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(M2 PressWIRE Via Acquire Media NewsEdge) STOCK MARKETING INC PRESENTS : (PINKSHEETS: ERRCF) Encore Renaissance Resources Corp., (NASDAQ: SIMO) Silicon Motion Technology Corp., Inc., (NASDAQ: WBMD) WebMD Health Corp., (NASDAQ: PURE) PURE Bioscience, (NASDAQ: MAXY) Maxygen, Inc., (NASDAQ: XING) Qiao Xing Universal Telephone, Inc.
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(PINKSHEETS: ERRCF - Encore Renaissance Resources Corp.)
LATEST NEWS!!
Encore Renaissance Resources Discovers Three New Mineralized Veins While Preparing Underground Tunnel Towards Main Zone
VANCOUVER, BRITISH COLUMBIA, Dec 10, 2009 -- ENCORE RENAISSANCE RESOURCES CORP. (TSX VENTURE: EZ)(FRANKFURT: OUH1)(PINK SHEETS: ERRCF) Encore Renaissance Resources Corp. (the "Company") reports that exploration work has encountered three new mineralized veins. These veins were revealed during the completion of the surface exploration work program and while preparing to develop its underground workings.
Michael Mulberry, President of Encore commented, "The discovery of additional veins in close proximity to the known veins on the property is very encouraging and management anticipates that these new veins will add to the company's long term growth." The Portal Entrance to the planned underground development is the starting point of the planned decline/ramp. This ramp will give the company underground access to the 14 known veins on the property, as it continues mining its bulk test sample.
The Portal Entrance, which is set on the Raven vein, has provided the positive discovery of more sulphide mineralization than was anticipated. By advancing the decline/ramp underground, the company expects to intersect all 3 new veins located between the Raven and The Eagle veins. The onset of winter conditions and mobilization of production demands have not yet allowed full investigation of these additional veins but it is known that they do contain sulphide mineralization.
The discovery of these additional veins in close proximity to the Raven and Eagle veins which contain high sulphide content, are adding to the company's long term bulk test mining potential. Each vein will be tested during the mining process to determine the overall grade of the mineralization.
The company is very encouraged by this development that is adding to the 14 known sulphide rich veins on the property.
The company is continuing the underground bulk mining test adding to its shipments of mineralized rock to Kinross Gold's mill in Washington State for processing.
Encore is a well diversified junior with projects that include its flagship property, The Bonaparte Gold Mine, located near Kamloops, British Columbia. Encore also has approximately 5,200 contiguous acres bordering Underworld Resources in the Yukon, approximately 160,000 contiguous acres of land prospective for lithium in Alberta, 30 claims at the Dolly Varden Copper Gold Property located in North Eastern Nevada, USA and 6,660 acres of land in the Stewart Mining Region of British Columbia.
This release has been reviewed by Laurence Stephenson P.Eng. the designated Qualified Person.
On behalf of the Board of Directors Michael Mulberry, President and Director
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(NASDAQ: SIMO - Silicon Motion Technology Corp.)
LATEST NEWS!!
Silicon Motion Technology Corporation Announces Upcoming Schedule of Events With the Financial Community
TAIPEI, Taiwan, Dec 11, 2009 -- Silicon Motion Technology Corporation (Nasdaq:SIMO), a leading fabless semiconductor company that designs, develops, and markets high-performance, low-power semiconductor solutions for the multimedia consumer electronics market, today announced that it will participate in the following upcoming conferences:
Nomura AC@CES 2010 Thursday, January 7, 2010 (meetings only; no Webcast) Wynn Las Vegas - Las Vegas, NV
The 12th Annual Needham Growth Stock Conference Wednesday, January 13, 2010 1:50 p.m. (Eastern Time) Webcast New York Palace Hotel - New York, NY
Wedbush 8th Annual New York MAC Conference Tuesday to Thursday, March 9-11, 2010 (meetings and Webcast; tentative dates) Le Parker Meridien Hotel - New York, NY
Merrill Lynch "Taiwan, Technology & Beyond" Conference Wednesday, March 17, 2010 (meetings only; no Webcast; tentative date) Shangri-La's Far Eastern Plaza Hotel - Taipei, Taiwan
Interested parties can listen to a live audio Webcast of the Company's presentation on the Investor Relations section of Silicon Motion's website at www.siliconmotion.com. A replay of the Webcast will be available for a limited period of time following the event.
About Silicon Motion: We are a fabless semiconductor company that designs, develops and markets high performance, low-power semiconductor solutions for the multimedia consumer electronics market. We have three major product lines: mobile storage, mobile communications, and multimedia SoCs. Our mobile storage business is composed of microcontrollers used in NAND flash memory storage products such as flash memory cards, USB flash drives, SSDs, embedded flash applications, and card readers. Our mobile communications business is composed of mobile TV IC solutions, CDMA RF ICs, and electronic toll collection RF ICs. Our multimedia SoCs business is composed of products that support portable multimedia players, DAB systems, PC cameras, and embedded graphics applications.
