ORLANDO, Fla., Sep 30, 2008 (GlobeNewswire) -- RedChip Visibility, a division of RedChip Companies, Inc., announced today that it has issued a second quarter 2008 research update for ZAGG, Inc. (OTCBB:ZAGG), a company that designs, manufactures and distributes protective clear coverings and accessories for consumer electronic and hand-held devices under the brand name invisibleSHIELD(tm).
Ekta Bhatia, MBS, RedChip Research Analyst, reported:
"Ahead of expectations, ZAGG demonstrated profitability in 2Q08 which we believed, comparatively, to be a sluggish quarter. The Company maintained its revenue drift, accomplishing 240% year-over-year revenue growth in the second quarter, and we expect firm growth going forward as the third and fourth quarters are usually fundamentally strong."
"ZAGG is aggressively pursuing alliances with big box retailers, and we believe these alliances will be catalysts to the Company's successful penetration in the market. Although ZAGG has competition, its first-mover advantage and reliable business association both at the back and front ends will give it an edge over the next two to three years," she continued.
"We believe ZAGG's evolution as an exclusive distributor of protective electronic coverings has been very impressive, and it offers a conservative investment opportunity in a specialty retail segment. We maintain our 'Speculative Buy' rating and have revised upward our 12-month target price to $2.25 to encapsulate the recent revenue and business gains amidst a difficult economic environment," Bhatia concluded.
To receive a complimentary copy of the RedChip Visibility Research Report for ZAGG, please visit: http://www.redchip.com/visibility/about.asp?page=vreport&reportid=136&from=09302008pr.
About RedChip Companies, Inc.
RedChip Companies is an international, small-cap research and financial public relations firm with offices in Orlando, Florida; Shanghai; and Paris, with affiliates in Atlanta and New York. RedChip delivers concrete, measurable results for its clients through its extensive national and international network of small-cap institutional and retail investors. RedChip has developed the most comprehensive platform of products and services for small-cap companies, including: RedChip Research(tm), Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences, RedChip Internet TV(tm), and RedChip Radio(tm). To learn more about RedChip's products and services please visit: http://www.redchip.com/visibility/productsandservices.asp.
"Discovering Tomorrow's Blue Chips Today"(tm)
The RedChip Companies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2761
Disclosure
None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. ZAGG, Inc. paid RedChip Visibility, a division of RedChip Companies, Inc., $30,000 for RedChip Visibility Program services, which included the preparation of this equity research report.
RedChip Companies, Inc., is currently engaged by this company to provide investor awareness services. Investor awareness services and programs are designed to help small-cap companies communicate their investment characteristics. ZAGG, Inc. agreed to pay RedChip Companies, Inc., a fee of $7,500 in cash and 50,000 shares of common stock under Rule 144 for six months of these services. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein.
To the fullest extent permissible under applicable law, RedChip Companies, Inc., will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information. To the fullest extent permitted by law, RedChip Companies, Inc., will not be liable to you or anyone else under any tort, contract, negligence, strict negligence, strict liability, products liability, or other theory with respect to this presentation of information.
RedChip Companies, Inc.
1-800-REDCHIP (733-2447 ext. 106)
Research@RedChip.com
www.RedChip.com
Tuesday, September 30, 2008
RedChip Visibility Issues Third Quarter 2008 Research Update On XsunX
ORLANDO, Fla., Sep 29, 2008 (GlobeNewswire) -- RedChip Visibility, a division of RedChip Companies, Inc., has issued a third quarter 2008 research update for XsunX Inc. (OTCBB:XSNX), a solar technology company engaged in designing and manufacturing a system for producing and marketing thin-film amorphous solar modules.
Neha Bhargava, MBA, RedChip Research Analyst, reported:
"XSNX recently announced its new business initiative, which marks a shift in its business strategy whereby the Company will not only sell wholesale to installers but will also utilize some of its production capacities and itself become the installer as well as operator of solar farms on a BOT (build-operate-transfer) basis."
"We continue to believe the stock will gain as the Company progresses toward commercial production of solar cells and modules. The current scenario gives us a view that XSNX is building a strong platform for future revenue opportunities as XSNX is identifying more solar power project opportunities for which it intends to bid for the power supply. Also, the Company is moving in the right direction by exploiting opportunities in the rapidly growing thin film solar PV market, which we believe offers the lowest manufacturing cost per watt at the module level and will likely maintain a cost per watt advantage over the more dominant crystalline silicon-based modules. We reiterate our 'Speculative Buy' rating on XSNX stock and raise our target price to $1.57," Bhargava concluded.
To receive a complimentary copy of the RedChip Visibility Research Report for XSNX, please visit: http://www.redchip.com/visibility/about.asp?page=vreport&reportid=135&from=09292008pr.
About RedChip Companies, Inc.
RedChip Companies is an international, small-cap research and financial public relations firm with offices in Orlando, Florida; Shanghai; and Paris, with affiliates in Atlanta and New York. RedChip delivers concrete, measurable results for its clients through its extensive national and international network of small-cap institutional and retail investors. RedChip has developed the most comprehensive platform of products and services for small-cap companies, including: RedChip Research(tm), Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences, RedChip Internet TV(tm), and RedChip Radio(tm). To learn more about RedChip's products and services please visit: http://www.redchip.com/visibility/productsandservices.asp.
"Discovering Tomorrow's Blue Chips Today"(tm)
Disclosure
None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. XsunX Inc. paid RedChip Visibility, a division of RedChip Companies, Inc., $30,000 for RedChip Visibility Program services, which included the preparation of this equity research report.
To the fullest extent permissible under applicable law, RedChip Companies, Inc., will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information. To the fullest extent permitted by law, RedChip Companies, Inc., will not be liable to you or anyone else under any tort, contract, negligence, strict negligence, strict liability, products liability, or other theory with respect to this presentation of information.
RedChip Companies, Inc.
1-800-REDCHIP (733-2447 ext. 106)
Research@RedChip.com
www.RedChip.com
Neha Bhargava, MBA, RedChip Research Analyst, reported:
"XSNX recently announced its new business initiative, which marks a shift in its business strategy whereby the Company will not only sell wholesale to installers but will also utilize some of its production capacities and itself become the installer as well as operator of solar farms on a BOT (build-operate-transfer) basis."
"We continue to believe the stock will gain as the Company progresses toward commercial production of solar cells and modules. The current scenario gives us a view that XSNX is building a strong platform for future revenue opportunities as XSNX is identifying more solar power project opportunities for which it intends to bid for the power supply. Also, the Company is moving in the right direction by exploiting opportunities in the rapidly growing thin film solar PV market, which we believe offers the lowest manufacturing cost per watt at the module level and will likely maintain a cost per watt advantage over the more dominant crystalline silicon-based modules. We reiterate our 'Speculative Buy' rating on XSNX stock and raise our target price to $1.57," Bhargava concluded.
To receive a complimentary copy of the RedChip Visibility Research Report for XSNX, please visit: http://www.redchip.com/visibility/about.asp?page=vreport&reportid=135&from=09292008pr.
About RedChip Companies, Inc.
RedChip Companies is an international, small-cap research and financial public relations firm with offices in Orlando, Florida; Shanghai; and Paris, with affiliates in Atlanta and New York. RedChip delivers concrete, measurable results for its clients through its extensive national and international network of small-cap institutional and retail investors. RedChip has developed the most comprehensive platform of products and services for small-cap companies, including: RedChip Research(tm), Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences, RedChip Internet TV(tm), and RedChip Radio(tm). To learn more about RedChip's products and services please visit: http://www.redchip.com/visibility/productsandservices.asp.
"Discovering Tomorrow's Blue Chips Today"(tm)
Disclosure
None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. XsunX Inc. paid RedChip Visibility, a division of RedChip Companies, Inc., $30,000 for RedChip Visibility Program services, which included the preparation of this equity research report.
To the fullest extent permissible under applicable law, RedChip Companies, Inc., will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information. To the fullest extent permitted by law, RedChip Companies, Inc., will not be liable to you or anyone else under any tort, contract, negligence, strict negligence, strict liability, products liability, or other theory with respect to this presentation of information.
RedChip Companies, Inc.
1-800-REDCHIP (733-2447 ext. 106)
Research@RedChip.com
www.RedChip.com
RedChip Drops Research Coverage On Alternative Construction Technologies
ORLANDO, Fla., Sep 26, 2008 (GlobeNewswire via COMTEX) -- RedChip Visibility, a division of RedChip Companies, Inc., today announced that it has dropped research coverage on Alternative Construction Technologies, Inc. (OTCBB:ACCY).
RedChip Companies' initial rating of "Buy" and 24-month target price of $12.28 issued November 1, 2007, recent 2008 ratings of "Speculative Buy" with a 12-month target price of $2.79 and "Sell" rating issued August 28, 2008, are no longer active. For further information on RedChip Companies, its rating system and its dropping coverage policy, please visit http://www.redchip.com/independent/redchipresearch.asp?show=dropped and review any and all pertinent policies and disclosures.
About Alternative Construction Technologies, Inc.
Alternative Construction Technologies possesses a unique and patented construction technology called the ACTech(r) Panel System that is used in the design and production of state of the art buildings in commercial, residential, industrial and modular building applications. Alternative Construction Technologies is headquartered in Melbourne, Florida.
About RedChip Companies, Inc.
RedChip Companies is an international, small-cap research and financial public relations firm with offices in Orlando, Florida; Shanghai; and Paris, with affiliates in Atlanta and New York. RedChip delivers concrete, measurable results for its clients through its extensive national and international network of small-cap institutional and retail investors. RedChip has developed the most comprehensive platform of products and services for small-cap companies, including: RedChip Research(tm), Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences, RedChip Internet TV(tm), and RedChip Radio(tm). To learn more about RedChip's products and services please visit: http://www.redchip.com/visibility/productsandservices.asp.
Disclosure
None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. Any investor should determine whether a particular security is suitable based on the investor's objectives, other securities holdings, financial situation needs, and tax status. Alternative Construction Technologies, Inc. paid RedChip Visibility, a division of RedChip Companies, Inc., $36,000 for RedChip Visibility Program services, which included the preparation of the equity research reports. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein.
To the fullest extent permissible under applicable law, RedChip Companies, Inc., will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information.
RedChip Companies, Inc.
1-800-REDCHIP (733-2447), Ext. 106
Research@RedChip.com
www.redchip.com
RedChip Companies' initial rating of "Buy" and 24-month target price of $12.28 issued November 1, 2007, recent 2008 ratings of "Speculative Buy" with a 12-month target price of $2.79 and "Sell" rating issued August 28, 2008, are no longer active. For further information on RedChip Companies, its rating system and its dropping coverage policy, please visit http://www.redchip.com/independent/redchipresearch.asp?show=dropped and review any and all pertinent policies and disclosures.
About Alternative Construction Technologies, Inc.
Alternative Construction Technologies possesses a unique and patented construction technology called the ACTech(r) Panel System that is used in the design and production of state of the art buildings in commercial, residential, industrial and modular building applications. Alternative Construction Technologies is headquartered in Melbourne, Florida.
About RedChip Companies, Inc.
RedChip Companies is an international, small-cap research and financial public relations firm with offices in Orlando, Florida; Shanghai; and Paris, with affiliates in Atlanta and New York. RedChip delivers concrete, measurable results for its clients through its extensive national and international network of small-cap institutional and retail investors. RedChip has developed the most comprehensive platform of products and services for small-cap companies, including: RedChip Research(tm), Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences, RedChip Internet TV(tm), and RedChip Radio(tm). To learn more about RedChip's products and services please visit: http://www.redchip.com/visibility/productsandservices.asp.
Disclosure
None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. Any investor should determine whether a particular security is suitable based on the investor's objectives, other securities holdings, financial situation needs, and tax status. Alternative Construction Technologies, Inc. paid RedChip Visibility, a division of RedChip Companies, Inc., $36,000 for RedChip Visibility Program services, which included the preparation of the equity research reports. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein.
To the fullest extent permissible under applicable law, RedChip Companies, Inc., will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information.
RedChip Companies, Inc.
1-800-REDCHIP (733-2447), Ext. 106
Research@RedChip.com
www.redchip.com
RedChip Drops Research Coverage On Newtek Business Services
ORLANDO, Fla., Sept. 24, 2008 (GLOBE NEWSWIRE) -- RedChip Independent, a division of RedChip Companies, Inc., today announced that it has dropped research coverage on Newtek Business Services, Inc. (Nasdaq:NEWT).
RedChip Companies' initial rating of "Speculative Buy" and target price of $3.50 and later ratings of "Buy" and target prices of $3.50 are no longer active. For further information on RedChip Companies, our rating system and our dropping coverage policy, please visit http://www.redchip.com/independent/redchipresearch.asp?show=dropped and review any and all pertinent policies and disclosures.
About Newtek Business Services
Newtek is a direct distributor of business and financial services to 88,000 small and medium-sized businesses, acting through it's wholly and majority owned subsidiaries. Newtek provides electronic merchant payment processing to more than 13,400 small business merchants and specializes in providing small business loans guaranteed by Small Business Administration. In addition, Newtek provides business brokerage, tax filings, advisory services, payroll services and business plan preparation, and deals in insurance products.
About RedChip Independent(tm)
RedChip Companies, Inc. is a well-established source of independent research and information on the small-cap market. Dedicated to "Discovering Tomorrow's Blue Chips Today,"(tm) its analysts seek out up-and-coming and undiscovered small-cap companies before they show up on Wall Street's radar screen. To view the full versions of RedChip Independent equity research reports, subscribe to RedChip's Research Community online by visiting http://www.redchip.com/research/researchmain.asp or call 1-800-REDCHIP.
The RedChip Companies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2761
Disclosure
Neither RedChip Companies nor the analyst has received any compensation from Newtek Business Services, Inc. or any other party for the writing and preparation of the equity research report(s). The analyst(s) contributing to the report(s) do not hold any shares of the subject securities. The report(s) are based on data obtained from sources we believe to be reliable but is not guaranteed as to accuracy and does not purport to be complete. Neither the information nor any opinion expressed constitutes an offer, or an invitation to make or garner an offer, to buy or sell any securities or any options, futures, or other derivatives related to such securities.
CONTACT:
RedChip Companies, Inc.
1-800-REDCHIP (733-2447 ext. 106)
Research@RedChip.com
www.RedChip.com
RedChip Companies' initial rating of "Speculative Buy" and target price of $3.50 and later ratings of "Buy" and target prices of $3.50 are no longer active. For further information on RedChip Companies, our rating system and our dropping coverage policy, please visit http://www.redchip.com/independent/redchipresearch.asp?show=dropped and review any and all pertinent policies and disclosures.
About Newtek Business Services
Newtek is a direct distributor of business and financial services to 88,000 small and medium-sized businesses, acting through it's wholly and majority owned subsidiaries. Newtek provides electronic merchant payment processing to more than 13,400 small business merchants and specializes in providing small business loans guaranteed by Small Business Administration. In addition, Newtek provides business brokerage, tax filings, advisory services, payroll services and business plan preparation, and deals in insurance products.
