Turning Pennies into dollars: (OTC: LLSR), (OTCBB: GNAU), (OTCBB: WWEI), (OTC: HSOA)
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Lantis Laser was formed to commercialize the application of novel technologies in the dental industry. The criteria for selected products include competitive edge, exclusivity and large market potential. Lantis is currently in Phase 2 development, moving through beta systems, product development and application for FDA clearance and plans to launch the OCT Dental Imaging System in the first quarter of 2009. Lantis has exclusive rights to the application of OCT technology in the field of dentistry under its license Agreements with Lawrence Livermore National Laboratory (exclusive); LightLab Imaging (non-exclusive) and AXSUN (exclusive). To find out more about Lantis Laser, visit www.lantislaser.com.
LLSR News:
June 10 - Lantis Laser Commences Phase 3 Development of it's OCT Light-Based Dental Imaging System
Eclipse Product Development Selected for Design, Interface and Documentation Phase
Lantis Laser Inc. (OTC: LLSR) (www.lantislaser.com) announced that it has commenced Phase 3 of the development cycle of its proprietary, highly advanced Optical Coherence Tomography (OCT) Dental Imaging System. The OCT System is a diagnostic light-based, chairside, system that images in real-time at a resolution of to 10 times x-ray and without any harmful radiation. It is expected to have a major impact on early diagnostics and the advancement of minimally invasive treatment once it is deployed in dental offices.
"Phase 3 development embodies a number of significant events in the evolution of OCT for dentistry," said Stan Baron, president and CEO of Lantis. "The components of the OCT System that needed to be upgraded to meet the requirements of the fast scanning speed enabled by AXSUN Technologies swept source laser, are being readied for integration into the OCT Beta Systems. We expect to deploy the Beta Systems for clinical use in the July/August timeframe."
Phase 3 of the product development cycle also requires that the OCT System's mobile cart will be designed, that the user interface be refined and that documentation in preparation for the FDA filing be prepared. After an extensive review of product design companies, Lantis is pleased to announce that it has selected Eclipse Product Development to undertake this demanding task.
Vice President of Research and Development at Lantis, Doug Hamilton, commented, "OCT is not a modality that many companies have had experience with, so we looked for a company that had a solid industrial design core and the network to bring in the best available resources for each discipline that is deployed in the OCT System. Eclipse provides us with this development model and the flexibility we need to complete this Phase in an efficient and timely manner."
"All the components leading to up to FDA submission, manufacturing and marketing are now being put into place," said Baron. "We will be making regular announcements as we progress to keep the investment and dental community abreast of developments".
ABOUT ECLIPSE PRODUCT DEVELOPMENT
Eclipse, located in Amesbury, MA has over 13 years of experience helping clients commercialize medical, laboratory and dental category technologies. The company is medically oriented and has designed numerous products including complex diagnostic and therapeutic medical and dental equipment and devices. Their development process meets FDA and ISO requirements for design control documentation and verification. Eclipse has developed a strategic business model to include several experienced molding and manufacturing vendor relationships.
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GENERAL AUTOMOTIVE COMPANY (OTCBB: GNAU)
General Automotive Company ("GAC") is a provider of original equipment and aftermarket automotive parts, mobile electronics, and related automotive products at multiple levels of distribution throughout the United States and internationally. Through its two wholly owned subsidiaries, Global Parts Direct and OE Source, the company focuses its efforts on utilizing its relationships with manufacturers in China, Korea and Japan to bring state-of-the-art automotive parts, accessories and products to automobile manufacturers and major parts distributors in the U.S. For more information on GAC and its products, visit www.generalautomotive.com.
GNAU News:
June 10 - General Automotive Expands Board of Directors
Managing Partner of Charter Oak International and Former Top Saab Executive Join Board
General Automotive Company (OTCBB: GNAU), a provider of original equipment and aftermarket automotive parts, mobile electronics and related products, announced that Anthony J. Dowd and Kenneth F. Adams have joined its Board of Directors.
Anthony Dowd is the Managing Partner of the private equity partnership, Charter Oak International Partners, as well as a General Partner of Charter Oak Partners, a 32-year-old equity hedge fund. During his 16 years at Charter Oak, Dowd has directed and led the partnerships' acquisition of, or investment in, privately held businesses. Since founding Charter Oak's private equity business, Dowd and his team have completed more than 45 acquisitions.
Kenneth Adams, who will serve as Chairman of GA's Audit Committee, was Vice President and Chief Financial Officer of Saab Cars USA, Inc., a subsidiary of General Motors Corporation and a wholesale distributor of Saab cars, parts and accessories with annual sales of more than $1 billion, for 13 years. He also served on the company's Board of Directors from 1992 until his retirement in 2005. Adams joined Saab in 1974 as Treasurer and held roles of increasing responsibility over his 31 years with the company. In addition to being responsible for all its financial activities, controls and reporting as CFO, he was a member of the executive team, operations team and chairman of the pension committee.
"Tony and Ken's vast experience in corporate finance and their business insights will be extremely valuable to General Automotive as we pursue our strategy of growth by acquisition," commented President and CEO Joseph DeFrancisci. "It is an honor to have people of their stature join our team and help us further GA's growth and success as we expand our portfolio of operating companies."
