Dallas, TX 11/12/2007 7:20:01 AM
OTCPicks.com Stocks to Watch for Monday, November 12th SRSR, SSPE, TPDI, BMNM, FMNJ, TWMC
Our Stocks to Watch for tomorrow include Sarissa Resources, Inc. (OTC: SRSR), SUN Sports & Entertainment Inc. (OTC: SSPE), True Product ID, Inc. (OTCBB: TPDI), Bimini Capital Management, Inc. (OTC: BMNM), Franklin Mining, Inc. (OTC: FMNJ) and Trans World Entertainment Corporation (NASD: TWMC).
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SARISSA RESOURCES (OTC: SRSR)
"Up 112.50% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/SRSR.php
Sarissa Resources Inc. is a North American exploration junior with initial exploration properties in Northern Ontario, Canada. These properties include PGE, diamond and base metal exposure.
SRSR News:
November 9 - Sarissa Resources Inc. Is Pleased to Announce That Scott Keevil Will Join the Board and Become CEO
Sarissa Resources, Inc. (OTC: SRSR) announced the appointment of Scott Keevil as the new CEO of the company commencing December 1, 2007. Ben Fuschino, the current Sarissa CEO, comments, "The board and I have brought Sarissa to a point where the company needs a seasoned professional who has experience in building and running exploration companies to exploit Sarissa's current mineral property portfolio, as well as to significantly expand on that existing portfolio. I will stay on as a director and Secretary Treasurer and help Scott in any way that he needs. I am extremely happy Scott has accepted the position."
Scott Keevil has been involved in the mineral exploration industry for 20 years. In his previous positions he has worked on the exploration side for the most part in Canada and Indonesia. He has developed relationships with mining investors in the USA, Europe, SE Asia and Canada. Scott will aggressively search for new exploration and mining opportunities for Sarissa.
Scott remarks, "I am really looking forward to financing and exploring the exploration opportunities presented in the current Sarissa portfolio. Ben and the board have amassed a good foundation to build upon; and I have some very specific ideas of what assets to add to the existing portfolio."
SUN SPORTS AND ENTERTAINMENT (OTC: SSPE)
"Up 66.67% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/SSPE.php
SUN is a Professional Sports & Entertainment Production Company. SUN is a Licensed MMA Combat Sports Promoter and produces World Class MMA Events. The properties of SUN Sports & Entertainment (www.SUNorganization.com), Art of War LIVE (www.artofwarLIVE.com) USA Men's National Team (www.teamUSAmma.com) UNDERGROUND Cage Fighting (www.undergroundcagefighting.com), and International Fighters Association (www.IFApro.com), are pending trademarks.
SSPE News:
November 9 - Sun Discusses Company Milestones and Provides Year End Summary
SUN Sports & Entertainment Inc. (OTC: SSPE) announced a summary of milestones achieved during its first year in the Mixed Martial Arts (MMA) Industry.
During the past few years, the MMA industry has experienced explosive worldwide growth, expanded to include live events, pay-per-view and reality television shows. In the process, MMA has established itself as a growth vehicle in the sports industry. As an example, the UFC's September 8, 2007 title fight on Spike TV drew 4.7 million viewers, making it the most watched mixed martial arts event ever in North America. In 2006, an MMA Event broke the pay-per-view industry's all-time single year revenue record surpassing WWE and Boxing.
SUN Chief Executive Officer CJ Comu stated, "SUN has worked diligently on building our 'Art of War' brand as a premiere MMA property and developing strong strategic alliances while examining the changes in the landscape and preparing aggressive long-term strategies. We have identified great future opportunities and developed a business model unlike any other company in this industry, and have the potential to produce a long term and successful enterprise."
A summary of the Company's accomplishments achieved during its first year as an MMA Production and Entertainment Company are as follows."
1. The Company produced four premiere events in 2007 under its brand "Art of War" in world-class arenas including the American Airlines Center in Dallas, Texas.
2. The Company filmed and produced all its events on High Definition Television and created a library of great fights, great fighters, and great knockouts.
3. The Company developed strategic partnerships in the area of Broadcast and Distribution, which include foreign and domestic rights and DVD sales.
