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OTCPicks.com: OTCPicks.com Daily Market Movers Digest Midday Report
for Friday, October 10th MVSR, PGOG, CPRK, APNT, MCGC, VOXX
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:10102008
Our Stocks to Watch today include Medivisor Inc. (OTC: MVSR), Perf Go
Green Holdings Inc. (OTCBB: PGOG), Copper King Mining Corp. (OTC:
CPRK), Applied Nanotech Holdings Inc. (OTCBB: APNT), MCG Capital Corp.
(Nasdaq: MCGC) and Audiovox Corp. (Nasdaq: VOXX).
Visit http://www.otcpicks.com to register for our Daily Market Mover's
Digest Newsletter and Email Stock Watch Alerts.
MEDIVISOR INCORPORATED (OTC: MVSR)
Detailed Quote: www.otcpicks.com/quotes/MVSR.php
Company Profile: http://www.otcpicks.com/medivisor/medivisor.htm
Medivisor, Inc. provides medical information to healthcare
professionals, primarily physicians, through its Web sites, using
inter-active, informational, and video and graphic presentations. It
also focuses on offering Web site services to various industries
seeking direct access to physicians, including providers of continuing
medical education courses; sponsors of medical conferences and
seminars; and pharmaceutical companies, using an online marketing
format known as e-detailing. The company was founded in 2002 and is
headquartered in Huntington Station, New York.
MVSR News:
October 9 - Medivisor, Inc. Set to Launch 'Maximum Energy Shot'
Medivisor, Inc. (OTC: MVSR), developer of next-generation focus driven
marketing tools, announced today that it is in its final stages of
pre-production of its proprietary drink, Maximum Energy Shot. Packaging
and labeling should be completed by the end of the week, with
production and national distribution to commence shortly. As previously
announced this product will target both the United States and European
markets. According to Market Research Group, the energy drink category
has grown by 440% since 2002 to a whopping $6.6 billion in 2007 and is
expected to reach $9 billion in 2011.
"We are anxiously awaiting the official launch of Medivisor's beverage,
Maximum Energy Shot," stated Dino Luzzi, CEO of Medivisor, Inc. "We
anticipate that the product will be available for viewing and purchase
on the company's web site shortly," Mr. Luzzi added.
PERF GO GREEN HOLDINGS INCORPORATED (OTCBB: PGOG)
Detailed Quote: www.otcpicks.com/quotes/PGOG.php
Company Profile:
http://www.otcpicks.com/perf-go-green/perf-go-green.htm
Perf Go Green Holdings, Inc. is engaged in the creation and global
marketing of 100% eco-friendly, non-toxic, food-contact-compliant,
biodegradable plastic products. All Perf Go Green products are made
from recycled plastics and completely break down in landfill within two
years, leaving no toxic or visible residue, as compared to other
plastics that take hundreds of years. Perf Go Green's corporate name
reflects its "Go Green" mission to develop, market and distribute
biodegradable plastic products as a practical and viable solution to
eliminating plastic waste from the world environment.
PGOG News:
October 8 - Perf Go Green Products Hit Retail Shelves Nationwide
Perf Go Green Holdings, Inc. (OTCBB: PGOG) ("Perf Go Green"), a
marketer and distributor of biodegradable plastics, announced that its
13-gallon kitchen trash bags and 30-gallon lawn and leaf bags are on
retail shelves at more than 6,000 Walgreens locations throughout the
U.S.
"Our roll-out at Walgreens took place right on schedule in
mid-September," said Chairman and CEO Tony Tracy. "We are thrilled that
our biodegradable bags are available nationwide with this leading
retailer, offering consumers an easy, cost-effective way to reduce
plastic waste and benefit the environment as they shop for household
necessities. Reception by consumers has been enthusiastic and, in fact,
we've already received three re-orders from Walgreen's.
"From the get go, Perf Go Green's goal has been to offer a 'green'
plastics platform to households and business all over the U.S. With the
completion of our launch at Walgreens, as well as the many other retail
launches and commercial conversions we have on tap for this fall, we're
poised to make that goal a reality. Perf Go Green is helping to lead
the way in the 'go green movement,' which analysts project will become
a $500 billion market in the U.S. by 2009."
Walgreens is the nation's largest drugstore chain with fiscal 2007
sales of $53.8 billion.
Founded in November 2007, Perf Go Green premiered at the March 2008
International Home and Housewares Show in Chicago, where its products
received an honor for their design quality and innovation.
