Austin, Texas 11/15/2007 11:07:00 PM
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Innodata Isogen, Inc. (NASDAQ: INOD) (November 14, 2007, 8:35am EDT) INNODATA ISOGEN, INC., today announced revenues of $18,138,000 for the three months ended September 30, 2007, up 74% from revenues of $10,400,000 in the third quarter of 2006 and up 11% from revenues of $16,347,000 in the second quarter of 2007.
The company reported net income of $2,115,000, or $0.08 per diluted share, for the third quarter of 2007, up 145% from net income of $862,000, or $0.03 per diluted share, for the second quarter of 2007, and compared with a net loss of $2,196,000, or $0.09 per diluted share, for the third quarter of 2006.
For the first nine months of 2007, revenues were $47,214,000, up 55% from revenues of $30,406,000 for the first nine months of 2006. The company earned $2,334,000, or $0.09 per diluted share, for the first nine months of 2007, compared with a loss of $6,494,000, or $0.27 per diluted share, for the first nine months of 2006.
The company generated $2.6 million in cash from operations in the third quarter of 2007 and ended the quarter with $12.1 million in cash.
"As a result of solid execution and strong client demand, we are now anticipating more than 75% year-over-year revenue growth in the second half of 2007," said Jack Abuhoff, chairman and CEO of Innodata Isogen. "We anticipate that our momentum will continue to produce solid year-over-year results in 2008.
"That the company was able to drive the $7.7 million revenue increase in the third quarter of this year versus last year, with only a minimal increase in SG&A and a $3.7 million increase in operating expense, shows the leveragability of our business model," Abuhoff continued. "But more significantly, we have improved revenue quality. Our revenue growth is now dominated by knowledge process outsourcing, which has higher switching costs, greater barriers to entry and is less susceptible to commoditization."
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Altair Nanotechnologies Inc. (Nasdaq: ALTI) (Wed, November 14, 2007, 10:45am EDT) Altair Nanotechnologies Inc. announced today that the recently passed Defense Appropriations Bill signed into law by President Bush on November 12, 2007, provides for $7 million in federal funding related to two of its ongoing advanced research and development projects. This confirms funding, which was prospectively discussed by the company on October 4, 2007.
The first project, which is to receive $5 million, is directed toward a continuing project with the U.S. Navy involving the production of a 2.5-megawatt stationary power supply. The objective of the power supply project is to reduce the Navy's dependence on diesel fuel. Currently, each Navy ship must run two diesel generators in parallel to ensure power is not lost should the primary generator go down. Altairnano's advanced lithium titanate energy storage pack could replace the back-up generator, allowing the Navy to reduce its consumption of fuel by millions of gallons each year.
The development of a sensor that can detect minute amounts of explosive materials and chemical warfare agents is the focus of the second project, which is a previously announced collaboration with Western Michigan University. The $2 million in funding will allow Altairnano to increase the sensitivity of its nanotechnology platform, with the goal of bringing a handheld sensor to the military in the near term.
"We firmly believe that our technology can reduce the Navy's dependence on imported oil and provide protection for our soldiers on the battlefield," said Alan J. Gotcher, Ph.D., Altairnano's President and Chief Executive Officer. "We thank Congress and President Bush for funding the two projects and for recognizing that emerging companies have an important role to play in strengthening our nation."
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EP GLOBAL COMMUNICATIONS INC (OTCBB: EPGL) (November 14, 2007, 4:57pm EDT) Form 10KSB/A for EP GLOBAL COMMUNICATIONS INC
13-Nov-2007 Annual Report
ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION In this section, "Management's Discussion and Analysis or Plan of Operation," references to "we," "us," "our," and "ours" refer to EP Global Communications, Inc., and its consolidated subsidiaries.
