Daily Market Movers 09-10-07

FEATURED COMPANY

SPONGETECH DELIVERY SYSTEMS (OTCBB: SPNG)
“Up 10% in morning trading”

Company Profile: http://www.otcpicks.com/profiles/spng/index.php

SpongeTech Delivery 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.

SPNG News:

September 10 - SpongeTech Delivery Systems Gets Another $5,000,000 (USD) Sale for Asian Market Showing Its' Continuous Worldwide Expansion!

SpongeTech Delivery Systems, Inc. (OTCBB: SPNG) the Company announced today that it has just received a new order from a South Korean Distributor for 500,000 units of its SpongeTech Car Care Delivery System product. The total order value on this new distribution order is over $5,000,000 (USD) and is scheduled for delivery from March 2008 through July 2008 to the company's new Asian distributor in Seoul, South Korea.

This order, when added to the previous sales order backlog stated in the company's 10KSB last week, brings the company's current sales backlog up to approximately $10,552,180.

SpongeTech Delivery Systems' CFO, Steven Moskowitz commented, "We are happy to be able to announce this new order for SpongeTech Car Care Delivery Systems products with our new Asian distribution partner in Seoul, South Korea. This new order effectively doubles our sales order backlog and demonstrates the rapid growth we are currently experiencing. Additionally, it further validates our efforts to open new sales, marketing and distribution channels on a global basis." Mr. Moskowitz further states, "As we have moved from a development stage company, into a full production stage company, it has been rewarding to us to see that our vision and efforts are starting to pay off for us and our investors. To see the company grow from basically a very small sales base, to a sales backlog of approximately $10.5M over the course of several months, is exciting. We are just at the very beginning stages of what we can achieve. We have dozens of other countries and regions to open up new distribution channels in, and we are just at the beginning stages of signing new sales and distribution agreements with domestic distributors and retailers as well. Additionally, we just launched a new product line in a new vertical market segment for us, Children's Bath Products, which should also open up new sales and distribution channels for the company. Stay tuned! Good things are happening at SpongeTech!"

FEATURED COMPANY

PHONEBRASIL INTERNATIONAL INC (OTC: PHBR)

Company Profile: http://www.otcpicks.com/profiles/phbr/index.php

PhoneBrasil is an American based company specializing in Hybrid VoIP, cellular and Broadband & WIFI Technology in the Latin American market as well as servicing the International Telecommunications Markets. PhoneBrasil supplies four niche markets: wholesale and retail markets; calling cards that utilize their traffic and minutes via PHBR T-1 servers and VoIP boxes. The company offers prepaid VoIP calls & equipment and remains focused on dominating technological aspects like software, billing, supply and cost savings for the new VoIP industry.

PHBR News:

September 6 - PhoneBrasil Announces Pending Telecommunications Agreement with Latin American Government

PhoneBrasil International, Inc. (OTC: PHBR) Anderson Dias, CEO of PHBR in his letter to shareholders stated:

Dear Fellow Shareholder:

As the CEO of PhoneBrasil International, Inc. it is with a great deal of pride, enthusiasm, and excitement that I report to you, for the first time, and I promise not the last time, of the happenings in your company. I plan to announce the details of an agreement with a Latin American Government Party on or before September 11th, 2007. PHBR is also planning its move to a higher exchange, preferably OTCBB or AMEX.

Back on June 20th 2007 I announced, “PhoneBrasil Receives Certification from Brazilian Government and Transfers/Registers New Licenses in Record Time.” Management believed that it was of utmost importance to utilize maximum effort in order to insure that PHBR attained its stated goals. Through that effort we were able to obtain, in record time, the issuance of licenses, certifications, and corporate documents from the Brazilian Government in order to have them registered in the public company, “PhoneBrasil International, Inc.” Accordingly, many small & midsized communication companies in Latin America desirous of doing business in Brazil have chosen, on a fee basis, to do business under PhoneBrasil’s licenses.

The fact that Carlos Slim, whose telephone monopoly in Mexico helped make him the world's richest man, is looking to the fast-growing Brazilian market to add to his wealth, (http://www.iht.com/articles/2007/08/23/bloomberg/bxslim.php) reinforces PhoneBrasil's belief that it is in the right place at the right time to take advantage of the rapid growth in the Latin Telecommunications Market.

