Dallas, TX 12/19/2007 9:52:30 AM
OTCPicks.com Stocks to Watch for Wednesday, December 19th EVCI, ABPH, MGLG, LMEC, PRSU, STIY
Our Stocks to Watch for Tuesday include EVCI Career Colleges Holding Corp. (NASD: EVCI), Advanced BioPhotonics Inc. (OTCBB: ABPH), Magellan Energy Ltd. (OTC: MGLG), Lime Energy Co. (OTCBB: LMEC), Prime Restaurants, Inc. (OTC: PRSU) and Stinger Systems, Inc. (OTCBB: STIY).
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EVCI CAREER COLLEGES (NASD: EVCI)
"Up 224.32% on Tuesday"
Detailed Quote: http://www.otcpicks.com/quotes/EVCI.php
EVCI Career Colleges Holding Corp., through its subsidiaries, provides on-campus career college education in the United States. The company, through its subsidiary, Technical Career Institutes, Inc., offers college degree programs leading to the associate in applied sciences degree, as well as certain certificate programs. Its other subsidiary, Interboro Institute, Inc., provides college degree programs leading to the associate in occupational studies degree and associate in applied sciences degree. EVCI Career Colleges Holding Corp., through its subsidiary, Pennsylvania School of Business, Inc., offers two associate in specialized business degree programs and two diploma programs in information technology, as well as three business diploma programs. The company was founded in 1997 and is based in Yonkers, New York.
EVCI News:
December 17 - EVCI Career Colleges Holding Corp. Announces Decision to Close Interboro Institute
Adverse Effect of New Admissions Testing Requirements Could Not Be Overcome; Interboro Plans to Transfer Its Degree Programs to EVCI's Other New York College, Technical Career Institutes ("TCI")
EVCI Career Colleges Holding Corp. (NASD: EVCI) announced that the Board of Directors of EVCI and its subsidiary, Interboro Institute, Inc., have decided to close Interboro Institute on December 21, 2007, which is the end of its fall semester.
The decision to close Interboro was caused by an unsuccessful attempt to raise additional capital for Interboro that would allow the college to transition its educational programs to a model that could succeed despite changes in ability to benefit ("ATB") test regulations that were mandated by the New York Board of Regents on September 11, 2007.
Approximately 80% of Interboro's students enroll without a high school diploma or GED and can qualify for federal and state financial aid only after passing an approved ATB admissions test. Under the new Regents regulations, beginning in January 2008, the CPAt exam, which was being used by Interboro, cannot be used by any college to qualify its first-time enrollees for TAP financial aid awards.
As previously reported, Interboro implemented strategies designed to ameliorate the anticipated adverse effect of the more difficult Accuplacer ATB exam, the use of which has resulted in a pass rate for Interboro's spring 2008 applicants of about one-third the pass rate for the CPAt exam.
Subject to the approval of the Middle States Commission on Higher Education and the US Department of Education, which we expect to receive, Interboro students will be able to continue their academic programs at Interboro's midtown Manhattan and Washington Heights campuses, during the spring 2008 semester, as students of TCI and, thereafter, transfer to other colleges or continue their programs at TCI.
Interboro plans to transfer all its degree programs to TCI, consistent with New York State regulatory requirements, effective January 1, 2008, in connection with the financing discussed below. TCI plans to offer those new degree programs for new TCI students, starting with its fall 2008 semester, at TCI's current locations. The transfer to TCI and offering to new TCI students is subject to the approval of the Middle States Commission on Higher Education and the US Department of Education, as necessary.
Also as previously reported, EVCI is seeking additional financing. EVCI has been engaged in intensive discussions with ComVest Investment Partners III, L.P. regarding a financing designed to support TCI and PSB and to provide some additional working capital to EVCI.
The principal terms of a proposed ComVest financing have been approved by a Special Committee of EVCI's Board of Directors. However, the financing requires the approval of EVCI's principal lender and the preparation and execution of definitive documentation that is subject to approval by the Special Committee and the consent of regulators.
ADVANCED BIOPHOTONIC (OTCBB: ABPH)
"Up 100.00% on Tuesday"
Detailed Quote: http://www.otcpicks.com/quotes/ABPH.php
Advanced BioPhotonics, Inc. engages in the acquisition, development, and commercialization of medical imaging technology for the diagnosis and management of various diseases, including cancer and vascular diseases. The company's principal product includes the BioScanIR system, which detects diseases that affect the perfusion or reperfusion of blood in tissues and organs. The BioScanIR system assists physicians and researchers in differentiating between normal and abnormal tissues by detecting small changes in perfusion. Advanced BioPhotonics offers its products primarily in the United States and the European Union. The company, formerly known as OmniCorder Technologies, Inc., was founded in 1997. It changed its name to Advanced BioPhotonics, Inc. in 2005. The company is headquartered in Bohemia, New York.
