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Yesterday after the markets closed, Navajo Wind Energy Corp. (formerly Caliber Energy Inc) (OTC: CLBN | Quote | Chart | News | PowerRating) issued a press release announcing the completion of the third tranche of its previously announced $50 million financing. Navajo Wind Energy is a renewable energy company focused on creating electricity from the power of wind.
Navajo will receive gross proceeds of $15 million for the issuance of a promissory note, which is subject to a hold period of two years plus one day from the date of issuance in accordance with the agreement. The funding is expected to be received on November 16, 2009, with the net proceeds of the third tranche being approximately $13.8 million after deducting the placement agents' fees and estimated offering expenses.
Navajo will allocate $13,500,000 of the net proceeds to fund the previously announced acquisition of 200 MW Xinjiang Wind Farm Project ("Xinjiang"), see press release of February 25, 2009. The remaining funds will be used as working capital for the Company. To date the Company has received $18.4 million of which $18 million have been used to fund the 200 MW Xinjiang Wind Farm Project.
The stock closed yesterday at over a Penny a share.
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Helix Wind Corp. (OTCBB: HLXW | Quote | Chart | News | PowerRating) up 2.9% on 48,000 shares traded.
On Nov 02, 2009 Helix Wind Corp. recently reported that its wind turbine model S322 and its Wind Turbine Monitoring System (WTMS) have been incorporated into the total renovation of a 1916 home, located on Chicago's North Side, which has turned the home into a showcase for aesthetically pleasing renewable energy solutions. Architect Kathleen O'Donnell of Tripartite, Inc., Chicago, IL, said she chose Helix Wind's S322 to power the renovated 4,700 sq. ft. house, which is a combination home, office and studio for her husband, a painter, because the turbine was beautiful, quiet and took advantage of the "Windy City's" own natural resource.
The renovated house creates its own energy, which can be sold back to the local electric utility, as well as uses a whole range of conservation materials. Helix Wind's model S322 turbine, a renewable energy system for residential applications, is an integral part of the house's renewable energy platform. In addition, Helix's proprietary WMTS monitoring system will be delivering comprehensive real-time data on the turbine's performance and efficiency to the homeowner's computer.
Ian Gardner, CEO of Helix Wind, said, "Architects like Kathleen O'Donnell, who are catering to the growing demand for "green" housing, find our 2.0kW small wind turbine beautifully supports the homeowner's energy needs. Also, our WTMS showcases the accountability and transparency of our small wind systems." The Helix S322, which sells for $7,500, provides smooth power delivery across a broad range of wind speeds and under the most difficult of physical environments. Simple to install, modular and scalable, the S322 is ideally suited for urban environments and off-grid locations. It is built to endure and is captivating to the eye.
O'Donnell anticipates that her experience planning and designing the infrastructure for Helix Wind's turbine as well as using it will give her a leg up in competing for "green" housing business commissions. This is especially true, she said, since the real estate crash has made energy costs a significant factor in a home's resale value. "Developers as well as homeowners are now more sensitive to housing energy costs," she said, "and this is what the future is going to look like."
About Helix: Helix Wind Corp., a global renewable energy company, is engaged in the design, manufacturing and sale of small wind vertical axis turbine designed to generate 300W, 1kW, 2.0kW, 2.5kW, 4.5kW, 10kW and 50kW of clean, renewable electricity.
United States Oil & Gas Corporation (OTC: USOG | Quote | Chart | News | PowerRating) up 22.5% on 4.2 million shares traded. On Nov 02, 2009 United States Oil & Gas Corporation recently announced new sales contracts during the third quarter which should add an estimated $1.2 million in annual revenue. Wholly owned subsidiary Turnbull Oil has signed six new customers contracted to purchase a combination of refined fuel and lubricants over the next twelve months. USOG subsidiary Turnbull Oil, a profitable regional distributor of oil and gas products since 1965, has added four new wholesale bulk agents to its customer roster. The new customers are expected to purchase a minimum of 100,000 gallons of diesel worth approximately $300,000 during the next twelve months.
The company has also closed sales with two new drilling companies. Turnbull Oil expects to sell combination of fuel and lubricants to the Kansas drillers for a combined $720,000 in annual sales. Alex Tawse, CEO of USOG, commented: "USOG is expanding market share in the oil and gas services business, adding key customers and increasing sales. Turnbull Oil achieved a 29% increase in sales last quarter. These six new valued customers help to position us for continued growth and increased value for shareholders."
Earlier this week USOG reported strong financial performance for the quarter ended September 30, 2009. USOG's Turnbull Oil generated $3,500,000 in sales revenue and posted $591,000 in Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) last quarter. The company generated $16.5 million in revenue and $447,000 in EBITDA in fiscal year 2008. Turnbull was acquired in May 2009.
United States Oil & Gas Corp. is focused on the domestic oil and gas services sector, acquiring oil and gas services companies with historically profitable results, strong balance sheets, high profit margins, and solid management teams in place. USOG also develops innovative technologies to increase oil and gas extraction with the smallest environmental footprint.
VIASPACE Inc. (OTCBB: VSPC | Quote | Chart | News | PowerRating) up 10.6% on 9.1 million shares traded.
On Nov 02, 2009 VIASPACE Inc. recently announced that new technology enabling fuel cells for micro applications has been patented under U.S. Patent Number 7,585,577 "Monopolar Fuel Cell Stack Coupled Together Without Use of Top or Bottom Cover Plates or Tie Rods." The patent was issued to Caltech, which licensed it exclusively to VIASPACE subsidiary Direct Methanol Fuel Cell Corporation (DMFCC). The inventors are Sekharipuram R. Narayanan and Thomas I. Valdez, both with the NASA/Caltech Jet Propulsion Laboratory, where the direct methanol fuel cell was invented.
The new patent application is related to monopolar fuel cell stacks. Traditionally, direct fuel cells stacked unit cells vertically like slices of bread in a loaf. Monopolar stacks use the same unit cells, but the "bread slices" can be laid horizontally next to each other. This allows for a thinner fuel cell that is more suitable for many micro applications like mobile phones. The patent states that "the new stack design offers two-to-three fold improvement in power densities, suitable for manufacturing, uses inexpensive plastic materials, and straightforward to troubleshoot and assemble. Such a stack design will substantially improve the commercialization of portable direct methanol fuel cell power sources."
The new patent follows previously awarded U.S. Patent Number 6,680,139 "Reduced Size Fuel Cell for Portable Applications," and U.S. Patent Number 6,756,145 "Electrode and Interconnect for Miniature Fuel Cells Using Direct Methanol Feed."
VIASPACE is an alternative energy company providing products and technology for renewable and clean energy that reduce or eliminate dependence on fossil and high-pollutant energy sources.
Market Commentary: The Institute for Supply Management said its index of national factory activity rose to 55.7 in October from 52.6 in September. The median forecast of 74 economists surveyed by Reuters was for a reading of 53.
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