PGOG, GSPI, MFGD, CPRK, BSTI, MVSR
NGSX, NEXC, ALGN, ABPI, VSPC, SPAR, HAFC
Our Stocks to Watch today include Perf Go Green Holdings Inc. (OTCBB: PGOG), Green Star Products Inc. (OTC: GSPI), Money4Gold Holdings Inc. (OTCBB: MFGD), Copper King Mining Corp. (OTC: CPRK), Brite-Strike Tactical Illumination Products Inc. (OTC: BSTI), Medivisor Inc. (OTC: MVSR), NeurogesX Inc. (Nasdaq: NGSX), NexCen Brands Inc. (Nasdaq: NEXC), Align Technology Inc. (Nasdaq: ALGN), Accentia Biopharmaceuticals Inc. (Nasdaq: ABPI), VIASPACE Inc. (OTCBB: VSPC), Spartan Motors Inc. (Nasdaq: SPAR) and Hanmi Financial Corporation (Nasdaq: HAFC).

FEATURED
COMPANY

PERF GO GREEN HOLDINGS INCORPORATED (OTCBB: PGOG)
"Up 8.33% in morning trading"
Detailed
Quote: www.otcpicks.com/quotes/PGOG.php
Company
Profile:
http://www.otcpicks.com/perf-go-green/perf-go-green.htm
Perf Go Green Holdings, Inc. is engaged in the creation and global marketing of 100% eco-friendly, non-toxic, food-contact-compliant, biodegradable plastic products. All Perf Go Green products are made from recycled plastics and completely break down in landfill within two years, leaving no toxic or visible residue, as compared to other plastics that take hundreds of years. Perf Go Green’s corporate name reflects its “Go Green” mission to develop, market and distribute biodegradable plastic products as a practical and viable solution to eliminating plastic waste from the world environment.
PGOG
News:
October 24 - Perf Go Green Signs Distribution Partnership With Hardware Giant Do it Best Corp.
Retail Network Encompasses 4,100 Stores Worldwide
Perf Go Green Holdings, Inc. (OTCBB: PGOG) (“Perf Go Green”), a marketer and distributor of biodegradable plastics, announced that its 13-gallon kitchen trash bags, 30-gallon lawn and leaf bags, and 39-gallon garage bags will soon be available for purchase through the Do it Best Corp. buying cooperative of hardware and home improvement stores. The Do it Best network encompasses over 4,100 independently owned stores in the United States and 47 countries, as well as doitbest.com, their e-commerce website.
“Do it Best offers a strategic new channel for Perf Go Green to grow our business through thousands of hardware and home improvement stores around the globe,” said Chairman and CEO Tony Tracy. “Its stores have a long tradition of providing great service to their local communities that mirrors our own dedication to protecting the environment.
“By using Perf Go Green biodegradable plastic bags, the co-op's customers can do their part to reduce plastic waste while enjoying the design and performance advantages of our bags. We look forward to a successful partnership that will also help further the 'go green movement,' which is estimated to become a $500 billion market in the U.S. in 2009.”
Founded in 1945, Do it Best Corp. is the only full-line, full-service buying cooperative in the hardware, lumber and building materials industry. By combining the buying capacity of many independently owned retailers, Do it Best helps those retailers better serve their local customers by providing great products at great prices. Do it Best Corp. member stores offer more than 65,000 SKUs ranging from hardware to automotive, housewares and pet supplies. Each Do it Best Corp. member store is serviced from one of eight Do it Best Corp. retail service centers, but can also obtain products directly from the manufacturer.
Perf Go Green began shipping to Do it Best Corp. in mid-October. In addition, Perf Go Green products will be available through the co-op's website, doitbest.com, beginning in November.
Perf Go Green products incorporate recycled plastics that are combined with an Oxo-Biodegradable proprietary application method to produce the film for its bags. Based on environmental claims statements made by the manufacturer of the Oxo-Biodegradable applied to our bags, when discarded in soil and exposed to the presence of microorganisms, moisture and oxygen, we believe Perf Go Green products biodegrade within two years, decomposing into simple materials found in nature much faster than regular plastics, which can take hundreds of years to break down. Through this process and the use of recycled plastics, Perf Go Green effectively removes plastic waste from the environment. In addition, Perf Go Green kitchen trash bags utilize a unique patented dispensing system that stores the bags on the bottom of trashcans and dispenses them one at a time, similar to a tissue box.
Founded in November 2007, Perf Go Green premiered at the March 2008 International Home and Housewares Show in Chicago, where its products received an honor for their design quality and innovation. Perf Go Green is proud to be part of the nation's “go green” movement, which is poised to become a $500 billion market by 2009, according to Landor Associates.
FEATURED
COMPANY

GREEN STAR PRODUCTS INCORPORATED (OTC: GSPI)
Detailed
Quote: www.otcpicks.com/quotes/GSPI.php
Company
Profile: http://www.otcpicks.com/green-star-products.htm
Green Star Products, Inc., through its subsidiaries, engages in the production and sale of renewable clean-burning bio-diesel and other products, including lubricants, additives, and devices that are used in vehicles, machinery, and power plants. It offers SuperBAT total vehicle treatment, an anti-friction metal treatment used in various internal combustion engines, transmissions, power steering, and wheel bearings. The company also offers a lubricant formula of biodegradable cutting oil for machine shops, as well as water soluble AFT cutting oil for CNC machines. In addition, it engages in the development of fuel economy, power improvement, and emission reduction technologies for internal combustion engines and hybrid electric drive systems. Further, the company produces super-ethanol. It markets and sells its products in the United States and internationally. The company, formerly known as B.A.T. International, Inc., is based in Chula Vista, California.
GSPI News:
October 23 - Green Star Continues on Course to Its Large Scale Commercial Production of Algae Biodiesel
Green Star Products, Inc. (OTC: GSPI) announced that fabrication work is continuing for its planned two 500-acre algae to biodiesel commercial production facilities.
