For Friday, September 25th
BAYN, MCTH, SLGS, HCEI, IMYN, ETCC
Our Stocks to Watch tomorrow include Bay National Corp. (Nasdaq: BAYN), Medical Connections Holdings Inc. (OTCBB: MCTH), Solargy Systems Inc. (OTC: SLGS), Healthy Coffee International Inc. (OTC: HCEI), Immunosyn Corp. (OTCBB: IMYN) and Environmental Tectonics Corp. (OTCBB: ETCC).
BAY NATIONAL CORPORATION (NASDAQ: BAYN)
"Up 136.21% on Thursday"
Bay National Bank was founded in 2000 in response to banking industry consolidation and the distinct void these mergers created in servicing, in particular, small and mid-size businesses and their owners, business professionals, and high net worth individuals. We believe that Bay National Bank now occupies a unique niche in the banking industry. We also believe that Bay National Bank is well positioned between the much larger banks, whose size and bureaucracy can preclude them from delivering exceptional and responsive service, and the much smaller banks, which may not be able to deliver the full range of products and services sought by growing businesses and sophisticated customers. Bay National Bank has two full-service banking offices, Baltimore and Salisbury, Maryland, and residential mortgage lending operations in both Baltimore and the Eastern Shore of Maryland. It offers a complete range of commercial, private, cash management, retail, and residential mortgage banking services delivered with a high degree of respect and integrity.
August 5 -
Bay National Corporation Reports Second Quarter 2009 Results
Bay National Corporation (Nasdaq: BAYN) (the "Company"), the bank holding company for Bay National Bank, reported a second quarter net loss of $2,045,000 or $0.95 per diluted share, as compared to a net loss of $776,000 or $0.36 per diluted share reported for the quarter ending June 30, 2008.
The results for the current quarter include a provision for credit losses of $2,843,000 and net charge-offs totaling $2,330,000 while the comparable quarter one year ago reflected $558,000 in provision for credit losses and in net charge-offs. Net charge-offs for the second quarter of 2009 were largely in the commercial, commercial construction, commercial real estate and consumer construction categories. Also included in the results for the second quarter of 2009 is an expense of approximately $33,600 for an FDIC special assessment that is payable on September 30, 2009.
Hugh W. Mohler, Chairman and CEO, stated, "As we experienced in the first quarter of 2009, the second quarter results for 2009 when compared to the same quarter results of one year ago, reflect a significant reduction in non-interest expenses that were more than offset by the decrease in interest income due to the historically low interest rate environment in which we are operating, as well as a decrease in the number of loans outstanding as a result of charge-offs, making fewer new loans in order to preserve capital and an increase in the number of non-accrual loans. The quarter's operating results were most negatively impacted, however, by the substantial increase in the provision for credit losses when compared to the quarter ended June 30, 2008.
As of June 30, 2009, total assets were $316.7 million, an increase of 14.8 percent from June 30, 2008. Net loans decreased by $30.7 million or 12.4% from the year-ago quarter while deposits increased by $63.9 million or 28.1%. While we are currently pursuing efforts to raise additional capital, management deems it prudent to maintain current capital ratios by limiting loan growth for the short-term and recognizes that the needs of our existing customers must take priority over the establishment of new relationships.
Hugh W. Mohler continued, "We continue to feel the pressure of the turmoil in the financial markets and the prolonged downturn in economic conditions. As such, our priorities are unequivocally internally focused on improving our capital ratios and liquidity position.
"However, our Board of Directors and management team remain steadfast in their determination to preserve capital, manage asset/portfolio risk and improve our operating efficiencies. We are pleased that in spite of the credit issues recognized this quarter and the continuing recessionary conditions, the bank remains adequately capitalized with 8.45% in total risk-based capital. Management continues to work diligently to raise additional capital in order to meet the increased regulatory requirements. Once achieved, we will have available capacity to grow the loan portfolio and thereby increase the level of earning assets that will further advance our return to profitability. We remain hopeful that our efforts will be successful," Mr. Mohler concluded.
MEDICAL CONNECTIONS INCORPORATED (OTCBB: MCTH)
"Up 30.00% on Thursday"
Founded in 2002, Medical Connections, Inc. is a pioneering medical recruitment and staffing company dedicated to satisfying the increasing demands for qualified personnel in the healthcare industry. The company identifies and places medical professionals — from nurses and physicians to pharmacists and medical scientists — in facilities throughout the U.S. Medical Connections applies both established and innovative methods to meet the needs of its clientele, capitalizing on the more than 40 years’ industry experience of its key personnel. In the relatively short period of time since its inception, Medical Connections has secured a roster of prestigious clients, both for-profit and not-for-profit organizations, and recruited the most desirous candidates from across the country. With headquarters in Boca Raton, Florida, Medical Connections is ideally positioned to increase its presence in the U.S. healthcare market.
