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THE STOCK WIZARDS STOCK WATCH LISTS INCLUDES: (NASDAQ: XING) Qiao Xing Universal Resources, Inc. (OTCBB: EMLL) El Maniel International, Inc. (OTC: SATM) SatMAX Corp. (OTC: AMNG) Amergence Group, Inc.
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(NASDAQ: XING — Qiao Xing Universal Resources, Inc.
CURRENT NEWS!!
Qiao Xing Universal Resources, Inc. Reports First Quarter 2010 Financial Results
HUIZHOU, China, Aug 23, 2010 — Qiao Xing Universal Resources, Inc. (Nasdaq: XING) (“the Company” or “XING”), an emerging Chinese resources company headquartered in Huizhou, Guangdong Province, today announced its unaudited results for the three months ended March 31, 2010.
First Quarter Highlights
-- The Company reported net income of RMB73.0 million (US$10.7 million),
or RMB0.81 (US$0.12) per basic share, compared to a net loss of RMB21.5
million or RMB0.69 per basic share in the first quarter of 2009.
-- Net sales were RMB195.4 million (US$28.6 million) compared to RMB460.8
million in the first quarter of 2009.
-- Gross profit was RMB27.4 million (US$4.0 million) compared to RMB82.3
million in the first quarter of 2009. Gross margin was 14.1% compared
to 17.9% in the first quarter of 2009.
Financial Review of Operations for the Molybdenum Mine Business
-- Consolidated revenue from the mining business for the first quarter of
2010 totaled RMB58.0 million (US$8.5 million). Gross profit was RMB26.5
million (US$3.9 million), resulting in gross margin of 45.7%. Net
income totaled RMB17.9 million (US$2.6 million) in the first quarter of
2010, a decrease of 47.3% from the fourth quarter of 2009, primarily
due to seasonal factors related to the long Chinese New Year holiday
in February 2010, when most mining businesses in North China shut down
operations
-- Molybdenum concentrate production in the first quarter of 2010 was
620.3 tons, equivalent to 298.1 tons (0.66 million pounds) of
molybdenum metal.
-- Average cost of sales per ton of molybdenum metal produced in the first
quarter of 2010 was RMB105,647 (US$15,478), or RMB47.91 (US$7.02) per
pound. Average cash cost of sales per ton of molybdenum metal produced
in the first quarter of 2010 was RMB66,004 (US$9,670), or RMB29.93
(US$4.38) per pound (The Company produces molybdenum concentrate and
does not engage in smelting operations, so the cash cost does not
include the cost of smelting.)
-- Capital expenditures for the mining business in the first quarter of
2010 totaled RMB33.6 million (US$4.9 million). These capital
expenditures were all used for the construction of the mine.
Financial Conditions
As of March 31, 2010, XING and its subsidiary held $554.4 million in cash and cash equivalents and $515.9 million in working capital. Shareholders’ equity was $643.3 million as of March 31, 2010.
Upcoming Events
The Company is close to coming up with a proposal on sorting out its relationship with its subsidiary Qiao Xing Mobile Communication Co., Ltd. (NYSE: QXM) and expects to announce the proposal once it is approved by the Board of Directors.
The Company will release its earnings results for the second quarter and six months ended June 30, 2010 by September 15. The Company expects that earnings from its mining business in the second quarter will be better than the first quarter.
