OTCPicks.com: OTCPicks.com Daily Market Movers Digest Midday Report for Monday, December 22nd SPNG, NXHD, EPG, TSTR, SSCC, PALM

Mon. December 22, 2008; Posted: 11:49 AM

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SPONGETECH DELIVERY SYSTEMS (OTCBB: SPNG | Quote | Chart | News | PowerRating) "Up 4.26% in morning trading"

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

Company Profile: http://www.otcpicks.com/spongetech/spongetech.htm

SpongeTech Delivery Systems is a development stage company which designs, produces, markets and distributes cleaning products for vehicular use utilizing patented technology relating to sponges containing hydrophilic (liquid absorbing) foam polyurethane matrices. The Company's sponges are specially configured with an outer contact layer and an inner matrix, which is loaded with specially formulated soaps and wax that are released when the sponge is applied to a surface with minimal pressure. The Company's products are currently designed specifically for vehicular cleaning use. However, the Company is exploring the possibility of using its patented technology for the development of sponges for other uses, including for use with anti-bacterial, bath and kitchen soaps for household uses, as well as for use as a children's bath foam sponge.

SPNG News:

December 18 - SpongeTech Delivery Systems, Inc. Announces Top 20 Ranking on Jordan Whitney 'Greensheet' Report

SpongeTech Delivery Systems, Inc. (OTCBB: SPNG), "America's Cleaning Company," announced that, for the week ending December 10, 2008, its product reached No. 19 on the Jordan Whitney Top 60 Direct Response Spots for the same week. This report ranks the top sixty direct response spots which sell traditional Direct Response Television ("DRTV") products directly or indirectly (excluding music offers) based upon confidential media budgets and Jordan Whitney's monitoring of national cable and selected broadcast markets. Jordan Whitney, an independent clearinghouse, is one of the industry's oldest monitoring services that provide up-to-date information on DRTV, which include infomercials, short-form DRTV commercials, the websites for these products, and the companies involved in their production and distribution. Jordan Whitney also monitors media budgets for companies that utilize cable and broadcast direct response marketing television.

SpongeTech also reached the No. 12 spot on the Jordan Whitney Top 20 Short-Form Retail Products Report, which ranks the top 20 traditional short-form products using DRTV commercials that are two minutes or less in length.

SpongeTech's COO Steven Moskowitz stated, "These high rankings confirm that our efforts via TV, radio, and web are effectively finding our target consumers, and we will continue to be aggressive in our development of new commercials and spots to introduce our cutting-edge delivery system products throughout America and internationally in 2009."

SpongeTech Delivery Systems, Inc. CEO Interviewed Live on Steve Crowley's American Scene Radio Show

SpongeTech's CEO Interview Aired Today on American Scene Radio Show

SpongeTech Delivery Systems, Inc. (OTCBB: SPNG), "America's Cleaning Company," announced that its CEO and President, Michael Metter, will be interviewed Dec. 18 on Steve Crowley's American Scene Radio Show at 9:24 a.m. EST. The interview can be heard live on BusinessTalkRadioNetwork affiliate radio stations streamed on its website (www.businesstalkradio.net). You can find local radio stations by accessing the website, as well. Mr. Metter will be scheduled for future interviews on American Scene, where he will keep listeners updated on SpongeTech 's products and developments.

NEXIA HOLDINGS INCORPORATED (OTCBB: NXHD)

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

Company Profile: http://www.otcpicks.com/nexia-holdings/nexia-holdings.htm

Nexia Holdings, Inc., headquartered in Salt Lake City, Utah, is a diversified holdings company with operations in real estate, health & beauty, and fashion retail. Nexia owns a majority interest in Landis Lifestyle Salon (www.landissalons.com), a hair salon built around the world-class Aveda product line. Through its Style Perfect, Inc. subsidiary, Nexia owns the innovative retail and design firm Black Chandelier and its related brands. Black Chandelier currently operates one retail location and online store at www.blackchandelier.com.