4. In September 2007, the Company produced its first LIVE Pay-Per-View Event with iN Demand networks, the nations largest PPV Distributor.
5. In October 2007, the Company produced Art of War 4 for the world's largest Hotel/Casino organization at the Harrah's Grand Tunica Resort in Tunica, MS to a packed arena.
6. The Company established and operates the United States Men's National Mixed Martial Arts Team (Team USA MMA).
7. The Company acquired the Sports Radio Event Network that provided the first in stadium play-by-play broadcast for its Art of War 3 Event. Sports Radio has provided its unique service to professional and collegiate sporting events including the 2007 NFL Super Bowl.
8. The company retained the Investment Banking services of Titan Securities Inc., a NASD Broker/Dealer and completed its first round of financing.
9. The Company formed the UNDERGROUND Cage Fighting Division to provide a mobile marketing Events Production for regional Arenas and Casinos that wish to host an MMA Event with custom made cages, transport carrier, truck, sound and lighting equipment.
10. The Company helped establish the International Fighters Association (IFA) a non-profit company based in Luxemburg to promote the MMA industry as well as rank, rate and sanction independent fights.
Brad Brooks, President of Titan Securities, issued the following comment, "Management has laid a solid foundation for the future of SUN over the next three years and beyond. The Company's strategy is a combination of what it takes to be successful, profitable and build a global brand in the world of MMA."
TRUE PRODUCT ID (OTCBB: TPDI)
"Up 60.47% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/TPDI.php
True Product ID, Inc. produces integrators for anti-counterfeiting and security surveillance applications, as well as provides integrated tracking devices. The company's authentication solution is an integrated management system based on synthetic taggant technology, Synthetic DNA (S-DNA), in which specific taggants are formulated to tag target objects for identification and authentication. Its products and services include S-DNA, a marking process that involves the application of a combination of inorganic elements, which enables to invisibly attach a fingerprint to the product that can be applied to industrial parts, apparel, consumer electronics, jewelry, CD-ROMs, sporting goods, and currency; and handheld scanners/analyzers that are used to identify S-DNA codes. The company also offers authentication services, which include credited scans associated with the work order, additional scans required, and management of inspectors by the company. True Product ID delivers its solutions to governments, armed forces, and industry. The company was founded in 2005. It was formerly known as ONTV, Inc. and changed its name to True Product ID, Inc. in 2006. True Product ID is based in Philadelphia, Pennsylvania.
TPDI News:
November 9 - True Product ID States Details Previously Reported in Its Form 10-KSB Relating To Projected $1.3 Billion Revenue Gas Tank Contract Signed With The Chinese Government Counterpart To U.S. Consumer Product Safety Commission
True Product ID, Inc. (OTCBB: TPDI) stated the following details previously reported in its Form 10-KSB filed October 2, 2007 relating to the agreement which its Chinese joint venture company affiliate, True Product ID Technology (Beijing) Limited ("TPID Beijing"), signed on August 27, 2007 with the State General Administration for Quality Supervision, Inspection and Quarantine of the People's Republic of China ("AQSIQ") to develop a national safety/security system for China's liquefied natural gas and other pressurized canisters and other special equipment (Contract No. 0076180):
As reported in its press release on August 27, 2007, the Company, through its Chinese joint venture affiliate, entered into a contract with the National Quality Inspection Department of the State General Administration for Quality Supervision, Inspection and Quarantine of the People's Republic of China ("AQSIQ"), to develop a national safety/security system for China's liquefied natural gas and other pressurized canisters and other special equipment.
According to its website (www.aqsiq.gov.cn), AQSIQ is a ministerial administrative organ directly under the State Council of the People's Republic of China in charge of national quality, metrology, entry-exit commodity inspection, entry-exit health quarantine, entry-exit animal and plant quarantine, import-export food safety, certification and accreditation, standardization, as well as administrative law-enforcement. AQSIQ is considered the Chinese counterpart to the United States Consumer Product Safety Commission. See The U.S. Consumer Product Safety Commission-AQSIQ Joint Statement on Enhancing Consumer Product Safety at www.cpsc.gov/cpscpub/prerel/prhtml07/07305.pdf.
