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Jun 25, 2008 -- CBS News' The Early Show featured GTX Corp's (OTCBB: GTXO) gpVector(TM) Personal Location Service (PLS) technology in "'Smart' Clothes: Fashion With Function." The story by Emmy Award winner Susan Koeppen aired in a Consumer Watch segment Saturday, June 21, 2008. CBS News' The Early Show is a national broadcast that covers breaking news and reports on a wide range of subjects from consumer and health issues to personal finance.
GTX Corp's patented GPS "smart shoe" was showcased in the segment noting the technology could be used to track "senior citizens who wander away, or kids who get lost." Additionally featured was GTX Corp licensee MyAthlete LLC which produces a GPS belt empowered by GTX Corp technology. The MyAthlete belt is used to track competitive athletes in real time and was demonstrated on the air by seven-time Ironman triathlete Eric Hodska.
"The interest shown in our footwear implementation has been overwhelming," remarked Patrick Bertagna, CEO and President of GTX Corp. "Being able to demonstrate the power of Personal Location Services (PLS) technologies to CBS' viewers was a privilege for our team. We thank Susan Koeppen for that opportunity."
One of the most compelling applications for the GPS enabled tracking and monitoring platform is to embed the miniaturized gpVector(TM) module in footwear. The solution is designed for use specifically to monitor the well being of children or the elderly afflicted with dementia. GTX Corp has many proprietary uses for its technology and is currently considering several licenses for a variety of applications in the branded consumer products marketplace.
The full story can be read on CBS News' The Early Show's website, http://www.cbsnews.com/stories/2008/06/21/earlyshow/contributors/ susankoeppen/main4200007.shtml, or visit http://www.gtxcorp.com/sites/default/video/smart_clothes_gtx_corp_the _early_show_cbs.wmv to view the video coverage.
(Due to their length, these URLs may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
About GTX Corp
GTX Corp develops miniaturized Global Positioning System (GPS) satellite tracking and location-transmitting technology devices for integration into branded licensee consumer products. The company's Personal Location Services (PLS) platform consists of a matchbook-sized, location-reporting module that utilizes GTX Corp's "always-on" Assisted-GPS tracking capabilities. The system uses cellular transmission provided by our wireless carrier partner, AT&T, to deliver real-time geographic coordinates, rendered on Google Maps, to subscribers via secure Internet connections. With more than five years in research and development, strategic partnerships, and an ongoing program of intellectual property protection, GTX Corp continues its efforts to advance the GPS technology industry and the PLS space.
Jun 25, 2008 -- With revenues from its Coalbed Methane Field in Miami County, Kansas continuing to advance, Heartland Oil and Gas Corp. (OTCBB: HTOG | Quote | Chart | News | PowerRating) (FWB: HOCA) is expecting to soon double its production from this field with the completion of Heartland's 18,000 foot pipeline expansion project and the subsequent connection of 12 additional wells.
As demonstrated by the chart, since its acquisition by Universal Property Development and Acquisition Corporation (OTC BB: UPDV), Heartland's gross revenue on production in Kansas has steadily increased and more than doubled to $110,729 in just 12 months.
In addition to this increasing revenue, Heartland's pipeline expansion will connect to 12 CBM wells Heartland previously drilled and which production testing indicates will double the current output from this field. The pipeline will also open many more acres to additional drilling activity.
"We expect to have the 8 inch main completed by the end of the week," reports Susie Glaze, Operations Manager of Heartland's prime contractor, Aztec Well Services, Inc., another UPDA subsidiary. "The pipe will be in the ground, buried, four road crossings made, 2 creek crossings and the 8 inch pipe will be hooked into the 12 inch main. The pipeline will be stubbed out at the salt water disposal well location and we intend to go directly back to the SWD well and take it down another 100-200 ft. with a smaller drill bit. We currently have the SWD well down to 1000 feet and it has been cased with 5 1/2" production pipe and cemented in. We expect to have the SWD well done by the end of the next week and then start moving tanks so we can turn on the production wells."
"The production increases we have been able to achieve from the existing wells are quite remarkable," commented Heartland Spokesman Jack Baker. "And the numbers we have seen so far from the new wells are very encouraging. With the completion of the pipeline and connection of these 12 wells, we expect to double our production again and we can continue to drill new wells on the vast acreage accessible along the three miles of new pipeline. We are very optimistic that our revenue growth will accelerate at an even higher rate as we go forward with our plans."
About Heartland Oil and Gas Corp.
