Dallas, TX 11/17/2007 1:34:11 AM
OTCPicks.com Daily Market Movers Digest Midday Report for November 16th GSHF, AVEE, MCEL, DSCO, GTRY
Our Stocks to Watch today include GreenShift Corporation (OTCBB: GSHF), Advant-e Corporation (OTCBB: AVEE), Millennium Cell Inc. (NASD: MCEL), Discovery Laboratories, Inc. (NASD: DSCO), Getting Ready Corporation (OTCBB: GTRY)
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GREENSHIFT CORPORATION (OTCBB: GSHF)
"Up 21.43% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/GSHF.phpGreenShift Corporation, through its subsidiaries, develops and supports clean technologies and companies that facilitate the use of natural resources. It provides applied engineering and technology transfer services based on clean technology and process innovations. The company also produces ethanol, biodiesel, and other clean fuels from agriproducts. In addition, GreenShift focuses on reducing carbon intensity of energy utilization. Further, it provides transportation and distribution of industrial and hazardous wastes; site remediation and industrial cleaning; engineering and consulting; and environmental, health, and safety compliance services. The company's customers include ethanol facilities; developers of renewable fuel production facilities who purchase its proprietary biodiesel production equipment; industrial manufacturers that purchase its specialty equipment and related manufacturing services; and industrial and governmental clients that generate industrial wastes. GreenShift Corporation is based in New York, New York.
GSHF News:
November 16 - GreenShift Announces Third Quarter Results
GreenShift Corporation (OTCBB: GSHF) announced its financial results for the third quarter of 2007.
Revenues for the three months ended September 30, 2007 were $14,519,000, corresponding to an increase of about $8,567,000 or 144% over the revenues of about $5,952,000 generated during the three months ended September 30, 2006, and an increase of about $7,938,000 or 121% over the revenues of about $6,581,000 generated during the three months ended June 30, 2007. These increases were primarily the result of the growth of GreenShift’s subsidiaries, GS CleanTech, GS AgriFuels, GS Energy and GS EnviroServices.
Net income from continuing operations for the three months ended September 30, 2007, was $1,047,000 as compared to a loss from continuing operations of $967,000 from the same period in 2006. Net income of $10,719,000 for the three months ended September 30, 2007 was due to increased revenues from new business initiatives, a reduction in selling, general and administrative expenses, and a reduction in amortization charges associated with financing and issuance of stock based compensation. These amounts were offset by additional expenses incurred during the third quarter relative to the Company’s various technology development activities.
The magnitude of certain of these items is expected to be non-recurring and linked to the future effect of adjusting derivatives to market value will depend on future changes in the stock prices of GreenShift and its subsidiaries.
ADVANT-E CORPORATION (OTCBB: AVEE)
"Up 13.64% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/AVEE.phpAdvant-e Corporation, through its wholly owned subsidiary, Edict Systems, Inc., provides business-to-business (B2B) electronic commerce (e-commerce) products and services in the United States and Canada. It develops, markets, and supports electronic data interchange (EDI) and e-commerce software products and services that enable its customers to send and receive business documents electronically. The company also provides consultative services for its customers, wherein it acts as a liaison between the buyers and their suppliers. Its products and services include Web EDI, a Web-based electronic data interchange document processing system that allows suppliers to conduct electronic commerce with grocery and other retailers, automotive manufacturers, and other buying organizations; EnterpriseEC, an Internet-based B2B e-commerce network service; and Value-Added Applications, which enable customer to monitor their e-commerce activities via a hosted business rules engine. Advant-e Corporation also provides hosted data translation services that allow companies to integrate EDI date with their in-house systems. The company was founded in 1990 and is based in Dayton, Ohio.
AVEE News:
November 16 - Advant-e Corporation Announces Third Quarter 2007 Results
Company Reports 59% Increase in Revenue and 45% Net Income Growth over Q3 2006
Advant-e Corporation (OTCBB: AVEE), a provider of Internet-based Electronic Data Interchange and electronic document management software and services announced financial and operating results for the quarter ending September 30, 2007.
