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Mammoth Energy Group Inc. (PINKSHEETS: MMTE - http://finance.yahoo.com/q?s=MMTE.pk)
June 5th, 2008-- Mammoth Energy Group Inc. (PINKSHEETS: MMTE | Quote | Chart | News | PowerRating) announced today that it has received a definite date to commence drilling the first well which will be June 16.
President Joe V. Overcash again stated, "The drilling company apparently had some problems at their current jobsite and are slightly delayed in getting started but we are confident that we will have the rig moving to the site by the date indicated. Rigs are in very high demand and we are very lucky to have one available to us with such short notice. We anticipate the drilling and completion of the first well in less than 30 days and production will commence immediately thereafter. It takes about 60 days to receive revenue checks from the operator as they reconcile the gas flow with the buyer and then segregate the funds for the participants. Based on projections done by the former operator of the property, we estimate that the three wells combined could generate over $525,000 within 36 months based on gas production alone. We would hope to double or triple that number if we find oil along with the gas."
Mammoth Energy Group, Inc.
We are focused on developing shallow gas and/or oil projects in northeastern Oklahoma due to the low risk, blanket characteristics in the area that make it possible to drill and produce a well nearly every time. We have continuing revenue from our Rogers County, OK project and with the Noble property hopes to develop its strategy with wells that can be drilled quickly and be positioned to grow consistently each month as new wells are brought on-line. More information is available at the company's website at www.mammothenergygroup.net
IceWEB, Inc. (OTCBB: IWEB - http://finance.yahoo.com/q?s=IWEB.ob)
June 5th, 2008-- IceWEB, Inc. (OTCBB:IWEB) www.IceWEB.com announced today that the Company has signed a formal Teaming Agreement with Premier Technical Services Corporation (Premier), a Virginia-based IT and engineering firm, naming IceWEB as a subcontractor on the team for development and implementation of a LEED-certified green data center in Page County, Virginia. The new state-of-the-art, energy efficient, large-scale data center is a part of a planned $16.5 million data center and office complex in development by Premier, who will also serve as prime contractor on the project.
Specifically, IceWEB will assist Premier and other team members with the design, development and deployment strategy for integrating power protection, storage and server architecture, security and networking solutions in the new data center. Brian Van de Meulebroecke, Senior Vice President of Premier, stated, "There is no question that the talented professionals at IceWEB possess the deep expertise and knowledge required to implement a project of this complexity, size and scope. Moreover, their proven record of accomplishment in providing high quality, innovative IT services and solutions to large enterprise and federal customers makes them the ideal partner to help us execute this mission-critical expansion initiative."
Tim McNamee, Vice President of Solutions and Storage Sales, Stated, "IceWEB is ideally suited to provide Premier with a full range of next generation IT infrastructure solutions necessary for managing, accelerating and securing applications within its new data center and to the rest of its enterprise, in addition to contributing our proven technological expertise and services to ensure smooth, cost efficient implementation. We are very proud that our Company has been named to the team of subcontractors on this significant project, and look forward to working closely with Premier to optimize the development and deployment process."
About Premier Technical Services
Premier is an award-winning Service-Disabled Veteran-Owned Small Business (SDVOSB), and a HUBZone Certified Small Business Concern (HUBZone Certified SBC). Incorporated in the Commonwealth of Virginia on July 21, 1989, Premier provides a distinctive array of product and equipment sales, management, administrative, fulfillment, engineering and technical support services for short and long-term projects. The Company has earned a stellar reputation serving a diversified client base that includes federal, state and local government agencies, commercial enterprises, prime contractors, trade associations, nonprofits and the military. Premier currently performs IT and engineering-related activities at various client sites throughout the United States, providing a customer-centric workforce and proven solutions to its clients to meet and exceed their current and future missions. Premier maintains fully staffed corporate and administrative offices in Luray, Virginia and has operations in O'Fallon, Illinois; Alexandria, Virginia; Radford, Virginia; Harrisonburg, VA; Merrifield, Virginia and Washington, DC.
About IceWEB, Inc.
