NewLead Holdings Ltd (OTCMKTS:NEWLF) is in trouble unless it can raise $7.1 million to pay an unpaid promissory Note. A US district court has ordered for the auction of one of its ships initially used as collateral for the loan. Ray Capital arrested the handymax bulk carrier off Savannah Georgia on April 19 over the unpaid debt.
The district court in Georgia ordered for the sale of the NewLead Castellano ship after the plaintiff argued that he continues to incur unnecessary charges on keeping the vessel seaworthy. NewLead has already reiterated plans to appeal the rulling. The company also says it is working behind the scene to find an amicable solution with the plaintiff.
NewLead maintains there is no event that would permit the plaintiffs to sale the ship. On its argument, the company insists the arrest should be vacated given that the dispute is not maritime and that funds were raised for corporate purposes and not for shipping purposes.
Bitumen Tanker Business Success
Amidst the ongoing tussle, NewLead has reiterated the success it continues to enjoy with its Bitumen tanker business. The Athens-based company boasts of a fleet of five bitumen tanker vessels all that continue to operate at full capacity having been utilized 92.7% last year. The business generated $15.7 million in revenues for the FY2015.
In 2015, five bitumen tankers were in operation for a total of 1,678 days out of 1,810, only taking breaks for repairs and maintenance. CEO, Michael Zolotas has attributed the impressive performance to a competent technical team that continues to work round the clock to ensure everything runs smoothly.
The executive has also reiterated that NewLead Holdings Ltd(OTCMKTS:NEWLF)’s chartering policy will remain adaptive to market conditions to allow for a combination of long-term charter contracts and sports charter. The company is currently targeting between 65% and 70% on long-term charter contracts which should provide flexibility to long-term investors as well as help the company better understand the market.
OXIS International, Inc. (OTCMKTS:OXIS) Gets Rights For Trispecific Killer Engager
OXIS International, Inc. (OTCMKTS:OXIS) announced that it now own the rights to advance and market an innovative technology, named as the ‘Trispecific Killer Engager.’ This unique technology intends to cure cancer by targeting NK cells.
Anthony J. Cataldo, the CEO of OXIS, posted that this development has recorded one more asset in their portfolio. The ‘TriKE’ know-how has been tested in pre-clinical studies and was found to be effective.
Big pharmaceutical entities, within the oncology segment, are shifting their focus on the CAR-T treatments. Highlighting the existing market conditions, the management said that the current CAR-T therapies come with certain adverse impacts. The reason after this drawback is that the treatment results in increased toxicity inside the human body. On the contrary, TriKE results are as effective as existing therapies and that too without resulting in higher toxicity levels within the human body. Seeing the positive data in pre-clinical models, the company plans to start the clinical studies, once it gets approval from the FDA.