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XSUNX INCORPORATED (OTCBB: XSNX)
Detailed Quote: http://www.otcpicks.com/quotes/XSNX.php
Company Profile: http://www.otcpicks.com/xsunx/xsunx.htm
Xsunx, Inc., a thin-film photovoltaic (TFPV) company, focuses on developing thin film photovoltaic (TFPV) amorphous silicon solar cell manufacturing processes to produce TFPV solar modules. Its product includes XsunX ASI-120 module, which is a 125 peak watt TFPV solar module utilizing glass substrates and a proprietary semiconductor manufacturing system. XsunX ASI-120 provides for a module delivering high power output, and size and framing that would allow for the use of various existing mounting systems. The target markets for the TFPV solar module include solar farms, government agencies, and utility companies, as well as power purchase agreements and large commercial installations worldwide. The company, formerly known as Sun River Mining, Inc., was incorporated in 1997 and changed its name to XsunX, Inc. in 2003. XsunX is headquartered in Aliso Viejo, California.
XSNX News:
July 16 - XsunX Expands Efforts to Secure Oregon Financial Incentives and Supply Statewide Burgeoning Renewable Energy Initiatives
XsunX, Inc. (OTCBB: XSNX), a solar technology Company engaged in the build- out of its multi-megawatt thin film photovoltaic (TFPV) solar manufacturing facilities, announced that efforts in the state of Oregon to establish its manufacturing facilities, qualify for state sponsored investment tax credits, low interest financing opportunities, and work towards establishing a presence as a qualified supplier to the states burgeoning renewable energy initiatives is gaining momentum.
The Company took possession of its leased TFPV manufacturing facilities two weeks ahead of schedule. With its corporate presence now firmly established in Oregon XsunX also recently submitted its first petition seeking certification for Oregon State Business Energy Tax Credits (BETC). With the BETC application XsunX is seeking up to approximately $20 million in tax credits for investments made by the Company in its TFPV solar module manufacturing systems. The state has established a program whereby BETC tax credits, if secured, can be marketed or resold at slightly more than half their face value to qualified companies in Oregon. The application for the BETC program also serves as a pre-certification in the Company's efforts to secure long term low interest loans from the state of Oregon for use in the build out and expansion of the first and subsequent phases of its planned 100MW of TFPV manufacturing infrastructure.
"Finalizing our lease and the presence of our new TFPV manufacturing facilities provides us with a milestone we've been planning for since last fall," stated Tom Djokovich, XsunX's CEO. "This milestone allows us to now work towards securing a number of the great incentives offered by Oregon and its progressive efforts to attract and establish a strong renewable industry. We've now submitted our applications for two of the larger incentive packages potentially worth many millions to us, and we've also begun bidding to supply a significant amount of renewable energy projects around the state. While the confidence in many of the financial aspects of the U.S. economy may be in flux one thing we're confident in at XsunX is that the need for alternate and diverse sources of energy is at an all time high. We are continuing to stay focused on the big picture and the long term value we see in the solar sector, and XsunX, is working to reduce dependence on carbon based fuels," concluded Djokovich.
GREENBELT RESOURCES CORPORATION (OTC: GRCO | Quote | Chart | News | PowerRating) "Up 22.22% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/GRCO.php
Greenbelt Resources Corporation is committed to developing and implementing technology that makes reliable, practical, efficient alternative energy, efficient use of water and conversion of waste to usable products. The company's customers benefit from combined decades of research and development experience that includes expertise in the production of ethanol and bodiesel from traditional sources such as corn and non-traditional, yet highly efficient, sources including consumer product waste, algae, and others. Its subsidiary Diversified Ethanol Corporation designs, manufactures and installs modular ethanol plants for customers such as dairy and hog operatoins at the site of the feedstock. This eliminates the need of transporting the feedstock to the plant. The company's ethanol plants are built around the award winning Butterfield Closed Cycle System.
