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SPONGETECH DELIVERY SYSTEMS (OTCBB: SPNG | Quote | Chart | News | PowerRating) "Up 3.70% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/SPNG.php
Company Profile: http://www.otcpicks.com/spongetech/spongetech.htm
SpongeTech Delivery Systems is a development stage company which designs, produces, markets and distributes cleaning products for vehicular use utilizing patented technology relating to sponges containing hydrophilic (liquid absorbing) foam polyurethane matrices. The Company's sponges are specially configured with an outer contact layer and an inner matrix, which is loaded with specially formulated soaps and wax that are released when the sponge is applied to a surface with minimal pressure. The Company's products are currently designed specifically for vehicular cleaning use. However, the Company is exploring the possibility of using its patented technology for the development of sponges for other uses, including for use with anti-bacterial, bath and kitchen soaps for household uses, as well as for use as a children's bath foam sponge.
SPNG News:
September 18 - SpongeTech Delivery Systems Hits a Grand Slam
SpongeTech's Auto and Pet Sponge Sales Hit a Grand Slam over the Past Few Days
SpongeTech Delivery Systems, Inc. (OTCBB: SPNG | Quote | Chart | News | PowerRating) announced that this past weekend the company started an aggressive marketing campaign utilizing the combined values of Howard Stern, Chris Russo, and NASCAR Radio on SIRIUS Satellite Radio. As a result of this, coupled with our aggressive TV advertising, SpongeTech has booked in the past five days over $1,000,000 in gross internet sales. We are extremely excited about how we are positioning and marketing our product, and feel very strongly that we are on our way to another record quarter. This, combined with our on hand orders that will be shipped this year, could bring our total revenue in excess of $35,000,000, with a proportionate EBITDA to last year's P/L.
SpongeTech Stock Buyback Program
With such a volatile stock market comes tremendous opportunity. In light of that, coupled with the change in the SEC shorting rules, the Board has decided to increase our corporate stock buyback in the open market from 25,000,000 shares to 50,000,000 shares effective immediately. We have to date purchased in the open market over 10,000,000 shares thus leaving 40,000,000 more shares to buy. We will continue to communicate with our shareholders, and we thank you all for your support.
Sincerely,
Michael L. Metter, SpongeTech CEO Steven Y. Moskowitz, SpongeTech COO
GFI GROUP INCORPORATED (NASDAQ: GFIG | Quote | Chart | News | PowerRating) "Up 18.78% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/GFIG.php
GFI Group Inc. is a leading inter-dealer broker specializing in over-the-counter derivatives products and related securities. GFI Group Inc. provides brokerage services, market data, trading platform and analytics software products to institutional clients in markets for a range of credit, financial, equity and commodity instruments. Headquartered in New York, GFI was founded in 1987 and employs more than 1,700 people with additional offices in London, Paris, Hong Kong, Seoul, Tokyo, Singapore, Sydney, Cape Town, Dubai, Tel Aviv, Calgary, Englewood (NJ) and Sugar Land (TX). GFI provides services and products to over 2,200 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFI(TM), GFInet , CreditMatch , GFI ForexMatch(TM), EnergyMatch , FENICS , Starsupply , Amerex , and Trayport .
GFIG News:
September 18 - GFI Group Inc. Reports De Minimis Exposure to AIG and Washington Mutual
Given the recent downgrades in the credit ratings of American International Group Inc. ("AIG") and Washington Mutual, Inc., GFI Group Inc. (Nasdaq: GFIG | Quote | Chart | News | PowerRating) stated today that it believes that its direct counterparty exposure to, and accounts receivable due from each of AIG and Washington Mutual are de minimis.
