Turning Pennies into dollars: (OTCBB: VYEY); (NYSE: EMN); (OTC: MOTV).
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Victory Energy Corporation (OTCBB: VYEY) closed at $0.17 Monday, trading 991,611 shares.
March 31, 2008: Victory Energy Reports Well Comes in at 20% Higher Than Average Production
Victory Energy Corporation (OTCBB: VYEY) announced yesterday that well #166-6 has established itself as an outstanding well coming in at 294,000 cubic feet per day, 44,000 cubic feet per day higher when compared to an average well's Absolute Open Flow (AOF) testing. This information is based upon the single point test results from Fesco. The single point test flow results report the Absolute Open Flow (AOF) on well #166-6 at 294 MCF per day.
With today's price of natural gas at $9.80 per MCF, and because of the 20% higher BTU content from the natural gas produced from this field, Victory receives a 20% bonus in the price of each MCF sold. As a result, Victory earns a price 20% higher, or $11.76 per MCF. For a production period of 30 days, this well has the capability of producing approximately $104,000 in total revenue per month.
This well and each Canyon Sandstone gas well in this field will produce approximately 500,000,000 cubic feet of gas for Victory over a 35 year average production life. A 5,000-foot deep Canyon Sandstone well initially tests at an average of 250,000 cubic feet of gas per day.
Jon Fullenkamp, President of Victory Energy Corporation, stated, "We are extremely pleased with the Absolute Open Flow testing of well #166-6. We are expecting the production results from this well to be exceptional. These results are very encouraging to our partners in charge of raising financing for the continuation of drilling, and just as important the Victory shareholders."
About Victory Energy Corporation
Victory Energy Corporation is a publicly traded, developmental stage petroleum company primarily dedicated to energy-related opportunities. For more information, please visit www.victoryenergyoilandgas.com.
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Eastman Chemical Company (NYSE: EMN) closed at $62.45 Monday, trading 902,500 shares.
March 31, 2008: Eastman Sells PET, PTA Assets in Europe
Eastman Chemical Company (NYSE: EMN) announced yesterday it has completed the sale of its European PET and PTA assets to Indorama. Included in the sale are Eastman's PET facility and related businesses in the United Kingdom and its PET and PTA facilities and related businesses in the Netherlands. The total cash proceeds of the transaction are EUR224 million or approximately US $354 million, subject to adjustments in working capital. The transaction will result in a gain on sale in the Company's consolidated financial statements for first quarter.
"This transaction completes Eastman's divestitures of its non-strategic PET and PTA assets located outside the U.S.," said Gregory O. Nelson, Eastman executive vice president and polymers business group head.
Eastman announced in December 2007 that it had entered into an agreement for the sale, subject to customary approvals.
About Eastman Chemical Company
Eastman manufactures and markets chemicals, fibers and plastics worldwide. For more information about Eastman and its products, visit www.eastman.com.
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Motive, Inc. (OTC: MOTV) closed at $1.52 Monday, trading 58,384 shares.
April 1, 2008: Motive and Red Bend Help Operators Overcome Barriers to Mobile and Converged Service Delivery
Motive, Inc. (OTC: MOTV), a leading provider of service management software for broadband and mobile data services, and Red Bend Software, the market leader in Mobile Software Management, announced earlier today interoperability between the two companies' solutions, enabling service providers to improve the profit potential of their mobile and converged service offerings.
As new mobile devices enter the market, new services are introduced, presenting exciting opportunities for consumers and increased management challenges for operators. Among the challenges, providers must be able to roll out and provision new services, diagnose and repair problems, and consistently manage services across a range of devices, applications, operating systems and networks - without jeopardizing the quality of the subscriber experience.
To address these challenges, Motive and Red Bend have collaborated to ensure interoperability between their respective service and software management solutions, giving operators end-to-end visibility and control over the entire mobile service delivery chain - from the consumer device to the back-office and network core.
Motive has verified interoperability between its Mobile Service Management solution and Red Bend's vCurrent Mobile and vDirect Mobile client software, establishing a standards-based reference design for the activation, provisioning, configuration and ongoing management of revenue-generating services. Interoperability was achieved using Open Mobile Alliance (OMA) standards such as Device Management (DM) 1.2 and the Firmware Update Management Object (FUMO) 1.0 enabler.
"With Red Bend's client software deployed on over 255 million mobile devices worldwide, we are committed to ensuring interoperability of our FOTA and device management software with standards-compliant server solutions," said Richard Kinder, vice president of technology at Red Bend Software. "By working with Motive, we can offer a standardized interface between an operator's management systems and applications, and the end-user mobile device. This will enable seamless provisioning and simplified management of a wide range of subscriber services as the worlds of fixed and mobile services converge." Red Bend's vCurrent Mobile enables manufacturers to create firmware updates for mobile devices and for operators and OEMs to deploy and install the updated firmware over-the-air (FOTA). Red Bend's vDirect Mobile allows remote configuration, provisioning and updating of mobile phones and wireless devices over the air. In a recent study, Ovum, a leading independent market research firm, named Red Bend the FOTA market share leader, powering 49 percent of all new FOTA-enabled mobile phones.
"The more pervasive mobile services and devices become, the greater the expectations of consumers with regard to how easy they should be to purchase, use and maintain," said Neil Dholakia, Chief Technology Officer at Motive. "Our collaboration with Red Bend enables providers to improve the profit potential of their mobile and converged services while delivering a consistently high-quality experience to subscribers." Motive's Mobile Service Management products are built on a standards-based platform that enables providers to provision, manage and support a variety of mobile and converged services. Leveraging automated, self-service and assisted-support capabilities, Motive helps operators scale the delivery and management of mobile and rich media services to millions of end-user devices.
About Motive, Inc.
Motive provides service management software for broadband and mobile data services. For more information, please visit www.motive.com.
About Red Bend Software
Red Bend Software helps mobile phone manufacturers and network operators to accelerate the adoption of new services and features, respond rapidly to customer needs, and reduce support costs through mobile software management solutions. More information is available at www.redbend.com.
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