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Businessnewsnow.us: Stock News Update
(M2 PressWIRE Via Thomson Dialog NewsEdge)
RDATE:19022008
New York, NY -- Cardiovascular Sciences, Inc. (PINKSHEETS: CVSC); U.S.
Dry Cleaning Corporation (OTCBB: UDRY); Exeter Resource Corporation
(AMEX: XRA); EXFO Electro-Optical Engineering Inc. (NASDAQ: EXFO);
Procera Networks, Inc. (AMEX: PKT); Youbet.com, Inc. (NASDAQ: UBET)
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Cardiovascular Sciences, Inc. (PINKSHEETS: CVSC)
Cardiovascular Sciences, Inc. closed at $0.96 Friday, trading 75,983
shares.
Company News- February 19, 2008: Cardiovascular Sciences, Inc.
Consolidates Progress and Forges Ahead
Earlier today, Cardiovascular Sciences, Inc. announced the following:
Cardiovascular Sciences, Inc. (PINKSHEETS: CVSC) was established a few
years ago to investigate and develop novel medical technologies to meet
unmet and only partially addressed clinical needs. Areas of endeavor
have required technologies as wide ranging as cell engineering to clot
resistant coatings to tissue grafts to guided radiofrequency ablators
and more. But what gradually became evident to the Company's technical
team as they considered a variety of factors such as the size and
growth of the ultimate market, the shortfalls of available products for
this need, and the resources and time required to develop a likely
technology to marketability, there was one clinical need that trumped
the other areas. That is the need to prevent adhesions and adhesion
related complications that often follow various surgeries and traumas.
The cost of these complications constitutes a $6+ billion global market.
The adhesion process is part of normal healing and is what allows the
edges of a cut on the skin to knit together and heal. But when two
adjacent tissues that are not normally attached are stressed as happens
in most surgeries, the surfaces can scar together and contract, causing
problems ranging from minor discomfort to joint limitation to life
threatening obstruction and intestinal perforation. The key to
preventing this is to use a material to separate the surfaces for
several days that then degrades and reabsorbs after the healing has
reached the point after which adhesions are unlikely to occur.
Focusing on this need has allowed the team to consolidate its resources
and efforts in the most productive area. A new president with market
development experience was brought in, Mr. Eric O. Edelmann, who
remains as a consultant. Larry Hooper, a physician, was moved into the
top spot as CEO, directed and coordinated the team's research at the
University of Central Florida. Along with this, the Company was
admitted into UCF's award winning Technology Incubator program where it
has garnered much praise as evidenced by Gordon Hogan, the incubator's
Business Development Executive, "It is exciting to watch Cardiovascular
Sciences leverage their existing management strengths with the
scientific and technological strengths of UCF. This convergence can
easily result in dramatic changes in the prevention of surgical
adhesions." Carol Ann Dykes, the incubator's Technology Site Manager is
similarly enthused. "It's been exciting to watch this committed and
passionate team pull it together and march toward what promises to be
an exciting and successful future." "Rightly or wrongly," explains the
company's CEO, "the company did spend considerable effort chasing and
investigating a wide range of technologies." But Dr. Hooper hastens to
add, "But if not for that, we would not have found, developed and
understood the value of the technology we now have. And by intently
focusing in this area, the range of indications and other possible uses
of the second generation material we have produced continue to blossom
well beyond what we first envisioned." The recent funding event
announced with Seven Palm Investments, LLC now allows the company to
intensify its efforts and move into high gear with its R & D. This next
year should see an increasing frequency of announcements as the Company
continues to develop an even wider variety of applications for its
products, and commences expanded in vitro and animal trials as it
relentlessly pursues the course to marketing its proprietary technology.
About Cardiovascular Sciences
Cardiovascular Sciences, Inc. is an advanced medical device company
which is developing a novel technology platform to address the problem
of post-surgical and post-traumatic adhesions. Adhesions and the
complications of adhesions are a significant problem worldwide for a
wide range of specialists, including general surgeons, cardiothoracic
surgeons, orthopedic, plastic, and ophthalmologic and otolaryngology
specialists to name just some of them. In addition, the veterinary
field has a tremendous need for a product that can prevent similar
problems in a wide variety of animals.
