OTCPicks.com: OTCPicks.com Stocks to Watch for Wednesday, October 1st CALC, WAVE, UGNE, CNXT, ZVUE

Wed. October 01, 2008; Posted: 04:01 AM

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CALIFORNIA COASTAL COMMUNITIES (NASDAQ: CALC | Quote | Chart | News | PowerRating) "Up 103.74% on Tuesday"

Detailed Quote: http://www.otcpicks.com/quotes/CALC.php

California Coastal Communities Inc. is a residential land development and homebuilding company operating in Southern California. The Company's principal subsidiaries are Hearthside Homes, Inc. which is a homebuilding company, and Signal Landmark which owns 110 acres on the Bolsa Chica mesa where sales commenced in August 2007 at the 356-home Brightwater community. Brightwater represents one of the last opportunities to develop a master planned community on the Southern California coast. Hearthside Homes is building all of the homes at Brightwater and has delivered over 2,100 homes to families throughout Southern California since its formation in 1994.

CALC News:

September 30 - CALC Announces Completion of Amendments to $210 Million Credit Facilities

Updates Home Sales Activities at Brightwater

California Coastal Communities Inc. (Nasdaq: CALC | Quote | Chart | News | PowerRating) announced that it has completed amendments to its $210 million of credit facilities with two bank syndicates managed by KeyBank. The amendments defer $25 million of debt payments which were due at the end of 2008 until future periods and preserve an additional $75 million of borrowing capacity between now and September 2009 by deferring loan amortization and commitment reductions. As a result, only $ 1.0 million of mandatory principal payments will be due by year-end, which the Company expects to satisfy with proceeds from pending home sale escrows. This allows the Company greater flexibility to repay the debt and finance construction based on a schedule that reflects current projections for home sales at Brightwater. The amendments to the revolving credit agreement also provide the Company with an option to extend the maturity date from September 15, 2009 to June 30, 2010, provided that the Company is in compliance with its financial covenants for the year ending December 31, 2008.

"We appreciate the continued support of our lenders as we continue to develop our Brightwater project, which is one of the last new-home communities to be built along the coast of Southern California. Based on our current business plan, these amendments provide the flexibility we need to operate effectively in the current environment," stated Raymond J. Pacini, the Company's Chief Executive Officer.

The amendments also modified certain financial covenants to accommodate the Company's business plan. In exchange for the additional flexibility, the Company will pay higher interest rates on both its revolving credit line and term loan. The Company also agreed to additional financial covenants related to minimum liquidity, minimum quarterly sales requirements and limitations on the construction of spec homes.

Alvarez & Marsal Securities, LLC served as exclusive financial advisor to the Company in connection with the amendment process.

The Company also announced that it delivered seven homes at Brightwater at an average price of $1.4 million during the third quarter, including four Cliffs homes and one Breakers home, which are the larger products at Brightwater. The Company has delivered 16 homes year-to-date at Brightwater and 25 homes project-to-date. The Company generated six net sales orders at Brightwater since the quarter ended June 30, 2008, resulting in 28 net sales orders year-to-date and 37 project-to-date. Current backlog at Brightwater is 12 homes with an aggregate sales value of $28.4 million.

"We are encouraged by the number of buyers that our unique coastal location has continued to attract, despite the continuing challenges in the homebuilding industry and the ongoing turmoil in the credit markets," Pacini stated. "Our buyers are purchasing now because they recognize the intrinsic long-term value of coastal residential properties."

NEXTWAVE WIRELESS (NASDAQ: WAVE | Quote | Chart | News | PowerRating) "Up 76.47% on Tuesday"

Detailed Quote: http://www.otcpicks.com/quotes/WAVE.php

NextWave Wireless Inc. provides a portfolio of next-generation mobile multimedia and wireless broadband technology solutions to the world's leading mobile handset manufacturers, consumer electronics manufacturers and wireless service providers. From device-embedded mobile multimedia software to digital home products, NextWave solutions can be found in more than 250 million devices around the globe.

WAVE News:

September 28 - NextWave Wireless to Discontinue Operations of its GO Networks Subsidiary

NextWave Wireless Inc. (Nasdaq: WAVE | Quote | Chart | News | PowerRating) announced that, as part of its global restructuring initiative, it will be discontinuing the operations of its GO Networks business unit, a supplier of wide-area Wi-Fi network equipment. Accordingly, NextWave today filed a request in Israel to seek bankruptcy protection for its GO Networks Ltd subsidiary located in Tel Aviv.

Earlier this month, NextWave announced that it was working to divest its network infrastructure subsidiaries to conserve cash and narrow its business focus in conjunction with the $100 million in new debt financing recently committed to the Company. The initiation of a bankruptcy process for GO Networks Ltd, which does not impact NextWave's other subsidiaries, is designed to provide an orderly process for the discontinuance of operations and to advance the Company's announced divestiture and cost reduction strategy.

NextWave recently announced that it has received a $100 million debt financing commitment from Avenue Capital Management II, L.P. and SOLA. On September 26, 2008, NextWave announced that NASDAQ had granted its request for an exception to NASDAQ's shareholder approval requirements, which is necessary for the Company to issue notes and warrants associated with the $100 million in new debt financing. The Company has also received the requisite consent of the holders of its 7% Senior Secured Notes due 2010 for the new financing and related transactions. The Company anticipates the debt financing transaction to close on or about October 6, 2008.

