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InvestSource, Inc.: Rim Semiconductor Company Reduces Convertible Debt
Significantly
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:23072008
Stocks in the News: Rim Semiconductor Company (OTCBB: RSMI), McMoRan
Copper & Gold Inc. (NYSE: FCX), SBA Communications Corporation
(NASDAQGS: SBAC), Sara Lee Corp. (NYSE: SLE), Wyndham Worldwide
Corporation (NYSE: WYN), and The Boeing Company (NYSE: BA)
July 22, 2008 -- Rim Semiconductor Company (OTCBB: RSMI), a company
that develops technology for telecommunications service providers,
announced today that it has reduced its indebtedness to its convertible
note holders by 34% to $2,759,000, versus $4,182,000, as reported in
its most recent 10QSB. The reduction was effected when holders of its
two-year 7% Senior Secured Convertible Debentures and its two-year 10%
Secured Convertible Notes converted some of their principal and
interest into shares of Rim Semi's Common Stock. The company has 4
billion shares of common stock authorized for issuance. As of July 11,
2008, following the issuance of the shares, the Company has issued all
of its authorized common stock. Since July 11th, the closing price of
RSMI has risen 100% from $0.0005 to $0.001 per share. "I am very
pleased that our convertible debt has reduced by 34%," stated Brad
Ketch, the company's president and chief executive officer. "We issued
these shares to investors who have invested in us before, and who
continue to show support for our long-term growth." In addition to the
debt reduction, the company projects that the value of the derivative
liability on its balance sheet will also proportionately decline when
the derivative liability calculations are made at the end of the
quarter, and based upon the closing price of RSMI on July 31, 2008.
July 22, 2008 -- Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
announced that its Board of Directors has authorized an increase in its
annual common stock dividend from $1.75 per share to $2.00 per share.
The dividend will be payable quarterly ($0.50 per share) beginning with
the November 2008 dividend payment. FCX also announced today that its
Board of Directors approved an increase in its open market share
purchase program to 30 million shares from the prior authorization of
20 million shares. The timing of future purchases is dependent upon
many factors including the company's operating results, its cash flow
and financial position, its future expansion plans, copper prices, the
market price of the common shares and general economic and market
conditions.
July 22, 2008 -- SBA Communications Corporation (NASDAQGS: SBAC) and
Light Tower LLC announced that they have entered into a definitive
agreement under which SBA will acquire Light Tower Wireless LLC
(''Light Tower Wireless''), the wireless infrastructure subsidiary of
Light Tower LLC. Light Tower Wireless owns 340 wireless communication
tower sites in 23 states, five managed sites and five distributed
antenna system (''DAS'') networks. The owned tower sites currently
average 2.2 tenants per site. Light Tower Wireless is in the process of
developing a number of additional towers and DAS networks. ''We are
very pleased to have the opportunity to acquire Light Tower Wireless,''
commented Jeffrey A. Stoops, SBA's President and Chief Executive
Officer. ''We believe the tower assets are very high quality, with the
substantial majority being built specifically for the independent tower
ownership business in good locations with good structural capacities.
We are also excited to make our first foray into the DAS business,
which we believe will be an important niche in future wireless
deployments and very complimentary to our core business of tower
ownership.''
July 22, 2008 - Sara Lee Corp. (NYSE: SLE) announced it will incur a
non-cash impairment charge of between $865 million and $975 million, or
$(1.17) to $(1.32) per share, in the fiscal fourth quarter ended June
28, 2008, primarily associated with its North American Food service
bakery and Spanish bakery business units. Sara Lee performs its annual
goodwill impairment testing during the second quarter of each fiscal
year. While there were no impairments at that time, the company
disclosed that the goodwill of these two business units might be
impaired in the future. During the second half of fiscal 2008, these
operations did not show the level of improvement management expected.
Based on this, plus adverse economic conditions and escalating wheat
costs for the Spanish bakery and North American Foodservice bakery
operations, the company determined that it was required to take an
estimated aggregate goodwill impairment charge for the businesses of
between $800 million and $900 million in the fourth quarter. All of the
goodwill balances relate to the company's 2001 acquisition of The
Earthgrains Company. Sara Lee will not recognize any tax benefit.