The Company's unique materials and processes promise a more
cost-effective and decidedly more efficient and capable means to deal
with a problem that has been so devastating to so many. Current
sponsored research at the University of Central Florida (UCF) and
previously at other institutions indicate that The Company is on the
right path and progressing well.
In addition to the anti-adhesion technology, The Company owns
technology in a variety of other areas, including thrombo-resistant
coatings, enhanced intra-arterial balloon pumping catheters, cell
engineered vascular tissues, and a method for improved recovery of the
heart following cardioplegia. This yields a diversified portfolio with
projects in various stages of development. www.cvsciences.org
-------------------------------------------
U.S. Dry Cleaning Corporation (OTCBB: UDRY)
U.S. Dry Cleaning Corporation closed at $0.85 Friday, trading 18,804
shares.
Company News- February 19, 2008: U.S. Dry Cleaning Corporation Adds
More Than 60% to Company Revenues by Completing the Acquisition of the
Leading Dry Cleaning Chain in Central California
U.S. Dry Cleaning Corporation (OTCBB: UDRY) ("U.S. Dry Cleaning,"
"USDC"), the first mover in consolidating the nation's dry cleaning
industry, announced earlier today it has completed the acquisition of
the #1 dry cleaning business in Central California.
The acquisition, completed on February 14, 2008, increases USDC's
annual revenues by over 60% and adds approximately $6.5 million in
revenue to USDC's existing $10 million annualized run rate.
Under the terms of acquisition, half the purchase price was paid in the
form of shares of U.S. Dry Cleaning common stock valued at $1.50 per
share. The remaining was paid in a combination of cash and notes, which
are convertible into USDC stock at $2.50 per share.
Robert ("Robbie") Y. Lee, CEO of U.S. Dry Cleaning, said, "This
profitable chain of stores represents an exceptional financial and
strategic addition to our company. With this acquisition, U.S. Dry
Cleaning increases its annualized run rate to over $16 million --
nearly doubling our revenues from Fiscal Year 2007." Mr. Lee continued,
"The Jones family has built this company over two generations into a
profitable business with a commanding market share. We have invested a
great deal of time and effort in preparing for this relationship and
enlarging the USDC family. Tom Jones and his family have created one of
the premier chains in the nation and have done a wonderful job in
building a large base of loyal customers, profitable revenues and most
importantly employees committed to incredible customer service." Tom
Jones stated, "This was a very important decision for our company, and
we put a great deal of thought and time into making it. In the end we
decided the best future for our company, employees and community was to
join the USDC family. We believe in the USDC business plan, and we look
forward to the benefits of our substantial equity stake. We are excited
to be such an integral part of a corporation that is becoming the
nation's leading dry cleaning consolidator. With the added corporate
resources that USDC can offer as a public company, we expect further
increases in our market share."
About U.S. Dry Cleaning Corporation
U.S. Dry Cleaning Corporation's mission is to create the premier
national chain in the dry cleaning industry. The Company's management
team has extensive experience in retail consolidations and premier dry
cleaning operations with a proven operating model. Management intends
to rapidly acquire profitable, market-leading operations at accretive
valuations. Each acquisition target is expected to be self-sufficient,
and field management will remain in place to ease the assimilation.
USDC Management believes the greatest value achieved in any
consolidation occurs during the earliest phases. As a result, USDC
intends to grow as rapidly as possible to maximize shareholder value.
-------------------------------------------
Exeter Resource Corporation (AMEX: XRA)
Exeter Resource Corporation closed at $4.02 Friday, trading 34,450
shares.
Company News- February 19, 2008: Exeter Resource Corporation: Drilling
Demonstrates Potential for Major Gold Copper Porphyry at Caspiche
Exeter Resource Corporation (TSX VENTURE: XRC) (AMEX: XRA) (FRANKFURT:
EXB) ("Exeter" or the "Company") reported earlier today that drilling
at its Caspiche project, situated in the Maricunga region of Chile, has
returned 218 metres (715 feet) of oxide zone gold mineralization (from
a depth of 4 metres) in diamond drill hole CSD014.
