TMCnet News
Stock Hunter Asks, Are You Ready? Check Us Out!! LYJN,QASP,FNDM(M2 PressWIRE Via Acquire Media NewsEdge) Stock Hunter PRESENTS : (PINKSHEETS: LYJN) Lyric Jeans, Inc., (PINKSHEETS: QASP) Quasar Aerospace Industries, Inc., (OTCBB: FNDM) Fund.com, Inc., (PINKSHEETS: NWMT) NewMarket Technology, Inc., (OTCBB: MBTG) Millennium Biotechnologies Group, Inc., (OTCBB: GETA) Genta Incorporated www.Stockhunter.us To sign up for our free Profiles & Alerts :: visit http://www.StockHunter.us Email us!! [email protected] ------------------------------------------------------------------------------------------------------------------------------------------------------------ (PINKSHEETS: LYJN - Lyric Jeans, Inc.) LATEST NEWS!! Lyric Jeans, Inc. to Update Pink Sheet Information LOS ANGELES, CA, Mar 26, -- Lyric Jeans, Inc. (PINKSHEETS: LYJN) today announced that it has taken the steps necessary to become a Pink Sheets reporting company including entering into the Pink OTC Markets Issuer Services Agreement and assembling the information as required by Pink Sheets Guidelines for Providing Adequate Current Information. "The company is certainly excited that the market has expressed such an interest in our stock and progress as a company. We never anticipated such an overwhelmingly positive response," says Lyric Jeans CEO, Ronny Halperin. "We are working diligently to provide our shareholders with information which will be available on the Pink Sheets," he continued. ------------------------------------------------------------------------------------------------------------------------------------------------------------ (PINKSHEETS: QASP - Quasar Aerospace Industries, Inc.) LATEST NEWS!! Quasar Aerospace Industries, Inc. Dean Bradley Announces Stock Repurchase and Update on Funding JACKSONVILLE, FL, Mar 26, 2010 -- Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP) -- Dean Bradley, the CEO of Quasar Aerospace Industries, Inc., announces that he has purchased for his personal account in excess of 6 million shares of QASP this week. It is his intention to continue to buy the company stock as long as it remains at this artificially low price. The corporate buyback of company shares will begin in earnest the first week of April 2010, and will continue until the company has repurchased up to twenty (20%) percent of the total outstanding shares. Our funding source confirmed to us in writing yesterday that the final hurdles to completion of our loan have been overcome and Quasar Aerospace Industries, Inc. will be fully funded within the next two to three weeks. ------------------------------------------------------------------------------------------------------------------------------------------------------------ (OTCBB: FNDM - Fund.com, Inc.) LATEST NEWS!! Fund.com Acquires Weston Capital Management Fund.com Expands its Operations to Include Originating, Developing and Distributing Hedge Funds and Actively Managed ETFs NEW YORK, March 30, -- Fund.com, Inc., (OTC Bulletin Board: FNDM) announced here today that effective as of March 29, 2010, it has acquired Weston Capital Management, LLC, an originator and distributor of hedge funds. Founded in 1993 and headquartered in West Palm Beach, FL., Weston Capital earns fees on assets exceeding $1.0 billion under management. It has three lines of business: it originates and markets fund of funds; it originates and markets single-manager hedge funds; and it raises capital to seed new hedge funds. In 2010, Weston Capital and Harcourt AG formed a strategic alliance for investment manager identification and fund seeding. Harcourt, a $4.5 billion alternative investments manager that is majority owned by Vontobel Group, the $70 billion Swiss banking group, is a leading global advisor of alternative investments for institutional investors. Weston Capital founder Albert Hallac continues as CEO of Weston Capital, directing its day-to-day operations and business strategy. In addition, Fund.com Chairman Joseph J. Bianco will become Chairman of Weston Capital. Weston Capital also has offices in London and New York City. Fund.com CEO Gregory Webster and Weston Capital CEO Albert Hallac said, "We believe with the Weston Capital operations when aligned with Fund.com's majority interest in AdvisorShares, a developer and marketer of actively managed ETFs, Fund.com will be able to significantly accelerate increases of assets under management since it now has the ability to seed, originate and distribute hedge funds as well as seed, originate, develop and distribute actively traded ETFs to institutional and retail investors. AdvisorShares, Bethesda, MD, is one of the few companies that has been able to obtain approval from the US Securities and Exchange Commission to create actively managed ETFs. The ETF sector has assets more than $1 trillion and is the fastest growing segment of the fund management industry." Webster added, "With Weston Capital's proven capability to seed new fund products, combined with its seasoned global institutional sales force, Fund.com is now positioned to capture revenue streams from an array of hedge fund and actively managed ETFs. Importantly, Weston has the global