Operating Activity: EPGL is on the brink of its most expansive growth in its 36-year history, with never-before streams of revenue and innovative projects under way that will globally impact, far into the future, what is done for people with disabilities and special needs and for the families, professionals, and other support people who care for them. We believe that a key result of these initiatives will be the continued worldwide evolution of the awareness of the abilities and potential of people with disabilities and special needs. We anticipate that EP's cutting-edge education outreach and multiple forums for communication (e.g.: EP LiveOnline; and Search & Respond in EP magazine and on the new, expanded EP Web site, www.eparent.com..to be launched in May 2007) will continue to establish links among families and professionals to enhance knowledge bases regarding specific disabilities and to provide the most up-to-date strategies for optimizing individual lives and well-being.
Management intends to expand EP's 36-year heritage of providing "Information That Matters from People Who Care" to the community of those with disabilities and special needs. EP magazine represents the foundation of all that we do. Most of our efforts up to the beginning of 2007 have been directed to this purpose.
Our focus is entirely in the arena of chronic long-term conditions, not disease states. The significance of this is that diseases for the most part can be cured with various medical interventions and surgery. Chronic life-long conditions are different. There are no cures for these and so the challenge is to improve upon the quality of life and assist people with special needs to develop into the very best they can be and help make them contributing members of our society. A corollary to this is to increase awareness of all Americans that we will become a stronger nation and a better people when we learn to regard those with specials needs as people to be respected, not problems to be confronted. That is an underpinning of everything we do.
Special Projects:
Disability Awareness Night (DAN) - The Disability Awareness Night campaign has grown substantially since its launch in 2002. In 2002, we started with two teams, the New York Yankees and the Boston Red Sox. In 2003, participation expanded to 14 teams. In 2004, we grew to 27 teams, and in 2005 we held DAN events in 31 stadiums, including the Hall of Fame Game in Cooperstown, New York. In 2005 and 2006, we experienced the participation of our lead sponsor Massachusetts Mutual Life Insurance Company whose SpecialCare program has made a significant contribution to the field of disabilities and whose financial commitment to the DAN Program has been substantial. We also benefited from additional sponsorship provided by other national entities such as Genzyme, Shire Pharmaceuticals, CVS and Volvo. In 2007, we have already secured the contractual participation of our National Dan Sponsor, Massachustts Mutual Life Insurance and three other regional sponsors,, and we believe we will surpass revenues achieved in prior years.
Educational Online Programming - Beginning in December 2005 and through 2006, we launched over twelve live, online, interactive, TV-quality educational programs under unrestricted educational grants from major pharmaceutical companies and other sources. In 2007, we have contracted to implement a minimum of six programs on spasticity management plus several others dealing with topics such as Epilepsy, Hyperbaric Oxygen Therapy, Attention Deficit/Hyperactiity Disorders, Autism Spectrum Disorders, Respite Care and Expanded Newborn Screening utilizing Tandem Mass Spectronomy (MS/MS).
U.S. Military: Exceptional Family Transition Training (EFTT) Program - In late 2006, we executed a U.S. Army Cooperative Research Agreement entitled the Exceptional Family Transition Training (EFTT) Program for an appropriation of $830,650, the bulk of which will be received in 2007, and which will be used to provide education and informational programs for military families caring for loved ones with disabilities and special needs on selected bases around the world, as well as for making available Continuing Medical Education (CME) credits to Army Medical Corps physicians and Continuing Education Units (CEU) to allied healthcare professionals. The Company has received the first two payments under this agreement. The funds are being used to deliver three measurable efforts on behalf of Army families and healthcare professionals caring for children and adults with disabilities and special needs, including soldiers returning from Iraq and Afghanistan with limb loss and other disabling conditions. These efforts include the following:
* Work is underway toward the development of very specific educational content used for training purposes of Army Medical Corps Staff - physicians, nurses, occupational and physical therapists, speech and language pathologists - and families and caregivers in the arena of developmental disabilities. This curriculum, which will include six programs delivered to eight major Army Base Installations with significant teaching hospital facilities, will be facilitated by EP's contacts in science and medicine, and education and training, as well as parents throughout the country. The programs will also be offered in collaboration with accreditation entities provided by various major medical schools and professional medical societies such as the American Academy of Developmental Medicine and Dentistry (AADMD) and the Child Neurology Society (CNS). We expect the first of these programs to begin in May2007, and run consecutively until the end of calendar year 2007. We will deliver online, interactive content via our Joint Venture with Vemics, Inc., entitled EP LiveOnline. Of course, civilians will also benefit from this effort. The content remains the proprietary content of EPGL and will be disseminated simultaneously to our various networks built over the past year. It will then be stored for access on the EP Web site at http://www.eparent.com
* Base Librarians at our target installations have been contacted, and the available EP Bookstore List has been disseminated for their selection process of books to be shipped to each facility. We expect to receive their requests by the end of April, and shipments will commence immediately. Exceptional Family Member Program (EFMP) Managers, the points of contact for families with a loved one with a disability or special need on each installation, will be able to select a specific dollar amount of books and use these to begin the process of setting up a disability library on the installation for access by military families caring for loved ones with special needs.
