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InvestSource Inc.: PureSpectrum, Inc. Takes Steps to Move to OTCBB
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:17072008
Stocks in the News: PureSpectrum, Inc. (Other OTC: PSPM), Boeing (NYSE:
BA), CSX Corporation (NYSE: CSX), MSCI Inc. (NYSE: MXB), Leggett Platt
Inc. (NYSE: LEG), and American Eagle Outfitters, Inc. (NYSE: AEO)
July 15, 2008 -- PureSpectrum, Inc. (Other OTC: PSPM) has taken the
first step toward elevating its stock from the National Quotation
Bureau Exchange or Pink Sheets to the Over the Counter Bulletin Board
Exchange (OTC-BB Exchange) by engaging Hancock Askew & Co., LLP to
perform a full financial audit for the past two years. PureSpectrum
president and CEO Lee Vanatta said making the move from the Pink Sheets
exchange to the OTC-BB Exchange has always been included in the
company's long term planning, and he believes the move reflects the
company's commitment to its investors by providing the company with an
extra layer of credibility. Vanatta said the required financial
reporting required to become a member of the OTC-BB Exchange will make
PureSpectrum a full reporting publicly held company and offer
additional confidence for shareholders as well as prospective
investors. "From PureSpectrum's inception, we have strived for the
utmost corporate transparency," Vanatta said. "As the technology has
developed and our business projections have continued to grow based on
feedback we have received from the lighting industry, we realize that
moving our stock to the OTC-BB Exchange is the next logical step for
the company. At a time when many corporations face problems caused by
questionable business practices, PureSpectrum will continue to succeed
while exemplifying a smart, ethical business model. Our shareholders
have always been our first priority, and we know that the time is right
for this action in order to maximize the benefits to our shareholders."
PureSpectrum owns several patents and patents pending related to
electronic ballast and dimming technology for fluorescent lighting. The
company's unique circuitry design enhances dimming performance for
fluorescent lighting, and technological developments made during the
past year have generated significant interest within the lighting
industry. Hancock Askew & Co., LLP is a regional professional services
firm certified by the Public Company Accounting Oversight Board with
offices in Savannah, Ga. and Atlanta providing services in audit, tax,
internal controls and risk management, transactions, valuation, cost
segregation and other areas related to business performance. The firm
is an independent member of the BDO Seidman Alliance and provides
services to both public and private companies. For more information
about Hancock Askew & Co., LLP, please visit www.hancockaskew.com.
July 16, 2008 -- Boeing (NYSE: BA) and Kuala Lumpur-based Malaysia
Airlines announced the airline has ordered 35 Next-Generation 737-800
airplanes. The order is valued at more than $2.6 billion at current
list prices. The airline also has acquired purchase rights for an
additional 20 Next-Generation 737-800s. Today's announcement was made
at the Farnborough International Airshow by Boeing Commercial Airplanes
President and CEO Scott Carson; Malaysia Airlines Executive Director
and Chief Financial Officer Tengku Azmil Zahruddin; and Boeing
Commercial Airplanes Vice President, Sales, South and Southeast Asia
Dinesh Keskar. The order, which brought the total number of Boeing 737s
ordered past the 8,000th mark, was recently posted on the Boeing
Commercial Airplanes Orders and Deliveries Web site attributed to an
unidentified customer. "Today we celebrate Malaysia Airlines as the
newest member of the Next-Generation 737 family of operators, and we
welcome this occasion to strengthen our long-term relationship with a
valued partner," Carson said. "The selection of the Next-Generation 737
to support the airline's strategic fleet modernization plan reinforces
the superior economics of the most fuel efficient single-aisle airplane
operating in today's market."
July 16, 2008 -- CSX Corporation (NYSE: CSX) announced that the
preliminary report of IVS Associates, Inc. (IVS), the independent
inspector of election for CSX's 2008 annual meeting of shareholders,
indicates that Board nominees Donna M. Alvarado, John B. Breaux, Steven
T. Halverson, Edward J. Kelly III, John D. McPherson, David M.
Ratcliffe, Donald J. Shepard, and Michael J. Ward, and TCI Group
nominees Alexandre Behring, Christopher Hohn, Gilbert H. Lamphere and
Timothy T. O'Toole are the twelve nominees to the Board who received
the most votes cast at the meeting. In addition, based on the
independent inspector's preliminary review of proxies submitted, CSX
shareholders voted to approve ratification of the appointment of Ernst
& Young, LLP as CSX's independent auditors for the 2008 fiscal year as
well as the TCI Group's special meeting and nullification proposals.
The Company noted that the voting results are subject to a customary
review and challenge period as well as the outcome of pending
litigation between the Company and the TCI Group before the U.S. Court
of Appeals for the Second Circuit.
July 16, 2008 -- MSCI Inc. (NYSE: MXB) announced that the secondary
offering of 23,000,000 shares of its class A common stock by Morgan
Stanley was priced at a public offering price of $32.00 per share. The
secondary offering is pursuant to a Registration Statement on Form S-1
filed with the Securities and Exchange Commission on July 8, 2008.
Morgan Stanley also granted the underwriters an option to purchase up
to an additional 3,450,000 shares of MSCI Inc.'s class A common stock
to cover over-allotments, if any. MSCI Inc. will not receive any of the
proceeds from the sale of shares of its class A common stock. Morgan
Stanley and UBS Investment Bank are serving as joint book-running
managers for the offering. Banc of America Securities LLC, William
Blair & Company, Fox-Pitt Kelton Cochran Caronia Waller, Keefe,
Bruyette & Woods and Merrill Lynch & Co. are acting as co-managers.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any offer of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification under
the securities laws of any such jurisdiction.
