PROTEONOMIX, INC. (OTC.BB:PROT), a biotechnology company focused on developing therapeutics based upon human cells and their derivatives, reports further developments with its Joint Venture Company, XGEN Medical LLC (�XGen�) towards implementing operations in the United Arab Emirates (U.A.E.).
Proteonomix 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.
It was further announced that XGen has expanded its talks within the region beyond a license for manufacture of and treatment with Proteonomix cellular material. Discussions are now further encompassing both the construction of XGen’s own manufacturing and treatment facility within the U.A.E. and on funding phased trials for one or more of Proteonomix’s proprietary cellular materials for treatment of disease.
Proteonomix CEO, Michael Cohen commented that “The business environment in the U.A.E. is very receptive to Proteonomix and our medical technologies. There is an intense focus on high quality public medical care as well as cutting edge technology. When combined with the rebounding financial condition within the region, we are very pleased to have this opportunity to conduct business in a growing location for medical advancement.”
EnviroStar, Inc. (NYSE Amex:EVI) reported results of operations for the Company�s year ended June 30, 2010.
Revenues for fiscal 2010 were $19,625,204, 15.2% lower than the record $23,155,417 in fiscal 2009. Net earnings decreased by 21.4% to $414,066 or $.06 per share for fiscal 2010 from $526,863 or $.07 per share for fiscal 2009.
Venerando J. Indelicato, Chief Financial Officer of EnviroStar, Inc., stated: �Economic conditions made fiscal 2010 a challenging year. However, the Company responded by introducing a new and larger line of boilers, which produced a 110.6% increase in boiler sales, reducing expenses and increasing its sales staff, which resulted in sales increases of all other products except laundry equipment. As a result of the economy, large orders of laundry equipment were down. In addition, we reduced inventories in line with incoming orders and increased cash, improving the financial strength of the Company.� Mr. Indelicato indicated that fiscal 2011 is expected to remain impacted by current economic conditions, but the outlook, with the Company�s increased marketing efforts, looks brighter.
EnviroStar, Inc. through its subsidiaries is one of the nation�s leading distributors of industrial laundry, dry cleaning machines and steam boilers. Its subsidiary, DRYCLEAN USA License Corp., is one of the largest franchise and license operations in the dry cleaning industry in the United States, the Caribbean and Latin America.
Enzo Biochem, Inc. (NYSE:ENZ), has streamlined its operations, which is anticipated to result in a reduction in annualized operating expenses of more than $4 million beginning in the fiscal 2011 first quarter. These initiatives are also expected to result in increased gross margins. The Company believes that the operating cost reductions, which affect all of its operating businesses as well as corporate overhead, will result in Enzo generating positive cash flow from operations in 2011. The overall improvements are primarily a result of streamlining operations at Enzo Life Sciences, where the Company completed a series of acquisitions over the past three years, and Enzo Clinical Labs, where Enzo has invested significantly over the past year in technology and process improvements. The Company will continue to drive operating efficiencies through process improvements.
Enzo Biochem, Inc., is a growth-oriented integrated life sciences and biotechnology company focused on harnessing biological process to develop research tools, diagnostics and therapeutics, and serves as a provider of test services, including exotic tests, to the medical community. Since our founding in 1976, our strategic focus has been on the development of enabling technologies in the life sciences field. Enzo Life Sciences develops, produces and markets proprietary labeling and detection products for gene sequencing, genetic analysis and immunological research, among others. Its catalog of over 30,000 products serves the molecular biology, drug discovery and pathology research markets worldwide.
EOG Resources, Inc. (NYSE: EOG) is scheduled to present on Tuesday, October 5, 2010 at 10:15 a.m. Central Time at the Johnson Rice Energy Conference. Loren M. Leiker, Senior Executive Vice President, Exploration, will present on behalf of EOG. A replay will be available until November 5, 2010.
A live webcast of the presentation, as well as the accompanying slides, will be available in the Investors section of EOG’s website.
EOG Resources, Inc. is one of the largest independent (non-integrated) oil and natural gas companies in the United States with proved reserves in the United States, Canada, Trinidad, the United Kingdom and China.
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