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Millennium Cell Receives Nasdaq Approval of Compliance Plan

Millennium Cell Inc. (NASDAQ:MCEL), a developer of hydrogen battery technology, has received formal approval from Nasdaq of its compliance plan which addresses comments received from Nasdaq concerning certain terms of the Company’s preferred stock. The Company received written notice from the holders of the Series A and C shares confirming that they intend to exchange their shares as part of the compliance plan. As a result, Millennium Cell expects no change to its listing status and no interruption in the trading of its stock on the SmallCap Market. The comments from Nasdaq related to certain voting rights and shareholder approval terms of the Company’s recently established Series A, B and C Convertible Preferred Stock. The Company’s compliance plan involves the amendment of the terms of the Series B Preferred and the non-dilutive exchange of the Series A and Series C shares for newly established Series A2 and C2 shares. On May 17, 2005, the Company filed a Form 8-K with the U.S. Securities and Exchange Commission detailing Nasdaq’s comments and the Company’s proposed compliance plan. Website: http://www.millenniumcell.com     

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Ethanol Proposal Fires Up a Lobbying Battle

Farm and oil industry lobbyists are waging a battle of facts and figures on the costs of corn-blended ethanol as the U.S. Senate prepares to debate an energy bill that would double its use. The National Corn Growers Assn. and other backers of a plan to require U.S. refiners to blend 8 billion gallons of ethanol into gasoline a year by 2012 say it will give the oil-addicted economy a homegrown substitute. Gasoline prices should fall as more ethanol is used, they say. American Petroleum Institute and refiners contend that the plan is a boondoggle benefiting a handful of Midwest farm states. They say an ethanol mandate would drive up pump prices and make corn, as well as groceries, more costly. On Tuesday, the Senate will wade into the fight between the two powerful lobbies when it takes up energy legislation. The $11-billion package also includes incentives to boost domestic oil, natural gas, coal and nuclear supplies. The House passed an energy bill this spring that would set a more modest target of 5 billion gallons annually by 2012 for the additive, which makes gasoline burn more cleanly. The true costs and benefits of corn-distilled ethanol are difficult to pinpoint […]

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CarpetMaker Bentley Prince Street To Be Climate Neutral

Bentley Prince Street, California’s largest commercial carpet manufacturer, declared its goal to develop new protocols that will make all its products “climate neutral,” with net zero GHG emissions, by 2010. “As California’s largest commercial carpet manufacturer, we believe it’s our responsibility to develop new innovations that preserve our environment. At the same time, we also must take an active role in educating and catalyzing our fellow businesses in the state to join in the effort,” said Anthony Minite, president of Bentley Prince Street. “We fully endorse Governor Schwarzenegger’s new targets and applaud his efforts to address this critical issue. We’ll be at the forefront of leading California’s fight against climate change and global warming, and strongly urge all our business neighbors to do the same.” This new goal is the latest step in Bentley Prince Street’s aggressive environmental sustainability programs. Since 1996, the company has reduced absolute GHG emissions by 70% through a strategy that encompasses manufacturing processes, product innovations and renewable energy use. For example, increasing manufacturing process efficiencies – as well as creating new energy-efficient manufacturing systems – has resulted in a 33% reduction in energy use per unit of product output over the last 10 years. Bentley […]

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