3SOF

1)
Akeena Solar Announces Second Quarter 2007 Results
Thursday , August 09, 2007 08:05ET

LOS GATOS, Calif., Aug 09, 2007 (BUSINESS WIRE) -- Akeena Solar, Inc. (OTCBB:AKNS), a leading designer and installer of solar power systems, announced results for the second quarter and six months ended June 30, 2007.

Barry Cinnamon, CEO of Akeena, stated, "The escalating demand for solar installations continues to fuel our business. This quarter we reported record revenue of $7.5 million, representing an increase of 20 percent sequentially and 168 percent over the second quarter last year. We remain focused on building the Akeena brand while providing our customers with a superior solar installation experience. We have expanded our geographic footprint with new offices in Bakersfield, Manteca and Santa Rosa. In addition, we are getting closer to rolling out our proprietary solar installation technology." Net sales for the second quarter of 2007 were $7.5 million, compared to $2.8 million of net sales in the second quarter of 2006. Gross profit for the second quarter 2007 was $1.8 million, or 24 percent of sales, compared to $715,000, or 25 percent of sales in the second quarter of 2006. Sales and marketing for the 2007 period was $1.3 million, compared to $290,000 for the same quarter last year reflecting increased sales commissions and marketing campaigns promoting the company in new regions. Research and development (R&D) for the second quarter of 2007 was $161,000 compared to no expenditure in the second quarter of 2006 reflecting higher expenses related to the development of the company's proprietary installation technology. Total operating expenses for the quarter were $3.7 million, compared to $949,000 in the prior year quarter. Net loss for the second quarter of 2007 was $1.9 million or $0.10 per share, compared to net loss of $248,000 or $0.03 per share in the second quarter of 2006.
Cinnamon continued, "Our continued expansion demonstrates our commitment to operate in areas where the 'climate' is favorable for solar and customer awareness is high. In addition, our increased sales and marketing efforts helped us end the second quarter with a backlog of $13.6 million."
Installations for the quarter were approximately 914 kilowatts, compared to approximately 350 kilowatts for the same period last year.
For the six months ended June 30, 2007, the company reported net sales of $13.8 million and gross profit of $3.3 million, or 24 percent of sales. This compares to net sales of $5.3 million and gross profit of $1.3 million, or 24 percent of sales, for the same period last year. The company reported a net loss of $2.9 million or $0.16 per share for the first half of 2007, compared to a net loss of $ 228,000 or $0.03 per share in the first half of 2006. The company ended the quarter with $14 million in cash.

Recent Corporate Highlights:

   --  In May, hired Jim Curran as vice president of operations. Jim
       has over 25 years of business planning, operations and project
       management experience at companies ranging from start-ups,
       such as Exodus Communications, to Fortune 500 firms such as
       Visa International and IBM.
   --  In July, expanded board of directors to include George Lauro
       and Jon Witkin, bringing total membership to four.
   --  In June, completed final phase of the California Air National
       Guard installation.
   --  In May, raised approximately $12.6 million of gross proceeds
       in a private placement offering.
   --  Opened new locations to expand footprint, bringing the total
       number of offices to seven.
       --  In early April, began operations in Bakersfield, located
           in California's Central Valley.
       --  In late April, began operations in Manteca, which is
           strategically located between the San Francisco Bay Area
           and California's Central Valley.
       --  In May, began operations in Santa Rosa, located in Sonoma
           County, which provides the company with a base of
           operations in the North Bay and surrounding areas.
       --  In June, moved corporate headquarters to downtown Los
           Gatos.
       --  In August, announced expansion to Palm Springs, located in
           Southern California's desert region.


"Looking ahead we intend to continue to leverage the Akeena brand and reputation, offer the best solar experience to our residential and small commercial customers, and expand to new regions. With the $12.6 million raised this quarter we have the working capital to roll out our proprietary solar installation technology and expand our footprint in California and beyond," said Cinnamon.

Outlook

For 2007 management is reiterating its guidance for revenue growth of approximately 135 percent over 2006 revenue of $13.4 million.