About RedChip Independent(tm)
RedChip Companies, Inc. is a well-established source of independent research and information on the small-cap market. Dedicated to "Discovering Tomorrow's Blue Chips Today,"(tm) its analysts seek out up-and-coming and undiscovered small-cap companies before they show up on Wall Street's radar screen. To view the full versions of RedChip Independent equity research reports, subscribe to RedChip's Research Community online by visiting http://www.redchip.com/research/researchmain.asp or call 1-800-REDCHIP.
The RedChip Companies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2761
Disclosure
Neither RedChip Companies nor the analyst has received any compensation from Newtek Business Services, Inc. or any other party for the writing and preparation of the equity research report(s). The analyst(s) contributing to the report(s) do not hold any shares of the subject securities. The report(s) are based on data obtained from sources we believe to be reliable but is not guaranteed as to accuracy and does not purport to be complete. Neither the information nor any opinion expressed constitutes an offer, or an invitation to make or garner an offer, to buy or sell any securities or any options, futures, or other derivatives related to such securities.
CONTACT:
RedChip Companies, Inc.
1-800-REDCHIP (733-2447 ext. 106)
Research@RedChip.com
www.RedChip.com
Monday, September 22, 2008
Quantum and German Solar Partner Asola Continue Expansion in Europe; Sign Agreement With Leading Italian Renewable Energy System Integrator
Monday September 22, 9:30 am ET
IRVINE, Calif., Sept. 22 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW) today announced that its German solar photovoltaic partner, Asola has signed an agreement to establish a joint venture in Southern Italy, to enable production and distribution of high quality, German-designed solar modules in Italy. The Italian partner, Eurobox Impianti s.r.l., is a leading developer of renewable energy projects including wind and solar power projects. The initial capacity is 30 MW (megawatts of peak power) solar modules consisting or mono- and poly-crystalline silicon solar modules, with a potential to generate revenues in excess of $100 Million annually. Asola will hold the controlling stake in this joint venture.
"This deal gives us access to the Italian market, which is the third largest solar energy market in Europe with potential for 250 MW in 2009", commented Reinhard Wecker, the founder and CEO of Asola. "Our partner brings significant experience in this fast-growing market. Their in-house project development and system integration capabilities allow them to undertake large solar power projects. We are happy to bring our 20-years of German solar experience and global sourcing knowledge to this key market".
"This agreement represents an important milestone for Asola and Quantum", said Alan P. Niedzwiecki, President and CEO of Quantum. "With the recently announced tripling of Asola's manufacturing capacity in Germany, and planned expansions Korea, Italy, and in California, we will be well-positioned to play an important role in the global solar energy industry".
Quantum holds a 25% stake in Asola, and has initiated discussions related to an expanded partnership in a "Centralized Holding Structure". Quantum and Asola have entered into a long-term supply agreement with Ersol Solar Energy AG for the procurement of 155 MW of high-efficiency silicon photovoltaic solar cells, starting in 2008. Together with supply contracts with other major suppliers around the world (i.e. SUNERGY, MOTECH and others), the Ersol agreement guarantees a steady supply of solar cells to Quantum and Asola. Resulting sales from these supply agreements are anticipated to generate in excess of US $600 million for Asola and Quantum.
About Quantum:
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
Quantum has co-founded a "green American car company" called Fisker Automotive, Inc. Fisker Automotive will offer a range of environmentally friendly premium cars, incorporating Quantum's proprietary high-performance plug-in-hybrid electric vehicle architecture, known as "Q-Drive," into a unique chassis that will enable optimizing the performance and vehicle dynamics. The Fisker KARMA, launched at the Detroit International Auto Show in January, 2008, incorporates an advanced solar-photovoltaic roof designed by Asola. More information is available at http://www.fiskerautomotive.com.
More information can be found about Quantum's products and services at http://www.qtww.com.
About Asola:
Asola Advanced and Automotive Solar Systems GmbH produces and markets high-quality silicon-based photovoltaic modules that comprise 4, 5, 6, or 6+ mono-crystalline or polycrystalline silicon cells. Asola's technologies include high output and high efficiency flat modules for residential and industrial applications, specialized spherical modules for automotive applications and modules for various thin film technologies. Asola is presently developing, for mass production for the plug-in-hybrid solar electric car, the Fisker KARMA, the most spherically-bent solar car roof in the world. More information can be found in http://www.asola-power.com. With additional expansions in Germany, the US, Italy etc., the Asola-Quantum group will soon become one of the most geographically diverse module manufacturers in the world.
Forward Looking Statements
Except for historical information, the statements, expectations, and assumptions contained in the foregoing press release are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company's expectations regarding expected future revenues and operating results; future opportunities for Asola and Quantum; Asola's ability to secure solar cells and fulfill orders in the future; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Such statements are subject to a number of risks and uncertainties, and actual results could differ materially from those discussed in any forward-looking statement. Factors that could cause actual results to differ materially from such forward-looking statements include, among other factors, Asola's ability to expand production, the overall expansion of the solar industry, and general economic conditions. Reference should also be made to the risk factors set forth from time to time in the Company's SEC reports, including but not limited to those contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2008. The Company does not undertake to update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
For more information regarding Quantum, please contact:
At Quantum:
Dale Rasmussen
Investor Relations
DRasmussen@qtww.com
1-206-315-8242
Dr. Neel Sirosh
Chief Technology Officer
nsirosh@qtww.com
1-949-399-4698
Investor Relations:
RedChip Companies, Inc.
Sanford Diday
1-800-REDCHIP (733-2447, Ext. 115)
info@redchip.com
http://www.redchip.com
At Asola:
Reinhard Wecker
CEO
r-wecker@asola-power.com
+49 (0) 3643 49 890 010
At Eurobox:
Silletti Nunzio
Managing Director
n.silletti@eurobox.it
+39 0521 303478
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
IRVINE, Calif., Sept. 22 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW) today announced that its German solar photovoltaic partner, Asola has signed an agreement to establish a joint venture in Southern Italy, to enable production and distribution of high quality, German-designed solar modules in Italy. The Italian partner, Eurobox Impianti s.r.l., is a leading developer of renewable energy projects including wind and solar power projects. The initial capacity is 30 MW (megawatts of peak power) solar modules consisting or mono- and poly-crystalline silicon solar modules, with a potential to generate revenues in excess of $100 Million annually. Asola will hold the controlling stake in this joint venture.
"This deal gives us access to the Italian market, which is the third largest solar energy market in Europe with potential for 250 MW in 2009", commented Reinhard Wecker, the founder and CEO of Asola. "Our partner brings significant experience in this fast-growing market. Their in-house project development and system integration capabilities allow them to undertake large solar power projects. We are happy to bring our 20-years of German solar experience and global sourcing knowledge to this key market".
"This agreement represents an important milestone for Asola and Quantum", said Alan P. Niedzwiecki, President and CEO of Quantum. "With the recently announced tripling of Asola's manufacturing capacity in Germany, and planned expansions Korea, Italy, and in California, we will be well-positioned to play an important role in the global solar energy industry".
Quantum holds a 25% stake in Asola, and has initiated discussions related to an expanded partnership in a "Centralized Holding Structure". Quantum and Asola have entered into a long-term supply agreement with Ersol Solar Energy AG for the procurement of 155 MW of high-efficiency silicon photovoltaic solar cells, starting in 2008. Together with supply contracts with other major suppliers around the world (i.e. SUNERGY, MOTECH and others), the Ersol agreement guarantees a steady supply of solar cells to Quantum and Asola. Resulting sales from these supply agreements are anticipated to generate in excess of US $600 million for Asola and Quantum.
About Quantum:
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
Quantum has co-founded a "green American car company" called Fisker Automotive, Inc. Fisker Automotive will offer a range of environmentally friendly premium cars, incorporating Quantum's proprietary high-performance plug-in-hybrid electric vehicle architecture, known as "Q-Drive," into a unique chassis that will enable optimizing the performance and vehicle dynamics. The Fisker KARMA, launched at the Detroit International Auto Show in January, 2008, incorporates an advanced solar-photovoltaic roof designed by Asola. More information is available at http://www.fiskerautomotive.com.
More information can be found about Quantum's products and services at http://www.qtww.com.
About Asola:
Asola Advanced and Automotive Solar Systems GmbH produces and markets high-quality silicon-based photovoltaic modules that comprise 4, 5, 6, or 6+ mono-crystalline or polycrystalline silicon cells. Asola's technologies include high output and high efficiency flat modules for residential and industrial applications, specialized spherical modules for automotive applications and modules for various thin film technologies. Asola is presently developing, for mass production for the plug-in-hybrid solar electric car, the Fisker KARMA, the most spherically-bent solar car roof in the world. More information can be found in http://www.asola-power.com. With additional expansions in Germany, the US, Italy etc., the Asola-Quantum group will soon become one of the most geographically diverse module manufacturers in the world.
Forward Looking Statements
Except for historical information, the statements, expectations, and assumptions contained in the foregoing press release are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company's expectations regarding expected future revenues and operating results; future opportunities for Asola and Quantum; Asola's ability to secure solar cells and fulfill orders in the future; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Such statements are subject to a number of risks and uncertainties, and actual results could differ materially from those discussed in any forward-looking statement. Factors that could cause actual results to differ materially from such forward-looking statements include, among other factors, Asola's ability to expand production, the overall expansion of the solar industry, and general economic conditions. Reference should also be made to the risk factors set forth from time to time in the Company's SEC reports, including but not limited to those contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2008. The Company does not undertake to update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
For more information regarding Quantum, please contact:
At Quantum:
Dale Rasmussen
Investor Relations
DRasmussen@qtww.com
1-206-315-8242
Dr. Neel Sirosh
Chief Technology Officer
nsirosh@qtww.com
1-949-399-4698
Investor Relations:
RedChip Companies, Inc.
Sanford Diday
1-800-REDCHIP (733-2447, Ext. 115)
info@redchip.com
http://www.redchip.com
At Asola:
Reinhard Wecker
CEO
r-wecker@asola-power.com
+49 (0) 3643 49 890 010
At Eurobox:
Silletti Nunzio
Managing Director
n.silletti@eurobox.it
+39 0521 303478
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
Thursday, September 18, 2008
Solar Stocks Sector Close Up - Solar Integrators Deliver Growth
Thursday September 18, 9:09 am ET
POINT ROBERTS, WA and DELTA, BC--(MARKET WIRE)--Sep 18, 2008 -- www.RenewableEnergyStocks.com, a leading investor news and research portal for the renewable energy sector within Investorideas.com, presents a sector close-up on solar stocks in the Green Investor series by environmental writer Paulo Nery. Solar stocks featured include Premier Power Renewable Energy Inc., Akeena Solar (AKNS) and XsunX, Inc. (OTC BB: XSNX.OB).
Green Investor at Investorideas.com
Column by Paulo Nery, Exclusively for Investorideas.com
Solar Integrators Deliver Growth
Excerpt: (Full story at http://www.investorideas.com/gi/)
While the whole market seemed to be slipping downhill on September 15th, there was one bold company that actually listed publicly that day and seemed to roar straight out of the gates. That company was Premier Power Renewable Energy Inc which launched on the Over the Counter (OTC) bulletin board via a reverse merger rather than a standard IPO.
Premier Power (www.premierpower.com) is one of several solar integration companies who make it their business to design and build solar power installations on a medium to large scale. They install systems for commercial, municipal and agricultural as well as residential customers. One of their core markets is wineries and vineyards. Premier operates in Spain, California, Nevada, New York and New Jersey. Plus they are now said to be looking for business in France and Italy.
According to the company's press release it closed a $7 million private placement of 3.5 million shares at $2 each. Their market capitalization comes in at $151.8 million. They claim customers such as KB Home, Pacific Gas and Electric (PG&E), Princeton University, Shafer Vineyards, Silverado Wineries, ATT, and Jay Leno among others.
Premier Power says they posted sales of $16.7 million in 2007 with a net income of $843,865 for the year. They also report that they have contracted $48 million in sales for 2008. At face value, that's almost 300% growth. However they've posted slightly under $18 million on their income statement for the first six months of 2008.
Premier's rapid growth in 2008 sales is impressive, but it could be partly due to clients rushing to get systems installed ahead of the expiration of the Federal tax credits at the end of this year. Several other solar installers and integrators have reported this happening among their clients too. Though the existing scheme of tax credits is widely expected to be extended or even made slightly better.
And while the business is obviously growing, solar power is not really economically viable yet at the true cost of solar photovoltaic panels. The entire solar industry is underpinned by government subsidy and incentives at the moment. That's a place where nothing is really for certain, and seems slightly uncomfortable to me. It's fairly clear that if Senator Obama wins the presidential election he'll be pushing for more solar incentives which will help companies like Premier. But Senator McCain's position is somewhat less clear.
Longer term, there are positive factors for solar integrators and installers. Firstly, silicon prices are falling. Then there are alternative solar technologies emerging like thin film which hold out the promise of much lower cost. Companies like XsunX (OTC BB: XSNX.OB) are working to complete the assembly of their multi-megawatt thin film manufacturing operations and begin delivering thin film solar modules to a growing market that is clamouring for more supplies and lower prices solutions. In addition to thin film technologies offering lower costs today experts expect that costs may continue to go lower still making thin film solutions such as those offered by XsunX highly attractive. Thin film is generally seen as a utility scale solution because of its lower efficiency and therefore greater area needed to generate the same power. But as its cost drops and efficiency increases it will make increasing sense for small commercial and residential applications. That could easily spark new demand and at the same time improve margins for the installers and integration companies.
Premier is by no means the only big solar installer/integrator play out there. Another to consider is Akeena Solar (AKNS) which with a market cap of $108 million, is a similar company to PPRW in size and in their operating regions. Akeena Solar (www.akeena.net) focuses on markets in California, New York, New Jersey, Pennsylvania, and Connecticut. But Akeena is also more focused on residential and small commercial market which according to SolarBuzz, a research and consulting firm, represent approximately 65 percent of the U.S. market, and will continue to do so through 2010.
Apart from these two there are hundreds of smaller private companies in the integration and installation space operating more locally. They'll offer competition and some may emerge in time as public companies too. And there are companies like BP who design and install systems as well as manufacturing panels. But being an integrated energy company, they are more levered to oil and can not be regarded as an investment play on solar.
Disclosure: Paulo Nery does not currently own shares of any of the companies named above.
Featured Showcase Solar Company XsunX: (OTC BB: XSNX.OB)
Based in Aliso Viejo, Calif., XsunX is developing amorphous silicon thin film photovoltaic (TFPV) solar cell manufacturing processes to produce TFPV solar modules. To deliver its products the Company has begun to build a multi-megawatt TFPV solar module production facility in the United States to meet the growing demand for solar cell products used in large scale commercial projects, utility power fields, and other on-grid applications. Employing a phased roll out of production capacity, it plans to grow manufacturing capacities to over 100 megawatts by 2010. More info on XsunX, Inc. can be found on our media profile at: http://www.investorideas.com/co/xsnx/default.asp or http://www.xsunx.com/.
