GZGT, ACFC, BIOF, ZVTK, SPMI, PEIX
Our Stocks to Watch tomorrow include Guangzhou Global Telecom Inc. (OTCBB: GZGT), Atlantic Coast Financial Corp. (NASDAQ: ACFC), Biofuel Energy Corp. (NASDAQ: BIOF), Zevotek Inc. (OTCBB: ZVTK), Speedemissions Inc. (OTCBB: SPMI) and Pacific Ethanol Inc. (NASDAQ: PEIX).
GUANGZHOU GLOBAL TELECOM INCORPORATED (OTCBB: GZGT)
"Up 500.00% on Friday"
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.
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 49.57% on Friday"
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.
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.
BIOFUEL ENERGY CORPORATION (NASDAQ: BIOF)
"Up 18.15% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/BIOF.php
BioFuel Energy Corp. engages in the production of ethanol in the United States. It has two ethanol plants that produce 115 million gallons per year, which are located in Wood River, Nebraska and Fairmont, Minnesota. The company was founded in 2006 and is headquartered in Denver, Colorado.
November 18 - BioFuel Energy Comments on Recent Stock Trading Activity
Biofuel Energy Corp. (NASDAQ: BIOF), an ethanol production company, announced today that, other than the matters disclosed in its third quarter financial results and management's fourth quarter outlook, the Company is not aware of any specific developments to which the recent sharp increase in its stock trading volume would be attributable. As previously reported, the Company had net income of $2.5 million , or $0.02 per diluted share, for the third quarter of 2011.
"Commodity margins have continued to strengthen and we continue to see the benefits from our plant improvement projects," said Scott H. Pearce , the Company's President and Chief Executive Officer. "As a result, our current expectations are that the results for the fourth quarter of 2011 will now be even stronger than what we reported for the third quarter."
ZEVOTEK INCORPORATED (OTCBB: ZVTK)
"Up 239.13% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/ZVTK.php
Zevotek, Inc. plans to market and sell independently a range of distinct and independent lines of home care and household products. In May 2007, the company entered into a license agreement to sell an energy saving compact fluorescent light bulb named the Ionic Bulb. The company plans to market the Ionic Bulb through TV infomercials, catalogs, magazines and major U.S. retail and specialty stores.
November 26 - Zevotek Files Latest Income Statement
Zevotek, Inc. (OTCBB: ZVTK), a worldwide direct marketer and distributor of innovative personal and home care items, filed its latest income statement with the SEC. To view this filing, visit http://yhoo.it/vqaRiK.
SPEEDEMISSIONS INCORPORATED (OTCBB: SPMI)
"Up 50.00% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/SPMI.php
Speedemissions, Inc., based in Atlanta, Georgia, is a leading vehicle emissions testing and safety inspections company in the United States. We provide services in certain areas where auto testing is mandated by the Environmental Protection Agency (EPA). Since the emissions testing market is highly fragmented, Speedemissions expects to be the first company to create a national brand offering their customers quick and efficient vehicle emissions testing service. The current focus of the company is in the Atlanta, Georgia; Houston, Texas; St. Louis, Missouri and Salt Lake City, Utah markets.
November 14 - Speedemissions, Inc. Reports Third Quarter 2011 Results
Speedemissions, Inc. (OTCBB: SPMI), a leading vehicle emissions testing and safety inspections company with stores in Atlanta, Houston, St. Louis and Salt Lake City today announced its financial results for the third quarter ended September 30, 2011.
THIRD QUARTER 2011
* Revenue decreased $149,254 or 6.5% to $2,164,562 in the third quarter of 2011 compared to $2,313,816 in the third quarter of 2010. The decrease in revenue was primarily due to the closure of two unprofitable stores in Texas during 2011 and a decrease in same store sales of 4.4%. The decrease in same store sales is mainly attributable to increased competition and discounting at our Georgia, Texas and Utah locations.
* Store operating expenses decreased $118,867 or 8.0% to $1,368,170 in the third quarter of 2011 compared to $1,487,037 in the third quarter of 2010. The decrease in store operating expenses was partially due to the closure of two unprofitable stores in 2011. Same store operating expenses decreased $66,786 in the third quarter of 2011 compared to the third quarter of 2010.
