Wednesday, February 4th
DCMT, NTRO, ACTC, QMCI, AMOR, SPNG
MPAC, BANI, GNTA, PYTO, TZOO, QMLM
Our Stocks to Watch today include Document Capture Technologies Inc. (OTCBB: DCMT), Nitro Petroleum Inc. (OTCBB: NTRO), Advanced Cell Technology Inc. (OTC: ACTC), QuoteMedia Inc. (OTCBB: QMCI), AM Oil Resources & Technology Inc. (OTCBB: AMOR), SpongeTech Delivery Systems Inc. (OTCBB: SPNG), MOD-PAC Corp. (Nasdaq: MPAC), Banneker Inc. (OTC: BANI), Genta Inc. (OTCBB: GNTA), PhytoMedical Technologies Inc. (OTCBB: PYTO), Travelzoo Inc. (Nasdaq: TZOO) and Quest Minerals & Mining Corp. (OTCBB: QMLM).
DOCUMENT CAPTURE TECHNOLOGIES (OTCBB: DCMT)
"Up 6.43% in morning trading"
Document Capture Technologies (DCT) is a worldwide leader in the design, development, manufacturing, and sale of USB powered mobile page-fed document capture solutions. Its vertical integration and innovative proprietary system development kits allow for a broad range of applications, faster time-to-market and ease of integration for its customers. DCT has more than 45 key accounts, predominantly in North America and a growing intellectual property (IP) portfolio that currently numbers more than 25 granted domestic and international patents as well as 3 pending. DCT maintains an aggressive IP strategy to defend its technology and market leadership position. DCT provides more than 30 different products across five distinct categories, which are distributed globally through private label solutions to leading Tier 1 OEMs, VAR’s and other system integrators, including Qualcomm and Brother. DCT has steadily grown its business (37% three-year organic CAGR) in the health care, security, financial and compliance vertical markets. The company and its licensees currently enjoy greater than a 70% share of the USB-powered mobile scanner market.
February 3 - New VP, Sales & Marketing Brings Extensive Experience with Fortune 500, Start-up Companies
Document Capture Technologies, Inc. (OTCBB: DCMT), an IP-driven worldwide leader in the design, development and sale of next-generation portable scanning technologies, announced that Ms. Excelle Liu has joined the Company as Vice President Sales and Marketing.
Ms. Liu brings more than 15 years' experience as a marketing strategist and Silicon Valley technology entrepreneur. She holds an MBA in International Business from Thunderbird School of Global Management
“With DCT positioned for outstanding growth in 2009, Excelle brings exceptional skills to significantly accelerate those plans,” said Bill Hawkins, President and Chief Operating Officer. “Her background includes the successful deployment of a myriad of innovative global marketing and sales strategies for international public companies as well as leading edge technology startups.”
Prior to joining DCT, Ms. Liu held multiple senior management roles focused on driving global sales and marketing. Most recently, she was Director of Marketing and Communications, Strategic Markets Division, for a major international financial services company. Previous to this role, she was a Managing Partner at Paradigms Consulting Group, a management consultancy that enables high-growth technology companies to successfully enter new markets. As a Silicon Valley entrepreneur, Ms. Liu was co-founder and VP Marketing at an award winning enterprise software company that was acquired in 2005.
Ms. Liu’s role at DCT will include identifying new business opportunities, developing customer-focused sales and marketing plans and launching innovative, new products.
DCT’s commitment to product innovation has resulted in demand-driven products at the forefront of the paper-to-digital revolution. The proliferation of paper-to-digital green initiatives, high security demands and accelerated financial transactions require innovative ways to digitally capture, authenticate, store, share, and manage information.
NITRO PETROLEUM INCORPORATED (OTC: NTRO)
Nitro Petroleum, Incorporated is an independent, energy company engaged in the acquisition, exploitation and development of oil and natural gas properties in the United States. Nitro's objective is to seek out and develop opportunities in the oil and natural gas sectors that represent a low risk opportunity. As well, Nitro aims to define larger projects that can be developed with Joint Venture partners.
February 4 -
Nitro Petroleum, Incorporated Signs Funding Agreement for Newly Acquired Oil and Gas Leases in Montana
Nitro Petroleum, Incorporated (OTCBB: NTRO) announced that it has finalized a funding agreement with Precision Petroleum Corporation. Under the agreement, Precision has the right to purchase 50% of Phase I of the recently announced Powder River Basin Project in southern Montana (See January 30, 2009 news release). The initial project (Phase I) has an estimated cost of $10,985,000 for drilling and completion. The program is scheduled to start by late spring or early summer with the drilling of ten (10) exploratory wells. After the initial 10 wells are drilled, Precision has the first right of refusal on the drilling of Phase II. The leases being drilled are highly prospective as they are located near existing oil and gas production from three oil and gas fields located on the Hardin Platform. Those oil and gas fields are the Marus Snyder Oil Field, the Soap Creek Oil Field, and the Hardin Gas Field, which has produced gas for many years from the Hardin Sandstone.