For the third quarter of 2007 the Company reported revenues of $2,178,155, a 59% increase over revenues of $1,368,582 in the third quarter of 2006. The increase is attributable primarily to revenue from products and services sold by Merkur Group, Inc. which was acquired on July 2, 2007, and continued growth of the Company's internet-based EDI services.
Net income for the third quarter of 2007 was $335,884, or $.05 per share, a 45% increase over net income of $232,375, or $.04 per share for the same period in 2006. Net income increased 39% over the second quarter of 2007.
Third Quarter Highlights:
Merkur Group Acquisition - Merkur directly contributed $610,300 to revenue in the quarter and net income of $38,310 before deducting non-cash charges pertaining to amortization of intangible assets of $13,554.
Edict Systems Growth - Edict Systems revenue grew 15% in the quarter over Q3 2006 with all major service offerings contributing to this growth. Net income attributable to Edict for the quarter was $311,128, which is an improvement of 34% over the previous year period.
Continued Profitability-The Company reports its seventeenth consecutive
profitable quarter with pre-tax profitability of 23% in the current quarter.
Share Repurchase Program - The Company purchased 60,000 shares at $1.25 as part of the share repurchase program.
Jason K. Wadzinski, Chairman and Chief Executive Officer, remarked, "The third quarter of 2007 was highlighted by our recent acquisition of Merkur Group, Inc., which accounted for 28% of our revenue and contributed to our profitability for the quarter. We are currently working on several opportunities to increase revenue for both Edict and Merkur by leveraging the strengths and product/service offerings of each company."
MILLENNIUM CELL INC (NASD: MCEL)
"Up 15.69% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/MCEL.phpMillennium Cell, Inc. develops hydrogen batteries for use primarily in portable electronic devices for the military, medical, industrial, and consumer markets. The hydrogen batteries comprise a fuel cell and hydrogen fuel cartridge technology. The fuel blends used in the hydrogen battery technology are comprised of a combination of water, sodium borohydride, and other chemicals. The hydrogen produced by its hydrogen fuel cartridge technology is converted into electricity by a fuel cell. The company develops the technology in partnership with corporate and government entities. It also licenses its fuel cartridge technology to fuel cell manufacturers, original equipment manufacturers, and other product-focused entities. The company has a strategic relationship with The Dow Chemical Company to collaborate on the design, development, and commercialization of proton exchange membrane fuel cell power systems and compatible Hydrogen on Demand fuel cartridges for use in portable electronic devices; and with Horizon Fuel Cell Technologies Pte, Ltd. focused on the commercialization of fuel cell based power products. Millennium Cell was founded in 1998 and is based in Eatontown, New Jersey.
MCEL News:
November 16 - Fuel Cartridges Authorized for International Air Transport
Clears Path for Millennium Cell's Hydrogen on Demand(R) and Solid State HOD(TM) Cartridges on Aircraft
Millennium Cell Inc. (NASD: MCEL) announced that the International Civil Aviation Organization (“ICAO”) has created new regulations that permit the transportation in carry-on baggage on passenger aircraft of micro fuel cell systems which utilize fuel cartridges including the sodium borohydride fuels being developed by Millennium Cell to power electronic devices. Fuels covered include fuel for HOD™ systems and next-generation Solid State HOD™ systems. The Company expects these ICAO model regulations, which are developed by international consensus, to become effective world-wide by January of 2009.
Earlier this year the U.S. Department of Transportation (“DOT”) proposed similar regulations for the U.S. This international action ensures harmonization of U.S. and international regulations, and allows world-wide use of Millennium Cell's hydrogen batteries. These new regulations require that fuel cell cartridges and systems conform to design and performance standards issued by the International Electrotechnical Commission.
"The authorization by the International Civil Aviation Organization will support the use by air travelers of Hydrogen on Demand® fuel cartridges in micro fuel cell powered electronic devices," said Adam P. Briggs, Millennium Cell President. "This is an important step towards providing consumers with significantly longer runtime hydrogen batteries and will enable greater functionality, convenience, and utility in portable electronics.”
