latest news releases from the newsroom
Highway Holdings Limited
Highway Holdings Receives Nasdaq Notification Regarding Board Composition
HONG KONG, Oct. 25, 2005 (PRIMEZONE) -- Highway Holdings Limited (Nasdaq:HIHO) today announced it received a letter from The Nasdaq Stock Market on October 19, 2005, informing the company that one of its directors is not "independent" as defined in Marketplace Rule 4200(a)(15)(C) and, therefore, the company does not meet the independent director requirement for continuing listing on The Nasdaq SmallCap Market under Marketplace Rules 4350(c)(1). The notice from Nasdaq stated that, because one of the directors cannot be considered to be independent, there are only four independent directors on the company's nine-member board. In addition, since the ineligible director also is on the Audit Committee and on the Compensation Committee, the company also is in violation of the independent director requirements related to those committees. The determination that one of the directors is not independent is consistent with the new, stricter definitions of "independent director" that Nasdaq recently proposed.
Swedish Match to Launch a New Swedish Snus, General Onyx
STOCKHOLM, Sweden, Oct. 25, 2005 (PRIMEZONE) -- Swedish Match today has announced the launch of a new premium snus, General Onyx, to be introduced in the Swedish market in November. General Onyx is produced with a special tobacco blend in a new pouch form and deluxe packaging, offering a new standard for snus in Sweden.
Metso to Supply an MDF Production Line to Advance Fiber in Thailand
HELSINKI, Finland, Oct. 25, 2005 (PRIMEZONE) -- Metso Panelboard will supply an MDF production line to Advance Fiber Co. Ltd. The new line, scheduled for start-up in March 2007, will be for their mill in Tamaka, Karnchanaburi Province. The customer has requested that the value of the order is not disclosed. The order has been booked in the third quarter of 2005.
Shearson Financial Network, Inc.
Consumer Direct of America Subsidiary Signs Exclusive Agreement to Finance 4,000 Hi-Rise Condo Units in Las Vegas
LAS VEGAS, Oct. 25, 2005 (PRIMEZONE) -- Consumer Direct of America (OTCBB:CSUA) (CDA), a financial services holding company, today announced that its subsidiary, Shearson Home Loans, a fast growing mortgage banker/broker, has signed exclusive lender agreements with several developers of Hi-Rise Condo projects in Las Vegas and Arizona. The agreements call for Shearson Home Loans to be the exclusive mortgage financing company for several different projects totaling over 4,000 units located on the Las Vegas "Strip" as well as projects in Arizona.
Saab: Draken -- 50 Years in the Air
LINKOPING, Sweden, Oct. 25, 2005 (PRIMEZONE) -- October 25, 1955 saw the first flight of the Saab 35 Draken, with chief test pilot Bengt Olow at the controls. Today, 50 years later, the fighter is still in active service in Austria.
Quest Oil Receives Strong Upgrade by Respected Research Firm
HOUSTON, Oct. 25, 2005 (PRIMEZONE) -- Quest Oil, Inc., (OTCBB:QOIL) is pleased to announce a well-respected firm TSC, has upgraded their equity rating on QOIL. This strong upgrade comes at a time when energy prices are reaching year-over-year record highs. TSC is noted for their work with, account executives, analysts, portfolio managers, institutions, venture capital investors, individual investors and the media.
W2 Energy Inc.
W2 Energy Inc. Attends FSX Conference in Philadelphia
NEW YORK, Oct. 25, 2005 (PRIMEZONE) -- W2 Energy Inc. (PinkSheets:WWEN) a developer of Green Energy, is pleased to announce its presentation at the Financial Services Exchange (FSX) Conference in Philadelphia, PA, this past weekend. Financial Services Exchange is dedicated to providing public companies and investment bankers with a pleasant and productive environment in which to present their company to owners and principals of Public Companies and Independent Broker Dealer firms.
Members of the Nomination Committee of Scania AB Appointed
SODERTALJE, Sweden, Oct. 25, 2005 (PRIMEZONE) -- On 29 April 2005, the Scania AGM decided to establish a Nomination Committee in accordance with the Swedish Code of Corporate Governance. Under the terms of this decision, each of the five shareholders with the highest numbers of votes -- with the exception of Ainax AB, which is a wholly-owned subsidiary of Scania AB -- has the right to appoint one member. Together with Board Chairman Bernd Pischetsrieder, these members will comprise the Nomination Committee. The names of the members and the owners they represent must be announced publicly no later than six months before the next AGM.
Madison Bay Holdings, Inc. --
Madison Bay Holdings Launches New Division
SEATTLE, Oct. 25, 2005 (PRIMEZONE) -- Madison Bay Holdings, Inc., (Pink Sheets:MDBY) a manufacturer and distributor of recreational vehicles, powerboats, and leisure watercrafts, is pleased to announce the formation of Solar Tech Design Group as a new division within the Company. Solar Tech Design Group will provide "in house" design, development and engineering services for all divisions of Madison Bay Holdings as well as outside clients.