September 24 - Medical Connections Named #7 on Staffing Industry Analysts' 2009 Fastest-Growing List
Leading medical staffing company looks to acquire $53 million dollar competitor
Medical Connections Holdings, Inc. (OTCBB: MCTH), one of the nation’s fastest growing healthcare staffing companies specializing in allied health, nurse and physician staffing and recruiting services, has entered into a Letter of Intent to acquire a nationwide healthcare staffing company, whose 2008 revenue exceeded $50 million.
Medical Connections’ President, Anthony Nicolosi, asserts “Management’s primary focus is to grow the infrastructure of Medical Connections Holdings through strategic and targeted acquisitions. We feel that we have found a company that would not only be a great compliment to our existing structure, but also bring us one step closer to being one of the premier medical staffing companies in the U.S.”
The addition of this acquisition is potentially great news for Medical Connections and its shareholders. This national company runs a strong, profitable operation with virtually the same business lines as Medical Connections. “We are very excited about this acquisition, it’s an excellent fit.” Mr. Nicolosi goes on to state, “Additionally, we will continue to seek out strong acquisitions that will contribute to our overall strength and market presence.”
Medical Connections intends to complete the final phases of due diligence over the coming weeks. “We hope to complete this acquisition in the near-term and should that happen, Medical Connections Holdings, Inc. plans on filing for an immediate up listing to a higher exchange. Rest assured we will update our shareholders as further developments unfold,” Mr. Nicolosi declared.
SOLARGY SYSTEMS INCORPORATED (OTC: SLGS)
"Up 100.00% on Thursday"
Solargy Systems Inc, is a systems integrator of alternative energy technologies. Solargy Systems Inc already has power purchase agreements (PPA) totally 30 MW and expects to secure additional PPAs in the months ahead. The technologies we use will provide solutions to the high cost of energy in emerging markets by selling and installing small power systems ranging from 1 MW for large commercial applications to 20 MW and larger hybrid systems by using combinations of solar and wind or waste and solar. The combinations we use will be determined by local conditions.
September 24 - Solargy Systems Inc. Retains Investment Advisor
Solargy Systems Inc. (OTC: SLGS) announced it has enlisted the aid of investment advisors to assist in raising funds to finance its existing contracts.
C M Nurse noted "We have had a few contracts for some time and have been working on securing funding. Our local Florida projects have proved to be easier to solicit expressions of interest to fund than our foreign contracts. Our 10 MW Solar farm in Central Florida for which we already have site control and prelim engineering has started, we believe we can have funded by the end of the year and start construction in first quarter of 2010. That project has a 20 year revenue stream of over $5,200,000 per year. We have been given a number of funding options including forming joint ventures with suppliers of solar panels.
We will pursue all viable funding options including forming alliances with suppliers and, equity stakes in the projects to investors." Mr. Nurse concluded.
HEALTHY COFFEE INTERNATIONAL INCORPORATED (OTC: HCEI)
Healthy Coffee International, Inc. is focused on bringing health to the world's largest and most popular drink, coffee. The company's proprietary formulas combine the health benefits of Ginseng, Reishi Mushroom, and other top quality ingredients with the world's finest coffee beans to create a line of deliciously healthy instant gourmet coffee drinks. Healthy Coffee is well positioned in the market place at the intersection of three mega-billion dollar industries: coffee, wellness and energy drinks, and has quickly established offices in 8 countries thru it's marketing subsidiary Healthy Coffee USA, Inc. (www.healthycoffee.com) which uses a simple and unique Internet-driven international business model that allows the average person to own and operate a local, national, or international coffee distribution or coffee house business with very little capital investment or overhead.
September 24 - Healthy Coffee Gains Inroads in China Market by Participating in the Northeast China Import Fair Held in Shenyang, China
Healthy Coffee International, Inc. (OTC: HCEI) has finished its first foray into the Mainland China consumer market by exhibiting and setting up a unique mobile marketing system at the Northeast China Import Fair, September 11-14, 2009.
With over 35,000 attendees, including over 3,000 Chinese government procurement officials, Healthy Coffee was one of the most sought out and popular displays in the show. Chinese consumers are developing a taste for high quality coffees and beverages and their fixation on the health issue was particularly interesting. The added feature of affordably owning their own mobile retail stores were also of great interest as many attendees wanted to sign up for the business on the spot!
With the assistance of the American International Business Council (www.americaninternationalbusinesscouncil.com) and the Pacific Rim Chamber of Commerce (www.pacrimcc.org) headed by its Chairman Holmes Stoner, the Healthy Coffee USA officials personally met the highest level officials in the local, provincial and national levels attending the show as well as high level people from Mongolia, Russia, Korea and Japan who had a strong presence there. The CCPIT (China Council for the Promotion of International Trade) President, Mr. Li Jun and his staff were very supportive and helped all the way through the process. With the new subway under construction in the city serving over 1,000,000 patrons a month, Healthy Coffee could very well acquire 5 prime locations after it opens in 2010!
Mr. Louie Aguiluz, Director of Business Development for Healthy Coffee USA commented: "My team and I had a truly eye opening experience seeing the huge China consumer market first hand and seeing the tremendous potential that is in front of the company! We are very excited with the response of the visitors in our booth, and we are looking forward to put plans in motion to develop big business there in the future."
