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Businessnetwire.us: Focusing On the News
(M2 PressWIRE Via Thomson Dialog NewsEdge)
RDATE:24012008
New York, NY -- BusinessNetWire's "Investor's Update" Focuses on the
Following Companies:
Horne International, Inc. (OTCBB: HNIN); WHX Corporation (Pink Sheets:
WXCP); Global Warming Solutions, Inc. (Pink Sheets: GWSO); Mobile Ready
Entertainment Corp. (PINK SHEETS: MRDY); Mobile TeleSystems (MTS) OJSC
(NYSE: MBT); Huttig Building Products, Inc. (NYSE: HBP)
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Horne International, Inc. (OTCBB: HNIN)
Horne International, Inc. closed at $0.205 Wednesday, trading 210,257
shares.
Company News- January 23, 2008: Horne International Agrees to Acquire
World-Class Provider of Electronic Security Systems, Announces Related
Agreement for Financing
Horne International, Inc. (OTCBB: HNIN) announced yesterday that it has
entered into a stock purchase agreement to acquire Amata, Inc., a
provider of state-of-the-art security systems for critical facilities
and infrastructure.
Amata currently holds contracts to provide an integrated electronic
security system, electrical distribution and backup power for a major
energy infrastructure project. Under those contracts, Amata will
install security devices that include intrusion detection, facial
recognition and thermal imaging. Amata's electrical distribution
solutions include providing uninterrupted power for security systems,
pump stations, valve stations, metering stations and tank farms, as
well as the installation of transformers and generator backup systems.
Amata's current executed contract backlog is approximately $150
million. This backlog is subject to funding for the underlying
projects, commencement of work orders from its customers, and other
contingencies.
"The addition of Amata to the Horne family of companies is expected to
bolster Horne International's position as a leading provider of
engineering services for a sustainable infrastructure," said Darryl K.
Horne, P.E., Chairman, President, and Chief Executive Officer of Horne
International. "Our mission is to help ensure that critical
infrastructure projects are environmentally sound, energy efficient,
and secure. We are vigorously pursuing such projects in both the
government and private sectors."
Shawn F. Wurtsmith will remain President of the Amata subsidiary, and
Robert L. Cheney will remain Vice President of Operations. Upon closing
of the transaction, Mr. Wurtsmith will become a member of Horne
International's Board of Directors. "In fewer than five years, Shawn
and Rob have built an impressive portfolio of capabilities and
customers," said Mr. Horne. "We believe that our combined experience
and customer base will put us in a league with the top providers of
security systems and hold great promise for Horne International's
growth in the security arena domestically and globally."
Mr. Wurtsmith added, "Our two companies are a natural fit. We both
focus on the growing markets of energy and security. Horne has a great
reputation in the government sector, while Amata has been geared toward
private-sector projects. By joining forces, we are expanding
opportunities for both companies." Horne International also announced
that it had signed a definitive agreement to raise $3.0 million through
the sale of approximately 2.5 million shares of its common stock and
the issuance of $2.0 million in subordinated convertible promissory
notes and detached warrants to purchase an additional 500,000 shares of
Horne International common stock. The purchasers of these securities
are existing shareholders of the company, including Evan Auld-Susott, a
member of the company's Board of Directors. The subordinated notes are
convertible into Horne International common stock at $0.40 per share,
will pay interest at 10 percent per annum and mature seven years from
the date of issue. The warrants will expire five years from the date of
issue and have an exercise price of $0.40 per share. The closing of
this transaction is subject to the closing of the Amata acquisition and
other customary conditions.
"I am excited about the future of Horne International and expect the
combination of Horne and Amata to bring new value to our customers,
partners and stockholders," said Mr. Auld-Susott. "I also have
confidence in the ability of both companies' management teams to
execute on our current contract backlogs. This is truly a momentous
occasion for the entire Horne International family." Raymond James
advised Horne International on the Amata acquisition. Holland & Knight
LLP served as the company's legal counsel. The financing transaction
was approved by an independent committee of the Horne International
Board of Directors, which received a fairness opinion from Reznick
Group, P.C. Reznick also provided a fairness opinion to the company's
Board of Directors in connection with the Amata stock purchase
agreement.
Agreement Terms
Under the executed stock purchase agreement, Horne International will
acquire all of the outstanding capital stock of Amata from its
shareholders for initial cash consideration of $2.0 million, and
subordinated promissory notes with an aggregate principal amount of
approximately $1.75 million, less amounts by which Amata's net worth
upon the closing of the transaction is below a target level. The notes
will be payable on two payment dates: March 1, 2008, and January 1,
2009.
