Dallas, TX 12/17/2007 5:39:49 AM
OTCPicks.com Stocks to Watch for Monday, December 17th EXCS, URON, NASI, SCEY, SORD, TREN
Our Stocks to Watch for Monday include Execute Sports Inc. (OTCBB: EXCS), URON Inc. (OTCBB: URON), North American Scientific, Inc. (NASD: NASI), Sun Cal Energy Inc. (OTCBB: SCEY), Southridge Enterprises, Inc. (OTCBB: SORD) and Torrent Energy Corporation (OTCBB: TREN).
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EXECUTE SPORTS INCORPORATED (OTCBB: EXCS)
"Up 126.67% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/EXCS.php
Execute Sports, Inc. engages in the design, manufacture, and sale of water sports products for the power sports and action sports markets in the United States and internationally. Its water sports products include vests, wetsuits, rash guards, wake skates, and accessories, which are marketed under the Execute brand name to the wake board and ski markets. The company markets its products through a network of independent dealers in the United States and through various distributors internationally. It also sells its products through online retailers, as well as through sporting goods stores, marine dealers, and independently owned pro shops. The company, formerly known as Padova International USA, Inc., was founded in 2002. Execute Sports is headquartered in Torrance, California.
EXCS News:
December 14 - Execute Sports' Sugar Sand Jet Boat Division Receives Orders for 114 boats
Execute Sports Inc. (OTCBB: EXCS) ("Execute"), a company engaged in the design, manufacturing and sale of water sports products, announced that its marketing agent, Challenger Powerboats Inc., has received orders for Execute's Sugar Sand line of boats totaling 114 boats or $2.4 million.
The orders were generated as a result of a dealer meeting organized by Challenger, which is an annual event, during which boat manufacturers display their new models to dealers and, normally, generate approximately 30 to 35 percent of annual sales. Sugar Sand boats, as well as Challenger's performance series line and tow boat line, were demonstrated during the two day event.
Geno Apicella, CEO of Execute Sports, said, "Challenger's dealer show was successful in generating an aggregate 430 orders for Sugar Sand, Gekko and Challenger boats. We are expecting increased demand for the Sugar Sand line as its dealers market their inventories at winter boat shows around the country and need to restock for the 2008 boating season. We are very encouraged by the dealer reception. Our marketing partner, Challenger, intends to expand its distribution in Europe, Central and South America and Asia over the coming months."
Execute's Sugar Sand line of jet driven boats use the same propulsion techniques as jet fighters. The boats range from the 14 foot Sting model to the 23 foot Oasis model, and are all designed for extreme water sports, speed or just leisure cruising. The boats can be used in shallow waterways and are highly maneuverable, bringing their sports capabilities to the extreme. In addition to the Sting and the Oasis, Execute's Sugar Sand line of boats also includes the Tango Xtreme and the Tango Super Sport (both 16.5 feet), the Mirage and Mirage Fun and Fish (both 18 feet), and the Calais (19.5 feet).
URON INCORPORATED (OTCBB: URON)
"Up 68.75% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/URON.php
URON, Inc. provides dial-up Internet services to subscribers in multi-dwelling units in Texas, Illinois, Florida, Massachusetts, Minnesota, Michigan, and South Carolina. It provides ISP functionality for its customers by providing billing and technical call center support over the phone. The company was founded in 2001 and is based in New Hope, Minnesota. As of August 11, 2006, URON Inc. is a subsidiary of Lantern Advisers LLC.
URON News:
December 14 - Uron and Subsidiary to Merge with Wyoming Financial Lenders
On December 13, 2007, URON Inc. (OTCBB: URON) (the "Company") entered into an Agreement and Plan of Merger and Reorganization (the "Merger Agreement") among WFL Acquisition Corp., a newly formed Wyoming corporation and wholly owned subsidiary of the Company, and Wyoming Financial Lenders, Inc., a Wyoming corporation. Wyoming Financial Lenders is a payday lender and check casher and currently has approximately 51 stores in approximately ten states.
