IWEB, YESD, BMGP
EVDR, ADAC, NEGS, LFBG, OXGN, EEGC
Our Stocks to Watch today include IceWEB Inc. (OTCBB: IWEB), YesDTC Holdings Inc. (OTCBB: YESD), Biomagnetics Diagnostics Corp. (OTC: BMGP), Evader Inc. (OTC: EVDR), Adama Technologies Corp. (OTCBB: ADAC), NX Global Inc. (OTCBB: NEGS), Left Behind Games Inc. (OTCQB: LFBG), OXiGENE Inc. (Nasdaq: OXGN) and Empire Energy Corporation Int. (OTC: EEGC).
ICEWEB INCORPORATED (OTCBB: IWEB)
Detailed Quote: http://www.otcpicks.com/quotes/IWEB.php
Company Profile: http://bit.ly/jc6ERD
Incorporated in 1994, IceWEB was highly successful in the federal computing space working with unstructured geospatial data, as well as managing and storing block data as an ASP in the enterprise and federal space. The company was twice named Inc. Magazine’s Inc. 500 Fastest Growing private US corporations and was recognized as Deloitte & Touche Technology Fast 500 North American public or private technology companies. Following on this success, the company developed and expanded on the rich storage management features to bring to market a versatile, all-inclusive storage system aggressively priced for the commercial mid-market space. The IceWEB Storage System is a high-performance unified storage platform for file and block data of all kinds that’s easy to install, and provides built-in, all-inclusive storage management features including de-duplication; unlimited snapshots; thin provisioning; local or remote, real-time or scheduled replication; capacity and utilization reporting, and VMware integration.
May 24 - IceWEB Recurring Maintenance Renewal and Engineering Service Contracts Gaining Significant Traction as Digital Footprint Approaches $10,000,000
Company to Rollout Innovative Extended Value Support Program (EVSP)
IceWEB, Inc. (OTCBB: IWEB), a leading provider of Unified Data Storage and building blocks for cloud storage networks, has announced that its digital footprint is quickly approaching $10,000,000 and estimates that deferred maintenance revenue will be approximately 15% of revenue over the next 12 months to maintain, upgrade and support systems with expired warranties.
In order to meet growing service demands with flexible options, the Company will roll out its innovative Extended Value Support Program (EVSP™). EVSP is a hybrid service product that customers can utilize to acquire services on an as needed basis. Unlike traditional service and maintenance contracts, IceWEB customers can pre-purchase a discounted block of hours (I-Units) that never expire. These I-Units give customers the flexibility to pick and choose services in an a la carte fashion.
John R. Signorello, IceWEB CEO stated, "The premise behind our EVSP is that customers can buy services they need, when they want, at a firm fixed price. The EVSP I-Unit makes it simple and affordable for customers to maintain and upgrade their IceWEB platform. It is quite clear that professional services will be paramount to our success moving forward. We're currently collaborating with our partners, Promark Technology and Niksar, to not only deliver superior products but to complement them with world-class maintenance and engineering services."
All IceWEB products ship with a standard one-year warranty, which includes phone support with guaranteed response times and advanced part replacement services nationwide. In addition, warranty customers have 7x24 access to IceWEB's on-line customer support tools. In many cases, customers take their annual renewal time to have IceWEB upgrade their systems with additional storage. In addition, customers can request at any time to have IceWEB engineers visit them on-site and help them determine expansion strategies both in the data center and in the cloud.
YESDTC HOLDINGS INCORPORATED (OTCBB: YESD)
Detailed Quote: www.otcpicks.com/quotes/YESD.php
Company Profile: http://otcpicks.com/YesDTC-Holdings.htm
YesDTC Holdings, Inc. is a direct-to-consumer marketing company specializing in direct response television (DRTV), Internet and retail marketing programs. The Company brings a unique set of skills to this marketplace. YesDTC combines both creative talents and financial acumen to create a total package for direct-to-consumer marketing programs. We have formed a strategic partnership with Schulberg Media Works (SMW), one of the pioneering firms in the direct-to-consumer space. SMW's track record is impressive with nearly $1 billion in revenues and a strong track record of industry awards. SMW campaigns include Tempur-Pedic, Guthy-Renker, Sony, 24-Hour Fitness, Rhino Records, HarperCollins, PureSleep, among many others.
