Our Stocks to Watch tomorrow include Deep Down, Inc. (OTCBB: DPDW), Southern Home Medical Equipment, Inc. (OTC: SHMM), Iron & Glass Bancorp, Inc. (OTCBB: IRGB), Cambridge Heart, Inc. (OTCBB: CAMH)
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DEEP DOWN INCORPORATED (OTCBB: DPDW)
"Up 54.76% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/DPDW.php
Deep Down, Inc., an installation engineering and management company, operates in the offshore segment of the energy industry. It engages in the design, manufacture, fabricate, sale, and service of subsea equipments, surface equipments, and offshore rig equipments for use in deepwater, harsh environment, and severe service applications. The company's products include flying lead installation, maintenance and termination systems; buoyancy and rigging systems; high and low pressure testing and monitoring systems; latch systems; lay chutes; rollers; tensioners; and offshore storage and space management systems. It also provides installation management, retrieval, engineering services, support services, and storage management services for the subsea controls, umbilicals, and pipeline industries offshore. In addition, the company fabricates component parts, such as umbilicals, flowlines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems for subsea distribution systems; and assemblies that specialize in the development of offshore subsea fields and tie backs. It offers its services from the initial field conception phase, thru manufacturing, site integration testing, installation, topsides connections, and the final commissioning of a project. The company was founded in 1997 and is based in Channelview, Texas.
DPDW News:
February 15 - Deep Down Announces $2 Million in Contracts for Innovative Solutions
Deep Down, Inc. (OTCBB: DPDW) announced that it has been awarded contracts to develop and manufacture unique, innovative solutions for two separate major offshore oil and gas operators. Deep Down is currently designing approximately $1.5 million worth of innovative subsea installation equipment to address its clients' critical issues over the next several months.
The first unique innovation is a Subsea Accumulator Module (SAM), consisting of Subsea Deployment Baskets (SDB) with attached accumulators, a built-in steel flying lead, a J-plate, and a Remote Operated Vehicle (ROV) panel. Several of these units will be shipped. The SAM has been designed so that it may be transported without a wide load permit and set on a vessel. Once on the vessel, the wings of the SDB can be retracted, and the system will be pre-charged with pressurized control fluid. Thereafter, the SDB can be simply lifted off the deck of the vessel and placed on the seabed. Once on the ocean floor, the vessel will lift and pull out the built-in steel flying lead from the SAM with its own down-line cable. A ROV will be used to guide the steel flying lead from the SAM and connect it to the Hydraulic Distribution Manifold (HDM). The ROV will be further deployed to open valves, wherein the SAM will provide plug-n-play subsea accumulation capabilities to augment the existing subsea distribution control system with localized volume and pressure control features. The SAM will also serve as an anode skid, designed to carry additional anodes. It will be grounded to the structure in order to provide additional cathodic protection to the HDM. The entire SAM can also be easily retrieved and serviced on deck, further improving the ability to retrieve subsea hardware.
The second innovation involves the development and manufacture of a unique deployment system to install very fragile, small-diameter fiber optic cables in deepwater environments. This deployment system will greatly reduce the amount of stress on the fiber optic cable during installation. The particular project involves the installation of approximately eight miles of fiber optic cable in 6000 feet of water. The specialized equipment can be placed on an installation contractor's vessel with minimal effort and provide a safe, quick method of efficient deployment.
"It is gratifying that major oil and gas operators, installation contractors, and control suppliers continue to contact Deep Down to develop innovative solutions for critical subsea issues and applications. It is a testament to our entire staff, including our engineers, fabricators, and installation crews. One of our key strengths is our ability to take an idea from a sketch on a piece of paper to a full 3-D solid works model, through fabrication, and a successful first-time installation in a relatively short period of time, often within 90 days," said Ronald E. Smith, Deep Down's President & CEO.
Deep Down recently provided a unique solution for critical issues confronting a third oil and gas operator. The Company installed specially designed, fully autonomous umbilical jacking system to lift up an existing steel tube umbilical on the ocean floor, which was then re-terminated. The solution and procedures provided by Deep Down allowed the operator to bring the well back on line in a fraction of the time that was otherwise envisioned. Another specialized solutions team is scheduled to depart offshore with a recently developed kit to clean a deep water J-tube, with open segments in the J-tube. These two projects add another approximately $500,000 in revenue.
SOUTHERN HOME MEDICAL EQUIPMENT (OTC: SHMM)
"Up 50.00% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/SHMM.php
Southern Home Medical Equipment, Inc. provides various home care services and products, including respiratory and durable medical equipment. Its products and services include respiratory therapy and consultation; oxygen, ventilators, and trach care; respiratory medications; CPAPs and BiPAPS; enteral tube feeding products; support surfaces and mattress replacement products; semi-electric beds and wheelchairs; and various mobility products. The company is based in Spartanburg, South Carolina.
SHMM News:
February 18 - Southern Home Medical Announces Apnea RX Exceeds Revenue Forecast by 9.7%
Southern Home Medical Equipment, Inc. (OTC: SHMM) announced that its subsidiary Apnea RX generated sales of $65,805 in the month of January, surpassing its sales projection of $60,000. Apnea RX's primary business is supplying durable medical equipment for the treatment of long-standing or severe sleep-disordered breathing, also known as sleep apnea, with a secondary focus on respiratory products.
