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June 10, 2008 -- Global Entertainment Acquisition Corporation (Other OTC: PSRZ | Quote | Chart | News | PowerRating) announced today that the Company will capitalize on the wildly successful "Screwballs" and its sequel "Screwball Hotel." Global Entertainment will option the screenplay "Virtually Screwed" and will produce the full length feature in the next few months. "Screwballs" and "Screwball Hotel" have been seen by audiences all over the world and have been distributed by both Universal and Warner Brothers. The films have been wildly popular with the teenage and young adult audiences, and have been very profitable receiving tremendous advances from both domestic and international distributors with distribution in 48 countries around the world. "We are aiming at the same audience who made movies such as '40 Year Old Virgin,' 'Knocked Up,' 'SuperBad' and the 'American Pie' Series blockbuster hits," says Global's CEO, Maurice Smith. "Our strategy is to produce outrageous comedies that are aimed squarely at the incredibly successful youth market," Smith went on to say. In keeping with his "out of this world" crazy comedies, Smith has set the plot for the new film to be "out of this world and into the virtual world" of Video Games thus hoping to attract the many millions of computer game players worldwide. "I smell a big hit," said Smith. Global Entertainment has acquired an option to produce a motion picture based upon the teen comedy screenplay "Virtually Screwed." This is based upon the success of the previous films in this series, one of which was released in the U.S. by Warner Brothers and another by Universal Pictures, while foreign sales for one was handled by Arnold Kopelson ("PLATOON," "THE FUGITIVE," "SEVEN," "OUTBREAK").
June 10, 2008 -- Precision Drilling Trust (NYSE: PDS | Quote | Chart | News | PowerRating) confirmed that it has formally proposed a business combination between Grey Wolf, Inc. ("Grey Wolf") and Precision. The proposal provides for Precision to acquire all of the common shares of Grey Wolf for US$9.00 per share in cash and Precision trust units, at the election of Grey Wolf shareholders, subject to proration such that the cash portion does not exceed 33 1/3% of the purchase price. The US$9.00 per share amount represents a 21% premium over the average closing price of Grey Wolf stock over the thirty day period preceding the date of the offer. Formal discussions in relation to the proposed business combination have not yet been initiated between Precision and Grey Wolf and Precision's proposal is subject to a limited number of conditions including focused due diligence and the negotiation of acceptable legal documentation. While Precision is hopeful that discussions with Grey Wolf will commence forthwith such that a formal agreement can be reached as soon as possible, there can be no assurance that discussions will be initiated, or that any agreement will be reached, between Precision and Grey Wolf in respect of the proposed business combination. Precision has received a highly confident letter from each of Deutsche Bank Securities Inc. and Royal Bank of Canada with respect to them being highly confident in their ability to provide Precision with the debt financing required to complete the proposed business combination. It is Precision's intention to request that each bank commence its customary evaluation with the objective of securing such debt financing on a fully committed basis on customary terms and conditions.
June 10, 2008 -- SkyWest, Inc. (NASDAQ: SKYW | Quote | Chart | News | PowerRating) reported a 2.9 percent decrease in available seat miles (ASMs) for May, while revenue passenger miles (RPMs) decreased by 5.0 percent compared to the same period last year. The combined airlines generated 1.89 billion ASMs for the month, while RPMs increased to 1.49 billion. Load factor was down 1.7 percentage points to 78.9% compared to 80.6% for the same period last year. Passenger boardings for May totaled 2,914,593 a 2.8 percent decrease over May 2007. SkyWest Airlines, based in St. George, Utah, and Atlantic Southeast Airlines, Inc. ("ASA"), based in Atlanta, Georgia are wholly owned subsidiaries of SkyWest. SkyWest Airlines operates as United Express, Delta Connection and Midwest Connect carriers under contractual agreements with United Airlines, Delta Air Lines and Midwest Airlines. ASA operates as a Delta Connection carrier under a contractual agreement with Delta Air Lines. System-wide, SkyWest serves a total of approximately 228 cities in the United States, Canada, Mexico and the Caribbean, with approximately 2,673 daily departures.
June 10, 2008 -- General Mills (NYSE: GIS | Quote | Chart | News | PowerRating) announced its agreement to purchase Denver-based Humm Foods, makers of LRABAR and LRABAR JŎCALAT. The brands will become part of Small Planet Foods, the natural and organic products group of General Mills, and a category leader with its Cascadian Farm and Muir Glen brands. The agreement will close tomorrow, June 11. "We are excited about this announcement," said Michele Meyer, president of Small Planet Foods. "LRABAR is an exceptional brand that is experiencing rapid growth because of the quality and uniqueness of LRABAR products. We are especially pleased that Lara Merriken, the founder of LRABAR, will continue with the business. Lara is clearly the brand champion of LRABAR, and we are thrilled to have her join us as we grow the business together." Humm Foods was founded in 2002 by Merriken, whose idea for her namesake LRABAR came to her while she was hiking in the Colorado Rocky Mountains. Her vision was to create a business centered on delivering an all-natural nutrition bar made of fruit and nuts, with unique flavors and few ingredients. The business has grown dramatically under her leadership to a category-leading position in the single-serve natural health bar segment. "I'm pleased to see LRABAR joining strong and successful brands like Muir Glen and Cascadian Farm," said Merriken. "I see this move as important to the future, and I'm excited to work with Small Planet Foods to continue to grow the LRABAR business."