Larry Wise, President of Nitro, stated, "By finding a funding partner so quickly after acquiring these leases, Nitro can accelerate its work program on this very exciting project. The company is finalizing its budget and timeline and is filing all the necessary paperwork to acquire its drilling permits as soon as possible."
ADVANCED CELL TECHNOLOGY INCORPORATED (OTC: ACTC)
Advanced Cell Technology, Inc., a biotechnology company, engages in the development and commercialization of human embryonic and adult stem cell technology in the field of regenerative medicine. It primarily focuses on cellular reprogramming, reduced complexity program, and stem cell differentiation research programs. The company also develops adult stem cell-based products that are specifically targeted at therapies for heart and other cardiovascular diseases. It also plans to develop and commercialize products for use in the treatment of an array of chronic degenerative diseases and in regenerative repair of acute disease, such as trauma, infarction, and burns. The company has research and license agreements with University of Massachusetts, Wake Forest University, WiCell Research Institute, Inc., Kirin Beer Kabushiki Kaisha, and Start Licensing. Advanced Cell Technology, Inc. is headquartered in Worcester, Massachusetts.
February 3 - Cloned Human Embryos Successfully Reprogrammed Using Human Eggs
Study by Advanced Cell Technology and collaborators questions ability of human-animal hybrids to generate stem cells
Advanced Cell Technology, Inc. (OTC: ACTC) and its collaborators reported that human oocytes (or ‘eggs’) have the capacity to extensively reprogram adult human cells. The research, which appears online ahead of print in the journal Cloning and Stem Cells (Editor-in-Chief: Sir Ian Wilmut; published by Mary Ann Liebert, Inc.) demonstrates that although human-to-human clones (human clones) and human-to-animal clones (hybrids) appear similar, the pattern of reprogramming of the donor human cell is dramatically different. In contrast to the human-animal hybrids, the gene expression pattern of the human clones was highly similar to normal human embryos. The paper is available free online at www.liebertpub.com/clo.
Since the cloning of Dolly the Sheep over a decade ago, somatic cell nuclear transfer (SCNT) has been considered a promising way to generate personalized stem cells to repair the body without fear of tissue rejection. Due to the serious shortage of human donor eggs, cows, rabbits, and other animals have long been considered an attractive surrogate source of eggs. Although previous reports have documented the formation of cloned embryos using both human and animal eggs, to-date, there has been no data indicating whether – and to what extent - the donor DNA was reprogrammed.
This new study looked at the reprogramming of human cells using eggs obtained from human and animal sources, and shows for the first time that the donor DNA in the cloned human embryos is extensively reprogrammed through extensive up-regulation (‘turning on’ of genes) with similar expression patterns to normal human embryos. Nearly all of the key differentially-expressed genes were activated in the human clones. In distinct contrast, the majority of these genes were down-regulated or silenced in the human-animal hybrids.
“We examined the factors recently used to reprogram skin cells (to induce pluripotent stem cells),” said Robert Lanza, MD, Chief Scientific Officer at ACT, and senior author of the study. “At the center of cellular reprogramming lies the activation of the transcription factors Oct4, Sox2, and nanog. These core factors were activated in both the normal and cloned human embryos. In striking contrast, the human-animal hybrids showed no difference or a down-regulation of these critical pluripotency genes -effectively silencing them—thus making the generation of stem cells impossible. Without appropriate reprogramming, these data call into question the potential use of animal egg sources to generate patient-specific stem cells. It also renders the moral controversy surrounding the use of human-animal hybrids moot.”
Previous studies have confirmed the ability of animal eggs to support interspecies cell division to the embryo stage, and in a few closely-related bovid species, successful development to term. However, there are clear differences in compatibility. Distantly-related animal combinations generally arrest at the cleavage-stage, although there have been reports of blastocyst formation. Our group and others have successfully used eggs to clone closely-related species (for instance, we cloned two endangered species – the guar and banteng - using cow eggs). Rabbit eggs have also been used to generate embryos using cells from cats and panda, among others. However, it remains unknown whether the DNA in the later combinations was fully reprogrammed. Importantly, except for a study carried out in China (which to-date has proven irreproducible despite attempts by numerous groups in the last half-decade), there is no evidence that patient-specific stem cells can be generated using animal eggs. This is consistent with studies that indicate that eggs support nuclear remodeling, but not reprogramming of discordant animal combinations. Studies using cow and rabbit eggs clearly suggest that DNA methylation/demethylation of the donor DNA occurs in a species-specific way, and that the eggs might lack the ability to demethylate repetitive sequences from other species. While cleavage division relies on maternal factors in the egg, further development requires activation of the embryonic genome to ensure correct progression of the cell cycle. These new results suggest that while bovine and rabbit eggs are capable of supporting limited cell division, specific reprogramming towards the normal human embryonic state does not occur.
Wide scale application of stem cell technology will require a solution to the problem of rejection. This report suggests that adult cells can be successfully reprogrammed using human eggs, and that scientists may soon have two ways (SCNT and induced pluripotent stem cell technology) to reprogram adult cells into stem cells. However, until this is achieved, clinical trials are likely to be limited to immune-privileged sites in the body, such as the use of cells in the central nervous system, or the transplantation of ACT’s retinal cells into the eye to prevent blindness.
