CYRS, PAYI, DVME, AMNP, VGPR, BIEL, MDGC, FRHV, PNTV, PWRM, BZH, PALM OTCPicks.com Daily Market Movers Digest Midday Report for Wednesday, November 11th

Our Stocks to Watch today include Cheyenne Resources Corp. (OTCBB: CYRS), Pay88 Inc. (OTCBB: PAYI), Diverse Media Group Inc. (OTC: DVME), American Sierra Gold Corp. (OTCBB: AMNP), Vega Promotional Systems Inc. (OTC: VGPR), BioElectronics Corp. (OTC: BIEL), MediaG3 Inc. (OTC: MDGC), Fresh Harvest Products Inc. (OTCBB: FRHV), Players Network Inc. (OTCBB: PNTV), Power3 Medical Products Inc. (OTCBB: PWRM), Beazer Homes USA Inc. (NYSE: BZH) and Palm Inc. (Nasdaq: PALM).

 

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

 

CHEYENNE RESOURCES CORPORATION (OTCBB: CYRS)

"Up 20.82% in morning trading"

 

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

 

Company Profile: http://www.otcpicks.com/cheyenne-resources.htm

 

Cheyenne Resources Corp. engages in the exploration and development of oil and gas properties primarily in the United States. The company was formerly known as Atlas Oil and Gas, Inc. and changed its name to Cheyenne Resources Corp. on September 1, 2009. Cheyenne Resources Corp. is based in Winston-Salem, North Carolina.

 

CYRS News:

 

November 6 - Cheyenne Resources Negotiating to Secure Large Oil Property in Abilene, Texas

 

Cheyenne Resources Corp. (OTCBB: CYRS), an emerging company focusing on major exploration and production reclamation projects in the oil and gas sector, reported that it currently is in negotiations to secure 1,000 acres of property in Abilene, Texas.

 

The site has reported reserves of 15.7 million barrels of oil at depths of less than 1,000 feet. There are 11 additional zones on the property with recoverable crude at depths of 500 to 4,500 feet.

 

"Upon successful completion of negotiations," states Cheyenne Resources President Thomas J. Cunningham, "re-work will commence immediately. Within six months, we expect production of 150 barrels of oil per day. At a price of $70 per barrel, that would yield revenues of approximately $315,000 per month, or nearly $4 million annually. Cheyenne Resources will have an 80% working interest in this property."

 

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:

 

November 9 - Pay88, Inc. Takes First Step to Becoming Online Supermarket of Financial Products and Services

 

Pay88, Inc. (OTCBB: PAYI) announced that it has signed an LOI with Chongqing Kai Yuan investment Co. marking Pay88's first step toward achieving their goal of becoming China's online supermarket of financial products and services.

 

Chongqing Kai Yuan Investment Co. is a niche financial services firm that provides micro-loans to small enterprises throughout Chongqing, a municipality of more than 31 million people, and the third fastest-growing regional economy in China. Kai Yuan Investments reported a net profit of $1.6 million USD in 2008.

 

Pay88, is already the leading reseller of internet game time in China's booming $2.75 billion online video game market. The company sells online multiplayer game time and prepaid cards in more than 20 cities in China and has already successfully captured more than 80% of the online multi-player game time market in Chongqing. Pay88 also markets prepaid telephone cards and over 800 software products, including cooking, language and education software. Adding financial products and services to their menu of offerings, company officials say, is a natural and a powerful step forward in the company's goal to become the premier online provider of consumer products and services throughout China.

 

The agreement with Chongqing Kai Yuan will soon make it possible for new clients to use Pay88's platform to apply for loans online. In addition, it will allow current clients to register, maintain and update their business profiles and financial reports online, a convenience that wasn't previously available. Pay88 projects the expansion of their platform, making these services fully available, will be complete by Q1 of 2010.

