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
FreeSeas Inc. (Nasdaq:FREEZ)
FREEZ, a transporter of dry bulk cargoes through the ownership and operation of a fleet of seven Handysize vessels and two Handymax vessels, announced recently that it has entered into shipbuilding contracts for the construction of two Handysize dry bulk vessels of approximately 33,600 dwt each for an aggregate purchase price of approximately $48.8 million. The vessels are scheduled for delivery in the second and third quarter of 2012.
FREEZ, through its subsidiaries, operates as an international dry bulk shipping company. FREEZ transports various dry bulk commodities, including coal, grains, and iron ore, as well as bauxite, phosphate, fertilizers, steel products, sugar, and rice worldwide. As of December 31, 2008, FREEZ's fleet consisted of seven Handysize vessels and two Handymax vessels. FREEZ was founded in 2004 and is based in Piraeus, Greece.
To learn more about FREEZ visit: http://www.freeseas.gr
FreightCar America, Inc. (NASDAQ:RAIL)
RAIL announced earlier this month 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 designs and manufactures aluminum-bodied and steel-bodied railcars for use in various industries. It also refurbishes and rebuilds railcars, and sells forged, cast, and fabricated parts for all of the railcars it produces, as well as those manufactured by others. 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
Frontline Ltd. (NYSE:FRO)
While the economy is showing some signs of life, the shipping industry may be hard pressed to capitalize on it. The shipping industry is experiencing a large influx of new vessels, with the amount of ships in operation expected to grow by fifteen percent this year. This potential increase comes on the heels of a ten percent increase last year. The increase in tankers and decrease in general trading have caused some companies to temporarily suspend the leasing of some of their ships, in a move designed to strengthen demand. Despite the increased number of vessels, there is positive news for the industry out of China. With the economy still strong, the country is increasing its demand for coal as the winter season approaches, and is also importing iron ore and grains. While Japan's recent announcement of economic growth of only 0.4 percent has been disappointing, China has reported growth of 10.3 percent for the same period.
FRO, through its subsidiaries, engages in the ownership and operation of oil tankers and oil/bulk/ore (OBO) carriers. FRO primarily transports crude oil, as well as raw materials, such as coal and iron ore. FRO was founded in 1948 and is based in Hamilton, Bermuda.
To learn more about FRO visit: http://www.frontline.bm
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