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Magellan Energy Ltd. (Pink Sheets: MGLG) (December 19, 2007, 8:30am ET) Magellan Energy Ltd., an independent oil and gas company, announced today that it is selling natural gas from wells on the Thomas D. Martin project in Morgan County, Tennessee in which it holds a 20% working interest. The operators for these wells, TMD Energy Inc., stated that the Citizens Gas Utility District have recently reconfigured the gas pipelines to allow gas from the wells to enter its system. A compressor has also been installed to increase production volume.
Magellan Energy is pleased to announce that the Martin lease is a mature producing oil and gas property that is being prepared for waterflooding. This ongoing project with TMD Energy Inc. will take some time to complete but with the newly installed compressor we will have increased gas production and revenue for Magellan Energy Ltd. The water flood project must still be subject to further research, geological surveys and studies to be properly executed. Until such time is determined, the wells will continue to operate at their new capacity, generating revenue with the new lines.
Magellan Energy's President, Mr. Akrivos, said, "We are very pleased at the progress that has been made up to date on the Martin project which will take some time to properly execute. TMD Energy Inc. has done an excellent job ensuring the wells maintain production and we are extremely happy to be working with them. This is our company's second successful project in Tennessee, thus establishing Magellan as a reputable, revenue-producing company in the oil and gas industry. In addition, we are in the final stages of developing a third project in Tennessee, which will be announced in the near future."
About Magellan Energy: Magellan Energy is a publicly traded independent oil and gas company. The company is actively acquiring oil and gas leases, producing properties, mineral rights, and surface interests in Tennessee and Oklahoma. Once acquired, the company intends to develop each property to maximize the income from each property by re-establishing production, refurbishing and improving the existing production and operations.
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Deep Down, Inc. (OTCBB: DPDW) (December 19, 2007, 12:24pm ET) Deep Down, Inc. announced that it has signed a definitive purchase agreement to purchase Mako Technologies, Inc. ("Mako"). Headquartered in Morgan City, Louisiana, Mako serves the growing offshore petroleum and marine industries with technical support services, and products vital to offshore petroleum production, through rentals of its remotely operated vehicles (ROV), topside and subsea equipment, and diving support systems used in diving operations, maintenance and repair operations, offshore construction, and environmental/marine surveys.
"The total cost of acquiring Mako is a maximum of $5.0 million in cash and 11,269,841 shares of common stock of Deep Down based on Mako management's expectation of $2,400,000 in earnings before depreciation, interest, amortization, taxes and other non-cash charges ("EBITDA"), after also adjusting for certain non-recurring expenses, for the fiscal year ending December 31, 2007. As part of this acquisition, Deep Down will also pay off approximately $800,000 in Mako bank debt. The first installment of $2,916,667 in cash and 6,574,074 shares of common stock of Deep Down is expected to be paid at closing within the next few days, and the balance of up to $2,083,333 in cash and 4,695,767 shares of common stock of Deep Down will be paid upon completion of an audit to verify adjusted EBITDA expectations for the fiscal year ending December 31, 2007," commented Robert E. Chamberlain, Jr., Deep Down's Chairman.
"We are very pleased to have signed the acquisition agreement with Mako, and believe this non-dilutive transaction is extremely beneficial for Deep Down and our shareholders as we continue to add products and services to our portfolio of capabilities," commented Ron E. Smith, Deep Down's President and CEO. "We believe we can significantly enhance Mako's current annual revenue base of approximately $6.8 million by expanding the equipment rental pool and ROV fleet."
"An expansion of the ROV fleet can yield benefits beyond increased rental income, including increased service revenue from two and three man ROV operating crews and the opportunity to sell additional launch and retrieval systems ("LARS"). Prospect Capital Corporation is providing $6,000,000 in debt to fund the cash requirements and expenses associated with this transaction. Terms are substantially the same as those in the initial borrowing that was concluded in August 2007," said Eugene L. Butler, Deep Down's CFO.
"With Deep Down's relationships and access to capital, we foresee the ability to expand our ROV fleet and take advantage of our customers' growing need for both planned and "emergency" offshore rental equipment in support of their growing level of oil and gas exploration occurring in the Gulf of Mexico. We also plan to expand our operations internationally," commented Jacob Marcell, Mako Technologies' chief executive officer.
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ROO Group (OTCBB: RGRP) (December 19, 2007, 7:00am ET) ROO Group announced today that the company has entered into an Executive Management Agreement with KIT Capital pursuant to which it has agreed to appoint Kaleil Isaza Tuzman as Chairman and Chief Executive Officer commencing on January 9th, 2008. Mr. Isaza Tuzman will succeed Robert Petty, who will retain the office of Vice-Chairman of the Board of Directors and Founder.