NXHD News:

December 18 - Nexia Assembles New Real Estate Acquisition Team

Nexia Holdings, Inc. (OTCBB: NXHD), a diversified holdings company with operations in real estate, health & beauty and fashion retail announced that Wasatch Capital Corporation, a subsidiary of Nexia's, has appointed new officers to manage the real estate operations that will be expanding under Wasatch's ownership.

Richard Surber, CEO of Nexia Holdings, commented, "The team that Nexia is assembling will be key to our future success as a real estate holdings company. These professionals will take Nexia in a new direction. I have a high level of confidence in all three new officers of Wasatch Capital Corporation."

The appointments are as follows: Casey J. Coleman as President, Corey Vandenberg as Vice President, and William Pettet as Secretary/Treasurer. All of these appointments are effective immediately.

Casey J. Coleman, the new President, has been heavily involved in the real estate market for more the 15 years. He has worked as a Realtor and has helped numerous investors buy and sell properties from single family properties to multi-unit apartments. For almost five years Casey was owner and CEO of Rental Finders, one of the largest property management companies in Salt Lake City. Mr. Coleman has recent experience managing a real estate portfolio in excess of $10 million and he will use his expertise to effectively manage Nexia's growing real estate holdings.

Corey Vandenberg, the new Vice President, has been involved in real estate investing and consulting since 1998. As a consultant with Foreclosure Rescue Services, he has helped thousands of homeowners avoid foreclosure, save their personal residences, and preserve their equity and credit rating. Corey founded Utah Foreclosure Advocates in 2002, offering a free service to homeowners that sought to obtain favorable work out conditions to avoid the loss of a home to foreclosure. These activities have created a substantial network in the industry that includes loss mitigation companies, bankruptcy trustees, and legal counsel; all helpful in avoiding the pitfalls of foreclosure.

William Pettet, the new Secretary/Treasurer, has worked in the real estate industry since 1999 as an investor, consultant, and mortgage professional. He has founded several successful real estate businesses including Wasatch Investment Properties and Credit Solutions, LLC. In 2007 he became the Vice President and CFO of Trinity Financial Services, a Utah mortgage broker.

With the record number of foreclosures, banks have a swelling portfolio of Real Estate Owned properties. Nexia/Wasatch is working with employees at various local and regional banks to begin discussions about purchasing a portion of those assets.

Wasatch is also talking with numerous individual investors who purchased real estate during the recent market boom. Generally these investors have homes in the Salt Lake City Utah market that ranges from 5 homes to 100+ homes. With the changing real estate market, many of these investors see Nexia as a strong exit strategy to liquidate their portfolios.

ENVIRONMENTAL POWER CORPORATION (NASDAQ: EPG | Quote | Chart | News | PowerRating) "Up 59.68% in morning trading"

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

Environmental Power Corporation is a developer, owner, and operator of renewable energy production facilities. Our principal operating subsidiary, Microgy, Inc., develops and operates proven large scale, commercial anaerobic digestion based projects which produce a versatile methane-rich biogas from livestock waste and other organic sources.

EPG News:

December 22 - Environmental Power's Huckabay Ridge Facility Begins Delivery of Renewable Natural Gas to Pacific Gas & Electric Company

Environmental Power Corporation (Nasdaq: EPG), a leader in the renewable bioenergy industry, announced that repairs and upgrades to its Huckabay Ridge facility in Stephenville, Texas, have been completed and the facility has resumed production of pipeline-quality renewable natural gas (RNG ). The company is delivering RNG to Pacific Gas & Electric Company (PG&E) under the previously announced long-term purchase agreement that will run through December 2018. Energy production at Huckabay Ridge is ramping up and is expected to reach targeted production levels in January 2009. The company will provide periodic progress updates as we bring the facility to full production.

"The completion of repairs and upgrades at Huckabay Ridge sets the stage for reliable commercial production of RNG ," said Rich Kessel, President and CEO of Environmental Power. "The process knowledge we have gained from operating the largest RNG facility of its kind in the world will be invaluable as we continue to develop our pipeline of facilities in Texas, California and elsewhere."