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(NASDAQ: WBMD - WebMD Health Corp.)
LATEST NEWS!!
WebMD Health Corp. Announces Preliminary Results of Its Tender Offer
NEW YORK, Dec 11, 2009 -- WebMD Health Corp. (Nasdaq: WBMD) announced today the preliminary results of its tender offer to purchase up to 5,700,000 shares of its common stock at a price of $37.00 per share, which expired at 5:00 p.m., New York City time on December 10, 2009. Based on the preliminary count by American Stock Transfer & Trust Company, the Depositary for the tender offer, 6,352,896 shares of common stock were properly tendered and not withdrawn, including approximately 1,222,000 shares that were tendered through notice of guaranteed delivery.
In accordance with the terms of the tender offer and in compliance with Rule 13e-4(f) of the Securities Exchange Act of 1934, which permits WebMD to purchase up to an additional two percent of its outstanding common stock without extending the tender offer, the Board of Directors of WebMD authorized the purchase of all of the shares tendered in the tender offer, based on the preliminary count. Accordingly, WebMD expects to accept for purchase all shares that were properly tendered and not withdrawn at a purchase price of $37.00 per share, for a total cost of approximately $235.1 million.
The number of shares tendered and not withdrawn is preliminary and is subject to verification by the Depositary and to the proper delivery of all shares tendered and not properly withdrawn (including shares tendered pursuant to guaranteed delivery procedures). The actual number of shares validly tendered and not withdrawn will be announced promptly following completion of the verification process. Promptly after such announcement, the Depositary will issue payment for the shares validly tendered and accepted under the tender offer. It is currently expected that payment for all shares purchased will be made on or about December 16, 2009.
As of December 9, 2009, WebMD had approximately 58.1 million shares of common stock issued and outstanding (including shares of unvested restricted stock). As a result of the tender offer, WebMD expects to have approximately 51.8 million shares of common stock issued and outstanding as of the time immediately following payment for the accepted shares.
The Information Agent for the tender offer is Innisfree M&A Incorporated. The Depositary is American Stock Transfer & Trust Company. For questions and information, please call the Information Agent toll free at 1-888-750-5834.
About WebMD WebMD Health Corp. (Nasdaq: WBMD) is the leading provider of health information services, serving consumers, physicians, healthcare professionals, employers and health plans through our public and private online portals and health-focused publications.
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(NASDAQ: PURE - PURE Bioscience)
LATEST NEWS!!
PURE Bioscience's Antimicrobial Technology Featured in Public Health Information Site
TouchSurfaces.org Advocates Using SDC to Help Prevent Spread of H1N1, MRSA 'Super Bug' and Other Dangerous Pathogens
SAN DIEGO, Dec 10, 2009 -- PURE Bioscience (NASDAQ: PURE), creator of the patented silver dihydrogen citrate (SDC) antimicrobial, announced that public health information website, TouchSurfaces.org, is recommending its SDC hard surface disinfectant as a highly effective weapon in eradicating H1N1, MRSA, VRE, Norovirus and other dangerous pathogens commonly spread on hard surfaces.
The public health site is focused on educating visitors on how hard surfaces in the home, the workplace and in public venues can act as host to a multitude of infectious viruses and bacteria including H1N1, MRSA, HIV and others. The Centers for Disease Control and Prevention, and the American Society for Microbiology, cite growing evidence that contaminated surfaces enable the proliferation of germs. Research studies indicate the H1N1 virus can live up to twenty-two hours on hard surfaces and remain contagious for up to eight hours longer than seasonal flu. These "high touch" surfaces can include light switches, faucets, hand rails, door knobs, table tops, counters, elevator buttons, vending machine buttons, ATM machines, bathrooms and computer keyboards.
Physician and medical correspondent Dr. Bob Arnot, who serves as chief medical educator for TouchSurfaces.org, says the website will provide the public with a medical practitioner's advice on how to prevent the spread of disease causing pathogens from touch surfaces which pose a silent, yet imminent, threat. SpectraSan 24(TM), distributed by BioTech Medical, LLC, is featured on the site as an advanced broad spectrum disinfectant that kills a host of dangerous pathogens including MRSA, VRE and flu viruses including the pandemic 2009 H1N1 strain. PURE Bioscience's SDC antimicrobial is the active ingredient in SpectraSan24.
