ZaZa Energy Corp. (ZAZA)
ZAZA reported that the company and an affiliate of Quantum Energy Partners entered into a Purchase and Sale Agreement, which includes an East Texas Development Agreement comprising Walker, Grimes, Madison, Trinity, and Houston counties.
Pursuant to the terms of the agreement:
- ZAZA will receive approximately $17 million of total consideration, consisting of both cash and ZAZA’s right to receive Quantum’s interest in the next 15 East Texas JV wells between the closing of the transaction and its second anniversary (the “Reserved Wells”).
- ZAZA will assign to Quantum 6,000 net acres in undeveloped leases within ZAZA’s East Texas JV. ZAZA retains its interest in all existing wells and the right to participate with respect to Quantum’s working interest in the Reserved Wells. Following this assignment, ZAZA will have approx. 30,000 net acres in its East Texas JV and around 10,000 net acres in its East Texas focus area.
- ZAZA will receive ongoing G&A and cost reimbursements from Quantum for providing services related to their jointly owned assets in Walker, Grimes, Madison, Trinity, and Houston counties.
The closing of the Quantum transaction is subject to receiving the approval of ZAZA’s existing East Texas JV partner and other customary closing conditions. There can be no assurance that all of the closing conditions will be satisfied.
ZAZA is an exploration and production company with primary assets in the Eagle Ford and Eagle Ford East resource plays in Texas.
More about ZaZa Energy Corporation (ZAZA) at www.zazaenergy.com.
Crown Equity Holdings Inc. reported that a 1-for-2,000 reverse split of the Company’s issued and outstanding common stock will occur at the market opening on August 27, 2014. As of that date, the Company’s common stock will temporarily trade under the symbol “CRWED” for 20 business days, after which, the “D” will be removed and the symbol will revert to “CRWE”.
“After careful analysis, the decision to implement this one-for-2,000- reverse stock split was made as a result of new rules were implemented on May 1, 2014 that require the Company’s common stock to have a minimum bid price of $0.01 in order to remain on the OTC Bulletin Board. The Company believes that implementing the reverse stock split will result in the market price of its common stock being above $0.01 so that the Company’s common stock will resume trading on the OTC Bulletin Board, as well as making the Company’s stock more attractive to a broader group of investors,” stated Kenneth Bosket, CEO and President of Crown Equity Holdings Inc
The company is currently developing its CRWE Network ( www.CRWE-PR.com ), a growing network of website communities which business model is based on selling advertising to businesses targeting both locally and nationally.
The CRWE Network has reached the 1271st community website in the U.S., associated with 2777 ZIP Codes, and includes coverage of the greater state of California, Northern and Southern Nevada, Wellington in Florida, Hattiesburg in Mississippi and 10 provinces in Canada.
CRWE Network’s goal is to facilitate exchanges of goods and services in a manner similar to Craigslist, a classified advertisements website with sections devoted to jobs, housing, personals, for sale, items wanted, services, community, gigs, résumés, and discussion forums, while providing micro community news, information and business directory content.
More about Crown Equity Holdings Inc. at www.crownequityholdings.com
Vimicro International Corp. (VIMC)
Keep a close eye on VIMC. The company reported solid financial and operational results.
For the second quarter 2014, VIMC posted net revenue of $24.0 million, compared to net revenue of $11.1 million in the same period the prior year and $16.4 million in the previous quarter, and non-GAAP net income of $2.8 million, compared to non-GAAP net loss of $5.5 million in the year-ago quarter, and non-GAAP net loss of $3.3 million in the first quarter of 2014
According to its business outlook for the third quarter of 2014, VIMC expects total revenues of $25 million to $27 million.
VIMC is a leading video surveillance technology and solution provider that designs, develops and markets a full range of video surveillance products and solutions to governments, private enterprises, and consumers in China.
More about Vimicro International Corp. (VIMC) at www.vimicro.com
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