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August 4, 2008 -- Road Wings, Inc. (Other OTC: RDWG | Quote | Chart | News | PowerRating) announced updates regarding the previous news that its funding partner, OneFi Technology, Inc., has been approved and has currently acquired a full Telco operating license for the Island Nation of Jamaica. OneFi Technology networks broadband signal will allow the citizens of Jamaica 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. Al Omran, the CTO of OneFi Technology, states, "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." As promised in the original Jamaica acquisition announcement, the specific operating license details would allow OneFi access to the existing 200,000,000 minutes per month of international origination and termination business which currently exists between the USA and the Island Nation of Jamaica. Mr. V. Pierson, VP for OneFi who negotiated the license, said, "The initial startup revenues to OneFi should exceed $1,000,000 the first year, and as it expands throughout the Island, substantially more." The standard network allows for 802.11b-g, but the OneFi Technology network design incorporates WiMax 801.16e signal which will go as far as twenty miles. Also, OneFi Technology uses 802.11b-g and n to allow last mile user access. OneFi will also be installing its IPTV in beta format in Jamaica with users on a new technical platform. Many residences in Jamaica only have had access to traditional landline access because of pricing or lack of accessibility in the Island Nation.
August 4, 2008 -- Polaris Industries Inc. (NYSE: PII | Quote | Chart | News | PowerRating) named Scott W. Wine Chief Executive Officer, effective September 1, 2008. Mr. Wine will succeed outgoing CEO Thomas C. Tiller, who will continue to serve as a member of the company's Board of Directors. Mr. Wine joins Polaris from UTC Fire and Security, a unit of Hartford, CT, based United Technologies Corporation (NYSE: UTX | Quote | Chart | News | PowerRating) where he served as President, Fire Safety Americas. He also held senior leadership positions at Danaher Corp., Honeywell International and served as an Officer in the United States Navy. Wine's selection comes at the end of an extensive and carefully conducted search process. The Polaris Board of Directors, led by Chairman Greg Palen, conducted a comprehensive evaluation of all candidates and unanimously believes that Wine is the ideal candidate to lead Polaris in the future. "As a proven leader with considerable experience across a variety of industries and three outstanding international companies, Scott has an impressive track record of producing outstanding results," Palen said. "We're confident that Scott, together with our strong management team, will continue Polaris' remarkable history of innovation, leadership and results benefitting all of our stakeholders."
August 4, 2008 -- ImClone Systems Incorporated (NASDAQ: IMCL | Quote | Chart | News | PowerRating) announced that with respect to the previously announced offer that it received from Bristol-Myers Squibb Company (NYSE: BMY), its Board of Directors has formed a committee to study the matter and to retain advisors to advise it in determining the appropriate course of action. However, the Board's preliminary view is that the offer substantially undervalues ImClone. ImClone pointed out that its Board of Directors has been discussing the possibility of separating the Company into its ERBITUX and its pipeline businesses in order to maximize the value of the Company. Based upon preliminary internal data, and recognizing that the pipeline products are in various stages of development, the Board still believes that the Company's pipeline business may be extremely valuable and significantly increase stockholder value as a separate business.
August 4, 2008 -- Alkermes, Inc. (NASDAQ: ALKS | Quote | Chart | News | PowerRating) announced that its partner, Cilag GmbH International, a subsidiary of Johnson & Johnson, received approval from the Russian Regulatory Authorities to market VIVITROL (naltrexone for extended-release inject able suspension) for the treatment of alcohol dependence in Russia. The product will be manufactured by Alkermes and commercialized by Janssen-Cilag, an affiliate company of Cilag GmbH International. "VIVITROL is the first once-monthly inject able medication for the treatment of alcohol dependence to be approved in Russia. The long-acting, non-addictive formulation ensures that patients get the benefit of medication over the entire month," stated Elliot Ehrich, M.D., chief medical officer of Alkermes. "With VIVITROL, physicians will have a new medication option to help treat patients with alcohol dependence, and patients have new hope to help them in their battle with this devastating disease."
Wall Street fell moderately Monday in an erratic session dominated by worries about inflation -- which were somewhat soothed by a steep drop in the price of oil. Light, sweet crude closed down $3.69, or 2.9 percent, to settle at $121.41 a barrel on the New York Mercantile Exchange after Tropical Storm Edouard seemed unlikely to threaten oil and natural gas facilities in the Gulf of Mexico. It was the lowest settlement price since May 5 and left crude down nearly 20 percent from its July 11 high of $147.27. That decline eased some of investors' worries about inflation. Wall Street initially sold off after the Commerce Department said an inflation gauge tied to consumer spending rose by a sharp 0.8 percent in June, reflecting higher gasoline prices. That was the biggest jump in the indicator since a 1 percent rise in February 1981. The data came in the department's report on consumer spending, which fell 0.2 percent in June after removing the effects of higher prices. The increase in inflation offset some of the billions in dollars in checks sent to taxpayers as part of the government's economic stimulus plan. The report fed investors' growing concerns about the impact of rising prices on consumers, whose spending is the lifeblood of the economy. According to preliminary calculations, the Dow Jones industrial average fell 42.17, or 0.37 percent, to 11,284.15. The Dow had been down more than 100 points in early trading. Broader stock indicators also declined. The Standard & Poor's 500 index fell 11.30, or 0.90 percent, to 1,249.01, and the Nasdaq composite index declined 25.40, or 1.10 percent, to 2,285.56.
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