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Power3 Medical Products, Inc. (OTC:PWRM)
Power3 Medical Products, Inc. (OTC.BB:PWRM), a leading proteomics company focused on the development of innovative diagnostic tests in the fields of cancer and neurodegenerative diseases, today announced that company management believes it is making great progress in its focus on the development, sales, and marketing of its proprietary innovate diagnostic tests for breast cancer, pancreatic cancer, ovarian cancer, colon cancer, and certain neurodegenerative diseases, such as Alzheimer’s and Parkinson’s, to name a few.
In addition, Power3 is a party to several litigation matters, most of which relate to various toxic debt instruments that were entered into by Power3 several years ago when it operated under the tenure of Chairman and CEO, Steven B. Rash. Because current management believes these toxic debt instruments are responsible for Power3’s depressed stock price and have distracted the company from its mission, Power3 plans to settle as many of these nagging lawsuits as possible prior to the completion of its merger with Rozetta-Cell Life Sciences, Inc. As for those lawsuits that cannot be speedily resolved, Power3 will continue to rigorously defend its position. For example, one such lawsuit involves Neogenomics, Inc., which was recently granted a motion for summary judgment with respect to an amount due under a convertible debenture. Power3 intends to appeal this decision.
“We are very excited to be finally ridding ourselves of litigation that has plagued us for several years now,” stated Ira L. Goldknopf, President and Chief Scientific Officer of Power3 Medical Products, Inc. “We have big plans for the future beginning with our upcoming acquisition of Rozetta-Cell and are about to enter a long and substantial growth phase marked by advances in our science and intellectual property. Given the imminent nature of many of these transactions and breakthroughs, we have decided, in consultation with the financiers of Rozetta-Cell, that the best course of action for Power3 is to settle many of these lawsuits so that we can focus our attention exclusively on the acquisition of Rozetta-Cell and the development of our combined businesses after the merger.”
Rozetta-Cell Life Sciences, Inc. is a medical biotechnology company that focuses on the delivery and imaging of stem cells during therapy. Power3 plans to effect the acquisition of Rozetta-Cell by merging Rozetta-Cell with and into Power3, with Power3 remaining as the surviving company. The acquisition of Rozetta-Cell is expected to be completed in February 2011.
Global Hunter Corp. (the “Company”) (TSX.V: BOB.V) (FSE:G5D) has arranged a $2,500,000 loan to advance its Corona de Cobre project in Chile. The proceeds from the loan will be used by the Company to fund project expenses and for general working capital purposes.
The loan will have a two year term and loan principal will be convertible at the option of the lender in whole or in part into units (“Principal Units”) of the Company until eighteen months from the date of the loan advance at the price of $0.06 per Principal Unit. Each Principal Unit will be comprised of one common share and one-half of a non-transferable warrant. Each whole warrant will be exercisable to purchase one additional common share for $0.10 at any time until eighteen months from the date of the loan advance. The loan will bear interest at the rate of 12% per annum, payable on maturity, and accrued and unpaid interest will be convertible at the option of the lender in whole or in part into units (“Interest Units”) of the Company until eighteen months from the date of the loan advance at the price of $0.05 per Interest Unit. Each Interest Unit will be comprised of one common share and one-half of a non-transferable warrant. Each whole warrant will be exercisable to purchase one additional common share for $0.075 at any time until eighteen months from the date of the loan advance.
The lender is at arm’s length from the Company and will not become an insider as a result of any conversion of principal and interest. The loan principal and accrued interest will be secured by a pledge of the shares of the Company’s subsidiary, Global Hunter Chile Ltda., and may be repaid without penalty or bonus on 30 day’s notice. All shares issued on any conversion of loan principal or interest will be subject to a four month hold period from the date of advance of loan proceeds. A finder’s fee equal to 6% of the loan proceeds will be paid in cash as permitted by policies of the TSX Venture Exchange and applicable securities laws. The loan is subject to acceptance by the TSX Venture Exchange.
Copper is usually found in nature in association with sulfur. Pure copper metal is generally produced from a multistage process, beginning with the mining and concentrating of low-grade ores containing copper sulfide minerals, and followed by smelting and electrolytic refining to produce a pure copper cathode. An increasing share of copper is produced from acid leaching of oxidized ores. Copper is one of the oldest metals ever used and has been one of the important materials in the development of civilization. Because of its properties, singularly or in combination, of high ductility, malleability, and thermal and electrical conductivity, and its resistance to corrosion, copper has become a major industrial metal, ranking third after iron and aluminum in terms of quantities consumed. Electrical uses of copper, including power transmission and generation, building wiring, telecommunication, and electrical and electronic products, account for about three quarters of total copper use. Building construction is the single largest market, followed by electronics and electronic products, transportation, industrial machinery, and consumer and general products. Copper byproducts from manufacturing and obsolete copper products are readily recycled and contribute significantly to copper supply.
Lorillard, Inc. (NYSE:LO) announced that it will release fourth quarter and full year 2010 earnings on Monday, February 7, 2011. A conference call for analysts and investors will begin at 9:00 a.m. Eastern Time on February 7, 2011, which will be hosted by Murray S. Kessler, Chairman, President and Chief Executive Officer, and David H. Taylor, Executive Vice President, Finance and Planning and Chief Financial Officer. Investors can participate in the conference call by dialing (888) 239-6824 (domestic) or (706) 902-3787 (international). The passcode for this event is: 38327446.
Lorillard, Inc., through its subsidiaries, engages in the manufacture and sale of cigarettes in the United States. The company offers 41 different product offerings under the Newport, Kent, True, Maverick, Old Gold, and Max brand names.
PPG Industries Inc. (NYSE:PPG) announced plans to expand its 14-year relationship with Asian Paints Ltd. (NYSE:APL), India’s largest coatings company, to accelerate growth of the companies’ non-decorative coatings businesses in India. As part of a new agreement, PPG and APL will restructure their existing non-decorative coatings businesses to expand their current 50-50 joint venture, Mumbai-based Asian PPG Industries (OTCPK:APPG), and to create a second 50-50 joint venture. This restructuring is subject to Indian regulatory approvals and is expected to be completed during 2011. Financial terms were not disclosed.
PPG Industries, Inc. manufactures and supplies protective and decorative coatings. The company offers coatings products for automotive and commercial transport/fleet repair and refurbishing, specialty coatings for signs, and light industrial coatings; and sealants, coatings, and technical cleaners/transparencies for commercial, military, regional jet, and general aviation aircraft and transparent armor for military land vehicles.
Covance Inc. (NYSE:CVD) reported GAAP earnings for its fourth quarter ended December 31, 2010 of $0.45 per diluted share. Included in fourth quarter results is $0.22 per diluted share in costs from the previously-announced fourth quarter restructuring actions, partially offset by a gain of $0.11 per diluted share from favorable income tax resolutions in the quarter. Excluding these items, earnings per diluted share were $0.56 in the quarter. For the full-year, earnings per diluted share were $1.06 on a GAAP basis, inclusive of $1.15 per diluted share non-cash impairment charge incurred in the third quarter, $0.21 per diluted share in costs associated with restructuring charges incurred in the fourth quarter, partially offset by a gain of $0.27 per diluted share from favorable income tax resolutions during the year. Excluding these items, full-year earnings per diluted share were $2.15.
Covance Inc., a drug development services company, provides early-stage and late-stage product development services primarily to the pharmaceutical, biotechnology, and medical device industries worldwide.
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