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OTCPicks.com Daily Market Movers Digest Midday Report for Wednesday, May 23rd EVRM, RCON, BPAX, BCND, PWLK, RXEI, IMDS Our Stocks to Watch today include Evermedia Group Inc. (OTC: EVRM), Recon Technology Ltd. (NASDAQ: RCON), BioSante Pharmaceuticals Inc. (NASDAQ:
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THE EVERMEDIA GROUP INCORPORATED (OTCBB: EVRM) Detailed Quote:
http://otcpicknews.com/emailmarketer/link.phpM940&N46&L90&F=T Company Profile:
http://otcpicknews.com/emailmarketer/link.phpM940&N46&L06&F=T The Evermedia Group, Inc. is a Service Disabled, Veteran Owned Small Business (SDVOSB) providing defense and security solutions for government agencies and private entities. In federal contracting, this allows the Company to pursue opportunities available only to companies with this designation under the Veteran`s Benefit Act of 2003. Evermedia Group`s wholly-owned operating subsidiaries include defense contractor System Technology Solutions, Inc. and biometric technology developer Evermedia Biometrics Corporation. The Evermedia Group, Inc. is headquartered in Boston, Massachusetts.
May 22 – Evermedia Group Subsidiary Awarded Biometrics Identity Management Task Order to Serve US Federal Agency Evermedia Group, Inc. (OTC: EVRM) subsidiary, System Technology Solutions, Inc. (STS), announce a Task Order award to support biometrics business and analysis initiatives for a U.S. federal agency. As a subcontractor to this major contract, STS will provide systems engineering and biometric subject matter expertise to advance the Agency`s biometric identity objectives in areas such as business requirements development and multimodal biometric identity systems. This contract, and associated Task Orders, is set-aside for Service Disabled, Veteran Owned Small Business (SDVOSB)-designated companies. The team has generated over $450k in revenues year to date.
Regarding the achievement, President of STS, Richard Weitzel, said, “This work reflects the alignment of Evermedia and STS. Evermedia`s Chief Executive Officer, Jonathan Sym was bid, and is performing, on this Task Order, contributing his knowledge of biometric technologies and applications to support identity management. In addition to Jonathan, our team is comprised of other highly credentialed subject matter experts and business analysts. Performing this contract requires Jonathan to frequently work from the Agency`s primary offices in Washington, D.C., which he has been doing for the past few months.” Jonathan Sym commented, “This is a great opportunity to see biometrics working as an integral component within a large scale enterprise. Deploying and sustaining biometric technologies to enhance identity management will create many efficiencies, benefiting the Agency, its stakeholders and customers.” Weitzel added, “For several years we had hoped for an opportunity to support biometrics in this way. We are happy to finally have the opportunity to serve our government in this capacity. We thank you all for your continued support. Once we receive appropriate permissions from the government Agency and our prime contractor, we will provide more details in future press.” RECON TECHNOLOGY LIMITED (NASDAQ: RCON) “Up 58.18% in morning trading” Detailed Quote:
http://otcpicknews.com/emailmarketer/link.phpM940&N46&L58&F=T Recon Technology, Ltd. is a non-state-owned oil field service company in China. The company has been providing software, equipment and services designed to increase the efficiency and automation in oil and gas exploration, extraction, production and refinery for Chinese oil and gas fields for more than 10 years.
May 23 – Recon Technology Wins Major Contract of PCS & SIS Systems in Turkmenistan Recon Technology, Ltd. (NASDAQ: RCON), a Chinese non-state-owned oil and gas automation services provider (the “Company”), announced that one of its variable interest entities, Nanjing Recon Technology Co., Ltd. (“Nanjing Recon”), signed a major contract with the China National Petroleum Corporation`s (“CNPC“) Sichuan Petroleum Administration Bureau to provide the latter with the Emerson PCS & SIS Systems in its South Yolotan Gas Field Project (the “Project”) located in Turkmenistan. The total contract value exceeds RMB19 million (USD3.02 million), which was by far the biggest contract for the Project`s PCS & SIS Systems.
Under the contract, Nanjing Recon will not only provide all hardware and software related to the PCS & SIS Systems, but is also responsible for the procurement, production and installation of the systems and the after-sale services. The Project is significant in scale, advanced in technology and sophisticated in the overall design. As the systems involve all steps of the natural gas extraction process, they require intricate engineering techniques. Nanjing Recon is closely involved in the overall design of the automation control and undertakes the most critical step in designing the Emerson PCS & SIS Systems. The systems are expected to be delivered before May 30, 2012 and the entire project is expected to be completed by the end of year 2012.
