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October 3, 2008 -- Red Reef Laboratories International, Inc. (Other OTC:RRLB.PK), a diversified scientific research, development, and marketing group, and MyoTrend Nutritional Technologies, LLC (MNT), a wholly owned subsidiary, announces that it has entered into a distribution agreement in Costa Rica with Corporacion FOMOGLO S.A. Initially FOMOGLO S.A. will target approximately 1000 fitness health clubs in Costa Rica. Typically the average fitness club order ranges between five hundred and two thousand dollars per month. Initial strategy adopted by FOMOGLO S.A. will be the recruitment of certain personal trainers believed to be opinion makers throughout Costa Rica as a means of gaining quick momentum for the brand. MNT will be FOMOGLO S.A.'s only sports nutrition brand.
A series of initiatives and events are planned to introduce the MNT product line throughout the country. Mr. Burton will return to Costa Rica within two weeks for a training session with employees at FOMOGLO S.A. A MyoTrend sponsored event will be hosted by FOMOGLO S.A for gym owners and personal trainers covering recommended uses for achieving various goals among their clients. MyoFit Muscle Journal will be broadly distributed throughout Costa Rica as a primary marketing tool used by FOMOGLO S.A. to prominently and strategically feature and market MNT brand products. An initial product Purchase Order is expected within 30 days. Paul Burton, President and CEO of MNT, a multi-title winning NPC body builder, is quoted: "The FOMOGLO S.A. distribution contract is only the first of a series of agreements we anticipate designed to create MNT product recognition and global distribution in the coming weeks and months. Our intention is to be a market leader in each region where we have representation. Our strategy is to target markets with the potential to produce minimal initial sales of $1,000,000 annually with unlimited growth possibilities. We will be intimately involved in each market to assist our distributors to reach their maximum potential; that is our philosophy and our commitment."
October 3, 2008 -- The Clorox Company (NYSE:CLX ) today announced that, on Oct. 31, 2008, it will host a live audio webcast of a discussion of the company's fiscal year 2009 first-quarter results with the investment community. The webcast will begin at 10:30 a.m. PT (1:30 p.m. ET), and can be accessed at http://investors.thecloroxcompany.com. A replay of the webcast will be available for one week on the company's Web site.
October 3, 2008 -- Anpath Group Inc. (OTC Bulletin Board: ANPG), reported today that its wholly owned subsidiary, EnviroSystems, Inc. (ESI) signed a Prime Distributor Agreement with Electrostatic Spraying Systems, Inc. (ESS), a Kaibab Industries company, the world leader in electrostatic spraying technology (http://www.maxcharge.com). The combination of ESS's optimized air-assist Electrostatic Sprayer with ESI's EnviroTru Disinfectant & Cleaner Deodorizer will produce a superior solution across a host of industries where uniform coverage and maximum efficiency is required to help prevent the spread of infectious microorganisms while minimizing the harmful effects to people, surfaces and the environment.
The decontamination and remediation system disperses fine electrically charged droplets of EnviroTru into the air. Because of the ESS induction static charge imparted to aerosol particles, the ESS sprayer delivers a much higher amount of EnviroTru on targeted surfaces than conventional air assisted spray systems; approximately 60% of the total disinfectant is dispensed on the surface by the ESS sprayer, versus less than 15% for conventional sprayers.
October 3, 2008 -- Ferro Corporation (NYSE: FOE | Quote | Chart | News | PowerRating) announced today that it has signed an asset purchase agreement with Novolyte Technologies LP, an affiliate of Arsenal Capital Management LP, to sell its Fine Chemicals business for $66 million in cash.
"This sale is consistent with our vision of focusing Ferro's businesses around our core capabilities of particle engineering, formulation, color and glass science, and our deep understanding of customer applications," said Ferro Chairman, President and Chief Executive Officer James F. Kirsch. "The decision to sell the business is a result of a regular review of our business portfolio. Fine Chemicals consists of a number of smaller businesses that do not effectively leverage the scale of Ferro's core performance materials operations. I am confident that the Fine Chemicals business will continue to pursue many exciting opportunities under its new owners. At the same time, Ferro will benefit from additional liquidity and balance sheet flexibility as proceeds from the sale are used to reduce debt." The Fine Chemicals business produces electrolytes used in the manufacture of lithium batteries, specialty solvents, and phosphines and also does contract manufacturing of fine chemicals. It recorded 2007 revenues of approximately $55 million and currently employs approximately 140 employees who will be transferred to Novolyte as a result of the sale. The business includes manufacturing facilities in Baton Rouge, Louisiana and Suzhou, China.
Market Wrap for October 3, 2008 -- Friday marked the end of an incredible week on Wall Street. On Monday the S&P 500 fell more than 9% after Congress rejected a plan to purchase distressed assets from financial firms.
The major indices were at their best levels of the session midday. At that point the Dow was up 3.0%, while the S&P 500 and the Nasdaq were each up 3.6%. %.
Generally overlooked, the ISM nonmanufacturing index for September came in at a relatively neutral reading of 50.2.
Wells Fargo (WFC 34.82, -0.34) and Wachovia Bank (WB 6.21, +2.30) announced they would merger their operations in a stock-for-stock transaction valued that valued shares of WB around $7.00 each, a premium of almost 80% to the prior session's closing price. The overall transaction is valued at $15.1 billion.
Separately, AIG (AIG 3.86, -0.14) announced plans to divest certain assets to refocus on core insurance businesses.
Multiline insurers were up almost 15% at their session high, but finished with a gain near 1.1%. The overall financial sector had climbed to a gain of 4.9%, but closed with a loss of 4.0%.
The major indices remained in a funk for the remainder afternoon and finished near session lows. The retreat turned the large gains seen earlier in the session into losses near 1.5%.
For the week, the Dow shed 7.4%, the Nasdaq dropped 10.8%, and the S&P 500 fell 9.4%. DJ30 -157.15 NASDAQ -29.33 NQ100 -1.4% R2K -2.9% SP400 -2.5% SP500 -15.04 NASDAQ Adv/Vol/Dec 730/2.51 bln/2055 NYSE Adv/Vol/Dec 1097/1.42 bln/2043
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