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Aug 22, 2008 -- Bimini Capital Management, Inc. (OTCBB: BMNM | Quote | Chart | News | PowerRating) ("Bimini Capital" or the "Company"), a real estate investment trust ("REIT"), today announced that its Class A Common Stock, par value $0.001, has been added to the list of securities eligible to be quoted on the OTC Bulletin Board effective as of August 18, 2008. The Company's ticker symbol remains "BMNM."
About Bimini Capital Management
Bimini Capital Management, Inc. is a REIT that invests primarily in, but is not limited to, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows.
Aug 22, 2008 -- Baseline Oil & Gas Corp. (OTCBB: BOGA | Quote | Chart | News | PowerRating) announced today the results of the consent solicitation of the holders of its 121/2 % Senior Secured Notes due 2012 ("Notes") previously announced on August 11, 2008, pursuant to which the Company sought to amend the Indenture dated as of October 1, 2007 ("Indenture") under which the Notes were issued and, based upon the consents obtained, to modify or terminate various collateral documents securing the Notes.
The consent solicitation expired at the close of business on August 21, 2008, at which time the Company accepted all consents determined to have been validly delivered and not revoked during the consent period commenced on August 8, 2008. Based on information provided to the Company by The Bank of New York, the depositary for the consent solicitation, consents were delivered by holders of Notes having an aggregate outstanding principal amount of $115 million, representing 100% of the outstanding Notes, at the expiration of the consent period.
Based upon the consents delivered and accepted in the consent solicitation, the Company will undertake immediately to: (i) amend the Indenture to eliminate or modify substantially all of the restrictive covenants, certain events of default and related provisions contained therein; (ii) release the security interest granted by the Indenture in all property securing the Notes; and (iii) terminate various collateral agreements related thereto, including the Company's Intercreditor Agreement dated October 1, 2008 among the Company and its first, second and third priority agents.
Consenting holders are entitled to, and the Company shall pay, a consent payment for the accepted consents equal to 2% of the principal amount of the Notes for which consents were delivered and accepted, or $2.3 million. As previously announced, payment of this consent payment shall be due and payable on the second business day after the expiration of the Change of Control Offer (the "Payment Date"), as the same may be extended by the Company, in conjunction with payment for the Notes tendered and purchased under such Change of Control Offer.
The Company also announced today (i) the extension of the date by which the Notes may be tendered for purchase by the Company under the Change Of Control Offer previously announced on August 11, 2008 and (ii) the extension of the related Payment Date. Accordingly, as hereby extended, the expiration of the offering period, initially expiring at the close of business on September 5, 2008, shall be extended until 5:00 pm (New York City time) on Thursday, October 2, 2008 and the related Payment Date shall be extended from September 9, 2008 to October 6, 2008. This extension is intended to permit the Company to complete financing for the purchase of the Notes and payment of the consent payment under the Change of Control Offer and the consent solicitation, respectively.
As of the close of business on August 21, 2008, Notes having also been tendered 115 aggregate principal amount had been tendered pursuant to the Change of Control Offer. During the extended offering period, holders of the Notes may withdraw Notes tendered up to the close of business on Thursday, October 2, 2008, upon the terms and conditions set forth in the Change of Control Offer to Purchase and Consent Solicitation Statement and related Consent and Letter of Transmittal, both dated August 8, 2008, copies of which were previously delivered to all noteholders. Notwithstanding the foregoing, because the consent solicitation has expired and the consents accepted by the Company as announced today, holders may not revoke consents delivered with respect to such Notes under the consent solicitation.
Aug 22, 2008 -- China Sun Group High-Tech Co. (OTCBB: CSGH | Quote | Chart | News | PowerRating) ("China Sun Group"), which through its wholly-owned subsidiary Dalian Xinyang High-Tech Development Co. Ltd ("DLX") has the second largest cobalt series production capacity in the People's Republic of China (PRC), today announced its record-breaking financial results for the fiscal year ended May 30, 2008. Full details are available on its Annual Report on Form 10-K filed at http://www.sec.gov.
Revenue for the fiscal year ended May 31, 2008 totaled $25,294,221, an increase of 206%, compared to $8,275,066 for the fiscal year ended May 31, 2007. This increase resulted from new sources of sales channels and sales to new customers. Net income for the fiscal year ended May 31, 2008 was $6,740,126, an increase of 1,031%, as compared to $595,996 for the fiscal year ended May 31, 2007. Basic and diluted earnings per share were $0.13 on 53,422,971 common shares outstanding in fiscal 2008 compared to $0.01 per share on 43,422,971 common shares outstanding in the fiscal year 2007.