“Producing millions of patient-specific stem cell lines is commercially unviable,” stated William M. Caldwell, CEO and Chairman of ACTC. “However, we are optimistic that we will soon have at least two different methods to create stem cells banks to match patients. We estimate that a bank of 100 different lines could furnish a complete tissue (HLA haplotype) match for half of the US population. This will allow us to expand the range of possible clinical therapies to include diseases such as diabetes and heart disease.”
The paper’s other authors are Young Chung (first author), Vladislav Sandler, Sandy Becker, Irina Klimanskaya, Shi-Jiang Lu & Marc Maserati of ACT; Colin Bishop, Stephen Walker & Anthony Atala at Wake Forest University School of Medicine; Nathan Treff, Jing Su & Richard Scott at Reproductive Medicine Associates of New Jersey; Randall Dunn at Fertility Specialists of Houston; Wan-Song Wun, Rebecca Hall & Ralph Dittman at Stem Cell Source; and Young-Ho Choi at Texas A&M University.
QUOTEMEDIA INCORPORATED (OTCBB: QMCI)
Inc. is a leading software developer
and provider of real-time streaming financial market
information, decision-support, news and research solutions
to brokerage, financial services companies, business
and media corporations. Among its many leading-edge
products lines, the Company offers data feeds, news,
dynamic market content solutions, interactive stock
research tools, financial applications and real-time
wireless applications. QuoteMedia provides data and
services for companies such as the NASDAQ, the OTCBB,
Dow Jones & Company, Forbes.com, Scotia Capital,
Business Wire, Southwest Securities, Regal Securities,
FBR Direct, Broadridge Financial Solutions, Inc.,
AIM Trimark, Zacks Investment Research, ChoiceTrade,
QTrade, Schaeffer's Investment Research, Automated
Financial Systems, WallStreet*E, and others. For more
information, visit www.quotemedia.com.
February 3 - QuoteMedia Launches Quotestream Wireless for the iPhone
QuoteMedia, Inc. (OTCBB: QMCI) announced the launch of a custom version of Quotestream™ Wireless for use on the iPhone™, Apple Inc.’s Internet-connected multimedia smartphone.
Quotestream Wireless is a comprehensive, feature-rich wireless market data application for PDAs, cell phones and other handheld devices that connects users to critical financial information while on the go. It features streaming real-time market data, multiple streaming portfolios, detailed stock quotes, intraday and historical charts, corporate news and events, audio and vibration alerts, level II market depth, time and sales, market indices, tick trend indicators, online trading and more.
“The market for applications that function on the iPhone is enormous, and it's growing quickly,” said Dave Shworan, CEO of QuoteMedia, Ltd. “The iPhone is truly a breakthrough product, incorporating leading-edge multimedia, communication and Internet technologies within a mobile phone based on Apple's revolutionary multi-touch interface. This custom version of Quotestream Wireless is specifically designed to take advantage of the unique features of the iPhone, to offer users the ability to keep on top of the financial markets from anywhere, with a combination of unmatched depth of information and ease of use.”
Quotestream Wireless is also a companion product to QuoteMedia’s line of streaming real-time desktop applications, including Quotestream II, which is geared towards providing a professional level experience to non-professional users, and Quotestream Professional, which is designed specifically for use by financial services professionals, offering unparalleled functionality at extremely aggressive pricing. Any changes made to portfolios in either the desktop or wireless application are automatically reflected in the other.
“Quotestream Wireless is truly a differentiator for our company, as it allows our users to stay on top of what is happening in the markets, no matter where they are. This is particularly important among market professionals and serious non-professional investors, who require the ability to retrieve dynamic stock market information and the capability to execute a trade whether at the office or on the road,” said Shworan. “Brokers and investors need access to market information at all times, and in all places, but it’s impossible to spend all of your time in front of your desktop computer. With Quotestream Wireless, we let those individuals take the market with them, wherever they go, and the industry is responding very positively.”
AM OIL RESOURCES & TECHNOLOGY INCORPORATED (OTC: AMOR)
Our mission is to use, sell and produce our patent and patent pending technologies, providing environmentally safe and cost-effective apparatus designed to maximize oil production in oil fields, in both domestic and international markets. To provide solutions to the world with technology that will recover crude oil that would otherwise remain in the ground forever. By utilizing proper development, partnership and strategic alliances, we will attain this goal.
January 30 - AM Oil Resources & Technology Outlines Goal for 2009
AM Oil Resources & Technology Inc. (OTCBB: AMOR) announced that it intends to build approximately 20 of its patented MT-06 Portable Steam Systems in 2009. As previously stated, each Portable Steam Systems used by the Company is capable of producing from $2-$6 million in annual revenues for AM Oil Resources & Technology. The Company’s technology is a self-contained steam generator system with an innovative drumless boiler, generator set, pumps and water purification system capable of producing variable temperature steam (500 to 750 degrees Fahrenheit) at variable pressures (300 to 2500 psig) and steam qualities of 70 to 85%. The systems are trailer or skid mounted and designed to produce steam that is injected down the casing of oil wells to oil producing zones to recover oil previously unrecoverable without heat and pressure.