&

AKNS: Solar Name Could See Increased Attention
Thursday , August 30, 2007 16:47ET

While many feel that Hillary doesn't have a chance to be the next president, the Democrats could still pull out the election especially considering the continued predicaments that Republicans have put themselves in with Larry Craig's ordeal, the Gonzalez resignation, and David Vitter's scandal. The hits keep coming for the party which could undoubtedly cause the president's party to see a change of hands. With the many initiatives that have recently been repealed by the Republican president and the scandals the party is currently facing, it could be time to revisit some of the sectors that saw increased action on the vetoed legislation. Stem cell stocks could easily become a hot sector again with a Democratic President as could alternate energy names. Even though solar has been very hot this past summer, the entire sector could see a huge increase in attention with a Democrat at the helm.

One name in particular is Akeena Solar, Inc. (AKNS). The Company is a designer, installer, marketer, and seller of solar power systems for residential and small commercial customers.

Solar energy systems are expensive, but generous incentives make them affordable. Fortunately, there are a wide range of federal, state and local programs that substantially offset these costs in the form of tax credits, rebates, grants, loans, leasing and direct equipment sales. Business customers enjoy substantial benefits in return for their solar purchases. The combination of state solar energy tax credits, the Federal 10% investment tax credit, and accelerated five-year depreciation means that solar energy systems generate substantial positive cash flow, particularly in the first five years of operation.

The Company reported second quarter earnings in early August. Net sales for the second quarter of 2007 were $7.5 million, compared to $2.8 million of net sales in the second quarter of 2006. Gross profit for the second quarter 2007 was $1.8 million, or 24 percent of sales, compared to $715,000, or 25 percent of sales in the second quarter of 2006. Net loss for the second quarter of 2007 was $1.9 million or $0.10 per share, compared to net loss of $248,000 or $0.03 per share in the second quarter of 2006. For 2007 management reiterated its guidance for revenue growth of approximately 135 percent over 2006 revenue of $13.4 million.

With the addition of 2 new locations, the California footprint is building while the Company also has locations in New York, New Jersey, and also services Connecticut.

The California market has seen huge increases in the demand for the products which the Company has attempted to service with the added locations. The traction these new locations have gained could be evident with the Company's third quarter earnings release which is expected to be reported in mid November. In the meantime, the Company could see increased attention following their presentation at Kaufman Brothers Investor Conference on September 5th. With the Democrats eyeing the top seat in the government and their lean towards alternate energy prospects, the sector deserves increased attention with the republican scandals currently residing atop news headlines. With any type of increased subsidizing or footprint, the sector is one to follow. Investors would be wise to watch.

feedback is always appreciated  

chart:

are they moving to the nasdaq monday ?

what is ncm ?


http://www.otcbb.com/asp/dailylist_detail.asp?d=09/21/2007&mkt_ctg=OTCBB

ket:
NASDAQ Capital Market  = (NCM)

update

Akeena Solar Approved for NASDAQ Listing
Monday , September 24, 2007 10:37ET

LOS GATOS, Calif., Sep 24, 2007 (BUSINESS WIRE) -- Akeena Solar, Inc. (NASDAQ:AKNS), a leading designer and installer of solar power systems, announced the NASDAQ Stock market has approved its application for listing of the company's common stock under the symbol "AKNS." Trading on the NASDAQ Capital Market begins today, Monday, September 24, 2007.

NASDAQ's rigorous review and high corporate governance standards have resulted in it becoming the largest electronic stock market in the United States, and home to category-defining companies that are leaders across all areas of business.

"Achieving a listing on the NASDAQ stock exchange is a key milestone in our company's evolution," said Barry Cinnamon, CEO of Akeena. "The NASDAQ listing provides visibility for our successful growth story and should result in improved liquidity for our shares by providing additional access to institutional investors. We are proud to have built the financial infrastructure and underlying business to achieve this goal."

&

Now There's a Whole New Look To Solar Power
Monday , September 24, 2007 22:00ET

LOS GATOS, Calif., Sep 24, 2007 (BUSINESS WIRE) -- Akeena Solar, Inc. (OTCBB:AKNS), a leading designer and installer of solar power systems, today unveiled unique new solar panels that look like handsome designer-produced skylights and have built in features that cut installation time from half a day to half an hour.

Best Looking Rooftop System

"We've been selling solar power systems since 2001," said Barry Cinnamon, CEO of Akeena Solar, Inc. "We know what consumers want: great aesthetics and superior reliability, and we've designed a system that meets these requirements. We're calling this new system Andalay - and it's the best looking system available on the market. Gone are the days when solar panels had to have a somewhat industrial look on a home."

