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PennyStockBets.com: The Safest Bet in Town! (TSX.V: NGP, OTCBB: NGLPF), (OTCBB: TLLE), (OTCBB: LBSR)
Sep 03, 2010 (M2 PRESSWIRE via COMTEX) --
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Nevada Geothermal Power Announces Private Placement, Total Funds C$10,000,000
VANCOUVER, British Columbia, Sep 02, 2010
Nevada Geothermal Power Inc. (NGP) (TSX.V: NGP, OTCBB: NGLPF), today announced that it will proceed with a non-brokered private placement for up to 20,000,000 units at a price of C$0.50 per unit to raise gross proceeds of up to C$10,000,000.
Each Unit will consist of one common share (a "Share") and one transferable share purchase warrant (a "Warrant"), with one Warrant entitling the holder to purchase one additional common share (a "Warrant Share") of the Company at a purchase price of $0.70 per Warrant Share (the "Offering").
In the event that the closing price of the Company's common shares on the TSX Venture Exchange (the "Exchange") is $1.00 or greater per share for a period of 20 consecutive trading days, the Company may accelerate the expiry date of the Warrants and in such case the Warrants must be exercised within 30 days.
NGP has engaged KBH Capital Corp. (the "Finder") to assist with the Offering. NGP will pay the Finder a cash finders fee equal to 5% of the gross proceeds raised from subscriptions in the Offering from persons introduced to the Company by the Finder; and issue to the Finder that number of unit purchase warrants (the "Finder's Warrants") that are equal to 5% of the number of Units sold to investors introduced to the Company.
The net proceeds of the offering will be used to fund further development at the Blue Mountain Faulkner 1 geothermal power plant, development of other existing projects and for working capital.
The Offering is subject to the acceptance of the TSX Venture Exchange and all securities to be issued in connection with the Offering shall be subject to a four month hold period.
About Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. operates the 49.5 MW Faulkner 1 geothermal power plant in Nevada. It is a growing, renewable energy developer focused on producing clean, efficient and sustainable geothermal electric power from high temperature geothermal resources in the United States. NGP currently owns a 100% leasehold interest in five properties: Blue Mountain, Pumpernickel Valley, Edna Mountain and Black Warrior in Nevada, and Crump Geyser, in Oregon. These properties are at different levels of exploration and development. NGP estimates a potential of between 150 MW and 300 MW from its current leaseholds.
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Teletouch Now Trading on OTC Bulletin Board
FORT WORTH, Texas, Sep 02, 2010
Teletouch Communications, Inc. (OTCBB: TLLE), a leading U.S. cellular services and consumer electronics provider, announced that effective September 1, 2010, the Company is now quoted on the OTC Bulletin Board electronic quotation system under the Company's current ticker symbol, "TLLE." For several years, the Company was traded on the American Stock Exchange ("AMEX"). After completing the acquisition of Progressive Concepts, Inc. in August 2006, the Company was unable to timely report its consolidated financial statements and was subsequently delisted from the AMEX in January 2007. As a result, until yesterday, the Company had been quoted only on the Pink Sheets. In December 2009, Teletouch regained currency in all of its SEC-required prior period filings. With its recently filed Report on Form 10-K for the 2010 fiscal year ended May 31st, the Company has also timely filed all of its required financial reports for a consecutive twelve month period and is therefore deemed fully current and compliant under all SEC guidelines and requirements.
"Teletouch's move to the OTCBB is one of the stated milestones we have achieved towards our structural objective to increase sustainable shareholder value. We expect that this transition to the OTCBB quotation system will provide improved trading visibility to our current and prospective shareholders, as well as enhance the overall market efficiency in the trading of our stock," stated T. A. "Kip" Hyde, Jr., President, Chief Operating Officer and Director of Teletouch. "Our stock symbol will remain TLLE while on the OTCBB, providing continuity for ongoing investor information purposes."
REMINDER: EARNINGS CONFERENCE CALL -- PRE-REGISTRATION REQUIRED:
On September 8, 2010 at 4:15 p.m. Eastern (3:15 p.m. Central), Teletouch will hold the Company's fiscal year 2010 earnings teleconference. Hosted by AT Conference, pre-registration is required. To pre-register, email information to Investors@teletouch.com, and include first, last and company name. Participants are asked to designate if analyst or shareholder, with the sponsoring institution name, as applicable. Participants will be able to listen and ask questions during the conference call by dialing a dedicated call-in number provided after registration.
For those unable to participate in the live call, a replay and transcript will be available in the Newsroom section of the Company's website www.teletouch.com after 8:00 p.m. Central time.
