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TNCC, FSGI, COWI, FTWR, GZGT, ACFC
Our Stocks to Watch today include Tennessee Commerce Bancorp Inc. (NASDAQ: TNCC), First Security Group Inc. (NASDAQ: FSGI), CoroWare Inc. (OTCBB: COWI), FiberTower Corp. (NASDAQ: FTWR), Guangzhou Global Telecom Inc. (OTCBB: GZGT) and Atlantic Coast Financial Corp. (NASDAQ: ACFC).
STOCKS TO WATCH
TENNESSEE COMMERCE BANCORP (NASDAQ: TNCC)
"Up 171.29% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/TNCC.php
Tennessee Commerce Bancorp, Inc. is the parent company of Tennessee Commerce Bank (the "Bank"). The Bank provides a wide range of banking services and is primarily focused on business accounts. Its corporate and banking offices are located in Franklin, Tennessee. The Company's common stock is traded on the NASDAQ Global Market under the symbol "TNCC."
TNCC News:
November 29 - Tennessee Commerce Bancorp Receives Notice of Deficiency From NASDAQ
Tennessee Commerce Bancorp, Inc. (NASDAQ: TNCC) (the "Company") reported that on November 22, 2011, it received a deficiency letter ("Deficiency Letter") from The NASDAQ Stock Market LLC ("NASDAQ") indicating that the Company was not in compliance with the requirements for continued listing under NASDAQ Listing Rule 5250(c)(1), which requires that NASDAQ-listed companies file their required periodic financial reports with the U.S. Securities and Exchange Commission ("SEC") on a timely basis. The Deficiency Letter was issued in accordance with standard NASDAQ procedures as a result of the Company not yet having filed its Form 10-Q for the period ended September 30, 2011 (the "Form 10-Q") with the SEC.
The Deficiency Letter states that the Company has 60 calendar days or until January 23, 2012 to submit a plan to NASDAQ to regain compliance with the filing requirements for continued listing on the NASDAQ Global Market (the "Plan"). If the Plan is accepted, the Company can be granted an exception of up to 180 calendar days or until May 14, 2012, to regain compliance.
Pending submission of the Plan, the Company's common stock will continue to be listed for trading on the NASDAQ Global Market. The Company expects to resolve the matter as soon as possible or otherwise timely file the Plan; however, there can be no assurance that the Plan will be accepted by NASDAQ. In the event the Plan is not accepted, the Company has the right to appeal to the NASDAQ Hearings Panel. The Company currently believes that it will be able to file its Form 10-Q for the period ended September 30, 2011 prior to January 23, 2012.
FIRST SECURITY GROUP INCORPORATED (NASDAQ: FSGI)
"Up 67.44% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/FSGI.php
First Security Group, Inc. operates as the bank holding company for FSGBank that provides banking and financial products and services to various communities in eastern and middle Tennessee, and northern Georgia. The company offers various deposit services, such as checking, savings, and money market accounts, as well as certificates of deposit. It offers commercial loans, including loans to smaller business ventures, credit lines for working capital, short-term seasonal or inventory financing, and letters of credit; real estate construction and development loans to residential and commercial contractors and developers; and consumer loans to individuals for personal, family, and household purposes, including secured and unsecured installment and term loans. The company also offers commercial mortgage loans to finance the purchase of real property; commercial leasing for new and used equipment, fixtures, and furnishings to owner-managed businesses; leasing for forklifts, heavy equipment, and other machinery to owner-managed businesses primarily in the trucking and construction industries; and residential and commercial mortgage loans. In addition, it provides wealth management services, such as private client services, financial planning, trust administration, investment management, and estate planning services; mortgage banking; electronic banking services, such as Internet banking, online bill payment, cash management, ACH originations, and remote deposit capture; and other banking services comprising wire transfers, direct deposit, traveler’s checks, safe deposit boxes, and the United States savings bonds, as well as equipment leasing. The company operates 36 full-service banking offices in Bradley, Hamilton, Jackson, Jefferson, Knox, Loudon, McMinn, Monroe, Putnam, and Union Counties, Tennessee; and Catoosa and Whitfield Counties, Georgia. First Security Group, Inc. was founded in 1974 and is headquartered in Chattanooga, Tennessee.
