EXXI, PMDP, TONE, AEN, TFNK, BGMO OTCPicks.com Stocks to Watch for Tuesday, September 8th

Our Stocks to Watch tomorrow include Energy XXI Gulf Coast Inc. (Nasdaq: EXXI), Plateau Mineral Development Inc. (OTC: PMDP), TierOne Corp. (Nasdaq: TONE), Adeona Pharmaceuticals Inc. (AMEX: AEN), The Football Network Inc. (OTC: TFNK) and Bergamo Acquisition Corp. (OTC: BGMO).

ENERGY XXI (BERMUDA) LIMITED (NASDAQ: EXXI)

"Up 83.78% on Friday"

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

Energy XXI is a Houston-based independent energy company engaged in the acquisition, development, exploration and production of oil and natural gas reserves in the U.S. Gulf Coast and the Gulf of Mexico. The Company an indirect wholly owned subsidiary of the Parent, Energy XXI, Inc. (Bermuda) Limited.

EXXI News:

September 4 - Energy XXI Gulf Coast, Inc. Announces Debt Exchange Offer and Consent Solicitation

Energy XXI Gulf Coast, Inc. (Nasdaq: EXXI) (the "Company") announced it has commenced an exchange offer and consent solicitation in respect of its 10% Senior Notes due 2013 (the "Senior Notes").

The Company has commenced an offer to exchange up to $360 million principal amount outstanding Senior Notes properly tendered (and not validly withdrawn) and accepted by the Company for its newly issued 16% Second Lien Junior Secured Notes due 2014 (the "Second Lien Notes"), subject to proration and reduction to $311 million principal amount of Senior Notes, depending on the aggregate principal amount of Second Lien Notes sold in a concurrent private placement.

In conjunction with the exchange offer, the Company is also soliciting consents from holders of the Senior Notes to certain proposed amendments (the "Proposed Amendments") to the indenture under which the Senior Notes were issued, which, if effected, would modify certain of the restrictive covenants in that indenture in order to permit the issuance of the Second Lien Notes. A tender of Senior Notes by any holder in the exchange offer will also constitute a consent by such holder in favor of the Proposed Amendments. The adoption of Proposed Amendments requires the consents (the "Requisite Consents") of holders of a majority in principal amount of Senior Notes not held by the Company and its affiliates.

In exchange for each $1,000 principal amount of Senior Notes properly tendered (and not validly withdrawn) and accepted by the Company: (i) by 5:00 p.m., New York City time, on September 18, 2009 (such time and date, as the same may be extended, the "Early Tender Date"), participating holders of Senior Notes will receive $800 principal amount of Second Lien Notes, subject to proration ("Total Consideration"), and (ii) after the Early Tender Date but prior to Midnight, New York City time, on October 2, 2009 (such time and date, as the same may be extended, the "Expiration Date"), participating holders will receive $750 principal amount of Second Lien Notes, subject to proration ("Exchange Consideration"). Tendered Senior Notes (and delivered consents) may be withdrawn prior to 5:00 p.m., New York City time, on September 18, 2009, unless extended.

The Company has received indications from holders of an aggregate principal amount of approximately $345 million of Senior Notes of their intent to participate in the tender.

The aggregate principal amount of Second Lien Notes that may be issued pursuant to the exchange offer in exchange for Senior Notes will be at least $248.8 million and up to a maximum of $288.0 million, depending on the aggregate principal amount of Second Lien Notes and common stock sold in a concurrent private placement. Concurrently with the closing of the exchange offer, the Company will sell for cash in a private placement an aggregate principal amount of Second Lien Notes of at least $50.0 million and up to a maximum of $89.0 million. The Second Lien Notes issued in the exchange offer will be designated Series A (the "Series A Second Lien Notes") and the Second Lien Notes issued in the private placement will be designated Series B (the "Series B Second Lien Notes"). The two series initially will bear different CUSIP numbers but will otherwise have the same terms.

The Second Lien Notes will bear interest at the rate of 16% per annum, consisting of (i) 14% payable in cash and (ii) 2% payable by either increasing the outstanding principal amount of the applicable series or by issuing additional Second Lien Notes of the applicable series, in each case payable on June 15 and December 15 of each year, beginning on December 15, 2009. The Second Lien Notes will mature on June 15, 2014. The obligations under the Second Lien Notes will be guaranteed by the following: (i) a guarantee by Energy XXI USA, Inc., the Company's direct parent, recourse under which is limited to its ownership of 100% of the Company's outstanding capital stock (the "Direct Parent"); (ii) the full and unconditional guarantee of Energy XXI (Bermuda) Limited, the Company's ultimate parent (the "Parent"); and (iii) the full and unconditional guarantee of each of the Company's subsidiaries (the "Subsidiaries," and together with the Direct Parent and the Parent, the "Guarantors" and the guarantees of Second Lien Notes by the Guarantors, collectively, the "Guarantees").

