Archive for October, 2014
(RMTI) Exclusive Long-Term Agreement With Baxter Over Hemodialysis Concentrates
Rockwell Receives $20MM Upfront Cash; $15MM Equity Investment; $10MM in Milestone Payments Tied to Manufacturing Expansion
WIXOM, Mich., Oct. 3, 2014 — Rockwell Medical, Inc. (Nasdaq:RMTI), a fully-integrated biopharmaceutical company targeting end-stage renal disease (ESRD) and chronic kidney disease (CKD) with innovative products and services for the treatment of iron replacement, secondary hyperparathyroidism and hemodialysis, announced today that it has signed an exclusive agreement with Baxter Healthcare Corporation, a subsidiary of Baxter International Inc. (NYSE:BAX), to commercialize Rockwell’s hemodialysis concentrate product line in the U.S. and in select overseas markets.
Under the terms of the agreement, Baxter will become the exclusive distributor of Rockwell’s hemodialysis concentrate and ancillary products in the U.S. and selected foreign countries for an initial term of 10 years. Baxter can extend the agreement for two additional 5-year terms upon meeting certain sales targets, coupled with a $7.5 million payment related to the first extension. Baxter will purchase products from Rockwell at a pre-determined gross margin-based price per unit and is required to meet minimum annual purchase levels in order to retain their exclusive rights. Baxter will leverage Rockwell’s unique distribution operations in order to provide specialized customer and delivery service for concentrates, covering Rockwell’s costs for these services. Rockwell will retain sales, marketing and distribution rights for its hemodialysis concentrate products in certain foreign countries in which it has an established commercial presence.
In consideration for the exclusive commercialization rights, Baxter will pay Rockwell $20 million in cash. Baxter will also purchase $15 million of Rockwell common stock. The investment in Rockwell shares is being made at a price per share equal to the average closing price of RMTI shares over the last 12 months (or $11.39 per share). Rockwell is eligible for milestone payments totaling $10 million related to the expansion of its manufacturing capabilities to serve customers across the U.S.
“This long-term, strategic supply and distribution agreement enables Rockwell to expand and accelerate our hemodialysis concentrate business, while we continue to strategically build our drug pharma business in the U.S. and globally,” stated Robert L. Chioini, Founder, Chairman and CEO of Rockwell. “We are excited to be partnering with Baxter, a global market leader who has a proven track record in the field of dialysis and renal products. This agreement benefits dialysis patients and service providers by expanding access to our market leading products in new territories, while reducing future risk.”
Jill Schaaf, Corporate Vice President and President of Baxter’s Renal business, added, “Baxter remains committed to addressing the needs of patients and healthcare providers with a comprehensive range of therapeutic options across home, in-center and hospital settings. This partnership enhances Baxter’s product portfolio with the addition of Rockwell’s high-quality hemodialysis concentrate products.”
Conference Call Information
Rockwell Medical will be hosting a conference call to discuss the agreement on Friday, October 3, 2014 at 8:30am ET. Investors are encouraged to call a few minutes in advance at (877) 383-7438, or for international callers (678) 894-3975, passcode # 14838823 or to listen to the call via webcast at the Rockwell Medical IR web page: http://ir.rockwellmed.com/
About Rockwell Medical
Rockwell Medical is a fully-integrated biopharmaceutical company targeting end-stage renal disease (ESRD) and chronic kidney disease (CKD) with innovative products and services for the treatment of iron replacement, secondary hyperparathyroidism and hemodialysis.
Rockwell’s lead investigational drug Triferic is currently under NDA review by the FDA for the treatment of iron replacement/maintenance in dialysis patients, with a PDUFA date of January 24, 2015. Triferic delivers iron to the bone marrow of dialysis patients in a non-invasive, physiologic manner during their regular dialysis treatment, using dialysate as the delivery mechanism. In completed clinical trials to date, Triferic has demonstrated that it may safely and effectively deliver sufficient iron to the bone marrow, maintain hemoglobin and not increase iron stores (ferritin), while significantly reducing ESA dose. Triferic has successfully completed the efficacy trials of its Phase 3 clinical study program (CRUISE-1 and CRUISE-2).
Rockwell is preparing to launch its FDA approved generic drug Calcitriol, to treat secondary hyperparathyroidism in dialysis patients. Calcitriol (active vitamin D) injection is indicated in the management of hypocalcemia in patients undergoing chronic renal dialysis. It has been shown to significantly reduce elevated parathyroid hormone levels. Reduction of PTH has been shown to result in an improvement in renal osteodystrophy. Rockwell intends to market Calcitriol to hemodialysis patients in in the U.S. dialysis market.
Rockwell is also an established manufacturer and leader in delivering high-quality hemodialysis concentrates/dialysates to dialysis providers and distributors in the U.S. and abroad. As one of the two major suppliers in the U.S., Rockwell’s products are used to maintain human life by removing toxins and replacing critical nutrients in the dialysis patient’s bloodstream. Rockwell has three manufacturing/distribution facilities located in the U.S. and its operating infrastructure is a ready-made sales and distribution channel that is able to provide seamless integration into the commercial market for its drug product Calcitriol, and Triferic upon FDA market approval.
Rockwell’s exclusive renal drug therapies support disease management initiatives to improve the quality of life and care of dialysis patients and are intended to deliver safe and effective therapy, while decreasing drug administration costs and improving patient convenience. Rockwell Medical is developing a pipeline of drug therapies, including extensions of Triferic for indications outside of hemodialysis. Please visit www.rockwellmed.com for more information. For a demonstration of the Triferic unique mechanism of action in delivering iron via dialysate, please view the animation video at http://www.rockwellmed.com/collateral/documents/english-us/mode-of-action.html.
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, Rockwell’s intention to launch Calcitriol and Triferic following FDA approval. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan”, “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While Rockwell Medical believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in Rockwell Medical’s SEC filings. Thus, actual results could be materially different. Rockwell Medical expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Triferic™ is a trademark of Rockwell Medical, Inc. / CitraPure® is a registered trademark of Rockwell Medical, Inc.
CONTACT: Michael Rice, Investor Relations; 646-597-6979
(BION) City Council of Perry, Florida Unanimously Approves to Continue Funding, $5M Balance
WEST PALM BEACH, FL–(Oct 3, 2014) – BioNitrogen Holdings Corp. (PINKSHEETS: BION), a cleantech company that utilizes patented technology to build environmentally-friendly plants that convert biomass into urea fertilizer, announced today that the City Council of Perry in Taylor County unanimously agreed to continue funding the balance of its $5mm guarantee for the loan to BioNitrogen to be dispersed for costs related to the engineering, permitting and construction of the plant in Taylor County. The company continues to make progress toward the completion of the engineering and issuance of the EPC contract.
“The continued support from the City of Perry, the City Council Members, the City Manager, the Taylor County Development Authority and the Taylor County Board of County Commissioners is testament to BioNitrogen’s plan to construct a plant in Taylor County and the significant economic impact of manufacturing jobs in the local community,” said Carlos Contreras, Sr., Chairman and CEO.
About BioNitrogen Holdings Corp
BioNitrogen Holdings Corp. (PINKSHEETS: BION) is a cleantech company that utilizes patented technology to build environmentally-friendly plants that convert biomass into urea fertilizer. Our mission is to provide safe, cost effective, green solutions that are economically beneficial in locations where biomass is produced and urea is consumed. Additional information can be found at www.BioNitrogen.com.
Safe Harbor Statement
The forward-looking statements contained in this document involve risks and uncertainties that may affect the Company’s operations, markets, products, services, prices and other factors as discussed in filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological factors. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
CONTACT:
Adam Friedman
Email Contact
(917) 675-6250
(RSH) Announces Milestone In Recapitalization Process
Investors Acquire ABL Facility from GE Capital $120 Million Investment Expected to be Converted into Equity Rights Offering to Current Shareholders Planned at Conversion Price
FORT WORTH, Texas, Oct. 3, 2014 — RadioShack Corporation (NYSE: RSH) today announced that it has entered into definitive agreements to restructure a portion of its existing debt, providing additional near-term liquidity and serving as a first step in a stronger foundation for the Company’s continued business transformation.
Standard General LP and certain other investors have replaced GE Capital as lead lender under RadioShack’s senior secured asset based credit facility (“ABL Facility”) which will allow immediate access to additional liquidity. Other investors, including RadioShack shareholders Standard General and Litespeed Management LLC, are providing $120 million to be used to cash collateralize letters of credit for the Company. In the coming months, this $120 million is expected to be converted into equity. Current shareholders will have the opportunity to participate in a rights offering at same conversion price.
