ORLANDO, Fla., July 11, 2007 (PRIME NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., announced that it has issued a first quarter 2007 research update on Pressure BioSciences Inc. (Nasdaq:PBIO).
Joe Blankenship, MBA, RedChip Research Analyst wrote in the report:
"The Company announced on May 31, 2007 that it had completed the sale of its Source Scientific subsidiary which will further enhance its liquidity. With the completion of the sale, the Company received approximately $1.8 million in cash to be used for commercialization and research efforts on its PCT technology. This cash, along with the approximate $6.4 million in cash and liquid investments as of March 31, 2007, should provide adequate funds for 2007 and beyond, assuming no greater cash burn than the $1.2 million experienced in the first quarter of fiscal year 2007.
"We initiated coverage of Pressure BioSciences Inc. (PBIO) on March 12, 2007 with a Speculative Buy rating and a 12-month price target of $6.40 per share. With a book value of $3.52 as of March 31, 2007 and the addition of approximately $0.87 per share in cash added with the sale of its Source Scientific subsidiary (closed May 31, 2007), the Company's share price is very close to its current estimated book value. This valuation in our opinion does not assign any value to the technology. Given the recent expansion of potential applications of the PCT technology and progress made on commercialization, we are raising our twelve-month price target to $7.00 per share. At this level the price target remains a reasonable 7.5x our estimate of 2007 revenue."
About RedChip Companies, Inc.
RedChip Companies is an international small-cap research and financial public relations firm with offices in Beijing and Orlando and affiliates in New York and San Diego. RedChip delivers measurable results for its clients through its extensive international market expertise as well as its comprehensive platform of products: RedChip Research(tm), Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences held throughout the United States, and RedChip Radio(tm). To learn more about RedChip's products and services please visit: http://www.redchip.com/visibility/services.asp.
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DISCLOSURES
This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. As such, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change. RedChip Companies Inc. is an affiliate of the Aurelius Consulting Group, Inc. Pressure BioSciences, Inc. is a client of RedChip Visibility, a division of RedChip Companies. PBIO paid RedChip Visibility $28,000 for the RedChip Visibility Research Program, which includes this report. RedChip Visibility, a division of RedChip Companies, Inc.has been contracted by Pressure BioSciences, Inc. to increase investor awareness of PBIO to the small-cap equity community. These services may include investor conferences and digital and print distribution of PBIO investor related materials.