Rick Aguiluz, CEO of Healthy Coffee International, added: "China has over 150,000,000 regular coffee drinkers with more on the way, and we look forward to getting a share of this big market."
IMMUNOSYN CORPORATION (OTCBB: IMYN)
"Up 40.00% on Thursday"
Immunosyn Corporation, a development stage company, engages in the marketing, distribution, and sale of a biopharmaceutical drug product, SF-1019. The company owns license rights from Argyll Biotechnologies, LLC to offer SF-1019, an experimental extract from caprine serum containing various lipopeptide molecules. SF-1019 is used for the treatment of various diseases and pathological conditions, including Chronic Inflammatory Demyelinating Polyneuropathy, Diabetic Neuropathy, and diabetic ulcers. The company was founded in 2006 and is headquartered in La Jolla, California. Immunosyn Corporation is a subsidiary of Argyll Biotechnologies, LLC.
September 18 -
Immunosyn Refutes Unfounded Rumors in Marketplace
Immunosyn Corporation (OTCBB: IMYN) made the following comment regarding market rumors about the Company:
Although it is generally the Company's practice not to respond to market rumors, management believes that in the current circumstances it is appropriate to do so. Management has become aware that rumors are circulating in the market suggesting that the Company currently is actively exploring a change of control transaction. Management believes that there is no basis whatsoever for these rumors that it is exploring such a transaction at this time. As it is the Company's general policy not to comment on market rumors, it will have no further comment on this rumor.
ENVIRONMENTAL TECTONICS CORPORATION (OTCBB: ETCC)
Environmental Tectonics Corporation, together with its subsidiaries, engages in the design, manufacture, and sale of software driven products and services to recreate and monitor the physiological effects of motion on humans and equipment, and to control, modify, simulate, and measure environmental conditions. The company operates in two segments, Training Services Group (TSG) and Control Systems Group (CSG). The TSG segment offers pilot training and flight simulators, disaster management systems, and entertainment applications. It provides integrated training services to commercial and government military defense agencies; and training devices to government military defense agencies in the United States and internationally. This segment also offers disaster management simulation training and products to fire and emergency training schools, and state and local governments; and entertainment products to amusement parks, zoos, and museums. The CSG segment offers sterilizers, environmental control devices, and hyperbaric chambers. It offers steam and gas sterilizers to pharmaceutical and medical device manufacturers; environmental testing systems primarily to commercial automobile manufacturers, and heating, ventilation, and air conditioning manufacturers; hyperbaric chambers to the military organizations; and single occupant monoplace chambers to hospitals and clinics. This segment also provides upgrade, maintenance, and repair services, as well as parts. The company was founded in 1969 and is headquartered in Southampton, Pennsylvania.
September 24 - Environmental Tectonics Corporation Announces Award of $35 Million U.S. Air Force Contract
Major Milestone in the Evolution of Tactical Flight Simulation
Environmental Tectonics Corporation's (OTCBB: ETCC) ("ETC" or the "Company") Training Services Group has been awarded a contract by the United States Air Force to provide a high performance training and research human centrifuge. The contract, valued at over $35 million, was awarded to ETC following a competitive bid process. The device, ETC's Authentic Tactical Flight Simulator-400 (ATFS-400), will be manufactured at ETC's main manufacturing plant in Southampton, PA.
The contract calls for delivery of the device to the 711th Human Performance Wing at Wright Patterson Air Force Base in Dayton, OH, by August 2012. The ATFS-400 integrates a high fidelity aircraft cockpit that incorporates a virtual tactical environment into a high-performance, fully flyable human centrifuge. Pilots can fly the ATFS like a tactical aircraft. The ATFS-400 combines ETC's virtual battle space, unique G-Pointing, motion-based technologies, and ETC's "Signature Technology" to replicate the performance and feel of the aircraft and produce an authentic experience for the pilot that rivals flying the actual aircraft. The ATFS-400 produces the most authentic flight experience possible in a ground-based simulator and allows pilots to hone their tactical skills at 1/28th the cost of flying the aircraft. This will be the tenth high performance human centrifuge built by ETC, and the third ATFS-400 system in the world.
William F. Mitchell, President and Chairman of ETC, stated, "The U.S. Air Force is a long-time and valued customer and we are proud to be awarded this contract for the research and training centrifuge. We look forward to providing this advanced technology device that will improve the health, safety and readiness of thousands of military pilots for years to come."
ETC was incorporated in 1969 in Pennsylvania and this year we will celebrate our 40th anniversary. Our core technologies include the design, manufacture and sale of Training Services (TSG) which includes (1) software driven products and services used to create and monitor the physiological effects of flight; (2) high performance jet tactical flight simulation, and; (3) driving and disaster simulation systems, and Control Systems (CSG) which includes: (1) steam and gas sterilization; (2) testing and simulation devices for the automotive industry, and; (3) hyperbaric and hypobaric chambers. Product categories included in TSG are Aircrew Training Systems (ATS) and flight simulators, disaster management systems and entertainment applications. CSG includes sterilizers, environmental control devices and hyperbaric chambers along with parts and service support.