Perf Go Green products incorporate recycled plastics that are combined
with an Oxo-Biodegradable proprietary application method to produce the
film for the bags. Based on environmental claims statements made by the
manufacturer of the Oxo-Biodegradable applied to our bags, when
discarded in soil and exposed to the presence of microorganisms,
moisture and oxygen, we believe Perf Go Green products biodegrade,
decomposing into simple materials found in nature within two years, as
opposed to regular plastics, which can take hundreds of years to break
down. Through this process and the use of recycled plastics, the
company effectively removes plastic waste from the environment. In
addition, Perf Go Green kitchen trash bags utilize a unique patented
dispensing system that stores the bags on the bottom of trashcans and
dispenses them one at a time.
According to Landor Associates, the "go green movement" is poised to
become a $500 billion market in the U.S. by 2009.
COPPER KING MINING CORPORATION (OTC: CPRK)
Detailed Quote: www.otcpicks.com/quotes/CPRK.php
Company Profile:
www.otcpicks.com/copper-king-mining/copper-king-mining.htm
Copper King Mining Corporation currently owns approximately 1200 acres
in the Drum Mountains of Utah, which are patent deeded mining claims
which contain gold, silver and copper. The company recently added to
its holdings by filing six more claims on land which was inside their
holdings, but not patent deeded. Contiguous to that acreage is
approximately 1100 acres of claims filed by Western Utah Copper
Company. As the companies explored the concept of a joint venture on
the Drum Mountain properties, it was decided that a very viable
consideration was to join the total assets of both companies.
CPRK News:
October 8 - Copper King Mining Corporation Announces Mining Updates
Copper King Mining Corporation (OTC: CPRK), an ore mining, processing,
and exploration company located in Southern Utah, provided updates
concerning its operations.
Significant Contract
The company recently awarded a contract to Quality Crushing of Cedar
City Utah for two purposes: first to produce road base for dust
suppression on the mine haul road surface. This will facilitate more
efficient travel between the company's operating mines and the
Flotation Mill; and second to, perform ore crushing services during the
Flotation Mill's first operating year. As soon as Quality completes the
road base construction, it will commence crushing ore for the Flotation
Mill's concentrator, which is projected to be in late November 2008.
Concentrator and Mill Components
The company anticipates that the concentrator will be online and
operational within sixty days or less. As of this press release's date,
nearly all mill components are paid for as construction enters in final
phases. The company believes that only small items are left to be
purchased, such as vales, meters, etc.
APPLIED NANOTECH HOLDINGS (OTCBB: APNT) "Up 17.65% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/APNT.php
Applied Nanotech Holdings, Inc. engages in the research and development
of nanotechnology products, primarily carbon nanotubes (CNTs), for use
principally in the display, electronics, sensor, and medical
industries. Its technology platforms include electron emission, a field
emission display technology for various display applications, such as
CNT flat screen color field emission displays, surface conduction color
field emission displays, backlights for displays, pets for various
electronic billboards; and non-display applications, including
traveling wave tubes, non-radioactive sources, neutron and gamma-ray
sources, and lighting devices. The company's technology platforms also
consist of sensor technology, which is used in biosensors, hydrogen
sensors, and carbon monoxide sensors; and nanoelectronic applications,
such as conductive inks, which are used in printed circuit boards,
flexible electronics and displays, communications instrumentation, and
radio frequency identification devices. In addition, its technology
platforms include functional nanomaterials using carbon nanotube and
other composites; and nano-ecology platform, including Photoscrub
technology, which is based on an air purification technology. The
Photoscrub is a thin film coating on a fiberglass cloth that decomposes
pollutants at the molecular level in liquids and gases. The company,
formerly known as Nano-Proprietary, Inc., was founded in 1987 and is
headquartered in Austin, Texas.
APNT News:
October 8 - Applied Nanotech Holdings, Inc. Announces License Agreement
With Prominent Sporting Goods Manufacturer
Applied Nanotech Holdings, Inc. (OTCBB: APNT) announced that as a
result of the success of the joint research program of the companies,
it has entered into a license agreement with a prominent sporting goods
manufacturer covering Applied Nanotech's carbon composite technology.
The license grants the sporting goods manufacturer the exclusive right
to use ANI's technology in the manufacture and sale of tennis and
badminton racquets in Japan and Taiwan, and the nonexclusive right to
sell these products on a worldwide basis. The license agreement also
contemplates the potential expansion into the golf club shaft market,
defining the terms and royalties should the manufacturer choose to
enter production in the future.
In exchange for this license, ANI will receive an initial royalty fee
of $577,000 and an ongoing royalty of 4% based on sales of the sporting
goods manufacturer's products using the technology. The manufacturer
will also fund additional development of the technology to facilitate
integration of the technology into the manufacturing process.