Anthony K. Miller, CEO of AM Oil Resources and Technology, commented: “These systems are designed for Company usage as well as to market to customers worldwide for joint venture opportunities. We intend to build both 10 million BTU and 25 million BTU systems. These units are easily moved from well to well injecting steam into the wells from days to weeks depending on the oil formation. Based upon the domestic and international interest (Canada, S. America and Mexico) we are receiving, we are confident that we have sufficient interest to warrant 20 units as an attainable goal.
”According to the Energy Information Administration (EIA), which provides the official energy statistics from the U.S. Government, the U.S. consumed 20.68 million barrels of crude oil and petroleum products per day in 2007 and our daily production is just above 5 million barrels per day. The Country has over a trillion barrels in reserves and much of that oil is trapped in oil formations that can only be recovered with technology. To meet our daily demand, the U.S. gets the vast majority of its oil from foreign sources. Because of our weak economy, we borrow from China to pay for the oil we need, deepening our economic crisis and expanding our trade deficits. We believe that producing our own domestic oil is a better option for the country and we believe that our technology is a solution in that direction,” further commented Miller.
SPONGETECH DELIVERY SYSTEMS (OTCBB: SPNG)
Systems is a development stage company
which designs, produces, markets and distributes cleaning
products for vehicular use utilizing patented technology
relating to sponges containing hydrophilic (liquid
absorbing) foam polyurethane matrices. The Company's
sponges are specially configured with an outer contact
layer and an inner matrix, which is loaded with specially
formulated soaps and wax that are released when the
sponge is applied to a surface with minimal pressure.
The Company's products are currently designed specifically
for vehicular cleaning use. However, the Company is
exploring the possibility of using its patented technology
for the development of sponges for other uses, including
for use with anti-bacterial, bath and kitchen soaps
for household uses, as well as for use as a children's
bath foam sponge.
February 3 - SpongeTech® Delivery Systems, Inc. CEO Interviewed Live on Steve Crowley's American Scene Radio Show
SpongeTech's CEO Interview Airs Friday on American Scene Radio Show
SpongeTech® Delivery Systems, Inc. (OTCBB: SPNG), America's Cleaning Company™, announces that its CEO and President, Michael Metter, will be interviewed Tuesday, Feb. 3, on Steve Crowley's “American Scene Radio Show” at 9:24 a.m. EST. The interview can be heard live on BusinessTalkRadioNetwork® affiliate radio stations streamed on its website, www.businesstalkradio.net. You can find local radio stations by accessing the website, as well. Mr. Metter will be scheduled for future interviews on American Scene, where he will keep listeners updated on SpongeTech's products and developments.
MOD-PAC CORPORATION (NASDAQ: MPAC)
"Up 79.37% in morning trading"
MOD-PAC Corporation is a high value-added, on-demand print services firm operating a unique low-cost business model. MOD-PAC leverages its capabilities to innovate and aggressively integrate technology into its marketing, order in-take and production operations to provide economically-priced, short run, on demand, full-color commercial and folding carton print products and services. MOD-PAC also offers data management and direct mail and fulfillment service capabilities. MOD-PAC, through its large, centralized facility, has captured significant economies of scale by channeling large numbers of small-to-medium-sized print orders through its operations. MOD-PAC’s key differentiator is its success at being a just-in-time producer of short-run, quality on demand print products. Through its lean manufacturing processes coupled with state-of-the-art printing technologies, MOD-PAC is able to address short-run, highly variable content needs of its customers with short turn around times relative to industry standards. MOD-PAC’s strategy is to expand its market share by leveraging its capabilities and expanding its service offering to capture a greater share of the print value chain to meet the growing customized needs of its customers.
February 3 -
MOD-PAC Corporation Reports Revenue Growth of 5.2% and Positive Net Income in Fourth Quarter 2008
* Custom folding carton sales increase 21.2% to $8.5 million for the quarter
* Fourth quarter revenue increased 5.2% to $13.6 million
* Fourth quarter net income of $129 thousand compared with loss of $1.0 million in previous year
MOD-PAC Corporation (Nasdaq: MPAC), an on-demand commercial printer and manufacturer of custom paper board packaging, today reported revenue of $13.6 million for the fourth quarter of 2008, which ended December 31, 2008, up 5.2% compared with revenue of $12.9 million in the fourth quarter of 2007. For the full fiscal year, revenue was $48.9 million, up 1.5% compared with $48.2 million for fiscal 2007.
Net income for the fourth quarter of 2008 was $129 thousand, or $0.04 per diluted share, a considerable improvement when compared with a net loss of $1.0 million, or $0.29 per diluted share, in the fourth quarter of 2007. Net loss for 2008 was $0.9 million compared with a loss of $4.1 million in 2007.
Mr. Daniel G. Keane, President and CEO of MOD-PAC CORP., commented, “Despite the slowing and uncertain economy, our fourth quarter sales increased more than five percent, driven primarily by strong demand for our custom folding cartons. Although we are cautious entering 2009 given the fragile state of the economy, we are encouraged with the inroads we are making in capturing new clients for our folding cartons products while gaining a greater share of the printing requirements of existing clients as well.”
