesterday as its top story of the day. Additional coverage of the breakthrough came from United Press International, Biofuels Journal, The Bioenergy Site, Domestic Fuel, Blatant Reality, Green Car Congress, Energy Current, Daily Biofuels News Digest, Energy Business-Review, and Agence France-Presse, and can be viewed on the Company’s website at OriginOil in the News.

 

POWER MEDICAL INTERVENTIONS INCORPORATED (NASDAQ: PMII)

"Up 250.00% in morning trading"

 

Detailed Quote: http://www.otcpicks.com/quotes/PMII.php 

 

Power Medical Interventions®, Inc. is the world's only provider of computer-assisted, power-actuated surgical stapling products. PMI's Intelligent Surgical Instruments™ enable less invasive surgical techniques to benefit surgeons, patients, hospitals and healthcare networks. PMI manufactures durable recyclable technology to reduce medical waste and help keep the planet clean. The company was founded in 1999, and is headquartered in Langhorne, PA with additional offices in Germany, France, and Japan.

 

PMII News:

 

July 29 - Covidien Announces Definitive Agreement to Acquire Power Medical Interventions, Inc.

 

Expands Portfolio of Solutions for Surgeons

 

Covidien (NYSE: COV), a leading global provider of healthcare products, today announced the Company has reached a definitive agreement to acquire Power Medical Interventions, Inc. (OTCBB: PMII), a provider of computer-assisted, power-actuated surgical cutting and stapling products.

 

Based in Langhorne, PA, Power Medical Interventions (PMI) had 2008 revenues of $9 million. The Board of Directors of both companies unanimously approved the transaction, pursuant to which a wholly owned subsidiary of Covidien will pay $2.08 in cash per share of PMI common stock. Aggregate consideration, including assumption of debt, will total approximately $64 million. The transaction, which will take the form of an all cash tender offer, is subject to customary closing conditions and is expected to be completed by September 25, 2009.

 

PMI’s first powered stapling platform, the SurgAssist, was introduced in 2001 and has been used in more than 45,000 procedures globally. Over the last two years, the company has introduced wireless Intelligent Surgical Instruments™ that have the potential to revolutionize and expand minimally invasive surgery applications, as well as enable novel surgical procedures to benefit surgeons, patients, hospitals and healthcare networks. Covidien, which develops innovative technology for advanced surgical procedures, is a world leader in surgical stapling.

 

“By combining these technological assets with our global infrastructure, we will be delivering differentiated solutions to our customers,” said Scott Flora, President, Surgical Devices, Covidien. “As a pioneer in surgical stapling, we are committed to providing healthcare technology that enables advanced surgical techniques and improves patient outcomes.”

 

“We are excited to join Covidien’s Surgical Devices business unit and look forward to establishing a technology platform that will advance surgical stapling and instrumentation beyond the capabilities of existing manually operated devices,” said Michael Whitman, President and Chief Executive Officer, PMI.

 

Covidien does not anticipate this transaction will have a material impact on its fiscal 2009 sales or operating margin outlook. The transaction will be slightly dilutive in 2010, but the underlying strength of its existing businesses is expected to offset the dilution. Once the transaction has been completed, Covidien will report the PMI business as part of its Endomechanical product line in the Medical Devices segment.

 

ABOUT COVIDIEN

 

Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in four segments: Medical Devices, Imaging Solutions, Pharmaceutical Products and Medical Supplies. With 2008 revenue of nearly $10 billion, Covidien has more than 41,000 employees worldwide in 59 countries, and its products are sold in over 140 countries.

 

SYMPOWERCO CORPORATION (OTC: SYMW)

"Up 55.56% in morning trading"

 

Detailed Quote: http://www.otcpicks.com/quotes/SYMW.php

 

SymPowerco Corporation develops advanced fuel cell and power delivery systems for the rapidly growing personal transportation and portable power system markets being created by today's energy and environmental challenges.