"As we reported in our press release of June 17, 2008, ANI has achieved
improvements of over 40% in flexural strength and over 30% in
compression strength for epoxy/carbon nanotube composites. The
properties of these new composites were successfully transferred to the
process of manufacturing fiber reinforced plastics (FRP) where ANI
achieved a promising 23% improvement in the flexural strength and
improvements in the compression strength of the final RFP, which will
allow the research and development results to be transferred to
manufacturing," said Dr. Zvi Yaniv, CEO of Applied Nanotech, Inc.
"We are pleased that our efforts in the composites area have led to
this license agreement," said Tom Bijou, Chairman and CEO of Applied
Nanotech Holdings, Inc. "Although the total size of the exclusive
markets for the targeted racquet products is limited, estimated at less
than $150 million annually in the exclusive region, our success with
this project has opened the door to opportunities with other companies
and for other applications. We expect composites to be an increasingly
important area of our business allowing lighter weight products with
equal strength or stronger products of the same weight."
MCG CAPITAL CORPORATION (NASDAQ: MCGC) "Up 8.57% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/MCGC.php
MCG Capital Corporation is a solutions-focused commercial finance
company providing capital and advisory services to middle market
companies throughout the United States. Our investment objective is to
achieve current income and capital gains. Our capital generally is used
by our portfolio companies to finance acquisitions, recapitalizations,
buyouts, organic growth and working capital.
MCGC News:
October 9 - MCG Capital Announces Appointment of Chief Financial Officer
MCG Capital Corporation (Nasdaq: MCGC) ("MCG") announced that Michael
McDonnell, Chief Operating Officer, Executive Vice President and Chief
Financial Officer, resigned his positions effective November 7, 2008 to
pursue another opportunity outside of the financial services industry.
Effective November 7, 2008, Stephen J. Bacica, the Company's Senior
Vice President and Chief Accounting Officer, will assume the position
of Executive Vice President and Chief Financial Officer.
"Mike has provided sound business and financial counsel during his
tenure with MCG. We appreciate his years of service and many
contributions to the Company, and we wish him success with his new
opportunity," said Steve Tunney, President and Chief Executive Officer
of MCG. "We believe the current senior management and finance teams are
well-positioned to assume Mike's responsibilities."
"I have enjoyed my time at MCG and wish the Company future success,"
said Mike McDonnell. "I am proud of the team we have assembled and have
every confidence in their abilities. The opportunity to return to the
satellite industry was something that was extremely appealing to me and
I look forward to my upcoming challenges."
Mr. McDonnell has served as MCG's Chief Operating Officer since August
2006 and as Executive Vice President, Chief Financial Officer and
Treasurer since September 2004.
AUDIOVOX CORPORATION (NASDAQ: VOXX) "Up 17.87% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/VOXX.php Audiovox is a
recognized leader in the marketing of automotive entertainment, vehicle
security and remote start systems, consumer electronics products and
consumer electronics accessories. The company is number one in mobile
video and places in the top ten of almost every category that it sells.
Among the lines marketed by Audiovox are its mobile electronics
products including mobile video systems, auto sound systems including
satellite radio, vehicle security and remote start systems; consumer
electronics products such as MP3 players, digital camcorders, DVRs,
clock radios, portable DVD players, portable GPS, flat-panel TV's,
extended range two-way radios, multimedia products like digital picture
frames and home and portable stereos; consumer electronics accessories
such as indoor/outdoor antennas, connectivity products, headphones,
speakers, wireless solutions, remote controls, power & surge protectors
and media cleaning & storage devices; Energizer-branded products for
rechargeable batteries and battery packs for camcorders, cordless
phones, digital cameras and DVD players, as well as for power supply
systems, automatic voltage regulators and surge protectors. The company
markets its products through an extensive distribution network that
includes power retailers, 12-volt specialists, mass merchandisers and
an OE sales group. The company markets products under the Audiovox,
RCA, Jensen, Acoustic Research, Energizer, Advent, Code Alarm, TERK,
Prestige and SURFACE brands.
VOXX News:
October 10 - Audiovox Corporation Reports Fiscal 2009 Second Quarter
and Six Months Results
Audiovox Corporation (Nasdaq: VOXX) announced results for its fiscal
2009 second quarter and six months ended August 31, 2008.
Net sales for the quarter ended August 31, 2008 were $147.2 million
compared to net sales of $148.3 million reported in the comparable
prior year period. Net loss during the quarter ended August 31, 2008
was approximately $2.3 million or a loss of $0.10 per diluted share,
compared to net income of $3.7 million or earnings per diluted share of
$0.16 in the comparable period last year.
Patrick Lavelle, President and CEO stated, "Our results this quarter
and throughout the first half of the year are reflective of a
deteriorating global economy, as consumer confidence continues to
suffer, particularly in the U.S. Our sales and margins have been
impacted by a decline in consumer spending and lower automotive sales.
As a result, we have taken aggressive steps to better align our
operations beyond what was previously forecasted. Price increases
instituted in the second quarter and recent overhead reductions should
position us for a profitable second half of the year."
