Turning Pennies into dollars: (OTCBB: NTDL), (Pink Sheets: FRGY), (OTCBB: THPW).
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NuTech Digital (OTCBB: NTDL) (March 27, 2008) NuTech has entered into a contract to provide 2Way Video, Video On Demand, Cable Services, Internet Access and Voice over IP, to apartment complexes, campuses, hotels and other multi-dwelling facilities in the United States. The contract calls for installation of Grand Slam services in several hundred thousand homes and apartments over the coming years. The rollout will begin this year, probably in the late second quarter, said Richard Greenberg, President of NuTech Digital (OTC BB:NTDL.OB - News). Larissa Alexandra, Executive Vice-President of NuTech, guided the project to conclusion. "This is the beginning of a dynamic and powerful thrust into the home market; we will provide the services that people want," said Ms. Alexandra. She also noted that the service contracts would be long term, providing continuing income streams for NuTech. The service offering is made possible by NuTech's unique ability to provide superior video quality and data services using a multi-protocol transmission platform in concert with NuTech's network management system. The services may be delivered in a wired or wireless environment, eliminating costly installations and providing overall network management, including billing and responsive online services.
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Frontier Energy Corporation (Pink Sheets: FRGY ) (March 28, 2008) Frontier Energy Corporation ("Frontier" or the "Company") is pleased to announce the hiring of an additional consulting firm to expedite the leasing of up to 20,000 acres of land in a specific state and area of the western U.S. Based on a recent discovery on an adjacent land, Frontier Energy believes this could be an additional major reserve to go with our existing lease portfolio. Upon completion of this lease and reports, we will announce the location to our shareholder base.
Frontier Energy Corp. CEO Bob Genesi comments, "We are extremely pleased to have been given the opportunity for this lease. We are cautiously, but optimistically, excited about the possibility of this becoming our largest oil reserve in our lease portfolio. As we have stated in prior releases, we are now aggressively pursuing leases and look forward to informing our shareholders of our rapid progress."
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Thorium Power Ltd. (OTCBB: THPW) (March 28, 2008), the leading developer of non-proliferative nuclear fuel technology and provider of comprehensive advisory services for emerging nuclear programs, today provided a business update for the twelve months ended December 31, 2007.
Seth Grae, CEO of Thorium Power, stated, "We are quite pleased with the tremendous strides we have made in building awareness for our patented non-proliferative, low waste nuclear fuel designs. In December 2007, Thorium Power reached a major milestone as we entered into our first strategic advisory contract with a foreign government-owned entity generating professional fees totaling $3.7 million USD with a pre-payment of $5 million USD. We subsequently entered into a follow-on agreement, totaling a pre-payment of $4.3 million USD for a project covering an estimated three month period. In our capacity as advisor, we have developed a comprehensive roadmap as the first phase of a feasibility study for the deployment of civilian nuclear power plants. This landmark agreement provides validation for our business model, where strategic advisory services are early revenue drivers as well as important elements that create awareness for our broader offering. We are confident that this is the beginning of a trend toward cleaner and safer nuclear fuels, and safer, transparent and compliant nuclear program development. Thorium Power is ideally suited for the ensuing nuclear renaissance."
Mr. Grae continued, "We continue to attract accomplished leaders from across the industry to join our experienced team. James D. Guerra, formerly of Exelon Corporation, the largest generator of nuclear energy in the United States, was appointed Chief Financial Officer, Executive Vice President and Treasurer of Thorium Power. Dr. Hans Blix, a leading international authority on nuclear safety, joined us as a senior advisor, bringing his valuable global experience to support our mission. And most recently, we appointed Robert Ihde, a veteran nuclear industry executive and fuel expert who headed U.S. subsidiaries of Areva, to our Technical Advisory Board. We are pleased to have such high-caliber individuals join Thorium Power and we will benefit from their valuable expertise, collective experience and business acumen in the nuclear field."
Mr. Grae concluded, "During the fourth quarter, we completed a new formal agreement with Russia's Kurchatov Institute relating to the irradiation testing program for the company's fuel designs, a process that provides an important step towards the demonstration of our fuel designs in a full scale commercial reactor. The agreement assigned to Thorium Power Inc., a wholly owned subsidiary of Thorium Power, Ltd., the worldwide rights, title and interest in and to the technical data generated from the ampoule irradiation testing of seed and blanket fuel samples in the Kurchatov research reactor from the past two years. Equally vital to the development of our technology, the agreement allowed us to enter an international patent application relating to our seed and blanket fuel, further bolstering our strong patent portfolio. Our proprietary fuel designs bring a unique and innovative approach to the generation of nuclear power, one that clearly differentiates Thorium Power from all other fuel technologies. We firmly believe the future of the nuclear renaissance will depend on viable solutions to significant concerns such as proliferation, waste, and operating economics."
Operating loss for the twelve months ended December 31, 2007 was $11.8 million, compared to operating loss of $12.3 million for the same period last year. Net loss for the twelve months ended December 31, 2007 was $11.5 million, or $0.04 per share, compared to net loss of $11.7 million or $0.08 per share, for 2006. As of December 31, 2007, the company had approximately $9.9 million of cash and cash equivalents and $3.4 million of working capital. Due to our revenue recognition policy, the contracts signed during this period will be reflected as revenues starting in Q1 2008.
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