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
Pizza Inn, Inc. (Nasdaq:PZZI)
PZZI earlier this month reported net income of $1.2 million, or $0.15 per share, for the fiscal year ended June 27, 2010, versus net income of $1.2 million, or $0.14 per share, for the prior fiscal year.
Highlights for the fourth quarter and fiscal year 2010 included:
- Pre-tax income from continuing operations was $2.2 million for fiscal 2010 compared to $1.9 million for the prior fiscal year, an increase of 16% compared to the prior fiscal year.
- PZZI opened more restaurants than it closed for the first time in eleven years. The opening of 25 restaurants during the fiscal year is the most in 5 years, while the closing of 22 restaurants during the year is the least in 13 years.
- Comparable domestic buffet restaurant sales decreased 7% for both fiscal 2010 and for the fourth quarter compared to the prior fiscal year.
- Total comparable domestic restaurant sales decreased 8% for both fiscal 2010 and for the fourth quarter compared to the prior fiscal year.
PZZI, together with its subsidiaries, operates and franchises pizza buffet, delivery/carry-out, and express restaurants in the United States and internationally. PZZI operates restaurants under Pizza Inn trademark. As of June 23, 2010, PZZI franchised approximately 315 restaurants, and directly owned and operated 3 restaurants. PZZI was founded in 1958 and is headquartered in The Colony, Texas.
To learn more about PZZI visit: http://www.pizzainn.com
Planar Systems, Inc. (NASDAQ:PLNR)
PLNR, a worldwide leader in specialty display solutions, recorded sales of $44.7 million and GAAP net income per share of $0.01 in the third fiscal quarter ended June 25, 2010. On a Non-GAAP basis, net income per share was $0.03 in the third quarter of fiscal 2010.
“I am pleased with our overall financial results this quarter, as we were able to exceed our expectations, grow revenue and return to profitability,” said Gerry Perkel, PLNR’s President and Chief Executive Officer. “We continue to be focused on driving revenue growth and improved profitability.”
PLNR, together with its subsidiaries, develops, manufactures, and markets electronic display products and systems in the United States and internationally. PLNR was founded in 1983 and is based in Beaverton, Oregon.
To learn more about PLNR visit: http://www.planar.com
Plains Exploration & Production Company (NYSE:PXP)
PXP announced this week it and certain of its subsidiaries have executed an agreement with McMoRan Exploration Co. (NYSE:MMR) to divest PXP's interests in properties located in Gulf of Mexico shallow water for a combination of cash and stock. PXP will receive $75 million in cash and 51 million shares of McMoRan common stock in exchange for PXP's interests in all of its Gulf of Mexico leasehold located in less than 500 feet of water ($818 million total consideration using McMoRan's stock price of $14.57 on September 17, 2010). These properties are currently producing approximately 45 million cubic feet of natural gas equivalents per day net to PXP and include estimated proved reserves of approximately 63.9 billion cubic feet of natural gas equivalents as of June 30, 2010. In conjunction with the transaction, McMoRan has secured $900 million of committed financing from an investor group and PXP will have the right to designate two directors to McMoRan's Board of Directors. Separately, PXP has begun the process of marketing the Company's Gulf of Mexico deepwater assets.
PXP engages in the acquisition, development, exploration, and production of oil and gas properties primarily in the United States. PXP owns interests in various oil and gas properties located in the onshore and offshore California, the Gulf Coast region, the Gulf of Mexico, the Mid-Continent region, and the Rocky Mountains, as well as an interest in an exploration prospect offshore Vietnam. As of December 31, 2009, PXP had estimated proved reserves of 359.5 million barrels of oil equivalent. PXP was founded in 2002 and is based in Houston, Texas.
To learn more about PXP visit: http://www.pxp.com
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