OTCPicks.com: OTCPicks.com Daily Market Movers Digest Midday Report for Thursday, November 6th RNNM, BSTI, GCHK, PMRY, CPPD

Nov 06, 2008 (M2 PRESSWIRE via COMTEX) -- RNNM | Quote | Chart | News | PowerRating -- Our Stocks to Watch today include Ronn Motor Company Inc. (OTC: RNNM), Brite-Strike Tactical Illumination Products Inc. (OTC: BSTI), GreenChek Technology Inc. (OTCBB: GCHK), Pomeroy IT Solutions Inc. (Nasdaq: PMRY | Quote | Chart | News | PowerRating) and Circa Pictures & Production International Inc. (OTC: CPPD).

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RONN MOTOR COMPANY (OTC: RNNM | Quote | Chart | News | PowerRating) "Up 25.00% in morning trading"

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

Company Profile: http://www.otcpicks.com/ronn-motor-company.htm

Headquartered in Austin, Texas, Ronn Motor Company, Inc. is a design and manufacturing company focused on the leading edge engineering of environmentally friendly, finely built premium automobiles and technology. These technology systems include Hydrogen Fuel, Fuel cells, and Plug in-electrics will be incorporated into our automobiles and made available for aftermarket applications. Our products, coupled with RMC's core values of a strong sense of ethics, environmental sensitivity and premium quality, position the company as one of the new leaders in an automotive industry transitioning toward fuel efficiency.

RNNM News:

November 6 - Ronn Motor Company Signs Letter of Intent With SCS/Frigette for Manufacturing and Global Distribution of the H2GO Real-Time Hydrogen Injection System

Exclusive Manufacturing and Distribution Rights With Frigette, a Global Distributor of Automotive Aftermarket Products to Be Finalized; Sales Estimated at One Million Units for First Three Years

Ronn Motor Company, Inc. (OTC: RNNM | Quote | Chart | News | PowerRating) announced that the Company has signed a Letter of Intent with SCS/Frigette, located in Ft. Worth, Texas, for the manufacturing and distribution of its proprietary H2GO Real-Time Hydrogen Injection System.

Ronn Maxwell, CEO of Ronn Motor Company, said, "SCS/Frigette is recognized as a leader in the automotive industry and their manufacturing and distribution network is a perfect match for Ronn Motor Company and its H2GO system."

SCS/Frigette is an OE supplier of air conditioning equipment to many vehicle manufacturers and has been recognized as a top tier vendor. Additionally, SCS/Frigette is a supplier of custom air conditioning systems for trucks, vans and recreational vehicles along with cruise controls, power windows, power door locks and security systems.

Frigette ships to nearly 170,000 locations nationwide that use parts either directly or indirectly manufactured by Frigette and distributed through their nine regional distribution centers nationally. This distribution network, developed over more than 40 years, will give the H2GO system access to a national footprint immediately. Additionally, Frigette will give H2GO a global presence with distribution networks already in place in Europe and in the countries of India, China, and Russia.

Phillip Kreymer, Director of Marketing for Frigette, stated, "Sales of one million units over three years is easily within our manufacturing & distribution capabilities, at the suggested retail price of $999.00. This would produce revenues in the one billion dollar range."

Robert B. Kreymer, President of Frigette, commented, "Once again, we are truly ecstatic about working with Ronn and his team. On previous occasions, we have partnered with Ronn Maxwell with a number of his designed, developed and patented products. Over the years we have established a relationship with a proven track record that has consistently provided and demonstrated positive results."

COO of Ronn Motors, Damon Kuhn, added, "SCS/Frigette has several support companies that specialize in metal fabrication, electronics, circuit board supply and vacuum formed plastics that align nicely with our needs for the H2GO system. Their network of nine regional distribution centers and over 5,000 distributors and key installers will enable our fuel saving system to be easily accessed by all consumers."

Ronn Motor Company is finalizing the contract with Frigette for manufacturing, sales and distribution of the H2GO system. Frigette is the largest aftermarket supplier of automotive a/c systems, a/c parts, including many Original Equipment vehicle manufacturers such as General Motors, Ford, Honda, Isuzu, Jaguar, Mazda, Nissan, and Subaru, and has been awarded the coveted "Q1 Supplier Award" by Ford Motor Company and the "First Team Supplier Award" by Nissan Motors of America. They also supply products to thirty-nine (39) OEM Recreational Vehicle manufacturers.

