Archive for the ‘OTCPicks.com’ Category

Intrepid Technology and Resources, Inc. (ITRP.OB) Closes on First Full Week of Revenues and Product Deliveries

Tuesday, June 3rd, 2008

Intrepid Technology and Resources, Inc. (OTCBB: ITRP) announced the completion of the first full week of sustained product deliveries and revenues. Intrepid is a biofuel renewable and alternative energy development and operating company that works together with their subsidiaries in the United States. The company engages in projects in the biofuels production and distribution area of the renewable energy sector. Their focus is on the production of biofuels, such as biogas, biodiesel, ethanol, and hydrogen, as produced from biomass.

Commenting on the company’s accomplishment was CEO Jack Haffey, “It has taken a long time and has understandably taxed the patience of our shareholders, but we are very pleased and excited to report that we have just completed our first week of combined uninterrupted deliveries of high quality gas and horticultural fiber to our customers — and, importantly, our first full week of revenue generation.

“What makes this first full week of multiple product delivery so important to our stakeholders is that we are beginning to break the entry barriers on a heretofore non-existent market and are now on a revenue track that will make the company cash flow neutral somewhere in the last calendar quarter of this year. With both plants fully revenue engaged and at current contracted prices Intrepid will generate revenues at a monthly rate of 70,000 dollars for gas sales, 140,000 for fiber and an annual rate of 250,000 for carbon credits by the end of this year,” Mr. Haffey added.

Large energy corporations and private equity firms have taken notice to Interpid’s product deliveries and “proof of concept” demonstrations. These corporations and firms constantly look for opportunities like Intrepid to become involved in renewable commodities sector.

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Last Mile Logistics Group, Inc. (LMLG.OB) Revenues for First Quarter Increase 37%

Monday, June 2nd, 2008

Last Mile Logistics Group, Inc. (OTCBB: LMLG) reported an increase of 37% in revenues for the first quarter of 2008. This prosperous increase follows last year’s increase of 47% compared to the fourth quarter of 2006. Although fuel costs have increased dramatically in the past couple of months, the company’s gross margin also increased in the first quarter of 2008 by 26%, totaling $230,207. This increase is attributed to the growth in revenue and fuel surcharge agreements with customers to offset these cost increases.

Increases in revenue are attributed to business from a major new client for the home delivery of cabinets, as well as several other new customers in 2007. Despite an economic slowdown, the company has benefited from the continued outsourcing by companies to reduce their cost structure, combined with continued online purchasing of goods and electrics, which is dependent on a distribution channel that includes regional “last mile” specialized services.

“As we continue to focus on providing quality last mile services and marketing these capabilities, we are seeing a significant improvement in revenue as companies continue to look to outsource their logistics requirements to dependable last mile providers in order to better service their customers’ home delivery needs,” stated Regina Flood, CEO of Last Mile Logistics Group.

Last Mile provides envelope and small package courier services along with services in the mid-Atlantic region of the United States. Specific services include door-to-door delivery of merchandise, including furniture, electronics, entertainment equipment, and the assembly and installation of products.

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Kintera, Inc. (KNTA) To Be Acquired by Blackbaud, Inc. (BLKB)

Monday, June 2nd, 2008

Kintera, Inc. (NASD: KNTA) announced that they will be acquired by Blackbaud, Inc. (NASD: BLKB) in a cash tender offer for $1.12 per share, or a total price of $46.0 million. The acquisition makes sense since Kintera is a leader of on-demand solutions for nonprofit organizations in the United States, whereas Blackbaud is the leading provider of software and related services designed specifically for nonprofit organizations. At the closing of Friday’s stock trading, Kintera’s stock rose 58.82%.

Kintera’s current president and CEO, Richard LaBarbera, will continue with the company’s operations in San Diego and their other locations, “Joining with Blackbaud gives us a way to leverage our capabilities with those of the industry leader and thus significantly improve the customer’s experience. Importantly, this move also means that non-profits will be able to choose Kintera solutions confident in the knowledge that they are backed by Blackbaud’s robust corporate infrastructure and that the partner they have selected will be there to serve them for many years into the future. Our focus will now turn exclusively to better meeting the needs of our customers and collaborating with Blackbaud to leverage the investment they are making to better serve the non-profit sector. We are very excited about the potential to offer more compelling solutions that enhance the donor experience and increase non-profits’ abilities to raise more money.”

“The acquisition of Kintera is very exciting for us and for the nonprofit industry as a whole. Expanding Blackbaud’s online offering in this way further establishes Blackbaud as the leading solutions partner for non-profit organizations,” commented Blackbaud’s President and CEO, Marc Chardon. “The online solutions of the two companies have historically served different segments of the market and this acquisition gives us the ability to broaden our addressable market with proven and rich on-line product functionality.”

“Our core capabilities are complementary and we expect to continue to offer a full range of solutions that effectively meet non-profits’ needs for donor acquisition and cultivation that are integrated with our suite of CRMsolutions, including The Raiser’s Edge®. Kintera’s “Friends Asking Friends”® team fundraising and advocacy solutions are well suited for organizations that use these programs to grow their base of supporters. Similarly, Blackbaud’s NetCommunity™ offering is ideally suited for enriching the online experience of current donors enhancing the value of data that already exists in the CRM system,” Mr. Chardon concluded.