Green Star is one of the only companies in its field that has existing in-house capabilities to fabricate and assemble the equipment required for the biodiesel processing and the algae oil production. Work has continued at its 90,000 sq. ft. fabrication plant in Glenns Ferry, Idaho.
Actual ground breaking for these two locations will begin early next year. Green Star expects much of the equipment requirements for these two facilities to be completed before ground breaking. One of these facilities will be located in Missouri (see press release titled “Saline County Missouri Approves $141 Million Revenue Bonds for Alternative Energy” dated July 31, 2008) and the second facility will be located in a northwestern state with details disclosed later this year.
Joseph LaStella, President of Green Star Products stated, “Every day, you can hardly pick up a newspaper or a magazine or visit an online news service without reading about the latest 'fantastic news' regarding some new company or an existing company making another new breakthrough in the production of algae. These companies are touting the benefits of algae in solving all the energy and food problems without publishing anything to substantiate their claims.”
Mr. LaStella further stated, “Green Star Products, in 2007, operated one of the largest demonstration facilities for nine months, which encompassed a 40,000-liter semi-production facility. The final demo facility report was released in February 2008 and contains 18-pages of its achievements. The facility was successful in reaching all its pre-determined goals.”
According to Mr. LaStella, more and more outlandish claims are being made in the algae arena that keep repeating what Green Star has been stating for several years now, and each time it is stated like it was just discovered yesterday. These statements include all of the six main characteristics of algae which Green Star has printed at least three times in its early reports to the public. These factors are so important that they are worth repeating here again:
1. Algae produce 100 times more oil per acre than traditional food oilseed crops such as soy, etc. (Note: Algae produces 4,000 gallons of oil per acre per year versus 50 gallons per acre for soy.)
2. Algae eat CO2, the major Global Warming Gas, and produce oxygen.
3. Algae require only sunshine and non-drinkable (salt or brackish) water.
4. Algae do not compete with food crops for either agricultural land or fresh water.
5. Algae can reproduce themselves and their oil every 6 hours, while it takes Mother Nature millions of years to produce crude oil in the ground.
6. Algae oil byproduct is a highly nutritious protein-rich food (30-50%), which will someday help feed the world.
Furthermore, other companies in the industry are finding out one by one that tubular reactors will never be cost effective in producing algae for fuel as Green Star quoted long ago. Green Star believes that its duty is to at least educate new investors on the real state-of-the-art algae developments:
According to Mr. LaStella, it is a well know fact in the algae community that most of the existing facilities that operate do not accurately disclose any of their production figures or technology systems to the public. They do not publish this data to their competitors, therefore, industry data cannot be relied upon. Also, none of these facilities produce commercial oil. Many produce high-end products such as beta carotene or Spirulina.
According to Mr. LaStella, further, the companies who do publish an exorbitant amount of technological and production data are mostly based on computer projections and not on actual systems. These companies are primarily focused on raising capital or small laboratory size models. These include most of the so called “big algae names” floating around the internet with unsubstantiated information and so called “new methods” which really have failed in the past and have totally unproven figures.
According to Mr. LaStella, some producers are concentrating on algae that “grow in the dark” (that grow without sunlight for its energy source). These algae require sugars as their energy source, produce CO2 (like humans) and cannot be used to sequester CO2 and reduce global warming. Using sugar from food crops for fuel raises question again about using food for fuel. CO2 sequestration was one of the main objectives of the NREL 17-year study, which is directly linked to the reduction of Global Warming.
Mr. LaStella further stated, “While other companies are totally encased in secrecy, GSPI published a detailed 18-page report outlining the detailed achievements of the project. However, none of the patent pending intellectual property is disclosed in this report.
“In summary, to understand the 'algae world' requires real dedication, hands-on experience, reading and deciphering and understanding the thousands of pages of credible books and studies based on more than 50 years of analytical and scientific experience, and after this tedious research is completed the analysis will reveal the successes and failures of the past. We do not want to reinvent the wheel, we only want to push the wheel further to its commercialization. That is where Green Star started their research several years ago and believe that it is ahead of his competitors.”
FEATURED
COMPANY

MONEY4GOLD HOLDINGS INCORPORATED (OTCBB: MFGD)
Detailed
Quote: www.otcpicks.com/quotes/MFGD.php
Company
Profile: http://www.otcpicks.com/money4gold-holdings.htm
Money4Gold’s mission is to increase shareholder value by producing gold, platinum and silver in increasing quantity, and without the risks of mining, large capital costs or the attendant environmental and political hazards. Management believes Money4Gold can offer the upside potential of the thriving precious metals markets by the broad-scale acquisition, recycling and production of gold, platinum and silver, while concurrently providing a new level of service and payout to individuals and groups wanting to sell their precious metals. Through Money4Gold’s consumer websites, including www.Dollars4Gold.com, the company strives to provide the most convenient, efficient and secure method for individuals to recycle items containing precious metals.
MFGD
News:
October 23 - Money4Gold Holdings Appoints Neil McDermott to Board
Money4Gold Holdings Inc. (OTCBB: MFGD) announced that Mr. Neil McDermott has been appointed to its Board of Directors. Mr. McDermott has a long and distinguished career with particular knowledge and experience in the areas of land, capital and gold. He has a number of business interests in Ireland, the Ukraine and Estonia.
In Ireland, his business interests include an investment company dealing in equities, commodities and currencies, a property development business, a farming operation and directorship of Defacto Communications, a private software development company. He earlier served for six years as non-executive director of Celtic Resources plc where he actively participated in its growth and development until the recent successful takeover by mining major Severstal plc.
In the Ukraine, Mr. McDermott farms 10,000 hectares in the Ternopil region, and he is actively pursuing expansion plans. In Estonia, he has extensive property, farming and business interests as the owner of eight registered companies. His businesses provide significant employment in all three countries.
Money4Gold Holdings welcomes Mr. McDermott to the Board.