 

Guo Fan, Chairman and President of Pay88, commented on the new agreement saying, "Kai Yuan has a solid management structure with excellent local know-how about Chinese enterprises, the capital markets and the finance systems, and they provide valuable financial products and services to their clients. This agreement leverages Pay88's large customer base, diverse distribution channels and strong presence in Chongqing and southwest China offering both our companies excellent opportunities for growth."

 

"Our long-term goal," he adds, "is to digitize and streamline the whole processes of customer acquisition, client management, loan application and loan issuing. Once the expansion of our platform is complete, we plan to co-design and digitize an entire series of financial products, not only with Chongqing Kai Yuan Investment Co., but with many reputable financial services firms."

 

DIVERSE MEDIA GROUP INCORPORATED (OTC: DVME)

 

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)

"Up 4.32% in morning trading"

 

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:

 

November 10 - American Sierra Gold Corp. Signs LOI to Acquire Copper-Gold-Silver Project

 

American Sierra Gold Corp. (OTCBB: AMNP), an independent gold exploration company headquartered in Reno, Nevada, announced that it has signed a Letter of Intent to acquire a 100% interest in the Carol Project located in southern Sonora State, Mexico.

 

The Carol Project

 

The Carol property is comprised of six mineral concessions that cover 1,868 acres. It is located approximately 2 miles north of Frontera Copper Corp.'s Piedras Verdes copper porphyry mine, which is currently producing and has a reported proven and probable reserve of 191 million tonnes grading 0.36% copper.

 

The property is host to three distinct mineralized targets: the bulk tonnage-style Balde copper-zinc-gold-silver skarns, the Escondida shear zone and high-grade epithermal vein-hosted silver and gold.

 

The Balde Norte skarn is exposed over an area at least 700m long by 180m across, whereas the larger Balde Sur skarn target is exposed over an area that measures 1,100m by 400m. Small gambusino-style workings occur at the northern end of the Balde Sur target where sampling returned 8 metres grading 1.62% copper, 4.18% zinc and 10.0 g/t silver.

 

In the centre of the property is the La Escondida zone where sampling returned 8 metres averaging 1.10 g/t Au, 21.23 g/t Ag as well as 2.25% Cu. This zone is open both along strike and to depth. In 2008, a new gold zone discovered at Carol uncovered 20 metres averaging 0.66 g/t gold that is open in all directions. The highest gold assay received was 2.24 g/t.

 

"The Carol project is a valuable addition to our project portfolio. It has an exciting potential to host a bulk tonnage copper-gold-silver deposit and the property's infrastructure is excellent. A trenching program carried out in 2008 showed that the property contains multiple targets with average grades greater than 1% copper, 1% zinc, 6 g/t silver and 0.3 g/t gold," commented Wayne Gruden, CEO of American Sierra.

 

"Several of the target zones remain open in at least one direction. This is significant in that there is the potential, with additional exploratory work, to show mineralization over much wider widths. We will initiate the due diligence process as soon as possible and expect to sign a final agreement in the near future," added Mr. Gruden.

 

Under the terms of the Letter of Intent, to earn a 100% interest American Sierra will be required to pay the vendor US$50,000, spend US$600,000 on exploration expenditures over a three year period and issue 500,000 shares during the same period.

 

Correction to Press Release Dated September 30, 2009 on Urique Project

 

Our news release of September 30, 2009 reported one sampling result on the Urique South Zone that was incorrect. Please note that the correct local bonanza grade gold found on this zone was 10.6 g/t (grams per ton) gold.

 

VEGA PROMOTIONAL SYSTEMS INCORPORATED (OTC: VGPR)

 

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

 

Company Profile: http://www.otcpicks.com/Newsletter/VGPR_eProfile_110909.html

 

Vega Biofuels, Inc. (VGPR) was formed to pursue the production and sale of biofuel products throughout the world. With the growing need for clean energy, and the uncertain costs of fossil fuels, power generating plants around the world are looking at more useful and economical methods to run their power systems.