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OTCPicks Featured Company: Merge Healthcare (MRGE) Enters into Securities Purchase Agreement with Merrick RIS, LLC

Tuesday, May 27th, 2008

Merge Healthcare, Inc. (NASD: MRGE) announced that they have entered into a securities purchase agreement and additional agreements with Merrick RIS, LLC in the amount of $20 million through a private placement. Under the terms of the agreement, the company intends to sell a $15-million senior secured term note due 2010, plus 6,800,000 shares of the company’s common stock as partial consideration for the term note and 14,285,715 shares of the company’s common stock at a price per share of $0.35. The closing date for the private placement is on June 3, 2008, but that date may be altered upon closing conditions and the delivery of the shareholder notice.

Enclosed in the term note are various operating and financial covenants, including a requirement that the company have positive adjusted EBITDA for the last fiscal quarter of 2008 and cumulatively thereafter through the term of the note. Also enclosed are provisions in the event of default, including; failure to pay, breach of financial or operating covenants, and certain events of bankruptcy or insolvency. Merrick has been entitled to designate five persons to replace five of the eleven current directors on the company’s Board of Directors in connection with the private placement.

Merge Healthcare entered into an agreement in principle with the plaintiff in the consolidated securities class action suits filed against Merge Healthcare. The agreement issues a statement for the settlement announcing the release and dismissal of all claims against Merge and the individual defendants in the litigation. In exchange, Merge Healthcare has agreed to a cash payment of $3,025,000 paid in full to the plaintiff and Merge’s primary, and one of their excess D&O insurance carriers agreed to a cash payment of $12,975,000 paid in full to the plaintiff.

“We are pleased that Merrick has partnered with the company and provided this financing package. The financing should provide us with the necessary liquidity as we continue our attempts to grow our revenues and align expenses with the revenues of the business and regain our position as a growing and profitable provider of healthcare diagnostic imaging software and services,” commented CEO of Merge Healthcare, Mr. Rardin.

“This financing combined with the ongoing cost reduction plans that started with the February restructuring and the refocusing of the business on the North America RIS-PACS and teleradiology markets and the Cedara OEM business allows the company to focus on its core strengths. Additionally, we look forward to the strategic advice and counsel Merrick will provide to the Company as we move forward. The agreement in principle to settle the securities class action is another significant step forward for Merge Healthcare, especially when coupled with the previously announced agreement in principle to settle the Company’s derivative action. We are excited that we can now focus on the go forward strategy of Merge Healthcare,” he concluded.

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OTCPicks Featured Company: SPACEHAB, Inc. (SPAB) Receives Approval from U.S. Department of Homeland Security

Tuesday, May 27th, 2008

SPACEHAB, Inc. (NASD: SPAB) announced that they have received a “1st Detect” receipt for their new in-house developed Miniature Spectrometer (MMS) technology from the U.S. Department of Homeland Security, as a result of the MMS technology going through a formal Developmental Testing and Evaluation (DT&E) Designation.

The U.S. Department of Homeland Security instituted the designation to enhance the development of “promising anti-terrorism technologies” by providing legal liability protections under the Support Anti-terrorism by Fostering Effective Technologies Act of 2002, a.k.a. SAFETY Act. The designation letter was received April 10, 2008, and stated that “SPACEHAB, Inc.’s Miniature Mass Spectrometer is such a technology.”

The new technology was developed through the company’s subsidiary, SPACETECH. The MMS technology is a chemical analyzer capable of detecting residues and vapors from explosives, chemical warfare agents, and toxic chemicals. Using ion-trap mass spectrometry, the MMS samples ambient air and measures the processed chemicals. The new technology will be introduced at the 56th Annual Conference American Society for Mass Spectrometry (ASMS) Conference in Denver, Colorado, June 2-5, 2008.

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OTCPicks Featured Company: Voyant International Corp. (VOYT.OB) Receives Funding of $2 Million for White Space Radios

Friday, May 23rd, 2008

Voyant International Corporation (OTCBB: VOYT) recently announced that they have entered the high-growth wireless communications market and received a $2 million contract for the development and production of the first 3,000 White Space Radios (WSR’s). The WSR program is part of the company’s strategy to combine existing and new technologies with the company’s substantial portfolio of intellectual property and domain knowledge in order to address large and emerging applications in the wireless sector.

The Voyant WSR is an advanced broadband radio that utilizes the spectral white space that will soon be made available by the FCC. The white space spectrum is comprised of more than 200 MHz of valuable bandwidth in the VHF/UHF band. The frequencies are able to support long-range, high-capacity wireless communications, which allows them to be extremely useful for innovative new services, including all WiFi 2.0 applications. Over the coming years, Voyant plans to design and deliver 3,000 WSRs per the terms of the agreement. The company’s customers will be able to use the radios for different applications, including energy efficiency modulation, and utility and power management.

Ed Gerhardt, Voyant’s GM of wireless systems, stated, “The white space spectrum represents a new frontier for innovation in wireless communications, and this program establishes Voyant as a pioneer and leader in the WSR field. Our technological skill set, intellectual property and experience in wireless systems make Voyant particularly well-suited to undertake this challenging and exciting project and open the door to a host of exciting new applications and markets.”

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OTCPicks Featured Company: Orient Paper, Inc. (OPAI.OB) Reports 2008 First Quarter Financial Figures

Friday, May 23rd, 2008

Orient Paper, Inc. (OTCBB: OPAI) announced their financial numbers for the first quarter of 2008. The company engages primarily in the production and distribution of products such as copy paper, uncoated and coated paper, digital photo paper, plastic paper, kraft paper, graphic design paper, and other paper and related products.