ABPH News:
December 17 - Advanced BioPhotonics Inc. Updates Clinical Results in Pigmented Lesions of the Skin Trial
Review of the Use of the Company's DIRI(R) Technology in Dermatology Application
Advanced BioPhotonics Inc. (OTCBB: ABPH) announced that it has completed its initial phase and review of the clinical trial protocol previously announced earlier this year. This trial is investigating the use of Advanced BioPhotonics' patented BioScanIR(r) System, together with its proprietary DIRI(r) method of dynamic infrared imaging in detecting and assessing pigmented lesions of the skin including melanoma and other forms of skin cancer.
In a review of the first twenty-four cases, the BioScanIR(r) was able to correctly identify all four melanomas including a melanoma in situ as well as accurately identifying 80% of the benign lesions as confirmed by biopsy and/or clinical examination.
Although this phase is a small sample size, the principal investigator at the institution called the findings encouraging and promising. The next phase of the study will focus on lesion characterization to help further improve the system's performance. It is expected that the next phase will take several months to complete.
MAGELLAN ENERGY NEW (OTC: MGLG)
"Up 63.64% on Tuesday"
Detailed Quote: http://www.otcpicks.com/quotes/MGLG.php
Magellan Energy is a publicly traded independent oil and gas company. The company is actively acquiring oil and gas leases, producing properties, mineral rights, and surface interests in Texas and Oklahoma. Once acquired, the company intends to develop each property to maximize the income from each property by re-establishing production, refurbishing and improving the existing production and operations.
MGLG News:
December 18 - Magellan Energy Announces Update on the Thomas D. Martin Wells
Magellan Energy Ltd. (OTC: MGLG), an independent oil and gas company, announced that it is selling natural gas from wells on the Thomas D. Martin project in Morgan County, Tennessee in which it holds a 20% working interest. The operators for these wells, TMD Energy Inc., stated that the Citizens Gas Utility District have recently reconfigured the gas pipelines to allow gas from the wells to enter its system. A compressor has also been installed to increase production volume.
Magellan Energy is pleased to announce that the Martin lease is a mature producing oil and gas property that is being prepared for waterflooding. This ongoing project with TMD Energy Inc. will take some time to complete but with the newly installed compressor we will have increased gas production and revenue for Magellan Energy Ltd. The water flood project must still be subject to further research, geological surveys and studies to be properly executed. Until such time is determined, the wells will continue to operate at their new capacity, generating revenue with the new lines.
Magellan Energy's President, Mr. Akrivos, said, "We are very pleased at the progress that has been made up to date on the Martin project which will take some time to properly execute. TMD Energy Inc. has done an excellent job ensuring the wells maintain production and we are extremely happy to be working with them. This is our company's second successful project in Tennessee, thus establishing Magellan as a reputable, revenue-producing company in the oil and gas industry. In addition, we are in the final stages of developing a third project in Tennessee, which will be announced in the near future."
LIME ENERGY COMPANY (OTCBB: LMEC)
"Up 50.00% on Tuesday"
Detailed Quote: http://www.otcpicks.com/quotes/LMEC.php
Lime Energy Co., through its subsidiaries, operates as a developer, manufacturer, and integrator of energy saving technologies. The company operates in two segments, Energy Technology and Energy Services. The Energy Technology segment engages in the development and sale of eMAC and uMAC products. The eMAC system comprises of heating, ventilating, and air conditioning (HVAC) controller with wireless communication capabilities and a central, server based, Internet accessible software that monitors and controls the operation of the connected HVAC units; and the uMAC controls the operation of a facility's lights via wireless communications. The Energy Services segment markets, designs, engineers, and installs energy efficient lighting upgrades for commercial and industrial users; provides energy engineering services, including building energy audits, HVAC and boiler system optimization, energy management planning, engineering design to optimizing energy efficiency and energy rebates, energy project management, and lighting engineering and design; and provides turnkey lighting upgrades. Its Energy technology has various applications in commercial buildings, factories, and office structures. The company was founded as Electric City Corp. in 1997 and changed its name to Lime Energy Co. in 2006. Lime Energy is headquartered in Elk Grove Village, Illinois.
LMEC News:
December 18 - Lime Energy Extends Mortgage with American Chartered Bank
On December 17, 2007, Lime Energy Co. (OTCBB: LMEC) ("Lime Energy") and American Chartered Bank ("American Chartered") entered into a Fifth Modification to Mortgage, Assignment of Rents and Security Agreement, and the Third Amended and Restated Mortgage Note (collectively, the "Fifth Amendment").
The original mortgage dated May 29, 2002 in the amount of $735,000 and with a maturity of April 30, 2004, was amended and restated four times, on September 30, 2003, on December 31, 2004, on December 13, 2005, and again on December 28, 2006 to extend the maturity to February 1, 2008.
