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Jul 11, 2008 -- ActionView International, Inc. (OTCBB: AVWI | Quote | Chart | News | PowerRating) today issued a comment regarding the recent filing of Chapter 11 bankruptcy protection by Jim Palmer Equipment Inc. and Jim Palmer Equipment II, LLC, entities related to Jim Palmer Trucking, Inc. In May 2008, ActionView announced a letter of intent to acquire Jim Palmer Trucking to become the focus of operations for the public company. The Chapter 11 bankruptcy cases, which were filed in the United States Bankruptcy Court, District of Montana on July 10, 2008, permit reorganization of the companies' contractual and debt obligations under the bankruptcy laws of the United States. It has been reported that Jim Palmer Trucking, Inc. will also file for Chapter 11 bankruptcy protection. ActionView International CEO Steven R. Peacock commented, "The financial information we received in our early due diligence on Jim Palmer Trucking does not appear to be consistent with their true financial condition at that time. We have been in communication with both the company and its representatives and will continue to monitor the situation as it develops, especially as it relates to the capital that was loaned to Jim Palmer Trucking as part of the proposed acquisition transaction with ActionView International. As we work to protect the interests of the company and its shareholders related to the Jim Palmer Trucking situation, we will turn our attention to alternative acquisition opportunities for ActionView International. Our focus is to deliver the best possible acquisition candidate for ActionView shareholders, and we do have additional companies targeted in the event that a transaction with Jim Palmer Trucking did not close. We expect to announce the next steps in our acquisition strategy as soon as possible." The letter of intent between ActionView International and Jim Palmer Trucking, Inc. provided the framework for a subsequent anticipated definitive agreement under which ActionView International would acquire all of the issued and outstanding shares of Jim Palmer Trucking, Inc. in exchange for a majority percentage of ActionView International.
Jul 11, 2008 -- Looking to capitalize on growing sales of motorcycles in Europe, Harley-Davidson Inc. (NYSE: HOG | Quote | Chart | News | PowerRating) said Friday that it has agreed to buy Italian motorcycle manufacturer MV Agusta Group in a deal valued at $109 million. The transaction will add the MV Agusta brand of high-performance sport motorcycles and the Cagiva line of lightweight motorcycles to Harley-Davidson's lineup. The acquisition is expected to close in several weeks, pending regulatory approvals and other conditions. Harley-Davidson intends to fund the transaction primarily through euro-denominated debt. Under the transaction, Harley-Davidson will pay approximately 70 million euros, which includes the satisfaction of existing bank debt for approximately 45 million euros, or about $70 million. MV Agusta is 95 percent owned by the family of Claudio Castiglioni, the firm's chairman, who stands to receive a contingency payment from Harley in 2016 if certain financial targets are met. According to Harley-Davidson CEO Jim Ziemer, the acquisition is intended primarily to expand the company's presence and footprint in Europe, complementing the Harley-Davidson and Buell motorcycle families. Retail sales of Harley-Davidson motorcycles have grown at a double-digit rate in Europe in each of the past three years, as the company has increased its strategic focus on global markets.
"Motorcycles are the heart, soul and passion of Harley-Davidson, Buell and MV Agusta," said Ziemer. "Both have great products and close connections with incredibly devoted customers. The MV Agusta and Cagiva brands are well known and highly regarded in Europe. They are synonymous with beautiful, premium, Italian performance motorcycles."
Jul 11, 2008 -- Toyota Motor Corp. (NYSE: TM), the seemingly unstoppable juggernaut that saw its U.S. sales double in the last decade, has come back down to earth. Stung by rare double-digit sales declines and burdened by a growing inventory of slow-selling pickups, Toyota said Thursday it will start producing the Prius hybrid in the U.S. and will shut down truck and SUV production to meet changing consumer demands. "Toyota isn't immune to $4 gas and the recession in the housing market," said Erich Merkle, an auto analyst with Crowe Chizek and Co., a Grand Rapids accounting and consulting company. "It's almost as though Toyota always defies gravity, and in this case, they don't." Toyota said the moves will not affect any full-time workers, who will get training and do other projects during the shutdown. But the company is laying off around 700 temporary workers at the affected plants. Toyota said it will start producing the Prius in late 2010 at a plant it is building in Blue Springs, Miss., just northwest of Tupelo. Toyota already builds a hybrid version of the Camry sedan in Kentucky, but this will be the first time the Prius, which has been on sale for more than a decade, will be built outside of Japan and China. Officials in Mississippi cheered the announcement, even though it will delay the opening of the Blue Springs plant by several months. "Mississippi thinks long term and in the long term this is a grand slam home run," Gov. Haley Barbour said in a statement.
Jul 11, 2008 -- Oshkosh Corporation (NYSE: OSK), a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies, announced that it received the 2008 Secretary of Defense Employer Support Freedom Award from the Department of Defense. The Freedom Award is the highest recognition given by the U.S. Government to employers for their outstanding support of their employees who serve in the National Guard and Reserve. The Department of Defense organization, Employer Support of the Guard and Reserve (ESGR), chose Oshkosh for the honor because of its "exceptional" support of their employees serving on active duty, exceeding the requirements of federal law to grant leave and provide support to employees. "We are honored to be recognized for what is considered exceptional treatment of our National Guard and Reserve employees. Our company continues to succeed not only because of the strength of our product and services, but also because of the integrity of our people," said Robert G. Bohn, Oshkosh Corporation chairman and chief executive officer. "We are grateful for these employees who are essential in helping Oshkosh succeed while also serving our country in a separate capacity, and to support them is the right thing to do."
Market Wrap for July 11th, 2008
It was another volatile session on Wall Street as the Dow Jones Industrial Average fell more than 200 points to break below 11,000 for the first time in two years. It made its way back into positive ground, though only for a moment. Renewed pessimism sent the Dow markedly lower to finish the session with a 128 point loss. Stocks spent nearly the entire session trading with sizeable losses as investors continued to fret over Fannie Mae (FNM 10.25, -2.95) and Freddie Mac (FRE 7.75, -0.25). Only when a Reuters source indicated the two lenders would have access to the Fed's discount window did stocks rally into the green. The notion that capital would be available to the lenders if they were in dire need assuaged concern and lifted the shares; short-covering aided in the recovery. However, when the Fed would not confirm it would lend to Fannie or Freddie, stocks surrendered their gains. The concerns surrounding Fannie and Freddie overwhelmed news from General Electric (GE 27.66, +0.02), an enriched buyout bid for Anheuser-Busch (BUD 66.50, +5.29), and encouraging economic data. For the second quarter GE earned $0.54 per share matching the consensus earnings estimate. GE also announced it is divesting its consumer finance business in Japan for $5.4 billion. GE announced yesterday it is considering spinning off its consumer and industrial business. The firm is trying to focus on higher return opportunities. Belgian brewer InBev increased its bid to acquire shares of BUD to $70 per share, up from $65 per share, according to The Wall Street Journal. Shares of BUD climbed higher in response to the offer, unaffected by the turmoil surrounding the broader market. Importantly, the May trade deficit narrowed to $59.8 billion from a revised $60.5 billion in April. The real trade deficit fell to $43.6 billion from $46.7 billion in April. After trading off its highs in recent sessions, crude oil prices surged to a new record of $147.27 per barrel in early trading, only adding to the session's pessimism. It closed its session just below the $145 per barrel mark.
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