Lavelle added, "Economic forces will continue to hinder our growth and
ability to generate the types of returns we believed we were capable of
delivering following last year's acquisitions. However, I am encouraged
by our presence at retail, which is the strongest in our Company's
history and we have improved our competitive position in many of our
primary market categories. Our balance sheet and cash position remain
healthy and that should provide us with advantages and opportunities to
expand, both near and long-term."
Electronics sales, which include both mobile and consumer electronics
were $111.7 million for the quarter ended August 31, 2008, an increase
of 4.1% compared to $107.3 million reported in the comparable fiscal
2008 period. This increase is primarily related to incremental sales
generated from the RCA Audio/Video operations and increases in the
Company's operations in Germany, Mexico and Venezuela. Offsetting these
increases were declines in select mobile, audio and video categories
due to the weakening U.S. economy. Additionally, sales were impacted by
the discontinuance of certain less profitable categories such as
portable navigation and LCD flat-screen televisions.
Accessories sales for the fiscal 2009 second quarter were $35.5
million, a decrease of 13.4% compared to $41.0 million reported in the
period ended August 31, 2007 and are a result of the overall decline of
the U.S. economy. This decrease was partially offset by sales of $3.5
million generated from the Technuity acquisition in November 2007.
For the period ended August 31, 2008, gross margins were 17.0% compared
to 19.2% during the period ended August 31, 2007. Gross margins were
adversely impacted by several factors, including the cost of
production, increases in material, labor and energy costs and increases
in foreign currency exchanges versus the U.S. dollar. Additionally, the
Company continued to experience higher inbound and outbound freight,
warehouse and assembly costs in the year-over-year periods. As
previously announced, the Company has instituted price increases across
the board, most of which took effect in the fiscal 2009 third quarter.
These increases, new product introductions and other steps should have
a positive impact on the Company's gross margins moving forward.
The Company reported operating expenses of $29.1 million for the three
months ended August 31, 2008, compared to $24.6 million reported in the
comparable period last year. The increase in total operating expenses
is primarily due to approximately $4.6 of expenses related to the
acquired businesses of Technuity and the RCA A/V operations and $1.0
million in workforce reduction charges.
During the second quarter, the Company approved a plan to further
reduce operating costs in light of the current economic climate. As a
result, headcount for the quarter was reduced by approximately 8% and
the Company anticipates a cost savings in salary and compensations
expenses of approximately $6.0 million on an annualized basis. In
addition to the reduction in work force expenses, the Company
anticipates further operational savings from the second quarter plan.
Six Months Results
Total net sales for the six month period ended August 31, 2008 were
$291.8 million, an increase of 5.5% compared to net sales of $276.5
million in the six month period ended August 31, 2007. Electronics
sales for the fiscal 2009 six month period were $225.4 million, up
11.4% compared to $202.2 million in the comparable fiscal 2008 period.
This increase was primarily due to incremental sales generated from the
acquired RCA Audio/Video operations, increased sales in core consumer
product lines and higher sales volumes in Germany, Mexico and
Venezuela. Accessories sales for the fiscal 2009 six month period were
$66.4 million, down 10.6% compared to $74.3 million in the same period
last year. Both electronics and accessories sales continued to be
impacted by the overall decline in the U.S. economy.
Gross margins decreased by 240 basis points from 18.7% during the first
six months of fiscal 2008 to 16.3% in the first six months of fiscal
2009. Gross margins were unfavorably impacted by the Company's decision
to exit the portable navigation business, which was reported in the
2009 first fiscal quarter, resulting in a charge of $2.9 million or
approximately 1.0% of gross margin. Additionally, higher costs
associated with manufacturing, labor, transportation, energy and
warehousing adversely impacted gross margins in fiscal 2009 as compared
to the prior year period.
Operating expenses increased $10.2 million or 20.7% to $59.5 million
for the six months ended August 31, 2008, from $49.3 million for the
six months ended August 31, 2007. The increase in total operating
expenses is due to $1.0 million of workforce reduction charges and
incremental costs of $9.0 million related to costs associated with the
recently acquired Technuity and RCA Audio/Video operations.
Additionally, operating expenses for the six months ended August 31,
2007 included a $1.0 million benefit related to a call/put option
previously granted to certain employees as a result of the reduction in
the call/put liability calculation.
Net loss was $7.5 million or a loss of $0.33 per diluted share in the
fiscal 2009 six month period compared to net income of $6.0 million or
earnings per diluted share of $0.26 comparable in the period ended
August 31, 2007. Net income for the fiscal 2008 period ended August 31,
2007 was favorably impacted by $2.1 million in income from discontinued
operations as a result of a derivative legal settlement.
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