Andalay is the latest, state-of-the-art solar panel technology, combining built-in reliability with outstanding aesthetics. Unlike ordinary solar panels, Andalay panels are all-black and when installed actually look like a skylight on a home. Andalay features built-in wiring, built-in grounding and built-in racking so the panels attach directly to the roof offering a smooth, flush appearance. And the installation has been so streamlined - using 70 percent fewer parts and 25 percent fewer attachment points - a system for a small house can now be installed in under an hour on the roof.

Unparalleled Reliability

"Andalay is truly revolutionary. The panels look better, are more reliable, offer superior performance and bring solar to its rightful place at the forefront of alternative energy technologies," said Cinnamon. "We are excited to bring a product that answers the concerns of consumers with an efficient - and sexy - solution. It is simple, consumers feel good, homes look great and the environment gets better."

Additionally, the economics make sense. With states offering rebates and tax credits, payback on a system is getting shorter and shorter. In California, a system would ordinarily cost $25,000, but with the state's rebates and tax credit the cost would be reduced to about $17,000. A solar power system can save about $100 of electricity every month, payback is in about eight years, and customers get a locked-in electric rate of 12 cents per kwh for the 30+ year life of the system.

Andalay solar panels were launched and showcased at a reception prior to Solar Power 2007, the premier solar event in the United States on September 24, 2007 in Long Beach, CA. The panels will be available to consumers in major U.S. solar markets (including California, New York, Connecticut, New Jersey, Pennsylvania and Hawaii).

Andalay offers the following features:

-- Mounts closer to roof with less space between panels

-- All black appearance with no unsightly racks underneath or besides panels

-- Built-in wiring connections - no dangling wires to damage over time

-- 70% fewer roof-assembled parts and 50% less labor

-- 25% fewer roof attachment points (fewer roof penetrations), fewer points of failure, flashed roof attachments (no leaks), less rooftop weight, sturdy against heating/cooling cycles

-- Full compliance with National Electric Code and UL 1703 wiring and grounding requirements

Specifications and pictures of the Andalay system are available at www.andalay.net.

chart:

This Analysis was requested a while ago in the «Analysis on Demand» thread, which is available only for 3SOF Premium Members (14-Day Free Trial available).

1. Profile

Akeena Solar, Inc. (AKNS) engages in the design, integration, installation, marketing, and sale of solar power systems for residential and small commercial customers in the United States. It principally focuses on the design and integration of grid-tied solar power systems, which are electrically connected to the utility grid so that excess energy produced during the day flows backwards through the utility's electric meter. The company also works on solar thermal or solar pool systems. It serves commercial customers, including schools, and housing and owner occupied businesses consisting of wineries and small commercial offices, as well as residential customers, including high-income professionals. Akeena Solar sells its products through print, Web, and radio advertisements, as well as through participation in industry trade shows, individual consultations with prospective customers, and sales force. The company was founded in 2001 and is headquartered in Los Gatos, California.

2. Stock Price History



AKNS had its IPO in August 31st, 2006, through a reverse merger with Fairview Energy Corporation, Inc.

On September 14, 2006, AKNS had 15,136,136 shares outstanding. The stock closed at $2.95 on that day, so the market cap was $44.65 M.

After a series of PIPEs (Private Investments in Public Equity), the number of shares outstanding rose to 23,625,941 in August 8th, 2007:



The current market cap is $189 M.

All this "strengthening financial foundation" activity caused 56% dilution in one year to existing shareholders. AKNS needed the money, because, even though revenues are growing very rapidly ...



... the company keeps losing money and it appears that the more it sells, the more it loses. In Q2 2007 the company beat two records, the sales level (at $7.5 M) and the losses level (at $1.9 M).

I'm not sure why this happens. Perhaps it is because AKNS, being at the top of the value chain ...



... is squeezed on its margins by the producers and the consumers.

I think I'm starting to get this business. AKNS is like a retailer, but one of those that has to take the product to your house and then install it, or else, it wouldn't sell anything. This adds to costs and lowers the margins. It appears to me that the business also has very low barriers to entry. If I wanted to I could start a company similar to AKNS in not much more than a month, I would just have to buy the solar panels, hire people to install them, make some marketing and then start selling. In my opinion this will always be a low margin business, say, 5% net profit margin at best.