The results from drill hole CSD014 include 60 metres ("m") (197 feet)
at a grade of 0.7 grams per tonne ("g/t") (0.02 ounces per ton
"oz/ton") gold, followed by 154 m (505 feet) at a grade of 0.5 g/t
(0.015 oz/ton) gold. The drill hole, drilled to a depth of 744 m (2,440
feet), intersected porphyry type gold-copper mineralization, for which
assays are awaited, in the lower part.
The new intersections are from an extensive blanket of oxidized
mineralization that overlies the porphyry system. Drill hole CSD014,
located 300 m (984 feet) south of hole CSD013 (results reported in
Exeter news release 07-14 dated May 24, 2007), is Exeter's second hole
drilled to test the porphyry system. The oxide zone intercept in drill
hole CSD013 was 204 m (669 feet) and averaged 0.8 g/t (0.023 oz/ton)
gold.
The mineralization in the upper 218 m (715 feet) of CSD014 is of the
high sulphidation epithermal type while below that depth, the drill
hole intersected mineralized porphyry to the ultimate depth capacity of
the rig of 744 m (2,440 feet).
Exeter's third drill hole CSD015, currently at a depth of 360 m (1,181
feet) and drilling mineralized porphyry, is located 250 m (820 feet)
west of CSD013, and 400 m (1,312 feet) northwest of CSD014. In CSD015,
the high sulphidation epithermal zone has been eroded while a mixed
oxide-sulphide zone extends to a down hole depth of 300 m (984 feet).
Diamond hole CSD016, located between, and equidistant (200 m (656
feet)) from, drill holes CSD014 and CSD015 has been collared and
drilling is underway.
Exeter's Chief Geologist, Glen Van Kerkvoort, stated: "The depth extent
of the mineralization drilled to date, supported by geophysical data,
suggests that the Caspiche Porphyry is very large, even by Maricunga
standards.
"On the basis of the hydrothermal alteration we are observing in the
drill core, drill hole CSD014 is on the edge of the porphyry system,
with CSD015 closer to the centre. Although we are awaiting assay
results from the lower portion of CSD014, the drill core is visually
similar to both the stockwork mineralization that I have observed from
the neighbouring Refugio(i) gold porphyry to the north, and that
reported in literature for the Cerro Casale(ii) deposit which is
located immediately south of Caspiche.
"The sizeable step-out distances between these early drill holes should
effectively 'scope out' the dimensions of the Caspiche porphyry system.
Once we've established the broad extent of the system, we intend to
close in the drill hole spacing to better establish the distribution of
higher and lower grade mineralization in the system. All Exeter drill
holes are being oriented 060 degrees (azimuth) and inclined at -60
degrees to best define the geometry of the porphyry system.
"Geophysical contractor Zonge (Chile) has conducted a resistivity
survey over the porphyry target area. The results indicate a very large
resistivity low with dimensions of some 500 metres (1,640 feet) by
1,000 metres (3,280 feet). It appears very likely that this anomaly
represents the target porphyry body at depth. Deeper magneto-telluric
profiling suggests that this target continues with significant strength
to a greater depth in the northwest portion of the resistivity low.
Geophysical surveys are to continue on the project."
Note:
(i) The Refugio Deposit is 15 kilometres (10 miles) north of Caspiche
and is reported to contain 5 million oz gold at a grade of 0.76 g/t
gold (Kinross NI 43-101 Report, dated December 31, 2006).
(ii) The Cerro Casale Deposit is 11 kilometres (7 miles) south of
Caspiche and is reported to have a mineral reserve of 22.9 million oz
gold and 5.8 billion pounds copper (Kinross Gold NI 43-101 Report,
March 21, 2007) - 1,031 million tonnes at a grade of 0.69 g/t gold and
0.25% copper.
To view photos of drill core, please click on the following link:
http://media3.marketwire.com/docs/XRC219map.JPG
Quality Control and Assurance
Drill widths presented above are drill intersection widths and may not
represent the true widths of mineralization. Gold assay results
presented above are preliminary and have not been calculated using a
gold cut-off grade, or with any cutting of high grades.