"PG&E has established a leadership position in seeking new sources of renewable energy," continued Kessel. "We are excited to begin delivery of renewable, climate-friendly energy from Environmental Power and look forward to working with them in the coming years."

Repairs to Huckabay Ridge included upgrades to the gas conditioning equipment that converts biogas generated in the facility's eight anaerobic digestion tanks to pipeline-quality methane. The conditioning equipment principally removes carbon dioxide, water vapor and sulfur compounds to upgrade the biogas to pipeline-grade standards.

Huckabay Ridge is owned and operated by Microgy Holdings, LLC, a wholly-owned subsidiary of Environmental Power. The facility generates methane-rich biogas from manure and other organic waste, conditions the biogas to natural gas standards and distributes RNG via a commercial pipeline.

Pursuant to the long-term purchase agreement with PG&E, PG&E has agreed to purchase up to 8,000 MMBtu of RNG daily from Environmental Power facilities. Gas from Huckabay Ridge will be delivered to PG&E in California and the additional gas will come from facilities currently under development at dairies in California's Central Valley.

TERRESTAR CORPORATION (NASDAQ: TSTR | Quote | Chart | News | PowerRating) "Up 28.11% in morning trading"

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

TerreStar Corporation, through its subsidiaries, owns wireless communications businesses in North America. The company, through its subsidiary TerreStar Networks, Inc., plans to build, own, and operate an Internet protocol based integrated satellite and terrestrial communications network to provide mobile communication services in the United States and Canada. Motient, through its another subsidiary, TerreStar Global, Ltd., also plans to build, own, and operate a Pan-European resilient, interoperable two-way communications network to address public protection and disaster relief, as well as provide broadband connectivity in rural regions. The company was founded in 1988. It was formerly known as Motient Corporation and changed its name to TerreStar Corporation in August 2007. The company is headquartered in Reston, Virginia.

TSTR News:

December 18 - TerreStar Europe Qualifies for European Commission Selection and Authorisation Process for Pan-European 2GHz MSS S-Band Spectrum

TerreStar Europe Limited, a European mobile communications company and an indirect, majority-owned subsidiary of TerreStar Corporation (Nasdaq: TSTR), announced that its application with the European Commission (EC) for a Pan-European 2GHz MSS S-band spectrum authorisation has been accepted and fulfils the Commission's admissibility requirements.

Further, TerreStar Europe has been advised by the manufacturer of its TS-Europe satellite, Space Systems Loral (SS/L) that SS/L is confident it will be able to meet the EC's Critical Design Review (CDR) certification milestone requirement by February 7, 2009.

TerreStar Europe plans to create a pan-European integrated satellite and complementary ground component network that is designed to provide wholesale mobile voice, data and video services across a reliable and secure satellite-terrestrial mobile broadband network to government, emergency responders, enterprises and consumers interested in ubiquitous connectivity across urban, rural and remote regions of Europe.

The TerreStar satellite-terrestrial wireless broadband network can allow customers to operate using a conventional-sized mobile device capable of communicating over both traditional land-based wireless networks and the satellite network. TerreStar plans to provide multiple communications applications including voice, data, and video services.

ABOUT TERRESTAR EUROPE LIMITED

TerreStar Europe Limited, an indirect, majority-owned subsidiary of TerreStar Corporation (Nasdaq: TSTR), plans to develop the first next-generation mobile satellite integrated with terrestrial communications networks that will provide universal access and tailored applications throughout Europe over conventionally-sized wireless devices.

SMURFIT-STONE CONTAINER CORPORATION (NASDAQ: SSCC | Quote | Chart | News | PowerRating) "Up 11.54% in morning trading"

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

Smurfit-Stone Container Corporation is one of the industry's leading integrated containerboard and corrugated packaging producers and is one of the world's largest paper recyclers. The company is a member of the World Business Council for Sustainable Development, the Sustainable Forestry Initiative , and the Chicago Climate Exchange. Smurfit-Stone generated revenue of $7.4 billion in 2007, has led the industry in safety every year since 2001, and conducts its business in compliance with the environmental, health, and safety principles of the American Forest & Paper Association.