DISCOVERY LABS (NASD: DSCO)
"Up 11.89% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/DSCO.phpDiscovery Laboratories, Inc., together with its subsidiaries, operates as a biotechnology company that develops proprietary surfactant technology as Surfactant Replacement Therapies (SRT) for respiratory disorders and diseases. Its products include Surfaxin (lucinactant), which is used for the prevention of respiratory distress syndrome in premature infants, as well as for the prevention of bronchopulmonary dysplasia in premature infants; and Aerosurf, which is used for the prevention and treatment of respiratory failure in infants. The company also provides its products for the treatment of acute respiratory failure, cystic fibrosis, acute lung injury, acute respiratory distress syndrome, chronic obstructive pulmonary disorder, asthma, and other debilitating respiratory conditions. It has strategic alliances with Chrysalis Technologies to develop and commercialize aerosolized SRT for various respiratory conditions, such as acute lung injury, neonatal respiratory failure, chronic obstructive respiratory disease, and asthma; and Laboratorios del Dr. Esteve, S.A. to develop, market, and sell Surfaxin in Europe, Central and South America, and Mexico. The company was founded in 1992 and is headquartered in Warrington, Pennsylvania.
DSCO News:
November 16 - Discovery Labs' Response to Surfaxin Approvable Letter Deemed Complete by FDA
Discovery Laboratories, Inc. (NASD: DSCO) announced that the U.S. Food and Drug Administration (FDA) has accepted Discovery Labs' submission of November 1, 2007 as a complete response to the April 2006 Approvable Letter for Surfaxin(r) (lucinactant), for the prevention of Respiratory Distress Syndrome (RDS) in premature infants. The FDA has established May 1, 2008 as its target date to complete its review of the Surfaxin New Drug Application (NDA).
The Approvable Letter for Surfaxin did not require any additional clinical trials, but primarily focused on the Chemistry, Manufacturing and Controls (CMC) section of the Surfaxin NDA, predominately involving drug product specifications and stability, analytical methods and related controls. In December 2006, Discovery Labs met with the FDA to clarify certain of the key CMC matters identified in the Approvable Letter and obtain guidance from the FDA on the appropriate path to potentially gain approval of Surfaxin. At that meeting, Discovery Labs also presented information regarding its comprehensive investigation into and remediation of the April 2006 process validation stability failure.
Based on the guidance obtained at the FDA meeting, Discovery Labs filed its formal response which included six-month stability data on new Surfaxin process validation batches and additional data compiled from certain projects intended to address the outstanding CMC issues identified in the Approvable Letter.
About Surfaxin
Surfaxin is a precision-engineered version of natural human lung surfactant and contains Discovery Labs' novel KL-4 peptide. Surfaxin, administered as a liquid-instillate, represents a potential alternative to the commercially available animal-derived surfactants. Data from Discovery Labs' pivotal, multinational SELECT study demonstrate that Surfaxin is significantly more effective in the prevention of RDS and results in improved survival (continuing through at least one year of life) and other outcomes versus comparator surfactants. The SELECT and STAR (a supportive Phase 3 study) trials, as well as a pooled analysis of the Phase 3 studies, have been presented at several international medical meetings and the results from the two studies were published in Pediatrics. In addition, top-line results from Discovery Labs' Phase 2 clinical trial for the prevention and treatment of Bronchopulmonary Dysplasia (BPD) suggested that infants treated with up to five incremental standard doses of Surfaxin tended to have a lower incidence of death or BPD, a higher survival rate through 36 weeks post-menstrual age, and fewer days on mechanical ventilation. Discovery Labs recently initiated a Phase 2 clinical trial evaluating the use of Surfaxin in children up to two years of age suffering from Acute Respiratory Failure (ARF). This new trial will explore the expanded application of surfactant therapy to pediatric critical care medicine.
