BMGP, DVME, AMNP, PAYI, JAGR, PACR, IVOT, SYNJ, HESG, AGYS, ZVTK OTCPicks.com Daily Market Movers Digest Midday Report for Wednesday, November 4th

Our Stocks to Watch today include Biomagnetics Diagnostics Corp. (OTC: BMGP), Diverse Media Group Inc. (OTC: DVME), American Sierra Gold Corp. (OTCBB: AMNP), Pay88 Inc. (OTCBB: PAYI), Jaguar Mining Enterprises Inc. (OTC: JAGR), Pacer International Inc. (Nasdaq: PACR), I Green Innovations Inc. (OTCBB: IVOT), Syndication Inc. (OTC: SYNJ), Health Sciences Group Inc. (OTC: HESG), Agilysys Inc. (Nasdaq: AGYS) and Zevotek Inc. (OTC: ZVTK).

 

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BIOMAGNETICS DIAGNOSTICS CORPORATION (OTC: BMGP)

 

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

 

Company Profile: http://www.otcpicks.com/biomagnetics-diagnostics/biomagnetics-diagnostics.htm

 

Biomagnetics Diagnostics Corporation is an advanced medical device and biotechnology company. The Company's revolutionary diagnostic systems, which are based on advanced magnetics, test for any viral or bacterial disease using any body fluid. The Company's technology allows laboratories to perform far more tests in the same amount of time it takes to do a single test. The HTS-MTP platform is designed to detect the actual virus and viral load in body fluids and not just simply screen for the presence of viral antibodies.

 

BMGP News:

 

November 4 - Biomagnetics Applies for Gates Foundation Grand Challenge Grant

 

Biomagnetics Diagnostics Corp. (OTC: BMGP), a developer of revolutionary diagnostic systems and technology for HIV, hepatitis, tuberculosis, and malaria detection, announced it has submitted an application to the Bill & Melinda Gates Foundation for a grant to further develop the Integrate Optical Biosensor Sensor (IOBS) technology it is plans to bring to market. The topic for the Grand Challenge Grant is Low Cost Diagnostics for Global Priory Health Conditions, which includes both malaria and tuberculosis.

“The availability of low cost diagnostics for malaria and tuberculosis are major concerns for not only health care professions, but also for the Gates Foundation. The technology we plan to introduce reduces the cost of traditional malaria testing by up to two-thirds,” commented Clayton Hardman, CEO of Biomagnetics Diagnostics. “The IOBS platform produces test results measured in only minutes, whereas traditional methodologies often take many days. Additionally, the handheld IOBS platform can be utilized in the field at point of care by relatively untrained personnel. We believe the IOBS platform holds the promise to revolutionize testing for not only malaria, but also for many other diseases including tuberculosis and HIV/AIDS. We believe the Gates Foundation had a device such as IOBS in mind when it devised the specifications for the Challenge Grant.”

 

According to the World Health Organization, some 3.2 billion people, or about half the world's population is at risk of malaria transmission in 107 countries and territories worldwide. While there are between 350 million and 500 million new cases of malaria each year, there are very few reliable and field deployable diagnostic tools available. In the case of malaria, early detection substantially improves treatability and survivability. Field deployable Integrated Optical Biosensor Systems (IBOS), such those Biomagnetics Diagnostics is planning to soon introduce hold the promise to significantly speed the diagnostic testing process and to meaningfully lower costs and improve lives.

 

DIVERSE MEDIA GROUP INCORPORATED (OTC: DVME)

"Up 14.29% in morning trading"

 

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

 

Company Profile: http://otcpicks.com/Newsletter/DVME_eProfile_091709.html 

 

Diverse Media Group, Inc. is an entertainment company that aggregates expertise across all aspects of the media industry. Diverse Media Group has at its core the established 27-year history of its wholly owned subsidiary, Diverse Talent Group. Diverse Talent Group is now the 10th largest Hollywood agency offering talent and literary representation in commercials, episodic television, cable programming and motion pictures. The company has the ability to create programming, foster distribution and represent talented individuals to fuel a new digital age of content generation. The parent company also includes the subsidiary Talent Quest America, Inc., which identifies new and rising talent representing the future of the Hollywood entertainment community.

