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HOUSTON, April 14, 2008-(OTCBB: ETLT.OB)Eternal Technologies Group, Inc. today announced that its subsidiary company, E-sea Bio-medical Engineering Co. International Ltd. , has begun the commercialization of its new video media technology by signing a contract for the sale of its new video media devices to China Southern Airlines. The company hopes to sell significant additional devices in China throughout the year.
Traditionally, E-sea has manufactured and marketed only medical equipment for the detection of mammary cancer using infrared technology. Its new generation of mammary detection devices received approval from Chinese government in January 2008 and will be marketed during the current quarter. The new generation of equipment operates on the thermal principle and commands a high price. The company also hopes to begin exporting this equipment this year. Although E-sea had revenues in excess of 3.6 million U.S. dollars, with the addition of the generation of medical equipment and the marketing of the new video media devices, the company hopes to significantly exceed to the 2007 revenue and earning number in 2008.
About Eternal Technologies
Eternal is a major agricultural genetics and biopharmaceutical R&D firm operating in China with the support of the Chinese Government. Eternal's animal breeding division has a strong asset base, cash position and net income. Eternal has become one of China's leading institutions for biopharmaceutical and biotech research, pure breed cultivation and breed stock production. The Company has secured a key market niche by commercializing gene engineering technologies and providing superior breeding stock, allowing China's citizens the ability to improve their living standards. With the world's largest population, a double-digit national growth rate and entry into the WTO, Eternal Technologies has a playing field set for tremendous opportunity. As a prominent player in the agricultural genetics industry, cash in the bank and an untapped market, Eternal has the potential to become a major player in China's national growth.
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NEW YORK, NY-Apr 14, 2008 - (PINKSHEETS: GSHN) Greenstone Holdings, Inc. announced today that the Company has introduced a new product Anz Ceramic Coating , which is a revolutionary way to reduce energy costs. ACC was developed by Anz Environmental Development Co. Ltd. in Japan. ACC was born from a leading nanotechnology process utilizing layers of ball shaped submicron size ceramic particles to reflect approximately 90% of sunlight. Actual buildings with their roofs coated with ACC have shown that ACC can reduce the internal temperature of a building anywhere between 14 to 22 degrees in Fahrenheit. 1 degree reduction will save anywhere between 5 to 8% in energy cost, which means ACC can save a lot more than 50%. In addition to buildings, ACC can also be used on vehicles, trains, and ships. In the City of Hiroshima in Japan, ACC is used on city buses to reduce air-conditioning costs.
"We waste so much of our precious energy by just keeping our houses or cars cool. More than 10% of all electricity used in the United States comes from air conditioners and that percentage will increase if the global warming trend continues. ACC will certainly help reduce the air conditioner usage and will contribute in reducing the greenhouse gas emission," said Sal Miwa, CEO of Greenstone.
About Greenstone Holdings, Inc.
Greenstone® is in the business of providing a variety of unique chemical technologies that are primarily used in the building and construction industry. The Company's first brand name product, GreenShield, offers a "green" solution to protect wood based building materials such as lumber, logs, plywood, drywall, railroad ties, fencing, and utility poles from destructive environmental elements. It also offers added fire retardancy to the material it is applied to. The $25 billion water damage market is just one example of the perfect niche for GreenShield. Greenstone also exclusively distributes Green-Dri, a revolutionary biological dry kiln for drying wood, Permeate, a very unique anti-corrosion sealer paint for metal, concrete, and other construction materials, MagneLine®, a very strong polymer cement mortar used to reinforce and/or repair metal and concrete structures such as bridges and highways, and Crystal-Guard, an innovative chemical to make asbestos harmless and recyclable.
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MCCALL, ID-Apr 14, 2008 - (OTCBB: IDFB.OB) Today Idaho First Bank reported financial results for the first quarter of 2008. The Bank experienced significant growth during the quarter. Loans grew to $36.7 million, a 66% increase from the first quarter of 2007, and more importantly a 35% increase from the $27.1 million balance at the end of 2007.
The Bank's new Loan Production Office in Boise was a major contributor to the loan growth. The McCall Bank experienced loan growth despite a continued slow economic environment compounded by the reports of Tamarack Resorts bankruptcy filing and the reported possibility of the City of McCall filing for Chapter 9 bankruptcy protection. The Bank has no credit exposure to either entity and the City of McCall believes it has reached a settlement that will prevent them filing for protection. We are encouraged that steps implemented during our strategic planning session in the fall of 2007 are beginning to bring improved results.
The net loss reported for the first quarter of 2008 was $728,000 compared to a loss of $351,000 in the first quarter of 2007. The increased loss was caused by the provision for loan losses being $410,000 in the first quarter of this year, compared to $33,000 last year in the first quarter. This major increase in the provision for loan losses was caused by the large growth in loans in the first quarter and the decision to charge off a nonperforming loan.
At the end of 2007, the Bank had two nonperforming loans totaling $495,000. A subdivision development loan with a balance of $348,000 was charged off in the first quarter of 2008 due to deterioration in the underlying collateral value for the loan. Although additional collateral was secured for the loan, the weakness of the current real estate market and the extended time to resolve the problem credit resulted in a decision to charge off the full balance of the $348,000 loan. After the charge-off of this loan, the Bank has only one loan, with a balance of $147,000, on nonaccrual status. President and CEO Greg Lovell commented, "We continue our policy of being conservative in management of the loan portfolio and to aggressively recognize credit issues as they occur. We believe that the Boise real estate market will recover and the loan will be resolved in the Bank's favor. We are optimistic that the remaining nonaccrual loan of $147,000 will be resolved in three to six months without any loss to the Bank." The Bank reports there are no other loans past due nor did it participate in the sub-prime real estate loan market.
Without the impact of the loan charge-off the financial results of the Bank were close to the Financial Plan of the Bank. Mr. Lovell commented, "Expense management is a high priority for 2008. The commitment to control expenses is already evidenced by the second consecutive quarter of declines in noninterest expenses. We are working hard to find markets that will allow us to grow the Bank's loan and deposit portfolios."
The Federal Reserve's significant drop in short-term interest rates has had a negative impact on the Bank's net interest margin. Mr. Lovell commented, "We have aggressively monitored our asset and liability position. These efforts were not able to prevent a decline in our net interest margin but limited the decline." Net interest margin in the first quarter of 2008 was 4.16%.
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