“We are pleased to complete this important step, which we believe positions us to continue to progress our operational turnaround,” said Joe Magnacca, RadioShack’s chief executive officer. “We recognize that we will need to address constraints under our existing term loan in order to undertake a store base consolidation program and pursue other measures to reduce our cost structure. This amended ABL Facility provides time to pursue a longer-term restructuring. To that end, we are in constructive discussions with our term lenders, led by Salus Capital, toward additional steps to recapitalize RadioShack.
“We look forward to continuing to serve our customers with differentiated products and an upgraded shopping experience as we move into the Holiday season.”
Today’s agreements include two key elements:
- ABL Facility – Standard General and certain other investors have acquired the loans and agreed to changes affecting the credit availability under RadioShack’s existing ABL Facility. As a result, RadioShack believes that it will have sufficient credit capacity under the ABL Facility to fund its inventory build for the Holiday season. Because borrowing availability under the amended ABL Facility changes in March 2015, the Company expects to seek to refinance the facility by that time. In addition, the amended ABL Facility will be required to be refinanced if the rights offering described below is not completed by March 15, 2015.
- New equity – The $120 million investment is expected to be converted into equity securities representing (together with related fees payable in equity securities) not less than 50% of the Company’s outstanding equity securities upon satisfaction of certain conditions. These conditions include the modification of a supplier contract, at least $100 million of available cash and borrowing capacity at January 15, 2015, development of a fiscal 2016 plan satisfying certain requirements and the completion of a rights offering to existing RadioShack shareholders to purchase equity securities at a price of $0.40 per common share equivalent.
The percentage of equity securities that Standard General and other investors will own as a result of this transaction will depend upon the level of participation, if any, of existing shareholders in the rights offering. If no shares were purchased in the rights offering, existing shareholders would own 20% of RadioShack’s equity securities. The voting rights of any person or group acquiring equity securities in the transaction would be limited to 34.9% of the total voting power of the Company’s voting stock so long as greater voting power would accelerate Company debt.
If the $120 million investment is converted into equity, the Board will be reconstituted to consist of the Company’s CEO, two independent directors selected by RadioShack and four individuals nominated by Standard General. The new directors must be approved by the Company’s corporate governance committee. At least two of these directors must be independent.
RadioShack intends to initiate the rights offering late this year or in early 2015. There can be no assurance that the rights offering will be completed or that the other conditions to the equity conversion will be satisfied, nor can the Company be certain that it will be able to refinance borrowings under the amended ABL Facility by March 2015.
NYSE EXEMPTION
The stock issuances described above would normally require approval of RadioShack’s shareholders pursuant to the Shareholder Approval Policy of the New York Stock Exchange (the “Exchange”). The audit and compliance committee of RadioShack’s Board of Directors determined that the delay that would result from securing shareholder approval prior to the completion of these stock issuances would seriously jeopardize the financial viability of RadioShack. Because of that determination, the audit and compliance committee, pursuant to an exception provided in the Exchange’s shareholder approval policy, expressly approved RadioShack’s omission to seek the shareholder approval that would otherwise have been required under that policy. The Exchange has accepted the Company’s application of the exception.
In conjunction with the rights offering, RadioShack intends to initially issue equity securities that would be convertible, subject to the satisfaction of all applicable conditions, into at least 400 million shares (and up to 700 million shares) of common stock. In reliance on the Exchange’s shareholder approval exception, RadioShack will notify its shareholders of its intention to issue the shares without seeking their approval at least ten days prior to the issuance of the shares.
CERTAIN LEGAL MATTERS
The securities to be offered in the rights offering will be offered pursuant to a registration statement to be filed with the SEC and a related prospectus. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of, such shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
This press release does not set forth all of the terms and conditions of the issuances of shares and other transactions contemplated by the recapitalization agreements described above. The material contracts relating to these matters will be filed by the Company with the SEC.
This press release contains information about a pending transaction, and there can be no assurance that this transaction will be completed.
ADVISORS
RadioShack’s financial advisor is Peter J. Solomon Company and its legal counsel is Jones Day. Lazard Feres and Co. is acting as the financial advisor to RadioShack’s Board of Directors. Debevoise & Plimpton LLP is legal counsel to Standard General. Blank Rome LLP advised investors of the ABL Facility.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, as referenced in the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management’s current views and projections regarding economic conditions, the retail industry environment and RadioShack’s performance. These statements can be identified by the fact that they include words like “anticipate,” “believe,” “estimate,” “expect,” “intend,” “project,” “guidance,” “plan,” “outlook” and other words with similar meaning. We specifically disclaim any duty to update any of the information set forth in this press release, including any forward-looking statements. These statements involve a number of risks and uncertainties that could cause our actual results to differ materially from the results discussed in our forward-looking statements, including the risk that the transactions described herein may not be consummated, including a failure to satisfy each of the conditions to the conversion of the $120 million investment into equity securities of the Company, the refinancing of the amended ABL Facility, the completion of the rights offering and the continued availability of working capital financing. The failure to complete these transactions would have a material adverse effect on RadioShack’s liquidity and financial viability. Additional factors that could cause our actual results to differ materially from the results discussed in our forward-looking statements include, but are not limited to, our ability to execute and the effectiveness of our initiatives, including our strategic turnaround plan and our proposed store closure program; the underperformance or loss of certain of our important vendors, such as our wireless carrier providers, or breaches by them of our agreements with them; difficulties associated with our transition to an outsourced arrangement for the production of products we previously manufactured at our Chinese manufacturing plant; an adverse impact on our sales or profitability due to our transition to such an outsourced arrangement; an adverse impact on our sales or profitability due to changes wireless carrier providers make to their customer credit requirements, frequency of upgrade eligibility, or other operational matters, and the timing, completeness and accuracy of information we receive about such changes; a decline in our gross margin due to customer demand for lower margin mobile devices, such as smartphones and tablets; overall sales performance; economic conditions; product demand; expense levels; competitive activity; interest rates; changes in RadioShack’s financial condition; availability of products and services and other risks associated with RadioShack’s vendors and service providers; the regulatory environment; and other factors affecting the retail category in general. Additional information regarding these and other factors is included in RadioShack’s filings with the SEC, including its most recent Annual Report on Form 10-K for the year ended Dec. 31, 2013.
ABOUT RADIOSHACK CORPORATION
RadioShack (NYSE: RSH) is a leading retailer focused on connecting customers with personalized solutions and discovering what’s possible through the latest in consumer technology. The company’s updated product assortment incorporates national brands, industry-leading private brand products and in-demand mobile devices from a wide selection of wireless carriers. Customers can shop top brands in headphones and speakers, wearable technology, smart toys and DIY supplies, connected home, power accessories and home entertainment at www.radioshack.com or in store. RadioShack’s global retail network includes more than 4,300 company-operated stores in the United States and Mexico and more than 1,200 dealer franchise stores in 25 countries. RadioShack employs approximately 27,000 knowledgeable associates globally to help customers find their technology solutions. For more information on RadioShack Corporation, please visit www.radioshackcorporation.com. RadioShack® is a registered trademark licensed by RadioShack Corporation.
Analysts and Investors Contact: Investor Relations, +1-817-415-3400,
Investor.Relations@RadioShack.com,
or
News Media Contact: Media Relations, +1-817-415-3300,
Media.Relations@RadioShack.com
(BKRL) Plans to Acquire Bank Reale
BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern Oregon, announced today that they have entered into a definitive agreement to acquire Bank Reale (OTCBB:BKRL). The combined banking operation will have about 120 employees with total assets of nearly $350 million.
Jeff Bailey, President and CEO for Bank of Eastern Oregon, referred to the common philosophies shared by BEO and Bank Reale: “Our goal is to expand upon and execute the original vision of Bank Reale’s founders: To provide unequaled customer service and serve the banking needs of the local Pasco community as well as the outlying rural areas of the Columbia Basin. Bank of Eastern Oregon has served rural eastern Oregon for nearly 70 years and we are excited to expand our footprint and bring our style of banking to the region. Bank Reale has a talented group of employees that we look forward to bringing into our banking family.”
Bank of Eastern Oregon, based in Heppner, Oregon, was founded in 1945 as Gilliam County Bank in Arlington, Oregon. Since that time, the bank has expanded to 12 branches and five loan production offices located in 11 eastern Oregon counties. The bank was founded by farmers and ranchers and views agricultural lending as key to its historical, as well as future, success.
Fred Zack, Interim President and CFO for Bank Reale, said, “Both institutions have similar cultures and philosophies when it comes to customer service and to the employees who make great customer service happen. The consolidation of Bank Reale into Bank of Eastern Oregon is a natural fit for both in other ways as well. We will now have access to their financial resources and added services for our existing and future customers, and they now have a platform for long-term growth in the Tri-Cities and the Columbia Basin in harmony with their core belief in supporting the communities and customers they serve.”