Fourth Quarter and Year-End Sales Review
Sales of folding cartons, which include custom folding cartons and stock boxes, were $11.7 million in the fourth quarter of 2008, up 8.2% from $10.8 million in the fourth quarter of 2007. Custom folding carton sales were $8.5 million and $30.6 million for the fourth quarter and full year, respectively, up 21.2% and 5.7% from the respective periods in 2007. Growth in this category was driven by the addition of one new large customer and additional sales to existing accounts which more than offset declines from customers that slowed spending due to the current economic climate. However, stock box sales were $3.3 million and $9.7 million for the fourth quarter and full year, respectively, down 15.2% and 11.0% from the prior year’s respective periods. The decline in stock box sales was attributable to economic conditions, as existing customers have curtailed purchases.
Fourth quarter print services sales, which includes commercial print and personalized print services, were down 11.2% to $1.8 million compared with $2.0 million in the same period the prior year. For the fiscal year, print services sales were up slightly to $8.1 million compared with $7.8 million the prior year. Commercial print product sales increased 6.7% to $1.0 million in the fourth quarter of 2008 and 35.2% to $4.2 million for the full fiscal year of 2008 with direct mail services contributing $0.8 million and $2.4 million in the fourth quarter and fiscal year, respectively. The increase in commercial print product sales was offset by a 27.1% decline in personalized print sales to $0.8 million in the fourth quarter and a 16.9% decline for the full year to $3.9 million.
Fourth Quarter and Year-End Operating Results
Gross profit increased $0.6 million to $2.1 million in the 2008 fourth quarter on higher volume and improved productivity. Gross margin was 15.6% in the fourth quarter of 2008 compared with 11.8% in the same period the prior year and flat sequentially from the third quarter of 2008. Full year gross margin was 13.8% and 9.3% for 2008 and 2007, respectively. The improvement in gross margin was a result of the cost cutting steps implemented over the past year to improve productivity and efficiency, such as decreases in labor and repairs, offset partially by an increase in paperboard costs and weaker product mix.
Selling, general and administrative (SG&A) expenses were $1.9 million, or 13.8% of sales, in the fourth quarter of 2008 compared with $2.4 million, or 18.8% of sales, in the same period the prior year and $1.9 million, or 14.7% of sales, in the trailing third quarter of 2008. Included in fourth quarter 2007 SG&A was $0.14 million in severance costs associated with workforce reductions and approximately $0.22 million of incremental depreciation related to the reduction in useful lives of certain software assets. Excluding these unusual charges, fourth quarter 2008 SG&A was 9.8% lower than the prior year quarter. SG&A for fiscal 2008 was $7.9 million compared with $9.9 million in 2007. Included in full year 2007 SG&A was $0.44 million in costs associated with workforce reduction and the incremental depreciation charge of $0.22 million in the fourth quarter. Excluding these unusual items, fiscal 2008 SG&A was lower than the prior year by 14.4%.
Adjusted earnings before interest, taxes, depreciation, amortization, non-cash option expenses and non-cash asset impairment charges (Adjusted EBITDA) was $1.2 million in the fourth quarter of 2008 compared with $0.5 million in the fourth quarter of 2007 and $1.0 million in the trailing third quarter of 2008. The fourth quarter of 2008 was the fifth consecutive quarter of positive Adjusted EBITDA. Adjusted EBITDA for the full year 2008 was up considerably to $3.0 million compared with a negative $0.2 million in 2007. The primary driver for this increase was due to the leverage obtained from improving our cost structure. The asset impairment charges in fiscal year 2007 were for goodwill impairment relating to an acquisition made by the Company many years ago and plant and equipment impairment. The Company believes that, when used in conjunction with GAAP measures, Adjusted EBITDA, which is a non-GAAP measure, helps in the understanding of operating performance. (See the reconciliation of Net Income or Loss to Adjusted EBITDA in the attached table.)
Mr. David B. Lupp, Chief Operating Officer and Chief Financial Officer of MOD-PAC CORP., commented, “Productivity improvements put in place throughout the past year are starting to pay dividends as our fourth quarter operating margin improved to 1.8% from a negative 7.1% the prior year quarter. We are operating in a very lean mode at present, but can flex to meet greater demand if needed without significant incremental increases in our cost structure.”
Cash, cash equivalents and temporary investments were $0.20 million at December 31, 2008, up from $0.10 million at December 31, 2007. Capital expenditures for 2008 were $2.0 million, relatively flat when compared with $1.9 million, excluding $0.8 million related to a direct mail asset purchase, for 2007. Approximately half of the $2.0 million in capital expenditures was for productivity and efficiency initiatives that provided a benefit to the organization in 2008. Capital expenditures are expected to be $1.0 million in fiscal year 2009. Depreciation and amortization was $3.7 million in 2008, a decrease from $5.0 million in 2007. As mentioned previously, $0.22 million of additional depreciation was recognized in the fourth quarter of 2007 related to the reduction in useful life of certain software assets.