GETTING READY CORPORATION (OTCBB: GTRY)
"Up 9.52% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/GTRY.phpGetting Ready Corporation is a public shell company. It intends to effect a merger, acquisition, or other business combination with an operating company by using a combination of common stock, cash on hand, or other funding sources. The company was founded in 2002 and is based in Miami, Florida.
GTRY News:
November 15 - Getting Ready Corporation and Winston Laboratories, Inc. Announce Merger Agreement
Winston Laboratories, Inc., a specialty pharmaceutical company engaged in the discovery and development of products for pain management, and Getting Ready Corporation (OTCBB: GTRY), a publicly-traded company with no active operations, have signed a merger agreement that will bring the two companies under one umbrella. The combined company will be renamed Winston Pharmaceuticals, Inc., and will be headquartered in Vernon Hills, Illinois. The merger is expected to close in the second quarter of 2008, and shortly thereafter, the company intends to apply to have its shares listed on the American Stock Exchange (AMEX).
As part of the transaction, Dr. Phillip Frost, former chairman and chief executive officer of IVAX Corporation, and his affiliates invested $5 million in Winston, with an additional $4 million investment to be made at the time the merger is consummated. Proceeds from the investment are expected to fund current operations of Winston Laboratories, including certain costs associated with upcoming regulatory applications. Under the terms of the merger agreement, each common share of Winston Laboratories will be converted into approximately 17.51 shares of common stock of Getting Ready, and each share of preferred stock of Winston Laboratories will be converted into approximately .01751 shares of preferred stock of Getting Ready, each such preferred share being convertible into 1,000 shares of Getting Ready common stock. The merger is subject to customary covenants and several conditions. As a result of the merger, it is expected that Getting Ready shareholders will receive approximately 2.56% of the combined company on a fully diluted basis and the new investors will own convertible preferred stock representing approximately 27.44% of the combined company on a fully diluted basis. Certain of the new investors will also receive five-year warrants entitling them to purchase up to 10% of the common equity of the combined company on a fully diluted basis.
Glenn L. Halpryn, current director and president of Getting Ready, Steve Rubin, former vice president and general counsel of IVAX Corporation, and Subbarao Uppaluri, former vice president of strategic planning of IVAX Corporation, will serve on the combined company's board of directors, along with four directors to be appointed by Winston Laboratories. Dr. Joel Bernstein, founder and president of Winston Laboratories, will become president and chief executive officer of the combined company.
Mr. Halpryn stated that Winston's scientific and management teams have extensive experience in clinical development for pain indications. Mr. Halpryn also said that he is pleased that Getting Ready was able to enter into this merger agreement within a year of the change of control of Getting Ready, and he looks forward to serving as a member of the board of directors of the combined company following the closing.
About Winston Laboratories
Winston Laboratories focuses on major pain indications as well as on niche markets, where there is still significant unmet need for pain management options with improved efficacy, safety, and tolerability profiles. Winston's product candidates span a range of pain indications, including episodic cluster headache, chronic daily headache, osteoarthritis, neuropathic pain, cancer pain and post-operative pain.
Winston Laboratories' flagship compound is civamide, a TRPV-1 (transient receptor potential vanilloid-1) receptor modulator, which we believe provides exceptionally long-lasting analgesic activity. A single oral dose of civamide, for example, provides effective analgesia for at least 7 days in a variety of animal pain models. Winston is engaged in late-stage development of civamide for various pain indications, and expects to submit its first marketing authorization applications for a topical formulation in North America and Europe for relief of osteoarthritis pain during the first quarter of 2008.
About Civamide
Civamide (cis-8-methyl-N-vanillyl-6-nonenamide) is a patented, synthetically produced agent that binds to the TRPV-1 receptor, and, in this fashion, selectively depresses the activity of the type-C pain fibers. Civamide causes an initial release of the neuropeptides, substance P (SP) and calcitonin-gene related peptide (CGRP). Pain transmission is then diminished by the subsequent depletion of SP and CGRP from the neuron, coupled with suppression of the synthesis and transport of neuropeptides along the neuron.
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