About InvestorIdeas.com:
"One of the first online investor resources providing in-depth information on renewable energy, greentech and water sectors." InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. Disclosure: XsunX compensate the website $5000 per month. www.InvestorIdeas.com/About/Disclaimer.asp
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
POINT ROBERTS, WA and DELTA, BC--(MARKET WIRE)--Sep 18, 2008 -- www.RenewableEnergyStocks.com, a leading investor news and research portal for the renewable energy sector within Investorideas.com, presents a sector close-up on solar stocks in the Green Investor series by environmental writer Paulo Nery. Solar stocks featured include Premier Power Renewable Energy Inc., Akeena Solar (AKNS) and XsunX, Inc. (OTC BB: XSNX.OB).
Green Investor at Investorideas.com
Column by Paulo Nery, Exclusively for Investorideas.com
Solar Integrators Deliver Growth
Excerpt: (Full story at http://www.investorideas.com/gi/)
While the whole market seemed to be slipping downhill on September 15th, there was one bold company that actually listed publicly that day and seemed to roar straight out of the gates. That company was Premier Power Renewable Energy Inc which launched on the Over the Counter (OTC) bulletin board via a reverse merger rather than a standard IPO.
Premier Power (www.premierpower.com) is one of several solar integration companies who make it their business to design and build solar power installations on a medium to large scale. They install systems for commercial, municipal and agricultural as well as residential customers. One of their core markets is wineries and vineyards. Premier operates in Spain, California, Nevada, New York and New Jersey. Plus they are now said to be looking for business in France and Italy.
According to the company's press release it closed a $7 million private placement of 3.5 million shares at $2 each. Their market capitalization comes in at $151.8 million. They claim customers such as KB Home, Pacific Gas and Electric (PG&E), Princeton University, Shafer Vineyards, Silverado Wineries, ATT, and Jay Leno among others.
Premier Power says they posted sales of $16.7 million in 2007 with a net income of $843,865 for the year. They also report that they have contracted $48 million in sales for 2008. At face value, that's almost 300% growth. However they've posted slightly under $18 million on their income statement for the first six months of 2008.
Premier's rapid growth in 2008 sales is impressive, but it could be partly due to clients rushing to get systems installed ahead of the expiration of the Federal tax credits at the end of this year. Several other solar installers and integrators have reported this happening among their clients too. Though the existing scheme of tax credits is widely expected to be extended or even made slightly better.
And while the business is obviously growing, solar power is not really economically viable yet at the true cost of solar photovoltaic panels. The entire solar industry is underpinned by government subsidy and incentives at the moment. That's a place where nothing is really for certain, and seems slightly uncomfortable to me. It's fairly clear that if Senator Obama wins the presidential election he'll be pushing for more solar incentives which will help companies like Premier. But Senator McCain's position is somewhat less clear.
Longer term, there are positive factors for solar integrators and installers. Firstly, silicon prices are falling. Then there are alternative solar technologies emerging like thin film which hold out the promise of much lower cost. Companies like XsunX (OTC BB: XSNX.OB) are working to complete the assembly of their multi-megawatt thin film manufacturing operations and begin delivering thin film solar modules to a growing market that is clamouring for more supplies and lower prices solutions. In addition to thin film technologies offering lower costs today experts expect that costs may continue to go lower still making thin film solutions such as those offered by XsunX highly attractive. Thin film is generally seen as a utility scale solution because of its lower efficiency and therefore greater area needed to generate the same power. But as its cost drops and efficiency increases it will make increasing sense for small commercial and residential applications. That could easily spark new demand and at the same time improve margins for the installers and integration companies.
Premier is by no means the only big solar installer/integrator play out there. Another to consider is Akeena Solar (AKNS) which with a market cap of $108 million, is a similar company to PPRW in size and in their operating regions. Akeena Solar (www.akeena.net) focuses on markets in California, New York, New Jersey, Pennsylvania, and Connecticut. But Akeena is also more focused on residential and small commercial market which according to SolarBuzz, a research and consulting firm, represent approximately 65 percent of the U.S. market, and will continue to do so through 2010.
Apart from these two there are hundreds of smaller private companies in the integration and installation space operating more locally. They'll offer competition and some may emerge in time as public companies too. And there are companies like BP who design and install systems as well as manufacturing panels. But being an integrated energy company, they are more levered to oil and can not be regarded as an investment play on solar.
Disclosure: Paulo Nery does not currently own shares of any of the companies named above.
Featured Showcase Solar Company XsunX: (OTC BB: XSNX.OB)
Based in Aliso Viejo, Calif., XsunX is developing amorphous silicon thin film photovoltaic (TFPV) solar cell manufacturing processes to produce TFPV solar modules. To deliver its products the Company has begun to build a multi-megawatt TFPV solar module production facility in the United States to meet the growing demand for solar cell products used in large scale commercial projects, utility power fields, and other on-grid applications. Employing a phased roll out of production capacity, it plans to grow manufacturing capacities to over 100 megawatts by 2010. More info on XsunX, Inc. can be found on our media profile at: http://www.investorideas.com/co/xsnx/default.asp or http://www.xsunx.com/.
About InvestorIdeas.com:
"One of the first online investor resources providing in-depth information on renewable energy, greentech and water sectors." InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. Disclosure: XsunX compensate the website $5000 per month. www.InvestorIdeas.com/About/Disclaimer.asp
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
RedChip Independent Issues First Quarter 2009 Research Update on Synthetech
ORLANDO, Fla., Sept. 18, 2008 -- (PRIME NEWSWIRE) -- RedChip Independent, a division of RedChip Companies, Inc., has issued a first quarter 2009 research update for Synthetech, Inc. (OTCBB: NZYM), a fine chemicals company specializing in the development and manufacture of a wide array of products primarily for the pharmaceutical industry.
Abhinav Bhatnagar, MBA, RedChip Research Analyst, reported:
“Market conditions for NZYM’s products remain favorable as fine chemicals companies continue to restructure and focus on niche markets. This has led to higher capacity utilization rates which benefits companies such as Synthetech that execute large-scale projects. NZYM continues to execute large-scale projects to generate increasing amounts of revenue compared to corresponding quarters. In fact, large-scale projects remain the major source of revenue for the Company.”
“We expect NZYM’s order backlog to grow over the coming quarters due to a favorable domestic and Western European drug development market and the favorable exchange rate of the Euro relative to the U.S. dollar, which translates into increasing orders from Western European customers,” Bhatnagar continued.
“In view of continually favorable market conditions for NZYM’s products, we believe that the Company has substantial growth prospects and is poised to achieve greater profitability over the next couple of quarters. We reiterate our ‘Buy’ recommendation on NZYM,” he concluded.
About RedChip Independent™
RedChip Companies, Inc. is a well-established source of independent research and information on the small-cap market. Dedicated to “Discovering Tomorrow’s Blue Chips Today,”™ its analysts seek out up-and-coming and undiscovered small-cap companies before they show up on Wall Street’s radar. To view the full version of this report, to include the investment conclusion and target price, subscribe to RedChip’s Research Community online by visiting http://www.redchip.com/research/researchmain.asp or call 1-800-REDCHIP.
Disclosure
Neither RedChip Companies nor the analyst has received any compensation from Synthetech, Inc. or any other party for the writing and preparation of this equity research report. The analyst(s) contributing to this report do not hold any shares of the subject securities. This report is based on data obtained from sources we believe to be reliable but is not guaranteed as to accuracy and does not purport to be complete. Neither the information nor any opinion expressed constitutes an offer, or an invitation to make or garner an offer, to buy or sell any securities or any options, futures, or other derivatives related to such securities.
Contact:
RedChip Companies, Inc.
1-800-REDCHIP (733-2447 ext. 106)
Research@RedChip.com
www.RedChip.com
Abhinav Bhatnagar, MBA, RedChip Research Analyst, reported:
“Market conditions for NZYM’s products remain favorable as fine chemicals companies continue to restructure and focus on niche markets. This has led to higher capacity utilization rates which benefits companies such as Synthetech that execute large-scale projects. NZYM continues to execute large-scale projects to generate increasing amounts of revenue compared to corresponding quarters. In fact, large-scale projects remain the major source of revenue for the Company.”
“We expect NZYM’s order backlog to grow over the coming quarters due to a favorable domestic and Western European drug development market and the favorable exchange rate of the Euro relative to the U.S. dollar, which translates into increasing orders from Western European customers,” Bhatnagar continued.
“In view of continually favorable market conditions for NZYM’s products, we believe that the Company has substantial growth prospects and is poised to achieve greater profitability over the next couple of quarters. We reiterate our ‘Buy’ recommendation on NZYM,” he concluded.
About RedChip Independent™
RedChip Companies, Inc. is a well-established source of independent research and information on the small-cap market. Dedicated to “Discovering Tomorrow’s Blue Chips Today,”™ its analysts seek out up-and-coming and undiscovered small-cap companies before they show up on Wall Street’s radar. To view the full version of this report, to include the investment conclusion and target price, subscribe to RedChip’s Research Community online by visiting http://www.redchip.com/research/researchmain.asp or call 1-800-REDCHIP.
Disclosure
Neither RedChip Companies nor the analyst has received any compensation from Synthetech, Inc. or any other party for the writing and preparation of this equity research report. The analyst(s) contributing to this report do not hold any shares of the subject securities. This report is based on data obtained from sources we believe to be reliable but is not guaranteed as to accuracy and does not purport to be complete. Neither the information nor any opinion expressed constitutes an offer, or an invitation to make or garner an offer, to buy or sell any securities or any options, futures, or other derivatives related to such securities.
Contact:
RedChip Companies, Inc.
1-800-REDCHIP (733-2447 ext. 106)
Research@RedChip.com
www.RedChip.com
RedChip Independent Initiates Research Coverage on India Globalization Capital
Wednesday September 17, 11:37 am ET
ORLANDO, Fla., Sept. 17, 2008 (GLOBE NEWSWIRE) -- RedChip Independent, a division of RedChip Companies, Inc., has initiated coverage on India Globalization Capital, Inc. (AMEX: IGC), a company focused on developing infrastructure in India.
Vivek Srivastava, MBA, RedChip Research Analyst, reported:
"IGC through controlling interests in Sricon Infrastructure Private Limited (Sricon) and Techni Bharathi Limited (TBL), engages in highway and other heavy construction, mining and quarrying, and civil construction and engineering of high-temperature plants.''
"Infrastructure development in India has skyrocketed in the past few years, backed by an increased government thrust resulting from population growth and a surge in urbanization. Reflecting India's push to build out its infrastructure, IGC has already amassed an impressive order book, currently standing at $382 million, and is pursuing over $350 million worth of new contracts. With IGC's order book skewed in favor of transportation and construction projects (roads, highways, and heavy construction), the Company is in a favorable position to take advantage of the ongoing infrastructure investment occurring in India,'' Srivastava continued.
"India's economy is projected to become the third largest in the world, and the government of India expects to spend $475 billion on infrastructure by 2012. A robust order book and strong order pipeline give us confidence that IGC, through its subsidiaries Sricon and TBL, will be able to establish a strong presence in the infrastructure development market in India. We initiate coverage on IGC with a 'Speculative Buy' rating,'' he concluded.
About RedChip Independent(tm)
RedChip Companies Inc. is a well-established source of independent research and information on the small-cap market. Dedicated to "Discovering Tomorrow's Blue Chips Today,''(tm) its analysts seek out up-and-coming and undiscovered small-cap companies before they show up on Wall Street's radar screen. To view the full version of this report, including investment conclusion and target price, subscribe to RedChip's Research Community online at http://www.redchip.com/research/researchmain.asp or call 1-800-REDCHIP.
The RedChip Companies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2761
Disclosure
Neither RedChip Companies nor the analyst has received any compensation from India Globalization Capital, Inc. (IGC) or any other party for the writing and preparation of this equity research report. The analyst(s) contributing to this report do not hold any shares of the subject securities. This report is based on data obtained from sources we believe to be reliable but is not guaranteed as to accuracy and is not purported to be complete. Neither the information nor any opinion expressed constitutes an offer, or an invitation to make or garner an offer, to buy or sell any securities or any options, futures or other derivatives related to such securities. The subject security is currently engaged by RedChip Companies' investor relations division to provide investor awareness services, which is in no way related to RedChip Companies' Independent Research division. IGC agreed to pay RedChip Companies, Inc. a fee of $10,000 per month and 10,000 shares of common stock under Rule 144 for twelve (12) months of these investor relations services only.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
ORLANDO, Fla., Sept. 17, 2008 (GLOBE NEWSWIRE) -- RedChip Independent, a division of RedChip Companies, Inc., has initiated coverage on India Globalization Capital, Inc. (AMEX: IGC), a company focused on developing infrastructure in India.
Vivek Srivastava, MBA, RedChip Research Analyst, reported:
"IGC through controlling interests in Sricon Infrastructure Private Limited (Sricon) and Techni Bharathi Limited (TBL), engages in highway and other heavy construction, mining and quarrying, and civil construction and engineering of high-temperature plants.''
"Infrastructure development in India has skyrocketed in the past few years, backed by an increased government thrust resulting from population growth and a surge in urbanization. Reflecting India's push to build out its infrastructure, IGC has already amassed an impressive order book, currently standing at $382 million, and is pursuing over $350 million worth of new contracts. With IGC's order book skewed in favor of transportation and construction projects (roads, highways, and heavy construction), the Company is in a favorable position to take advantage of the ongoing infrastructure investment occurring in India,'' Srivastava continued.
"India's economy is projected to become the third largest in the world, and the government of India expects to spend $475 billion on infrastructure by 2012. A robust order book and strong order pipeline give us confidence that IGC, through its subsidiaries Sricon and TBL, will be able to establish a strong presence in the infrastructure development market in India. We initiate coverage on IGC with a 'Speculative Buy' rating,'' he concluded.
About RedChip Independent(tm)
RedChip Companies Inc. is a well-established source of independent research and information on the small-cap market. Dedicated to "Discovering Tomorrow's Blue Chips Today,''(tm) its analysts seek out up-and-coming and undiscovered small-cap companies before they show up on Wall Street's radar screen. To view the full version of this report, including investment conclusion and target price, subscribe to RedChip's Research Community online at http://www.redchip.com/research/researchmain.asp or call 1-800-REDCHIP.
