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Budget Waste Inc. (Pink Sheets: BDGW) (Mon, March 10, 2008, 9:31am ET) Budget Waste Inc. is very pleased to announce that its Annual General Meeting (AGM) will be held at 2:00 pm Mountain time at the Deerfoot Inn, on May 1, 2008. The Deerfoot Inn is located in Calgary, Alberta at 1000, 11500-35th Street S.E.
BWI urges all shareholders to attend as this will be a highly informative session. Topics to be discussed include: future growth plans, financing strategies, performance reviews for the previous year, appointments to the Board of Directors, projections for the upcoming year and many more topics that are of interest to shareholders. A reception will be held upon completion of the AGM, coffee and refreshments will be provided.
Summary information packages will be made available to all shareholders and interested parties upon request.
Budget Waste Inc. is a waste solutions company in Western Canada providing complete waste and recycling services to commercial, industrial, construction, homebuilding, oilfield and residential clients. With our broad range of innovative services we offer our customers more value for their dollar and reduce accounting costs by providing streamlined billing. BWI is currently following its growth through acquisition strategy with exceptional success. With regulations throughout North America pressing companies and individuals to be more vigilant in the way they handle their waste products, we see vast opportunity for expansion of our distinctive services. We are confident that extraordinary growth and focus on customer needs will bring our stockholders outstanding value for the confidence they have placed in BWI.
For more information on Budget Waste Inc., please visit our web site at www.budgetwaste.com
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Thornburg Mortgage Inc. (NYSE: TMA) (Tue, March 11, 2008, 7:52am ET) Thornburg Mortgage Inc., a jumbo mortgage lender and real estate investment trust, on Tuesday restated its 2007 losses, increasing them by 69 percent because of a reduction in the value of mortgage assets.
The write-down, disclosed in a regulatory filing, was 58 percent larger than the company warned of just last Friday.
Thornburg now says it lost $1.55 billion, or $12.97 per share, in 2007, compared with a previous estimate of $915.4 million, or $7.48 per share.
The company restated earnings as it was forced to reduce the value of its adjustable-rate mortgage assets, according to a filing with the Securities and Exchange Commission. A write-down of $676.6 million was taken on adjustable-rate mortgage assets as of Dec. 31 because Thornburg is unsure if it will be able to hold the assets until maturity, the company said.
Thornburg might be forced to sell the assets to raise capital to cover default notices and margin calls on some of its financing agreements. Since the beginning of the year, Thornburg has received $1.8 billion in margin calls, meeting all but $610 million of the calls.
Available capital and proceeds from the sale of some assets helped Thornburg meet the majority of margin calls, but as of March 6, Thornburg did not have enough capital to meet the remaining $610 million.
The lack of capital to pay off the remaining calls sparked notices of default with four lenders. Thornburg said it reached agreements to delay default notices with some other lenders, but those agreements were set to expire Monday, according to the filing.
Margin calls force borrowers to repay loans or put up more collateral to secure them. If a borrower is unable to meet the calls, the creditor typically can seize and liquidate assets used as collateral against the financing agreements.
The margin calls have been made amid a new round of severe pricing pressure on mortgage-backed bonds and assets. The value of mortgage securities has tumbled in recent weeks as investors continue to shy away from nearly all types of fixed income products.
In August, a similar scenario unfolded where Thornburg was forced to sell some of its assets to successfully meet margin calls.
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QED Connect Inc. (Pink Sheets: QEDC) (Tue, March 11, 2008, 10:30am ET) QED Connect Inc., an innovative Software-as-a-Service (SaaS) provider for the information security market, announced that West Virginia-based International Industries, Inc. has chosen its flagship Omni Manager for Internet visibility, management and control. International Industries is a diversified group of companies that includes natural resources, manufacturing, hotels and real estate among its businesses. Omni Manager was implemented within the company's Coal and Lumber Division in support of its voice over IP (VoIP) initiative, as well as to provide tools for monitoring Internet usage and enforcing computer use policies.
"We were in the process of rolling out VoIP technology over a shared Internet connection and found that for some reason, the voice quality was not consistently as good as we needed," said Dan Logan, IT Manager, International Industries, Inc. "After implementing Omni Manager, we were able to trace the source of our loss of voice quality to several network users that at times were making extensive use of Internet radio or downloading videos and music to their networked computers. With Omni Manager, we were able to selectively block users from these sites and our voice quality has improved dramatically. We can also plan our network growth and resources more accurately with the visibility we've gained into computer usage."
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WorldWater & Solar Technologies Corp. (OTCBB: WWAT) (Tue, March 11, 2008, 11:50am ET) WorldWater & Solar Technologies Corp., developer and marketer of proprietary high-power solar systems, today announced that the City Council of Ocean City, NJ has awarded the Company a contract to build a $4 million solar system for the City which is expected to produce nearly 550,000 kilowatt hours of energy in its first year. The Ocean City Municipal Solar Energy Power Project will include roof mounts on the Cultural Arts and Community Center, the new Public Works Complex building, the Vehicle Maintenance Center and the Sports and Civic Center.
The award for the long-term Power Purchase Agreement with WorldWater is expected to allow Ocean City to offset approximately 17% of the City's total yearly electricity requirements for buildings that it owns and/or operates. The project is expected to be completed later this year.
"This is a win-win for WorldWater and the State of New Jersey," said Quentin T. Kelly, Chairman and CEO. "Following on our successful installations elsewhere in the state, these rooftop applications will save Ocean City millions of dollars overall and once again prove that sustainable energy is a sensible solution as oil prices remain at record levels. Under WorldWater's awarded contract, which lasts 15 years, the company will receive $1.6 million in rebates from the New Jersey Board of Public Utilities, along with solar renewable energy credits (SRECs) and federal tax credits on top of the ongoing electric billings to be paid by Ocean City. We are pleased to continue providing New Jersey residents with cutting edge, environmentally-friendly ways to power their way to the future."
Four proposals were received by the City, which selected WorldWater. Mayor Salvatore Perillo stated: "At a time when we are seeing double-digit increases in annual electric costs, this is welcomed savings. The savings will start in July and will help us to reduce our energy budget."
WorldWater & Solar Technologies Corp. is a global leader in the design, engineering and delivery of solar energy systems. The largest source of carbon dioxide emissions, the leading cause of global warming, is caused by electric power generating stations burning fossil fuel.
In addition to Megawatts of installations in the US and globally, solar installations completed by WorldWater in the State of New Jersey include: the Federal Courthouse Annex in Trenton; Liberty Science Center in Jersey City; Atlantic County Utilities Authority Water Treatment Plant in Atlantic City; Voorhees Middle School in Voorhees Township; Ray Angelini Incorporated (RAI) Electrical Contractors in Sewell and Richard Stockton College in Pomona.
This installation by WorldWater will eliminate over 820,000 lbs of CO2 being released in the atmosphere.
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