July 16, 2008 -- Leggett Platt Inc. (NYSE: LEG) announced that the
divestiture of its Aluminum Products segment closed today, July 16.
Leggett received $300 million in cash, a $25 million subordinated note,
and shares of preferred stock (with value not to exceed $25 million,
dependent upon the segment's future performance). This transaction did
not result in a significant book gain or loss. As previously announced,
Leggett intends to use a substantial portion of the cash proceeds to
repurchase its stock. The divestiture is part of a broad strategic
plan, first announced last November, that includes, among other things,
elimination of approximately one-fifth of Leggett's business portfolio
via the sale or liquidation of seven business units. Of the seven units
(which collectively generate about $900 million in annual revenue), the
company's Aluminum Products segment is the largest, and is North
America's largest independent manufacturer of non-automotive aluminum
die castings. Existing senior management of the Aluminum Products
segment will continue to lead the operations for the new owner, and
will become significant equity participants in the acquired company.
President and CEO David S. Haffner remarked, "We are pleased to report
the completion of this transaction, which generates approximately $300
million of after-tax cash proceeds immediately, and also provides
potential future value in the form of a subordinated note and preferred
stock. From an overall perspective, we have now received 75% of the
$400 million of after-tax cash proceeds we originally anticipated from
the divestiture of our seven targeted business units. While cognizant
of the ongoing difficult market environment for M&A transactions, we
are diligently proceeding with, and optimistic about, the disposition
of our six remaining business units during 2008. All of this activity,
and the corresponding use of a substantial portion of the cash proceeds
to repurchase our stock, is directly correlated to our strategic plan
and its sharp focus upon improving total shareholder return."
July 16, 2008 -- American Eagle Outfitters, Inc. (NYSE: AEO) announced
that it has won a preliminary injunction against Payless ShoeSource,
Inc. in a trademark infringement and unfair competition lawsuit arising
out of Payless' use of the AMERICAN EAGLE mark for footwear and bags.
The ruling requires Payless to adopt a clear disclaimer stating that
AMERICAN EAGLE by Payless is not affiliated with AMERICAN EAGLE
OUTFITTERS. "We're pleased with the court's decision to issue a
preliminary injunction against Payless," said Neil Bulman, vice
president and general counsel, American Eagle Outfitters, Inc. "Our
ultimate goal is to stop Payless from misleading and confusing
consumers and to protect the integrity of our brand."
Wall Street -- at least for the moment -- shrugged off some of its many
concerns Wednesday and bounded higher thanks to a drop in oil prices.
The Dow Jones industrial average rose 276 points, or 2.5 percent,
posting its best daily gain since April. The broader Standard & Poor's
500 index also gained 2.5 percent, while the technology-dominated
Nasdaq composite index surged 3.1 percent. Investors exited government
bonds and back into stocks as it appeared that the slowing economy will
curtail demand for fuel and, in turn, energy costs. Light, sweet crude
fell $4.14 to settle at $134.60 a barrel on the New York Mercantile
Exchange, compounding a drop of $6.44 on Tuesday. In addition to
sinking oil prices, investors found relief in a decision by Wells Fargo
& Co. to boost its dividend that helped counter some of the market's
concerns about the health of banks. The San Francisco-based bank's move
to raise its payout, along with its tamer-than-expected profit decline,
was seen as a bullish sign for the troubled sector. Still, the Labor
Department's report that consumer prices shot up in June at the second
fastest pace in 26 years reminded investors that inflation still poses
a threat to economic growth. And Wall Street remains uncertain about
the economy and specifically the financial sector. This week has
brought fresh attention to potential trouble spots in the mortgage
market. Fannie Mae and Freddie Mac, the government-chartered mortgage
financiers, are still a concern, as are regional banks that could have
bad mortgage debt on their books. But, for the moment, investors were
pleased by the drop in oil from record levels. "I think the pullback in
oil is significant. The market and the market participants clearly had
digested what the impact was going to be if oil prices had stayed at
that level," said Dan Genter, president and chief investment officer of
RNC Genter in Los Angeles. According to preliminary calculations, the
Dow rose 276.74, or 2.52 percent, to 11,239.28. It was the blue-chips'
biggest one-day gain since April 1, when the index rose 391 points. On
Tuesday, stocks ended mostly lower on continuing worries about the
financial sector; the Dow logged its first close below 11,000 since
July 2006. Broader stock indicators also rose Wednesday after
fluctuating in the early going. The S&P 500 index advanced 30.45, or
2.51 percent, to 1,245.36, and the Nasdaq rose 69.14, or 3.12 percent,
to 2,284.85.
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www.ceo-corner.com This opinion contains forward-looking statements
that involve risks and uncertainties. This material is for
informational purposes only and should not be construed as an offer or
solicitation to buy or sell securities. InvestSource, Inc. has prepared
all material herein based upon information believed to be reliable. The
information contained herein is not guaranteed by InvestSource, Inc. to
be accurate, and should not be considered to be all-inclusive. The
companies that are discussed in this release have not given an opinion
or approved the statements made in this release.
InvestSource, Inc. is not a licensed broker, broker dealer, market
maker, investment banker, investment advisor, analyst or underwriter.
InvestSource, Inc. affiliates, officers, directors and employees may
also have bought, or may buy the shares discussed in this opinion and
may profit in the event of a rise in value. InvestSource, Inc. will not
advise as to when it decides to sell and does not, and will not, offer
any opinion as to when others should buy or sell; each investor must
make that decision based on his or her judgment of the market. Please
consult your broker before purchasing or selling any securities
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free trading shares of PSPM for services rendered. To view full
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