 

SYMW News:

 

July 29 - SymPowerco Releases Details of Government Grant

 

SymPowerco Corporation (OTC: SYMW) CEO John Davenport revealed details of the terms of the recently announced government grant in support of the development of the company's unique Flowing Electrolyte Direct Methanol Fuel Cell ("FEDMFC"). Polygenic Power Systems, Inc. ("PPSI"), SymPowerco's majority-owned subsidiary, was recently informed by the Ontario Centres of Excellence ("OCE") that it was successful in its application for a grant from the OCE's Centre of Excellence for Energy.

 

The Centre of Excellence for Energy, a part of Ontario's Centres of Excellence, was created to address the significant challenges and opportunities posed by the current energy situation in Ontario, Canada. The Centre invests in and promotes cutting-edge research collaborations between industry and colleges, universities and research hospitals. The Centre's objective is to foster innovation in energy markets, systems and technologies. The Centre works with industry to solve problems by engaging the brightest minds at Ontario's universities and colleges in the challenges faced by businesses.

 

The grant has been approved in support of the FEDMFC development project to be undertaken by the Department of Mechanical and Aerospace Engineering at Carleton University in Canada's capital city, Ottawa, Ontario, in collaboration with PPSI, which is jointly owned by SymPowerco (70%) and Hybrid Energy Technologies of Toronto, Canada (30%). The total value of the project has a cash and "in kind" value of CDN $1,040,655.

 

SymPowerco CEO, John Davenport, commented, "We at SymPowerco are very excited and pleased that the lengthy application process for this grant has been so successful. Our application went through an exhaustive process of evaluation and peer review. The peer reviews were conducted by academics from various universities and research organizations and by successful business people. They were all chosen by the Ontario Centres of Excellence and were all anonymous to SymPowerco. We believe this process and the grant funding is very confirming of the importance and viability of SymPowerco's Flowing Electrolyte Direct Methanol Fuel Cell technologies."

 

SymPowerco Corporation develops advanced fuel cell and power delivery systems for the rapidly growing personal transportation and portable power system markets. SymPowerco's soon-to-be majority-owned subsidiaries, HOSS Motor Sports and Highline Hydrogen Hybrids Systems, offer potentially expansive synergies and marketing opportunities with SymPowerco's Flowing Electrolyte Direct Methanol Fuel Cell and Hybrid Power System technologies.

 

NORTHERN EXPLORATION LIMITED (OTCBB: NXPN)

"Up 22.22% in morning trading"

 

Detailed Quote: http://www.otcpicks.com/quotes/NXPN.php 

 

Norex Energy (Northern Explorations Ltd.) is an energy exploration company currently developing natural gas projects across North America. The Company has acquired working interests in natural gas assets located in Texas as well as projects in California and Alberta, Canada. The projects contain documented gas reserves and associated plant, pipeline and infrastructure currently in place.

 

NXPN News:

 

July 14 - Northern Explorations Seismic Data Confirms First Drill Target in California

 

Northern Explorations Ltd. (OTCBB: NXPN) ("Northern," "Norex" or the "Company") recently provided updated details of the Company's California Gas Project, located approximately 20 miles south of the city of Sacramento along the Upper Cretaceous Winters "Eastside Stratigraphic Trend" of the southern Sacramento Valley.

 

The operator has just completed a detailed 3D Seismic reprocessing of data and has now identified the first drilling target, a highly prospective, relatively low risk gas pool with multiple objectives from sands that have a combined estimated total of 3.6 BCF gas from Winters sandstones. Winters Sands are one of the most prolific gas reservoirs in the Sacramento Valley, accounting for over 400 BCF in historical production. Analog producers have been identified as the Merritt Island (5.6 BCF) and Snodgrass Slough (4.6 BCF) fields.

 

The first well of the program is planned to target the new 3D seismic data that indicates over 50 feet of net pay at a depth of 7,800 feet. Should the target prove to be 100% gas filled and is commercially viable, this first well has a projected initial production rate (I.P.R.) of 2,000 to 4,000 MCF per day.

 

The Company has been informed that drilling at the test well is to commence in approximately 30 to 45 days depending on rig availability. If a commercial well is achieved, Norex aims to benefit from what would be a very short pay out period for all prospect fees, seismic, drilling and pipeline tie-in costs as an existing pipeline is less than 1/2 mile from the site which delivers gas to PG&E Citygate, a major player in the California gas business.