FEATURED
COMPANY

COPPER KING MINING CORPORATION (OTC: CPRK)
Detailed
Quote: www.otcpicks.com/quotes/CPRK.php
Company
Profile:
www.otcpicks.com/copper-king-mining/copper-king-mining.htm
Copper King Mining Corporation currently owns approximately 1200 acres in the Drum Mountains of Utah, which are patent deeded mining claims which contain gold, silver and copper. The company recently added to its holdings by filing six more claims on land which was inside their holdings, but not patent deeded. Contiguous to that acreage is approximately 1100 acres of claims filed by Western Utah Copper Company. As the companies explored the concept of a joint venture on the Drum Mountain properties, it was decided that a very viable consideration was to join the total assets of both companies.
CPRK News:
October 14 -
Copper King Mining Corporation Announces Further Mining Updates
Copper King Mining Corporation (OTC: CPRK), an ore mining, processing, and exploration company located in Southern Utah, provided further updates concerning its operations.
Ore Body Discoveries
New drillings in the company’s current mine locations recently revealed that the ore body present is much larger than expected. In three drilled holes, several hundred feet from the known ore body, the company discovered extended intervals of over 1.00% copper, with corresponding gold and silver averages. Current “Check” assays from Chemex confirmed that the high-grade ore from the company’s Hidden Treasure mine is over 50% copper with a substantial gold credit equivalent of over 0.05 ounces per ton.
Mill Completion and Positive Cash Flow
The company expects the Flotation Mill to be fully online and the flow sheet perfected by January 2009, with positive cash flow following. The company expects to be in a position to pay its first dividends by June 2009.
FEATURED
COMPANY

BRITE-STRIKE TECHNOLOGIES INCORPORATED (OTC: BSTI)
Detailed
Quote: www.otcpicks.com/quotes/BSTI.php
Company
Profile: http://www.otcpicks.com/brite-strike/brite-strike.htm
Brite-Strike Tactical Illumination Products, Inc. was started by two police officers to create world-class tactical LED flashlights that had the features that police officers and citizens need to keep them safe. Brite-Strike makes a promise to always use the latest technology, world-class components, highest design and manufacturing standards, so consumers can rely on Brite-Strike products when they are needed.
BSTI News:
October 6 -
Brite-Strike Tactical Illumination Products, Inc. Receives Solar Product Patent
Brite-Strike Tactical Illumination Products, Inc. (OTC: BSTI) announced that it and Glenn Bushee, President of the Company, were awarded US Patent No. 7,350,692, for a Solar Powered Mailbox/Driveway Lamp. The product, the first commercial product the company has developed which utilizes LED lighting powered exclusively by small solar panels, will be introduced in 2009. The Company plans on developing and distributing products which have the potential to revolutionize the use of LED lighting in this country, through a wholly owned division, Brite-Strike Technologies.
"This product will be our first entry that marries the energy efficiency of LED light with the portability of solar," said Glenn Bushee, President of Brite-Strike. "The technology we developed for our revolutionary tactical flashlights has direct applications for many lighting applications, as we can produce a light far brighter than those currently available in the marketplace. LED lights only use 5% of the equivalent energy of incandescent lights, with almost no heat, so developing products utilizing this technology can make major inroads in cutting energy consumption in this country. Our first product will be of the highest quality, and will function as a driveway lamp with mailbox light, address number lights, and an optional motion-activated light with camera-all powered by solar, with no external wiring required. It will offer incredible value for the consumer. We have other more significant products which we are working on, which will be announced in the weeks to come," said Mr. Bushee.
FEATURED
COMPANY

MEDIVISOR INCORPORATED (OTC: MVSR)
Detailed
Quote: www.otcpicks.com/quotes/MVSR.php
Company
Profile: http://www.otcpicks.com/medivisor/medivisor.htm
Medivisor, Inc. provides medical information to healthcare professionals, primarily physicians, through its Web sites, using inter-active, informational, and video and graphic presentations. It also focuses on offering Web site services to various industries seeking direct access to physicians, including providers of continuing medical education courses; sponsors of medical conferences and seminars; and pharmaceutical companies, using an online marketing format known as e-detailing. The company was founded in 2002 and is headquartered in Huntington Station, New York.
MVSR
News:
October 15 - Medivisor, Inc. Signs Additional Agreement for Distribution of 'Maximum Energy Shot'; Terms Include $500,000 Minimum Orders for Renewable Contract
Medivisor, Inc. (OTC: MVSR), developer of next-generation focus driven marketing tools, announced today that it has entered into an agreement with Stack-It Distributors, Inc. for the distribution of its newly announced energy drink, Maximum Energy Shot. Medivisor has retained Stack-It Distributors, Inc. to distribute its energy drink, and Stack-It Distributors Inc. is to provide minimum orders of $500,000 for an annually renewable contract. The agreement with Stack-It Distributors is substantially similar to Medivisor's previously announced agreement with Market Quest USA.
"Industry dynamics are changing at a rapid pace and the opportunity to enter into the fastest growing segment of the beverage industry, energy drinks, along side of Medivisor, Inc. is a great opportunity," stated Stack-It President Robert Kaible. "We share common vision and values and expect the brand, Maximum Energy Shot, to be a sales success."
Stack-It Distributors, Inc. is a full-service distribution company committed to being the beverage distributor of choice in the Northeast, sustaining profitable growth for the brands it represents. Headquartered on Long Island, NY, Stack-It prides itself on providing remarkable service to its customers and providing a great culture for its teammates.
