SARASOTA, Fla., Oct. 19, 2004 (PRIMEZONE) -- The following is an investment opinion issued by eLocity Inc.:
Galaxy Minerals (OTCBB:GAXY), International Fuel Technology, Inc. (OTCBB:IFUE), Telecom Communications, Inc. (OTCBB:TCOM).
Mining & mining exploration company Galaxy Minerals (OTCBB:GAXY), announced Monday evening it intends to acquire Mineral Rights to seven patented gold mine properties in the San Francisco Mining District in Mohave County, Arizona. Galaxy Minerals stated that up to 37 additional surrounding gold claims are also being acquired, and the approximate acreage on the project is up to 5,000 acres. Galaxy added that 36 additional un-patented gold mining claims in Yavapai County, Arizona are being looked into and most, if not all, were past gold producers.
Bruce Oettel, Galaxy Minerals Operations Director said, "The San Francisco Mining District was the largest past producer of gold in the history of Arizona. The Mineral Rights we are looking to acquire were some of the best this country ever had and the due diligence on the properties looks extremely positive. Needless to say, we are overwhelmed by an opportunity to acquire these mineral rights with this kind of history and past gold production." Oettel added that he hoped that due diligence on the project areas should be completed in 10-14 days.
Shares of GAXY closed at 50 cents Monday on the OTCBB. Other Stocks showing interesting activity on Monday were:
International Fuel Technology, Inc. (OTCBB:IFUE)
Shares of International Fuel Technology, Inc. traded on above average volume Monday at 432,353 shares, over four times its average, and closed 6 cents higher at $0.55.
The company announced last week that First Asia Fuel Corporation, its exclusive Asian Distributor, had signed a memorandum of understanding with PT Prima Energy for exclusive distribution of its products to the motor vehicle and power industries throughout Indonesia.
Telecom Communications, Inc. (OTCBB:TCOM)
Telecom Communications, Inc. stock traded on strong volume of 1.29 million shares Monday and closed higher at $0.48, up 11 cents. The company announced last week that its Hong Kong operation has been awarded a 2-year contract, valued at approximately $2.4 million, from Valuerise Group Limited to serve the multimedia advertising network in China. Telecom said it projects to receive a SEO4Mobile license and subscriber database fee at a fixed revenue of $100,000 per month over a 24-month period, plus a percentage share of the revenue earned by Valuerise Group and its partners.
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The newsletter is provided by eLocity Inc., an electronic broadcaster and publisher of this newsletter, is here after referred to as "the company". The company received compensation for newsletter services for Galaxy Minerals, (Public Company). The compensation is forty thousand dollars from a non-affiliated third party Knights Bridge Capital Corp. Because the company received compensation for its services, there is an inherent conflict of interest in the company statements and opinions and such statements and opinions cannot be considered independent.
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