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Itronics Inc. (OTCBB: ITRO) Up 14.81% on Tuesday
Detailed quote: http://beaconequityresearch.com/ITRO
January 08, 2008 - Itronics Gold'n Minerals, a Special Purpose Mining Subsidiary, is Launched
Itronics Inc. (OTC Bulletin Board: ITRO; Frankfurt and Berlin Stock Exchanges: ITG) today reported that it has formed Itronics Gold'n Minerals, Inc., a special purpose subsidiary, that will acquire gold and mineral properties and invest in Junior Gold and Mineral Companies which provide the opportunity to develop and commercialize environmentally friendly mining and mineral extraction and processing technologies.
Now that Itronics' technical services group, Whitney & Whitney, Inc. has established the global Gold Producing Stocks web site, http://www.insidemetals.com, it will use this worldwide data base and its extensive mineral property library to identify certain properties and/or companies that the new subsidiary can acquire or invest in at relatively low cost. Properties acquired will be developed or joint ventured, and may be able to utilize Itronics' metal and mineral extraction technologies to achieve environmentally compatible mineral processing.
"Adding this new subsidiary to Itronics integrated group of businesses accomplishes two important objectives for the Company," said Dr. John Whitney, Itronics President. "It creates a third path to large scale growth for Itronics, and it provides Itronics an opportunity to monetize more of its intellectual property for the benefit of its shareholders."
Whitney & Whitney, Inc. will provide management and technical services to the new subsidiary, which will seek multi-mineral properties and make strategic investments in small specialty companies that are in early stage operation development or small scale commercial operation and that have the potential for expansion. A strategic objective is for this subsidiary to become an operating mining division for Itronics, which will utilize advanced environmentally compatible technologies to mine, extract, and sell mineral and metal products from multi-mineral properties.
The Company believes that this expansion will increase the rate of income and asset growth for Itronics' shareholders. The funding plan is to privately place shares in the subsidiary with qualified investors to provide start up capital and then to take it public within a two to three year time frame. The Company believes that this will become the exit strategy for the initial private investors, and it will create measurable market value for Itronics.
Itronics believes that sharply rising gold and silver prices in particular and rising prices for all metals and minerals in general, are providing a strong incentive for investors to fund new mining projects as well as mineral extraction and processing technology development. "With our demonstrated ability to create and commercially establish revolutionary new recycling and chemical process technology, and with Whitney & Whitney's successful track record of assisting mining companies with new mine development, we are confident that Itronics is well positioned to participate in this new and rapidly emerging technology segment," said Dr. Whitney.
Establishing the Itronics Gold'n Minerals is being implemented pursuant to Itronics eight-part, five year business plan that was first summarized in a press release on June 3, 2005.
Seaway Valley Capital Corporation (OTCBB: SWVC) Up 10.83% on Tuesday
Detailed quote: http://beaconequityresearch.com/SWVC
January 08, 2008 - Hacketts Receives $5 Million Inventory-Based Financing Commitment
Seaway Valley Capital Corporation (OTCBB:SWVC) ("Seaway Valley") announced today that its wholly owned subsidiary, Patrick Hackett Hardware Company ("Hacketts"), has received a Term Sheet and Commitment Letter from Wells Fargo Bank, NA, through its Wells Fargo Business Credit operating division, ("Wells Fargo") for inventory-based financing of up to five million dollars ($5,000,000). The Commitment Letter is subject to final due diligence and the completion of the loan documents.
"We are pleased to have received this $5 million inventory-based financing commitment from a reputable institution such as Wells Fargo," stated Hacketts CEO, Norman Garrelts. Hacketts, which was recently acquired by WiseBuys Stores, Inc., will be the surviving entity with all of the WiseBuys stores to be converted to and operated under the "Hacketts" brand. "With this line of credit arrangement," added Mr. Garrelts, "Hacketts should have a vehicle to initiate the repayment of certain debt, help with transitioning the existing WiseBuys stores to Hacketts stores and begin the exploration of possible new locations. Having Wells Fargo as a partner further validates our efforts and ensures that sufficient capital should be available to Hacketts as the company takes advantage of those expansion opportunities."