The AQSIQ Contract follows an AQSIQ Circular to every quality and technical supervision bureau in all provinces, autonomous regions and municipalities under the control of the Chinese Central Government. The AQSIQ Circular sets out a 5-year AQSIQ National Security/Safety Plan to protect against the illegal production, circulation, and use of certain "special equipment" (the "Plan"). AQSIQ's mission in the Circular is, among other things, to protect public safety from safety accidents and other risks caused by counterfeit and substandard "special equipment." Among the "special equipment" referenced in the AQSIQ Circular are liquefied gas tanks, oxygen tanks, and other pressurized containers and pipes, elevators, lift machinery; and equipment at large recreational facilities and automobile plants.
In its Circular, AQSIQ has explicitly designated True Product’s technology and Chinese joint venture company affiliate as the exclusive technology and technology provider to help AQSIQ develop, implement and administer its National Security/Safety Plan. Under the AQSIQ Circular, TPID Beijing is to help AQSIQ develop national special equipment security identification standards (the "standards"), a special equipment identification information security management system (the "management system"), and a special equipment security/safety logo (the "logo").
As a result of the Circular, AQSIQ has entered into a Project Cooperation Agreement with the Company's Chinese joint venture company affiliate (Contract No. 0076180). ASQIQ subsequently entered into supplementary provisions to the Project Cooperation Agreement in connection with the initial phase of AQSIQ's National Security/Safety Plans relating to liquefied natural gas containers (the "LNG Contract").
Under the LNG Contract, TPID Beijing is to provide and apply a security logo to all LNG containers in China. According to Chinese government statistics, the total number of LNG containers in China is currently over 130 million and is expected to increase in quantity by 10% every year. Under the LNG Contract, TPID Beijing is to receive a fixed taggant price per LNG container. The specific taggant price per LNG container is not being disclosed due to its proprietary nature.
Under the LNG Contract, TPID Beijing is to provide 50,000 units of one of its highly proprietary scanners and 15,000 units of another of its highly proprietary scanners to approximately 20,000 LNG gas stations, 30,000 special equipment manufacturers, and 40,000 "platforms" in China. Under the LNG Contract, TPID Beijing is to receive a fixed price per scanner, with a different fixed price for each type of scanner. The specific price per scanner is not being disclosed due to its proprietary nature.
Finally, under the LNG Contract, TPID Beijing is to establish a security management information system for 50,000 enterprises. Under the LNG Contract, TPID Beijing is to receive a fixed price per enterprise. The specific price per enterprise is not being disclosed due to its proprietary nature. According to AQSIQ, among such enterprises and platforms include 5,016 enterprises in charge of manufacturing LNG containers and other pressurized containers, 14,995 enterprises in charge of charging LNG containers, 8,747 enterprises in charge of manufacturing, installing, reequipping and repairing boilers, and approximately 1,823 institutes in the Chinese state quality inspection system which check LNG containers.
Since AQSIQ's Circular, Project Cooperation Agreement and LNG Contract, TPID Beijing and AQSIQ have met and continue to meet on a routine basis to develop, coordinate, and implement AQSIQ's National Safety/Security Plan and in particular as the Plan initially pertains to LNG containers. The initial revenue projections set forth by AQSIQ in the LNG Contract (as corrected to fix a mathematical miscalculation in the original Chinese version of the LNG Contract) to mark the 130 million LNG containers (at a fixed price per container), to provide the 50,000 and 15,000 proprietary scanners (at fixed prices per scanner), and to develop a security management information system for 50,000 enterprises (at a fixed price per enterprise) total 2,720,000,000 Chinese Yuan, which equates to over US$362,000,000.
BIMINI CAPITAL MANAGEMENT (OTC: BMNM)
"Up 59.09% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/BMNM.php
Bimini Capital Management, Inc. is a REIT that invests primarily in, but is not limited to, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows.