May 18 - YesDTC Announces MotorBooster™ Engine Catalyst Results; 16.5% Fuel Savings Realized
YesDTC Holdings, Inc. (OTCBB: YESD), a direct-to-consumer marketer and global distributor of consumer goods and products, announced the performance test results for the revolutionary new engine conditioner product called MotorBooster™. As an automotive combustion catalyst that targets the consumer market, MotorBooster is designed to increase fuel economy, reduce hydrocarbon emissions and enhance engine performance. MotorBooster™ is a proprietary formulation capsule that users simply insert into their gas tank, upon which it dissolves into the fuel to achieve mileage, emissions and enhancement benefits. MotorBooster is protected under U.S. patents and has received EPA Certification to not cause engine damage.
In a recent independent professional dynamometer engine test conducted by a leading NASCAR and Winston Cup development team, engines treated with MotorBooster showed an increased efficiency in fuel combustion, with a more complete burn of the fuel and virtual elimination of engine deposits, resulting in several highly significant benefits relative to untreated engines, including:
Specific performance results from the dynamometer test included:
* Improvement in torque: 2.9%
* Increase in power: 2.9%
* Improvement in fuel consumption: 16.5%
* Increase in the ratio of air-to-fuel present during combustion: 10.8%
* Reduction in the engine's fuel mass consumption and crankshaft power ratio: 16.5%
Regarding engine emissions, results after use of MotorBooster showed a:
* 54.4% reduction in carbon monoxide
* 9.0% drop in carbon dioxide
* 84.3% decline in hydrocarbons
* 15.6% decrease in nitrous oxides
* 24.6% increase in oxygen, which is consistent with an increase in fuel efficiency
Additionally, the benefits below were also realized:
* Improved fuel economy, with more miles gained per gallon of gasoline and/or the same amount of mileage achieved with less fuel used -- implying meaningful cost savings at the pump and less emissions into the environment
* The removal of deposit build-up and the prevention of further harmful carbon particle accumulation -- thereby lowering emissions, lowering engine part friction and lowering overall wear and tear -- all of which enable savings on engine maintenance costs
* Reduced engine wear and tear resulting in an extended engine life
* A reduction in the need for higher octane fuels, which typically represent some of the more expensive gasolines at standard filling stations, while still providing the same performance
* Cleaner oil with the need for fewer oil changes, again resulting in cost savings to motorists
* The virtual elimination of black smoke and harmful emissions.
* A significant decline in the release of carbon monoxide and ground level ozone toxins as a by product waste that occurs from inefficiencies in the fuel burning process
* A significant reduction in nitrogen oxides released
* Minimization of corrosive sulfur oxides, a cause of acid rain
Preliminary field tests of MotorBooster, in which several independent motorists agreed to try the fuel pill in their gas tank for a series of fill-ups at the gas pump, came back with an average increase in fuel efficiency of over 21% and driver commentary noted an increase in power in the driving and handling of their respective vehicles.
Christian Kirsebom, General Manager of YesDTC Holdings, Inc advised, "We are super excited about the potential the MotorBooster product is showing to help motorists gain a little cost savings at the pump and at the mechanic, particularly in this environment of rising gas prices." He continued, "Its estimated there were approximately 256 million registered vehicles in the United States alone in 2008, and today this figure is even higher. According to AAA, the national average price of gas now stands around $3.95, up 19 cents from a month ago and $1.04 more than the national price at this time last year when it was $2.91, for a total rise of nearly 36% in just 12-months with no signs of meaningful decline anytime soon. Given MotorBooster's impressive preliminary test results, we'd really like put 15% to 20% of rising fuel costs back into the consumer's pocket with results we think the MotorBooster engine conditioner can deliver."