FSGI News:
November 19 - First Security Group, Inc. Files Latest Income Statement
First Security Group, Inc. (NASDAQ: FSGI), a bank holding company for FSGBank that provides banking and financial products and services to various communities in eastern and middle Tennessee, and northern Georgia, filed its latest income statement with the SEC. To view this filing, visit http://yhoo.it/h4ydI2.
COROWARE INCORPORATED (OTCBB: COWI)
"Up 100.00% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/COWI.php
Headquartered in Redmond, Washington, CoroWare is a solutions integrator with expertise in mobile robotics, personal telepresence, IT consulting and software development.
COWI News:
November 22 - CoroWare Reports Third Quarter 2011 Earnings
Gross Revenues Meet Expectations Compared to Year Prior
CoroWare, Inc. (OTCBB: COWI) announced its financial results for the third quarter ending on September 30, 2011.
For the quarter ending on September 30, 2011 ("the 2011 Period"), CoroWare ("the Company") reported revenues of $389,089 compared to revenues of $376,648 during the three-month period ended September 30, 2010 (the "2010 Period"). Revenues were flat compared to the previous year as customers continued to postpone spending on software development services for billing integration, custom engineering, and IT consulting projects in the summer months; purchased CoroCall hosted services instead of videoconferencing infrastructure and room systems; and delayed spending on mobile robotics projects until later in the calendar year.
Gross profit in the 2011 Period was $99,144 (25.5% gross profit percentage) compared to $133,027 (35.3% gross profit percentage) for the 2010 Period. The reduced gross profit percentage resulted from additional personal time off (PTO) during the summer months and unanticipated project warranty expenses.
Research and development spending was $20,372 (5.2% of gross revenues) for the 2011 Period compared to $51,097 (13.6% of gross revenues) in the 2010 Period. The decreased research and development investment resulted from completing our software development and testing initiatives, including CoroCall Communications Cloud Service and CoroWare Billing Integration Framework.
Operating expenses were $274,784 during the 2011 Period compared to $479,376 during the 2010 Period. Sales and marketing expenses were lower in the 2011 Period as the Company adjusted sales compensation plans to bring them in line with the Company's cost of sales objectives. Loss from operations was $175,640 during the 2011 Period compared to a loss of $346,349 in the 2010 Period.
Total other expense was $2,760,329 during the 2011 Period compared to $1,061,716 in the 2010 Period. Other expense is comprised primarily of derivative expenses and amortization of debt discount and deferred finance costs. Net loss for the 2011 Period was $2,935,969 compared to a net loss of $1,408,065 for the 2010 Period.
Net Cash Flows from Operating Activities was negative $57,922 for the 2011 Period compared to negative $2,893 for the 2010 Period. Net Cash Flows from Financing Activities was positive $78,162 for the 2011 Period compared to negative $600 for the 2010 Period.
"Although gross revenues during the summer months were below expectations, we were pleased to see sales begin to rebound in September and October," said Lloyd Spencer , CEO of CoroWare, Inc. "We look forward to continued revenue growth in the fourth quarter as HD videoconferencing infrastructure and room system sales and mobile robot sales improve."
FIBERTOWER CORPORATION (NASDAQ: FTWR)
"Up 40.07% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/FTWR.php
FiberTower is a backhaul and access services provider focused primarily on the wireless carrier market. With its extensive spectrum footprint in 24 GHz and 39 GHz bands, carrier-class microwave and fiber networks in 13 major markets, customer commitments from six of the leading cellular carriers, and partnerships with the largest tower operators in the U.S., FiberTower is considered to be the leading alternative carrier for wireless backhaul. FiberTower also provides backhaul and access services for government and enterprise markets.