Mr. Isaza Tuzman, 36, is currently the President and Chief Operating Officer of JumpTV Inc. (TSX, AIM: JTV) where he is responsible for managing the Company's day-to-day operations including global business development, sales, marketing, network operations and product development. As previously announced, he will be stepping down from his operating position at JumpTV on or before January 8th, 2008, but will remain on the board of that company.
ROO also announced that four independent members of the company's board of directors -- Simon Bax, Stephen Palley, Scott Ackerman and Doug Chertok -- have resigned. The Company's Board of Directors is expected to appoint Isaza Tuzman as a Director and the Chairman of the Board of Directors. Upon Mr. Isaza Tuzman's appointment, the Board will consist of three directors which will include current board members Robert Petty and Robin Smyth, Executive Director. In accordance with the terms of an Executive Management Agreement, Isaza Tuzman will have the right to appoint up to four new independent board members to fill vacancies on the Board of Directors, subject to shareholder approval. Isaza Tuzman, is also investing in the Company through an affiliated entity.
Mr. Isaza Tuzman has been brought on to rationalize the existing business and position ROO to become the leader in IPTV infrastructure services-through both organic growth and strategic acquisition. The company is already one of the leading distribution platforms in the online media space and is the premier solution for IP-based Video-on-Demand. The ROO Video Network is watched by millions of viewers and supported by a wide-range of premium advertisers.
"We are very pleased to welcome Kaleil as our new CEO," said Robert Petty, Chairman of ROO. "Kaleil brings the experience and insight needed to lead us through this next stage of growth. He has a proven record of helping companies achieve their fullest potential and we are confident that his deep knowledge of our sector, operational discipline and leadership skills will enable us to generate value for our shareholders."
Mr. Isaza Tuzman stated, "ROO is at an inflection point in its development. The massive growth in the demand for high-value, IP video content, coupled with the need for leading edge platform provisioning puts this company in a very enviable position. I believe that with greater emphasis on exclusive content, TV broadcaster relationships and the best quality distribution tools, ROO will become the leading player in the provisioning of video over the Internet. In my view, a focused B2B strategy is what is needed to build a profitable company in the sector. ROO's commitment to this path -- coupled with our shared vision of potential industry consolidation -- has been critical to my decision to invest in and manage the company."
As part of the strategic realignment, ROO also announced today that it has completed a recent reduction of 21% of its workforce. This decision reflects the substantial completion of ROO's platform and automated distribution tools, which have made the company more efficient and reduced staffing needs.
"ROO has now entered a new phase of development," said Robert Petty, Chairman of ROO. "We have substantially automated our operations, allowing us to function as a leaner, more effective company."
Mr. Petty concluded, "I would like to thank our independent board members for their contributions to our organization. As a result of their guidance, we are now a stronger, more efficient company."
As part of the Executive Management Agreement, KIT Capital Ltd., an entity controlled by Kaleil Isaza Tuzman, has been granted the right to purchase up to 51% of the preferred class of shares in the Company at US$0.38 per share. KIT Capital has the option to invest up to US$5 million in common shares of the Company at US$0.16 per share, a 15% premium to the closing price yesterday, December 18th, 2007.
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bioMETRX, Inc. (OTCBB: BMRX) (December 19, 2007, 7:30am ET) AuthenTec, Inc. (Nasdaq: AUTH), the world's leading provider of fingerprint sensors and solutions, and bioMETRX, Inc., a leading provider of biometrically secured consumer products, jointly announced today that bioMETRX has incorporated AuthenTec's AES2510 sensor into its smartTOUCH(TM) product line. bioMETRX's first product, the Master Lock smartTOUCH(TM) garage door opener (GDO), has broken the "under $100.00" retail barrier, a first for any consumer access product featuring AuthenTec's sensor.
The smartTOUCH GDO(TM), sold as the Master Lock smartTOUCH GDO(TM), retails for $97.00 and can be purchased at The Home Depot stores nationwide.
"We are delighted that bioMETRX has selected an AuthenTec sensor as an integral part of its proprietary architecture and mission to design and deliver cost effective, quality consumer biometric products. bioMETRX products simplify the lives of consumers by eliminating the need to remember PIN codes or fumble with keys when opening a door," said Larry Ciaccia, AuthenTec President. "The smartTOUCH GDO(TM) is another great example of the growing adoption of fingerprint sensors in mainstream consumer products that leverage the convenient security of our TruePrint -based fingerprint sensors."
"Our company has spent years researching and testing all of the competing fingerprint sensors to determine which one provides the most reliability and cost efficiency for a consumer based product," commented Mark Basile, Chief Executive Officer for bioMETRX, Inc. "Based on our findings, we selected AuthenTec's AES2510 slide sensor, which has been engineered into our proprietary smartTOUCH(TM) product architecture, and we have experienced very positive feedback from end users."
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