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NUEC, IFXY, AQUM, SMNG
IGNT, EEE, IDLM, CNEX, KATX, BSDM
Our Stocks to Watch today include NuEarth Corp. (OTC: NUEC), Infrax Systems Inc. (OTCBB: IFXY), Aquamer Medical / Aquamer Urban Agricultural Corp. (OTCBB: AQUM), Strategic Mining Corp. (OTC: SMNG), Ingen Technologies Inc. (OTC: IGNT), Evergreen Energy Inc. (NYSE: EEE), Idle Media Inc. (OTCBB: IDLM), Cannon Exploration Inc. (OTC: CNEX), KAT Exploration Inc. (OTC: KATX) and BSD Medical Corporation (Nasdaq: BSDM).
FEATURED COMPANY
NUEARTH CORPORATION (OTC: NUEC)
Detailed Quote: http://www.otcpicks.com/quotes/NUEC.php
Company Profile: http://www.otcpicks.com/NuEarth-Corp.htm
NuEarth Corporation is a major chemical distributor dedicated to bringing to market "Clean Solutions to Complex Problems". NuEarth offers a broad and diverse range of biodegradable, environmentally friendly products and technologies. NuEarth's mission is to provide substitutes for many of the hazardous chemicals commonly used throughout the world today.
NUEC News:
August 24 - NuEarth Signs Joint Venture Continuation Agreement with Laboratorio Internazionale Agricoltura, S/p/A and Signs Two $750,000 Agricultural Modeling Contracts for a Total of $1.5 Million in New Laboratory Contracts
NuEarth Corporation (OTC: NUEC) ("NuEarth"), a manufacturer and marketer of "Clean & Green" products and technology, today announced that the company's Laboratory and Research Division "TerraSolv SA" has renegotiated and finalized its Joint Venture Agreement with Laboratorio Internazionale Agricoltura, S/p/A ("LIA") of Italy.
The Finalizing of the Joint Venture Continuation Agreement brings 2 new laboratory projects to TerraSolv. These projects are valued currently valued at more than $1.5 Million over the three-month work schedule starting in October 2010. However, each contact has provisions that could triple the final contact value to more than $6 Million USD over their 12 month life cycle. "We've seen incredible value from the lab, which has paid for itself several times over in its first year of operations. It represents a new, higher standard for doing business in IT throughout the environmental and agricultural industries. We're taking more risk out of the system, putting more structure into it, suffering less downtime and delivering higher-quality services," said Levi Modelevi - CEO of NuEarth Corporation the parent of TerraSolv SA. The TerraSolv SA Laboratory has generated more than $32 Million over its 3 year existence – Mostly due to the Joint Venture with Laboratorio Internazionale Agricoltura, S/p/A.
The joint venture will continue to utilize the TerraSolv SA state-of-the-art development and testing lab currently being relocated to the United States of America. This data center, which collects data from clients around the world to run projects ranging from usability, capacity, spread and weather modeling and performance testing. The heart of the laboratory is a 225-gigabyte database of environmental and agricultural project records running on six HP servers and two Novell servers storing the data and running the software being tested.
TerraSolve/LIA is a state-of-the-art development and testing lab, which collects data from clients around the world to run projects simulations ranging from usability, capacity, spread and weather modeling testing. The heart of the laboratory is a 160-gigabyte database of environmental and agricultural project records running on six HP servers and two Novell servers storing the data and running the modeling software.
FEATURED COMPANY
INFRAX SYSTEMS INCORPORATED (OTC: IFXY)
Detailed Quote: http://www.otcpicks.com/quotes/IFXY.php
Company Profile: http://www.otcpicks.com/Infrax-Systems.htm
Infrax Systems offers a series of interrelated operational management, communications, and grid security related products and services known as Secure Intelligent Energy Platform (SIEP). Our products enable a comprehensive and unified solution for communications and applications management of the Smart Grid. SIEP™ incorporates a wide array of communications, security, device and data management tools for Smart Grid applications such as advanced metering solutions and grid optimization. SIEP platform creates a unified solution to securely manage Advanced Metering Infrastructure (AMI) and distribution automation. Infrax's secure smart grid platform incorporates a communications transport and management system, (Grid Mesh™), device and data security management, and ultimately secures intelligent endpoint devices (SIED). The secure management of the "last mile" backhaul will be necessary for utilities to implement Smart Grid applications including AMI, real-time pricing, Demand Side Management (DSM), Distribution Monitoring and Automation. When combined, these applications can offer economic, operational and environmental benefits for utilities, and ultimately the utility's customers.