* EP's January 2007 Annual Resource Guide includes a Special Army Section. Beginning in February 2007, EP launched its special military section that will appear in each issue of the magazine through calendar year 2007.
Our online seminar capability as well as our print and publishing capabilities will be used for the EFTT program throughout all of 2007. The project also includes a continuation of the program in 2007, at a funding level of $803,000 for expansion to the Air Force. Based on the success of our programs to date, expansion of this initiative is possible to the other branches of the service (Navy and Marine Corps, National Guard and Reserves, as well as Civilian Employees of the U.S. Military), and we are actively pursuing this expansion.
Strategic Initiatives: Our platform for growth in part is due to a number of marketing joint initiatives that have been entered into allow EPGL to address target markets in a concentrated manner. Listed below are the key relationships we now have that are intended to result in additional revenue for the Company.
American Academy of Developmental Medicine and Dentistry (AADMD) - Agreement to co-produce online seminars in 2006 and 2007. No other entity has this opportunity. The AADMD is a professional medical society and fully endorses the work of EPGL and EP Global Communications, Inc. and Vemics, Inc. - Relating to technology exclusivity in health care.
Funds received from the EFTT Program Appropriation have been used to provide ongoing education for military families and physicians caring for children with disabilities and special health care needs. We have hired veterans and staff to assist in the implementation of this project and expect expansion into other areas of the military with funding requests already approved for the Air Force and submitted for 2008 for the Navy-Marine Corps, National Guard and Reserves.
We are in the midst of hiring new sales staff capable of marketing the complete package of services the company now offers, print and online. These new staff personnel will be hired before the end of April 2007 and training will commence immediately thereafter.
To improve efficiency and allow for greater promotion or our magazine to stimulate subscription income we have outsourced our entire circulation management to a firm specializing in this area. The incremental cost of doing this is not material in relation to the costs to date. Previously, circulation management has been handled internally by our existing staff. Our business, with its multiple product lines and multi-media approach to publishing and communications, suggests that we might best be able to grow our existing paid circulation base under the direction of an experienced and professional circulation management team who can also oversee the shift to a smaller more effective fulfillment firm; one more suited to the nature of our business which is heavily involved in medical and healthcare-related activities. Accordingly, we are shifting compensation and related expenses to outside professional circulation services that have experience in both consumer as well as medical/professional publishing. The cost differential associated with this shift, as noted, is negligible but the potential for significant increases in paid circulation and related development activities such as bundled advertising and sponsored bulk distribution of the monthly magazine should yield higher revenue performance for us.
The agreement with ProCirc, based in Miami, Florida, has been renewed with refocused direction and effort. There are incentives built into the agreement to reward performance. Finally, it is important to note that increases in unit circulation will also result in increases in advertising as we will be reaching a larger audience which should justify increases in ad page sales from a larger number of ad page sales as well as ad page rate increases.