“The banking world has seen significant changes over the past five years in terms of consolidation and economies of scale. The acquisition of Bank Reale provides Bank of Eastern Oregon an excellent access to Pasco and rural southeastern Washington,” said Bailey.
The transaction is expected to close during first quarter 2015, following approval by Bank Reale shareholders and final regulatory approval. The terms of the transaction are not being disclosed but involve a combination of cash and stock. Upon closing of the acquisition, the Pasco facility will operate as a branch of Bank of Eastern Oregon, doing business as Bank of Eastern Washington. Commerce Street Capital, L.L.C., and LC Financial Advisors, L.L.C., served as financial advisors to Bank of Eastern Oregon. McAdams Wright Ragen, Inc. served as financial advisor to Bank Reale.
About BEO Bancorp
BEO Bancorp is the holding company for Bank of Eastern Oregon, which operates 12 branches and five loan production offices in 11 eastern Oregon counties. Branches are located in Arlington, Ione, Heppner, Condon, Irrigon, Boardman, Burns, John Day, Prairie City, Fossil, Moro, and Enterprise; loan production offices are located in Hermiston, Ontario, Island City, Pendleton, and Lakeview. Bank of Eastern Oregon also operates a mortgage division. The bank’s website is www.beobank.com.
(AVOT) Upgrades to OTC Pink Current Information Tier
LAS VEGAS, NV / October 3, 2014 / American Video Teleconferencing Corp. (PINKSHEETS:AVOT) announced today that it has moved up to OTC Pink Current Information Tier on OTC Markets (www.otcmarkets.com) after filing material company information and recent financials toward overall transparency, accessibility and market integrity.
“In addition to being very pleased to have reached the highest tier in the OTC Pink Markets” said Kenneth Bosket, President of American Video Teleconferencing Corp. “We are looking forward to continuing our enhanced transparency with shareholders”
American Video Teleconferencing Corp., (OTCPink:AVOT) most recent communication with OTC Markets Issuer Services stated; “We have finished processing your disclosure, attorney letter, and attorney letter agreement for the period ending June 30, 2014 and December 31, 2012/2013. Your company will be moved to the OTC Pink Current Information tier before the next market open”.
About American Video Teleconferencing Corp.
American Video Teleconferencing Corp., has two (2) sub-company operations known as, Roxzu and AVOtube. Roxzu is developing into a voucher/coupon distribution mobile app accessible by smart phones, iPhones, androids and computers online, as well as being an online national business directory. AVOtube www.avotube.com is a video-sharing hosting service that allows user to upload videos to share for exposure, branding, marketing and advertising. For more information visit: www.avotconf.com.
Forward Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new business opportunities and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the most recent fiscal year and quarterly reports, as well as other periodic reports filed from time-to-time.
Contact:
Kenneth Bosket, President
702 998-3490
ken@avotconf.com
(MMMW) Frankenstein Solar Power Monster To Cut Cost of Solar Energy Over 20 Percent
WORCESTER, Mass. / October 03, 2014 / Mass Megawatts Wind Power, Inc. (OTCQB: MMMW) reports it will introduce to the world the Frankenstein Solar Power Monster, a new solar power tracking system on October 27. Mass Megawatts has significantly reduced the cost of solar energy with its patent-pending, Solar Power Tracking System (STS) through the use of an advanced design with fewer electrical components and moving parts. With near-zero dynamic and static load requirements, the solar-tracker avoids most of the torque requiring costly components. It reduces the need for large drivetrains and motors that traditional systems utilize.
The STS provides an efficient way to maximize the generation of solar power and gives Mass Megawatts a distinct cost advantage in the solar power industry. Product and sales inquiries have continued to indicate strong demand for the STS, and commercial production is anticipated to being in the next few months.
The Mass Megawatts STS is a complete solar-power system designed to automatically adjust the position of its solar panels throughout the day to receive an optimal level of direct sunlight. Unlike other solar tracking technologies, the Mass Megawatts STS utilizes a low-cost structure that adds stability to the overall system while improving energy production levels up to 28%.
Starting at 6.25 kW rated units, a Mass Megawatts STS system is appropriate for ground-level, residential and business sites, as well as, commercial, roof-top installations. Mass Megawatts coordinates all aspects of system delivery, including permitting, installation, and working to obtain any available tax incentives. They monitor the performance of each system, and provide a full, performance guarantee.
With its patent pending, Solar Tracking System, Wind Electric-Power Generation system, a new retail sales business, only approximately 50 million shares issued and outstanding, and very little debt, Mass Megawatts believes it is well positioned to ramp-up production in the shorter term while expanding its infrastructure to support mass-production goals in the longer term.
This press release contains forward-looking statements that could be affected by risks and uncertainties. Among the factors that could cause actual events to differ materially from those indicated herein are: the failure of Mass Megawatts Wind Power, also known as Mass Megawatts Windpower, to achieve or maintain necessary zoning approvals with respect to the location of its power developments; the ability to remain competitive; to finance the marketing and sales of its electricity; general economic conditions; and other risk factors detailed in periodic reports filed by Mass Megawatts Wind Power
Product information and sales inquiries can be made through the company’s contact page at
Contact Information:
Mass Megawatts Wind Power, Inc.
(508) 751-5432
(PVSP) Goes Virtual
WHITE PLAINS, N.Y., Oct. 3, 2014 — Pervasip Corp. (OTC Pink: PVSP) announced that it entered into an agreement to sell and license back its award-winning VoIP technology platform.
Pervasip’s Chief Executive Officer, Paul Riss, stated, “We have restructured our operations by selling a copy of the software we developed to one of our customers and exchanging fixed operating costs for variable costs, so that we can continue to be a mobile VoIP company without incurring expensive overhead. We plan to operate in the cloud, and keep our monthly recurring costs as low as possible.”
“We believe in the power of our cloud-based technology, but without having the financing that we needed to grow our customer base, it made more sense for us to extract value from our software to help us move forward,” continued Riss. “Instead of paying fixed salaries and fixed costs for collocation facilities and circuits, we are changing our business model, so that all our costs of providing mobile VoIP services, including technical support and customer service, are a percentage of our revenue dollar.”
Pervasip agreed to receive 40 million shares of common stock of Valuesetters, Inc. to complete this transaction. Pervasip continues to own its VoIP technology, but Valuesetters is also an owner and is operating the software and providing technical support and customer service for Pervasip.
About Pervasip
Pervasip delivers mobile VoIP and video telephone service anywhere in the world that has a stable broadband connection. In addition to international telephone numbers from 57 countries for mobile phone users, with unlimited inbound calling, it offers several international outbound calling plans, including some of the lowest rates to international mobile phones.
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
FOR FURTHER INFORMATION:
AT PERVASIP:
Paul H. Riss
Chief Executive Officer
Ph: 914-750-9339
phriss@pervasip.com
(WFMC) & P2Pxtreme Sign 22 million contract with Digital taxi Tops LLC
Park Ridge, IL / Ocotber 02, 2014 / Woodman Holdings “Wham Inc” and P2P are excited to announce that P2P has formally finalized and successfully consummated the 5-year contract with Digital Taxi Tops, LLC. (an Ad-Technology division of BELL TRANS, Inc.), valued at the minimum of $22M including a royalty-type residual revenue stream per vehicle per each month; successfully reaching another investment objective milestone outlined in its mission statement of the investment portfolio. With a minimum of two other major US Taxi Operators interested in coming on board, the overall value of the project, including all contractual residual-revenue components, is estimated to exceed $45M during its initial contract term of 5 years.
The mass production for the digital taxi top displays has begun at the factory in South Korea last week with the first shipment targeted to arrive – just in time for the Christmas Holiday rush in Las Vegas, Nevada.
S-1 Registration Filing:
Woodman Holdings is pleased to announce it has reach another milestone of moving forward in becoming a fully reporting registered SEC company by contracting the services of Securities Compliance Group, Ltd. (legal counsel) on September 18th, 2014.
The engagement agreement sets forth the terms and conditions of the attorney-client representation rights and responsibilities prepared by the Counsel. The objectives of the legal representation contemplated herein is to successfully provide the corporation with finance, securities and tax and legal services with regard to filing of a registration of the Client’s Securities on Form S-1 and capital financing of Client, as more particularly described in the proposal and agreement.
Upon completion of the Form S-1 registration and funding, Wham Inc. intends to seek a listing on a major exchange. Through this agreement, Wham Inc. continues to differentiate itself from the other companies listed on the OTC markets and gains it’s proper consideration that escalates it’s process of growth and development.