Following the closing, the Amata shareholders will be entitled to cash
earn-out payments equal to 50 percent of Amata's net income (as defined
in the stock purchase agreement) on a cash-received basis for the first
twelve months after the closing, and 33-1/3 percent of such net income
for the subsequent 36-month period. The Amata shareholders will also
receive up to 13.0 million shares of Horne International common stock
following the closing, to be issued on a pro rata basis with the
receipt of revenues from Amata's primary customer. In addition, Horne
International will pay certain consultants to Amata up to approximately
$6.8 million in consulting contract payments contingent upon Amata's
achievement of earn-out payments. The closing of the transaction is
subject to Amata's receipt of approximately $2.4 million in outstanding
accounts receivable from its primary customer, as well as other
customary closing conditions. Pending the closing, Horne International
has agreed to loan Amata up to $500,000 for repayment of indebtedness
and working capital needs.
Upon the closing of the transactions, Darryl Horne, Evan Auld-Susott
and certain of his affiliates, Shawn F. Wurtsmith and Robert Cheney
will enter into a voting agreement providing that each of them will
vote all shares of Horne International common stock they own to elect
one director designated by Mr. Horne (initially Mr. Horne), one
director designated by Mr. Auld-Susott (initially Mr. Auld-Susott) and
one director designated by Messrs. Wurtsmith and Cheney (initially Mr.
Wurtsmith).
About Amata, Inc.
Founded in 2003 and headquartered in Englewood, Colo., Amata has
installed security systems at airports, power plants, and military
facilities and has performed port security assessments in the Middle
East. One of Amata's current customers is Pacific Texas Pipeline
Company of Phoenix, Ariz., a major energy infrastructure developer in
the Southwestern United States. For more information, please visit
www.amatainc.com.
About Horne International, Inc.
Horne International provides engineering services for a sustainable
infrastructure, with an emphasis on security, energy, and the
environment. Horne International operates through three business units:
Horne Engineering Services, LLC; Spectrum Sciences & Software, Inc.;
and Coast Engine and Equipment Company, Inc. The company is a trusted
partner for its customers in the defense, environment and energy,
homeland security and transportation sectors. For more information,
please visit www.horne.com.
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WHX Corporation (Pink Sheets: WXCP)
WHX Corporation closed at $3.95 Wednesday, trading 0 shares.
Company News- January 23, 2008: WHX Taps Daniel Murphy, CEO of Handy &
Harman Subsidiary, for Senior VP of Corporate Development
WHX Corporation (Pink Sheets: WXCP) announced yesterday it has named
Daniel P. Murphy, Jr., as Senior Vice President of Corporate
Development at WHX. In his new position, Murphy, 46, will be
responsible for seeking out and/or developing new strategic and
synergistic investment opportunities for WHX, a holding company that
invests in and manages businesses on a decentralized basis. Murphy is a
Director on the WHX Board.
Prior to receiving this promotion, Murphy served as President and Chief
Executive Officer of Handy & Harman, a diversified industrial
manufacturing subsidiary of WHX. Murphy will continue to serve as CEO
of Handy & Harman until a new CEO is appointed.
"Dan's extensive experience and capable management at Handy & Harman is
of great value to WHX, where we will be looking for him to seek out
further opportunities for growth and profit," said Glen Kassan, WHX's
Chief Executive Officer. "We're excited to have Dan apply his talents
and skills on a broader corporate canvas while we seek to accelerate
additional profitable growth at WHX. We also look forward to Dan
continuing to work with many of WHX's businesses on the development and
execution of their sales and marketing plans as well as enhancing
relationships and opportunities with many of our customers."
Murphy's appointment to WHX comes after more than 20 years of service
at Handy & Harman. Prior to becoming President and CEO of Handy &
Harman in February 2003, Murphy served as Group Executive Vice
President of the Handy & Harman Engineered Materials Group. Prior to
that, he served as President and CEO of OMG, Inc., a subsidiary of
Handy & Harman.
Besides his professional responsibilities, he is currently on the
Council of the Western Massachusetts Jimmy Fund and on the Executive
Committee of the Habitat for Humanity of Pioneer Valley, Western
Massachusetts.
Murphy holds a bachelor's degree in English from Fairfield University
and earned a Harvard Executive Finance certificate in 1994.