In 2007, we have expanded our Disabilities Awareness Night (DAN) programs, principally conducted in major league baseball parks in 2002- 2006. Prior to this time, our programs were taking place in National Basketball Association venues, minor league baseball parks and minor league hockey arenas. On May 23, 2005, and again in May 2006 in conjunction with the National Baseball Hall of Fame in Cooperstown, New York, we hosted prior to the annual Hall of Fame Game, a ceremony honoring returning disabled veterans from Iraq and Afghanistan. This was done in conjunction with Walter Reed Army Medical Center and its Commanding General who presented awards to returning veterans and their families selected for the honor. Also at that event, one of the honorees received his Purple Heart for wounds received in Iraq. On May 21, 2007, we will hold our third Annual Disability Awareness Night of Military Distinction at the Hall of Fame Game in Cooperstown. Sponsorship for the event is being provided by MassMutual Financial Group, Duane Morris and Mountaintop Technologies in Johnstown, Pennsylvania as well as others.
It should also be noted that further internal growth is expected to result from Exceptional Parent Magazine being designated as the official publication of the American Academy of Developmental Medicine and Dentistry ("AADMD"), a national organization of over 1,000 doctors and dentists who have dedicated their efforts to providing "best practices" advice to caregivers on how to medically and dentally care for the special needs individual. Beginning with the July 2005 issue of Exceptional Parent Magazine and continuing to the present, AADMD is providing articles for the magazine and the opportunity for physicians to secure up to 2 credit hours of Continuing Medical Education by completing a test that is to follow each article. Management believes that Exceptional Parent Magazine is the first consumer publication ever to offer Continuing Medical Education credits to physicians. Our relationship with the AADMD is in addition to relationships we enjoy with numerous disabilities groups throughout the United States as well as with medical societies such as the Child Neurology Society.
It should also be noted that our officer and director, Joseph M. Valenzano Jr. is the only non-physician to hold a board seat on the AADMD and Mr. Valenzano currently chairs the Executive Advisory Board of the AADMD.
The funding received from the EFTT Army program has allowed us to increase our education and information programs to military families with special needs dependents and caregivers. It is our intent to build upon our existing relationships within the military community to bring timely and meaningful educational content in both print and on a web based delivery system to these families but also to the physicians charged with their care. In this regard, we have already begun the process of exploring ways in which we can deliver high quality educational content focused in the chronic disability and special needs area in cooperation with eight military bases all of which have large scale teaching hospitals and medical facilities. These include Walter Reed Army Medical Center, Brooke Army Medical Center, Madigan Health Center at Fort Lewis Washington, Fort Campbell, Kentucky, Fort Bragg, North Carolina, Trippler Medical Facility in Honolulu, Hawaii and Fort Drum, New York along with and the Uniformed Medical Services School in Bethesda, Maryland. This initiative, once operational, would result in increased revenue of the entire $830,650, to be recognized substantially in 2007 from subscriptions, online interactive training sessions and custom communication sales. We would account for all revenues consistent with existing accounting policy which is to identify revenue streams consistent with our core services which are subscriptions, page advertising, and special projects/custom communications and online web-based programming. We would also identify these revenue streams as being generated from military funding so as to distinguish the revenue streams from those funded by private sponsorship.
We continue to provide education regarding Assistive Technology for people with disabilities, both physical and intellectual (e.g.: cerebral palsy and autism spectrum disorders). This includes the launch of our Consumer's Guide to Assistive Technology, written by leading authorities in the field and led by John Williams, a noted writer for Business Week and USA Today.
We continue to publish monthly in EP magazine and on our Web site valuable information regarding Financial and Estate Planning for people with special needs and for families caring for children and adults with disabilities.
We continue to provide education regarding Mobility, including via the National Mobility Equipment Dealers Association (NMEDA) Guide to Mobility Products, which we publish each year. NMEDA is the the leading national authority on mobility products and services.
We have expanded our sales force with the recent hiring of two new sales representatives, one who will cover the Southwestern Sales territory, and who will be based in Dallas, Texas, and the other who will cover the Northeastern and Southeastern territories, and who will be based in Laurys Station, Pennsylvania.
A proposal has been developed and submitted to AOL for the creation of a co-branded Web Channel or Blog on Disabilities and Special Needs. Initial discussions have been held telephonically with executives at AOL, and they have suggested a follow up meeting in Virginia in early March.
