Austin, TX 9/28/2007 9:22:08 PM
Speak with other shareholders about: (Pink Sheets: MGLG), (OTCBB: CYBL), (OTCBB: CLIK), (OTCBB: CHNG).
Speak with other shareholders about: (Pink Sheets: MGLG), (OTCBB: CYBL), (OTCBB: CLIK), (OTCBB: CHNG).
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Magellan Energy Ltd. (Pink Sheets: MGLG) (Thu, September 27, 2007, 8:30am EDT) Magellan Energy Ltd., an independent oil and gas company, announced today that the re-work program has been completed and the results were positive for the Thomas L. Davidson Well #1 in Morgan County, Tennessee. We are pleased to announce that the well has been placed back into production generating 2BOPD (barrels of oil per day). Our earlier road work program to the site has been completed and the half-mile road to the well has been rebuilt.
Magellan plans to continue production on the well for the next 30 days at a rate of 2BOPD. Thereafter, we will commence the acid stimulation phase of the operation under the guidance of Ky-Tenn Oil Inc., the operators for this project. We will treat or frac the well after a month of current production. This procedure will fracture the formation, stimulate the well with acid under pressure which we anticipate will open up the channels allowing oil to flow and increase the well's productivity.
Magellan Energy's President, Mr. Akrivos, said, "We are extremely pleased that the Davidson well project is producing and will be a revenue stream for Magellan. Our combined efforts for re-completion projects have started to bear fruit. I would like to thank all of you who have supported us throughout this time. We look forward to adding further projects into our revenue stream and becoming entrenched in the oil and gas industry."
About Magellan Energy: Magellan Energy Ltd. is a publicly traded independent oil and gas company. The company is actively acquiring oil and gas leases, producing properties, mineral rights, and surface interests in Texas and Oklahoma. Once acquired, the company intends to develop each property to maximize the income from each property by re-establishing production, refurbishing and improving the existing production and operations.
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Cyberlux Corporation (OTCBB: CYBL) (Wed, September 26, 2007, 1:53pm EDT) Cyberlux Corporation, a leading provider of LED lighting solutions, announced today that the U.S. Air Force Air Mobility Battlelab (AMB) has successfully completed the BrightEye Portable Illumination System evaluation period at both Fort Huachuca, AZ and Fort Dix, NJ (http://www.amc.af.mil/news/story.asp?id=123069485).
As part of the evaluation, the AMB determined that the BrightEye System is 97% smaller in footprint, weighs 94% less than the current diesel-powered incandescent lighting systems and saves an estimated 63% in daily operating costs. The AMB utilized Air Mobility Command expeditionary subject-matter experts to evaluate the BrightEye System's capabilities. In addition, the AMB concluded that the BrightEye System provides versatile and economical tactical lighting capability as required by expeditionary forces across all U.S. armed services.
"The BrightEye System's successful evaluation by the U.S. Air Force is a significant milestone. In addition, the conclusion that all U.S. armed services -- including the Army, Navy and Marine Corps -- will benefit from our tactical lighting capability represents a substantial market expansion opportunity for our tactical lighting products," said Mark D. Schmidt, president and chief operating officer of Cyberlux. "As a leader in solid- state lighting, the Company's innovative BrightEye lighting technology has now met the rigorous U.S. Air Mobility Battlelab field evaluation requirements for tactical lighting including portability, versatility and economical operating costs," Schmidt continued.
The BrightEye System is available through the General Services Administration (GSA) Federal Supply Schedule 56 for Specialty Lighting products under Cyberlux GSA Contract GS-07F-9409S with orderable part numbers 2CP0170 through 2CP0181.
The AMB explores high-payoff concepts, technologies, and tactics to advance the USAF distinctive capabilities of Rapid Global Mobility and Agile Combat Support. The AMB previously selected Cyberlux Corporation to adapt its commercially available portable lighting systems to meet AMB requirements for both the WatchDog Portable Perimeter Security Covert Illumination System and the BrightEye Tactical Portable Illumination System.
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clickNsettle.com, Inc. (OTCBB: CLIK) (Wed, September 26, 2007, 3:06pm EDT) On September 26, 2007, Glenn Halpryn of Miami, Florida, and Jerry Glauser of Denver, Colorado, along with other business associates, purchased 51.65% of the outstanding common stock of clickNsettle.com, Inc., a Delaware corporation ("CLIK").
CLIK is a public shell company that previously provided alternative dispute resolution services. CLIK sold its dispute resolution business in 2005 and has since had no operations. Halpryn and Glauser intend to utilize the public company to effect a merger or other business combination with an operating company.
Following the change of control, Glenn Halpryn was elected Chairman of CLIK's Board of Directors and was appointed Chief Executive Officer.
Halpryn and Glauser, along with other investors, purchased control in December 2006 of Getting Ready Corporation (OTC Bulletin Board: GTRY), which is also a publicly traded shell. Glenn Halpryn is Chairman and CEO of Getting Ready Corporation.
Glenn Halpryn is a Miami investor who was Chairman and CEO of Orthodontix, Inc. prior to the merger of Orthodontix and Protalix BioTherapeutics, Inc. (PLX) in December 2006.
Jerry Glauser is a Denver businessman and former Mercedes Benz automobile dealer. During his business career, Mr. Glauser owned nine automobile dealerships and is now a partner in Alex Rodriguez Mercedes Benz, which is located in Houston, Texas.
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China Natural Gas, Inc. (OTCBB: CHNG) (Thu, September 27, 2007, 9:00am EDT) China Natural Gas, Inc., one of the leading providers of pipeline natural gas for industrial, commercial and residential use and compressed natural gas (CNG) for vehicular fuel in Xi'an, China, today announced that it received government approval from the Shaanxi Province to pursue a diversified natural gas project, which when completed will enable China Natural Gas to produce various natural gas products, including liquefied natural gas ("LNG"), liquefied petroleum gas, dry ice, and sulfur. As part of the project, China Natural Gas plans to complete an LNG processing and distribution facility in Jingbian County, Shaanxi Province, in the first half of 2009.
The Company held an opening ceremony on September 20, 2007 to celebrate the beginning of the project. The governor of Jingbian County in the Shaanxi Province, representatives from the Development and Reform Commission of the Shaanxi Province, representatives from the Development and Reform Commission of the city of Xi'an, as well as Company delegates and consultants from Chemtex Engineering Co. and PetroChina, attended the opening ceremony and spoke in support of the project.
Mr. Qinan Ji, Chairman and CEO of China Natural Gas, stated, "We are so pleased to successfully gain government approval to pursue our diversified natural gas project, which when completed will be the first LNG facility in the Shaanxi Province and we believe will be the second largest in China. The approval process for projects of this type is lengthy and arduous -- a factor which we believe is a significant barrier to entry to potential competitors and which better positions our company for long-term growth. This project also allows us to diversify our business and focus on two high-growth areas at once, our CNG filling station business and the distribution and sale of other forms of natural gas, like LNG. Overall, we believe that the PRC's clean energy policies will bolster demand for natural gas in China and, with today's announcement, we have government support to be a leader in this exciting sector."
Management is currently working with Chemtex Engineering Co., one of the largest engineering consultants in the world and which has proven experience in the engineering, design and construction of similar projects in China. The Company estimates the cost of phase one of the project, which includes the design, engineering and construction of the LNG facility, to be approximately $40.0 million. China Natural Gas expects to fund this project with existing cashflow although the Company may also raise funds through the public or private sale of debt or equity. Costs and future revenue associated with the LNG project are not currently part of the Company's existing financial guidance. The Company continues to anticipate 70% revenue and net income growth in 2008.
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