 

VGPR News:

 

November 5 - Vega Redesigns 'Green Valley Project' to Increase Power Production

 

Vega Promotional Systems, Inc. (OTC: VGPR) announced the Company has entered into an Agreement with green energy expert, Robert Chew to redesign the "Green Valley Project."

 

Located in western Indiana, The Green Valley Project is a multifaceted green energy power production facility that converts inexpensive methane gas from an abandoned coal mine into electricity and thermal energy.

 

Vega recently announced it has entered into a Gas Purchase Agreement with Chattanooga based Tennessee Power Company to purchase the necessary methane gas to run the project. Tennessee Power Company owns the rights to the coal bed methane located in the 314 acre abandoned Green Valley coal mine. The methane gas will be pumped from the mine and delivered through gas lines directly to the production facility located on the surface just above the mine that was recently leased by Vega.

 

The methane has been tested and a demonstration project was in operation for approximately three years, proving the viability of utilizing coal bed methane from the Green Valley Mine as a sole source fuel to generate electricity from natural gas reciprocating engine generator sets.

 

Mr. Chew has been retained to manage the redesign of the project. One change that will be made is that the power generating capacity of the facility will be increased by 100% to generate approximately 5 megawatts of power that will be sold to the local power company.

 

A seasoned veteran of the energy industry, Mr. Chew has spent 17 years in the power sector mostly in Brazil working with Teco Power Services bidding on Greenfield power plant projects in Brazil. In addition, Mr. Chew has worked with DQE Energy Services to launch a distributive generation company in Brazil and help start a small distributive power and substation firm in Sao Paulo called Grupo Energia. Mr. Chew was a qualified nuclear plant operator in the United States Navy and graduated from the University of South Carolina with a Masters Degree in international business.

 

The Company will release additional details on The Green Valley Project as the project moves forward.

 

BIOELECTRONICS CORPORATION (OTC: BIEL)

"Up 15.86% in morning trading"

 

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

 

BioElectronics Corporation is the maker of ActiPatch® Therapy, RecoveryRx™ Devices, HealFast™ Therapy (www.healfasttherapy.com) and the Allay™ family of inexpensive, disposable drug-free anti-inflammatory devices.

 

BIEL News:

 

November 11 - BioElectronics to Announce Results of Acetaminophen Comparison Study

 

BioElectronics Corp. (OTC: BIEL), the maker of inexpensive, disposable drug-free anti-inflammatory devices, announced that results from the recently completed acetaminophen comparison study will be released on Monday, November 16th after the close of the market. The study compares the effects of ActiPatch® Therapy to acetaminophen in the form of Extra Strength Tylenol® for the treatment of Delayed Onset Muscle Soreness (DOMS).

 

Participants in the study were randomly assigned to one of three groups, 1) a control group, 2) a group that used ActiPatch, and 3) a group that was treated with over-the-counter strength acetaminophen in the form of Extra Strength Tylenol. Each of the group's participants then evaluated their levels of muscle soreness and discomfort 48 hours after vigorous resistance training designed to induce delayed onset muscle soreness.

 

"The results for the pilot section of this study were highly significant with the ActiPatch group scoring its average level of muscle soreness and discomfort at much lower levels compared to either the control group or the acetaminophen treatment group," commented Andrew Whelan, CEO of BioElectronics, Corp. "We believe this is important research especially considering the many health concerns expressed by the U.S. Food and Drug Administration relative to Tylenol, NSAIDs and other over the counter pain medications. We believe ActiPatch and Allay are both safe and highly effective alternative therapies for those who suffer from pain and discomfort. We look forward to reviewing the full study data and submitting it to FDA in support of our current pending 510(K) applications and additional applications we plan to file in the future."

 

The study, which is Institutional Review Board (IRB) supervised and has been registered with the National Institutes of Health, is being conducted by principal investigator Sheena Kong, M.D. The principal investigator holds no financial position in any form in the study's sponsor, BioElectronics Corp., and will receive no financial compensation of any kind for the completion of the study.