July 22, 2008 -- Wyndham Worldwide Corporation (NYSE: WYN) announced it
has completed the acquisition of U.S. Franchise Systems, Inc. and its
Microtel Inns & Suites and Hawthorn Suites hotel brands from a
subsidiary of Global Hyatt Corporation for a purchase price of $131
million. The transaction is expected to be slightly accretive to
earnings in 2008. The addition of Microtel Inns & Suites, a chain of
298 all-new-construction economy hotels with 35 more under
construction, and Hawthorn Suites, a chain of 91 all-suites,
extended-stay hotels, expands the Wyndham Hotel Group system to 12
brands that encompass nearly 7,000 hotels on six continents. "This
acquisition is a great fit for Wyndham Worldwide," said Stephen P.
Holmes, Wyndham Worldwide chairman and chief executive officer. "It
further leverages our franchise system, gives us more avenues to grow
domestically and internationally, and advances our strategic goal of
growing Wyndham Hotel Group's contribution to our overall
profitability."
July 22, 2008 -- The Boeing Company (NYSE: BA) announced an agreement
to acquire Insitu, Inc., a pioneer in the unmanned air systems (UAS)
market and leader in the design, development and manufacture of
high-performance, low-cost UAS used for intelligence, surveillance and
reconnaissance (ISR). Boeing and Insitu have partnered since 2002 and
together developed the successful ScanEagle(TM) UAS program, which has
more than 100,000 operational flight hours with the U.S. Department of
Defense and international customers. Insitu's key technologies and
advanced capabilities in rapid prototyping and manufacturing are
driving its revenue to an anticipated $150 million this year, 70
percent higher than in 2007, and have it well positioned for the
future. "Increasingly our customers are seeking advanced unmanned
aerial solutions to address a wide range of requirements for ISR
missions," said Jim Albaugh, president and CEO of Boeing Integrated
Defense Systems. "The Boeing-Insitu team has been successfully
delivering much-needed capability to the warfighter in a changing
threat environment. Bringing these outstanding teams together will
accelerate deployment of the next generation of unmanned systems to our
U.S. and allied service members."
Wall Street shook off early doldrums and closed sharply higher Tuesday
after another drop in oil prices encouraged investors to set aside
financial sector worries and go bargain hunting across the market.
Stocks initially fell on uneasiness about the continuing impact of the
housing market downturn and the credit crisis on financial company
earnings. Disappointing results from American Express Co. and Wachovia
Corp. fed those worries. But a $4 drop in oil -- which took crude's
decline in recent weeks to nearly $20 a barrel -- persuaded some
investors to wade back into equities. Even Wachovia Corp., the nation's
fourth-largest bank, shot 8 percent higher after its stock tumbled to
levels not seen since the early-1990s. The stock was pummeled after the
retail bank posted an $8.9 billion loss because of charges and reserves
for bad mortgage loans. The focus on higher oil's impact on the economy
has been so intense that any notch lower breeds optimism that the
commodities bubble might perhaps be nearing an end, analysts said. That
means, for the moment, corporate earnings reports have lost some of
their dominance of the market. The market was looking at the long-term
impact of somewhat cheaper energy -- and likely betting that company
earnings would pick up if oil extends its decline. According to
preliminary calculations, the Dow Jones industrial average rose 135.16,
or 1.18 percent, to 11,602.50. The blue chip index rose 400 points last
week, but ended Monday's session slightly lower. Broader indexes also
rose. The Standard & Poor's 500 index jumped 17.00, or 1.35 percent, to
1,277.00. The technology-dominated Nasdaq composite index, which was
down for much of the session on tech earnings disappointments, ended up
24.43, or 1.07 percent, at 2,303.96. The price of oil began the session
mildly lower on expectations that Tropical Storm Dolly wouldn't disrupt
oil operations in the Gulf of Mexico. The advance increased after
comments from a Federal Reserve official sent the dollar higher against
major currencies, a trend that in turn sends commodities lower. A
barrel of light sweet crude tumbled $3.09 to settle at $127.95 on the
New York Mercantile Exchange, down nearly $20 from its record high of
$147.27, reached just weeks ago.
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that involve risks and uncertainties. This material is for
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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
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