Net revenues for the first quarter of 2008 increased to $13.5 million compared to last year’s first quarter of $8.1 million. The large increase was in relation to demand for the company’s products as a result of the closure of many small paper milling companies because of heightened environmental laws and regulations. The company also launched a successful market expansion plan that increased sales volume in the domestic market.

Gross profit totaled $2.5 million in the first quarter of 2008 with a gross margin of 18.36%; last year’s gross profit was $1.3 million. This positive variance is attributed to an increase in the company’s sales and related pricing, which was greater than the increases noted in related costs during the period. Net income for first quarter of 2008 was $1.4 million, a significant increase from last year’s number of $0.78. Earnings per share increased to $0.04 per diluted share compared to $0.02 per diluted share of last year’s first quarter.

“We are very pleased with our first quarter results. During the quarter, our growth in revenues and the increase in net income, compared to last year’s results, were due to a combination of a strong seller’s market and higher sales volume in three product lines: Corrugated Paper, High-Grade Offset Paper and Mid-Grade Offset Paper. Additionally, the introduction of new product lines resulted in record profits for our company,” said Zhenyong Liu, CEO of Orient Paper.

“In our previous news release, we stated that we have new permits that will enable us to continue to gain market share in China. While our first quarter results are more than satisfactory, we will continue to grow and significantly improve our Company’s bottom line results. Additional growth will be achieved through strengthening our operational foundation through focusing our efforts on issues such as internal cost control, improved logistics coordination, advanced technology import, new product development and an increase in the overall managerial efficiency of the company,” he continued.

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OTCPicks Featured Company: Transax International Limited (TNSX.OB) Reports Record Financial Figures for First Quarter 2008

Thursday, May 22nd, 2008

Transax International Limited (OTCBB: TNSX) announced record numbers for the first quarter ended March 31, 2008. The company is a provider of health information products and solutions to manage coding, compliance, reimbursement, abstracting, and record management processes for healthcare providers and health insurance companies. Their services assist in reviewing in-patient and out-patient claims data, enable healthcare facilities to collect and report patient demographic and clinical information, and automate the record tracking and location functions. At the closing of Wednesday’s trading, the company’s stock rose 400.00%.

Net revenues totaled $1,480,964 compared to $1,186,226 for the first quarter of last year, a 25% increase. The increase of net revenue is attributed to a rollout of previously announced contracts and increasing percentage of POS transactions, as well as the weakening of the U.S. dollar.

Operational income for the first quarter 2008 was $125,379, a slight increase from last year’s figures of $113,900. Net income for the first quarter of 2008 was reported at $739,863, or $0.02 per share; last year’s first quarter net income was $402,005, or $0.01 per share. The increase is a result of an improving on derivative liability expenses.

In the first quarter of 2008, the company claimed $1,355,585 in operating expenses compared to $1,072,326 during last year’s first quarter. The increase was primarily from increases in compensation and benefits with respect to the company’s operations in Brazil, and increases in professional fees due to the sale of a minority interest. Although the company signed additional contracts in Brazil during the first quarter, no revenues were recorded.

“I am very pleased to announce a profitable quarter for the Company’s operations. The Company’s sale of a 45% minority interest will materially help in reducing the Company’s debt while providing capital to review other potential business for Transax,” said Stephen Walters, President and CEO of Transax. “In addition, the Company has been in negotiations to sell the U.S. rights to its product with due diligence being undertaken by a potential buyer during the quarter. There is no guarantee a transaction for the U.S. rights will be consummated, however we will continue to inform the investment community on any updates available.”

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OTCPicks Featured Company: UOMO Media, Inc. (UOMO.OB) Adds New Directors to Company Roster

Wednesday, May 21st, 2008

The NE Inc., a fully owned subsidiary of UOMO Media, Inc. (OTC: UOMO), recently made it public that they have added new directors to the company roster. Marc Andre Debruyne and David F. Mewa are two very accomplished commercial, film and video directors, and are now an intricate part of the production team at The NE Inc.

Another addition to the team is acclaimed video director Cazhhmere, who has worked with artists Jordan Croucher (EMI), Classified (Halflife/URBNet), Justin Nozuka (Coalition), Choclair (Sauve Dawg), and Melanie Durrant. Lastly, the company added STIRLING, who has recently directed videos for Drake featuring Trey Songz, Cory Lee, and Taio Cruz (Island/Universal Music UK).

“The NE Inc. is attracting the best, brightest, freshest, most talented film directors,” commented Randall Thorne, Executive Director of The NE Inc. “Together we are creating innovative, cutting edge film and video projects. The visuals our team creates are the best in the industry.”

“Having our roster of high profile and accomplished film directors tied to UOMO, we have created a synergy between the subsidiaries and divisions, and created new opportunities for developing revenue from our entertainment properties,” said Mr. Camara Alford, CEO and Chairman of UOMO Media, Inc.

UOMO Media, Inc. is a multi-channel entertainment company that acquires, produces, and manages intellectual media content and digital assets. The company operates within four divisions: UOMO Digital Distribution, UOMO Recorded Music, UOMO Talent Management, and UOMO Publishing.

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OTCPicks Featured Company: Quantum Fuel Technologies Worldwide, Inc. (QTWW) Partner Expands on Solar Module Manufacturing Capacity

Wednesday, May 21st, 2008

With an increase in demand for photovoltaic power systems in Europe, Quantum Fuel Systems Technologies Worldwide, Inc. (NASD: QTWW) announced that their German solar partner, Asola Advanced and Automotive Solar Systems GmbH, is enhancing their annual solar module manufacturing capacity to 45 MW (megawatts peak power). Financing for the expansion has been fully secured by Asola, and the launching of the new facility is expected to happen by fall of this year.