The MotorBooster combustion catalyst and engine conditioner is scheduled to be available to later this summer.
BIOMAGNETICS DIAGNOSTICS CORPORATION (OTC: BMGP)
Detailed Quote: http://www.otcpicks.com/quotes/BMGP.php
Company Profile: http://bit.ly/hH3lIX
Biomagnetics Diagnostics Corporation is an advanced medical device and biotechnology company and an acquirer of other innovative technologies. The Company is currently developing a waveguide-based advanced integrated optical biosensor through its cooperative research and development agreement with Los Alamos National Security, LLC, which will initially be used for cholera, tuberculosis and malaria diagnosis.
May 9 - Biomagnetics Unveils World’s First Urine-Based Tuberculosis Diagnostics Tool in New Video
Biomagnetics Diagnostics Corp. (OTC: BMGP), a developer of revolutionary diagnostics systems and technology for HIV, hepatitis, tuberculosis, cholera and malaria detection, and other innovative technologies, in a new video unveiled the world’s first urine-based tuberculosis diagnostics tool. This revolutionary optical biosensor diagnostics device was developed by top scientists, chemists and engineers at Los Alamos National Laboratory via a cooperative research and development agreement between the two organizations.
The waveguide-based system is capable of providing a qualitative tuberculosis diagnosis using only a few drops of human urine in a timeframe of only 15 to 20 minutes. This is a significant breakthrough compared to sputum, blood and skin tests that often take several days or weeks for results. Recently developed PCR-based diagnostics which take approximately two hours to produce results are significantly more expensive.
“Not only will the device provide a qualitative tuberculosis diagnosis in a fraction of the time of other testing protocols it will also provide these results at only a fraction of the cost, commented Clayton Hardman, CEO of Biomagnetics Diagnostics.” “While the current cost profile is already significantly lower than other tests, we are already working on a new waveguide design that will likely allow us to reduce the cost per test even further.” “The unit shown in this video is a desktop unit; however, the products for ultimate delivery to the market will also include a handheld device that can be operated by relatively untrained medical personnel at the point of patient care. We see nothing on the market today, or on the immediate horizon, that can compare to the capabilities of this technology. We congratulate the scientific staff at Los Alamos National Laboratory on the outstanding developmental effort they have put forth.”
STOCKS TO WATCH
EVADER INCORPORATED (OTC: EVDR)
"Up 88.00% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/EVDR.php
Through its subsidiary Avtar Singh Construction Company (ASCC), Evader, Inc. is one of India's largest builders.
June 3 - EVDR Subsidiary ASCC Signs Memorandum of Understanding With SQL Star
Evader, Inc. (OTC: EVDR) subsidiary ASCC is pleased to announce that it has signed a memorandum of understanding with SQL Star.
The agreement was entered with the intent of normalizing the collaborative mechanism between the two companies. ASCC and SQL Star have agreed that they will work in close collaboration to explore business opportunities in the fields of e-governance, knowledge services and enterprise solutions.
SQL Star and ASCC have agreed to jointly identify opportunities all over the world. Both organizations will provide necessary support in terms of infrastructure and manpower for procurement and the successful execution of each project.
EVDR will keep investors and followers updated on this venture with SQL Star and other company developments on a timely basis.
SQL Star has been delivering knowledge-driven business solutions through technology since its inception in 1987. It's an amalgamation of best practices and competencies brought in by leading professionals from some of the most renowned names in the corporate world. The company is headquartered in India and has wholly owned subsidiaries in the United States, Australia and Singapore. SQL Star's revenues are in the $23 million U.S. range.
SQL Star provides specialized knowledge services to a wide range of industry verticals, which puts it in a unique position to deliver cutting-edge solutions and help build in-house competencies for clients.