The Merger Agreement contemplates a reverse triangular merger with Wyoming Financial Lenders surviving a merger with WFL Acquisition Corp. and thereby becoming an operating subsidiary of the Company. As a result of the merger and in exchange for the cancellation of their shares, the shareholders of Wyoming Financial Lenders will receive (i) a number of shares of the Company's common stock equivalent to approximately 15% of the common stock outstanding immediately after the merger, and (ii) 10,000,000 shares of a to-be-authorized class of preferred (Series A Convertible Preferred Stock) which will be convertible into an additional approximately 57% of the common stock outstanding immediately after the merger. Accordingly, the shareholders of Wyoming Financial Lenders will receive, upon the closing of the merger, securities representing approximately 63.5% of the Company's common stock on a fully diluted basis.
The Merger Agreement contains customary representations, warranties and covenants, and the completion of the merger is contingent upon customary closing conditions, in addition to, among other things, the approval of the shareholders of Wyoming Financial Lenders, the approval by the boards of directors of both Wyoming Financial Lenders and the Company, the Company's satisfaction of a financing-related contingency, and the effectuation of a reveres stock split on at least a 1-for-10 basis. A copy of the Merger Agreement is being filed together with this Current Report.
A material relationship exists among the Company, Wyoming Financial Lenders and John Quandahl. Mr. Quandahl serves as the President of Wyoming Financial Lenders and, effective as of November 29, 2007, was appointed as the Chief Operating Officer of the Company.
NORTH AMERICAN SCIENTIFIC (NASD: NASI)
"Up 49.95% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/NASI.php
North American Scientific, Inc. engages in the manufacture, sale, and marketing of various products for the radiation oncology community. The company develops intensity modulated radiation therapy and image guided radiation therapy products for the treatment of cancer. It also offers radioisotopic products, including iodine-based and palladium-based implantable brachytherapy seeds and accessories for the treatment of prostate cancer. Further, North American Scientific offers radiation sources and standards, which are used in various areas for calibration, measurement, analysis, and control; standards for nuclear medicine; and catalog and customized products for commercial laboratories serving the environmental sector. Its customers include federal and state governmental agencies, medical equipment manufacturers, nuclear utilities, and private organizations. The company sells its products directly, as well as through sales representatives and distributors in the United States, Europe, and Asia. North American Scientific was founded in 1987 and is based in Chatsworth, California.
NASI News:
December 13 - North American Scientific Announces Agreement for Private Placement of Common Stock
North American Scientific, Inc. (NASD: NASI) announced that on December 12, 2007, North American Scientific, Inc. (the "Company") entered into a Securities Purchase Agreement with Three Arch Partners IV, L.P. and affiliated funds ("Three Arch Partners"), SF Capital Partners Ltd. ("SF Capital") and CHL Medical Partners III, L.P. and an affiliated fund ("CHL," and together with Three Arch Partners and SF Capital, the "Investors") providing for the private placement (the "Private Placement") of 63,008,140 shares (the "Shares") of common stock of the Company, par value $0.01 per share (the "Common Stock"), and warrants to purchase 3,150,407 shares of Common Stock (the "Warrants," and, together with the Shares, the "Securities") for a total purchase price of $15.5 million.
The purchase price is equal to $0.246 per Security, of which $0.01 is allocated to the Warrants. The purchase price represents a 40% discount to the volume weighted average price of the Common Stock on the Nasdaq Global Market, as reported by Bloomberg Financial Markets, for the 20 trading day period ending on the trading day immediately preceding the date of the Securities Purchase Agreement. The Warrants have an exercise price of $0.246 per share, subject to certain adjustments. The Warrants may be exercised no earlier than 180 days from the closing date of the transaction and will expire seven years from the date of issuance.
In order to close the Private Placement, the Company must obtain stockholder approval of the Private Placement and the amendment of its Certificate of Incorporation to increase the number of shares of Common Stock it is authorized to issue. The Securities Purchase Agreement requires that the Company file a preliminary proxy statement, information statement or consent statement with the Securities and Exchange Commission (the "Commission") to solicit stockholder approval by December 19, 2007. The Company expects to close the Private Placement as soon as practicable after it obtains stockholder approval.
The Investors have agreed to purchase the following amounts of Securities in the offering:
Investor Shares Warrants (Shares issuable upon exercise)
Three Arch Partners 40,650,420 (2,032,521)
SF Capital 10,162,600 (508,130)
CHL 12,195,120 (609,756)
Three Arch Partners currently owns 5,121,638 shares of Common Stock. If the transaction is consummated, Three Arch Partners' percentage ownership of the outstanding Common Stock will increase from approximately 17.3% to 49.4% (and 43.9% of the Common Stock on a fully diluted basis).
