Proteonomix, Inc. (OTCPK:PROT)
PROT, a biotechnology company focused on developing therapeutics based upon human cells and their derivatives, announced further developments with its Joint Venture Company, XGEN Medical LLC ("XGen") towards implementing operations in the United Arab Emirates (U.A.E.).
PROT is the majority shareholder in XGen with the balance held by an anonymous investor group. PROT personnel were on the ground in the U.A.E. over the past weeks to work together with the Investor Group through the start up phase. To date, XGen has established an office in the Monarch Office Tower on the prestigious Sheikh Zayed Road, and a residence for visiting PROT personnel on Jumeira 2.
During initial meetings, it was mutually decided to open a local subsidiary corporation in the Dubai free zone. This wholly owned subsidiary will be the vehicle to conduct business in the GCC countries. XGen has filed the corporate papers and has established banking relations with a local bank both for receipt of the initial investment of $5 million and towards further financing expanded services in the region. The Ramadan holiday has slowed progress slightly on these corporate formalities, but full operation of the subsidiary and bank accounts are expected to complete within 30 days.
It was further announced that XGen has expanded its talks within the region beyond a license for manufacture of and treatment with PROT cellular material. Discussions are now further encompassing both the construction of XGen's own manufacturing and treatment facility within the U.A.E. and on funding phased trials for one or more of PROT's proprietary cellular materials for treatment of disease.
PROT CEO, Michael Cohen commented that "The business environment in the U.A.E. is very receptive to Proteonomix and our medical technologies. There is an intense focus on high quality public medical care as well as cutting edge technology. When combined with the rebounding financial condition within the region, we are very pleased to have this opportunity to conduct business in a growing location for medical advancement."
PROT, a biotechnology company, engages in the development of stem cell therapies primarily for the treatment of diabetes and cardiac therapy, as well as offers cosmeceutical products. The stem cell therapy involves the introduction of healthy new stem cells to repair and replace damaged or lost cells. It offers product for the treatment of anti-aging and damaged skin. PROT develops cosmetic products using its technologies, Secreted Matrix and Matrix NC-138 that is a stem cell derived proteins technology. PROT is also involved in the operation of retail Web site, Proteoderm.com to sell its anti-aging line of skin care products; develops therapeutic modalities for the treatment of cardiovascular disease; and engages in the reproductive tissue banking, including sperm, ova, ovarian tissue, and testicular tissue. In addition, PROT develops intellectual properties for patent applications, including a medium and scaffolding for enhancing the growth of stem cells, a growth platform for stem cells, a cord blood banking cryopreservation bag, and a device to eliminate malformed stem cells via filtration. Further, PROT is developing pre-clinical-stage therapeutic agents and treatments for cancer, diabetes, heart, lung, and kidney diseases, as well as for stem cell bone marrow and organ transplants. PROT was formerly known as National Stem Cell Holding, Inc. and changed its name to Proteonomix, Inc. in August 2008. PROT was founded in 2005 and is based in Mountainside, New Jersey.
To learn more about PROT visit: http://www.proteonomix.com
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX)
FCX has declared a cash dividend of $0.30 per share payable on November 1, 2010 to holders of record as of October 15, 2010 for its common stock.
FCX is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX has a dynamic portfolio of operating, expansion and growth projects in the copper industry and is the world's largest producer of molybdenum.
FCX engages in the exploration, mining, and production of mineral resources. As of December 31, 2009, FCX's consolidated recoverable proven and probable reserves totaled 104.2 billion pounds of copper, 37.2 million ounces of gold, 2.59 billion pounds of molybdenum, 270.4 million ounces of silver, and 0.78 billion pounds of cobalt. FCX was founded in 1987 and is headquartered in Phoenix, Arizona.
To learn more about FCX visit: http://www.fcx.com
FreightCar America, Inc. (NASDAQ:RAIL)
RAIL recently announced that it has signed a definitive agreement to acquire the business assets of DTE Rail Services, a non-regulated subsidiary of DTE Energy, for approximately $23.2 million. This acquisition furthers RAIL's strategic growth initiative to expand its presence in the railcar services sector. The transaction is expected to close early in the fourth quarter of 2010.
RAIL, through its subsidiaries, manufactures, rebuilds, repairs, sells, and leases freight cars used for hauling coal, other bulk commodities, steel and other metals, forest products, and automobiles primarily in North America. RAIL's customers primarily include financial institutions, shippers, and railroads. RAIL was founded in 1901 and is headquartered in Chicago, Illinois.
To learn more about RAIL visit: http://www.freightcaramerica.com
Frequency Electronics, Inc. (Nasdaq:FEIM)
FEIM reported net income of $507,000 or $0.06 per diluted share, for the first quarter of fiscal 2011, which ended July 31, 2010. Net income for the preceding quarter was $175,000 or $0.02 per diluted share, and, for the first quarter of fiscal 2010, was $654,000 or $0.08 per diluted share. Revenues for the first quarter of fiscal 2011 were $12.1 million, compared to $13.1 in the preceding quarter and $12.4 million for the same quarter of fiscal 2010.
FEIM engages in the design, development, and manufacture of high-technology frequency, timing, and synchronization products for satellite and terrestrial voice, video, and data telecommunications. FEIM markets its products as components, assemblies, instruments, or complete systems. Frequency Electronics offers its products directly, as well as through independent sales representative organizations located in the United States, Europe, and Asia. FEIM was founded in 1961 and is based in Mitchel Field, New York.
To learn more about FEIM visit: http://www.freqelec.com
Signup for FREE Daily Stock Alerts From CRWEFinance.com/signup
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!
Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. CRWEFinance.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold CRWEFinance.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (Read more at http://crwefinance.com/disclaimer) Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings Inc. (OTCPK:CRWE) is a newswire as well as an IR and PR firm. Crown Equity Holdings Inc. (OTCPK:CRWE), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (OTCPK:CRWE) advertises for a particular client, Crown Equity Holdings Inc. (OTCPK:CRWE) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (OTCPK:CRWE) has received twenty thousand dollars in cash and twenty thousand dollars in free trading share from a third party (Swiss Financial Report) for (30) days of advertisement services for Proteonomix, Inc. (OTCPK:PROT)
Disclosure: No positions