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InvestSource, Inc.: Road Wings Executes Agreement to Buy into OneFi
Tech
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:22072008
Stocks in the News: Road Wings, Inc. (Other OTC: RDWG), ArthroCare
Corp. (NASDAQ: ARTC), Charlotte Russe Inc, (NASDAQ: CHIC), SBA
Communications Corporation (NASDAQGS: SBAC), Barrick Gold Corporation
(NYSE: ABX) and Genentech, Inc. (NYSE: DNA)
July 21, 2008 - Road Wings, Inc. (Other OTC: RDWG) announced today that
it has completed the first installment of its previously announced
stock acquisition agreement with OneFi Technology, Inc. The Road Wings
agreement with OneFi allows for a purchase of up to forty percent (40%)
of OneFi Technology's stock. Mr. Travis Grimmett, the President of Road
Wings, stated, "We are impressed with the future of OneFi Technology
and its abilities to deploy WiMax/WiFi broadband networks. We are
confident that OneFi's WiMax technology represents a breakthrough in
the deployment of high-speed Internet, and we are excited about the
technology's ability to provide not only Internet but also IPTV and
VoIP." Mr. Tom White, OneFi Technologies CFO, stated, "Our relationship
with Road Wings allows us to focus on continued network deployment and
roll the technology to the market place."
July 21, 2008 -- ArthroCare Corp. (NASDAQ: ARTC) announced that it will
restate its financial statements for the years ended December 31, 2006
and 2007, the quarters ended September 30, 2006, December 31, 2006,
each of the quarters of 2007 and the quarter ended March 31, 2008, as a
result of the determination by the Audit Committee of the Board of
Directors on July 20, 2008, that the financial statements for such
periods can no longer be relied upon. The restatement follows a
recommendation by management that revenue in these previously issued
financial statements should be adjusted because: the relationship
between the Company and DiscoCare, Inc. during the periods being
restated was a sales agent relationship, rather than that of a
traditional distributor; and that the sales price of products sold to
State of the Art Medical Products, Inc.("SOTA"), Boracchia & Associates
and Clinical Technology, Inc. cannot be considered fixed or
determinable upon shipment by ArthroCare during the periods being
restated. The Company will therefore account for sales by ArthroCare of
products to each of these entities from the third quarter of 2006 to
March 31, 2008, under a sell-through revenue recognition method that is
appropriate for both of these situations, as opposed to a sell-in
method. Under the sell-through method, revenue is not recognized until
after the surgery is performed or a subsequent sale to another customer
occurs. Sales to these companies for periods prior to the third quarter
of 2006 will continue to be accounted for under the previous method of
revenue recognition, either sell-in or sell-through depending on the
terms of the previous contract with each company.
July 21, 2008 -- Charlotte Russe Inc, (NASDAQ: CHIC) The Board of
Directors, announced that Board member Leonard Mogil, 62, formerly
Group Executive Vice President of Phillips-Van Heusen Corporation, has
been named interim Chief Executive Officer of the Company, effective
immediately. He replaces Mark Hoffman, 59, who has retired as Chief
Executive Officer and a Director of the Company. The Board of Directors
is commencing a search for a permanent CEO, which will begin
immediately. Jennifer Salopek, Non-Executive Chairman of Charlotte
Russe, said, "We are delighted and fortunate that Len has agreed to
serve as interim CEO while we conduct a search for a new Chief
Executive Officer. Len has extensive retail and operational experience
and the Board is confident he will lead the Company effectively while
our search is underway. Charlotte Russe has a strong financial
position, an exciting future, and an experienced senior management team
that has helped build the Company into one of the country's
fastest-growing mall-based specialty retailers for young women in their
teens and twenties. We on the Board, including Len, are committed to
enhancing the Company's overall profitability and to increasing
shareholder value."
July 21, 2008 -- SBA Communications Corporation (NASDAQGS: SBAC)
(''SBA'' or the ''Company'') and Optasite Holding Company Inc.
(''Optasite'') announced that they have entered into a definitive
merger agreement under which a newly formed SBA subsidiary will merge
with Optasite, which will then become a subsidiary of SBA. At closing,
Optasite is anticipated to own 548 tower sites, located in 31 states,
Puerto Rico and the U.S. Virgin Islands and approximately 45 managed
site locations. The owned tower sites currently average 2.4 tenants per
tower site. Optasite is also in the process of developing a number of
additional tower sites. At closing, SBA will issue to the sellers 7.25
million shares of SBA Class A common stock, will assume Optasite's
fully-drawn $150 million senior credit facility (which bears interest
at one month LIBOR plus 165 basis points and which will mature in
November 2010) and will assume approximately $25 million of additional
liabilities which SBA anticipates satisfying in cash contemporaneously
with the closing. SBA expects to fund the cash portion of its
obligations at closing from existing cash resources. The sale of shares
of SBA common stock to be issued will be subject to certain volume
limitations on transfer.