Forward-Looking Statement
This Press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company’s current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
Contacts:
Wham Inc, Investors Relations Department
contact us via email at: investorrelations@whamcorp.us
or for all general inquiries
contact us via email at: info@whamcorp.us
(OREO) Cancels Majority of Its Stock
HOUSTON, Oct. 2, 2014 — American Liberty Petroleum Corp. (OTCBB:OREO) announces today that it will cancel over sixty three percent (63%) of the company’s outstanding Common Stock shares. Three major shareholders have signed an agreement to exchange stock certificates, owned by them and already submitted to the company’s CFO, for one million (1,000,000) Common Stock shares each – for a total of over sixty eight million (68,469,993) Common Stock shares being cancelled and three million (3,000,000) being issued.
“These shareholders, including the Chief Executive Officer prior to Mr. Rhodes, believe that our current management team and its plan focusing on enhancing shareholder value will bring major benefits to our shareholders,” said Steven M. Plumb, American Liberty Petroleum Corp.’s Chief Financial Officer. “With 107,389,051 Common Stock shares outstanding as of the filing of our last 10Q, we are cancelling over sixty three percent (63%) of the outstanding Common Stock shares.”
The previously disclosed letter of intent for acquisition of Avant Diagnostics Inc. contemplates a closing date by October 1st, 2014, based upon successful conclusion of due diligence, which is ongoing by both parties. The parties have signed an amended letter of intent providing for a later closing, October 31, after Avant Diagnostics Inc. submits a PCAOB audit to the company as part of the due diligence.
Shareholders should also note that Mr. Hunter M.A. Carr no longer has any position nor ownership in American Liberty Petroleum Corp. The Board of Directors accepted Mr. Carr’s resignation as Chairman on August 30, 2014.
About American Liberty Petroleum Corp.
American Liberty Petroleum Corp. (‘OREO’, http://americanlibertypetroleum.com/) is a fully reporting, development stage publicly traded company seeking acquisitions in the Gulf Coast oil & gas services business segment. OREO’s current management team, Robert C. Rhodes (CEO) and Steven M. Plumb (CFO), are actively involved in the search for acquisitions.
About Avant Diagnostics Inc.
Avant Diagnostics, Inc. (‘Avant’, http://avantdiagnostics.com) is a medical technology company based on the completion of the human genome sequencing project. Avant is developing specialized tests that are cutting edge in medical diagnostic testing and the OvaDx® Pre-Symptomatic Ovarian Cancer Screening Test is a leading breakthrough in commercializing these tests.
Genetic research is increasingly focused on identifying the variations of the specific genes in the genome. These variations are what define individual characteristics, including disease states or a statistical propensity for disease. The implications are far-reaching and impact not only the research community, but also the individual patients and the medical providers. Diagnostic tests that detect diseases very early in their progression will provide options for earlier treatments that may improve the patient’s quality of life and prognosis by delaying or preventing disease progression or even death. Medical providers will incur major cost savings by avoiding costly late stage disease treatments.
Safe Harbor
The statements in this press release that relate to American Liberty Petroleum Corp.’s expectations with regard to the future impact on American Liberty Petroleum Corp.’s results from new products and services in development, including any planned acquisitions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements might not occur. American Liberty Petroleum Corp. undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in American Liberty Petroleum Corp.’s plans or expectations.
CONTACT: Investor Contact Robert C. Rhodes American Liberty Petroleum Corp. investors@americanlibertypetroleum.com Steven Scott or Gregg Linn Avant Diagnostics, Inc. investors@avantdiagnostics.com
(OMAG) Signs Multi-Billion Dollar Agreement With Oman
NEW YORK, Oct. 2, 2014 — Omagine, Inc. (OTCQB:OMAG) today announced that its 60% owned subsidiary, Omagine LLC has signed a Development Agreement (“DA”) with the Government of the Sultanate of Oman (“Oman”).
Omagine, Inc. (the “Company”) organized Omagine LLC under the laws of Oman to design, develop, own and operate a tourism and real-estate development project in Oman named the Omagine Project. The Omagine Project is estimated to cost approximately $2.5 billion to design, develop and construct.
The Omagine Project is planned to be an integration of cultural, entertainment and residential components, including: hotels, commercial buildings, retail establishments and more than two thousand residences to be developed for sale. It will be developed on one million square meters (245 acres) of beachfront land (the “Omagine Site”) facing the Gulf of Oman just west of the capital city of Muscat and approximately six miles from Muscat International Airport.
Omagine LLC owns the Omagine Project which, over the next several years, is projected to generate exceptional cash flow to the Company and the other Omagine LLC shareholders. The Company owns 60% of Omagine LLC.
The other Omagine LLC shareholders are:
i. the office of Royal Court Affairs (“RCA”), which owns 25%, and
ii. two subsidiaries of Consolidated Contractors International Company, SAL (“CCIC”), which collectively own 15%.
The Company, RCA and the two CCIC subsidiaries are parties to a legally binding Shareholder Agreement which, among other things, provides for:
i. initially capitalizing Omagine LLC at 150,000 Omani Rials [$390,000], and
ii. increasing Omagine LLC’s capital to 26,988,125 Omani Rials [$70,169,125] within a 6 to 12 month period following the signing of the Development Agreement, and
iii. a payment-in-kind investment of the land constituting the Omagine Site (the “PIK”).
The value of the PIK investment will equal the value to Omagine LLC of the approximately 245 acres of beachfront land constituting the Omagine Site which His Majesty the Sultan owned and transferred to the Government for the specific purpose of developing it into the Omagine Project.
The value of the PIK will be determined by a professional valuation expert in accordance with Omani law and with the concurrence of Omagine LLC’s independent auditor, Deloitte & Touche, (M.E.) & Co. LLC. The value of the land constituting the Omagine Site is conservatively but informally estimated by local real-estate brokers to be in excess of $700 million.
The legally binding contract between the Government and Omagine LLC governing the design, development, construction, management and ownership of the Omagine Project and the use and sale by Omagine LLC of the land constituting the Omagine Site is the Development Agreement which the Government and Omagine LLC signed on October 2, 2014.
“We are tremendously pleased with today’s signing of the Development Agreement and are anxious to now begin the development of the Omagine Project,” said the Company’s president, Frank J. Drohan.
Drohan continued, “Our mission is to develop, own and operate innovative tourism projects with components that are thematically imbued with culturally aware, historically faithful, and scientifically accurate entertainment experiences. We design the tourism elements to provide modern, stylish and entertaining experiences while highlighting the world’s great cultures, art, music, heritage, science and philosophy. We expect the Omagine Project to be the archetype for our future projects in the Middle East and North Africa.”
About the office of Royal Court Affairs.
The office of Royal Court Affairs (“RCA”) is an Omani organization representing the interests of His Majesty, Sultan Qaboos bin Said, the ruler of Oman.
About Consolidated Contractors.
Consolidated Contractors International Company, SAL (“CCIC”) is a multi-national company headquartered in Athens, Greece. In 2012 CCIC had 5.4 billion dollars in revenue, 126,000 employees worldwide and operating subsidiaries in, among other places, every country in the Middle East and North Africa.
About Omagine, Inc.
Omagine, Inc. is a publicly traded company (Stock Symbol: OMAG). The Company conducts all of its real-estate development, tourism and entertainment business activities through either its 60% owned subsidiary Omagine LLC or its 100% owned subsidiary Journey of Light, Inc. The Company is focused on real-estate, entertainment and hospitality opportunities in the Middle East and North Africa (the “MENA Region”) which is one of the fastest growing tourist destinations in the world.
Governments in the MENA Region are seeking to diversify their economies and create employment for their citizens via the development of tourism destination projects. It is the Company’s opinion that this governmental strategic vision combined with the enormous financial resources in the MENA Region will continue to present superb development opportunities. The Company presently focuses the majority of its efforts on the business of Omagine LLC and specifically on the Omagine Project.
Investors or interested parties may visit Omagine’s website at www.omagine.com for more information about the Company or http://agoracom.com/ir/omagine which is the Company’s investor relations website.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts, may be deemed to be forward-looking statements. Words such as “expects”, “intends”, “plans”, “may”, “could”, “should”, “anticipates”, “likely”, “believes” and words of similar import also identify forward-looking statements. These statements are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. Except as may be required under applicable law, we assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. Additional information on risks and other factors that may affect the business and financial results of Omagine, Inc. can be found in the filings of Omagine, Inc. with the United States Securities and Exchange Commission.
CONTACT: Omagine, Inc. Corporate Inquiries Charles P. Kuczynski, Vice-President (212) 563-4141 charles.kuczynski@omagine.com
(HKUP) Social Continues Its Growth, Exceeding 89,000 Downloads for September
Company Posts 7th Consecutive Month of Increased User Growth
CAMPBELL, CA–(Oct 2, 2014) – iHookup Social, Inc. (OTCQB: HKUP), a mobile application positioned at the intersection of dating, social media and location-based connections, is pleased to provide user growth statistics for September of 2014.
