4-27-10 Daily Small Cap Market News and Stock Highlights from SmallCapVoice.com
Stocks are off their lows on upbeat earnings and consumer confidence report
Stocks are bouncing off their morning lows after a research group said consumer confidence is climbing.
The Conference Board’s consumer confidence index for April has jumped to 57.9, higher than the 53.5 forecast by economists polled by Thomson Reuters.
The upbeat report Tuesday is helping stocks regain some ground. Investors have been concerned about Greece’s debt problems and China’s latest attempts to curb a hot economy.
Strong earnings results from 3M and DuPont are also helping the market.
The Dow Jones industrial average is down 8.61, or 0.1 percent, at 11,196.42. The Standard & Poor’s 500 index is down 4.12, or 0.3 percent, at 1,207.93, while the Nasdaq composite index is down 6.08, or 0.2 percent, at 2,516.87.
Yesterday’s Top Performing Small Cap Stock:
Grid Petroleum Corp. (OTCBB: GRPR)
Grid Petroleum Corp. was a SmallCapVoice.com top performer yesterday closing up over 5% on trading volume of 1,156,930 shares.
Grid Petroleum Corp. announced the execution of a $5 million US Dollar equity financing agreement with a European Institutional investor. The initial agreement is for an initial sum of $5 million with the provision to increase this amount further if necessary.
The deal comes at a time when Grid has acquired close to four thousand acres of oil and gas properties in the Jonah Field region of Wyoming, USA – North America’s second largest proven gas reserve. As a ‘draw down’ agreement, the equity financing allows Grid to draw on this money as and when required by it’s Jonah Field exploration, eliminating debt, while leaving the prospect of future exploration and production on the site a real possibility.
Paul Watts, CEO of Grid Petroleum, said: “This equity financing has come at a time when Grid is preparing to undertake exploration on one of the richest natural gas sites in North America. Thanks to this agreement, we’re able to fully undertake this exploration with the best resources available. We firmly believe it opens up the full potential of the leases’ future productivity, while allowing us to protect our investors through the absence of debt”.
Today’s SmallCapVoice.com Hot Stock to Watch:
Balqon Corporation (OTCBB: BLQN)
Balqon Corporation, an emerging developer and manufacturer of zero emissions heavy-duty electric vehicles for Class 7 and Class 8 applications, recently announced its financial results for the year ended December 31, 2009 on March 31, 2010.
Revenues for 2009 were $3,598,752, an increase of $3,395,092, or 1,667%, over revenues of $203,660 for 2008. The increase in net revenues in 2009 is a direct result of the ramp up of our business in 2009 during which sales of our vehicles and parts increased by $3,148,798 over 2008.
Between February 2, 2010 and April 12, 2010, Balqon raised $1,500,000 through the sale of its convertible notes and warrants to accredited investors in a private placement transaction. The proceeds of $1,500,000 are allocated to general working capital.
“We believe that the growth in our revenues in 2009 validates our ability to commercialize our core drive system technologies and meet the growing needs of the zero emission vehicle markets we serve,” said Balwinder Samra, Chief Executive Officer of Balqon Corporation. “The successful implementation of higher range lithium-ion batteries into our heavy duty vehicles and development of proprietary battery management system are examples of our ability to develop and implement new technologies while generating record revenue growth,” said Mr. Samra.
Other Small Cap News
Strategic Diagnostics Inc. (Nasdaq: SDIX)
SDIX, AES CHEMUNEX RapidChek Agreement Expands Range of Food Pathogen Test Systems in Europe
NEWARK, Del.–(BUSINESS WIRE)–Strategic Diagnostics Inc., now doing business as SDIX (Nasdaq: SDIX), a leading provider of biotechnology-based products and services for a broad range of life science, biotechnology, diagnostic, and food safety applications, today announced it has signed a distribution agreement with AES CHEMUNEX.
ThermoGenesis Corp. (Nasdaq: KOOL)
ThermoGenesis Extends Global Reach for Bone Marrow Products With New Distribution Agreements
AGREEMENTS INCREASE PRESENCE IN ASIA AND CENTRAL / SOUTH AMERICA
RANCHO CORDOVA, Calif., April 26 /PRNewswire-FirstCall/ — ThermoGenesis Corp. (Nasdaq:KOOL), a leading supplier of innovative products for processing and storing adult stem cells, announced today that it has signed two new distribution agreements that will further extend its global reach into Asia and Central and South America for its offerings in the bone marrow stem cell regenerative medicine market. The Company has now completed four new distribution agreements in the past 90 days, significantly enhancing its ability to market and sell its products throughout the world.