SSCC News:

December 18 - Smurfit-Stone Expects Lower Fourth Quarter Earnings Due to Weakening Market Conditions and Production Downtime Smurfit-Stone Container Corporation (Nasdaq: SSCC | Quote | Chart | News | PowerRating) announced that it expects its fourth quarter earnings excluding unusual items will be significantly lower compared to third quarter 2008 results. North American packaging demand has deteriorated rapidly in the past several weeks and containerboard and pulp export markets have weakened even more dramatically. The company has been required to take significant market-related mill downtime to balance its supply with available demand. Smurfit-Stone presently expects to reduce containerboard and kraft paper production by up to 255,000 tons and softwood pulp production by up to 35,000 tons in the fourth quarter. These reductions are in addition to the previously announced permanent closures of the company's corrugated medium machine in Snowflake, Arizona and its hardwood pulp mill in Portage du Fort, Quebec in October.

PALM INCORPORATED (NASDAQ: PALM | Quote | Chart | News | PowerRating) "Up 16.47% in morning trading"

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

Palm, Inc. is a leading mobile products company, creating instinctive yet powerful mobile products that enable people to better manage their lives on the go. The company's products for consumers, mobile professionals and businesses include Palm Treo and Centro smartphones and Palm handheld computers, as well as software, services and accessories. Palm products are sold through select Internet, retail, reseller and wireless operator channels throughout the world, and at Palm online stores (www.palm.com/store).

PALM News:

December 18 - Palm Secures Additional $100 Million Equity Investment from Elevation Partners

Palm, Inc. (Nasdaq: PALM | Quote | Chart | News | PowerRating) announced that Elevation Partners has agreed to make an additional $100 million equity investment in Palm. Under a definitive agreement reached today, Elevation will increase its investment in Palm by acquiring newly issued Series C preferred stock that is convertible into Palm common stock at a price of $3.25 per share, a 31 percent premium to the closing price of Palm common stock on Dec. 19, 2008. The Series C preferred stock carries a 0% dividend rate. Elevation will also receive warrants to acquire 7 million shares of Palm common stock at the same price. Prior to March 31, 2009, Palm may elect to cause Elevation to sell up to $49 million of this new investment to other investors on the same or better terms than on which Elevation invested.

"The additional capital from Elevation Partners will enable us to put added momentum behind the new product introductions scheduled for 2009 and will provide us with enhanced stability in unsettled economic times," said Ed Colligan, president and chief executive officer of Palm, Inc. "Elevation has been a great partner to Palm, and we appreciate their continued confidence and support."

"We believe that Palm is in a position to transform the cell phone industry, and we are pleased to have the opportunity to make this additional investment in the company. Palm has an industry-leading team and an exciting, differentiated product roadmap. We are proud to be associated with the company and look forward to great things from Palm in 2009 and beyond," stated Roger McNamee, co-founder of Elevation Partners.

The transaction is expected to close by Jan. 31, 2009, subject to customary closing conditions.

ABOUT ELEVATION PARTNERS

Elevation Partners is a $1.9 billion private equity firm that makes large-scale investments in market-leading media, entertainment, and consumer-related businesses where it can partner with management to enhance growth and profitability through a combination of strategic capital and operational insight. Its investment team has a unique combination of media, entertainment, and technology expertise and relationships; investing experience; and operating knowledge. Elevation's five partners are Fred Anderson, former EVP and CFO of Apple; Bret Pearlman, former senior managing director of The Blackstone Group; Marc Bodnick, a founding principal of Silver Lake Partners; Roger McNamee, co-founder of Silver Lake Partners and Integral Capital Partners; and Bono, lead singer and co-founder of the rock band U2.

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For full details for EPG click here.

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