July 21, 2008 -- Barrick Gold Corporation (NYSE: ABX) announced it has
entered into a support agreement with Cadence Energy Inc. ("Cadence")
for the all cash offer of $6.75 per share submitted to the Board of
Cadence on July 17, 2008. The Board of Directors of Cadence has
unanimously determined that Barrick's offer is in the best interests of
Cadence and its shareholders, and accordingly, has unanimously approved
making a recommendation that Cadence shareholders accept the offer. All
of the directors and officers of Cadence have also entered into lock-up
agreements with Barrick, agreeing to support the offer and tender their
Cadence shares to the offer. The support agreement with Cadence gives
Barrick the right to match any superior proposal and includes customary
non-solicitation covenants. In addition, in certain circumstances if
Barrick's offer is not successfully completed, Cadence will be required
to pay a termination fee of $11.4 million.
July 21, 2008 -- Genentech, Inc. (NYSE: DNA) announced that it has
received a proposal from Roche to acquire all of the outstanding shares
of Genentech stock not owned by Roche at a price of $89.00 in cash per
share. Currently, Roche owns approximately 55.9% of the outstanding
shares of Genentech. Genentech expects that a special committee of its
Board of Directors, composed of the independent directors, will be
convened promptly to determine what action to take with respect to the
proposal. About Genentech: Founded more than 30 years ago, Genentech is
a leading biotechnology company that discovers, develops, manufactures
and commercializes medicines to treat patients with significant unmet
medical needs. The company has headquarters in South San Francisco,
California and is listed on the New York Stock Exchange under the
symbol DNA. For additional information about the company, please visit
http://www.gene.com. This press release contains a forward-looking
statement. Such statement is a prediction and involves risks and
uncertainties that could cause actual results to differ materially from
those predicted in such forward-looking statement. Please also refer to
Genentech's periodic reports filed with the Securities and Exchange
Commission. Genentech disclaims, and does not undertake, any obligation
to update or revise forward-looking statements in this press release.
Wall Street turned in a mixed performance Monday as investors watched
the price of oil regain ground and decided to cash in some of their
gains from the stock market's big rally last week. While the stock
market's major benchmarks showed modest losses, the number of stocks
advancing outpaced decliners by about 2 to 1 on the New York Mercantile
Exchange, and by about 4 to 3 on the Nasdaq Stock Market. The tame
session unfolded as oil rose on concerns that the threat of new
sanctions against Iran over its nuclear program may escalate tensions
in the Middle East. Light, sweet crude rose $2.16 to settle at $131.04
a barrel on the New York Mercantile Exchange. The rise in oil offset
initial market enthusiasm after Bank of America Corp. posted results
that beat expectations, raising hope the credit crisis might be easing
for the nation's biggest retail banks. The largest U.S. bank by assets
reported that higher investment banking and record revenue helped drive
earnings during the second quarter. With Bank of America's results,
four of the nation's five biggest banks have now reported
better-than-expected earnings, and that's raising hopes that the
financial sector is starting to recover from the year-old credit
crisis. According to preliminary calculations, the Dow Jones industrial
average fell 29.23, or 0.25 percent, to 11,467.34 after moving in and
out of positive territory. Broader indexes showed more modest declines.
The Standard & Poor's 500 index slipped 0.68, or 0.05 percent, to
1,260.00; and the Nasdaq composite index dropped 3.25, or 0.14 percent,
to 2,279.53.
ABOUT INVESTSOURCE, INC.: WIN an 8 day 7 nights Caribbean Getaway, GO
TO: www.investsourceinc.com.
To hear "The Fastest 60 Seconds in the Small-Cap Market," please go to
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
mentioned herein. With regard to RDWG, InvestSource has agreed to be
compensated $5,860 for services rendered. To view full disclaimers,
please go to http://investsourceinc.com/php/disclaimer.php
(disclaimers).
CONTACT: InvestSource, Inc
WWW: http://www.investsourceinc.com
((M2 Communications Ltd disclaims all liability for information
provided within M2 PressWIRE. Data supplied by named party/parties.
Further information on M2 PressWIRE can be obtained at
http://www.presswire.net on the world wide web. Inquiries to
info@m2.com)).
Copyright ? 2008 M2 Communications Ltd.
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