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Discovery Bancorp (OTC BB:DVBC) (December 13, 2007)John R. Plavan, chairman of the board of Discovery Bancorp and its subsidiary Discovery Bank, announced today that James P. Kelley II has resigned as president, chief executive officer and a director of both the holding company and the bank, effective immediately, to pursue other interests. Plavan also announced the appointment of Joseph C. Carona, who has served as executive vice president and chief administrative officer of both the holding company and the bank since inception, to serve as interim president and chief executive officer of both entities until a successor is named. A search for Kelley's replacement is underway.
Discovery Bancorp is a bank holding company serving the financial needs of small to medium-sized businesses, professionals and individuals through two principal subsidiaries - Discovery Bank and Celtic Capital Corporation. The bank, founded in 2001, has offices in San Marcos, Poway, and Los Angeles, Calif.; Celtic Capital, founded in 1982, maintains offices in Santa Monica, Phoenix, and Bellevue, Wash.
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Little Squaw Gold Mining Company (OTC BB:LITS) (December 13, 2007) has received additional drill results from its placer gold project on the Little Squaw Creek drainage located on the Company's wholly owned Chandalar, Alaska, mining property. These additional results confirm the Company's opinion that it has discovered an industrial-scale placer gold deposit of potential commercial significance.
Little Squaw Gold Mining is engaged in the business of precious-metals discovery. This endeavor carries certain risks that are commensurate with the potential rewards of such efforts. These risks cannot be quantified and should not be taken lightly.
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Solutia, Inc (OTCBB: SOLUQ) (December 13, 2007) will increase the price of its Vydyne(r) polyamide 66 resin and Ascend(r) polymer in North America by 10 cents per pound. This increase applies to all orders shipped on or after December 15 with the exception of existing contracts with a validity date beyond December 15. Sustained increases in both energy and raw materials costs, along with strong global demand, have made this price increase imperative.
Solutia, Inc., together with its subsidiaries, engages in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. It operates in two segments, Performance Products and Services, and Integrated Nylon. The Performance Products and Services segment provides plastic interlayer for use in laminated safety glass, primarily in automotive original equipment manufacturing and architectural applications; window films for aftermarket automotive and architectural applications; plastic products, including entrance matting and automotive spray suppression flaps; water treatment phosphonates; heat transfer fluids; and aviation hydraulic fluids and aviation solvents. This segment also provides pharmaceutical companies with pharmaceutical development services, including process research and manufacturing services. The Integrated Nylon segment produces chemical intermediates, which are used as feedstock for fiber and resins production, and are sold in the merchant market; nylon polymers that are sold to the thermoplastic, apparel, textile, and industrial markets; and fibers for use in residential and commercial carpet, and industrial markets. The company sells its products through its own sales force and distributors. Solutia was founded in 1901 and is headquartered in St. Louis, Missouri. The company and its 14 U.S. subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in December 2003. Solutia operates its business as debtor-in-possession.
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