BMNM News:
November 8 - Bimini Capital Management Reports Third Quarter 2007 Results
Exit from Mortgage Origination Business Drives Substantial Improvement in Sequential and Year-Over-Year Quarterly Results
88 bps Net Interest Margin on MBS Portfolio at Quarter End
MBS Portfolio Remains 100% Invested in Agency MBS
Bimini Capital Management, Inc. (OTC: BMNM) (“Bimini Capital” or the “Company”), a real estate investment trust (“REIT”), today announced its third quarter results of operations and Book Value Per Share at September 30, 2007. The Company today also announced that it has filed its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2007, with the Securities and Exchange Commission.
Book Value Per Share
The Company’s Book Value Per Share at September 30, 2007, was $1.00 compared with $1.17 as of June 30, 2007. Book Value Per Share is regularly used as a valuation metric by various equity analysts that follow the Company and may be deemed a non-GAAP financial measure pursuant to Regulation G. The Company computes Book Value Per Share by dividing total stockholders’ equity by the total number of shares outstanding of the Company’s Class A Common Stock. At September 30, 2007, the Company’s consolidated stockholders’ equity was $24.8 million.
Details of Third Quarter 2007 Results of Operations
The Company today reported a consolidated net loss of $4.7 million, or $(0.19) per Class A Common Share, for the three month period ended September 30, 2007, compared with a consolidated net loss of $162.5 million, or $(6.53) per Class A Common Share, for the three month period ended June 30, 2007, and a consolidated net loss of $6.3 million, or $(0.25) per Class A Common Share, for the three month period ended September 30, 2006. Included in the Company’s third quarter consolidated results was a loss from continuing operations before minority interest of $3.2 million and a loss from discontinued operations, net of tax, of $1.5 million.
The Company’s third quarter loss from continuing operations was composed of net interest income of $1.4 million, a realized loss on the sale of mortgage-backed securities (“MBS”) of $1.1 million, a net decrease in the fair value of MBS of $1.4 million and $2.1 million in operating, general and administrative expenses, which expenses include $0.7 million in amortization expense associated with phantom shares previously granted as compensation and $0.3 million in audit, legal and other professional fees. During the third quarter, the Company sold MBS with a market value at the time of sale of $0.9 billion, resulting in the realized loss of $1.1 million on the sale of MBS. The Company’s net interest margin on its MBS portfolio increased to a positive 88 basis points as of September 30, 2007.
REIT Taxable Income
For the three month period ended September 30, 2007, the Company estimates its REIT taxable income at $1.5 million, inclusive of $2.8 million of interest income on intercompany debt. For the nine month period ended September 30, 2007, the Company estimates its REIT taxable income at negative $5.1 million. Depending on the Company’s fourth quarter performance, the Company may have negative REIT taxable income for the year and all dividends declared year-to-date may be treated as a return of capital for U.S. federal income tax purposes.
REIT taxable income is a term that describes the Company’s operating results calculated in accordance with rules and regulations promulgated pursuant to the Internal Revenue Code. The Company’s REIT taxable income is computed differently from net income as computed in accordance with generally accepted accounting principles ("GAAP net income"), as reported in the Company’s consolidated financial statements. Depending on the number and size of the various items or transactions being accounted for differently, the differences between REIT taxable income and GAAP net income can be substantial and each item can affect several reporting periods. Generally, these items are timing or temporary differences between years; for example, an item that may be a deduction for GAAP net income in the current year may not be a deduction for REIT taxable income until a later year.
In order to maintain its qualification as a REIT, the Company is required (among other provisions) to annually distribute dividends to its stockholders in an amount at least equal to, generally, 90% of the Company’s REIT taxable income. Additionally, as a REIT, the Company may be subject to a federal excise tax if it distributes less than 85% of its REIT taxable income by the end of the calendar year. Accordingly, the Company’s dividends are largely based on REIT taxable income, as determined for federal income tax purposes as opposed to its net income computed in accordance with GAAP (as reported in the Company’s consolidated financial statements), and are paid if, when and as declared by the Company’s Board of Directors.