With the available information I've derived the usual estimates for my valuation model.

3. Valuation Model



1 - Dilution factor of 20%

Since we've had 56% dilution in the past year I see management's propensity to dilute shareholder's value. Also because I expect the company to keep losing money, at least for another year, it will probably keep doing PIPE deals and other types of financing and stock options incentive plans. I see the share count rising from about 24 million now to 41 million in early 2010.

2 - Revenue CAGR

Management already said it expects 135% revenue growth in 2007, from the 2006 level of $13.4 M. I guess this kind of revenue growth will continue in 2008 and 2009 and therefore I see 2009 revenues of $179 M, growing from about $31.5 M in 2007. This is exceptional revenue growth, but I fear there's the risk of growing losses too, since this has been the recent history of the company.

3 - Net profit margin

Net profit margin in the 6 months so far in 2007 was -20.7%. I hope this improves a lot, but I don't think it will ever exceed 5%, and this is what I have in my valuation model.

4 - EPS multiple

I put 25 there just because solar energy is a hot sector now and I expect it to remain that way for years to come.

The final results tell me AKNS isn't an attractive long term investment at this point, because if my fundamental estimates are met, the share price will decline 13% a year between now and mid 2010.

4. Conclusion

To me, AKNS's problem is its low profit margins and the fact that losses are rising as revenue grows. It shouldn't be that way, if the business had healthy fundamental trends.

Anyway, solar energy is very hot in the stock market now and at first sight AKNS looks like a great investment opportunity (when I started looking at the company's website I got excited and went talking to my wife about setting an AKNS franchise or something here in Portugal - like I had nothing more to do ).

But, on a second thought and after some study, I must say that not everything in the solar energy space is a great investment. Companies need to have an innovative technology and a reasonably fat net profit margin perspective to be outstanding long term investments.

So, my final take on AKNS is that the chart is bullish and it can rise some more, but I think over the long term, dilution, competition and it being a low margin business will put the advance in check. I believe it has a poor reward/risk ratio.

I can be wrong though, good luck la-onda and thanks for bringing this one to my attention

This Analysis was requested a while ago in the «Analysis on Demand» thread, which is available only for 3SOF Premium Members (14-Day Free Trial available).

The following analysis was written on September 30th:

Quote from: la-onda on September 12, 2007, 05:14:30 PM
hi David,
please check IMOS again:
http://www.3stocksonfire.org/trading/index.php?board=2.0
(updated informations: http://www.3stocksonfire.org/trading/index.php?board=2.0 )

AKNS now on the Nasdaq!
please check AKNS instead of IMOS!
http://www.3stocksonfire.org/trading/index.php?topic=10250.msg106017#msg106017

thanks
Oliver

1. Profile

Akeena Solar, Inc. (AKNS) engages in the design, integration, installation, marketing, and sale of solar power systems for residential and small commercial customers in the United States. It principally focuses on the design and integration of grid-tied solar power systems, which are electrically connected to the utility grid so that excess energy produced during the day flows backwards through the utility's electric meter. The company also works on solar thermal or solar pool systems. It serves commercial customers, including schools, and housing and owner occupied businesses consisting of wineries and small commercial offices, as well as residential customers, including high-income professionals. Akeena Solar sells its products through print, Web, and radio advertisements, as well as through participation in industry trade shows, individual consultations with prospective customers, and sales force. The company was founded in 2001 and is headquartered in Los Gatos, California.

2. Stock Price History



AKNS had its IPO in August 31st, 2006, through a reverse merger with Fairview Energy Corporation, Inc.

On September 14, 2006, AKNS had 15,136,136 shares outstanding. The stock closed at $2.95 on that day, so the market cap was $44.65 M.

After a series of PIPEs (Private Investments in Public Equity), the number of shares outstanding rose to 23,625,941 in August 8th, 2007:



The current market cap is $189 M.

All this "strengthening financial foundation" activity caused 56% dilution in one year to existing shareholders. AKNS needed the money, because, even though revenues are growing very rapidly ...



... the company keeps losing money and it appears that the more it sells, the more it loses. In Q2 2007 the company beat two records, the sales level (at $7.5 M) and the losses level (at $1.9 M).

I'm not sure why this happens. Perhaps it is because AKNS, being at the top of the value chain ...



... is squeezed on its margins by the producers and the consumers.