SCS/Frigette quality control standards have been approved by Chrysler Motors, Ford Motor Company, General Motors, Honda, Hyundai, Isuzu, Jaguar, Mazda, Nissan, Saturn, Subaru, GAZ, VAZ, and Volvo.

Ronn Motor Company has the H2GO system at the SEMA show November 4th - 7th in Las Vegas, installed in its popular Scorpion eco-exotic super car. The Scorpion will utilize the H2GO system along with gasoline or ethanol to power the twin turbo V-6 speedster.

Mr. Maxwell continued, "We want to bring this technology to the forefront and believe that offering the H2GO system to the general market will have the most immediate financial impact to our Company, reduce foreign oil imports and help clean up the environment."

BRITE-STRIKE TECHNOLOGIES INCORPORATED (OTC: BSTI | Quote | Chart | News | PowerRating) "Up 11.11% in morning trading"

Detailed Quote: www.otcpicks.com/quotes/BSTI.php

Company Profile: http://www.otcpicks.com/brite-strike/brite-strike.htm

Brite-Strike Tactical Illumination Products, Inc. was started by two police officers to create world-class tactical LED flashlights that had the features that police officers and citizens need to keep them safe. Brite-Strike makes a promise to always use the latest technology, world-class components, highest design and manufacturing standards, so consumers can rely on Brite-Strike products when they are needed.

BSTI News:

November 6 - Brite-Strike Tactical Illumination Products, Inc.'s Personal Protection System to Be Featured in the Prestigious Frontgate Christmas Catalog

Brite-Strike Tactical Illumination Products, Inc. (OTC: BSTI | Quote | Chart | News | PowerRating) announced that its "Lightning Strike" Personal Protection System will be featured in Frontgate's national Christmas catalog, and that shipments for the initial order will begin this week. The product is also being carried at 28 BJ's Wholesale Club locations, which can be found at www.brite-strike.com.

"This product, for the money, may be the most effective defensive tool available for women today, particularly in preventing assaults and rapes," said Glenn Bushee, President of Brite-Strike. "The gift set includes a powerful, but compact, tactical flashlight, with the patented tactical touch hi-low-strobe switch, a leather holster, as well as a personal safety alarm, that can emit a shrieking noise of up to 125 db, and can be effective in warding off dogs and assailants. The package includes other accessories, and is packaged in a presentation gift box."

The company also announced that sales of its flagship model, the "Tactical Blue-Dot" flashlight, currently being featured in the Herrington Catalog, remain very strong, and are expected to significantly exceed last year's sales, even in this challenging economic environment. The company has been informed that its product is the top selling product in the catalog at that price-point. "In tough economic times, such as now, the number of robberies and assaults rise dramatically, which increases the demand for all our products," said Mr. Bushee, president of Brite-Strike.

In other news, the company announced that it had shipped its first order to the Pennsylvania Prison System, an area where the company see's significant growth opportunities. The company is also currently in discussions with one major national retailer for the placement of the "Lightning Strike," and is in late-stage testing with one branch of the US Military.

The company recently filed a Form 15 with the SEC. This form is in preparation for the company's financial audit, and intent to file as an SEC reporting company, with application to file for listing on the OTC BB the first half of 2009.

"We are extremely optimistic about the future of Brite-Strike. We feel the current share price dramatically undervalues the company, and its long-term growth prospects. We project dramatic increase in revenues over the next several years, both from our existing product line, as well as new products," said Mr. Bushee. "We appreciate our loyal shareholders, and in acknowledgement of their support, we would like to offer any shareholders ordering product through customer service, at 781-585-5509, a discount on all their purchases, with free gift-wrapping for all our customers for the holiday season."

GREENCHEK TECHNOLOGY INCORPORATED (OTCBB: GCHK)

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

Company Profile: http://www.otcpicks.com/greenchek-technology/greenchek-technology.htm

GreenChek Technology, Inc. manufactures and distributes hydrogen injection technology devices that primarily focus on mobile transportation applications and industrial generative power applications. It also provides mobile greenhouse gas emissions reduction technology. The company's Onboard Hydrogen Generation and Injection technology is used for emissions reduction technology and fuel economy enhancement in trucks, locomotives, and automobile engines. It has operations in the United States, Canada, Asia, and Europe. The company, formerly known as Ridgestone Resources, Inc., was founded in 2006 and is headquartered in San Francisco, California.