All diamond drill core samples are split on regular two metre intervals
and represent either sawn half HQ-size or NQ-size core. Gold samples
were prepared and assayed by fire assay (50 gram charge) and ICP-MEMS41
used for copper at the ALS Chemex laboratory in Chile, an ISO-9001:2000
certified laboratory. Standard and blank duplicate samples are used
throughout the sample sequence as checks for the exploratory diamond
drilling.
Glen Van Kerkvoort, Exeter's Chief Geologist and a "qualified person"
within the definition of that term in National Instrument 43-101,
Standards of Disclosure for Mineral Projects, has supervised the
preparation of the technical information contained in this news release.
About Exeter
Exeter Resource Corporation is a Canadian mineral exploration company
focused on the discovery and development of gold and silver properties
in South America.The Cerro Moro Gold-Silver Project (100% owned by
Exeter) in Santa Cruz Province, Argentina is generating high grade to
'bonanza grade' drilling results within an extensive epithermal vein
system, located 130 kilometres (80 miles) east of the Cerro Vanguardia
gold mine. Drilling will continue through 2008 using as a minimum three
drill rigs. Our focus is to establish a high grade gold-silver resource
amenable to open pit mining.
The Company currently has two diamond rigs drilling its Caspiche gold
porphyry project in Chile, located between the Refugio mine (Kinross
Mining Corp.) and the giant Cerro Casale gold project (Barrick Gold
Corp. and Kinross Mining Corp.).
As a result of recent political developments in Mendoza Province,
Argentina, the further development of the advanced Don Sixto Gold
Project has been put on hold. The Company has filed suit in the Mendoza
Courts to challenge the constitutionality of new legislation, which has
the effect of banning conventional mining in the province. The Company
will continue to work with authorities in Mendoza, and with
representatives of other mining companies, to effect legislative
amendment.
In 2008, Exeter plans to explore other gold-silver targets in
prospective regions of Patagonian Argentina and Chile. The Company
gained a broad foothold in the region through separate strategic
alliances with Cerro Vanguardia S.A. (an AngloGold Ashanti subsidiary),
and Rio Tinto Mining and Exploration Chile. You are invited to visit
the Exeter web site at www.exeterresource.com.
-------------------------------------------
EXFO Electro-Optical Engineering Inc. (TSX: EXF) (NASDAQ: EXFO)
EXFO Electro-Optical Engineering Inc. closed at $4.71 Friday, trading
17,700 shares.
Company News- February 19, 2008: EXFO Launches Advanced IQS-600 Modular
Test Platform for R&D and Manufacturing Applications
EXFO Electro-Optical Engineering Inc. (TSX: EXF) (NASDAQ: EXFO)
announced earlier today the launch of the advanced IQS-600 Integrated
Qualification System, a highly scalable modular test platform for R&D
and manufacturing applications.
The IQS-600, the latest innovative solution within EXFO's holistic
platform strategy, delivers unprecedented performance and flexibility
through seamless integration of the widest range optical, transport and
datacom test modules under a common, PC-based software environment. It
also offers complete test automation capabilities to facilitate
characterization of next-generation, IP-based networks, subsystems, as
well as active and passive components at transmission rates reaching 40
Gbit/s.
The IQS-600 platform's future-proof open architecture enables users to
run automation software and extensive protocol scripts without the
assistance of an external computer. As well, it can monitor or
troubleshoot test applications from a distance via remote access
devices like Java, VNC, Remote Desktop or Web browsers. A RAID option,
performing real-time mirroring of data on a second hard drive, rounds
out the list of key features on this next-generation platform.
The IQS-600 platform is available in three models. The IQS-610P and
IQS-605P controller units feature a dual-core Intel TM processor,
Ethernet ports and optional remote GPIB control. The IQS-610P houses as
many as 10 test modules and is ideal for high-volume manufacturing
applications, while the IQS-605P comes equipped with a large LCD
transflective screen and is designed for R&D environments. The IQS-610E
expansion unit, holding up to 10 additional modules, can be
rack-mounted to build a 100-module test system using a single
controller unit.