Both parties have been in discussion regarding the expansion of their current partnership, in which Quantum holds a 25% stake in Asola. Earlier this year the two companies entered into a long-term supply agreement with Ersol Solar Energy AG for the procurement of 155 MW of high-efficiency silicon photovoltaic solar cells. This allows the two companies to have a sufficient amount of solar cells, thereby giving them protection for any future disruptions due to crystalline silicon shortages. The companies have entered into numerous supply agreements with major suppliers around the world, and Asola and Quantum anticipate generating more than $600 million as a result of the agreements.

“Electricity buy back guarantee programs continue to expand the market for high quality solar photovoltaic power systems in Europe. We are excited to be in this vibrant market place, and pleased by the customer-loyalty and appreciation for Asola’s technology leadership, reliability and highest manufacturing quality,” said Alan P. Niedzwiecki, President and CEO of Quantum.

“Asola is pleased to kick off this much needed expansion project in partnership with Quantum,” commented Asola’s founder and CEO, Reinhard Wecker. “We are thankful to our bank, local and federal government agencies, key customers and suppliers for their collaboration and support for this project. Our expanded capacity will allow us to serve new and existing customers who are demanding increasing quantities of high quality solar photovoltaic products to ensure reliable electricity production during peak demand hours.”

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OTCPicks Featured Company: China Wind Systems, Inc. (CWSI.OB) Announces First Quarter 2008 Financial Figures

Tuesday, May 20th, 2008

China Wind Systems, Inc. (OTCBB: CWSI) recently announced their financial figures for the first quarter ended March 31, 2008. The company operates through their wholly owned subsidiaries and variable entities manufacturing and selling industrial machines for use in the textile and energy-related fields in the People’s Republic of China.

For the first quarter of 2008, net revenue totaled $8.4 million, an increase of 104.6% compared to the same period of last year. The rise of revenue resulted from an increase in both the dyeing and finishing equipment and electric power equipment. Revenues in the electric power equipment sector increased to $3.8 million, up from $3.0 million a year ago, and revenues from dyeing and finishing rose by 20% to $4.7 million. Marketing efforts were made by the company that focused on developing new customers and continuing sales with existing customers.

Gross profit for the first quarter of 2008 was $2.2 million, a significant increase from a year ago when it was reported at $1.1 million. Gross margin saw a slight change at 25.7% for this quarter, as opposed to 25.8% the year prior. Gross profit for dyeing was $1.2 million compared to $1.0 million a year ago, and gross profit for electrical power equipment was $1.0 million for the first quarter 2008, compared to $0.1 the previous year.

Mr. Jianhua Wu, Chairman and CEO of China Wind Systems, said, “Last quarter we made progress in executing our long term strategy, which is to expand our products to offer products and services for the wind power industry. During 2007, we began to generate revenue from the forging of rolled rings, for the wind power and other industries. These activities accounted for $3,204,266, or 37.9% of total revenue for the three months ended March 31, 2008, of which approximately 30% are used for the wind industry. Wind industries revenues accounted for $1,902,916, or 7.8% of revenues for the year ended December 31, 2007.”

Operating expenses were reported at $0.7 million for the first quarter 2008; it was $0.2 million a year ago. Operating income added up to $1.5 million for the first quarter 2008, a 66.6% increase from the prior year. Net loss, which includes non-cash items like interest expense related to amortization of debt discount of $2.3 million and deemed preferred dividend of $2.9 million, was $4.1 million for the first quarter 2008, or $0.11 per fully diluted share.

Looking ahead the company is anticipating $40.0 million in revenues and $7.0 million in net income after a 25% tax rate, or $0.11 per share based on 62.9 million weighted average diluted share count.

“In 2008, we expect to significantly increase our revenues generated from our electric power equipment business and our wind power business. We have been evaluating working relationships with leading wind energy companies in China to supply wind components. We are on track to complete the first phase of our expansion plan and expect to manufacture larger forged rolled rings and shafts at our facilities by October 2008,” added Mr. Jianhua Wu.

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OTCPicks Featured Company: Enzyme Environmental Solutions, Inc. (EESO.PK) Signs Agreement to Become a Distributor of an Energy Drink

Monday, May 19th, 2008

Enzyme Environmental Solutions, Inc. (OTC: EESO) announced that they have finalized an agreement to be the primary distributor for Potencia Energy Drink across the Midwest. The company will continue to keep their contracts in the convenience store industry, as was stated by the company’s CEO Jared Hochstedler.

Potencia Energy Drink’s market is found mostly in Mexico, as the company has distribution agreements and supplies all of the major retail chains in Mexico. With the Hispanic energy drink market growing rapidly in the United States, the company is looking to grow with it as well.

Brian Weber, Co-Owner of Potencia, commented on his relationship with Jared Hochstedler, “We have created a very nice synergistic alliance with EESO. They have a great footprint in the Midwest Convenience Stores and we have a very strong footprint with the major retail chains in Mexico. As Jared and I discussed how we can assist each other, opening our distribution networks and sharing warehousing with each other allows for a very efficient way to open new markets for both companies.”