I think I'm starting to get this business. AKNS is like a retailer, but one of those that has to take the product to your house and then install it, or else, it wouldn't sell anything. This adds to costs and lowers the margins. It appears to me that the business also has very low barriers to entry. If I wanted to I could start a company similar to AKNS in not much more than a month, I would just have to buy the solar panels, hire people to install them, make some marketing and then start selling. In my opinion this will always be a low margin business, say, 5% net profit margin at best.

With the available information I've derived the usual estimates for my valuation model.

3. Valuation Model



1 - Dilution factor of 20%

Since we've had 56% dilution in the past year I see management's propensity to dilute shareholder's value. Also because I expect the company to keep losing money, at least for another year, it will probably keep doing PIPE deals and other types of financing and stock options incentive plans. I see the share count rising from about 24 million now to 41 million in early 2010.

2 - Revenue CAGR

Management already said it expects 135% revenue growth in 2007, from the 2006 level of $13.4 M. I guess this kind of revenue growth will continue in 2008 and 2009 and therefore I see 2009 revenues of $179 M, growing from about $31.5 M in 2007. This is exceptional revenue growth, but I fear there's the risk of growing losses too, since this has been the recent history of the company.

3 - Net profit margin

Net profit margin in the 6 months so far in 2007 was -20.7%. I hope this improves a lot, but I don't think it will ever exceed 5%, and this is what I have in my valuation model.

4 - EPS multiple

I put 25 there just because solar energy is a hot sector now and I expect it to remain that way for years to come.

The final results tell me AKNS isn't an attractive long term investment at this point, because if my fundamental estimates are met, the share price will decline 13% a year between now and mid 2010.

4. Conclusion

To me, AKNS's problem is its low profit margins and the fact that losses are rising as revenue grows. It shouldn't be that way, if the business had healthy fundamental trends.

Anyway, solar energy is very hot in the stock market now and at first sight AKNS looks like a great investment opportunity (when I started looking at the company's website I got excited and went talking to my wife about setting an AKNS franchise or something here in Portugal - like I had nothing more to do ).

But, on a second thought and after some study, I must say that not everything in the solar energy space is a great investment. Companies need to have an innovative technology and a reasonably fat net profit margin perspective to be outstanding long term investments.

So, my final take on AKNS is that the chart is bullish and it can rise some more, but I think over the long term, dilution, competition and it being a low margin business will put the advance in check. I believe it has a poor reward/risk ratio.

I can be wrong though, good luck la-onda and thanks for bringing this one to my attention

Up big on news.

Suntech and Akeena in Distribution Deal
Wednesday January 2, 9:04 am ET
Suntech to Distribute Akeena Solar-Panel Technology in Europe, Japan and Australia

LOS GATOS, Calif. (AP) -- Akeena Solar Inc. said Wednesday it licensed Suntech Power Holdings Co. to distribute its Andalay solar-panel technology in Europe, Japan and Australia starting this month.

The solar-products companies did not disclose financial terms of the agreement.

ADVERTISEMENT
Akeena shares surged $3.69, or 46.4 percent, to $11.65 in pre-market trading after closing at $7.96 on Monday. Suntech stock rose $1.68, or 2 percent, to $84. It closed at $82.32 on Monday.

Andalay products have lower installation costs because of built-in wiring, grounding and racking, Akeena Chief Executive Barry Cinnamon said in a statement. He described the products as having "outstanding aesthetics," because they are black and streamlined. Some consumers find the appearance of solar rooftop systems unappealing, seeing them as large and clunky.

"We are experiencing very strong demand for Andalay, and this licensing agreement with Suntech will allow us to meet our customer's needs for Andalay outside of our direct channels in the U.S.," Cinnamon said.

The companies already have an agreement with China-based Suntech to manufacture the technology. Suntech aims to sell Andalay products with more than 10 megawatts of annual generating capacity next year.

One megawatt of energy is enough to power about 778 households a year, according to the Department of Energy.

Akeena Solar shares surge; co. reaches licensing agreement with Suntech Power
Wednesday, January 02, 2008 11:28ET

By Staff Reporter

BOSTON, Jan 02, 2008 (Thomson Financial via COMTEX) -- Shares of Akeena Solar Inc. surged Wednesday after the Los Gatos, Calif.-based designer and installer of solar power systems said it reached a licensing agreement with Suntech Power Holdings Co. Ltd.