Management Commentary
Commenting on the Company’s third quarter results, Jeffrey J. Zimmer, Chairman, President and Chief Executive Officer, said, “Following the close of the second quarter, we stated that we were optimistic about our prospects going forward, and today we reported quarterly results reflecting a dramatic improvement on both a sequential and year-over-year basis. Although we recognize that much work remains to be done to restore our profitability, we are pleased to report that our net interest margin on our MBS portfolio increased to 88 basis points at quarter end. As of September 30, 2007, our MBS portfolio consisted of $1.3 billion of agency MBS at fair value and had a weighted average yield on assets of 6.11% and a net weighted average borrowing cost of 5.23%.”
Mr. Zimmer continued, “We continue to be optimistic about our future for several reasons. First, as has always been the case, our MBS portfolio continues to be 100% invested in liquid Fannie Mae, Freddie Mac and Ginnie Mae agency MBS, having little to no credit risk exposure. Second, because we own various interest-rate-sensitive assets, we stand to benefit further from any additional monetary policy easing by the Federal Reserve. Third, we have monetized substantially all of the value associated with our mortgage servicing rights portfolio and mortgage loan inventory, and all liabilities under the financing facilities that were secured by these assets have been extinguished. Fourth, we continue to have over $100 million in trust preferred debt capital that does not mature until 2035. Finally, as illustrated by our third quarter results, we expect to no longer incur the substantial operating losses experienced earlier in the year and most of last year that were attributable to the discontinued mortgage loan origination business. In sum, as I stated last quarter, we continue to believe that our future is bright.”
The Company has scheduled an online Web simulcast and conference call to discuss these announcements that will begin at 8:45 a.m. E.T. tomorrow, Friday, November 9, 2007. An online replay will be available approximately two hours following the conclusion of the live broadcast and will continue for four days. A link to these events will be available at the Company's website www.biminicapital.com. Those persons without Internet access may listen to the live call by dialing (800) 218-8862 or (303) 262-2193, confirmation code: 11100063.
FRANKLIN MINING (OTC: FMNJ)
"Up 30.77% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/FMNJ.php
Franklin Mining, Inc., an exploration stage company, engages in the exploration, development, and mining of precious and nonferrous metals. It primarily focuses on gold, silver, tin, lead, copper, and zinc metals. The company has a joint venture contract with COMIBOL to develop and mine a section of the Cerro Rico Mine, known as the Palivairi project. It also owns 51% interest in the Pulacayo tailings project. In addition, Franklin Mining holds interests in the Franklin Mines located in Clear Creek County, Colorado; the Rio Grande GTL project located in Bolivia; and the Tierra Del Fuego gas industrialization project in Argentina. The company was founded in 1864. It was formerly known was WCM Capital, Inc. and changed its name to Franklin Mining, Inc. in 2003. Franklin Mining is based in Las Vegas, Nevada with additional offices in La Paz and Santa Cruz, Bolivia.
FMNJ News:
November 9 - Franklin Clarifies Escala Mine Production Processes
Franklin Mining, Inc. (OTC: FMNJ) is announcing that CEO and Chairman William A. Petty has confirmed work procedures to be followed as the Escala Mine is re-opened for production. Mr. Petty's comments are contained in a Letter to Shareholders scheduled for release later.
Franklin's initial plan for the Escala is to re-establish the base camp and work the existing tunnels and shafts. Expanding existing tunnels and shafts and developing new sites will begin as soon as all existing sites are firmly re-established.
Franklin's engineers and managers have estimated that November's production will reach 260 tons and anticipate significant increases in daily production by early-December, with a correspondingly greater total monthly production to follow.
Production from the Escala during November, continuing through December and January, will be processed by a plant located approximately 70 Km away. Recovered minerals will be inventoried and sold into the market in economically viable quantities — probably twice per month. Minerals recovered in smaller quantities will be held in inventory.
Mr. Petty has also confirmed the he has continued exploring options for erecting a processing plant on-site at the Escala and hopes to announce that plan by the end of November.
About the Escala Project: Comprising three separate mining applications, COMIBOL's Escala Mine concession totals 2,000 hectares located in the Sud Lipez Province, which is near Bolivia's border with Argentina. Franklin Mining, Bolivia S.A. has been awarded a contract to mine 500 hectares within the original Escala concession. Escala II and Escala III are the other two mining applications currently assigned to another mining company.