Jared Hochstedler clarified why his company is looking to enter the C-Store Beverage business, “I understand that there is some misunderstanding why I am pursuing the C-Store Beverage business. For those that do not understand, obtaining shelf space in the retail market is the key to success. Once you have an in to the shelf space it becomes a matter of placing items that will sell the best. The C-Store industry, with the help of Bill and Owen, is becoming a huge opening for EESO product placement and in my view it does not matter whether it is enzyme based or otherwise. I said from the beginning I am focused on sales.

“Brian Weber and I were in Mexico recently and as a result I am looking forward to releasing further contract information in the coming days. As mentioned earlier our fully automated bottling machine has been delivered and we expect it to be operational no later than week’s end. I hope these recent events will demonstrate my desire to build shareholder value. I trust all shareholders will be pleased with our results,” Hochstedler concluded.

Enzyme Environmental is a U.S. based manufacturer of industrial and agricultural enzyme products. The company’s manufacturing plant is located in Fort Wayne, Indiana, where all the manufacturing, testing, and formulating is conducted.

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OTCPicks Featured Company: China Wind Systems, Inc. (CWSI.OB) Announces First Quarter 2008 Financial Numbers

Monday, May 19th, 2008

China Wind Systems, Inc. (OTCBB: CWSI) recently announced their financial figures for the first quarter ended March 31, 2008. The company operates, through their wholly owned subsidiaries and variable entities, manufactures and sells industrial machines for use in the textile and energy-related fields in the People’s Republic of China.

For the first quarter of 2008, net revenue totaled $8.4 million, an increase of 104.6% in the same period of last year. The rise of revenue resulted from an increase in both the dyeing and finishing equipment and electric power equipment. Revenues in the electric power equipment sector increased to $3.8 million, up from $3.0 million a year ago, and revenues from dyeing and finishing rose by 20% to $4.7 million. Marketing efforts were made by the company that focused on developing new customers and continuing sales with existing customers.

Gross profit for the first quarter of 2008 was $2.2 million, a significant increase from a year ago when it was reported at $1.1 million. Gross margin saw a slight change at 25.7% for this quarter, as opposed to 25.8% the year prior. Gross profit for dyeing was $1.2 million compared to $1.0 million a year ago, and gross profit for electrical power equipment was $1.0 million for the first quarter 2008, compared to $0.1 the previous year.

Mr. Jianhua Wu, Chairman and CEO of China Wind Systems, said, “Last quarter we made progress in executing our long term strategy, which is to expand our products to offer products and services for the wind power industry. During 2007, we began to generate revenue from the forging of rolled rings, for the wind power and other industries. These activities accounted for $3,204,266, or 37.9% of total revenue for the three months ended March 31, 2008, of which approximately 30% are used for the wind industry. Wind industries revenues accounted for $1,902,916, or 7.8% of revenues for the year ended December 31, 2007.”

Operating expenses were reported at $0.7 million for the first quarter 2008; it was $0.2 million a year ago. Operating income added up to $1.5 million for the first quarter 2008, a 66.6% increase from the prior year. Net loss, which includes non-cash items like interest expense related to amortization of debt discount of $2.3 million and deemed preferred dividend of $2.9 million, was $4.1 million for the first quarter 2008, or $0.11 per fully diluted share.

Looking ahead the company is anticipating $40.0 million in revenues and $7.0 million in net income after a 25% tax rate, or $0.11 per share based on 62.9 million weighted average diluted share count.

“In 2008, we expect to significantly increase our revenues generated from our electric power equipment business and our wind power business. We have been evaluating working relationships with leading wind energy companies in China to supply wind components. We are on track to complete the first phase of our expansion plan and expect to manufacture larger forged rolled rings and shafts at our facilities by October 2008,” stated Mr. Jianhua Wu.

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OTCPicks Featured Company: Millennium Cell, Inc. (MCEL) Ceases All Operations

Friday, May 16th, 2008

Millennium Cell, Inc. (NASD: MCEL) informed the public that they will be terminating the company’s executive officers and employees at the close of business on Friday, May 9. Employees of the company were advised that there could be a possible recall offer for employment if immediate cash funding in a sufficient amount is attained to restart operations.

The Executive Committee of the Board of Directors and other members of senior management who are serving on a voluntary basis only have been in contact with a corporation that has expressed interest in entering into a reverse merger transaction with the company, which would result in short term liquidity to the company pending completion. This requires that the company’s common stock remain listed on the NASDAQ and that the company restructure their existing convertible debentures in a principle amount of $4.1 million.

A hearing is scheduled for June 12, 2008, in which the company will present a plan of compliance to NASDAQ. There has been no guarantee made by the company as far as possible completion of the transaction or another option for attaining immediate cash. Therefore, bankruptcy may become a reality for the company.

Millennium Cell, Inc. develops hydrogen batteries for use in portable electronic devices primarily for the military, medical, industrial, and consumer markets. The batteries contain both a fuel cell and hydrogen storage technology. The fuel cell converts stored hydrogen from the fuel cartridge into electricity.

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OTCPicks Featured Company: SouthPeak Interactive Corporation (GSPA.OB) Goes Public

Thursday, May 15th, 2008

As one of the rapidly growing video game publisher, SouthPeak Interactive Corp. (OTCBB: GSPA), announced they have gone public through the completion of their transaction with Global Services Partners Acquisition Corp. The company changed their name from Global Services to SouthPeak upon the closing of the acquisition, which allowed them to also complete institutional financing.

The company has been growing at an alarming pace, as their unique production model utilizes independent studios to source and produce innovative video games. The company can maximize operational flexibility and profitability by leveraging leading talent in the development sector and minimizing fixed overhead. The video game industry is a growing significantly in the U.S. with software sales expected to grow from $6.5 billion in 2006 to $13.6 billion in 2009, according to Goldman Sachs.