For the month of September, the Company showed growth over the previous month of August with a total of 89,970 new downloads of the popular iHookup Social app in the Apple App Store marketplace. This total is another record for the Company as it attracts users to its growing platform, which has now surpassed a total of 386,694 registered users.
January
7,406 New Downloads
120,148 Total Registered Users
February
6,547 New Downloads
124,588 Total Registered Users
March
16,599 New Downloads
137,743 Total Registered Users
April
43,207 New Downloads
164,632 Total Registered Users
May
67,054 New Downloads
212,528 Total Registered Users
June
75,065 New Downloads
257,316 Total Registered Users
July
80,283 New Downloads
308,167 Total Registered Users
August
86,207 New Downloads
353,440 Total Registered Users
September
89,970 New Downloads
386,694 Total Registered Users
“iHookup Social continues to charge forward in our perpetual effort to build a social dating community of significant size, ultimately providing the company with multiple opportunities to monetize this user base and build value for our shareholders,” stated Robert Rositano Jr., CEO, iHookup Social. “I am most pleased to state that September was our best month ever by the all-important user growth metric.”
“Factor in the roll-out of our Venue based options now available for our users to connect at a local venue, along with the opportunity for local businesses to invite our members in for a real-world visit, and this has been a tremendous month for our app side and operational advancements,” added Rositano. “Additionally, we were most pleased to hear of Apple’s entry into the wearable tech market with the announcement of their Watch. As we look toward our future expansion we feel this new category is well suited for our technology. In addition to an Android version of our popular app, we believe Apple’s investment in this new platform has the potential to greatly expand our market.”
From time to time, iHookup Social will provide market updates and news via its website www.ihookupsocial.com or the Company’s Facebook page at www.facebook.com/ihookupnow
iHookup Social, Inc.
iHookup Social, Inc. is a mobile Social Dating App positioned at the intersection of dating, social media and location-based connections.
Company Mission: “To enable singles, groups and the socially active to connect quickly and efficiently with local, real life ‘hook-up’ opportunities.”
This is the iHookup difference. Not only does the company’s ever-refining technology help create meaningful connections of all varieties; it also facilitates the real-life meeting and offering up of locally relevant locations to engage these new connections. These participating venues complete a circle of service that allows iHookup Social to be both matchmaker and concierge, providing a unique opportunity for consumer brands to offer incentives to a growing network of socially active singles and mobile users.
iHookup Social, where real people make real connections … and where real businesses pay to be their host. www.ihookupsocial.com
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements. The words or phrases “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” or similar expressions are intended to identify “forward-looking statements.” Actual results could differ materially from those projected by iHookup Social, Inc. The iTunes rankings should not be construed as an indication in any way whatsoever of the future value of the iHookup Social’s common stock or its present or future financial condition. The public filings of iHookup Social made with the Securities and Exchange Commission may be accessed at the SEC’s Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. iHookup Social cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, iHookup Social does not undertake, and iHookup Social specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement
Contact:
Investor Relations & Financial Media:
I.M.I.
888-216-3595
info@integrityir.com
Company
iHookup Social, Inc.
(855) 473-7473
robert@ihookupsocial.com
(CALA) Announces Pricing of Initial Public Offering
SOUTH SAN FRANCISCO, Calif., Oct. 2, 2014 — Calithera Biosciences, Inc. (Nasdaq:CALA), a clinical-stage pharmaceutical company, today announced the pricing of its initial public offering of 8,000,000 shares of common stock at a price of $10.00 per share. The common stock of Calithera Biosciences, Inc. has been approved for listing on the NASDAQ Global Select Market and is expected to begin trading under the ticker symbol “CALA” on October 2, 2014. All of the common stock is being offered by Calithera Biosciences, Inc. In addition, Calithera Biosciences, Inc. has granted the underwriters a 30-day option to purchase up to 1,200,000 additional shares of common stock.
Citigroup and Leerink Partners are acting as joint book-running managers for the offering. Wells Fargo Securities and JMP Securities are acting as co-managers for the offering.
The offering will be made only by means of a prospectus. Copies of the prospectus related to the offering may be obtained, when available, from Citigroup Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, by email at prospectus@citi.com or by telephone at (800) 831-9146 or from Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, by email at syndicate@leerink.com, or by telephone at (800) 808-7525, ext. 4814.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and declared effective on October 1, 2014. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Calithera Biosciences
Calithera Biosciences, Inc. is a clinical-stage pharmaceutical company focused on discovering and developing novel small molecule drugs directed against tumor metabolism and tumor immunology targets for the treatment of cancer.
CONTACT: Investor Contact: Jennifer McNealey Calithera ir@Calithera.com 650-870-1071 Media Contact: BCC Partners Karen L. Bergman or Michelle Corral kbergman@bccpartners.com 650.575.1509 mcorral@bccpartners.com 415.794.8662
(ARDX) Positive Results Phase 2b Clinical Evaluating Tenapanor in IBS-C Patients
— Primary endpoint was met for 50 mg twice daily dosing —
FREMONT, Calif., Oct. 1, 2014 — Ardelyx, Inc. (NASDAQ: ARDX), a clinical-stage biopharmaceutical company focused on cardio-renal, gastrointestinal and metabolic diseases, today announced positive results from its 371 patient Phase 2b clinical trial evaluating tenapanor in patients with constipation-predominant irritable bowel syndrome (IBS-C). Results from this study demonstrated statistically significant and clinically meaningful improvement in IBS-C symptoms for tenapanor-treated patients compared to patients receiving placebo. At the 50 mg dose, the study met its primary efficacy endpoint of an increase in the complete spontaneous bowel movement (CSBM) responder rate. Most secondary endpoints, including abdominal pain and other abdominal and IBS-C symptoms, demonstrated clinically meaningful improvements. Tenapanor was well-tolerated, and the safety results were consistent with those observed in previous tenapanor trials.
“We are pleased to see that tenapanor continues to demonstrate the degree of activity that was shown in the Phase 2a clinical trial for IBS-C,” said Mike Raab, President and CEO of Ardelyx. “We are excited about the potential for tenapanor in IBS-C. We will work with our partner, AstraZeneca, to determine the best approach for the development of tenapanor in IBS-C and the renal indications that we are evaluating.”
“The magnitude of the response to tenapanor in this trial, combined with the fact that the drug was well-tolerated, with only a modest incidence of diarrhea is remarkable. In addition, of those subjects who were administered 50 milligrams of tenapanor twice a day, over 65 percent responded that they were ‘quite satisfied’ or ‘very satisfied’ with tenapanor versus about 38 percent with placebo, a result that was also statistically significant,” said David Rosenbaum, Ph.D., Ardelyx’s Vice President of Drug Development.
Tenapanor, a minimally-absorbed inhibitor of the intestinal sodium transporter NHE3, has demonstrated the ability to reduce the absorption of dietary sodium and phosphate. Ardelyx licensed tenapanor to AstraZeneca in October 2012. In addition to IBS-C, Ardelyx and AstraZeneca are evaluating tenapanor for the treatment of hyperphosphatemia in patients with end-stage renal disease (ESRD) in an ongoing Phase 2b study, and in an ongoing Phase 2a study, tenapanor is being evaluated for its effect on markers of kidney disease and fluid status in patients with chronic kidney disease (CKD).
The Phase 2b Clinical Trial
The clinical trial was a Phase 2b, randomized, double blind, placebo-controlled, multi-center study to evaluate the safety and efficacy of three dose levels of tenapanor in 371 subjects with IBS-C as defined by the Rome III criteria and who had active disease as determined during a two-week screening period. Subjects who qualified and who were randomized into the study received 5, 20, or 50 mg of tenapanor or placebo twice daily for 12 consecutive weeks. At the end of this treatment period, subjects were followed for an additional 4 weeks. The primary endpoint, overall CSBM responder rate, was achieved in 60.7 percent of patients receiving tenapanor 50 mg twice daily versus 33.7 percent receiving placebo (p<0.001). A responder was defined as a patient who had an increase of greater than or equal to one CSBM from baseline during 6 out of 12 weeks. The results are reported on an intent-to-treat basis.
The overall responder rate, or dual composite endpoint percent, was achieved in 50 percent of patients receiving tenapanor 50 mg twice daily versus 23.6 percent receiving placebo (p<0.001). An overall responder was defined as a patient who was an overall CSBM responder and who experienced at least a 30 percent decrease in abdominal pain from baseline in the same week for 6 of 12 weeks.
Most secondary endpoints measured also demonstrated significant improvements for patients receiving 50 mg tenapanor twice daily compared to placebo-treated patients.