The net proceeds to the Company of the Private Placement after payment of fees and expenses are expected to be approximately $14,115,000. The terms of the Private Placement were approved by a committee of the Company's Board of Directors consisting only of disinterested directors. The Company's directors and executive officers have executed lock-up agreements restricting their ability to sell shares of the Common Stock for 180 days following the closing of the transaction. The Investors will be required to enter into such lock-up agreements prior to the closing of the transaction.
CIBC World Markets Corp. is acting as sole placement agent in connection with the Private Placement. If the Private Placement is consummated as discussed herein, the placement agent will receive aggregate fees of approximately $1,085,000 plus reimbursement for reasonable out-of-pocket fees and expenses.
Additional Information About the Consent Solicitation and Where to Find It
Stockholders of the Company and other investors are urged to read the consent solicitation that the Company will file with the Securities and Exchange Commission in connection with the Private Placement because it will contain important information about the Company, the Investors, the Private Placement, the persons soliciting proxies for the Private Placement and their interests in the Private Placement and related matters. Investors will be able to obtain all documents filed with the SEC by the Company free of charge at the SEC's Internet site (http://www.sec.gov/). In addition, documents filed with the SEC by the Company will be available free of charge from the Corporate Secretary of North American Scientific, Inc., 20200 Sunburst Street, Chatsworth, California, 91311, telephone (818) 734-8600. Read the consent solicitation carefully before making a decision concerning the Private Placement.
SUN CAL ENERGY INCORPORATED (OTCBB: SCEY)
"Up 34.21% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/SCEY.php
Sun Cal Energy Inc. is a publicly traded independent oil and gas exploration company with headquarters in Calgary, Alberta, and an operational office in San Francisco, California. Sun Cal Energy aims to secure and develop a portfolio of oil and gas properties throughout America. The company is strategically placed in the Southern San Joaquin Valley of California, the Anadarko Basin of Oklahoma, the Breton Sound of Louisiana and Green River Basin in Wyoming.
SCEY News:
December 14 - Sun Cal Energy Inc. Announces Preliminary Analysis and Reserve Estimate for the South East Jonah Area, Sublette County, Wyoming
Sun Cal Energy Inc. (OTCBB: SCEY), an energy exploration company focused in the Southern San Joaquin Valley of California, the Anadarko Basin of Oklahoma, the Breton Sound of Louisiana and Green River Basin of Wyoming announced that it has received a preliminary analysis and reserve estimate from Heinz Geophysical Consulting for the South East Jonah Area, Sublette County, Wyoming.
The independent study focused on Section T27N-R107W in Sublette County, Wyoming, and outlined an average of .8 BCF per well using 40 acre well spacing as a reasonable expectation. These parameters would yield a reserve of 13 BCF per section, or a total of 117 BCF for the nine sections in Sun Cal's Jonah Prospects. The study also states that infill drilling could easily double these reserves to 26 BCF per section or more.
Sun Cal Energy Inc. has a 100% working interest in 6,000 acres of leases in the Jonah Field region of Wyoming - the second largest proven gas reserve in the United States. Sun Cal's Prospects are identified as South Jonah, which consists of 2,477.68 acres and West Jonah, consisting of 3,546.89 acres. Most of the surrounding acreage is currently held by EnCana and Yates Petroleum, with BP and Chevron/Texaco also holding significant positions. In a recent auction of 1,280 acres approximately 5 miles to the Northeast, leases yielded $3,300/ acre.
Commenting on these developments, Lewis Dillman, President and Chief Executive Officer of Sun Cal Energy Inc. states: "We are excited to receive additional validation from an independent geophysical consultant, and we look forward to additional technical analysis and evaluation of seismic data to finalize a work program for our Prospects in the very near future. With recent announcements of several proposed pipelines to transport natural gas from Wyoming to other states, we expect that the area will continue to grow in stature, and be quick to tie into."
According to the Petroleum Association of Wyoming, of the 3,243 wells drilled and completed in 2006, 166, or 5.1% found oil, 3,009 or 92.8% found gas, and only 68 or 2.1% were dry holes. Sublette County, the largest natural gas producer in the state, contains Sun Cal's Jonah Prospects.