FINANCIAL TABLES FOLLOW
Qiao Xing Universal Resources Inc. and its Subsidiaries
Condensed Consolidated Profit and Loss Account
For three months ended March 31
2009 2010
RMB'000 RMB'000 US$'000
Net sales 460,756 195,427 28,631
Cost of goods sold (378,498) (167,978) (24,609)
Gross profit 82,258 27,449 4,021
Total operating expenses (42,037) (42,373) (6,208)
Income from operation 40,221 (14,924) (2,186)
Net non-operating income (loss) (38,280) 90,520 13,261
Income before income tax 1,941 75,596 11,075
Provision for income tax (12,665) (7,993) (1,171)
Net income from continuing
operations, net of tax (10,724) 67,603 9,904
Discontinued operations, net of tax (7,984) -- --
Net income (loss) for the
period (18,708) 67,603 9,904
Net loss (income) attributable to the
noncontrolling interest (2,800) 5,374 787
Net income (loss) after
attribution of the
noncontrolling interest (21,508) 72,977 10,691
To participatory convertible notes -- (1,605) (235)
To common stock (21,508) 71,372 10,456
Basic earnings (loss) per common
share:
Before extraordinary gain (0.69) 0.81 0.12
Extraordinary gain -- -- --
After extraordinary gain (0.69) 0.81 0.12
Weighted average number of shares
outstanding
Basic 30,948,836 87,725,193 87,725,193
Qiao Xing Universal Resources Inc. and its Subsidiaries
Condensed Consolidated Balance Sheet
December 31, March 31,
2009 2010
RMB'000 RMB'000 US$'000
ASSETS
CURRENT ASSETS
Cash and cash equivalents 3,709,503 3,784,205 554,397
Restricted cash 251,720 204,090 29,900
Bills receivable -- 24,000 3,516
Accounts receivable, net 123,082 208,801 30,590
Inventories 98,012 156,174 22,880
Prepaid expenses 184,339 165,191 24,201
Other current assets 37,025 39,061 5,723
Due from related parties 25 1,136 166
Deferred income taxes 15,942 13,089 1,918
Deferred debt issuance costs, net -- -- --
Assets held for sale 163,000 548 80
Due from discontinued operations 200,000 200,000 29,301
TOTAL CURRENT ASSETS 4,782,648 4,796,294 702,671
NON-CURRENT ASSETS
Property, machinery and
equipment, net 170,485 226,460 33,177
Proven and probable reserves 712,121 705,059 103,293
Construction-in-progress 86,591 37,231 5,454
Investment at cost 5,000 5,000 733
Goodwill 82,058 82,058 12,022
Value beyond proven and probable
reserves 67,295 67,295 9,859
Other acquired intangible assets,
net 4,433 3,325 487
Deferred income taxes -
noncurrent -- 2,272 333
TOTAL NON-CURRENT ASSETS 1,127,983 1,128,698 165,358
TOTAL ASSETS 5,910,631 5,924,993 868,029
LIABILITIES, MINORITY INTERESTS AND
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short term bank borrowings 884,708 924,430 135,432
Accounts payable 60,750 70,358 10,308
Other payables 57,238 8,953 1,312
Accrued liabilities 40,472 42,053 6,161
Deposits received 1,310 1,310 192
Deferred revenues 16,370 47,986 7,030
Due to related parties 5,118 -- --
Taxation payable 15,016 14,421 2,113
Convertible notes 233,716 139,604 20,452
Embedded derivatives liabilities 63,096 20,698 3,032
Assets retirement obligation 4,013 5,212 764
TOTAL CURRENT LIABILITIES 1,381,807 1,275,026 186,795
LONG-TERM LIABILITIES
Shareholders loans 6,732 6,732 986
Warrants liabilities 148,921 76,637 11,228
Deferred tax liabilities 175,281 175,435 25,702
TOTAL NON-CURRENT LIABILITIES 330,934 258,804 37,916
TOTAL LIABILITIES 1,712,741 1,533,830 224,711
SHAREHOLDERS' EQUITY
XING equity
Common stock, par value RMB0.008
(equivalent of US$0.001);
authorised 200,000,000 shares as
of December 31, 2009 and March
31, 2010; outstanding and fully
paid - 82,327,993 shares as of
December 31, 2009 and
90,294,134 shares as of March
31, 2010 602 657 96
Additional paid-in capital 2,404,998 2,528,186 370,387
Cumulative translation
adjustments (160,352) 869,713 127,416
Retained earnings 796,736 (160,236) (23,475)
TOTAL XING EQUITY 3,041,984 3,238,321 474,424
NONCONTROLLING INTEREST 1,156,086 1,152,843 168,895
TOTAL EQUITY 4,198,070 4,391,163 643,318
TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY 5,910,631 5,924,993 868,029
About Qiao Xing Universal Resources, Inc.
Qiao Xing Universal Resources, Inc. is an emerging Chinese resources company headquartered in Huizhou, Guangdong Province, China. The Company was previously one of the leading players of telecommunication terminal products in China, but made the strategic decision to diversify into the resources industry in 2007. In April 2009, the Company acquired the 100% equity interest in China Luxuriance Jade Company, Ltd (“CLJC”). CLJC, through its wholly owned Chinese subsidiaries, owns the rights to receive the expected residual returns from Chifeng Haozhou Mining Co., Ltd. (“Haozhou Mining”), a large copper- molybdenum poly-metallic mining company in Inner Mongolia, China. Since then, the Company has further refined its strategy to become a pure resources company and is actively seeking additional acquisition targets in the resources industry.
(OTCBB: EMLL— El Maniel International, Inc.)
Current News!!