 

E-18 CORPORATION (OTCBB: ETEN)

"Up 28.00% in morning trading"

 

Detailed Quote: http://www.otcpicks.com/quotes/ETEN.php

 

E-18 Corp., through its wholly owned subsidiary, SquareOne Medical, Inc., doing business as Protectus Medical Devices, develops and markets innovative safety medical percutaneous devices that, collectively, have the potential to dramatically reduce needlestick injuries for medical professionals worldwide. In the nearly $5 billion global hypodermic syringe market, the Protectus Safety Syringe, the Company's lead product, is the only fully automatic, self-sheathing hypodermic safety syringe that currently meets the functional definition of "Self-Sheathing" mandated by the U.S. Federal Government. None of the manufacturers of other devices on the market can make this claim. Protectus Medical Devices has successfully patented its automatic, self-sheathing hypodermic safety syringe product, and, based on the results of full comparison clinical trials, the Protectus Safety Syringe (formerly the SquareOne Safety Syringe) has received the required 510(k) permission from the U.S. FDA to manufacture and market the device in the U.S.

 

ETEN News:

 

July 29 - Protectus Medical Devices Corporate Profile Appears in Investor's Business Daily Corporate News Section

 

E-18 Corp. (OTCBB: ETEN) announced that a profile of SquareOne Medical, Inc., doing business as Protectus Medical Devices ("Protectus Medical Devices"), is featured in the July 29 Investor's Business Daily (IBD) Corporate News Section. Protectus Medical Devices is a wholly owned subsidiary of E-18 Corp. The Corporate Profile discusses the Company's lead product, the Protectus Medical Safety Syringe, which is a patented, automatic, self-sheathing hypodermic safety syringe. The Protectus Medical Safety Syringe is designed to significantly reduce or eliminate accidental needlestick injuries that have plagued the healthcare workplace for decades. In addition to appearing in the newspaper, the Corporate News section can also be seen on the Investor's Business Daily web site at www.investors.com for the next three weeks starting Wednesday, July 29th, 2009.

 

Investor's Business Daily (IBD), which was launched in 1984, is known as one of the most innovative sources of insight and information for the investor community. IBD serves over 800,000 investors worldwide through a variety of proprietary products and services, relevant news from the investor's perspective, as well as research, investment education, efficient stock ratings and screens unavailable anywhere else (Source: Investors Business Daily - Investors.com). IBD, which is considered a research tool in the financial industry, provides critical information to retail investor that was previously only available to institutional investors.

 

"We hope that IBD's readers who are interested in emerging companies will follow the progress of Protectus Medical Devices," said Dr. John Salstrom, President and CEO of Protectus Medical Devices. "We believe that with the only automatic, self-sheathing safety syringe in the medical devices space, and the Company's FDA 510(k) permission to manufacture and market the device, we are well positioned to make a significant impact in the marketplace."

 

SELECT COMFORT CORPORATION (NASDAQ: SCSS)

"Up 9.14% in morning trading"

 

Detailed Quote: http://www.otcpicks.com/quotes/SCSS.php

 

Founded more than 20 years ago, Select Comfort Corporation is the nation’s leading bed retailer. Based in Minneapolis, the company designs, manufactures, markets and supports a line of adjustable-firmness mattresses featuring air-chamber technology, branded the Sleep Number® bed, as well as foundations and bedding accessories. SELECT COMFORT® products are sold through its approximately 450 company-owned stores located across the United States; select bedding retailers; direct marketing operations; and online at www.sleepnumber.com.