 

DVME News:

 

September 28 - Network Talks Underway to Develop 'Momo' into Weekly TV Series Title is Part of Diverse Media Group, Inc. Option Agreement with Elio Pictures

 

“Momo” executive producers Dimitri Logothetis and Nicholas Celozzi have announced that talks are underway with networks in the U.S. and Canada to develop the project as a weekly series for television. “Momo” is one of six titles for which Diverse Media Group, Inc. (OTC: DVME) has optioned to purchase a 30% interest from Elio Pictures, Ltd.

 

Diverse Media Group CEO Chris Nassif calls the development “a huge step forward in our company’s transition to a complete entertainment and media services provider.”

 

Logothetis and Celozzi have been working for seven years on the life story of infamous mob boss Sam Giancana. After securing the exclusive story rights from Francine Giancana to her father’s life story, they originally set the project up at Warner Bros. and Turner as a mini-series. Logothetis calculates development costs to date at $75,000. With the success of the 60's-based AMC series “Mad Men,” they decided that “Momo” could also satisfy weekly audience interest in that period of Americana. Giancana was born in 1908 and killed in 1974.

 

Celozzi describes the series as real-life “Sopranos” meets “The Gangster Chronicles.” Sam Giancana was a very compelling personality. As a family man, Sam lost his wife to a rheumatic heart disease, raised three daughters, supported an extended family and was one of the most powerful men of the twentieth century. Through union ties Giancana helped swing the Illinois vote during the Kennedy/Nixon election. He was the first mobster to claim his rights to the Fifth Amendment in front of live television cameras while questioned by Bobby Kennedy during the McClellan committee hearings. Sam had a long-standing friendship with Frank Sinatra, the leader of the so called “Rat Pack,” who played in Chicago nightclubs run by Giancana.

 

The other Elio Pictures titles optioned by Diverse Media Group include “The Lost Angel” (2005) with Judd Nelson and Celozzi, “Framed by Seduction” (2004) starring Robert Patrick, “Nightmare Boulevard” (2004) starring Claudia Christian and Corbin Bernsen, “7-10 Split” (2007) featuring Tara Reid and Rachel Hunter, and “Senior Skip Day” (2008) with Lea Thompson and Norm MacDonald.

 

The option is being purchased with 25 million shares of Diverse Media Group restricted common stock, valued at $50,000. The Company has until March 30, 2010, to exercise its option for a cash price of an additional $400,000.

 

AMERICAN SIERRA GOLD CORPORATION (OTCBB: AMNP)

 

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

 

Company Profile: http://www.otcpicks.com/american-sierra-gold/american-sierra-gold.htm

 

American Sierra Gold Corp. is a publicly traded independent gold exploration company headquartered in Reno, Nevada. Shareholders and prospective investors are encouraged to call investor relations at 1-888-279-3921 or visit American Sierra Gold Corp's website at www.americansierragold.com.

 

AMNP News:

 

October 27 - American Sierra Gold Corp. Appoints New Chief Financial Officer

 

American Sierra Gold Corp. (OTCBB: AMNP), an independent gold exploration company headquartered in Reno, Nevada, announced that Johannes Petersen has joined the Company as Chief Financial Officer and as a member of the Board of Directors.

 

Mr. Petersen has experience in a wide range of aspects of resource exploration, management and finance. He brings great value to the company having served as director and CFO of a number of public and private resource companies. He has worked in business planning and development for resource projects located in North America and Asia. Over the past four years, Mr. Petersen has been instrumental in raising over $17 million to fund the activities of resource projects.

 

On his appointment, Mr. Petersen said "I am delighted to join American Sierra in its quest for gold. I believe the Company has the right mix of ingredients for major success: a very capable team, sound financing arrangements to fund its operations and a portfolio with exciting exploration potential."

 

Commenting on Mr. Petersen's appointment, Wayne Gruden added: "I am pleased that Johannes has decided to join American Sierra's efforts to build a leading gold exploration company in North America. Johannes' exceptional breadth and caliber of expertise will be beneficial to the Company's future success."

 

Mr. Petersen has also covered several functions within the financial services industry, ranging from fixed income to currency trading. He holds a BSc in Economics from Universidad del Pacifico (Peru) and an MBA degree from the London Business School (UK).

