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July 22, 2008 -- OneFi Technology, Inc., along with its funding partner Road Wings, Inc. (Other OTC: RDWG), announced today that it has been approved and is currently installing its WiMax/WiFi communications system in the city of Buena Park, CA. The OneFi Technology networks broadband signal will allow the citizens of Buena Park to access the internet at speeds up to 104 mbps. Additionally, the network will allow for VoIP, IPTV and first run movie downloads. The network design allows for ready expansion, and Dr. A. Omran, the CTO of OneFi Technology, stated, "Today's networks must allow for constant upgrades and the OneFi WiMax/WiFi network gives us an opportunity to capitalize on easy upgrades at a minimum of expense." The standard network allows for 802.11-b-g, but the OneFi Technology network design incorporates the WiMax 801.16e signal which will go as far as twenty miles and also OneFi Technology uses 802.11-b-g and n to allow last mile user access. Mr. David Cassidy, the owner of the newly installed network, was delighted to bring the OneFi Technology to Buena Park because it opens access not only for visitors, but also the underserved. David Cassidy is quoted as saying, "Although we have both Telco and cable, many consumers have trouble with both the affordability and lack of true broadband. With OneFi Technology those issues have been overcome." Mr. Tom White, OneFi CFO, stated, "The people in Buena Park now have a new set of broadband options with the arrival of OneFi's signal coverage in their community." OneFi will also be installing its VoIP with users on a new market platform. Many residences in Buena Park have only had access to traditional landline access because of inconsistent wireless signal with the Buena Park cellular network.
July 23, 2008 -- Suncor Energy Inc. (NYSE: SU | Quote | Chart | News | PowerRating) reports that, effective July 22, the Alberta Energy Resources Conservation Board (ERCB) has removed production constraints imposed on Suncor's Firebag in-situ oil sands operations. Bitumen production from Firebag had been capped at approximately 42,000 barrels per day in September 2007 due to sulphur emissions that exceeded regulated limits. The ERCB has advised that issues at the site have been addressed sufficiently to lift the cap, but Suncor must meet a variety of conditions, including ensuring emissions remain at compliant levels and providing regular status reports. "The removal of the cap reflects a lot of hard work to reduce emissions and put in place the planning and investments required to manage this concern going forward," said Steve Williams, chief operating officer. "We're pleased that the ERCB has recognized these accomplishments and we're looking forward to safely ramping up Firebag production." With the cap lifted, Suncor expects to begin steaming in preparation for ramping up production from well pads that are currently shut in due to the regulatory limit.
July 23, 2008 -- Textron Inc. (NYSE: TXT | Quote | Chart | News | PowerRating) announced that, in light of current market conditions, it is accelerating the pace of its share repurchase program. The company plans to repurchase up to $500 million of its common shares during the second half of the year. "Given the strength we see in our aircraft and defense businesses and our outlook for strong earnings growth over the next three to five years, we think this is an excellent opportunity to capture value that we believe is missing from our shares at current levels," said Lewis B. Campbell, Textron Chairman, President and CEO. Textron's Board of Directors approved a 24 million share repurchase authorization on July 19, 2007, of which approximately 19.2 million shares remain available as of June 30, 2008. During the first half of 2008, the company repurchased about 3.5 million shares for approximately $190 million. Textron Inc. is a $13.2 billion multi-industry company operating in 34 countries with approximately 44,000 employees. The company leverages its global network of aircraft, defense and intelligence, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Fluid & Power, Textron Systems and Textron Financial Corporation. More information is available at www.textron.com.
July 23, 2008 -- A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR) announced that it has signed a Memorandum of Understanding with the National Power Supply Co., Ltd., a subsidiary of Advance Agro Public Co. Ltd., a large Thai-based conglomerate, to develop a 600 MW distributed power generation system worth approximately $300 million in Chachengsao Province, Thailand. The project is expected to begin in August, 2008 and will be completed in approximately 42 months. Mr. Jinxiang Lu, A-Power's Chairman and CEO, commented, "This project represents a significant milestone for A-Power as it will be our largest distributed power project and second major project with National Power Supply in Thailand. National Power Supply is a major provider of electricity to Thailand's state-owned power grid and we are excited to announce our expanded relationship with them. Based on our performance on the contract we signed with them in April to construct a 300MW distributed power system, we have reached an agreement to construct this new 600MW system and are in discussions for multiple other opportunities." Mr. Lu continues, "Thailand and other Southeast Asian countries continue to struggle to provide a consistent and adequate power supply to feed their growing economies and based on our track record, efficient distributed power system design and ability to quickly develop new high-quality systems, A-Power is well positioned for major contract wins in this region."