"SDC-based products such as SpectraSan24 are gaining acceptance as effective and responsible disinfectants proven to eliminate a wide range of dangerous pathogens in the home and workplace," said Michael L. Krall, CEO of PURE Bioscience. "TouchSurfaces.org offers valuable public health information to help consumers protect themselves against a wide range of health threats to which they are exposed to every day. We are proud that our SDC technology is featured in this important education campaign, and we remain committed to bringing to market our powerful antimicrobial, which has been proven highly effective against these threats while retaining the EPA's lowest toxicity rating." About PURE Bioscience PURE Bioscience develops and markets technology-based bioscience products that provide solutions to numerous global health challenges. PURE's proprietary high efficacy/low toxicity bioscience technologies, including its silver dihydrogen citrate (SDC)- based antimicrobials, represent innovative advances in diverse markets and lead today's global trend toward industry and consumer use of "green" products while providing competitive advantages in efficacy and safety. Patented SDC is an electrolytically generated source of stabilized ionic silver which formulates well with other compounds. As a platform technology, SDC is distinguished from competitors in the marketplace because of its superior efficacy, reduced toxicity and the inability of bacteria to form a resistance to it. PURE is headquartered in El Cajon, California (San Diego metropolitan area). Additional information on PURE is available at www.purebio.com.
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(NASDAQ: MAXY - Maxygen, Inc.)
LATEST NEWS!!
Maxygen, Inc. Announces Extension of Dutch Auction Tender Offer
REDWOOD CITY, Calif., Dec 11, 2009 -- Maxygen, Inc. (Nasdaq: MAXY), a biopharmaceutical company focused on the development of improved versions of protein drugs, today announced that it has extended the expiration date for its modified "Dutch Auction" tender offer to repurchase 6,557,377 shares of its common stock, which was commenced on November 13, 2009. The tender offer, which was previously scheduled to expire at 12:00 midnight, New York City time, on Friday, December 11, 2009, will be extended until 5:00 p.m., New York City time, on Wednesday, December 23, 2009. The tender offer remains subject to all previously announced terms and conditions.
As of 5:00 p.m., New York City time, on Thursday, December 10, 2009, 687,535 shares of common stock have been tendered pursuant to the offer. IMPORTANT NOTICE: On November 13, 2009, Maxygen commenced a modified "Dutch Auction" tender offer to repurchase 6,557,377 shares of its common stock. This press release is for informational purposes only and is neither an offer to buy nor the solicitation of an offer to sell any shares of Maxygen's common stock. The tender offer is being made solely by the offer to purchase, the related letter of transmittal and other related documents that Maxygen has previously sent to its stockholders. The materials have been filed as exhibits to Maxygen's tender offer statement on Schedule TO, which was originally filed with the Securities and Exchange Commission on November 13, 2009 (as subsequently amended or supplemented to date). These tender offer materials contain important information that investors are urged to read carefully before making any decision with respect to the tender offer. Each of these documents has been or will be filed with the Securities and Exchange Commission, and investors may obtain them for free from the Securities and Exchange Commission at its website (www.sec.gov) or from Okapi Partners, the information agent for the tender offer, by directing such request to: Okapi Partners LLC, 780 Third Avenue, 30th Fl., New York, NY 10017, telephone (212) 297-0720 or toll-free (877) 285-5990.
About Maxygen Maxygen is a biopharmaceutical company focused on developing improved versions of protein drugs through both internal development and external collaborations and other arrangements. Maxygen uses its proprietary DNA shuffling technology and extensive protein modification expertise to pursue the creation of biosuperior proteins. For more information, please visit www.maxygen.com.
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(NASDAQ: XING - Qiao Xing Universal Telephone, Inc.)
LATEST NEWS!!
Qiao Xing Universal Telephone, Inc. Reports Unaudited First Half 2009 Financial Results
---- Two major items contributed to net loss: Bad debt provision incurred by the indoor phone and lower-end mobile phone business and non-cash interest expenses related to a subsidiary's convertible notes
HUIZHOU, China, Dec 11, 2009 -- Qiao Xing Universal Telephone, Inc. (Nasdaq: XING) ("the Company" or "XING"), an emerging Chinese resources company headquartered in Huizhou, Guangdong Province, today released its unaudited financial results for the six months ended June 30, 2009.
"Fiscal 2009 has been a year of transition for us, as we moved to aggressively re-deploy our capital and focus our efforts and management attention in the resources industry in China, where we see significant opportunity to create value for our shareholders," commented Mr. Wu, Chairman and CEO of the Company. "In April we announced the acquisition of China Luxuriance, which owns the right to explore a large copper-molybdenum poly-metallic mine in Inner Mongolia. More recently we divested our indoor phone and lower-end mobile phone business subsidiary, and in the near future we expect to spin-off our shares in Qiao Xing Mobile Communication to our shareholders, thus completing our transition into a natural resources-focused business." Financial Results for the First Half of 2009 Net sales for the first half of 2009 were RMB1,151.1 million (US$168.5 million), representing a decrease of 8.0% from RMB1,251.9 million for the same period of 2008. The decrease was primarily due to lower average selling price ("ASP") of products sold in the first half of 2009, compared to the same period in 2008.
