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As positive news continues to come from China America Holdings, Inc., investors should have a close eye on the company's progress. Yesterday, they announced that its 56% owned subsidiary Shanghai Aohong Chemical Co., Ltd., an international distributor of assorted liquid coolants, hydro fluorocarbon refrigerants, has signed a supplier agreement with Shanghai 3F New Material Co. Ltd. to supply R22 liquid coolants for delivery throughout 2009.
Established in 1960, Shanghai 3F New Material Co. Ltd. ("Shanghai 3F") is engaged in the manufacture and distribution of organic fluorine materials in China and throughout the world. Shanghai 3F generated approximately $350 million U.S. in revenue in 2007 and has built the only organic fluorine materials research and development facility in China. China America sells its refrigerant products utilized in a variety of applications, primarily as coolants in automobiles, residential and commercial air conditioning systems, refrigerators, fire extinguishing agents and assorted aerosol sprays. Our major customers include automobile manufacturers, as well as bulk coolant distributors in China. We are focused on providing environmental friendly products worldwide.
Great news from the company! China America CEO Shaoyin Wang stated, "We are extremely pleased to sign this supplier agreement, and look forward to our business relationship with Shanghai 3F. We believe an agreement of this size will positively impact our top and bottom line performance in 2009 and we look forward to building on this relationship with Shanghai 3F in the coming years." The stock closed yesterday at around Two cents a share.
For an in-depth profile of China America Holdings, Inc., visit http://wallstreetnewsalert.com/profiles/CAAH_031009/.
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China Clean Energy Inc. (OTCBB: CCGY | Quote | Chart | News | PowerRating) up 58.4% on 192,000 shares traded.
On March 10, 2009 China Clean Energy Inc. recently announced that the construction of its Jiangyin plant remains on schedule and is expected to be completed in the second quarter of 2009. China Clean Energy currently does not anticipate needing additional equity financing to complete the construction of its Jiangyin plant. Rather, the Company is in active negotiations with local banks for a $4.4 million line of credit mostly to finance working capital. As of September 30, 2008, the Company had $6.4 million in cash and cash equivalents and only $0.3 million of debt on its balance sheet.
"We are pleased to report that we remain on target to finish the construction of our new plant in the second quarter of 2009," said Tai-ming Ou, the Company's Chairman and CEO. "We currently expect to produce both biodiesel and specialty chemicals at our new plant during the second half of 2009, and we view this as a key strength of our strategy which will help mitigate our business risk in this difficult economic environment."
The Jiangyin plant will be located 20 miles from China Clean Energy's existing facility and will have a land area of 112,744 m2 at the Fuzhou Newport Jiangyin Industrial Park of Fuqing ("Industrial Park"). The Industrial Park is equipped with a deep sea harbor capable of 100,000 ton cargo ships, a container port, and a railroad to be connected to the China's national railroad network. Recent pictures illustrating progress in the construction of the new plant are available at: http://www.chinacleanenergyinc.com/Picture.htm
China Clean Energy, through its wholly-owned subsidiaries, Fujian Zhongde Technology Co., Ltd. and Fujian Zhongde Energy Co., Ltd, is engaged in the development, manufacturing, and distribution of biodiesel and specialty chemical products made from renewable resources.
NutraCea (OTCBB: NTRZ | Quote | Chart | News | PowerRating) up 32.1% on 2.7 million shares traded.
On March 10, 2009 NutraCea recently announced that James C. Lintzenich, chairman of the Audit Committee has been appointed to the role of Chief Executive Officer on an interim basis. Mr. Lintzenich will replace Brad Edson, who has resigned from his positions with the Company as President, CEO and a member of its Board of Directors effective immediately. Mr. Edson will serve as a consultant to NutraCea as requested by Mr. Lintzenich and the Board of Directors during a transition period for up to two months following Mr. Lintzenich's appointment. NutraCea has commenced a formal search to identify a permanent Chief Executive Officer.
Mr. Lintzenich has been a member of NutraCea's Board of Directors since October 2005 and as a director of The RiceX Company, one of NutraCea's subsidiaries, since June 2003. He is currently overseeing the previously announced review initiated by the Audit Committee of the Board of Directors and the expected financial restatements for the year ended December 31, 2007, including the associated second, third and fourth quarters in 2007, and all of the quarters in 2008. Previously, Mr. Lintzenich was President and Chief Operating Officer of Sallie Mae, a leading provider of student loans in the U.S. He also served as Chief Executive Officer, Chief Operating Officer and Chief Financial Officer of USA Group, Inc., a leading student loan company.
NutraCea is a world leader in production and utilization of stabilized rice bran. NutraCea holds many patents for stabilized rice bran production technology and proprietary neutraceutical formulas ranging from arthritis, chronic bowel conditions, and effective diabetes control to cardiovascular disease treatment protocols.
Vitesse Semiconductor Corporation (OTC: VTSS | Quote | Chart | News | PowerRating) up 20.7% on 379,000 shares traded.
On Mar 10, 2009 Vitesse Semiconductor Corporation recently announced the industry's first complete physical media dependent (PMD) chipset for 10 Gbps Ethernet Passive Optical Networks (10G-EPON). Designed to be used in next-generation Fiber-to-the-Home (FTTH) deployments, this chipset provides OEMs an accelerated and cost-effective migration path to implement faster data rates within the existing network infrastructure. This technology ultimately delivers a high-quality, high-bandwidth, on-demand multimedia experience to consumers.
Driving the need for these higher data rates in FTTH are densely populated residences, such as multi-dwelling units (MDUs), and small and medium sized enterprise (SME) businesses where bandwidth-intensive triple-play applications and services (HD IPTV, VoD, VoIP, and peer-to-peer networking) are now a requirement. In these applications, standards compliant PON-based technology must be used to achieve the ever-increasing demand on bandwidth.
Vitesse designs, develops and markets a diverse portfolio of high-performance, cost-competitive semiconductor solutions for Carrier and Enterprise networks worldwide.
Market Commentary: National News: Congress on Tuesday sent President Barack Obama a once-bipartisan bill to fund the domestic Cabinet agencies that evolved instead into a symbol of lawmakers' free-spending ways and penchant for back-home pet projects.
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