WESTON, Fla., March 17, 2004 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: Chimera Technology Corp (Pink Sheets:CNOC), Roxio Inc. (Nasdaq:ROXI), Isonics Corporation (Nasdaq:ISON) and Xicor Incorporated (Nasdaq:XICO).
Aggressive investors will want to watch Chimera Technology Corp (Pink Sheets:CNOC) this morning! Yesterday after the markets closed, the company issued a press release announcing that it has secured an additional private placement equity financing in the amount of $US 1,000,000 subject to the completion of the regulatory filing! The million-dollar financing is the third large private placement announced by Chimera in less than two months, bringing the total amount of equity financing in 2004 to $1,750,000. For further details of the financing, see the company's press release.
This huge news for investors, which should be pleased to know that the financing involves the purchase of restricted common stock of Chimera that includes a minimum one-year hold period and restrictions as to maximum dispositions per quarter thereafter! According to the press release, the proceeds will be used to fund the explosive growth in Chimera operations and online gambling.
Keep your eyes on this company! As soon as possible, the company will use the funds to develop and deploy the following initiatives:
A comprehensive platform to host pari-mutuel thoroughbred horse race wagering. The platform is scheduled for launch in the next 60 days and will provide a powerful complement to the company's world-class sports book wagering platform and soon to be launched casino games platform.
The addition of a casino games platform to complement the company's world-class sports book wagering platform. The casino games platform is scheduled for launch in the next 60 days and will include blackjack, roulette, craps, pai gow and slots, among others. As a result of Britain's Gambling Bill expected to pass into law later in 2004, making it easier for companies to run online casinos from the United Kingdom, global online gambling revenues are expected to increase sixfold in the coming years.
To further the previously announced discussions with a Hong Kong-based consulting firm for the purposes of targeting the highly lucrative and rapidly expanding Asian online gambling market.
According to the press release, Chimera President, Ken Chua states "Today's massive financing should serve as unequivocal third-party validation of our business plan and management's ability to execute it for the benefit of all Chimera shareholders. New licensees, new platforms, proposed new offices on other continents and $1,750,000 in financing - all before the third week of March. Whereas most companies in this space can only hope for such success during their lifetime, Chimera is announcing them at a break neck pace. Private placement investors are putting their money and trust into strong expectations of Chimera's success for many years to come and that is evident by the fact this private placement provides for restricted stock, no disposition until March 2005 and capped dispositions thereafter."
The stock closed yesterday at Twenty-Five cents a share.
In case you are not familiar with the company: Chimera Technology Corp. is a Nevada-based I-gaming software and e-Commerce services company competing in the over $6 billion annual online gaming marketplace, projected to be over $10 billion by 2004 according Computer Almanac Industry. The Company is an international developer, licensor, and provider of online gaming products, including online Bingo, casino, Sports Book, and pari-mutuel betting. Chimera Technology Corp. has successfully developed a supreme multi-player online Internet Bingo technology, a second generation world class pari-mutuel Sports Books wagering platform and a full line of online Internet casino games suite. In addition, the Company has developed its state of the art "Birds Eye" System, a complete back office management system that operates the entire e-commerce transactions, gaming websites, accounting system and licensees' management/reporting platform that is second to none, giving Chimera an opportunity to establish a leadership position in this enormous market.
Stocks showing interesting activity yesterday were: Roxio Inc. (Nasdaq:ROXI) down 6.1% on 4.1 million shares traded, Isonics Corporation (Nasdaq:ISON) down 6.1% on 240,000 shares traded and Xicor Inc. (Nasdaq:XICO) up .80% on 2.3 million shares traded.
Commentary: The Federal Reserve
"Chairman Greenspan and the Federal Reserve, having their usual 6-week pow-wow meeting yesterday, left the rates at 1%, a 45-year low. He also implied that this rate had a "longevity" factor. Since the economy, according to experts, is having a slow recovery, and the job market an even slower recovery, the news came as no surprise," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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