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November 12, 2008: CLX Medical, Inc. (OTCBB: CLXN), which is focused on the marketing and distribution of unique medical diagnostic testing products, today issued a comment from Vera Leonard, chief executive officer of the company, regarding the recent disclosure that CLX expects to close the acquisition of the ThyroTest product through the issuance of preferred stock and a note in the amount of $750,000. ThyroTest is a rapid thyroid stimulating hormone (TSH) screening device used for the detection of hypothyroidism in adults, a common thyroid disease. ThyroTest is FDA cleared and has also achieved CLIA waived status, so the test can be administered in the more than 100,000 CLIA waived doctors' offices in the U.S., as well as in any non-waived laboratory.
Ms. Leonard stated, "Given the current condition of U.S. financial markets and its impact on the investment community, closing the acquisition of ThyroTest in a cashless transaction is the ideal scenario for CLX Medical. This allows us to focus immediately on the successful marketing and distribution strategy for the product rather than on capital raising efforts. "Our first order of business will be closing negotiations that are currently underway for distribution within the United States. Then we will implement the process of acquiring CE certification so that we can begin marketing the product through our existing and new distributors in Europe. We expect the CE certification process to be a relatively fast one, since the product is already FDA cleared in the U.S. All of this activity is geared toward generating revenue as soon as possible so that we can complete the product acquisition, continue with R&D activities with regard to the chlamydia product and, most importantly, deliver value to our shareholders," she added.
November 12, 2008: Heart Health Inc. (OTCPK: HHEL | Quote | Chart | News | PowerRating) is pleased to announce that the Company's Board of Directors has authorized its officers and directors to buy back up to 500,000 shares of common stock. The buyback would occur through open market purchases as permitted by securities laws and other legal requirements. The Company decided to authorize the buyback as it begins the process of obtaining FDA approval for its Heart Health Monitor. The Company anticipates introducing the Heart Health Monitor into the marketplace by the spring of 2009. Heart Health Inc. is determined to increase shareholder value, maintain a strong balance sheet and improve returns. The buyback option will be available to all Heart Health Inc. officers and directors.
"The Board of Directors has agreed that our shares are undervalued and should be trading at higher levels. Heart Health is well positioned for continued growth as we continue to work toward our goal of putting the Heart Health Monitor into the market early next year. Cardiovascular products earn approximately $29.4 billion in annual sales and we believe our Heart Health Monitor will be an enormous benefit to the medical community. This buyback program will decrease the Company's float and should increase shareholder value," stated Michael Kron, Chairman and CEO of Heart Health, Inc.
November 12, 2008: RCC Holdings Corp (Pink Sheets: RCCH | Quote | Chart | News | PowerRating) announces completion of its latest sole subsidiary acquisition: Ezee Debt Solutions, a company specializing in Loan Modification. Ezee Dept Solution will be located at RCC Holdings Corp office in California. RCCIWS has made significant progress in the last month on its affordable housing initiative. The company has tailored its system to be user-friendlier and applicable to lower cost alternatives that affordable housing requires. The worldwide demand for affordable housing is growing at an exponential rate, and the early entry into this market is seen to be a major future outlet for the IWS wastewater treatment systems.
Pertinent to this market, work has begun on completing the paperwork for an NSF (National Science Foundation) grant, to be submitted this year. If accepted, the project will be accomplished in conjunction with a leading U.S. University, which will provide the research and testing talent for the project. Several companies are involved and the testing will be directed at the development of new technologies that can greatly enhance the viability of affordable housing worldwide. IWS will be responsible for the water and wastewater portions of the product testing. Notification of acceptance for the grants is expected to be in early March 2009. Within the next week, IWS will announce the introduction of its new website with information on how to access. It is in final editing stages now, and will provide interested parties with much more detailed information about the company, its products and its future direction.
November 12, 2008: Franklin Mining, Inc. (PINKSHEETS: FMNJ | Quote | Chart | News | PowerRating) (FRANKFURT: FMJ) Chairman and CEO William Petty has confirmed that the company's Bolivian joint-venture mining project anticipates accepting delivery of the first of several trucks during the week of November 24, 2008. Additional units will be received in following weeks. Manufactured by Volvo, fifteen ton trucks will be used to transport the Escala's stockpiled mined material to a nearby processing plant.
"Multiple daily deliveries from the Escala to a Potosi processor will begin immediately with this first truck. By the time remaining trucks are in use and we've had time to workout all of the kinks in scheduling, Escala's weekly gross revenue should be in the range of $18 - $20,000 (USD), per truck." Mr. Petty continued, "I expect we'll hit our stride with local deliveries and local sales by mid-December and will continue that schedule until our first pre-processing plant reaches maximum daily capacity. When we begin daily deliveries of pre-concentrate to the Potosi processor, we'll realize an increase in gross revenues."
Market Wrap for November 12, 2008:
Stocks tumbled on Wednesday after a major retailer sharply reduced its full year earnings estimate and the Treasury said it was going to expand its emergency financial relief actions. In the end, the S&P 500 fell 5.2%, settling near session lows. The Nasdaq dropped 5.2% to its lowest closing level in five and a half years. Treasury Secretary Paulson announced that the Treasury is dropping its original plan to buy troubled mortgage assets, as it no longer believes the plan is the most effective way to use the $700 billion financial relief package.
Instead, the Treasury will focus on three priorities for the remaining $410 billion in TARP funds. First, it will work to reinforce the stability of the financial system, which may include another round of direct equity investments. This time, however, the Treasury is also considering the needs of nonbanking companies. Second, Paulson said the government will look at ways to support credit from outside the banking system, including the development of a liquidity facility for AAA asset-backed securities. The Treasury hopes the facility would increase consumer access to credit, as asset-backed securities typically encompass auto loans, student loans and credit cards. Third, the Treasury is looking at ways to mitigate mortgage foreclosures.
Investors drove stocks lower on the news, recognizing that although funding markets have improved from five weeks ago, the notion that banks and nonbanks will still likely need more capital implies the stabilization period will be an extended one.
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