July 23, 2008 -- Cincinnati Financial Corporation (NASDAQ: CINF) announced the block sale of slightly more than half of the company's Fifth Third Bancorp (NASDAQ: FITB) common stock holding. The transaction is expected to generate total proceeds of approximately $480 million, which will be reduced by capital gains taxes of approximately $120 million. The net after-tax gain of approximately $225 million, or about $1.35 per share, will be included in third-quarter 2008 net income. Kenneth W. Stecher, president and chief executive officer, commented, "In recent years, at times we have taken action to reduce our exposure to companies that have reduced or eliminated their dividend, helping protect our capital and future investment income. Since June, we carefully have studied our options for our Fifth Third holding and feel we are exercising appropriate sell discipline in light of the dividend reduction. We also view this diversifying action to be consistent with our view of prudent enterprise risk management for our policyholders and shareholders. Going forward, we will evaluate our remaining Fifth Third position, along with that of all of our common stocks, using our company's investment parameters and risk tolerances
July 23, 2008 -- Northrop Grumman Corporation (NYSE: NOC | Quote | Chart | News | PowerRating) was one of eight large companies awarded an indefinite quantity/indefinite delivery contract with a potential collective value of up to $10.12 billion over seven years to provide modification, maintenance and repair on U.S. Air Force, Army and Navy weapons systems and support equipment at operational installations in the United States and abroad. ''Northrop Grumman, with its team of nine expert subcontractors, is poised to provide experienced field service teams that are flexible and responsive to the dynamic needs of the U.S. military,'' said Vic Obringer, director of Enterprise Logistics Management for the company's Life Cycle Optimization and Engineering Group. ''We will bring to our nation's warfighters -- wherever they are -- expert capabilities that span the spectrum of ground support equipment and heavy combat vehicle maintenance to rotary and fixed-wing aircraft support to ship and ship system upgrade, maintenance and modification.'' ''Our demonstrated capabilities in the life cycle support arena on both Northrop Grumman and non-original equipment manufacturer (non-OEM) systems, such as the E-8C Joint Surveillance Target Attack Radar System (Joint STARS) and the United Kingdom's E-3 Airborne Warning and Control System (AWACS) aircraft, combined with greater enterprise reach back, will enable us to provide exceptional service to our military customers at home and around the world,'' said Dave Werkheiser, vice president and general manager of the Life Cycle Optimization and Engineering (LCOE) Group for Northrop Grumman Technical Services sector.
Stocks advanced for the second straight session Wednesday as another decline in oil prices and several upbeat profit reports eased some of Wall Street's concerns about the economy. Investors expect that a sustained pullback in oil prices would give a crucial boost to the economy. Crude has retreated as oil investors have worried that high prices and a sluggish economy are reducing demand. The government reported Wednesday that domestic inventories increased last week as consumers curbed their energy use. Oil is down more than $20 a barrel since hitting a record above $147 just weeks ago. A barrel of light, sweet crude fell $3.98 to settle at $124.44 a barrel on the New York Mercantile Exchange. While oil again tugged at stocks as it has for months, investors also examined a raft of earnings reports that indicated not all corporate profits were suffering because of the slower economy. That left some investors more upbeat about the prospects for the overall economy. AT&T Inc., McDonald's Corp. and Pfizer Inc., all among the 30 stocks that make up the Dow Jones industrial average, weighed in with reports that generally pleased investors. "Oil is a positive but I think bigger than that is the earnings news is not as catastrophic as people were thinking," said Noman Ali, portfolio manager of U.S. equities for MFC Global Investment Management in Toronto. "Some of the bellwethers are reporting earnings that are better-than-expected. And outside of the financials things, aren't so bad." According to preliminary calculations, the Dow rose 29.88, or 0.26 percent, to 11,632.38 after rising nearly 100 points early in the session. On Tuesday, the blue chips gained 135 points. Broader stock indicators also advanced. The Standard & Poor's 500 index rose 5.19, or 0.41 percent, to 1,282.19 and the technology-laden Nasdaq composite index rose 21.92, or 0.95 percent, to 2,325.88. Advancing issues outnumbered decliners by about 5 to 3 on the New York Stock Exchange, where volume came to 1.72 billion shares compared with 1.57 billion shares traded Tuesday. Bond prices slipped as some investors moved from the safety of government debt to stocks. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.12 percent from 4.10 percent from late Tuesday. The dollar was mostly higher against other major currencies, while gold prices fell. The stronger dollar also helped push oil lower. The drop in oil helped a range of sectors like airlines. Delta Air Lines Inc. rose 89 cents, or 12 percent, to $8.60, while Continental Airlines Inc. jumped $1.54, or 12 percent, to $14.80. Energy companies lost ground as oil fell. Exxon Mobil Corp. fell $1.87, or 2.3 percent, to $80.99 and Chevron Corp. slid $2.98, or 3.5 percent, to $82.65. Investors appeared unfazed by the Federal Reserve's Beige Book, which provides readings on the U.S. economy by region and indicated that business conditions have slowed in recent months as consumer spending has turned sluggish. The report arrives two weeks before policymakers' next meeting but seemed to hold few surprises for investors. Investors instead appeared more focused on oil and corporate news.
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