The Company has the ability to provide its customers with up to 900 million minutes of telecommunication per month through its Miami based offices. At maximum capacity, this would equate to $160,000,000.00 worth of billing for the minutes & traffic per month. Moreover, for the twelve month period ending at the end of the third quarter 2008, the Company projects revenues from its wholesale/retail activities will reach $140,000,000. PhoneBrasil̢۪s core business alone, together with existing contracts, on an annualized basis, is expected to produce an EBITA of $1.70 per share.

Lastly, the signed agreement with CityNet Wireless, to partner the building of a $1.2 Billion communication platform in Brazil is the final step in the Company̢۪s quest to become a major force in the South American Telecommunications market.

PhoneBrasil International is in the culmination of years of effort expended by your management team in developing the associations necessary to permit PhoneBrasil to experience its rapid growth rate. Your management teams looks forward with unbridled enthusiasm to the future for PhoneBrasil and is confident that the high benchmarks set by management will not only be met but surpassed.

In closing, you can be sure that the established company policy to keep Shareholders fully apprised will, without fear of contradiction, be fully and unequivocally adhered to.

FEATURED COMPANY

SIGNATURE DEVICES INC. (OTC: SDVI)

Company Profile: http://www.otcpicks.com/profiles/sdvi/index.php

Signature Devices, Inc. (OTC: SDVI) publishes, creates, develops and manufactures advanced information technologies, including computer systems, software, and electronic products.

The company also publishes software including video games, and commercial products. One of the companies technologies includes a blend of hardware and software for Image generation technology. Signature Devices, has developed software for the world's leading game publishers, including Electronic Arts (NASDAQ: ERTS), Crytek, Expresso Fitness, and SNK Playmore. The company has also developed embedded systems and electronics for companies such as Pacific Consultants (now PEMSTAR) for the product Land Warrior.

Based in Silicon Valley, Signature Devices has created technology for advanced 3D systems for use in gaming systems, simulations and digital CG films. One of Signature Devices, Inc. core businesses is to publish and distribute video games.  The company brings high caliber independently developed games to a variety of gaming platforms, including PC, Playstation 2, Xbox, and Game Boy Advance/Nintendo DS. Signature Devices, Inc. seeks titles from small and mid-size developers and will provide complete publishing to get them to market,  including sales, distribution, marketing and public relations.

SDVI News:

September 6 - WallSt.net (http://www.wallst.net) Updates the Investment Community Through All-New Interviews with SDVI, FFEX and NSTC

On August 6, Kenneth Hurley, CEO of Signature Devices, Inc. (OTC: SDVI) (http://www.signaturedevices.com) updated the investment community in an all-new interview with www.wallst.net. Interview highlights include detailed discussions on the following topics:

-- target markets for the company's 3-d technology

-- recent press releases

-- the company's relationship with Global VR

-- royalty revenue streams, and how they impact the company's bottom line

-- steps the company has taken to expand its core business

-- growth strategy for Graffiti Entertainment LLC

-- reasons the company is able to 'acquire unique titles'

-- upcoming milestones for investors to watch for

To hear the interview in its entirety, and to read an in-depth report on the company, visit http://www.wallst.net/superstocks/superstocks_profile.asp?ticker=sdvi

About Signature Devices, Inc. and Graffiti Entertainment, LLC:

Based in Redwood City, Calif., Signature Devices, Inc. (www.signaturedevices.com) (OTC: SDVI) creates, develops and manufactures advanced information technology, including computer systems, software and electronics products. One of the company's premiere technologies includes a blend of hardware and software for Image generation technology used in video games and simulations. Graffiti Entertainment, LLC (www.GraffitiEntertainment.com) is a full-service developer and publisher of interactive entertainment software for advanced entertainment consoles. Its focus is on creating, developing, and publishing trend setting titles with mass-market appeal.