REMINDER: ANNUAL SHAREHOLDERS MEETING:
On August 16, 2010, the Company announced that its annual shareholders meeting is scheduled for October 25, 2010, at 1:00 p.m. Central, to be held in Fort Worth, Texas at The Ashton Hotel, 610 Main Street, Fort Worth in the Winfree Ballroom. Shareholders of record as of August 30, 2010 (Record Date) will be mailed their proxy materials and annual reports on or about September 20, 2010, subsequent to the filing of the Company's Definitive Proxy Statement on Form DEF14A, on or about September 16, 2010.
About Teletouch Communications
For over 46 years, Teletouch has offered a comprehensive suite of wireless telecommunications solutions, including cellular, two-way radio, GPS-telemetry and wireless messaging. Teletouch is a leading direct Authorized Service Provider and billing agent of AT&T (NYSE: T) products and services (voice, data and entertainment) to consumers, businesses and government agencies, as well as an operator of its own two-way radio network and LTR systems in Texas. Recently, Teletouch entered into national agency and distribution agreements with Sprint (NYSE: S) and Clearwire (NASDAQ: CLWR), providers of advanced 4G cellular network services. Teletouch operates a chain of 26 retail and authorized agent stores under the "Teletouch" and "Hawk Electronics" brands, in conjunction with its direct sales force, call center operations, and various retail eCommerce websites including: www.hawkelectronics.com, www.hawkwireless.com and www.hawkexpress.com. Through its wholly owned subsidiary, Progressive Concepts, Inc., Teletouch operates a national distribution business, PCI Wholesale, primarily serving large cellular carrier agents and rural carriers, as well as auto dealers and smaller consumer electronics retailers, with product sales and support available through www.pciwholesale.com and www.pcidropship.com, among other B2B oriented websites.
Teletouch's common stock is quoted on the OTC Bulletin Board under the ticker symbol: TLLE. Additional information about the Teletouch family of companies can be found at www.teletouch.com.
All statements from Teletouch Communications, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the PSLRA of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While the Company's management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth under the caption "Risk Factors" in the Company's most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
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Liberty Star Sued by Warrant Holders
TUCSON, Ariz., Sep 02, 2010
Liberty Star Uranium & Metals Corp. (OTCBB:LBSR) announces that on August 26, 2010, Platinum Long Term Growth VI LLC and Alpha Capital Anstalt, two former lenders of the Company (the "Plaintiffs"), filed lawsuit in the United States District Court, Southern District of New York, against the Company and James Briscoe, (President and CEO). The Plaintiffs are seeking to require the Company to honor outstanding warrants held by the Plaintiffs at an exercise price of $0.002 (two tenths of one cent) per share and to issue to the Plaintiffs ten times the number of warrants that the Company has on record, or in the alternative money damages. The claim is based on a provision in the warrant agreements that would permit a "ratchet down" of price and a multiplication of number of warrants in the event of certain share issuances by Liberty Star Uranium & Metals Corp.
The Plaintiffs are claiming that Platinum is entitled to 201,053,015 warrants and that Alpha is entitled to 240,919,010 warrants all exercisable at $0.002 per share. If the Plaintiffs are successful in their lawsuit, a total of 589,177,000 warrants would be outstanding at an exercise price of $0.002 to all warrant holders who are former lenders to our company. These warrants all contain a cashless exercise feature, permitting issuance of shares without payment of any cash to the company. The Plaintiffs are also claiming money damages for non-compliance with what they claim are the terms of the warrants, costs and attorney fees incurred in the action.
Currently, there are 434,784,657 common shares of Liberty Star outstanding. If the warrant holders are successful in their lawsuit, they and other warrant holders could exercise warrants for over 55% of the company's equity at a price of $0.002 per share. However, there are contractual limits on the percentage of the company's outstanding common shares which any warrant holder can hold at the time of exercise (i.e., not more than 9.99% of the company's outstanding shares), so individually none of them could control the company through the exercise of warrants.
We are vigorously defending against the lawsuit and have through our attorney made an appearance in court. Our defense is, in part, that no "ratchet down" provision is in effect. If we are successful on that defense alone that would leave all former lender warrant holders with 58,917,700 warrants exercisable at $0.02 (two cents) per share.
Declares James Briscoe, "This lawsuit makes no sense to me. Until this matter is settled or decided by a court, we won't allow the exercise of any Plaintiffs' warrants. If the Plaintiffs eventually win, the dilutive effect on the company will likely seriously harm our share value, drastically reducing the value of the Plaintiffs' warrants. We intend to use every defense possible to defeat these claims."
For the board of directors,
"James A. Briscoe" James A. Briscoe, P. Geo. President & CEO Liberty Star Uranium & Metals Corp.
SAFE HARBOR STATEMENT
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this press include the likely effect of the Plaintiffs winning their lawsuit harming our share value and reducing the value of outstanding warrants, and that we intend to use every defense possible to defeat the claims. Risks that may prevent our using every possible defense include that we may not have sufficient resources to mount the best possible defense. Readers are cautioned not to place reliance on forward-looking statements.
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