Headquartered just outside of Washington, D.C., IceWEB manufactures and markets storage solutions and on-line application services. Additionally it is a leading source for best-of-class security products, services and solutions offered in partnership with a wide range of global technology leaders. Its customer base includes U.S. government agencies, enterprise companies, and small to medium sized businesses (SMB). For more information, please visit www.IceWEB.com.
i2Telecom International, Inc. ("i2Telecom(R)") (OTCBB: ITUI - http://finance.yahoo.com/q?s=ITUI.ob)
June 5th, 2008-- i2Telecom International, Inc. ("i2Telecom(R)") (OTCBB: ITUI), a developer of award-winning patented and innovative high-quality Voice-over-Internet Protocol ("VoIP") products and services, today announced that Xiocom Wireless, Inc., a leading global wireless broadband technology and operations company, has signed an agreement to utilize i2Telecom's Voice over Internet Protocol (VoIP) products to supplement and expand its current service offerings to carriers and network operators worldwide.
MyGlobalTalk(TM), i2Telecom's internally developed patent-pending technology, is a new and advanced mobile VoIP application that targets the wireless handset market. MyGlobalTalk(TM) places Internet telephony in the hands of every cellular phone user, independent of wireless carrier technology, handset manufacturer, or the type of wireless carrier voice/data plan involved. The objective is to enable mobile users to access low-cost Internet telephony communications in a completely "untethered" manner via their MyGlobalTalk(TM)-enabled cellular phones. Once MyGlobalTalk(TM) software is installed on cellular handsets, users are able to call any telephone in the world directly from their cellular phones, using VoIP technology, at a fraction of normal long-distance rates. In addition, MyGlobalTalk(TM) is fully functional without local access to the Internet or proximity to an Internet "hotspot". Users also need not wait for the availability of dual-mode WiFi phones, because MyGlobalTalk(TM) provides the benefits of dual-mode phones at a fraction of the cost using customers' existing mobile handsets.
"We are pleased to have been selected by Xiocom as a key Mobile VoIP partner in these rapidly developing regions of the world," stated Paul Arena, Chief Executive Officer of i2 Telecom International, Inc. "We believe that our ongoing success in the international marketplace reflects not only the fundamental economic benefits of Mobile VoIP, but also the added value of our intellectual property in the unified communications space. Working with such leading telecommunications providers as Xiocom in South America, Central Asia and Africa, we are providing significant cost savings and improving communications capabilities among the customers and employees of organizations around the world."
"We selected i2Telecom because of the ease of use and advanced features of MyGlobalTalk(TM), the company's ability to provide the type of service required in remote areas of the countries we serve, and its excellent reputation for delivering quality low-cost portable communications," stated Jeff Spence, Chief Executive Officer of Xiocom. "i2Telecom's products are very easy to deploy and an ideal complement to the services Xiocom currently provides to partners and operators in the emerging markets."
Businesses and consumers can substantially reduce long-distance and international telecommunication costs by utilizing i2 Telecom's easy-to-deploy VoIP solutions that seamlessly interface with existing telephone systems. MyGlobalTalk(TM), when combined with the i2Telecom services network, allows users to access, through their mobile handheld devices, the cost benefits and features that the Internet delivers to the computer. The current Mobile VoIP Beta Version 2.0 provides low-cost access to both international and domestic telephone networks. Future releases will include speed dial and access to enterprise VoIP-enabled communication products currently available from such companies as Microsoft, Nortel, Avaya, Cisco, Vertical, and Mitel.
MyGlobalTalk(TM) is being released in phases, having commenced in the first quarter of 2008 to customers in the United States and the United Kingdom with SmartPhone handsets that utilize the Windows Mobile(R) 5.0/6.0 operating system. Accompanying the release of the MyGlobalTalk(TM) mobile application is a MyGlobalTalk(TM) branded web site. Subsequent releases will be available worldwide and will include support for Blackberry, iPhone and Symbian enabled handsets, while adding new features specifically designed with the mobile handset user in mind. For additional information please visit www.myglobaltalk.com
About Xiocom Wireless
Xiocom, an Atlanta-based global wireless broadband enabler that provides a full suite of fixed wireless solutions for partners and network operators in emerging markets worldwide. Xiocom's broad range of flexible, tailor-made wireless services substantially reduce the cost of broadband delivery to Xiocom's network of partners. Xiocom excels in the deployment, monitoring and management of networks in infrastructure-weak environments where cost and coverage are the primary drivers for success. For additional information visit www.xiocom.com or call 678-218-5600.