Our revenues are generated from the following activities:
Sale of Advertising Space in Exceptional Parent Magazine: This is driven by a number of factors, including our editorial content and focus. Our customers consist of large Fortune 500 companies: Ford, Chrysler, Kimberly Clark, Novartis Pharmaceuticals, Johnson & Johnson, Massachusetts Mutual Life Insurance Company, Verizon and Merrill Lynch. All purchase ad space in our publications to enhance awareness and image for their products and services and brand recognition for their names. Historically, revenues generated from the sale of advertising space have ranged from approximately $1.6 million dollars to as high as $2.2 million in the past (1998).
Disability Awareness Night (DAN) Programs at Major and Minor League Baseball Stadiums: This program generates revenue. Each of these DAN Events is sponsored on a national basis by a leading sponsor, MassMutual Financial Group followed by regional and local sponsorships. In 2006 for example, total revenues from this effort aggregated approximately $400,000. We have already signed the sponsorship agreement with our lead sponsor for 2007 and have commitments from other sponsors that will yield revenues well in excess of $400,000 in 2007. This does not include any sponsorship revenues from other venues such as the NBA Games and NHL and Minor League Hockey Games nor the added venues of NASCAR which are still under discussion.
EP Bookstore: The EP Bookstore houses approximately 1,800 disability specific books, video and tapes dealing with a wide range of disability topics. We have been building this base for quite some time and are now poised to leverage its growth with some targeted marketing to specific market segments such as military bases and libraries across the nation. In 2004, library sales amounted to $135,000, which included retail sales at various trade shows.
The bulk of our bookstore has been built through negotiating with third party publishers such as Baker and Taylor and McGraw Hill. This has been done over a period of years and with great selectivity and sensitivity. We evaluate the extensive titles published by other book publishing companies and inquire about their sales. Based on the intelligence we obtain, we approach these companies which roughly number about 90 and negotiate with them for bulk purchases of certain titles our Editorial Advisory Board indicates are consistent with our mission, goals and objectives. In many cases we are able to negotiate consignment inventory. All of this is possible because large book publishers really do not have a good sense of the disability marketplace and/or the needs of specific targeted audiences whether consumer or professional in nature. We have this expertise and we went about building our library of titles in specific disciplines. In the process of building this library, we place importance in understanding the marketing requirements for reaching this audience and whether or not we believe we can do so effectively through our magazine, web site and contacts within disability organizations and professional medical societies; and via distribution and sales at trade shows and conferences. The EP Bookstore also consists of book titles we own outright and exclusively. Examples of such titles include the following: No Apologies for Ritalin by Bhushan Gupta, MD; and Patient Persistence by Adele Gill, RN and approximately five other titles. None have a material impact taken individually or collectively but the profit margins earned on these sales are approximately 30% while the profit margins on other titles are in the vicinity of 10%. Our decision to have a stake in book publishing is based on the fact that we receive countless number of requests to publish specific manuscripts as books. While most of these are rejected, the pipeline for such valuable information is of high importance to us because some of this can be turned into productive titles we can publish while others can serve as useful content for some of our other multi media publishing activities in print or online. We do not envision total revenues from our book operation to reach levels much beyond $500,000 per year with profit margins on the order of 15%.
Custom Publishing & Contract Publishing: Over the years, we have taken educational editorial series published in EP Magazine, had them reviewed by a panel of clinical thought and opinion leaders, edited and packaged into stand alone monographs focused on a specific subject area and distributed to key target market segments mutually identified by a project sponsor and ourselves.
All of this work is completely funded under unrestricted educational grants secured from major pharmaceutical companies, medical equipment device manufacturers, consumer packaged goods companies and financial services companies. At all times, we adhere to strict ACCME Standards for medical education and strict standards that ensure the separation of that which is educational and that which is promotional in nature.
