InvestSource, Inc.: PureSpectrum, Inc. and W.A.C. Lighting Sign Letter of Intent to Explore Potential Relationship

Aug 01, 2008 (M2 PRESSWIRE via COMTEX) -- PSPM | Quote | Chart | News | PowerRating -- Stocks in the News: PureSpectrum, Inc. (Other OTC:PSPM.PK), FirstEnergy Corp. (NYSE: FE), DTE Energy (NYSE: DTE | Quote | Chart | News | PowerRating) Empire District Electric Company (NYSE:EDE)

July 31, 2008 -- PureSpectrum, Inc. (Other OTC:PSPM.PK) has signed a letter of intent with W.A.C. Lighting stating that the two companies will continue discussions toward developing a licensing arrangement that would integrate PureSpectrum's ballast technology into existing and possibly new product lines from W.A.C. Lighting.

We have a tremendous opportunity to work with an established and respected company which shares our corporate values," said PureSpectrum president and CEO Lee Vanatta. "W.A.C. Lighting has propelled itself to the upper echelon of the lighting industry through a commitment to innovation and a culture of excellence. After our initial discussions, there was a clear business interest for both companies and we agreed to work together during the next month to clearly define the scope of a potential licensing agreement.

"We believe our technology would provide a competitive advantage in the marketplace, and we are extremely pleased to be able to continue discussions with a company that has a proud history of achievement within the lighting industry," Vanatta concluded.

PureSpectrum owns multiple patents and patents pending for innovative electronic ballast technology for fluorescent lighting. During the past few months, the company's technology has been tested by several leading lighting manufacturers, and feedback gained through those interactions allowed PureSpectrum's advance technology team to refine its circuitry for optimum performance in preparation for licensing the technology and integrating it into the manufacturing process.

July 31, 2008 -- Ohio Edison Company (Ohio Edison), The Cleveland Electric Illuminating Company (CEI) and The Toledo Edison Company (Toledo Edison), electric utility companies of FirstEnergy Corp. (NYSE: FE), today filed a comprehensive Electric Security Plan (ESP) with the Public Utilities Commission of Ohio (PUCO). The filing, which is required under Amended Substitute Senate Bill 221 (Am. Sub. SB 221), would phase in generation rates over a three-year period and incorporate the companies' distribution rate case that was filed with the PUCO in June 2007.

Under the plan, total customer rates - including generation, transmission and distribution - would increase an average of 5.3 percent in 2009, 4 percent in 2010 and 6 percent in 2011. Of the 2009 increase, approximately 3.2 percent is related to the companies' pending distribution rate case. If approved, the ESP would represent the first increase in base rates since 1990 for Ohio Edison and 1996 for CEI and Toledo Edison.

Although the percentage change in rates will vary depending on usage, the impact on a typical residential monthly bill from Ohio Edison based on 750 kilowatt-hours (kWh) would be a decrease of $1.28 in 2009, followed by an increase of $3.06 in 2010 and an increase of $3.67 in 2011. For CEI, the decrease would be $0.10 in 2009, then an increase of $3.45 in 2010 and $1.29 in 2011. For Toledo Edison, the decrease would be $0.16 in 2009, then an increase of $3.06 in 2010 and $3.30 in 2011.

July 31, 2008 -- Fermi 2 Power Plant employees Wednesday celebrated their achievement of reaching 10-million hours worked without a single employee missing a day on the job because of a work-related accident. The safe-work period stretches back to June 17, 2002. The plant workforce reached the 10-million hour milestone on June 30 and the record string of safe days has continued without interruption.

The 72-month period is the station's best performance, surpassing a 52-month stretch of 8.34 million hours from 1992 to 1996.

George MacAdam, senior safety and health engineer, said the milestone is particularly significant because of the consistency maintained over more than six years. "This is an impressive number," MacAdam said. "It's not every day that such a milestone is achieved, and Fermi 2 DTE Energy employees have something in which to be very proud." Plant Manager Kevin Hlavaty said safety is the primary element of every job performed in the plant and throughout the site. "Safety is first at Fermi," he said.

Hlavaty also noted that Fermi 2 exceeds another important safety measure -- the total industrial safety accident rate (TISAR) -- which is the official nuclear industry safety gauge. The industry goal is a 0.2 TISAR. "We are well below that but our goal will always be no recordable injuries," Hlavaty said.

July 31, 2008 -- The Empire District Electric Company (NYSE:EDE) today announced that the Missouri Public Service Commission (MPSC) has issued an Order in the rate case filed by the Company on October 1, 2007. The Company had asked for an annual increase in revenues of approximately $34.7 million or 10.11 percent.

The Order results in a net increase in revenue of approximately $22.0 million, or 6.7 percent, and is based on a 10.8 percent return on equity. We anticipate the rates will go into effect by September 1, 2008.

With this case, the MPSC authorized a fuel adjustment for Empire's Missouri customers. The MPSC established a base rate for the recovery of fuel and purchased power expenses used to supply energy. Going forward, the fuel adjustment will be modified twice a year with Commission approval. If the fuel expense is less than the base, customers will see a credit. If the fuel expense is higher, customers will see an additional charge. This will be listed as a separate item and allows customers a more immediate view of what impact fuel expenses are having on their bill.

The Order contains two components. The first component provides an addition to base rates, which the Commission has reported is approximately $27.7 million. The second component is an amortization that provides Empire additional cash through rates during the current construction cycle. This construction, which is a part of the Company's long-range plan to ensure reliability, includes the facilities at the Riverton Power Plant and Iatan 2 Power Plant, as well as environmental improvements at the Asbury Power Plant and at Iatan 1. The second component related to regulatory amortization has been adjusted downward by $5.7 million. The regulatory amortization is now approximately $4.5 million.

Market Wrap for July 31, 2008 A late sell off knocked the stock market sharply lower before closing near its worst point of the session. The Dow and the S&P 500 finished 1.8% and 1.3% lower, respectively. The Nasdaq closed with a modest loss.

Thursday's loss concluded what was an overall pessimistic session. The tone was set early on after disappointing economic data was unveiled.

According to the latest government data, the U.S. economy expanded 1.9% in the second quarter, missing the 2.3% gain economists were expecting. Though the top line of this number is a bit disappointing, its downside surprise is due to a negative impact from inventories. What is more, trends in consumer spending, business investment, exports, and government spending were generally better than forecast.

Many Wall Street pundits and economists believe U.S. economic growth will not return to its full potential until housing has successfully turned around. Former Fed Chairman Greenspan stated in an interview on CNBC that home prices are nowhere near a bottom. He also acknowledged there is still a 50-50 chance the U.S. will experience a recession.

On a similar note, The Wall Street Journal reported Treasury Secretary Paulson noted that housing is still correcting, but the fiscal stimulus has helped economic growth.

Adding to the dour mood among participants, jobless claims for the week ended July 26 climbed 44,000 to 448,000, marking the third time in the last five weeks claims have surpassed 400,000. Continuing claims rose 6.0% to 3.282 million, while the four-week moving average jumped to 393,000 from 382,000.

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