The Second Lien Notes and the related Guarantees will be subordinated in right of payment to indebtedness under the Company's Amended and Restated First Lien Credit Agreement, as amended, restated, modified or refinanced from time to time (the "Credit Agreement"). The Second Lien Notes and related Guarantees by the Subsidiaries and the Direct Parent will be secured on a second priority lien basis, subject to certain permitted liens, by the same assets that secure indebtedness on a first priority lien basis under the Company's Credit Agreement. If any party becomes a new guarantor under the Credit Agreement, such party will also become a Guarantor of the Second Lien Notes. As a result, the Second Lien Notes also will be subordinated in priority to the indebtedness under the Company's Credit Agreement to the extent of the collateral securing such obligations. Under a proposed intercreditor agreement, under certain circumstances (including a bankruptcy or insolvency of the Company or any of the Subsidiaries) payments to holders of Second Lien Notes, but not to holders of the Senior Notes, may be blocked.

The exchange offer is being made, and the Series A Second Lien Notes are being offered and issued, in reliance upon the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended (the "Securities Act"), from the registration requirements of the Securities Act. The securities being sold in the concurrent private placement are being offered and issued in reliance upon the exemption provided by Section 4(2) of the Securities Act from the registration requirements of the Securities Act.

The terms and conditions of the Company's acceptance of Senior Notes that are tendered for exchange pursuant to the exchange offer and consents that are delivered pursuant to the consent solicitation are set forth solely in the confidential offering circular and consent solicitation statement dated September 4, 2009 (the "Offering Circular") relating to the exchange offer and the consent solicitation and the accompanying letter of transmittal and consent (together with the Offering Circular, the "Offering Documents"). The exchange offer and consent solicitation are made only by, and pursuant to, the terms set forth in the Offering Circular, and the information in this press release is qualified by reference to the Offering Documents. Subject to applicable law, the Company may amend, extend or terminate the exchange offer and the consent solicitation.

PLATEAU MINERAL DEVELOPMENT INCORPORATED (OTC: PMDP)

"Up 66.67% on Friday"

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

Plateau Mineral Development, Inc. specializes in the exploration and development of energy sources. Its partner, Plateau Mineral Development LLC, has been in existence for over five years with successful new wells and rework wells selling both gas and oil.

PMDP News:

July 15 - Plateau Mineral Development, Inc. Announces Solar Collector

Plateau Mineral Development, Inc. (OTC: PMDP), along with its partner, Plateau Mineral Development LLC, announced today that the firm, in conjunction with MEI, is moving to secure several features of its improved solar collector.

The unit, produced and installed in the early 1980s, is being upgraded with the inclusion of photo-voltaic capability. The unit acts as a concentrator under clear skies and as a flat plate when sunlight is diffused by dust or clouds.

A representative of Plateau Mineral Development states, "Additionally, a research and development plan and budget have been prepared to research means of enhancing the photo-voltaic output. Understandably, aspects of this research and development are being held in strictest confidence. We will update our shareholders on portions of the research that are deemed appropriate for dissemination as soon as the details are available to us."

TIERONE CORPORATION (NASDAQ: TONE)

"Up 44.91% on Friday"

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

TierOne Corporation is the parent company of TierOne Bank, a $3.2 billion federally chartered savings bank and the largest publicly traded financial institution headquartered in Nebraska. Founded in 1907, TierOne Bank offers customers a wide variety of full-service consumer, commercial and agricultural banking products and services through a network of 69 banking offices located in Nebraska, Iowa and Kansas.

TONE News:

September 4 - TierOne To Sell Omaha and Other Selected Bank Offices

Move Returns TierOne Bank to Historic Community Bank Footprint; Expected to Increase Capital Position

TierOne Corporation (Nasdaq: TONE) (“Company”), the holding company for TierOne Bank (“Bank”), announced today the Company and the Bank have entered into a definitive agreement (“Agreement”) to sell deposits, selected loans and other assets associated with 32 of the Bank’s branch offices to Great Western Bank, a South Dakota-based subsidiary of National Australia Bank. The transaction, which is subject to regulatory approval and other customary closing conditions, is expected to be completed as soon as late 2009.

Under the terms of the Agreement, Great Western Bank will assume approximately $1.1 billion in deposits. The Bank will transfer or sell to Great Western Bank approximately $800.0 million in loans, $20.0 million in real estate and other assets and the balance in cash or securities less a $55.0 million deposit premium paid.

