ORLANDO, Fla., June 23, 2008 (PRIME NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., today announced that it has issued a first quarter 2008 research update on BioSolar, Inc. (OTCBB:BSRC), a company developing innovative bio-based components for use in the manufacture of solar cells that will replace traditional, petroleum-based components.
Neha Bhargava, MBA, RedChip Research Analyst, reported:
"BSRC is progressing toward the manufacturing stage and has decided to sign manufacturing agreements for production of its BioBacksheet(tm) product. In mid-June 2008, BSRC selected Rowland Technologies Inc. as its partner for initiating the full-scale production of its BioBacksheet. We believe the Company will be able to reach the manufacturing stage by the end of 2008, and accordingly, we project BSRC to report revenue in 2008, albeit of marginal magnitude."
"In late April 2008, the Company began shipping BioBacksheet samples to a select group of manufacturers in several regions of the country for evaluation purposes. Since then, some other large U.S. and global solar manufacturers have requested BioBacksheet samples for evaluation, indicating keen interest in the product. Such widespread demand for the samples reaffirms our viewpoint that the Company will receive positive market response for BioBacksheet samples," she continued.
"We expect BSRC will be on a revenue-generating platform in late 2008 as the Company receives positive market responses from the samples delivered. We reiterate our 'Speculative Buy' rating on BSRC stock and raise our initial 12-month target price from $0.80 to $0.90," Bhargava concluded.
To receive a complimentary copy of the RedChip Visibility Research Report for BSRC, please visit: http://www.redchip.com/visibility/about.asp?page=vreport&reportid=116&from=06232008pr
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Disclosure
None of the profiles issued by RedChip Companies, Inc. constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. Any investor should determine whether a particular security is suitable based on the investor's objectives, other securities holdings, financial situation needs, and tax status. BioSolar, Inc. paid RedChip Visibility, a division of RedChip Companies, Inc., $30,000 for RedChip Visibility Program services, which included the preparation of this equity research report. To the fullest extent permissible under applicable law, RedChip Companies, Inc. will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information.