Turning Pennies into dollars: (Nasdaq: BRLC), (Pink Sheets: GFET), (Nasdaq: AIXD), (AMEX: HA).
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Syntax-Brillian Corporation (Nasdaq: BRLC ) (April 4, 2008) announced that it has formed a strategic contract manufacturing partnership with Compal Electronics, the world's second largest producer of laptop PCs for Tier One global partners.
Under the terms of the agreement, Compal will immediately begin manufacturing an initial order for 300,000 Olevia LCD HDTVs at its two-million square foot production facilities in Kunshan, China. In addition to providing assembly, testing and quality control services, Compal's procurement team will be responsible for sourcing and securing the LCD panels used to produce Olevia LCD HDTVs.
Taiwan Kolin Co., Ltd., a key strategic alliance partner of Syntax-Brillian's since the company's inception, will continue to leverage its substantial network of suppliers to assist Compal in acquiring all other key components used to manufacture Olevia LCD HDTVs. DigiMedia Technology Company, Ltd., a subsidiary of Taiwan Kolin and co-developer with Syntax-Brillian of Olevia LCD HDTVs' patented technology, will expand their responsibilities to support Compal with engineering support and manufacturing continuity.
"This agreement with Compal takes our existing relationship to a vastly enhanced level," said James Li, President and Chief Executive Officer of Syntax-Brillian. "It not only supports our supply chain management strategy for reducing costs and optimizing cash flow, but it is a key example of our determination to improve the overall efficiencies of Syntax-Brillian."
"The alliance with Compal, combined with major existing alliances with Taiwan Kolin and Digimedia, further bolsters Syntax-Brillian's supply chain management continuity, engineering expertise, manufacturing proficiency, and financial strength in producing Olevia LCD HDTVs," said Christopher Liu, Chairman of Taiwan Kolin.
"This business relationship with Syntax-Brillian is an important milestone in support of our three-year goal to become the largest LCD TV and notebook EMS manufacturer worldwide," said Ray Chen, President and Chief Executive Officer of Compal Electronics. "To achieve this target, we announced the ground breaking of a four million acre Compal Industrial Park' in Northern Vietnam in which over 300 leading component suppliers and companies from Taiwan and China will join forces with us to support our mission in the dynamic LCD HDTV industry."
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Gulf Ethanol Corporation (Pink Sheets: GFET) (April 4, 2008), announced Friday that it has entered into a product development and distribution agreement with Vortex Ventures, a Houston based equipment engineering and manufacturing firm -- www.VortexVentures.com. Vortex Ventures designs and manufactures processing vessels that Gulf expects to deploy in its biofuels processing plants.
"Vortex Ventures is an established partner with proven engineering and design capabilities that we expect to allow us to get our processes to market much faster," noted JT Cloud, Gulf's President. "This agreement gives us a key technical partner that will allow us to begin building equipment for biofuels processing in the second quarter of 2008," he added.
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Access Integrated Technologies, Inc. (Nasdaq: AIXD ) ( April 4, 2008) Access Integrated Technologies, Inc. ("AccessIT") announced that its subsidiary, Christie/AIX has completed an Interest Rate Swap also known as a "synthetic fixed rate financing" under which it would hedge its exposure to increases in interest rate under the outstanding portion of its senior credit facility with General Electric Capital Corporation. GE Corporate Financial Services executed the transaction which will take effect commencing August 1, 2008 in accordance with the terms of the senior credit facility.
AccessIT's subsidiary had obtained the $217 million non-recourse credit facility in 2006 to provide financing for the installation of more than 3,700 digital cinema systems in Phase One of its long-term digital cinema rollout plan. Of the original loan amount, approximately $200 million is outstanding and will be amortized commencing August 1, 2008 on a schedule with a balloon due in 2013. During Fiscal Year 2009, the amortization schedule calls for $15.3 million of principal reduction.
"As previously announced, we continue to pursue the refinancing of the debt currently outstanding with General Electric Capital Corporation. We determined, however, that it is prudent to lock in our interest rate for 90 percent of the outstanding debt under currently favorable terms today and thereby ensure savings of millions of dollars a year in interest expense compared to just a year ago," said Bud Mayo, chairman and CEO of AccessIT.
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Hawaiian Airlines (AMEX: HA) (April 4, 2008) announced the introduction of nonstop daily service between Honolulu and Oakland, California, starting Thursday, May 1.
Hawaiian is launching these flights in response to the sudden closure of Aloha and ATA airlines, both of which provided direct daily service between Oakland and Hawaii.
Hawaiian's Flight 47 will depart Oakland daily at 9:00 a.m. and arrive in Honolulu at 11:05 a.m. Return Flight 48 will depart Honolulu daily at 1:30 p.m. and arrive in Oakland at 9:25 p.m.
Mark Dunkerley, Hawaiian's president and CEO, said, "The East Bay market has a strong affinity for Hawaii and we wanted to make sure its travelers would continue to enjoy convenient, nonstop service. Hawaiian has been the Oakland Raiders carrier of choice the past eight years and we will bring that same level of satisfaction to all residents of the East Bay."
Hawaiian has provided charter service for all away games of the Oakland Raiders since 2000.
"We are thrilled to have Hawaiian Airlines coming to the Oakland International Airport and ensuring continued daily, nonstop service to Hawaii for our airport customers," said Steven Grossman, airport director for the Oakland International Airport.
Tickets go on sale Friday, April 4, with the best fares offered online at HawaiianAirlines.com. HawaiianMiles members can take advantage of additional fare savings and other special offers.
Hawaiian will service the route using its Boeing 767-300 wide-body, twin-aisle aircraft, which seats an average of 260 passengers, 18 in First Class and 242 in Coach Class.
Hawaiian's B767 aircraft will provide nearly 95,000 seats annually to the Honolulu-Oakland route. Customers will enjoy Hawaiian's award-winning "Hawaii Starts Here" inflight service showcasing the islands' culture, beauty and people, along with a choice of complimentary hot meals in Coach Class and the industry's only tasting menu for First Class passengers.
Oakland will be Hawaiian's tenth gateway in the western U.S., and sixth in California.
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