"While almost every other gas-producing area in North America has experienced gradual-to-moderate declines, natural gas reserves in Wyoming are actually increasing." stated Lewis Dillman. "With 93% natural gas drilling success rates in 2006, we believe our Jonah Prospects could provide significant upside and discovery potential for our shareholders. Even after discounting the price of natural gas to $2.40, the reserves implied by the report suggest that the Sun Cal's Jonah Prospects could yield $560 million." stated Lewis Dillman.
About the Jonah Prospect
The Jonah Field and the Pinedale Anticline are acknowledged as the premier gas fields in the Rocky Mountains. These fields are located in Wyoming's Greater Green River Basin. According to the Wyoming State Geological Survey, the Greater Green River Basin contains approximately 26 TCF of natural gas which is the largest reserve in the State. The Jonah Field is estimated to contain 7 to 10 TCF of Natural Gas, which currently produces from more than 500 wells. Currently, EnCana, British Petroleum, Ultra Petroleum and Yates Petroleum are among the major players working in this area.
SOUTHRIDGE ENTERPRISES (OTCBB: SORD)
"Up 23.75% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/SORD.php
Southridge Enterprises is a renewable energy company with a mission to become the ethanol producer of choice in the southeastern region of the United States. The Company is focusing its efforts in an area which offers abundant supplies of corn, superior transportation infrastructure and expedited permitting processes. The Company is actively acquiring and developing ethanol production facilities and anticipates start-up of the first phase of these operations in 2007. Southridge Enterprises is headquartered in Dallas, Texas. For more information, visit the company's website at http://www.southridgeethanol.com/.
SORD News:
December 14 - Southridge Executives to Meet with U.S. Department of Energy
Southridge Enterprises, Inc. (OTCBB: SORD) (the "Company") announced today that President Alex Smid, Director Daniel Jackson and key operating executives will be meeting with officials at the U.S Department of Energy to review and discuss renewable energy initiatives.
The meeting with Paul Dickerson, Chief Operating Officer and other officials at the U.S. Department of Energy (DOE) Office of Energy Efficiency & Renewable Energy (EERE) is to be held at their headquarters in Washington, D.C.
The U.S. Department of Energy (DOE) announced in February 2007 that they would invest up to $385 million for six biorefinery projects over the next four years. When fully operational, the biorefineries are expected to produce more than 130 million gallons of cellulosic ethanol per year. This production will help further President Bush's goal of making cellulosic ethanol cost-competitive with gasoline by 2012 and, along with increased automobile fuel efficiency, reduce America's gasoline consumption by 20 percent in ten years.
TORRENT ENERGY CORPORATION (OTCBB: TREN)
"Up 16.13% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/TREN.php
Torrent Energy Corporation, through its subsidiaries, engages in the exploration for coalbed methane in the Coos Bay region of Oregon and the Chehalis Basin region of Washington State. It holds leases to approximately 118,000 acres of coalbed methane lands in the Coos Bay Basin located approximately 200 miles south of the Columbia River and 80 miles north of the California border. The company also holds leases comprising 100,000 acres located in the Chehalis Basin in Lewis, Cowlitz, and Skamania Counties of Washington; and various lease consisting of 23,735 acres in the Chehalis Basin. In addition, Torrent Energy has an option to acquire 15,280 acres of mineral rights interests in Cowlitz and Lewis Counties, Washington. Torrent Energy is based in Portland, Oregon.
TREN News:
December 14 - Torrent Energy Reports Progress on Financing Efforts and Joint Venture Discussions
Torrent Energy Corporation (OTCBB: TREN) (the "Company") announced that it is making progress on its efforts to establish additional sources of capital for the advancement of its Coos Bay coal-bed methane project. Management said the Company also is in detailed discussions with a prospective joint venture partner that has expressed interest in participating on the project.
John Carlson, president and CEO, said, "While the establishment of a new financing package is taking longer than anticipated, we are making meaningful progress and are optimistic that our efforts to finalize a transaction will be successful. We obviously are working to negotiate a transaction that is in the best interest of Torrent and its shareholders. While we cannot provide a definitive timetable for the completion of a funding arrangement, we will announce the results of these efforts as soon as possible."
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