Melanie Mroz, CEO of SouthPeak, expressed her excitement about entering the public markets, “We are excited to enter the public markets and receive a very positive response from the investment community. The opportunity provided through this transaction positions SouthPeak to outpace the industry in terms of revenue and profit growth. We believe the combination of our strong product offering along with our unique business model will drive substantial shareholder value.”

“With the video game industry experiencing phenomenal growth, we are in a strong position to capitalize on the rapid market expansion,” said Terry Phillips, Chairman of SouthPeak. “By securing lasting franchises and approaching the marketplace with a diverse platform strategy, we are able to take full advantage of every revenue opportunity.”

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OTCPicks Featured Company: Pilgrim Petroleum Corporation (PGPM.PK)

Wednesday, May 14th, 2008

Pilgrim Petroleum’s most valuable properties are located in the northwestern region of Texas, where they own approximately 12,000 acre properties. The properties host resources with an estimated P50 (*) of 4 millions of barrels of oil equivalent, these estimates come from “Petroleum Classification and Definitions” (2000) published in draft by the Society of Petroleum Engineers (SPE) and the World Petroleum Congress.

The company is currently in a new phase which lays down a strategy with their partners and alliances for new drilling activities in their leasehold position for further categorization of reserves. The management team is focused on developing multiple phases with hydrocarbon potential and is pleased to communicate that the company’s combined assets are now creating an exciting trend and that new acquisitions for further hydrocarbon development are under consideration.

Rafael Pinedo, President of Pilgrim Petroleum, said, “Triple digit oil prices and current market conditions make new ventures an open opportunity to develop our assets with great levels of profitability. Management is implementing streamlining operations activities as well as targeting new acquisitions and joint ventures.”

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OTCPicks Featured Company: Comtex News Network, Inc. (CMTX.OB) Releases Third Quarter Fiscal 2008 Earnings

Tuesday, May 13th, 2008

Comtex News Network, Inc. (OTCBB: CMTX) today announced their financial earnings for the third fiscal quarter and the nine month period ended March 31, 2008. The company is a leader in providing economically useful electronic real-time news, content, and SmarTrend® market products.

Numbers showed an operating income of $232,000 and a net income of $244,000, or $0.02 per share for the fiscal third quarter of 2008. Both numbers increased from last year’s numbers of $61,000 and a net loss of $181,000 for the third quarter of last year. The significant growth is due to decreases in both fixed product costs and overhead expenses. The company’s revenues for both the quarter ended March 31, 2008 and last year’s third quarter stayed at $1.8 million.

For the first nine months ended March 31, 2008, the company reported an operating income of $797,000 and net income of $754,000, or $0.05 per share. These numbers were compared to an operating income of $83,000 and a net loss of $192,000 for the previous year. Revenues for the nine months ended March 31, 2008 were $5.4 million, a slight rise from last year’s comparative number of $5.2 million. The increase was caused primarily by an unrecognized $181,000 of revenue, and an increase in sales to existing clients.

Lastly, the company reported EBITDA (excluding the effects of stock-based compensation) of approximately $858,000 for the nine months ended March 31, 2008, compared to $204,000 for the nine month period of last year. The increase resulted from the collection and recognition of revenue from prior periods, the reversal of accrued expenses related to a legal settlement, and reductions in both fixed product costs and overhead expenses.

“Comtex’s third quarter fiscal 2008 financial results show increased profit margins, working capital and stockholders’ equity, while revenues remained basically unchanged. Comtex is well positioned to capitalize on the convergence of content and technology to create innovative new products and services,” stated Chip Brian, President and CEO of Comtex.

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OTCPicks Featured Company: Bionic Products, Inc. (BNPD.PK) to Enter the Energy Supplement Market through Potential Acquisition

Monday, May 12th, 2008

Bionic Products, Inc. (OTC: BNPD) recently announced that they have commenced discussions to negotiate the acquisition of a proprietary, nutrient-enhanced bottled water line. The company’s management team has held discussions on the potential acquisition over a period of two days, including meetings and negotiations. Currently, the company is evaluating potential corporate actions that include further acquisitions or partnership agreements with other bottlers and vendors that could help them become a leader in producing energy drinks, nutritional supplements and beverages.

The company has engaged in developmental work on the formulation of a 2.5 oz., shot-size energy supplement that will be marketed under the name “Bionic-Inoculation.” A specialty development vendor working closely with Bionic, Creative Flavor Concepts, is helping speed up the release of this specialty supplement, in hopes that the three initial flavors will be available to the public this summer.

“Bionic Products is at a very riveting point in its developmental growth cycle. There are a number of very attractive opportunities that are carefully being reviewed by the Company at this present time which we believe would add to overall shareholder value,” commented Mr. Pulver, VP/Director of Bionic Products. “The Company is approaching the final stages of completion of our website www.bionicproducts.us and I would like to encourage shareholders to visit the website to monitor the progress being accomplished. I look forward to keeping shareholders updated as events with the Company take place. Thank you very much for your continued support and confidence in our Company.”

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OTCPicks Featured Company: eGain Communications Corp. (EGAN.OB) Reports Financial Numbers for March 31, 2008

Monday, May 12th, 2008

Financial numbers for the third quarter of fiscal March 31, 2008 were recently released by eGain Communications Corporation (OTCBB: EGAN), a customer service provider and contact center software producer that assists companies in establishing customer interaction hubs worldwide. At the close of last Friday’s trading, the company’s stock rose 36.92%.