“Located in Turkmenistan, the South Yolotan Gas Field is the largest natural gas field in the world with proved reserves of 7 trillion cubic meters,” Mr. Yin Shenping, Recon`s CEO, said. “CNPC signed the joint development agreement with the gas field in 2011 and is at the stage of researching and developing key techniques. We are very fortunate to have this opportunity to work with CNPC outside China at this critical stage.
Our cooperation marks the first time Recon undertakes a foreign project and is an excellent first step for Recon to grow into an international company.
This is also the first time Recon introduces the Emerson systems to the Central Asian market. We believe this project will lay a solid foundation for our automation business and will become a launch pad for additional large-scale overseas projects. As part of our overseas expansion strategy, we will take this opportunity to gain experience and win additional projects.” “The Emerson PCS & SIS Systems we supply focus mainly on automation solutions for the gathering and transmission of natural gas,” Mr. Yin continued. “We won this contract thanks to our continued efforts in this area. First of all, Recon has cooperated with CNPC for more than 10 years.
We have accumulated enough experience in initial designing and on-site implementation. We believe this project attests to our capabilities and experience in project management. Secondly, we have established a long-term strategic relationship with Emerson, which assures best products to our clients. Moreover, Recon has been consistently investing in the training of its service staff. Through its experienced team, Recon is able to provide the most cost-effective solutions and timely services of the highest quality. We believe we are capable of successfully implementing large-scale projects and further burnishing our reputation among our clients. We look forward to servicing our clients with a broader offering of state-of-the-art products and services.” BIOSANTE PHARMACEUTICALS INCORPORATED (NASDAQ: BPAX) “Up 12.41% in morning trading” Detailed Quote:
http://otcpicknews.com/emailmarketer/link.phpM940&N46&L3&F=T BioSante is a specialty pharmaceutical company focused on developing products for female sexual health, menopause, contraception and male hypogonadism. BioSante`s lead products include LibiGel (transdermal testosterone gel) in Phase III clinical development by BioSante under a U.S. Food and Drug Administration (FDA) SPA (Special Protocol Assessment) for the treatment of female sexual dysfunction (FSD), and Elestrin (estradiol gel) developed through FDA approval by BioSante, indicated for the treatment of moderate-to-severe vasomotor symptoms associated with menopause, currently marketed in the U.S. Also in development are Bio-T-Gel, a testosterone gel for male hypogonadism, and an oral contraceptive in Phase II clinical development using BioSante patented technology. The current market in the U.S. for estrogen and testosterone products is approximately $2.5 billion and for oral contraceptives approximately $3.0 billion. The company also is developing its calcium phosphate technology (CaP) for novel vaccines, drug delivery and aesthetic medicine (BioLook). Additional information is available online at www.biosantepharma.com.
May 8 – BioSante Pharmaceuticals Reports First Quarter Financial Results BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) reported on its financial results for the first quarter of 2012 and cash balance as of March 31, 2012.
BioSantes cash balance as of March 31, 2012 was approximately $49.5 million, compared to a cash balance of approximately $57.3 million on December 31, 2011.
BioSante incurred a net loss of approximately $10.3 million or $(0.09) per share for the quarter ended March 31, 2012, compared to a net loss of $17.3 million or $(0.20) per share for the same period in 2011. The decrease in the net loss was due primarily to lower expenses associated with the clinical development of LibiGel (testosterone gel).
BioSantes corporate strategy always has included product development of high value medically-needed pharmaceutical products. In light of the top-line results from the two pivotal LibiGel Phase III efficacy trials, which indicated that LibiGel did not meet its co-primary or secondary endpoints, management continues to assess LibiGels path forward and potential alternative strategies to utilize the continuing LibiGel Phase III cardiovascular events and breast cancer safety study. Management also has expanded efforts to explore new product development projects through in-licensing and mergers and acquisitions as well as to develop further the GVAX cancer vaccine portfolio.
The current projected cash burn rate for 2012 is approximately $2.5 million per month, including expenditures related to the ongoing LibiGel safety study. If a decision is made to halt the LibiGel safety study, the monthly cash burn rate will decline to approximately $1.5 million per month, pending other product development and corporate activities.
BEACON REDEVELOPMENT INDUSTRIAL CORP. (OTC: BCND) “Up 50.00% in morning trading” Detailed Quote:
http://otcpicknews.com/emailmarketer/link.phpM940&N46&L&F=T Beacon specializes in acquiring undervalued properties that offer the potential for above average return on investment along with multiple assets and development ability at distressed prices. The properties must offer recyclable/salvageable materials along with the potential for redevelopment and or desirable development potential. The company also seeks, along with the above formentioned, properties that have the possibility for governmental grants, tax rebates or deferments as part of their criteria for acquisition.