The line of credit balance at December 31, 2008 was $1.0 million, down from $1.5 million at September 27, 2008. The decrease was driven by positive Adjusted EBITDA partially offset by capital expenditures. In addition to the $1.0 million drawn on the Company’s committed line of credit at year end, an additional $0.58 million in debt financing was used for the purchase of various pieces of equipment in 2008. The Company believes that cash and cash equivalents and net cash provided by operating activities will be sufficient to meet requirements in 2009.
There were 25,000 shares repurchased by the Company during 2008. MOD-PAC has authorization to repurchase 75,885 shares.
BANNEKER INCORPORATED (OTC: BANI)
"Up 48.00% in morning trading"
Banneker, Inc. is a manufacturer and distributor of quality watches and fine jewelry based on the legend of Benjamin Banneker. Esteem Enterprises, a wholly owned subsidiary of Banneker, Inc., teamed with Jostens, Inc. and created the first ever urban line of graduation jewelry and class rings for high school and college students.
February 2 -
Banneker Inc. Announces Board of Director Approval of a Forward Stock Split With a 12-1 Ratio
Mr. Derrick Holmes, CEO Banneker Inc. (OTC: BANI) announced that during a Special Meeting of the Board of Directors the Company has approved a 12-for-1 forward split of the Company's common stock.
The common stock will be split twelve-for-one (12:1), twelve new common shares for one currently issued and outstanding common share. The effective date of the split is February 6, 2009.
"This forward stock split is intended to lay the groundwork for the anticipated growth of the Company," said Chairman Derrick Holmes. "It is also part of our ongoing efforts to improve trading liquidity, broaden ownership, promote capital investment and enhance shareholder value."
GENTA INCORPORATED (OTCBB: GNTA)
"Up 30.95% in morning trading"
Genta Incorporated is a biopharmaceutical company with a diversified product portfolio that is focused on delivering innovative products for the treatment of patients with cancer. Two major programs anchor the Company’s research platform: DNA/RNA-based Medicines and Small Molecules. Genasense® (oblimersen sodium) Injection is the Company's lead compound from its DNA/RNA Medicines program. Genta is currently recruiting patients to the AGENDA Trial, a global Phase 3 trial of Genasense in patients with advanced melanoma. The leading drug in Genta’s Small Molecule program is Ganite® (gallium nitrate injection), which the Company is exclusively marketing in the U.S. for treatment of symptomatic patients with cancer related hypercalcemia that is resistant to hydration. The Company has developed G4544, an oral formulation of the active ingredient in Ganite, that has recently entered clinical trials as a potential treatment for diseases associated with accelerated bone loss. The Company is also developing tesetaxel, a novel, orally absorbed, semi-synthetic taxane that is in the same class of drugs as paclitaxel and docetaxel. Ganite and Genasense are available on a “named-patient” basis in countries outside the United States.
February 2 -
Genta Incorporated to Present at the 11th Annual BIO CEO & Investor Conference
Genta Incorporated (OTCBB: GNTA) announced that the Company’s Chairman and Chief Executive Officer, Dr. Raymond P. Warrell, Jr., will provide a company overview and update of corporate activities at the 11th annual BIO CEO & Investor Conference. The presentation is scheduled for Monday, February 9th at 10:00 am ET at the Waldorf Astoria Hotel, New York, NY.
In addition, Dr. Warrell will be a panelist in the BIO CEO therapeutic workshop, “Oncology: The Forecast for the Melanoma Market — Partly Sunny or Mostly Cloudy”, at 12:30 pm (ET) on Tuesday, February 10th. Expert panelists include Dr. Gary Schwartz, Chief, Melanoma/Sarcoma Service, Memorial Sloan Kettering Cancer Center, and Dr. Anna Pavlick, Assistant Professor of Medicine and Dermatology, and Director of the NYU Cancer Institute Melanoma Research Program, NYU Medical Center, who is an investigator on the Company’s Phase 3 AGENDA trial of Genasense® in patients with advanced melanoma.
The presentation will be webcast and accessible at the Investor Relations section of the Company’s website at www.genta.com/investorrelation/events.html. The presentation will be archived for 30 days. The panel will not be webcast.
PHYTOMEDICAL TECHNOLOGIES INCORPORATED (OTCBB: PYTO)
"Up 16.67% in morning trading"
PhytoMedical Technologies, Inc. (OTCBB: PYTO) (Frankfurt Stock Exchange: ET6), together with its wholly owned subsidiaries, is a pharmaceutical company focused on research, development and commercialization of pharmaceutical products. For additional information, visit www.PhytoMedical.com.
February 3 -
PhytoMedical's Patented Anti-Cancer Compound Eradicates Tumor in Successful In-Vivo Tests against Human Brain Cancer
PhytoMedicals compound for difficult-to-treat human brain cancer reveals case of tumor cured; demonstrates prolonged survival rates, enhanced chemotherapeutic effect, and inhibited growth of SF295 human glioblastoma
PhytoMedical Technologies, Inc. (OTCBB: PYTO) (FWB: ET6) announced favorable results from recent in vivo efficacy and toxicity tests where the Company’s patented anti-cancer compound was administered to specimens with difficult-to-treat human brain cancer (SF295 glioblastoma xenografts) and, according to researchers, proved to be least toxic and extremely effective in controlling the growth of SF295 human glioblastoma xenografts.