About WHX
The Company is a holding company that invests in and manages a group of
businesses on a decentralized basis. WHX owns Handy & Harman, which is
a diversified manufacturing company whose strategic business units
encompass three reportable segments: precious metal, tubing and
engineered materials. WHX also owns Bairnco Corporation, which was
acquired in April 2007 and is a diversified multinational company that
operates business units in three reportable segments: Arlon electronic
materials, Arlon coated materials and Kasco replacement products and
services.
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Global Warming Solutions, Inc. (Pink Sheets: GWSO)
Global Warming Solutions, Inc. closed at $0.97 Wednesday, trading
239,482 shares.
Company News- January 23, 2008: Global Warming Solutions' PureRay
Lighting Technology to Control Microbes and Increase Shelf Life of
Fresh Produce
Yesterday Global Warming Solutions, Inc. (Pink Sheets: GWSO) - a
developer of technologies aimed at mitigating the effects of global
warming -announced the development of its proprietary PureRay Lighting
Technology. PureRay controls microbial contamination, increasing the
shelf life of fresh produce.
Longer shelf life can dramatically change the economics of the US $40
billion world fresh produce market, having a major impact on
transportation and marketing, with the potential to alter an entire
industry.
PureRay Lighting Technology has two powerfully beneficial attributes:
PureRay kills or suppresses pathogenic microorganisms such as E. coli,
Listeria, Penicillium (blue mold) and yeasts, retarding spoilage as a
result.
PureRay stimulates and maintains important physiological processes and
biochemical reactions within the living tissues of the produce (water
exchange, respiration, photosynthesis, etc.) keeping the produce fresh
significantly longer.
PureRay light works not only on the surface of the fresh produce but
also penetrates deep inside to provide complete protection.
Safe, Energy-Efficient light The PureRay Light system is a proprietary
design comprised of light-emitting diodes (LEDs) assembled in arrays.
Since the light itself is safe, PureRay could be deployed in production
facilities, transportation and storage systems and display areas in
stores.
For example, most transportation and storage equipment, as well as
commercial and household refrigeration, could be equipped with the
PureRay technology.
In addition, PureRay lighting systems could replace fluorescent tubes
in refrigerated or non-refrigerated display cases and shelves. Besides
prolonging the shelf life of fresh produce by up to 50%, PureRay offers
15% energy savings over traditional under-shelf lighting solutions.
PureRay offers significant improvements in energy efficiency, life-time
of the lighting fixture, customer safety, product illumination,
scalability and design flexibility, helping grocers meet targets for
reducing their carbon footprint
"The PureRay technology has proven to be multifaceted as it efficiently
increases shelf life of produce in addition to being a water
purification technology," said Dr. Vladimir Vasilenko, CEO of Global
Warming Solutions. "We plan on leveraging PureRay and marketing it as
the engine for these industries while we also continue our development
of the LETG Solar Energy Technology, and our GEM Hybrid Engine."
About Global Warming Solutions, Inc.
Global Warming Solutions develops and commercializes technologies that
help mitigate Global Warming and its effect on our planet. The Company
targets three areas that help reduce the extent of Global Warming and
fight issues that have arisen as a consequence: Clean Energy, Carbon
Control, and Water Purification. Current climate models predict that
global temperatures will rise sharply over the next century. The
increase in temperatures can be slowed or eliminated by decreasing the
amounts of greenhouse gases released into the Earth's atmosphere.
Global Warming Solutions seeks to leverage its experience and
management to help make a difference in the fight for climate control.
-------------------------------------------
Mobile Ready Entertainment Corp. (PINK SHEETS: MRDY)
Mobile Ready Entertainment Corp. closed at $0.0006 Wednesday, trading
1,132,250 shares.
Company News- January 23, 2008: Mobile Ready Prepares to Offer Exciting
New Product
Mobile Ready Entertainment Corp. (PINK SHEETS: MRDY) announced
yesterday that it will soon be offering a product that allows small
businesses to expand their reach into the mobile channels without
incurring the heavy fees associated with mobile marketing. "We have
really set out to give the small business access to launching mobile
campaigns while alleviating the price barrier preventing them from
expanding their business in the mobile arena," reported Craig Mora,
CEO. "We want to offer a product that really makes a difference for
businesses trying to grow." The product is slated to release within the
next 30 days and will have an entry price point of less than $200.00.
For updates on this and other investment-related issues, please send an
email to the company at invest@gomobileready.com.