Evader, Inc. and ASCC are involved in executing large and complicated civil engineering projects in India, with emphasis on roads, bridges, earthwork, highways and as a promoter-colonizer of housing complexes that demand a high degree of skill and expertise. The company has achieved tremendous growth since its incorporation in 1987.
ASCC is equipped to handle a wide variety of projects and maintain uncompromising quality standards at every stage. It's committed to providing professional service, high-grade construction, appreciable finish and the timely completion of all projects. ASCC's team of dedicated technical and managerial personnel has vast experience in a number of fields that enable it to undertake any challenging job.
ASCC's reputation is based on strong customer orientation, technological sophistication and an impressive record of achievements. Many of the civil engineering projects executed by ASCC have set new benchmarks in terms of scale, sophistication and speed.
ADAMA TECHNOLOGIES CORPORATION (OTCBB: ADAC)
"Up 41.98% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/ADAC.php
Adama is a brownfield remediation company whose foundation lies in its patented technology. The Technology successfully treats all Resource and Recovery Act (RCRA) and Universal Treatment Standards (UTS) metals. The Technology has successfully completed the U.S. (EPA) "SITE" program and is ready for commercial use.
May 25 - Adama Technologies' CEO to Convert Debt Into Common Stock
Adama Technologies Corp. (OTCBB: ADAC), a clean-tech company, announced that Aviram Malik, the company's CEO, will convert his entire debt into common shares.
The debts have been created during the last two years of out-of-pocket financing by the CEO to establish a steady cashflow for the company's operations and to avoid unnecessary dilution to the company's shareholders.
The conversion rate will be $0.015 a share and will be converted in the upcoming weeks. The shares will be restricted under SEC regulation 144.
"The conversion of the debt shows good faith that the sale of the rights of our project should proceed as expected. It's a perfect time to increase my holding in the company," said Malik.
NX GLOBAL INCORPORATED (OTCBB: NEGS)
"Up 23.08% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/NEGS.php
NX Global, Inc. and its subsidiaries are publicly traded companies located in the USA. The company's current focus includes various alternative energy production models to which we provide construction management services and will be the primary operator of the site's post construction, either of the whole project or in some locations limited to the waste to energy facilities. The alternative energy methods of production include waste to energy, farming of green algae and bio-mass and bio-fuels production plus food for human construction. Our current subsidiary in the Green IT Division sell, service and train clients' personnel on necessary software to integrate, manage and maintain medium sized IT departments migration to, plus implementation and maintenance of deployed virtualization, storage and utilization of cloud computing technology.
April 20 - NEGS Subsidiary NUBE, Inc. Signs New Business Development Agreement
NUBE, Inc., a wholly owned subsidiary of NX Global Inc. (OTCBB: NEGS), announces the signing of a new business development agreement with Circle Computer Resources for the launch of two new locations with additional locations to be announced.
NUBE, Inc.'s President, Robyn Bailey, stated, "I am extremely pleased to announce a new business development agreement between NUBE, Inc. and Circle Computer Resources, Inc."
NUBE, Inc. is a Virtualization/Cloud Computing Company with specialty focuses on training, hosted services, and consulting services.
NUBE, along with its VMware Authorized Training Center (VATC) partner, Arrow Electronics (ECS), will offer VMware training as well as Microsoft products and other technologies.
Ms. Bailey stated: "What makes NUBE training different from other IT training offerings will be the hardware based format that the alliance with CCR will provide. CCR will arrange datacenter locations where NUBE will build high end training facilities giving IT professionals a real world environment on which to learn enterprise technologies like VMware."
The first locations NUBE and CCR have identified and scheduled are Las Vegas, Nevada and Northern Virginia. Training facilities and NUBE offices will soon follow in Tampa, Florida and Albuquerque, New Mexico.
The company goal is to go global through its partnership program and generate revenues exceeding $4 million through 2012.