After the store conversions, Hacketts will operate nine locations, including Canton, Gouverneur, Hamilton, Massena, Ogdensburg, Potsdam, Pulaski, Tupper Lake, and Watertown -- all in New York.
IAHL Corporation (OTC: IAHL) Up 70.00% on Tuesday
Detailed quote: http://beaconequityresearch.com/IAHL
January 08, 2008 - IAHL Corporation Updates Its Negotiations to Acquire a Major Well-Established Aircraft Manufacturer
IAHL Corporation (PINKSHEETS: IAHL) announced today progress on the negotiations to acquire 100% of a well-established aircraft manufacturer and its production facilities as previously announced.
Negotiations have now been completed and contracts have been drafted by the seller's attorneys and are now under review by IAHL attorneys; once all legal aspects have been agreed upon by all parties a closing date will be set and announced, we anticipate this process to take approximately 10 business days.
The acquisition is a leader in its market sector and will enable IAHL to incorporate its Integrity Aircraft program within the same facilities without having to add an additional production facility, thus increasing the company's product line at a reduced overhead.
"The availability and timing of this acquisition could not be better as it will give the company an immediate positive multi-million dollar revenue stream along with production facilities and an established leading brand within the aviation industry. The company will release the targeted acquisition's information upon the completion of all executed contracts," said Mr. Peter Van Dyke, President & CEO.
Hidalgo Mining International (OTC: HMIT) Up 50.00% on Tuesday
Detailed quote: http://beaconequityresearch.com/HMIT
January 08, 2008 - Hidalgo Mining (HMIT) Completes Over $1 Million in Financing to Begin Production
Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, NY, announced today that the company has successfully completed over $US one million dollars in financing to begin the purchase and mobilization of equipment and personnel to begin gold mining production in West Africa.
Mark Daniel Klok, President of HMIT, stated: "We received incredibly favorable terms and have up to four years to satisfy our obligations under the terms of this financing agreement. Completion of this funding has allowed the company to hire the necessary employees as well as to purchase the equipment necessary for the Guinea Project. The initial steps have already been put into place to start on the roadwork to access the property in Guinea, which requires the use of excavators and bulldozers to clear access so tractor-trailers with the rest of the equipment can get to the property and we anticipate being able to actually start production by the end of February/beginning of March."
Klok went on to state: "With the completion of this financing, we feel we are right on track to generate north of $US 6 million dollars in revenue in our first year of production. This would obviously not include any production occurring as a result of any of the additional acquisitions we anticipate closing in the near future."
Wellman, Inc. (OTC: WMAN) Up 35.71% on Tuesday
Detailed quote: http://beaconequityresearch.com/WMAN
January 08, 2008 - Wellman Appoints Chief Operating Officer
Wellman, Inc. (OTC:WMAN.PK) announces the promotion of Mark Ruday to Chief Operating Officer reporting to Tom Duff, Wellman's Chief Executive Officer and Chairman of the Board of Wellman, Inc. Mr. Duff stated, "Mark has provided important leadership and this promotion formalized the role he was performing. His leadership will help maintain our focus on business operations while exploring strategic alternatives for the Company. We expect that he will continue to add significant value to the Company in his new position."
Reporting to Mr. Ruday will be Steve Ates, Vice President of Sales and Marketing, Ian Shaw, Vice President of Manufacturing and Research & Development, and Barry Taylor, Vice President of Human Resources and Safety, Health, and Environmental.
Mr. Ruday has held various operations and accounting positions in the Company, including his current position of Vice President, Business Operations and prior to that as Vice President, Controller and Chief Accounting Officer. He is a graduate of Brown University with a dual degree in Economics and Organizational Behavior & Management and received a Masters Degree in Accounting from Bryant College.
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