News Around The Bulletin Boards « H E » MN1 Exclusive :: email posted Monday, 6 August 2007 MN1 Staff WriterCompanies’ earnings reports often generate a buzz in the marketplace whether the reports provide positive results or potentially downward pointing earnings. Commerce Planet Inc. (OTCBB: CPNE) reported preliminary revenues and operating income for the second quarter of 2007. Profits are believed to have increased by 48 to 55 percent year over year and generated an increase in the company’s share price of 7 cents, or 9 percent, to 89 cents on the day.
In other earnings news, Fremont Michigan InsuraCorp Inc. (OTCBB: FMMH) earnings didn’t have quite the same effect as Commerce Planet. The earnings report drove the company’s price downward by $1.65, or 8 percent, to $20.05.
Several Mergers and Acquisitions have helped shape the market today. Utilicraft Aerospace Industries Inc. (OTCBB: UITA) has announced the purchase agreement for 10 of the company’s aircrafts to Mid America Aero LLC. After the announcement, Utilicraft’s stock rose and is currently up about 2 cents, to 25 cents on volume of 794,000.
SENSE Holdings Inc. (OTCBB: SEHO) completed its acquisition of Shanghia Aohong Industry Co., a leading distributor of fluorine chemical products in China. Through the deal, SENSE was able to gain 56.08 percent of Shanghia Aohong, and investors showed a positive reaction as the price per share increased to 8 cents, or 45 percent, from about 6 cents earlier today.
Dore Perler, CEO of SENSE, stated in a release earlier, “We are excited to enter this new era in our company’s history. We have been evaluating opportunities in China for a number of years and believe that Aohong has all the right ingredients to help propel substantial revenue and earnings growth for SENSE’s shareholders in the coming years.”
Several companies have received the funding necessary today that will help them develop and experience the growth needed to compete in today’s marketplace. The one company that had a positive effect was Oramed Pharmaceuticals Inc. (OTCBB: ORMP), which completed a $2 million financing today. The company is a leading developer of an oral insulin gel capsule and received this funding in a placement at 50 cents per share, with warrants priced at 75 cents.
Oramed is currently priced at 44 cents, which is up 4 cents or 10 percent from today’s open.
Oramed CEO Nadav Kidron stated in an announcement, “This investment, at a premium to the market, ensures that Oramed has enough funds to reach completion of Phase I trials, which we expect by mid-2008. In fact, we hope to complete our Phase Ia trials shortly. This investment marks a milestone for Oramed’s stability, allowing the company to fully focus on its research and development efforts and complete its Phase I product trials.”
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