Online Interactive Educational Seminars: Another element in our product mix is the EP OnLine Interactive TV-Quality, Educational Seminars. This is a project that capitalizes on the relationships and credibility we have built with major professional medical societies as well as lay and consumer organizations representing the interests of people with disabilities. We have produced a total of twenty such seminars over the past three years and now are poised to offer these in concert with professional medical societies such as the AADMD, CNF and CNS. The fact that all of these seminars offer continuing medical education (CME) accreditation for physicians usually without fees, coupled with the fact that they do not have to travel but can instead participate from the comforts of their homes or offices, help to reduce costs and improve efficiency and educational results. To our knowledge, no other company in the United States offers the kind of comprehensive authoritative educational programming focused exclusively on chronic life long conditions as we do. In addition, we do this by offering online real time live interactive TV quality manner utilizing proprietary software and delivered over the Internet. We expect to conduct over 20 such seminars in 2007 in combination with our military initiative. We had four online seminars under contract as of December 30, 2005 extending through 2006 and actually delivered an addition four others in the arena of Hyperbaric Oxygen Therapy and Klinefelter Syndrome and other clinical topics. There are also several other proposals outstanding.
Liquidity and Capital Resources Earnings were insufficient in 2005 and 2006 to meet the liquidity needs of operations during these periods. These deficits experienced were addressed in part through a number of proactive actions taken including the conversion of a $350,000 trade payable and $300,000 of other short term debt into three year notes effective December 31, 2004. Each of these notes will require interest payments only in 2005 at 6% with amortization based on a five year term commencing January 1, 2006 until the end of the three year term at which time any remaining balance will be due. The Company is current with these obligations.
In August 2005, we condensed all loans and advances made by Joseph Valenzano, our officer and director, into an interest bearing note of $225,000 reflecting all advances made to us as through August 2005. The balance at December 31, 2005 was $108,342. The loan bears interest at the rate of 9.74% per annum and is payable on demand. It is an interest only loan. In 2006, Mr. Valenzano advanced additional funding, bringing his loan balance as of December 31, 2006, to $213,581.
As reflected in our financial statements, our liabilities are collateralized by our tangible and intangible assets. These assets, stated at their nominal historical cost do not provide adequate collateral for these liabilities.
However, management believes that the historical cost of our assets together with the unrecorded value of the proprietary mailing lists, professional and consumer, editorial and library content (maintained in digital format) developed over our 36 years of publishing provides substantial collateral in excess of the amounts owed secured creditors. The Company has no bank debt of any kind.
On September 23, 2005, we completed financing agreements by executing a securities purchase agreement with the following entities: AJW Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC and New Millenium Capital Partners II, LLC. Under the securities purchase agreement, we issued up to $3,720,000 in callable secured convertible notes which are convertible into shares of our common stock. The conversion price is based on the lesser of $0.12 or the average of the lowest 3 intra-day trading prices during the 20 trading days immediately prior to the conversion date discounted by 40%. The timing of the conversion is at the option of the holder. The notes are secured by a grant of a general security interest in all of our assets both tangible and intangible. In addition, our officer and director, Joseph Valenzano individually pledged 3,371,093 shares of our common stock. In addition, we issued stock purchase warrants convertible into shares of our common stock on a one for one basis with an exercise price of $.15 and the term of the warrants is 5 years.
A private investment firm, Westminster Securities Corporation based in New York City, received a commission of $240,000 (8% of the net proceeds of $3,000,000) for arranging for this financing. We received $3,000,000 under the terms of the securities purchase agreement. We have applied these funds in the manner outlined in the table below.
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Well Renewal, Inc. (Pink Sheets: WRNW) (Wed, November 14, 2007, 9:00am EDT) Well Renewal, Inc., an emergent, rapidly growing diversified oil and gas regional operator specializing in oil and gas exploration, enhanced recovery methods of abandoned, low-production oil properties, and oil field services, is pleased to announce a dividend for all shareholders of record as of December 3, 2007. According to the details of this dividend, each shareholder shall receive one share of Diversified Oil and Gas Holdings, Limited for every sixteen shares of WRNW owned as of December 3, 2007.
David Rees, WRNW CEO, stated, ''We feel that this dividend enhances shareholder value for each of our shareholders.'' Mr. Rees continued, ''This marks the beginning of an exciting partnership with DVFI that we anticipate will enrich the value of WRNW.''
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