PAY88 INCORPORATED (OTCBB: PAYI)

 

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

 

Company Profile: http://www.otcpicks.com/pay88-inc/pay88-inc.htm

 

Pay88, Inc., through its wholly-owned subsidiary, Chongqing Qianbao Technology, Ltd., is a rapidly growing digital technology company and the leading reseller of internet game time in China with over $19.7 million USD in revenues in 2008, a 134.8% increase over revenues in 2007. The company is primarily engaged in the sale of prepaid online multi-player game cards in more than 20 cities in China, an industry that generated $2.75 billion in 2008 and is expected to reach $3.8 billion by the end of 2009. In addition, The Company sells prepaid telephone cards and over 800 software products, including cooking, language and education software. Qianbao sells its game cards through its websites, www.iamseller.com, and www.17logo.com, which has more than 1 million registered users. The Company has successfully captured more than 80% of the online multi-player game time market in Chongqing, a municipality of more than 31 million people, and the third fastest-growing regional economy in China. Pay88 leverages such consumer establishments as retail kiosks and Internet cafes to increase its distribution of highly popular games for an increasing number of gaming companies.

 

PAYI News:

 

October 28 - Pay88, Inc. Goes Mobile With Sohu.com Inc.

 

Pay88, Inc. (OTCBB: PAYI) announced that it has entered into a distribution agreement with Sohu.com Inc. (Nasdaq: SOHU). Through its subsidiary, Qianbao Technology, Pay88 will act as a distributor of SOHU digital products, with a particular focus on mobile phone games.

 

With more than 100 million users and 700 million site visits per day, Sohu.com Inc., is one of the leading internet media companies in China with revenues of over $429 million USD in 2008, 2.3 times that of .scal 2007. Sohu provides millions of Chinese consumers with information, communication and entertainment services through its matrix of websites and offers two types of consumer services — online games (including the massively popular multi-player online role-playing games "Tian Long Ba Bu" and "Blade Online"), and wireless connectivity.

 

Pay88 is one of the few companies in China capable of facilitating online banking and is also the leading reseller of internet game time in China's booming $2.75 billion online video game market, selling online multiplayer game time and prepaid cards in more than 20 cities in China. The venture with Sohu takes the company mobile for the first time and company officials say the timing and the opportunity couldn't be better.

 

According to analysts at Niko Partners, China will be home to 119 million online gamers by 2012, propelling the market to $8.9 billion by 2013. And Forbes reports the online gaming community is growing by an average of 4 million new players each month. An alliance with Sohu positions Pay88 to dramatically expand their reach into this massive market.

 

Guo Fan, Chairman and President of Pay88, said, "Pay88's large customer base and payment platform makes this agreement with SOHU an exciting opportunity for both companies." He added, "As a result of this new relationship, Qianbao Technology will now be able to offer mobile games to the domestic market in China."

 

Company officials say forging this agreement with Sohu represents a powerful step forward in expanding their footprint throughout China. Over the coming year, the company will continue to develop and improve its internet gaming platform, expand its distribution websites, and increase its overall product line, as well as expand into many additional cities in China.

 

JAGUAR MINING ENTERPRISES INCORPORATED (OTC: JAGR)

"Up 4.65% in morning trading"

 

Detailed Quote: www.otcpicks.com/quotes/JAGR.php 

 

Company Profile: http://www.otcpicks.com/jaguar-mining/jaguar-mining.htm 

 

Jaguar Mining Enterprises, Inc. is an independent mining company engaged in the acquisition, development, and exploitation of iron ore primarily mined in Mexico. The Company specializes in the exploitation of iron ore mines with proven reserves. The Company's strategy is to locate, acquire and develop mine locations that contain sufficient quantities of iron ore and require minimal start-up costs.

 

JAGR News:

 

October 27 - Jaguar Mining Enterprises Files Its Initial Disclosure Statement on Pink Sheets

 

Jaguar Mining Enterprises, Inc. (OTC: JAGR), an independent mining company engaged in the acquisition, development, and exploitation of iron ore primarily mined in Mexico, announced that the company has filed its Initial Information and Disclosure Statement through OTC Disclosure and News Service. A current summation of the company and its business objectives is now available on Pink Sheets (www.pinksheets.com) under the company's symbol, JAGR.

 

Jaguar Mining also announced that it has begun discussions with a Shanghai, China based firm to act as its direct sales and marketing representative to Chinese steel manufacturers. Jaguar hopes to finalize terms of an agreement which will provide the company with its first strategic partnership in China, the world's largest iron ore importer. The company plans to release complete details once a definitive agreement has been completed.