FEATURED COMPANY

CYCLONE POWER TECHNOLOGIES (OTC: CYPW)
“Up 20% in morning trading”

Company Profile: http://www.otcpicks.com/profiles/cypw/index.php

Cyclone Power Technologies (OTC: CYPW) holds the U.S. patent, international patent applications, and exclusive commercial rights to the Green Revolution Engine(tm), an environmentally-friendly and highly-efficient external combustion, heat-regenerative engine. Developed Cyclone's President and CEO, Harry Schoell, the Green Revolution Engine(tm) regenerates (or recycles) its heat, which allows it to run cleaner, cooler and more efficiently than traditional internal combustion engines. It is capable of running on any liquid or gaseous fuel, including ethanol and propane, and is lubricated with de-ionized water instead of motor oil. By eliminating many subsystems like oil pumps, radiators, catalytic converters and fuel injectors, Cyclone's Green Revolution Engine(tm) is expected to cost less to manufacture, operate and maintain; however, it is highly scalable and sufficiently powerful for applications ranging from lawn equipment and small home generators, large stand alone generators, to cars, trucks, buses, RV's, boats and ships, as well as earth moving equipment and locomotives.

CYPW News:

September 4 - Cyclone Power Technologies Signs Agreement to Expedite Development of Its Green Engine Technology

Cyclone Power Technologies, Inc. (OTC:CYPW) announced recently that it has entered into a Technology Development Agreement with TETRAD Energy Corporation, Inc.

Under the terms of the agreement, TETRAD shall provide assistance to Cyclone in the late-staged development of its Green Revolution Engine(tm), including securing the support of scientific experts, key governmental agencies, independent testing and data-verification facilities, and private equity financiers. For its services, TETRAD has been granted a license option, which if exercised, will allow it to manufacture home and commercial generators up to 15kw in size using Cyclone's external combustion, heat-regenerative engine technology.

"We are excited to be working with TETRAD in the late-stage development of our technology," stated Harry Schoell, Cyclone's CEO and inventor of the technology. "I believe that TETRAD's expertise will provide great value to our progress."

TETRAD's President and CEO, Carmella Angus, has over 25 years experience in all phases of product development and has been a key strategist in the late-phase development and market launch of several successful products including one pharmaceutical product with global revenues exceeding $12 billion. TETRAD's CTO, Martin Dudziak PhD, has worked for over 20 years in both basic and applied R&D within physics and engineering fields, including the design and delivery of alternative and conventional energy-based systems for military, medical, security and emergency applications.

"In my assessment," stated Dr. Dudziak, "the Cyclone technology is one of the most practical solutions for energy sustainability and renewability for a society so intensively based upon powered vehicles for transportation and travel. It is very practical for the world of 2008 and beyond and is adaptable to the emergence of new fuel types."

FEATURED COMPANY

ZIPPI NETWORKS INC. (OTC: ZPNW)

Company Profile: http://www.otcpicks.com/profiles/zpnw/index.php

Zippi Networks, Inc., arms a new generation of online sellers with the advanced tools and strategies to free themselves from shrinking profits, unnecessary competition, a dwindling number of unique items to merchandise, and inventory overhead. The industry's first one-call 1-877-GO-ZIPPI pickup-and-sell service, advanced technology and a revolutionary business model (patents pending) allow Zippi to simplify the process so much that anyone can sell online and earn the cash they deserve. At the same time, professional tools - such as the industry's first enterprise-level palmtop device for completely integrated anywhere/anytime online selling - along with a supportive network and infrastructure, simplify the "leap" to becoming a successful online sales entrepreneur.

ZPNW News:

August 28 - Zippi(TM) Networks Sees 600 Percent Rise in Website Traffic Ranking

Zippi™ Networks, Inc. (OTC: ZPNW), the innovative force empowering a new generation of online sellers, recently announced a 600 percent increase in the number of Internet users around the world who visited http://www.zippi.com over the last three months. Zippi Networks' public launch occurred in June, which included introduction of the company’s eye-catching and useful new website.

According to global Internet traffic monitor Alexa.com, the influx of visitors to the Zippi website has boosted it to a ranking of 628,061 in the world. Alexa also rated site performance as “Very Fast” with 86 percent of worldwide web sites ranked as slower.

