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October 10, 2008 -- SpongeTech Delivery Systems, Inc. (OTC Bulletin Board: SPNG | Quote | Chart | News | PowerRating) is pleased to announce the new upgraded site featuring an improved e-commerce section for Internet sales, and an improved products section displaying all SpongeTech products -- car, child and pet. Now all are available for sale, with an updated ordering section that allows easier online ordering.
Other noteworthy features of the website include: -- Multimedia video demonstrating the SpongeTech Car Care System -- New press area that enables users to locate SpongeTech press releases and news according to five categories: financial information, sales announcements, advertising, sponsorships/charity programs, and interviews/investor relations -- Improved investor relations section -- Opt-in e-mail sign-up for SpongeTech news updates -- Enhanced site map for easier website navigation
SpongeTech 's COO Steven Moskowitz said, "Our new website is an exciting online space that allows users to see video demonstrations of our products, sign up for e-news updates, and order products with greater ease and fluidity. We feel the online arm of our business will be a vital component of our company expansion and growth moving forward. SpongeTech prides itself on being innovation leaders, so it is especially important for our website to reflect that."
October 13, 2008 - Zep Inc. (NYSE:ZEP) is pleased to announce the launch of its new Zep Professional product line focusing on the industrial distribution market and to announce our alignment with world-class distributors that serve targeted market segments.
October 13, 2008 - Air Products (NYSE: APD | Quote | Chart | News | PowerRating) today announced it has signed an agreement to supply oxygen, engineering services and related equipment to a project in the United Kingdom led by Doosan Babcock designed to advance technology that has the potential to reduce emissions of greenhouse gases. The agreement is part of the OxyCoal 2 project in Renfrew, Scotland, which aims to demonstrate the benefits of oxyfuel technology for carbon capture on coal-fired power plants. In oxyfuel combustion, oxygen is used instead of air to increase the concentration of carbon dioxide in the flue gas, enabling lower cost carbon dioxide (CO2) capture.
OxyCoal 2 is a significant CO2 demonstration project, with a full-scale 40 megawatt (MW) burner demonstration providing key design and operational data to support implementation of oxyfuel technology as retrofit and in new coal-fired power plants around the world. In this multi-million dollar project Doosan Babcock will modify its unique Multi-Fuel Burner Test Rig at Renfrew to accommodate oxyfuel firing on pulverized coal with recycled flue gas. The upgrade of the burner test facility is expected to be complete early in 2009, with the first oxyfuel combustion demonstration targeted for the end of March 2009.
The OxyCoal 2 project is being supported by the UK's Department for Business, Enterprise and Regulatory Reform (BERR) under its Hydrogen Fuel Cells and Carbon Abatement Technologies (HFCCAT) Demonstration Program. The lead company for the project is Doosan Babcock Energy Limited. Scottish and Southern Energy is the prime sponsor of the effort, with other sponsors and participants including: Air Products Plc, DONG Energy Generation, Drax Power Limited, EDF Energy, E.ON UK PLC, and Scottish Power, as well as Imperial College, London and University of Nottingham.
October 13, 2008 -- The Board of Directors of Sonoco (NYSE:SON) today declared a regular quarterly dividend of $.27 per common share. This 334th consecutive quarterly dividend will be payable December 10, 2008, to shareholders of record as of November 21, 2008.
Market Wrap for October 13, 2008
The S&P 500 posted its largest percent gain in 69-years on Monday, snapping an eight session losing streak in the process. The rebound was fueled by several governments taking steps to shore up the financial system and Morgan Stanley (MS 17.99, +8.31) completing its deal to receive a capital infusion from a Japanese bank.
The S&P 500 surged 11.6% in broad-based buying interest and ended the day at sessions highs following a late-session surge. The Dow rose 936 points -- its largest point gain ever and largest percent gain since 1933. All ten of the economic sectors rallied, with gains ranging from 7.2% (industrials) and 18.5% (energy). Overseas markets also rallied, Hong Kong's Hang Seng spiked 10.1%, and Europe's Eurostoxx 600 rose 9.9%.
With regard to the global efforts to help the financial markets, the Fed and other central banks announced plans to provide as much dollar liquidity as needed in short-term funding markets. The 15 eurozone countries said they will guarantee new bank debt until the end of 2009. In addition, several European countries announced plans to guarantee interbank landing and directly inject capital in financial firms. The U.K. government plans to inject up to $63 billion in three U.K. banks.
The U.S. is expected to outline a comprehensive plan of its own as soon as Tuesday, and is likely to include interbank lending and bank debt guarantees, and direct capital injections in financial institutions.
Investors will have a clearer picture of how credit markets will react to the measures on Tuesday when banks and the Treasury markets reopen. They were closed on Monday in observance of Columbus Day.
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