About i2Telecom International, Inc.
i2Telecom International, Inc. is a developer of award winning patented and innovative high-quality Voice-over-Internet Protocol ("VoIP") products and services that employ best-of-breed VoIP technology and use a combination of the Company's own services network and the Internet to deliver high-quality phone calls, streaming video and text chat to customers on a global scale. i2Telecom International provides its VoiceStick(R), MyGlobalTalk(TM), Digital Portal communications and microgateway adapters for VoIP long-distance and other enhanced communication services to its subscribers. Its patent pending services technology platform is compliant with the Session Initiation Protocol ("SIP") telecommunications industry standard. For additional information visit www.i2telecom.com or www.voicestick.com or www.myglobaltalk.com or call 404-567-4750.
Wherify Wireless, Inc. (OTCBB: WFYW - http://finance.yahoo.com/q?s=WFYW.ob)
June 3rd, 2008-- Wherify Wireless, Inc. (OTC Bulletin Board: WFYW), home of the award winning Wherifone GPS Locator Phone and the Springboard Location Based Services Platform, today announced that it has entered into a non-binding letter of intent with Lightyear Network Solutions, Inc. to merge its business into Wherify.
The proposed merger of Wherify and Lightyear would be conditioned on, among other things, negotiation and execution of a definitive agreement, approval of the merger by the shareholders of both companies, obtaining a minimum of $15 million in new equity capital and restructuring of existing debt. The letter of intent specifies that no more than $2.5 million of the new equity capital would be used to restructure Wherify's current unsecured liabilities (approximately $16 million) and $2.5 million of such equity capital would be used to restructure Wherify's secured debt with Yorkville Associates. The letter of intent contemplates that the combined company would retain approximately $2.5 million of secured debt with Yorkville Associates. After repayment of approximately $800,000 of expected new bridge indebtedness and payment of transaction expenses and associated legal fees, the combined company would have approximately, $6.5 million in working capital. Wherify has not yet obtained binding commitments for the bridge financing, equity financing or debt restructuring. There is also no guaranty or assurance that the final restructuring terms, if any, will not be materially different upon further negotiations and due diligence.
Wherify, a pioneer in the rapidly emerging location based service business, is in the process of completing its proprietary location based service platform, Springboard. The Springboard platform is being designed to enable mobile communications carriers, mobile application providers and mobile device manufacturers to develop a wide array of location based services applications for their products, such as mobile social networking, mobile community search and shopping and fleet management. Springboard technology includes support of both GPS and non GPS equipped devices. Lightyear, a closely-held private company, is a business and network service solutions company generating annual revenues in 2007 of approximately $65 million with an EBITDA of $2.2 million. Lightyear provides a host of telecom products and services for business and individual customers, including, among other things, integrated network access service for voice, data, private lines, VoIP services to over 4,000 business enterprise clients nationally. Sherman Henderson, Lightyear's President and CEO and the six-year incumbent chairman of COMPTEL, said, "Merging the unique location based services platform from Wherify with Lightyear's strong customer service focus, our potent multi-channel distribution network and our strong telecom industry relationships has the potential to geometrically enhance the combined company's business prospects."
Vince Sheeran, Wherify's Chief Executive Officer, said, "Bringing together Wherify's proprietary location based service platform with Lightyear's established leadership in customer support, multi-channel distribution and carrier presence is an excellent fit. We believe the proposed merger of Wherify and Lightyear has the potential to unlock the unfulfilled promise that location based services have represented for the wireless industry."
If the merger is completed as contemplated in the letter of intent, Mr. Henderson would be named the Chairman and CEO of Wherify, and Wherify would change its name to Lightyear Network Solutions. Under the present terms of the non binding letter of intent, Lightyear shareholders would receive approximately 51% of the pro-forma fully-diluted shares outstanding on the closing date of the merger and will have the right to choose 60% of the Board of Directors. To facilitate the combination, Yorkville Advisors and Wherify entered into a forbearance agreement on May 19, 2008 under which Yorkville Advisors agreed in principal to the terms of the letter of intent and to forbear from exercising its rights and remedies under its secured debenture with Wherify.