 

MEDIAG3 INCORPORATED (OTC: MDGC)

"Up 50.00% in morning trading"

 

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

 

MediaG3, Inc. develops and markets broadband wireless technology products and online applications that empower interactive content delivery to today's fixed and mobile consumers. MediaG3 has signed a $10 million broadband wireless product supply contract, and is in preparation of launching its China Pilot Project, which has been approved by Chinese Ministry of Commerce and State Administration of Radio, Film and Television, as well as financially supported by the US Trade and Development Agency. With signed contracts and additional business in discussions, the company is expected to reach over $20 million in revenue in 24 months.

 

MDGC News:

 

November 11 - MediaG3, Inc. Announces the Launch of Imperial Wireless™ IW4G Mobile Broadband Internet Service to Portland, Oregon

 

MediaG3, Inc. Progresses on Its WIMAX Roll-Out Strategy by Penetrating the Portland, Oregon Market

 

MediaG3, Inc. (OTC: MDGC) reports the progress on the Company's developing WIMAX service roll-out strategy in the United States.

 

MediaG3 announces that the Company's expansion plan is advancing according to expectations in Portland, Oregon. Recently, the Company announced a successful service launch in Keizer and Salem, Oregon, and following the initial successful launch in Boise, Idaho. This is part of the Company's 19 state market roll out of WIMAX services.

 

The addressable market, demographics, and Company estimated revenue metrics for broadband internet services in the Portland metro markets include the following:

 

1) Estimated Portland metro market shows a potential subscriber base of 578,000.

2) Percentage of households using broadband and wireless services at 74%.

3) Available broadband and wireless subscriber base is 427,720 households.

4) With very conservative estimated market share to be captured by MediaG3 being 5%.

5) Estimating subscribers' revenues of over $1,069,000/year initially.

 

"Imperial Wireless is excited to bring its IW4G WiMax Super Fast Mobile Broadband and Internet Phone Services to Portland, Oregon residents, businesses, students and mobile professionals the super fast mobile Internet experience they're used to having at home or the office, anywhere around town or on the go," said Val Westergard, Chairman, MediaG3, Inc. "We're pleased to provide this community a valuable new category of Internet service designed to make people's lives more enjoyable and more productive, wherever they happen to be in our coverage area."

 

Joseph L. Anzalone, President & COO, had this to add: "Our service roll-out is gaining momentum as anticipated, and in many cases, ahead of expectations as subscribers are demanding the broadband services to meet their growing appetite for internet service without limits. Our strategy is to build our presence in every underserved market in the country and show the consumer an unbeatable combination of next generation broadband and mobile internet services at highly competitive prices."

 

Furthermore, to enhance the service plan, MediaG3 plans to utilize 30 carrier grade cellular towers which were successfully acquired earlier this year and will be used to support the network expansion in selected key markets throughout the United States. "MediaG3 will be employing its strong portfolio of telecom equipment to support the WIMAX service expansion. These carrier grade towers will help in broadening the reach in conjunction with our patent-protected LMDS equipment platform. The goal to provide leading edge WIMAX service to everyone, not just those in major metropolitan communities," added Mr. Anzalone.

 

FRESH HARVEST PRODCTS INCORPORATED (OTCBB: FRHV)

"Up 87.50% in morning trading"

 

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

 

Fresh Harvest Products, Inc. is a natural and organic food and beverage company. Fresh Harvest offers a line of organic snack products and beverages, which include health bars, coffee bars, and salsa under the Wings of Nature™ name and beverages under the TeAloe™ name. In addition, Fresh Harvest provides a grocery product line, which includes several varieties of whole bean and ground coffees, and beverages. We sell our products through specialty and natural food distributors to stores, specialty supermarkets and retailers. Fresh Harvest Products, Inc. is headquartered in New York City.

