Thursday Morning, July 12th
SITE NEWS
Spotlight: Site Feature - Did you know Archives are available for all of the IceMD articles? Visit http://icecoldstocks.com/investors_health.html and click on the Archive Link. They are arranged alphabetically according to the different diseases and topics.
Hidden Treasure News:
NUCON-RF, Inc. Announces Formation of Joint Venture With Russian State Company
MOSCOW, July 10, 2007 (PRIME NEWSWIRE) -- NUCON-RF, Inc. (NNRF) today announced that it had completed a key strategic initiative by entering into a joint venture with the Russian company Atomenergomash to jointly meet the growing demand in the nuclear power plant market for power generation, both in Russia and abroad. (Read the full article below)
Dow Stock News
IBM - received a $50M contract showing the trend to outsource Telecom.
Reuters writes that GE (GE) and Abbot (ABT) terminated talks for the conglomerate to buy Abbot's diagnostics business because the companies could not agree on terms.
INTC - Bank of America´s favorite name in the semis
INTC Intel Banc of America Sec Price Target Raised Buy $28 to $29
Ice Man Stocks
Breakouts the Ice Man may consider trading:
GLDN - 67
UEIC - 38.05
BWA - 90.55
CHCG - 8 * Best Bet
IBM - 109.70
PLL - 47.75
ESI - 121
SHOR - 13.20
BOBJ - 41.60
SWIR - 26.50
JNPR - 27.25
CHN - 40.50
ALGN - 26
GRMN - 80
GWW - 95
Regular Trades the Ice Man may consider:
MSTR - 98 * Best Bet
SWIM - 10.50
SIRF - 23
BW - 43.50
QLGC - 17.50
DIVX - 15.75
ADBE - 41.20
PH - 101
SY - 24.60
CDI - 32.40
AMLN - 42.85
TEF - 69
VLCCF - 33
INT - 43.40 = 46.68 Gap
Trades coming off the Bottom:
PGN - 45.50
MTB - 108
PNW - 39.80
EZPW - 12.50
NT - 23.30 * Best Bet
Depressed stocks the Ice Man may buy:
NEM - 39.60 Gap
MRO - 61.20 Gap
PCAR - 88.90 Gap
COF - 72 Gap
Dollar Man Ideas:
ALLT - 7.15
RFMD - 6.50
URST - 0.57 = 0.80
Media Commentators
Cramer's Comments:
Bullish: APD, EMC, CMI
Gorilla Trades:
New Potential Buys:
Banco Bradesco (BBD): ABOVE $25.24, with a $27 first target, a $32 second target, and a $23.25 stop loss. Confirmation Volume Area = 4.1M Risk Rating = 3
Qualcomm (QCOM): ABOVE $44.09, with a $47.50 first target, a $55 second target, and a $40.75 stop loss. Confirmation Volume Area = 15M Risk Rating = 3
Ice Cold Commentators
Break Man Video Summary:
Break out buy watch list for short term gains July 12 includes: BKHM, SIRF, CSX, VSCN, JBL, ORB, CHINA.
Several candidates for break out or pullback plays for at least short term gains by buying the break out on good volume and selling at least some on the first day. http://stocktiger.com
Swing Man Market Recap:
There is a lot of technical information to discuss tonight. Today was an extremely important day for the market in our opinion. A healthy market usually has two of the three big sectors performing well. The three are transports, financial's and semiconductors. We have the transports doing well as are the transports. The financial's have been the targeted area by the bears to try and get this market to have a major correction. They have come very close but so far the bulls have been able to stop them cold by rotating in to the other two big sectors. Today something very important happened with the financial's. They gapped down after a long move lower over the past several weeks but they were all able to close over their gap down opens meaning a hollow bullish candle. Here's the important thing. It all occurred on massive volume meaning that it's quite possible the bears have exhausted themselves with the bulls taking over late. Normally this is bullish. Never any guarantee's but it is a positive and should mean most of the financial's have seen their bottoms. Time will tell.
The pessimism was ramping all day long. 11 of the 13 readings were well over 1.0 on the put call ratio. Readings as high as 1.27 and this shows very intense pessimism and is bullish for the markets overall. When the market was on the precipice of a massive breakdown in the financial's, the bears ramped up that intense pessimism once again. We'll have to wait and see if it put in a bottom in the market today but it is a real positive for the bulls along with those hollow candles mentioned above.
