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July 29, 2008 - PureSpectrum, Inc. (Other OTC:PSPM.PK) president and CEO Lee Vanatta has been designated the chairman of the company's board of directors, and veteran corporate attorney David Michael Conner has joined the board of directors.
Through comprehensive market research and progressive engineering, PureSpectrum has created dimming ballast technology for fluorescent lighting products. During the past six months, the company's maturation has rapidly accelerated and PureSpectrum has been in discussions with several global, international lighting manufacturers regarding licensing the technology for commercial production.
Vanatta, who has provided leadership as a member of the board of directors since the company's inception in 2006, said he will continue to identify strategies and actions to promote long-term growth and enhance shareholder value.
"I appreciate the faith and confidence the board of directors and shareholders have placed in me by electing me to this position," Vanatta said. "I have been clearly directed to continue strengthening the company in order to elevate our stock to a more stable stock exchange by the end of the year. I understand there are revenue and asset requirements required to enable the company to make this move, and I am very confident that we will meet those standards to join the ranks of fully reporting publicly held companies."
Conner is a partner in the Savannah law firm of Bouhan, Williams & Levy LLP and was appointed special counsel for PureSpectrum's board of directors earlier this year. Conner is a fellow of the Litigation Counsel of America and has been named a Georgia Rising Star twice by Super Lawyers. During his 14 years as a corporate litigator, he has developed a reputation for excellence while serving a diverse group of clients ranging from Fortune 500 corporations to individuals.
July 30, 2008 - Puget Sound Energy [the utility subsidiary of Puget Energy (NYSE:PSD)] today said it is pursuing the acquisition of 560 megawatts (MW) of new, long-term electricity supply - including more wind power - from three outside parties.
The targeted resources constitute the screened "short list" of more than 30 power-supply bids PSE received from regional energy producers and marketers in response to the utility's Request for Proposals (RFP) in January. PSE hopes to secure the short-listed resources over the next 12 to 18 months.
The three short-listed resources include two 20-year power-purchase contracts from wind farms in Washington and Oregon, together totaling 250 MW of power capacity, and the acquisition of an existing natural gas fired power plant in Washington.
In addition to these long-term resources, PSE is looking to sign a short-term, winter-only power-purchase agreement arising from the RFP bids. This purchase would help PSE erase a projected near-term power-supply shortfall during customers' wintertime peaks in power usage.
PSE and the companies that submitted the short-listed proposals agreed to withhold additional details about the projects until further analysis is completed and contracts are signed. Contracts will hinge on final PSE validation of the operational characteristics and economics of the proposals.
July 30, 2008 - Active Power, Inc. (NASDAQ: ACPW), inventor and manufacturer of the most energy-efficient critical power systems in the world, today announced an order from its OEM partner Caterpillar for its flywheel based 1000iZ uninterruptible power supply (UPS) system, part of Active Power's Megawatt Class CleanSource UPS systems. The 1000iZ will ship in fourth quarter 2008 with installation scheduled for October 2008.
The 1000iZ is a customized system configuration based on Active Power's 1200 kVA UPS platform and is best-in-class at meeting high power needs, particularly for healthcare and data centre applications. In the case of healthcare, hospitals contain sensitive medical equipment that if affected by a power disturbance can have serious implications to patients. These critical loads require reliable, predictable power protection. Based on a recent study by Mass. based MTechnology, Inc., Active Power's flywheel based UPS system is seven times less likely to fail as compared to a double conversion UPS system with batteries. The system also has a 20 year design life with no degradation in service versus a conventional battery system which typically has to be replaced every three to five years.
July 30, 2008 - Calpine Corporation (NYSE:CPN) was recently recognized by the state of California for its ongoing commitment to safety and the environment and its excellence in lease maintenance at its geothermal facilities at The Geysers in Northern California.
The California Department of Conservation presented Calpine's Geysers geothermal operations with its seventh consecutive Outstanding Lease Maintenance Award for environmental stewardship, safety, infrastructure maintenance and resource conservation. Calpine is one of two geothermal operators to receive the award, which traditionally is issued to oil and gas field operators.
Karl Urbank, Calpine's Vice President, Geothermal Operations, accepted the award on behalf of Calpine from Hal Bopp, the State Oil and Gas Supervisor for the California Department of Oil, Gas and Geothermal Resources at a Geysers Geothermal Association luncheon.
The Geysers was recognized for going above and beyond state requirements and maintaining leases that are not only environmentally clean and safe, but go to extra effort in protecting the environment and acting as good neighbors in the community.
Calpine's ownership in power generation began with the purchase of a five percent interest in a 20-megawatt facility at The Geysers in 1989. Since then, Calpine has consolidated ownership of the facilities within the geothermal resource area and currently operates 17 geothermal plants in the region. Steam produced in the geothermal reservoirs is conveyed to the surface by production wells and piped directly into large turbines that generate electricity. Calpine's plants at The Geysers provide approximately 725 megawatts of generating capacity to northern California's power grid.
Market Wrap for July 30, 2008 --
Oil prices climbed as much as 4.3% during the session to make their largest one day advance since trending downward from historic highs reached earlier this month.
The energy sector made a 5.6% advance.
Conversely, oil sensitive industries fell out of favor. The S&P 500 automobile manufacturing index slipped 3.8%, while the Amex Airline Index dropped 4.9%.
Broad-based buying was largely influenced by the latest ADP employment report that showed an unexpected 9,000 increase in July private nonfarm jobs.
The Fed is extending the length of its Term Securities Lending Facility program through Jan. 30 and is introducing longer terms to maturity for its Term Auction Facility in the face of continued fragility in the markets.
President Bush signed the housing bill into law, giving support to Fannie Mae (FNM 12.21, +0.61) and Freddie Mac (FNM 8.73, +0.31), while the SEC is extending its temporary restriction on naked short selling on financial institutions.
The financial sector gained 2.0% as thrifts and mortgage players collectively climbed 4.1% and diversified banks climbed 3.8%. Investment banks and brokerages advanced 3.5%.
The Nasdaq lagged the Dow Jones and the S&P 500 during Wednesday's action. Weakness among components Garmin (GRMN 35.19, -9.87), Cisco (CSCO 22.17, -0.25), and Electronic Arts (ERTS 44.29, -3.11) offset strength in Comcast (CMCSA 20.07, +0.89), which gained ground despite missing earnings estimates.DJ30 +186.13 NASDAQ +10.10 NQ100 +0.4% R2K +0.6% SP400 +1.5% SP500 +21.06 NASDAQ Adv/Vol/Dec 1559/2.27 bln/1200 NYSE Adv/Vol/Dec 2097/1.47 bln/1044
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