STOCKS
TO WATCH
NEUROGESX INCORPORATED (NASDAQ: NGSX)
"Up 20.74% in morning trading"
Detailed
Quote: http://www.otcpicks.com/quotes/NGSX.php
NeurogesX is a biopharmaceutical company focused on developing and commercializing novel pain management therapies. Its initial focus is on chronic peripheral neuropathic pain, including postherpetic neuralgia (PHN), painful HIV-distal sensory polyneuropathy (HIV-DSP) and painful diabetic neuropathy (PDN). NeurogesX' late stage product portfolio is led by its product candidate NGX-4010, a dermal patch designed to manage pain associated with peripheral neuropathic pain conditions, that the Company believes offers significant advantages over other pain therapies. NeurogesX' marketing authorization application (MAA) to the European Medicines Agency (EMEA) was accepted for review in September 2007 and NeurogesX submitted a new drug application (NDA) with the U.S. Food and Drug Administration (FDA) in October, 2008 for PHN. NeurogesX' second most advanced product candidate, NGX-1998, is a topically applied, liquid formulation containing a high concentration of capsaicin designed to treat pain associated with neuropathic pain conditions. NGX-1998 is currently in a Phase 1 clinical trial. The objective of the development program for NGX-1998 is to determine its ability to provide protracted pain relief from a single treatment. As a liquid, NGX-1998 is expected to be suitable for areas of the skin where dermal patches may be difficult or impractical to apply, such as the hairline. NGX-1998 is being developed with the goal of it becoming a product that has the potential to be used by a broad spectrum of the physician population. NGX-1998 was previously studied in two Phase 1 studies in healthy volunteers conducted under an exploratory investigational new drug application.
NGSX News:
October 23 -
NeurogesX Submits NDA for NGX-4010 Dermal Capsaicin Patch for Treatment of Postherpetic Neuralgia (PHN)
Marketing Application Submitted on Schedule
NeurogesX, Inc. (Nasdaq: NGSX), a biopharmaceutical company focused on developing and commercializing novel pain management therapies, announced today that it has submitted a new drug application (NDA) with the U.S. Food and Drug Administration (FDA) for approval to market its investigational product candidate, NGX-4010, for the management of pain due to postherpetic neuralgia (PHN). NeurogesX anticipates that the application, which is subject to acceptance by the FDA, will be subject to a standard review with a Prescription Drug User Fee Act (PDUFA) date in the second half of 2009.
NGX-4010, the Company's lead product candidate, is a dermal high-concentration capsaicin patch. The NDA submission is supported by two pivotal studies of NGX-4010 in patients with PHN. The results of these clinical trials show a statistically significant reduction in pain from baseline for up to 12 weeks after a single 60-minute application of the dermal patch. In these studies, NGX-4010 could be administered either as a monotherapy or in combination with other systemic neuropathic pain medications. The most common adverse reactions associated with NGX-4010 were redness, pain, and itching at the application site during and shortly after application. The NDA clinical package includes data on over 2300 patients with neuropathic pain.
Anthony DiTonno, President and CEO, commented, "Our top priority is to secure marketing approval of NGX-4010 in both the United States and Europe. With the submission of our NDA and the ongoing review of our Marketing Authorization Application in the European Union, from which we anticipate a decision in the first half of 2009, we look forward with excitement to the potential for approval and subsequent commercial launch of NGX-4010 in both the United States and the European Union."
PHN is a chronic painful condition that develops in approximately 20% of patients following a herpes zoster (shingles) outbreak. An estimated one million people in the United States develop shingles annually. Current treatments for PHN include antidepressants, anticonvulsants, topical agents and opioid analgesics.
NEXCEN BRANDS INCORPORATED (NASDAQ: NEXC)
"Up 22.67% in morning trading"
Detailed
Quote: http://www.otcpicks.com/quotes/NEXC.php
NexCen Brands, Inc. is a strategic brand acquisition and management company with a focus on franchised brands. The company franchises, licenses, and markets a portfolio of global brands that includes; The Athlete's Foot®, Bill Blass®, Great American Cookies®, MaggieMoo's®, Marble Slab Creamery®, Pretzelmaker®, Pretzel Time®, Shoebox New York(TM) and Waverly®. NexCen Franchise Management, a subsidiary of NexCen Brands, supports approximately 1,900 franchised stores in over 50 countries around the world with its experienced brand management, marketing and operations teams.
NEXC News:
October 24 -
NexCen Brands Expands Franchised Stores Internationally
Multi-Year Agreements Include Opening of Minimum of 160 Stores
Global Pipeline Increases to 394 Stores
NexCen Brands, Inc. (Nasdaq: NEXC) announced that it has expanded its franchised stores internationally through the opening of 43 stores to date in 2008 outside the United States and through the entry into multi-year agreements that provide for the opening of a minimum of an additional 160 stores in eight countries. Under the new international development agreements, the Company will receive approximately $2.5 million in initial franchise fees, in addition to future franchise fees, store opening fees and monthly royalty payments over the life of the agreements.
NexCen’s pipeline of letters of intent and franchise agreements for franchised stores to be opened both domestically and internationally increased to 394 stores at the end of the third quarter of 2008 versus 225 stores at the end of the second quarter of 2008.
The Company’s Quick Service Restaurant (QSR) division, which is comprised of Marble Slab Creamery, MaggieMoo’s, Pretzel Time, Pretzelmaker and Great American Cookies, has opened 22 new independently owned and operated franchised stores year to date outside the United States, exclusive of the new agreements. Marble Slab Creamery and MaggieMoo’s have entered into a new development agreement that calls for 40 stores to be opened in the United Kingdom over 10 years, which will be these brands’ first expansion into Europe. Marble Slab also has entered into an agreement that calls for 35 stores to be opened in Mexico over 20 years and an agreement that calls for five stores to be opened in Lebanon over seven years, the first of which opened in September 2008. Pretzelmaker signed an agreement that provides for 15 stores to be opened in Mexico over 15 years, and Great American Cookies signed a development agreement that provides for 30 stores to be opened in Mexico over 15 years. This is the first international agreement for Great American Cookies since NexCen purchased the brand.