FTWR News:
November 16 - FiberTower Announces Reduction in Force
FiberTower Corporation (NASDAQ: FTWR), a wireless backhaul services provider, announced that it has reduced its workforce approximately 40%, and has halted all capital and project related spending in an effort to conserve existing liquidity. Remaining staff will be focused on maintaining the Company's network and day-to-day operations as management makes decisions about future actions.
GUANGZHOU GLOBAL TELECOM INCORPORATED (OTCBB: GZGT)
"Up 33.33% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/GZGT.php
Guangzhou Global Telecom, Inc., through its subsidiaries, engages in the distribution and trade of rechargeable phone cards, cellular phones, and accessories in the People’s Republic of China. The company also maintains and operates a prepaid mobile phone card sales and distribution center in Guangdong Province, the People’s Republic of China. In addition, it provides mobile handset value-added services. It offers its products to wholesalers, retailers, and final users. Guangzhou Global Telecom, Inc. is based in Tallahassee, Florida.
GZGT News:
December 1 - Guangzhou Global Telecom, Inc. 8-K with SEC
Guangzhou Global Telecom, Inc. (OTCBB: GZGT) has filed its most recent Form 8-K with the SEC. To view this filing, visit http://bit.ly/vRCfVn.
ATLANTIC COAST FEDERAL CORPORATION (NASDAQ: ACFC)
"Up 48.57% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/ACFC.php
Atlantic Coast Financial Corporation is the holding company for Atlantic Coast Bank, a federally chartered and insured stock savings bank. It is a community-oriented financial institution serving northeastern Florida and southeastern Georgia markets through 12 locations, with a focus on the Jacksonville metropolitan area.
ACFC News:
November 28 - Atlantic Coast Financial Corporation Engages Stifel Nicolaus Weisel to Explore Strategic Alternatives
Atlantic Coast Financial Corporation (NASDAQ: ACFC) (the "Company"), the holding company for Atlantic Coast Bank (the "Bank"), announced that its Board of Directors has engaged Stifel, Nicolaus & Company, Incorporated ("Stifel Nicolaus Weisel") to assist the Company in exploring strategic alternatives to enhance stockholder value.
In its prospectus, dated November 12, 2010, distributed to investors in connection with the Company's second-step conversion and stock offering that was completed in February 2011, the Company disclosed its intent to raise additional capital through a rights offering at such time as permitted by regulators in order to meet an individual minimum capital requirement for the Bank, which was subsequently set at a Tier 1 leverage ratio of 7.0%. As previously disclosed, the Bank's Tier 1 leverage ratio was 6.22% as of September 30, 2011, and, therefore, the Bank did not meet this requirement at the end of the third quarter of 2011. In light of current economic and market conditions, as well as recent operating results, the Company's Board of Directors has begun a review of its strategic alternatives and has authorized Stifel Nicolaus Weisel to explore such alternatives, including a potential business combination in addition to the previously disclosed rights offering.
The regulatory approval letter issued in connection with the Company's second-step conversion prohibited the Company for a period of three years from taking certain actions, such as discussions relating to a potential business combination that would require stockholder approval, without the prior written consent of regulators. As part of its review of strategic alternatives, the Company has requested and received approval from its primary regulator, the Federal Reserve Board (the "Federal Reserve"), to pursue strategic alternatives that may lead to a transaction that requires stockholder approval. With the Federal Reserve's consent, the Company may now take the necessary actions to explore its strategic alternatives.
Federal regulations require prior regulatory approval before a converted savings institution or its holding company may enter into an agreement for a business combination or take any other action that would result in any person or entity holding more than a 10% ownership interest in a converted savings institution or its holding company for three years.
There can be no assurances that the Company will pursue or complete a business combination or a capital-raising transaction. The Board of Directors will review all possible strategic alternatives and weigh the relative benefits of such alternatives to stockholders. The Company does not intend to disclose developments with respect to the progress of its strategic alternatives review process until such time as the Board of Directors approves or completes a transaction or otherwise determines that further disclosure is appropriate.
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