WESTON, Fla., April 23, 2004 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: ICR Systems, Inc. (Pink Sheets:ICRX), All American Semiconductor (Nasdaq:SEMI), General Motors Corporation (NYSE:GM) and Majesco Holdings Inc. (OTCBB:MJSH).
Aggressive investors may have their eyes on ICR Systems, Inc. (Pink Sheets:ICRX)! The company has issued a press release containing its letter to shareholders! In the release, the company addresses issues including its recent stock split, plans to become a fully reporting company, the return to profitability in 2003 and information on its subsidiaries.
The letter may spell good news for investors! According to the press release, the reason for the split was to increase the shares in the float, thereby adding liquidity, and to reduce the price, making it easier for individual investors to acquire an interest in the company. As an expected result of the stock split, the company received a symbol change from NASDAQ. The new ticker symbol is ICRX.
The company is currently interviewing attorneys to determine who will be the best fit to represent the Company and submit the required documentation to the SEC to become fully reporting.
For the first quarter of 2004, business has been approximately the same as the first quarter of 2003. Several large construction projects were pushed into Q2 or Q3, which should provide more opportunity for accelerated growth in those quarters.
Contracting subsidiary, Meehan Electric Company, has a large backload of work that was awarded in the second half of 2003 and continues to be competitive in its bid work. The company currently anticipates an increase in both revenues and earnings for this division for the year, a result of an increased number of projects coming to market in the next two quarters.
ICR Systems of Florida is currently bidding a project with a broadband provider in Central Florida that would springboard their capacity throughout the state. If successful in negotiating this contract, additional state expansions could be in place as the broadband provider has licenses to begin broadband services in other states, including Texas.
ICR Power Solutions is developing its website to begin operations. Currently the company is in contact with such manufacturers as Caterpillar, Onan, Koehler and Honda about offering turnkey sales and installation of their gas, l.p. and diesel generators. Also being investigated at this time is the future offerings of solar, wind, hydro and fuel cell technologies as future growth platforms for the division.
The stock closed yesterday at thirty-one cents a share.
In case you are not familiar with the company: ICR Systems, Inc. is a publicly traded holding company that operates through its wholly owned subsidiaries. Currently the company has five operating subsidiaries: ICR Systems of Georgia, ICR Systems of Florida, ICR Power Solutions, Meehan Electric Company and Florida Bio-Compliance.
ICR Systems of Georgia and ICR Systems of Florida represent a diversified group of companies including electrical service, HVAC and plumbing contractors. ICR Power Solutions is a turnkey power solutions company that combines the sales and installation process of alternative power source products such as generators, solar and wind. In the future, fuel cell technology may be added to the product list. Meehan Electric is an electrical contracting firm founded in 1959 that performs electrical contracting services in the Southeastern United States. Florida Bio-Compliance is a bio-hazardous waste incineration facility primarily engaged in the destruction of "red bag" waste produced by medical offices and hospitals.
The company intends to grow its business through internal expansion and through the acquisition of companies from a variety of industries to broaden its contracting, manufacturing and sales capabilities.
Stocks showing interesting activity yesterday were: All American Semiconductor (Nasdaq:SEMI) up 56.2% on 980,000 shares traded, General Motors Corporation (NYSE:GM) up 1.1% on 5.6 million shares traded and Majesco Holdings Inc. (OTCBB:MJSH) up 13.5% on 816,700 shares traded.
Commentary:
"General Motors Corporation earned $1.28 billion in the first quarter, sales being boosted to increase to China, profits from car loans and insurance, according to information from Bloomberg. However, net income fell to $2.25 from $2.71 from a year earlier. Sales rose 1.3 percent to $47.8 billion," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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