El Maniel International, Inc. Enters Talks for Clean Energy With BioFuels Provider
NEW YORK, Aug 23, 2010 — El Maniel International Inc. (OTCBB:EMLL) announces today that the company, through its subsidiary EMLL Energy Limited, has entered into preliminary discussions with a Chicago based Biofuels Distributor and Oil Terminal Operator with proven success in delivering cleaner oil and fuel sources using a percentage of food, plant & fat based bioenergy.
The discussions are part of an overall renewable energy initiative set forth by EMLL to engage in clean fuel technology via a portion of their facilities in Eastern Pennsylvania. “Biofuels are extremely beneficial to the environment while at the same time, a very lucrative industry in line with global goals to engage in development and utilization of clean energy and technology solutions,” states Jamie Khoo, CEO of EMLL. “We are currently working to identify the right partners to work with in implementing our facilities as part of a biodiesel partner’s distribution network in servicing surrounding communities.”
According to The Clean Energy Trends Report 2010, which includes growth projections for the major clean-energy sectors (solar PV, wind, and biofuels), as well as global clean-tech investment and jobs data, combined global revenue for the three major clean-energy sectors — solar photovoltaic (PV), wind power, and biofuels — grew by 11.4 percent over 2008, reaching $139.1 billion in 2009. These three sectors are expected to reach $325.9 billion by 2019.
As well, the global production and wholesale pricing of ethanol and biodiesel reached $44.9 billion in 2009 and is projected to grow to $112.5 billion by 2019. In 2009, the biofuels market consisted of more than 23.6 billion gallons of ethanol and biodiesel production worldwide. Lastly, the report finds that U.S.-based venture capital investments in energy technologies declined from $3.2 billion in 2008 to $2.2 billion in 2009. However, clean energy’s percentage of total U.S. venture capital investments continued to rise, accounting for 12.5 percent of total activity in 2009. This represented the largest share in the history of the clean-energy asset class.
Aside from the positive financial outlook, USDA and DOE reports that soy-based biodiesel reduces net carbon dioxide by 78% and mitigates overall carbon monoxide, sulfur, unburned hydrocarbons and harmful particle matter. “The use of biodiesel is great for the American economy too: it reduces dependence on foreign oil and is tremendously cost-effective to produce,” states Khoo.
EMLL and the Chicago-based provider had exchanged preliminary information and formalities sufficient to move forward with a site visit to the oil terminal facility in the coming days to assess its overall potential accordingly. “We will post updates via public release promptly in these next steps which we feel are more than promising,” states Jamie Khoo. “We had also secured a new media provider to work on a new corporate website, with attempts to communicate the profile and progress of our projects in hand with substantial asset overviews, current pictures, investor relations portals, news updates and more. We are expediting this process towards collective benefit, particularly in terms of sharing overall progress and corporate accessibility and investors are advised to stay tuned for latest updates.”
(OTC: SATM — SatMAX Corp. )
Current News !!
SatMAX and McDonald Technologies Announce Strategic Alliance to Extend SatMAX Reach in Ground-Based Satellite Communications Solutions for Aircraft Manufacturers and Maintenance Providers
HOUSTON, TX, Aug 23, 2010 — SatMAX Corp. (PINKSHEETS: SATM) and Carrollton, Texas based McDonald Technologies International, Inc. are pleased to jointly announce that they have negotiated a major strategic alliance for engineering, manufacturing and support services associated with the rapidly developing market for the SatMAX ground-based, non-line-of-sight satellite voice and data communications products to the $46 billion ground-based satellite communications industry.
SatMAX CEO, Don Bresina, stated, “This alliance is a high point for us. We have been looking for a solution to keep our size from bottle-necking our ability to grow the business. Having access to McDonald Technologies’ industry-recognized RF engineering and manufacturing capabilities provides us with the opportunity to quickly scale our business and dramatically expands our own engineering, manufacturing and customer response capabilities. The collective resources of our two companies will provide comprehensive, on time and best in class solutions and SatMAX customers will benefit. In fact, McDonald has already completed an engineering package for our Alpha EMS Portable repeater.”
“We are very happy to have the opportunity to work with the SatMAX team,” stated McDonald Technologies – Vice President, Jim Crocco. “This alliance has been designed to provide best in class products and services to SatMAX(R) satellite voice and data communications customers. By leveraging the expertise of both organizations, we have developed a model that is scalable and focuses on setting the standard in non-line-of-sight avionics testing.”
SatMAX(R) patented repeater technology enables satellite communications users to quickly and easily make fully wireless voice and data communications from any non-line-of-sight location. Historically limited by the requirement for satellite communications to have line-of-sight access to orbiting satellites, with SatMAX users now have the ability to access dependable and uninterrupted wireless satellite communications.