Under the terms of the licensing agreement, Akeena said Suntech will be authorized to distribute Andalay, Akeen'a solar panel technology, in Europe, Japan and Australia beginning in January.

Suntech targets sales of more than 10MW of the Andalay solar panels to the licensed regions in 2008, according to Akeena.

Shares of Akeena Solar hit a high of $11.71 and last traded at $10.90, up 37.9% on volume of 4.9 million. The issue's 30-day average volume is about 500,000 shares. Casey Logan cl/pc

Flying again today

 
AKNS: Shares Surge Again on Agreement with Suntech
Thursday , January 03, 2008 16:03ET

The second day of the trading year saw an intraday rebound from the worst day to start a new year ever. But it seemed much of the money was flowing to areas which normally don't constitute a prolonged rally. With a rising money supply and inflation fears, treasuries weren't the choice for many.  Commodities, namely gold and oil, have rung in the New Year to early gains. Oil reached $100 a barrel while gold was at all time highs. Nobody wanted to park excess cash in treasuries where negative rates of return will be had when factoring in inflation, hence commodities rising prices. Energy data also solidified the claim that crude is coming under shorter supply worldwide as oil inventories were down again for the 7th straight week.

Another area to watch is defensive stocks which become attractive with economic turmoil. Large consumer staple producers and pharmaceuticals could be the place to be in 2008. Even Pat Robertson is on the recession bandwagon which he noted was told to him by God. While God is the foremost authority on economic activity, one has to wonder how clear Robertson's line is to Him since his predictions last year included a nuclear attack on the United States. Even so, there doesn't seem to be widespread enthusiasm regarding this economy for the coming year.

The other area that's seen money flow is solar. It's been harped on many, many times. 2007 was a great year for the sector, but could 2008 be better? Everyday there seems to be a new name with a new multi-million dollar contract which causes their shares to spike. Momentum traders then come in and run the name to unbelievable levels.

The latest to see the rally was Akeena Solar Inc. (AKNS). On Wednesday, the Company announced that its state-of-the-art solar panel technology, Andalay, will be distributed in Europe, Japan and Australia under a license agreement with Suntech Power Holdings Co., Ltd. (STP). The agreement is in addition to Suntech's previous agreement to manufacture Andalay solar panels.

But what makes the Andalay panels better is their ease of installation and maintenance. The panels have built in wiring, grounding, and racking. The panels basically fit together similar to Lego pieces. On the Company's site is a video of an installation which took some 15 minutes. The ease of installation and the lowered cost associated with it could give the Company an advantage over others.

With solar continuing to be the hot area in 2008 and its huge growth story internationally as countries, companies, and individuals attempt to limit their environmental footprint, the sector doesn't appear to be going away anytime soon and with crude breaking the $100 a barrel area, it doesn't even look like it will have any significant pullbacks. With that in mind, investors would certainly be wise to watch.

AKNS up nicely when all other solars down on a bad market day.

The deal with STP realeased earlier this week must be bigger than I realized.

Tweezer?

Thinking of picking some up here in the mid $10s...opinions?

[/quote]date=1199895290]
Tweezer?

Thinking of picking some up here in the mid $10s...opinions?
[/quote]

I was watching AKNS closely today...but solar has really been hit the past week and it appears the shorts are in control of many of the solar stocks.

I was watching FSLR to see if it would get a bounce of the 50dma...FSLR has actually dropped below the 50dma.

I will watch into the close to see...if solar has any life left in it.

I think FSLR's reversal toady indicated strength for solars. 

I sold my SOLF yesterday (was far too greedy and failed to sell in upper 30s).  But anyway still long half my CSIQ and took a position in LDK. 


Hopefully we got a market reversal today!  We need follow through tomorrow big time..wonder what ben will say.

Gary Effren, the Company's Chief Financial Officer, said "Now that our Company has reached the point to be eligible to use a more streamlined form of registration statement through an S-3 filing, we wanted to consolidate our prior registrations. We otherwise would have had to periodically update our old registration filings. This allows the Company more time to focus on operating the business and moves our historical selling stockholder registration statements onto a more
convenient form."

"Akeena has not sold any additional shares to investors since our
PIPE transaction in November 2007," added Effren.


update from Conference part 1:

update from Conference part 2: