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Orofino Gold Corp. (ORFG)
Orofino Gold Corp. has been working with Colombian utilities supplier Electricaribe to establish power to the villages of the local populations within Orofino's concessions. Buena Sena was supplied with electricity in July of 2010. And by mid May, Orofino expects to have complete electrical service established at La Azul.
La Azul's connection is coming from an intermediate station operating at 13,200 cycles/second located in the town of Rio Viejo. Once operational, La Azul's infrastructure is expected to initially be tied into a 50 kva transformer.
"When the power connection was established in Buena Sena last year, it was a very important date for that community," explains Orofino President and CEO, Mr. Ary F. Pernett Marquez. "Imagine what it would be like to have publicly supplied electricity for the first time in your life. We're excited that the residents and miners of La Azul will also be getting the benefits of such a vital piece of infrastructure."
In addition to providing a critical piece of infrastructure to promote growth of La Azul village, Orofino expects the connection to the region's power grid to significantly improve production capabilities of mine workers. As current production is being performed with outdated equipment powered only by generators, connecting La Azul to the region's power grid will enable Orofino to introduce modern mining equipment and technology.
Orofino has begun moving aggressively to confirm the current mineralogical interpretations, fast-tracking analysis work with a goal of beginning drilling within the year. La Azul features numerous geological similarities to Greystar's Angostura project and Ventana's La Bodega project, but La Azul is suspected to be of a higher grade and more easily accessible.
Gold conducts electricity, does not tarnish, is very easy to work, can be drawn into wire, can be hammered into thin sheets, alloys with many other metals, can be melted and cast into highly detailed shapes, has a wonderful color and a brilliant luster.
Orofino Gold Corp. has several Gold development properties in Colombia, a current hot spot of gold production in the world markets. Orofino Gold Corp. is a Colombia based gold producer founded as a private company in 2009 by former executives with over 50 cumulative years in mining exploration, finance, and development expertise. Orofino's corporate objective is to continue to build shareholder value through the exploration and development of Senderos de Oro and additional accretive acquisitions, capitalizing on the extensive experience and relationships that management has developed over the past 25 years.
For more information about Orofino Gold Corp. visit its website www.orofinogoldcorp.com
Sequenom Inc. (Nasdaq:SQNM) reported revenue of $13.5 million for the first quarter of 2011, an increase of 27% compared to revenue of $10.6 million for the first quarter of 2010. Net loss for the first quarter of 2011 was $12.7 million or $0.13 per share, a 25% reduction in losses for the quarter as compared to net loss of $16.9 million, or $0.27 per share for the same period in 2010. Gross margin for the first quarter of 2011 was 63% of revenue as compared to gross margin of 50% for the first quarter of 2010. This improvement reflects the increased revenues associated primarily with an increase in MassARRAY system sales due to higher average selling prices for SQNM MassARRAY 4 system, higher consumable sales and increased sales volumes in SQNM diagnostics business.
Sequenom, Inc. provides products, services, diagnostic testing, applications, and genetic analysis products that translate the results of genomic science into solutions for biomedical research, translational research, molecular medicine applications, and agricultural and livestock.
Echelon Corporation (Nasdaq:ELON) announced financial results for the first quarter ended March 31, 2011. Q1 Sales: $28.4 million (an increase of 56% from same quarter last year), Q1 Net Loss: $9.3 million GAAP; $6.1 million non-GAAP and Q1 Net Loss per Share: $0.22; GAAP; $0.15 non-GAAP. Total revenues for the first quarter were $28.4 million, up from $18.1 million in the same period last year, a 56% growth rate. Revenues from Echelon's Commercial products were $12.6 million in the first quarter, up from $12.3 million in the same period last year. Revenues from Echelon's Utility products were $14.6 million for the first quarter, up from $5.5 million in the same period last year. Enel revenues were $1.2 million, compared to $362,000 in the same period last year. Gross margin in the first quarter of 2011 was 46.3% compared with 46.2% in the first quarter of 2010. Total operating expenses for the quarter were $21.7 million compared to $19.0 million in the first quarter of 2010. GAAP net loss for the first quarter was $9.3 million, or $0.22 cents per share, compared to a net loss of $10.6 million, or $0.26 cents per share, in the same period last year. Non-GAAP net loss for the first quarter was $6.1 million, or $0.15 cents per share, compared to $7.3 million, or $0.18 cents per share for the first quarter of 2010.
Echelon Corporation develops, markets, and sells energy control networking solutions primarily in the Americas, Europe, the Middle East, Africa, and the Asia Pacific/Japan. Its solutions enable everyday devices, such as air conditioners, appliances, electricity meters, light switches, thermostats, and valves to be inter-connected.
Coleman Cable, Inc. (Nasdaq:CCIX) announced first-quarter 2011 financial results. Highlights: Adjusted EPS of $0.37 per diluted share, a 208.3 percent increase versus $0.12 last year; Sales increased to $205.8 million, up 31.9 percent compared to the first quarter of last year, with sales volume growth of 7.3 percent over last year; In April 2011, closed on three acquisitions: The Designers Edge, First Capitol Wire & Cable, and Continental Wire & Cable. Collectively, these acquisitions, which the company expect to fully integrate by the end of the second quarter of 2011, meaningfully expand CCIX production capabilities, product offerings and capacity in key areas of CCIX business; and In March 2011, entered merger agreement to acquire Technology Research Corporation ("TRC") (Nasdaq:TRCI) for $7.20 per share in cash, reflecting a purchase price of $51.5 million, and commenced a tender offer for all outstanding common stock of TRC in April 2011.
Coleman Cable, Inc. engages in the design, development, manufacture, and supply of electrical wire and cable products for consumer, commercial, and industrial applications in the United States and Canada.
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