Freeport-McMoRan (FCX) Indonesian Subsidiary to Resume Exports Jul 25, 2014 10:32AM

Freeport-McMoRan Inc. (NYSE: FCX) announced today that its Indonesian subsidiary PT Freeport Indonesia (PT-FI) received approval from the Government of Indonesia to resume exports of copper concentrates. PT-FI will resume full operations immediately and concentrate exports are expected to commence in August 2014.

PT-FI has entered into a Memorandum of Understanding (MOU) with the Government of Indonesia under which the Government and PT-FI have agreed to negotiate an amended Contract of Work (COW), to be completed over the next six months, to address provisions related to the size of concession area, royalties and taxes, domestic processing and refining, divestment, local content, and continuation of operations post-2021. Effective with the signing of the MOU, PT-FI has agreed to pay export duties set forth in a new regulation issued in July 2014, to provide a $115 million assurance bond to support its commitment for smelter development and to increase royalties to 4.0% for copper and 3.75% for gold from the current rates of 3.5% for copper and 1% for gold.

On July 25, 2014, the Government revised its January 2014 regulations regarding export duties to incorporate reduced rates for copper concentrate exports for companies engaged in smelter development. The revised regulations provide for duties on copper concentrate exports during smelter development initially at 7.5%, declining to 5% when development progress exceeds 7.5% and 0% when development progress exceeds 30%.

Among other items, MOU provisions to be addressed in the negotiation of the Amended COW include provisions for the development of new copper smelting and refining capacity in Indonesia which will take into consideration an equitable sharing of costs between PT-FI (and any partners in the project) and the Government through fiscal incentives, provisions for FCX to divest to the Government and/or Indonesian Nationals up to a 30% interest (an additional 20.64% interest) in PT-FI at fair value, and continuation of operations from 2022-2041. Negotiations will take into consideration PT-FI’s need for assurance of legal and fiscal terms post-2021 for PT-FI to continue with its large scale investment program for the development of its reserves.

PT-FI and the Government will commence immediate negotiations for an amended COW that is expected to be completed within six months. No terms of the COW other than the duties, smelter bond and royalties described above will be changed until the completion of the amended COW.

James R. Moffett, Chairman of the Board, and Richard C. Adkerson, President and Chief Executive Officer of FCX, said: “We are pleased to report the resumption of normal operations and the completion of an MOU to enable continuing benefits of the Grasberg operations for the Government, the local communities in Papua, our large Indonesian workforce and our shareholders. We value our long-term partnership with the Indonesian government and look forward to continuing success of the Grasberg operation.”


MWI Veterinary Supply, Inc. (MWIV) Sinks as IDEXX (IDXX) Doesn't Renew Distribution Agreement Jul 25, 2014 10:13AM

MWI Veterinary Supply, Inc. (NASDAQ: MWIV) is under pressure early (-4.5%) after a material contract was terminated.

On July 24, 2014, IDEXX Laboratories, Inc. (NYSE: IDXX) delivered to MWI Veterinary Supply Co. (“MWI”), a wholly-owned subsidiary of MWI Veterinary Supply, Inc., a notice that it was moving to a fully direct sales and distribution model and, in connection with such move, electing not to renew the term of the IDEXX Distribution Agreement between IDEXX and MWI (the “IDEXX Agreement”) which is set to expire on December 31, 2014.

Under the IDEXX Agreement, MWI is entitled to distribute IDEXX’s animal diagnostic products to end-user veterinary customers in the United States and in certain U.S. territories. Under the IDEXX Agreement, MWI is a non-exclusive distributor of IDEXX products and MWI may promote, market, sell or distribute products of other competing manufacturers in the defined territory. The IDEXX Agreement has an original term expiring on December 31, 2014, subject to automatic renewal unless MWI or IDEXX provides thirty days’ notice of intent to terminate prior to the end of the term, which notice of termination has been delivered by IDEXX.


WPCS (WPCS) Stock Gains; Subsidiary Launches Digital Currency Product Jul 25, 2014 09:40AM

BTX Trader, the multi-exchange online trading system for digital currencies and wholly-owned subsidiary of WPCS International Inc. (NASDAQ: WPCS), announces the launch of Celery, its new web-based product committed to putting digital currency in the hands of hundreds of thousands of ordinary consumers.

Available from July 25th at http://www.gocelery.com, Celery is the simplest and fastest way for mainstream consumers to buy their first Bitcoins and Dogecoins. As the only product on the market that offers access to multiple types of digital currency the company employs direct bank transfers and the most straightforward user experience on the market.