About Lightyear Network Solutions, LLC
Lightyear Network Solutions, LLC was founded in 1993 when J. Sherman "Sherm" Henderson III began operations under the name of UniDial. Sherman Henderson was named one of the top 25 Most Influential People in Telecommunications and has been elected for six consecutive terms as Chairman of Comptel, the leading industry association representing communication service providers. Lightyear markets and sells telecommunication services to medium to small businesses and residential consumers primarily through independent agents and representatives throughout the United States. Lightyear built its own VoIP network in 2004 to enhance its product offerings to its customers. Lightyear has partnered with some of the biggest names in telecom including: Verizon, AT&T, Level 3, Qwest, Sprint, Embarq, PAETEC, Sylantro, Cisco, Adtran, Voicecom, Iperia and Acme Packet. Lightyear is located in Louisville, Kentucky.
About Wherify Wireless, Inc.
Wherify Wireless, Inc. (OTC Bulletin Board: WFYW | Quote | Chart | News | PowerRating) is a pioneering developer of personal location products and services. With patented personal location and position tracking technology and patent pending GPS locator communications capability, Wherify Wireless continues to be a leader in location technology development. Wherify's Aided-GPS location has been integrated into more than 100 GSM cellular networks world-wide. Wherify's expertise in GPS technology for wireless devices and its patented back-end location service engine enable customers to obtain real-time location information on individuals and property directly through the Internet or any phone. The Smithsonian Institution Museum has recognized Wherify's groundbreaking first product, the Child Locator, by putting it on permanent display as the world's first commercial personal GPS tracking device. In 2007, Wherify's Wherifone(TM) received the Consumer Electronic Show's Award for Excellence in Innovation in Wireless Communications. Wherify was founded in 1998, and is located in San Mateo, California.
My Vintage Baby, Inc. (Pink Sheets: MVBY - http://finance.yahoo.com/q?s=MVBY.pk)
June 3rd, 2008-- My Vintage Baby, Inc. (Pink Sheets: MVBY), a public children's apparel company, today announced that it has sold $250,000 of senior-secured, fixed-price convertible debentures to Agile Opportunity Fund, LLC ("Agile"), a New York institutional investor.
"My Vintage Baby has undergone a significant balance sheet and operational cleanup over the past year. In my opinion the Company is poised for growth and sustained profitability. Our investment was based on our analysis that MVBY should become profitable within the next year. The Company's design team, headed by Jessica Wiswall, has the resources necessary to fulfill its mission to create and distribute niche, high-end children's apparel," stated David Propis, Managing Director, Agile.
"I am pleased to announce that we were able to complete the debt transaction convertible at a fixed price with no stipulated registration requirement. This is uncommon for companies trading on the Pink Sheets and is a strong endorsement of our company," stated CFO Jeff Welsh.
Mr. Welsh further commented: "We are delighted that our relationship with Agile, a leading New York Investment firm, continues to deepen."
The debt instruments are convertible at a substantial premium to the current market price of the Company's common stock, and the shares underlying the security are not subject to mandatory registration. The conversion price, $0.12, is based upon the face amount of the obligations, $340,000. In connection with the borrowing, the Company issued a total of 500,000 warrants to purchase Common Stock for $0.15 per share and 500,000 warrants to purchase Common Stock for $0.18 per share.
The company intends to utilize the funds for general working capital purposes.
ABOUT MY VINTAGE BABY:
My Vintage Baby is recognized as "a piece of yesterday for the hip child of today." Its garments are designed with both new and vintage reproduction materials, each with its own nostalgic yet stylish look. The vision is to make each garment as unique as the children who wear them.
For more information regarding My Vintage Baby please visit: www.myvintagebaby.com.