The RedChip Companies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2761
Disclosure
Neither RedChip Companies nor the analyst has received any compensation from India Globalization Capital, Inc. (IGC) or any other party for the writing and preparation of this equity research report. The analyst(s) contributing to this report do not hold any shares of the subject securities. This report is based on data obtained from sources we believe to be reliable but is not guaranteed as to accuracy and is not purported to be complete. Neither the information nor any opinion expressed constitutes an offer, or an invitation to make or garner an offer, to buy or sell any securities or any options, futures or other derivatives related to such securities. The subject security is currently engaged by RedChip Companies' investor relations division to provide investor awareness services, which is in no way related to RedChip Companies' Independent Research division. IGC agreed to pay RedChip Companies, Inc. a fee of $10,000 per month and 10,000 shares of common stock under Rule 144 for twelve (12) months of these investor relations services only.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
Monday, September 15, 2008
Quantum and Asola Announce Solar Expansion into Korea - Signs JV Agreement With Q&Tech/Yongsan to Build a 30 MW Solar Production Facility
Monday September 15, 9:30 am ET
IRVINE, Calif., ISSERODA, Germany, and CHUNGNAM, Korea, Sept. 15 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW) today announced that its German solar photovoltaic partner, Asola has signed a Memorandum of Understanding to establish a joint venture manufacturing plant in South Korea, to enable production and distribution of high quality, German-designed solar modules in South Korea. The Korean partner Q&Tech / Yongsan Inc., is a high volume manufacturer of electronic and automotive components and a leading supplier to the global automotive industry. The initial capacity is 30 MW (megawatts of peak power) solar modules consisting or mono- and poly-crystalline silicon solar modules, with a potential to generate revenues in excess of $100 Million annually.
The manufacturing facility in Korea will employ equipment, processes and quality controls that are identical to Asola's state of the art 45 MW facility in Germany, incorporating Asola's 20-year solar module manufacturing experience. The modules will be designed in Germany, incorporating the best practices from the largest solar market in the world. Silicon solar cells are expected to be centrally purchased in Germany, to benefit from economies of scale.
"I look forward to a long and mutually beneficial relationship with our partner in Korea", said Reinhard Wecker, the founder and CEO of Asola. "Our strategy is to associate with organizations that are established players in the solar industry or experienced high volume manufacturers of similar products. Our partner is already a trusted supplier to the automotive, telecommunication and electronics industries, and we are pleased to work with them".
"South Korea, with their ambitious target of 1 GW (giga watts peak power) solar energy production by 2012, is one of the fastest growing solar energy markets in the world", commented Alan P. Niedzwiecki, President and CEO of Quantum. "Expansion into Korea provides us a timely vehicle for accelerated growth, to complement the markets in Europe".
"We were attracted to the Asola-Quantum team due to their automotive industry heritage and focus on innovation, precision engineering and quality. We look forward to launching a solar production plant as soon as possible to participate in the accelerated solar energy market development in this country", commented Seo Sang Jo, CEO of Q&Tech/Yongsan.
Quantum holds a 25% stake in Asola, and has initiated discussions related to an expanded partnership in a "Centralized Holding Structure". Quantum and Asola have entered into a long-term supply agreement with Ersol Solar Energy AG for the procurement of 155 MW of high-efficiency silicon photovoltaic solar cells, starting in 2008. Together with supply contracts with other major suppliers around the world (i.e. SUNERGY, MOTECH and others), the Ersol agreement guarantees a steady supply of solar cells to Quantum and Asola. Resulting sales from these supply agreements are anticipated to generate in excess of US $600 million for Asola and Quantum.
About Quantum:
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
Quantum has co-founded a "green American car company" called Fisker Automotive, Inc. Fisker Automotive will offer a range of environmentally friendly premium cars, incorporating Quantum's proprietary high-performance plug-in-hybrid electric vehicle architecture, known as "Q-Drive," into a unique chassis that will enable optimizing the performance and vehicle dynamics. "Fisker Karma" launched at the Detroit International Auto Show in January, 2008, incorporates an advanced solar-photovoltaic roof designed by Asola. More information is available at http://www.fiskerautomotive.com. More information can be found about Quantum's products and services at http://www.qtww.com.
About Asola:
Asola Advanced and Automotive Solar Systems GmbH produces and markets high-quality silicon-based photovoltaic modules that comprise 4, 5, 6, or 6+ mono-crystalline or polycrystalline silicon cells. Asola's technologies include high output and high efficiency flat modules for residential and industrial applications, specialized spherical modules for automotive applications and modules for various thin film technologies. Asola is presently developing, for mass production for the plug-in-hybrid solar electric car, "Fisker Karma", the most spherically-bent solar car roof in the world. More information can be found in http://www.asola-power.com. With additional expansions in Germany, the US, Italy etc., the Asola-Quantum group will soon become a most geographically diverse module manufacturer in the world.
About Q&Tech/Yongsan:
Quality & Technology Korea Inc. and parent Yongsan Co., Ltd. are leading manufacturers of electronic and automotive components for leading OEMs around the world. The companies were initially formed in 1979, and are listed in the Korean stock exchange and are publicly traded companies. Further information can be found in http://www.qntec.co.kr and http://www.yong-san.co.kr.
Forward Looking Statements
Except for historical information, the statements, expectations, and assumptions contained in the foregoing press release are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company's expectations regarding expected future revenues and operating results; future opportunities for Asola and Quantum; Asola's ability to secure solar cells and fulfill orders in the future; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Such statements are subject to a number of risks and uncertainties, and actual results could differ materially from those discussed in any forward-looking statement. Factors that could cause actual results to differ materially from such forward-looking statements include, among other factors, Asola's ability to expand production, the overall expansion of the solar industry, and general economic conditions. Reference should also be made to the risk factors set forth from time to time in the Company's SEC reports, including but not limited to those contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2008. The Company does not undertake to update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
For more information regarding Quantum, please contact:
At Quantum:
Dale Rasmussen
Investor Relations
DRasmussen@qtww.com
1-206-315-8242
Dr. Neel Sirosh
Chief Technology Officer
nsirosh@qtww.com
1-949-399-4698
Investor Relations:
RedChip Companies, Inc.
Sanford Diday
1-800-REDCHIP (733-2447, Ext. 115)
info@redchip.com
http://www.redchip.com
At Asola:
Reinhard Wecker
CEO
r-wecker@asola-power.com
+49 (0) 3643 49 890 010
At Q&Tech/Yongsan:
Won-Sang, Kim
Director of Overseas Marketing
wskim@yong-san.co.kr
+82 41 540 4403
View QTWW Company page with latest Research Reports Here.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
IRVINE, Calif., ISSERODA, Germany, and CHUNGNAM, Korea, Sept. 15 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW) today announced that its German solar photovoltaic partner, Asola has signed a Memorandum of Understanding to establish a joint venture manufacturing plant in South Korea, to enable production and distribution of high quality, German-designed solar modules in South Korea. The Korean partner Q&Tech / Yongsan Inc., is a high volume manufacturer of electronic and automotive components and a leading supplier to the global automotive industry. The initial capacity is 30 MW (megawatts of peak power) solar modules consisting or mono- and poly-crystalline silicon solar modules, with a potential to generate revenues in excess of $100 Million annually.
The manufacturing facility in Korea will employ equipment, processes and quality controls that are identical to Asola's state of the art 45 MW facility in Germany, incorporating Asola's 20-year solar module manufacturing experience. The modules will be designed in Germany, incorporating the best practices from the largest solar market in the world. Silicon solar cells are expected to be centrally purchased in Germany, to benefit from economies of scale.
"I look forward to a long and mutually beneficial relationship with our partner in Korea", said Reinhard Wecker, the founder and CEO of Asola. "Our strategy is to associate with organizations that are established players in the solar industry or experienced high volume manufacturers of similar products. Our partner is already a trusted supplier to the automotive, telecommunication and electronics industries, and we are pleased to work with them".
"South Korea, with their ambitious target of 1 GW (giga watts peak power) solar energy production by 2012, is one of the fastest growing solar energy markets in the world", commented Alan P. Niedzwiecki, President and CEO of Quantum. "Expansion into Korea provides us a timely vehicle for accelerated growth, to complement the markets in Europe".
"We were attracted to the Asola-Quantum team due to their automotive industry heritage and focus on innovation, precision engineering and quality. We look forward to launching a solar production plant as soon as possible to participate in the accelerated solar energy market development in this country", commented Seo Sang Jo, CEO of Q&Tech/Yongsan.
Quantum holds a 25% stake in Asola, and has initiated discussions related to an expanded partnership in a "Centralized Holding Structure". Quantum and Asola have entered into a long-term supply agreement with Ersol Solar Energy AG for the procurement of 155 MW of high-efficiency silicon photovoltaic solar cells, starting in 2008. Together with supply contracts with other major suppliers around the world (i.e. SUNERGY, MOTECH and others), the Ersol agreement guarantees a steady supply of solar cells to Quantum and Asola. Resulting sales from these supply agreements are anticipated to generate in excess of US $600 million for Asola and Quantum.
About Quantum:
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
Quantum has co-founded a "green American car company" called Fisker Automotive, Inc. Fisker Automotive will offer a range of environmentally friendly premium cars, incorporating Quantum's proprietary high-performance plug-in-hybrid electric vehicle architecture, known as "Q-Drive," into a unique chassis that will enable optimizing the performance and vehicle dynamics. "Fisker Karma" launched at the Detroit International Auto Show in January, 2008, incorporates an advanced solar-photovoltaic roof designed by Asola. More information is available at http://www.fiskerautomotive.com. More information can be found about Quantum's products and services at http://www.qtww.com.
About Asola:
Asola Advanced and Automotive Solar Systems GmbH produces and markets high-quality silicon-based photovoltaic modules that comprise 4, 5, 6, or 6+ mono-crystalline or polycrystalline silicon cells. Asola's technologies include high output and high efficiency flat modules for residential and industrial applications, specialized spherical modules for automotive applications and modules for various thin film technologies. Asola is presently developing, for mass production for the plug-in-hybrid solar electric car, "Fisker Karma", the most spherically-bent solar car roof in the world. More information can be found in http://www.asola-power.com. With additional expansions in Germany, the US, Italy etc., the Asola-Quantum group will soon become a most geographically diverse module manufacturer in the world.
About Q&Tech/Yongsan:
Quality & Technology Korea Inc. and parent Yongsan Co., Ltd. are leading manufacturers of electronic and automotive components for leading OEMs around the world. The companies were initially formed in 1979, and are listed in the Korean stock exchange and are publicly traded companies. Further information can be found in http://www.qntec.co.kr and http://www.yong-san.co.kr.
Forward Looking Statements
Except for historical information, the statements, expectations, and assumptions contained in the foregoing press release are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company's expectations regarding expected future revenues and operating results; future opportunities for Asola and Quantum; Asola's ability to secure solar cells and fulfill orders in the future; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Such statements are subject to a number of risks and uncertainties, and actual results could differ materially from those discussed in any forward-looking statement. Factors that could cause actual results to differ materially from such forward-looking statements include, among other factors, Asola's ability to expand production, the overall expansion of the solar industry, and general economic conditions. Reference should also be made to the risk factors set forth from time to time in the Company's SEC reports, including but not limited to those contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2008. The Company does not undertake to update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
For more information regarding Quantum, please contact:
At Quantum:
Dale Rasmussen
Investor Relations
DRasmussen@qtww.com
1-206-315-8242
Dr. Neel Sirosh
Chief Technology Officer
nsirosh@qtww.com
1-949-399-4698
Investor Relations:
RedChip Companies, Inc.
Sanford Diday
1-800-REDCHIP (733-2447, Ext. 115)
info@redchip.com
http://www.redchip.com
At Asola:
Reinhard Wecker
CEO
r-wecker@asola-power.com
+49 (0) 3643 49 890 010
At Q&Tech/Yongsan:
Won-Sang, Kim
Director of Overseas Marketing
wskim@yong-san.co.kr
+82 41 540 4403
View QTWW Company page with latest Research Reports Here.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
New Generation Biofuels Announces First Commercial Scale Plant
Monday September 15, 9:00 am ET
Biofuel production facility to be located in Baltimore, Maryland
LAKE MARY, Fla., Sept. 15 /PRNewswire-FirstCall/ -- Renewable fuels provider, New Generation Biofuels Holdings, Inc. (AMEX: GNB), today announced the signing of a site lease and a terminaling services agreement to locate their first commercial scale biofuel manufacturing plant at the port location of Atlantic Terminaling in Baltimore, Maryland. Based on current projections of sales and timing to complete financing, New Generation Biofuels (NGB) expects to complete construction of the first 25 million gallon per year facility in the first quarter of 2009 and to launch production shortly thereafter. Once completed, NGB expects the facility to have a production capacity of up to 50 million gallons of second-generation biofuel a year to serve potential customers in Maryland and the mid Atlantic region.
Site development work will begin in the coming weeks. As recently announced, Chicago-based ECE Design will design the plant.
In addition to the production facilities to be constructed by NGB, the company will lease approximately 6 million gallons of storage tank capacity and related terminaling facilities for up to 20 years. Atlantic Terminaling will provide on site logistics services including the receipt of feedstocks and shipping of finished product using rail, barge, and truck loading and unloading facilities.
"We are excited to take another step forward in developing our first commercial-scale manufacturing plant in Baltimore," said New Generation Biofuels CEO & President, David A. Gillespie. "The location at the Atlantic Terminaling site well positions us to take advantage of the projected growth in renewable energy demand throughout the eastern US."
Established in 2006, New Generation Biofuels produces a renewable energy product that is different from traditional biofuels. Their second-generation biofuel is produced using a simple proprietary blending process that combines water, proprietary additives and vegetable oil or other feedstocks. This process is simpler, cleaner, less expensive and less energy intensive than traditional production methods and results in a biofuel that has superior technical and environmental performance at a lower cost than other first generation biofuels.
"With our ideally situated location within the port of Baltimore and our existing storage, rail, truck and barge access infrastructure already in place, this is an ideal fit for both New Generation Biofuels and Atlantic Terminaling," said Alan Bock, President, Atlantic Terminaling. "We are very excited to be working with a company that is re-defining biofuels."
About New Generation Biofuels Holdings, Inc.
New Generation Biofuels is a development stage renewable fuels provider. We hold an exclusive license for North America, Central America and the Caribbean to commercialize proprietary technology to manufacture alternative biofuels from vegetable oils and animal fats that we market as a new class of biofuel for power generation, heavy equipment, marine use and as heating fuel. We believe our proprietary biofuel can provide a lower cost, renewable alternative energy source with significantly lower emissions than traditional fuels. Our business model calls for establishing direct sales from manufacturing plants that we may purchase or build and sublicensing our technology to qualified licensees.
Forward Looking Statements
This news release contains forward-looking statements. These forward-looking statements concern our operations, prospects, plans, economic performance and financial condition and are based largely on our current beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. The risks and uncertainties related to our business include all the risks attendant a development stage business in the volatile energy industry, including, without limitation, the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2008.
