Our Stocks to Watch tomorrow include Cyberlux Corp. (OTCBB: CYBL), Quest Energy Partners L.P. (Nasdaq: QELP), Zevotek Inc. (OTC: ZVTK), Kinti Mining Ltd. (OTCBB: KMLD), Anything Brands Online Inc. (OTC: ANYT) and Fortress Financial Group Inc. (OTC: FFGO).
CYBERLUX CORPORATION (OTCBB: CYBL)
"Up 100.00% on Monday"
Detailed Quote: http://www.otcpicks.com/quotes/CYBL.php
Cyberlux Corporation, a leader in solid-state lighting innovation, has developed breakthrough LED lighting technology that provides the most energy efficient and cost effective portable lighting solutions available today for military and commercial uses. The Military and Homeland Security products provide tactical covert and visible lighting capability and are designed as highly mobile, battery-powered lighting systems ideal for threat detection, force and asset protection and general expeditionary lighting needs.
CYBL News:
December 21 - Cyberlux Signs Supplier Agreement with Spectrum Brands to Design and Manufacture Multiple LED Products
Rayovac Chooses Cyberlux to Design Six Products That Are to Be Sold to Participating Rayovac Clients
Cyberlux Corporation (OTCBB: CYBL), a leading provider of LED lighting solutions, announced today that the company has formally entered into a supplier agreement with Spectrum Brands to deliver six products for its Rayovac trade name, two of which are for immediate delivery for orders that Spectrum Brands has procured. Cyberlux will supply Rayovac with existing Cyberlux LED lighting products, as well as LED products exclusively designed for the Rayovac brand itself. The various product lines will encompass technology previously designed by Cyberlux, intellectual property owned or licensed by Cyberlux and new proprietary designs that Rayovac will have exclusivity to, but will be owned by Cyberlux.
“We could not be more proud that Spectrum Brands has chosen Cyberlux as its supplier for this line of LED products. We have worked very closely with their lighting team to re-design some of our existing technology to meet the specifications required by Rayovac, as well as created a series of new products that the Rayovac brand anticipates will be successfully sold to their far-reaching client base,” said Mark Schmidt, CEO of Cyberlux Corp. “We must wait to see how successful each product will ultimately become, but we are hopeful that having such a large retail distribution channel will materially affect our bottom line,” added Schmidt.
On July 21st, Cyberlux entered into negotiations with Spectrum Brands regarding various LED products that Cyberlux had already developed and patented as well as had substantial intellectual property and patent rights for. The design of new LED products exclusively for the Rayovac brand was discussed as well.
ABOUT SPECTRUM BRANDS, INC.
Spectrum Brands (OTCBB: SPEB), is a global consumer products company and a leading supplier of batteries, shaving and grooming products, personal care products, specialty pet supplies, lawn & garden and home pest control products, personal insect repellents and portable lighting. Helping to meet the needs of consumers worldwide, included in its portfolio of widely trusted brands are Rayovac®, Remington®, Varta®, Tetra®, Marineland®, Nature's Miracle®, Dingo®, 8-In-1®, Spectracide®, Cutter®, Repel®, and HotShot®. Spectrum Brands' products are sold by the world's top 25 retailers and are available in more than one million stores in more than 120 countries around the world. Headquartered in
QUEST ENERGY PARTNERS L.P. (NASDAQ: QELP)
"Up 41.62% on Monday"
Detailed Quote: http://www.otcpicks.com/quotes/QELP.php
Quest Energy Partners, L.P. was formed by QRCP to acquire, exploit and develop natural gas and oil properties and to acquire, own, and operate related assets. QELP owns more than 2,400 wells and is the largest producer of natural gas in the
QELP News:
December 21 - Quest Announces Amendments to Credit Agreements, Debt Reduction, Filing of Amended PostRock S-4, and Management Additions
Quest Resource Corporation (Nasdaq: QRCP) ("QRCP"), Quest Energy Partners, L.P. (Nasdaq: QELP) ("QELP"), and Quest Midstream Partners L.P. ("QMLP") announced they have entered into amendments to their respective credit agreements in a manner that allows for the closing of the proposed recombination of the Quest entities. As previously announced, the recombination would be effected under the terms of a definitive merger agreement (the "Merger Agreement") pursuant to which the entities would form a new, publicly-traded corporation that, through a series of mergers and entity conversions (collectively, the "Merger"), would wholly own all three entities. The new publicly traded entity will be named PostRock Energy Corporation ("PostRock") and trade under the NASDAQ ticker symbol "PSTR."
