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(OTC:TTIN) Transfer Technology International Corp.
Transfer Technology International Announces Letter of Intent to Acquire Patent Rights for Unique Wall System Fencing
LAST $0.85 USD
Monday April 28, 7:30 am ET
TAMPA, FL-Apr 28, 2008 - Transfer Technology International Corp. announced recently the signing of a Letter of Intent to acquire the intellectual property rights involving a novel methodology for wall systems and fencing. This technology, which is trademarked under the Rhino Wall Systems name, Patent # 7,146,775B2 has a history of generating revenues and has been successfully used in the Tampa Bay market for several years.
The Rhino wall system is unique due to being corrosion resistant, easily installable, and removable and can be installed for approximately half the normal cost and time of traditional concrete walls.
"We are excited about acquiring this patent and its intellectual property rights for this growing market in the wall and fencing markets," Mr. Chris Trina, Chairman and Chief Executive Officer exclaimed. "Our company will be exploring licensing partners worldwide in the construction related industries and we are very excited to add this intellectual property to our existing portfolio of patents."
Please visit us at our new website, www.ttinternationalcorp.com for more information. You will be able to find our SEC filings, press releases, our stock quote and corporate updates.
About Transfer Technology International Corp.
The company was formulated on the premise of acquiring, procuring and funding of current technologies, research and intellectual properties for the transference of these technologies for commercialization. We anticipate generating revenue from a variety of methods including transfer fees, licensing and strategic alliance fees and the sale of intellectual properties.
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(OTCBB:CHGS) China GengSheng Minerals, Inc.
China Gengsheng Minerals, Inc. Introduces New Refractory Production Line
LAST $2.85 USD
Monday April 28, 7:52 am ET
GONGYI, China, April 28 - China Gengsheng Minerals, Inc. , a leading manufacturer in China of industrial materials capable of withstanding high temperature, saving energy and boosting productivity in certain industries such as steel and oil, recently announced that it has completed the construction of an all-new production line for the pressed bricks, a type of "shaped" refractory, for steel production. The annual designed production capacity is 15,000 metric tons. The line has begun its commercial production, with sales ensuing immediately.
Prior to the new line, Gengsheng had the capacity of 100,000 tons per year for the monolithic refractory, which is an "unshaped" heat-resistant industrial material mixed, stirred and formed at the desired location. The "shaped" refractory is a standard-sized, block-shaped brick that can be mass- manufactured for different customers. Gengsheng's new line, housed in a new facility separate from the monolithic production site, is designed to make specialized pressed bricks that contain little to no carbon and are more durable than average refractory bricks, and will be used for the production of low-carbon steel. The average price for Gengsheng's specialty pressed bricks is expected to be more than twice that of the monolithcs.
"Our new pressed-brick line will add a high-value product to our refractory offerings," said Mr. Shunqing Zhang, Chairman, CEO and President of Gengsheng. "We are currently selling the product to our full-service customers as an extra value of the program. We expect the sales of the bricks to contribute about 10% of our revenues this year."
Gengsheng's full-service programs cover installation, maintenance and replacement of refractory products for customers. Such programs accounted for 37% of the Company's total sales in 2007.
About China Gengsheng Minerals, Inc.
China Gengsheng Minerals, Inc. develops, manufactures and markets a broad range of mineral-based industrial material products, including monolithic refractories, industrial ceramics and fracture proppants. A market leader offering customized solutions, Gengsheng sells its products primarily to the iron-and-steel industry as heat-resistant components for steel-making furnaces, industrial kilns and other high-temperature vessels to guarantee and improve the productivity of those expensive pieces of equipment while reducing their consumption of energy. Founded in 1986 and based in China's Henan province, Gengsheng currently has over 200 customers in the iron, steel, oil, glass, cement, aluminum and chemical businesses located in China and in 11 other countries. Gengsheng conducts business through Gengsheng International Corporation, a British Virgin Islands company, and its Chinese subsidiaries, which are Henan Gengsheng Refractories Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd. and Henan Gengsheng High Temperature Materials Co., Ltd.
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(OTCBB:USBK) USA Bank
USA Bank Reports Operating Results for the Quarter Ended March 31, 2008
LAST $2.25 USD
Monday April 28, 6:00 pm ET
PORT CHESTER, NY-Apr 28, 2008 - USA Bank reported a net loss of $746 thousand ($0.13 per share) for the quarter ended March 31, 2008, which is a marked improvement compared to the net loss of $1.5 million ($0.26 per share) for the quarter ended March 31, 2007.