institutional relationships that can capitalize on AdvisorShares patent-pending exchange-traded fund platform as well as powerful distribution capability among institutions worldwide." AdvisorShares CEO Noah Hamman said, "Weston and AdvisorShares are perfectly complementary and we are looking forward to working with Weston to originate ETFs as well as help other managers launch their own ETFs and to market our actively managed ETFs to institutions worldwide with the expertise of Weston Capital's established sales force. These activities will greatly expand our footprint in the rapidly growing market of actively traded ETFs." Hallac said, "Weston anticipates that with greater resources and an entry to the fast-growing ETF market, we will offer our existing and potential clients a broader range of financial investment opportunities. In particular, we see great potential for growing our assets under management and related fee income by expanding our seeding platform to include the origination and development of new actively managed ETFs." Under the Harcourt strategic alliance, Weston Capital and Harcourt will seed and develop new hedge fund businesses via Weston Capital's incubation platform. The alliance combines Weston's extensive experience in early stage hedge fund investing and marketing with Harcourt's proven investment expertise in global manager selection, due diligence and risk management. Since January 2004, Weston Capital's hedge fund seeding platform (via the Weston-Atlas Partners Fund and the Weston Capital Partners Fund II) has provided sponsor capital for 13 emerging hedge fund managers. Weston intends to raise $250 million for its third incubation fund, Partners III, which will seed both hedge funds and actively managed ETFs, with Harcourt providing investment infrastructure and risk management. About Fund.com A diversified financial services company, New York City-based Fund.com, which has assets of $1 billion under management, focuses on the origination, seeding and formation of both actively managed ETFs and hedge funds through its wholly owned subsidiary Weston Capital Management, based in West Palm Beach, FL and its majority-owned subsidiary, AdvisorShares, Bethesda, MD, which is one of the few companies that has an exemption from the Securities and Exchange Commission to create actively managed ETFs. Fund.com markets globally to retail and institutional investors. Other operations: an ETF and mutual fund online information resource, www.fund.com ------------------------------------------------------------------------------------------------------------------------------------------------------------ (PINKSHEETS: NWMT - NewMarket Technology, Inc.) LATEST NEWS!! NewMarket Announces 2009 Financial Performance Highlights Webcast Review Friday, April 2nd Dallas, TX, Mar 29, 2010 -- NewMarket Technology, Inc. (PINKSHEETS: NWMT) CEO Bruce Noller plans to present the Company's financial performance highlights for 2009 in an on-demand Webcast scheduled for release Friday, April 2, 2010. NewMarket is a fully-reporting public company with an upcoming requirement to publish its financial results for 2009. Company management has recently announced expecting its upcoming report to reflect a substantial improvement year-over-year in net income and to reflect positive revenue results compared to 2008. A link to the on-demand Webcast will be published to the NewMarket website upon release and sent to the corporate opt-in email database. About NewMarket Technology, Inc. (http://www.newmarkettechnology.com/) NewMarket is a reporting company with audited financial reports filed with the SEC. NewMarket provides systems integration, technology infrastructure services and emerging technology worldwide. NewMarket has a focus on providing technology and support services to rapidly growing economies where technology purchasing is on the rise. In addition to its base of operations in North America, NewMarket has operations today in the growing economies of China, Southeast Asia, Brazil and Northern Latin America. Last year the Company reported over $40 million in revenue from Asia and over $20 million in revenue from Latin America. Overall, NewMarket reported over $95 million in revenue for 2008. Across the globe, NewMarket is a Microsoft and Oracle partner, distributes various computer hardware and peripherals from brand partners such as Dell, HP, IBM, Cisco, Sony, Epson, Canon and Sanyo and is also an authorized reseller of operating systems and various software from companies such as Red Hat, Sybase, IBM, BEA, Veritas and others. Additionally, the Company works with emerging technologies such as mobile computing, various security and wireless broadband technologies. NewMarket's rapid growth since 2002 has placed the Company on the Deloitte Technology Fast 500 for 5 consecutive years. NewMarket was recognized as the third fastest growing technology company in the United States in 2006 and the number one fastest growing technology company in North Texas for two years in a row. ------------------------------------------------------------------------------------------------------------------------------------------------------------ (OTCBB: MBTG - Millennium Biotechnologies Group, Inc.) LATEST NEWS!! Millennium's CEO Says Major Developments Are Underway LOS ANGELES, CA, Mar 29, 2010 -- The CEO of Millennium Biotechnologies Group Inc. (OTCBB: MBTG), a product development company for the Clinical Nutrition and Sports Supplement Markets, says his company is at the beginning of their commercialization era and he expects some significant success, "certainly within the next quarter or two." Mark C. Mirken, President and Chief Operating Officer of Millennium Biotechnologies, Inc., told BioMedReports.Com, the news portal which covers Wall Street's biomedical sector and delivers financial and investment intelligence to a community of highly informed investors, that his company "is now in discusions with two of the largest bottling companies in the world." According to the exclusive report, as a competitive response to Pepsi's purchase of Muscle Milk for $600 million, one of those major bottling companies is rumored to be close to investing in MBTG in order to help market its Surgex sports drink line as a competitor (to Muscle Milk). "Our sports product, Surgex, is an independently, medically validated product with a banned substance control group of athletes that is manufactured by us," explains Mirken. "It is used in the NBA and the NFL and its success comes from the work that went into developing it with strength and conditioning coaches and that product is about to have a significant commercial debut which we will announce in the very near future -- predicated on a relationship that we will create with one of the largest powdered drink manufacturers in the world in maximum human performance; which are their customers and which will take us into over 3000 GNC (General Nutrition Centers, Inc.) stores within the next 30 to 60 days. That product will not only launch as a powder, but it will evolve into a functional beverage, ready to drink within 2 to 3 months." ------------------------------------------------------------------------------------------------------------------------------------------------------------ (OTCBB: GETA - Genta Incorporated) LATEST NEWS!! Genta Incorporated Reports Fourth Quarter and 2009 Year-End Financial Results BERKELEY HEIGHTS, N.J., Mar 29, 2010 -- Genta Incorporated (OTCBB: GETA) today reported results for the quarter and year ended December 31, 2009. The Company also provided an overview of recent corporate highlights and anticipated milestones. Corporate Highlights -- Genta reported initial data on overall response and progression-free survival from AGENDA, the Company's randomized, double-blind, Phase 3 trial of dacarbazine with or without Genasense(R) (oblimersen sodium) Injection. While differences in both endpoints favored the group treated with Genasense, the differences were not statistically significant and the results were not considered sufficient to resubmit the New Drug Application (NDA) for regulatory approval of Genasense at this time. -- The Independent Data Monitoring Board for AGENDA was asked to conduct a futility analysis in order to ascertain the trial's potential to demonstrate a survival benefit. For this analysis, the conditional probability was set at a minimum level of 50% using the prospectively specified target hazard ratio of 0.69. The AGENDA study passed this futility analysis. In view of this finding, the Company determined that the study should continue, and that the trial should remain blinded for overall survival until mature data are available 24 months after randomization of the last patient, as prospectively specified. The Company currently anticipates that followup will be completed in the 1st-Quarter 2011. -- Results from the Phase 2 trial of Genasense, Abraxane(R), and Temodar(R) as 1st-line treatment of patients with advanced melanoma continued to show promising results. Final data from this trial will be presented at the annual meeting of the American Society of Clinical Oncology (ASCO) in June 2010. -- The Company initiated a Phase 2 trial of tesetaxel, the leading oral taxane in clinical development, as 2nd-line treatment of patients with advanced melanoma. Initial data from this study are expected during 2010. Tesetaxel has received designation by the U. S. Food and Drug Administration (FDA) as an Orphan Drug in this indication. -- Genta completed a dose-ranging and pharmacokinetic study of tesetaxel administered once every 3 weeks in patients with advanced cancer. Data from this trial will be presented at the annual ASCO meeting in June 2010. Subsequently, the Company initiated a dose-ranging study using a weekly schedule, which is currently ongoing. The Company plans to initiate additional Phase 2a and Phase 2b trials of tesetaxel in 2010. -- Two U.S. patents were issued and several additional patent applications were filed for compositions and therapeutic uses of oral gallium-containing compounds. The Company has supplied Ganite(R) (gallium nitrate injection) for a clinical study in patients with cystic fibrosis who are susceptible to resistant bacterial infections, which will initiate in the 2nd-Quarter 2010. Initial data from a clinical and