The branch offices involved in the transaction are located in Broken Bow, Burwell, Callaway, Columbus (2), Gothenburg, Grand Island (2), Holdrege (2), Lexington (3), McCook, North Platte (2), O’Neill, Omaha (9), Ord, Papillion and St. Paul, Nebraska and three offices located in Council Bluffs, Iowa. Many of the branch offices being sold were acquired by the Company in its 2004 acquisition of United Nebraska Bank. The remaining branches consist of other facilities the Bank has built or acquired.

“After the branch office sale, TierOne Bank will return to its historic community bank footprint and will enhance its capital position,” said Gilbert G. Lundstrom, chairman and chief executive officer. “Completion of the transaction will fortify the Bank’s capital levels. This additional capital will strengthen our ability to continue to address selected asset quality issues and improve our capacity to manage through this challenging economic period. As we have in the past, we will continue to evaluate our loan portfolio and take necessary action to manage our balance sheet.”

Upon completion of the transaction, TierOne Bank will have 37 banking offices located in Nebraska, Iowa and Kansas and approximately $2.0 billion in assets, or about the same asset size the Bank was prior to its United Nebraska Bank acquisition.

“TierOne Bank’s solid presence in its robust headquarters city of Lincoln, combined with its highly respected position in many of our market area’s leading communities, will continue to serve as a strong foundation for our future success,” Lundstrom added. “Looking forward, with one of the larger retail franchises in our region and enhanced capital levels, we plan to strengthen our legacy as a responsive community bank and build upon the trust and loyalty TierOne Bank has earned from our employees, customers and communities over our 102-year history.”

ADEONA PHARMACEUTALS INCORPORATED (AMEX: AEN)

"Up 40.00% on Friday"

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

Adeona Pharmaceuticals, Inc. (AMEX: AEN) is a specialty pharmaceutical company dedicated to the awareness, prevention and treatment of subclinical zinc deficiency and chronic copper toxicity in the mature population. Adeona believes that such conditions may contribute to the progression of debilitating degenerative diseases, including, dry age-related macular degeneration (dry AMD), Alzheimer's disease (AD) and mild cognitive impairment (MCI) in susceptible persons. Adeona is also developing a number of late-stage clinical drug candidates for the treatment of rheumatoid arthritis and multiple sclerosis.

AEN News:

August 14 - Adeona Pharmaceuticals Announces Second Quarter 2009 Results and Achievements

Adeona Pharmaceuticals, Inc. (AMEX: AEN), a specialty pharmaceutical company dedicated to the awareness, diagnosis, prevention and treatment of zinc deficiency and chronic copper toxicity in the mature population, today announced its results for its second quarter ended June 30, 2009 and recent achievements.

A conference call has been scheduled for 2:00pm EDT on August 14, 2009. In order to listen to the conference call, please call toll free: 800-390-5696 and international dial-in: 719-325-2282 passcode 3885495. A replay of the conference call will be archived for at least 15 days on Adeona's website at www.adeonapharma.com.

Second quarter and recent highlights included:

* Appointment of Max Lyon as Chief Executive Officer and President;

* Presented results of the CopperProof Study, an Adeona-sponsored 90 subject prospective, blinded, observational clinical study evaluating copper and zinc status in Alzheimer's disease, Parkinson's disease and normal subjects, at the 2009 International Conference on Alzheimer's Disease (ICAD) in Vienna, Austria;

* Completed the acquisition of Hartlab LLC, an independent Chicago-area CLIA-certified clinical reference laboratory;

* Exhibited and introduced Hartlab to the 4,000+ Alzheimer's disease clinician and researcher attendees of ICAD;

* Appointment of David A. Newsome, M.D., President of Adeona's health information and education subsidiary, HealthMine, Inc.

Max Lyon, President & Chief Executive Officer of Adeona, commented, "We are pleased with our progress in the second quarter, particularly the acquisition on Hartlab which now gives us the near term opportunity to enter the market with the only comprehensive diagnostic test panel available for determining the copper and zinc status of patients with neurodegenerative diseases such as Alzheimer's disease, dementia and mild cognitive impairment. Based on the new data we presented at the ICAD conference, combined with the existing peer reviewed data available, we believe that the comprehensive determining of copper and zinc status combined with the appropriate follow on therapeutic actions could have a significant impact on the progression of these diseases."

Financial Results for Second Quarter of 2009

The net loss for the quarter ended June 30, 2009 was $879,550 or $0.04 per share compared to a net loss of $1,113,275 or $0.05 per share for the previous quarter ended March 31, 2009, a reduction of 21%. The net loss for the quarter ended June 30, 2009 excluding depreciation and stock-based compensation and stock-based consulting was $659,299 compared to $758,221 for the previous quarter ended March 31, 2009, a reduction of 23%. The net loss for the quarter ended June 30, 2009 included a one-time cash expense of $75,000 related to the cancelled acquisition of Colwell Clinical Laboratories.

