Benzinga's Microcap Movers for Wednesday May 23, 2012
Below are highlights from Benzinga's daily coverage of microcap securities making big moves:
Shares of Recon Technology (NASDAQ: RCON), the Chinese non-state-owned oil and gas automation services provider, rose 39.45% Wednesday on 7 times the average daily volume.
Recon Technology announced Wednesday that one of its variable interest entities, Nanjing Recon Technology Co., Ltd. signed a major contract with the China National Petroleum Corporation's Sichuan Petroleum Administration Bureau to provide the latter with the Emerson PCS & SIS Systems in its South Yolotan Gas Field Project located in Turkmenistan. The total contract value exceeds RMB19 million (USD3.02 million), which was by far the biggest contract for the Project's PCS & SIS Systems.
Under the contract, Nanjing Recon will not only provide all hardware and software related to the PCS & SIS Systems, but is also responsible for the procurement, production and installation of the systems and the after-sale services. The Project is significant in scale, advanced in technology and sophisticated in the overall design. As the systems involve all steps of the natural gas extraction process, they require intricate engineering techniques. Nanjing Recon is closely involved in the overall design of the automation control and undertakes the most critical step in designing the Emerson PCS & SIS Systems. The systems are expected to be delivered before May 30, 2012 and the entire project is expected to be completed by the end of year 2012.
Recon Technology closed at $2.30 on Wednesday.
Shares of School Specialty (NASDAQ: SCHS), the Greenville, WI K-12 education company, rose 23.46% Wednesday on more than 3 times the average daily volume.
School Specialty announced Wednesday that it has refinanced its existing credit facility with two new separate agreements. The new multi-year agreements consist of a secured $200 million asset-based credit agreement with a group co-led by affiliates of Wells Fargo & Company and GE Capital, and a separate secured $70 million credit agreement with an affiliate of Bayside Capital, Inc. The new agreements replace the credit agreement dated April 23, 2010, and last amended on July 1, 2011, which had outstanding borrowings of $130 million as of May 18, 2012.
School Specialty closed at $3.00 on Wednesday.
Shares of Thwapr (THWI), the Las Vegas, NV cloud-based mobile video sharing service for mobilizing branded video content, rose 128.57% Wednesday on 16 times the average daily volume.
A spokesperson for Thwapr says the company has a major announcement planned for Thursday. Mike Irving said Thwapr's goal is to beef up its user base as Instagram has done and become a major player in the mobile arena. He said Instagram filled a weakness for Facebook (NASDAQ: FB) and Thwapr would like to do the same.
Thwapr delivers graphically rich video wrapped with branded content using the company's proprietary Dynamic/Hybrid Transcoding Engine and its Adaptive Streaming. This technology gathers information pertaining to the user's carrier, location and mobile device, adjusting video delivery to network/bandwidth conditions to ensure the highest quality mobile video viewing experience available.
Thwapr closed at $0.02 on Wednesday.
The information in this article is taken from public sources, press releases, and websites that cannot always be verified. Please note that investing in microcap stocks is highly speculative. The companies mentioned here are for information purposes only. Benzinga makes no claim as to the suitability of these stocks as an investment. Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.
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