VINEYARD NATIONAL BANCORP (NASDAQ: VNBC | Quote | Chart | News | PowerRating) "Up 43.55% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/VNBC.php
Vineyard National Bancorp operates as the holding company for Vineyard Bank, National Association, which provides community banking services to businesses and individuals. It accepts non-interest bearing demand deposits, time deposits, savings deposits, certificates of deposit, negotiable order of withdrawal deposits, and money market deposits. The company also offers single family residential (SFR) luxury home construction loans; commercial construction loans, including loans for the construction of office buildings, retail space, churches, and multifamily/apartment projects; SFR tract construction loans; and commercial and residential real estate loans. In addition, it provides cash management services that comprise electronic deposit services; online banking services, including automated wire processing, electronic tax payments, electronic transfers, loan payments, bill payments, and account reconciliation; lockbox processing services; and positive pay service that allows business customers to review checks presented against accounts prior to disbursing funds. Further, the company offers courier services, ATMs, and kiosks; and exchange accommodator services. Vineyard National serves commercial businesses, commercial and residential real estate developers, retail community businesses, individuals, investors, and other local private and public organizations. As of December 31, 2007, it operated 16 full service banking centers in the communities of Chino, Corona, Covina, Crestline, Diamond Bar, Irvine, Irwindale, Lake Arrowhead, La Verne, Manhattan Beach, Rancho Cucamonga, San Diego, San Dimas, San Rafael, Upland, and Walnutin, California; and 3 regional financial centers in Orange, Los Altos, and Westlake Village, California. The company was founded in 1981 and is headquartered in Corona, California.
VNBC News:
September 19 - Vineyard National Bancorp Proposes up to $250 Million Private Placement Offering of Units, Consisting of Convertible Senior Secured Notes and Common Stock
Vineyard National Bancorp (Nasdaq: VNBC | Quote | Chart | News | PowerRating) ("VNBC"), the holding company of Vineyard Bank, National Association ("Vineyard"), announced that it intends to commence a private placement offering of an aggregate of $250 million of Units consisting of 10% Convertible Senior Secured Notes due in 2009 and common stock to be issued at the closing of the transaction. The aggregate gross proceeds to VNBC from the offering are expected to be up to approximately $250 million. The proceeds are expected to be used to strengthen VNBC and Vineyard's financial position, repurchase certain of VNBC's indebtedness, trust preferred securities and preferred stock, and provide a financial platform for the execution of VNBC's strategic plans.
Under the terms of the proposed private placement, VNBC will be required to hold a special meeting of its shareholders in order to seek approval to amend VNBC's articles of incorporation to increase the number of shares of common stock VNBC is authorized to issue in order to accommodate the conversion of all of the outstanding principal and accrued but unpaid interest under the Notes into common stock. The Convertible Senior Secured Notes will automatically convert into shares of common stock at the time that the amendment is effective. VNBC intends to distribute a proxy statement to its shareholders with respect to the special meeting promptly after the closing of the transaction. VNBC encourages shareholders to read these materials carefully when they become available before making any decision with respect to the amendment.
The issuance of the Units is generally subject to approval by VNBC's shareholders pursuant to the Marketplace Rules of the NASDAQ Stock Market ("NASDAQ"). However, NASDAQ rules provide for a financial viability exception in certain circumstances. In accordance with NASDAQ rules, the Audit and Compliance Committee of the Board of Directors has expressly approved VNBC's intended use of this exception. VNBC expects to mail a notice to shareholders explaining the reliance on the exception, no later than ten days prior to the issuance of the Units.
SECURITY BANK CORPORATION (NASDAQ: SBKC | Quote | Chart | News | PowerRating) "Up 13.59% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/SBKC.php
Based in Macon, Georgia, Security Bank Corporation is a multi-bank holding company with assets of $2.9 billion at June 30, 2008. Security Bank Corporation operates six community banks with offices located throughout middle Georgia, coastal Georgia and north metropolitan Atlanta. In addition, Security Bank Corporation operates an interim real estate and development lender and traditional mortgage originator, Security Real Estate Services, Inc., with offices throughout Georgia.
SBKC News:
September 17 - Security Bank Corporation Announces Resignation of Averett 'Rett' Walker and Names Tony E. Collins Interim President and CEO
Security Bank Corporation (Nasdaq: SBKC | Quote | Chart | News | PowerRating) announced that, effective September 16, 2008, H. Averett "Rett" Walker resigned as President and CEO of Security Bank Corporation. Mr. Walker also resigned his position as director of Security Bank Corporation and its affiliate, Security Bank of Bibb County. Tony E. Collins, Executive Vice President and Regional Executive - Atlanta, has assumed the functions of President and CEO on an interim basis. Mr. Collins has over 30 years of banking industry experience, including three years most recently with Security Bank Corporation.
Al Bridges, Chairman of the Board of Directors, stated, "Rett Walker has served our institution with loyalty and dedication. We wish him success in his future pursuits." Mr. Bridges further stated, "Tony Collins, with his significant industry experience, is well suited to lead Security Bank during this interim period. The Board of Directors will conduct a careful search for a permanent President and CEO."
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