There is also good news now taking shape on the daily divergence's. On yesterday's move lower they barely pulled down at all ,showing it to be more of a correction off the overbought I mentioned two nights ago. In addition, the 15 minute charts, or very near term charts, are showing very strong divergences and on any move lower would set up a strong positive divergence.
On today's low in the Sp it touched 1506 which happens to be the 50 day exponential moving average on the nose. It bounced hard off of that which is quite bullish and the best part is, the 50 day is situated in the middle of the current triangle and not at the bottom of it. This means the market put in a higher low on this last move down. The bears, for now, couldn't bring the index back below the 50's and down to the bottom of the triangle and that's bullish. Good solid action technically for sure. Also. the Nas, after a tiny breach, held its gap up at 2634 perfectly. This needed to be defended and it was as well. And back to the Sp for a moment. 1493 is the trend line that it ultimately must hold if it continues down but for now, as I mentioned, great action holding well above that trend line and finding great support at the 50 day at 1506.
In conclusion, the last hour today was extremely bullish. We're hopeful that we're forming the bottom of this longer term consolidation and that at some point soon the Sp will play catch up to the Nasdaq.
CNBC Fast Money Review
1. Word on the Street
Dow Comeback
Bolling: Merger speculations, tax receipts lifted markets.
Najarian: International stocks moved today, MMM, HON.
After Hours Action: What's Yum in Chinese?
Bolling: Speculation YUM will do buy back.
Macke: Good companies don't need to buy back stock.
After Hours Action: Gapping DNA
Najarian: DNA beat numbers, keeping eye on PDLI, BIIB, OSIP.
Adami: DNA will be a buy, but not now.
Motorola Warns
Adami: Own MOT here with stop at $17.
Steelmakers & Dealmakers
Bolling: AL is everyone's fancy. Best trade is AL.
Playtex in Play
Najarian: Lot of options activity in PYX. Also, watch NYB, stock moved lower, options went higher.
Sallie Mae Not Getting Hitched
Adami: Play is selling FMD into strength.
Trade Update: Zumiez Zooms
Macke: Sell ZUMZ for a trade, but stay long for investment. Buy COST, SKS.
Trade Update: Is Fedex a Takeover Target?
Adami: FDX cheaper than UPS on valuations, own FDX.
Will ICE Melt Into NYMEX?
Bolling: NMX, ICE in play.
Najarian: All exchanges in play.
Gauche To Reject Roche?
Najarian: VMSI has more upside.
Adami: White knight will come in for this company.
A Crime Against Humanity
Najarian: Trade is IMMR for touch screen tech, and SMSI.
Adami: IMMR is intellectual property play.
2. The Top 3
The Next YouTube
Bolling: YHOO will have to pay up for Facebook. Joost is tiny.
Diving Dollar
Najarian: GILD, GELG, AAPL will benefit.
Adami: Likes CAT, PCP.
Bolling: Own tech, likes XLK.
New Record For Oil
Bolling: Hedge funds buying oil futures, leading indicator. Take profit in refiners.
Najarian: Likes CVX, COP, refiners.
3. Is Liz Shedding a Few?
Macke: LIZ is good long term play.
4. Face 2 Face
Behind the Corn Boom
Bolling: Stay with MON, DE, AGU, BG.
5. Turnaround Trades
Najarian: DOW on sidelines.
Macke: GTW is value trap. Recommend DELL, HPQ instead.
6. Final Trade
Adami: EMC is a buy.
Najarian: PDLI, DNA are buys.
Macke: SKS is a buy.
News and Events Digest
Breaking News
Sify Limited (SIFY), a leader in Consumer Internet and Enterprise Services in India with global delivery capabilities, announced that it will work with Microsoft India to empower Indians with Internet and IT services and help bridge the digital divide in India. Sify will partner with Microsoft in its commitment towards Unlimited Potential in India and enable easy access for Microsoft's initiatives through the reach of its over 3500 strong 'I-way' cyber cafe chain, as well as through its home Internet access services.
FCStone Group, Inc. (FCSX), a commodity risk management firm, today announced higher year-over-year revenues and net income for its fiscal third quarter ending May 31, 2007, and a three-for-two stock split, which will be implemented by way of a 50% stock dividend.
