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GreenChek Technology Inc (OTCBB: GCHK - http://finance.yahoo.com/q?s=GCHK.ob)
Sept. 26th, 2008-- GreenChek Technology Inc (OTCBB: GCHK), a manufacturer and distributor of hydrogen injection technology devices that primarily focuses on mobile transportation applications and industrial generative power application, announced yesterday (25 September) that the 3rd Party certification process to verify their hydrogen related products has been completed by Clean Air Technologies International Inc (CATI) for the company's ERD Technology. The company manufactures the ERD 1.0, an emission reducing device which can be fitted to any vehicle regardless of fuel source and reduces vehicle emissions, besides increasing fuel economy. CATI has been specialising in vehicle and engine exhaust emissions measurements for more than six years. It designs and manufactures the industry's portable emissions measurement system (PEMS), providing full consulting services for customers that only require one-time vehicle emission data.
Indevus Pharmaceuticals, Inc. (Nasdaq: IDEV - http://finance.yahoo.com/q?s=IDEV)
September 26th, 2008-- Indevus Pharmaceuticals, Inc. (Nasdaq: IDEV | Quote | Chart | News | PowerRating) announced today that it has reached agreement with the U.S. Food and Drug Administration (FDA) with regard to the additional data and risk management strategy that will lead to re-submission (complete response) of the New Drug Application (NDA) for NEBIDO(R) in the first quarter of calendar 2009. The re-submission database will include experience from over 14,000 injections in more than 2,600 patients, all of which come from existing clinical trials conducted in the U.S. and post-marketing studies that have been conducted in Europe. FDA stated that the number of patients and the number of injections of testosterone undecanoate from these studies appear to provide an adequate size database to determine the precise incidence of serious post-injection, oil-based reactions.
Indevus and FDA also agreed on an education plan to minimize the risks associated with the clinical use of testosterone undecanoate intramuscular injection, namely, to reduce the incidence and/or severity of the serious oil- based reactions. Further, Indevus and FDA agreed to obtain skin-testing data to characterize an allergic component to the drug or any of its excipients in certain patients. Indevus has also agreed to conduct a large, simple post- marketing study of the safety of NEBIDO in approximately 10,000 patients. "We are very pleased that we can provide to FDA additional data from existing clinical trials to satisfy FDA's desire to understand the incidence of these rare oil-based reactions, without the need to conduct new clinical trials prior to resubmission or approval," stated Glenn L. Cooper, M.D., chairman and chief executive officer of Indevus. "FDA also agreed with our outline of the proposed risk mitigation plans that included appropriate labeling description of intramuscular injection technique, adequate labeling information regarding allergic and oil-based reactions, and the commitment to conduct a large, simple post-marketing study. Risk mitigation plans are now commonly added to approval of new drugs and our agreed plans are consistent with FDA's new initiatives for the management of safety of new drugs. Given a six month FDA review time, assuming approval, we will be in a position to launch NEBIDO with our sales force in the fourth quarter of calendar 2009. We remain enthusiastic about the marketplace opportunity for a long-acting injectable testosterone therapy and we expect the introduction of NEBIDO to have a significant positive impact on the Company's business plan."
About NEBIDO(R)
NEBIDO(R) is a long-acting depot preparation of testosterone undecanoate under development for the treatment of male hypogonadism. NEBIDO is expected to be the first long-acting testosterone preparation available in the U.S. in the growing market for testosterone replacement therapies. Indevus acquired U.S. rights to NEBIDO from Bayer Schering Pharma AG, Germany in July 2005.
About Indevus
Indevus Pharmaceuticals, Inc. is a specialty pharmaceutical company engaged in the acquisition, development, and commercialization of products to treat conditions in urology and endocrinology. The Company's approved products include SANCTURA(R) and SANCTURA XR(TM) for overactive bladder, VANTAS(R) for advanced prostate cancer, SUPPRELIN(R) LA for central precocious puberty, and DELATESTRYL(R) to treat male hypogonadism. The Indevus development pipeline contains multiple compounds within the Company's core therapeutic areas in addition to several partnered or partnerable programs. The most advanced compounds in development include, VALSTAR(TM) for bladder cancer, NEBIDO(R) for male hypogonadism, PRO 2000 for the prevention of infection by HIV and other sexually-transmitted pathogens, and the octreotide implant for acromegaly and carcinoid syndrome.