About SatMAX SatMAX Corporation manufactures wireless, non-line-of-sight satellite communications products to the $46 billion ground-based satellite communications industry, utilizing exclusive patented technology. SatMAX is dedicated to providing global wireless, non-line-of-sight, satellite voice and data communications links to government, military, and commercial and industrial customers. SatMAX(R) satellite repeaters have been tested and proven with all major branches of the U. S. military and have been purchased by several major defense contractors. SatMAX(R) equipment has also been used by the world’s largest, most prestigious oceanographic research institute as an integral component in identifying and quantifying global ocean warming issues. For more information, please visit www.echosatcom.com or view our product information video at http://www.echosatcom.com/index.php/video.
About McDonald Technologies International McDonald Technologies International is a full production life cycle manufacturing organization, providing integrated services that are fully customizable throughout the Design – Manufacturing – Logistics and Post Manufacturing Service Stages. With a history of technology leadership spanning more than 46 years, McDonald Technologies provides turnkey go to market programs for OEM’s. McDonald Technologies focuses on key market segments, enabling us to deliver value and innovation to our customers. The main areas of focus are: RF, Communications, Aerospace, and connected Embedded Devices. For more information, please visit www.mcdonald-tech.com.
(OTC: AMNG — Amergence Group, Inc. )
Current News !!
Amergence Subsidiary, PanPacific International, Announces the PanPacific Travel Network
PHOENIX, AZ and HONG KONG, Aug 23, 2010 The Amergence Group(PINKSHEETS: AMNG), announced today that its subsidiary, PanPacific International, will launch the “PanPacific Travel Network” — an interactive, electronic concierge service for hotels and busy public areas throughout China. The information kiosks are designed to provide consumers with an up-to-date “gateway” of local attractions and discount information on goods and services offered throughout the area.
“According to the WTO, in 2020, China will become the largest tourist country and the fourth largest for overseas travel. In terms of total outbound travel spending, China is currently ranked fifth and is expected to be the fastest growing in the world from 2006 to 2015, jumping into the number two slot for total travel spending by 2015,” according to Wikipedia. (http://en.wikipedia.org/wiki/Tourism_in_China).This tremendous growth spurt in Chinese tourism led to a proportional explosive growth rate in new hotel construction.This phenomenon further increased the need to deliver valuable, up-to-date, location-specific information to hotel guests.
PanPacific International’s solution provides each hotel with an interactive, internet-managed, full-color kiosk that delivers a fast, convenient, and low-cost way to provide guests with a free-access information gateway to hundreds of commercial values throughout the region, all offered in a broad range of languages and currency equivalents. When the kiosks are placed in qualifying locations, revenue derived from advertisers is shared with the hotel.
PanPacific president, Jack Martin, has slated an initial rollout target of 100 units during its first 90 days in Shanghai — home to over 350 qualified hotel-prospects. Each machine is projected to generate $16,600(HK) or $2,000(US) per month in advertiser revenue. Once the first 100 stand-alone, color, touch screen display kiosks are placed and fully utilized in Shanghai, they are projected to create monthly revenue of US$200,000 (HK$1,500,000). Location contracts come with a standard 5 year term.Upon the successful rollout in Shanghai, the company plans to expand its network operations to Beijing, Hangzhou, Guangzhou, Shenzhen and Chengdu.
With management expertise and offices around the globe, The Amergence Group is uniquely positioned to introduce bold, edgy, or disruptive businesses to the world. With Amergence’s assistance, each successful, well-run subsidiary can transform itself into its own individual fully-reporting public company.
ABOUT THE AMERGENCE GROUP
The Amergence Group (PINKSHEETS: AMNG) provides valuable advice and support to new businesses with its goal of accelerating their intended plans to introduce edgy, disruptive, and/or innovative technologies to the world market. The Company’s 8-year-old Tranzbyte division continues to focus on the development and marketing of its innovative group of optical media enhancement technologies worldwide such as FLASHAlbum, a technology which enables distributors of optic disc media (CDs and DVDs) to combine the best features of both on one USB flash drive.
ABOUT PANPACIFIC INTERNATIONAL, INC.
PanPacific International (www.yespanpacific.com) became The Amergence Group’s first “Spin-Out” subsidiary. Headed by Mr. John T. “Jack” Martin, its chief executive, the company is charged with seeking out edgy and/or disruptive businesses in Hong Kong and the surrounding areas and incorporating them within PanPacific International. PanPacific is located at: 1702 Chinachem Tower, 34-37 Connaught Road Central, Hong Kong, Hong Kong S.A.R.
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