Each data center location will also host NUBE's "Cloud Lab" hosted test and development services. Training and Cloud Lab will bring additional revenue streams to datacenters. NUBE looks forward to leveraging the natural synergies that exist between NUBE and Circle Computer Resources.
Circle Computer Resources, Inc. is committed to efficiently providing specialized IT services to clientele looking for unique solutions.
LEFT BEHIND GAMES INCORPORATED (OTCBB: LFBG)
"Up 25.00% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/LFBG.php
Left Behind Games Inc. is a publicly-traded exclusive publisher of Christian modern media. It is the world leader in the publication of Christian video games and a Christian social network provider. Trade names include Inspired Media Entertainment, LB Games®, Cloud 9 Games® and MyPraize®. The company and its subsidiaries produce quality interactive experiences including entertainment products that perpetuate positive values and appeal to faith-based and mainstream audiences.
May 3 - Bob Hutchins, Author of Faith Based Marketing Signs Marketing Agreement with Left Behind Games
Left Behind Games Inc. (OTCQB: LFBG), the world’s largest and only publicly-traded publisher of Christian video games, announced today that Bob Hutchins, as head of the Internet Marketing Agency, BuzzPlant, has signed a comprehensive advertising and servicing agreement to promote Left Behind Games’ products.
LB Games’ Chief Executive Officer, Troy Lyndon says, “Mr. Hutchins has one of the best faith-based marketing teams in the world. It is a sincere honor that he has accepted our proposal to expand our relationship. His team will act as our marketing arm on a go-forward basis, with an emphasis on sales and social media connections.”
Mr. Hutchins’ team has accumulated an impressive list of accomplishments in the Christian market. These include having been an integral part of online movie campaigns for The Passion of Christ, The Chronicles of Narnia and most recently Soul Surfer. His client/partner roster includes Time-Life, General Motors, Twentieth Century Fox, INO Records, Disney, Warner Brothers, Thomas Nelson Publishers and Zondervan. He is co-founder of The Faith-Based Marketing Association and Ground Force Network. Also, he has been featured on Fox News, MSNBC, in The New York Times, Wall Street Journal, INC Magazine, Fortune Magazine, MarketingVOX, American City Business Journals, Dallas Morning News, and on various television/radio media.
The Left Behind Games staff is honored to have Mr. Hutchins and his team on board. Mutual enthusiasm was expressed by Mr. Hutchins’ saying, “We are extremely excited to be working with LB Games. Being the only Christian video game company, we know there is a huge market for us to reach with them.” He further expressed that both companies share a common vision and goal, stating, “Their products fit perfectly with the faith and family focus that BuzzPlant represents."
OXIGENE INCORPORATED (NASDAQ: OXGN)
"Up 20.98% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/OXGN.php
OXiGENE, Inc. develops small-molecule therapeutics to treat cancer and eye diseases in the United States. It focuses on the development and commercialization of drug candidates that disrupt abnormal blood vessels associated with solid tumor progression and visual impairment in ocular diseases. The company's product ZYBRESTAT, is in Phase II/III pivotal registration study as a potential treatment for anaplastic thyroid cancer, as well as in Phase Ib and II clinical trials for other solid tumors, including non-small cell lung cancer, platinum resistant ovarian cancer, and head-and-neck cancer. It also develops a topical formulation of ZYBRESTAT for ophthalmological diseases and conditions, such as age-related macular degeneration. In addition, OXiGENE develops OXi4503, an ortho-quinone prodrug, which is in Phase I clinical trial for solid tumors. The company was founded in 1988 and is headquartered in Waltham, Massachusetts.
