July 21, 2008 -- Sustainable Power Corp. (Other OTC: SSTP | Quote | Chart | News | PowerRating) is pleased to announce today that it has delivered the first 7,000 gallons of biocrude to its new strategic partner, Envirocompanies, Inc., for blending and processing into BG100 biogas, jet fuel, gasoline, diesel and marine fuel. This event signifies a major company milestone for Sustainable Power Corp. The delivery of the first 7,000 gallons marks the first official sale of SSTP's revolutionary biocrude. Sustainable Power and Envirocompanies are utilizing AmSpec Service, LLC to perform the quality control analysis. John Rivera, CEO, stated: "We have recently completed several major key milestones on our path to reducing dependency on foreign petroleum. We are improving our process here in Texas every day. We are very pleased with the initial performance of our reactors and are extremely proud to announce the production, sale and delivery of our first 7,000 gallons of biocrude to Envirocompanies. We will be ramping up production over the coming weeks and will continue to update the public as we cross certain key milestones." Robert Romero, President and CEO of Envirocompanies, Inc., stated, "Envirocompanies, Inc. is pleased to announce that through our Strategic Alliance with Sustainable Power Corp., we have received the first shipment of biocrude. This is a major step in our effort to introduce the product to the existing crude oil market place and aiding the energy industry in their quest to market products that are green and environmentally friendly. We are ecstatic about our alliance with Sustainable Power Corp. and being on the forefront of the revolutionary means to aid the energy industry in going green."
July 21, 2008 -- Johnson Controls, Inc. (NYSE: JCI | Quote | Chart | News | PowerRating) the global leader in creating smart and sustainable environments, has acquired PWI Energy, an independent global provider of energy and greenhouse gas management services, based in Philadelphia. Terms of the acquisition were not disclosed. The acquisition is part of Johnson Controls ongoing strategy to deepen and broaden the company's leadership in energy and greenhouse gas management solutions providing global organizations access to a comprehensive suite of energy and sustainability-related offerings. In North America, Johnson Controls can further expand the enterprise-wide energy management solutions provided to customers in vertical market segments, such as government, education, industrial manufacturing and many other industries.
July 21, 2008 -- Lincoln Financial Group (NYSE: LNC | Quote | Chart | News | PowerRating) announced a realignment of its Employer Markets and Individual Markets divisions into two new divisions: Retirement Solutions and Insurance Solutions. The new structure is more closely aligned with consumer needs and will lead to more coordinated product development and greater effectiveness across the enterprise. "Long-term external trends and the evolving needs of consumers support a more focused approach to designing and delivering retirement and insurance solutions," said Dennis R. Glass, President and CEO, Lincoln Financial Group. "This new structure will facilitate execution and accelerate achieving the objectives of our strategy." Retirement Solutions, headed by Westley V. Thompson, includes the Defined Contribution and Individual Annuity businesses. The new division's focus on asset accumulation and income distribution closely follows customers through their cycle of investing, from their first employer-based retirement plan through their last income check from a rollover or annuity.
July 21, 2008 -- Steelcase (NYSE: SCS), the global leader in the office furniture industry, announced that it has negotiated a strategic business alliance agreement with Lab Crafters Inc., a 30-year-old company located in Ronkonkoma, NY, that manufactures an extensive portfolio of product solutions developed for laboratory environments. Lab Crafters is the market leader in the design and manufacture of fume hoods, casegoods, and other integrated laboratory solutions. The alliance will provide Steelcase new capabilities to meet customers' needs for product solutions in a wide range of laboratory settings. For a number of years, Steelcase has created laboratory solutions, including its Lab Bench product. The foundation of Lab Bench is a structural module that can be combined into benches of almost any length and configuration. Unlike more traditional casework products, the entire system is flexible. Since Lab Bench components are easily adjustable, they can adapt to the changing needs of different workers, changing projects and changing equipment to help accelerate a facilities change process. Utilities like power, data, vacuum, and water are easily routed through this infrastructure and two people can move, disconnect and connect the benches to be configured in many combinations or directions, using minimal hand tools.