NexCen’s Retail division, which is comprised of The Athlete’s Foot (TAF) and Shoebox New York, has opened 21 new independently owned and operated franchised stores year to date outside the United States, exclusive of the new agreements. TAF recently signed agreements that call for 10 stores to be opened in Angola over 10 years and for three stores to be opened in Botswana and Namibia over 10 years. Shoebox New York signed its first international agreement to open a minimum of 20 stores in South Korea over 25 years, followed by the signing of an agreement to open two stores in Vietnam over 15 years. The first Shoebox New York store in Vietnam is slated to open in Hanoi in December 2008.
“We are very pleased to have secured an opportunity to further increase our brands’ reach outside the United States with the signing of these new international development agreements,” stated Kenneth J. Hall, Chief Executive Officer of NexCen Brands. “We believe that our franchise brands offer products and value that are attractive to an international audience. Importantly, customizable merchandising systems on the retail side and co-branding options with our QSR brands are helping to drive international expansion in both established and emerging markets.”
“Since our announcement in the first quarter of 2008 on the execution of the agreement to open 10 TAF stores in Sweden over 10 years, we have seen the rate of execution of international deals increase significantly,” stated Chris Dull, President of NexCen Franchise Management, the franchising subsidiary of NexCen Brands. “We believe that by focusing on the franchising business as the core business of the Company, we are able to better support our franchise brands and capitalize on their significant growth potential.”
ALIGN TECHNOLOGY INCORPORATED (NASDAQ: ALGN)
"Up 15.20% in morning trading"
Detailed
Quote: http://www.otcpicks.com/quotes/ALGN.php
Align Technology designs, manufactures and markets Invisalign, a proprietary method for treating malocclusion, or the misalignment of teeth. Invisalign corrects malocclusion using a series of clear, nearly invisible, removable appliances that gently move teeth to a desired final position. Because it does not rely on the use of metal or ceramic brackets and wires, Invisalign significantly reduces the aesthetic and other limitations associated with braces. Invisalign is appropriate for treating adults and older teens. Align Technology was founded in March 1997 and received FDA clearance to market Invisalign in 1998. Today, the Invisalign product family includes Invisalign, Invisalign Teen, Invisalign Assist, Invisalign Express, and Vivera Retainers.
ALGN News:
October 23 -
Align Technology Announces Restructuring Plan
New Shared Services Organization Added To Costa Rica Operations
Align Technology, Inc. (Nasdaq: ALGN) announced a restructuring plan to increase efficiencies across the organization and lower the Company's overall cost structure.
The restructuring plan includes a total reduction of 111 full time headcount in Santa Clara, California, of which 46 positions will be eliminated between now and January 2009. The remaining positions will be eliminated over the next few quarters as the Company creates a new shared services organization in its existing Costa Rica operation that will consolidate customer care, accounts receivable, credit and collections, and customer event registration organizations.
Align's Treat Operations facility has been in Costa Rica since 2002. It consists of a high performance team of 670 skilled clinical technicians and support personnel in a very scalable environment. Treat Operations provides a solid foundation to build a shared services organization that will create greater efficiencies by enabling the Company to leverage the existing infrastructure and the talent base in Costa Rica at a lower overall cost.
"This restructuring plan builds on the cost saving actions we announced in July. The majority of what we are doing is structural and many valued employees are affected. These actions, while difficult, are essential to Align becoming a more efficient company and will result in a more robust operating model with room to invest for future growth," said Thomas M. Prescott, Align president and CEO.
As part of these actions, Align will record a restructuring charge estimated to be approximately $5 million, of which approximately $3.5 million will be realized in Q4 08 and the remainder over the first half of 2009. This is in addition to the restructuring charge that the Company announced in July 2008. As of September 30, 2008, Align had a regular employee base of approximately 1,400 worldwide.
Align is expected to report third quarter fiscal 2008 financial results on Tuesday, October 28 after the market closes. The Company also stated it expects to be in the range of its third fiscal quarter revenue guidance and exceed GAAP and non-GAAP earnings per share guidance as issued with its second quarter earnings release on July 29, 2008. In conjunction with its third quarter earnings announcement, the Company will provide more details on the restructuring plan, including the expected annualized cost savings.
Align Third Quarter Fiscal 2008 Conference Call and Audio Web Cast
Align Technology will host a conference call October 28, 2008 at 4:30 p.m. ET, 1:30 p.m. PT, to review its third quarter fiscal 2008 results, discuss future operating trends and business outlook. The conference call will also be web cast live via the Internet. To access the web cast, go to the "Events & Presentations" section under Company Information on Align Technology's Investor Relations web site at http://investor.aligntech.com. To access the conference call, please dial 201-689-8341 approximately fifteen minutes prior to the start of the call. If you are unable to listen to the call, an archived web cast will be available beginning approximately one hour after the call's conclusion and will remain available for approximately 12 months. Additionally, a telephonic replay of the call can be accessed by dialing 877-660-6853 with account number 292 followed by # and conference number 289246 followed by #. The replay must be accessed from international locations by dialing 201-612-7415 and using the same account and conference numbers referenced above. The telephonic replay will be available through 5:30 p.m. ET on November 11, 2008.
ACCENTIA BIOPHARMACEUTICALS INCORPORATED (NASDAQ: ABPI)
"Up 11.08% in morning trading"
Detailed
Quote: http://www.otcpicks.com/quotes/ABPI.php
Accentia Biopharmaceuticals, Inc., a biopharmaceutical company, together with its subsidiaries, develops and commercializes drug candidates that are in late-stage clinical development based on active pharmaceutical ingredients in the therapeutic areas of respiratory disease and oncology. It operates in two segments: Biopharmaceutical Products and Services, and Specialty Pharmaceuticals. The Biopharmaceutical Products and Services segment develops late-stage biopharmaceutical products. Its products, which are under Phase III clinical trials, include SinuNase for the treatment of chronic rhinosinusitis; BiovaxID, a patient-specific anti-cancer vaccine focusing on the treatment of follicular non-Hodgkins lymphoma; and Revimmune for the treatment of multiple sclerosis, an autoimmune disease that affects the central nervous system, and various autoimmune diseases, including systemic lupus, myasthenia gravis, and aplastic anemia. This segment also provides various consulting services relating to biopharmaceutical product development; and engages in the production of custom biologic products and cell culture instruments and systems for biopharmaceutical and biotechnology companies, medical schools, universities, hospitals, and research institutions. The Specialty Pharmaceuticals segment markets and sells pharmaceutical products that are developed primarily by third-party development partners. Its products comprise Respi-TANN, a prescription antitussive decongestant for temporary relief of cough and nasal congestion; SinuTest, a test used in connection with the diagnosis of chronic sinusitis; and Zinotic, a treatment of superficial infections of the external ear. This segment�s products under development include AllerNase, a formulated suspension of an intranasal topical steroid indicated for the treatment of allergic and non-allergic rhinitis; and Emezine, a product for control of nausea and vomiting. The company was founded in 2002 and is headquartered in Tampa, Florida.
ABPI News:
October 22 -
Biovest Announces $1.6M in Federal Funding Appropriated for Groundbreaking Cancer Vaccine & Skin/Bone/Tissue Repair Research
Biovest International, Inc. (OTCBB: BVTI) announced that the U.S. Federal Government has approved the appropriation of $1.6 million in biomedical research funds for Fiscal Year 2009 for the Defense Department's Cancer Immunotherapy and Cell Therapy Initiative, which is intended to support research into new applications for the AutovaxID™ instrument, Biovest's fully-automated cell-manufacturing device to cost-effectively and efficiently manufacture difficult-to-produce therapeutic proteins and personalized vaccines, including vaccines targeting cancers.
Biovest’s Chairman and CEO, Dr. Steven Arikian, stated, “Congressman James McGovern (D-MA, Third District) and his staff have been wonderful to work with. We have been very impressed with Congressman McGovern’s personal commitment in the fight against cancer, and his leadership will ensure that the latest cancer immunotherapy technology gets to military personnel and their dependents expeditiously.”
“The U.S. military in recent years has actually been leading the field in cancer immunotherapy research,” Dr. Arikian added. “Biovest is proud that its cancer vaccine enabling technology, AutovaxID, will be a major part of the Defense Department’s efforts in the national and international fight against cancer.”
According to Dr. Arikian, the federal research funds are planned to be used to conduct groundbreaking research with life-saving applications for the U.S. Armed Forces, veterans, and civilians. "Currently, we are utilizing AutovaxID™ to manufacture our proprietary personalized anti-cancer vaccine (BiovaxID®) targeting B-cell blood cancers, such as non-Hodgkin's lymphoma. With this expected critical funding support, we intend to further develop AutovaxID to be capable of growing patient-specific cells that could be used to rebuild damaged tissue or organs. The potential applications following trauma or injury are numerous, such as for the production of autologous skin for burn repair, growth of bone for fracture repair, and/or the production of tissue for plastic reconstruction of severe injuries."
The funds are being provided in the Defense Department’s Title VI, Defense Health Program’s Research and Development Account in the Defense Appropriations Conference Report. President Bush signed the Continuing Resolution, which included the research funds on September 30, 2008.
ABOUT AUTOVAXID™
By automating the biomanufacturing process, and using single-use, closed-system disposable bioreactors, AutovaxID dramatically cuts the need for supervision, thus also minimizing error-prone manual monitoring and adjustments. Its capabilities actually reduce the need for large, expensive production facilities, including costly isolation suites and clean rooms. Biovest is positioning AutovaxID as a critically important platform technology which allows manufacturers of specialized protein-based drugs to streamline the production process, allowing for the faster and cheaper production of their products, using less manpower, while continuing to adhere with stringent regulatory standards.
ABOUT BIOVAXID®
BiovaxID is a personalized, patient-specific therapeutic vaccine designed to stimulate the patient's own immune system to recognize and destroy cancerous B-cells that may remain in the body or may arise after the patient has been treated with chemotherapy. Unlike many other approaches to treating non-Hodgkin’s lymphoma, BiovaxID is designed to kill only cancerous B-cells, with the initial indication of follicular Non-Hodgkin's lymphoma. Additionally, we anticipate that BiovaxID could potentially be used to treat other types of B-cell cancers, such as Mantle Cell Lymphoma, Chronic Lymphocytic Leukemia and Multiple Myeloma.
ABOUT BIOVEST INTERNATIONAL, INC.
Biovest International, Inc. is a pioneer in the development of advanced individualized immunotherapies for life-threatening cancers of the blood system. Biovest is a majority-owned subsidiary of Accentia Biopharmaceuticals, Inc. (Nasdaq: ABPI) with its remaining shares publicly traded. Biovest has a foundation in the manufacture of biologics for research and clinical trials. In addition, Biovest develops, manufactures and markets patented cell culture systems, including the innovative AutovaxID™, which is being marketed as an automated vaccine manufacturing instrument and for production of cell-based materials and therapeutics. Biovest recently completed a pivotal Phase 3 clinical trial for BiovaxID®, which is a patient-specific anti-cancer vaccine focusing on the treatment of follicular non-Hodgkin's lymphoma. BiovaxID has been granted Fast Track status by the FDA and Orphan Drug status by the EMEA.
VIASPACE INCORPORATED (OTCBB: VSPC)
"Up 2.94% in morning trading"
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VIASPACE, Inc. commercializes space and defense technologies from NASA and the department of defense into hardware and software products in the United States. The company provides disposable fuel cartridges and intellectual property protection for manufacturers of direct methanol and other liquid hydrocarbon fuel cells; and develops products and services based on inference and sensor data fusion technology. It also develops mass spectrometry technology that improves the application of mass spectrometry for industrial process control and environmental monitoring, and produces detection systems for homeland security, as well as holds patents and various patent applications in the areas of interactive radio technology. The company's direct methanol fuel cell-based products are developed for laptop computers, cell phones, music players, and other applications. It offers its services in the areas of energy/fuel cells, microelectronics, sensors and software for defense, homeland security and public safety, and information and computational technology. VIASPACE was founded in 1998 and is based in Pasadena, California.