In April 2007, Universal Property Development and Acquisition Corporation (OTC BB: UPDV) (www.universalpropertydevelopment.com) acquired a controlling interest in Heartland Oil and Gas Corp. and designated Heartland as its exploration and production arm. Since that time, UPDA has also established Aztec Well Services, Inc. (www.aztecwell.net) as its wholly owned field services subsidiary.
June 24, 2008 - CRYSTALLEX INTERNATIONAL CORPORATION (TSX: KRY)(AMEX: KRY) wishes to advise that on June 18, 2008, Crystallex was invited to a meeting by representatives of the Ministry of the Environment ("MinAmb"), led by Vice Minister of Environmental Planning and Administration, Ing. Merly Garcia. At this meeting, Crystallex was informed that MinAmb was instructed by the Government to reconsider issuance of the Las Cristinas Environmental Permit to Affect Natural Resources (the "Permit") by discussing with Crystallex possible modifications of the Las Cristinas project, which could enable the Permit to be issued. The modifications suggested by the MinAmb representatives fall within three main categories: (i) further optimising the social projects in the area, (ii) mitigating the impact of open vein deposit mining in the currently affected areas of the Imataca, and (iii) improving the remediation plans at the end of the mine life as well as to remediate the existing environmental damage caused by the illegal miners who have worked in the area. The MinAmb representatives stressed the importance of expediting the submission of details relating to the suggested request for modifications in order to enable prompt resolution of the Permit.
In addition, Crystallex has received the official minutes of the meeting held at the Permanent Committee for the Economic Development of the National Assembly at the public hearing held on June 4, 2008 to discuss the delay of the Las Cristinas project. At the meeting, representatives of the Ministry of Mines ("MIBAM") confirmed support for Crystallex and its compliance with all procedural and administrative steps up to the denial of the permit by MinAmb. The resolution issued by the Committee states that the Las Cristinas project has been in development for a significant period of time with the support of different branches of the Government. The resolution further notes a lack of coordination between the various Government branches, which it suggests should be resolved in light of the macroeconomic policies and goals of Venezuela, as well as the social needs of the people and the pre-existing environmental damage.
It is too early for Crystallex to forecast how this issue will be resolved, but it is encouraged by the support from the Venezuelan Government and National Assembly. Crystallex welcomes the opportunity offered by MinAmb to help create additional solutions to the extensive environmental damage that already exists due to illegal mining in the Las Cristinas area, and to improve the project in order to respond to issues raised by MinAmb.
Jun 25, 2008 -- NanoViricides, Inc. (OTCBB: NNVC), (the "Company") said that noted Yale University School of Medicine research physician, Thomas Lentz, MD, has agreed to join the NanoViricides' Scientific Advisory Board (SAB).
In accepting the invitation, Dr. Lentz commented by email, "As you know, I was an early proponent of the possibility of treating viral infections by blocking the virus-receptor interaction. While most attempts at putting this into practice have not been successful, I believe the innovative approach employed by NanoViricides has great potential."
Professor Lentz's research has laid the early foundations for developing anti-viral therapies by blocking virus-cell receptor interactions. His work on the binding of rabies virus to the nicotinic acetylcholine receptor has helped in the creation of a rabies-specific nanoviricide. In addition, his extensive studies on the classification of viruses and of their cellular receptors into broad groups provided the basis for the broad-spectrum nanoviricides that the Company is developing at present as potent therapeutics against a large number of viruses.
Dr. Lentz, whose current title is Senior Research Scientist and Professor Emeritus of Cell Biology was previously also Associate Dean for Admissions and Financial Aid at the School of Medicine (http://www.cellbiology.yale.edu/cellbio/html/faculty/t_lentz.shtml).
"It is needless to say that to have Professor Lentz join our SAB is indeed an honor," commented Dr. Anil Diwan, President of the Company, adding, "We have already benefited substantially from his extensive research in the virus-cell interactions field. His association with the Company should help us tremendously in our mission of destroying viruses in the body and conquering viral diseases."
About NanoViricides:
NanoViricides, Inc. (www.nanoviricides.com) is a development stage company that is creating special purpose nanomaterials for viral therapy. The Company's novel nanoviricide(TM) class of drug candidates are designed to specifically attack enveloped virus particles and to dismantle them. The Company is developing drugs against a number of viral diseases including H5N1 bird flu, seasonal influenza, HIV, EKC (epidemic kerato-conjunctivitis or severe pink eye disease), hepatitis C, rabies, dengue fever, and Ebola virus, among others.