IFXY News:
August 17 - Infrax Announces the First Upgradable WiMAX / LTE Base Stations Designed to Protect Operator's Investments
Upgrade Capability to LTE Makes Infrax Products "Future Proof"
Infrax Systems, Inc. (OTCBB: IFXY), a global provider of unified Smart Grid-related products and services for the Energy and Utility industries, today announced the availability of the first upgradable WiMAX/LTE base stations. This upgrade option provides for a migration from WiMAX (802.16e) to Long Term Evolution (LTE) capability without replacing the Base Station. As the Infrax Base Stations are FPGA based, one can change and update the core networking protocols and the channel sizes in the field making these the most flexible 4G base stations available. These modular 4G base stations can even provide the ability to change to a different frequency by changing radio modules to provide more longevity of the platform and protect network operator's investments.
Infrax's wireless communications products are a core component of Automated Metering and Substation Automation projects for Utilities. By enabling advanced, reliable communications in a variety of frequency ranges, the products have a broad application range. These WiMAX / LTE base stations can be used in different frequency ranges, such as 2.3-2.6 GHz, 3.3-3.8 GHz or 700 MHz and can also be modified to operate in the "White Space" UHF frequency range 470-860 MHz.
Gone are the days where network operators had to compromise when selecting their technology. In the battle between WiMAX and LTE, Infrax is uniquely positioned to provide not only either solution, but to allow clients to upgrade their existing WiMAX base stations to full LTE capability simply and cost effectively. As the wireless industry continues to pit WiMAX against LTE in an epic battle for 4G supremacy, with Infrax the 4G future is not an either/or proposition.
As utilities and wireless service providers roll out applications requiring greater throughput and increased reliability, this modular and scalable product line provides high performance, efficient, broadband wireless networks with the lowest OPEX and CAPEX in the industry.
FEATURED COMPANY
AQUAMER MEDICAL CORPORATION (OTCBB: AQUM)
(Company will soon be changing its name to Aquamer Urban Agricultural Corporation)
Detailed Quote: http://www.otcpicks.com/quotes/AQUM.php
Company Profile: http://www.otcpicks.com/Aquamer-Urban-Agricultural.htm
To conduct its urban indoor farming business, Urban Agricultural will be utilizing TerraSphere's proprietary system of vertically stacked growing trays that precisely controls light, temperature, water and nutrition to grow fruits and vegetables indoors. These systems are automated, software driven and sensitive to environmental concerns.
Aquamer believes that the market for urban indoor farming is significant. It is estimated that by the year 2050 the world's population will increase by an additional three billion people to well over nine billion inhabitants, with as much as 70 percent of the world's population living in cities or urban areas by 2050, up from 49 percent today. Considering that only about 10 percent of the earth's land is arable, and that more than 80 percent of this agriculturally suitable land is already being exploited, it is projected that there will not be enough horizontal growing space to feed this substantially increasing population. For decades, humans have increasingly sought the economic and physical protection offered by urban centers, but our food production has primarily remained outside these locations where it is subject to the whims of the environment. Urban indoor farming offers the promise of feeding an increasingly hungry world in a highly productive and environmentally friendly manner.
Urban Ag's goal is to promote the sustainable consumption of natural resources through clean technologies, to demonstrate environmentally and socially responsible business practices and to provide good jobs to empower a diverse community-based workforce while at the same time creating shareholder value. Urban Ag's farming activities will offer consumers a healthy, local, sustainable, eco-friendly alternative to large-scale industrial farming, which is highly dependent upon the use of agricultural fertilizers, herbicides and pesticides that may be harmful to consumers and both the agricultural products themselves and also the environment in which they are grown. TerraSphere has provided data showing that its patented vertical farming technology reduces water consumption through a highly efficient closed loop design that requires up to 75 percent less water than conventional field agriculture watering practices. Using these techniques, Urban Ag expects to be able to produce over 50 pounds of product per square foot per year, utilizing a short growing cycle of approximately 42 days versus 50 days for average greenhouse production and as compared to up to 70 days for traditional farming methodologies.
Vertical farming offers a solution for increasing fruit, produce and herb production due to the high density production providing for a much reduced physical footprint and fewer resources relative to field agriculture. Vertical farming systems have the potential for increasing urban food supplies while decreasing the ecological impact of farming including a smaller carbon footprint due to the reduction in fuel required transporting product across the country. Urban Ag's system of pesticide and herbicide free production with closed loop systems that conserves water provides significant potential for the realization of environmentally sustainable urban food production.