The Bank continues to leverage upon its capital base with quality loan growth, which is reflected in the $1.4 million increase in interest income in the first quarter of 2008 as compared to the first quarter of 2007, which has contributed to the increase in net interest income of $525 thousand for the same periods. Also benefiting the first quarter 2008 was the recognition of a gain on sale of securities of $146 thousand and a $344,000 reduction in salaries and employee benefits, primarily reflecting staff reductions since March 31, 2007. The first quarter 2008 reflects a larger provision for loan and lease loss expense of $225 thousand (as compared to $171 thousand for the quarter ended March 31, 2007), primarily caused by increased loan volume. There was also an unfavorable variance in FDIC insurance expense, which was $113 thousand for the first quarter of 2008 (as compared to $4 thousand for the quarter ended March 31, 2007), reflecting both increased deposit volume and insurance rates.
Total assets increased $26.3 million to $195.8 million at March 31, 2008 from $169.5 million at December 31, 2007, and an increase of $87.6 million, or 81%, since March 31, 2007. As of March 31, 2008, total deposits have increased to $149.5 million, an increase of $26.7 million, or 22%, since year end 2007, and an increase of $67.5 million, or 82%, since March 31, 2007. As of March 31, 2008, total gross loans have increased to $129.6 million, which represents an increase of $22.6 million, or 21%, since year end 2007, and an increase of $53.8 million, or 71%, since March 31, 2007. Capital ratios continue to be strong, with Tier One Capital to average assets of 13.21%, Tier One Capital to risk-weighted assets of 17.12%, and Total Capital to risk-weighted assets of 18.21%.
President & CEO Gentile stated that "although results are improving, we still have a long way to go. Legal and professional fees continue to be a drag on operations, with such costs aggregating $511 thousand during the recent quarter." He further noted, "I am hopeful that the Federal Reserve Board rate reductions will serve to further reduce our total cost of funds, which remains far too high at 4.64% (1st quarter 2008 average), although it is down from 4.77% and 4.83%, during the 4th quarter 2007 and 1st quarter 2007, respectively."
Mr. Gentile also indicated that asset quality remains manageable, with non-performing loans aggregating $3.7 million, which is only $100 thousand higher than at year end 2007. And, the four loans secured by real estate continue to reflect sufficient equity to protect against further losses. One of the secured loans is within about 60 days of becoming Other Real Estate Owned, as a result of a recent judgment in our favor.
Lastly, Mr. Gentile reported that he remains optimistic that net losses will be narrowing considerably over the successive quarters of 2008, due to the efforts of the Bank's Board of Directors, Senior Management and Staff.
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(OTCBB:BKYI) BIO-key International, Inc.
BIO-key Granted Image Identification System Patent for Award Winning Biometric Technology
LAST $0.11 USD
Monday April 28, 7:00 am ET
Patented BIO-key software delivers consistent quality images, resulting in higher accuracy and better user experience
WALL, N.J., April 28 - BIO-key International, Inc. , a leader in finger-based biometric identification and wireless public safety solutions, recently announced that on April 15, 2008, the U.S. Patent and Trademark Office issued US patent No. 7,359,553 covering BIO-key's image enhancement and data extraction core algorithm components.
The first feature of the newly patented algorithm covers BIO-key's unique capability to quickly and accurately transform a fingerprint image into a computer image that can be analyzed to determine the critical data elements. Another component of the Image Identification System covered by this patent is the ability to quickly match an image among thousands or more of image models . The ability to quickly provide feedback without compromising accuracy is a key ingredient for any biometric identification solution.
"Superior image analysis and parsing is a critical element of any highly accurate fingerprint matching algorithm," stated Mira LaCous, BIO-key's Vice President of Technology and Development. "This patent is a testament to our company's strength in creating new approaches to improve the speed and accuracy of our core technology. We continue to focus our efforts towards building upon each achievement and uncovering new ways to improve the accuracy, speed, convenience and security of our biometric solutions."
"This most recent patent is another step in protecting our rich portfolio of intellectual property, which enhances the overall value of our company," added Mike DePasquale, President and CEO of BIO-key. "Combined with our superior performance as validated by the recent NIST (National Institute of Standards & Technology) test results, and our many successful deployments in both government and commercial applications, BIO-key is well positioned to capitalize on the growing need for fast, accurate and convenient identification solutions."
About BIO-key
BIO-key International, Inc., headquartered in Wall, New Jersey, develops and delivers advanced identification solutions and information services to law enforcement departments, public safety agencies, government and private sector customers. BIO-key's mobile wireless technology provides first responders with critical, reliable, real-time data and images from local, state and national databases. BIO-key's high performance, scalable, cost-effective and easy-to-deploy biometric finger identification technology accurately identifies and authenticates users of wireless and enterprise data to improve security, convenience and privacy and to reduce identity theft. Over 750 police departments in North America use BIO-key solutions, making BIO-key the leading supplier of mobile and wireless solutions for law enforcement.
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