TRI-STAR HOLDINGS, INC. (PINKSHEETS: TSHL - http://finance.yahoo.com/q?s=TSHL.pk)
Sept. 26th, 2008-- TRI-STAR HOLDINGS, INC. (PINKSHEETS: TSHL), a publicly traded company currently on the Over the Counter, announced the Company has released the assay reports completed by Spooner and Associates, confirming the company's existing estimates of its gold reserves in its Nevada mine, the Lucky Linda #1 Claim. The report can be viewed at www.tristargold.com. Mr. Spooner took several core samples from various locations on the 160 acre claim that, when processed by Mr. Chastain, indicated gold concentrations as high as 10 oz per ton of earth. This secondary round of testing is consistent with the company's existing reports on the "Lucky Linda #1" claim's gold and platinum reserves. Additionally, management is working with officials at the Lincoln County BLM (Bureau of Land Management) to complete the new filing process and to ensure compliance with environmental regulations for the full operation of the mine. The company intends to commence operations as soon as possible. To this end, management has also signed a purchase agreement for the first of its water gravity recovery equipment -- Aero Mining Technologies' new Dove Superminer 150 plant that operates 15 tons of raw earth per hour -- which may be delivered to the property in as few as 30 days.
CEO Anthony Mellone attended the Las Vegas Mining Expo to specifically identify equipment for the mine in addition to personally meeting with BLM officials who will be overseeing the permit process and operation's compliance. "We secured the equipment for a great price and Aero Mining Technologies will send their company technicians to train our operators. In addition to learning about the industry's state-of-the-art technologies, I am very pleased with our first meeting with the BLM. While we have a lot of work to do, I am committed to our compliance with all applicable regulations and environmental concerns. The BLM officials we met with were completely forthright and very encouraging," he said.
For more information, visit www.tristarcorporate.com and www.tristargold.com About Tri-Star Holdings, Inc.: Tri-Star Holdings, Inc. (the "Company") is a diversified holding company developing and incubating undervalued or as-of-yet unknown technologies, businesses, and assets with massive potential for return on investment and increased shareholder value. The Company's developments are currently poised to mitigate exposure to risk in industries proven to perform amidst economic recession: the precious metals and medical industries.
AZZ incorporated (NYSE: AZZ - http://finance.yahoo.com/q?s=AZZ)
Sept. 26th, 2008-- AZZ incorporated (NYSE: AZZ), a manufacturer of electrical products and a provider of galvanizing services today announced unaudited financial results for the three and six-month periods ended August 31, 2008. Revenues for the second quarter increased 27 percent to a record setting level of $103.3 million, compared to $81.6 million for the same period last year. Net income for the second quarter increased 39 percent to $11.3 million, or $0.92 per diluted share, compared to net income of $8.1 million, or $0.66 per diluted share, in last year's fiscal second quarter.
For the six-month period, the Company reported revenues of $203.2 million, an increase of 29 percent compared to $157 million for the comparable period last year. Net income for the six months rose 75 percent to record setting level of $21.4 million, or $1.74 per diluted share, compared to $12.3 million, or $1.01 per diluted share for the comparable six-month period last year. The acquisitions of AAA Galvanizing on April 1, 2008 and Blenkhorn and Sawle on July 1, 2008 are included in the financial results for the six-month period of fiscal 2009. Backlog at the end of our second quarter ending August 31, 2008, was the highest in company history at $190.8 million versus $149.2 million at August 31, 2007, an increase of 28 percent. Backlog at our February 29, 2008 year- end and our first quarter of fiscal 2009 was $134.9 million and $141.8 million, respectively. Incoming orders for the second quarter totaled $139.1 million while shipments totaled $103.3 million resulting in a book to ship ratio of 135 percent. For the first six months, orders totaled $245.9 million while shipments totaled $203.2 million, resulting in a year-to-date book to ship ratio of 121 percent. Incoming orders for the first six months increased 33 percent when compared to the same period a year ago. Based upon current customer requested delivery dates and our planned production schedule, 60 percent of our backlog is expected to ship in the current fiscal year. Of our $190.8 million backlog, 29 percent is to be delivered outside of the U.S. Revenues for the Electrical and Industrial Products Segment increased 15 percent to $52 million for the second quarter ending August 31, 2008, compared to $45.2 million in the previous year's second quarter. Operating income for the second quarter ending August 31, 2008, was $9.8 million, compared to $7.9 million in the second quarter of last year, an increase of 23 percent. Operating margins were 19 percent for the second quarter ending August 31, 2008. For the first six months, revenues increased 21 percent to $104 million and operating income increased 24 percent to $17.7 million compared to $86 million and $14.3 million, respectively, for the first six months of the prior year. Operating margin for the first six months was 17 percent.