“It's crucial, with Zippi's transition from development to revenue mode, that word-of-mouth, advertising, public relations, marketing drive consumers and potential online entrepreneurs to our very compelling and useful website,” said Zippi Networks President Dean Rositano, “Such a significant ramping of traffic is a very encouraging sign visitors are taking interest in the opportunity to build a home based business of their own, using Zippi's unprecedented 1-877-GO-ZIPPI one-call pickup service, and the benefits and advanced tools that are part of becoming a commission-based Zippi Affiliate.”

STOCKS TO WATCH

GRANT LIFE SCIENCES (OTCBB: GLIF)
“Up 80% in morning trading”

Detailed Quote: http://www.otcpicks.com/quotes/GLIF.php

Grant Life Sciences Inc., a development stage company, engages in the research, development, marketing, and sale of diagnostic kits for the screening, monitoring, and diagnosis of diseases with emphasis on women's health, infectious diseases, and cancers.

GLIF News:

September 10 - Grant Life Sciences Announces That U.S. Patent Will Be Issued for Blood Test That Detects Cervical Cancer

Grant Life Sciences (OTC Bulletin Board:GLIF) announced today it has received notice from the U.S. Patent and Trademark Office that Patent No. 7,267,961--'PEPTIDES FROM THE E7 PROTEIN OF HUMAN PAPILLOMA VIRUSES 16 AND 18 FOR DETECTING AND/OR DIAGNOSING CERVICAL AND OTHER HUMAN PAPILLOMA VIRUS ASSOCIATED CANCERS'--will issue tomorrow, Tuesday, Sept. 11, 2007.

"Of course we are extremely pleased by the issuance of this patent, which is an important part of a comprehensive IP portfolio focusing on HPV detection and diagnostic technologies, including domestic patents, international patents and patent applications, that Grant Life Sciences is overseeing," said Hun-Chi Lin, Ph.D., Grant's President and Chief Scientist.

"No doubt, this is a very significant development for Grant Life Sciences," added Dr. Lin. "This patent would protect our investment to date in the development of our serum-based test for cervical cancer and allows us to move forward confidently in seeking an appropriate development-and-commercialization partner."

In a further development, Pop3 is engaged in ongoing negotiations to acquire rights to certain technologies, currently under development, and hopes to be able to issue guidance regarding this development in the very near future.

RADIAL ENERGY (OTCBB: RENG)
"Up 44.44% in morning trading"

Detailed Quote: http://www.otcpicks.com/quotes/RENG.php

Radial Energy identifies, acquires, and develops low risk oil and natural gas exploration and development opportunities throughout the Americas. The Company's innovative strategy involves targeting overlooked or under-developed reserves that are under the radar of multinational oil companies and out of the reach of small independents.

RENG News:

September 10 - Radial Energy Announces Letter of Intent to Participate in Ecuadorian Gold Mining Projects

Radial Energy Inc. (OTC BB:RENG) is pleased to announce that the Company has signed a Letter Of Intent ("LOI") with Minera Del Pacifico S.A. ("Pacifico") to acquire mining assets located in the productive gold mining province of El Oro, located in the southern region of Ecuador. The LOI plans for the acquisition of a 45% ownership interest in the EMPEC floatation mill and the rights to develop two existing gold mines. The EMPEC floatation mill also includes the rights to 19 exploration concessions and is one of the largest floatation mills in Ecuador, with the ability to produce approximately 250 tons of hard rock per day.

The signing of the LOI reflects the Company's intent to leverage its Latin American business experience and expertise to include mining operations in tandem with its ongoing commitment to oil and gas exploration, in particular to the development of the Huaya Block in Peru. The Company is currently performing due diligence on the mining assets and expects to sign a Definitive Agreement with Pacifico by November 30, 2007. Further information on the development of the mining assets will be released in the upcoming weeks. Full details of the LOI can be found in Radial's report on Form 8K to be filled with the Securities and Exchange Commission ("SEC").