Sequenom, Inc. (NASDAQ: SQNM - http://finance.yahoo.com/q?s=SQNM)
June 4th, 2008-- Sequenom, Inc. (NASDAQ:SQNM), a leading provider of genetic-analysis solutions, announced positive results from screening studies using the Company's noninvasive circulating cell-free fetal (ccff) nucleic acid SEQureDx(TM) Technology, which enables the detection of fetal aneuploidy, including Down syndrome from maternal blood. At its analyst-and-investor briefing "The Future of Noninvasive Prenatal Diagnostics" held at the International Society of Prenatal Diagnostics (ISPD) conference in Vancouver, Canada, executives were joined by a panel of leading scientists and clinicians to discuss study results and updates in the development of noninvasive prenatal diagnostics. The Company reported that in blinded studies performed at Sequenom involving approximately 200 clinical samples collected both prospectively and retrospectively, its proprietary test for Down syndrome correctly identified 100% of all Down syndrome samples (i.e. sensitivity or detection rate), without any false-positive outcomes (i.e. specificity). Population coverage for the T21 test improved to at least 93% of the U.S. population. With currently available serum-testing options having detection rates between 70% to 90% and false-positive rates as high as 5%, SEQureDx Technology shows promise for significant performance advantages over the current paradigms for prenatal screening. The Company expects to continue its development activities through the end of 2008, at which time the Company will initiate transfer of the technology to laboratory partners. The Company plans to initiate a multi-site validation study consisting of several thousand samples in the fourth quarter this year and launch its Down syndrome test as a Laboratory Developed Test (LDT) in the U.S. in the first half 2009.
"We are very pleased to be reporting substantial progress toward commercializing an important test to screen for Down syndrome that can be administered as early as late in the first trimester through a simple blood draw from the mother," said Harry Stylli, Ph.D., Sequenom's President and Chief Executive Officer. "Data from our blinded screening study for the detection of fetal aneuploidy indicate that the current version of our test has identified all Down syndrome samples without any false-positive outcomes. Also our coverage has improved to at least 93% of the U.S. population. Although these results require further validation in larger studies, such results using SEQureDxTM Technology can potentially transform current clinical practice for Down syndrome-risk assessment."
The studies conducted both prospectively and retrospectively, involved approximately 200 samples in both normal and high-risk patients. The blinded-prospective study involved 180 samples comprising 130 low-risk and 50 high-risk samples. The test correctly identified three Down syndrome samples without any false-positive outcomes. Of the 21 blinded samples analyzed retrospectively, the test correctly identified seven Down syndrome samples while also indicating no false-positive results.
"A direct, noninvasive genetic assessment of fetal Down syndrome will result in far-better screening accuracy and would dramatically reduce the number of unnecessary, invasive diagnostic procedures that women undergo in current maternal serum-screening protocols. Improved detection rates, as reported by Sequenom in its assay optimization studies, exceed those with currently available screening models," said Allan T. Bombard, M.D., a reproductive geneticist with more than two decades of experience in the field of prenatal screening and diagnosis. (Dr. Bombard serves as a Chief Medical Director at Sharp Mary Birch Hospital and is the Principal Investigator of the study.) "Moreover, having minimum false-positive results will significantly reduce the number of unnecessary confirmatory diagnostic tests, as well as the anxiety and complications associated with invasive procedures."
Currently available tests conducted during the first or second trimester of pregnancy use epigenetic markers associated with the Down syndrome phenotype that are characterized as "surrogate" markers as they are not directly related to the extra Number 21 chromosome. Different combinations of markers, measured at different times in pregnancy, constitute the multiple-marker approach to screening. These tests have detection rates of 70% to 90% with approximately a 5% false-positive rate, while also having inconsistent population coverage or ethnicity rates. The SEQureDx test uses a maternal blood sample drawn as early as the first trimester and identifies directly the extra Number 21 chromosome. Invasive procedures such as amniocentesis or chorionic villus sampling (CVS) carry risk of miscarriage and other risks to mother and fetus.
"Current screening methods, using multiple 'surrogate' markers, are very good, but are unlikely to reach diagnostic potential," said Jacob Canick, Ph.D., Professor of Pathology and Laboratory Medicine at Brown University Medical School. "In contrast, I am optimistic that tests using multiple-fetal RNA and DNA markers can be developed not only for Down syndrome, but for all clinically important aneuploidies, and it is reasonable to expect that such direct, noninvasive diagnostics could be done in the first trimester of pregnancy."