"EXFO is highly committed to providing system vendors with advanced
test solutions for their R&D and manufacturing applications," said
Germain Lamonde, EXFO's Chairman, President and CEO. "The launch of
this scalable modular test platform, combined with the availability of
a large family of optical and next-generation IP-based test solutions,
marks an important milestone towards simplification, automation and
efficiency in multi-layer testing environments and the continuation of
our global platform strategy."
"The design and manufacturing of 40 Gbit/s and beyond optical networks
have placed an enormous burden on system vendors to thoroughly
characterize their systems," added Etienne Gagnon, EXFO's
Vice-President of Product Management and Marketing. "EXFO's
best-of-breed IQS-600 platform renders these complex testing tasks easy
by delivering unmatched test automation, minimizing manual intervention
and ensuring accurate, repeatable results."
For more information about the IQS-600 platform and related test
modules, please visit www.EXFO.com.
About EXFO
EXFO is a Tier-1 test and measurement expert in the global
telecommunications industry, especially in the portable test market
segment. The Telecom Division, which represents about 85% of the
company's business, offers a full suite of test solutions and
monitoring systems to network service providers, cable TV operators,
telecom system vendors and component manufacturers in approximately 70
countries. EXFO is the global market leader for portable optical test
solutions with an estimated 25.5% market share and a leading supplier
of protocol and access test solutions to enable triple-play deployments
and converged IP networking. Its Windows-based modular AXS-200,
FTB-200, FTB-400 and IQS-600 test platforms host a wide range of
modular test solutions across optical, physical, data and network
layers, while maximizing technology reuse across several market
segments. The Life Sciences and Industrial Division offers value-added
light-based solutions in high-precision medical device and
opto-electronics assembly sectors, and advanced fluorescence microscopy
and electrophysiology solutions for the life sciences sector. For more
information about EXFO's Telecom Division, visit www.EXFO.com, and for
its Life Sciences and Industrial Division, visit
www.EXFO-lifesciences.com.
-------------------------------------------
Procera Networks, Inc. (AMEX: PKT)
Procera Networks, Inc. closed at $1.30 Friday, trading 46,600 shares.
Company News- February 19, 2008: Procera's PacketLogic Chosen by Utah
Independent Telco for Improved Real-Time Network Awareness,
Flexibility, and Control
Procera Networks, Inc. (AMEX: PKT), a pioneering developer of network
traffic and service management infrastructure equipment, announced
earlier today that Manti Tele Communications Company (MTCC), a rural
independent communications provider, has chosen Procera's PacketLogic
to provide deep packet inspection (DPI) capabilities across their
network. MTCC provides a full range of voice, data and IPTV services to
its customer base in the Sanpete Valley, and provides network
management services for off-campus student housing for local Snow
College.
Recently celebrating 100 years in business, MTCC began offering
broadband services to its customers in 2000 and rolled out bundled
triple-play (voice, video and data) services in 2001. A previously
installed competitive DPI product provided a limited overview of
network activity, and required custom programming in order to monitor
specific services such as peer-to-peer (P2P) and video. To manage their
network efficiently and effectively, MTCC sought a more flexible
product with a more granular view of network traffic, patterns,
application usage and bandwidth utilization.
"Our goal is to provide a better service, at a better price, than our
competitors," said Dallas Cox, manager of Manti Tele Communications
Company. "PacketLogic provides us the ability to accurately monitor our
network application traffic and make adjustments as needed. This in
turn gives us much greater flexibility in managing our network
resources while guaranteeing the best quality of user experience. We
have also reduced our operating expenditures due to the easy-to-use
interface which allows us to quickly make changes when needed, without
custom programming." PacketLogic has also assisted MTCC in meeting
legal and regulatory requirements. When the company receives a summons
related to file copyright violation, PacketLogic allows network
administrators to identify the subscriber accurately using the IP
address and MAC (Media Access Control) address. MTCC personnel can then
contact the customer to discover whether a virus or other malware is
responsible for the violation. In addition, MTCC plans to utilize
PacketLogic to meet the technical assistance requirements of CALEA, the
U.S. lawful intercept regulation.