Among other terms of the amendments, the lenders agreed to waive the change of control default provisions that would have been triggered with the Merger. In addition, the maturity of all QELP and QMLP credit agreements was changed to March 31, 2011 (or July 11, 2010 if the Merger does not occur by July 10, 2010). The maturity date of QRCP's $8 million revolving credit facility was unchanged at July 11, 2010 and the maturity of QRCP's term loan was unchanged at January 11, 2012. None of the amendments resulted in an increase in cash interest expense and all the amendment fees were deferred to the earlier of refinancing or maturity of the respective agreements. The full amendments to each of the loan agreements were included as exhibits to PostRock's amended registration statement on Form S-4 that was filed with the Securities and Exchange Commission ("SEC") on December 17, 2009. Berenson & Company acted as the financial advisor to each Quest entity in restructuring their debt obligations.
David C. Lawler, President and Chief Executive Officer of QRCP, QELP, and QMLP, said, "We are pleased to announce continued progress on the recombination of the Quest entities with the amendment of each entity's credit facility along with the filing of PostRock's amended registration statement on Form S-4. We thank each of our lenders for their support of the recombination and look forward to obtaining QRCP shareholder and QELP unitholder support for our proposed recombination. We believe the recombination will make our organization more competitive by allowing us to further reduce costs, increase operational efficiency, and simplify our organizational structure."
In conjunction with the amendments, QELP repaid $15 million of the $160 million outstanding on its senior revolving credit facility to reduce the amount outstanding to $145 million, and QMLP repaid $3 million of the $121.7 million outstanding on its revolving loan agreement to reduce the amount outstanding to $118.7 mm. The amendments converted the QELP senior revolving credit facility and the QMLP revolving loan agreement into term loans that do not allow for additional future borrowings. The QELP amendment and principal repayment eliminated the borrowing base deficiency that resulted from QELP's semi-annual borrowing base redetermination in November. QELP's next regularly scheduled borrowing base redetermination will occur on May 1, 2010. QELP has $29.8 million outstanding on its second lien senior term loan that now matures on March 31, 2011 (or July 11, 2010 if the Merger does not occur by July 10, 2010). Following the repayments, QELP's cash balance was approximately $6.7 million and QMLP's cash balance was approximately $5.8 million.
QRCP's current cash balance is approximately $1.25 million and its total debt balance is $34.6 million. QRCP also has $3.7 million of availability under its $8 million revolving credit facility to fund its Marcellus Shale development projects in
Merger Update
PostRock's initial registration statement on Form S-4 was filed with the SEC on October 6, 2009 and an amended registration statement on Form S-4 was filed with the SEC on December 17, 2009. As more fully described in the registration statement, PostRock's strategy will be to create shareholder value by investing capital to increase proved reserves, production, and cash flow and increasing pipeline system revenue through expanded opportunities. PostRock will remain focused on reducing operating and overhead costs and is hopeful of achieving first year overhead cost savings, primarily as the result of the simplified structure.
With lender approval obtained, the recombination remains subject to, among other things, the approval by the stockholders of QRCP and the unitholders of QELP and QMLP. QRCP has, subject to certain conditions, agreed to vote the common (representing 26% of total common units outstanding) and subordinated units (representing 100% of total subordinated units outstanding) of QELP and QMLP it owns in favor of the Merger. In addition, the holders of a majority of the common units of QMLP have, subject to certain conditions, agreed to vote their common units in favor of the Merger. QRCP and QELP plan to mail to its stockholders and unitholders a joint proxy statement/prospectus regarding the Merger after the SEC declares the PostRock registration statement effective and anticipate holding the QRCP shareholder and QELP unitholder meetings to approve the Merger in the first quarter of 2010.
