News Recap: GenVec Inc (NASDAQ:GNVC), Cleantech Solutions International, UniPixel Inc (NASDAQ:UNXL)
GenVec Inc (NASDAQ:GNVC) shares declined 34.71% to $0.470. The company on May 28 announced that on May 24 its board approved a plan of complete liquidation and dissolution of the company, saying that it is in the best interests of the company and its stockholders.
The company said, if the company’s stockholders approve the Plan of Dissolution, that it plans to file a certificate of dissolution with the Delaware Secretary of State, complete the liquidation of the Company’s assets, satisfy the Company’s remaining obligations and make distributions to the Company’s stockholders of any available liquidation proceeds.
Cleantech Solutions International Inc(NASDAQ:CLNT) shares dropped 14.45% to $6.57. The company on May 22 announced that it has become a certified supplier of components to China Petroleum and Chemical Corporation (Sinopec) and China National Petroleum Corporation (CNPC). In May 2013, the Company delivered protoypes to Sinopec and CNPC of forged flanges and pipes, which are components used in oil and natural gas onshore and offshore drilling and refinery equipment.
Additionally, the company, on May 15, announced its financial results for the three months ended March 31, 2013. Revenue for the first quarter of 2013 increased 47.6% to $13.9 million, compared to $9.4 million for the same period of 2012. Net income for the first quarter of 2013 was $1.6 million, or $0.56 per diluted share, compared to $0.3 million, or $0.12 per diluted share, in the first quarter of 2012.
UniPixel Inc (NASDAQ:UNXL) shares dropped 11.86% to $21.10. The company on May 20 received a $5 million payment according to its recently announced second preferred price and capacity license with a major touch-screen ecosystem partner.
UniPixel signed the licensee to facilitate the development, introduction and production of products that feature next-generation touch screens based on UniPixel’s UniBoss(TM) pro-cap, multi-touch sensor film. UniPixel will recognize the $5 million as deferred revenue in the second quarter of 2013 and apply the funds toward building out an additional one million square feet per month of UniBoss production capacity