 

FRHV News:

 

November 11 - Fresh Harvest Products, Inc. Announces Expanded Growth Strategy

 

Fresh Harvest Products, Inc. (OTCBB: FRHV) announced that it is planning a further expansion of its distributor network and organizational growth through additional product acquisitions, strategic alliances, and joint ventures. As part of this growth strategy, management has identified several potential acquisition targets that if acquired will help substantially grow revenues and increase its products distribution.

 

CEO Michael J. Friedman commented: "Management is focused on sustainable growth; we are using several strategies which we believe will benefit the Company and its Shareholders in the long term. Fresh Harvest intends to increase future revenues by expanding the distribution of existing product offerings and adding innovative products to our portfolio through both product development, product and brand acquisitions; as well as continuing to seek out strategic alliance and joint venture partners who serve the natural and organic health food and beverage marketplace."

 

PLAYERS NETWORK INCORPORATED (OTCBB: PNTV)

"Up 29.17% in morning trading"

 

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

 

Players Network is a Digital Media Company that focuses on the Las Vegas and Gaming Lifestyles, producing and distributing original content for its own VOD Channels on television in over 22,000,000 homes, for its Broadband Network at www.playersnetwork.com, Blinkx, Google, YouTube and Yahoo Video, for DVD Home Video, mobile platforms, and through worldwide television syndication. Players Network has a 10-year history of providing consumers with quality Gaming and Las Vegas Lifestyle content, and the gaming industry with strategic partnership services in Las Vegas, Atlantic City, and throughout the worldwide Gaming Industry.

 

PNTV News:

 

November 10 - Players Network Announces a Major Milestone, Launches PNTVegas, a Complete One-Stop Las Vegas Media Destination

 

PNTV'S Official Launch at www.PNTVegas.com Signals a New Era for Players Network, Creating a Unifying Brand for Diverse Channels, Services, and Products

 

Players Network (OTCBB: PNTV), the leading Digital Television and Internet Media Network dedicated to Las Vegas Entertainment and the Gaming Lifestyle, announced today the launch of PNTVegas, a cohesive brand identity for multiple channels and affiliate offerings to maximize marketing dollars and increase revenue returns.

 

By creating PNTVegas as the parent network to Vegas on Demand, Players Network, and Sexy Sin City, the company will be able to cost effectively leverage its vast video content library to market a diverse array of television and web sponsorship opportunities, as well as online services.

 

"The future of new media is niche networks that can capitalize on complimentary revenue streams," states Mark Bradley, CEO Players Network, citing strong brand association as a key driver. As the only Las Vegas and gaming-centric network, PNTVegas and its nested television and broadband channels are uniquely positioned as a major marketing machine for the $72 billion gaming industry.

 

Players Network has spent the last year building complementary services to create new revenue streams, and an enhanced user experience, including horse race wagering, Vegas show ticketing, and member-only clubs for poker and mahjong. As part of the PNTVegas strategy, quality television programming supports each service offering, and a cohesive niche channel in turn supports the programming with a qualified target audience.

 

POWER 3 MEDICAL PRODUCTS INCORPORATED (OTCBB: PWRM)

"Up 13.10% in morning trading"

 

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

 

Power3 Medical Products Inc. is a leading Bio Medical company engaged in the commercialization of cancer and neurodegenerative disease biomarkers, pathways, and mechanisms of diseases through the development of diagnostic tests and drug targets. Power3's patent-pending technologies are being used to develop screening and diagnostic tests for the early detection and prognosis of disease, identify protein biomarkers, and drug targets. Power3 operates a state-of-the-art CLIA certified laboratory in The Woodlands (Houston), Texas. The Company continues to evolve and enhance its IP portfolio.

 

PWRM News:

 

September 18 - Emerging Stock Report Initiates Independent Research Coverage On Power3 Medical Products, Inc.

 

Emerging Stock Report, a leading provider of sector specific independent investment research, initiated coverage on Power3 Medical Products, Inc. (OTCBB: PWRM). Emerging Stock Report is currently offering a complimentary trial subscription. To view the company's research go to http://www.emergingstockreport.com.