The company reported total revenue of $8.8 million, an increase of 64% from a year ago. License revenue skyrocketed by 273%, reported at $2.2 million. Support and services revenue rose by 37% to $6.6 million. Gross margin a year ago was at 56%, compared to this quarter’s 65%. Total operating costs and expenses came out to be $5 million, increasing by 2% over a year ago. Net income on a GAAP basis for this quarter was $542,000, or $0.04 basic net income per share, compared to last year’s GAAP numbers of $2.2 million, or $0.14 per share.

There was a decrease in total cash and cash equivalents from December 31, 2007 figures of $5.0 million to $4.0 million on March 31, 2008. The company attributes the decrease to a $910,000 reduction in bank borrowings in the quarter. The sales outstanding in receivables for the quarter ended March 31, 2008 were 30 days compared to 28 days from the comparable quarter a year ago. Deferred revenues totaled $5.2 million for this quarter, up from $5.0 million a year ago.

Ashu Roy, eGain CEO, said, “We are very pleased with our year-to-date financial performance. This was a record quarter for us on a number of fronts. We recorded the highest quarterly net income in the company’s history. In addition, revenue for first three quarters of fiscal 2008 exceeded total revenue for fiscal 2007; this means that revenue for fiscal 2008 will be at the highest level since fiscal 2001. Based upon this momentum we are updating our fiscal 2008 revenue guidance for the second time this fiscal year.”

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OTCPicks Featured Company: China Technology Development Group Corporation (CTDC) Completes Testing of Production Line

Friday, May 9th, 2008

A subsidiary of China Technology Development Group Corporation (NASD: CTDC), China Merchants Zhangzhou Development Zone Trenda Solar Energy Ltd., has concluded testing on their first SnO2 production line. Beginning in June it will be this line that will operate the pilot production of the solar base plates. SnO2 is a specific type of transparent conductive oxide substrate of amorphous silicon (a-Si), or thin film solar cells. This film helps enhance the performance of Building Integrated Photovoltaics (BIPV).

Over the past several month engineers from the company as well as partnering companies, Terra Solar and China Solar, have been carefully working on the manufacturing techniques to optimize the energy efficiency and cut down production cost of the SnO2 base plate product. The company is anticipating full production within six months.

Alan Li, Chairman and CEO of CTDC, said, “We are delighted to announce the test completion of the first production line and are excited about the upcoming milestones according to our expansion plan. The test completion timeline of the first production line is consistent with the Company’s strategy plan announced in December of 2007. We have initiated meetings with our potential customers concerning our product availability and delivery schedule. We are confident that our final product will be well qualified and competitive to meet the increasing demands for our product in the upcoming months.”

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OTCPicks Featured Company: Drake Gold Resources, Inc. (DKGR.PK) Enters into Joint Venture with Eagle Mining

Friday, May 9th, 2008

Drake Gold Resources, Inc. (DKGR) announced that they have entered into a joint venture with the Texas-based Eagle Mining. The agreement is for two projects located in Mohave county Arizona, Abigail and Donovan, which total at 300 acres. Both projects show stunning evidence of a high concentration of gold that have been reported in geological essays completed by Southern Spectrographic Laboratory, Inc. The company’s stock rose 32.26% on Thursday.

Under the agreement Drake will hold 47% of the net proceeds in exchange for Drake furnishing additional dry-processing equipment and jointly covering daily operational expenses. The management and operation side will still be under Eagle, as well as maintaining permits and associated fees.

This agreement came after the company signed a distribution joint-venture with AERO Mining Technologies. There is a great relationship between AERO and Drake that has created opportunities for both companies. A full report of the joint venture is expected to be released next week, and will include historical data, BLM permits, equipment details, and plans of expansion.

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OTCPicks Featured Company: myPhotopipe.com, Inc. (MPPC.PK) Reveals Customer Education Products

Wednesday, May 7th, 2008

myPhotopipe.com, Inc. (OTC: MPPC) announced they will be launching a series of customer education products themed “A Beautiful Photograph is Just the Beginning.” The company provides online digital photo processing and similar services to high-end amateur and professional photographers.

This comes after a significant increase of first-time customers since January. The company has seen the number jump from 17, 480 to 19, 645, a net gain of 2,165, or an average of 18.5 first-time users per day; marking the highest growth rate in company history. The company has been busy introducing a new line of mounting products, increasing the number of SKU’s across the majority of product lines, developing two new collections in their greeting card line, and enhancing their multi-photo print templates.

Pete Casabonne, President of myPhotopipe.com, said, “We needed to connect the dots. We’ve been in a fairly intense period of new product introductions and new customer growth, which means we need to make sure the breadth of our products is known to our customers, and that our customers are knowledgeable about our products. With the Internet and new digital tools, this is not your grandmother’s 4X6 print anymore.

“We service photographers across the nation, so we get to see what’s happening, and when we see the smallest spike behind a style or a print size, we try to quickly translate that into a form that all of our photographers can access,” he continued. “Today’s photographers are demanding more from their online photo processors. They want ways to add drama to an image or turn a print into a work of wall art, but they don’t want to wrestle with an alligator to make that happen. ‘A Beautiful Photograph is Just the Beginning’ tells our customer that there are many things they can do with that photograph beyond the ordinary 4X6 and 8X10.”