Media Contact: Kate Withall or Benny Ross
(713) 524-0661 or kate@elmorepr.com or benny@elmorepr.com
Rob Schatz
Wolfe Axelrod Weinberger Associates, LLC
212-370-4500
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
Biofuel production facility to be located in Baltimore, Maryland
LAKE MARY, Fla., Sept. 15 /PRNewswire-FirstCall/ -- Renewable fuels provider, New Generation Biofuels Holdings, Inc. (AMEX: GNB), today announced the signing of a site lease and a terminaling services agreement to locate their first commercial scale biofuel manufacturing plant at the port location of Atlantic Terminaling in Baltimore, Maryland. Based on current projections of sales and timing to complete financing, New Generation Biofuels (NGB) expects to complete construction of the first 25 million gallon per year facility in the first quarter of 2009 and to launch production shortly thereafter. Once completed, NGB expects the facility to have a production capacity of up to 50 million gallons of second-generation biofuel a year to serve potential customers in Maryland and the mid Atlantic region.
Site development work will begin in the coming weeks. As recently announced, Chicago-based ECE Design will design the plant.
In addition to the production facilities to be constructed by NGB, the company will lease approximately 6 million gallons of storage tank capacity and related terminaling facilities for up to 20 years. Atlantic Terminaling will provide on site logistics services including the receipt of feedstocks and shipping of finished product using rail, barge, and truck loading and unloading facilities.
"We are excited to take another step forward in developing our first commercial-scale manufacturing plant in Baltimore," said New Generation Biofuels CEO & President, David A. Gillespie. "The location at the Atlantic Terminaling site well positions us to take advantage of the projected growth in renewable energy demand throughout the eastern US."
Established in 2006, New Generation Biofuels produces a renewable energy product that is different from traditional biofuels. Their second-generation biofuel is produced using a simple proprietary blending process that combines water, proprietary additives and vegetable oil or other feedstocks. This process is simpler, cleaner, less expensive and less energy intensive than traditional production methods and results in a biofuel that has superior technical and environmental performance at a lower cost than other first generation biofuels.
"With our ideally situated location within the port of Baltimore and our existing storage, rail, truck and barge access infrastructure already in place, this is an ideal fit for both New Generation Biofuels and Atlantic Terminaling," said Alan Bock, President, Atlantic Terminaling. "We are very excited to be working with a company that is re-defining biofuels."
About New Generation Biofuels Holdings, Inc.
New Generation Biofuels is a development stage renewable fuels provider. We hold an exclusive license for North America, Central America and the Caribbean to commercialize proprietary technology to manufacture alternative biofuels from vegetable oils and animal fats that we market as a new class of biofuel for power generation, heavy equipment, marine use and as heating fuel. We believe our proprietary biofuel can provide a lower cost, renewable alternative energy source with significantly lower emissions than traditional fuels. Our business model calls for establishing direct sales from manufacturing plants that we may purchase or build and sublicensing our technology to qualified licensees.
Forward Looking Statements
This news release contains forward-looking statements. These forward-looking statements concern our operations, prospects, plans, economic performance and financial condition and are based largely on our current beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. The risks and uncertainties related to our business include all the risks attendant a development stage business in the volatile energy industry, including, without limitation, the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2008.
Media Contact: Kate Withall or Benny Ross
(713) 524-0661 or kate@elmorepr.com or benny@elmorepr.com
Rob Schatz
Wolfe Axelrod Weinberger Associates, LLC
212-370-4500
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
Friday, September 12, 2008
New Generation Biofuels' Common Stock Approved for Listing on NASDAQ Capital Market
Friday September 12, 4:15 pm ET
Stock will be listed as NGBF upon switch to NASDAQ
LAKE MARY, Fla., Sept. 12 /PRNewswire-FirstCall/ -- Renewable fuels provider, New Generation Biofuels Holdings, Inc. (AMEX: GNB), today announced that it has received approval to list its common stock on the NASDAQ Capital Market under the symbol "NGBF." New Generation has notified the American Stock Exchange (AMEX) of its intention to list on the NASDAQ Capital Market and to delist its common stock from the AMEX. Trading on the NASDAQ Capital Market is expected to commence on or around September 23, 2008. New Generation's common stock will continue to trade on the American Stock Exchange under the old symbol, GNB, until such date.
"We believe that NASDAQ's electronic multiple market maker structure will provide us with enhanced visibility, liquidity and greater exposure to institutional investors, while at the same time providing investors with the best prices, the fastest execution and the lowest cost per trade," said David A. Gillespie, New Generation's President and CEO.
Established in 2006, New Generation Biofuels produces a renewable energy product that is different from traditional biofuels. Their second-generation biofuel is produced using a simple proprietary blending process that combines water, proprietary additives and vegetable oil or other feedstocks. This process is simpler, cleaner, less expensive and less energy intensive than traditional production methods and results in a biofuel that has superior technical and environmental performance at a lower cost than other first generation biofuels.
About New Generation Biofuels Holdings, Inc.
New Generation Biofuels is a development stage renewable fuels provider. We hold an exclusive license for North America, Central America and the Caribbean to commercialize proprietary technology to manufacture alternative biofuels from vegetable oils and animal fats that we market as a new class of biofuel for power generation, heavy equipment, marine and heating fuel. We believe our proprietary biofuel can provide a lower cost, renewable alternative energy source with significantly lower emissions than traditional fuels. Our business model calls for establishing direct sales from manufacturing plants that we may purchase or build and sublicensing our technology to qualified licensees.
About NASDAQ
NASDAQ® is the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, its systems trade more shares per day than any other U.S. market. NASDAQ is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information on NASDAQ, visit the NASDAQ Web site at http://www.nasdaq.com or the NASDAQ Newsroom(SM) http://www.nasdaq.com/newsroom.
Forward Looking Statements
This news release contains forward-looking statements. These forward-looking statements concern our operations, prospects, plans, economic performance and financial condition and are based largely on our current beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. The risks and uncertainties related to our business include all the risks attendant a development stage business in the volatile energy industry, including, without limitation, the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2008.
Contact:
Cary J. Claiborne, Chief Financial Officer
New Generation Biofuels, Inc.
443-535-8660
Rob Schatz
Wolfe Axelrod Weinberger Associates, LLC
212-370-4500
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
Stock will be listed as NGBF upon switch to NASDAQ
LAKE MARY, Fla., Sept. 12 /PRNewswire-FirstCall/ -- Renewable fuels provider, New Generation Biofuels Holdings, Inc. (AMEX: GNB), today announced that it has received approval to list its common stock on the NASDAQ Capital Market under the symbol "NGBF." New Generation has notified the American Stock Exchange (AMEX) of its intention to list on the NASDAQ Capital Market and to delist its common stock from the AMEX. Trading on the NASDAQ Capital Market is expected to commence on or around September 23, 2008. New Generation's common stock will continue to trade on the American Stock Exchange under the old symbol, GNB, until such date.
"We believe that NASDAQ's electronic multiple market maker structure will provide us with enhanced visibility, liquidity and greater exposure to institutional investors, while at the same time providing investors with the best prices, the fastest execution and the lowest cost per trade," said David A. Gillespie, New Generation's President and CEO.
Established in 2006, New Generation Biofuels produces a renewable energy product that is different from traditional biofuels. Their second-generation biofuel is produced using a simple proprietary blending process that combines water, proprietary additives and vegetable oil or other feedstocks. This process is simpler, cleaner, less expensive and less energy intensive than traditional production methods and results in a biofuel that has superior technical and environmental performance at a lower cost than other first generation biofuels.
About New Generation Biofuels Holdings, Inc.
New Generation Biofuels is a development stage renewable fuels provider. We hold an exclusive license for North America, Central America and the Caribbean to commercialize proprietary technology to manufacture alternative biofuels from vegetable oils and animal fats that we market as a new class of biofuel for power generation, heavy equipment, marine and heating fuel. We believe our proprietary biofuel can provide a lower cost, renewable alternative energy source with significantly lower emissions than traditional fuels. Our business model calls for establishing direct sales from manufacturing plants that we may purchase or build and sublicensing our technology to qualified licensees.
About NASDAQ
NASDAQ® is the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, its systems trade more shares per day than any other U.S. market. NASDAQ is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information on NASDAQ, visit the NASDAQ Web site at http://www.nasdaq.com or the NASDAQ Newsroom(SM) http://www.nasdaq.com/newsroom.
Forward Looking Statements
This news release contains forward-looking statements. These forward-looking statements concern our operations, prospects, plans, economic performance and financial condition and are based largely on our current beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. The risks and uncertainties related to our business include all the risks attendant a development stage business in the volatile energy industry, including, without limitation, the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2008.
Contact:
Cary J. Claiborne, Chief Financial Officer
New Generation Biofuels, Inc.
443-535-8660
Rob Schatz
Wolfe Axelrod Weinberger Associates, LLC
212-370-4500
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
Wednesday, September 10, 2008
Quantum's Affiliate, Fisker Automotive, Raises $65 Million Privately
Wednesday September 10, 9:00 am ET
Solidifies Position in 'Green' Automotive Marketplace
IRVINE, Calif., Sept. 10 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW), a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles, today announced that its affiliate, Fisker Automotive, Inc., a "green" American premium sports car company, has completed its Series C financing round. The funding was completed on September 4, 2008 with a total investment of $65 million. The round was led by one new investor, an affiliate of Qatar Investment Authority (QIA). Existing investors, Palo Alto Investors and Kleiner Perkins Caufield & Byers, remain and also participated.
"This privately raised money validates what Quantum has been telling investors: principally, that the quality, value proposition, and international marketplace for these products not only exist but are on the precipice of inclusion into the mainstream psyche and marketplace of any person who uses a vehicle to fulfill their transportation needs," said Alan Niedzwiecki, President and CEO of Quantum Fuel Systems Technologies Worldwide.
The money raised will be used to support the development of Fisker Automotive's first production car, the Fisker Karma. The first-of-its-kind, four-door, plug-in hybrid premium sports car was unveiled in January 2008 at the North American International Auto Show (NAIAS). Initial deliveries of the Karma, which features cutting-edge, plug-in hybrid technology penned as the Q-DRIVE and developed by Quantum exclusively for Fisker Automotive, are expected to commence in the 4th quarter of 2009 with annual production projected to reach 15,000 automobiles.
"We are extremely pleased to have closed our C financing round at this time, particularly in light of the current market conditions," said Henrik Fisker, CEO of Fisker Automotive, Inc. "This shows investors, once again, that Fisker Automotive has a solid business plan and a globally experienced automotive team with very strong investors behind the company."
The close of Series C financing for Fisker Automotive comes on the heels of the January announcement that Kleiner Perkins had made a multi-million dollar investment in the company, building on the initial investment by Palo Alto Investors.
Fisker Automotive, Inc.
Fisker Automotive is a privately owned car company with Henrik Fisker serving as the President and CEO. Fisker Automotive was founded in 2007 by Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW) and Fisker Coachbuild, LLC.
About Quantum Fuel Systems Technologies Worldwide, Inc.
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's power-train engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid, plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles as well as modular, transportable, hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners. For more information, visit http://www.qtww.com.
Forward Looking Statements
Except for historical information, the statements, expectations, and assumptions contained in the foregoing press release are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company's expectations regarding expected future revenues and operating results; future opportunities for Quantum; the Company's ability to fulfill orders in the future; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Such statements are subject to a number of risks and uncertainties, and actual results could differ materially from those discussed in any forward-looking statement. Factors that could cause actual results to differ materially from such forward-looking statements include, among other factors, the marketplace for hybrid vehicles, the Company's ability to supply Q-Drives and general economic conditions. Reference should also be made to the risk factors set forth from time to time in the Company's SEC reports, including but not limited to those contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2008. The Company does not undertake to update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
Contact:
At the Company: Investor Relations:
Dale Rasmussen RedChip Companies, Inc.
Investor Relations Sanford Diday
Email: DRasmussen@qtww.com 1-800-REDCHIP (733-2447, Ext. 115)
1-206-315-8242 info@redchip.com
http://www.redchip.com
©2008 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
Solidifies Position in 'Green' Automotive Marketplace
IRVINE, Calif., Sept. 10 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW), a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles, today announced that its affiliate, Fisker Automotive, Inc., a "green" American premium sports car company, has completed its Series C financing round. The funding was completed on September 4, 2008 with a total investment of $65 million. The round was led by one new investor, an affiliate of Qatar Investment Authority (QIA). Existing investors, Palo Alto Investors and Kleiner Perkins Caufield & Byers, remain and also participated.
"This privately raised money validates what Quantum has been telling investors: principally, that the quality, value proposition, and international marketplace for these products not only exist but are on the precipice of inclusion into the mainstream psyche and marketplace of any person who uses a vehicle to fulfill their transportation needs," said Alan Niedzwiecki, President and CEO of Quantum Fuel Systems Technologies Worldwide.
The money raised will be used to support the development of Fisker Automotive's first production car, the Fisker Karma. The first-of-its-kind, four-door, plug-in hybrid premium sports car was unveiled in January 2008 at the North American International Auto Show (NAIAS). Initial deliveries of the Karma, which features cutting-edge, plug-in hybrid technology penned as the Q-DRIVE and developed by Quantum exclusively for Fisker Automotive, are expected to commence in the 4th quarter of 2009 with annual production projected to reach 15,000 automobiles.
"We are extremely pleased to have closed our C financing round at this time, particularly in light of the current market conditions," said Henrik Fisker, CEO of Fisker Automotive, Inc. "This shows investors, once again, that Fisker Automotive has a solid business plan and a globally experienced automotive team with very strong investors behind the company."
The close of Series C financing for Fisker Automotive comes on the heels of the January announcement that Kleiner Perkins had made a multi-million dollar investment in the company, building on the initial investment by Palo Alto Investors.
Fisker Automotive, Inc.
Fisker Automotive is a privately owned car company with Henrik Fisker serving as the President and CEO. Fisker Automotive was founded in 2007 by Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW) and Fisker Coachbuild, LLC.
About Quantum Fuel Systems Technologies Worldwide, Inc.
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's power-train engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid, plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles as well as modular, transportable, hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners. For more information, visit http://www.qtww.com.
Forward Looking Statements
Except for historical information, the statements, expectations, and assumptions contained in the foregoing press release are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company's expectations regarding expected future revenues and operating results; future opportunities for Quantum; the Company's ability to fulfill orders in the future; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Such statements are subject to a number of risks and uncertainties, and actual results could differ materially from those discussed in any forward-looking statement. Factors that could cause actual results to differ materially from such forward-looking statements include, among other factors, the marketplace for hybrid vehicles, the Company's ability to supply Q-Drives and general economic conditions. Reference should also be made to the risk factors set forth from time to time in the Company's SEC reports, including but not limited to those contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2008. The Company does not undertake to update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
Contact:
At the Company: Investor Relations:
Dale Rasmussen RedChip Companies, Inc.
Investor Relations Sanford Diday
Email: DRasmussen@qtww.com 1-800-REDCHIP (733-2447, Ext. 115)
1-206-315-8242 info@redchip.com
http://www.redchip.com
©2008 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
Quantum Technologies Reports Fiscal 2009 First Quarter Financial Results
Wednesday September 10, 8:30 am ET
IRVINE, Calif., Sept. 10 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW), a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles and applications including hydrogen fuel cell, hybrid, plug-in hybrid, and alternative fuel vehicles, today reported results for the three month period ended July 31, 2008. Conference call information is provided below.
First Quarter Operating Results
Total revenue in the first quarter of fiscal 2009 was $3.7 million compared to $3.5 million in the first quarter of fiscal 2008, a net increase of 6%. The increase in consolidated net revenue was mainly due to higher development program revenues, partially offset by lower product sales. The Company's consolidated operating loss increased from $5.7 million in the first quarter of fiscal 2008 to $6.2 million in the first quarter of fiscal 2009. The increase was primarily due to lower gross profits on product sales and in part to the costs and product delays incurred in connection with the consolidation of our engineering and manufacturing operations during the first quarter of fiscal 2009.
The Quantum Fuel Systems operating segment loss increased $0.4 million, or 14%, from $2.9 million in the first quarter of fiscal 2008 to $3.3 million in the first quarter of fiscal 2009. Corporate segment expenses remained unchanged at $2.9 million. The shared-based compensation expense related to FAS 123R was $0.6 million and depreciation and amortization expense was $0.9 million during the first quarter of fiscal 2009. Cash used from operations during the first quarter of fiscal 2009 was $1.4 million.
Contract revenue for the Quantum Fuel Systems segment increased $1.4 million, or 67%, from $2.1 million in the first quarter of fiscal 2008 to $3.5 million in the first quarter of fiscal 2009. The increase was primarily due to higher development program revenues arising from the Fisker Karma plug-in hybrid development program, military programs and other advanced propulsion system development programs. Product sales for the Quantum Fuel Systems segment decreased $1.3 million from $1.5 million in the first quarter of fiscal 2008 to $0.2 million in the first quarter of fiscal 2009. The decrease was primarily the result of the completion of the GM Equinox program which occurred in the fourth quarter of fiscal 2008.
Loss on Early Extinguishment of Debt
On May 30, 2008, the Company closed a series of transactions with its secured lender, pursuant to which the Company: (i) received $7.5 million in proceeds from a new loan, (ii) replaced an unexercised $5.0 million investment commitment from the lender with a new $10.0 million investment commitment, and (iii) substantially amended the terms of its outstanding borrowings under its $16.2 million Convertible Promissory Note and its $10.0 million Term Note B.
The May 2008 modifications to the Convertible Note include (i) adding a provision that entitles the holder to receive a "Make Whole Amount" upon conversion of all or part of the principal amount due under the Convertible Note, (ii) restricting the amount of principal that can be converted prior to November 30, 2008 to $8.0 million, subject to certain limited exceptions, and (iii) eliminating the anti-dilution conversion price reset provision. The Make Whole Amount is the sum of each interest coupon that the holder would otherwise have been paid through the extended maturity date (July 1, 2012) on the portion of the principal converted and is payable in shares of our common stock. The number of shares of our common stock issuable in payment of the Make-Whole Amount is determined by dividing the Make-Whole Amount by $1.50. The May 2008 modifications did not reset or change the Convertible Notes principal conversion price of $1.35.
The May 2008 modifications to the $10.0 million Term Note B changed the formula used to determine the principal amount due and payable, thus increasing the maximum principal amount potentially payable under the Term Note B by $15.0 million. The Note was also amended to preclude any prepayment of principal until January 17, 2010. The maximum number of shares issuable in payment of the principal due under the Term Note B remains fixed at 15.0 million.
The May 2008 modifications were considered to be substantial and there was as an implied exchange of debt instruments as prescribed by Emerging Issues Task Force (EITF) 96-19, "Debtor's Accounting for a Modification or Exchange of Debt Instruments," and EITF 06-06, "Debtor's Accounting for a Modification (or Exchange) of Convertible Debt Instruments." In accordance with EITF 96-19 and EITF 06-06, the Convertible Note and Term Note B instruments, with outstanding carrying values of $21.6 million ($16.2 million principal plus unamortized premium and accrued interest) and $10.0 million, respectively, just prior to the amendments, were considered replaced by the amended debt instruments and thus the instruments are required to be revalued. The revaluation considers the explicit value of the modifications as well as the implicit value of the conversion prices in relation to the market price of the Company's common stock on May 30, 2008, which was $2.43 per share. The amended Convertible Note and the amended Term Note B were revalued at $45.1 million and $26.3 million, respectively. The fair values of these two debt instruments are significantly higher than their carrying values primarily as a result of the differences between the contractual conversion prices and principal multipliers in relation to the closing market price of our common stock ($2.43 per share) on the date of the May 2008 modifications.
The replacement of the debt instruments resulted in a total non-cash charge of $39.8 million recorded during the first quarter of fiscal 2009 that is included in loss from continuing operations. The charge represents the difference between the carrying balance of the notes and the estimated fair values of the notes as amended. Since the implied premium totaling $39.8 million is presumed to represent equity in accordance with Accounting Principals Board (APB) 14, "Accounting for Convertible Debt," the implied premium is recorded as additional paid-in-capital under stockholders' equity.
Discontinued Operations
The Tecstar Automotive Group business segment ceased operations on January 16, 2008 upon transfer of substantially all of its assets to an affiliate of our lender. Accordingly, the activities of the Tecstar Automotive Group reporting segment are reported as discontinued operations for the first quarter of fiscal 2008. The discontinued operations of the Tecstar Automotive Group business segment generated losses, net of tax effects, of $61.0 million in the first quarter of fiscal 2008.
The Company's net loss from continuing operations increased from $5.8 million, or $0.08 a share, in the first quarter of fiscal 2008 to $47.2 million, or $0.59 a share, in the first quarter of fiscal 2009. The Company's net loss decreased from $66.8 million, or $0.94 a share, in the first quarter of fiscal 2008 to $47.2 million, or $0.59 a share, in the first quarter of fiscal 2009.
Recent Equity Financing
On August 25, 2008, the company completed a direct registered offering of common stock with a single institutional investor. The aggregate proceeds, before deducting placement agent fees and offering expenses, were $19.1 million.
Alan P. Niedzwiecki, President and CEO, stated, "The operating results during the quarter were impacted by low product sales as a result of the conclusion of shipments during the fourth quarter of fiscal 2008 of fuel systems for GM's Equinox Fuel Cell Hybrid vehicle. Development program activity remains strong and we are transitioning resources into our 'close-to-market' customer funded hybrid vehicle development programs -- which includes the Fisker Karma. Quantum continues to support next-generation vehicle development programs for General Motors and other vehicle manufacturers, but we expect product sales to remain light until the launch of certain vehicle programs in calendar 2009. Over the next year, we are expecting continued growth in our hybrid development programs as a result of our programs with Fisker Automotive and other automotive OEM customers, the military and government agencies."
Niedzwiecki continued, "We are excited about completing the recent equity financing which provides us strategic growth capital, particularly for the expansion of our solar and other clean technology initiatives. We remain focused on building upon our foundation as a premier fully integrated alternative energy company."
Quantum Fuel Systems Technologies Worldwide, Inc.
Condensed Statement of Operations
Three Months Ended
July 31,
2007 2008
Revenue:
Net product sales $1,455,383 $213,713
Contract revenue 2,053,904 3,516,977
Total revenue 3,509,287 3,730,690
Costs and expenses:
Cost of product sales 1,591,053 653,708
Research and development 3,195,511 4,619,442
Selling, general and
administrative 4,047,619 4,247,440
Amortization of intangibles 418,770 414,944
Total costs and expenses 9,252,953 9,935,534
Operating loss (5,743,666) (6,204,844)
Interest expense, net (446,287) (1,124,272)
Loss on early extinguishment of
debt - (39,763,016)
Minority interest in losses of
subsidiary 373,622 -
Equity in earnings of affiliates,
net - (60,750)
Other income (expense), net (7,606) (249)
Loss from continuing operations
before income taxes (5,823,937) (47,153,131)
Income tax expense (400) (400)
Net loss from continuing operations (5,824,337) (47,153,531)
Loss from discontinued operations,
net of tax effects (61,021,233) -
Net loss $(66,845,570) $(47,153,531)
Per share data - basic and diluted:
Loss from continuing operations $(0.08) $(0.59)
Loss from discontinued operations (0.86) -
Net loss $(0.94) $(0.59)
Number of shares used in per share
calculation -
basic and diluted 71,351,281 79,941,645
Cash Flow Information for Continuing
Operations:
Depreciation and amortization $883,642 $936,077
Net cash used in operating
activities (6,416,040) (1,432,919)
Net cash used in investing
activities (9,162,191) (3,665,053)
Net cash provided by financing
activities 14,109,279 8,085,580
April 30, July 31,
2008 2008
Balance Sheet Information:
Cash and cash equivalents $6,023,715 $9,011,323
Current assets 22,741,528 21,483,214
Property & equipment, net 3,852,566 4,829,736
Goodwill & intangibles, net 37,420,606 37,005,662
Total assets 68,785,620 69,581,622
Current liabilities 21,812,829 34,807,828
Long-term debt and other
liabilities 33,623,598 19,888,781
Stockholders' equity 13,349,193 14,885,013
Financial Results Call Scheduled:
Wednesday, September 10, 2008 6:00 a.m. Pacific time (9:00 a.m. Eastern time)
Conference Call Number: (706) 643-3625, ID #63906522
Participants should call this number 5 to 10 minutes prior to the starting time. An operator will check your name and organization and ask you to wait until the call begins.
For those of you unable to join us at this time, a playback of this call will be available via telephone approximately two hours after the call until September 24, 2008 at 1:30 p.m. Pacific time. The number for this service is (800) 642-1687 or (706) 645-9291. The call will also be available on the Company's Investor Relations web page: http://www.qtww.com/about/investor_information/conference_calls/index.php.
For assistance, please call Elaine Lovre at (206) 315-8242.
About Quantum
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
More information can be found about Quantum's products and services at http://www.qtww.com.
Quantum is a member of the Russell 2000® and Russell 3000® indexes.
Forward-Looking Statements
Statements in this document regarding future financial and operating results, future growth in customers and development programs, the development and commercialization of fuel cell vehicles and hybrids, solar and other clean technology opportunities, new or expanded customer contracts, the commitment of OEMs and other entities to the hydrogen economy, future opportunities for Quantum, the disposal of Tecstar and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including but not limited to statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward- looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: variations in pricing, engineering and material costs, development costs, other general costs and expenses; our ability to successfully transition into new OEM-level programs and other new model platforms with our OEM customers; costs and potential litigation associated with our acquisitions or the sale or restructure of Tecstar; the ability to retain key personnel; the Company's ability to successfully execute its business strategies; growth of the alternative fuel, fuel cell and hybrid vehicle markets; the levels of commitment by OEMs, governments and other entities to the commercialization of hybrid, fuel cell and alternative fuel technologies; our dependence on a concentrated number of customers for a substantial majority of our revenues; the timing of product cycles for our OEM customers; delays in the development of a commercial market for our products; our reliance on a limited number of suppliers for raw materials used in our products; shortages of raw materials; competitive conditions in the industry; business cycles affecting the markets in which the Company conducts business; government support and funding of hydrogen initiatives; and economic conditions generally. Additional factors may be found in Quantum's Form 10-K for the year ended April 30, 2008 and in the other documents filed by Quantum with the Securities and Exchange Commission.
Forward-looking statements are based on the beliefs, opinions, and expectations of the Company's management as of the date of this press release, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.
For more information regarding Quantum, please contact:
Dale Rasmussen
Investor Relations
+1-206-315-8242
Email: drasmussen@qtww.com
Investor and Public Relations:
Sanford Diday
RedChip Companies, Inc.
+1-407-644-4256
© 2008 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600
View QTWW Company page with latest Research Reports Here.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
IRVINE, Calif., Sept. 10 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW), a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles and applications including hydrogen fuel cell, hybrid, plug-in hybrid, and alternative fuel vehicles, today reported results for the three month period ended July 31, 2008. Conference call information is provided below.
First Quarter Operating Results
Total revenue in the first quarter of fiscal 2009 was $3.7 million compared to $3.5 million in the first quarter of fiscal 2008, a net increase of 6%. The increase in consolidated net revenue was mainly due to higher development program revenues, partially offset by lower product sales. The Company's consolidated operating loss increased from $5.7 million in the first quarter of fiscal 2008 to $6.2 million in the first quarter of fiscal 2009. The increase was primarily due to lower gross profits on product sales and in part to the costs and product delays incurred in connection with the consolidation of our engineering and manufacturing operations during the first quarter of fiscal 2009.
The Quantum Fuel Systems operating segment loss increased $0.4 million, or 14%, from $2.9 million in the first quarter of fiscal 2008 to $3.3 million in the first quarter of fiscal 2009. Corporate segment expenses remained unchanged at $2.9 million. The shared-based compensation expense related to FAS 123R was $0.6 million and depreciation and amortization expense was $0.9 million during the first quarter of fiscal 2009. Cash used from operations during the first quarter of fiscal 2009 was $1.4 million.
Contract revenue for the Quantum Fuel Systems segment increased $1.4 million, or 67%, from $2.1 million in the first quarter of fiscal 2008 to $3.5 million in the first quarter of fiscal 2009. The increase was primarily due to higher development program revenues arising from the Fisker Karma plug-in hybrid development program, military programs and other advanced propulsion system development programs. Product sales for the Quantum Fuel Systems segment decreased $1.3 million from $1.5 million in the first quarter of fiscal 2008 to $0.2 million in the first quarter of fiscal 2009. The decrease was primarily the result of the completion of the GM Equinox program which occurred in the fourth quarter of fiscal 2008.
Loss on Early Extinguishment of Debt
On May 30, 2008, the Company closed a series of transactions with its secured lender, pursuant to which the Company: (i) received $7.5 million in proceeds from a new loan, (ii) replaced an unexercised $5.0 million investment commitment from the lender with a new $10.0 million investment commitment, and (iii) substantially amended the terms of its outstanding borrowings under its $16.2 million Convertible Promissory Note and its $10.0 million Term Note B.
The May 2008 modifications to the Convertible Note include (i) adding a provision that entitles the holder to receive a "Make Whole Amount" upon conversion of all or part of the principal amount due under the Convertible Note, (ii) restricting the amount of principal that can be converted prior to November 30, 2008 to $8.0 million, subject to certain limited exceptions, and (iii) eliminating the anti-dilution conversion price reset provision. The Make Whole Amount is the sum of each interest coupon that the holder would otherwise have been paid through the extended maturity date (July 1, 2012) on the portion of the principal converted and is payable in shares of our common stock. The number of shares of our common stock issuable in payment of the Make-Whole Amount is determined by dividing the Make-Whole Amount by $1.50. The May 2008 modifications did not reset or change the Convertible Notes principal conversion price of $1.35.