pharmacokinetic study of a gallium compound to treat chronic pulmonary infections with Pseudomonas aeruginosa will be presented at the annual meeting of the American Association of Cancer Research (AACR) in April 2010. -- The Company raised gross proceeds totaling approximately $36 million in common stock, warrants, and convertible debt offerings during the 2nd-half of 2009 and the 1st-quarter of 2010. The Company's current cash position is approximately $21 million, exclusive of an additional $5 million in a blocked account that can be released subject to certain terms and conditions. Financial Results The Company issued convertible notes and warrants in June 2008 and in April 2009 and issued shares of common stock, convertible notes and warrants in July 2009 and in September 2009. At the time of the financings in June 2008 and in April 2009, there was an insufficient number of authorized shares of common stock in order to permit conversion of all notes and warrants. Accordingly, the conversion obligation for the notes and warrants were classified as liabilities and measured at fair value on the balance sheet. The liabilities were then marked-to-market up until the dates that the Company's stockholders approved changes in the corporate structure, resulting in income of $40.8 million for the fourth quarter of 2008 and expense of $26.7 million and $462.0 million for the twelve months ended December 31, 2009 and 2008, respectively. The net loss for the quarter ended December 31, 2009 was $(11.7) million, or $(0.06) per basic and diluted share, compared to net income of $29.6 million, or $12.90 per basic share and $0.89 per diluted share, for the quarter ended December 31, 2008. For the year ended December 31, 2009, the net loss was $(86.3) million, or $(0.84) per basic and diluted share, compared to a net loss of $(505.8) million, or $(455.09) per basic and diluted share, for the year ended December 31, 2008. At December 31, 2009, Genta had cash and cash equivalents totaling $1.2 million compared with $4.9 million at December 31, 2008. As recently reported, on March 9, 2010, the Company closed on a financing, whereby it issued $25 million of units consisting of various senior unsecured convertible notes, and warrants to purchase additional senior unsecured convertible notes with an aggregate principal amount of $10.0 million. The Company's current cash position is approximately $21 million, exclusive of an additional $5 million in a blocked account that can be released subject to certain terms and conditions. Net cash used in operating activities through December 31, 2009 was $21.5 million, which represents an average monthly outflow of $1.8 million. The average monthly outflow during 2010 is expected to be $1.2 million. About Genta Genta Incorporated is a biopharmaceutical company with a diversified product portfolio that is focused on delivering innovative products for the treatment of patients with cancer. Two major programs anchor the Company's research platform: DNA/RNA-based Medicines and Small Molecules. Genasense(R) (oblimersen sodium) Injection is the Company's lead compound from its DNA/RNA Medicines program. Genasense(R) is being developed as an agent that may enhance the effectiveness of anticancer therapy. The Company is currently collecting long-term followup data on durable response and overall survival from the recently completed randomized Phase 3 study of Genasense(R) in patients with advanced melanoma (the AGENDA trial). The Company is also developing tesetaxel, a novel, orally absorbed, semi-synthetic taxane that is in the same class of drugs as paclitaxel and docetaxel. Genta has initiated a broad clinical program to evaluate the safety and efficacy of tesetaxel in patients with solid tumors. In the U.S., Genta is exclusively marketing Ganite(R) (gallium nitrate injection), which is indicated for treatment of symptomatic patients with cancer-related hypercalcemia that is resistant to hydration. The Company has developed proprietary oral formulations of the active ingredient in Ganite(R) that are being evaluated as potential treatments for diseases associated with accelerated bone loss. Ganite(R) and Genasense(R) are available on a "named-patient" basis in countries outside the United States. For more information about Genta, please visit our website at: www.genta.com. ------------------------------------------------------------------------------------------------------------------------------------------------------------ About StockHunter.us StockHunter.us is a website that profiles stocks of interest. We are not licensed brokers or financial consultants. The information here is believed to be reliable, but not guaranteed to be accurate by StockHunter.us. Please be advised that the information contained may or may not be complete and is solely for informational purposes only. This is not to be construed as an offer to sell, hold or the solicitation of an offer to buy. Investors are encouraged to seek opinions by their registered brokers or financial advisors after extensive due diligence is performed. ((Comments on this story may be sent to [email protected])) (c) 2010 M2 COMMUNICATIONS |