David H. Dingus, president and chief executive officer, commented, "The operating results for our Electrical and Industrial Products Segment continued at a very strong pace. The strong demand for our products led to an outstanding level of orders with strength in both the domestic and international markets. We are now operating with a record backlog and are pleased with the balance between our product offerings and the product destination geography. The power generation, transmission and distribution markets continued to expand and our industrial markets remained strong. Our backlog for the quarter was also positively impacted as a result of the backlog associated with the Blenkhorn and Sawle acquisition in Canada. This impact was approximately $13 million. The quarterly shipments were moderately adversely impacted by some capacity constraints of our vendors and delays in receipt of customer engineering specifications, which resulted in some scheduled shipments moving from the second quarter to the third quarter. The domestic and international quotation and inquiry activity continues to be good. Our challenge is to continue to seek out every opportunity to expand our served markets and add to our product offerings."
Revenues for the Company's Galvanizing Service Segment increased 41 percent to $51.3 million for the second quarter ending August 31, 2008, compared to $36.5 million in the previous year's comparable quarter. Operating income for this segment was $15.5 million, compared to $9.2 million in the same quarter last year, an increase of 68 percent. Operating margins for the second quarter ending August 31, 2008 were 30 percent. The quarterly results do reflect the positive impact of an insurance settlement related to a fire at one of our facilities. This resulted in a gain of $1.3 million pre tax and is included in the operating income. Without this gain, operating margins would be 28 percent as compared to 25 percent in the prior year second quarter period. For the first six months of fiscal 2009, revenues increased 40 percent to $99.3 million, and operating income increased 62 percent to $28.8 million, compared to $71 million and $17.8 million, respectively, for the first six months of the prior year. AAA Galvanizing acquired on April 1, 2008, contributed $21.8 million to our total six months revenues. Our revenues generated from our historical operations prior to the acquisition of AAA for the first six months period increased 9 percent. Volume of steel processed increased 12 percent, while average selling price decreased 2 percent as compared to the same six months period in the prior year.
Mr. Dingus continued, "Robust market demand for our galvanizing services has positively impacted our ability to maximize our operating results. The assimilation of the acquisitions is going extremely well and demand has remained excellent. Pricing pressures may increase due to changes in demand brought about by economic conditions or the increased cost of steel. These issues combined with the seasonal winter impact on our North Central U.S. facilities may result in lower fourth quarter demand. The strategic actions that we have taken in this segment over the past few years has broadened our customer base and we believe it will continue to help us to offset some portion of any economic weakness we may encounter in a particular market area. Our expanded geographic presence combined with our firm commitment to a superior level of service and support should enable us to continue to report good results for this segment for the balance of our fiscal year that are above our historical 18 to 22 percent operating margins. As long as demand remains strong, we do not anticipate significant pricing pressures. While our zinc cost has decreased, other operating materials and natural gas have increased, requiring us to continue to strive to maintain pricing in order to fully recover these costs."
Mr. Dingus concluded, "Based upon the evaluation of information currently available to management, we are increasing our previously issued guidance for fiscal year 2009. Our earnings are estimated to be within the range of $3.25 and $3.35 per diluted share and revenues to be within the range of $420 to $430 million. Our estimates assume that we will not have any significant delays in the delivery of our electrical and industrial products, or that there will not be a significant change in galvanizing demand, pricing or any further adverse weather conditions prior to the fourth quarter of fiscal 2009."
AZZ incorporated will conduct a conference call to discuss financial results for the second quarter of fiscal 2009 at 11:00 a.m. ET on September 26, 2008. Interested parties can access the call by dialing (877) 356-5706 or (706) 643-0580 (international). The call will be web cast via the Internet at http://www.azz.com/AZZinvest.htm. A replay of the call will be available for three days at (800) 642-1687, or (706) 645-9291 (international) confirmation #63934934, or for 30 days at http://www.azz.com/AZZinvest.htm.
AZZ incorporated is a specialty electrical equipment manufacturer serving the global markets of industrial, power generation, transmission and distributions, as well as a leading provider of hot dip galvanizing services to the steel fabrication market nationwide.
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