 

SCSS News:

 

July 23 - Select Comfort Announces Improved Second Quarter 2009 Results

 

* Select Comfort Announces Improved Second Quarter 2009 Results

* Improved Operating Income Year-Over-Year by $11.2 Million

* Generated Positive Cash Flow from Operating Activities

* Reduced Borrowings Under Revolving Credit Facility to $43.8 Million

* Reached Agreement on $35.0 Million Investment in the Company

 

Select Comfort Corporation (Nasdaq: SCSS), the nation’s leading bed retailer and creator of the SLEEP NUMBER® bed, announced results for the fiscal 2009 second quarter ended July 4, 2009. Net sales for the quarter totaled $120.6 million, a decrease of 21 percent compared to $152.1 million in the second quarter of 2008. The company reported second quarter operating income of $1.0 million, an $11.2 million improvement compared to the second quarter of 2008. Net loss was $4.0 million, or $0.09 per diluted share, compared to a net loss of $6.6 million, or $0.15 per diluted share, in the second-quarter of 2008. Second-quarter results include a $3.6 million charge to eliminate the company’s remaining deferred tax assets. Excluding this non-cash expense, the company would have reported a net loss of $0.3 million or $0.01 per diluted share. During the second quarter, the company generated cash flow from operating activities of $11.5 million, reduced borrowings under its revolving credit facility to $43.8 million and reached agreement with Sterling Partners for a $35.0 million cash investment into the company, subject to shareholder approval.

 

“We continued to make improvements in our financial results, despite ongoing economic challenges and what is historically our weakest selling period,” said Bill McLaughlin, president and CEO, Select Comfort Corporation. “During the quarter, we made progress against our 2009 turn-around plan, which resulted in positive cash flow and an improved pre-tax profit over the prior quarter.”

 

During the second quarter, the company continued to focus on its priorities of aligning costs with current and anticipated sales levels, reigniting the Sleep Number brand, and preserving cash and improving its capital structure:

 

Cost Reduction

 

A) Closed 21 stores during the quarter and 51 stores year-to-date, with plans to close at least 15 additional stores by the end of 2009. These actions are expected to reduce fixed store costs by approximately $14.0 million in 2009;

 

B) Enhanced effectiveness and efficiency of marketing spend, with second-quarter marketing expense as a percent of net sales down from 25.4 percent in 2008 to 17.7 percent in 2009, a 765 basis-point improvement; and

 

C) Reduced general and administrative and research and development expenses in the quarter by $2.5 million on a year-over-year basis.

 

Reigniting the Sleep Number Brand

 

a) Continued to support the company’s value strategy, benefiting from first-quarter product line redesign and refining successful promotional programs;

 

b) Continued to advance results from core direct marketing and the new local radio campaign, which highlights the differentiated benefits of the Sleep Number bed and the location of the company’s retail stores; and

 

c) Experienced sequential improvement in same-store sales to an 11 percent decline in the second quarter from a 14 percent decline in the first quarter of 2009.

 

Preserving Cash and Improving Capital Structure

 

* Maintained strict discipline on capital spending in the quarter. Capital expenditures in the second quarter of 2009 were $0.7 million compared with $10.6 million in the prior-year period; and

 

* Reached an agreement with Sterling Partners for a $35.0 million investment, subject to shareholder approval and other closing conditions, which also would result in an amended credit agreement with new covenants and extended maturity from 2010 to 2012.

 

“We are pleased with the impact of our efforts on our overall financial position, and our team remains focused on pursuing incremental ways to reduce costs, build our brand, and preserve cash and improve our capital structure,” continued McLaughlin. “These efforts will help ensure we have adequate capital and are well positioned for future success as our programs gain momentum and the macro-economic environment ultimately improves.”

 

Second-Quarter Summary

 

During the second quarter, total sales declined 21 percent compared to the prior-year period. Retail sales, which accounted for 78.9 percent of total sales, declined 16 percent compared to the prior-year period.

 

Second-quarter gross profit margin was 61.6 percent, up 201 basis points from 59.6 percent in the prior-year period and 304 basis points on a sequential basis from 58.6 percent in the first quarter. The year-over-year improvement reflects improved efficiencies in manufacturing, offset by a more aggressive promotion strategy to generate store traffic and drive sales.