Bermuda-based engineering conglomerate Foster Wheeler (FWLT) on Thursday said the company will be added to the Nasdaq-100 index. - MarketWatch
Halliburton Co. (HAL) on Wednesday said its board approved an additional $2 billion to its stock repurchase plan. - MarketWatch
Marriott International (MAR), the top U.S. hotel operator, Thursday reported an increase in second-quarter profit on higher room rates and robust travel demand. - CNBC
Ariad Pharmaceuticals Inc. (ARIA) said it will jointly develop its inhibitor for various cancers with pharmaceutical giant Merck & Co. Inc. (MRK) .
Under the agreement, Merck will provide an initial payment of $75 million to Ariad, up to $452 million more in milestone payments as well as certain other sales and research and development payments. - Reuters
Genentech Inc. (DNA) said on Wednesday that second-quarter profit rose 41 percent, fueled by growth from cancer drugs Rituxan and Avastin. The world's second-largest biotechnology company also slightly boosted its full-year profit forecast, but shares inched down as healthy but largely in-line sales of key products failed to excite investors waiting for Genentech's next big revenue driver. - Reuters
KB Home (KBH) on Wednesday said it would exit the Indianapolis, Indiana, market, a decision based on eroding demand from a shrinking population. - Reuters
American Standard (ASD) said its board has approved the spinoff of its vehicle control systems business into a new publicly traded firm, Wabco (WBC). For every three American Standard shares held, one Wabco share will be distributed, with cash to shareholders in lieu of fractional shares. The American Standard board of directors also declared a quarterly dividend of 16 cents per share of common stock. American Standard expects its quarterly dividend together with the initial quarterly dividend of Wabco to approximate the 18-cent quarterly dividend paid by American Standard so far this year. - MarketWatch
Bristol-Myers Squibb Co. (BMY) and ImClone Systems Inc. (IMCL) said an open-label Phase III study of the Erbitux cancer drug didn't meet the primary endpoint of progression-free survival for patients with metastatic non-small cell lung cancer. The pharmaceutical companies said key secondary endpoints of the study, including response rate and progression-free survival, were "statistically significant" and favored the Erbitux-containing arm. Erbitux is co-marketed in North America by Bristol-Myers and ImClone, and in Europe by Merck KGaA of Germany. - MarketWatch
TOP Tankers Inc (TOPT) announced today that it has entered into agreements to acquire three drybulk vessels from unrelated third parties for a total of $149M as follows:
-- One 2002 built super handymax, or supramax, vessel of 51,200 dwt, built
in China. The vessel will be chartered back to the sellers for a period
of 18 months at a daily net rate of $25,650 on a bareboat basis.
-- One 1995 built panamax vessel of 73,506 dwt, built in South Korea. The
vessel will be time-chartered for a period of 24-26 months at a daily
net rate of $29,700.
-- One 2000 built handymax vessel of 45,526 dwt, built in Philippines. The
vessel will be time-chartered for a period of 14-16 months at a daily
net rate of $22,000. This agreement is subject to charterers' approval
which is expected to be granted by July 16, 2007.
The vessels are scheduled to be delivered to the Company between September 2007 and January 2008.
Media Summary:
According to Reuters, Rio Tinto (RTP) has launched a $38.1 billion takeover bid for Alcan (AL).
Reuters writes that customers at JP Morgan have been confused by opposite calls on future plans for Apple's (AAPL) iPhone.
Reuters reports that Motorola (MOT) has warned of a Q2 loss as handset sales fell.
Reuters also writes that profits at handset maker Sony Ericsson rose 55%, somewhat short of expectations.
Reuters also reports that Genentech's (DNA) profits rose sharply on increase in sales of some of its flagship drugs.
The Wall Street Journal reports that hedge fund Cerberus will be able to raise the money it needs to buy Chrysler despite increasing trouble finding money for such deals.
The Wall Street Journal writes that the EU may be considering plans to increase telecom competition in Europe by breaking up companies including Deutesche Telekom (DT) and France Telecom (FTE).
The Wall Street Journal also reports that Best Buy (BBY) will sharply increase the number of mobile handsets that its sells to increase its small market share in the business.
The New York Times writes that Rupert Murdoch is troubled by the pace of his talks to buy Dow Jones (DJ).
The New York Times writes that it Nintendo Wii will remain in short supply.