 

BEAZER HOMES USA INCORPORATED (NYSE: BZH)

"Up 6.47% in morning trading"

 

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

 

Beazer Homes USA, Inc. engages in the design, building, and sale of single-family and multi-family homes in the United States. It offers homes for entry-level, move-up, luxury, or retirement-oriented buyers. The company also provides title insurance services to its homebuyers. Beazer Homes USA sells its homes through commissioned employees and independent brokers. As of September 30, 2008, it maintained 503 model homes, of which 222 were owned, 196 were financed, and 85 were leased from third parties pursuant to sale and leaseback agreements. The company was founded in 1993 and is headquartered in Atlanta, Georgia.

 

BZH News:

 

November 10 - Beazer Homes Reports Fourth Quarter and Full Year Fiscal 2009 Results

 

Beazer Homes USA, Inc. (NYSE: BZH) announced its financial results for the fiscal quarter and year ended September 30, 2009. Commencing with the fiscal quarter ended September 30, 2009, the Company has classified the results of operations historically included in its “Other Homebuilding” segment as discontinued operations in its consolidated statements of operations for all periods presented. Summary results of the quarter and fiscal year from continuing operations are as follows:

 

Quarter Ended September 30, 2009

 

* Income from continuing operations of $35.3 million, or $0.87 per diluted share, including non-cash pre-tax charges of $29.9 million for inventory impairments and abandonment of land option contracts. The results also include a pre-tax gain on early extinguishment of debt of $89.3 million, as further described below. For the fourth quarter of the prior fiscal year, the Company reported a loss from continuing operations of $(453.8) million, or $(11.77) per share.

 

* Total revenue: $376.3 million, compared to $649.8 million in the fourth quarter of the prior year.

 

* Home closings from continuing operations: 1,685 homes, a decrease year-over-year of 24.3%.

 

* New orders from continuing operations: 1,012 homes, an increase year-over-year of 2.4%.

 

* Cancellation rate improved to 34.7% in the fourth quarter compared to 46.3% in the fourth quarter of the prior year.

 

* Gross profit margin of 6.6% (14.6% without impairments and abandonments), compared to -0.7% (7.1% without impairments and abandonments) in the fourth quarter of the prior year.

 

* During the quarter, the Company repurchased $269.3 million of senior notes for an aggregate purchase price of $189.5 million or an average price of 70.4%, resulting in a pre-tax gain on early extinguishment of debt of $75.0 million.

 

* During the quarter, the Company negotiated a reduced payoff of one of its secured notes payable resulting in a pre-tax gain on early extinguishment of debt of $14.3 million.

 

Fiscal Year Ended September 30, 2009

 

* Loss from continuing operations of $(178.0) million, or $(4.60) per share, including non-cash pre-tax charges of $97.0 million for inventory impairments and abandonment of land option contracts, $13.8 million for impairments in joint ventures and $16.1 million for goodwill impairments. The results also include a non-cash deferred tax valuation allowance of $52.8 million and a pre-tax gain on extinguishment of debt of $144.5 million. For the prior fiscal year, the Company reported a loss from continuing operations of $(800.8) million, or $(20.77) per share.

 

* Total revenue: $1.01 billion, compared to $1.81 billion in the prior year.

 

* Home closings from continuing operations: 4,330 homes, a decrease year-over-year of 35.3%.

 

* New orders from continuing operations: 4,205 homes, a decrease year-over-year of 22.2%.

 

* Cancellation rate improved to 31.4% in fiscal 2009, compared to 39.6% in fiscal 2008.

 

* Gross profit margin of 2.1% (11.7% without impairments and abandonments) for the fiscal year, compared to -12.9% (9.5% without impairments and abandonments) the prior fiscal year.