About Mobile Ready
Mobile Ready Entertainment Corporation specializes in mobile content
products and solutions. They offer software and service options that
empower businesses by enabling them to reach the mobile user and
ultimately increase revenue. Whether your company has retail, marketing
or response needs, Mobile Ready has the solution to fit. When it comes
to website development and optimization, Mobile Ready has the mobile
marketing know-how. For more information, visit the Mobile Ready
Website at http://www.gomobileready.com
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Mobile TeleSystems (NYSE: MBT)
Mobile TeleSystems closed at $83.30 Wednesday, trading 3,762,300 shares.
Company News- January 23, 2008: Mobile TeleSystems (MTS), Russia's
Largest Mobile Operator, Goes Live With Comverse Billing Solution
Comverse, the world's leading supplier of software and systems enabling
network-based multimedia enhanced communication and billing services,
announced yesterday that Mobile TeleSystems (MTS) OJSC (NYSE: MBT), the
largest mobile phone operator in Russia and the CIS, went live with the
Comverse Real-Time Billing Solution to serve MTS' vast subscriber base.
"Upon evaluation of the Comverse Real-Time Billing Solution, it made
good business sense to deploy a comprehensive system that fulfills our
billing needs while strengthening our marketing strategies," said
Mikhail Shamolin, Vice President and Director at MTS Russia. "Now that
we completed a smooth migration to the Comverse system, we are ready to
meet all requirements for future growth while delivering the highest
level of services to our subscribers."
The Comverse Real-Time Billing (RTB) Solution serves as a real-time
marketing engine for mobile operators by offering advanced
personalization capabilities, la carte service plan customization,
and usage-driven automated marketing promotions to enable operators to
increase revenues, profitability and subscriber loyalty. The solution
provides operators with the ability to quickly create and launch
service offerings to both broad and targeted market segments while
simultaneously providing end-user empowerment through self-directed
offers.
"Our wealth of expertise and extensive track record position us well
for this expansive billing deployment in Russia with MTS, the country's
largest mobile operator," said Benny Einhorn, President of Comverse
EMEA. "This particular deployment in MTS speaks well to the growing
awareness by operators of the advantages of leveraging sophisticated
marketing capabilities to realize revenue potential by using the
advanced Comverse Real-Time Billing." About Mobile TeleSystems (MTS)
Mobile TeleSystems OJSC (MTS) is the largest mobile phone operator in
Russia and the CIS. Together with its subsidiaries, the Company
services about 82 million subscribers. The regions of Russia, as well
as Armenia, Belarus, Turkmenistan, Ukraine, and Uzbekistan, in which
MTS and its associates and subsidiaries are licensed to provide GSM
services, have a total population of more than 230 million. Since June
2000, MTS' Level 3 ADRs have been listed on the New York Stock Exchange
(ticker symbol MBT). Additional information about MTS can be found on
MTS' website at www.mtsgsm.com.
About Comverse
Comverse is the world's leading provider of software and systems
enabling network-based messaging and content value-added services,
converged billing and IP communications. Comverse solutions generate
revenues, strengthen customer loyalty and improve operational
efficiency for over 500 communication service providers in more than
130 countries. The company's Total CommunicationSM portfolio
facilitates personalized lifestyles in an evolving connected world and
is based on the InSight Open Services Environment. Comverse's solutions
support flexible deployment models, including in-network, hosted and
managed services, and can run on circuit-switched, VoIP, IMS and
converged network environments. Comverse is a subsidiary of Comverse
Technology, Inc. (CMVT.PK). For more information, visit
www.comverse.com.
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Huttig Building Products, Inc. (NYSE: HBP)
Huttig Building Products, Inc. closed at $3.68 Wednesday, trading
16,000 shares.
Company News- January 23, 2008: Huttig Building Products to Host Fourth
Quarter 2007 Conference Call on Wednesday, February 6, 2008 at 11 AM
Eastern (10 AM Central)
Huttig Building Products, Inc. (NYSE: HBP) will host a conference call
to discuss fourth quarter 2007 financial results on Wednesday, February
6, 2008, at 11 AM Eastern Time (10 AM Central Time). To access the
call, please dial 888-694-4702 and enter pin number 30146590. A replay
will be available through February 20, 2008 by dialing 800-642-1687 and
entering the same pin number. Huttig will issue a press release
announcing its fourth quarter 2007 financial results after the market
closes on Tuesday, February 5, 2008.
About Huttig
Huttig Building Products, Inc., currently in its 123rd year of
business, is one of the largest domestic distributors of millwork,
building materials and wood products used principally in new
residential construction and in home improvement, remodeling and repair
work. Huttig distributes its products through 36 distribution centers
serving 44 states. The Company's wholesale distribution centers sell
principally to building materials dealers, national buying groups, home
centers and industrial users, including makers of manufactured homes.
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