In all cases where specimens were treated for human glioblastoma brain cancer using PhytoMedical’s patented compound, researchers reported: a significant reduction in tumor size; prolonged lifespan of 46%-plus for the treated group versus the control group; notably enhanced chemotherapeutic effect of the compound; and even observed “tumor cured” in one of the specimens with the deadly glioblastoma cancer.
Interpreting the data collected from these important efficacy and toxicity tests, researchers favorably surmised that PhytoMedical’s anti-cancer compound may “…have its selectivity in killing SF295 human glioblastoma cells.” In contrast, broad anti-cancer treatments may be less effective and carry greater risks and side-effects than compounds with the key ability to selectively target and kill specific cancer cells — an important consideration for the treatment of cancers in vital organs such as the brain, where glioblastoma is exhibited.
Glioblastoma is the most common and aggressive form of brain cancer, and is often highly-resistant to chemotherapy and other conventional treatments, meaning there is no current cure. Additionally, surgical removal such as complete resection of the tumor in combination with the most current and aggressive treatments continues to result in low survival rates.
“There’s little doubt that glioblastoma brain cancer is a difficult-to-treat cancer, yet our test results have been highly-favorable. I am elated by the results of our latest phase of efficacy and toxicity tests. The fact that one of the test specimens exhibited tumor cured with no negative side-effects is groundbreaking and especially encouraging,” stated Mr. Greg Wujek, President and CEO of PhytoMedical Technologies, Inc. “From here we continue to build on our early success and move to the next phase of development with bolstered confidence.”
“We’re now reviewing our formulation options and very much look forward to continuing our anti-cancer drug development with the hope of producing an effective treatment option against glioblastoma, a deadly disease.” The median survival time from the time of glioblastoma diagnosis for patients without treatment is 3 months. Currently, as few as 1 in 20 patients will survive beyond 36 months, and only 1 in 5,000 will survive for decades.
PhytoMedical’s Cancer Research: Killing Cancer’s DNA
Led by Dartmouth College researcher, Dr. Gordon Gribble, PhytoMedical is developing a novel class of patented anti-cancer agents that have a ‘cytotoxic’ or poisonous affinity for cancer cells and are designed to bind more tightly to cancer cell DNA than many conventional anticancer drugs by a process called bis-intercalation or “double binding,” much like a molecular staple. Because the DNA is the blueprint of life for the cancer cell, such binding stops the replication of the DNA, which prevents the growth of the cancer cell and it dies.
DNA is present in the nucleus of every cell of all living organisms, which are constantly dividing through a process in which the DNA in the nucleus of the original cell replicates itself to be present in the nuclei of the two new (“daughter”) cells. If this replication cannot occur, the cell will die and the organism will eventually stop growing and die. Cancer is characterized by the development of abnormal cells that divide uncontrollably and have the ability to infiltrate and destroy normal body tissue.
At present, anticancer molecules designed to block the replication of DNA do so through “intercalation,” a mechanism in which the drug inserts itself between one set of adjacent base pairs of the DNA. PhytoMedical believes a more effective anticancer strategy is to design molecules (“bis-intercalators”) that can intercalate simultaneously at two DNA sites, thus further increasing the binding between the drug and the DNA of specific cancer cells in order to stop their replication and ultimately resulting in the death of the cancer cell.
This compound is derived from anti-cancer agents, claimed in Dartmouth United States Patent patent No.: 6,187,787, for which PhytoMedical holds an exclusive license. "These promising results are an eloquent testimony to the importance of academic collaboration with industry leading to the development of products beneficial to the society," said Alla Kan, Director of Dartmouth's Technology Transfer Office.
TRAVELZOO INCORPORATED (NASDAQ: TZOO)
"Up 22.09% in morning trading"
Travelzoo is a global Internet media company. Travelzoo's media properties, which reach more than 14 million travel enthusiasts in the U.S., Australia, Canada, China, France, Germany, Hong Kong, Japan, Spain, Taiwan and the U.K., include the Travelzoo® Web site (www.travelzoo.com), the Top 20® list, the Newsflash™ e-mail alert service, the Travelzoo Network™, the SuperSearch™ search tool, and the Fly.com™ search engine. Travelzoo publishes offers from more than 1,000 advertisers. Travelzoo's deal experts review offers to find the best travel deals and confirm their true value. Travelzoo’s global headquarters is in New York City.
February 3 - Travelzoo Reports Fourth Quarter 2008 Results
* Revenue of $19.9 million, up 4% year-over-year
* Operating profit of $509,000
* Income tax rate of 113%
Travelzoo Inc. (Nasdaq: TZOO), a global Internet media company, announced financial results for the fourth quarter ended December 31, 2008, with revenue of $19.9 million, an increase of 4% year-over-year. Net loss was $129,000 with diluted loss per share of $(0.01), down from net income of $46,000 and diluted earnings per share of $0.00 in the prior-year period.