 

* During the fiscal year, the Company repurchased $384.8 million of senior notes for an aggregate purchase price of $247.7 million or an average price of 64.4%, resulting in a pre-tax gain on early extinguishment of debt of $130.2 million.

 

As of September 30, 2009

 

* Total cash and cash equivalents: $556.8 million, including restricted cash of $49.5 million.

 

* Backlog: 1,193 homes with a sales value of $280.8 million compared to 1,318 homes with a sales value of $318.4 million as of September 30, 2008.

 

Ian J. McCarthy, President and Chief Executive Officer, said, “Following difficult market conditions throughout fiscal 2009, we were pleased to finish the year with a fourth quarter year-over-year increase in net new home orders from continuing operations, improved gross margins and a significant cash balance. During the quarter, we experienced some moderation in negative market trends, with attractive interest rates, historically high housing affordability and the federal tax credit attracting more prospective buyers to purchase a new home. Nonetheless, elevated unemployment and rising foreclosure activity make it difficult to predict when and to what extent the housing market will sustainably recover. In light of the difficult market conditions, we will maintain a disciplined operating approach, focused on gradually improving profitability and protecting our liquidity.”

 

Results for the Quarter Ended September 30, 2009

 

Homebuilding revenues from continuing operations declined 30.8% in the September quarter, due to a 24.3% decline in home closings and an 8.6% decline in the average selling price of homes closed compared to the same period of the prior year. Net new home orders from continuing operations increased 2.4% compared to the fourth quarter of last year, driven by a 35.5% increase in new orders in the East segment. The cancellation rate for the fourth quarter improved to 34.7%, compared to 46.3% a year ago.

 

Overall, margins continued to be negatively impacted by weak market conditions, impacting both closing volumes and pricing, and by non-cash pre-tax charges for inventory impairments and lot option abandonments of $29.7 million and $0.2 million, respectively. Compared to the fourth quarter of the prior year, however, gross profit margin improved to 6.6% (14.6% without impairments and abandonments), compared to -0.7% (7.1% without impairments and abandonments) in the fourth quarter of the prior year.

 

The Company controlled 30,638 lots at September 30, 2009 (83% owned and 17% controlled under options), including 762 owned lots in discontinued operations. This reflects a reduction of 22.7% from the level at September 30, 2008.

 

As of September 30, 2009, unsold finished homes totaled 270, a decline of approximately 34% from the level a year ago. The Company substantially reduced its land and land development spending in fiscal 2009, which totaled $198.8 million, compared to $333.4 million in fiscal 2008.

 

Liquidity and Liability Management Initiatives

 

At September 30 2009, the Company had cash and cash equivalents of $556.8 million, including restricted cash of $49.5 million to collateralize outstanding letters of credit.

 

As previously reported, on September 11, 2009, the Company issued and sold $250 million aggregate principal amount of 12% Senior Secured Notes due 2017 at an issue price of 89.50%, resulting in net proceeds to the Company of $220 million, which were used to replenish cash that had been used to fund open market repurchases of outstanding senior notes that it had made or agreed to make since April 1, 2009.

 

During the fourth fiscal quarter, the Company repurchased $269.3 million of outstanding senior notes for an aggregate purchase price of $189.5 million, or an average price of 70.4%, plus accrued and unpaid interest. These repurchases resulted in a pre-tax gain on the extinguishment of debt of approximately $75.0 million. As previously reported, in August 2009, the Company also negotiated a reduced payoff of one of its secured notes payable relating to a joint venture which was previously consolidated by the Company, resulting in a pre-tax gain on early extinguishment of debt of $14.3 million.

 

The Company also announced its intention to file a Form S-3 Universal Shelf registration statement under which it may offer, from time to time, senior debt securities, subordinated debt securities, common stock, preferred stock, depositary shares, warrants, rights, stock purchase contracts or stock purchase units. However, the Company is not pursuing any particular offering under the registration at this time.

