latest news releases from the newsroom
Transmeridian Exploration, Inc.
Transmeridian Exploration Announces Increased Production from South Alibek Field and Provides Operations Update
HOUSTON, May 12, 2005 (PRIMEZONE) -- Transmeridian Exploration, Inc. (AMEX:TMY) announced today that production in its South Alibek Field (the "Field") has been increased with the addition of well SA-14. This recently completed well flowed at an initial rate of 1,600 barrels of oil per day ("bopd") from a 15mm choke and is now stabilizing at approximately 1,300 bopd after perforation and acidizing of about 130 feet of the KT2 Formation. The combined production rate in the Field from the three wells currently on production is about 2,000 bopd. The reservoir stimulation of two additional wells, the SA-5 and SA-17, has been completed. These wells have been shut-in while awaiting the arrival of contractor equipment before they can be placed back on production, which is expected to occur by the end of May. The Company remains confident that its current pace of adding additional wells, together with its ongoing engineered workover and stimulation program, will result in field production rates of between 4,000 and 5,000 bopd once this work is completed by mid-year.
DSM Focuses Its Vitamin C Production in Dalry, U.K.
HEERLEN, Netherlands, May 12, 2005 (PRIMEZONE) -- Today, DSM Nutritional Products announced its strategy for the production of vitamin C. DSM will concentrate its production of bulk vitamin C in Dalry (Scotland, U.K.). As a consequence, DSM will close its plant for bulk ascorbic acid (vitamin C) in Belvidere (N.J., USA). DSM reconfirmed its strong commitment to vitamin C to secure its leadership position in the field of vitamins in general and vitamin C in particular. As part of these plans DSM Nutritional Products will implement an extensive package of measures to optimize its vitamin C production, leading to important cost reductions and improved supply chain flexibility.
Penn Biotech, Inc. Changes its Name to United Traffic System, Inc.
VANCOUVER, British Columbia, May 12, 2005 (PRIMEZONE) -- The Board of Directors of Penn Biotech Inc. (The "Company") (OTCBB:PBOTF) has approved its corporate name change to United Traffic System, Inc. (UTS). UTS aims the growth of the Intelligent Traffic Systems business, along with its continued development of Biotechnology business. UTS is vigorously pursuing business opportunities in the People's Republic of China. The Board of Directors also has ratified a 3 to 1 consolidation of its share capital as per the previous release of February 11, 2005. The Company will restructure as necessary to facilitate the continued development of its two different but distinct businesses.
EPOD International Inc.
EPOD International Announces CFO Appointment
KELOWNA, British Columbia, May 12, 2005 (PRIMEZONE) -- EPOD International Inc. (OTCBB:EPOI), (Frankfurt: EDU), a developer of advanced energy management technologies that significantly increase the efficiency of electrical power devices, is pleased to announce that Mr. George Drazenovic, CGA, MBA, CFA, has joined EPOD's senior management team as Chief Financial Officer, bringing with him significant corporate development and financial management experience.