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American Power Corp. (OTCBB: AMPW) $1.45. Announced last week an update on its funding activities during 2010.
In September 2010, American Power closed a financing agreement for total gross proceeds of $10 million through a 2.5-year stock issuance agreement with a European institutional investor (refer to press release dated September 14, 2010). The agreement includes a warrant component that could provide an additional $10 million to American Power over the coming years. During 2010, we received a total of $1.1 million from this institutional investor, of which $500,000 were received in virtue of this financing agreement. The Company still has $9.5 million available under this agreement, which it intends to use to fund its operations in the upcoming years.
"The funding received to date has been primarily used to kick-start the exploration and development of the Pace Coal project. This financing agreement will be key for us going forward as it provides the necessary funding to advance our flagship project, as well as to seek and acquire additional properties of merit to our portfolio," stated Al Valencia, CEO of American Power. "We continue to advance towards our ultimate goal of taking the Pace Coal project back into production, for the benefit of Montana, America and our shareholders," added Mr. Valencia.
What They Do: American Power Corp. is a publicly traded, dynamic energy company based in Denver, Colorado. The Company was established with the focus of acquiring near-term, large-scale coal projects in close proximity to national transportation links. American Power envisions developing its large coal resources to support electricity generation.
American Power is a member of the Montana Mining Association, and holds approximately 29,000 acres in Judith Basin County, Montana. The estimated resources in place, based on exploration work conducted by Mobil Oil Co. (now ExxonMobil Corp.), in several independent studies, range from 172 million up to 410+ million tons of high volatile bituminous B coal.
YRC Worldwide (Nasdaq: YRCW) $3.71. Announced Tuesday after market close amendments to its credit agreement and asset-backed securitization facility ('ABS'). Both amendments are intended to provide additional time for the company and its key stakeholders to finalize plans to recapitalize the company's balance sheet, including working with its lenders and the Teamster negotiating committee for the International Brotherhood of Teamsters ('TNFINC').
"We appreciate the continued support of all our stakeholders as we work to finalize our comprehensive recovery plan," said Sheila Taylor, Executive Vice President and CFO of YRC Worldwide. "These amendments are another indication of the positive dialogue with our lenders and their further interest in a long-term solution for the company."
The amended credit facilities extend the deferral of credit agreement interest and fees through mid-May 2011 and interest and fees under the ABS facility through May 31, 2011. The amendment requires the company to reach an agreement in principal to recapitalize its balance sheet by February 28, 2011, complete final documentation by March 15, 2011 and close by May 13, 2011.
What They Do: YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is a leading provider of transportation and global logistics services.
STR Holdings (NYSE: STI) $19.71. Announced Tuesday after market close that it closed on its previously announced acquisition of land and a 275,000 square foot building located in East Windsor, CT. STR will relocate the majority of its U.S. manufacturing to the new location. In addition, the facility will house U.S.-based product management and sales teams, as well as a new 20,000 square foot research and development laboratory. The facility acquisition enables STR to complete the planned expansion of its Connecticut manufacturing capacity to approximately 3.0 GW in 2011.
The Company continues to anticipate installing 1.2 GW of new production equipment in Connecticut during the third quarter of 2011 and will cease manufacturing at its current facilities in Enfield and Somers, CT after moving its existing equipment into the new facility during the next 9 to 12 months. The Company estimates spending approximately $19 million to complete the expansion, $5 million of which will be spent in 2010, with the balance incurred in 2011.
What They Do: STR Holdings, Inc. is a leading global provider of high quality, superior performance solar encapsulants to the photovoltaic module industry.
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