"MTCC's deployment is a great example of the power and flexibility that
PacketLogic provides service providers, higher-education institutions
and other large network operators as they contend with rapidly
increasing bandwidth usage," said Jeff Gigoux, director of business
development for Procera Networks. "PacketLogic provides a highly
granular view of network application activity, with virtually unlimited
rules -- even down to the individual user level -- that allow
customization and differentiation of service offerings to meet customer
needs."
About Procera Networks
Founded in 2002, Procera Networks, Inc. (AMEX: PKT) is a global
provider of intelligent network traffic identification, control and
service management infrastructure equipment. Procera's core product
suite, the PacketLogic line of appliances, provides the most accurate
application identification available today by using the industry
leading connection identification engine DRDL (Datastream Recognition
Definition Language). PacketLogic is deployed at more than 400
broadband service providers (xSPs), telcos, colleges and universities
worldwide. For more information, visit www.proceranetworks.com Procera
Networks is a registered trademark, and PacketLogic and DRDL are
trademarks of Procera Networks, Inc. All rights reserved. All other
products or brands mentioned are trademarks and/or service marks of
their respective owners.
-------------------------------------------
Artfest International, Inc. (OTCBB: ARTI)
Artfest International, Inc. closed at $0.18 Friday, trading 14,170
shares.
Company News- February 19, 2008: Artfest Establishes Partnership With
Renowned Russian Art Dealer
Artfest International, Inc. (OTCBB: ARTI) announced earlier today that
they have partnered with Luxor International to acquire exclusive
licensing rights of numerous world renowned Artists from Russia. This
exclusive deal will bring top selling Russian Artists to the United
States of America through Artfest's direct marketing portal,
www.ArtChannelGalleries.com, and further establish the Company's
international presence.
The relationship between Artfest and Luxor will be mutually beneficial.
In this highly lucrative artist exchange program, Artfest will bring
all of their artists to the Russian audience in exchange for the
exclusive rights to Luxor's Russian artists. Not only will Artfest
increase their roster of artists, they will also gain an even more
substantial international presence. In addition, the Company expects
that their unique business opportunity will further expand the
popularity of American art in Russia.
"When people create wealth and prosperity, like we have recently seen
in Russia, they tend to gravitate towards finer homes, finer cars and
fine art and collectibles," explains David Sage, Vice President of
Marketing for Artfest. "Artfest will bring a new hybrid of sales and
marketing of fine art and collectibles to the Russian audience through
its proprietary internet portal and ecommerce site." Luxor
International provides licensing and publishing rights of prominent
artists from Russia, Ukraine and other former Soviet Republics. Luxor's
main focus is to represent only the finest artists and to license them
to only the best distributors. The unique business structure of Artfest
coupled with its distinguished artists and artwork makes the Company an
ideal business partner for Luxor.
"Russia, and Moscow in particular, has become a multi-billion dollar
Mecca," says Mark Okhman, President and CEO of Luxor International.
"The lifestyle in Moscow reflects the Country's highly profitable
ventures and business developments. It only seems natural that Artfest
and Art Channel Galleries are businesses that people will participate
and spend more of their investments in." This exclusive agreement is
just one of many Artfest is seeking to add to their portfolio in order
to become the top direct selling company in the fine art and
collectibles industry. For more information about Artfest, please visit
www.ArtfestInternational.com.
About Artfest International, Inc.
Artfest International, Inc. is a publicly traded company under the
symbol ARTI.OB. Artfest (www.artfestinternational.com) prints, markets,
and sells limited edition, signed and numbered fine art and
collectibles to its Members which include collectors, dealers, artists,
decorators, designers, private collectors and investors. Artfest drives
membership through its proprietary direct-sales e-commerce venue
(www.artchannelgalleries.com), syndicated TV programming
(www.artchannel.tv), brick and mortar galleries, online auctions
(www.myartfest.com), and membership awards programs. Membership is free
and includes a member branded, direct-sales e-commerce website having
full back office support including a merchant account, just-in-time
inventory, and fulfillment.
-------------------------------------------
The companies that are discussed in this opinion have not approved the
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