 

PACER INTERNATIONAL INCORPORATED (NASDAQ: PACR)

"Up 45.76% in morning trading"

 

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

 

Pacer International, a leading asset-light North American freight transportation and logistics provider, through its intermodal and logistics operating segments, offers a broad array of services to facilitate the movement of freight from origin to destination. The intermodal segment offers wholesale intermodal services to transportation intermediaries, and retail intermodal services directly to beneficial cargo owners. The logistics segment provides other logistics services to beneficial cargo owners through its truck brokerage, warehousing and distribution, international freight forwarding and supply-chain management services units. Pacer International is headquartered in Concord, California. Its intermodal and logistics operating segments are headquartered in Concord, California, and in Dublin, Ohio, respectively.

 

PACR News:

 

November 3 - Pacer International Announces New Arrangements with Union Pacific and Reports Third-Quarter 2009 Results

 

Pacer International, Inc. (Nasdaq: PACR), the asset-light North American freight transportation and logistics services provider, announced that it has entered into new arrangements with Union Pacific Railroad (UP) that will further accelerate Pacer’s transformation into a fully-integrated, door-to-door intermodal service provider. In addition, Pacer reported its financial results for the three- and nine-month periods ending September 30, 2009.

 

* Multi-year arrangements provide continued access to the entire UP intermodal rail network and establishes a new rate structure.

 

* Pacer increases focus on door-to-door integrated intermodal services with seamless coordination and control of equipment, technology, and service delivery.

 

* Pacer’s full portfolio of intermodal, trucking, and logistics services is positioned to meet shipper requirements.

 

“We are delighted to announce that Pacer and UP have entered into new multi-year arrangements that provide Pacer with continued access to the entire UP network,” said Michael E. Uremovich, chairman and CEO of Pacer. “This is a significant positive development for Pacer and our customers. The direct beneficiaries of the arrangements are companies seeking door-to-door intermodal services who demand a higher degree of service delivery integration and greater efficiency.”

 

The new arrangements provide Pacer with continued access to the entire UP intermodal network, featuring a multi-year line-haul services extension that replaces the parties’ current terms for domestic big-box shipments that were to expire in 2011. In addition, it resolves outstanding claims between Pacer and UP relating to domestic container transportation; facilitates a more efficient equipment model through a fleet-sharing arrangement that provides customers access to equipment of both companies; and allows Pacer to strategically focus on its direct-to-customer intermodal service offering. The multi-faceted arrangements form a firm foundation for intermodal service growth by both organizations.

 

Pacer will utilize the $30 million cash payment received in connection with the new arrangements to reduce outstanding debt under its revolving credit facility, a reduction of nearly 50 percent, providing the Company with additional availability under the facility.

 

The increased focus on high-value, door-to-door service is expected to result in long-term benefits for Pacer, though a substantial reduction in revenues from third-party, ramp-to-ramp services is anticipated due to the new arrangements’ terms and conditions.

 

“Pacer’s strategy recognizes that shippers favor direct control over each element of the transportation process. This is an exciting and dynamic time because intermodal has emerged as a key growth sector in the transportation industry. We are positioned for growth as one of the largest intermodal services providers with the most diverse container fleet in North America and focused on what the customer demands—seamless coordination and control of equipment, technology, and service delivery,” said Uremovich.

“We continue to offer our premier array of transportation and logistics services, through our cartage, highway, warehousing, and ocean carrier and freight forwarding businesses; and we continue to dedicate ourselves to delivering the very highest service with confidence every day,” said Uremovich.

 

I GREEN INNOVATIONS INCORPORATED (OTCBB: IVOT)

"Up 81.25% in morning trading"

 

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

 

I Green Innovations, through its subsidiary B Green Innovations, Inc. ("B Green"), a Matawan, New Jersey-based Corporation, is dedicated to becoming a "green" technology company, focused on acquiring and identifying promising technologies that address environmental issues. The first technology will be used to create new products from recycled tire rubber. Recently, the company announced that it had filed a new Patent Application for a process it described as "paver blocks and patio blocks made from recycled tire crumb rubber." B Green Innovations, Inc. has also filed 3 additional patents on products made using 100% recycled tires.

 

IVOT News:

 

November 4 - B Green Innovations, Inc. Signs Distribution Agreement With Whirlpool Corporation; Whirlpool to Sell ‘VibeAway™’ Anti-Vibration Pad Made From 100% Recycled Pads Made From Scrap Tires

 

Whirlpool Corporation Is the World's Leading Manufacturer and Marketer of Major Home Appliances, With Annual Sales of Approximately $19 Billion; “Recycling the Planet One Tire at a Time”

 

I Green Innovations, Inc. (OTCBB: IVOT), announced its wholly owned subsidiary B Green Innovations, Inc. has signed a distribution agreement with Whirlpool Corporation (NYSE: WHR) to sell "VibeAway™" anti-vibration pad made from 100% recycled pads made from scrap tires. Whirlpool Corporation will distribute the "VibeAway™" to customers nationwide seeking an environmentally responsible solution.

 

The distribution agreement is a terrific opportunity for B Green Innovations, Inc. to distribute products with a great brand on a national basis. We believe that our "Green" product offering, matched with great service and the strong consumer appeal of the Whirlpool brand will enable us to build market share and provide a meaningful source of revenue and profit.

 

The demand for environmentally responsible acoustical products has increased significantly in the past few years. The VibeAway™ is a welcome addition to growing lists of products we offer to our customers which focus on reducing the environmental impact of each project.

 

ABOUT WHIRLPOOL

 

Whirlpool Corporation today is the world's leading manufacturer and marketer of major home appliances. Whirlpool realizes annual sales of approximately $19 billion, has 70,000 employees and maintains 69 manufacturing and technology research centers around the world. We market Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world.

 

SYNDICATION INCORPORATED (OTC: SYNJ)

"Up 16.67% in morning trading"

 

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

 

Syndication, Inc., a development stage company, operates as a consulting company in the United States. It acquires controlling interests in or to participate in the creation of, and to provide financial, management, and technical support to development stage businesses, e-commerce businesses, and traditional brick-and-mortar businesses. The company assists target companies in various areas, including the development and implementation of business models to provide solutions to traditional companies; building corporate infrastructure, such as a management team, a qualified sales and marketing department, information technology, and finance and business development; and managing rapid growth and flexibility to adopt to the changing Internet marketplace and technology. It also assists target companies in evaluating, structuring, and negotiating joint ventures, strategic alliances, joint marketing agreements and other corporate transactions; and by providing advice relating to corporate finance, financial reporting, and accounting operations. Syndication, through its subsidiary, Sy-Med Decompression, Inc., provides non-surgical treatment option for patients with back pain due to lumbar disc herniation, degenerative disc disease, sciatica, facet syndrome, and spinal stenosis. The company, formerly known as Syndication Net.com, Inc., was founded in 1999 and is headquartered in Washington, D.C.

 

SYNJ News:

 

November 4 - Syndication Inc. Announces Mac Marshall Jr. Signs Former CFO of Fortune 500 Company; Company Preps for Government Funding

 

Syndication Inc. (OTC: SYNJ) reports that McCutcheon Marshall Jr., President and Chairman of the Board for Sentinel Renewable Energy S.C. Inc. and Pinnacle Energy Inc., the wholly owned energy subsidiary of Syndication Inc., announces that on Sunday the 25th of October 2009, Sentinel Renewable Energy S.C. Inc. signed Mr. Peter Katzburg as the new CFO of the Company. Mr. Katzburg has over thirty years of experience including service as the CFO of a Fortune 500 and a Fortune 1000 company. He currently owns and operates a Financial Consulting Firm located in South Carolina. The firm specializes in a broad and comprehensive range of financial services that focus primarily on procuring working and growth capital for Companies. The various sources include commercial and government loans, grants, and equity. Over the years Mr. Katzburg has supervised and implemented many projects for businesses throughout the State of South Carolina. As a result, he has developed strong banking relationships, secured various state, county and community incentive grants, JEDA Industrial Revenue Bonds, USDA funding, DOE Funding, negotiated incentives and secured funding from the S.C. Department of Commerce, Williamsburg County and the Williamsburg County Rural Development Fund.

 

For the last 6 months, Mr. Katzburg has been working as a private consultant for the Company. He was the chief architect of our $25 million DOE grant application and our 3.5 million government guaranteed loan application, both of which are pending approval. "The fact that he has officially accepted the position of Chief Financial Officer of our company says volumes about his perception of our Company's potential as well as enhancing the favor of the strategic alliances that follow him," says Mac Marshall Jr. the President of Sentinel Renewable Energy S.C. Inc. and Pinnacle Energy Inc.