AQUM News:
August 17 - Aquamer Medical Corp. Announces Press and Investor Conference, NASDAQ MarketSite, Times Square
Media and Analysts Invited to Attend: CEO to Present Acquisition of Urban Agricultural, Corporate Directions and Exciting Future of Urban Farming Technology
Aquamer Medical Corp. (OTCBB: AQUM) ("Aquamer") announced a Media and Investor Conference. This conference follows on Aquamer Medical Corp.'s recent announcement of their acquisition of Urban Agricultural Corp. ("Urban Ag"), a privately owned company.
When: August 19, 2010, 1:00 PM EDT
Where: NASDAQ MarketSite, 4 Times Square, New York, NY
RSVP required for building security: E-mail
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
or call (917) 680-6011.
Aquamer intends to refocus its corporate energies and to rapidly expand Urban Ag's business of urban indoor farming, the environmentally friendly and sustainable urban production of healthy agricultural products under highly controlled, indoor conditions using advanced techniques and processes.
Senior executives will be available for interviews before and after the video conference. Please contact Bradley Smith, above, to schedule.
FEATURED COMPANY
STRATEGIC MINING CORPORATION (OTC: SMNG)
Detailed Quote: http://www.otcpicks.com/quotes/SMNG.php
Company Profile: http://www.otcpicks.com/Strategic-Mining.htm
Strategic Mining Corporation is engaged in the exploration and development of gold properties in Vietnam, the US (Nevada/Utah) and Africa. The company intends to expand by acquiring mineral rights to other key properties and by initiating strategic joint ventures.
SMNG News:
August 17 - Strategic Mining Completes Geological Report for Its Nevada/Utah Gold Property
Strategic Mining (OTC: SMNG) announced that it has recently completed a geological report for its East Canyon gold property located in both Nevada and Utah. Due to the presence of both gold and silver, further geological mapping, geochemical and geophysical surveys are required to develop new or refined exploration targets for both gold and silver.
Hassan Alief, the company's geological consultant, reviewed geochemical and field reports from historic and recent exploration to evaluate the property and write a report. Pending further investigation, Strategic Mining has plans for the further acquisition of adjacent properties.
President, Todd Sterck commented: "We are fortunate to have our gold property located in pro-mining states. Our goal is to establish ourselves in this region that has a long and proven track record for successful gold production."
The company has entered into negotiations with interested parties for the initial financing of $5 million required to develop at least one of its properties and begin gold production. These negotiations are in the early stages and SMC will update its shareholders on the progress as it develops.
Strategic Mining Corporation is engaged in the exploration and development of gold properties in Vietnam, the U.S. (Nevada/Utah) and Africa. The company intends to expand by acquiring mineral rights to more key properties and initiating strategic joint ventures.
STOCKS TO WATCH
INGEN TECHNOLOGIES INCORPORATED (OTC: IGNT)
"Up 100.00% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/IGNT.php
Ingen is an ISO Certified medical device manufacturer with an emerging new medical product line for the respiratory market worth an estimated $4 Billion in the US, and $8 billion globally. The company introduced Oxyview into the respiratory market in late 2007 after securing US and Foreign Patents and a successful registration with the Food & Drug Administration. The company is establishing domestic and global distribution with manufacture representative organizations, and OEM partners. In 2009 the SMART Nasal Cannula using Oxyview Technology was introduced as the world's first oxygen cannula with an in-line pneumatic oxygen flow meter. In 2010, the company introduced its new INGEN Pulse Oximeter. The Oxyview product line is available to the home care markets, commercial medical markets, aviation, automotive, and government sources. The company is licensed with the Department of Health and Human Services, and manufactures its products in the State of California. With approximately 32 million US patients with Chronic Obstructive Pulmonary Disease (COPD), and 600 million patients worldwide, Ingen Technologies is now the largest manufacturer of in-line gravity-independent oxygen flow meters.
IGNT News:
August 23 - Ingen Technologies, Inc. Products Fill Key Void for Medical Distributor
Ingen Technologies, Inc.'s Smart Nasal Cannula With Oxyview and Fingertip Pulse Oxymeter Solutions Fill a Void for Mountainside Medical Equipment Customers
Ingen Technologies, Inc. (OTC: IGNT), an emerging medical device manufacturer developing innovative proprietary solutions for the $8 billion respiratory market, today announced that its products have filled a key void for Mountainside Medical Equipment (www.mountainside-medical.com), a veteran-owned worldwide distributor of medical supplies based in Upstate New York.