May 18 - OXiGENE Announces Clinical Data From FACT and FALCON Studies to be Presented at ASCO
FACT Oral Presentation of Final Data From Anaplastic Thyroid Cancer Trial Named to "Best of ASCO" Program
OXiGENE, Inc. (Nasdaq: OXGN), a clinical-stage, biopharmaceutical company developing novel therapeutics to treat cancer and eye diseases, announced today that data from its clinical trials of ZYBRESTAT(TM) in combination with chemotherapy in patients with anaplastic thyroid cancer (ATC) and non-small cell lung cancer (NSCLC) will be presented at the upcoming American Society of Clinical Oncology annual meeting in Chicago, Illinois on June 3-7, 2011.
OXiGENE also announced that the FACT oral presentation was selected to be included in the Best of ASCO(R) program, which will be held shortly after the ASCO Annual Meeting. The Best of ASCO is an educational initiative that condenses highlights from ASCO's Annual Meeting into a two-day program and is intended to increase global access to cutting-edge science. Abstracts were selected according to specific criteria and reflect research that is relevant and significant in oncology today. In addition to two domestic Best of ASCO meetings in Miami and Seattle, there will also be approximately eighteen International Best of ASCO Meetings and various ASCO-licensed packages.
FACT (Fosbretabulin in Anaplastic Cancer of the Thyroid) Presentation Details:
* Oral Presentation Title: A randomized phase II/III trial of a tumor vascular disrupting agent fosbretabulin tromethamine (CA4P) with carboplatin (C) and paclitaxel (P) in anaplastic thyroid cancer (ATC): Final survival analysis for the FACT trial
* Presenter: Julie A Sosa, MD, Yale University School of Medicine
* Session Title: Head and Neck Cancer
* Date: Monday, June 6, 2011
* Session Time: 3:00PM - 6:00PM CDT
* Location: McCormick Place S406
FALCON (Fosbretabulin in Advanced Lung Oncology) Poster Details:
* Poster Title: A randomized phase 2 trial of a vascular disrupting agent (VDA) fosbretabulin tromethamine (CA4P) with carboplatin (C), paclitaxel (P), bevacizumab (B) in stage 3B/4 non-squamous non-small cell lung cancer (NSCLC): Analysis of safety and activity of the FALCON trial
* Presenter: Edward B. Garon, MD, UCLA School of Medicine
* General Poster Session, Lung Cancer Track
* Abstract #7559, Poster Board #34G
* Date: Saturday, June 4, 2011
* Session Time: 2:00PM - 6:00PM CDT
* Location: McCormick Place Hall A
ABOUT ZYBRESTAT (FOSBRETABULIN TROMETHAMINE)
ZYBRESTAT is being evaluated in Phase 2 studies of patients with anaplastic thyroid and non-squamous non-small cell lung cancer. OXiGENE believes that ZYBRESTAT is poised to become an important product in a novel class of small-molecule drug candidates called vascular disrupting agents (VDA). Through interaction with vascular endothelial cell cytoskeletal proteins, ZYBRESTAT selectively targets and collapses tumor vasculature, thereby depriving the tumor of oxygen and causing death of tumor cells. In clinical trials in solid tumors, ZYBRESTAT has generated data that are suggestive of possible clinical activity against tumor vasculature in anaplastic thyroid cancer, and has demonstrated a positive profile in clinical trials in non-squamous, non-small cell lung cancer, ovarian cancer and various other solid tumors.
EMPIRE ENERGY CORPORATION INTERNATIONAL (OTCBB: EEGC)
"Up 53.85% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/EEGC.php
Empire Energy Corporation is an international oil and gas exploration company, focusing on developing assets in one of the world's last virgin basins and to become a leading low-cost finder of hydrocarbons. The Company is currently operating in Tasmania's central and northern basins.
June 3 - Empire Signs USD $5M Convertible Loan Agreement for Bellevue #1 Drilling, Gas to Liquids & FASER Technology Development MOU, and Pursues Legal Action against Smart Win in New York Court & Other Miscellaneous Legal Matters
Empire Energy Corporation International (OTC: EEGC) (“Empire”) and its wholly owned subsidiary, Great South Land Minerals Limited (GSLM), announced today Empire has secured several strategic commercial partners in the United Kingdom to complement Empire’s development and expansion of its international oil and gas and technology businesses while retaining a 51% majority interest. Libertas Capital Corporate Finance Ltd, a UK private investment bank, Nomad broker and partnership, has been retained to assist Empire with financing the Bellevue #1 oil and gas well, the gas to liquids and FASER technology and other related projects of Empire.