UNIGENE LABS INCORPORATED (OTCBB: UGNE | Quote | Chart | News | PowerRating) "Up 39.74% on Tuesday"

Detailed Quote: http://www.otcpicks.com/quotes/UGNE.php

Unigene Laboratories, Inc. is a biopharmaceutical company focusing on the oral and nasal delivery of large-market peptide drugs. Due to the size of the worldwide osteoporosis market, Unigene is targeting its initial efforts on developing calcitonin and PTH-based therapies. Fortical , Unigene's nasal calcitonin product for the treatment of postmenopausal osteoporosis, received FDA approval and was launched in August 2005. Unigene has licensed the U.S. rights for Fortical to Upsher-Smith Laboratories, worldwide rights for its oral PTH technology to GlaxoSmithKline and worldwide rights for its calcitonin manufacturing technology to Novartis. Unigene's patented oral delivery technology has successfully delivered, in preclinical and/or clinical trials, various peptides including calcitonin, PTH and insulin. Unigene's patented manufacturing technology is designed to cost-effectively produce peptides in quantities sufficient to support their worldwide commercialization as oral or nasal therapeutics.

UGNE News:

September 30 - Unigene Enters into Agreement for $20 Million Non-Convertible Debt Financing

Unigene Laboratories, Inc. (OTCBB: UGNE | Quote | Chart | News | PowerRating) announced that it has entered into a financing agreement for $20 million three-year non-convertible, senior secured term notes and up to 1,500,000 shares of Common Stock. Unigene will draw down $15 million at closing and have an option for an additional $5 million within two years of the closing. An entity managed by Victory Park Capital Advisors, LLC is the sole investor in the transaction. Details of the transaction can be found in the Company's 8-K which will be filed with the SEC.

"We are very pleased to be able to complete this debt financing with an existing stockholder that will provide us with the capital to execute our business plan," commented Dr. Warren P. Levy, President and CEO of Unigene. "Given the challenging current market conditions, we are pleased that Victory Park, who has a comprehensive understanding of our business, continues to support us through this transaction."

CONEXANT SYSTEMS INCORPORATED (NASDAQ: CNXT | Quote | Chart | News | PowerRating) "Up 39.24% on Tuesday"

Detailed Quote: http://www.otcpicks.com/quotes/CNXT.php

Conexant's comprehensive portfolio of innovative semiconductor solutions includes products for imaging, video, audio, and Internet connectivity applications. Conexant is a fabless semiconductor company that recorded revenues of $809 million in fiscal year 2007. The company is headquartered in Newport Beach, Calif.

CNXT News:

September 30 - Conexant Raises Earnings Outlook for Fourth Fiscal Quarter

Conexant Systems, Inc. (Nasdaq: CNXT | Quote | Chart | News | PowerRating) announced that core operating income and core net income for the fourth quarter of fiscal 2008 will exceed the guidance provided by the company on July 31, 2008. The company also said it expects fourth fiscal quarter revenues to be within the range provided in July, which was $120 million to $125 million.

"When we established expectations for the fourth fiscal quarter two months ago, we anticipated non-GAAP core operating income in a range between $14 million and $16 million, and core net income of $0.13 to $0.17 per share," said Scott Mercer, Conexant's chairman and chief executive officer. "At that time, we expected core gross margins of 51.5 percent to 52.5 percent of revenues. Because of a richer-than-anticipated product mix, we now expect core gross margins of 54 percent to 55 percent. During the quarter, our team also made better-than-expected progress reducing core operating expenses.

"As a result, we now expect to deliver core operating income in a range between $19 million and $20 million, resulting in core net income of $0.24 to $0.26 per share," Mercer said.

Conexant's fourth fiscal quarter ends on Friday, October 3, 2008. The company will announce complete financial results for the quarter after the close of the U.S. markets on Thursday, October 30, 2008.

ZVUE CORPORATION (NASDAQ: ZVUE | Quote | Chart | News | PowerRating) "Up 33.19% on Tuesday"

Detailed Quote: http://www.otcpicks.com/quotes/ZVUE.php

ZVUE Corporation is a global digital entertainment company. Its Pospsauce Network (comprised of eBaumsWorld.com, Putfile.com, Holylemon.com, UnOriginal.co.uk, YourDailyMedia.com, Dorks.com, FunMansion.com and ZVUE.com) is consistently among the top-five companies providing user-generated video online. ZVUE personal media players are mass-market priced and currently available for purchase online and in Wal-Mart stores throughout the U.S.

ZVUE News:

September 30 - ZVUE Extends Standstill Agreement with Senior Lender

ZVUE Corporation (Nasdaq: ZVUE), a global digital entertainment company, announced it has extended its previously announced Standstill Agreement with YA Global Investments L.P. (YA Global) through October 31, 2008. Under the revised agreement, the Company has agreed to resume payments under the convertible debentures on November 1, 2008.

Ulysses J. Curry, Jr., ZVUE's Chairman and Interim CEO commented, "We are pleased to have reached an agreement with YA Global in extending our Standstill Agreement through the end of October. This will allow us additional time to review and explore our strategic options regarding our debt obligations."

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