 

When Mr. Sorrentino was asked to comment on the new CFO he stated, "whenever the Company has the opportunity to bring on a professional with Mr. Katzburg credentials, you have to consider yourself extremely fortunate. Mr. Katzburg has worked with many companies in the State of South Carolina and has successfully closed financing programs with both the DOE and USDA. The fact that he has such strong and familiar ties to those agencies obviously gives him a valuable insight on how to build our finance and cash flow matrix models to meet all specifications. However, even more important is that the agencies and banks we are currently working with now know that he is not just acting as an agent for our Company but, as the CFO he will be in charge of supervising the finance programs they are funding. From there perspective the potential of our Company has got to look great. In my opinion, the last remaining concerns about moving to a close have been defused," said Brian Sorrentino the CEO of Syndication Inc. The Company reports that more news is pending.

 

HEALTH SCIENCES GROUP INCORPORATED (OTC: HESG)

"Up 33.33% in morning trading"

 

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

 

Health Sciences Group, Inc. is a provider of health and wellness services to consumers, physicians and other healthcare professionals through its Web site and health-focused publications. The Health Sciences network consists of its public website and iGoHealthy Magazine. The Company operates in two segments: Online Services and Publishing and Other Services.

 

HESG News:

 

November 3 - Health Sciences Group, Inc. Locks in Consulting Agreement With Medical Marijuana, Inc.

 

Health Sciences Group, Inc. (OTC: HESG) announced that its CEO Thomas Gaffney has finalized a consulting agreement with Medical Marijuana, Inc. (OTC: MJNA) on a comprehensive agreement to advise on compliance issues with any state, local and city medical marijuana issues concerning the operations of dispensaries in California.

 

ABOUT MEDICAL MARIJUANA, INC.

 

Medical Marijuana, Inc. (OTC: MJNA) is the first public company to recognize the vast and unequaled opportunities that exist in the rapidly expanding medical marijuana industry. The scientific recognition of marijuana as a powerful medicine, and as an effective, non-narcotic pain reliever, has brought legalized marijuana use to the forefront of mainstream discussion thus opening the door for safe and lucrative investment opportunities. Medical Marijuana, Inc. has developed a suite of turnkey business and management solutions for the fledgling medical marijuana collective industry in California. The growing number of other states that have legalized the use of medical marijuana have yet to establish a system for the legalized commercial production and sale of the medicine. These regions are also strong potential targets for Medical Marijuana, Inc.'s products and services down the road. It is likely that other states will follow California's basic lead as the Golden State more specifically defines the regulations and protocol that are shaping the supply-side of the legal medical marijuana sector.

 

AGILYSYS INCORPORATED (NASDAQ: AGYS)

"Up 30.88% in morning trading"

 

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

 

Agilysys is a leading provider of innovative IT solutions to corporate and public-sector customers, with special expertise in select markets, including retail and hospitality. The company uses technology — including hardware, software and services — to help customers resolve their most complicated IT needs. The company possesses expertise in enterprise architecture and high availability, infrastructure optimization, storage and resource management, identity management and business continuity; and provides industry-specific software, services and expertise to the retail and hospitality markets. Headquartered in Cleveland, Agilysys operates extensively throughout North America, with additional sales offices in the United Kingdom and China.

 

AGYS News:

 

November 4 - Agilysys Reports Unaudited Fiscal 2010 Second-Quarter and First-Half Results

 

* Quarterly Net Income from Continuing Operations Improves Sharply to $2.9 Million, or $0.12 Per Diluted Share, on 9% Lower Revenue

* Revenue Increases 20% Sequentially

* Debt Free With $48.2 Million Cash on Hand at Sept. 30 vs $36.2 Million at Fiscal Year-End

 

Agilysys, Inc. (Nasdaq: AGYS), a leading provider of innovative IT solutions, announced unaudited financial results for the fiscal 2010 second quarter and first half ended September 30, 2009.

 

Second-Quarter Unaudited Results of Operations

 

Revenue declined 9.0% to $156.0 million, compared with $171.4 million in the second quarter of fiscal 2009. Hardware sales declined 3.5%, services declined 32.6% and software sales increased 14.0%. Consolidated revenues rebounded 19.8% from the $130.2 million reported in the first quarter, due to double-digit growth in hardware, software and services.

 

Cost-cutting initiatives and lower acquisition-related intangible amortization drove selling, general and administrative (SG&A) expense down $12.4 million, or 23.9%, to $39.6 million. The Company recently executed an additional $9 million in annual savings of which approximately $4 million will be realized in the second half of fiscal 2010.