Prior to joining Charter Oak Partners, Dowd was a Senior Associate with James D. Wolfensohn, Inc., a New York-based investment banking firm that advised large domestic and international corporations on mergers and acquisitions. He graduated with distinction from the U.S. Military Academy at West Point with a B.S. Degree in Engineering and earned an M.B.A. from the Wharton School of the University of Pennsylvania. Dowd currently serves on the Board of Directors of several privately held businesses.
Prior to joining Saab in 1974, Adams was an audit manager with Price Waterhouse for six years. A CPA, he received a BS in Finance from Mount Saint Mary's University. He previously served as a Director and Chairman of the Audit Committee for Telzuit Medical Technologies, Inc.
The election of Dowd and Adams brings the total number of General Automotive directors to five.
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WELWIND ENERGY INTERNATIONAL (OTCBB: WWEI)
Welwind Energy International Corp. is committed to providing the best resource option available for renewable energy, protecting our environment, empowering communities, bolstering local economies and respecting the rights of future generations. Welwind Energy International was founded to build, own and operate wind farms on an international scale. The company's goal is to become a leading provider of clean energy products for the residential, business and Governmental consumer.
WWEI News:
June 10 - Power Purchase Agreement Update From Welwind Energy International Corp.
Welwind Energy International Corp. (OTCBB: WWEI) (the "Company") announced that it has successfully received final approval for its last two applications made to the Military and the Guangdong Provincial Oceans and Fisheries Bureau. Over 15 applications made have been submitted and approved, including the site selection of the project and the land use permit by the Guangdong Provincial Building Bureau.
The Company has satisfied all 15 departments of the Government with documents being dated May 27, 2008 and translated documents received by Welwind Head office June 6, 2008.
This is exceptional news for the company as it has successfully met every Governmental requirement. As previously stated in the company's conference call, there are multiple applications that have been required by the Company for approval of the Zhanjiang wind farm. More specifically, there are three separate submissions made for each application. Each application requires submission to three separate governing bodies - the local Government, the City and finally the Provincial Government. For example; for the land use permit the Company had to apply to the Donghai Government (local Government), then to the Zhanjiang Oceans and Fisheries Bureau (City application) and finally to the Guangdong Oceans and Fisheries Bureau of the Provincial Government. With over 15 applications to be made on three separate levels, today is a pivotal point for Welwind in meeting each and every requirement.
The Company would like to thank all investors for their ongoing support and fortitude.
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HOME SOLUTIONS OF AMERICA (OTC: HSOA)
Home Solutions of America, Inc. is a provider of restoration, construction and interior services to commercial and residential customers. The company is involved in providing construction services, rebuilding, catastrophic storm response and contents restoration for commercial, industrial and residential properties. It also does work in the governmental and private arenas and, through a subsidiary, has been involved in the redevelopment of public schools in the aftermath of Hurricane Katrina. Clients have included the State of Louisiana, the City of New Orleans, the Louisiana National Guard, the historic French Market and Louis Armstrong International Airport. For additional information, visit the Company's Web site at www.hsoacorp.com.
HSOA News:
June 10 - Home Solutions of America, Inc. Announces Forbearance Agreement With Lenders That Will Retire Bank Debt
Entity Controlled by Company's Chairman to Provide New Equity
Home Solutions of America, Inc. (OTC: HSOA), a provider of restoration, construction and interior services to commercial and residential customers, announced that it has entered into a forbearance agreement with its lenders that will enable the company to retire, through a series of payments, all of its current bank debt with Texas Capital Bank and its syndicate members by August 1, 2008.
The company also said that EvenFlow Funding, LLC, a newly created entity controlled by HSOA's Chairman, Michael J. McGrath, Jr., has committed to provide up to $3.5 million of equity financing for working capital purposes under a separate funding agreement approved by the Board of Directors. The company has already received $2.0 million of these funds.
Mr. McGrath's investment will be in the company's newly created 13% Convertible Redeemable Preferred Stock. Mr. McGrath will also receive warrants to acquire additional shares of common stock at a nominal price at the rate of two warrants for every $1.00 invested in the preferred stock. The company may redeem the preferred stock at any time and must do so by the fifth anniversary of issuance.
The forbearance agreement calls for a series of payments cumulatively totaling $10.5 million - of which $1.729 million has already been paid. In addition, the company will issue to the lenders 700,000 warrants with an exercise price of $1.00, 700,000 warrants with an exercise price of $1.50 and 700,000 warrants with an exercise price of $2.25.
Mr. McGrath, who recently acquired a 5.7% ownership position in HSOA, became Chairman of the Board in March. Mr. McGrath, who is also founder, Chairman and CEO of U.S. Mortgage Corporation, said he sees a significant potential market for HSOA's services and is committed to creating a culture of transparency in the company's operations and finances, along with rebuilding shareholder confidence. He also noted that the company is working on bringing up to date its 10Q and 10K filings and expects to have them completed and filed in the near future.
The company also recently announced that its management team, led by President and CEO Frank J. Fradella, had been joined by James M. Grady, a Senior Director with Alvarez & Marsal (A&M), who is serving as Interim Chief Financial Officer.
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