"For decades, our customers have requested a product allowing for simpler, more accurate monitoring of oxygen as provided by their concentrator or tank," said Marty Zarnock, Jr., Vice President of Mountainside Medical Equipment. "The Smart Nasal Cannula with Oxyview is now available to meet those demands, as nursing homes, hospital residents and at-home patients can now confidently receive oxygen safety and accurately as prescribed by their medical provider with these two products."
"The Ingen Fingertip Pulse Oximeter has also proven to be an asset in respiratory monitoring at Mountainside. With its large and bright LCD display, and colorful compact design, our customers' satisfaction and sales have improved tremendously. This product addition allows us to offer our customers a high-quality, state-of-the-art oximetry product at competitive pricing. The Mountainside team looks forward to further promotion of these products and the introduction of new products with similar success," he added.
Ingen's Smart Nasal Cannula uses the Oxyview Technology that is patented and proprietary. It monitors the actual flow of oxygen nearest the patient. The product has proven to reduce service calls while at the same time provides safety and assurance directly to the patient. The company projects to increase its sales over the next 12 months while targeting export sales to China, Canada, Australia and Europe.
With approximately 23 million patients in the U.S., and an estimated 600 million patients worldwide, who suffer from chronic obstructive pulmonary disease (COPD), Ingen stands to capture $200 million in revenues over the next five years. Since an average COPD patient uses two to three nasal cannulas each month to prevent bacteria build-up within the device, there is a growing and recurring demand for the product that benefits Ingen's top and bottom line results.
"After reporting a successful quarter earlier this month, we have been focused on rapidly expanding our sales efforts and attracting high quality distributors like Mountainside Medical Equipment," said Ingen CEO Scott Sand. "We are pleased to be working with one of the top medical supply companies on Google throughout the United States and Canada and we look forward to similar agreements going forward."
ABOUT MOUNTAINSIDE MEDICAL EQUIPMENT
In the past three decades our values have stayed the same, great pricing, quick deliveries, and excellent customer service. Mountainside Medical has positioned itself in the medical supplies industry to service both the hospital and home care patients with products reflecting both innovation and exceptional price. Your continued support of our products has allowed us to grow and offer you the best pricing in the healthcare industry today. Whether you are a longtime friend or a new one, we will always welcome you and look forward to providing you the very best cost effective products and service possible. We are a family-owned small business, located in Upstate New York at the base of the Adirondack Mountains.
EVERGREEN ENERGY INCORPORATED (NYSE: EEE)
"Up 12.12% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/EEE.php
Evergreen Energy Inc. has developed two proven, proprietary, patented, and transformative green technologies: the GreenCert™ suite of software and services and K-Fuel®. GreenCert, which is owned exclusively by Evergreen, is a science-based, scalable family of environmental intelligence solutions that quantify process efficiency and greenhouse gas emissions from energy, industrial and agricultural sources and may be used to create verifiable emission reduction credits. K-Fuel technology significantly improves the performance of low-rank coals, yielding higher efficiency and lowering emissions.
EEE News:
August 24 - Evergreen Energy Signs Definitive Agreement to Sell its Landrica Development Company Assets Including the Fort Union Plant
Sale to provide approximately $8.3 million
Evergreen Energy Inc. (NYSE: EEE) announced that it has signed a definitive agreement with Synthetic Fuels LLC for the sale of the assets of its Landrica Development Company, including the Fort Union plant and associated property located near Gillette, WY.
The sale will provide approximately $8.3 million of available cash to the Company, comprised of: (i) cash payments of $2.0 million, payable $500,000 at closing, an additional $500,000 on the first anniversary of closing and $1.0 million on the second anniversary of closing; and (ii) the release of approximately $6.3 million of reclamation bonds upon the replacement of such bonds by Synthetic Fuels. The obligation to replace the reclamation bonds is evidenced by a secured promissory note in the amount of $6.3 million payable 12 months following the closing. The sale is anticipated to close in the fourth quarter of 2010 and is subject to customary closing conditions. Proceeds of the sale will be used for general working capital purposes.
