Each morning, the exchanges come alive – and finding a company with news to back its movement allows MN1 to bring you updates each morning and afternoon to keep you on top of the small and micro-cap markets. The following companies released news late yesterday evening or early this morning:Versar Inc. (AMEX: VSR) announced today it has been awarded a $24.5 million task order from the U.S. Air Force Center for Engineering and the Environment. The order modification will allow Versar to continue Construction Management and Quality Assurance operations in Iraq. In the press release, the company said the modification will fund its international operations, Versar International Assistance Projects (VIAP), through Jan. 31, 2008. In response to the news, Versar shares rose 9 cents, or 7 percent, to $13.91 on volume of 176,800 Monday morning.
China Holdings Inc. (OTCBB: CHHL) announced this morning a joint venture with its wholly-owned subsidiary, Aroma International Petroleum Co., to develop a 1.2 million cubic meter oil storage facility in China. Per the agreement, China Holdings and Aroma will jointly invest, develop, and construct the facility with an aggregate investment of about $235 million. Additionally, Aroma will purchase about 30 percent of China Holdings by purchasing 70 million shares of common stock. Shares of China Holdings climbed 1 cent, or 60 percent, to 4 cents on volume of 187,200 Monday morning.
Alteon Inc. (AMEX: ALT) announced this morning the appointment of Jacob Victor, Ph.D. as executive director of Alteon’s product development and clinical diagnostics. In the press release, the company said Victor will lead the execution of an immunoassay test for an initial clinical diagnostic application involving targeted drug therapy. According to the statement, the test will determine the genotype of haptoglobin protein that may assist in assessing the risk of heart disease in patients with diabetes. Alteon shares rose 1 cent, or 26 percent, to 8 cents on volume of 506,900 in early morning trading.
PainCare Holdings Inc. (AMEX: PRZ) announced today it signed an agreement with Surgery Partners Holdings for the $10 million sale of PainCare’s controlling interest in PSHS Alpha Partners Ltd., which owns and operates an ambulatory surgery cent in Lake Worth, Fla. According to the press release, PainCare will also be entitled to receive an earn-out of up to $2.3 million in accordance with a predetermined cash collection schedule for the ASC. Shares of PainCare were up 2 cents, nearly 6 percent, to 37 cents on volume of 188,100 this morning.