SARASOTA, Fla., Oct. 19, 2004 (PRIMEZONE) -- The following is an investment opinion issued by eLocity Inc.:
Penn Biotech, Inc. (OTCBB:PBOTF), MCI Inc. (Nasdaq:MCIP), Synopsys, Inc. (Nasdaq:SNPS).
Investors might not want to miss out on a little known company called Penn Biotech, Inc. (OTCBB:PBOTF), a holding company with two separate but distinct businesses. On Monday Penn Biotech announced that it has renewed its license agreement with Traffic ITS Co Ltd., signed and approved by both parties. The company added that Traffic ITS reported total revenues in excess of $30 million(US) in 2003.
Also on Monday, Penn Biotech, Inc. announced that it has formed a new wholly-owned subsidiary, Western ITS Ltd., with the mandate for the Intelligent Transportation System ("ITS") business in China and North America. Penn Biotech noted that Western ITS is vigorously pursuing business opportunities in the People's Republic of China.
Additionally, Penn Biotech announced earlier that it has signed a joint venture agreement with the Chinese Ministry of Agriculture to grow seed potatoes for the growing potato processing industry in China, with the initial planting being a total of 2,000 acres growing to 48,000 acres by 2010. The company said that total revenues associated with the project are expected to range from an initial $2.6 million(US) to $62.4 million(US).
Penn Biotech further added that its seed potato growing technology provides a significant advantage to other technologies used in the propagation of seed potatoes because it is the only technology which mass produces consistently high quality, pathogen free minitubers which meet all the quality requirements for potato processors.
Shares of PBOTF closed Wednesday up 2 cents at $0.27, on above average volume.
News on the Nasdaq:
MCI Inc. (Nasdaq:MCIP)
After the bell Monday, MCI Inc. announced that it will record non-cash impairment charges of about $3.5 billion in the third quarter as a result of recent regulatory decisions impacting its consumer business and an increasingly competitive industry environment.
MCI also declared a quarterly distribution of $0.40 per share, which is payable on December 15, 2004 to shareholders of record as of December 31, 2004.
MCIP ended Monday's regular trading session at $16.19
Synopsys, Inc. (Nasdaq:SNPS)
Global semiconductor design software provider Synopsys, Inc. announced after the bell Monday that it has acquired the PCI Express digital IP solutions provider Cascade Semiconductor Solutions, Inc. The company said that the acquisition extends its leadership in PCI family IP by augmenting its successful DesignWare Endpoint solution for PCI Express with Root, Dual Mode and Switch Ports.
SNPS closed Monday's regular trading session at $16.18, up 18 cents.
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