June 10, 2008 -- Sanofi-aventis (NYSE: SNY | Quote | Chart | News | PowerRating) announced results from a new study that showed Ambien CR (zolpidem tartrate extended-release) CIV tablets 12.5 mg provided significant improvement in sleep onset, sleep maintenance and total sleep time over 8 weeks in patients with co-morbid insomnia and major depressive disorder (MDD) who were administered a Selective Serotonin Reuptake Inhibitor (SSRI) for depression. Ambien CR also improved sleep-related next-day functioning measures. This data was presented at the SLEEP 2008 22nd Annual Meeting of the Associated Professional Sleep Societies (APSS). Thomas Roth, PhD, director of the Sleep Disorders and Research Center at Henry Ford Hospital, states, "The results of this study demonstrate that Ambien CR can be considered a viable treatment option for the insomnia MDD patients experience and help them get the good night's sleep they need to improve their next-day functioning." Ambien CR Improved Sleep Quality and Sleep Impact on Daily Activities in MDD Patients Total sleep time was increased in the Ambien CR group throughout the study. At Week eight, patients reporting sleeping an average of 101 minutes more than baseline compared to placebo-treated patients who reported sleeping an average 64 minutes more (P<0.0001). On average, Ambien CR-treated patients reported falling asleep sooner and exhibited improved sleep maintenance based upon fewer nighttime awakenings and decreased wake time after sleep onset compared to placebo-treated patients (P<0.0001). In addition, patients reported improvements in secondary measures related to daytime functioning, including morning energy, morning concentration and sleep impact on daily activities.
June 10, 2008 -- VeriFone Holdings, Inc. (NYSE: PAY | Quote | Chart | News | PowerRating) announced a significant new market initiative in its European, Middle East and African business by reorganizing management and sales and marketing efforts into two market-focused teams, one focused on continental Europe and the other focused on Northern Europe, the Middle East and Africa. Yolanda Rousselet, a former key Sagem Monetel and Ingenico executive, has been appointed to the position of general manager for continental Europe. Nigel Bidmead, a long-time VeriFone executive, has been named managing director for Northern Europe, the Middle East, and Africa. For the past five years, Rousselet served as head of international sales at Sagem Monetel, now a subsidiary of Ingenico. In that period, Rousselet grew Sagem's international business from under 10 million Euros per year to nearly 120 million Euros per year. Under Bidmead's leadership, VeriFone's EMEA revenues have increased several times over since 2002 and now exceed $225 million dollars annually.
Wall Street closed mostly lower Tuesday after a dip in oil prices failed to keep investors from fretting over the economic consequences of steep energy costs. Crude oil's retreat below $132 a barrel did encourage some investors to search for bargains in stocks created by recent plunges. The financial sector, for one, saw strong demand after taking a beating Monday when Lehman Brothers Holdings Inc. reported a larger-than-expected quarterly loss. But the overall stock market was volatile, with investors flummoxed about the direction of the economy. Federal Reserve Chairman Ben Bernanke late Monday said that while a substantial downturn seems unlikely, inflation risks are growing. His remarks raised expectations that the central bank might hike interest rates later this year to curb inflation; more expensive borrowing could jeopardize an economic rebound. And although investors got some temporary relief from the oil market Tuesday, they remain concerned that high energy prices will not just aggravate inflation, but also stymie consumer spending and, in turn, economic growth. "If you bet against the consumer over the past several years, you would've been wrong. The consumer has held up surprisingly well. However, at some point there is a breaking point. I think some people believe we may be approaching that," said Chris Colarik, a portfolio manager at Glenmede Investment Management in Philadelphia. It is possible oil will stay high for some time. The International Energy Agency lowered its global oil demand prediction Tuesday, but also said oil-producing nations outside OPEC are having a tough time keeping up with demand. The Dow Jones industrial average rose 9.44, or 0.08 percent, to 12,289.76, after moving in and out of positive territory throughout the day. Broader stock indicators declined. The Standard & Poor's 500 index fell 3.32, or 0.24 percent, to 1,358.44, and the Nasdaq composite index fell 10.52, or 0.43 percent, to 2,448.94. Declining issues outnumbered advancers by nearly 2 to 1 on the New York Stock Exchange. Consolidated volume came to 4.51 billion shares, up from 4.27 billion shares on Monday. Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.10 percent from 3.99 percent late Monday. Crude dropped $3.04 to settle at $131.31 a barrel on the New York Mercantile Exchange. The dollar rose against other major currencies, while gold prices tumbled. The Fed has been worried that elevated commodities prices might curb consumers' appetite to buy discretionary items. This would pose a serious threat to the U.S. economy, and to other nations' economies as well. "There has been meaningful concern raised around the world about the uncorking of inflation," said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co. He added that data out of Japan and Europe have been suggesting weakness in those countries, and that foreign stock markets -- particularly China's -- have been stalling. Economic slowdowns abroad, coupled with ongoing bank troubles, rising bond yields, and uncertainty over the Fed's next move, are leaving investors with little incentive to buy stocks.
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