Sleep Apnea causes persons to involuntarily stop breathing dozens of times each night, waking them up gasping for breath. More than 18 million Americans suffer from the most common form of sleep apnea, Obstructive Sleep Apnea (OSA), and up to 90% of persons with the disorder remain undiagnosed. Greg Tucker, President of Southern Home Medical, stated, "When we acquired Apnea RX this past year, we established an immediate footprint for servicing the growing sleep market. Apnea RX specializes in continuous positive airway pressure (CPAP) and BiPAP (Bilateral) equipment to treat OSA. Awareness of the issues aggravated by sleep apnea such as exhaustion, oxygen deprivation, stroke, high blood pressure, and Type II diabetes is on the rise, and make detecting and treating sleep apnea more important than ever. Apnea RX is poised to meet anticipated increased market demand for those seeking comfort and management of their sleep disorders and other respiratory illnesses."
IRON & GLASS BANCORP INCORPORATED (OTCBB: IRGB)
"Up 35.19% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/IRGB.php
Iron and Glass Bancorp, Inc. was organized as the holding company of Iron and Glass Bank, a state-chartered bank and member of the Federal Reserve Bank of Cleveland. Its principal sources of revenue arise from its portfolio of commercial, commercial mortgage,residential real estate, and consumer loans, as well as interest earnings on investment securities and a variety of deposit services provided to customers through eight locations. Both Iron and Glass Bancorp and the bank itself are supervised by the Board of Governors of the Federal Reserve System, with the bank being further subject to regulation and supervision by the Pennsylvania Department of Banks.
IRGB News:
February 15 - F.N.B. Corporation Signs Definitive Merger Agreement With Iron & Glass Bancorp, Inc.
Iron & Glass Bancorp, Inc. (OTCBB: IRGB) and F.N.B. Corporation (NYSE: FNB) jointly announced the signing of a definitive merger agreement pursuant to which F.N.B. Corporation will acquire Iron & Glass Bancorp, Inc., the Pittsburgh, Pennsylvania-based holding company and parent of Iron & Glass Bank, in a transaction valued at approximately $86.1 million.
Iron & Glass Bancorp, Inc. is the parent company of Iron & Glass Bank, which operates eight branches on the south side of Pittsburgh, Pennsylvania. At September 30, 2007, the Company had $300.4 million in total assets, $244.4 million in total deposits and $38.0 million in shareholders' equity.
Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, shareholders of Iron & Glass Bancorp, Inc. will be entitled to receive either $75.00 cash or 5.00 shares of F.N.B. Corporation common stock for each share of Iron & Glass Bancorp, Inc., subject to proration of 45% cash and 55% stock, if either cash or stock is oversubscribed.
Stephen J. Gurgovits, Chairman and Chief Executive Officer of F.N.B. Corporation, stated, "This transaction fits perfectly with our strategic focus to increase our market share and expand our presence in Pittsburgh and throughout Allegheny County. This affiliation presents low execution risk to F.N.B., given our knowledge of these markets and the relative size of Iron & Glass Bancorp, Inc."
Daniel A. Goetz, Chairman of Iron & Glass Bancorp, Inc., commented, "As Benjamin Franklin said, 'Well done is better than well said,' and Iron & Glass Bank has done it very well for over 137 years. F.N.B. Corporation represents an ideal partner for us with its strong dividend and proven culture of strong localized customer service offering an exceptional array of financial service products for commercial and consumer clients."
The merger is expected to be accretive to F.N.B. Corporation's earnings per share in the first full year of operation. It is anticipated that the transaction will be completed in the third quarter of 2008, after completion of regulatory approvals, the approval of the shareholders of Iron & Glass Bancorp and the satisfaction of other closing conditions.
CAMBRIDGE HEART INCORPORATED (OTCBB: CAMH)
"Up 28.04% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/CAMH.php
Cambridge Heart, Inc. engages in the research, development, and commercialization of products for the non-invasive diagnosis of cardiac disease in the United States and internationally. Its products primarily include the Heartwave II System used to perform a Microvolt T-Wave Alternans Test, which requires an elevated heart rate to provide an accurate result; the Micro-V Alternans Sensors, which are single patient use, multi-segment electrodes that are required for the Microvolt T-Wave Alternans Test; the CH 2000 Cardiac Stress Test System, a diagnostic system designed to support a range of standard and physician-customized protocols for the conduct and measurement of cardiac exercise stress tests. Cambridge Heart sells its products primarily to cardiology group practices, hospitals, and research institutions through sales representatives and independent distributors. The company was founded in 1990 and is based in Bedford, Massachusetts.
CAMH News:
February 15 - Medicare Coverage for Microvolt T-Wave Alternans Testing; Patented Analytic Spectral Method Required
Cambridge Heart, Inc. (OTCBB: CAMH) announced the publication of a proposed decision memorandum regarding Medicare coverage of Microvolt T-wave Alternans (MTWA) diagnostic testing. The Centers for Medicare & Medicaid Services (CMS) maintained coverage of MTWA using the spectral analysis method and found insufficient evidence for coverage of MTWA using any other method.
The proposed decision memorandum is the result of CMS’s six-month evaluation of the relevant clinical evidence available to the agency and consideration of public comments submitted on the request to expand coverage to include the Modified Moving Average (MMA) methodology. The memorandum proposes to continue the existing coverage of MTWA with spectral analysis. CMS issued a National Coverage Determination on March 21, 2006 that provides Medicare coverage for MTWA, only when the spectral analytic method is used.
CMS has opened a 30-day public comment period and has requested commentary on the proposed decision memorandum, including perspective on the reported findings of the MASTER Trial and its impact on MTWA coverage. Cambridge Heart intends to submit comments supporting the proposed decision and highlighting the limitations of the MASTER trial, as well as the overwhelming body of clinical evidence which supports the use of the analytic spectral method to identify patients at risk of SCD. The final National Coverage Determination is anticipated on or before May 14, 2008.
Visit www.cms.hhs.gov/mcd/viewdraftdecisionmemo.asp?id=213 to view the full decision memorandum.
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