May 23 – Beacon Redevelopment Industrial Corporation Advises Shareholders of Change in Control and Funding of Glass Factory Project Beacon Redevelopment Industrial Corporation (OTC: BCND) advised shareholders that the entire class of preferred stock was transferred to Diversified Asset Acquisition Group, Inc.
The restricted preferred shares, although non-convertible to common stock, control 51% of the voting rights of the Company while the common shares control 49% of the voting rights.
DAAG acquired the controlling interest in Beacon Redevelopment from the prior control entity in a private transaction. DAAG will remain a private company owned and controlled by Frank Castellano, Beacon`s President.
DAAG chose to purchase the controlling interest in Beacon Redevelopment based on the clear synergy between the two companies` business models of acquiring distressed assets that are clearly undervalued.
Now that DAAG acquired control of the Company, it will fund the deconstruction of the Westmoreland Glass Factory project without the need to utilize the Company`s line of credit absent unforeseen events. The funding will allow the Company to move forward with the project more quickly than if it had to rely on outside investors.
POWERLOCK INTERNATIONAL CORPORATION (OTC: PWLK) “Up 100.00% in morning trading” Detailed Quote:
http://otcpicknews.com/emailmarketer/link.phpM940&N46&L90&F=T PowerLock International is the manufacturer of the Power Lock vehicle anti-theft system, the only system guaranteed to prevent your car, truck or van from being hot-wired and driven away. This is a totally unique “sealed” electronic system, impossible to circumvent. The system is continually armed by creating an open ignition circuit that disables the starting circuitry at the starter.
No recent news for Powerlock International (OTC: PWLK).
RXELITE INCORPORATED (OTC: RXEI) “Up 266.67% in morning trading” Detailed Quote:
http://otcpicknews.com/emailmarketer/link.phpM940&N46&L09&F=T RxElite, Inc. engages in the development, manufacture, and marketing of generic prescription drug products in specialty generic markets. Its products include Sterile Liquid Dose products that consist of generic ophthalmic products in unit and multi-dose presentations, sterile unit dose inhalation respiratory products, and injectable drugs. The company, through its subsidiaries, also manufactures active pharmaceutical ingredients for pharmaceutical companies in the United States, Europe, and Asia. Its customers include hospitals and hospital group purchasing organizations, national and regional wholesalers, direct retail pharmacy stocking chains, homecare companies, and outpatient surgery centers and ambulatory care clinics. The company has partnership agreements with Stason Pharmaceuticals, Inc.; Alkem Laboratories Limited; and Zach Systems S.p.A.
RxElite is headquartered in Meridian, Idaho. RxElite Inc. operates as a subsidiary of Piramal Healthcare Ltd.
No recent news for RxElite Inc. (OTC: RXEI).
IMAGING DIAGNOSTIC SYSTEMS (OTCBB: IMDS) “Up 25.00% in morning trading” Detailed Quote:
http://otcpicknews.com/emailmarketer/link.phpM940&N46&L4&F=T Imaging Diagnostic Systems, Inc. has developed a revolutionary new imaging device to aid in the detection and management of breast cancer. The CTLM system is a breast imaging system that utilizes patented continuous wave laser technology and computer algorithms to create 3-D images of the breast. The procedure is non-invasive, painless, and does not expose the patient to ionizing radiation or painful breast compression. CT Laser Mammography (CTLM) is designed to be used in conjunction with mammography. It reveals information about blood distribution in the breast and shows the process of angiogenesis, which usually accompanies tumor growth. CTLM system has received international certifications and licenses from the European CE mark, CMDCAS Canadian Health screening, China SFDA, India, UL, and ISO 13485. The Company is seeking FDA approval through the Premarket approval process.
May 22 – Imaging Diagnostic`s Non-Invasive CTLM Laser Breast Imaging Device Will Soon Be Available to Women in Kuwait Imaging Diagnostic Systems, Inc. (OTCBB: IMDS), a pioneer in laser breast imaging, announced that it has signed a distribution agreement with Mareen Group to market and sell its Computed Tomography Laser Mammography (CTLM) System in Kuwait.
“Mareen Group is honored to present the CTLM to the women of Kuwait. We are eager to support the imaging needs of patients through this dignified and innovative laser breast imaging modality,” commented Ahmad Abdulrahman, General Manager of Mareen Group.
Mareen Group is a Medical & Pharmaceutical distribution company well established and based in Kuwait. They have been in operation since 1998, proudly providing various medical and healthcare institutions within Kuwait and the surrounding areas with advanced medical equipment and pharmaceuticals from across the globe. The philosophy of Mareen Group has always been to build close ties with their customers by supporting their every need with prompt professional service and support.
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