Turning Pennies into dollars: (OTCBB: UOMO), (AMEX: OFI), (OTCBB: MTTG)
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UOMO Media Inc (OTCBB: UOMO) (Feb. 7, 2008 ), a multi-channel entertainment and media company, today announced that it has established UOMO Productions Inc., a fully owned Canadian subsidiary.
UOMO Productions has been created to act as a holding company for the acquisition and finance of media-related Canadian entertainment assets including: music, television, film/video, catalogues, co-productions and co-financings projects. The company will also look to make strategic acquisitions of, or partner or align with, companies or individuals that control and produce various forms of entertainment, including intellectual music property rights, film and television programming.
The wholly-owned subsidiary is based in Toronto, Canada, an internationally acknowledged centre of excellence in music, film and video, TV production, and preferred location for many films and videos produced in North America.
The Company will have a financing advantage in being able to receive Canadian subsidies, tax incentives, rebates and financing through its ability to produce Canadian content film and television projects.
UOMO is well positioned to achieve success in the Canadian entertainment industry given Management's past Canadian accolades including: 4 Junos, UMAC Manager of the Year, and numerous MuchMusic awards, as well as being responsible for writing and producing some of the biggest selling singles in the history of Canadian recorded music.
"We continue to develop our presence in the global marketplace," commented Mr. Camara Alford, CEO and Chairman of UOMO Media. "Acquiring, producing, managing, and promoting media assets within Canada is a natural progression for our international strategy." The overall Canadian entertainment and media (E&M) market is experiencing sustained growth and will expand at a consistent 5.6% compound annual growth rate (CAGR) to US$47 billion in 2011 from $36 billion in 2006. According to the latest PricewaterhouseCoopers (PwC) Global Entertainment and Media Outlook: 2007-2011, growth in Canada is comparable to the global growth projected at 6.4% CAGR to US$2 trillion in 2011.
UOMO Media Inc. is a multi channel entertainment company that acquires, produces, manages and promotes intellectual media content and digital assets. UOMO integrates existing and well-established revenue streams in recorded music, publishing, talent management and distribution through its four operating divisions: UOMO Digital Distribution, UOMO Recorded Music, UOMO Talent Management, and UOMO Publishing. IFPI estimates that globally, the broader music industry was worth US$130 billion in 2006.
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Overhill Farms Inc. (AMEX: OFI) (Feb. 7, 2008 ) reported record net revenues of $56,827,000 for the first quarter ended December 30, 2007, up $16.3 million or 40% from the $40,538,000 reported for the first quarter of fiscal 2007.
Net income for the first quarter of fiscal 2008 was $1,578,000 ($0.10 per basic and diluted share) up 1.4% from the $1,556,000 ($0.10 per basic and diluted share) for the year-ago quarter.
James Rudis, Chairman and Chief Executive Officer of Overhill Farms, said, "These record results for the first quarter reflect the Company's strengths in sales, product development, production, quality control and close attention to operating margins. These strengths have enabled us to obtain significant new business which we believe will enable us to exceed last year's double-digit growth rate. Our strong first-quarter revenues demonstrate our continuing success in attracting and retaining business from some of the leading companies in the food industry." Operating income for the most recent quarter reflected improvements in gross profit margins compared to the second, third and fourth quarters of fiscal 2007, resulting from continuing manufacturing process improvements.
Gross profit margins declined in the first quarter of fiscal 2008 compared to the year-earlier period, to 10.5% from 13.6%, due largely to higher commodity costs as well as lower margins for sales to some of the Company's major customers.
"Like most other food manufacturers, we have seen dramatic increases in commodity costs during the past year," Mr. Rudis said. "While we cover most of our ingredient costs with long-term contracts, sales to several of our customers were higher than anticipated and required purchases in the spot market at higher prices, negatively affecting overall gross margins." Mr. Rudis added, "The agreements we have recently negotiated and are now negotiating for existing and new customers reflect the prices we will be paying to our suppliers for raw materials during the terms of these contracts. We anticipate that this will enable us to continue to improve our operating margins in the coming quarters." By customer category, the Company said net revenues for the first quarter from retail customers increased by $16.9 million, or 85.8%, to $36.6 million from the $19.7 million reported a year earlier. This increase was largely due to new business from a major national-brand food company and the addition of a private label line of 24 new items for Safeway Inc.
Foodservice net revenues for most recent quarter decreased by $1.6 million, or 9.9%, to $14.6 million from $16.2 million a year earlier, due to a previously announced decrease in volume for an existing foodservice customer.
During the quarter the Company reached an agreement with Panda Restaurant Group which calls for minimum sales of approximately $39 million for the fiscal year. The new agreement provides for a price increase to reflect rising raw material costs for Panda products. Mr. Rudis said, "The Company believes there is opportunity for additional revenue from Panda, both through their expected growth and through additional products." Airline net revenues increased by $996,000, or 21.7%, to $5.6 million for the quarter. The higher revenue was due to increases in passenger travel.
"Overhill Farms is continuing to increase revenues and improve margins and operating profits," Mr. Rudis said. "The interest of two competing private equity groups in acquiring the Company, disclosed in yesterday's announcement, underscores the Company's fundamental strength and potential for profitable growth. The Board of Directors remains committed to exploring all opportunities to enhance stockholders' value." Overhill Farms is a value-added supplier of custom high quality frozen foods to foodservice, retail and airline customers.
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Material Technologies Inc. (OTCBB: MTTG)(Feb. 7, 2008 ) announced that Dr. Monty Moshier, Chief Scientist of MATECH, has written a paper discussing the capabilities of its technology the Electrochemical Fatigue Sensor (EFS). The paper has been accepted and will be presented at the American Society for Nondestructive Testing Spring Symposium Conference in Anaheim, CA. The Conference will take place March 31, 2008 through April 4, 2008.
The conference will cover the state of the art technologies in the inspection industry. Dr. Moshier's paper will be presented at a special infrastructure focus session on April 1, 2008 at 3:25pm at the Hyatt Regency, Orange County. Also presenting at this conference will be representatives from the Federal Highway Administration, detailing their Steel Bridge Testing Program, of which MATECH's EFS system is a part.
This symposium serves as a professional forum for communication and promotion of NDE technology transfer among researchers, engineers, inspectors and equipment makers. During the symposium, attendees will identify emerging NDE technologies, determine trends and increase their knowledge base to better their decision making and performance in the workplace. Sessions turn the spotlight onto emerging technologies, novel applications, and solutions to unique and difficult problems.
Robert M. Bernstein, MATECH's CEO, says, "Dr. Moshier has been a long time integral piece of the MATECH team and has been key in the further development of the EFS system from his days back with the U.S. Air Force. We are very pleased he is presenting the current exciting work being performed with the EFS system. Further this ASNT Conference will help us gain additional international exposure. The EFS system will be a fundamental part of the inspection industry as we move forward. It is already being recognized by transportation officials as the state of the art standard for bridge inspections."
About Material Technologies, Inc.
MATECH is an engineering, research and development company specializing in technologies to measure microscopic fractures and flaws in metal structures and monitor metal fatigue in real time. The company's leading edge metal fatigue detection, measurement and monitoring solutions can accurately test the integrity of metal structures and equipment including bridges, railroads, airplanes, ships, cranes, power plants, mining equipment, piping systems and heavy iron.
MATECH owns the only nondestructive testing technology able to find growing cracks as minute as 0.01 inches. MATECH has exclusive rights to seven patents along with $8.3 million in already completed contracts from the U.S. Government for research, testing and validation of its innovative solutions.
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