Cleveland BioLabs, Inc. (Nasdaq: CBLI)
Cleveland BioLabs Announces Launch of Incuron Joint Venture to Develop Curaxin Compounds
BUFFALO, NY–(Marketwire – 04/26/10) – Cleveland BioLabs, Inc. (NASDAQ:CBLI) today announced the opening of the U.S. office of Incuron, LLC, a joint venture between CBLI and Bioprocess Capital Ventures, LLC, which triggers the first tranche of investment ($5.7 million) into Incuron.
Online Resources Corporation (Nasdaq: ORCC)
Online Resources Granted Biller-Direct Electronic Payments Patent
Covers Live Agent, IVR and Web Card Payments to All Biller Types
CHANTILLY, Va.–(BUSINESS WIRE)–Online Resources Corporation (Nasdaq: ORCC), a leading provider of online financial services, today announced that it has been awarded a new patent for a broad range of biller service provider (BSP) bill payment transactions by the United States Patent and Trademark Office. U.S. Patent No. 7,693,790 extends to mid-2014 and covers the technology and processes used in the company’s eCom Advantage Suite.
US Gold Corporation (NYSE Amex: UXG)
US Gold Corporation: El Gallo Continues to Impress
TORONTO, ONTARIO–(Marketwire – 04/26/10) – US Gold Corporation (AMEX:UXG)(TSX:UXG) is pleased to announce expansion and in-fill core drill results (Fig. 1) at the El Gallo Project in Sinaloa State, Mexico. The three best results of the twelve holes assayed since April 6, 2010 are: 7.2 ounces of silver per ton (opt) over 100.9 ft (feet) (247.1 grams per tonne silver over 30.8 meters (m), 5.7 opt silver over 110.7 ft (195.2 gpt silver over 33.8 m) and 4.5 opt silver over 100.4 ft (154.5 gpt silver over 30.6 m).
GeoGlobal Resources Inc. (NYSE Amex: GGR)
GeoGlobal Announces Commencement of Drilling in Rajasthan
CALGARY, ALBERTA–(Marketwire – 04/26/10) – GeoGlobal Resources Inc. (GeoGlobal or the Company) (AMEX:GGR) announces today that the drilling of the first well on the Rajasthan blocks, the Rachan-1, commenced on April 21, 2010. Oil India Limited, as operator of the Exploration Block RJ-ONN-2004/3 (RJ Block 21), is drilling the Rachan-1 vertically to an estimated total depth of 1,500 meters to test the Jodhpur Sandstone and the Upper Carbonate group. GeoGlobal has a 25% participating interest share of the Rachan-1 exploration well.
EarthLink, Inc. (Nasdaq: ELNK)
EarthLink Announces First Quarter 2010 Results
Raises Full Year Guidance, Increases Quarterly Dividend
“We are very pleased that our first quarter operating results and financial performance were ahead of expectations. The tenure of our customer base continues to increase as the vast majority of our consumer base has been an EarthLink customer for two years or more, and nearly half for five years or more. We are seeing the positive impact of this increasing tenure on substantially all of our key operating metric trend lines. The increased guidance we announced today reflects these latest trend lines,” explained EarthLink Chairman and Chief Executive Officer Rolla P. Huff.
Pluristem Therapeutics Inc. (Nasdaq: PSTI)
Pluristem Therapeutics Raises $2.7 Million in Private Placement of Restricted Common Stock
HAIFA, Israel, April 27, 2010 (GLOBE NEWSWIRE) — Pluristem Therapeutics Inc. (Nasdaq:PSTI) (DAX:PJT) today announced that it has entered into definitive agreements with selected investors to sell restricted common stock and warrants for aggregate gross proceeds of approximately $2.7 million. The offering includes 2,420,293 shares of common stock, warrants to purchase 726,088 shares of common stock at an exercise price of $1.25 per share and warrants to purchase 726,088 shares of common stock at an exercise price of $1.40 per share. The warrants will be exercisable for a period of two and a half years and five years respectively commencing six months following the issuance thereof. The closing is scheduled to take place no later than close of business today, April 27, 2010.
India Globalization Capital, Inc. (NYSE Amex: IGC)
India Globalization Capital Announces $160 Million, 5 Year Iron Ore Supply Contract With Leading Chinese Steel Manufacturer
BETHESDA, MD–(Marketwire – 04/27/10) – India Globalization Capital, Inc. (AMEX:IGC), a rapidly growing materials and infrastructure company in India, announced today they have signed a 5 year contract with a leading Chinese steel manufacturer, to begin supplying iron ore. The contract is valued at approximately $160 million.
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