 

Sales and marketing costs in the second quarter of 2009 decreased by 28 percent to $61.1 million or 50.6 percent of net sales. This compares to $85.4 million, or 56.2 percent of net sales in the prior-year period. General and administrative expenses were $11.7 million in the second quarter, or 9.7 percent of net sales. This compares to $14.1 million, or 9.3 percent of net sales, in the second quarter of 2008.

 

Cash flows from operating activities totaled $35.6 million for the first six months of 2009, which included $25.8 million in tax refunds associated with prior-year losses. This compares to $10.4 million of operating cash flow for the first six months of 2008. The company reduced capital expenditures to $1.9 million for the first six months of 2009, compared to $20.9 million in the first six months of 2008, which reflects actions taken to significantly reduce investments in store expansion and IT infrastructure. As of July 4, 2009, cash and cash equivalents totaled $4.5 million, and outstanding borrowings under the company’s revolving credit facility totaled $43.8 million.

 

Outlook

 

“We do not anticipate a significant economic recovery or improvement in consumer confidence for the balance of the year, which will likely result in continued sales volatility in the near term,” said Jim Raabe, senior vice president and CFO, Select Comfort Corporation. “That said, we expect sales declines to moderate in the second half of 2009, as we lap the impact of the significant economic downturn we experienced during the second half of 2008.”

 

In the second half of the year, the company anticipates it will remain cash flow positive and achieve break-even or slight profitability, before the impact of charges associated with the Sterling Partners transaction and subsequent actions. The combination of the $35.0 million investment and the amended credit agreement would improve the company’s current capital structure, allowing the company to address its liquidity needs and pursue long-term opportunities that become available.

 

Financing Update

 

The company continues to operate under and rely on short-term waivers to comply with certain ongoing covenants associated with the $75.0 million available under its revolving credit facility. On May 26, 2009, the company announced that it had entered into a securities purchase agreement with Sterling Partners, a leading growth-oriented, U.S.-based private equity firm. Under the terms of the agreement, Sterling Partners would purchase 50 million shares of common stock at $0.70 per share, for a total investment of $35.0 million. These shares would represent a 52.5 percent ownership interest in the company. The investment is subject to shareholder approval and customary closing provisions, and the company expects the shareholder meeting and the closing of the transaction to occur in late August or early September. The company believes there is uncertainty with respect to its ability to secure a longer-term amendment to the credit agreement without consummation of the transaction with Sterling Partners, and a likelihood of significant cost, dilution, limited financial flexibility and limited term in the event such an amendment could be secured. In conjunction with the purchase agreement, the company’s existing lenders have agreed to negotiate in good faith to amend and restate the company’s current credit agreement. The amended credit agreement would provide maximum availability of $70.0 million, include improved operating covenants and extend the maturity from June 2010 to December 2012. The amended credit agreement is subject to final lender approval and definitive documentation.

 

On June 25, 2009, the company announced that Sterling Partners intends to seek the appointment of a new CEO, Pat Hopf, following closing of the transaction.

 

NF ENERGY SAVING CORPORATION (OTCBB: NFES)

"Up 18.18% in morning trading"

 

Detailed Quote: http://www.otcpicks.com/quotes/NFES.php 

 

NF Energy Saving Corporation of America is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services to clients. Headquartered in Shenyang city of China, the Company currently has 220 employees and several proprietary energy saving technologies and patents.

 

NFES News:

 

July 29 - NF Energy Saving Corporation Executes Strategic Cooperation Agreement with GE Alliance to Develop China Energy-Saving Market

 

NF Energy Saving Corporation (OTCBB: NFES) (“NF Energy”), a Chinese leader in energy efficient flow control systems, today announced the Company has signed a Strategic Cooperation Agreement with GE Enterprise Development (Shanghai) Co. LTD (“GE”), a GE subsidiary, to jointly promote sustainable market development and to cooperate in energy savings projects in China.

 

GE and NF Energy will cooperate to jointly market and develop energy savings projects in China. "We are glad to partner with GE in developing the Chinese energy-saving market," commented Mr. Li Gang, Chairman and CEO of NF Energy. "It is definitely a win-win cooperation. The energy-saving market perspective is very strong and is supported by favorable Chinese government policies that promote and reward these types of projects."

 

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