The FT writes that one of the largest owners of Advance Medical Supplies said that its bid to buy Bausch& Lomb is too risky.
M&A Activity:
Rio Tinto on Thursday reached agreement to buy Canadian aluminum producer Alcan for $38.1 billion, topping a hostile offer from Alcoa by roughly a third. - MarketWatch
IPO Central:
Files:
Bioheart Inc. on Thursday filed to raise $45 million in an upcoming initial public offering. The Sunrise, Fla. company plans to trade on the Nasdaq under the symbol BHRT. BMO Capital Markets and Janney Montomergy Scott are underwriting the deal. - MarketWatch
Economic Data:
Economic Data:
8:30 Initial Claims
8:30 Trade Balance
2:00 Treasury Budget
Stock Split Announcement:
Aeropostale Inc (Ticker: ARO)
announced that its board of directors
approved a 3 for 2 stock split.
Upgrades and Downgrades by Sector:
Aerospace
LMT Lockheed Martin JP Morgan Upgraded from Underweight to Neutral
AIR AAR Corp Calyon Securities Price Target Raised Buy $35 to $40
NOC Northrop Grumman JP Morgan Downgraded from Overweight to Neutral
Aluminum Mining
CENX Morgan Stanley Upgraded to Overweight
Apparel
HAMR HAMR says Samsung Call is bullish for SNDK
Biotech
CELG Jeffries Initiated at Buy $77.00
CELG Celgene Jefferies & Co Initiated at Buy $77
DNDN Dendreon JMP Securities Downgraded from Mkt Perform to Mkt Underperform $5
Brokerage Services
TRAD TradeStation Friedman Billings Initiated at Outperform $15.50
Computer Hardware
SNDK Smith Barney Price Target Raised $62
BHE Benchmark Elec Banc of America Sec Initiated at Buy $29
JBL Jabil Circuit Banc of America Sec Downgraded from Buy to Neutral $26 to $23
Computer Software
BMC BMC Software Credit Suisse Upgraded from Underperform to Neutral
INFA Informatica Roth Capital Price Target Raised Hold $16 to $16.50
INFI Infinity Pharmaceutical Jefferies & Co Initiated at Buy $15
CTSH JP Morgan Focus List Added - Target $100
Environmental Prod
CLHB Clean Harbors RBC Capital Mkts Price Target Raised Top Pick $55 to $64
Healthcare
APPA AP Pharma Dawson James Initiated at Speculative Buy
SKH Skilled Healthcare JP Morgan Initiated at Overweight
CYH Community Health Lehman Brothers Resumed Coverage Overweight $50
Household Goods
LYTS LSI Industries Friedman Billings Price Target Raised Mkt Perform $19 to $21
Industrial Equipment
RBN Robbins & Myers Matrix Research Upgraded from Hold to Buy
CMCO Columbus McKinnon RBC Capital Mkts Downgraded from Top Pick to Outperform
Major Pharmaceutical
AVRX Avalon Pharma Cantor Fitzgerald Initiated at Buy $7
ENDP Endo Pharm RBC Capital Mkts Downgraded from Outperform to Sector Perform
ENDP Endo Pharm Roth Capital Cut Price Target Buy $41 to $39
Manufacturing
WCC Goldman Sachs Upgraded to Buy
CBE Cooper Industries Friedman Billings Price Target Raised Outperform $58 to $67
Medical Services
EMS Emergency Medical Services JP Morgan Downgraded from Overweight to Neutral
Mfg - Paper
UFS Domtar CIBC Wrld Mkts Downgraded from Sector Perform to Sector Underperform $9.50
Mfg-A/V Equip
DLB Dolbys Labs Deutsche Securities Initiated at Buy $42
Mining - Steel & Iron
GNA Gerdau AmeriSteel CIBC Wrld Mkts Downgraded from Sector Outperform to Sector Perform $17.50 to $16
Mining Non-Ferr Metal
RT Ruby Tuesday Sun Trust Rbsn Humphrey Downgraded from Buy to Neutral
Oil and Gas
DK Delek US Holdings HSBC Securities Downgraded from Neutral to Underweight $27 to $25
DNR Denbury Resources Calyon Securities Downgraded from Add to Neutral $40
RDS.A Royal Dutch Shell UBS Downgraded from Buy to Neutral
Recreation
ISCA Intl Speedway Matrix Research Upgraded from Hold to Buy
Regional Banks
CNBKA Century Bancorp RBC Capital Mkts Price Target Raised Underperform $11 to $13
MBWM Mercantile Bank RBC Capital Mkts Cut Price Target Sector Perform $31 to $26
REITs
KIM Kimco Realty Friedman Billings Upgraded from Mkt Perform to Outperform $47 to $45
EXR Extra Space Storage Robert W. Baird Initiated at Outperform $19
Retail Trade