* General and administrative expenses decreased $45,479 or 12.0% in the third quarter of 2011 compared to the third quarter of 2010.
* The Company recognized net loss of $9,132, or $0.00 per basic and diluted share in the third quarter of 2011 compared to net income of $51,095, or $0.00 per basic and diluted share in the third quarter of 2010. Excluding the one-time gain of $106,881 from the settlement of a lawsuit, our net loss in the third quarter of 2010 was $55,786.
YEAR TO DATE 2011
* Revenue decreased $834,145 or 11.5% to $6,428,518 in the nine months ended September 30, 2011 compared to $7,262,663 in the same period of 2010. The decrease in revenue over the comparable period was primarily due to the closure of four stores in Texas since June 30, 2010, which resulted in lower revenue during the period of $537,561, and a decrease in same store sales of 5.9%. The decrease in same store sales is mainly attributable to increased competition and discounting at our Georgia, Texas and Utah locations.
* Store operating expenses decreased $385,216 or 8.4% to $4,193,946 in the nine months ended September 30, 2011 compared to $4,579,162 in the same period of 2010. The decrease in store operating expenses was primarily due to the closure of four stores in Texas since June 30, 2010 and a decrease in same store operating expenses of $200,061 in the nine months ended September 30, 2011 compared to the same period of 2010.
* General and administrative expenses decreased $170,063 or 13.5%, during the nine months ended September 30, 2011 compared to the same period of 2010.
* The Company incurred a net loss of $245,551 or ($0.01) per basic and diluted share in the nine months ended September 30, 2011 compared to net loss of $103,869 or ($0.01) per basic and diluted share in the same period of 2010. Excluding the one-time gain of $106,881 from the settlement of a lawsuit, our net loss in the nine months ended September 30, 2010 was $210,750.
Richard A. Parlontieri, President and Chief Executive Officer of Speedemissions commented:
“While we're disappointed in the same store sales for the quarter, we are encouraged by the increase we've seen in St. Louis with store over store sales. A most promising sign given that three of the stores have been open for 3+ years. As a means to combat the increased competition in both Atlanta and Salt Lake, we've added two part-time Marketing Representatives. Their task is to expand our government, corporate and fleet dealer business. There's already been improvement in the Atlanta market because of these efforts. In addition, the selling of merchandise to customers whose vehicles fail their safety inspection for light bulbs, windshield wipers etc. continues to grow as we change to more of a selling culture with our store employees.”
PACIFIC ETHANOL INCORPORATED (NASDAQ: PEIX)
"Up 10.37% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/PEIX.php
Pacific Ethanol is the largest West Coast-based marketer and producer of ethanol. Pacific Ethanol has ethanol plants in Madera, California; Boardman, Oregon; and Burley, Idaho and has an additional plant under construction in Stockton, California. Pacific Ethanol also owns a 42% interest in Front Range Energy, LLC which owns an ethanol plant in Windsor, Colorado. Central to Pacific Ethanol's growth strategy is its destination business model, whereby each respective ethanol plant achieves lower process and transportation costs by servicing local markets for both fuel and feed. Pacific Ethanol's goal is to achieve 220 million gallons per year of ethanol production capacity in 2008 and to increase total production capacity to 420 million gallons per year in 2010. In addition, Pacific Ethanol is working to identify and develop other renewable fuel technologies, such as cellulose-based ethanol production and bio-diesel.
December 1 - Pacific Ethanol Increases Ownership in Plants
Pacific Ethanol, Inc. (NASDAQ: PEIX), the leading marketer and producer of low-carbon renewable fuels in the Western United States, purchased an additional 7% ownership interest in New PE Holdco LLC, the owner of the four Pacific Ethanol production facilities with a combined annual production capacity of 200 million gallons. The company paid $4.5 million in cash for the additional interest. This purchase brings the company's total ownership interest to 27%. On October 6, 2010, the company paid $23.3 million in cash for its initial 20% ownership interest.
"We are excited to increase our ownership interest at an attractive valuation. At current margins, this transaction is immediately accretive to shareholders, and is priced at a discount to both market valuations and our initial 20% purchase," said the company's president and CEO, Neil Koehler. "Ethanol continues to grow as a cost effective and low-carbon component of transportation fuel and we intend to seek additional ownership opportunities in these and other production facilities on favorable terms to further enhance shareholder value."