GCHK News:

November 6 - GreenChek Achieves 19% to 21% Fuel Savings During In House Testing

GreenChek Technology Inc. (OTCBB: GCHK), a leading globally focused provider of hydrogen-based technology for mobile transportation and stationary power generation applications, announced today that they continue to achieve successful results through ongoing in-house testing of their Emission Reduction Device Technology.

GreenChek manufactures an emission reducing device simply known as the ERD 1.0, which can be retrofitted to any vehicle or combustible engine regardless of fuel source. This device reduces vehicle emissions as well as increases fuel economy.

"As we continue to test internally the ERD we are pleased the with the fuel reduction results," said Donald Walling, GreenChek's Chief Strategy Officer. "On every ERD 1.0 implementation we have noted significant improvements beyond the initial baseline testing. Average fuel savings of 19 to 21% have been achieved."

POMEROY IT SOLUTIONS INCORPORATED (NASDAQ: PMRY | Quote | Chart | News | PowerRating) "Up 10.49% in morning trading"

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

Pomeroy IT Solutions, Inc. is a leading provider of IT infrastructure solutions focused on enterprise, network and end-user technologies. Leveraging its core competencies in IT Outsourcing and Professional Services, Pomeroy delivers consulting, deployment, operational, staffing and product sourcing solutions through the disciplines of Six-Sigma, program and project management, and industry best practices. Pomeroy's consultative approach and adaptive methodology enables Fortune 2000 corporations, government entities, and mid-market clients to realize their business goals and objectives by leveraging information technology to simplify complexities, increase productivity, reduce costs, and improve profitability.

PMRY News:

November 5 - Pomeroy IT Solutions, Inc. Reports Third Quarter 2008 Results

Pomeroy IT Solutions, Inc. (Nasdaq: PMRY | Quote | Chart | News | PowerRating) an information technology ("IT") solutions provider with a comprehensive portfolio of hardware, software, technical staffing services, as well as infrastructure and lifecycle services, reported third quarter revenue of $145.2 million and net income of $1.8 million, or $0.15 per fully diluted share.

"We are very pleased to announce our second consecutive quarter of increasing profitability for the year. Our product margin percentages remained solid, but the volume of product sales declined sequentially and year over year due to purchase delays resulting from the challenging economic environment. Our technical staffing and infrastructure services profitability was comparable on sequential basis while generating substantially higher gross profit amounts than in Q3 last year. Our balance sheet remains strong reflecting $18.4 million of cash and equivalents with no outstanding debt, other than our floor plan financing, which positions our company well for opportunities that may materialize in the slowing economy," said Keith Coogan, CEO and President of Pomeroy IT Solutions.

Third Quarter 2008 versus Third Quarter 2007

Total net revenues increased $815 thousand, or 0.6%, in the third quarter of fiscal 2008 as compared to the third quarter of fiscal 2007. For the third quarters of fiscal 2008 and fiscal 2007, the net revenues were $145.2 million and $144.4 million, respectively.

Product revenue was $87.4 million and $96.5 million, respectively, for the third quarters of fiscal 2008 and fiscal 2007. Product revenue decreased $9.1 million, a decrease of 9.4% in the third quarter of fiscal 2008 as compared to the third quarter of fiscal 2007. This decrease was primarily due to continued delays in product purchases and deployments in several financial services and manufacturing industry accounts as a result of the challenging economic environment.

Service revenue was $57.8 million in the third quarter of fiscal 2008 compared to $47.9 million in the third quarter of fiscal 2007, an increase of $9.9 million or 20.7% from fiscal 2007. The Company groups services revenue into Technical Staffing and Infrastructure Services. Technical Staffing Services support clients' project requirements, ensures regulatory and customer compliance requirements and fulfills interim and permanent staffing requirements of the staffing projects. Infrastructure Services helps clients optimize the various elements of distributed computing environments. Encompassing the complete IT lifecycle, these services include desktop and mobile computing, server and network environments.

Technical Staffing revenue was $28.3 million and accounted for approximately 49.0% of total service revenues in the third quarter of fiscal 2008, compared to $19.9 million and 41.5% for the third quarter of fiscal 2007. This increase is primarily the result of recognizing revenue for the gross billings on personnel which historically have been recorded as fee based services in our vendor management business, as the Company has shifted from the use of subcontractors to employees.