GRCO News:
July 17 - Greenbelt Resources Secures $12 Million Purchase Order
Diversified Ethanol, a subsidiary of Greenbelt Resources Corporation (OTC: GRCO | Quote | Chart | News | PowerRating) has negotiated additional ethanol plant design Purchase Orders. One of the first of these Purchase Orders is a $12 million construction project based in Dade City, Florida in conjunction with Diversified Ethanol's current California Client, Master Recycling. Under the current Purchase Order Diversified Ethanol has agreed to run and operate the facility for a period of minimum 12 months or as needed, while at the same time maintaining a 15% ownership of the facility. Master Recycling processes waste both in Pomona, California and in Dade City, Florida.
This "new style" ethanol plant generates ethanol from food waste as well as other post consumer waste. The plant's compact size allows Diversified Ethanol to add an innovative water filtration system. The water filtration technology is an extremely important process in achieving an improved ethanol conversion, faster Local, State and Federal plant permitting, and increased profitability. The smaller waste-based plant designs achieve significantly improved cash flow when compared to large corn-based ethanol plants.
Master Recycling, in conjunction with Diversified Ethanol, originally agreed that the first plant should be built in Pomona, California. Where Plant designs had already been 75% completed. However Diversified and Master recycling came to the conclusion that it would be best for both companies to have the first plant be built in Florida, due to increased construction cost and current market conditions. Master's recycling operation in Dade City, Florida offers far less permitting hurdles and requires lower capital requirements for completion. Their operation in Dade City, Florida has existing buildings and infrastructure needed for a quicker ethanol plant adaptation for their waste based feedstock. More information will be forthcoming as the project moves forward.
Diversified Ethanol's co-founder, Floyd Butterfield, an award-winning ethanol plant designer, was recently featured in a New York Times article regarding the design and marketing of home waste-based ethanol conversion units. Mr. Butterfield states, "I am very excited about our clean, earth friendly technology and even more excited about the cash-flow numbers I have seen." Mr. Butterfield believes that hundreds of small ethanol plants can be built nationwide.
ETELCHARGE.COM INCORPORATED (OTCBB: ETLC | Quote | Chart | News | PowerRating) "Up 6.25% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/ETLC.php
eTelcharge.com Inc., a development stage company, provides credit card processing services for merchants in the United States. It develops the initial telephone billing payment option that enables the customers of online merchants with the ability to charge their Internet purchases to their local telephone bill, rather than to a credit card. The company was founded in 1999 and is based in Desoto, Texas.
ETLC News:
July 17 - Etelcharge Announces Decision of California Bankruptcy Court to Approve Etelcharge's Acquisition of Payment One
Etelcharge.com (OTCBB: ETLC), the new online way to pay, announced that the Company's acquisition of Payment One was approved by the United States Bankruptcy Court for the Northern District of California (San Jose, CA). As previously disclosed, Etelcharge entered into an agreement to acquire the outstanding equity of Payment One Corporation from The Billing Resource, which had filed for bankruptcy protection late last year. The decision of the Bankruptcy Court removes the most significant substantive condition to the closing of the transaction. It is anticipated that the additional customary closing conditions will be satisfied and the acquisition consummated within 45 days.
Pursuant to the acquisition agreement, Etelcharge will receive, by virtue of its acquisition of the Payment One equity, all of the Payment One assets, customers, nationwide telco coverage, a stellar employee base and technology developed over the past eight years.
"We are extremely pleased that the Bankruptcy Court rendered this decision," stated Rob Howe, Chairman and CEO.
"Our prospects now are extremely bright. Upon closing of the acquisition, our client list will have grown a hundred-fold over night, the prospects for new business are at our front door and we are working with the most talented people I have met during my tenure in the field of high technology. Of equal importance is the transition from a small company generating modest revenue, to a company generating $12 million in yearly revenue. The Payment One acquisition will create the foundation for the future growth of Etelcharge.com, which permits a 50 state strategy to expand our payment processing business," Howe concluded.