“The sale of Landrica and the Fort Union plant represents the achievement of another significant milestone as Evergreen completes the goal to shed non-core assets and evolve into a pure clean technology company,” stated Thomas H. Stoner, CEO and director of Evergreen. “This transaction and the recent sale of Buckeye will allow our team to further focus on building revenue and net income via our two clean technologies – GreenCert™ and K-Fuel® – thereby delivering value to our shareholders.”
Evergreen Energy’s Fort Union facility is a 1,200 acre non-producing coal mine located northwest of Gillette, WY. Site activities at Fort Union have been limited primarily to laboratory testing and site maintenance activities required for safety and environmental management purposes since 2008. In conjunction with the sale, a separate agreement will be negotiated with the Buyer, which will allow Evergreen to continue to perform feedstock validation testing in its existing laboratory at the site.
ABOUT SYNTHETIC FUELS LLC
Synthetic Fuels LLC is a Colorado company formed by energy executive James Nairne of Dallas. Synthetic Fuels has rights to proprietary coal gasification/liquefaction technology, with plans to utilize this technology in the construction and operation of a commercial coal-to-liquids facility on the Ft. Union site.
Nairne and his team of professionals have over fifty years of experience in energy project development, including conventional electrical generation from hydrocarbons as well as from renewable sources. "America is not short of energy sources." Nairne said. "What we lack are liquid transportation fuels from domestic resources. Using our vast coal reserves as feedstock for diesel and jet fuels, our mission is to give our contribution to American energy security."
IDLE MEDIA INCORPORATED (OTCBB: IDLM)
"Up 18.37% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/IDLM.php
Idle Media, Inc. is a publicly traded new media technology company that delivers cutting-edge content and online gaming through its wholly-owned operating companies, including Dat Piff (www.datpiff.com), a leading provider of online mix tapes and user-generated content.
IDLM News:
August 17 - Idle Media, Inc. Acquires HipHopEarly.com
Synergistic Acquisition Adds Value to Company's DatPiff.com Mix Tape Portal and Expands On-line Music Strategy
Idle Media, Inc. (OTCBB: IDLM) announced that it has acquired www.HipHopEarly.com, an online music destination for the latest in Hip Hop single pre-releases. This acquisition follows the company's recent agreement to acquire the assets of three more online properties: www.prisonblock.com, www.chixr.us, and www.tweetvibe.com.
"Adding HipHopEarly.com to our portfolio allows us to touch the music the fans of Dat Piff love in a much different way," stated Mr. Marcus Frasier, Idle Media, Inc.'s President and CEO. "This acquisition is just another step in our strategy to continually expand our on-line presence in both the social gaming and hip hop niches. We've taken an established site with respectable user traffic, breathed new life into it and immediately integrated it into our business without incurring any additional expense. The revenue from these types of acquisitions basically flows straight through to the bottom line."
CANNON EXPLORATION INCORPORATED (OTC: CNEX)
"Up 16.67% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/CNEX.php
Cannon Exploration is positioning itself to emerge as a pre-eminent resource exploration company in the North American mining industry, and particularly properties located in preferred mining districts in Canada.
CNEX News:
August 11 - Cannon Provides Information From Geology/Assessment Report
Cannon Exploration Inc. (OTC:CNEX) has provided select excerpts from the recently completed geological study, assessment and recon mapping of the companies Queen Alexandra gold mine.
"The area mapped is underlain by a sequence of mafic, intermediate and felsic volcanic rocks with local small intrusions of granite and k-feldspar porphyry. One small outcrop of argillaceous metasedimentary rocks is present. The predominant trend of the foliation in the rocks in the area is northeast. One north-northwest trending shear zone is interpreted to transect the proposed grid along the proposed L 200E. This structure may represent zones of enhanced dilation and deformation.
A small blast pit measuring 2m by 2m was located which roughly correlates with the GPS location of a 'shaft' provided with the chargeability survey provided by MMES, and its position on the map, with respect to geographic features such as local lakeshores and hills, is similar. The lithology is characterized as chloritized diabase, not foliated, with 1-2% pyrite content occurring as small sub-centimeter scale clusters of euhedral grains. This outcrop is suspected to be the showing, and is located approximately 150m west of the interpreted shear zone. If any gold values of significance are reported from the samples, this zone will represent another exploration target.
In a zone from approximately 100m west and up to 100m east of the above-mentioned blast-pit-showing are a series of similar outcrops of basalt and diabase with similar levels of pyrite mineralization.
This area with its hosting lithology is more proximal to the interpreted shear zone and may provide better results with more work and sampling. Further exploration and mapping is recommended."