DFS Discover Financial Services Lehman Brothers Initiated at Overweight $28
HIBB Hibbett Sporting Friedman Billings Initiated at Outperform $37
AZO AutoZone Credit Suisse Downgraded from Outperform to Neutral
PTRY Pantry Friedman Billings Cut Price Target Outperform $58 to $52
Semiconductors
FLEX Flextronics Banc of America Sec Initiated at Buy $13
Specialty Funds
SAF SAFECO Wachovia Downgraded from Outperform to Mkt Perform
Telecommunications
CTV Commscope Morgan Keegan Upgraded from Mkt Perform to Outperform
RTN Raytheon JP Morgan Upgraded from Neutral to Overweight
CTV Commscope Friedman Billings Price Target Raised Outperform $60 to $70
JNPR Juniper Networks RBC Capital Mkts Price Target Raised Sector Perform $26 to $28
JNPR Juniper Networks Stifel Nicolaus Price Target Raised Buy $27 to $30
CUB Cubic Friedman Billings Downgraded from Mkt Perform to Underperform $24
Transportation
EXM Excel Maritime Carriers Cantor Fitzgerald Price Target Raised Hold $22 to $25
Utilities
Credit Suisse Upgraded European Utility Price Targets
_____________________
NUCON-RF, Inc. Announces Formation of Joint Venture With Russian State Company
MOSCOW, July 10, 2007 (PRIME NEWSWIRE) -- NUCON-RF, Inc. (NNRF) today announced that it had completed a key strategic initiative by entering into a joint venture with the Russian company Atomenergomash to jointly meet the growing demand in the nuclear power plant market for power generation, both in Russia and abroad.
OAO ``Nuclear and energy machinery building'' (Atomenergomash) was established in 2006 as a 100% affiliated company of TVEL Corporation (http://www.tvel.ru/en/) for the management of nuclear machinery building capacities. The founder of Atomenergomash is TVEL. TVEL and Atomenergomash are identified as two of the four main components of the newly formed Russian state nuclear energy company ATOMENERGOPROM (ATOMPROM) (http://biz.yahoo.com/ap/070709/russia_nuclear.html?.v=1).
ADVERTISEMENT A joint venture between ZAO ATOLL, which is 50% owned by NNRF, and Atomenergomash has been finalized under Russian law - registration number: 1077847311717.
This joint venture will become a division of Atomenergomash. Atomenergomash is to become the machinery building component of ATOMPROM. ATOMPROM has been modeled after GAZPROM, the company that has successfully consolidated Russia's oil and gas assets into one of the world's largest corporations from a market capitalization perspective The newly formed ATOMPROM is intended to become a world leader in the development of nuclear power.
NNRF believes that this joint venture will play a pivotal role in the construction of two serial nuclear reactors per year, generating not less than one gigawatt each, with an efficient construction period of a maximum of five years and as much as a 10% reduction in costs.
NNRF stated that this joint venture is anticipated to substantially add to the current operating revenues of ATOLL. The Company added that it believes it has the potential to position other intended acquisitions of NNRF into similar joint ventures with components of ATOMPROM.
This joint venture agreement demonstrates the commitment of both parties to developing a long-term strategic and industrial partnership. The joint venture will focus on the growing nuclear power plant market in Russia, while also participating in the development of power plant projects abroad utilizing the technical resources and proprietary technology portfolio of ATOLL/NNRF to provide services for the entire nuclear cycle; including decommissioning and final disposal of nuclear wastes.
The joint venture is anticipated to provide ATOLL/NNRF with access to new orders not only for nuclear reactors, but also for nuclear waste disposal facilities, floating nuclear power plants currently under construction in China, and other facilities of the Federal Agency of Nuclear Energy (Minatom) (http://www.minatom.ru).