A dose response relationship among all doses was observed in the primary endpoint, as well as in most secondary endpoints, although statistical significance was not achieved at the 5 mg or 20 mg doses. Additionally, the activity of tenapanor was maintained throughout the entire 12-week treatment period.
Tenapanor was well-tolerated in these patients, and the safety results were consistent with those observed in previous tenapanor trials. The most common adverse events at 50 mg twice daily (greater than or equal to 5 percent) that occurred more frequently in tenapanor-treated patients compared to placebo-treated patients were diarrhea at 11.2 percent vs. 0 percent, and urinary tract infections at 5.6 percent vs. 4.4 percent. Overall rates of discontinuation due to adverse events were 4.5 percent for the tenapanor-treated patients (50 mg twice daily) and 3.3 percent for the placebo-treated patients. Based on the analysis of plasma samples tested as part of the study, the minimally systemic nature of tenapanor was confirmed. The findings of the clinical study are expected to be presented in an appropriate peer-reviewed forum.
IBS-C
IBS-C is a gastrointestinal disorder in which abdominal pain or discomfort is associated with constipation, significantly affecting health and quality of life. It is unknown what causes IBS-C. There is no specific test or biomarker for IBS-C and therefore, its presence is diagnosed by symptoms and by eliminating other disorders. IBS-C is very similar to chronic constipation but is clinically distinguished by its significant pain component.
Based on reports in the literature regarding the prevalence of IBS in the U.S. population and the percentage of individuals who have IBS-C as opposed to other forms of IBS, Ardelyx estimates that approximately 1.4 percent of the U.S. population has IBS-C, or about 4.4 million individuals. Of those, approximately 1.0 million patients have been diagnosed with IBS-C. Additionally, there are about 6.6 million IBS-C patients in Europe and about 3.4 million in Japan.
Tenapanor
Tenapanor (also known as RDX5791 and AZD1722) is a minimally-absorbed small molecule inhibitor of NHE3, a transporter of sodium in the gastrointestinal tract. Orally administered tenapanor has been shown in clinical trials to reduce the intestinal absorption of both dietary sodium and phosphorus. A total of 12 clinical trials of tenapanor have been completed or are ongoing, including over 830 subjects who have been administered tenapanor to date. In addition to the IBS-C Phase 2b clinical trial, Ardelyx and AstraZeneca are evaluating tenapanor in two other indications:
- ESRD patients on hemodialysis to treat hyperphosphatemia: Phase 2b randomized, double-blind, placebo-controlled clinical trial in 150 ESRD patients to evaluate the effects of tenapanor on serum phosphorus. Enrollment is ongoing and the results of this clinical trial are expected in the first half of 2015.
- Stage 3 CKD patients with type 2 diabetes mellitus, the presence of the protein albumin in the urine, or albuminuria, and high blood pressure: Phase 2a randomized, double-blind, placebo-controlled clinical trial in 140 patients to evaluate the effects of tenapanor on kidney function and fluid overload. Enrollment is ongoing and the results of this clinical trial are expected in the second half of 2015.
Conference Call / Web Cast Information
Ardelyx management will host a live conference call and webcast today at 8:00 a.m. Eastern Time to discuss the Phase 2b IBS-C results.
The live webcast and a replay may be accessed by visiting Ardelyx’s website at http://ir.ardelyx.com/
Please connect to the Company’s website at least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast. Alternatively, please call (855) 296-9612 (U.S.) or (920) 663-6277 (international) to listen to the live conference call. The conference ID number for the live call is 13895374. Please dial in approximately 10 minutes prior to the call. Telephone replay will be available approximately two hours after the call. To access the replay, please call (855) 859-2056 (U.S.) or (404) 537-3406 (international). The conference ID number for the replay is 13895374. The telephone replay will be available until October 8, 2014.
About Ardelyx, Inc.
Ardelyx is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of innovative, non-systemic, small molecule therapeutics that work exclusively in the gastrointestinal tract to treat cardio-renal, gastrointestinal and metabolic diseases. The Company has developed a proprietary drug discovery and design platform enabling it, in a rapid and cost-efficient manner, to discover and design novel drug candidates. Utilizing this platform, Ardelyx has discovered and designed tenapanor.
Ardelyx formed a collaborative partnership with AstraZeneca in October 2012 to develop and commercialize tenapanor. In addition to tenapanor, the Company has discovered small molecule NaP2b inhibitors for the treatment of hyperphosphatemia in ESRD, a program licensed to Sanofi, and independently is advancing several additional research programs focused in cardio-renal, gastrointestinal and metabolic diseases. Ardelyx is located in Fremont, California. For more information, please visit Ardelyx’s website at www.ardelyx.com.
Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Ardelyx, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securities Reform Act of 1995, including statements regarding the potential for tenapanor in treating IBS-C patients, the potential of tenapanor in treating the renal indications for which it is currently being evaluated, the availability and timing of data from ongoing tenapanor clinical trials, and the potential of our drug discovery and design platform. Such forward-looking statements involve substantial risks and uncertainties that could cause the development of tenapanor, or Ardelyx’s future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the clinical development process, Ardelyx’s reliance upon AstraZeneca for the development of tenapanor, and AstraZeneca’s right under the license agreement to choose which indication or indications for which tenapanor will be developed. Ardelyx undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Ardelyx’s business in general, please refer to Ardelyx’s second quarter report filed on Form 10-Q filed with the Securities and Exchange Commission on August 8, 2014.
(FBCD) nitial Purchase Order for 7,000 Units and Expect Delivery by Mid October
Company Is Funding COCO-AMO as the LOVE “Leave In Conditioner”, HYDRATE Shampoo and PURE Sulfate Free Shampoo Are Launch Within a Few Weeks
NEW YORK, NY–(Oct 1, 2014) – FBC Holding, Inc. (PINKSHEETS: FBCD) (“FBC” or the “Company”) an international product development company primarily focused on license/creation management and product sales/distribution through DRTV, announced that the company has executed purchase orders for 3 products that will be sold through Amazon and COCO-AMO.com.
“This is a very exciting opportunity to finally launch the COCO-AMO brand and bring this product to the consumer,” said Mr. Frank Russo, Chief Executive Officer of FBC Holding, Inc. “The initial retail value of the products will be approximately $85,000 and we feel that both FBC and COCO-AMO can generate revenue within the next 30 to 45 days.”
“The COCO-AMO team is excited to get these products to market,” said Darian Braun, Founder and President. “We are confident that once the consumer has the opportunity to try our product that they will be repeat customers. We are currently building our sales strategy, that includes launching our products within 800 retail doors throughout the Metro New York area, building our brand awareness by utilizing our internet presence and other influential people that are using the product and loving the results.”
“FBC is committed to making this project work. Having executed the first purchase order, gets us started and we are now looking at projections, so that we can make sure that we are able to meet the demand,” said Mr. Russo. “We want to make sure that we have a full understanding about the production lead time, to make sure that we are in front of the cycle.”
“I’m really amped on building out the COCO-AMO brand and by introducing these three products initially, allows us to be laser focused. As we begin to build traction, we have other products that will insert into the COCO-AMO line, that will offer our consumers more benefits,” said Mr. Braun.
FBC continues to move forward in building out the company and aligning itself with opportunities that will ultimately drive revenue. Currently, FBC has Copper-Tech and COCO-AMO are both playing a major role in that mission, while we are still researching other companies that fit neatly into the Health and Wellness category.
About FBC Interactive Division
FBC Holding’s Interactive Division markets innovative products generally incorporating new proprietary technologies. FBC Interactive, leverages Direct Response Television (DRTV) formats to advertise, market and distribute its products; gaining retail footholds in various markets. FBC Interactive’s market place is diverse, with a primary focus and expertise in toy and entertainment, consumer and health care, products and brands.
About FBC Holding, Inc.
FBC Holdings develops and markets innovative products using a ‘new proprietary’ technology whereby buttons, switches, wires and other electrical components can be printed on nearly any media. Management is experienced in Direct to Consumer Marketing (design, manufacture and market creative products leveraging cutting edge technology). FBC’s market is diverse, covering consumer products, health care related products, and, toy and entertainment products.
Safe Harbor
This news release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Readers are referred to the sections entitled “Risk Factors” in the Company’s periodic filings with the United States Securities and Exchange Commission, which can be viewed at http://www.SEC.gov. For all details regarding working interests in all of FBC Holding’s interest, and/or any previous news releases, go to OTC Markets website. You should independently investigate and fully understand all risks before making investment decisions.
Related Links:
http://finance.yahoo.com/news/fbc-holding-positioned-rapid-growth-142935672.html
http://finance.yahoo.com/news/fbc-interactives-direct-response-marketing-140000170.html
For investor relations,
FBC Holding, Inc.