CHINA SUN GROUP (OTCBB: CSGH)
"Up 57.14% in morning trading"

Detailed Quote: http://www.otcpicks.com/quotes/CSGH.php

China Sun Group High-Tech Co., formerly known as Capital Resource Funding, produces anode materials used in lithium ion batteries. Through its majority- owned operating subsidiary, Da Lian Xin Yang High-Tech Development Co. Ltd ("DLX"), the Company primarily produces cobaltosic oxide and lithium cobalt oxide. According to the China Battery Industry Association, DLX has the second largest non-governmental manufacturer of high-tech cobalt series products in Asia. Through its R&D group, DLX owns a proprietary series of nanometer technologies that supply state-of-the-art components for advanced lithium ion batteries. Leveraging its technological leadership in China, high-quality product line and scalable production capacity, DLX plans to create a fully integrated supply chain from the primary manufacturing of cobalt ore to finished products, including lithium ion batteries. For more information, visit http://www.china-sun.cn/English/Aboutus.asp.

CSGH News:

September 6 - China Sun Group Reports Strong Revenues of $8.3 Million and Achieves Profitability in Fiscal 2007

China Sun Group High-Tech Co., (OTC Bulletin Board:CSGH; "China Sun"), formerly known as Capital Resource Funding Corp., announced today its audited financial results for the fiscal year ended May 31, 2007. All results presented herein are represented in U.S. Dollars. Full details are available on Form 10-KSB filed at http://www.sec.gov.

"I enthusiastically report that in our first year of operations we achieved impressive revenue growth and profitability," said Bin Wang, CEO of China Sun Group. "In April 2006, our subsidiary DLX commenced production and quickly amassed sales of over $1.5 million. Our strong performance in fiscal 2007 indicates we can continue to drive sales momentum by servicing manufacturers with the highest quality components for lithium ion battery circuitry."

Revenues for the year ended May 31, 2007 totaled $8,275,066 compared to $277,715 for the year ended May 31, 2006, an increase of $7,997,351. The increase resulted from new sources of sales channels and market demand from business development of new customer. Cost of revenues for the year ended May 31, 2007 totaled $4,758,023 compared to $Nil for the year ended May 31, 2006. General and administrative expense for the year ended May 31, 2007 totaled $1,247,533 compared to $163,341 for the year ended May 31, 2006, an increase of $1,084,192. The increase resulted from the allowance of a doubtful account of $777,831 and the overhead for a new office setup in the United States.

Research and development expense for the year ended May 31, 2007 totaled $89,166 compared to $83,000 for the year ended May 31, 2006, an increase of $6,166. The increase resulted from the continuous development of new products and advancement of manufacturing methods.

Income from operations for the year ended May 31, 2007 totaled $1,400,185 compared to a loss from operations of $343,950 for the year ended May 31, 2006, an increase of $1,744,135. The increase resulted from growth in sales. During the years ended May 31, 2007 and 2006, net cash used for operating activities was $730,162 and $651,081, respectively. During fiscal 2007, operating funds were primarily used for working capital and increase the balance of trade accounts receivable.

ENVIRORESOLUTIONS (OTC: ENVI)
"Up 39.20% in morning trading"

Detailed Quote: http://www.otcpicks.com/quotes/ENVI.php

EcoGen designs and produces environmental control systems and equipment for the North American market. This merger allows us to proceed with the manufacture of our patented bubble scrubber which removes sulphur dioxide, nitrogen oxide, and particulate from the exhaust of diesel engines. We are presently building a website at enviroresolutions.com for more detailed information. EcoGen was incorporated in 2001 with a mission to become a global supplier of innovative pollution control systems and equipment.

ENVI News:

September 10 - EnviroResolutions, Inc. Announces Merger with EcoGen Power Corporation

EnviroResolutions, Inc. ("EnviroResolutions"), a publicly traded company on the Pink Sheets: trading symbol: ENVI.PK, is pleased to announce that it has signed a definitive Share Exchange Agreement with EcoGen Power Corporation ("EcoGen").

SECRETAIRE INDUSTRIES (OTC: SCYI)
"Up 37.25% in morning trading"

Detailed Quote: http://www.otcpicks.com/quotes/SCYI.php

SHMM News:

September 7 - Secretaire Industries Inc. Signs LOI with Free-Market News Network to Effect a Business Combination

Secretaire Industries Inc. (scyi) and Free-Market News Network, Corp. are pleased to jointly announce the commencement of formal negotiations to effect a business combination.