Of the net loss for the quarter ended June 30, 2009, $405,645 was attributable to research and development expenses and $473,961was attributable to general and administrative expenses. The net loss for the six months ended June 30, 2009 was $1, 992,825, or $0.09 per share, compared to a net loss of $4,861,169, or $0.24 per share, for the comparable period in 2008. This decrease of $2,864,334 in net loss was due to the significant downsizing and cost saving measures initiated at the end of the first quarter of 2008. Research and development expenses decreased by $2,391,344 for the six months ended June 30, 2009 as compared to the same period last year. The decrease primarily relates to a decrease of approximately $1,067,000 associated with the reduced development expenses associated with our licensed clinical drug candidates, a decrease of approximately $839,000 in stock based compensation charges and a decrease in salaries and related taxes of approximately $398,000. General and administrative expenses decreased by $542,306 for the six months ended June 30, 2009 as compared to the same period in 2008, which is primarily due to a decrease in salaries and related payroll taxes of approximately $260,000, a decrease in stock based compensation charges of approximately $164,000, a decrease in allocated overhead of approximately $60,000 and a decrease in professional fees of approximately $52,000.

At June 30, 2009, Adeona had cash of approximately $4.42 million and working capital of approximately $4.06 million. Excluding the one-time cash expenditure of $75,000 related to the cancelled acquisition of Colwell Clinical Laboratories, Adeona's net decrease in working capital, or "burn rate", for the quarter ended June 30, 2009 was $572,373 which compares to Adeona's burn rate of $596,288 for the previous quarter ended March 31, 2009. Adeona currently believes that it has sufficient working capital to fund operations for the next 16 months. As a result of Adeona's acquisition on July 9, 2009 of Hartlab LLC, a Chicago-area CLIA-certified clinical reference laboratory, Adeona has begun generating revenues in the current quarter and plans to launch a suite of assays intended to diagnose and quantify potential copper toxicity and other metal-implicated neurodegenerative conditions.

TFN, THE FOOTBALL NETWORK (OTC: TFNK)

"Up 33.33% on Friday"

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

The Football Network (TFN) specializes in coverage of football. TFN produces a radio show, "TFN's Football Focus", which is carried on radio stations nationwide. The company is developing a 24-hour cable television channel devoted exclusively to football, providing coverage of the sport, its players, behind the scenes reports, and shows devoted to football-related topics. It has offices in Marina Del Rey, California and Lynnfield Massachusetts.

TFNK News:

August 25 - TFN, The Football Network, Inc. Announces Plans for Second Sports Website

TFN, The Football Network, Inc. (OTC: TFNK) has signed an agreement to produce the second in a series of websites aimed at the sports market and sports fans. "We will be creating a second website named, 'TFN, The Fan's Network, Soccer'," said Jantonio Turner, President. "The new website will feature highlights and clips of soccer based programming and will be ready in 30 days."

"It is our intention to become a destination spot for all fans of all of the major sports and we will be developing the content and traffic for the major sports in the months to come," added Turner. "While we still have a long way to go, this is just another step in the continuation of the plan we previously announced and I am pleased with our progress," concluded Turner.

BERGAMO ACQUISITION CORPORATION (OTC: BGMO)

"Up 10.87% on Friday"

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

Bergamo Acquisition Corp., through its wholly owned subsidiary, Bergamo E&A Corp., focuses on the development of clean energy infrastructure projects in Pakistan. The company involves in the construction of mission-critical infrastructure, including clean energy electric plants, solar renewable energy projects, and LED high efficiency lighting projects. It also provides construction management and facility maintenance services. In addition, Bergamo Acquisition Corp. engages in wholesale business that focuses on women’s urban fashion apparel and accessories comprising recognized brands. The company is headquartered in Henderson, Nevada.

BGMO News:

September 2 - Bergamo Acquisition Corp. CEO Hillard Herzog Today Featured in Podcast Interview

Hillard Herzog, CEO of Bergamo Acquisition Corp. (OTC: BGMO), was featured in a podcast interview on StockGuru.com released after the close of market on Wednesday. In the interview, Mr. Herzog gave additional details and further explained the $1 billion USD investment into Bergamo's wholly owned subsidiary, Bergamo E & A, as announced on Tuesday. Mr. Herzog also discussed the status of the $100 million USD domestic funding announced on July 27, 2009.

To listen to the interview, visit www.stockguru.com/2009/09/bgmo-hillard-herzog.

On Friday, September 4, 2009 at 1:40 PM Pacific Time Mr. Herzog will also appear live on "The Big Biz Show" with Sully on the Business Talk Radio Network. To find out more and to listen live, check out www.bigbizshow.com.

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