Empire has sought to implement a key industry partnership to fund and assist in the drilling of GSLM’s lead oil and gas prospect, Bellevue #1 well, through an Alternative Investment Market (AIM) listed London entity which holds established producing international oil and gas assets and interests in a waste oil processing business that may benefit from our technology. Empire has sold a 49% stake in return for USD $5 million funding by way of a convertible loan agreement that is part of the larger joint venture partnership. As part consideration and in exchange for the partnership interest, Empire is to be advanced approximately USD $1 million to supplement operational costs and GSLM’s current drilling program, and USD $100,000 was paid upon the signing of the agreement. It is proposed that in exchange for the 49% stake, Empire will be able to exploit the technical and exploration know how of its joint venture partner in addition to approximately USD $4 million in order to recommence on-site drilling operations at the Bellevue #1 site.
Simultaneously, Empire has executed a MOU in respect to funding for early stage development and market implementation of a gas to liquids (GTL) process technology for which Empire holds exclusive marketing and development rights in North, South and Central America. The transaction to finance and develop the gas to liquids technology allows Empire to retain a 51% interest in the project, while facilitating ready to market commercial application of the technology. Empire has previously validated the business case and has obtained an independent opinion providing forecast revenues based on an estimated regional market of approximately USD $2.7 billion per year. The joint venture will enable Empire to implement the business plan within 3 years. Empire considers the business case for the patented process technology to reside within its ability to convert gas to liquids at substantially lower capital and operating costs than are currently being experienced using the standard Fischer Tropsch process, including a smaller plant footprint and the inherent mobility of a 40 foot container.
Empire is also intending to develop its FASER (Force Amplification by Stimulated Electron Resonance) technology that has many applications, including as a possible application supporting the enhancement of the power supply and the productivity of the gas to liquids technology. Another exciting application for this revolutionary power supply under development is that it can be used in a method as a treatment system for chronic disease conditions. The invention has been designed using theoretical concepts of quantum biology. The principles of operation are based on the device's ability to stimulate a Bose-Einstein condensate and excitation of the Frolich resonance in living tissue. The wave numbers necessary for this excitation are derived from the solution to the equations for optical photon scattering in living tissue generated by optical photon excitation. The establishment of this superconducting state facilitates DNA replication, transcription, and translation, thereby allowing the proper formation or regeneration of healthy tissue. This superconducting state provides the conditions necessary for establishing the violation of time reversal invariance in living tissue. Arrangements are currently underway to do supervised medical trials of the technology both within the USA and Europe as a precursor for the global commercialization of the unit.
Empire and GSLM CEO Malcolm Bendall said, “First and foremost I would like to assure shareholders that Empire’s board has remained focused with success on the two top priorities, to protect and fund its Bellevue and Thunderbolt wells. Empire has determined to fearlessly and aggressively deal with and make accountable those who have conspired to delay and detour our single-minded objective to complete the drilling of the Bellevue well; those who continue to stand in the way of the drilling program can be assured that Empire will strike back and will not go silently into the night as our complaint to the integrity commission clearly demonstrates. Empire has undergone a significant review of all platforms for potential financing and development of assets under management, including the FASER and gas to liquids process technology. As a result of the last six months' review, London was identified, and has since proved, as a more successful early stage exploration and technology funding source. The Company now has the necessary resources in place and at its disposal to advance the development of those assets, with strategic partnerships playing a key part, along with a proactive methodical approach to risk reduction and management that has been adopted and funded. These actions have called for a renewed commitment from management and the alignment of the Board of Empire with these new directions which has prompted some recent changes with the acknowledgment and acceptance of resignations from James Leach, David Villarreal Jr. and Tad Ballantyne from their respective positions as Directors of Empire Energy Corporation International to focus on other personal business interests. Empire thanks them for their contributions and wishes them every success in their new endeavors on which they will now be able to exclusively focus.”