The joint venture will be located at Izorsky Works, the largest industrial enterprise in St. Petersburg, Russia
NUCON-RF, Inc. Announces Stock Dividend to Shareholders of Record Monday July 9, 9:30 am ET
MOSCOW, July 9, 2007 (PRIME NEWSWIRE) -- NUCON-RF, Inc. (Other OTC:NNRF.PK -News) today announced that it is in the final stage of consummating the acquisition of 50% of ROAR, one of its three pending acquisitions. NNRF has completed its due diligence investigation of ROAR and the acquisition is anticipated to close in July 2007, following satisfaction of certain Russian legal requirements.
ADVERTISEMENT Following the acquisition, ROAR will be divided into two companies: a welding production company that will be known as ³ROAR'', and a fuel cell production company that will be known as ³H-XCELL². The proprietary hydrogen fuel cell technology and patents currently held by ROAR will be transferred to H-XCELL at the closing. All assets of ROAR relating to its cutting-welding equipment and gas-regulating equipment will remain with ROAR.
NNRF will issue its 50% ownership in H-XCELL as a dividend to NNRF stockholders of record as of July 1, 2007. This dividend will occur in the second half of 2007.
A financing on behalf of ROAR and H-XCELL will be pursued following the closing of the acquisition. The proceeds of the proposed ROAR financing would be utilized for future acquisitions as well as working capital. The proceeds of the proposed H-XCELL financing would be utilized to accelerate current research and development of reliable, low-cost, high-performance fuel cell system components for transportation and construction applications. ROAR and H-XCELL will seek listing on the Alternative Investment Market (AIM) in London and the Russian Trading System (RTS) in Moscow.
ROAR's management has targeted the acquisition of up to four additional Russian-based companies in the next twelve months which could reduce the current production costs of ROAR by 20-25% and could result in control of facilities capable of satisfying a significant portion of the demand for the welding industry in Russia and the Commonwealth of Independent States (CIS). NNRF and ROAR believe that ROAR's product line may change the existing business model of companies in the global market of cutting-welding equipment. The traditional petroleum based fuel sources currently used by these companies are made less competitive by ROAR's hydrogen fuel cell production units. Further, ROAR's products are believed to be less expensive in initial cost and in operations than other competing products, while operationally and environmentally safer than the competition.
A key component of ROAR's business is the development of its proprietary technology utilizing hydrogen, in lieu of traditional fuels and gases, to provide power to cutting and welding torches as well as regulating equipment. Hydrogen is a highly efficient and environmentally safe fuel. Utilizing electrolysis, one of the most common technologies used to produce hydrogen, ROAR has developed a proprietary, portable, compact unit that uses a hydrogen-oxygen mix, at a pressure of less than 0.5 kg/cm(2), to create energy (fuel).
ROAR's manufacturing facilities are located outside of Moscow and are currently producing portable hydrogen fuel cell power units for sale in the Russian, CIS and Chinese markets. ROAR's proprietary and patented technology eliminates the costly, dangerous, and difficult to handle fuel tanks currently used in the cutting and welding industry. The green, proprietary production process creates a waste material comprised solely of water, and simultaneously powers cutting and welding torches and regulating equipment without the use of fossil fuels. ROAR has also developed working prototypes for heating and air conditioning units. ROAR has also coupled multiple units in series to demonstrate the proof of concept of their units to power a mid-sized vehicle. NNRF has commenced working with laboratories in Russia and Israel, universities, and industry partners to develop multiple applications of the units manufactured by ROAR.
Mr. Peter Goerke, Executive Vice President of NNRF stated, ``The revolutionary products of ROAR are not yet known outside of Russia and the CIS despite having been under development since 1992. We believe that the proprietary products of ROAR, which are already developed and in production, have the potential to serve as the catalyst for additional future hydrogen fuel cell product lines. Fuel cells are an important enabling technology for the hydrogen economy and have the potential to revolutionize the way we power the world, offering cleaner, more-efficient alternatives to the combustion of gasoline and other fossil fuels. Fuel cells have the potential to replace the internal combustion engine in vehicles and provide power in stationary and portable power applications because they are energy-efficient, clean, and fuel-flexible. Hydrogen or any hydrogen-rich fuel can be used by this emerging technology. The dividend of H-XCELL stock to NNRF stockholders, as well as potential stock dividends by NNRF in the future relating to other prospective acquisitions, will offer our stockholders significant additional value.