SARASOTA, Fla., Nov. 16, 2004 (PRIMEZONE) -- The following is an investment opinion issued by eLocity Inc.: Deep Well Oil & Gas, Inc. (Pink Sheets:DWOG), Infocrossing, Inc. (Nasdaq:IFOX), Syneron Medical Ltd. (Nasdaq:ELOS), Alvarion Ltd. (Nasdaq:ALVR).
Aggressive stock traders and investors, take a look at Deep Well Oil & Gas, Inc. (Pink Sheets:DWOG). Monday after the bell, the company issued a press release announcing that the Company's subsidiary, Mikwec Energy Canada Ltd., has signed a letter of intent with Portwest Investments, Ltd. a private Alberta, Canada company and affiliates, for a US$15 million debenture. The funds will be used to underwrite the drilling of the Company's first series of ten production test wells as planned in the Sawn Lake Heavy Oil Project.
The debenture is set at 12% interest with a term of 60 months with a twelve month principal holiday. The debenture holder has the option to convert drawn funds into an up to 20% working interest, in each of ten drilling spacing units as drilled in the Sawn Lake Heavy Oil Project. A drilling spacing unit (DSU) is the Alberta Government land parcel for a single oil well containing 160 acres (64 hectares).
Deep Well Oil & Gas is an Alberta Canada based corporation founded, directed and managed by career oil industry personnel with proven management and heavy oil expertise. Deep Well Oil & Gas has secured an 80% operating interest in 63 contiguous sections (NET 50.4 sections or 32,256 acres/12,902 hectares to Deep Well) of oil sands leases in the Sawn Lake oil sands in North Central Alberta, Canada.
DWOG is currently trading around 69 cents a share.
Other Stocks of Interest on Monday were;
Infocrossing, Inc. (Nasdaq:IFOX)
IT outsourcing and business processing solutions provider, Infocrossing, Inc., reported net income for the third quarter on Monday of $2.0 million or $0.10 per share, compared to a net loss to common stockholders of $2.1 million or $0.39 per share for the year-ago quarter. Revenue in the third quarter jumped 87.4% to $26.4 million from $14.1 million in the same quarter last year.
IFOX closed Monday's regular trading session at $14.50, up $1.60, on above average volume of 588,462 shares.
Syneron Medical Ltd. (Nasdaq: ELOS)
Medical aesthetic device maker Syneron Medical Ltd. announced Monday that its Vela system for non-invasive cellulite treatment has received Medical CE Mark 0344 approval. CE-0344 mark indicates compliance with the requirements for medical electrical equipment in Europe and is mandatory for marketing equipment in Europe.
ELOS closed Monday's regular trading session at $31.50, up $1.99, on above average volume of 574,901 shares.
Alvarion Ltd. (Nasdaq: ALVR)
Broadband service provider Alvarion Ltd. announced on Monday that Spanish broadband services provider Iberbanda has ordered several millions of dollars of Alvarion's WiMAX-ready platform, BreezeMAX, to provide a host of high bandwidth applications to business and residential customers in both rural and urban areas in Spain, extending a long-term relationship between the companies.
ALVR closed Monday's regular trading session at $15.30 on volume of 748,016 shares.
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