InvestSource Inc.: IVI Communications Consummates Loan and Security Agreement

Jul 07, 2008 (M2 PRESSWIRE via COMTEX) -- WYE | Quote | Chart | News | PowerRating -- Stocks in the News: IVI Communications, Inc. ("IVI") (OTCBB: IVCM), Titan Global Holdings, Inc. (Pink Sheets: TTGL), Wyeth Pharmaceuticals (NYSE: WYE), Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX), Harsco Corporation (NYSE: HSC), and Penn National Gaming, Inc. (NASDAQ: PENN)

July 3, 2008 - IVI Communications, Inc. ("IVI") (OTCBB: IVCM | Quote | Chart | News | PowerRating) announced that it and Titan Global Holdings, Inc. ("Titan") (Pink Sheets: TTGL) completed a loan and security agreement ("Credit Facility") for $100,000. The Credit Facility is due on December 25, 2008 and bears interest at thirteen percent. Titan received no fees or equity based compensation in connection with the Credit Facility. Titan recently acquired all of IVI's outstanding Series A and B Preferred Stock (the "Preferred Stock") from the former holders. The Preferred Stock includes the right to vote a majority of IVI's shares for any action to be taken by shareholders. IVI will use the Credit Facility to fund corporate expenses, including those due to its auditors. Among other undertakings, the Credit Facility will enable IVI to endeavor to file it Annual Form 10K by July 15, 2008. "The Credit Facility with Titan will enable IVI to take care of pressing financial obligations including our filing obligations with the Securities and Exchange Commission," said Kurt Jensen, President and CEO of IVI Communications, Inc. "While there are no current plans with respect to any specific changes in IVI's business, we are exploring options for IVI to acquire or develop business operations in complementary communication businesses."

July 3, 2008 -- Wyeth Pharmaceuticals (NYSE: WYE), and Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX), today announced that the companies have received marketing approval for RELISTOR (methylnaltrexone bromide) subcutaneous injection from the European Commission. RELISTOR is now approved in the 27 member states of the European Union as well as Iceland, Norway, and Liechtenstein for the treatment of opioid-induced constipation (OIC) in advanced illness patients who are receiving palliative care when response to usual laxative therapy has not been sufficient. RELISTOR is the first approved treatment for OIC in the European Union. "The approval of RELISTOR by the European Commission is another major milestone for this innovative therapy, the first medicine approved for the treatment of opioid-induced constipation in advanced illness patients," says Paul J. Maddon, M.D., Ph.D., Founder, Chief Executive Officer and Chief Science Officer of Progenics. "Approval in Europe significantly extends the availability of RELISTOR for advanced illness patients receiving palliative care who experience opioid-induced constipation, a potentially debilitating side effect of opioid therapy." Joseph M. Mahady, President, Wyeth Pharmaceuticals, says: "We are proud to be able to offer this new innovation to physicians and health care providers caring for palliative care patients with advanced illness. We are pleased to have received regulatory approvals for RELISTOR from Canada, the United States, and Europe in quick succession, as they represent significantly developed markets for opioid use in palliative care patients."

July 3, 2008 -- Harsco Corporation (NYSE: HSC | Quote | Chart | News | PowerRating) announced that it has secured a new contract with global steel producer Tata Steel to provide rental scaffolding throughout a two-year plant maintenance cycle at Tata's state-of-the-art Jamshedpur steel works in northeastern India. The contract, valued initially at more than $2 million in new revenues, includes provisions for a follow-on three-year extension, and comes as a result of Harsco's ongoing relationship with Tata Steel throughout Europe as a leading on-site mill services provider. Harsco is the only company worldwide to offer on-site mill services and plant maintenance-related access services under a single brand. Harsco will support the Tata mill with its Cuplok scaffolding system backed by a full-service erection and dismantling crew that is expected to more than triple in size by the end of the first year as the maintenance program expands to other areas of the steelmaking plant. The massive Jamshedpur works is completing a major facility upgrade that increases production capacity from 5 million tons to 7 million tons of steel products annually. Key to Harsco's winning solution is its enterprise-wide safety culture, a core company value that complements Tata's objectives for improving its on-site safety record at the Jamshedpur works.

July 3, 2008 -- Penn National Gaming, Inc. (NASDAQ: PENN | Quote | Chart | News | PowerRating) announced it has entered into an agreement with PNG Acquisition Company Inc., an entity indirectly owned by certain funds managed by affiliates of Fortress Investment Group LLC and Centerbridge Partners, L.P. to terminate the proposed merger agreement whereby Penn National Gaming was to be acquired by PNG Acquisition Company for $67.00 per share. In connection with the termination of the merger agreement, Penn National Gaming will receive $1.475 billion, which will consist of a $225 million cash termination fee and the purchase of $1.25 billion of Penn National Gaming's redeemable preferred equity due 2015, by affiliates of Fortress, affiliates of Centerbridge, affiliates of Wachovia, and affiliates of Deutsche Bank (collectively "Equity Purchasers"). Based on discussions between Penn National Gaming and PNG Acquisition Company, it became apparent to Penn National Gaming and its Board of Directors that the proposed merger transaction would not be completed without significant and lengthy litigation which is inherently unpredictable. Further, it also became apparent to the Company and its Board that a re-negotiated, reduced purchase price was not a viable option.

Wall Street capped a shortened trading week with a mixed finish Thursday after some uneven economic data: news of a contraction in the nation's services sector and a tame reading on employment. The Dow Jones industrial average showed a sizable advance, while the broader indexes ended mixed. The stock market closed early ahead of the Fourth of July holiday. The Institute for Supply Management said its index of service sector activity fell to 48.2 from 51.7 in May. That news touched off more misgivings about the well-being of the economy. The look at the service sector follows a largely as-expected report from the Labor Department, which said the nation's unemployment rate held steady at 5.5 percent last month. The government also reported that 62,000 jobs were lost in June, but that number was close to economists' forecasts. The jobs report appeared to assuage some worries that the snapshot of the labor market would be more grim. Employment numbers are critical because consumers who are out of work or are nervous about losing their job are likely to cut their spending. They've already become cautious because of higher food and energy prices. Christopher Molumphy, chief investment officer at Franklin Templeton fixed income group, said the employment figures don't point to a labor market in distress. "We are not seeing data that would be consistent with recessionary conditions," he said. He also said volatility in Thursday's shortened session wasn't unexpected. Low trading volume and liquidity can skew price movements. "Unusual short-term volatility should and would not be unexpected," Molumphy said. "Frankly, we try not to overanalyze some of the moves because I think you can easily do that." According to preliminary calculations, the Dow rose 73.03, or 0.65 percent, to 11,288.54. Broader stock indicators ended mixed. The Standard & Poor's 500 index rose 1.38, or 0.11 percent, to 1,262.90, and the Nasdaq composite index fell 6.08, or 0.27 percent, to 2,245.38. Declining issues outnumbered advancers by about 2 to 1 on the New York Stock Exchange, where volume came to 931.9 million shares. Inflation concerns remained as the price of oil neared $146 for the first time. Light, sweet crude rose 6 cents to $143.63 per barrel on the New York Mercantile Exchange but earlier rose as high as $145.85. Investors also examined the European Central Bank's decision to raise interest rates for the first time in more than a year. The bank's concerns about rising prices in the 15 nations that use the euro prompted the quarter-point increase in the key rate to 4.25 percent. Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.98 percent from 3.96 percent late Wednesday. The dollar was mixed against other major currencies, while gold prices fell.

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