Cannon will continue with the exploration of the Queen Alexandra. Additional line cutting followed by an IP survey and a larger sampling program in and around the prospective gold showings is planned for sometime in late August.
Cannon will be posting further information from the Geology report to their website.
KAT EXPLORATION INCORPORATED (OTC: KATX)
"Up 9.09% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/KATX.php
Kat Exploration Inc. holds a very promising portfolio of Gold, Copper, Silver and IOCG properties in the province of Newfoundland. In 2009 Kat Exploration as laid out a series of programs to include prospecting, ground geophysical surveys and diamond drilling designed to follow-up conductive anomalies identified by airborne geophysical surveys on its 100% owned "Rusty Ridge"(IOCG) property. A recently completed interpretation of an airborne survey and past 3D inversion modeling of the magnetic data, show a discreet, strong magnetic anomaly underlying the "Rusty Ridge" area. Coincidental with this are moderate to strong IP chargeability anomalies that suggest a high probability of significant concentrations of sulphides.
KATX News:
August 23 - KAT Exploration, Inc. Updates on 1 to 4 OTCBB Shares Distribution of BVIG
KAT Exploration, Inc. (OTC: KATX) ("KATX") provides the foregoing update of its ongoing progress to complete the distribution of 1 share in Bella Viaggio Inc. (OTCBB: BVIG) ("BVIG") for every 4 shares of KATX held on July 16, 2010.
KATX and BVIG have a responsibility to ensure that all FINRA and SEC regulations are followed to complete the aforesaid distribution. Strict compliance with the regulations is essential to ensure that the said companies are not subject to FINRA and SEC sanctions and to ensure shareholders of KATX and BVIG will have no restrictions on their shares.
KATX and BVIG have been working to complete the regulatory requirements to have the said BVIG stock free trading upon issue. Originally there was to be a 6 month hold period for those receiving the BVIG shares. However, the said companies have decided it is in the best interest of the shareholders to file the additional required documentation to make the said shares free trading and eliminate the hold period.
Shareholders will be notified when the distribution filing is completed and approved by all regulatory institutions.
BSD MEDICAL CORPORATION (NASDAQ: BSDM)
"Up 21.84% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/BSDM.php
BSD Medical Corporation develops, manufactures, markets and services systems to treat cancer and benign diseases using heat therapy delivered using focused radiofrequency (RF) and microwave energy. BSD’s product lines include both hyperthermia and ablation treatment systems. BSD’s hyperthermia cancer treatment systems, which have been in use for several years in the United States, Europe and Asia, are used to treat certain tumors with heat (hyperthermia) while increasing the effectiveness of other therapies such as radiation therapy. BSD’s microwave ablation system has been developed as a stand-alone therapy to ablate and destroy soft tissue. The Company has developed extensive intellectual property, multiple products in the market and well established distribution in the United States, Europe and Asia. Certain of the Company’s products have received regulatory approvals in the United States, Europe and China.
BSDM News:
August 19 - BSD Medical Announces Registered Direct Offering of Common Stock and Warrants in Aggregate Amount of $2.75 Million
BSD Medical Corporation (Nasdaq: BSDM) announced that it entered into a securities purchase agreement with two existing institutional investors for the sale of 1,225,000 shares of its common stock in a registered direct offering at $2.25 per share. In addition, warrants to purchase 918,750 shares of common stock in the aggregate will be issued to the investors. The warrants are exercisable beginning six months and one day after closing, expire 5 years after becoming exercisable and have an exercise price of $3.27 per share. Gross proceeds of the offering, before deducting placement agent fees and other estimated offering expenses payable by BSD Medical Corporation, are expected to be approximately $2.75 million. These securities are being offered through a prospectus supplement pursuant to the Company’s effective shelf registration statement and base prospectus contained therein.
The net proceeds from this offering will be used for continuing product development, sales and marketing, and general corporate purposes. In the securities purchase agreement we have entered into with the purchasers in this offering, we have agreed not to use the proceeds of this offering to satisfy any existing debt (other than ordinary course trade payables), to redeem any of our outstanding securities or to settle any outstanding litigation.
The completion of the offering will occur on or before August 24, 2010. Roth Capital Partners served as the placement agent for the offering.
Copies of the final prospectus supplement and accompanying base prospectus can be obtained from Roth Capital Partners at 24 Corporate Plaza Dr., Newport Beach, CA 92660, attention: Equity Capital Markets or 800-678-9147.
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