SARASOTA, Fla., Sept. 29, 2004 (PRIMEZONE) -- The following is an investment opinion issued by eLocity Inc.:
Gluv Corp. (Pink Sheets:GLVP), OraSure Technologies Inc. (Nasdaq:OSUR), The Wet Seal Inc. (Nasdaq:WTSLA) and FoneFriend, Inc. (OTCBB:FFRD).
Investors may want to swing over and check out Gluv Corp. ("Gluv") (Pink Sheets:GLVP). Gluv announced after the closing bell Tuesday that its, "subsidiary SDS Productions, LLC, an Alabama-based digital communications company, has expanded its production capacities to include high definition (HD) image capture and finishing. Specifically created to take advantage of the new broadcast standards enacted by the Federal Communications Commission (FCC), the new capability will enable SDS Productions to produce projects that may either be 'down converted' for traditional broadcast today, or aired via the growing number of high- definition programming networks." GLVP is currently trading around .04 a share.
On the Nasdaq;
OraSure Technologies Inc. (Nasdaq:OSUR)
OraSure Technologies Inc. announced Tuesday that an early trial has been set in its patent infringement lawsuit against Schering-Plough Healthcare Products Inc. (NYSE:SGP) and added that as a result, a final trial on the merits in this matter is expected to occur in February 2005.
OraSure Tech said that trial would include an early final determination of its request for permanent injunctive relief, in lieu of its prior request for a preliminary injunction and that it supported the Court's action because it believes that an early trial on the merits would offer the most efficient and cost effective method for resolution of this lawsuit.
OraSure Technologies said it filed the lawsuit in late July 2004, in the United States District Court for the Eastern District of Pennsylvania, and alleged that Schering-Plough's manufacture and sale of Dr. Scholl's Freeze Away cryosurgical wart removal product in the over-the-counter market, infringed several OraSure patents relating to its technology for the cryosurgical removal of warts and other benign skin lesions.
Shares of OSUR closed Tuesday at 6.25 on volume of 413,669 shares, while SGP closed at $18.65 on 6,664,800 shares.
The Wet Seal Inc. (Nasdaq:WTSLA)
Specialty retailer of apparel and accessory items, The Wet Seal Inc. announced Tuesday the completion of an $8 million junior secured term loan with Back Bay Capital Funding LLC.
The Wet Seal Inc. said that it has amended its $50 million senior revolving credit facility with Bank of America Retail Finance to accommodate the new loan. As per the terms of the amended agreement, the term loan is secured by inventory and other assets of the company and is junior to the senior revolving credit facility. The new term loan bears interest at prime plus 7% and expires on May 27, 2007. The company added that the proceeds would be used for the working capital and general corporate purposes.
WTSLA closed Tuesday at $1.36 on volume of 1,240,207 shares.
On The OTCBB; FoneFriend, Inc. (OTCBB: FFRD)
Shares of FoneFriend, Inc., a rapidly emerging company in the fast growing VoIP industry, traded on strong volume of 2,339,700 shares Tuesday to close .11 higher at $0.25.
On Monday, the company announced that it plans to acquire 40,000 new Voice over Internet Protocol (VoIP) customers from InfiniCom Networks, Inc. during the month of October.
FoneFriend, Inc. President Robin Glanzl said that Fone Friend is committed to an aggressive expansion of their subscriber base, and during October they anticipate subscriber base will increase to over 110,000 customers generating monthly recurring revenues of about $1.65 million.
InfiniCom stated that it is deploying additional network assets to service the next 40,000 accounts anticipated in October.
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