The proposed combination may be effected in one of several different ways, including an asset acquisition, merger of Free-Market News Network, Corp. (FMNN) and Secretaire Industries, or a share-exchange whereby Secretaire purchases the shares of FMNN from its shareholders in exchange for shares of Secretaire. Both parties will jointly determine the optimum structure for the transaction in order to best satisfy tax planning, regulatory and other considerations, including mutually agreed upon performance based milestones.

"We are excited about the potential to acquire a fast-growing and dynamic company that appears to be well positioned to benefit from the major societal shift from traditional media outlets to alternative 'net providers," commented Randy Schuler, President of Secretaire.

Mr. Schuler continued, "FMNN is a leading provider of social, political and financial news and information, albeit presented from a free market oriented point of view. We believe the positive growth of such free market thinking is likely to continue, with resultant business benefits."

OJSYS INC. (OTC: OJSY)
"Up 45.56% in morning trading"

Detailed Quote: http://www.otcpicks.com/quotes/OJSY.php

OJsys, Inc. (OJSY), established in April of 2000, develops and manufactures various broadcasting receivers/Set-top Boxes, i.e. satellite receiver, terrestrial receiver, IP set-top boxes, receiver-plus-DVD-RW combos, etc., and media center PC devices including satellite receivers and digital recording (PVR) functions. OJsys markets its products to Europe, Japan, the Middle East, Asia and the United States. More information is available at www.OJsys.net.

OJSY News:

September 10 - OJsys, Inc. Successfully Completes Product Development With Samsung Electronics

OJsys, Inc. (OTC:OJSY) announced today that its wholly owned NTN, Inc. subsidiary successfully completed its co-development with Samsung Electronics Co., Ltd., a world leader in digital technology, of operating software for Samsung's digital camera.

The newly developed software gives the digital camera a scroll menu, multi-layered picture viewing, and the ability to edit moving pictures. The digital camera operating software joins OJSY's Satellite TV set-top box as the second product co-designed by OJsys and Samsung.

Samsung, based in Korea, is one of the largest electronics companies in the world, and is a leader in digital convergence. Samsung's products include mobile phones, home entertainment devices, home appliances, computer devices and more. Their annual revenue is in the tens of billions of dollars, with 75,000 employees and a sales network covering more than 47 countries.

Henri Joubaud, CEO of OJsys, said, "We are excited that Samsung chose OJsys to help develop this software. We are being rewarded for the consistent development of our technology and attention to detail. We look forward to more development deals with Samsung and other electronics manufacturers in the future."

TARRAGON CORP (NASD: TARR)
"Up 6.56% in morning trading"

Detailed Quote: http://www.otcpicks.com/quotes/TARR.php

Tarragon Corporation is a leading developer of multifamily housing for rent and for sale. Tarragon's operations are concentrated in the Northeast, Florida, Texas and Tennessee. To learn more about Tarragon Corporation, visit: www.tarragoncorp.com.

TARR News:

September 7 - Tarragon Corporation Closes $69.25 Million Property Sale and Reaches Understanding With Largest Creditor for Reinstatement of Over $550 Million of Loans

Tarragon Corporation (NasdaqGS:TARR) recently announced that it has closed the sales of two of its Florida rental properties for $69.25 million and that it has reached agreement with its largest creditor, General Electric Capital Corporation (GECC), on the terms, which Tarragon expects to be satisfied early next week, under which GECC will reinstate all loans that it has made to Tarragon and/or its affiliates.

The proceeds from the sale of the two Florida properties have allowed Tarragon to satisfy approximately $50 million of outstanding indebtedness, bring current all debt service that had been owed to GECC and to establish certain cash and other reserves. Further, in addition to the property sales announced today, Tarragon also has accepted offers or entered into contracts to sell additional properties in Florida and Tennessee over the next 30 days. Such sales, if completed, would generate approximately $35 million in net proceeds while reducing Tarragon's outstanding debt by about $270 million.

The Florida property sales, agreement with GECC and the above-referenced property sales are part of an overall Tarragon plan designed to restore liquidity and improve its financial condition. As part of this plan, Tarragon is in discussions with other significant lenders. As described above, the plan currently contemplates additional property sales, the proceeds of which would be used to repay or bring current Tarragon's obligations under other loan agreements and to provide Tarragon with additional liquidity.