VSPC News:
October 22 -
VIASPACE Reports on $1.5 Million in Military Contracts
VIASPACE Inc. (OTCBB: VSPC) provided an overview of the company's progress, highlighting its Ionfinity subsidiary's recent two year contracts from the U.S. Army and the U.S. Navy. These Phase II contracts represent an ongoing commitment by the U.S. military and are a milestone reached only by companies with top technical proposals.
In addition, VIASPACE Energy has recently reported that is has received a repeat multi-unit order for its HS-1000 VIASENSOR from a major automobile manufacturer, as well as a multi-unit order for the HS-1000 from a major manufacturer of instrumentation and test equipment as it gains market share in the $54 billion clean energy market.
Dr. Carl Kukkonen, CEO of VIASPACE, commented, "We are extremely pleased with Ionfinity's recent success in gaining two of our nation's military services as major customers on these competitively bid, multi-year contracts. Their agreement with our technical approach, along with the participation by Caltech, NASA's Jet Propulsion Lab and General Dynamics, lends tremendous third party validation of our recent hard work to get to this level of funded support. VIASPACE exhibits increasing progress and diversity as its subsidiaries continue to add additional impressive customers and partners."
Dr. Kukkonen continued, "We are also very pleased to have sold our VIASENSOR HS-1000 humidity sensor to two major Asian corporations in different fields of endeavor. The detailed and expensive comparison tests of all currently available humidity sensors by the automotive manufacturer prior to their repeat order for the HS-1000 and the in-house evaluation of and order for the HS-1000 and request for a quote on a second unit, the HS-2000, by the instrumentation manufacturer, again adds tremendous third party validation that we have something of value to offer to the fuel cell, automotive and instrumentation industries."
Dr. Kukkonen concluded, "We will be showcasing the HS-1000 at the upcoming Fuel Cell Seminar in Phoenix, AZ next week, along with our BA-1000 Lithium Battery Analyzer, our two new lines of Lithium Polymer and Lithium Ion batteries, as well as some of our recent fuel cell test station additions to our product line. Our booth will also feature Direct Methanol Fuel Cell Corporation's (DMFCC) line of direct methanol fuel cell cartridges, which we are currently building for Samsung, Polyfuel and others in the industry."
SPARTAN MOTORS INCORPORATED (NASDAQ: SPAR)
"Up 9.76% in morning trading"
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Spartan Motors, Inc. designs, engineers and manufactures custom chassis and vehicles for the recreational vehicle, fire truck, ambulance, emergency-rescue and specialty vehicle markets. The Company's brand names — Spartan™, Crimson Fire™, Crimson Fire Aerials™ and Road Rescue™ — are known for quality, value, service and being the first to market with innovative products. The Company employs approximately 1,500 at facilities in Michigan, Pennsylvania, South Carolina and South Dakota. Spartan reported sales of $681.9 million in 2007 and is one of the premier manufacturer of specialty vehicles and chassis in North America.
SPAR News:
October 23 -
Spartan Motors Announces Second Regular Cash Dividend Payment for 2008
Spartan Motors, Inc. (Nasdaq: SPAR) announced its regular dividend payment of $0.05 per common share, payable on Dec. 17, 2008 to shareholders of record at the close of business on Nov. 17, 2008.
In April 2008, the board of directors for the Charlotte, Mich.-based manufacturer of custom chassis and emergency-rescue vehicles declared total regular cash dividends of $0.10 per share of common stock for the year, issued in two payments. The company issued the first dividend payment of $0.05 per share on June 16, 2008. Spartan expects to consider a special dividend at the board meeting scheduled for February 2009.
"We continue to believe a dividend is a great way to share profits with our investors," said John Sztykiel, president and chief executive officer of Spartan Motors. "Our 2008 results have already exceeded all of 2007, and dividends confirm our long-term confidence in Spartan, as well as our financial strength."
HANMI FINANCIAL CORPORATION (NASDAQ: HAFC)
"Up 3.83% in morning trading "
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Headquartered in Los Angeles, Hanmi Bank, a wholly owned subsidiary of Hanmi Financial Corporation, provides services to the multi-ethnic communities of California, with 26 full-service offices in Los Angeles, Orange, San Bernardino, San Francisco, Santa Clara and San Diego counties, and six loan production offices in Colorado, Georgia, Illinois, Texas, Virginia and Washington. Hanmi Bank specializes in commercial, Small Business Administration (“SBA”) and trade finance lending, and is a recognized community leader. Hanmi Bank’s mission is to provide a full range of quality products and premier services to its customers and to maximize shareholder value.
HAFC News:
October 23 -
Hanmi Financial Corporation Reports Third-Quarter 2008 Financial Results
Hanmi Financial Corporation (Nasdaq: HAFC) (“we,” “our,” or “Hanmi”), the holding company for Hanmi Bank (the “Bank”), reported third-quarter net income of $4.3 million, or $0.09 per diluted share, compared to net income of $11.0 million, or $0.23 per diluted share, in the third quarter of 2007.
For the nine months ended September 30, 2008, Hanmi reported a net loss of $98.3 million, or ($2.14) per share, which includes a second-quarter non-cash goodwill impairment charge of $107.4 million, compared to net income of $39.3 million, or $0.81 per diluted share, in the first nine months of 2007. Excluding the second-quarter goodwill impairment charge, for the nine months ended September 30, 2008, non-GAAP net income was $9.1 million, or $0.20 per diluted share.
Commenting on the quarter, Jay S. Yoo, Hanmi’s President and Chief Executive Officer, noted that third-quarter net income of $4.3 million was more than double second-quarter non-GAAP net income of $1.8 million. “While the overall environment remains extremely challenging, we are pleased to report another profitable operating quarter,” said Yoo.