Bin Wang, Chief Executive Officer of China Sun Group, said, "Fiscal 2008 has been a monumental year of growth. We are pleased to report a 206% increase in revenue year-over-year, surpassing our initial prediction of 100%. In June 2008, DLX became a wholly-owned subsidiary of China Sun Group. Going forward, we shall be attributing a 100% of DLX's profits and revenue to China Sun Group.
"OEM manufacturers relocating or opening new facilities in the PRC indicate a healthy and rapidly emerging economy, and potentially, greater demand for our products. For example, Japan's Diacelltec, Sanyo, Sony and Panasonic companies have relocated their production bases and Korea's LG, Samsung and SK companies have also opened procurement centers in the PRC. We are poised to benefit from this trend and anticipate increasing our sales domestically.
"Further, our initial outreach to certain potential international customers has indicated strong interest in our products. Our agency agreement with Korea's Project Development & Consultation Co., Ltd. to market our products to South Korean companies is also expected to contribute to our growing international sales. We plan to align ourselves with industry experts to co-develop and launch the next generation battery components. We believe the confluence of these factors will create substantial new market opportunities to improve our sales and continue our earnings momentum through the new fiscal year," enthused Mr. Wang.
About China Sun Group
China Sun Group High-Tech Co., ("China Sun Group") produces anode materials used in lithium ion batteries. Through its wholly-owned operating subsidiary, Dalian Xinyang High-Tech Development Co. Ltd ("DLX"), the Company primarily produces cobaltosic oxide and lithium cobalt oxide. According to the China Battery Industry Association, DLX has the second largest cobalt series production capacity in the People's Republic of China. Through its research and development division, DLX owns a proprietary series of nanometer technologies that supply state-of-the-art components for advanced lithium ion batteries. Leveraging its state-of-the-art technology, high-quality product line and scalable production capacity, the Company plans to create a fully integrated supply chain from the primary manufacturing of cobalt ore to finished products, including lithium ion batteries.
Aug 22, 2008 -- Cyberlux Corporation, (OTCBB: CYBL), a leading provider of LED lighting solutions, announced today that the Company has received purchase orders from the Oklahoma National Guard for BrightEye Tactical Illumination Systems. These BrightEye Systems are for immediate deployment and will be used by the state's National Guard unit.
Cyberlux has successfully sold its BrightEye Systems to 23 National Guard states within the National Guard Bureau, and the Company expects this momentum to continue until the majority of the states are outfitted with BrightEye tactical lighting systems.
"The steady flow of National Guard orders has provided Cyberlux with both market share within the National Guard community as well as an additional revenue and production stream in preparation for the $8 million in requirements we have already received from the United States Air Force," says Mark Schmidt, president and chief executive officer of Cyberlux Corporation. "The manufacturing and logistics planning that has gone into our production model for the variety of tactical lighting systems contained in the $8 million commitment has been tedious and time consuming, but enabling this capability was necessary in order to ensure the seamless rollout of such a large incremental military order. We have experienced suppliers in place, our facility is equipped and our employees are excited to deliver on such a large opportunity. We expect full delivery of all current military orders by early 2009," added Schmidt.
The BrightEye Systems are available through the General Services Administration (GSA) Federal Supply Schedule 56 for Specialty Lighting products under Cyberlux GSA Contract GS-07F-9409S.
About Cyberlux Corporation
Cyberlux Corporation (OTC Bulletin Board: CYBL), a leader in solid-state lighting innovation, has developed breakthrough LED lighting technology that provides the most energy efficient and cost effective portable lighting solutions available today for military and commercial uses. The Military and Homeland Security products provide tactical covert and visible lighting capability and are designed as highly mobile, battery-powered lighting systems ideal for threat detection, force and asset protection and general expeditionary lighting needs
Aug 22, 2008 -- Eagle Rock Enterprises, Inc. (PINKSHEETS: EREI) announced that management filed an initial disclosure statement with Pinksheets.com - Electronic OTC Market.
This "Initial Company Information and Disclosure Statement" (http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=166 96) filing provides Pinksheets.com with preliminary information about business fundamentals, structure and activities of EREI. This filing removed the Caveat Emptor label previously given to the stock and now enables a visible bid/ask quote on Pinksheets.com.
In the ensuing weeks ahead, additional filings will be provided, as to continue with necessary disclosure requirements outlined under Pinksheets.com rules.
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