The Fifith Amendment extends the maturity of the mortgage indebtedness two years to February 1, 2010. As of December 17, 2007, the outstanding principal balance on the mortgage was $490,000. The indebtedness continues to bear interest at a rate equal to prime (7.25% as of December 17, 2007) plus 1/2 of 1%, payable monthly.
Principal is payable in monthly installments of $3,000, with the unpaid balance due at maturity.
PRIME RESTAURANTS (OTC: PRSU)
"Up 50.00% on Tuesday"
Detailed Quote: http://www.otcpicks.com/quotes/PRSU.php
Prime Restaurants is a start-up restaurant holding company with an eye towards rapid expansion and revenue growth within the next 12 to 24 months. The company will focus only on major well-populated areas such as New York, Connecticut, New Jersey, Florida, Pennsylvania and North and South Carolina with locations that will generate a minimum of $2,000,000 per year at each location.
PRSU News:
December 18 - Prime Restaurants, Inc. Announced Today That It Has Entered Into a Binding Agreement to Acquire Baron International, a Major Restaurant Builder and Equipment Supplier
Prime Restaurants, Inc. (OTC: PRSU) announced that it has entered into a binding agreement to acquire a Major Restaurant Builder and Equipment Supplier.
Prime Restaurants, Inc. is very pleased after several months of negotiations and a lot of give and take on both sides that an agreement could be reached, it is the intent of the company (PRSU) to build a national branded restaurant chain and know that with the experience and knowledge of Baron International and their management team this is within the realm of reality.
Baron International will be a 100% wholly owned subsidiary of PRSU with the original founders and officers of Baron remaining onboard to run the subsidiary. The acquisition is expected to be officially completed by the end of January 2008.
"PRSU is very excited about this acquisition as it will not only bring a very well established and recognized company with significant revenue into the company, but will also enable the company to build its own restaurants at a reduced cost, thus increasing the company's ability to create more of its own locations, reducing build out costs and credibility to our young company," said Mr. Cris Galo President & CEO.
Mr. Galo also stated that, "This is an acquisition that has been pursed for a long time as it will open a whole new world of opportunities for the company, I am delighted that we have finally been able to bring this acquisition to this point."
Mr. Robert Ingala stated, "The merger of these two companies has created a dream come true, while we create a first class operation building restaurants across the country utilizing our expertise and Prime Restaurants' Consumer Base and the Brand Name of PRSU we expect great results."
About Baron International:
Baron International, Inc. was founded in 1982 by Mr. Robert Ingala and Mr. Norman Kushner, since their inception the company has sold beer systems and built many restaurants and systems. Now at this point they have served major companies such as Applebee's, Pepsi, and National Amusement (Mr. Summer Redstone) amongst many other major corporations and others, they are going to move to the next level.
STINGER SYSTEMS INCORPORATED (OTCBB: STIY)
"Up 50.00% on Tuesday"
Detailed Quote: http://www.otcpicks.com/quotes/STIY.php
Stinger Systems, Inc. engages in manufacturing and marketing electronic restraint products to law enforcement, correctional, professional security, and military sectors. It produces and sells electronic stun devices for the control of, and to provide temporary incapacitation of, dangerous persons. The company markets S-200, a two-dart electronic projectile stun device, and TruVu camera, which offers the option of video and voice capture. The company's control products include Ice Shield, an electrified riot shield; Bandit, a remote controlled or movement controlled electrified wrap used for controlling dangerous detainees in public situations or during transport; and Ultron, a handheld contact stun device used to temporarily incapacitate dangerous individuals. The company was founded as United Consulting Corporation in 1996 and changed its name to Stinger Systems, Inc. in 2004. Stinger Systems, Inc. is based in Tampa, Florida.
STIY News:
December 17 - Medical Study of Stinger S-200 Stun Gun Completed
Study confirms cardiac safety
Stinger Systems, Inc. (OTCBB: STIY), a leader in electro-stun technology, announced a major research university has completed a comprehensive cardiac study of the Stinger Systems' S-200 projectile stun gun. Details of the study are being withheld pending publication at a scientific meeting and/or in a scientific journal. However, this study confirmed the cardiac safety of the S- 200, which had previously been documented in internal safety testing. Stinger Systems' stun products have been used since 2000. Thousands of applications have occurred and, to date, the Company has had no reported injuries or adverse health effects using its products including during training. Additional medical studies of the S-200, including direct comparisons to the Taser M26 and Taser X26 are currently underway.
Stinger Systems, Inc. intends to introduce the study for acceptance into evidence at trial of its federal case against Taser International, Inc. (NASD: TASR) for false advertising/unfair competition, that is United States District Court for the District of Arizona case CV-07-0042-PHX-MHM.
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