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TF Financial Corporation (Nasdaq:THRD) reported net income of $699,000 ($0.26 per diluted share) for the second quarter of 2011, compared with $618,000 ($0.23 per diluted share) for the first quarter of 2011 and $967,000 ($0.36 per diluted share) for the second quarter of 2010. Net income for the six month period ended June 30, 2011 was $1,317,000 ($0.49 per diluted share) compared with $1,684,000 ($0.63 per diluted share) for the first six months of 2010. The Company also announced that its Board of Directors declared a quarterly dividend of $0.05 per share, payable August 15, 2011 to shareholders of record on August 8, 2011.
TF Financial Corporation operates as the bank holding company for Third Federal Bank that provides various financial products and services in Pennsylvania and New Jersey. Its deposit products include regular savings, non-interest bearing checking, NOW checking, money market, and certificate accounts.
Siga Resources Inc, (OTCPK:SGAE)
Gold can be found in rivers, seas and land in many parts of the earth. Gold can be melted and shaped, to create any design. It can be alloyed with a number of other metals to increase strength and produce a variety of colors. Gold has extraordinarily high reflective powers that are relied upon in the shielding that protects spacecrafts and satellites from solar radiation and in industrial and medical lasers that use gold-coated reflectors to focus light energy.
Siga Resources Inc, founded in 2007, is based in South Lake Tahoe, California. Siga is a mineral resource exploration and development company. Siga's strategy targets properties that have the potential for near term production and early positive cash flow. Siga's general geographical interest is North and South America.
Siga Resources Inc. President and CEO, Edwin Morrow, is pleased to announced that Bentley Fairview Resources Co. Ltd., of Ontario, Canada, the Joint Venture Partner for the Big Bear Mining Claims located in San Bernardino County, California, has advanced the initial payment for the initiation of a work program on the Big Bear Mining Claims.
This is the initial payment of a $10,000,000 Joint Venture entered by the two companies with the goal of proving the indicated gold resources on the Big Bear claims and if warranted, developing the Big Bear property to possible production. Siga's work program and the beginning of evaluation of the project are underway as of Aug 3, 2011.
The work program will consist of extensive mapping of existing trenches, outcrop, oxidized zones and other previous workings including drill sites. Geochem sampling of large areas of the claim group along with sampling of all pits and trenches will be conforming with previous mapped and sampled areas which returned assays of greater than .01 oz/ton gold in the soil geochem. These areas of greater than .01 oz/ton gold covered a large area of the claim group and give rise to the anticipated total indicated contained ounces of gold which could range from 1 to 2 million ounces.
The Big Bear project is currently controlled under an agreement to acquire 100 percent of the property. It is situated near Lucerne Valley, CA and currently consists of approx 1440 acres (approx 2.25 square miles) of mining claims. The Big Bear Claims are on the North eastern edge of the San Bernardino Mountains. The project area is known historically as the Blackhawk mining District has been a previous producer of gold and silver. The area is believed to contain economically viable gold mineralization, particularly at the current metals prices. Anticipated total contained gold based on existing reports and studies could be in the range of 2 to 3 million ounces.
Siga Resources is also developing the Lucky Thirteen Placer in British Columbia. Currently in a 50/50 Joint Venture, Siga has installed a 50 cubic yard/hour washing and separation plant and associated excavation machinery which is being employed for bulk sample testing to determine recoverable grades and aid design of a larger production facility which could be in place before year's end.
For more information please visit website at http://sigaresourcesinc.com
Altisource Portfolio Solutions S.A. (Nasdaq:ASPS) recognized $144.2 million of Service Revenue for the six months ended June 30, 2011, a 30% increase over the same period in 2010. The Company sequentially grew Service Revenue in the second quarter through higher sales of Real Estate Owned (REO) properties, due to seasonality and expansion of the title insurance business. Sequential growth in Service Revenue was constrained by Financial Services, due to seasonality as well as completion of a temporary assignment in the first quarter, and by Mortgage Services due to decreased foreclosure referrals which resulted in reduced title search and default management services revenues.
Altisource Portfolio Solutions S.A. provides services related to real estate and mortgage portfolio management, asset recovery, and customer relationship management primarily in the United States.
Cleantech Transit Inc (OTCPK:CLNO)
Cleantech Transit Inc. was founded to capitalize on technology advances and manufacturing opportunities in the growing clean energy public transportation sector. Cleantech Transit Inc has expanded its focus to invest directly in specific green projects that could maximize shareholder value. Recognizing the many economic and operational advances of converting wood waste into renewable sources of energy, Cleantech Transit Inc. has selected to invest in Phoenix Energy (www.phoenixenergy.net). This project could benefit the Company's manufacturing clients worldwide.
Biomass energy is an inexhaustible and renewable energy source. The products obtained are biogas and biofuel. Heat and electricity are generated during biomass energy production. Biomass briquettes are the substances which produce electricity. The electricity generated by the briquettes is much cleaner than that obtained from fossil fuels. It does not emit any greenhouse gases.
Cleantech Transit, Inc. (OTCPK:CLNO) is pleased to announce it has met its funding requirement to secure the Company's ability to earn in 25% of the 500KW Merced Project.
The Company is in the final stages of closing its initial interest in the Merced Project and is currently working on completing the necessary documentation and expects closing the transaction soon. As previously announced Cleantech has the option to earn up to 40% of the Merced Project and the Company plans to continue to work towards increasing its interest in the Merced Project as they move ahead.
For more information about CLNO, visit www.cleantechtransitinc.com
Merchants Bancshares, Inc. (NASDAQ:MBVT), the parent company of Merchants Bank, announced net income of $3.63 million and $6.73 million, or diluted earnings per share of $0.58 and $1.08, for the quarter and six months ended June 30, 2011, respectively. This compares with net income of $4.59 million and $8.42 million, or diluted earnings per share of $0.74 and $1.37, for the quarter and six months ended June 30, 2010, respectively. Merchants previously announced the declaration of a dividend of $0.28 per share, payable August 18, 2011, to shareholders of record as of August 4, 2011. The return on average assets was 0.98% and 0.91% for the quarter and six months ended June 30, 2011 compared to 1.29% and 1.19% for the same periods in 2010. The return on average equity was 14.20% and 13.38% for the quarter and six months ended June 30, 2011 compared to 19.48% and 18.10% for the same periods in 2010.
Merchants Bancshares, Inc. operates as the bank holding company for The Merchants Bank that provides commercial banking products and services in Vermont.
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