The May 2008 modifications to the $10.0 million Term Note B changed the formula used to determine the principal amount due and payable, thus increasing the maximum principal amount potentially payable under the Term Note B by $15.0 million. The Note was also amended to preclude any prepayment of principal until January 17, 2010. The maximum number of shares issuable in payment of the principal due under the Term Note B remains fixed at 15.0 million.
The May 2008 modifications were considered to be substantial and there was as an implied exchange of debt instruments as prescribed by Emerging Issues Task Force (EITF) 96-19, "Debtor's Accounting for a Modification or Exchange of Debt Instruments," and EITF 06-06, "Debtor's Accounting for a Modification (or Exchange) of Convertible Debt Instruments." In accordance with EITF 96-19 and EITF 06-06, the Convertible Note and Term Note B instruments, with outstanding carrying values of $21.6 million ($16.2 million principal plus unamortized premium and accrued interest) and $10.0 million, respectively, just prior to the amendments, were considered replaced by the amended debt instruments and thus the instruments are required to be revalued. The revaluation considers the explicit value of the modifications as well as the implicit value of the conversion prices in relation to the market price of the Company's common stock on May 30, 2008, which was $2.43 per share. The amended Convertible Note and the amended Term Note B were revalued at $45.1 million and $26.3 million, respectively. The fair values of these two debt instruments are significantly higher than their carrying values primarily as a result of the differences between the contractual conversion prices and principal multipliers in relation to the closing market price of our common stock ($2.43 per share) on the date of the May 2008 modifications.
The replacement of the debt instruments resulted in a total non-cash charge of $39.8 million recorded during the first quarter of fiscal 2009 that is included in loss from continuing operations. The charge represents the difference between the carrying balance of the notes and the estimated fair values of the notes as amended. Since the implied premium totaling $39.8 million is presumed to represent equity in accordance with Accounting Principals Board (APB) 14, "Accounting for Convertible Debt," the implied premium is recorded as additional paid-in-capital under stockholders' equity.
Discontinued Operations
The Tecstar Automotive Group business segment ceased operations on January 16, 2008 upon transfer of substantially all of its assets to an affiliate of our lender. Accordingly, the activities of the Tecstar Automotive Group reporting segment are reported as discontinued operations for the first quarter of fiscal 2008. The discontinued operations of the Tecstar Automotive Group business segment generated losses, net of tax effects, of $61.0 million in the first quarter of fiscal 2008.
The Company's net loss from continuing operations increased from $5.8 million, or $0.08 a share, in the first quarter of fiscal 2008 to $47.2 million, or $0.59 a share, in the first quarter of fiscal 2009. The Company's net loss decreased from $66.8 million, or $0.94 a share, in the first quarter of fiscal 2008 to $47.2 million, or $0.59 a share, in the first quarter of fiscal 2009.
Recent Equity Financing
On August 25, 2008, the company completed a direct registered offering of common stock with a single institutional investor. The aggregate proceeds, before deducting placement agent fees and offering expenses, were $19.1 million.
Alan P. Niedzwiecki, President and CEO, stated, "The operating results during the quarter were impacted by low product sales as a result of the conclusion of shipments during the fourth quarter of fiscal 2008 of fuel systems for GM's Equinox Fuel Cell Hybrid vehicle. Development program activity remains strong and we are transitioning resources into our 'close-to-market' customer funded hybrid vehicle development programs -- which includes the Fisker Karma. Quantum continues to support next-generation vehicle development programs for General Motors and other vehicle manufacturers, but we expect product sales to remain light until the launch of certain vehicle programs in calendar 2009. Over the next year, we are expecting continued growth in our hybrid development programs as a result of our programs with Fisker Automotive and other automotive OEM customers, the military and government agencies."
Niedzwiecki continued, "We are excited about completing the recent equity financing which provides us strategic growth capital, particularly for the expansion of our solar and other clean technology initiatives. We remain focused on building upon our foundation as a premier fully integrated alternative energy company."
Quantum Fuel Systems Technologies Worldwide, Inc.
Condensed Statement of Operations
Three Months Ended
July 31,
2007 2008
Revenue:
Net product sales $1,455,383 $213,713
Contract revenue 2,053,904 3,516,977
Total revenue 3,509,287 3,730,690
Costs and expenses:
Cost of product sales 1,591,053 653,708
Research and development 3,195,511 4,619,442
Selling, general and
administrative 4,047,619 4,247,440
Amortization of intangibles 418,770 414,944
Total costs and expenses 9,252,953 9,935,534
Operating loss (5,743,666) (6,204,844)
Interest expense, net (446,287) (1,124,272)
Loss on early extinguishment of
debt - (39,763,016)
Minority interest in losses of
subsidiary 373,622 -
Equity in earnings of affiliates,
net - (60,750)
Other income (expense), net (7,606) (249)
Loss from continuing operations
before income taxes (5,823,937) (47,153,131)
Income tax expense (400) (400)
Net loss from continuing operations (5,824,337) (47,153,531)
Loss from discontinued operations,
net of tax effects (61,021,233) -
Net loss $(66,845,570) $(47,153,531)
Per share data - basic and diluted:
Loss from continuing operations $(0.08) $(0.59)
Loss from discontinued operations (0.86) -
Net loss $(0.94) $(0.59)
Number of shares used in per share
calculation -
basic and diluted 71,351,281 79,941,645
Cash Flow Information for Continuing
Operations:
Depreciation and amortization $883,642 $936,077
Net cash used in operating
activities (6,416,040) (1,432,919)
Net cash used in investing
activities (9,162,191) (3,665,053)
Net cash provided by financing
activities 14,109,279 8,085,580
April 30, July 31,
2008 2008
Balance Sheet Information:
Cash and cash equivalents $6,023,715 $9,011,323
Current assets 22,741,528 21,483,214
Property & equipment, net 3,852,566 4,829,736
Goodwill & intangibles, net 37,420,606 37,005,662
Total assets 68,785,620 69,581,622
Current liabilities 21,812,829 34,807,828
Long-term debt and other
liabilities 33,623,598 19,888,781
Stockholders' equity 13,349,193 14,885,013
Financial Results Call Scheduled:
Wednesday, September 10, 2008 6:00 a.m. Pacific time (9:00 a.m. Eastern time)
Conference Call Number: (706) 643-3625, ID #63906522
Participants should call this number 5 to 10 minutes prior to the starting time. An operator will check your name and organization and ask you to wait until the call begins.
For those of you unable to join us at this time, a playback of this call will be available via telephone approximately two hours after the call until September 24, 2008 at 1:30 p.m. Pacific time. The number for this service is (800) 642-1687 or (706) 645-9291. The call will also be available on the Company's Investor Relations web page: http://www.qtww.com/about/investor_information/conference_calls/index.php.
For assistance, please call Elaine Lovre at (206) 315-8242.
About Quantum
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
More information can be found about Quantum's products and services at http://www.qtww.com.
Quantum is a member of the Russell 2000® and Russell 3000® indexes.
Forward-Looking Statements
Statements in this document regarding future financial and operating results, future growth in customers and development programs, the development and commercialization of fuel cell vehicles and hybrids, solar and other clean technology opportunities, new or expanded customer contracts, the commitment of OEMs and other entities to the hydrogen economy, future opportunities for Quantum, the disposal of Tecstar and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including but not limited to statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward- looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: variations in pricing, engineering and material costs, development costs, other general costs and expenses; our ability to successfully transition into new OEM-level programs and other new model platforms with our OEM customers; costs and potential litigation associated with our acquisitions or the sale or restructure of Tecstar; the ability to retain key personnel; the Company's ability to successfully execute its business strategies; growth of the alternative fuel, fuel cell and hybrid vehicle markets; the levels of commitment by OEMs, governments and other entities to the commercialization of hybrid, fuel cell and alternative fuel technologies; our dependence on a concentrated number of customers for a substantial majority of our revenues; the timing of product cycles for our OEM customers; delays in the development of a commercial market for our products; our reliance on a limited number of suppliers for raw materials used in our products; shortages of raw materials; competitive conditions in the industry; business cycles affecting the markets in which the Company conducts business; government support and funding of hydrogen initiatives; and economic conditions generally. Additional factors may be found in Quantum's Form 10-K for the year ended April 30, 2008 and in the other documents filed by Quantum with the Securities and Exchange Commission.
Forward-looking statements are based on the beliefs, opinions, and expectations of the Company's management as of the date of this press release, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.
For more information regarding Quantum, please contact:
Dale Rasmussen
Investor Relations
+1-206-315-8242
Email: drasmussen@qtww.com
Investor and Public Relations:
Sanford Diday
RedChip Companies, Inc.
+1-407-644-4256
© 2008 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600
View QTWW Company page with latest Research Reports Here.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
Tuesday, September 9, 2008
Fisker Automotive Raises $65 Million in Series C Financing Round
Tuesday September 9, 9:01 am ET
IRVINE, Calif., Sept. 9 /PRNewswire/ -- Fisker Automotive, Inc., a green American premium sports car company, today announced that the company has completed its Series C financing round. The funding was completed on the 4th of September, 2008 with a total investment of $65 million. The round was led by a new investor, an affiliate of Qatar Investment Authority (QIA). Existing investors Palo Alto Investors and Kleiner Perkins Caufield & Byers also participated.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070905/LAW009LOGO)
The money raised will be used to support the development of Fisker Automotive's first production car, the Fisker Karma. The first-of-its-kind four-door plug-in hybrid premium sports car was unveiled in January at the North American International Auto Show (NAIAS). Featuring cutting-edge plug-in hybrid technology, penned as Q DRIVE, developed by Quantum Fuel Systems Technologies Worldwide, Inc. exclusively for Fisker Automotive, initial deliveries of the Karma are expected to commence in the 4th quarter of 2009 with annual production projected to reach 15,000 automobiles.
"We are extremely pleased to have closed our C financing round at this time, particularly in light of the current market conditions," said Henrik Fisker, CEO, Fisker Automotive, Inc. "This shows once again that Fisker Automotive has a solid business plan and a globally experienced automotive team with very strong investors behind the company."
The close of Series C financing for Fisker Automotive comes on the heels of the January announcement that Kleiner Perkins had made a multi-million dollar investment in the company, building on the initial investment by Palo Alto Investors.
Fisker Automotive, Inc.
Fisker Automotive is a privately owned car company with Henrik Fisker serving as the CEO. Fisker Automotive was founded in 2007 by Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW) and Fisker Coachbuild, LLC.
Inquiries: Sylvia Navarro
Telephone: 949-242-4909
Fax: 714-888-4256
press@fiskerautomotive.com
http://www.fiskerautomotive.com
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
IRVINE, Calif., Sept. 9 /PRNewswire/ -- Fisker Automotive, Inc., a green American premium sports car company, today announced that the company has completed its Series C financing round. The funding was completed on the 4th of September, 2008 with a total investment of $65 million. The round was led by a new investor, an affiliate of Qatar Investment Authority (QIA). Existing investors Palo Alto Investors and Kleiner Perkins Caufield & Byers also participated.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070905/LAW009LOGO)
The money raised will be used to support the development of Fisker Automotive's first production car, the Fisker Karma. The first-of-its-kind four-door plug-in hybrid premium sports car was unveiled in January at the North American International Auto Show (NAIAS). Featuring cutting-edge plug-in hybrid technology, penned as Q DRIVE, developed by Quantum Fuel Systems Technologies Worldwide, Inc. exclusively for Fisker Automotive, initial deliveries of the Karma are expected to commence in the 4th quarter of 2009 with annual production projected to reach 15,000 automobiles.
"We are extremely pleased to have closed our C financing round at this time, particularly in light of the current market conditions," said Henrik Fisker, CEO, Fisker Automotive, Inc. "This shows once again that Fisker Automotive has a solid business plan and a globally experienced automotive team with very strong investors behind the company."
The close of Series C financing for Fisker Automotive comes on the heels of the January announcement that Kleiner Perkins had made a multi-million dollar investment in the company, building on the initial investment by Palo Alto Investors.
Fisker Automotive, Inc.
Fisker Automotive is a privately owned car company with Henrik Fisker serving as the CEO. Fisker Automotive was founded in 2007 by Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW) and Fisker Coachbuild, LLC.
Inquiries: Sylvia Navarro
Telephone: 949-242-4909
Fax: 714-888-4256
press@fiskerautomotive.com
http://www.fiskerautomotive.com
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
Monday, September 8, 2008
Worldwide Energy and Manufacturing Announces $7.63 Million in New Solar Module Contracts
Monday September 8, 9:00 am ET
To Date Approximately $22 Million in New Solar Contracts Have Been Signed
SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA--(MARKET WIRE)--Sep 8, 2008 -- Worldwide Energy and Manufacturing USA, Inc. (OTC BB: WEMU.OB), a U.S.-based China manufacturing company specializing in products for customers in the industries of solar energy, aerospace, wireless telecommunications, medical equipment and automotive, today announced that its solar division, AmeriSolar, has signed $7.63 million in new solar module contracts from two new customers. To date, AmeriSolar has signed approximately $22 million in new contracts all of which is expected to be recorded during the 2008 calendar year.
Worldwide Energy's Chief Executive Officer Jimmy Wang stated, "Our solar division continues to obtain new module contracts demonstrating our successful integration into the renewable energy market. The worldwide demand for renewable alternative energy sources continue to drive our strong growth. We are excited about our strong financial performance, which has surpassed the company's projected revenues for the solar division for 2008. We will continue to expand our market share in the solar sector as we become one of the fastest growing companies in the clean-tech industry."
About Worldwide Energy and Manufacturing USA, Inc.
Worldwide Energy and Manufacturing USA, Inc. ("Worldwide"), headquartered in South San Francisco, California, is a 15-year-old engineering-oriented firm specializing in PV panel, mechanical, electronics and fiber optic products manufacturing. The company's worldwide customer base includes the industries of solar energy, wireless telecommunications, aerospace, automobiles and medical equipment. Subsidiaries include Shanghai Intech Electro Mechanical Products Co. Ltd., Shanghai Intech Electronics Manufacturing Co. Ltd. and Shanghai Intech Precision Mechanical Products Manufacturing Co. Ltd., located in Shanghai, China.
For further information on Worldwide Energy and Manufacturing USA, Inc., please visit http://www.wwmusa.com. You may register to receive Worldwide Energy and Manufacturing USA, Inc.'s future press releases or request to be added to the Company's distribution list by contacting John Ballard.
Forward-looking statements:
The above news release contains forward-looking statements. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of business risks, external factors and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events, or otherwise.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
To Date Approximately $22 Million in New Solar Contracts Have Been Signed
SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA--(MARKET WIRE)--Sep 8, 2008 -- Worldwide Energy and Manufacturing USA, Inc. (OTC BB: WEMU.OB), a U.S.-based China manufacturing company specializing in products for customers in the industries of solar energy, aerospace, wireless telecommunications, medical equipment and automotive, today announced that its solar division, AmeriSolar, has signed $7.63 million in new solar module contracts from two new customers. To date, AmeriSolar has signed approximately $22 million in new contracts all of which is expected to be recorded during the 2008 calendar year.