Under the terms of the Merger Agreement, each share of QRCP would be exchanged for 0.0575 shares of PostRock common stock, each common unit of QELP (other than those owned by QRCP) would be exchanged for 0.2859 shares of PostRock common stock, and each common unit of QMLP would be exchanged for 0.4033 shares of PostRock common stock. Upon completion of the Merger, the equity of PostRock would be owned approximately 44% by current QMLP equity holders, approximately 33% by current QELP equity holders, and approximately 23% by current QRCP equity holders. The transaction is expected to be tax free to QRCP's shareholders and taxable to the unitholders of QELP and QMLP.
At closing, the board of directors of PostRock will be comprised of nine directors, — three existing independent directors of the board of directors of the general partner of QELP, three independent directors nominated by the board of directors of the general partner of QMLP, two existing independent directors of the board of directors of QRCP, and David C. Lawler, President and Chief Executive Officer of the Quest entities. Gary M. Pittman, current Chairman of the board of directors of QELP, is expected to serve as Chairman.
Management Additions
The Quest entities also announced the following executive appointments: Tom A. Saunders as Executive Vice President — New Business Development and Marketing for Quest Midstream; David K. Pinson as Vice President — Land; Lance J. Galvin as Vice President — Quest Eastern Resource; and Cathy L. Pocock as Vice President — Commercial Development and Marketing for Quest Midstream;
Tom Saunders brings to Quest over 30 years of midstream experience. At Quest Midstream, Mr. Saunders leads all aspects of commercial, operations, regulatory, and legal affairs for the KPC interstate pipeline and oversees the marketing activity of all Quest oil and natural gas production. Mr. Saunders is focused on growing Quest Midstream's revenue by increasing service offerings to support and build the customer base. Prior to joining Quest, Mr. Saunders served as Vice President — Commercial Development for privately-held Windsor Energy where he was responsible for building their midstream business and marketing all of their oil and natural gas production from 2008 to 2009. Mr. Saunders previously served as Director of Commercial Development with Enogex Inc., developing new markets for the company in the
Dave Pinson brings to Quest 30 years of experience in oil and gas exploration and development. At Quest, Mr. Pinson manages Quest's extensive land positions in the
Lance Galvin brings to Quest over 25 years of reservoir engineering experience. In his role, Mr. Galvin will lead the operation and development of Quest's oil and gas producing assets in
Cathy Pocock brings to Quest approximately 20 years of midstream experience. In her role, Ms. Pocock will focus primarily on the strategic expansion of Quest Midstream's revenue base and marketing Quest's oil and natural gas production. Prior to joining Quest, Ms. Pocock served as Director, Commercial Development for privately-held Windsor Energy where she was responsible for marketing their oil and natural gas production from 2008 to 2009. Prior to Windsor, Ms. Pocock served in the capacity of Financial Director Producer Services for Enogex, Inc.; establishing and maintaining customer relationships to grow and construct pipeline to established markets from 2005 to 2008 and prior to that served as Senior Gas Sales Representative for Devon Energy Production Co. from 2003 to 2005.
David Lawler, said, "We are very pleased to welcome each of the new executives to the Quest organization. Each individual brings significant depth of experience and leadership to our organization and will be integral in executing our growth strategy for PostRock."
ZEVOTEK INCORPORATED (OTC: ZVTK)
"Up 69.23% on Monday"
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
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.
KINTI MINING LIMITED (OTC: KMLD)
"Up 66.67% on Monday"
Detailed Quote: http://www.otcpicks.com/quotes/KMLD.php
Kinti Mining Limited is a mineral exploration company with an overriding focus on uncovering and assembling undervalued resource properties or companies. With such inventories it expects to build stakeholder wealth through the public markets, along with being able to offer, other public companies, properties on a wholesale basis in exchange for a combination of company stock and/or cash. Kinti is now venturing into the entertainment industry to increase shareholder value.