For the first half of 2009, about 90.1% of our revenue was contributed by the Company's major operating subsidiary CEC Telecom Co. Ltd ("CECT"). CECT total handset shipments in the first half of 2009 amounted to 1,420,000 units, compared to 1,412,000 units in the same period of 2008. The increase in handset shipments compared to the same period of last year was primarily due to the launch of CECT's new VEVA handset models as well as a more aggressive pricing strategy to drive sales in a difficult and uncertain economic environment. In addition, shipments in the first half of 2008 had also been negatively impacted by the earthquake that took place in Sichuan province in May 2008.
Gross profit of the Company decreased by 36.3% to RMB222.5 million (US$32.6 million) in the first half of 2009, compared to RMB349.5 million in the first half of 2008. The decrease in gross profit was mainly attributable to the decline in ASP. Gross margin was 19.3% in the first half of 2009 compared to 27.9% for the same period of 2008.
Total operating expenses were RMB270.8 million (US$39.6 million) in the first half of 2009, which represented an increase of 75.1% from RMB154.7 million in the first half of 2008. The dramatic increase in operating expenses for the first half of 2009 was mainly due to RMB118 million (US$17.3 million) bad debt provision incurred by Hui Zhou Qiao Xing Communication Industry Ltd ("HZQXCI"), a subsidiary of the Company focused on indoor phone and lower-end mobile phone business. As of today, the Company has disposed of HZQXCI.
Net non-operating losses were RMB117.1 million (US$17.2 million) in the first half of 2009, compared with net non-operating income of RMB11.9 million in the first half of 2008. The significant increase in net non-operating losses was mainly due to non-cash interest expenses related to convertible notes issued by Qiao Xing Mobile Communication Co., Ltd ("QXM"), a main subsidiary of the Company. Recently, the USD 30 million principal amount of the QXM convertible notes have been bought back by QXM from the Company.
Operating loss for the first half of 2009 was RMB165.4 million (US$24.2 million), compared to operating income of RMB206.7 million for the same period of 2008.
Net loss was RMB184.1 million (US$26.9 million) compared to net income of RMB53.9 million for the same period of 2008. Basic loss per share was RMB3.62 (US$0.53) compared to basic earnings per share of RMB1.45 for the first half of 2008.
Financial Review of Operations for the Newly Acquired Molybdenum Mine On April 6, 2009, the Company acquired a 100% equity interest in China Luxuriance Jade Company, Ltd. ("China Luxuriance"), which, through its wholly-owned Chinese subsidiaries, owns the right to receive the expected residual returns from Chifeng Haozhou Mining Co., Ltd. ("Haozhou Mining"), a large copper-molybdenum poly-metallic mining company in China. Haozhou Mining owns the exploration license of a mine covering 53.9 square kilometers (the "Mine") in the Inner Mongolia Autonomous Region in the People's Republic of China. As of the acquisition date, Haozhou Mining was still under construction and had no operating revenue.
In June, 2009, Haozhou Mining started test operation for 6 days and produced 53.36 tons of molybdenum concentrates (equal to 25.77 tons of molybdenum metal). The test operation generated sale revenue of RMB4.5 million (US$0.66 million) and a gross profit of RMB 0.89 million (US$0.13 million).
Haozhou Mining started operating on a commercial basis in the third quarter of 2009. The existing facility is believed to have the capacity to process 435,000 tons of ore to produce 2,817 tons of molybdenum concentrate annually (equivalent to 1,378 tons of molybdenum metal). It is planned that by 2011, production capacity will eventually increase to 540,000 tons of ore to produce 3,526 tons of molybdenum concentrate on an annual basis. The Company expects that the Haozhou Mining business will grow to reach an annual net profit of RMB125 million (around USD18 million at current exchange rate by 2011.
About Qiao Xing Universal Telephone, Inc.
Qiao Xing Universal Telephone, Inc. is an emerging Chinese resources company headquartered in Huizhou, Guangdong Province, China. The Company was previously one of the leading players in the telecommunication terminal products business in China, but made the strategic decision to diversify into the resources industry in 2007. In April 2009, the Company acquired 100% equity interest in China Luxuriance Jade Company, Ltd ("CLJC"). CLJC, which, through its wholly-owned Chinese subsidiaries, owns the rights to receive the expected residual returns from Chifeng Haozhou Mining Co., Ltd. ("Haozhou Mining"), a large copper-molybdenum poly-metallic mining company in Inner Mongolia, China. Since then, the Company has further refined its strategy to become a pure resources company and is actively seeking additional acquisition targets in the resources industry.
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