In early 2008, a Chinese company, Smart Win International Limited, entered into commercial agreements with Empire for the financing of exploration and drilling in Tasmania, which included the funding of Bellevue #1 well and other identified, undiscovered prospective resources as located within GSLM’s former tenement Special Exploration License (SEL) 13/98.
Empire alleges that in 2009, Smart Win breached its contractual and fiduciary obligations to Empire after failing in its continuing obligation to provide finance for drilling. In 2010, Smart Win lodged a motion of summary judgment against Empire and Empire’s CEO, claiming events of default in respect of the 2008 agreements and the call on monies advanced under those arrangements.
On May 20, 2011, Empire confirmed the filing of affidavits in support of legal action against Smart Win International Limited and its corporate officers in the Supreme Court of the State of New York. Empire is alleging that Smart Win has materially breached its contracts with Empire which resulted in significant delays and economic costs. Empire is committed to pursuing Smart Win and any and all related parties and is seeking damages. However, Empire has received an offer to settle the matter and is considering its legal rights and is performing financial and legal due diligence prior to accepting any offer. Empire, mindful of the need to conserve finances for drilling, has also sold the rights to 50% of the proceeds of the Smart Win action in return for an obligation to fund, up to a certain level, the costs of the action, relieving Empire of the stress of funding the ongoing case.
Further, today GSLM lodged with the Tasmanian Integrity Commission documentation representing a summary of matters GSLM believes worthy of investigation, concerning our belief that there has been collusion in the act of improperly allocating a portion of our Tasmanian oil and gas assets, in part now Exploration Licence Application (ELA) 30/2011. GSLM has a right in contract and in law to this property and the allocation may constitute a loss which we believe will be subject to the outcome of current legal action over the 10 structures defined and valued by Empire. This action now quantifies a loss to GSLM, which is a pending matter of legal claims in the Magistrates Court in Tasmania. The 10 structures are outside of granted exploration licence area 14/2009 covering our most prospective areas, the Bellevue and Thunderbolt structures. GSLM has proceeded to summarize those beliefs in documents which have been lodged with the Tasmanian Integrity Commission detailing several complaints. The Commission was formed on the basis of legislation passed in Tasmania to raise the standard of conduct, ethics and propriety within the public sector and applies to state & local government levels, including Parliament. The investigation is being initiated to ensure that appropriate discretional and ethical conduct has been observed concerning these issues. The Tasmanian Integrity Commission has acknowledged that many complaints have been reported about members of the Tasmanian government, with over 100 complaints being lodged with the Commission in its first six months of operation.
As a separate legal matter, and in part, as related to the improper sale of the Empire GEFCO Drill Rig and other matters by previous management in 2008 and in an ongoing effort to protect the integrity of Empire’s assets and for the protection of its officers, directors and its corporate oil and gas assets held by GSLM, Empire has directed its retained legal counsel to file civil actions against certain entities and individuals relating to acts of tortious business interference both within the United States of America and overseas. Additionally evidence is being gathered which we intend to use to lodge complaints with the appropriate USA authorities against certain corporations and individuals relating to the US Federal Foreign Corrupt Practices Act of 1977 (FCPA) and the US Federal Racketeer Influenced and Corrupt Organizations Act (RICO). Empire is also investigating the nondisclosure of the selling and exchange of securities by disqualified persons and entities in California, and the accumulation of an undisclosed position by the same group acting in concert.
Empire Energy Corporation is an international oil and gas exploration company, focusing on developing assets in one of the world's last virgin basins and to become a leading low-cost finder of hydrocarbons. The Company is currently operating in Tasmania's central basin.