Celery's mission is to grow digital currency usage beyond the first wave of sophisticated early financial adopters and encourage consumers to use digital currency - for spending with a burgeoning array of retailers, for saving as a long-term investment or simply for exploring the new world of online finance.

"Digital currency is more than a novelty," says Chief Operating Officer Ilya Subkhankulov. "Major merchants including Expedia and Newegg are validating the market, whilst increasing regulatory clarity is giving more confidence in the stability and value of the technology."

"However, as the process of acquiring their first coins remains too complex, most consumers are excluded from this revolution. Bitcoin-mining computers are too expensive for most users, while acquiring coins from an exchange requires initiating wire transfers and can take up to five days.

"Celery keeps things simple by using friendly language, only asking for basic sign-up information and using direct bank funding, meaning customers can use their first coins from their new Celery wallet dashboard within just three to four business days."

By simplifying digital currency, which, today, is not just costly but knowledge-intensive, Celery aims to broaden adoption of currencies like Bitcoin and Dogecoin as mainstream standards which consumers use to buy goods, eliminate fees on international transfers or save for the future. The sign-up process takes as little as 5 minutes, and once bank verification is complete, users can have access to digital currency orders in a matter of minutes.

According to a GFK survey for TheStreet, thirty-two percent of those aged 18 to 24 say they would consider using alternative currencies like Bitcoin, suggesting growing demand for the new technologies.

Celery's competition allows customers to buy digital currencies, but imposes various limitations requiring new users to jump through administrative hoops and initiate bank transfers. These barriers mean that they cannot obtain their coins for five days. Celery believes speeding the process is a competitive advantage that will help drive take-up.

More than 90 percent of all Celery's client funds are held in cold storage, detached from the Internet, while Celery also encrypts all personal information. Security is a top priority for the BTX Trader team, who also uses its status to bring unprecedented trading access to users.

"We have had a great response to BTX Trader since launching in April," says Co-founder and Chief Technology Officer Divya Thakur. "The platform has accumulated 6,000 users, 1% of which actively log into the platform regularly to monitor the market and place trades with Bitcoin exchanges.

"We are convinced great times are ahead for cryptocurrencies, but only if adoption can grow beyond experienced financial technology enthusiasts. That's why we are launching Celery to ensure everyone can participate in the digital currency revolution."


Las Vegas Strip Revs Up 22.5% in June (LVS) (MGM) (CZR) Jul 25, 2014 09:33AM

Nevada’s nonrestricted gaming licensees reported a total “gaming win” of $906,904,294 for the month of June 2014. This amounts to a 14.36% increase compared to June 2013, when licensees reported a gaming win of $793,058,748. For the fiscal year (July 1, 2013 through June 30, 2014), gaming win has increased 2.94%.

Las Vegas Strip revenue rose 22.45 percent from $434.75 million up to $532.36 million in June 2014.

On watch include MGM Resorts (NYSE: MGM), Las Vegas Sands (NYSE: LVS), Wynn Resorts (Nasdaq: WYNN), and Caesars Entertainment (Nasdaq: CZR).


DragonWave (DRWI) Prices 13.85M Offering at C$1.80/Unit Jul 25, 2014 09:30AM

DragonWave (Nasdaq: DRWI) announced it has priced an underwritten public offering (the "Offering") of 13,850,000 units (each a "Unit") at a price to the public of C$1.80 per Unit, for gross proceeds of approximately C$25 million. CIBC is acting as the sole book-runner for the offering and H.C. Wainwright & Co., LLC is acting as lead manager (together, the "Underwriters"). The Company has also granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the issue to cover over-allotments, if any.

The Company intends to use the net proceeds from the Offering to strengthen its balance sheet, to fund working capital and for general corporate purposes.

Under the terms of the Offering, each Unit consists of one common share (each, an "Offered Share") and one half of one warrant (each whole warrant, a "Warrant"). Each whole Warrant entitles the holder thereof to purchase one common share of the Company at an exercise price of C$2.25 for a period of two years from the closing date of the Offering, subject to acceleration and adjustment. The Offered Shares and Warrants are immediately separable. The Company intends to apply to list the Warrants on the NASDAQ Stock Market ("NASDAQ") and the Toronto Stock Exchange ("TSX"). There is no guarantee that the Warrants will be listed on NASDAQ or the TSX. The Company expects that any exercise of the Warrants will result in the cash proceeds from the exercise of such Warrants being paid to the Company.

The Offering is expected to close on or about August 1, 2014, subject to customary closing conditions, including the approval of the TSX and NASDAQ with respect to the Offered Shares and the shares issuable upon exercise of the Warrants.


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