We experienced a sequential decline of $3.3 million in technical staffing revenue in the third quarter of fiscal 2008 as compared to the second quarter of fiscal 2008 as a result of the announcement made in June 2008 that we elected to not renew a technical staffing services contract with a major customer because the terms they required meant this business would not be profitable for our company. We anticipate a continued decrease in technical staffing revenue in subsequent quarters as a result. We estimate technical staffing revenue will range between $9 million and $11 million in the fourth quarter of fiscal year 2008.

Infrastructure Service revenue was $29.5 million and accounted for approximately 51.0% of total service revenues in the third quarter of fiscal 2008, compared to $28.0 million and 58.5% for the third quarter of fiscal 2007. The increase in revenue is primarily the result of new service engagements started at the beginning of 2008, and incremental project related services during the quarter.

Gross profit was $18.3 million in the third quarter of fiscal 2008, compared to $14.9 million in the third quarter of 2007. Gross profit margin was 12.6% in the third quarter of fiscal 2008, compared to 10.3% in the third quarter of fiscal 2007.

Product gross profit was $8.5 million for the third quarter of fiscal 2008, compared to $9.1 million for the same period of fiscal 2007. The decrease in gross profit was due to decreased sales previously mentioned. Product gross profit margin increased to 9.8% in the third quarter of fiscal 2008, compared to 9.5% for the same period of fiscal 2007. This increase in gross profit margin is due to increased rebates associated with improved tracking of OEM partner promotional initiatives, and targeting more profitable product segments such as networking, server, storage, and peripheral products.

Service gross profit was $9.7 million for the third quarter of fiscal 2008, compared to $5.8 million in the third quarter of fiscal 2007. Service gross profit margin increased to 16.8% in the third quarter of fiscal 2008, compared to 12.1% for the same period of fiscal 2007.

Gross profit from Technical Staffing Services was $3.5 million for the third quarter of fiscal 2008, compared to $2.9 million for the third quarter of fiscal 2007. This increase of $0.6 million is primarily due to increased use of higher-margin Pomeroy employees on staffing projects. Gross profit margin decreased to 12.3% in the third quarter of fiscal 2008 from 14.3% in the third quarter of fiscal 2007. This decrease in gross margin is primarily the result of recognizing revenue at very low incremental margin for billings on subcontractor personnel which historically have been recorded as fee based services in our vendor management business.

Gross profit from Infrastructure Services was $6.2 million for the third quarter of fiscal 2008 compared to $2.9 million for the third quarter of fiscal 2007. Gross profit margin increased to 21.2% in the third quarter of fiscal 2008 from 10.5% in the third quarter of fiscal 2007. This increase in gross profit and margin is primarily the result of driving higher utilization of technical personnel, recent personnel reductions, and the renegotiation and/or termination of certain unprofitable contracts.

Operating Expenses

Total operating expenses were $16.2 million in the third quarter of 2008, compared to $118.3 million in the third quarter of fiscal 2007, a decrease of $102.1 million. During the third quarter of fiscal 2007, the Company finalized its annual goodwill valuation and recorded a goodwill impairment charge of $98.3 million, recorded a charge to write-off certain software assets and a change in the useful life of other existing software assets of $2.1 million, resolved several outstanding lawsuits, claims, costs for corporate matters including the contested Proxy solicitation of $0.7 million and recorded an increase to the trade receivable allowance account of $2.4 million. These decreases in operating expenses were offset by increases in operating expenses during the third quarter of fiscal 2008 primarily driven by an increase of $1.0 million in personnel-related costs, and related selling, general and administrative expenses, to support our product and service businesses in order to improve customer, vendor and back office support functions. We also recorded an increase to the trade receivable allowance account of $0.3 million and severance charges of $0.7 million.

Operating expenses as a percentage of revenue were 11.2% for the third quarter of fiscal 2008 compared to 81.9% for the third quarter of fiscal 2007. Excluding the goodwill impairment charge in the third quarter of fiscal 2007, operating expenses as a percentage of revenue were 13.8%.

Income (Loss) from Operations

Income from operations was $2.0 million in the third quarter of 2008, as compared to a loss of $103.4 million for the same period of 2007. This increase is a result of the increase in gross profit and decrease in operating expenses in the third quarter of 2008, as described above.