Sequenom's analyst-and-investor-briefing event speakers included Alan Bombard, M.D., Chief Medical Officer at Sharp Mary Birch Hospital, who discussed current clinical practices for Down syndrome screening and diagnosis; Jacob Canick, Ph.D., Professor of Pathology and Laboratory Medicine at Brown University Medical School, who discussed methods for screening pregnancies for Down syndrome; Professor Dennis Lo, consultant to Sequenom and a leading researcher in prenatal diagnostics, who discussed the future of prenatal diagnosis; and Sequenom's Senior Vice President of Research and Development Elizabeth Dragon, Ph.D., who reviewed progress with Sequenom's SEQureDx Technology in developing a test for Down syndrome. A webcast of the event is available on the Company Web site at www.sequenom.com.
Sequenom's Proprietary Noninvasive Prenatal Diagnostics
Sequenom's commercial opportunities in prenatal diagnostics are built upon its SEQureDx technologies and are enabled by the pioneering inventions and associated intellectual property rights that it has exclusively licensed from Isis Innovation Ltd., the technology transfer company of the University of Oxford, as well as The Chinese University of Hong Kong. Sequenom's portfolio of noninvasive prenatal diagnostic patent rights and patent applications is platform-independent, includes genetic-analysis methods using circulating cell-free fetal nucleic acids from maternal serum, plasma or whole blood, and also includes a portfolio of methylation and nucleic-acid markers. Sequenom holds exclusive rights in territories including the United States, Europe, Australia, Canada, Japan and Hong Kong. Sequenom is actively expanding its intellectual property position with new technology and new territories. Because Sequenom's license rights are platform-independent, the rights provide exclusivity (with the narrow exception in Europe for RT-PCR-based Rhesus D tests) for development and commercialization of noninvasive prenatal screens and tests on any platform and are not limited to the Company's MassARRAY platform.
About SEQureDx Technology
Sequenom's SEQureDx Technology is a novel approach to genetic screening. Unlike current standards of harvesting placental tissue cells as is required for chorionic villus, or entering the uterus to sample the amniotic fluid surrounding the baby as is performed with amniocentesis, SEQureDx Technology extracts Fetal Nucleic Acid material safely and comfortably from a simple blood specimen collected from the mother to determine the genetic status of the fetus. This breakthrough suggests that effective screening may be accomplished in the future without the risks associated with disturbing the amniotic fluid that surrounds the baby in the uterus. In December 2007, the Company, through its laboratory partner, introduced a laboratory-developed RhD incompatibility test using RT-PCR in the United States. In February 2008, Sequenom announced progress with its noninvasive Trisomy 21 test based on multiple RNA fetal markers, including the PLAC4 gene as previously published by Dr. Dennis Lo, Chinese Hong Kong University. In these preliminary studies, data from more than 100 clinical plasma specimens of various ethnicities indicated that the development-stage Trisomy 21 test was approaching 85% (+/- 5%) ethnic coverage, more than 95% sensitivity and close to 99% specificity.
About Down Syndrome
Down syndrome is a chromosomal abnormality characterized by the presence of an extra copy of genetic material on the 21st chromosome, either in whole (Trisomy 21) or in part (such as due to translocations). The effects of the extra copy vary greatly among people, depending on the extent of the extra copy, genetic history and pure chance. In 2007, the American College of Obstetricians and Gynecologists (ACOG) endorsed guidelines that offer risk assessment to all pregnancies for fetal chromosomal abnormalities, including Down syndrome. The ACOG recommendation includes screening before the 20th week of pregnancy using a less-invasive screening option that includes ultrasound in conjunction with the measurement of certain blood hormones. It is estimated that approximately 70%, or 2.8 million, women undergo Down syndrome screening in the United States each year.
About Sequenom
Sequenom is committed to providing the best genetic-analysis products for research and the molecular-diagnostic markets. The Company makes available superior solutions for genomic science in biomedical research, livestock and agricultural applications and molecular medicine, as well as for various diagnostic markets, including noninvasive prenatal testing, oncology and infectious diseases. Sequenom's proprietary MassARRAY system delivers reliable and specific data from complex biological samples and from genetic-target materials available only in trace amounts. Sequenom(R), MassARRAY(R) and SEQureDx(TM) are trademarks of Sequenom, Inc.
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