“Travelzoo performed well in Europe and in North America in the fourth quarter, despite an increasingly difficult economic environment,” said Holger Bartel, CEO of Travelzoo. “In Asia Pacific, we have a lot more work to do, but I am excited by Travelzoo’s opportunities.”
North America business segment revenue decreased 2% year-over-year and grew 8% quarter-over-quarter to $17.2 million. North America reported an operating profit of $3.7 million, or 21.5% of revenue, down from an operating profit of $6.4 million, or 36.3% of revenue, in the prior-year period.
Europe business segment revenue grew 65% year-over-year to $2.4 million. Revenue decreased 8% quarter-over-quarter due to currency translations. In local currency terms, revenue grew 114% year-over-year and 11% quarter-over-quarter. Europe reported an operating loss of $1.3 million, compared to an operating loss of $1.9 million in the prior-year period. Travelzoo began operations in the U.K. in May 2005, in Germany in September 2006, and in France in March 2007. In May 2008, Travelzoo began publishing its Web site and its weekly Top 20® list in Spain, after having operated a sales office in Barcelona since November 2006.
Asia Pacific business segment revenue was $269,000, up from $207,000 in the prior quarter and up from $8,000 in the prior-year period. Asia Pacific reported an operating loss of $1.9 million, compared to an operating loss of $2.3 million in the prior quarter and an operating loss of $2.1 million in the prior-year period. Travelzoo began operations in Hong Kong in April 2007, in Japan in September 2007, in China in October 2007 and in Australia and Taiwan in December 2007.
Travelzoo had a total unduplicated number of newsletter subscribers of 14.6 million as of December 31, 2008, up 2.0 million, or 16% from December 31, 2007. In North America, subscribers grew year-over-year from 10,996,000 to 11,283,000, or 3%. In Europe, subscribers grew year-over-year from 1,381,000 to 2,223,000, or 61%. In Asia Pacific, subscribers grew from 214,000 to 1,108,000, or 418%.
Income tax expense was $1.1 million compared to $2.7 million in the prior-year period. The effective income tax rate was 113%, up from 98% in the prior-year period. The operating losses from the Asia Pacific business segment, the Europe business segment and the operations in Canada were treated as having no recognizable tax benefit.
Travelzoo used $441,000 of cash for operating activities. Accounts receivable increased $1.5 million sequentially and increased $1.6 million over the prior-year period to $11.6 million. Accounts payable increased $436,000 sequentially and increased $1.6 million over the prior-year period to $6.6 million. Capital expenditures were $916,000, up from $292,000 in the prior year period. Travelzoo exited the quarter with $14.2 million in cash and cash equivalents.
Travelzoo will host a conference call to discuss fourth quarter results at 5:00 p.m. ET on Feb. 4. A live Webcast can be accessed through Travelzoo's investor relations Web site at www.travelzoo.com/ir.
QUEST MINERALS & MINING CORPORATION (OTCBB: QMLM)
"Up 13.33% in morning trading"
Quest Minerals & Mining Corp., or Quest, acquires and operates energy and mineral related properties in the southeastern part of the United States. Quest focuses its efforts on properties that produce quality compliance blend coal. For more information, visit www.questmining.net.
February 3 - Quest Minerals & Mining Announces that Court Sets Date for Confirmation of Subsidiary Gwenco's Plan to Emerge from Bankruptcy
Confirmation Hearing Scheduled for March 17, 2009, Positioning Gwenco to Emerge From Chapter 11 During Second Quarter of 2009
Quest Minerals & Mining Corp. (OTCBB: QMLM) (Frankfurt: QMNB), a Kentucky based operator of energy and mineral related properties, announced that the U.S. Bankruptcy Court for the Eastern District of Kentucky has approved the Second Amended Disclosure Statement and Third Amended Plan of Reorganization for Quest's subsidiary, Gwenco, Inc. The Court also authorized Gwenco to begin soliciting approval from its creditors for the Plan of Reorganization. With these developments, Gwenco is on schedule to emerge from Chapter 11 protection during the second calendar quarter of 2009.
Eugene Chiaramonte, Jr., President of Quest, said, ``Court approval of the Disclosure Statement and authorization to begin the solicitation of creditor approval of Gwenco's Plan of Reorganization represents an important step toward emerging from bankruptcy. We are confident that the Plan of Reorganization will be confirmed at the confirmation hearing, which would put us on schedule to emerge from Chapter 11 during the second calendar quarter of 2009.''
The Bankruptcy Court order found that Gwenco's Disclosure Statement was adequate for the purposes of soliciting creditor approval for the Plan of Reorganization. The Disclosure Statement also resolved all prior creditor objections, and all objecting creditors agreed to entry of the order.
A confirmation hearing for the Court to consider approval of the Plan of Reorganization has been scheduled for March 17, 2009. In February, Gwenco will begin mailing notice of the proposed confirmation hearing and begin the process of soliciting approvals for the Plan of Reorganization from voting creditors. Assuming the requisite approvals are received and the Court confirms the Plan under Gwenco's current timetable, Gwenco should emerge from Chapter 11 protection during the second calendar quarter of 2009.