Jun 25, 2008 -- New York Yankees legend Mariano Rivera, Los Angeles Angels of Anaheim star outfielder Torii Hunter and rapper/hip hop artist Talib Kweli will celebrate All Star Week at an exclusive, star-studded private event at the New York City hotspot, Pink Elephant. Purple Beverage Company, Inc. (OTCBB: PPBV | Quote | Chart | News | PowerRating) is partnering with Pink Elephant to host the "Purple All Star Celebration" on the eve of baseball's mid-summer classic to celebrate our nation's pastime and raise a glass to the company's baseball star partners.
"We're excited to work together with Pink Elephant to celebrate All Star Week in New York City by hosting this VIP event," said Ted Farnsworth, CEO of Purple Beverage Company. "The party will not only provide Purple Beverage Company with the opportunity to honor Torii Hunter and Mariano Rivera, but it will also provide us with a venue to introduce Purple(TM) to other VIPs, baseball stars and celebrities gathering in town for the historic final All Star Game at Yankee Stadium."
The event will also feature rapper Talib Kweli, who is credited for his socially conscious rap lyrics. As one of the best-known rappers in alternative hip hop, Kweli - who was named a favorite rapper by both Jay-Z and 50 Cent - will give a private performance for Purple All Star Celebration attendees.
"We are excited for Talib Kweli's performance at the Purple All Star Celebration," added Farnsworth. "Not only is he a well-respected hip hop artist, but he also shares Purple Beverage Company's core values in his socially-mindful lyrics that promote causes like thinking 'green' and community building."
The Purple All Star Celebration at Pink Elephant is an exclusive, invitation-only event to be held after the Home Run Derby on July 14. A full list of other VIP guests and opportunities to win tickets to the event will be announced within the upcoming weeks.
Ranked "Best Nightclub" by City Search 2006, Pink Elephant is an opulent oasis fashioned after the festive party paradises of St. Tropez and Rio de Janeiro. Pink Elephant offers a plush, intimate haven in which to enjoy a high-energy atmosphere, luxurious service and some of the world's most popular house music DJs.
Purple Beverage Company's signature beverage, Purple, is a unique and tasty blend of seven of the world's most powerful antioxidant-rich juices, including the exotic acai berry, black cherry, pomegranate, black currant, purple plum, cranberry and blueberry. The health benefits of these juices are packed into an all-natural, no-sugar added beverage that is second to none in terms of taste and functionality.
Nightclubs and lounges are also finding Purple to be one of the trendier antioxidant cocktail choices, as adding alcohol to antioxidant-rich berries increases the power of the antioxidants, a fact confirmed in studies by researchers from the U.S. Department of Agriculture and by a study at Kasetsart University in Thailand.
Purple can be found in restaurants, bars, nightclubs, delis, drug stores, health food stores, supermarkets and convenience stores across the country.
Jun 24, 2008 -- TechPrecision Corporation (OTCBB: TPCS) ("TechPrecision", or "the Company"), a leading manufacturer of large-scale, high-precision machined metal fabrications for the alternative energy, medical, nuclear, defense, aerospace and other commercial industries, today reported strong financial results for the fourth quarter and year ended March 31, 2008.
Fourth Quarter of Fiscal 2008 Highlights
-- Net sales increased 64.5% to $9.3 million
-- Gross profit rose 185.6% to $2.6 million
-- Gross profit margin was 27.8%
-- Operating income increased 396.1% to $2.1 million
-- Net income increased to $853,000 compared to a loss of $8,000
-- Net income allocated to common stock increased to $853,000 from a loss of $296,000
-- Net income per common share was $0.07 and $0.03 basic and diluted, versus $(0.03) per share basic and diluted the previous year
Fourth Quarter of Fiscal 2008 Results
For the fourth fiscal quarter of 2008, sales increased to $9.3 million or 64.5%, from $5.6 million in the fourth quarter of fiscal 2007. This increase in sales reflected improved market conditions for capital goods and the Company's business refocus towards longer-term, high volume projects with more predictable cost structures in the alternative energy, medical and nuclear industries.
"We are pleased with the results of the fourth quarter and full year of fiscal 2008 at TechPrecision due to strong demand for our products and services, particularly in the alternative energy market," said Chairman and CEO James Reindl. "We have continued to enjoy strong revenue growth as we implement our strategy to offer precision manufacturing and complete integration services for high volume production programs. We expect the momentum we are seeing to sustain as our backlog continues to grow," added Mr. Reindl.
