Green Automotive Company, headquartered in Newport Beach, CA, is a vertically integrated specialty vehicle design, engineering, manufacturing and sales company focusing on zero and low emission technology solutions
primarily for the emerging regular route back to base electric vehicle (EV) markets throughout the U.S. and Europe
Through Newport Coachworks, Inc., a wholly owned subsidiary with a 20,000 sq. ft. production and assembly plant in Riverside, CA, the company currently manufactures highquality conventionalfuel shuttle and limousine
buses, mainly fulfilling an order valued at approximately $20 million for 432 vehicles to be delivered by December 2014 to Don Brown Bus Sales, Inc., one of North America’s leading bus distributors based in Johnstown, NY.
The company delivered the first bus under contract in April 2013, completed tooling for the manufacture of all four different models on order by August 2013 and is currently ramping up for full production.
Through its whollyowned U.K.based subsidiary, Liberty Electric Cars Ltd, the company designs and develops next generation electric drive train tech- nologies and other proprietary modules for in house EV production and potential sales to OEMs for incorporation into their models. Leveraging several decades of combined EV experience of its U.K. engineering team, the company is developing an all electric shuttle bus to be produced in Riverside, CA and introduced for the regular route, intra city transit markets in the U.S. and Europe by February 2014.
In addition, Liberty Electric Cars provides comprehensive aftersales pro-grams encompassing all major warranty, servicing and repair, including complete battery repair and refurbishment, for a wide variety of existing commercial and consumer EVs. Most notably, it has a long term vehicle maintenance contract with Navistar International Corporation (NYSE: NAV), a $13 billion in sales truck manufacturer, for the ongoing warranty support of Modec van fleets run primarily in Europe by companies such as FedEx (NYSE: FDX), UPS (NYSE: UPS) and Veolia Environment (NYSE: VE). Recently, the company also initiated a repair program for the Ford Transit van produced by Azure Dynamics in collaboration with Ford Motor Company (NYSE: F), used mainly in North America by AT&T (NYSE: T), Canada Post Corporation, Power Authority of the State of New York and Southern Califor-nia Edison, a subsidiary of Edison International (NYSE: EIX). Finally, the company has a strong retail platform centered on its wholly owned subsidiary Going Green Limited, one of Europe’s largest independent EV retailers with a decade of sales history in London. GoinGreen sells a broad range of EVs from electric bicycles, scooters and motor bikes to elec-tric city cars, vans and trucks, providing a “one stop shop” for all EV transport requirements.
Trading over the counter under the symbol GACR, the company is posi-tioned to capitalize on the natural synergies across its revenue producing and emerging business segments to gradually consolidate its position in one of the most important rapidly growing transport sectors through organic growth and acquisitions
Top 3 Gainers: Zynga (NASDAQ:ZNGA), Eros International (NYSE:EROS), Borqs Technologies’ (BRQS)
Zynga (NASDAQ:ZNGA) is up 2.5% after Benchmark reiterated its Buy rating in a look-ahead at Q2 earnings. The firm’s expecting a beat and solid guidance for Q3, and it’s raising its guidance for the fiscal year.
Tailwinds from the pandemic won’t dissipate easily, Benchmark suggests, and the videogame maker’s acquisition of Peak (and with it new “forever franchises” in Toon Blast and Toy Blast) will drive audience, bookings, margins and free cash flow, it says. The firm has an $11 price target, now implying 14% upside.
Eros International (NYSE:EROS) is up 5.8% today, making up the last week’s lost ground, after news that its streaming service Eros Now is partnering with Sony India (SNE +2.3%).
That will mean Eros Now’s app is pre-installed on selected Sony smart televisions in India, along with availability on a large base of existing models (Bravia E series and newer).
The country over the past year has seen a 25% growth in demand for smart TVs, fueled by overall industry growth of 15%, to a record 15M units/year.
Borqs Technologies’ (BRQS) personal safety tracker sees strong market with increased orders from the electronics retail chain in the US.
The boost in product demand comes ahead coronavirus pandemic that provides company to expect delivery of 250K units this year. It reflects over 3x the volume delivered in 2019, the year of its launch.
Borqs’ mobile personal safety devices designed particularly for senior citizens come with panic button, location tracking, and fall detection.
Biotech movers: Pfizer Inc. (PFE), Celgene Corporation (CELG)
Pfizer Inc. (PFE) said on Thursday it received a request for documents as part of a U.S. investigation related to quality issues involving the manufacture of auto-injectors at its Meridian Medical Technologies site.
Pfizer, in a regulatory filing, said it would be producing records in response to the civil investigative demand from the U.S. Attorney’s office for the Southern District of New York.
Meridian, a unit of Pfizer that manufactures EpiPen injectors used to deliver an emergency allergy antidote, has been hit by a series of manufacturing problems in recent years. Mylan NV, which markets EpiPens, has recalled tens of thousands of the devices after complaints that some had failed to activate.
Bristol-Myers Squibb has been meeting with shareholders in Boston and New York over the last two weeks to try to salvage its $74 billion purchase of cancer drugmaker Celgene Corporation (CELG), the biggest acquisition announced so far this year.
The deal, announced in January, was hard sell to Bristol shareholders from the start. The acquisition adds about $32 billion in fresh debt to Bristol’s balance sheet while assuming $20 billion in Celgene’s debt, the companies said at the time. After factoring in debt, the acquisition was the largest health-care deal on record, according to data compiled by Refinitiv.
Now, hedge funds Wellington Management and Starboard Value say the deal doesn’t sit well with them. Bristol has sent executives to New York to meet with institutional investors several times over the last two weeks and met with investors in Boston on Wednesday and Thursday, according to a person who briefed on the meetings.
Bristol-Myers declined to comment.
Big Losers: Corbus Pharmaceuticals Holdings, Inc. (CRBP), Petróleo Brasileiro S.A. – Petrobras (PBR)
Corbus Pharmaceuticals Holdings, Inc. (CRBP)’s shares slumped as much as 16% to $6.94 on huge volume. The stock has been showing intense sell off suddenly after a bearish article on seekingalph.com by Alpha Exposure.
The article stated that Corbus has ties to investors convicted of or alleged to have committed securities fraud. We believe lenabasum has failed its major trials in SSc and CF. Lenabasum was also denied Breakthrough Therapy Designation in SSc. We believe lenabasum will fail in its pivotal SSc and Phase 2b CF trials. We are short Corbus with a price target of $0.50.
Petróleo Brasileiro S.A. – Petrobras (PBR) is expanding its ambitious divestment program and has “bold” plans for sales, the Brazilian state-run oil company’s chief executive said after the firm posted its first annual profit in five years.
On a conference call with analysts to discuss fourth-quarter results, CEO Roberto Castello Branco said selling non-core assets will be key to deleveraging.
Petrobras, as the company is known, can reduce its ratio of net debt to earnings before interest, taxes, depreciation and amortization, or EBITDA, to 1.5 or even to 1, he added.
The University of Chicago-educated CEO, who took the reins in early January, has long been vocal about the need to slim down the sprawling firm and focus on core activities such as exploration and production. Thursday’s comments were some of his most assertive on the matter.