 

PALM INCORPORATED (NASDAQ: PALM)

"Up 7.28% in morning trading"

 

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

 

Palm, Inc. is a leading mobile products company, creating instinctive yet powerful mobile products that enable people to better manage their lives on the go. The company’s products for consumers, mobile professionals and businesses include Palm® Treo™ and Centro™ smartphones and Palm handheld computers, as well as software, services and accessories. Palm products are sold through select Internet, retail, reseller and wireless operator channels throughout the world, and at Palm online stores (www.palm.com/store).

 

PALM News:

 

October 6 - Palm to Open Doors to Developer Program in December

 

Palm, Inc. (Nasdaq: PALM) announced it will officially open the doors to its Palm® webOS™ developer program in December. The program will offer developers a choice of how to get their applications to market and an unparalleled level of transparency that provides them with the control to promote and grow their businesses. Extending the unique web orientation of the Palm webOS platform, the developer program will provide innovative opportunities to leverage the web as a promotional channel for applications.

 

“Our program will be unlike anything currently available, and has been established to promote a thriving community by giving developers direct involvement in their own success,” said Katie Mitic, senior vice president, Product Marketing, Palm, Inc. “Whether you’re looking for immediate distribution or just feedback on early stages of development, this program is built to scale to your needs and finally put you in control of investing in and promoting your business.”

 

The launch of the program is the next step in expanding the impact of Palm webOS by supporting and growing the developer community. In August, Palm announced that developers who wish to charge for their Palm webOS applications could begin submitting them for consideration in the Palm App Catalog e-commerce beta program, which went live today. Developers selected to participate in the beta program have the opportunity to make their applications, both free and paid, available to consumers.

 

Palm is focused on building a thriving environment for all developers to create, distribute, promote and monetize the delivery of valuable applications to Palm customers. Developers will receive a 70/30 split (developer/Palm) of gross revenues generated through application sales (after applicable taxes). The membership-based program will have a $99 annual fee and will offer developers two options for getting their applications to market:

 

A) Distribution on the web—Palm will provide a sales transaction and fulfillment service for developers who wish to promote their applications online. Every App will receive a unique URL, allowing developers to freely promote their applications online and enabling customers to download and install the application directly from the cloud to their phone using Palm’s unique over-the-air process. This distribution option offers a fast self-certification process as well as the ability for developers to control the distribution and promotion of their applications using the online marketing vehicles they already have and creating new ones as they see fit.

 

B) Distribution in the Palm App Catalog—Applications distributed in the Palm App Catalog that is built in to every Palm webOS device will be subject to review by Palm, and developers will pay a nominal per-application fee of $50. In addition, Palm will create a unique promotional marketplace where developers can utilize an auction process to obtain prominent placement in the Palm App Catalog and find new customers.

 

Public feeds of application URLs and other relevant application data (such as reviews, ratings, and stats) will be made available to the community to help applications find their market. Palm expects directories, ranking mechanisms, and other inventive services built around this data to emerge.

 

Also, in appreciation of what the open source movement has contributed to the web, Palm will waive the $99 program fee for developers interested in distributing open source Palm webOS apps to the web. If the source of an app is available to the public under one of the commonly accepted licenses, it will be eligible for this program.

 

Both distribution options include a support program that will provide developers the tools to quickly build, test, distribute and receive feedback on their Palm webOS applications. Developers can control how beta testers access their applications, allowing them to iteratively improve their products and scale to their needs.

 

“We’re listening to developers, and the message that they want choice and an option to self-certify their applications has come through loud and clear,” said Mitic. “The flexibility that comes with our program’s easy way to test mobile applications, as well as the ability for developers to use the web to market and promote their own applications and boost sales, is invaluable.”

 

Each element of the Palm developer program is designed to help developers promote their work and ultimately drive downloads directly over the air. Developers can choose to sell applications using both distribution options as they see fit. Palm’s application guidelines will be made available online and will apply to all Palm webOS applications. U.S. customers will be able to easily purchase applications using Visa and MasterCard credit cards.

 

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