Cost of sales for the quarter ended March 31, 2008 increased by $2.0 million to $6.7 million, an increase of 41.3%, from $4.7 million for quarter ended March 31, 2007. The cost of sales grew at a rate less than the Company's increase in sales, resulting in a gross margin of 27.8% in the fourth fiscal quarter of 2008 compared to gross margin of 16.0% in the fourth fiscal quarter of 2007.
TechPrecision's net income available to common stockholders was $0.9 million ($0.07 per share basic and $0.03 per share diluted) in the three months ended March 31, 2008 as compared to a loss of $0.3 million or $(0.03) per basic and diluted share in the three months ended March 31, 2007.
Full Year Fiscal 2008 Results
-- Net sales increased 66.6% to $31.8 million
-- Gross profit rose 135.2% to $8.3 million
-- Gross profit margin was 26.2%
-- Operating income grew 342.8% to $6.4 million
-- Net income rose to $3.5 million from $290,000
-- Net income allocable to common stock increased to $3.5 million from a loss of $386,000
-- Net income per common share was $0.32 and $0.12 basic and diluted, versus $(0.04) per share basic and diluted
For the year ended March 31, 2008, revenue rose to $31.8 million, up 66.6% from $19.1 million for the year ended December 31, 2007. Gross profit for the period was 8.3 million, compared to 3.5 million for fiscal 2007, an increase of 135.2%. Operating income grew 342.8% from fiscal 2007 to fiscal 2008, from $1.4 million to $6.4 million. Net income available to common stockholders was $3.5 million, or $0.32 per share (basic) and $0.12 per share (diluted), for the year ended March 31, 2008 as compared to a loss of $386,000 or $0.04 per share (basic and diluted) in the year ended March 31, 2007.
Financial Condition
At March 31, 2008, TechPrecision had working capital of $6.4 million as compared with working capital of $3.4 million at March 31, 2007, an increase of $3.0 million reflecting the Company's increased level of business. The cash flows from operations were $2.5 million as compared to $1.6 million in the year ended March 31, 2008 as compared to 2007. The increase in operating cash flow was due to the net effect of an increase in net profits and decrease in costs incurred on uncompleted contracts.
During the year ended March 31, 2008, the Company received $658,000 from the exercise of warrants to purchase 1,510,000 shares of common stock.
Business Outlook
TechPrecision provides critical products for the solar industry and has a track record of providing key components to the nuclear energy industry as well. The solar industry continues to experience rapid growth and a nuclear renaissance is emerging worldwide. Both industries are expected to grow significantly due to continued strong demand for energy coupled with concerns about carbon emissions and dependence on foreign oil. TechPrecision management is encouraged about strong growth it anticipates achieving with respect to long-term program work in the medical industry as well. As one of the few full-service fabrication and machining companies that can supply, large high-precision key components and complete program integration, TechPrecision believes that it is positioned well to benefit from strong anticipated demand from numerous industry sectors.
"We are pleased with our strategy to refocus the Company into high volume, long-term projects and provide full integration services to customers in growing markets. Our operations continue to generate strong revenue growth and profitability," stated Mr. Reindl. "Our solar business continues to enjoy strong momentum."
TechPrecision anticipates operating at a high level of capacity throughout fiscal 2009 and is currently evaluating capacity expansion plans both on- and off-site. As of March 31, 2008, the company had a backlog of firm orders totaling approximately $33.4 million. The Company anticipates that this backlog will be shipped during the year ended March 31, 2009.
Teleconference Information
The Company will hold a conference call at 11:00 a.m. Eastern (U.S.) time on Wednesday, June 25, 2008. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 866-293-8971 or 913-312-1272. When prompted by the operator, mention Conference Passcode 6513841.
If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Wednesday, June 25 at 3:00 p.m. Eastern Time. To access the replay, dial 888-203-1112 or 719-457-0820, and enter the Passcode 6513841.
About TechPrecision Corporation
TechPrecision Corporation, through its wholly-owned subsidiary Ranor, Inc., manufactures metal fabricated and machined precision components and equipment. These products are used in a variety of markets including: alternative energy, medical, nuclear, defense, industrial, and aerospace. TechPrecision's goal is to be an end-to-end service provider to its customers by furnishing customized and integrated "turn-key" solutions for completed products requiring custom fabrication and machining, assembly, inspection and testing.
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