Email Contact
(VSTR) Buys Mobile Content Delivery Business
White Plains, NY / October 01, 2014 / Valuesetters, Inc. (OTC Pink: VSTR) announced that it has purchased the mobile content delivery platform and operations of TelcoSoftware.com Corp., a cloud-based over-the-top (OTT) content delivery business.
Valuesetter’s Chief Executive Officer, Manny Teixeira, noted, “TelcoSoftware has been providing an innovative technology for more than 10 years, and is the vendor behind our V-Star app that we sell on Google Play. Instead of being a customer of TelcoSoftware, we decided it was in our best interest to own their technology and use our marketing dollars to increase OTT revenues. With our ownership of this mobile content platform, we are now capable of distributing music, movies, text, voice and advertising.”
Teixeira continued, “We believe that OTT delivery is critical to attracting and keeping subscribers. Offering multiple content options is becoming increasingly important as consumers utilize their devices for games, video, audio and other media needs. We project an increasing demand for functions created by cloud solutions, and we are very excited that we are now a cloud-based mobile app and media company.”
In order to complete the purchase, the majority shareholder of Valuesetters paid 40 million shares of common stock to TelcoSoftware.com Corp., and Valuesetters then purchased the business from its majority shareholder for a $1 million note.
About Valuesetters:
Valuesetters is an Internet-based company that seeks free subscribers and revenue-generating subscribers. Valuesetters operates on an automated basis with the belief that Internet operations, customer sign-ups, sales and game playing should occur without human intervention so that it can quickly expand in the event the number of subscribers begins to rapidly grow on a viral basis. Its focus is on the digital delivery of games, apps, movies and music. Research from Parks Associates shows that 55% of broadband households subscribe to OTT services.
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Contact:
Manuel Teixeria, CEO
203-525-0450
mannyteixeira@gmail.com
(PTQMF) Announces Bridge Loan, Board Changes, and Financial Year End Amendment
VANCOUVER, BRITISH COLUMBIA–(Oct 1, 2014) – Petaquilla Minerals Ltd. (“Petaquilla” or the “Company”) (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) announces that it has arranged a bridge loan of US$18 million (the “Bridge Loan”), which is expected to close within the next few days, to provide funding for general corporate and working capital purposes. The Bridge Loan represents interim financing to support the operations of the Company and shall be repayable by the Company one year from the closing date.
Pursuant to an executed Term Sheet, this Bridge Loan is to form part of a larger financing (the “Financing”) totaling US$60 million to be disbursed over a period of one year and linked to a gold purchase and sales agreement (the “Gold Agreement”) with Imppetrol Investment S.A. (“Imppetrol”) as the buyer of 300,000 gold ounces, which the Company shall deliver over a period of three years commencing January 2015 at a price per ounce set at the London Bullion Market Association (LBMA) gold a.m. price fix on the day of sale less a discount of ten per cent (10%). The Bridge Loan shall be rolled into the Financing, which shall bear an interest rate at the 1-Year London Interbank Offered Rate (LIBOR) plus two per cent (2%), and mature three years from closing.
In connection with the Financing, Felix Salas, President of Power Blue, LLC, an affiliate of Imppetrol, and Jose Miranda, Chief Executive Officer of Imppetrol, will join Petaquilla’s Advisory Board to its Board of Directors. In addition, Pascual Montanes, who presently serves as President of Iberian Resources Corp. and as Chief Executive Officer of Corporacion Recursos Iberia S.A.U., both subsidiaries of the Company, will join the Company’s Board of Directors replacing Raul Ferrer.
On other matters, Petaquilla advises that it has changed its financial year-end from June 30 to July 31. As a result of this change, the Company will have a transitional 13-month financial year ending July 31, 2014. The change in the financial year end results from a longer than expected completion of an agreement executed by the Company in May 2014. The timing of various transactions forming components of the agreement, mainly associated with the public registration of asset ownership transfers in Panama, led to delays in accounting for the subject sale and corresponding delays with respect to the receipt of funds pursuant to the agreement. These delays have had the effect of deferring works related to the Company’s year end audit.
Further details regarding the change in financial year end, including the Company’s interim reporting periods, are available in the Company’s Notice of Change of Financial Year End prepared in accordance with Section 4.8 of National Instrument 51-012 and filed on SEDAR at www.sedar.com.
About Petaquilla Minerals Ltd. Petaquilla is a growing, diversified gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates a surface gold processing plant at its Molejon Gold Project, located in the south central area of Panama. In addition, the Company has exploration operations at its wholly-owned Lomero-Poyatos project located in the northeast part of the Spanish/Portuguese (Iberian) Pyrite Belt and several other exploration licenses in Iberia.
Disclaimer. Certain statements in this press release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as “believes”, “expects”, “plans”, “estimates” or “intends” or stating that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “are projected to” be taken or achieved) are not statements of historical fact, but are forward-looking statements. Forward-looking statements relate to, among other things, the estimation of mineral resources and the realization of mineral resource estimates; all aspects of the development and future operation and production of the Molejon gold mine and the development of other deposits; the outcome and timing of decisions with respect to whether and how to proceed with such development and production; the timing and outcome of any such development and production; estimates of future capital expenditures; estimates of permitting time lines; statements and information regarding future feasibility studies and their results; production forecasts; future transactions; future metal prices; the ability to achieve additional growth; future production costs; future financial performance, including the ability to increase cash flow and profits; future financing requirements; and mine development plans.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of the Company contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, political change, protests by native or environmental groups, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at the Molejon gold mine and other deposits being consistent with the Company’s current expectations; prices for gold and silver and costs of labour and supplies being consistent with expectations; and the accuracy of the Company’s current mineral reserve and mineral resource estimates. A variety of inherent risks, uncertainties and other factors, many of which are beyond the Company’s control and may be known or unknown, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include fluctuations in the price of gold and silver; the need to recalculate estimates of resources based on actual production experience; the failure to achieve production estimates; variations in the grade of ore mined; variations in the cost of operations; the availability of qualified personnel; the Company’s ability to obtain and maintain all necessary regulatory approvals and licenses; the Company’s ability to use cyanide in its mining operations; risks generally associated with mineral exploration and development, including the Company’s ability to develop its deposits; the Company’s ability to acquire and develop mineral properties and to successfully integrate such acquisitions; the Company’s ability to obtain financing when required on terms that are acceptable to the Company; challenges to the Company’s interests in its property and mineral rights; and current, pending and proposed legislative or regulatory developments or changes in political, social or economic conditions in the countries in which the Company operates; and general economic conditions worldwide.
Forward-looking statements speak only as at the date of this document. Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements.
On behalf of the Board of Directors of |
PETAQUILLA MINERALS LTD. |
Richard Fifer C. |
Executive Chairman |
NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED |
THE INFORMATION CONTAINED HEREIN. |
Petaquilla Minerals Ltd.
Phone: (604) 694-0021 Fax: (604) 694-0063
Toll free: 1-877-694-0021
www.petaquilla.com
(SNOVF) Update for Eagle #1 Well
VANCOUVER, BRITISH COLUMBIA–(Oct. 1, 2014) – Super Nova Petroleum Corp., (CSE:SNP)(OTC:SNOVF) (the “Company” or “Super Nova” or “SNP”) reports that BNV Eagle #1 well, which commenced drilling on the morning of Sept 6th in Super Nova’s farmed in Milford Colony Lands, continues its process of post drilling evaluation. This property is Located in Lewis & Clark County North-West MT. USA, on the Alberta Bakken fairway. The information below is for the purpose of increasing investor transparency.
The pre-drilling objective of the well was a vertical test of an amplitude anomaly indicating hydrocarbons of estimated vertical depth 2,500-3,000′ below surface (Figure 1.). Geologic interpretation prior to drilling was a gas filled structural trap of the upper cretaceous Eagle formation, charged with self-sourced biogenic gas. A slight “walk” of the drill bit up-dip was expected and thus surface location was set at approximately Shot Point 128 with the expectation that subsurface intersection with the anomaly would thus be assured, conservatively targeting the center of the anomaly. Prior to drilling it was recognized that differing outcomes were possible, the most likely of which: 1) the anomaly would be Eagle formation and full of biogenic self-sourced gas 2) the anomaly would be a volcanic sill of the Adel Volcanic Field of approximately 75 mya, thus of no value 3) the anomaly would be Eagle formation with migrated hydrocarbons, possibly oil generated in the Bakken source rock below that had migrated along the fault (lined in black below of Figure 1).
