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To
OTC Journal Members:
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Surprise News
From Energy Power (OTC BB: EYPSF) |
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In a surprise mid morning press release,
Energy Power, which has nearly doubled in the last week on the heels
of two great news releases, hit for a triple with today's news. As the
company is based in Toronto, Canada where hockey is the national pastime,
it might be more appropriate to say the company has scored a "hat trick"
since last Friday.
If you want to know where the money
is flowing on Wall Street, look at what's hot in the IPO (initial public
offering) market. This year the number of IPOs is down substantially.
However, two recent IPOs have been hot in a dead market.
Aquila Energy (NYSE: ILA)
debuted on April 24th. 17.5 million shares were priced at $24, the high
end of the range. The stock has since seen $30, and now is trading at $29.
Yesterday, Reliant Energy (NYSE:
RRI) was priced at $30. When the company filed for its IPO in January,
the estimated price range for the stock was $14 to $19. Demand was so high
for the IPO the Underwriter was able to price it nearly double the original
filing for a huge windfall for the company and its investment bankers.
The stock is now trading at $32.30.
Energy Power is in the middle
of this boom, and management feels there is at least a 2 year window
in time to expand their business and the audience for their stock. To that
end, the company announced today it has filed an application for listing
on the American Stock Exchange.
This exchange has long been the haven
of small natural resource companies. This exchange was overlooked in the
last Bull Market when technology led the way. The energy crisis has brought
the American Stock Exchange back into the limelight, and in our
opinion Energy Power is making the right move in upgrading their
listing.
There are many benefits to shareholders
with a listing on the American Stock Exchange. Unlike the NASDAQ,
this exchange aggressively helps listing companies seek institutional sponsorship
for their stock. There is much higher visibility to the investment community
from this exchange.
Market makers will no longer trade
the stock against your order, which may help enhance both liquidity and
volume. Short sellers will have difficulty establishing positions.
In order for investors profit from
current levels, someone down the road has to be willing to buy your stock
at a higher price. Listing on the American Stock Exchange increases
the likelihood this will happen if the company continues to perform.
We still love this one for $5.60.
Valuation is still reasonable in the high $3 range. The company's
market capitalization is only $19 million, which is less than 1x
this year's sales and less than 2x book value. There is still
plenty of upside left in this stock.
Here is the complete text of the
news release for your review:
Thursday May 3, 12:24 pm Eastern
Time
Press Release
SOURCE: Energy Power Systems Limited
via BCE Emergis e-News Services
EPS Applies For Common Stock Listing
On The American Stock Exchange
Toronto, Ontario
Energy Power Systems Limited (EPS
or the ``Company'') (OTC BB: EYPSF) (CDNX: YPX) (www.epsx.com) is pleased
to announce that it has submitted an application to the American Stock
Exchange (Amex) to list Energy Power Systems Limited common stock for trading
on the Amex.
As America's second largest floor-based
exchange, the American Stock Exchange has a significant presence in common
stocks, index shares and equity derivative securities. Today, Amex is on
the leading edge of exchanges worldwide in developing successful new investment
products and innovative services for companies and investors.
Sandra J. Hall, V.P. Corporate Affairs
of EPS stated ``We are impressed with the portfolio of energy related companies
listed on Amex and the issuer based services and attention that Amex offers
to enhance an issuer's profile. In the last six weeks, the Oil & Gas
Division of EPS has announced 2 acquisitions of producing natural gas properties
in Western Canada and the Engineering & Offshore Division of EPS has
announced contracts totalling $5.5 million in the east coast. We believe
that EPS meets the listing requirements set by Amex''.
Energy Power Systems Limited operates
through the co-ordination of its subsidiaries into an Oil & Gas Division,
a Power Division and an Engineering and Offshore Division.
EPS issued and outstanding common
shares: 5,163,419
For further information
contact:
Sandra J. Hall,
V.P. Corporate Affairs
Energy Power Systems Limited
www.epsx.com
Telephone: (416) 861-1484
Facsimile: (416) 861-9623
Certain of the statements contained
in this news release are forward-looking statements. While these statements
reflect the Corporation's current beliefs, they are subject to uncertainties
and risks that could cause actual results to differ materially. These factors
include, but are not limited to, the demand for the Corporation's products
and services, economic and competitive conditions, access to borrowed or
equity capital on favourable terms, and other risks detailed in the Corporation's
Form 20-F and Annual Report.
The Canadian Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or accuracy
of this release.
SOURCE: Energy Power Systems Limited
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