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Seaway Valley Capital Corporation (OTCBB:SWVC - News)( January 8, 2008) announced today that its wholly owned subsidiary, Patrick Hackett Hardware Company ("Hacketts"), has received a Term Sheet and Commitment Letter from Wells Fargo Bank, NA, through its Wells Fargo Business Credit operating division, ("Wells Fargo") for inventory-based financing of up to five million dollars ($5,000,000). The Commitment Letter is subject to final due diligence and the completion of the loan documents. "We are pleased to have received this $5 million inventory-based financing commitment from a reputable institution such as Wells Fargo," stated Hacketts CEO, Norman Garrelts. Hacketts, which was recently acquired by WiseBuys Stores, Inc., will be the surviving entity with all of the WiseBuys stores to be converted to and operated under the "Hacketts" brand. "With this line of credit arrangement," added Mr. Garrelts, "Hacketts should have a vehicle to initiate the repayment of certain debt, help with transitioning the existing WiseBuys stores to Hacketts stores and begin the exploration of possible new locations. Having Wells Fargo as a partner further validates our efforts and ensures that sufficient capital should be available to Hacketts as the company takes advantage of those expansion opportunities." After the store conversions, Hacketts will operate nine locations, including Canton, Gouverneur, Hamilton, Massena, Ogdensburg, Potsdam, Pulaski, Tupper Lake, and Watertown -- all in New York.
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Wi-Fi TV Inc. (Other OTC:WTVN) (January 8, 2008) will present an overview of its plans for the first quarter of 2008, including new technical developments, an overview of sales of Wi-Fi TV Stations and new content. Wi-Fi TV has a dedicated sales force offering Wi-Fi TV Stations to business large and small, churches and charitable organizations.
Wi-Fi TV(TM) is a pioneer of TV on the Internet. Wi-Fi TV Inc. has long touted the coming convergence of TV and the Internet, and provided the first online movie in December 1995.
Wi-Fi TV Inc. provides Social Internet TV(TM), a new generation TV delivery platform that has a geographic sphere out-distancing any traditional cable or over-the-air TV broadcaster.
The Wi-Fi TV website (www.Wi-FiTV.com) is the only place on the Internet where you can watch hundreds of TV stations and chat with others watching the same program in a live chat box directly under the viewing screen, and get breaking news for each country and category listed, and download a free dialer and make phone calls and host live video parties all on one website.
You can view Wi-Fi TV at www.Wi-FiTV.com. You can see exclusive Wi-Fi TV content on such stations as www.Wi-FiCars.com, www.WatchWi-FiTV.com, www.WritersVoiceTV.com, www.Wi-FiGreen.com and www.Golfrascaltv.com.
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Gulf Resources, Inc. (the "Company") (OTC Bulletin Board: GFRE) a leading producer of Bromine and crude salt in China through its wholly-owned subsidiary Shuoguang City Haoyuan Chemical Company Limited (SCHC), announced today it signed a definitive agreement to acquire substantially all of the assets in the Wei Fang City Hanting area of a bromine producer owned by Mr. Xiaodong Yang. Mr. Yang is not related to the Company's CEO. Total consideration paid by SCHC was approximately $9.7 million. The assets include a 50-year mineral rights and land lease covering 2,641 acres, or 11 square kilometers through December, 2055, which has been paid in the full. The property has 200,000 to 210,000 metric tons of proven bromine reserves. Additional assets to be conveyed with the purchase include the related production facility, wells, pipelines and other production equipment, in addition to the current buildings and other assets on the property. The Company executed an asset purchase agreement with Mr. Xiaodong Yang, the sole owner on January 8, 2008. Mr. Yang is not related to the Company's CEO.
The facility is currently operating at 80 percent capacity and produces approximately 4,700 metric tons of bromine annually through 294 wells, which equates to $9.4 million in revenues and $2.4 million in net income at current market prices. In the future, Gulf Resources plans to increase capacity utilization to 85 percent.
"The acquisition of facilities in the Wei Fang City Hanting area complements our existing bromine portfolio and provides further confirmation of our team's ability to utilize our valuable exploitation license to complete targeted bromine asset purchases which will serve to both expand our overall reserves and increase our annual production output," stated Ming Yang, CEO, Gulf Resources, Inc. "We continue to pursue new bromine based product introductions which will create a vertically integrated production model giving us key competitive advantage while improving our overall margin profile." The asset purchase is subject to various conditions, including applicable regulatory approvals. Further details on the terms of this transaction can be found in the Company's 8-K which will be filed with the Securities and Exchange Commission.
Gulf Resources, Inc, operates through two wholly-owned subsidiaries: SCHC which is engaged in manufacturing and trading Bromine and Crude Salt in China. Bromine is used to manufacture a wide variety of bromine compounds used in industry and agriculture, and SYCI which manufactures and sells chemical products utilized in oil & gas field explorations and as papermaking chemical agents.
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iVoice, Inc. (OTC Bulletin Board: IVOI)(January 8, 2008), announced today that it has entered into a Technology Transfer Agreement With GlynnTech to market its recently issued patent, "Methodology for Talking Consumer Products with Voice Instructions via Wireless Technology." Jerry Mahoney, CEO of iVoice, Inc. said, "This invention enables users of new products to activate the speaking package of a new product, so there is no need to read instructions. For example, it provides for hands free, eyes free instructions while assembling new products, such as a bicycle, furniture, camera or other products." iVoice, Inc., with GlynnTech's, Inc. assistance will develop a DVD of the patent's capabilities, GlynnTech, Inc., will assist in the preparation of the script, production and editing of the product DVD and receive a credits on the DVD. GlynnTech, Inc. will be obligated to solicit licensing opportunities and or acquisition of the patent.
Ken Glynn, president of GlynnTech Inc., has been involved in licensing of a variety of technologies for more than thirty years Besides representing such diverse, successful products as the SuperSoaker Watergun, and the RotoWrench , Glynn has successfully licensed or sold more than thirty-four patents in the field of containers and packaging. He stated that this technology could eventually become a widespread method of using many consumer products.
iVoice has determined that the best way to create shareholder value, separate and apart from the operating performance of iVoice, is to spin-off previous wholly owned subsidiaries of iVoice to its shareholders by distributing shares of these subsidiaries in the form of a special dividend. To date, iVoice has successfully completed the spin-off of Trey Resources, Inc. (OTCBB: TYRIA - News), iVoice Technology, Inc. (OTCBB: IVOT - News), SpeechSwitch, Inc. (OTCBB: SSWC - News) and Thomas Pharmaceuticals, Ltd. The common stock distributions are part of a broader strategy relating to the transition of iVoice into a company focused on the development and licensing of proprietary technologies. We also continue to search for potential merger candidates with or without compatible technology and products, which management feels may make financing more appealing to potential investors.
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