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PowerTel USA (PTUSA) is the new name and stock symbol for Nevada Energy Company (NNRGA) and will effective after the company's August 16th annual meeting. Big changes are underway in this once sleepy stock. Read the following article from Inside Wall Street's Hot Stock of the Week (July 12, 1996). "PowerTel is a Power-Play" This is a story about one company, two utilities and a substantial backer. Until recently, the company was little more than a pool of assets, a NASDAQ symbol and a determined CEO. Today the company appears ready to fire on all cylinders and transform itself into a growth engine taking advantage of acquisitions of non-regulated utilities. Reflecting this transaction, the company will change its name next month from Nevada Energy to PowerTel U.S.A (proposed symbol: PTUSA). As the story goes, Waterford, a private international investment group, acquired a 42% interest in NNRGA on May 9, 1996. The company's goal is to acquire non-regulated telecommunications companies in a debt-free, public umbrella (i.e. NNRGA). On June 26, Waterford moved on their first target, acquiring Telecom Technologies (TTI) a telephone service provider offering satellite telephone centers and debit card operations in the western United States. TTI adds approximately $3,000,000 in revenues and about $400,000 in profits. Waterford also felt that NNRGA's core business, clean energy generation, is promising, especially with an increase of available mergers and acquisitions in this industry. In the last two weeks alone, NNRGA has agreed to buy out the balance of its partner in a wind power plant in Palm Springs, California and acquire 80-acres of geo-thermal reserves in Nevada. Both projects have in place, long term contracts with regional utility companies to buy the energy they produce. The company is also excited about an event which occurred just last week when Sierra Pacific broke off its merger with Washington power. This event will cause a major energy shortfall in northern Nevada spelling further opportunity for the company. Prior to news of Waterford's involvement NNRGA traded as low as .25 before rebounding over 1000% to 2 3/4. Recently, profit takers have had their way (as expected) and the stock has settled in around 1 1/4. However, the company will hold its annual meeting on August 16th. At that time, the Waterford group is expected to detail its plans for PowerTel's continued expansion. Nonetheless, as a result of Waterford's financial backing and expertise, PowerTel, USA (a.k.a. NNRGA), is in a position to exercise greater leverage in acquiring clean energy and telecommunications assets. In fact, management is so bullish that there has been insider purchases for the first time in two years. Informed investors who are eyeing the situation now may do well to take advantage of stock prices prior to the meeting. Hot Stock of The Week at a glance: Company Name: Nevada Energy Company (changing to PowerTel U.S.A.) Ticker Symbol: NASDAQ:NNRGA Company Contact: Jeff Antisdel Address: 401 E. 4th Street, Reno, NV 89512 Phone: 702-786-7979 7/12 Close: 1 5/32 52 week high: 2 3/4 Low: 1/4 Estimated float: 3 million Shares Outstanding: 8.9 million Brokerage contact: David Weinstein - Executive Research - Joseph Charles & Associates, Inc. (800) 890-0915 Investor Relations Contact: Kevin Lichtman, Continental Capital & Equity Corp. (407) 875-1110 | ||||||||||||
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