Wall Street News Alert's "stocks to watch" this morning are: GeoBio
Energy, Inc. (PINKSHEETS: GBOE), GE (NYSE: GE), Waste Management,
Inc. (NYSE: WMI) and Gilead Sciences, Inc. (NASDAQ: GILD).
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There is important news coming from GeoBio Energy, Inc., d/b/a
Plastics Conversion Technologies, Inc., (PCT) (PINKSHEETS: GBOE).
Yesterday after the markets closed, the company, a Washington based
plastics cleaning, separation, and recycling company, issued a
press release announcing a strategic agreement with Central
Manufacturing, Inc. of Groveland, Ill.
Under terms of this alliance, Central will provide the design,
manufacture, and testing of several high-volume scrap separation
processing units for use in PCT's soon-to-be constructed first
operating facility.
In addition to the contract for production of this equipment,
Central has granted PCT certain intellectual property (IP) rights
in the designs contemplated, as well as certain discounts to the
manufacturing prices, and the parties intend that these assets will
be valued and exchanged for stock in PCT.
"We see tremendous opportunity in working with PCT and its
founder Gary De Laurentiis, and are excited about the company's
proprietary cleaning and separation processes," said Central CEO
Mike McLemore. "And, we want to be a long-term participant in their
growth and success. The best way for us to do that was to be true
partners with them from the outset, and thus we've come to this
agreement today."
The initial project will be comprised of a feed flow regulator,
rotary (trommel) screen, foam separator(s), light/heavies
separator(s), grinders and various transfer conveyors, representing
a total financial requirement of approximately $2,000,000.
Once commenced, production time for these units will be about 24
weeks. Units will be built and tested at Central's Groveland
facility, then shipped for installation to PCT's first plant,
currently projected to be in Oregon or Wisconsin. Combining the
purchase of the equipment and the development of the plant, the
total financial outlay and asset value is expected to be
$13,000,000.
Said Mr. De Laurentiis: "Working with Central and Mike in the
past has convinced me that they are among the best at what they do.
They design and build solid units at realistic costs, and have a
history of delivering on time and on budget. Mike and his team are
the perfect partners for Plastics Conversion Tech, and I'm
extremely gratified by their commitment to this new endeavor."
The stock closed yesterday at under a Penny a share.
GE (NYSE: GE) down 0.7% on 82.4 million shares traded.
General Electric Co. is a diversified global infrastructure,
finance and media company that is built to meet essential world
needs.
Waste Management, Inc. (NYSE: WMI) up 1.4% on 3.9 million shares
traded.
Waste Management, based in Houston, Texas, is the leading
provider of comprehensive waste management services in North
America. Our subsidiaries provide collection, transfer, recycling
and resource recovery, and disposal services.
Gilead Sciences, Inc. (NASDAQ: GILD) up 0.1% on 7.4 million
shares traded.
Gilead Sciences is a biopharmaceutical company that discovers,
develops and commercializes innovative therapeutics in areas of
unmet medical need.
Market Commentary:
Banks came into focus when Citigroup Inc. and Bank of America
Corp. were told they need to raise more capital based on
preliminary results of their government-run "stress tests," unless
the banks can prove to regulators the results were mistaken. Bank
of America fell 77 cents, or 8.6 percent, to $8.15, while Citigroup
fell 18 cents, or 5.9 percent, to $2.89.
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