July 21, 2008 -- Franklin Street Properties Corp.(AMEX: FSP), an investment firm specializing in real estate, announced that its Board of Directors declared a regular quarterly dividend of $0.19 per share of common stock for the period April 1, 2008 through June 30, 2008, payable on August 20, 2008 to stockholders of record as of July 31, 2008. George J. Carter, President and Chief Executive Officer of FSP, commented as follows: "The declared quarterly dividend of $0.19 per share represents a $0.12 per share, or an approximately 39%, reduction from the $0.31 per share quarterly dividend that FSP has paid since becoming a publicly traded company in June 2005. A significant slowing of activity in, and lower profit contribution from, FSP's two transactional businesses, investment banking and property dispositions, has occurred since the onset of the 'credit crunch' and its associated complications for real estate and the broader capital markets. The downturn in these two businesses began in the third quarter of 2007; and, to date, neither one has shown any near-term visibility for a sustained upturn. While FSP's ongoing/recurring rental operations continue to show solid performance, the Company's Board of Directors believes that it is prudent at this time to better align regular quarterly dividends to a level more closely related to current rental operations alone, which amounted to $0.23 per share from recurring rental operations during the quarter ended March 31, 2008.
July 21, 2008 -- Packaging Corporation of America (NYSE: PKG | Quote | Chart | News | PowerRating) reported second quarter 2008 net income of $35 million, or $0.34 per share, compared to second quarter 2007 net income of $46 million, or $0.44 per share, and first quarter 2008 net income of $32 million or $0.31 per share. Net sales for the second quarter were up 5.2% to $616 million compared to $586 million in last year's second quarter. Second quarter 2008 results include special expense items totaling $3 million, or $0.03 per share, for tornado damage at two facilities, start-up costs for two major mill projects, and costs related to debt refinancing. The remaining $0.07 per share reduction in reported earnings, compared to second quarter 2007 earnings, was primarily the result of higher transportation costs of $0.06, purchased fuel and electricity costs of $0.05, chemical costs of $0.03, annual outage costs of $0.03, labor costs of $0.02, and other costs of $0.02. These higher costs were partially offset by higher sales prices, which improved earnings by $0.15 per share. Net income for the first six months of 2008 was $67 million, or $0.65 per share, compared to $77 million, or $0.74 per share, in 2007. Year-to-date net sales are $1.19 billion compared to $1.14 billion in 2007.
Wall Street turned in a mixed performance Monday as investors watched the price of oil regain ground and decided to cash in some of their gains from the stock market's big rally last week. While the stock market's major benchmarks showed modest losses, the number of stocks advancing outpaced decliners by about 2 to 1 on the New York Mercantile Exchange, and by about 4 to 3 on the Nasdaq Stock Market. The tame session unfolded as oil rose on concerns that the threat of new sanctions against Iran over its nuclear program may escalate tensions in the Middle East. Light, sweet crude rose $2.16 to settle at $131.04 a barrel on the New York Mercantile Exchange. The rise in oil offset initial market enthusiasm after Bank of America Corp. posted results that beat expectations, raising hope the credit crisis might be easing for the nation's biggest retail banks. The largest U.S. bank by assets reported that higher investment banking and record revenue helped drive earnings during the second quarter. With Bank of America's results, four of the nation's five biggest banks have now reported better-than-expected earnings, and that's raising hopes that the financial sector is starting to recover from the year-old credit crisis. According to preliminary calculations, the Dow Jones industrial average fell 29.23, or 0.25 percent, to 11,467.34 after moving in and out of positive territory. Broader indexes showed more modest declines. The Standard & Poor's 500 index slipped 0.68, or 0.05 percent, to 1,260.00; and the Nasdaq composite index dropped 3.25, or 0.14 percent, to 2,279.53.
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