Proteonomix, Inc. (OTC.BB:PROT), a biotechnology company focused on developing therapeutics based upon human cells and their derivatives, announced further developments with its Joint Venture Company, XGEN Medical LLC (�XGen�) towards implementing operations in the United Arab Emirates (U.A.E.).
PROT is the majority shareholder in XGen with the balance held by an anonymous investor group. Proteonomix personnel were on the ground in the U.A.E. over the past weeks to work together with the Investor Group through the start up phase. To date, XGen has established an office in the Monarch Office Tower on the prestigious Sheikh Zayed Road, and a residence for visiting Proteonomix personnel on Jumeira 2.
During initial meetings, it was mutually decided to open a local subsidiary corporation in the Dubai free zone. This wholly owned subsidiary will be the vehicle to conduct business in the GCC countries. XGen has filed the corporate papers and has established banking relations with a local bank both for receipt of the initial investment of $5 million and towards further financing expanded services in the region. The Ramadan holiday has slowed progress slightly on these corporate formalities, but full operation of the subsidiary and bank accounts are expected to complete within 30 days.
Endeavour Silver Corp. (AMEX:EXK) intends to make an all cash offer to acquire all of the outstanding common shares of Cream Minerals Ltd. The Offer and related documents are expected to be mailed to Cream Minerals shareholders next week and will be available on SEDAR at www.sedar.com at that time.
Endeavour intends to offer shareholders of Cream Minerals Cdn$0.12 in cash for each common share, which represents a 76% premium to the average closing price of the Cream Minerals shares of $0.068 per share on the TSX Venture Exchange for the 10 trading days ending September 24, 2010, the last trading day prior to the date of this announcement. Endeavour estimates that Cream Minerals has approximately 88.3 million common shares currently outstanding.
Our Offer provides all Cream Minerals shareholders with the opportunity to realize immediate value and liquidity for their shares at a substantial premium without assuming any of the risks and dilution associated with the further exploration and development of the Nuevo Milenio project, or other Cream Minerals properties. In the past year, Cream Minerals suffered 35% shareholder dilution even though the Nuevo Milenio property was optioned to another company, and still it continues to have substantial debts (approximately $2.0 million) and negative working capital.”
Endeavour Silver Corp. is a small-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted five consecutive years of aggressive silver production, reserve and resource growth. The organic expansion programs now underway at Endeavour’s two operating silver mines in Mexico combined with its strategic acquisition and exploration programs should help Endeavour achieve its goal to become the next premier mid-tier silver mining company.
Energy Services of America (Amex:ESA) had a net income for the three months ended June 30, 2010 of $4,098,413 which was an increase of $3,509,950 over the $588,463 in net income for the comparable period in 2009. EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter ended June 30, 2010 totaled $8,991,150 compared to an EBITDA of $2,622,304 for the same quarter of 2009. For the nine months ended June 30, 2010, the Company had a net income of $2,143,168 compared to a loss of ($4,474,088) for the same period in 2009 or an improvement of $6,617,256. Revenues were $126,475,855 for the nine months ended June 30, 2010 versus $77,419,585 for the same period in 2009. EBITDA for the nine months ended June 30, 2010 totaled $9,784,696 compared to an EBITDA for the same period in 2009 of ($2,241,404).
Marshall T. Reynolds, Chairman, noted he was very pleased with the performance for the quarter. “We have overcome the uncertainties that led to 2009 being such a difficult year for the Company as well as the severe winter just past which delayed projects and reduced our income during that quarter, and are now seeing the results we had anticipated and are optimistic about both the remainder of 2010 and 2011. Our backlog totaled $87.7 million at June 30, 2010 and the continued improvement in the demand for our services, places the Company on track to have a very good 2010.”
Edsel R. Burns, President of ESA, shared Mr. Reynolds thoughts. “We are very pleased that the benefits of all the hard work to position the Company for the increased demand for its services is starting to be realized. At June 30, 2009 our backlog was $50 million compared to the backlog of $87.7 million at June 30, 2010. Accordingly, even with the strong revenues for the quarter ended June 30, 2010, our Backlog is still 75% greater than last year. Further with the known projects that are coming up for 2011 and beyond, we are very optimistic about the Company’s prospects. 2010 shows every indication of having a performance in line with and perhaps exceeding, the original ESA business plan.”
Enova Systems, Inc. (AMEX:ENA), a production company and a developer of proprietary electric, hybrid and fuel cell digital power management systems, announced financial results for its second quarter of fiscal year 2010 and noted positive highlights for the year.
Revenue for the second quarter of fiscal 2010 was $2,054,000, up 257 percent from the fiscal 2009 second quarter of $576,000 due primarily from sales to Navistar, Smith Electric Vehicles (“Smith”) and First Auto Works. Revenue also increased for the six months ended June 30, by $1,719,000 or 136 percent to $2,983,000 for the comparable period in 2009 due to sales from the aforementioned customers and Freightliner Custom Chassis Corp. (“Freightliner”).
Gross margin was 14 percent in the second quarter of fiscal 2010, up from a negative 6 percent in the comparable second quarter of 2009. Gross margin also improved for the six months ended June 30, to 13 percent, up from 6 percent for the comparable period in 2009. Improvements in the gross margin for the comparable quarters resulted from continued focus on key customer production contracts as well as efficiencies gained via in-house manufacturing.
Net loss narrowed for the second quarter of fiscal 2010 to $1,624,000 or a basic and diluted loss of $0.05 per share from a net loss of $2,034,000 or a basic and diluted loss of $0.10 per share for the comparable period in 2009. Net loss also narrowed for the six months ended June 30, to $3,343,000 or a basic and diluted loss of $0.11 per share compared to a net loss of $3,690,000 or a basic and diluted loss of $0.18 per share for the comparable period in 2009.
Enova President and CEO Mike Staran said, “We continue to be encouraged by recurring revenue from our key customers Navistar, First Auto Works, Smith Electric Vehicles, and Freightliner, as well as political support from the U.S. government on alternative fuel technologies.” Staran added, “Our new collaboration with Remy on motor development, GSA’s intent on extending our contract, Freightliner’s expected Q1 2011 entry into the production EV segment, and Smith’s recent order continue to define our footprint in the market.”