Worldwide Energy's Chief Executive Officer Jimmy Wang stated, "Our solar division continues to obtain new module contracts demonstrating our successful integration into the renewable energy market. The worldwide demand for renewable alternative energy sources continue to drive our strong growth. We are excited about our strong financial performance, which has surpassed the company's projected revenues for the solar division for 2008. We will continue to expand our market share in the solar sector as we become one of the fastest growing companies in the clean-tech industry."
About Worldwide Energy and Manufacturing USA, Inc.
Worldwide Energy and Manufacturing USA, Inc. ("Worldwide"), headquartered in South San Francisco, California, is a 15-year-old engineering-oriented firm specializing in PV panel, mechanical, electronics and fiber optic products manufacturing. The company's worldwide customer base includes the industries of solar energy, wireless telecommunications, aerospace, automobiles and medical equipment. Subsidiaries include Shanghai Intech Electro Mechanical Products Co. Ltd., Shanghai Intech Electronics Manufacturing Co. Ltd. and Shanghai Intech Precision Mechanical Products Manufacturing Co. Ltd., located in Shanghai, China.
For further information on Worldwide Energy and Manufacturing USA, Inc., please visit http://www.wwmusa.com. You may register to receive Worldwide Energy and Manufacturing USA, Inc.'s future press releases or request to be added to the Company's distribution list by contacting John Ballard.
Forward-looking statements:
The above news release contains forward-looking statements. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of business risks, external factors and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events, or otherwise.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
Elephant Talk Joins RedChip for the Nasdaq Closing Bell Ceremony
Monday September 8, 8:00 am ET
The company participated in the event held Aug. 21st in conjunction with RedChip's Emerging Markets Investment Conference in New York
NEW YORK, Sept. 8 /PRNewswire-FirstCall/ -- The chief executive officer of Elephant Talk Communications, Inc. (OTC.BB: ETAK.OB), Mr. Steven van der Velden, and Mr. Yves Van Sante, an Elephant Talk director and investor under QAT Investments where he is CEO, joined RedChip Companies, Inc. as they presided over the Nasdaq Closing Bell ceremony in New York City on August 21, 2008. In conjunction with the event, Mr. van der Velden, and Mr. Bruce Barren, Vice Chairman of Elephant Talk, also made a financial presentation to the analysts, brokers and individual investors at RedChip's Emerging Markets Small-Cap Investor conference in New York.
Elephant Talk's investor presentation, including PowerPoint slides, can be accessed online via RedChip's Web site, http://www.RedChip.com or via the following link: http://www.wsw.com/webcast/redchip/etak.ob/
In addition, Mr. Barren was interviewed during the conference on RedChip Internet TV, a business-oriented online interview program. The interview highlighted ET's positioning as a preferred outsourcing partner for global mobile telecom operators and its expansion into emerging markets to offer converged telecom network and proprietary telecom software solutions.
Mr. Barren's full webcast interview is accessible at http://www.redchip.com or via the following link: http://www.wsw.com/webcast/redchip/etak2.ob/index2.html
About Elephant Talk Communications
Elephant Talk Communications is positioning itself as an international telecom operator and enabler/systems integrator to the multimedia industry by facilitating the distribution of all forms of content, as well as mobile and fixed-telecom services, to global telecommunications consumers. The company provides traditional telecom services, media streaming, and distribution services primarily to the business-to-business (B2B) community within the telecommunications market. Elephant Talk is also a systems integrator and developer for mobile telecom and content distribution solutions; and, as a Mobile Virtual Network Enabler (MVNE), the company has positioned itself as the premier outsourcing partner for both Mobile Network Operators (MNO's) as well as for Mobile Virtual Network Operators (MVNO's). Elephant Talk is positioning itself as the preferred MVNE partner of the larger, global Mobile Operators and currently operates sophisticated networks in over a dozen markets in Europe, Asia Pacific, and the Middle East.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here; however, readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
The company participated in the event held Aug. 21st in conjunction with RedChip's Emerging Markets Investment Conference in New York
NEW YORK, Sept. 8 /PRNewswire-FirstCall/ -- The chief executive officer of Elephant Talk Communications, Inc. (OTC.BB: ETAK.OB), Mr. Steven van der Velden, and Mr. Yves Van Sante, an Elephant Talk director and investor under QAT Investments where he is CEO, joined RedChip Companies, Inc. as they presided over the Nasdaq Closing Bell ceremony in New York City on August 21, 2008. In conjunction with the event, Mr. van der Velden, and Mr. Bruce Barren, Vice Chairman of Elephant Talk, also made a financial presentation to the analysts, brokers and individual investors at RedChip's Emerging Markets Small-Cap Investor conference in New York.
Elephant Talk's investor presentation, including PowerPoint slides, can be accessed online via RedChip's Web site, http://www.RedChip.com or via the following link: http://www.wsw.com/webcast/redchip/etak.ob/
In addition, Mr. Barren was interviewed during the conference on RedChip Internet TV, a business-oriented online interview program. The interview highlighted ET's positioning as a preferred outsourcing partner for global mobile telecom operators and its expansion into emerging markets to offer converged telecom network and proprietary telecom software solutions.
Mr. Barren's full webcast interview is accessible at http://www.redchip.com or via the following link: http://www.wsw.com/webcast/redchip/etak2.ob/index2.html
About Elephant Talk Communications
Elephant Talk Communications is positioning itself as an international telecom operator and enabler/systems integrator to the multimedia industry by facilitating the distribution of all forms of content, as well as mobile and fixed-telecom services, to global telecommunications consumers. The company provides traditional telecom services, media streaming, and distribution services primarily to the business-to-business (B2B) community within the telecommunications market. Elephant Talk is also a systems integrator and developer for mobile telecom and content distribution solutions; and, as a Mobile Virtual Network Enabler (MVNE), the company has positioned itself as the premier outsourcing partner for both Mobile Network Operators (MNO's) as well as for Mobile Virtual Network Operators (MVNO's). Elephant Talk is positioning itself as the preferred MVNE partner of the larger, global Mobile Operators and currently operates sophisticated networks in over a dozen markets in Europe, Asia Pacific, and the Middle East.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here; however, readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
EnterConnect Inc. Announces CEO Interview and Company Presentation Available Online
Monday September 8, 8:00 am ET
SAN JOSE, Calif., Sept. 8, 2008 (GLOBE NEWSWIRE) -- EnterConnect Inc. (OTC.BB: ECNI.OB), a leading provider of Enterprise-Proven On-Demand Business Portals, today announced that the company's CEO, Sam Jankovich, has been interviewed on RedChip Internet TV, a business-oriented online interview program. The interview highlighted the company's positioning as a provider of on-demand software solutions that reduce operational costs and drive productivity.
The webcast interview, which was conducted August 21, 2008, in conjunction with the company's presentation at RedChip's Small-Cap Investor Conference in New York, is accessible at http://www.RedChip.com or via the following link:
http://www.wsw.com/webcast/redchip/ecni2.ob/index2.html
EnterConnect's entire presentation to the analysts and brokers and individual investor's at the conference -- including PowerPoint slides -- can also be accessed online via RedChip's Web site or through the following link:
http://www.wsw.com/webcast/redchip/ecni.ob/index2.html
About EnterConnect
EnterConnect Inc. is a leading provider of enterprise-proven on-demand business portals that improve communication, collaboration and business processes to help companies increase customer satisfaction, growth and productivity. EnterConnect's portals enable customers, employees, partners, suppliers and other stakeholders to securely consolidate, collaborate and connect online -- at anytime, from anywhere - to accelerate business on-demand. EnterConnect solutions are based on a rich technology foundation in use at more than 50 Fortune 1000 companies. Now available on-demand, these solutions are used at leading organizations across diverse industries including Exide Technologies, John Thomas Capital Management, Piedmont Church, RedChip Companies, Rheem Manufacturing, Rush University Medical Center and others. For more information visit http://www.enterconnect.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate,'' "believe,'' "estimate,'' "may,'' "intend,'' "expect'' and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
SAN JOSE, Calif., Sept. 8, 2008 (GLOBE NEWSWIRE) -- EnterConnect Inc. (OTC.BB: ECNI.OB), a leading provider of Enterprise-Proven On-Demand Business Portals, today announced that the company's CEO, Sam Jankovich, has been interviewed on RedChip Internet TV, a business-oriented online interview program. The interview highlighted the company's positioning as a provider of on-demand software solutions that reduce operational costs and drive productivity.
The webcast interview, which was conducted August 21, 2008, in conjunction with the company's presentation at RedChip's Small-Cap Investor Conference in New York, is accessible at http://www.RedChip.com or via the following link:
http://www.wsw.com/webcast/redchip/ecni2.ob/index2.html
EnterConnect's entire presentation to the analysts and brokers and individual investor's at the conference -- including PowerPoint slides -- can also be accessed online via RedChip's Web site or through the following link:
http://www.wsw.com/webcast/redchip/ecni.ob/index2.html
About EnterConnect
EnterConnect Inc. is a leading provider of enterprise-proven on-demand business portals that improve communication, collaboration and business processes to help companies increase customer satisfaction, growth and productivity. EnterConnect's portals enable customers, employees, partners, suppliers and other stakeholders to securely consolidate, collaborate and connect online -- at anytime, from anywhere - to accelerate business on-demand. EnterConnect solutions are based on a rich technology foundation in use at more than 50 Fortune 1000 companies. Now available on-demand, these solutions are used at leading organizations across diverse industries including Exide Technologies, John Thomas Capital Management, Piedmont Church, RedChip Companies, Rheem Manufacturing, Rush University Medical Center and others. For more information visit http://www.enterconnect.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate,'' "believe,'' "estimate,'' "may,'' "intend,'' "expect'' and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
ZAGG Inc. Introduces Improved invisibleSHIELD(TM) Film
Friday September 5, 2:28 pm ET
World's First Electronic Scratch Protection of its Kind Even More Clear, New Backing
SALT LAKE CITY--(BUSINESS WIRE)--ZAGG Inc. (OTC BB: ZAGG.OB), creators of the invisibleSHIELD™ line of consumer electronics protection, announces they are now shipping an improved film that is even more clear, while retaining the scratch-resistant qualities of the original invisibleSHIELD™. New backing material, printed with the invisibleSHIELD™ name and logo to make ZAGG's unique, exclusive film recognizable, will accompany the changes. ZAGG's invisibleSHIELD is the original alternative to bulky cases, with thousands of precision-cut designs for a multitude of gadgets, including cell phones, digital cameras and laptops.
"It has taken a lot of focus to make a new film that we believe is even better than the first. We created the concept of wrapping electronics in a clear, ultra-tough film, so we want to bring new, cutting-edge technologies to the market," said Robert G. Pedersen II, President and CEO of ZAGG. "We are determined to develop the finest protection for all the hottest gadgets as they are released, and customers can know they have the real, original, premier scratch-proof protection ? the invisibleSHIELD™ - when they see our logo and the SHIELD symbol on the backing."
Backed by a lifetime guarantee, the ultra-tough material used to create the invisibleSHIELD is based on a film originally developed for the U.S. military to protect helicopter blades from wind, sand, and the wear and tear of high-speed travel. This military-grade scratch protection is exclusive to ZAGG, and the invisibleSHIELD allows customers to use their electronics without the fear of scratches or nicks, while still maintaining their sleek look.
To see ZAGG's full catalog or to purchase online, please visit www.ZAGG.com.
About ZAGG Inc.
ZAGG Inc. designs, manufactures, and distributes protective clear coverings and accessories for consumer electronic and hand-held devices worldwide under the brand name invisibleSHIELD™. The invisibleSHIELD is a protective, high-tech patented film covering, designed for iPods, laptops, cell phones, digital cameras, PDAs, watch faces, GPS systems, gaming devices and other items. The patent-pending invisibleSHIELD application of clear protective film covering a device is the first scratch protection solution of its kind on the market, and has sold over one million units. Currently, ZAGG offers over 2,500 precision pre-cut designs with a lifetime replacement warranty through online channels, big box retailers like Best Buy, resellers, college bookstores, Mac stores and mall kiosks. The company continues to increase its product lines to offer additional electronic accessories to its tech-savvy customer base, as well as an expanded array of invisibleSHIELD products for other industries. For more product or investor information please visit the company's web site at www.ZAGG.com.
Safe Harbor Statement
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in filings made by the company with the Securities and Exchange Commission.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
World's First Electronic Scratch Protection of its Kind Even More Clear, New Backing
SALT LAKE CITY--(BUSINESS WIRE)--ZAGG Inc. (OTC BB: ZAGG.OB), creators of the invisibleSHIELD™ line of consumer electronics protection, announces they are now shipping an improved film that is even more clear, while retaining the scratch-resistant qualities of the original invisibleSHIELD™. New backing material, printed with the invisibleSHIELD™ name and logo to make ZAGG's unique, exclusive film recognizable, will accompany the changes. ZAGG's invisibleSHIELD is the original alternative to bulky cases, with thousands of precision-cut designs for a multitude of gadgets, including cell phones, digital cameras and laptops.
"It has taken a lot of focus to make a new film that we believe is even better than the first. We created the concept of wrapping electronics in a clear, ultra-tough film, so we want to bring new, cutting-edge technologies to the market," said Robert G. Pedersen II, President and CEO of ZAGG. "We are determined to develop the finest protection for all the hottest gadgets as they are released, and customers can know they have the real, original, premier scratch-proof protection ? the invisibleSHIELD™ - when they see our logo and the SHIELD symbol on the backing."
Backed by a lifetime guarantee, the ultra-tough material used to create the invisibleSHIELD is based on a film originally developed for the U.S. military to protect helicopter blades from wind, sand, and the wear and tear of high-speed travel. This military-grade scratch protection is exclusive to ZAGG, and the invisibleSHIELD allows customers to use their electronics without the fear of scratches or nicks, while still maintaining their sleek look.
To see ZAGG's full catalog or to purchase online, please visit www.ZAGG.com.
About ZAGG Inc.
ZAGG Inc. designs, manufactures, and distributes protective clear coverings and accessories for consumer electronic and hand-held devices worldwide under the brand name invisibleSHIELD™. The invisibleSHIELD is a protective, high-tech patented film covering, designed for iPods, laptops, cell phones, digital cameras, PDAs, watch faces, GPS systems, gaming devices and other items. The patent-pending invisibleSHIELD application of clear protective film covering a device is the first scratch protection solution of its kind on the market, and has sold over one million units. Currently, ZAGG offers over 2,500 precision pre-cut designs with a lifetime replacement warranty through online channels, big box retailers like Best Buy, resellers, college bookstores, Mac stores and mall kiosks. The company continues to increase its product lines to offer additional electronic accessories to its tech-savvy customer base, as well as an expanded array of invisibleSHIELD products for other industries. For more product or investor information please visit the company's web site at www.ZAGG.com.
Safe Harbor Statement
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in filings made by the company with the Securities and Exchange Commission.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Maitland, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
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