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OTCPicks.com Highlights Carbon Sciences Inc. (CABN.OB)

Wednesday, May 7th, 2008

Carbon Sciences Inc. (CABN.OB) is a California-based company in the process of developing an innovative technology for transforming harmful carbon dioxide (CO2) into earth-friendly carbon products such as building materials, plastics, and fertilizers. The technology is based on a patent filed by the company.

By eliminating harmful CO2 emissions, the company’s technology will provide a partial solution to the problem of global warming. Carbon Sciences is initially targeting emissions from coal-fired electric plants and fuel production plants, since about one third of CO2 released into the atmosphere is from the combustion of coal. Current methods for reducing CO2 from power plants involve capturing the CO2 and storing it underground. This method is just not economically viable at a cost of approximately $150 per ton.

The company’s Green Carbon Technology shows promise. This technology can be installed in new coal-fired plants or retrofitted for existing plants. The company’s GreenCarbon ‘reactor’ takes the CO2 and – in a process using water and mineral rock particles – transforms the CO2 and mineral feedstocks into green carbonate, a highly stable and useful mineral carbonate product with numerous applications, including agricultural fertilizer, extender in paints and coatings, concrete fillers used in construction, plastics, paper-making uses to help increase paper’s whiteness and gloss, etc. By selling this very useful carbonate product, companies would be able to reduce the cost of CO2 transformation.

Carbon Science’s technology should find a ready market. Both the Bush administration and the Kyoto Protocol have mandates which require greatly reducing carbon emissions by 2012. The Kyoto treaty calls for a $40 per ton penalty on CO2 emissions which eventually rises to $100 per ton, so the company’s product should have strong demand from around the world. At the Bali Global Warming Conference in December 2007, many of the participants showed great interest in Carbon Science’s Green Carbon Technology.

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OTCPicks Featured Company: Cyclone Power Technologies, Inc. (CYPW.PK) Awarded for Environmental Achievement

Tuesday, May 6th, 2008

Cyclone Power Technologies, Inc. (OTC: CYPW) was recently named the Environmental Business of the Year by the Environmental Protection Department of Broward County, Florida. The award presentation came during the county’s Emerald Awards, which recognizes various achievements of local businesses that take actions to protect and preserve the environment. More than 12 other Emerald Award winners were considered for the distinguished award.

The company researched statistics concerning the reduction of gasoline and projected that, if 10% of lawn mowers in the state of Florida converted to a Cyclone Engine, consumers could save over 12 million gallons of gasoline annually, and reduce ground spillage of gas and motor oil by an estimated 100,000 gallons. This would result in a reduction of 127, 200 pounds of hydrocarbons, 1,200 pounds of nitrogen oxides, and 3,360 pounds of irritating particles in the atmosphere. There would also be the possibility of reducing over 1 million pounds of carbon dioxide emissions by replacing regular fuels with carbon-neutral biofuels.

The projected arrival of the company’s first commercially available engine is 2009. with walk-behind lawn mower applications potentially entering the marketplace late next year. Development and testing has already commenced for engines used in portable generators, riding mowers, off-road equipment, automobiles, trucks, buses, locomotives and ships.

Harry Schoell, CEO of Cyclone Power Technologies, said, “We are working hard to bring the Cyclone engine to the public, as we know its impact on creating a healthier environment will be enormous. We are so pleased that our technology has been recognized and elevated by our local environmental protection department.”

The Cyclone Engine – developed by President and CEO, Harry Schoell – regenerates its heat, allowing it to run cleaner, cooler and more efficiently than traditional internal combustion engines. It is fully capable of running on any liquid or gaseous fuel, including ethanol, bio-diesel and propane. The company’s stock rose 71.43% on Monday.

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OTCPicks Featured Company: MyPhotopipe.com, Inc. (MPPC.PK)

Friday, May 2nd, 2008

Providing online digital photo processing and related services, myPhotopipe.com, Inc. (OTC: MPPC) recently received good news concerning new data involving digital prints and online channeling.

The February 2008 PMA Monthly Printing and Camera Trends Report was released this week and shows that total prints made from digital images increased 25% compared to last year’s data for the month of February. This report also shows that the total share of the market for orders online with mail delivery rose 4.1% to 15.6%. This concludes a year-over-year growth of 51% for online ordering with mail delivery. Since December of 2006, February became the 14th consecutive month where prints made from digital images rose by double-digits.

Douglas Keeney, CEO of myPhotopipe.com, said, “myPhotopipe.com has always been a believer in the online model for ordering digital prints, and we remain the only “pure play” in the online ordering with mail delivery channel. It’s easier. It’s convenient. It delivers your prints to your home. So, yes, this latest data represents excellent news for our space and for our Company. Unfortunately, most people will overlook the most important part of the data, which involves the compounding effect, the perfect storm if you will, of a growth market and a growing share of that market. On a constant dollar basis, the value of online ordering has surged almost 300% since 2006.”

Looking at the numbers on a quarterly scale, there has been a consistent increase of photographs being ordered online with mail delivery. Starting in March of 2007, the number was 12.4%. June registered at 13.5%, September reported 14.0%, and December showed 15.1%. During morning trading, the company’s stock rose 33.33%.

The company is anticipating substantial growth in new products and customers, “We’re adding between 400 and 600 new customers a month and seeing our web site bookmarked approximately 12,000 times a month. The new industry data tells us that the future value of every new customer increases over time, which in part explains why those of us in both the consumer and professional segment of this business are enjoying extraordinary sales growth,” added Keeney.

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