“We have spoken in the past of our focus on improving credit quality rather than growing the asset base, which in fact declined by $79.1 million to $3.77 billion at September 30 from June 30, 2008,” said Yoo. “Gross loans were essentially unchanged at $3.35 billion, but total deposits declined by $162.2 million, or 5.5 percent, to $2.80 billion from $2.96 billion at June 30. The decline in deposits mirrors the experience of many community banks and other financial institutions in a time of extraordinary turmoil in the credit markets.
“The restructuring program about which we spoke last quarter is complete, and in time we expect to realize measurable improvements in operating efficiency,” added Yoo. “Headcount has been reduced by approximately 10 percent, with a commensurate decrease in salaries and related overhead.”
“Consistent with our program to enhance credit quality, in August we were pleased to announce the appointment of John Park as Chief Credit Officer. John is an important addition to our senior management team. With this team,” concluded Yoo, “I believe we are well positioned to handle the challenges of what continues to be a very difficult environment for financial institutions.”
Results of Operations
At the end of this release is a table titled “Reconciliation of GAAP to Non-GAAP” that provides reconciliations between various GAAP and non-GAAP metrics — including non-interest expenses, net income and earnings per share — that exclude the effect of the second-quarter $107.4 million goodwill impairment charge for the nine-month period ended September 30, 2008. We have provided them in the belief that they can be useful in evaluating our core operating performance. All subsequent references to non-GAAP metrics are to these tables.
Net interest income before provision for credit losses increased by $1.5 million, or 4.5 percent, to $35.6 million, compared to $34.1 million in the second quarter of 2008. The provision for credit losses was $13.2 million in the third quarter of 2008 compared to $19.2 million in the second quarter and $8.5 million in the third quarter of 2007.
Total non-interest income in the third quarter of 2008 was $5.3 million compared to $9.7 million in the second quarter and $9.5 million a year ago. Second-quarter non-interest income included a gain on sales of loans of $552,000, for which there were no comparable sales in the third quarter. The sequential decline in non-interest income also reflects a loss on the sale of securities available for sale of $483,000, as well as an other-than-temporary impairment loss on securities of $2.6 million; the latter consists of an impairment loss of $2.4 million on a Lehman Brothers corporate bond, and an impairment loss of $212,000 on a Community Reinvestment Act (“CRA”) equity investment.
Total non-interest expenses in the third quarter of 2008 were $22.2 million compared to $129.4 million in the second quarter, which included the aforementioned non-cash impairment loss on goodwill, and $21.2 million a year ago; excluding the goodwill impairment charge, second-quarter 2008 non-GAAP non-interest expenses were $22.1 million. Total non-interest expenses include a total of $1.1 million in losses (included under “Other Operating Expenses”) related to a derivative transaction to which Lehman Brothers was a party.
For the third quarter of 2008, the efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for credit losses and non-interest income) was 54.33 percent, compared to 296.07 percent, or 50.43 percent excluding the goodwill impairment charge in the second quarter, and 44.95 percent in the comparable period a year ago.
“The provision for credit losses is the product of a comprehensive evaluation of the loan portfolio, and it reflects in large part the economic stress under which some of our borrowers find themselves,” said Brian Cho, Chief Financial Officer. “However, we are encouraged by the fact that it is lower than in the prior quarter. The lower provision reflects improvements in some significant loans previously more adversely classified.” Third-quarter charge-offs, net of recoveries, were $11.8 million compared to $8.2 million in the prior quarter and $6.1 million in the third quarter of 2007. The third-quarter charge-offs included approximately $2.7 million related to the loans fully reserved in the prior quarter.
The yield on the loan portfolio was 6.68 percent, a decline of 10 basis points compared to the second quarter, when the yield was 6.78 percent. The decline in yield, however, was offset by a decline in the cost of average interest-bearing deposits, which decreased by 27 basis points to 3.43 percent from 3.70 percent in the second quarter. This contributed to an improvement in net interest margin, which in the third quarter was 3.90 percent compared to 3.75 percent in the second quarter of 2008.
Balance Sheet and Asset Quality
At September 30, 2008, total assets were $3.77 billion compared to $3.85 billion at June 30, 2008, a decrease of $79.1 million, or 2.1 percent. Gross loans were essentially unchanged at $3.35 billion at September 30, 2008. Total deposits declined by $162.2 million, or 5.5 percent, to $2.80 billion at September 30, 2008, compared to $2.96 billion at June 30, 2008. FHLB advances and other borrowings increased by $84.9 million, or 17.0 percent, to $585.0 million at September 30, 2008, compared to $500.1 million at June 30, 2008.
As of September 30, 2008, the allowance for loan losses was $63.9 million, or 1.91 percent of gross loans (57.16 percent of total non-performing loans), compared to $63.0 million, or 1.88 percent of gross loans (56.14 percent of total non-performing loans), at June 30, 2008, and $34.5 million, or 1.07 percent of gross loans (77.19 percent of total non-performing loans), at September 30, 2007.
Delinquent loans were $102.9 million (3.08 percent of total gross loans) at September 30, 2008, compared to $138.4 (4.12 percent of total gross loans) at June 30, 2008. Although non-performing loans as of September 30, 2008 were substantially unchanged from the prior quarter at $111.9 million (3.34 percent of gross loans), this amount included a $24 million loan which was brought current during the quarter.
Capital Adequacy
The Bank’s capital ratios exceed levels defined as “well-capitalized” by our regulators. At September 30, 2008, the Bank’s Tier 1 Leverage, Tier 1 Risk-Based Capital and Total Risk-Based Capital ratios were 8.97 percent, 9.57 percent and 10.84 percent, respectively, compared to 8.60 percent, 9.39 percent and 10.64 percent, respectively, at June 30, 2008. “We continue to monitor our capital adequacy and our ability to address the economic challenges that face most financial institutions in the United States,” said Yoo.