KMLD News:
December 21 - Kinti Mining Limited Announces 2-for-1 Forward
Kinti Mining's (OTCBB: KMLD) President Richard Byrd states the following, "I feel that at this juncture a 2 for 1 forward split of our common stock is warranted due to the incoming $500 Million valuation from our recent business transaction with Mr. Supriem David Rockefeller.
The increased valuation coming, with just 50 Million authorized shares, I felt our shareholders would run into liquidity issues, so I have instructed our Board of Directors to effect this change with a no later than date of January 31, 2010.
"Kinti Mining Lmtd. Currently has 50 million shares that are issued and outstanding that trade under ticker symbol “KMLD.”
ANYTHING BRANDS ONLINE INCORPORATED (OTC: ANYT)
"Up 41.82% on Monday"
Detailed Quote: http://www.otcpicks.com/quotes/ANYT.php
Anything Brands markets and sells commercial & recreational transportation products and services. Anything Brands is a leader in the commercial and recreational vehicle and transportation markets serving RV, trucking, marine, outdoor recreation, automotive, commercial and OEM applications. Also serving: automotive, construction, industrial tools, and equipment and autobody supplies thru its Tradesman Tool division.
ANYT News:
December 16 - myFreightWorld Announces Definitive Agreement for Controlling Interest of Anything Brands Online
Anything Brands Online (OTC: ANYT) and myFreightWorld.Com, LLC announced the completion of a Definitive Agreement that gives myFreightWorld controlling interest of Anything Brands Online, Inc.
Additionally, J. Michael Head has been named Chief Executive Officer of Anything Brands Online. He will continue to directly oversee myFreightWorld, while taking on the leadership role of the broader company.
Head stated: "Today's formal agreement means we now have capital commitments to execute our plan at a pace that will enhance shareholder value. This plan and recent activity in the public capital markets for companies in the transportation market sector, in the form of IPO's and acquisitions, position us to continue strategic partner discussions that will allow us to achieve aggressive growth objectives."
"Additionally, we look forward to launching a new investor relations initiative to effectively communicate this plan and our progress in execution. We have begun construction of a new company website (http://corporate.myfreightworld.com) that will serve as the hub for this initiative, and I will be announcing the format for a regular shareholder conference question and answer session next week," said Head.
Tim Norton, Senior Vice President for Anything Brands, said, "Anything Brands has now officially funded its initial and complete obligation to myFreightWorld. The Board of Directors and all divisions of Anything Brands Online are fully vested in the master plan for the company. We believe our new CEO has the public company experience and expertise to lead us through."
FORTRESS FINANCIAL GROUP (OTC: FFGO)
"Up 50.00% on Monday"
Detailed Quote: http://www.otcpicks.com/quotes/FFGO.php
Fortress Financial Group, Inc. operates as a reseller of domestic and international MasterCard debit cards. The company is based in the
FFGO News:
December 16 - Fortress Financial Group, Inc. Offers Update on
Fortress Financial Group, Inc. (OTC: FFGO) confirmed its Statement on December 9, 2009 and updated on December 16, 2009 that it had received a confirmed Offer to acquire the Company's entire interest in both the "Bouse" and the "South Copperstone" Gold Properties. The Company's Management has recommended acceptance of this Offer to both the significant minority interest holders in the "Bouse" and "
The Company's Management has now finalized the revised terms to the Offer required by the Company in order to complete this transaction, this being in conjunction with the significant minority interest holders in both the "Bouse" and the "
The Company's Management is now discussing its requested revised terms of this Offer with the party that has submitted the Offer. If these revised terms are accepted by the party that has made the Offer, this week, the Company will not be issuing any further updates; just the announcement and the Regulatory Filing in respect of the transaction.
The Company's Management remains confident that an agreement may well be reached between all of the parties and that this transaction can be concluded before the end of this month.
Should the Company accept this offer, it will report immediately on a Form 8-K Filing and by a press release. The Company will not comment on market rumors or on the trading in its stock and stockholders are advised to rely upon the Company's regulatory filings and Press Releases for guidance.
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