 

The Company's operating income, excluding restructuring and asset impairment charges ("Charges"), improved $6.2 million to $4.3 million from the operating loss of $1.9 million last year. Lower sales and gross profit year-over-year were more than offset by lower SG&A expense. Adjusted EBITDA (operating income plus depreciation and amortization), excluding Charges, increased 44.9% to $7.4 million for the quarter, compared with $5.1 million a year ago.

 

Agilysys reported net income from continuing operations of $2.9 million, or $0.12 per diluted share, a significant increase from the loss of $105.3 million, or a loss of $4.66 per share, recorded in the previous year.

 

"We are pleased to report strong sequential growth in sales and positive net earnings for the quarter. The improvement in profitability reflects the tangible benefits realized from our cost-saving efforts," said Martin Ellis, President and Chief Executive Officer. "In addition to improved bottom-line performance, our order pipeline has started to show modest recovery from the depressed levels of the past several quarters."

 

Fiscal 2010 First-Half Unaudited Results of Operations

 

First-half 2010 revenue was $286.2 million compared with revenue of $351.2 million in the first six months of 2009. Revenue in the first half of fiscal 2010 decreased 18.5% reflecting lower sales in each of the company's three business segments. Hardware declined 13.6%, services declined 36.3% and software decreased 8.2%.

 

SG&A expense declined $23.7 million, or 22.0%, to $84.1 million, largely due to cost reductions. Approximately $44 million in annual costs have been eliminated since the first quarter of fiscal year 2009 when the company began aggressively reducing SG&A expenses to align cost structure with deteriorating market demand. Adjusted EBITDA, excluding Charges, was $1.1 million for the six-month period, versus $3.3 million in the comparable period of fiscal 2009.

 

For the first six months of fiscal 2010, the company reported a net loss from continuing operations of $9.5 million, or a loss of $0.42 per share, compared with a net loss from continuing operations of $165.4 million, or a loss of $7.33 per share, in the first six months of fiscal 2009.

 

Business Outlook

 

The year-over-year declines in revenue have moderated and while some economic indicators have improved, market conditions still reflect uncertainty regarding the overall business environment and demand for IT products. Ellis commented: "The business is stabilizing, our pipeline has improved, and we expect to see a seasonal increase in sales in our third quarter ending December. As we look to the balance of fiscal 2010, we plan to continue to focus on those items under our control that can help produce tangible improvements in results. Near-term, we are optimistic regarding our outlook for the third quarter of the fiscal year and expect financial performance in second half to improve versus the first half."

 

ZEVOTEK INCORPORATED (OTC: ZVTK)

"Up 26.67% in morning trading"

 

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

 

Zevotek, Inc. plans to market and sell independently a range of distinct and independent lines of home care and household products. In May 2007, the company entered into a license agreement to sell an energy saving compact fluorescent light bulb named the Ionic Bulb. The company plans to market the Ionic Bulb through TV infomercials, catalogs, magazines and major U.S. retail and specialty stores.

 

ZVTK News:

 

November 4 - Zevotek Hires President of Ionic Bulb Business

 

Zevotek, Inc. (OTC: ZVTK) (Frankfurt: T5V1), a worldwide direct marketer and distributor of innovative personal and home care items, today announced that Jeffrey R. Carlson has joined the company as President of its Ionic Bulb business.

 

"Zevotek is very fortunate to land a professional of Jeff's caliber," said Adam Engel, CEO of Zevotek. "He brings leadership skills, broad business experience and expertise in credit card and banking services. Zevotek is building an Ionic Bulb selling and marketing 'machine' designed to sell bulbs using our new TV infomercial, websites and state-of-the art centers for taking and filling customer orders. I'm looking forward to Jeff contributing his experience and financial savvy to realize its tremendous potential." Zevotek's Ionic Bulb is designed for consumer use by combining the performance features of ionic air cleaning technology with those of a 10,000 hour reduced energy use compact fluorescent light bulb (CFL).

 

Mr. Carlson comes to Zevotek with experience from JPMorgan Chase where he acted as a liaison between the bank's global institutional customers and the bank's international banking and trading services teams. Mr. Carlson previously founded and led an entrepreneurial business with a focus on developing credit card merchant service relationships with CardService International and other major credit card processors. His firm's clients represented a broad range of businesses, including traditional retailers and e-commerce businesses. Mr. Carlson also previously served in the United States Marine Corps.

 

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