Harleysville Group Inc. (Nasdaq:HGIC) reported a diluted operating loss of $0.43 per share for the second quarter of 2011, compared to operating income of $0.61 per share in the second quarter of 2010. Catastrophe losses incurred during the second quarter of 2011 reduced operating income by $0.83 per share after taxes, compared to catastrophe losses of $0.19 per share in the second quarter of 2010. For the six-month periods, the company reported a diluted operating loss of $0.14 per share in 2011 and operating income of $0.89 per share in 2010. Catastrophe losses incurred during the first six months of 2011 reduced operating income by $1.04 per share after taxes, compared to catastrophe losses of $0.68 per share in the first six months of 2010.
Harleysville Group Inc., through its subsidiaries, engages in the property and casualty insurance business primarily in the eastern and midwestern United States.
Knology, Inc. (Nasdaq:KNOL) announced that on August 11, 2011, the Board of Directors authorized a repurchase program of the Company’s common stock. The authorization sets the total amount available for repurchase under the program at 2,000,000 shares.
Knology, Inc. provides video, voice, data, and advanced communications services to residential and business customers in the southeastern and midwestern United States.
Cleantech Transit, Inc. (CLNO)
Cleantech Transit Inc. was founded to capitalize on technology advances and manufacturing opportunities in the growing clean energy public transportation sector. The Company has expanded its focus to invest directly in specific green projects. Recognizing the many economic and operational advances of converting wood waste into renewable sources of energy, Cleantech has selected to invest in Phoenix Energy (www.phoenixenergy.net). This project could benefit the Company’s manufacturing clients worldwide.
The fuels from biomass materials can be produced indigenously and no high technology is required for it. Further, the biomass materials are available in almost all the countries. Producing the fuel from biomass materials also reduces the dependence of the country on foreign resources for their fuel requirements.
Cleantech Transit, Inc. (CLNO) is pleased to announce it has met its funding requirement to secure the Company’s ability to earn in 25% of the 500KW Merced Project.
The Company is in the final stages of closing its initial interest in the Merced Project and is currently working on completing the necessary documentation and expects closing the transaction soon. As previously announced Cleantech has the option to earn up to 40% of the Merced Project and the Company plans to continue to work towards increasing its interest in the Merced Project as they move ahead.
For more information about Cleantech Transit, Inc. visit its website www.cleantechtransitinc.com
Verint Systems Inc. (Nasdaq:VRNT) announced the Verint Open Innovation Network�, a program that leverages Verint’s market-leading Action Intelligence� solutions to create value and increase industry collaboration. Through its Open Innovation Network, Verint provides access to its intellectual property portfolio, enabling organizations that market competitive or complementary solutions to utilize Verint’s patented technologies in their own offerings. “Behind our success is a long history of innovation that benefits our customers and partners,” says Dan Bodner, Verint CEO. “As a market leader, we are committed to ongoing innovation and to enhancing industry collaboration.”
Verint Systems Inc. provides actionable intelligence solutions and value-added services worldwide.
Majestic Gold Corp. (MJS.V)
Majestic Gold Corp. engages in the exploration and development of mineral properties in China. The company focuses on its gold project located in the prolific gold region of Song Jiagou in eastern Shandong Province. Majestic Gold Corp. is headquartered in Vancouver, Canada.
Majestic Gold Corp. (MJS.V) has arranged a $10,000,000 loan to advance its Song Jiagou project in China. Nine million dollars ($9,000,000) from the proceeds from the loan will be used by the Company to in connection with its Song Jiagou project and the balance of one million dollars ($1,000,000) for general working capital purposes.
The loan will have a one year term and loan principal will be convertible at the option of the lender in whole or in part into common shares (”Shares”) of the Company until twelve months from the date of the loan advance at the price of $0.205 per Share. The loan will bear interest at the rate of 7.5% per annum, payable on maturity, and accrued and unpaid interest will be convertible at the option of the lender in whole or in part into shares of the Company until twelve months from the date of the loan advance at Market Price at the time of conversion.
The lender is at arm’s length from the Company and will not become an insider as a result of any conversion of principal and interest. All shares issued on any conversion of loan principal or interest will be subject to a four month hold period from the date of advance of loan proceeds. The loan is subject to acceptance by the TSX Venture Exchange.
As additional consideration for the loan, the Company has agreed to forward at least $9 million to Majestic Yantai Gold Ltd., a British Virgin Islands company owned 94% by the Company to be used to further advance its Song Jiagou project. The Borrower has also agreed to a 90 day period for reciprocal due diligence reviews and discussions for the possible further involvement of the Lender in the Song Jiagou project.
In the event that no further agreement is reached between the Lender and the Company during the 90 day period, then the loan and a minimum of seven (7) months interest will automatically convert to shares in the Company at a price of $0.205 per share and the interest at Market Price respectively. In addition the Company is pleased to announce that it has arranged a non-brokered private placement of up to 15,000,000 shares to be issued at the price of $0.20 per share for gross proceeds of $3,000,000.
Gold is yellow in color but can also occur in black or ruby when it is finely divided. The colloidal solutions are intensely colored and are often purple. Gold’s plasmon frequency, lying in visible range, results in colors. It absorbs blue light and causes the red and yellow light to be reflected. Gold is a metallic element. Its atomic number is 79. It is soft, shiny, yellow, dense, malleable and ductile.
For more information about Majestic Gold Corp. visit its website: http://www.majesticgold.net
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