VERICHIP CORPORATION (NASDAQ: CHIP | Quote | Chart | News | PowerRating) "Up 11.18% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/CHIP.php
VeriChip Corporation develops, markets, and sells radio frequency identification systems (RFID) to identify, locate, and protect people and assets in the healthcare market in the United States, Canada, and internationally. It operates in three segments: Healthcare Security, Implantable, and Industrial. The Healthcare Security segment offers infant protection systems under the Hugs and HALO brand names, which are used in hospital maternity wards and birthing centers to prevent infant abduction and mother-baby mismatching; wander prevention systems used by long-term care facilities to locate and protect their residents; and an asset/staff location and identification system used by hospitals and other healthcare facilities to identify, locate, and protect medical staff, patients, visitors, and medical equipment. The Implantable segment offers VeriMed system, a human-implantable RFID microchip, which can be used in various patient identification and security applications. The Industrial segment sells vibration monitoring instruments used by engineering, construction, and mining professionals to monitor the effects of human induced vibrations, such as blasting activity; and asset management systems used by industrial companies to manage and track their mobile equipment and tools. The company markets its products through direct sales force and distributors. Its customers include hospitals and long-term care facilities; healthcare professionals, such as physicians and individual patients; and other customers that purchase its systems for non-healthcare applications, such as construction, and oil and gas companies. The company was founded in 2001 and is headquartered in Delray Beach, Florida.
CHIP News:
July 18 - VeriChip Corporation Completes Sale of Xmark Corporation to Stanley for $47.9 Million Cash
VeriChip Corporation (NASDAQ: CHIP | Quote | Chart | News | PowerRating) (the "Company"), a provider of radio frequency identification (RFID) systems for healthcare and patient-related needs, announced it has completed the sale of its wholly-owned Canadian subsidiary, Xmark Corporation ("Xmark"), to Stanley Canada Corporation, a wholly-owned subsidiary of The Stanley Works ("Stanley") for $47.9 million in cash, which consists of the $45 million purchase price plus a balance sheet adjustment of $2.9 million.
Under the terms of the Stock Purchase Agreement between the Company and The Stanley Works, the Company will use the proceeds of the sale of Xmark to retire all of the Company's outstanding debt. The Company expects to realize net proceeds, after retiring its outstanding debt, paying transaction related costs, and other contractual commitments, of approximately $24.8 million. Under the terms of the Stock Purchase Agreement, $4.5 million of the proceeds will be held in escrow for a period of 12 months. The Company intends to fund a special dividend to stockholders currently estimated to be at least $15 million.
Scott R. Silverman, departing Chairman and Chief Executive Officer of VeriChip, said, "We are pleased to have completed the sale of Xmark to The Stanley Works. We believe the transaction, which provided an excellent valuation for Xmark, was in the best interest of our stockholders. It will enable us to pay off all of our outstanding debt and issue a special cash dividend to our stockholders. Furthermore, the search for potential buyers of our VeriMed Health Link business continues. The Company looks forward to updating you on the possible sale of that business or the entire Company and any additional cash dividend that may be paid to stockholders."
"I want to thank Bill Caragol, Dan Gunther, Mike Feder, the Board of Directors and the entire VeriChip team for their hard work and dedication," continued Silverman. "It has been an honor to work with all of you. You have taught me a lot and I wish you all the best."
As previously announced, Scott R. Silverman and the Company mutually agreed that at the closing of the transaction Mr. Silverman would no longer be an officer or director of the Company. William J. Caragol continues as the Company's President and Chief Financial Officer. Joseph J. Grillo, President and Chief Executive Officer of Digital Angel Corporation (NASDAQ:DIGA - News), the Company's 48% stockholder, has replaced Mr. Silverman as Chairman of the Company's Board of Directors.
Commenting on the transaction and Mr. Silverman's departure, Joseph J. Grillo, Chief Executive Officer of Digital Angel Corporation and new Chairman of VeriChip Corporation stated, "I share Scott's views about the completion of the sale of the Xmark business. Not only does it benefit VeriChip's stockholders but it also significantly strengthens Digital Angel's balance sheet. I look forward to working with the current VeriChip Board. On behalf of both Boards and on behalf of all our stockholders, I want to thank Scott for his years of service to VeriChip, Applied Digital, Digital Angel and all related companies. His professionalism, tenacity and perseverance for 13 years exemplifies his dedication to the success of these businesses. We wish him the best of luck."
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