The original Escala Mine was established during the Spanish colonial period and has, intermittently, been mined for lead, zinc, gold and silver.
In 2007, Franklin Mining, Bolivia S.A. negotiated an agreement with COMIBOL to resume mining operations within the area of the original concession. It is this original concession which contains all utilities, offices, shops and housing.
Corporacion Minera de Bolivia, often known as COMIBOL, is the National Mining Company of Bolivia.
TRANS WORLD ENTERTAINMENT (NASD: TWMC)
"Up 27.84% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/TWMC.php
Trans World Entertainment Corporation, through its subsidiaries, operates as a specialty retailer of entertainment software, including music, home video, and video games and related products in the United States. It operates a chain of mall-based retail entertainment stores under the f.y.e., Suncoast, and Saturday Matinee brands, as well as freestanding stores under the f.y.e., Sam Goody, Coconuts Music and Movies, Strawberries, Wherehouse Music and Movies, CD World, Spec's Music, and Second Spin brands. The company also operates five retail Websites, including www.fye.com, www.wherehouse.com, www.secondspin.com, www.samgoody.com, and www.suncoast.com. As of February 3, 2007, Trans World Entertainment operated 992 retail stores in the United States, the District of Columbia, the U.S. Virgin Islands, and Puerto Rico. The company was founded in 1972 and is headquartered in Albany, New York.
TWMC News:
November 9 - Trans World Entertainment Corporation Reports Receipt of Proposal from Robert J. Higgins
Trans World Entertainment Corporation ("Trans World Entertainment" or "the Company") (NASD: TWMC) announced that it has received a non-binding proposal from its largest shareholder and Chairman and Chief Executive Officer, Robert J. Higgins, to acquire outstanding shares of the Company that Mr. Higgins and his related persons and entities do not already own. At this time, Mr. Higgins and his related persons and entities hold approximately 40% of the issued and outstanding shares of the Company.
Mr. Higgins's preliminary proposal contemplates an offer to pay the Company's shareholders $5.00 per share in cash. The proposal states further that Mr. Higgins has contacted another shareholder, Bryant Riley, to gauge his interest in directly or indirectly participating in the transaction. The proposal is subject to Mr. Higgins' being able to arrange financing and the Board of Directors' consent to Mr. Higgins proceeding with further discussions with Mr. Riley. Mr. Higgins has also made clear that this proposal and any successor proposal will be subject to the approval of the Board of Directors and the negotiation and execution of definitive documentation with the Company.
This preliminary proposal was made to, and with the permission of, a Special Committee of non-management members of the Board of Directors formed in connection with the Company's ongoing consideration of strategic alternatives to enhance shareholder value. The Special Committee has not yet reached a view on the advisability of this proposal.
The Special Committee will review and evaluate Mr. Higgins's proposal and his request that the Board of Directors consent to Mr. Riley's participation in the proposal. The Special Committee expects that, in consultation with its advisors, it will be evaluating information relevant to this proposal and may become engaged in negotiations and discussions with Mr. Higgins. Trans World Entertainment does not intend to comment further on these matters until the Special Committee and the Board of Directors have completed all negotiations and discussions with Mr. Higgins relevant to this and any related or successor proposals that Mr. Higgins may make. Against this background, shareholders are urged to take into account that there is no assurance that an agreement between Mr. Higgins and the Board of Directors will be achieved and there may be additional disclosure forthcoming in the future that is relevant to these matters.
The Special Committee has previously retained Goldman, Sachs & Co. as its financial advisor and Cleary, Gottlieb, Steen & Hamilton LLP as its legal counsel.
Trans World Entertainment is a leading specialty retailer of entertainment software, including music, home video and video games and related products. The Company operates over 950 retail stores in the United States, the District of Columbia, the U.S. Virgin Islands, and Puerto Rico, primarily under the names f.y.e. for your entertainment and Suncoast and on the web at www.fye.com, www.wherehouse.com, www.secondspin.com, www.samgoody.com and www.suncoast.com.
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