Net Interest Income (Expense)

Net interest expense was $225 thousand during the third quarter of 2008 as compared to $105 thousand during the third quarter of 2007. During the third quarter of 2008, the Company had amounts outstanding under its credit facility due to the timing of payments of accounts payables and payroll and collections of receivables. Additionally, during the third quarter of 2008, we corrected the accounting treatment for floor plan financing, resulting in the recognition of interest charges of $164 thousand for the third quarter of 2008 compared to $175 thousand for the same period in 2007. The 2007 amounts have been reclassified to reflect this correction. The change in treatment of the floor plan financing was made due to determining that the floor plan financing does provide us with a modest extension of the credit terms over what we might obtain directly with a supplier. We have therefore concluded that cash flows under the floor plan arrangement should be classified as a financing activity. As a result of this change in classification, certain amounts paid under floor plan financings have been charged to interest expense and were reclassified from cost of sales.

Income Tax

For the third quarter of 2008, the Company had no income tax expense or income tax benefit. During the third quarter of fiscal 2008, the Company decreased its tax valuation allowance by $0.7 million for a total allowance of $15.2 million at October 5, 2008. The tax valuation allowance results from the future uncertainty of the Company's ability to utilize its deferred tax assets. For the third quarter of fiscal 2008, the $0.7 million decrease in tax valuation reserve offset what would have been an income tax expense; the effective income tax rate would have been 37.9% prior to recording the tax valuation reserve. The effective income tax rate for the third quarter of fiscal 2007 was 11.3% due to the effect of permanent differences, primarily goodwill impairment, in the calculation of federal income taxes for the period.

Net Income (Loss)

Net income was $1.8 million in the third quarter of fiscal 2008 as compared to a net loss of $91.8 million in the third quarter of 2007, resulting from the factors described above.

Other Third Quarter Financial Information

* Working Capital of $80.0 million

* Cash Flow Generated by Operating Activities was $14.0 million

* Cash, Cash Equivalents and CD's totaled $18.4 million

* Capital Expenditures of $0.2 million

* Outstanding Floor Plan Financing of $13.9 million

* Book Value per Share of $7.64

CIRCA PICTURES & PRODUCTION COMPANY (OTC: CPPD | Quote | Chart | News | PowerRating) "Up 14.29% in morning trading"

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

Circa is a rapidly emerging film and television production company. Circa Pictures currently have films and television projects in various stages of pre-production ranging from reality programs to original scripted projects (film and television.) These projects will be marketed to film distribution companies, DVD packagers, terrestrial and cable television networks and film and TV syndication companies across North America.

CPPD News:

November 5 - Circa Pictures to Sign Rob Nelson as Supervising Producer for Allison Legacy Racing Series

Circa Pictures and Production Intl., Inc. (OTC: CPPD | Quote | Chart | News | PowerRating) announced that producer and on-air TV personality Rob Nelson has agreed to join the staff of the Allison Legacy Racing series as Supervising Producer.

According to Constantine Papadopoulos, Circa's CEO and Frank Hagan, VP of Television, "We are very excited to have Rob Nelson coming on board. The Legacy Racing project will be an interview intensive program and Rob has experience as both Producer and Interviewer so we will be gaining a wealth of experience and talent by having him with us." As Frank Hagan said, "who better than an experienced talk show host and producer to handle the all important on-camera interviews for a program of this nature."

As host, Rob Nelson was seen on the Fox Syndicated Talk TV series "The Rob Nelson Show," "The Scholar" reality contest program on the ABC TV Network and "Second Verdict" for PAX-TV / NBC / Lion's Gate. He has helped create and produce a number of projects for various cable networks including Spike, E Entertainment and Showtime.

"Allison Legacy Racing: Real Cars, Real Kids, Real Racing" is in development and being successfully marketed to venues. Legacy Racers have an average age of 15 years who drive in real racecars (3/4 sized Nextel Cup Mazda based vehicles). The Allison Family is royalty in the world of Stock Car Racing and Kenny, Ronald and Donald Allison have continued their family legacy with the creation of the Legacy Racing circuit and the Legacy car. Recently, two former Legacy Racers, Joey Logano and Taylor Bayne both signed lucrative NASCAR contracts with Gibbs Racing and DEI respectively on or shortly after their 18th birthday. They credit their experience with Allison Legacy Racing for their training. The program will capture the essence of the other future young racers before some of them make their move into the pro circuit.

According to Rob Nelson, "From the first moment I heard about this project I wanted to be involved. The stories of the young men and women who sit behind the wheels of Allison Legacy Racers need to be heard, and I will make certain their voices, plans and goals to succeed are heard because that is what this show is all about..."

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