Figure 1. 2-D Seismic Cross Section is available at the following address: http://media3.marketwire.com/docs/141001_SNP_Figure1.pdf
Early in the drilling process a potential shallow oil play was discovered at around 560′ based on visible oil noted in the drill cutting sample, as previously reported. Abundant oil stain on the sandstone lithology was a positive outcome that was not expected prior to drilling. The oil stained formation was subsequently identified as belonging to the Two Medicine Formation.
Drilling continued to a depth of 3,134′ and the first Eagle formation was noted at 1,565′, shallower than expected and eliminating the idea of the upper Eagle formation being the anomaly. Open-hole electric logging for formation evaluation was conducted to a depth of 2,470′ at which point the tool string was unable to get past an obstacle. This was just above a depth of 2,500′ where drilling fluids were lost to the formation while drilling. As a consequence of lost circulation gas reads and drill cutting samples were lost from 2,544′ to 2,580′ noted below as “Lost Circulation Zone”. It is notable that at 2,465′, just above the lost circulation zone, the top of a possible clean sandstone was indicated by the convergence of the bulk density and porosity density logs. The real time total gas hydrocarbon reads at this depth had increased, and increased significantly for the presence of heavier propane (C3) and butane (C4) gases, indicating the presence of oil. Gas reads remained consistently high until approximately 2,725′. In the finalized mud-gas log, received by Super Nova Sept 26th, trace oil was noted in the drill cutting samples above the lost circulation zone and below from 2,590′ to a depth of 2,730′.
Based on the strength of hydrocarbon reads in the real time gas detector and chromatograph system and presence of oil detected in drill cuttings, the well was cased and cemented to a depth of 3,134′ on Sept 12th, 2014, as previously reported, for the purpose of subsequent evaluation with the intent to test the most promising zones. At this time the management of Super Nova believes several possibilities exist regarding the ultimate outcome of this well, by zone:
Shallow oil ~560′
1) Oil noted in the drill cutting samples may be producible, given the visible oil noted in the sandstone lithology. Petro-physical well log analysis will help to pinpoint appropriate depths to perforate for test swabbing. The shallow depth will help in that subsequent wells targeting this zone, if indeed producible, will likely be inexpensive to drill. However reservoir pressure at this depth will be limited and maximum recovery of oil from this zone will likely require secondary recovery techniques such as patterned injection of water (water flooding). A positive aspect of water flooding is the inexpensive disposal of any water produced with the oil, as opposed to hauling away and disposal, leading to decreased operating costs for long term recovery of oil, if producible.
Deeper oil ~2,500 to 2,700′
1) Oil noted in the deeper zones may be producible if the lost circulation zone or zones under it where hydrocarbon reads were elevated are indeed attributable to the seismic amplitude anomaly. It is notable that no lithological changes observed in the drilling cuttings would have explained the seismic anomaly as being due solely to lithological changes, such as a volcanic sill, as opposed to the seismic anomaly being due to the presence of hydrocarbons. In particular the evidence of a possible clean sandstone top at 2,465′ supports this possibility. This is a best case scenario, where sufficient porosity and permeability support the movability of oil, coupled with the fact that the amplitude anomaly is approximately 1/2 mile wide along the seismic line and is also noted in another parallel seismic line over 1 mile to the south. Hence if the anomaly is indeed the oil reservoir, the reservoir could be very sizable in this scenario.
2) Oil is present but unmovable in the deeper zones due to it being less permeable shale, and either none of the hydrocarbons are commercial or only limited gas can be produced from the zone. In the gas scenario, the proximity to Milford Colony will be of interest as a low pressure gas meter lies approximately 2,000 feet to the north of the well. Milford Colony currently purchases gas from the nearby Northwest pipeline through a 2″ steel line they built and own. In the event of limited quantities of gas, the 2″ steel line may potentially be turned around to send gas for additional sales into Northwest Pipeline.
There is no guarantee that the hydrocarbons found in this well will be commercially viable, perforating and swabbing procedures will determine if Oil and or Gas are present in commercial quantities to the depths drilled.
As seen on the figure 1 seismic, deeper targets exist on the Milford Lands such as the Bakken Shale. The development of this deeper formation could be proven viable by the Augusta Exploration LLC well to be drilled next to the Shell on the Krone location nearby next month. The company reports that to its knowledge, all pre-drill activities remain on track for Augusta Exploration LLC to commence drilling of its test well by October 8th, 2014, the purpose of which is to penetrate, log and core the Bakken formation at 7000 ft.. The location of Shell Krone drill site is less than 3 miles away from the Milford Colony lands containing the Eagle 1 well drilled Sept 6th – 12th, 2014.
The timeline for subsequent Eagle #1 completion work (perforating and swabbing) will be announced as they are determined.
The Company has decided to abandon the option agreement on the McAfee Well in Frio County Texas, to focus on its Farm Milford Colony Farmed in Lands and the acreage owned 100% contiguous to the Milford colony Lands effective immediately. (See news release of March 13th, 2014.)
SUPER NOVA PETROLEUM CORP.
Wolf Wiese, CEO
Super Nova Petroleum Corp.
Wolf Wiese
CEO
604-336-1490
604-221-8936
Super Nova Petroleum Corp.
Mike Poulin
Corporate Communications
604-221-8936
mike@supernovaminerals.com
(NETE) MissionIR Exclusive Audio Interview With Net Element CEO Oleg Firer
ATLANTA, GA–(Oct 1, 2014) – MissionIR today announces the online availability of its interview with Net Element, Inc. (NASDAQ: NETE) Chief Executive Officer Oleg Firer. The full audio interview is available http://nete.missionir.com/nete/interview.html.
Net Element is a technology-driven group specializing in mobile payments and value-added transactional services to small-sized and medium-sized businesses in emerging countries and the United States. The company’s innovations enable consumers to conduct commerce transactions from their mobile device, while online and offline payment capabilities allow merchants to reliably transact business anywhere and anyhow.
Leadership is invaluable to any company’s success, and Net Element CEO Firer leads the company with 12 years of experience in the payments business backed by expertise in M&A and payments-based technology. He is also the founder of Unified Payments, which in 2012 was ranked the No. 1 fastest growing company by Inc. 500 Magazine.
In the interview, Firer further details his background, the experience of his supporting management team, as well as his outlook for the mobile payments industry.
“It is evident there is already a huge shift from cash transactions to alternative payment methods; I am a firm believer in the growth opportunities in this industry. The market is huge — it’s a multi-billion dollar market today, and I believe it’s growing rapidly … over 60 million potential iPhone 6 and iPhone 6 Plus users will be able to transact in mobile commerce in the near future using newly introduced Apple Pay service,” he said.
Competing in a market of this caliber requires forethought and strategy, and if Net Element’s milestones for 2014 are telltale, the company has a clearly defined path toward success. Among those achievements, Net Element secured several multi-million dollar financings; most recently, the company completed a $16 million debt exchange transaction; divested non-core assets; sharpened its focus on transactional mobile payments; and achieved an impressive debt-free status.
Moving forward, Net Element aims to maintain its momentum for accelerated growth.
“The goals for the company are to grow revenues substantially, to turn profitable and to have sustained profitability on a go-forward basis. The sky is the limit from here. We are looking to make a strong foothold in this industry,” said Firer.
Wrapping up the interview, Firer discusses key company partnerships that support Net Element’s next stage of expansion particularly in Russia and the Commonwealth of the Independent States, which included the most recent financing of $11 million from Alfa-Bank, Russia’s largest private bank.
“We’re very proud of our new partners that believe in the company and put their money where their mouth is. It’s really encouraging for us and we are confident that the company will achieve its goals,” he concluded.
About Net Element, Inc.
Net Element, Inc. (NETE) is a global financial technology-driven company specializing in mobile payments and transactional services in emerging countries and in the U.S. The company operates its business through its global mobile payments and transaction processing provider, TOT Group. TOT Group companies include Unified Payments, recognized by Inc. Magazine as the #1 Fastest Growing Private Company in America in 2012; Aptito, a next generation cloud-based point of sale payments platform; and TOT Money, which has a leading position in Russia and has been ranked as the #1 SMS content provider by Beeline, Russia’s second largest telecommunications operator. NETE has global development centers and high-level business relationships in the U.S., Russia and Commonwealth of Independent States.
For additional information, please visit the Company’s corporate Website: www.NetElement.com
This press release may contain “forward-looking statements.” Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements may include, without limitation, statements about our market opportunity, strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot predict the effect that market conditions, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and factors described in our filings with the Securities and Exchange Commission may have on our results. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.
Contact:
Net Element, Inc.
North Miami Beach, Florida
www.NetElement.com
305-507-8808
Investors@NetElement.com
Mission Investor Relations
Atlanta, Georgia
http://www.MissionIR.com
404-941-8975
Investors@MissionIR.com
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