InvestSource, Inc.: PureSpectrum, Inc. and W.A.C. Lighting to Explore Potential Relationship

Aug 04, 2008 (M2 PRESSWIRE via COMTEX) -- SORB | Quote | Chart | News | PowerRating -- Stocks in the News: PureSpectrum, Inc. (Other OTC: PSPM), NYSE Euronext (NYSE: NYX), KBR (NYSE: KBR), Schering-Plough Corporation (NYSE: SGP), Albemarle Corporation (NYSE: ALB | Quote | Chart | News | PowerRating) and Sorbent Technologies Corporation (Pink Sheets: SORB).

July 31, 2008 -- PureSpectrum, Inc. (Other OTC: PSPM | Quote | Chart | News | PowerRating) 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.

August 1, 2008 -- NYSE Euronext (NYSE: NYX | Quote | Chart | News | PowerRating) reported net income of $195 million, or $0.73 per diluted share, for the quarter ended June 30, 2008, a $34 million or 21% increase as compared to net income of $161 million, or $0.62 per diluted share, for the quarter ended June 30, 2007. These results are presented in accordance with U.S. generally accepted accounting principles (GAAP). "Building on a record first quarter, we continued to experience strong customer demand across our core businesses and to execute well against our corporate strategy," said Duncan L. Niederauer, Chief Executive Officer, and NYSE Euronext. "Our results reflect the strength and earnings potential of our highly diverse business model and our ability to post gains even in the most challenging times. While maintaining our focus on expense management, we have strengthened our trading infrastructure and competitive position with investments in new technology. We have also made strategic investments to extend our global footprint, including the 25% stake in Qatar's Doha Securities Market, and have laid the groundwork for our U.S. futures businesses."

August 1, 2008 -- KBR (NYSE: KBR | Quote | Chart | News | PowerRating) announced that second quarter 2008 net income was $0.28 per diluted share which included two adverse items: a jury award related to a 2003 LogCAP III subcontract representing $0.15 per share and one-time events on three projects resulting in a cumulative net negative impact of $0.03 per share. Income from continuing operations and net income was $48 million, or $0.28 per diluted share. This compares to income from continuing operations of $50 million, or $0.30 per diluted share, in the second quarter of 2007. Net income for the second quarter of 2007 was $140 million, or $0.83 per diluted share, which included earnings from discontinued operations of $90 million, or $0.53 per diluted share, primarily related to operations from and gain on the sale of KBR's 51% ownership interest in Devonport Management Limited. Consolidated revenue in the second quarter of 2008 was $2.7 billion, an increase of 23.5% from $2.2 billion in the second quarter of 2007.

August 1, 2008 -- Schering-Plough Corporation (NYSE: SGP | Quote | Chart | News | PowerRating) announced that the U.S. Food and Drug Administration (FDA) has issued a "not-approvable" letter for sugammadex sodium injection for the reversal of muscle relaxation during general anesthesia. "We are surprised and disappointed with this action, especially given that sugammadex received a unanimous recommendation for approval by the FDA Advisory Committee on Anesthetics and Life Support in March of this year," said Thomas P. Koestler, Ph.D., executive vice president and president of Schering-Plough Research Institute. "Sugammadex represents the first major pharmaceutical innovation in the field of anesthesia in two decades. We remain committed to bringing this important medical advance to those who are waiting for it in the United States, and plan to work with the agency to address the issues, which are primarily related to hypersensitivity/allergic reactions." There were no issues related to the efficacy of sugammadex. Schering-Plough acquired sugammadex in November 2007 through its acquisition of Organon BioSciences, which developed the product.

August 1, 2008 -- Albemarle Corporation (NYSE: ALB | Quote | Chart | News | PowerRating) has acquired full-service power plant mercury-control provider Sorbent Technologies Corporation (Pink Sheets: SORB). The transaction closed on July 31 following approval of the transaction by Sorbent Technologies shareholders at a meeting held on July 24. The acquisition was an all-cash transaction in which the shareholders of Sorbent Technologies received $6.4326 per share of common stock, which represents an aggregate purchase price of approximately $22,500,000. Sorbent Technologies invented and supplies specialty brominated carbon adsorbents (sorbents) and advanced sorbent injection systems to help control mercury emissions from coal-fired power plants. (Mercury is emitted to the environment when coal is burned to generate electricity.) Sorbent Technologies also provides full-scale site-trial services to aid environmental and operations managers in developing long-term strategies for compliance with state and federal mercury regulations.

Wall Street retreated again Friday after readings on jobs and manufacturing -- the first reports for the third quarter -- indicated that businesses and workers still face a tough economy. The major indexes ended a turbulent week narrowly mixed. A massive quarterly loss at General Motors Corp. and rising oil prices also gave investors reason to trade cautiously, but the market was considerably calmer than the first four sessions of the week, when the Dow Jones industrials rose or fell by triple digits each day. Friday's reports were not as poor as many analysts had anticipated. Nonetheless, they portrayed an economy that was still sagging as it entered the second half of the year. The Labor Department said jobs fell for the seventh straight month in July and the unemployment rate rose to 5.7 percent. The report arrived after data Thursday showing an unexpected jump in jobless claims to a five-year high. "It reinforces the idea that we're seeing a steady, but not dramatic, decline in employment, which is likely to last for some time," said Michael Sheldon, chief market strategist at RDM Financial Group in Westport, Conn. Meanwhile, the Institute for Supply Management said manufacturing activity was flat in July. Given Thursday's disappointing report on gross domestic product growth, Wall Street is becoming more certain that the United States is in a recession -- and one that could be prolonged. U.S. recessions since World War I have lasted about 10 months, on average, but have ranged from as little as six months to as long as 16 months, Sheldon said. The flagging economy has sapped consumers' ability to spend freely, which in turn is hurting profits at many big companies. GM said it lost $15.5 billion in the second quarter, more than analysts predicted and the automaker's third-worst loss in its history. There was also more bad news about construction; the Commerce Department reported that building activity declined in June. And the price of oil rose $1.02 to $125.10, retreating from an earlier gain of more than $4, but still signaling that its steep decline of recent weeks has at least temporarily been halted. According to preliminary calculations, the Dow fell 51.70, or 0.45 percent, to 11,326.32. The Dow ended the week down 0.39 percent. Broader stock indicators also lost ground Friday. The Standard & Poor's 500 index fell 7.07, or 0.56 percent, to 1,260.31, and the Nasdaq composite index fell 14.59, or 0.63 percent, to 2,310.96. Advancing issues, however, narrowly outnumbered decliners Friday on the New York Stock Exchange, where volume came to a light 1.22 billion shares. The S&P finished the week up 0.02 percent, and the Nasdaq finished up 0.21 percent. Bond prices edged higher in Friday's trading. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.94 percent from 3.95 percent late Thursday. The dollar was mixed against other major currencies, while gold prices fell. The market's performance the past few sessions shows how jumpy investors are. The Dow zigzagged up and down by hundreds of points as the market alternately agonized over the financial sector and signs of economic weakness, and then soared as investors decided things weren't really all that bad after all.

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