There can be no assurance, however, that the contemplated property sales will be completed on acceptable terms or in a timely manner, that Tarragon will complete its agreement with GECC or that it will be able to reach agreements with other lenders. If not, it may be necessary for Tarragon to undertake such other actions as may be appropriate in the light of its current liquidity situation.

XTL BIOPHARMACEUTICALS (NASD: XTLB)
"Up 33.33% in morning trading"

Detailed Quote: http://www.otcpicks.com/quotes/XTLB.php

XTL Biopharmaceuticals Ltd. ("XTL") is engaged in the development of therapeutics for the treatment of neuropathic pain and hepatitis C. XTL is developing Bicifadine, a serotonin and norepinephrine reuptake inhibitor, for the treatment of diabetic neuropathic pain. XTL is also developing several novel pre-clinical hepatitis C small molecule inhibitors. XTL also has an active in-licensing and acquisition program designed to identify and acquire additional drug candidates. XTL is publicly traded on the NASDAQ, London, and Tel- Aviv Stock Exchanges (NASDAQ: XTLB; LSE: XTL; TASE: XTL).

XTLB News:

September 10 - XTL Biopharmaceuticals Initiates Phase IIb Clinical Trial of Bicifadine for the Treatment of Diabetic Neuropathic Pain

XTL Biopharmaceuticals Ltd. (NASDAQ: XTLB; LSE: XTL; TASE: XTL) today announced the initiation of a Phase IIb clinical trial of Bicifadine - a serotonin and norepinephrine reuptake inhibitor (SNRI) - for the treatment of diabetic neuropathic pain.

Bicifadine is being developed for the treatment of diabetic neuropathic pain which represents a significant unmet medical need in the rapidly growing multi-billion dollar neuropathic pain market. Bicifadine is a member of the SNRI drug class, a proven class in the treatment of diabetic neuropathic pain. Bicifadine's efficacy in reducing pain has been clearly demonstrated in over 15 clinical trials in acute pain, and its favorable safety profile has been established in over 3,000 patients. Importantly, Bicifadine has a unique ratio of reuptake inhibition of serotonin versus norepinephrine, which differentiates it from other members of the SNRI drug class.

The Phase IIb trial that was launched today is aimed at demonstrating the efficacy of Bicifadine in diabetic neuropathic pain, using a study design that is similar to the successful registration trials of Cymbalta®, a member of the SNRI class that is approved for this indication, and other approved agents for neuropathic pain.

The Phase IIb study is a randomized, double-blind, placebo-controlled study comparing 200mg 3x/day (tid) and 400mg 3x/day (tid) of Bicifadine versus placebo, with a 1:1:1 randomization between the three arms, in patients with diabetic neuropathic pain. The Phase IIb study is designed to enroll approximately 330 patients. Approximately 45 clinical centers in the United States, Europe and India will participate in the study. Following randomization, all patients will enter a 2-week titration period to allow them to gradually escalate up to their target treatment dose. This will be followed by a 12-week steady-state treatment period at the target treatment dose. The primary endpoint of the study is to compare the efficacy of each of the two active doses of bicifadine (200mg tid and 400mg tid) versus placebo in reduction of pain associated with diabetic neuropathy, at baseline (at the time of randomization) versus week 14 (week 12 of the steady-state phase). Pain will be measured based on a 24-hour pain rating using the 11-point Pain Intensity Numeric Rating Scale (formerly referred to as the LIKERT scale).

The lead investigators in the study are Dr. Andrew Boulton, M.D. and Dr. Sherwyn Schwartz, M.D. Dr. Boulton is Professor of Medicine, Division of Endocrinology, Diabetes and Metabolism, at the University of Miami and the University of Manchester, UK. Professor Boulton has been active in clinical research in diabetic neuropathy over the last 25 years and has published over 250 peer reviewed articles on the subject. He was co-chair of the committee that formulated the American Diabetes Association statement on diabetic neuropathy published in Diabetes Care in 2005. Dr. Schwartz is Chief Executive Officer and Chief Medical Officer of DGD Research, Inc. which is the largest diabetes and endocrinology practice in the United States. Dr. Schwartz has over 20 years of clinical research experience in diabetes and diabetic complications, and has participated in hundreds of clinical trials in the field.