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
PMC-Sierra, Inc. (NASDAQ:PMCS)
PMCS, the premier Internet infrastructure semiconductor solution provider, recently provided an update to its business outlook for the third quarter of 2010.
PMCS now expects its net revenues in the third quarter ending September 26, 2010, to be in the range of $161 million to $163 million. PMCS's previous outlook for third quarter net revenues announced during the July 22, 2010 earnings conference call was a revenue range of $169 million to $177 million.
PMCS engages in the design, development, marketing, and support of semiconductor solutions for the enterprise infrastructure and communications infrastructure markets. PMCS was founded in 1983 and is based in Santa Clara, California.
To learn more about PMCS visit: http://www.pmc-sierra.com
PMC Commercial Trust (Amex:PCC)
PCC, a real estate investment trust, announced today that its Board of Trust Managers has declared a third quarter 2010 quarterly cash dividend of $0.16 per common share payable on October 12, 2010 to shareholders of record on September 30, 2010. The dividend is our 67th consecutive quarterly dividend.
PCC operates as a real estate investment trust (REIT). PCC primarily originates loans to small businesses, principally in the limited service hospitality industry, collateralized by first liens on the real estate of the related business. PCC has elected to be treated as a REIT under the Internal Revenue Code and would not be subject to federal income tax, provided it distributes approximately 90% of its taxable income to its shareholders. PCC was founded in 1993 and is headquartered in Dallas, Texas.
To learn more about PCC visit: http://www.pmctrust.com
PMFG, Inc. (Nasdaq:PMFG)
PMFG recently reported financial results for the fourth quarter and fiscal year ended June 30, 2010.
Fourth Quarter Fiscal Year 2010 Compared to Fourth Quarter Fiscal Year 2009:
- Revenues were $28.7 million, a decrease of $8.9 million, or 23.7%, compared to revenues of $37.6 million.
- Gross profit was $10.7 million, or 37.3% of revenues, a decrease of $2.6 million, compared to $13.3 million, or 35.3% of revenues.
- Operating expenses were $9.1 million, an increase of $0.1 million, compared to $9.0 million.
- Operating income was $1.7 million, or 5.9% of revenues, a decrease of $2.6 million, compared to $4.3 million, or 11.5% of revenues.
PMFG provides custom-engineered systems and products for the power generation, natural gas infrastructure, refining, and petrochemical processing markets worldwide. PMFG markets its products primarily through independent representatives, as well as directly to customers. PMFG was founded in 1933 and is headquartered in Dallas, Texas.
To learn more about PMFG visit: http://www.peerlessmfg.com
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